Full text of Commercial and Financial Chronicle : August 7, 1915, Vol. 101, No. 2615

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financial

The

uninijrc tl
VOL. 101

AUGUST 7 1915

hrnnid

NO. 26151

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

CLEARINGS-FOR JULY SINCE JANUARY 1, AND FOR WEEK ENDING JULY 31.
July.

Clearings al-

8.v3a Months.
Into,
Dec.

Week enling July 31.
Inc. or
Dec.

Inc. or
1914.
1915.
1914..
1915.
1914.
1912.
Dec.
1913.
3
$
a
I
% 1
$
,
$
5;
$
%
$
New York
8,695,413,568 8,180,484,621
+6.3 55,502,348,483 56,270,702,187 -1.4 1,879,558,286 1,838,183,016 +2.2
1,664,269,953 1,748,054,986
Philadelphia
712,616,570
707,644,623 +0.7 4,658,178,618 4,860.602,810 -4.2 148,913,614 154,138,753 -3.4 161,528.880 150,947,666
Pittsburgh
229,620,856 -0.5 1,471,685,524 1,581,538,340 -7.0
228,449,942
49,003,959
49,799,340 -1.8
53,537,444
53,953.348
.
Baltimore
183,382,401 -16.9 1,021,931,507 1,108,472,085 -7.9
152,359,092
28,791,851
36,809,205 -21.8
36,243,912
38,995.733
Buffalo
52,793,128
335,917,824
352,917,790 -4.8
57,835,365 -8.7
10,007,003
10,886,515 -8.1
11,499,518
11,658,588
33,828,018
33,140,992 +2.1
Washington
236,612,802
233,173,969 +1.5
6,691,616
6,468,523
6,726,962
7,421,804
+3.4
26,484,876
Albany
26,578,380 -0.4
165,853,785
188,320,503 -11.9
4,164,791
5,090,121 -18.2
5,821,939
6,962,282
Rochester
23,226,249 -5.9
21,859,524
143,598,612
155,086,593 -7.4
4,075,750
4,594,609 -11.3
4,997,542
4,854,841
15,917,202 -15.9
13,387,639
Scranton
96,556,402
103,293,564 --6.6
2,622.033
3.994,311 -34.4
2,794,857
2,600,000
14,984,634 +1.1
15,157,149
Syracuse
90,664,464
94200,244 -3.8
2,833,680
2,579,995 +9.9
2,840,584
2,725,666
Reading
8,660,988 -4.9
53,876.445
8,236,895
57,698,045 --6.8
1,688,766
2,111,203 --20.0
1,838,906
1,759,950
10,227,079
9,247,317 +10.6
Wilmington
55,574,121
59,755,738 --7.0
2,398,429
2,010,853 4-19.3
1,754,169
1,735,907
9,741,967 -0.1
9,736,232
Wheeling
57,814,145
67,122,948 --13.9
2,038,167
2,140,216
2.138,222 -74.7
1,734,780
7,341,891
7,628,414
Wilkes-darre
48,707,702
+1.2
47,110,539 +3.4
1,451,400
1,442,377 +0.6
1,383,878
1,543,072
.8,012,644 +8.7
8,711,030
Trenton
54,402,801
54,535,031 • --0.2
1,706.837
1,534,584 +11.2
1.711,096
1,655.382
Harrisburg
+1.9
48,425,415
7,489,161
7,028,114
47,183,561 +2 6
York
27,300,200
4,039,709 -1.4
28,308,400 -3..3
3,981,819
775,000
820,325 -5.5
790.307
861,546
Erie
4,893,696 -5.0
29,207,954
32,462.717 --10.0
4,648,838
882,346
1.142,108 --22.9
1,235,745
1,090,960
Lancaster
50,489,295
6,513,969 -10.9
51,980,711 -2.9
5,801,318
1,209,414
1,544,296
1,788,024 -32.4
1.215,595
Chester
19,603,853
3,347,575 +0.5
21,103,512 --7.1
3,363,391
719,977
617,934
620,164
+16.5
818,351
Greensburg
2,910,691 +30.2
21,646,311
21,761,782 --0.5
3,788,986
653,588
873,463 --3.0
389,946
539,641
Binghamton
3,100,800 +2.9
20,387,800
20,945,400 -2.7
3,191,700
611,200
594,700 +2.8
705,400
505,850
Altoona
16,048,446
2,782,617 -12.2
17,418,687 -7.9
2,442,361
573,410
594,105
581,954
-3.5
479,760
Beaver County, Pa
2,697,806 -6.0
15,926,229
16,937,572 -6.0
2,534,357
Norristown
14,541,400
2,190,493 -3.4
2,116,027
14,597,224 --0.4
Franklin
1,342,700 -12.7
7,131.698
1,172,326
9,543,022 --25.3
Frederick
1,321,338 +11.7
10,394,598
1.475,910
9,489,806 +9.5
Montclair
1,874,958 +4.8
12,945,136
1,984,451
12.951,453 --0.05
360,058
319,484 4- 12.7
445,463
Oranges"
4,310,545 -15.3
3,651,696
24,874,355
8,702A99
Total Middle
10,010,904,653 9,560,325,643 +5.0 6081,861,570 -65,539,211,U9 -1.9 2,151771-0-X2 2,128,340376
1,967,574,875 2,039703,963
Boston
708,435,166 -3.7 4,563,326,734 4,789,866,340 -4.6
682,066,441
133,970,522 159,674,865 -16.1 137,742,003 153,511,862
Providence
36,803,200 +1.8
37,474,300
231,821,800
243,166,300 -4.7
6,219,300
6,706,100
7,089,700 -12.3
7,564,300
Hartford
27,541,632 +10.8
194,446,276
30,520,989
165,341,488 +17.6
6,462,3.59
5,679,939
5,869,805 +10.1
5,713,169
New Haven
18,778,267
112,884,975
17,475,674 +7.5
101,903,293 +10.8
3,340,465
3,211,214 +4.0
3,098,957
2,936,335
Springfield
13,959,431
86,284,568
12,603,531 +10.8
88,074,439 -2.0
2,870,411
2,600,879 +10.4
2,302,502
2,463,916
Portland
10,179,997 -5.1
57,993,798
3,658,252
60,550,802 -4.2
1,787,021
2,050,326
2;001,079 -10.7
2,198,643
Worcester
11,679,553 +8.9
12,724,713
78,953,677
80,777,725 -2.2
2,398,412
2,251,215
2,312,100 +3.7
2,247,874
Fall River
5,577,141 -15.5
36,578,197
4,709,667
39,304,825 -6.9
893,473
1,062,828 -15.9
974,406
836,259
New Bedford
31,423,484
4,919,350 -7.4
4,556,104
34,301,160 -8.4
889,711
925,457 -3.9
902,136
698,994
Lowell
3,432,484 16.8
24,149,080
3,687,077
23,339,815 +3.5
674,570
902,313 -25.2
416,757
496,369
Holyoke
3,340,172
1.1
22,288,254
3,377,584
22,088,594 +0.9
735,398
707,045 +4.0
637,530
703,174
Bangor
2,177,055
0.5
12,209,087
2,187,489
13,456,272 -9.3
462,505
429,916 +7.6
422,896
471,184
Waterbury
4,933 500 +53.5
36,366,600
6,192,000
30,629 2_00 +19.7
Total New England -829,872,314
848,201,455 -2.3 1:403,731,530 -5692,800,253
107704,145 -186,7877E1) =MI 163,184,767 179,842,095
Chicago
1,318,207,588 1,376,995,418 -4.2 9,116,878,027 9,649,498,955 -5.4 279,390,807 303,237.070 -7.9 290,771,197 280,664,034
Cincinnati
120,016,050 -0.9
118,992,900
761,009,800
802,937,800 -5.2
22,636,300
23,560,550 -3.9
23,023,750
21,64.5,100
Cleveland
144,282,851
124,001,849 +16.3
830,639,488
761,406,029 +9.1
26,995,128
26,031,766 +3.7
25,737,885
22,794,401
Detroit
135,821,732
778,246,330
111,778,488 +21.5
811,050.542 -4.0
27,658,853
24,066,199 +14.5
24,281,004
27,740,720
Milwaukee
78,991,827 -15.4
66,785,074
481,545,116
500,703,515 -3.8
12,788,587
13,903,148
14,838,590
-13.8
12,509,345
Indianapolis
247,297,135
39.809,967 +0.4
39,988,860
242,607,815 +1.9
8,184,351
7,899,493
7,747,019 +2.0
7,043,532
Columbus
31,895,400 -6.0
29,981.700
193,083,500
209,703,100 -7.9
5,603,800
7,647,600 -26.7
6,636,100
6,118,300
Toledo
180,890,779
28,621,250 +3.6
29,653,319
183,739,502 -1.6
5,519,406
4,821,260
4,866,638 +13.4
4,365,880
Peoria
13,968,757 -16.3
11,690,632
89,190,196
106,430,387 -16.2
2,256,223
3,267,526
2,809,695 -19.7
3,037.264
Grand Rapids
14,526,039 +6.9
15,522,657
98,679,742
100,893,500 -2.2
3,772,057 +15.7
4,364,203
3 737 030
4,278,880
Evansville
36,089,578
6,682,667 -16.1
5,607,487
39,388,799 -8.4
1,047,487
1,111f,914
1,189,480 -11.9
968,762
Dayton
10,230,512 +9.3
11,184,677
64,752,254
74,520.444 -13.1
2,204,108
2,530,677
1.929,346 +14.3
2,038,266
Akron
57,016,000
7,755,000 +34.9
10,468,000
53,864.000 +5.8
1,974,000
1,445,000
+36.6
1,706,000
1,762,000
Youngstown
43,235,596
7,885,445 -8.6
7,205,218
47,381,800 -8.7
1,226,824
1,293,884
-5.2
1,520,202
1,163,806
Canton
6,984,311 +18.9
8,307,014
47,821,900 +16.4
1,585,289
1,271,188 +24.8
1,350,000
1,094,087
Springfield, III
5,477,868 -10.3
4,912,898
35,758.502 -2.6
1,025,214
1,188,486 -12.2
980,149
824,318
Fort Wayne
39,152,362
5,921.636 -0.1
5,913,607
38,580,176 +1.5
1.116,041
1,141,184 -21.9
1,110,797
1,067,460
Rockford
3,998,421
28,734,114
3,827,794 +4.5
28,589,858 +0.5
849,280
865,887
825,005 +2.9
873,352
Lexington
2,857,210
2,992,2.51 -4.5
24,043,695
23,334,370 +3.0
519,095
569,076
6
40
45
24
21
86
8 -4.153:87
1,072.194
Kalamazoo
2,247,945
2,522,573 -10.9
2106:888891:589242
18,220,145 -7.3
470,776
570,664
652,672
South Bend
3,329,954
2,929,420 +13.7
563,669
18,924,194 +10.3
523,361
607,076
+7.7
504,607
Springfield, Ohio._..
3,549,532
3,950,655 -10.1
23,614,181
23,970,765 -1.5
657,997
583211:338
826,753 -20.4
528,288
Bloomington
2,911,301
2,832,283 + 2.
22,376,008
645,247
645,562 -0.05
580,126
2,879,383
Quincy
3,188,127 -9.7
24,102,466
598.682
665,698 -10.1
800,000
675,824
2,604,274
Mansfield
2,261,877 +15.2
16,560,560
563,201
15,734,302 +5.3
469,835 +19.9
383,696
393,506
2,110,22
Danville
2,218,559 -4.9
15,623,426
446,822
15,378,791
+1.6
422,725 4-5.7
502,649
365,556
2,871,704
2,240,723 +28.2
Jackson
17,387.156
15,543,747 +11.9
578,586
546,365 4-5.9
555,500
550,000
1,405,835
Owensboro
1,554,758 -9.6
10,929,301
12,780,878 -14.5,
367,812 -16.6
436,026
420,829
2,406,914
2,402,342 +0.2
Lima
14,218,510
467,801 -3.8
4004
6 2
15,043,015 -5.5
4
3°
538,071
379,402
2,908,731
2,365,247 +23.0
Lansing
17,228,337
532,130
14,863,097 +15.9
484,483 +9.9
315,208
357,500
2,189,623 -8.5
2,003,736
Decatur
13,919,259
14,651,309 -5.0
429,600
512,330 -16.2
599,207
419,174
1,352,677 -21.8
1,057,673
Jacksonville, Ill
8,727,749
9,179,009 -4.9
261,168
259,283 +0.7
369,110
269.467
1,555,566 -3.6
1,500,000
8,759,036
Gary
10,230,210 -14.4
2,165,452 +41.2
3,057,964
16,543,003
Flint
13,897,802 +19.0
920,657 +12.4
1,034,354
7,045,968 ..
Ann Arbor
7,046,342 -0.05
225,000
200,755
202,100 +11.3
240,878
466,771
-10.2
91 .,
12
24
3:734
3
1:8
Lorain
3,779,692 -17.3
203,494205;937 +42.5
Adrian
1,914,762 -4.5
31,815
19,667 +61.8
59,450
31,000
599,864 +63.0 - 4,323,503
977,885
New Albany
4,363,730 -0.9
2
3 220 720 .+22.8
24 415,340
Paducah
25,0IL,423
_8
-2.7
Total Middle West_ 2-,-015:0337 2,039,618,918 -1.2 13449,460,386 14,037.1
- 156 -4.2 413742171-fi 436,235,236
-406,78T,U9 3
-6084,645
Details of Pacific and other Western on
EM90,2
Total Pacific
1!i88 -2.9 3,469,718,885 3,665,035,107 -5.3 105,423,549 107,437,019 -1.9 105,806,480 111,983,080
520,551,266
661,926,409 +4.3 6,135,667,032 4,520,555,899 +13.6
Total other West
690,106.756
141,350,439 148,688,333 -4.9 137,794,735 128,343,992
St. Louis
336,890,208 -3.0 2,325,885,451 2,380,266,281 -2.7
323,869,936
66,572,434
69,273,241 -3.9
68,612,994
68,171,548
New Orleans
72,180,731
73,518,687
+1.9
536,933,497
556,366,936 -3.5
15,751,017
17,445,271
+1.8
14,111,216
16,713,814
Louisville
57,509,819 +15.9
65,656,790
402,375,588
423,647,968 -5.0
11,798,274 +12.3
13,246,705
12,131,769
14,684,692
Houston
31,075,665 -3.2
30,080,562
235,390,439
258,103,175 -8.8
7,173,726 -16.4
6,000.000
7,288,705
Atlanta
50,837,375
51,169,868 -0.6
379,599,347
436,628,844 -13.1
9,308,412
9,337,221
9,859,576 -5.6
8,841,974
Richmond
39,810,514
36,188,940 +10.0
273,478,248
243,727,336 +12.2
7,843,369
6,307,114
7,224,645 +8.6
7,785,168
Galveston
15,056,695 +19.5
17,991,735
129,809,797
106,434,195 +21.9
4,769,212
3,401,464 +40.2
2,860,010
2,704,000
Memphis
24,278,022 -23.8
18,502,171
192,827,271
223,461,195 -13.7
3,242,392
4,581,663 -29.2
5,195,260
5,439,971
Fort Worth
35.274,610
32,746,337 +7.7
238,857,152
226,049,425 +5.7
6,842,322 +2.4
7,009,612
6,904,287
5,227,715
Nashville
26,701,729 -8.4
24,451,676
175,368,480
204.552,008 -14.3
5,069,242
5,591,863
5,391,935 -6.0
4,218,586
Savannah
14,130,331
133,998,358
15,511,810 -8.9
129,206,415 +3.7
3,344,307 -17.0
2,775,720
3,226,949
4,048,601
16,323,054
Norfolk
16,820,553 -2.9
116,393,100
123,241,799 -5.6
3,098,590
3,235,412 -4.2
2,839,418
3,312,525
9,240,577
Birmingham
11,826,283 -21.9
72,411,315
98,633,146 -26.5
1,813,837
2,645,847
2,277,377 -20.4
2,733,139
8,369,210
Little Rock
9,100,884 -8.0
60,266,453
71,186,161 -15.4
1,650,115
1,662,376 -0.7
1,659,507
1,463,785
9,168,430
Macon
12,529,761 -26.8
79,634,296
107,606,080 -26.0
1,902,286
2,581,096 -26.3
2,239,404
1,985,854
10,855,230
Jacksonville
12,761,176 -14.9
83,259,044
100,687,361 -17.3
1,943,977
2,450,000
2,007,106 -3.2
2,675,000
10,300,000
9,315,480 +10.6
Oklahoma
72,132,981
61,869,903 +16.6
2,207,000
1,433,982
2,068,100 +6.7
1,302,374
9,677,415
Chattanooga
10,541,784 -8.2
67,638,134
73,537,922 -8.0
1,863,190
2,042,117 -8.8
1,981,605
1,399,045
7,728,416
8,042,321 -3.0
Knoxville
40,858,705
55,925,472 -10.8
1,700,000
1,527.586
1,670,000 +1.8
1,637,960
6,136,788
7,150,622 -14.2
56,491,312
Charleston
59,178,696 -4.5
1,085,827
1,297,367 -16.3
1,333.695
1,193,648
5,194,244
5,610,400 -7.5
Augusta
46,348,391
56,403,109 -17.8
1,004,010
1,246,323
1,097,659 -8.5
1,732,086
4,523,433
5,391,384 -16.1
Mobile
32,513,062
40,550,641 -19.8
900,090
1,100,000 -18.2
1,212,868
1,215,000
8,537,476
6,378,135 +2.5
Austin
90,548,275
94,282,895 -4.0
1,000,000
1,508,250 -33.7
1,694,520
1,089,883
7,109,382
7,095,933 +0.2
Tulsa
40,610,006
49,923,940 -18.6
1,407,386
952,214
497,978
1,284,889
+11.3
Columbia
3,548,453 -12.0
3,121,937
25,440,399
29,015,233 -12.3
2,707,522
Beaumont
3,379,177 -19.9
21,154,152
22,165,480 -4.6
Wilmington, N. C
2,019,129 -27.1
1,473,256
12,123,836
14,867,109 -18.6
3,861,159 -17.0
3.203,926
Muskogee
21,911,422
26,968,756 -18.8
651,988
834,939 -21.9
540,486
478,490
Jackson
1,816,675 -28.5
1,335,462
12,188,100
12,665,217 -3.8
252,386
220096:824532
246,337 +2.5
269,148
Vicksburg
963,267 -16.1
808,292
7,835,464
8,883,557 -11.8
128,012
183,501
173,670 -26.3
Columbus, Ga
1,563,546 -14.1
1,342,379
11,827,456
13,571.845 -12.8
8,292 237 +12.0
9,288,567
62,663 969
El Paso
50,927 912 +23.0
--g28,51-5Total Southern_ _
,163 -847,324.183 -n -11,067,786,520 6,369,536,152•
-=•4-.7 164,1- 67tr9 1'71,403,125 -4.2 165,760,514 -Fars,111S-Ao
14,925063 909 14,493,300,896 +3.0 97,904,219,923 99,824,820,806 -1.9 3,136,827,031 3,178,900,484 -1.3 2,963,66.3370 3,027.645,912
Total all
Outside New York_ 6,2298T4T 6,312,816,275-1.3 42,401,871,440 43,554,11K6T
-2.6 1,257,268,741 1,340,716,868 -672 1,278,8'03317 1.279,590,926
Clearings by Telegraph and Canadian Clearings on page 425. • Not included in total for month and seven months; comparison incomplete.




1915.

8i0:12!

N:71Ag.,1953, ±1:2

398

THE FINANCIAL SITUATION.
On a subsequent page (page 412) we publish a
communication from Benjamin Strong, Jr., the
Governor of the Federal Reserve Bank of New York,
explaining the process by which the different Federal
Reserve banks (and the Reserve Bank of New York
in particular) are managing to put out additional
amounts of Federal Reserve notes each week notwithstanding these Reserve banks find little demand
for the discount facilities which are supposed to
furnish the basis for the issue of the Reserve notes.
Mr. Strong undertakes to show that there is warrant
in the law for the course pursued an,d also that the
policy of accumulating gold is sound in itself. On the
latter point it is of course too obvious to need urging
that the more gold these Federal Reserve banks have
at their command the stronger will be their position
and the better able will they be to serve the community. We are not raising objection to the act of accumulating gold per se, but it appears to us that the method
of accumulation is illegitimate and that this being
so it is a matter for consideration whether more harm
than good is not likely to result from the policy
being pursued.
We do not see how any one cognizant of the discussions in Congress while the new law was under
consideration,or any one who undertakes a study of
the law itself without knowledge of these discussions,
can escape the conclusion that the purpose of the issuance of Reserve notes is solely and simply to provide
the means for carrying on the re-discounting functions of the institutions. There is no way in which
Reserve notes can be issued except under Section 16
of the law, and this distinctly provides that as a
prerequisite commercial paper (as defined therein)
must be deposited as security for the notes to be
taken out. Mr. Strong argues that to limit the issuance and use of the notes according to the provisions
of this section would make the notes merely a species
of emergency currency, which he thinks would be a
serious mistake. It by no means follows, however,
that to limit the issue of notes in the way intended
and declared by the law would make mere emergency
currency of the notes or prevent the elasticity which
the re-discounting facilities, and the notes resting on
the same, are supposed to furnish. In the ordinary
course of trade there will be more mercantile paper
out at one time than at another, and if the discounting functions are availed of with absolute freedom,
the notes will fluctuate as the volume of outstanding
paper does. At one time there may be $250,000,000
of notes out because that amount of paper has been
presented as collateral for the notes and at another
time there may be $1,000,000,000 of notes out, since
the volume of paper is such as to demand that
amount of notes. Thus we get the elasticity contemplated by the statute. And indeed, the whole
argument for the issuance of notes rests on the
theory that the notes shall be retired as soon and as
fast as the mercantile paper, which the notes are supporting, shall mature and be extinguished. To
emphasize the determination that the notes shall not
remain outstanding, it is provided that no Reserve
bank may pay out the notes issued by another
Reserve bank except under penalty of a tax of 10%
upon their face value.
What is now being done, however, is just the reverse of what was intended—plainly intended and
unequivocally expressed in the law itself—by the



[voL. 101.

THE CHRONICLE

framers of the statute. Instead of the notes being
retired, when their mission as a medium for carrying
mercantile paper has been fulfill0, they are being
forced into circulation and a determination exists
to keep them afloat indefinitely. Mr. Strong argues
that this does no harm and that if the notes become
redundant they will quickly come in and be presented
for redemption. As a matter of fact unless some
crisis intervenes they will stay out just as long as the
banks and trust companies continue to pay them out.
In the Spring of last year the writer when drawing
cash from his account with one of the trust companies
received gold certificates, in December when drawing cash he received nothing but bank notes and now
he is given Reserve notes. To what extent the practice is being carried is evident from the circumstance
that the twelve Reserve banks now have nearly 100
million of Reserve notes out—in exact figures the
amount last Saturday was $97,831,000 and of this
only $16,092,000 is secured by commercial paper,
the remaining $81,739,000 representing notes nominally in process of retirement and against which
the Federal Reserve agents hold corresponding
amounts of gold, but which notes there is not the
remotest intention of retiring. Only the three
Southern banks—Richmond, Atlanta and Dallas—
have any appreciable amounts of notes out on paper,
and these three account for $15,202,000 of the notes
secured by paper as collateral.
It is the Reserve Bank at New York that has carried the movement farthest. It has $47,720,000 of
notes out, of which the insignificant amount of
$200,000 is secured by commercial paper. Against
the remaining $47,520,000 notes, gold is on deposit
with the Federal Reserve Agent for taking up the
notes. Every week a few millions more are added to
the amount, while the amount of commercial paper,
without which the notes cannot be obtained in the
first instance, remains practically unchanged. The
result is, to say the least, curious. Here is the weekly
record since April 23—this being as far back as the
figures are available:
FEDERAL RESERVE BANK or NEW YORK.
Date of
Weekly
Report.

April 23
' 30
May 7
" 14
" 21
" 28
June 4
" 11
" 18
" 25
July 2
44
,
" 16
" 23
" 30

Amount of
Paper
Held.

6,045,000
6,118,000
5,501,000
4,851,000
4,189,000
3,597,000
4,573,000
5,196,000
4,872,000
5,171,000
5,343,000
5,464,000
5,206,000
5,688,000
6,124,000

—Record of Federal Reserve Notes—,
Total
—How Secured—,
Amount
By Gold Coin By CommerTaken Out. & Certificates. cialPaper.

25,040,000 24,858,700
27,040,000 26,858,700
27,040,000 26,858,700
29,440,000 29,258 700
29,440,000 29,260,000
31,840,000 31,660,000
32,440,000 32,260,000
35,100,000 34,920,000
38,100,000 37,920,000
40,500,000 40,320,000
40,500,000 40,320,000
42,900,000 42,720,000
45,320,000 45,120,000
45,320,000 45,120,000
47,720,000 47520000
, ,

181,300
181,300
181,300
,
180,000
180,000
180,000
180,000
180,000
180,000
180,000
180,000
200,000
200,000
200,000

Thus the amount of commercial paper which the
Federal Reserve Bank of New York had available
for the issuance of notes was practically the same on
July 30 as on April 23, namely $6,124,000 and
$6,045,000, but in the interval the amount of notes
outstanding has increased from $25,040,000 to
$47,720,000. The notes are b3ing emitted, not
as representatives of paper but as repre3entatives
of gold. Two questions arise with reference to
this operation, namely its expediency and whether
there is warrant for it in the law. The question of
expediency involves more than a single consideration.
It is not sufficient to say that the accumulation of an
extra stock of gold is desirable. There is the further

A rG. 7

1915.)

TIIE CHRONICLE

399

point to consider, whether the operation will find of weakness, -too, in the impounding operation by
favor in the eyes of those antagonistic to the financial reason of that fact? The notes being in forced cirinterests and whether the gold now being stored up culation and in immoderate supply, will it not be
will really be available when needed.
open to anybody to gather them up—trust companies,
It is known, of course, that the new banking law State banks and private bankers—and present them
was enacted in a spirit of hostility to the Money to the Federal Reserve Bank for redemption,forcing
Power supposed to be centred at New York and other the latter in turn to go to the Reserve Agent and get
financial centers. It was for this reason that twelve the gold back of them, but not being able to retain it
separate institutions were authorized wire one would for its own use? And if this should happen—and it
have been sufficient. There is no reason or justifi- is conceivable that it might happen—at the time of a
cation for the prejudice referred to, but it exists, crisis, would not the impounded gold prove a poor
and has to be reckoned with. In spite of the attempt reliance?
to rob New York City of its rightful pre-eminence,
At all events, does not this analysis conclusively
the strength of the Federal Reserve System lies right demonstrate that the use to which the
notes are now
here. Of the $266,192,000 gold held by all the Fed- being put is foreign to the purpose
of the Act? If
eral Reserve banks last Saturday, $128,114,000 was there is any fact that is incontrovert
ibly established,
contributed by the Reserve Bank at this center. it is that the notes are intended to furnish
an unlimThe splitting up of the system into twelve parts has ited supply of currency at any time
when there is
served only to advertise the weakness of the remoter need for extra supplies of
currency. That view is
'districts. Nothing that the lawmaker can do will all the time being urged upon the
attention of the
ever change this situation, but will those whose preju- member banks by practically all of the
Federal Resdice is deep and ineradicable take kindly to the idea erve authorities. But with notes being
put in forced
of having a further large fund (already approaching circulation and used as substitutes for gold,
we will
the 50-million mark) set up here not expressly au- have the anomaly of the notes coming in
for redempthorized by the law? Will not the Reserve authori- tion (so as to get the gold securing them,
dollar for
ties presently have to face the charge, no matter how dollar) at the very time when it was the
intent of
ill-founded, that the "Money Power" is aiming to the law that they should pass freely
into circulaentrench itself still further by seeking to confirm its tion to relieve or to prevent
pressure. We do not
hold upon the Federal Reserve System through wholly question the motives or good intentions
of the manunauthorized methods?
agers of the Reserve banks, and we are not opposed
With due respect to Mr. Strong and the other to giving them complete and effective
authority
-members of the Reserve banks who support him in for acquiring gold. We realize, too, that
the task
his views, we cannot see that there is any sanction assigned to them of placing the new banking
system
for the operations that are being conducted for put- on a firm and enduring foundation is an
herculean
ting notes afloat and impounding gold. If at any one. For the reasons given, however,
the policy
time during the bill's course through Congress, it being pursued with reference to the issuance
of notes
had been proposed to allow the issue of Reserve seems open to decided objection.
notes against deposits of gold coin or gold certificates,
Before closing the discussion we cannot refrain
the proposition would have been instantly voted from noticing the illustration which
Mr. Strong uses
down. Yet, what is now being done is tantamount to enforce his contention that
the Reserve banks
to the same thihg. Notes are being put out in order should be allowed to issue notes in order
to accumuthat gold to retire them may be placed with the late gold. Here is what he says:
Reserve Agent. Doubtless it is correct to say that
Last Fall this country witnessed
the same commercial paper may be used over and ating exhibition when it became a rather humilinecessary for the
over again to initiate the proceeding of creating Federal Reserve Board and a committee of bankers
notes, and it is apparent that the Federal Reserve to invite and even urge contributions of gold from
authorities are complying with all the legal technicali- over 800 national banks, in order that means might
ties required, but we cannot help believing that the be available for the citizens of this country to pay
maturing indebtednesses to Europe, when exchange
operation of issuing notes one minute, only to provide could
not be purchased. No
graphic ex• for their retirement the next minute—which is what hibition of the weakness of our more
banking situation,
done—is
wholly outside the law.
is being
caused by our decentralized reserves, has been
Mr. Strong refers us to Section 14 of the law, which afforded.
permits the exchange of Federal Reserve notes (if the
We do not think there was anything humiliating
Reserve Bank has any) for gold, but a moment's in the reluctance of the national banks to supply
consideration will show that this has no pertinency to any more gold for export last Summer and Autumn
the operation. Section 14 deals entirely with the following the outbreak of war in Europe. The
Open Market Operations of the Reserve banks, and United States had in the months immediately prethe object of exchanging notes for gold would be to ceding the war parted with nearly 280 million dollars
add to the bank's holdings of gold. But the process gold, the engagements of the metal in one single
now being carried on does not add at all to the gold week having reached close to 50 million dollars, and
holdings of the Reserve banks,for the gold obtained had done all that could decently be asked of it to
by the issue and exchange of the notes cannot be relieve the strain in Europe. It was now incumbent
retained, but must be turned over to the Federal upon the banks in this country to safeguard the situReserve Agent. The Reserve Agent holds the im- ation at home. Europe was prepared to drain the
pounded gold, and the Reserve bank can only re- United States of every dollar of its gold if no obstacles
possess itself of it by some clumsy and indirect were interposed. At the same time the United States
method. It can only get the gold back into its Own was confronted with an unprecedented crisis in its
hands by issuing batches of new notes (on commercial own affairs—with a state of things hardly less critical
paper) and then presenting these notes for redemp- than that with which Europe had to deal. The Stock
tion to the Reserve Agent. Is there not an element Exchange had to be closed. The New York Clear


400

THE CHRONICLE

[voL. 101.

Bank clearings in the United States in July 1915
ing House banks were showing huge deficiencies in
in excess of 1914,
the required cash reserves, and had to resort to the furnish, as in June, an aggregate
the same month.
for
year
earlier
any
of
in
fact
or
settleissue of Clearing House loan certificates for
clearings, where
in
increases
important
s
Nevertheles
out
taking
were
ment purposes. The national banks
greater specuto
either
main
due
the
in
are
shown,
The
millions.
of
hundreds
the
by
emergency currency
magnitude
the
to
situation could easily have become one of grave danger. lative activity (as at New York)'or
directly
arises
that
certain
articles
for
We then took the position that not another dollar of the demand
inthese'
Eliminating
abroad.
conflict
the
of
of gold should be allowed to leave the country. It out
clearings—
bank
that
found
quickly
is
it
fluences,
meet,
is true we had some maturing obligations to
a little
but there was no reason why these should not be ar- the business barometer—are really running
country
for
the
the
fact,
total
In
year.
last
of
behind
adjustment
an
through
way
ordinary
ranged in the
credits. The dislocation of exchange was not of our outside of New York makes such an exhibit.
Our statement presented on the first page of this
making. It was due to the fact that all our credits
abroad had been suddenly cut off through the pro- issue includes 160 cities in all, of which 91 report
mulgation of moratoria by the leading countries of totals below 1914, with the percentages in some inall for the
Europe and it seemed to us that Europe was in no po- stances quite large. The aggregate of
with
compares
,909
$14,925,063
at
however,
month,
gold
in
actual
pay
must
we
that
sition to demand
inan
showing
thus
when it was not paying at all. It was plain that as only $14,493,300,896 in 1914,
10.1%.
reaches
1913
over
gain
soon as the outstanding credits in favor of the United crease of3.0% and the
States, which had been rendered dormant by the At New York the augmentation for the month, as
British moratorium, became available through the contrasted with last year, is 6.3% and with 1913
termination of the moratorium the normal equilib- is 18.4%. On the other hand, the total for the cities
rium in exchange would be quickly restored. This is outside of New York fails by 1.3% to reach that of a
precisely what happened early in November, when year ago, having been $6,229,650,341 against $6,the first of the British pre-moratorium bills began to 312,816,275,and there is only a small gain over 1913.
run off. Exchange rates at once became demoralized. For the seven months of the current calendar year
The $100,000,000 gold pool was called upon to ship there is a small loss at New York as compared with
1914 (1.4%), the outside cities, moreover, show a
only $10,000,000 to $12,000,000 of the metal.
decrease of 2.6% and the total of all a decline of
taken
had
leaders
if
our
financial
that
It is our belief
As regards the individual cities, no special
1.9%.
the
matter
course
a
of
such
support
in
stand
a firm
could have been arranged without further gold ship- comment seems to be called for, except that where
ments of any kind. Had the late J. P. Morgan been any notable gains are recorded they are, as a rule,
alive it would certainly have been so arranged. He not to be dissociated with the urgent demand for
would have taken the responsibility upon his own munitions, &c., from Europe. The exhibit made by
shoulders and every one would have acquiesced in the group figures for the seven months does not
his decision. We are positive on this point, for Mr. essentially differ from that for the half-year, New
Morgan did precisely that thing twenty years before England, outside of Boston, and the "Other Westwhen he and Mr. Belmont entered into the cele- ern" sections alone making a better showing than
brated Morgan contract under which the outflow of in 1914.
Speculative transactions on the New York Stock
gold, so threatening then, was definitely arrested.
in July were of much greater volume than
Exchange
world
was,
financial
the
in
position
Morgan's
Mr.
of course; unique, by reason of the unbounded con- in the month a year ago, with the co-called war
fidence he commanded, but in addition he had a stocks—the stocks of corporations under orders to
knowledge of foreign exchange conditions which has furnish munitions to the participants in the conflict
in Europe—especially .active and in most cases at
never been surpassed by any one. •
rapidly advancing prices. A year ago, it will be
a
misthat
be
apparent
must
it
now,
Looking back
dealings were upon a restricted scale day
recalled,
too
fixing
in
attention
autumn,
last
made
was
take
intently upon what was owing by us to Europe, by day until July 28, when the war scare in Europe
and in completely overlooking the fact that for precipitated a selling movement and larger dealings.
every million due by us there were two to three The close of the Exchange followed on the 31st.
millions due to us, but for which we could not obtain The dealings of the month this year aggregated
payment or credit for the time being. It was also 14,371,633 shares against only 7,920,924 shares a
unfortunate that the primeval and primordial view year ago and 5,124,015 shares in July 1913. For the
should have been advanced that unless the United seven months they were 76,301,612 shares against
States made payment in actual gold its credit and but 45,990,575 shares in 1914 and 51,381,313 in
financial prestige would be irreparably damaged. 1913. Five years ago, however, they were 112,Great Britain has for the last six months been doing 095,658 and in 1901 the record of 192,080,413 was
the very thing that we were told we must not do if set. Bonds were only a little more freely traded in
we would escape lasting injury, namely has en- during the month than a year ago and the transactions
deavored to prevent an outflow of gold from her for the period since Jan. 1 at 452 million dollars,
shores, and yet no one would venture to suggest that par value,'contrast with 425 millions in 1914 and
thereby her credit is being impaired. We mention 319 millions in 1913. At Boston, too, operations in
these things simply to indicate that in our estimation, stocks were much in excess of last year, the comparishould there be at any time in the future a recurrence son for the month being between 730,799 shares and
of the 1915 situation, it will not be the province of 403,007 shares and for the seven months 7,146,951
the Federal Reserve Board to facilitate an outflow shares and 3,283,671 shares.
The Canadian clearings exhibit for July was much
of gold, but it will be its duty to follow in the footline with preceding months of 1915. At most
in
and
to
banks
endeavor
European
large
the
steps of
of the cities large decrease occurred, and in the aggre:
keep the gold at home.
gate of all (22 cities) the loss from 1914 reached



AUG. 7 1915,i

THE CIIRONICLE

401

23.4%. For the seven months the decline from last yield would be restricted, owing to the continuation

year was 18.0%.
The commercial failures statement for the United
States for July 1915 is on the whole a comparatively
favorable one under existing conditions, in that it
does not indicate that the strain usually inseparable
from the semi-annual settlements made any impress upon the business mortality of the country.
In fact, the number of mercantile disasters for the
month fell a little under the total for June and liabilities were only nominally greater. Failures were
also larger in number than for the like period of 1914,
but covered a volume of indebtedness somewhat
smaller than then or in 1913. The aggregate of
liabilities reported by insolvents since Jan. 1 establishes by a small margin the high record for the
period. A feature of the month was the comparatively few failures for large amounts, these comprising
17 for $100,000 or more, giving in all an aggregate of
$5,290,151 against 29 for $8,589,014 in July 1914
and 40 for $11,434,492 in 1913. The elimination of
these large disasters leaves the average liability of
the remaining insolvents this year only $7,924 against
$8,530 a year ago.
The total of liabilities in all commercial and industrial lines in July 1915 reached, according to Messrs.
R. G. Dun & Co., $18,934,903, representing 1,739
defaults, this contrasting with $20,377,148 and 1,411
in the preceding year and $20,325,705 and 1,169 in
1913. Of the fifteen branches into which the manufacturing division is segregated, seven show heavier
liabilities than in the month a year ago, but there
is a net decrease for all lines of almost four million
dollars, the debts in iron, foundries and nails having
been merely nominal against 1% millions, lumber,
carpenters, &c., showing a decline of over 13 millions and the miscellaneous group of manufacturers
one million. In the trading group, however, nine
branches report debts greater than in July last year,
and for the whole division there is an increase of
nearly 13/b million dollars. Among brokers, transporters, &c., the exhibit is also less satisfactory, the
increase in amount of liabilities over 1914 being a
million dollars.
The exhibit for the seven months is, of course,
much less favorable than a year ago, or any earlier
year, as regards number of insolvents. In fact, the
number who have succumbed in the period in 1915
is no less than 14,479 against 9,954 in 1914 and 9,332
in 1913. In the matter of indebtedness, however,
due to the Claflin failure last year, there is closer
agreement, the comparison being between $207,522,438 and $205,476,878, with the 1913 total
$153,234,766. The liabilities in manufacturing lines
this year reach $75,761,498 against $69,051,235 in
1914; the comparison in trading branches is between
$107,141,930 and $110,599,066, and among brokers,
&c., $24,619,010 and $25,826,577.
The outlook for the cotton crop on July 25 this
year, as announced by the Department of Agriculture
on Monday last, was hardly in accord with the
indications given in the weekly official weather
reports issued during the period since June 25.
Under normal circumstances this official report
would have acted as a stimulus to prices for the
staple; but the fact that a considerable portion of
the previous crop still remained to be marketed,
and the probability that demand for the current



of the conflict in Europe, acted as a damper upon
bullish sentiment. Moreover, at the very close of
July droughty conditions had been relieved in some
portions of the belt by the fall of beneficial rains.
Reflecting the droughty conditions that private and
official reports had shown recently, the Department
finds more or less deterioration in all States of important production. In Texas a drop of 6 points
is indicated during the month, and this was expected, but declines of 7 points in Alabama and 8
points in Mississippi and Louisiana were hardly
looked for.
The report as issued makes the average condition
July 25 for the whole cotton territory 75.3% of a
normal, a falling off of 5 points from a month earlier,
and comparing with 76.4 at the same time last year,
79.6 two years ago, 76.1 in 1912 and 89.1 in 1911,
with the ten-year average 78.5 Comparing the situation this year with last year, July 25, in the individual States, it will be obsevred that in Texas there
is an improvement of 5 points, in Arkansas 8 points
and in Tennessee 12 points; along the Gulf and in
Atlantic sections, however, the deterioration ranges
from 1 point in Louisiana to 10 points in Alabama
and Virginia. But it is to be remembered that at
this time last year the average condition was reported officially as only 1.1 points better than now,
and yet the largest aggregate yield on record was
secured and the production of lint per acre, according
to the Department, 209.2 pounds, or the greatest
since 1898. On the other hand, we have to consider
the fact that this year the use of commercial fertilizers has been considerably neglected in those
sections where they have been looked upon as a
prime necessity to satisfactory production. Theorizing as to the effect this will have on the ultimate
yield of cotton is, however, not our purpose. There
is nothing in the current situation to preclude the
possibility of a good crop and, at any rate, barring
an absolute disaster, there should be enough cotton
to supply all needs, taking into account the amount
carried over from the previous season. The latest
weekly weather bulletin, covering a date (Aug. 2)
fully a week later than that to which the official
monthly report is brought down, refers to further
deterioration in condition as the result of drought.
The text of three notes from Great Britain and
also the text of the American notes of July 14 and 15
by our own Government to Great Britain were made
public on Monday last by Secretary of State Lansing.
On Tuesday the reply of Germany to the American
note regarding the sinking of the Wm. P, Frye was
also published. In brief, the British and Germari
notes are merely a reiteration of former positions.
Great Britain insists she has justification for enforcing the Order-in-Council by which trade with German)
and Austria is restrained, because of the atrocious
methods of warfare adopted by the Germans. The
American note of July 14 was the caveat wherein
the United States insisted upon the application of
international law to prize court cases without limitation or impairment by the Order-in-Council. The
note of the following day contained the protest
against the detention of the American ship Neches,
which was bringing Belgian goods to the United
States. The first of the British notes dated July 24,
was an argument defending the Order-in-Council.
It asserts that inasmuch as the American Govern-

402

THE CHRONICLE

ment recognizes that new methods of warfare have
brought about new conditions of war, then the condictions of blockade also have changed. On this
basis, since England has the right to exercise a blockade of German ports, it has the right to intercept
and stop trade between Germany and a neutral
country contiguous to Germany. It is pointed out
that the United States during the Civil War exercised
a similar commercial blockade over the Confederate
States. The note concludes with a statement that
"his Majesty's Government have been gratified to
observe that the measures which they are enforcing
have had no detrimental effect on the commerce of
the United States. Figures of recent months show
that the increased opportunities afforded by the wat.
for American commerce have more than compensated for the loss of the German and Austrian markets." The second British note bears date of July 31
and is the formal reply to the American caveat. It
is a document of about 2,000 words and is devoted
chiefly to a discussion of the Jay Treaty of 1793 and
cases arising thereunder which the United States
had held might be submitted to review by an international tribunal. The note suggests that an appeal
to an international prize court from any decision of
the British Prize Courts might be taken in the form
of a claim for compensation. The third note was
a response to a protest regarding the Neches. It
calls attention to the fact that in the same waters
in which the Neches was found the German submarines had been sinking neutral vessels and drowning neutral citizens without exercising the usual laws
of warfare. Reference to all these notes in greater
detail appears on a later page of this issue of the
"Chronicle." It is understood that Washington is to
send a prompt reply to the documents.
As to the German note, it contains an offer to pay
for the sinking of the Wm.P. Frye conditional upon
it being understood that such action was not to constitute a satisfaction of the United States for violation of treaty rights. Our State Department, it
is understood, will indicate a willingness in its reply
to consider the German offer to pay for the sinking
of the vessel on condition that it be stated that such
acceptance is not to be regarded as a concession by
the United States of any point set forth in its discussion of the principles involved in the case. Germany suggests that the issue be referred to arbitration should the two Governments fail to reach a
settlement in any other way. It is desirable that the
dispute over the treaty of 1828 be settled as it is to
come up again in the case of the Leelanaw, the American vessel torpedoed by a German submarine last
week. The text of the German note appears on a
subsequent page of this issue.
Warsaw, the capital of Poland, and the third
largest city in the Russian Empire, was abandoned
by the Russians on Thursday. Thus the Germans
have finally succeeded in their sustained drive that
began in a serious way in the last week of May. It
is estimated that between 6,000,000 anf 7,000,000
men have since that time been engaged in almost
daily conflict. Up to July 29 hope was entertained
in military quarters in London and Paris that the
Russians had some tremendous coup in reserve and
that they would stand a sustained siege. But on
July 29 advices from Petrograd stated that in order
to save the Russian armies a retreat must be made
and the fortresses of the Warsaw salient abandoned.



[void. 101.

While the Bavarians commanded by Prince Leopold
were the first to enter Warsaw in the name of the
German Emperor and his consort who are expected
to make a state entry in afew days,the real conquerors are the troops fighting under Field Marshall
von Hindenberg along the Narew River to the northeast as well as the Austro-Germans across the Vistula to the south of the city, and the armies of the
Austrian Archduke Joseph Ferdinand and of German
Field Marshall von Mackensen which are advancing
northward between the Vistula and Bug Rivers.
The Russian fortress of Ivangorod 55 miles southeast of Warsaw on the Vistula River has, it is reported from Vienna, been captured by the AustroGerman army commanded by Archduke Joseph
Ferdinand. These troops began entering the fortress on Wednesday when they took the fortifications
on the west bank of the Vistula. They are now in
possession of the city and all the forts on both sides of
the river. Occupation of the great Russian Baltic
seaport of Riga is also believed to be only a question
of hours. Nineteen miles northeast of Warsaw the
Russians still hold the fortress of Novogeorgievsk.
The Russian armies are by no means out of danger
of capture, although their tierce counter attacks have
gained much valuable time. They are reported to
have re-formed on the left bank of the River Bug.
'While expressing the fullest confidence in the future,
the British military critics make no attempt to belittle the achievements of the Germans or the effect
their success is likely to have in the Near East and
the West. The Russians stripped Warsaw of everything that could be of benefit to the enemy. There
have been no mails for ten days and the removal of
the State banks and the private banks with all their
funds have left the city without means of carrying
on trade.
On the western frontier there has been little of
importance this week except in the Argonne and the
Vosges where German attempts to recapture lost
ground or take new trenches have failed, according
to the French communication. Important events
are expected in the Near East during the coming
week. The ministers of Great Britain, France,
Russia and Italy have held conferences with the
Greek Premier, which are expected to have farreaching results in the stand of the Balkan States.
Gen. Sir Ian Hamilton, commander of the allied
forces in the Dardanelles, sends word of a successful
attack by the Australians and New Zealanders on the
Turkish trenches which has placed them in possession
of the crest of a hill near their own lines. These
colonial troops hold positions along the western side
of the Gallipoli Peninsula and thus prevent the
Turks sending all their forces against the AngloFrench army which holds the tip of the Peninsula.
The London correspondent of the New York"Sun"
cables that he has learned on excellent authority that
the British Cabinet has decided to inaugurate a
system of conscription for raising additional armies
and that the system in all probability will be put in
force early in the Fall or as soon after the adjournment of Parliament as possible. A Cabinet meeting
was held on Thursday in Downing Street, and the
question of compulsory service was thoroughly discussed. The correspondent has been informed that
no fewer than eleven members of the Cabinet are
strongly in favor of the immediate institution of compulsory service. Foremost among these members are

Aua. 7 1915.J

THE CHRONICLE

David Lloyd George and Winston Spencer Churchill
(Chancellor for the Duchy of Lancaster) and a
majority of the Union members of the Government.
It is known that Sir Edward Grey, Secretary for
Foreign Affairs, is sympathetic towards a system of
compulsion, while Earl Kitchener is energetically
opposed to the view that the voluntary system has
proved a failure. He is willing to admit, however,
that new methods are needed.
President Wilson's plan for enlisting the co-operation of the six Latin-American Governments in an
effort to stop the anarchy that is ruling in Mexico
appears to be bearing fruit. Representatives of
these six Governments participated in a conference
that was begun on Thursday and continued yesterday. It is expected that the first practical step will
be a renewed attempt to have the various warring
factions stop fighting and agree on the personnel of a
central Government in Mexico City. Washington
advices state that should this step fail the United
States will be prepared to go further, even if it has
to act alone. Latest accounts state that Carranza
has retaken Mexico City.
American forces from the battleship Connecticut
have occupied without opposition the national fort
which dominates the town of Port au Prince, Hayti.
Admiral Capperton, who was in charge of American
operations in Hayti, has wired Washington that the
troops of General Bobo, leader of the successful revolution, will disarm on their arrival at the capital.
These troops are reported to be en routl from Cape
Haitien to Port au Prince, and should arrive at the
latter point early next week. News dispatches from
Port au Prince state that the National Assembly was
awaiting word from General Bobo as to whether he
desired the office of President.
The London Stock Exchange, as is the custom on
the first Monday in August, was closed for Bank
Holiday on Monday last, having been closed also
as a special holiday on the preceding Saturday.
There has been a very light movement in trading at
the British centre during the week, the new loan attracting chief interest. It formally began selling
ex-conversion rights on Tuesday. Dealings with
"conversion rights on" began on Thursday of last
week. The dealings on the former commenced at
97 and closed the day at 983/2. Later quotations
were 989/i with conversion rights attached and 983/i
ex-rights. The old loan of November last year, ac2. Apcording to latest reports, was quoted at 923/
plications for conversion must be sent to the Bank of
England not later than Oct. 30. As the last installment on the new loan is not due until Oct. 26, and as
the payment must be made in full before application
can be made,it is obvious that only four days are available for the process. However,the new loan can be paid
up in full under discount at any time. Hence subscribers who take advantage of the full payment option will be able to lodge their applications as soon
as they have paid up. London advices state that
the impression prevails that German influence is endeavoring to depress the loan in the London market.
Well-informed interests there, however, place little
faith in such a statement. Consols as a separate
transaction have this week been virtually unsaleable
at the, minimum quotation of 65. There has, however, been some business transacted on the condition



403

that the proceeds shall be utilized to purchase the
war loan at par from the buyers of the Consols, meaning that a premium is in this instance being paid for
the war loan for the purpose of unloading Consols.
In money circles in London there has this week
been somewhat of an easier tendency, closing rates
for day-to-day funds being 33'@4%, which compares
with 4@43'% a week ago. Discounts in Lombard
Street, too, are easier, being quoted now fractionally
below the Bank rate. A 15% installment on the new
loan became due and was paid on Tuesday. It was
after this transaction was out of the way that the
easiness ensued. Latest advices cabled from London
based on British revenue returns indicate that thus
far only £273,500,000 has been paid on the new loan,
the total subscriptions to which, it will be recalled,
amounted, in round numbers, to £600,000,000. This
apparently small volume of payment is explained
by the fact that the large banks have been permitted
to carry as Government deposits, until the funds are
required by the Government, the amount of their
own subscriptions. Another form of relief is an
arrangement by which banks may borrow from the
Bank of England at a special rate—about 1% under
the Bank rate—to counteract the effect of the transfer of deposits in making war loan payments. How
seriously the loan payments have dislocated the
London situation is indicated by the fact that all the
banks temporarily have decided to suspend their
monthly statements. .
On Wednesday all business on the London Stock
Exchange was suspended for a quarter hour at noon
when the members sang "God Save the King," in
observance of the conclusion of the first year of the
war. Further evidence is available of the development of war industrial speculation on the London
market, to which we referred last week, Canadian
Car Sr Foundry, which is understood to have received
preferential treatment in English orders for war supplies, being especially active and buoyant. Reports
have been current on the London market that
Standard Oil interests have become actively identified
with the company in a proprietary way, and also
that, through the influence of that corporation, the
company has received large additions from Russia
to the war supply orders it previously had on hand.
Coates Patent Fire Arms stock has been another
strong feature, as likewise has been Hercules Powder.
It is estimated that during the first twelve m nths
of the war the outstanding speculative account of last
July has been reduced 70%. The British Treasury
has instructed the Post Office and all public departments making cash payments, to use notes instead
of gold whenever possible. The public is earnestly
requested in the interests of the nation to co-operate
with the Treasury in this policy by paying all available gold to the Post Office and the banks and in
making payments whenever possible in checks and
notes instead of gold.
The London "Statist," as reported by cable, referring to the movement to mobilize Great Britain's
gold reserve, estimates that £60,000,000 in gold is in
circulation. Beyond this there is a large amount in
the vaults of the banks. If, says the "Statist," "a
large part of the gold in the country were to be sent
in to the Bank of England, it is believed that the
amount of gold in that institution would be increased
to nearly £150,000,000, a sum which would enable
the country to meet any drain on our gold resources
for a long time." The London market is obviously

404

THE CHRONICLE

becoming increasingly cautious. The significance of
the fall of Warsaw is fully appreciated, for, to qoute
one cable correspondent, "in addition to releasing
German forces at the East for a more vigorous campaign at the West, the success of the enemy, it is
conceded, is not unlikely to complicate seriously the
situation in the Balkans and prevent for the present
at least the adhesion of the wavering Balkan States
to the side of the Allies." The same correspondent
declares that while confidence in the final outcome
of the war is not diminished, there is to-day throughout England a better appreciation of the enormity of
the task and the sacrifices that are inevitable. The
Index number of the London "Economist" at the
close of July, as reported by cable, is 3281 against
3250 at the end of June and 32273/2 in May, the
largest advance being shown by cereals and meat,
which advanced 203/2 points during the month, while
other food products rose 123/2 points.
As to the proposed establishment of an7Eng1ish
credit in New York, nothing',of a definite character
has been reported. Advices cabled from London
indicate that the question of a loan based on American bonds as collateral has been given some consideration. Referring to a letter addressed to Lloyd
George, Minister of Munitions, from Samuel H.
Barker, Financial Editor of the Philadelphia "North
American," suggesting such a loan, a reply was
received dated July 13, stating that the information
and suggestions had been "forwarded to the Secretary of the Treasury." The London "Times," referring to an American credit based on American
bonds as collateral, argues in its issue of last Wednesday that should the British Government require
such bonds it should not purchase them in the open
market, but should secure them by negotiation with
insurance companies, trust companies and other
large holders of American bonds in London
• Reports received by cable from Paris show very
slight activity there in securities of any kind. The
3% rentes closed at 69 francs for cash, unchanged
from a week ago. The first meeting of the Chamber
of Deputies following the establishment of a union
of all political parties in France "to endure so long
as the war lasts," was held on Thursday. The session was marked by impressive demonstrations of
patriotism and was strongly indicative of the unanimity of all Frenchmen. The meeting was, too,
the first one since the formation of the present coalition Cabinet in France. M. Deschannel, President
of the Chamber, opened the session with a flowery
and eloquent speech. He said that a year had passed
since the enemies of France had violated French territory even before declaring war. "This year has
been so full of glory, so pure," he continued, "that
it will forever illumine the human race. It has been
a year in which the France of Joan of Arc and
Dalmy has risen, if possible, to even greater heights."
The speaker referred to the "breaking of the German
military power" and "the forcing back of the enemy
of France. Be the war of short or long duration,
France accepts it," he said. M. Deschannel then
reviewed briefly the work of Parliament, praising
especially the activities of the several committees.
"Let us thrust to one side," he said, "both the
sowers of panic and the sowers of illusions. Let us
be sowers of reasoned confidence for the reason that
the issue of this conflict will not depend solely on
material forces. In the final analysis it is to be a
matter of will power and constancy." In conclusion,



101.

the President of the Chamber repeated the determination of France to continue the struggle until
complete victory had been attained. "It is not only
a matter of life," he said, "it is a matter of that
honor which France always has preferred to life."
A message from President Poincare addressed to the
French Parliament was read in both houses. It
placed a special emphasis on the "sacred union of
the political parties in France," calling this one of
the conditions of victory. This union, he said, is
more firmly established to-day. The message concluded as follows: "The only peace the Republic
can accept is one which will guarantee the security
of Europe."
In the French Senate on Thursday, explaining the
bill designed to raise the limit of national defense
issues which was passed in the Chamber of Deputies
July 29, Alexandre Ribot, the Minister of Finance,
reviewed the Government financial situation. "On
July 31," he said, "there were 6,958,000,000 francs
($1,391,600,000) of defense issues in circulation. In
July alone 825,000,000 francs ($165,000,000) net
was placed in the short-term bonds and 322,000,000
francs ($64,400,000) in the long-term obligations.
Our financial burdens are constantly growing. Arms
and ammunition cost a great deal. We shall probably have recourse to a long-term loan whereby we
can consolidate all our short-term Treasury issues.
We still have a great military and financial effort
to make to reach a victorious conclusion of the war."
The bill increasing the limit of national defense
issues was passed. The total exchanges at the Bank
of France of gold for paper since May 27 amount to
314,741,475 francs ($62,948,295). The temporary
issue of paper money of the value of $1 and $4 will
be retired and replaced by a better quality of notes.
Press advices from Berlin state that the chief business of the Reichstag when it assembles on Aug. 19
will be to vote new credits for war purposes. While
details for the new bonds have not been arranged, it is assumed in German banking circles that the amount
of the loan, like that of the recent one, will be unlimited. The rate will be 5% and the subscription
price (quoting the cable dispatch) "is expected to be
somewhat above 99, as compared with 983/2 for the
March loan. The prospects for the success of the
next loan are regarded as being highly satisfactory.
The great German banks say they have completely
sold out their bonds of the two previous war loans,
and now have unusually heavy deposits. These
recently were swollen so abnormally that the Berlin
Bank a short time ago reduced the rate paid on current deposits to the normal level." Dr. Karl Helfferich, Secretary of the Imperial Treasury, in a statement prepared for the Associated Press, gave his
views on the economic and financial affairs in Germany as they exist at the end of the first year of war.
Referring to the financial situation, he said:
So far as finances are concerned, Germany will
carry the war through for an unlimited time. We
produce in our own country practically everything
needed for war. Thus expenditures for war purposes
resolve themselves into savings. These again are
at the Empire's disposition, as payments on the war
oans and deposits are flowing into the banks and
savings institutions more plentifully than in times of
peace. The total of deposits to-day, after over
$3,000,000,000 has been paid on war loans, is higher
than at the outbreak of the war. The gold reserve
of the Reichsbank has almost doubled since the war

AUG. 7 19164

THE CHRONICLE

began. Notes and deposits in the Reichsbank covered 'by gold are 33%, as compared with 26.7%
in the Bank of France and 21.7% in the Bank of
England.
The confidence of the German people in our financial strength is as unbounded as their confidence in
our military superiority. After twelve months of
war, Imperial 3s are quoted at 70, which is 8 points
below the quotation in March 1914; the minimum
price of British Consols, 65, is 11% below the quotation in March 1914; 3% French Rentes, at 69, are
19% below March 1914.
Work, skill, discipline, organization, economy, and
last, but not least, the categorical imperative of
patriotism, have upheld Germany in the first year
against world enemies, and will help us further to
win the war.
In the Russian Duma at Petrograd on Sunday
Michael V. Rodziamko was reelected President of
the Duma by a vote of 296 to 24. The war was
actively discussed at the session and on the conclusion of the debate the Duma unanimously adopted
the resolution declaring it to be the Empire's unshakable determination not to conclude peace before
Russian victory was complete and pledging the willing assistance of the entire population for the creation
of fresh means for continuing the struggle. The
resolution emphasized the necessity of forgetting old
political quarrels and recalled the Government's
benevolence with regard to the interests of "all loyal
citizens of Russia without distinction of race, language or religion." The members also expressed
their "unshakable faith that the shortcomings which
hitherto had existed in providing munitions for the
army will immediately be removed and that those
responsible for criminal omissions will be made to
pay the penalty no matter what their position."

405

reserve increased £1,361,000, note circulation decreased £45,000, "other deposits" decreased £11,319,000 and government securities decreased £6,284,000. The reserve stands at £47,184,000ahd compares with the low figure of £9,966,659 at this date
one year ago and £27,507,269 in 1913. The public
deposits aggregate £147,058,000 against £11,499,452
a year ago and the outstanding loans are £155,264,000 against £65,351,656 in 1914 and £26,988,361 in
1913. Our special correspondent furnishes the following details by cable of the gold movement into
and out of the Bank for the Bank week: - Inflow,
£2,015,000 (of which £821,000 bought in the open
market, £400,000 released from miscellaneous accounts and £794,000 net received from the interior
of Great Britain); outflow, £700,000 (of which
£350,000 bar gold sold and £350,000 earmarked
miscellaneous). We add a tabular statement comparing for the last five years the different items in
the Bank of England return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
Aug. 4.
33,486,000
Circulation
147,058,000
Public deposits
84,221,000
Other deposits
46,874,000
Government securities
155,264,000
Other securities
47,185,000
Reserve notes and coin
62.221,755
Coin and bullion
Proportion of reserve to
20.40%
liabilities
Bank rate
5%

1914.
Aug. 5.

1913.
Aug. 6.

1912.
Aug. 7.

1911.
Aug. 9.

38,105,420
11,499,452
56,749,610
11,041,152
65.351,656
9,988,849
27,622,069

29,956,165
9.350,113
39,822,865
12,756,539
26,988,361
27,507,269
39,013,434

29,987,790
18.816,359
40,850,814
13,982,472
33,613,567
28,154,041
39,691,831

30,463,745
7,651,734
43,469.888
14,967,286
26,527,800
27,661,177
39,674,922

14.60%
6%

55.92%
4%%

48.80%
3%

54.52%
3%

The Bank of France reports an increase of 92,739,000 francs in its gold holdings and a decrease of 235,000 francs in silver. Note circulation shows an expansion of 132,855,000 francs, general deposits a decrease of 101,815,000 francs, bills discounted an increase of 24,646,000 francs and Treasury deposits
a decrease of 2,193,000 francs. The Bank now holds
4,222,077,000 francs in gold. Comparisons are not
available, as beginning with the corresponding date
last year the publication of the French Bank statement was suspended for quite a while. On July 29,
however, of 1914, the Bank held 4,141,350,000 francs,
The silver stock is 367,636,000 francs, against 625,325,000 francs on July 29 1914, and note circulation
is 12,724,855,000 francs, which compares with
6,683,184,785 francs the last available date of last
year for comparison.

• Official bank rates at all the European centers
remain at last week's quotations. In London, Paris,
Berlin Amsterdam, Vienna and Copenhagen the
rate is 5%; in Norway, Sweden and Portugal it is
532%; in Italy and Russia 6%, and in Spain and
Switzerland 432%. In London money conditions
are easier and the private bank rates at the close of
business yesterday are 4%@4%% for sixty day bills
4% for three months. A week ago the corand 47
responding figures were 514% for sixty and 5@53/8%
for ninety days. Day to day funds in London are
3Met4% against 4@c43'% a week ago. There have
The Imperial Bank of Germany reports this week
been no private bank rates received by cable this
week from any of the Continental centers so far as (as of Aug. 3) an increase in gold of 7,128,000 marks,
of discounts, including Treasury paper, 232,984,000
we have been able to learn.
marks, of loans 3,340,000 marks, of note circulation
3,382,000 marks and of deposits 23,840,000
In this week's return the Bank of England reports
an increase in the proportion of reserve to liabilities marks. The cash item, which includes Imperial and
to 20.40% from 16.77% a week ago. A year ago— loan bank notes and notes of other banks, in addithe statement at that time being contemporaneous tion to coin and bullion,decreased 53,729,000 marks,
with the beginning of the war—the proportion was and securities decreased 177,000 marks. The gold
only 14.60%. Threadneedle Street gained an ad- stock is 2,399,674,000 marks. The interruption of
ditional £1,315,255 in gold during the week, bringing the Ii.eichsbank's statement last year, after the war
the total up to t62,221,755 which compares with had started, prevents an accurate yearly compari£27,622,069 at this date one year ago and £39,013,- son, except with July 23. In that statement gold
434 in 1913. A large decrease amounting to £30,- holdings were 1,356,872,000 marks. Combining
578,000 is noted in the item of public deposits in- loans and discounts, we have a total of 4,143,212,000
dicating of course heavy government expenditures. marks, which compares with 801,074,000 marks on
From the proceeds of the recent loan the Government July 23 1914, while note circulation stands at 5,210,has been enabled to repay to the Bank of England 995,000 marks, comparing with 1,890,893,000 marks
£96,000,000 advanced by the latter in the early shown by the last returns of the Reichsbank before
stages of the war. The large reduction of £36,930,- hostilities began.
000 is reported in loans (other securities). The total



406

THE CHRONICLE

[voL. 101.

The local money market has been maintained, so known require 4@43%. The discount rates of the
far as lenders' views are concerned, at the advances Federal Reserve Bank have not been altered at any
we noted a week ago. The demand for funds, how- center, except that the rate for sixty to ninety
ever, has not been active andr.supplies have been days bills at Boston has been reduced from 43'2 to
coming to New York in fair volume. Call money 4%. The rate for trade acceptances at the New
rates have covered a range of 13/2@2%, with most York Federal Reserve Bank remains at 332%. The
business passing at 1%%, the increased activity on Federal Board has approved rates for trade acceptthe Stock Exchange apparently making no lasting ances at other points as follows; Dallas,33/
2% to
impression on the volume of loanable funds. The 60 days; 4% to 90 days; San Francisco, 3% to 60
New York market may be said to have taken a days, 332% 60 to 90 days. The discount rate for
languid interest in the official:',..announcement from bankers' acceptances in Boston, New York, PhilaWashington that the Federal' Reserve banks have delphia, Cleveland, Chicago, Indianapolis and San
ample facilities to offer all the financial'aid necessary Francisco as authorized by the Federal Reserve
for marketing the cotton and other agricultural Board are 2% minimum and 4% maximum. The
crops this year. The Federal Reserve Board made rates below are the current discount rates of all the
public on Monday a circular letter to the Boards
Reserve banks.
Directors of the twelve banks. It declared in brief
Maturities Maturities of Maturities of Agricultural
that, while the warehouse facilities in the South are Federal Reserve Maturities
of
over 30 days over 60 days and live stock
of
10 days and 30 days and to 60 days, to 90 days, paper over
inadequate, they are sufficient to accommodate all Bank—
inclusive.
90 days.
inclusive.
less.
less,
the cotton of the 1915 crop which is likely to be Boston
5
4
4
4
3
5
4
4
4
3
New York
stored. The Board has decided that the member Philadelphia
5
4
4
3
46
5
4%
4
4
_—
banks offering to loan upon cotton stored and prop- Cleveland
5
4
4
___
Richmond
4%
4
5
4
___
Atlanta
4%
5
4
erly insured should bargain as to the loan price of the Chicago
-4
__
4%
4
4
5
3
St. Louis
4
5
5
4
cotton, and that if the market value of the commod- Minneapoils___ --4%.
5
Ka11333 City------4%
5
Dallas-__.
ity should fall below that price it is to become the San
4
6
3%
3
Franclsco
duty of the member bank to see that additional
security is provided. Special attention is drawn in
the circular to recent regulations on trade acceptances
The market for sterling exchange has ruled quiet.
whereby two-name paper bearing the endorsement On Saturday demand bills were quoted as low as
of buyers and sellers is subject to discount at the 4 753
%,which brings the level down to the minimum
Reserve banks at lower rates than other commercial reached in June. The imminence of the fall and its
paper. The Board proposes that facilities shall also final accomplishment, of Warsaw, have exerted a
be provided for wheat and corn on condition that restraining influence on operations but the weakness
storage and insurance conditions are adequate. The in quotations was checked by buying of bills by local
plan in detail appears in full on a subsequent page in bankers. There have been no developments that
this issue of the "Chronicle." How far it will enter in have become public in connection with the proposed
a practical way in the distribution of this year's crops English credit that is expected to be established here.
is something that will have to be demonstrated It may not be stated that there has been a very genby time.
eral pressure of bills. The war order payments are, apLast Saturday's statement of the New York parently being treated as a separate transaction
Clearing House showed an increase of $11,845,000 in quite aside from routine sterling exchange operations.
loans, of $16,192,000 in net demand deposits and The $25,000,000 Russian acceptances arranged last
$6,950,000 in net time deposits. The surplus reserve January became due on Thursday and were paid
above requirements showed an expansion of $7,458,- and it is reported that there will be a renewal of the
160 to $180,384,050, which compares with a deficit credit in such form as will make the Russian bills
of $17,425,750 under the old form of bank statement acceptable for rediscount with Federal Reserve banks.
at this date a year ago and a surplus of $26,208,100 Negotiations of a tentative character are in progress
at the corresponding date in 1913. Reserves in "own for the establishment of an Italian credit here, supvaults" increased
,018,000 to $449,003,000, in- posed to be for about $50,000,000. There was at
cluding $372,815,000 in specie; reserves in Federal first some talk of a direct loan but it is understood
Reserve banks increased $221,000 to $133,737,000, that this plan has been abandoned and that the credit
and reserves in other depositaries increased $6,136,- when finally arranged will be for the purpose of
000 to $38,733,000. Thus the aggregate reserve in- financing purchases by the Italian Government in
creased during the week $10,375,000.
this country. The Department of Commerce has
Referring to money rates in detail, the range for this week published a preliminary statement of
demand loans during the week has been 13/2@2% July's foreign trade showing that the exports of
against 1%@2% a week ago. The higher figure has merchandise from the chief customs districts of the
been current each day this week, while 1%7
0 was the country exceeded the imports by the large amount
lowest on Monday, 13/2% on Tuesday,1%7
0 on Wed- of $95,000,000. This suggests clearly that our fornesday, 1% on Thursday and 197
0 Friday. On eign trade balance is still steadily increasing. It is
Monday the ruling rate was 2%,but this was reduced well known that manufacturers of shrapnel and high
to 1%% on Tuesday and it remained at that figure explosives continue very backward in their deliveries,
throughout the week. Time money rates have not extensions of delivery dates of contracts having in
been changed from 23/2@2%% for sixty days, many instances been found necessary. This of course
3% for ninety days, 33j% for four months, suggests that when these manufacturers begin to
33'1@31A% for five.months and 332% for six months. I fully live up to their contracts there will be a sudden
Commercial paper discounts are a shade firmer, clos- and sensational increase in the export movement. A
ing at 332®t3Wi% for sixty and ninety days endorsed total of $1,960,000 gold was received at the Subbills receivable, and for four to six months single Treasury from Ottawa on Monday through the
names of choice character. Names not so well agency of a Canadian bank.



of

AUG. 7 1915.]

Compared with Friday of last week, sterling exchange on Saturday was weak, breaking sharply on
news of the impending fall of Warsaw; demand
declined to 4 85%—a drop of nearly 1 cent in the
pound from the rate prevailing a week before; the high
was 4 763/8, while cable transfers ranged at 4 769'g@
8.
4 76%; sixty days was unchanged at 4 71@4 713/
On Monday extreme dulness was the outstanding
feature, largely on account of the holiday in London;
rates held steady, at 4 76@4 763' for demand,
4 76 11-16@4 76% for cable transfers and 4 71@
4 713' for sixty days. A firmer tone was evident on
Tuesday, although trading continued dull and almost
nominal; quotations were unchanged for cable transfers at 4 76 11-16@4 76%, fractionally lower for
demand at 4 76@4 76 1-16, while sixty days advanced to 4 713'@4 713j. On Wednesday narrow
fluctuations and light transactions again marked the
day's operations; the tone was steady with rates a
trifle higher and demand quoted at 4 76 1-16@ 763/i
and cable transfers at 4 76%@4 76 13-16; sixty days
remained unchanged at 4 713'@4 713. Buying by
an international banking house on Thursday caused
an advance of Mc. in demand, to 4 763'@4 76 3-16;
cable transfers and sixty-day bills, however, were
not changed from 4 769@4 76 13-16 and 4 713'@
4 713j, respectively; trading was light. On Friday
the market ruled irregular. Closing quotations
were 4 71@4 713 for sixty days, 4 76Y8C1,4 763
for demand and 4 76 13-16@4 7615-16 for cable
transfers. Commercial on banks nominal,documents
forpayment nominal. Seven-day grain bills at
4 75%@ 4 75%. Cotton for payment nominal
grain for payment nominal.
In the Continental exchanges the week's changes
have not been important. Bankers' checks on
Berlin have advanced to 823/i against 813 a week
ago, presumably reflecting the success of the Warsaw campaign. Cable transfers closed at 823j
against 81%. Sterling exchange in Paris closed at
27.02 against 27.10 last week. In New York,
checks on the French centre are 5.6494 against 5.69
and cable transfers 5.64 against 5.683/2. Swiss exchange finished at 5.31 and 5.303' for sight and cables, respectively, against 5.37 and 5.36. Italian
lires are firmer at 6.23 for sight and 6.22 for cables
against 6.38 and 6.37, respectively, a week ago.
Bankers' checks on Amsterdam are 40 5-16
against 403 a week ago, and cables are 4O32
against 4034:. Greek exchange remains at 5.26
and 5.25 for checks and cables, respectively.
Copenhagen checks are 25.85 against 25.83. Norway and Sweden both are quoted at 25.90 against
25.88, while Russian rubles have advanced to 33
against 323/ a week ago and 32 a fortnight ago.
The New York Clearing-House banks,in their operations with interior banking institutions, have gained
$3,661,000 net in cash as a result of the currency
movements for the week ending Aug. 6. Their receipts from the interior have aggregated $8,694,000,
while the shipments have reached $5,033,000. Adding the Sub-Treasury operations and the gold imports, which together occasioned a loss of $123,000,
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 $3,538,000, as follows:
Week ending Aug. 6.
Banks' interior movement
Sub-Treas. oper. and gold imports
Total




407

THE CHRONICLE

Into
Banks.
$8,691,0001
18,870,0001

Out of
Banks.

Net Change in
Bank Holdings.

$5.033,000 Gain $3,661,000
123,000
18,093,000 Loss

$27,564,0001 $24,026,000 Gain $3,538,000

The following table indicates the amount of bullion
in the principal European banks:
August 6 1914.

August 5 1915.
Banks of
Gold.

I

Engiand_ _ 62,221,755
France _ _ _ 168,883,320
Germany _ 120,034,600
Russia _ _ 167,267,000
Aus.-Hunc 51,578,000
Spain _ _ _ _ 27,925,000
Italy
.45,684,000
Netheri'ds 31,121,000
Nat.BeIgh 15,380,000
Sweden _ 6,298,000
Switz'land 9,601,900
Norway _ 3,598,000
Demurs. 5,950,000

Silver.

Total.

Gold.

£
62,221,755 27,622,069
14,669,680 183,553,000 165,653,680
2.300.000122,334,600 67.842,850
5,403,000 172,670,000 174,509,000
12,140,000 63,718,000 51,578,000
29,776,000 57,701,000 21,740,000
4,787,000 50,471,000 45,400,000
191,400 31,312,400 13,509,000
600,000 15,980,000 8,472,000
6,298,000 5,818,000
9,601,900 7,202,000
3,598,000 2,916,000
316,000 6,266,000 4,052,000

Silver.

Total.

£
27,622,069
25,013,280190,666,960
16,727,050 84,569,900
7,382,000 181,891,000
12,140,000 63,718,000
29,191,000 50,931,000
2,883,000 48,283,000
685,700 14,194,700
4,236,000 12,708,000
5,818,000
7,202,000
2,916,000
300,000 4,352,000
£

Tot. week 715,542,575 70,183,080 785,725,655596,314,599 98,558,030694,t72,629
Prey.week 711,031,600 70,277,340 781,3)8,910607,434,491 98,351,313 705,785,804
c July 30 1914 in both years. h Data in 1915 for Sept. 211914. .June 20.

THE STRUGGLE FOR MAINTAINING FIXED
RETAIL PRICES.
The latest decision upon the power of producers
of articles under patents or trade marks to control the
retail prices of such goods gives some encouragement
to those who are striving for price maintenance and
suggests a compact review of the principal decisions on this subject.
Following the language of the constitutional grant
of power, to encourage authors and inventors, the
patent law grants "the exclusive right to make, use,
or vend, a patented article." This avowed monopoly
for a limited term, the only one ever formally set up,
is apparently as exclusive and broad as language
could make it, and until recent years was pretty
strictly construed as such. Exclusive ownership
seems to involve exclusive right of disposal, and that
seems to involve power to dictate terms of sale; but
it is less clear whether this exclusive power enables
the original seller to attach conditions which shall
virtually fasten a lien on the second and subsequent
sales and even upon all use. A somewhat similar
question has arisen as to the power to sell real estate
under restrictions, and the tendency has been• increasing to hold that the original owner of patented
goods may fix his price but must make his conveyance absolute and final.
In 1908, the Supreme Court held that copyright
owners cannot control the retail price of a book by
printing it therein, with a "notice" that nobody has
authority to sell it for less; in delivering the opinion
Justice Day remarked that there is a difference between the patent and the copyright law and that the
Court was not then passing on the power of patentees
to control prices but had never conceded such power.
In a subsequent case, with Justice Hughes delivering
the opinion, that power over sales was denied to
owners of proprietary medicines, but again without
passing on it as to patented goods.
That question came up in March of 1912, when
there was one vacancy in the Court and Justice Day
was absent. The subject was the Dick mimeograph,
the machine having been sold with conditions
(printed on a label attached) that it was licensed for
use only with ink and other needed materials which
were made by the makers of the machine. In the
case selected for test, Dick sued the seller of the ink,
not the buyer and user, and the question as taken to
the Court was whether this sale of forbidden material
constituted a "contributory" infringement. Justice
Lurton, with concurrence of Justices Holmes, McKenna and Vandevanter, sustained that view, while
Justices Lamar and Hughes united with Chief
Justice White in dissent. The latter wrote a vigorous

408

THE CHRONICLE

woL. 101.

protest against what seemed to him a doctrine liable whose fancy name needs the nursing of carefullyhandled sales to maintain an output of trifling
to be pushed to an intolerable abuse.
One year later, in the "Sanatogen" case, the Court moment in the food market, is beyond my comprestood five to four in the other direction, holding, hension. There is no proof that the defendant
refused or
to refuse to sell to any one
through Justice Day, that when a patentee tries to who sold tothreatened
the plaintiff; it did request its chosen
control retail prices by attaching printed notice of customers not to deal with the plaintiff.
"conditions" to the article it is a misuse of terms to
While this is not a case of a distinctive or a patented
call the transaction a license; the patent owner had
article it offers encouragement to maintenance of
sold the article for a price satisfactory to himself and
fixed retail prices by concurring in what seems the
he had neither interest in nor power over any subreasonable proposition that if the retailer may put
sequent sales.
his own price upon any article which he has lawfully
The attempt to "keep a string tied to product
obtained the patentee or the producer has an equal
from factory to scrapheap" (as one indignant person
right to cut off the supplies by any lawful means
put it) continued notwithstanding. A well-known
within his reach. It seems needless to argue that the
make of disk phonographic record had been going out
benefits of cutthroat competition are limited and
to market with conditions printed on the label, and
transient and that maintenance of reasonable fixed
as the label has been phrased in the present year the
all interests. The
conditions of the "license" went so far as to omit all prices is in the long run best for
Stavens
the last Congress,
bill
in
to
that
failed
end
reference to selling or selling price; the entire statebut
the
League
and other orAmerican
Fair
Trade
ment follows the usual phrasing of license, even menkeep
on
and
the effort
will
ganizations
interested
tioning "royalties" and setting forth that the title
will
next
Winter.
renewed
probably
be
remains in the maker and he is at liberty to claim the
At the other extreme, a bill appeared in both
drticle back from the private user at any time, on
branches
of the legislature at Albany, last Spring,
some breaking of condition, and in that event to
proposing
a severe penalty for any person or corporarefund the money paid, less allowance for the elapsed
tion engaged in making or selling "of any food prodtime, and so on; this printed matter (which probably
not one purchaser in a thousand ever noticed) is taken uct" who should "discriminate in price between
off the label on the record itself and placed on the different purchasers thereof," or "refuse to sell the
envelope containing it, and record and envelope must same to all offering to purchase," or make any sale
not be separated, or the separation will be an in- or price-concession on condition that the purchaser
"shall not re-sell the same to any person, firm, or
fringement.
except at a fixed price," when the
In March last the suit brought by this company corporation, or
effect of such a condition "may be to fix the price
against Macy alleged that the defendants had sold
thereof to the consumer." The third prohibition is
records when, not having a license as agents, they
quite covered in the first; the second, which is compossessed only a non-assignable right of use, as limpletely covered in the first, would bar the mild
ited by the printed conditions. With the Bauer
action
which Judge Hough has approved; the first
(Sanatogen) case before him, Judge Hand of the
would
destroy
all middlemen by prescribing one price
Federal District Court promptly dismissed the case;
to all. The wild absurdity of such ostensible athe saw no attempt at combination in restraint of
tempts to combat the high cost of living needs no
trade and therefore no violation of either of the antiwords of comment.
trust acts. "If this were a case of first impression," he
said, "I might feel that no sufficient reason exists for
holding that a patentee could not attach such lim- LABOR TAKING ADVANTAGE OF THE WAR
SITUATION.
itations to the future use of his patented goods as he
Concessions which are natural and unavoidable,
might choose, irrespective of whether he had received the full royalty or not;" but the Supreme'Court under the pressure of orders for war munitions that
cannot wait for any final adjustment of difficulties
had covered that in the Bauer case.
About a fortnight before this decision by Judge in the way, have been made here and there to labor,
Hand, the Cream of Wheat Company sent to the and the general situation is one of continued disgrocery trade a letter setting forth that a large store turbance, breaking out in one plant as temporarily
in this city persistently cut the price of that article quieted in another. This is true of the Welsh coal
to consumers below what the regular retail grocery- mines, of England's war work everywhere, of war
man must pay, and that this process, if carried to work here, and it is useless to decry or bemoan it.
other articles, will completely demoralize legitimate The feeling of labor is that contracting employers
jobber and legitimate retailer together. Therefore should not expect to have and will not be allowed to
the addressee was requested to watch his sales care- have "all" the profits of this imperative but transient
fully, so that no quantity of the article, at any price, activity; this is labor's opportunity and hour, and no
should fall into possession of the offending concern. sooner is a strike "off" in one place than it is "on" or
That concern promptly sought a temporary injunc- threatened elsewhere. Labor intends to make the
tion, alleging monopoly and trade restraint; but most of its position as the indispensable factor, and
Judge Hough in the Federal District Court denied the union leaders intend to solidify themselves as
this on July 20. The article, he said, is not a nec- the controlling power.
Observe the admirable frankness of one of them,
essity nor even a staple in commerce and interference
with price-cutting, so far as ilot contrary to statute, manager of one division of the International Machinists' Association. The present time is the best
seemed to him entirely reasonable:
that has ever happened for us, he says; in the last
How it can be called substantial and unreasonable
restraint of trade to refuse to deal with a man who fourteen years there have been three men for every
avowedly is to use his dealing to injure the vendor, job and strikers have been handicapped, but now
when such vendor makes and sells only such ad- there are three jobs for every man and the bosses
vertisement-begotten articles as Cream of Wheat, are crying for help. "This is our time, and can you



AUG. 71915.]

THE CHRONICLE

blame us if we take it?" The conditions are also
favorable, he says, because no other labor trouble is
on now, whereas we have been burdened in the past
by having too much on our hands at a time. We
have learned the lesson "that a general strike paralyzes the strikers more than the employers, and
therefore we will not call out all the factories at
once." Instead:
"We intend to start in New York, and then to hop
along the line through New England and the entire
country; there are more than 400 factories in which
we intend to serve notice. * * * We're going to
just hop along the line and as fast as we settle one
we'll take on another."
The method of this should not be overlooked; it is
just the method undertaken in the Danbury hat-making industry, some years ago—hopping along the line
and overcoming the resistance of one unitshop at a time
and "as fast as we settle one we'll take on another."
All heretofore said in the "Chronicle" regarding
the misplaced direction of labor unionism to bad
ends instead of good ends which are attainable, and
concerning the bad political economy which fights
abundance and seeks to raise wages by diminishing
output and efficiency and cannot see that high prices
are not an advantage to labor, all this remains true.
Yet it is vain to expect to teach sound political
economy to the unionists as a body, except very
slowly and painfully, and it is 'quite vain to expect
that the leaders will ever look beyond their own immediate powers. We may also refrain from accusing
labor of especial selfishness; it is both greedy and
shortsighted, but so is capital, more or less, and contractors in war time cannot pose as either altruists
or patriots. In such a situation as the present, particularly, we must allow the laborer for whom every,
body is calling to make the most of his "hour," just
as his employer is sure to do.
We can waive patriotism and altruism and comparative selfishness and even discussion of political
economy to quieter times; but one thing we cannot
waive to either quieter or more strenuous times, and
that is: the supremacy of law. Laborers may bargain, and may leave their work if they choose; but
they must not interfere with work, and they must not
attempt to force the closed shop and the refused concessions by violence. They keep doing this, but
the issue keeps closing more sternly down. There
was another example of the familiar paltering, in the
Bayonne oil district; and then came a better one in
the prompt intervention by this State in the outbreak at Massena. What the Executive of New
Jersey did not do, following like conduct elsewhere
and in more than one State, the Executive of New
York did without dallying.
This is the lesson of to-day, the same lesson so
often urged, and so often emphasized by current
events. We cannot escape it by weakly putting it
by for just this once more. Any Government which
does not preserve unimpaired the right to hire labor
and the right to sell and use it is not worth having,at
any price. The first function of government is maintenance of order and law and personal rights. Until
that is fulfilled, all professions and attempts to mak
trade "fair" by regulative commissions are a travesty.
Let us first attend to the primal duty. Teach labor,
at whatever cost, to respect and obey law. When
this is publicly and firmly accomplished and labor
has been taught the submission it boldly refuses, it
will be quite soon enough to seek to improve the
morals and practices of trading.



409

DRINK AND THE WAR AND THE WAR
AGAINST DRINK.
In the swift course of startling events which followed the opening of the war in Europe, one that attracted wide and permanent attention was the action
of.the belligerent nations with regard to alcoholic
drink. There was almost universal testimony that
its use constituted a serious element of weakness and
immediate steps were taken to restrict or prohibit
it. In response to the demand of the people, the
Russian Government prohibited the sale of vodka
during the period of the war; France did the same in
regard to absinthe; King George for the sake of example banished liquor from the royal household, and
the Kaiser spoke in warning of the danger. Officers in the German navy had already organized in
favor of total abstinence, because of the disastrous
effect even of beer upon gunnery; and England has
had her legislation paralyzed and the Government
itself put in peril by being compelled to face the drink
problem among her working people.
All this, however, has been of secondary interest
to us compared with the other issues of the war.
They are still abundant enough and exciting enough
to monopolize the headlines. Nevertheless, however
important may be the economic and financial relations into which the war has already brought us, or
however serious may yet prove to be the other grave
questions with which the Government is dealing,
there is a war going on over the whole length and
breadth of our country against an evil that is causing
an actual loss of human life and a destruction of all
that gives value to life,so constant and so vast as to
be second to none that any war forced upon us from
abroad can entail. News of individual disaster now
and again breaks into the circle of our friends, or our
home, as it does coming from the front to-day in the
homes of Europe. But the destruction wrought by
drink has been endured so long, and is entangled with
so many personal habits, that we are inured to it
We realize our individual helplessness when it comes
home to us, and we treat it as an intensive annoyance
when others try to disclose to us or hold our attention
upon the actual situation. So long as we do not
suffer, we try not to care and we do not want to
know.
To-day, however, no man who pays any attention
to public events can fail to be aware that a great
movement is under way and that an issue is already
joined in a movement of far-reaching importance and
involves a social and moral upheaval.
The subject is brought before us in New York by
the recent action of Dr. Goldwater, the able and serious Commissioner of Health. But before considering his action, let us have before us these facts. From
the liquor produced or consumed by the people in the
fiscal year ending June 30 1914 the United States
Government received a revenue of $226,179,690.
Arrayed against this enormous interest, 18 States of
the Union, with a population of 25,828,613, are already under total prohibition, or have adopted prohibitory laws to go into effect in 1916. Adding to
these those sections of the country under no-license
laws and those where the sale of liquor is prohibited
by the United States Government, there is 76% of
the area of the country, with 51,000,000 of the people,
under prohibition. This, of course, does not measure
the fighting force arrayed against the liquor interest,
but it represents the source from which that force is

410

THE CHRONICLE

to be drawn. The state of the contest is expressed
in the bill to provide for amending the Constitution
of the United States to prohibit "the sale, manufacture, transportation for sale or importation for sale
of intoxicating liquors for beverage purposes," which
was presented in Congress last December and received 197 affirmative, as against 189 negative votes;
and failed only because a two-thirds majority is required.
In these circumstances, Dr. Goldwater announces
that his department proposes to inaugurate a campaign against the use of alcohol. His official statement is this: "A diminution in the consumption of
alcohol by the community, according to those, who
are in a position. to know and to judge, would mean
less tuberculosis, less poverty, less dependency and
less pressure on our hospitals, asylums and jails. Intemperate drinking cuts into the support of the family. The drinking of parents weakens the vitality
of children. Drinking mothers lose twice as many
babies as do sober mothers. More alcoholism is
found in the parents of feeble-minded children than
in the parents of normal children. The children of
drinkers develop more slowly and do poorer school
work than do the children of abstainers. Alcohol
impairs the tone of the muscles, lessens the product
of laborers, depreciates the skill and endurance of
artisans, impairs memory, multiplies industrial accidents, causes chronic diseases of the heart, liver,
stomach and kidneys, increases the death rate from
pneumonia, and lessens natural immunity from infectious diseases."
On the basis of this statement he has secured the
co-operation of representatives of the New York
State Commission for the Blind, the American Asso•ciation for Labor Legislation, the Association for Improving the Condition of the Poor, the Hudson Guild,
the State Charities Aid Association, the Brooklyn
Bureau of Charities, the New York Social Center
Committee, the Jewish Community, the Committee
of Safety, the Russell Sage Foundation and the Boy
Scouts of America; also public officials representing
the Departments of Public Charities, Education,
Police, Mayor's Employees' Committee and the State
Department of Labor, with representatives of Columbia and Cornell universities, the Central Federated
Union of Labor, the Metropolitan Life Insurance
Co., the Wholesale Grocers' Association and a group
of leading medical men.
These gentlemen are to aid in "an educational
campaign." It is true we have had that since the
days of Lyman Beecher and "the Washingtonians"
in 1830, and it seems to have accomplished less than
what might have been expected. But times have
changed. The pressure upon organized society and
the State to sustain itself is becoming increasingly
heavy. The war is rapidly piling up a vast debt
which will add enormously to the burden of taxation,
which in all lands is Already an incubus upon the industries of the people. The country is coming to see
that the revenue from liquor, large as it is, does not
begin to compensate for the loss and outlay that
drink involves. Business men, East and West, whatever have been their personal habits, are committing
themselves on the side of. prohibition, and there is
every sign of a demand for radical measures that will
not be gainsaid. A lantern slide, which the Health
Department is putting into 800 moving picture theatres in Greater New York, is suggestive of what is
going on. This reads as follows:



[VOL. 101.

"The intemperate use of alcohol is filling our hospitals, asylums, poor houses, jails and cemeteries.
These facts are vouched for by the Department of
Health, City of New York."
THE LEHIGH 'VALLEY REPORT.
The Lehigh Valley Railroad Co. is the first prominent company to render its report for the fiscal year
ending June 30 1915. The report in printed form
came to hand at the beginning of the week, and as
this allowed scarcely more than 30 days after the
close of the year, the achievement must be considered quite noteworthy, having regard especially
to the extended statistics contained in the report.
Results for the twelve months, though not in all
respects as good as could be wished, owing to causes
beyond the control of the management, must on the
whole be considered quite satisfactory. Most occasion for gratification is found in the particulars
where administrative efforts have had free play
and have borne expected fruit either in an addition
to traffic and revenues, or a reduction in expenses.
Efforts in both directions have been evident for
years and have been attended with an unfailing
measure of success, but unfortunately have not been
apparent in the final results to the extent that could
be desired, because of unfavorable tendencies and
influences affecting railroad property in general and
which it was beyond the power of any management
to control or overcome.
In the matter of expenses, for instance, the rise in
cost of operations has been a feature common to the
whole railroad world. Yet this has occurred in
face of constant endeavors to promote operating
efficiency, evidences of which are to be found in the
statistics of all the roads and particularly the Lehigh
Valley by any one competent to analyze the same.
The causes of the rise in operating costs, which has
been in progress for so long and has impaired the
value of many a railroad property, are many. The
enhanced price of most of the things entering into
the operating accounts, and especially the higher
wage schedules that have had to be paid to labor,
has been one of these, the demand of the public and
the requirement of legislative bodies and public
officials for increased services and extra accommodations has been another, while at the same time
all public utility concerns have been called upon to
pay increasing amounts out of their revenues for
taxes to the Government. Vexatious meddling and
interference on the part of Government in one way
or another have also been potent influences in swelling
the expense accounts of the carriers.
There is little general recognition of the extent to
which expenses are added to in many different ways
from the causes and by reason of the circumstances
cited. It is easy to understand how full-crew laws
work to swell the expense accounts by requiring the
employment of help for which there is no need and
through which no good is accomplished. Numerous
other, though relatively small, ways in which extra
outlays are entailed, escape attention. We have
been particularly impressed with the importance of
this element by a simple matter-of-fact statement in
the present report of the Lehigh Valley company.
The statement we have in mind is contained in an
apparently casual remark of President E. B. Thomas
in his narrative of the events and incidents of the
year, to the effect that the !`company has 17 men en-

AuG. 7

1915.]

THE CHRONICLE

411

gaged in the preparation of data and collection of I Up to the last year the savings in this and other
records in connection with the valuation of the com- ; directions was counterbalanced by a general rise in
pany's property, for use by the Inter-State Com-'expenses. For the late year, however, it is encourmerce Commission, as required by law, and this aging to find a small reduction in expenses with some
force will have to be increased as the work pro- addition to revenues. Briefly stated, gross earnings
gresses." This may appear to be a small thing in increased 8355,315, while expenses were reduced
itself, adding, say, $20,000 a year to expenses, and yet $140,518, thus producing $495,833 increase in net.
this particular work is only in its initial stage, and This reduction in expenses occurred in face of an
State and national commissions are all the time increase in the expenditures for maintenance of equipcalling for extra information and additional statistics ment of $537,698, though, on the other hand, $190,and thus making necessary constant enlargement of 800 less was spent upon maintenance of way. The
the permanent force in the statistical and clerical saving was effected in the transportation expenses,
departments and often, too, in the higher grades of which were '21,872 less than in the preceding year,
and in the traffic expenses, which were $80,764 less.
the service.
The Lehigh Valley is better circumstanced than In view of what has already been said, it will be readmost railroads to endure drains of this description, ily understood how the saving here was brought
and yet these drains are to be reckoned with even about. The increase in gross earnings may come
in its case. The company is maintaining its 10% as a surprise (even though it is not large in amount)
dividends, which is a high rate of return in these in view of the many unfavorable conditions which
times, but the margin above the requirement for have prevailed, but there was a considerable loss in
this purpose is now small, and no such dividends revenues the previous year.
Passenger earnings in 1915 did fall off $751,348,
would in any event be possible except that for a
principally to the suspension of immigration
due
cOnsiderable time in the recent past shareholders
a large part of which has annually gone
business,
and
were obliged to forego dividends altogether
Valley. Since the outbreak of war
Lehigh
to
the
to•
devoted
were
enormous amounts out of earnings
immigration movement into the
in
the
Europe
propthe
of
rehabilitation
and
financial
the physical
has
dwindled to practically nothing.
United
States
favorable
sufficiently
be
results
would
Nor
erty.
to permit the continuance of existing dividends The revenue tonnage was slightly larger in the aggreexcept for the increase in operating efficiency that gate than in the preceding year, the increase being
has been attained, in part as a result of the large about 1.5%. The gain, however, was almost enexpenditures referred to and in part as a result of tirely in the anthracite coal tonnage and in the agricultural tonnage. Both had been reduced in 1914,
skillful management in other ways.
the one by reason of dull conditions in the anthracite
operating
of
development
the
of
evidence
One
efficiency is found in the increase in train load. It is trade due to an exceptionally mild winter and the
unfortunately impossible to make accurate com- other because of deficient grain harvests in the West.
Notwithstanding the larger net income from operparisons in this and other respects with previous
the amount available for dividends was only
ation,
Inter-State
the
1914
1
years because with July
$6,322,445
against $7,056,659. The falling off,
in
changes
material
ordered
Commission
Commerce
mainly from the circumstance
followed
however,
expenses.
and
revenues
of
both
classification
the
The figures for the year immediately preceding have that a $685,080 dividend on Temple Iron Co. stock
been revised to accord with this change, in order to owned by the Lehigh Valley had been included in the
give correct comparisons, but it was not possible 1914 income statement by order of the Inter-State
to make revisions for previous years, and exact Commerce Commission. Of course, there was no
therefore with these earlier years similar dividend in 1915. With $6,322,444 available
comparisons
•
question. For 1915 the train load of in 1915 the requirement for the dividends actually
the
of
out
are
revenue freight was 621 tons and for 1914 622 tons, paid was $6,060,800, showing how small was the
the figures for both these years being on the same margin remaining, though, on the other hand, this
basis of computation. Including company materials, does not include the results of the Lehigh Valley Coal
the train load was respectively 644 and 645 tons. Co., where also there was some margin of surplus.
On the old basis the 1914 figures averaged 595 tons One indication of the business depression which
of revenue freight and 617 tons of all freight, including marked the year is found in the item of "Hire of
company material. In the report for 1910 President Equipment." In other years this has shown a
Thomas directed attention to the increase in the credit, the credit in 1914 having been $325,440, but
average train load of revenue freight from 485 tons in the year under review a debit balance of $68,807
in the year 1903 to 542 tons in 1910. If the com- is shown, a difference of $394,247. The explanation
parison be extended further back, the improvement is found in the fact that the company was not able
accomplished is found to have been still more note- to find employment for its equipment on other lines
worthy, for in 1898 the average train load was only to the same extent as in 1914. President Thomas
384 tons, and this apparently included company again calls attention to the great increase that has
taken place in the calls for taxes. In the late year
freight.
was a further increase in these taxes, and it is
to
there
the
done
reduce
unit
time
all
the
being
is
What
of cdst appears from a statement in the remarks under pointed out that they now form 4.23% of the com"Additions and Betterments." This statement tells pany's gross earnings. In the last ten years the
us that during the past fiscal year 53 heavy consolida- gross earnings increased, roughly, 30% while taxes
tion type freight locomotives were rebuilt and were augmented 154%.
No increase in the funded debt of the company
equipped with superheaters, new cylinders and Walschaert valve gears, and that these changes have re- occurred during the year, notwithstanding the large
sulted in a reduced fuel consumption as well as in- I improvement expenditures. The report tells us
creased efficiency of operation due to the better sus- that it is proposed at a later date to make a specific
issue • of bonds to cover the major portion of th3
tained steaming qualities of the engines.



412

THE CHRONICLE

expenditures already made for the new freight and
passenger terminals at Buffalo. It is expected that
the freight terminal will be ready for use by November next and the passenger terminal at a later date.
As pointed out by us in previous reviews, the 'company pursues very conservative bookkeeping methods, and in 1915 a further reduction has been made
in the book value of the capital stock of Coxe Brothers & Company, $1,000,000 having been charged
off on that account in profit and loss. A like reduction was made in the book value of this property
in each of the seven preceding years, so that altogether $8,000,000 has now been charged off.
As indicating the constant handicaps under which
operations are conducted, allusion may be made to
the decision rendered in May 1915 under the socalled Panama Canal Act, the effect of which (unless
the decision can be modified) will be to compel the
Lehigh Valley RR. to cease the operation of six
steamers owned by the Lehigh Valley Transportation
Co. and now operated upon the Great Lakes. President Thomas states that these vessels have for
years been operated in miscellaneous freight service
and served as valuable feeders from Western points
to the company's lines which end at Buffalo. He
says the matter is one of grave concern and is now
occupying the earnest attention of the officials.
The order of the Commission does not require the
discontinuance of these operations until Dec. 1 1915.
ISSUING FEDERAL RESERVE NOTES TO
ACQUIRE GOLD.
In the following Gov. Benjamin Strong, Jr., of
the Federal Reserve Bank of New York undertakes
to explain and to justify the policy by which the Federal Reserve Banks throughout the country are putting out new issues of Reserve notes from week to
week in order to get gold in the hands of the Federal
Reserve agents for the retirement of the notes. Some
comments on Mr. Strong's communication and the
position he takes in the same will be found in our
article on "The Financial Situation" on a preceding
page.
FEDERAL RESERVE BANK OF NEW YORK.

August 2 1915.
Editor Commercial& Financial Chronicle, New York City:
Sir: The editorials in your issues of July 10th and 17th
raise various objections to the operation of substituting gold
as security for Federal Reserve notes issued by the Federal
Reserve Agents, and I gather that the principal grounds of
your criticism are:
1. That the operation may be "ultra vires."
2. That it violates the plain intent of the Act which you
state "was to issue notes for the simple purpose of conducting rediscounting operations of the Reserve Banks," or, as
you later express it, that "the course pursued is plainly a
departure from the purpose of the statute," although, as
indicated in both editorials, the soundness of the plan now in
practice is not necessarily questioned.
3. That it will tend "to keep them (Federal Reserve notes)
out indefinitely."
As to the question of "ultra vires," the phrase "ultra
vires" means "beyond the power of." The question which is
thus presented is, therefore, one of law as to whether or not
there is to be found anywhere in the Federal Reserve Act,
authority for the process under consideration.
Section 16, of the Federal Reserve Act, provides that any
Federal Reserve bank may deposit with the Federal Reserve
agent, gold, gold certificates, or lawful money of the United
States, and thus reduce its liability for outstanding Federal
Reserve notes. Naturally, when the liability of a bank for
outstanding Federal Reserve notes is reduced by a deposit
of gold, a similar amount of collateral security in the form of
rediscounted notes or bills of exchange is released by the
Federal Reserve agent, who returns it to the bank, as it
would be manifestly absurd for the Federal Reserve agent



[voL. Dm.

to hold 100% of gold against outstanding Federal Reserve
notes plus 100% of commercial paper.
Section 16 also provides that every application to the
Federal Reserve agent on behalf of the bank for the issue of
Federal Reserve notes, shall be accompanied with a tender
of collateral in amount equal to the Reserve notes applied
for and issued. There is nothing in the statute which either
expressly or by any implication prohibits the use of commercial paper which has once been hypothecated with the Federal Reserve agent from being used over again when occasion
requires. On the contrary, Section 16 provides that any
Reserve bank may make application for such amount of
Federal Reserve notes "as it may require." There is no
indication as to the existence of any limitation in the nature
or character of such requirements. Had it been the intention
of Congress to limit the using of Federal Reserve notes to an
amount not exceeding the amount of commercial paper rediscounted by the Federal Reserve bank and on hand in its
possession, it would have been very simple to have inserted
a proviso to that effect.
The provisions of Section 16 should be read in connection
with the provisions of Section 14, which you quote as follows: "Every Federal Reserve bank shall have power to deal
in gold coin and bullion at home or abroad, make loans thereon, exchange Federal Reserve notes for gold, gold coin, or
gold certificates." This section relates to the so-called open
market operations initiated by the bank as distinguished from
discount operations resulting from applications made by
member banks which the Federal Reserve bank does not
initiate. Transactions under Section 14, therefore, are undertaken as a matter of voluntary policy when the management
of the Reserve banks deem it desirable for any reason to
exercise the privileges there conferred. If a Federal Reserve
bank considered it prudent to accumulate gold, it could only
do so by three processes under Section 14; one by borrowing
the gold and pledging its assets; another by selling its assets
for gold, and a third by exchanging Federal Reserve notes for
gold, the last of which is distinctly and unmistakably authorrized by the Act. In Section 14, nothing is said as to how
these notes shall be obtained by the bank. Neither does it
limit the operation of the exchange of notes for gold,only to
those occasions when the Reserve banks may happen to hold
unpledged commercial paper available as collateral for notes
in its portfolio. It is, in fact, a perfectly fair construction of
the statute to hold that a Federal Reserve bank may procure
such notes, "as it may require" by the process provided
under Section 16 in order that they may be used to conduct
transactions authorized by Section 14. Otherwise a prudent
policy, adopted by the banks, and authorized by the statute,
would be defeated by too narrow a construction of the statute
as a whole.
As to the second point, we do not think that the purpose
of the statute intended any such limitation as you have
suggested. Such a limitation would have had the effect of
making the Federal Reserve Act simply an emergency currency measure, as it would have limited the using of Federal
Reserve notes to the amounts required by the member banks
in the shape of rediscounts.
This theory of the law is incorrectly hold by many people.
They believe that Federal Reserve notes should be used only
as emergency currency and merely to assist the bankers in
time of stress. The opposite and correct theory is that Federal Reserve notes should be and become part of the general
currency of the country, passing from hand to hand in the
daily commerce of the people, and they will in time largely
replace national bank notes. This view has clearly been
adopted by the Federal Reserve Board as indicated by their
action in acquiescing in the operations above described and
has also been adopted by all the officers if the Federal Reserve
banks. It has apparently met with no criticism on the part
of the framers of the law. Incidentally, it may be observed
that there is not included among the purposes of the Act,
the purpose of creating an "emergency" currency, but
there is included a purpose to "furnish an elastic currency,"
and also to "afford means of rediscounting commercial
paper." The emergency currency passed out of existence
with the Aldrich-Vreeland Act, a month ago—this act is in
no sense an "emergency" act, but it is a "currency" act.
There is no indication that the purpose and method of "furnishing elastic currency" was to be limited in any way by the
purpose and method of "affording means of rediscounting
commercial paper."
I believe that you have also failed to observe that the'accumulation of gold by the Reserve banks by the processes
described affords greater elasticity to the currency than any

AUG. 7 1915.1

THE CHRONICLE

other means that can be employed under the lerms of the
Act. It creates a wider margin of reserve against note issues
and consequently permits a safer and greater expansion of
note issues in time of emergency than would be possible if
the gold holding of the Reserve banks was limited to that
contributed by way of capital and deposits of member banks.
If the purposes of this legislation were to mobilize gold
reserves, furnish an elastic currency and afford discount
facilities for member banks, those purposes are being promoted by the operation which you criticise.
As to the third criticism, that it will keep the notes in
circulation, I hardly see what bearing this has on the discussion. The operation does not contribute in any way to a
dedundancy of currency. In fact, from a credit standpoint,
it has rather the reverse effect. Federal Reserve notes do
not count as cash reserves for the banks, whereas gold does
and to the extent that Federal Reserve notes are substituted
in circulation for gold, it has the effect of either reducing the
surplus of cash reserves of the banks, or of substituting Federal Reserve notes for gold now in pockets and tills.
The first effect named is one of contraction rather than of
inflation and is desirable at this time from every prudent
banking standpoint. If the notes become redundant, they
will come in for redemption, either by being deposited for
credit by the member banks, or by their return from other
Federal Reserve banks which are not permitted to reissue
them. When returned by the member banks, they will accumulate in the hands of the Reserve bank of issue, and if
the member banks withdraw in gold the balancesso crea,ted,
the notes can then be surrendered to the Reserve agent, and
the gold reserves of the Federal Reserve banks be thereby
restored. If they come in from other Federal Reserve banks
(as they constantly do) the other Reserve banks will immediately receive settlement for them, through the Gold
Settlement Fund, and again the notes can be surrendered
and reserves restored. It should be borne in mind that the
accumulation of gold now taking place is:a perfectly natural
process and is not being forced or encouraged by any artificial means. As currency is required by member banks for
use by their tellers or for shipment to their correspondents,
they get it from the Reserve banks against their balances.
This 'in itself, indicates that the demand is a perfectly
legitimate one and I hardly see how the claim can be justly
advanced that the process will tend to keep the Federal
Reserve notes out in circulation too long, particularly when
the redemption process is more simple and prompt than that
which applies to the notes of national banks. The relations
which are gradually developing between the Reserve banks
and member banks naturally lead to the member banks
regarding the Federal Reserve banks as the first source for
supplies of currency as needed. As these calls are made, the
Federal Reserve banks must elect whether they shall ship
reserve money out of their vaults, that is to say, gold, or
whether they shall retain the gold under the plan now in
operation and ship Federal Reserve notes. To illustrate
what gradually may be accomplished, investigation recently
disclosed that of the $1,070,000,000 of gold certificates now
in circulation in the United States, $722,000,000 was held
by national, State and Federal Reserve banks, leaving
$348,000,000 of gold certificates in the pockets of the people
of the United States. If for one-half, or even more of this
gold, Federal Reserve notes can be substituted, and the gold
mobilized in the Federal Reserve banks, the bankingsystem
of this country will, for the first time, rest upon a foundation
of gold such as we have long desired. Last fall, this country
witnessed a rather humiliating exhibition when it became
necessary for the Federal Reserve Board and a committee
of bankers to invite and even urge contributions of gold from
over 800 national banks, in order that means might be available for the citizens of this country to pay maturing indebtedness to Europe, when exchange could not be purchased.
No more graphic exhibition of the weakness of our banking
situation, caused by our decentralized reserves, has been
afforded. I do not think that the purpose exhibited by the
management of the Federal Reserve banks should be questioned, or in fact, that it is questioned generally by bankers
and students of this subject. In normal times, the results
now being accomplished would have been highly desirable;
in these abnormal times, there can be no doubt of the wisdom of the policy, so long as it is sanctioned by the statute,
and I believe there is no question as to that.
Respectfully,
BEN.T. STRONG, JR.,
Governor.



413

THE STOCK EXCHANGE UNABLE TO RESTRAIN
SPECULATIVE EXCESSES.
President Noble of the New York Stock Exchange has
written the following letter to the New York "Times" indicating why in his estimation it would be useless for the
Exchange authorities to attempt to deal with the present
wild speculation in the so-called war stocks:
NEW YORK STOCK EXCHANGE
August 3, 1915.
To the Editor of the New York Times:
The Times has recently given expression, editorially, to its disapproval
of the excited speculation now taking place in the so-called "war-stccks.1
Your example has been followed by several other influential newspapers,
and in each case condemnation of this speculation has been accompanied
by the assertion that it could, in some undefined manner, be suppressed by
the authorities of the Stock Exchange. It has also been urged that if the
Stock Exchange does not promptly accomplish this desired suppression it
should be brought to terms by a punitive act of the Legislature.
In the interest of arriving at a clear understanding of this question the
following facts must be borne in mind; Any event tending to disturb the
equilibrium of security values brings about a period of speculation which
lasts until the equilibrium has been readjusted. The greater and the more
far-reaching this disturbing event happens to be, the longer and the more
excited will be the resultant speculations. A historic example of this can
be found in the experiences of our civil war. That great national convulsion, accompanied by a suspension of specie payments and the issue of paper
money, created a speculation of unprecedented magnitude. The Stock
Exchange of those days was a small organization doing business in a primitive way, and when the great war speculation came it refused to enlarge
its facilities to meet the new conditions, and thus virtually did what was
in its power to impede the rising speculative tide. The result was that
speculation, finding itself choked off from the regular organized channels,
proceeded to form new and unorganized channels for itself, and a great.
continuous and unregulated market was established in the open street to
carry on the business that the daily "calls" of the Stock Exchange were
Incompetent to handle. The mania for trading on the war news of the
day was such that the market did not close in the afternoon hours, but was
transferred uptown to the lobby of the old Fifth Avenue Hotel, where it
continued during the evening. Out of this unorganized market there grew
the "Open Board of Brokers." which the old Stock Exchange was finally
obliged to unite with in 1869.
At the present time we are witnessing events similar in principle to these
happenings of fifty years ago. The great world war has shaken the accepted
adjustment of values like an earthquake. As a consequence of this there is
likely to be speculative excitement in many fields. One of the first signs•
of it has been the rise in the stocks of all companies obtaining war
contracts. This rise has not been confined to securities listed on the Ex.
change, for its most violent manifestations have shown themselves in unlisted properties. The stock of the Du Pont Powder Company, which was
selling at about 170, has risen to 700 and fallen back again to about 600.
Had this fluctuation taken place upon the floor of the Exchange and been
advertised by the ticker the attacks upon that institution would have been
intensified, but being consummated unobtrusively it has caused no corn.
ment. We are told by one conservative publication that the great volume
of the transactions recorded is in itself a scandal and that the profits upon
which these violent changes in prices are based have not yet been secured.
The magnitude of the transactions is due to the fact that New York is a
great world market and that the number of individuals who are buying
and selling there is enormous. Speculation is always an act of anticipation, and if profits had been secured and big dividends established investors would take these properties out of the market and speculation
would disappear.
While the right of free contract remains there is no power in the Stock
Exchange, or even in the Legislature, to prevent individuals from using
their own money or credit to buy securities in which they anticipate an
advance. There is one restraining influence upon the excess of speculatiom
which is undoubtedly being exercised to-day,and that is the refusal of money
lenders to make advances upon over-inflated properties. There is also a
duty incumbent upon the Stock Exchange to see that the law of the State
and its own regulations against fictitious transactions, or "wash sales," be
rigidly enforced. This duty is being carefully performed by the"Business
Conduct Committee," which was organized for that specific purpose.
Speculative excesses, like all other excesses, are deprecated by every
thoughtful man, but while human nature remains as it is there is no clear
and easy way for any one to stop them by promulgating rules and regulations.
II. G. S. NOBLE, President.

SINKING FUND VERSUS SERIAL METHOD OF
MUNICIPAL BOND REDEMPTION.
Boston, August 3 1915.
To the Editor of The Commercial and Financial Chronicle,
New York, N. Y.
My dear Sir:—
I have just read your editorial in the issue of the "Chronicle" for July 31
1915 on "The Constitutional Convention and New York State's Method
of Financing Bond Issues," wherein reference is made to my communication in the "Chronicle" of Aug. 1 1914, going to show that "if New York
City should issue $65,000,000 of 50-year 4% bonds, tnere would be a final
saving in favor of the serial bond method of $15,040,953, as compared with
the sinking fund method."
"But this computation," you now affirm,"was based entirely on the assumption of an average earning of 3 % by the sinking fund on the theory
that 'this is the generally accepted average rate for such long-time operations.'" And you add that, "there is no warrant for any such low interest
return as 33i %," and also "that the supposed great saving over the sinking
fund method, where both are impartially applied (the italics are mine), is
largely illusory," although you strongly endorse the serial bond method.
I beg to affirm that it is absolutely impracticable to "impartially apply"
the two methods. Not to re-state the reasons for this, I beg to call your
attention to one phase of that difficulty on the sinking fund side, as exemplified in the financial operations of the City of New York, as summarized
from week to week in the New York "Times," whereby it appears that the
balance of the sinking funds uninvested from week to week has during the
past year—I take a dozen cases at hand for illustration, ranging from
$3,565,189 to $15,003,889—averaged over $10,000,000, causing a loss in
Interest probably of about $1,000 a day. What the aggregate losses from
lack of punctual and continuous investment of the sinking funds of New
York city have been, probably no one will ever know, those funds now being between three and four hundred million dollars.

414

THE CHRONICLE

[VOL. 101.

On the other hand, there is an absolute impossibility of keeping intact of legislation to provide means for transporting cotton to the
and of promptly and continuously investing, for the life of a long-time mu- South American market. The letter says in part:
nicipal or State bond, the differences in the annual payments between the
Not only are ships under the American flag needed to carry our trade
two methods, distributed as those differences are among hundreds of thouinto Central and South America, but they are imperatively demanded for
sands of taxpayers who are shifting and dying in the interim.
the
protection of our commerce with the nations of Europe. I firmly believe
You assert that "if a million dollars used each year to retire bonds were
that, if we had an ample supply of American ships to carry our cotton to
contributed to a sinking fund and this sinking fund were invested so as to
rates of freight which prevailed prior to the European war,
yield the same rate of interest as the bonds, the return from the investment Europe, at the
it would mean an increase of one to two cents per pound over what it will
would take care of the interest on the bonds for the forty-nine years, the
for raw cotton under present conditions. Before the
get
be
possible
to
forty-eight years, the forty-seven years, or whatever the number of years
it used to cost from $1 25 to $2 50 per bale to transport
might be to maturity. Of course, the actuary does not overlook this European war,
cotton to the leading European ports. Now it costs from $5 to $15 per bale
point. It is only the layman who is misled."
between the same ports. The present ocean freight
I am not an actuary, far from it, but bring to bear upon this question the to transport cotton
charge of from one to three per cent. per pound for carrying
analysis of a practical administrator, who sees that in dealing with long-time rates mean a
This is an enormous tax and, of course, it adversely
municipal or State loans—not a private industrial that one man or a group cotton to Europe.
the farmer gets for his cotton, because the higher the
could control—the "if" that you depend upon in your assertion is fatally affects the price which
commodity to market, the lower the price realized
of
any
cost
transporting
unsound, for you cannot practically keep that "million dollars" in a sinking
fund for the forty-nine and diminishing number of years. In my corre- by the producer.
The Administration at Washington foreseeing the serious injury that the
spondence with actuaries throughout the land, more than one has had to
producers of our country would suffer beadmit this upon having his attention called to this practical phase of the cotton producers and the other
cause
of the lack of American ships and the extortionate rates for freight
question.
charged by foreign ship owners since the European war broke out,submitted
Yours snicerely,
to the last session of Congress a bill for the creation of an American merchant
ALFRED D. CHANDLER.
marine. The government of the United States owns to-day, and has owned
since 1902, the entire capital stock of the Panama Railroad Co., which
railroad company owns and operates a line of steamships from New York
FOREIGN COMMERCE OF FRANCE DURING THE
to Panama. The Republican party, with the aid of Democratic votes, put
HALF-YEAR.
the government in this steamship business. These ships have been operated
[From "L'Economiste Francais," July 24 1915.
at a profit during all the years the government has owned them, and since
the European war broke out the service has been maintained and there has
Difference
First Six Months—
been no increase in the rates for passengers or freight. This service has been
in 1915.
1914.
1915.
of incalculable benefit to the American people and to the people of that part
Francs.
Francs.
Francs.
Imports—
+35,942,000 of Central and South America who are accomodated by it.
978,872,000 942,930,000
Articles of food
In the last Congress the Administration proposed to carry this principle
Material needed for manu1,467,646,000 2,652,363,000 —1,184,717,000 a little further by organizing another steamship company,in which the govfactures
+289,493,000 ernment was to be the sole stockholder, and which steamship company was
1,104,239,000 814,746,000
Manufactured articles
to buy, build and operate ships under the American flag to South America
—859,282 and to other places where the interests of American commerce required.
3,550,757,000 4.410,039,000
Totals
This steamship company was also to be authorized to lease ships if they
Francs.
Francs.
Francs.
Exports—
in the
—82,129,000 could not be bought or built in time, and to operate such leased ships
278,245,000 360,374.000
Articles of food
interest of American commerce. The bill also provided for the creation of
Material needed for manusteamship
the
of
operations
the
supervise
to
310,490,000 974,173,000 —663.683,000 a shipping board, which was
factures
of the
752,876,000 1,758,148,000 —1,005,272,000 company and see that its business was conducted in the interest
Manufactured articles
*108,235,000 282,906,000 —174,671,000 American people.
Parcels Post
Had this bill been promptly passed, there is no doubt that a very considTotals
1,449,846,000 3,375,601,000 —1,925,755,000 erable number of ships could have been bought at that time; that others
could have been chartered, and the company would have been ready by
* Of which 3,043,000 francs were for parcels post containing silk fabric this time to begin rendering a substantial service to American commerce.
and silk floss. The corresponding figures for 1914 were 20.835,000 francs.
Orders for other ships could have been placed in our ship-yards and a large
number of ships would already have been under construction. But, if
ships could not have been bought promptly, the company had authority
FRENCH MORATORIUM OF JUNE 24.
to lease ships, as before stated, and undoubtedly a very considerable fleet
the
of
of vessels could have been assembled by this time to carry our cotton and
. In the following we furnish a translation of the text
other American products upon the high seas at reasonable rates of freight
latest French moratorium as published by"L'Economiste and
with corresponding benefit to all of the American people. The rapacity
Erancais" in its issue of July 3 1915:
of foreign steamship owners would have been checked. The competition
Art. 1. The delays granted by Articles 1, 2,3 and 4 of the decree of Aug. by the government owned corporation would have compelled them to carry
29 1914 and extended by the first articles of the decrees of Sept. 27, Oct. 27, cargoes at reasonable rates, and an immense amount of money would have
Dec. 15 1914, Feb. 25 and April 15 1915, are extended with the same con- been saved to the American farmer and the American manufacturer who
ditions and reservations for a new period of 90 full days.
ship their goods to foreign markets.
The benefit of this is extended to negotiable securities which will fall due
There was no more important bill for the best interests of the South and
before Novf 1 1915, provided that they were issued previous to Aug.4 1915. the Southern people than this shipping bill. It was filibustered to death in
date
note
of
whose
postmaturity
is
commercial
a
of
holder
Art. 2. The
the last Senate of the United States by the Republican party, aided,I regret
poned for the first time is required to advise the debtor that he is in pos- to say, by some Democratic Senators, several of whom are from the South.
session of the said note and that payment may be made into his hands. •
It is time, not only for the Southern people but for the American people,to
This notification may be evidenced either by the signature of the debtor look this momentous shipping problem squarely in the dace. These are
or
a
by
presentation
of
registered
time
the
at
note
commercial
the
upon
times when conditions are extraordinary, and wo must resort to extraletter.
ordinary measures, if necessary to meet them.
If the holder neglects to carry out those formalities within a month after
We need American ships, not only for the expansion of our commerce,
the normal date of maturity of tho note, the interest of 5% allowed by the but we imperatively require them as auxiliaries for our navy. Our navy is
decree of Aug. 29 1914 for his profit will cease to accrue after the expiration to-day sorely handicapped because there are not enough American ships of
of this period.
suitable tonnage and character to form an effective naval auxiliary in time
However, these formalities are not necessary if the holder can prove that of war. A modern navy without adequate and suitable naval auxiliaries
informed.
been
the debtor has previously
is rendered helpless for offensive operations at any considerable distance
Art. 3. All the provisions of the decrees of Aug. 29, Sept. 27, Oct. 27, from its home base. We would be justified to-day in spending fifty to sixty
Dec. 15 1914, Feb. 25 and April 15 1915, not at variance with the present million dollars for the creation of an adequate fleet of naval auxiliaries.
decree are maintained.
These auxiliaries could be used in time of peace for the training and educaHowever, the application of Article 2, paragraphs 2 and 3, and of Article tion of the American seamen upon whose courage and valor and knowledge
3. paragraph 2, of the decree of Oct. 27 1914, concerning the recovery of we should have to depend in the event of war, while, in time of peace, they
negotiable securities and of credits arising from commercial sales or advances could be used in the fruitful pursuit of trade with enduring benefit to the
upon obligations, is suspended until the expiration of the said delay of 90 commerce, industry, and the prosperity of our country.
days.
It is simply fatuous to hope that private capital will provide these ships.
Art. 4. The present decree is applicable to Algeria.
Private capital will not provide them, even if the navigation laws, about
Industry,
and
Postal
Commerce,
Telegraph,
Art. 5. The Ministers of
which there is so much irresponsible talk, should be changed as private
Finance, Justice, the Interior, Foreign Affairs, Labor and Public Fore- capital demands. I have never found even two capitalists who agree as
sight are charged, each in his own field, with tho execution of the present to what changes should be made in our navigation laws. I have yet to find
decree, which shall be published in the "Journal Officiel" and inserted in any man, who, although arguing that the only thing needed to create an
the "Bulletin des Lois."
American merchant marine is to change our navigation laws,has been able
Drawn up at Paris, June 24 1915.
to tell how the navigation laws should be changed to guarantee the enlistment of private capital. Our capitalists are not interested in the shipping
business—not because they cannot make rnoeny in the shipping business,
SECRETARY McADOO PLEADS FOR SHIP PURCHASE but because they can make more money in other directions. Moreover,
BILL.
they are not familiar with shipping enterprises and will not engage in them
any large scale, no matter what inducements may be held out. We
Secretary of the Treasury McAdoo in a letter read at the on
cannot afford to enter upon the scandalous policy of subsidizing private
Pan-American dinner of the Greensboro, N. C., Chamber of corporations or individuals. To subsidize is merely to make gifts from the
pull and the long pull,
Commerce on the 4th inst. appealed for an American Treasury of the United States to those of the strong formerly
characterized
and to repeat all the scandals and corruption which
merchant marine to carry the commerce of the United States the
enactment of our tariff laws. Instead of giving say fifty million dollars
and to form a naval auxiliary fleet in time of war. Mf. to subsidize any private interests, it would be far better for the governnent
ships and operate them in the interest
McAdoo said that "If you want South American trade, if to buy fifty million dollars worth of
of our commerce in time of peace and have them as effective naval auxilan
is
American iaries in time of war.
you want world trade, the indispensable step

merchant marine to carry our commerce to the ends of the
earth under the protection of the.Stars and Stripes." The
letter referred to the failure of the ship purchase bill in the
last Congress and slated that "there was no more important
bill for the best interests of the South and the Southern
people than this shipping bill." Secretary McAdoo was to
have been the principal speaker at the dinner,but being unable to attend sent the letter which was devoted almost entirely to an appeal to Southetn people to work for the passage




PUBLIC MONEYS AND SECURITIES TO BE SENT
BY MAIL.
An order directing that beginning August 16 all public
moneys and securities be transported by mail instead of by
express was issued by Secretary of the Treasury McAdoo
on the 3rd inst. It was announced by the Treasury Department that this arrangement will result in the saving of many

AUG. 7 1915.]

THE CHRONICLE

415

thousands of dollars annually to the Government and to the I called country banks what has so long been to them a source of legitimate
and well-earned revenue, because of the costs necessarily incurred by rebanks. The moneys and securities will ba transported by mitting
banks to provide funds in the large centres to cover remittances for
registered mail and will be insured. Shipments belonging checks and compensation for the postage and labor of handling remittances,
in
the
and
development of this system it is to be hoped that the Federal Reto the Government will be sent under frank and will have
serve Board will use the powers vested in it of fixing a legitimate exchange
the benefit of free registration, the only expense being the to cover these
items.
small cost of insurance. Banks will pay for the transportation of moneys and securities between them and the Treasury
FEDERAL RESERVE BANKS TO FINANCE CROP
or sub-Treasuries and the charge will involve only a small
MOVEMENT.
postage rate, the registration fee and insurance. It is exThe Federal Reserve Board in a circular letter made pubpected that the change in the method of shipping monay and
securities by the Government will be criticised by the rail- lic on Monday and addressed to the boards of directors of
roads as they will lose considerable in revenue without being the twelve Reserve banks sets forth preliminary plans for the
relieved of the physical transportation of the articles in financing of the crop movement by • the Federal Reserve
banks. The Board declares that "in view of the large surplus
question.
Secretary of the Treasury McAdoo decided to perfect an reserves now held by the Federal Reserve banks throughout
arrangement with the Postmaster General to take over the the country, there should be no difficulty in affording the
business following the receipt of bids from the express com- producers the assistance necessary to enable them to market
panies for the fiscal year of 1915 which showed only a neg- their products in volume corresponding to the power of the
ligible reduction from the rates in force. The statement trade to absorb them." In order to accomplish this the Board
issued from the Secretary of the Treasury's office on the 3rd suggests that the Reserve banks adopt a definite policy with
reference to rediscounting paper secured by documents,
said in part:
This now policy changes the practice of a quarter of a century, during in a satisfactory form, which evidence the ownership of
which the Government has paid hundreds of thousands of dollars to express stored
agricultural products. The Board believes that, if
companies for the transportation of moneys and securities between the
such a policy is inaugurated, together with proper methods
Treasury, sub-Treasuries and banks.
The reform has been accomplished by Secretary McAdoo with the hearty • of warehousing, the Reserve banks "can be a potent factor
co-operation of Postmaster General Burleson. For several months the
in assisting the normal movement of staple agricultural
Secretary and the Postmaster General have been making a thorough test
of the feasibility of making all shipments by mail. These experiments products from the field to the factory or to the consumer."
demonstrated the great saving to be effected. The Post Office Department It is further recommended by the Board
that the Federal
is fully equipped to undertake the business successfully.
The moneys and securities will move by registered mail and will be in- Reserve banks whose members are actively engaged in
sured. Those belonging to the Government will be sent under frank and will financing the movement of crops to market,issueregulations
have tho benefit of free registration, the only expense to the Government governing the rediscount of notes
covering advances on such
being the small cost of insurance.
Banks pay for the transportation of moneys and securities between them products. The letter goes on to say that "the carrying of
and the Treasury or sub-Treasuries. Under the new plan, instead of pay- products in behalf of speculators is not permitted under the
ing express charges, they will have to pay only the small postage rate, the
law and member banks cannot certify the notes of specuregistration fee and insurance.
To handle this business the Post Office Department will establish a lators as eligible since the act does not allow the rediscounting
branch post office in the Treasury building, occupying quarters which the of notes, drafts or bills of exchange covering 'merely
investGovernment had formerly allowed the express companies to use.
In addition to the great economy effected, many delays will bo eliminated. ments'."
The Board calls special attention to the marketing of the
The mail service is much faster in many instances because between points
where an express company has not a direct line it is necessary to use the cotton crop because "it is clearly in the common interest
that
lines of two or more companies and the route is frequently circuitous.
credits based upon this crop be protected as far as possible
from the danger of demoralization." It shows that no
THE FEDERAL RESERVE BANKS AND INTRAstaple commodity is subject to greater variations in prices
DISTRICT COLLECTIONS.
than cotton and quotes figures showing an average annual
In his address to the Michigan Bankers' Association at the fluctuation on the New York Cotton Exchange of 5.38 cents
annual convention in Grand Rapids last week, President per pound. Usually the crop movement has been taken care
Charles H. Bender, Vice-President of the Grand Rapids of by Government deposits in banks or the issue of emerNational City Bank, had something to say about the Federal gency currency under the Aldrich-Vreeland act which recentReserve Act. Mr. Bender discussed the regulations relative ly expired.
to membership of State banks in the Reserve System and
The full text of the letter sent out by the Federal Reserve
the installation of clearing house facilities, intra-district. Board is as follows:
He said in part:
There has been frequently in past seasons a congestion of farm products
Some criticism has been heard because the Federal Reserve banks have
not thus far been able to earn the dividend to which their stockholders
are entitled. It is confidently asserted that they will at least earn their expenses during the first year of actual operation. Their principal customers
—the member banks—have not needed to avail themselves of the discount
privileges which is their greatest source of revenue, but the investment
may still have returned an intangible benefit if the system as a whole has
had the effect of steadying the interest rate and keepingi
all times in
harmony with the law of supply and demand. * * *
The matter of providing facilities for clearing .chocks at par deposited
with member banks and drawn upon member banks, intra-district, presents one of the most perplexing problems with which banks have had
to deal since checks have become a substitute for money, and in order to
perform their functions most perfectly, their circulation lehould be as
free as possible, and their redemption easily and promptly accomplished.
Under the authority of the Federal Reserve Act, the Federal Reserve banks
have taken the first step in producing a system which will clear checks at
par, and for the time being have asked the member banks to consent that
items deposited with them, drawn upon member banks within the district,
also consenting shall, upon receipt at the Federal Reserve bank, be immediately charged to the account of the drawee, and that the sending bank
shall receive immediate credit. Out of a total membership of 984, 110 members have so far given consent.
Naturally, the largest advantage which accrues by this direct method
of collection is the elimination of exchange charges made necessary in
many instances by labor and expense Incident to collection, or the keeping
of compensating balances in the largo centres, when justified on the part of
such centres the absorption of exchange charges.
The method in use since checks have become so largely a medium of
settlement has been one of routing, re-routing and almost cross-routing,
solely to avoid exchange charges; this practice has often gone to the extent
of finding that the same item has twice passed through the same city before reaching its destination, and has traveled 500 to 600 miles, when a
direct route would be not more than 25 miles. * * *
Under the practice now inaugurated, by Federal Reserve banks, all items
drawn upon a member bank which has consented to have charged directly
to itself, have the advantage of having credit immediately upon receipt,
without deduction for exchange or transit, for all items received by it from
all sources drawn upon other member banks who have likewise given consent.
If banks generally, through a unified system, would go into such an arrangement, no one would question the wisdom of such a procedure. Unless
the system embraces practically all of the banks, its success is doubtful and
we will have the same old question of exchange—one getting it out of the
other, shifting if from one shoulder to the other, duplicating effort and multiplying expense, but some plan must be worked out which gives to the so'




accompanied usually by high money rates, or at times by actual difficulty
In obtaining the necessary funds and credits for moving these crops. These
conditions have been met for several years past by deposits made with
banks by the Secretary of the Treasury for crop moving purposes, and last
year by the further expedient of the issue of emergency currency authorized
under the act of May 30, 1908, as amended, now expired by limitation.
.The Federal Reserve act makes provision for meeting the demands for crop
moving funds and is intended to guard against a recurrence of past stringencies. In order to forestall any possibility of congestion of crops this fall
or lack of accomodation to move them the Board calls the attention of all
Federal Reserve banks to the provisions in the Federal Reserve act which
have a special bearing on this subject.
Section 13 of the act, hereinafter quoted in full, gives specific permission
for the rediscounting for member banks of notes, drafts and bills of exchange secured by staple agricultural products. The manifest intent of
this provision is to enable producers to market their crops in a normal and
effective manner. In view of the largo surplus reserves now held by the
Federal Reserve banks, by member banks and by other banks throughout
the country, there should be no difficulty in affording the producers the
assistance necessary to enable them to market their products in volume
corresponding to the power of the trade to absorb them. In order to accomplish this end, it is suggested that Federal Reserve banks adopt a
definite policy with reference to rediscounting paper secured by documents
In satisfactory form evidencing the ownership of stored agricultural products. Through such a policy, together with proper methods of warehousing.
Federal Reserve banks can be a potent factor in assisting the normal movement of staple agricultural products from the field to the factory or to the
consumer.
It is recommended that regulations governing the rediscount of notes
covering advances on such products be issued by such of these Federal
Reserve banks whose members are actively engaged in financing the movement of such crops to the market. In so doing the object in view snould be
to assist effectively, as above pointed out, in the normal movement. of such
products—in orderly transfer to the consumer. The carrying of products
In behalf of speculators is not petmitted under the law, and member banks
cannot certify the notes of speculators as eligible since the Act does not
allow the rediscounting of notes, drafts or bills of exchange covering
"merely investments."
Special attention is herewith directed to the marketing of the cotton
crop. While the yield of corn, wheat and other cereals promises to be large,
there is every reason to expect that these products will find a market in an
orderly way. Cotton, however, is peculiarly sensitive to abnormal conditions such as now exist in our export trade, and it is clearly in the common
Interest that credits based upon this crop be protected as far as possible
from the danger of demoralization, such as existed during the autumn of
1914. No staple commodity is subject to greater variations in price than

416

THE CHRONICLE

is cotton, which during the past twelve years has shown, according to figures based upon official quotations on the New York Cotton Exchange, an
average annual fluctuation of 5.38 cents per pound, the maximum price
range during any year of this period being 10.40 cents per pound in 1904, and
the minimum range 2.65 cents per pound in 1906.
It should be noted, however, that with two exceptions, there has been no
very great difference in the average price of cotton for each of these twelve
years, the exceptions being the year 1905 when the average price during the
year in New York was 9.80 cents per pound, the lowest of the twelve-year
period, and the other being the year 1910 when the average price per pound
was 16.45 cents; but the average price for the entire twelve-year period
was 12 cents per pound. Sudden and violent fluctuations are clearly to the
advantage of neither the loaning banks, the producer, the manufacturer
nor the consumer. They offer on the contrary an inviting field for the
speculator, and should the Federal Reserve system, in making possible the
more normal movement of the crop, be a contributing factor in reducing
these fluctiations, it would have accomplished a great public good.
It is, therefore, recommended that in pursuance of the policy already indicated, the Federal Reserve banks communicate with their members and
with others who may be interested,for the purpose of directing attention to
the steps which must be taken to secure the necessary co-operation. It is
suggested that the Federal Reserve banks point out to their members, and
to the public generally, that those who are engaged in cotton production, if
they intend to take advantage of the facilities offered by the banks for
carrying cotton, should begin at once to arrange for its proper storage
and insurance as rapidly as ginned. Federal Reserve banks should particularly point out to their members that they are prepared to rediscount
the notes of farmers and merchants secured by proper warehouse receipts
for cotton and accompanied by evidence of insurance.
Member banks offering these notes should be prepared to state the grade
and market value of the cotton securing paper, and the notes should be of
the usual collateral form, providing the right to call for additional security
in event of material decline in the market value. The amount to be advanced per bale would be left primarily to the judgment of the member
bank.
It is further suggested that Federal Reserve banks in the cotton states
should call attention of their members to the desirability of reserving storage space in localities where warehouse facilities are inadequate for such
cotton as will be used as security for loans. While there is not sufficient
warehouse capacity in the South to provide storage at any one time for the
entire cotton crop, it is believed that there are ample facilities for the proper
storage of all cotton that is likely to be pledged as security for loans. In a
normal movement of the cotton crop, warehousemen at concentrating points
estimate that the maximum storage required will not exceed 20% of the
total receipts for the season. It should be made plain also that compliance
with the essential features of the plan herein outlined, modified as circumstances may demand, will be necessary for the normal marketing of
this year's crop and for the proper protection of those who are interested
in its movement, whether banks, producers or manufacturers.
While there seems no reason to believe that the world's present and potential supply of cotton is out of proportion to requirements during the next
twelve months,it is nevertheless important, because of our lack of adequate
shipping facilities as well as restrictions brought about by the war upon free
exports to all countries, that ample means be provided for the proper hand
ling and effective marketing of cotton.
Similar steps may properly be taken by Federal Reserve banks whose
members are likely to be called upon to finance other agricultural products,
wherever there is available a system of warehouses, elevators or other approved means of storing and certifying to given quantities of staple agricultural products.
The Board calls particular attention to regulation "P," recently issued,
with reference to the subject of"trade acceptances." Such trade acceptances
when growing out of transactions involving the movement of staple agricultural products and being endorsed by a member bank are eligible for rediscount with a Federal Reserve bank in the manner indicated in said
regulation, and their use should aid materially in the marketing of the crops
of the country during the coming autumn.
The Board will be prepared from time to time to pass upon such special
phases of the crop-moving problem as member banks may present to it
through the Federal Reserve agents, who are brought into contact with the
special conditions prevailing in the various sections of the country, and it
will adapt existing regulations to such conditions as may have to be met in
facilitating the normal and economic movement of the staple agricultural
products of the country.

The full possibilities of the Act can be realized, however, only by the cooperation of the State banks and trust companies. The more State institutions that join the stronger the Reserve bank will be, and the stronger the
bank the more valuable will it be to the member trust companies and banks
and through them to the commercial world.,
Already the Federal Reserve Bank is doing a great work in marshalling
the resources of District No. 10, and as business becomes more and more
active its facilities will be more and more valuable to its members. The Fl
delity is developing its country bank connections to a considerable extent,
and by membership in the Federal Reserve Bank will be able to use the resources of the system for the benefit of its clients. The bank will have a
erg() effect in stimulating the growth of the West,and the Fidelity is so sure
of this that it is taking membership in order to do its part.

GARMENT MAKERS' DIFFERENCES ADJUSTED.
A general strike by the employees in the cloak, suit and
skirt industries in this city which would have involved about
60,000 garment workers was definitely averted on the 4th
inst. when the Cloak, Suit and Skirt Manufacturers' Protective Association accepted the recommendations of the
Mayor's Council of Conciliation. The agreement was reached
at a conference between the executive boards of the Employers' Association and the International Ladies' Garment
Workers' Union and the Council. Prior to the settlement,
twenty-three sessions of the Council had been held in an
effort to bring about an agreement. As previously noted,
the Council of Conciliation presented its report for the adjustment of tha differences between manufacturers and employees on July 23. The joint board of the Ladies' Garment
Workers' Union agreed to accept the recommendations but
the attitude of the manufacturers was not made known. A
vote was taken by the unions last Saturday, Sunday and
Monday on the question of a strike if the agreement proposed
by the Council should not be accepted by the manufacturers
by the 3rd inst. and the result was a decision in favor of the
strike. Tha calling of the strike was postponed until the4th
inst. by the garmant workers' unions out of deference to
the Council and until a final meeting with the Council could
be held. In discussing the adjustment which has been reached
Dr. Felix Adler, Chairman of the Council, said that it was
impossible to do entire justice to both sides but stated that
the agreement provided the basis of machinery for settling
any disputes which might arise under it. Dr. Adler addressed a letter on the 4th inst. to the Employers' Association, following their acceptance of the recommendations,
which said in part:
It is but simple fairness to state that the announcement of your acceptance

TRUST COMPANIES ENTER RESERVE SYSTb.'M
The formal entrance of the Broadway Trust Company of
this city into the Federal Reserve System took place on the
3d inst., when the institution paid into the New York Federal Reserve Bank half of its subscription to the capital stock
of the Reserve bank. The payment amounted to about
$75,000. As heretofore stated in these columns, the decision
of the institution to join the Reserve system was announced
on June 10, by Frederic G. Lee, President of the trust
company.
The Fidelity Trust Company of Kansas City also became
a member of the Reserve system on the 3d inst. when the
institution paid over $60,000 as one-half of its subscription
to the capital stock of the Kansas City Federal Reserve
Bank. The Fidelity, which has the largest combined capital and surplus of any State institution in Group 10, is also
the first State institution in that district to join the Reserve
system. The trust company has subscribed for 1200 shares
of the stock of the Reserve bank.
In regard to the action of the trust company, Vice-President Thornton Cooke is quoted as saying:
The Fidelity Trust Company is joining the Federal Reserve Bank of Kansas City because the officers and directors of the Fidelity believe that the
Federal Reserve system should be supported by the larger institutions,
whether State or national. The Aldrich-Vreeland Act has now expired by
limitation, and the Federal Reserve Act, which superseded it, is, in our
judgment,superior. If neither Act had been in operation the country would
have experienced a violent panic last year. The Federal Reserve Act will
do good by steadying the business of the country. It provides credit at all
times for sound business, and it insures an adequate supply of currency for
usiness needs.




[vol.. 101.

was first received on Thursday July 29 and that you left in our discretion
the proper action as to its publication. As several of our members were at
a distance it was impossible to assemble the council until Monday August
2. We trust that this explanation will remove any misunderstanding to
which the delay in the publication of your action may have given rise.
As to your request for a specific interpretation of certain points in our
recommendations, the council affirms its position as follows:
(1) The language of its original recommendation is sufficiently clear and
explicit.
(2) If contradictory interpretations of that language have been made
by others than the council, those interpretations are not to be received as
authentic, but as expressing the opinions of those who put them forth.
If a case of actual dispute due to differences of interpretation arise
between the parties, our recommendations specifically provide for a method
of adjustment. Finally, we wish forcibly to remind you that the council
will be available for interpreting and applying the principles laid down
n the agreement whenever the parties appeal to it.

CHARGE FOR SIIOTTING CARS DISALLOWED BY
NEW YORK PUBLIC SERVICE COMMISSION.
An order of the Second District,New York Public Service
Commission on Aug.4,marked the end of the efforts of the
railroads of the State to collect a charge for "spotting" cars,
or placing them on and collecting them from industrial tracks
and roads. This charge was proposed to be imposed on both
inter and intra-State traffic. The Public Service Commission suspended it in the case of intra-State traffic pending the
decision of the Inter-State Commerce Commission as regards
inter-State traffic. The Inter-State Commerce Commission
having decided against the reasonableness of the charge, in
the larger field, the Public Service Commission now follows
that decision. The carriers—all of the roads of importance
in the State—have now filed tariffs abandoning the proposed
spotting charge and the Commission has discontinued its
proceedings. The charge was to have been made at 532
cents per ton, with a minimum of $2 per car
REDUCED SENTENCES FOR CONVICTED POULTRY
MEN.
Sentences of three months' imprisonment and fines of $500
each imposed upon eleven members of the "poultry trusi;" of
this city, who were convicted for acts in restraint of trade,
were commuted on July 30 by Gov. Whitman to two months
and eighteen days' imprisonment. The eighteen days which
the men spent in tha Tombs were counted off their sentences,

AUG. 71915.1

THE CHRONICLE

so they will be released from Blackwell's Island on Aug. 9.
As heretofore stated in these columns, tha men were indicted
in March 1910 upon a charge of creating and maintaining a
monopoly of the live poultry supply in New York City in
violation of the penal law of the State, and were convicted
in 1911. The conviction was upheld by the Appellate Division of the New York Supreme Court on Feb. 6 1914 and by
the Court of Appeals at Albany on May 41 last. Judge
Rosalsky, who presided at the trial, is said to have recommended the commutation of the sentences.

417

In his response to this protest, Sir Edward Grey mentions
the difference between the character of the sea warfare of
Great Britain and Germany as justification for not permitting
goods from Germany to pass freely through waters controlled
by British warships. A willingness is expressed, however,
to examine the facts in any particular case in a spirit of consideration.for the interests of neutrals.
The texts of the five communications as given to the press
on the 3d are as follows:

BRITISH ANSWER TO AMERICAN PROTEST ON SEIZED SHIPS.
Ambassador W. H. Page to the Secretary of State:
From the American Embassy, London, July 24 1915.
BRITISH NOTES ON UNITED STATES PROTEST TO
Following note, dated July 23, received from Sir Edward Grey this morning:
1. On the 2d of April your Excellency handed to me a copy of a communiORDER-IN-COUNCIL HOLD BLOCKADE LEGAL.
cation containing the criticisms of the United States Government on the
The State Department made public on the 3d inst. five measures
we have been constrained to take on account of the menace to
diplomatic communications exchanged between the United peaceful commerce resulting from the German submarine policy. This
communication
has received the most careful consideration of his Majesty's
with
States and Great Britain relating to the interferences
American trade in connection with the British Order-in- Government.
2. I fully appreciate the friendly spirit and the candor which are shown
Council by which trade with Germany and Austria is cut in the communication, and, replying in the same spirit. I trust that I may
able to convince your Excellency, and also the Administration at Washbe
Britain,
Great
off. The five notes comprise an answer by
ington, that the measures we have announced are not only reasonable and
under date of July 24, to the American protest of March 30, necessary in themselves, but constitute no more than an adaptation of the
taking exception to the British Order-in-Council, virtually old principles of blockade to the peculiar circumstances with which we are
declaring a blockade against commerce to and from Germany; confronted.
3. I need scarcely dwell on the obligation incumbent upon the Allies to
the caveat which was sent by this country to Great Britain take every step in their power to overcome their common enemy, in view
date
under
the shocking violation of the recognized rules and principles of civilized
of
caveat,
the
to
answer
Britain's
Great
on July 17;
warfare of which he has been guilty during the present struggle. Your
of July 31; the United States' protest against the detention Excellency's
attention has already been drawn to some of these proceedings
and unloading of the American steamship Neches, and Great in the memorandum which I handed to you on the 19th February. Since
that
Lord
time
Bryce's report, based on evidence carefully sifted by legal ex24,
July
of
note
British
The
protest.
this
to
reply
Britain's
perts, describing the atrocities committed in Belgium;the poisoning of wells
replying to the American protest of March 30, was received in
German Southwest Africa, the use of poisonous gases against the troops
by the State Department on July 26, but its publication was in Flanders, and, finally, the sinking of the Lusitania without any opportunity
to passengers and non-combatants to save their lives, have shown
Minister
British
Grey,
Edward
Sir
of
request
by
withheld
how indispensable it is that we should leave unused no justifiable method
for Foreign Affairs, pending the arrival of a supplementary of
defending ourselves.
note. The first of the British notes attempts to defend the
4. Your Excellency will remember that in my notes of the 13th and 15th
British Order-in-Council, declaring a blockade, and points March I explained that the allied governments intended to meet the Gerattempt to stop all supplies of every kind from leaving or entering
out that in view of the atrocious methods of warfare adopted man
British or French ports by themselves intercepting goods going to or from
by the Germans, Great Britain feels justified in enforcing Germany. I read the communictaion from your Excellency's Government
the Order-in-Council. The note argues that inasmuch as not as questioning the necessity for our taking all the steps open to us to
the enemy's trade, but as directed solely fo the question of the legitiEngland has the right to exercise a blockade of German ports, cripple
macy of the particular measures adopted.
it has the right to intercept and stop trade between Ger5. In the various notes which I have received from your Excellency the
many and a neutral country conducted through a neutral right of a belligerent to establish a blockade of the enemy ports is admitted, a right which has obviously no value save in so far as it gives power
country contiguous to Germany. On this point the note to a belligerent to cut off the sea-borne exports and imports of his enemy.
The contention which I understand the United States Government now puts
says:
It seems, accordingly, that if it be recognized that blockade is in certain forward is that if a belligerent is so circumstanced that his commerce can pass
cases the appropriate method of intercepting the trade of an enemy country, through adjacent neutral ports as easily as through ports in his own terriand if the blockade can only become effective by extending it to the enemy tory, his opponent has no right to interfere, and must restrict his measures
commerce passing through neutral ports, such an extension is defensible of blockade in such a manner as to leave such avenues of commerce still
and in accordance with principles which have met with general acceptance. open to his adversary.
This is a contention which his Majesty's Government feel unable to acSupport for the blockade is sought by reference to the acts
cept and which seems to them unsustainable either in point of law or upon
of the United States in attempting to exercise a similar block- principles of international equity. They are unable to admit that a belade over the Confederate States during the Civil War. The ligerent violates any fundamental principle of international law by applying a blockade in such a way as to cut off the enemy's commerce with
note refers to the general condemnation by all international foreign
countries through neutral ports if the circumstances render such an
Court
Supreme
the
of
experts
decision
of
States
United
the
law
application of the principles of blockade the only means of making it efin the Springbok case. Assurances are contained in the fective. The Government of the United States indeed intimates its readiness to take into account "the great changes which have occurred in the
British note that Great Britain is not interfering with goods conditions
and means of naval warfare since the rules hitherto governing
would
she
be
blocknot
which
by
interfere
to
entitled
with
legal blockade were formulated," and recognizes that "the form of close
ade if the geographical position and conditions of Germany blockade, with its cordon of ships in the immediate offing of the blockaded
ports, is no longer practicable in the face of an enemy possessing the means
at this time were such that her commerce passed through her and
opportunity to make an effective defense by the use of submarines,
stated
being
that
is
care
is
the
It
possible
utmost
ports.
own
mines and aircraft."
6. The only question, then, which can arise in regard to the measures
taken not to interfere with commerce "genuinely destined for
resorted to for the purpose of carrying out a blockade upon these extended
or proceeding from neutral countries." The main argument lines
is whether, to use your Excellency's words, they "conform to the
of Great Britain is that when the established underlying prin- spirit and principles of the essence of the rules of war"; and we shall be conciples governing blockade and contraband are not violated, tent to apply this test to the action which we have taken in so far as it has
necessitated interference with neutral commerce.
it is permissible to adopt new measures of enforcement.
7. It may be noted in this connection that at the time of the Civil War
is
which
British
31,
July
Government
dated
the
The note of
the United States found themselves under the necessity of declaring a blockofsome 3,000 miles of coast line, a military operation for which the numade
supplementary to the answer to the American note of March
ber of vessels available was at first very small. It was vital to the cause of
30, is a response to the caveat telegram of Secretary Lansing the United States in that great struggle that they should be able to cut off
of July 14. In the caveat the United States served notice the trade of the Southern States. The Confederate armies were dependent
on Great Britain that American rights will be construed under on supplies from overseas, and those supplies could not be obtained without
the cotton wherewith to pay for them.
accepted principles of international law and that prize court exporting
To cut off this trade the United States could only rely upon a blockade.
proceedings based on British municipal legislation not in The difficulties confronting the Federal Government were in part due to
conformity with principles of international law will not be the fact that neighboring neutral territory afforded convenient centres from
which contraband could be introduced into the territwy of their enemies
recognized as valid by the United States. In his reply to the and
from which blockade running could be facilitated. Your Excellency
caveat, Sir Edward Grey says that he knows of no differences whit no doubt remember how, in order to meet this new difficulty, the old
and the
between the two Governments as to the principles of law ap- principles relating to contraband and blockade were developed,
doctrine of continuous voyage was applied and enforced, under which goods
plicable to cases before the prize courts, and then discusses at destined
the
reached
they
before
intercepted
were
territory
enemy
for the
length prize court procedure. The suggestion is made that neutral ports from which they were to be re-exported.
The difficulties which imposed upon the United States the necessity
if appeals open to dissatisfied American litigants in the prize of8.
re-shaping some of the old rules are somewhat akin to those with which
court are overruled by British appellate courts, an interna- the Allies are now faced in dealing with the trade of their enemy. Adjacent to Germany are various neutral countries which afford her convenient
tional tribunal shall be called on to decide.
for carrying on her trade with foreign countries. Her own
The protest of the United States against the compulsory opportunities
territories are covered by a network of railways and waterways, which
discharge of the cargo of the American steamship Neches, enable her commerce to pass as conveniently through ports in such neutral
enemy ports would
from Rotterdam to the United States, disputes the legality countries as through her own. A blockade limited tocommerce
could pass
open routes by which every kind of German
of the seizure on several grounds, and is a re-assertion of the leave
almost as easily as through the ports in her own territory. Rotterdam is
American position in denial of British right to interfere with indeed the nearest outlet for some of the industrial districts of Germany.
9. As a counterpoise to the freedom with which one belligerent may send
shipments from neutral countries to the United States. The
his commerce across a neutral country without compromising its neutrality,
United States calls for the expeditious release of the goods the other belligerent may fairly claim to intercept such commerce before it
taken from the Neches, which belong to American citizens. has reacliedd: after it has left, the neutral State, provided, of course, that




418

THE CHRONICLE

he can establish that the commerce with which he interferes is the commerce of his enemy and not commerce which is bona fide destined for or
proceeding from the neutral State. It seems, accordingly, that if it b
recognized that a blockade is in certain cases the appropriate method of
intercepting the trade of an enemy country, and if the blockade can only
become effective by extending it to enemy commerce passing through
neutral ports, such an extension is defensible and in accordance with principles which have met with general acceptance.
10. To the contention that such action is not directly supported by written authority, it may be replied that it is the business of writers on international law to formulate existing rules rather than to offer suggestions
for their adaptation to altered circumstances, and your Excellency will
remember the unmeasured terms in which a group of prominent international lawyers of all nations condemned the doctrine which had been laid
down by the Supreme Court of the United States in the case of the Springbok, a doctrine upheld by the Claims Commission at Washington in 1873.
But the United States and the British Government took a broader view
and looked below the surface at the underlying purpose, and the Government of this country, whose nationals wore the sufferers by the extension
and development of the old methods of blockade made by the United States
during the Civil War, abstained from all protest against the decisions by
which the ships and their cargoes were condemned.
11. What is really important in the general interest is that, adaptations
of the old rules should not be made unless they are consistent with the general principles upon which an admitted belligerent right is based. It is also
essential that all unnecessary injury to neutrals should be avoided. With
these conditions, it may be safely affirmed that the steps we are taking to
intercept commodities on their way to and from Germany fully comply.
We are interfering with no goods with which we should not be entitled to
Interfere by blockade if the geographical position and the conditions of
Germany at present were such that her commerce passed through her own
ports. We are taking the utmost possible care not to interfere with commerce genuinely destined for or proceeding from neutral countries. Furthermore, we have tempered the severity with which our measures might press
upon neutrals by not applying the rule, which was invariable in the old
form of blockade, that ships and goods on their way to or from the blockaded area are liable to condemnation.
12. The communication made by the United States Embassy on April 2
describes as a novel and quite unprecedented feature of the blockade that
it embraces many neutral ports and coasts and has the effect of barring
access to them. It does not appear that our measures can be properly so
described. If we are successful in the efforts we are making to distinguish
between the commerce of neutral and enemy countries there will be no substantial interference with the trade of neutral ports, except in so far as they
constitute ports of access to and exit from the enemy territory. There are
at this moment many neutral ports which it would be mere affectation
to regard as offering facilities only for the commerce of the neutral country
in which they are situated, and the only commerce with which we propose
to interfere is that of the enemy who seeks to make use of such ports for
the purposes of transit to or from his own country.
13. One of the earlier passages in your Excellency's memorandum was
to the effect that the sovereignty of neutral nations in time of war suffers
no diminution, except in so far as the practice and consent of civilized nations have limited it "by the recognition of certain now clearly determined
rights," which it is considered may be exercised by nations at war,and these
It defines as the tight of capture and condemnation for un-neutral service
for the carriage of contraband, and for breach of blockade. I may, however, be permitted to point out that the practice of nations on each o'the
three subjects mentioned has not at any time been uniform or f.learly determined, nor has the practice of any maritime nation always been consistent.
14. There are various particulars in which the exact method of catrying
a blockade into effect has from time to time varied. The need of a public
notification, the requisite standard of effectiveness, the locality of the
blockading squadrons, the right of the individual ship to a preliminary warning that the blockade is in force, and the penalty to be inflicted on a captured blockade runner, are all subjects on which different views have prevailed in different countries and in which the practice of particular countries has been altered from time to time. The one principle which is fundamental and has obtained universal recognition, is that by means of blockade
a belligerent is entitled to cut off, by effective means, the sea-borne commerce of his enemy.
15. It is the same with contraband. The underlying principle is well
established, but as to the details, there has been a wide variety of views.
As for unneutral service—the very term is of such recent introduction that
many writers of repute on international law do not mention it—it is possible, in the view of his Majesty's Government in these circumstances, to
maintain that the right of a belligerent to intercept the commerce of his
enemy is limited in the way suggested in your Excellency's communication.
16. There are certain subsidiary matters dealt with in your Excellency's
communication to which I think it well to refer. Among these may be
mentioned your citation of the Declaration of Paris, due, no doubt, to the
words which occur in the memorandum sent by me to your Excellency on
the 1st of March, wherein it was stated that the Allied Governments would
hold themselves free to detain and take into port ships carrying goods of
presumed enemy destination, ownership or origin, and to our announcement that vessels might be required to discharge goods of enemy ownership
as well as those of enemy origin or destination.
17. It is not necessary to discuss the extent to which the second rule of
the Declaration of Paris is affected by these measures or whether it could be
held to apply at all as between Great Britain and the United States. In
actual practice, however, we are not detaining goods on the sole ground
that they are the property of an enemy. The purpose of the measures we
are taking is to intercept commerce on its way from and to the enemy
country. There are many cases in which proof that the goods were enemy
property would afford strong evidence that they were of enemy origin or
enemy destination, and it is only in such cases that we are detaining them.
Where proof of enemy ownership would afford no evidence of such origin
or destination, we are not in practice detaining the goods.
18. His Majesty's Government have been gratified to observe that the
measures which they are enforcing have had no detrimental effect on the
commerce of the United States. Figures of recent months show that the
Increased opportunities afforded by the war for American commerce have
more than compensated for the loss of the Gorman and Austrian markets.
19. I trust that in the light of the above explanations it will be realized
that the measures to which we have resorted have been not only justified
by the exigencies of the case, but can be defended as in accordance with
general principles which have commended themselves to the Governments
of both countries. I am glad to be able to assure your Excellency that we
shall continuo to apply these measures with every desire to occasion the
least possible amount of' inconvenience to persons engaged in legitimate
commerce.
I have. &c.,
E. GREY.




101.

AMERICAN PROTEST ON PRIZE COURT PROCEDURE.
The Secretary of State to Ambassador W. H. Page:
Department of State, Washington, July 14 1915.
In view of differences which are understood to exist between the two
Governments as to the principles of law applicable in prize court proceedings in cases involving American interests, and in order to avoid any misunderstanding as to the attitude of the United States in regard to such pieceedings, you are instructed to inform the British Government that, ;n so
far as the interests of American citizens are concerned, the Government of
the United States will insist upon their rights under the principles and rules
of international law, as hitherto established, governing neutral trade in
time of war, without limitation or impairment by Orders-in-Council or other
municipal legislation by the British Government, and will not recognize the
validity of prize court proceedings taken under restraints imposed by
British municipal law in derogation of the rights of American citizens
under international law.
BRITISH ANSWER ON PRIZE COURT PROCEDURE.
Ambassador W. H. Page to the Secretary of State:
American Embassy, London, July 311915.
I have to-day received the following note from Sir Edward Grey:
Foreign Office, July 311915.
Your Excellency: (1) I have the honor to acknowledge the receipt of the
note dated 16th inst., in which you were good enought to communicate
to me for the information of his Majesty's Government the opinion hold
by the Government of the United States, that, in view of differences which
they understand to exist between the two countries as to the principles
of law applicable in cases before the Prize Court, they could not recognize
the validity of proceedings taken in his Majesty's Prize Court in derogation
of the rights of citizens of the United States.
2. I do not understand to what divergence of views as to the principles of
law applicable in cases before the Prize Court the Government of the United
States refers. for I am not aware of any differences existing between the
two countries as to the principles of law applicable in cases before such
courts.
3. British prize courts, according to the ancient form of commission
under which they sit, are to determine cases which come before them, accoeding to the course of Admiralty and the law of nations and the statutes
of rules and regulations for the time being in force in that behalf.
As to the principles appliedlby the American prize courts,I note that in the
case of the Amy Warwick (2 Sprague, 123) it was held that prize courts are
subiect to the instructions of their own sovereign. In the absence of such
instructions their jurisdiction and rules of decisions are to be ascertained by
reference to the known powers of such tribunals and the principles by which
tney are governed under the public law and the practice of nations. It
would appear, therefore, that the principles applied by the prize courts of
the two countries are identical.
4. As illustrating further the attitude adopted by the judges of British
prize courts toward these two courses of law, the municipal legislation of its
sovereign on the one hand and the principles of international law on the
other, I should like to refer your Excellency to a classical passage in the
judgment of Lord Stowell, in the case of the Fox, in which that famous
Judge observed in the course of the discussion:
"A question has been stated:What would be the duty of the court under
Orders-in-Council that were repugnant to the law of nations? It has been
contended on one side that the court would at all events be bound to enforce the Orders-in-Council, on the other that the court would be bound to
apply the rule of the law of nations adapted to the particular case, in disregard of the Orders-in-Council.
"This court is bound to administer the law of nations to the subjects of
other countries in the different relations in which they may be placed toward this country and its Government. That is what others have a right
to demand for their subjects, and to complain if they receive it not. This
is its unwritten law, evidenced in the course of its decisions and collected
from the common usage of civilized States. At the same time, it is strictly
true that by the Constitution of this country the King in Council possesses
legislative rights over this court and has power to issue orders and instructions, which it is bound to obey and enforce and these constitute the written
law of this court.
"These two propositions, that the court is bound to administer the law
of nations and that it is bound to enforce the King's Orders-in-Council, are
not at all inconsistent with each other, because these orders and instructions are presumed to conform themselves, under the given circumstances,
to the principles of its unwritten law. They are either directory applications of those principles to the cases indicated in them—cases which, with
all the facts and circumstances belonging to them and which constitute
their legal character, could be but imperfectly known to the court itself;
or they are positive regulations, consistent with these principles, applying
to matters which require more exact and definite rules than those general
principles are capable of furnishing.
"The constitution of this court, relatively to the legislative power of the
King-in-Council, is analogous to that of the Courts of Common Law relatively to that of the Parliament of this Kingdom. These courts have their
unwritten law, the approved reasons, principles of natural reason and Just
tice; they have likewise the written or statute law in Acts of Parliament,
which are directory applications of the same principles to particular subjects or positive regulations consistent with them upon matters which would
remain too much at large if they were left to the imperfect information
which the courts could extract from mere general speculations.
"What would be the duty of the individuals who preside in these courts
if required to enforce an Act of Parliament which contradicted those principles is a question which, I presume, they would not entertain a priori because they will not entertain a proirl the supposition that any such will
arise. In like manner this court will not let itself loose into speculations
as to what would be its duty under such an emergency; because it cannot,
without extreme indecency, presume that any such emergency will happen.
And it is the less disposed to entertain them because its own observation
and experience attest the general conformity of such orders and instructions to its principles of unwritten law."
5. The above passage has recently been quoted and adopted by the
President of the prize court in the case of tno Zamora, in which Sir S.
Evans said: "I make bold to express the hope and belief that the nations of
the world need not be apprehensive that Orders-In-Council will emanate
from the Government of this country in such violation of the acknowledged
laws of nations that it is conceivable that our prize tribunate, holding the
law of nations in reverence, would be called upon to disregard and refuse
obedience to the provisions of such orders."
6. In the note which I handed to your Excellency on the 23d of July, 1
endeavored to convince the Government of the United States, and I trust
with succes3, that the measures that we have felt ourselves compelled to
adopt, in consequence of the numerous acts committed by our enemies in
violation of the laws of war and the dictates of humanity, are consistent
with the principles of international law. The legality of these measures
has not yet formed the subject of a decision of the prize court; but I wish to
take this opportunity or reminding your Excellency that it is open to any

AUG. 71915.]

THE CHRONICLE

United States citizen whose claim is before the prize court to contend that
any Order-in-Council which may affect his claim is inconsistent with the
principles of internadonal law,and is, therefore, not binding upon the court.
If the prize court declines to accept his contentions, and if, after such a
decision has been upheld on appeal by the Judicial Committee of His
Majesty's Privy Council, the Government of the United States of America
consider that there is serious ground for holding that the decision is incorrect and infringes the rights of their citizens, it is open to them to claim that
it should be subjected to review by an international tribunal.
7. This principle, that the decisions of the national prize courts may
properly be subjected to international review, was conceded by Great
Britain in Article VII of the Jay Treaty of 1793 and by the United States
of America under the Treaty of Washington of 1871. Your Excellency will
no doubt remember that certain cases (collectively known as the "Matamoros cases") wore submitted to the commission established under Articles
XII-XVII of the Treaty of Washington. In each of these eases proceedings in prize had been instituted in the prize courts of the United States,
and in each case the judgment of the Supremo Court, the court of last
resort in cases of prizes, had been obtained. The United States filed a
demurrer in these cases, alleging that, as they had been heard by the prize
courts of the United States of original and appellate jurisdiction, the decision of the appellate court was final, and no claim based upon it could be
made before the commission. The demurrer was unanimously overruled
and the cases heatd, and the agent of the United States, in his reports of
the proceedings of the commission, stated that he, personally, maintained
no doubt of the jurisdiction of the commission as an international tribunal
to review the decisions of the prize courts of the United States where the
parties alleging themselves aggrieved had prosecuted their claims by appeals to the court of last resort; as this jurisdiction, however, had been
sometimes questioned, he deemed it desirable that a formal adjudication
by the commission should be held upon this question.
8. The same principle was accepted both by the United States Government and His Majesty's Government in 1907 in connection with the
proposed establishment of an international prize court, although certain
constitutional difficulties have led the United States Government to propose that the right of recourse to the international prize court in connection
with a decision of the Supreme Court of the United States should take the
form of a direct claim for compensation.
9. It is clear, therefore, that both the United States Government and
His Majesty's Government have adopted the principle that the decisions of
a national prize court may be open to review if it is held in the prize court
and in the Judicial Committee of the Privy Council, on appeal, that the
orders and instructions issued by His Majesty's Government in matters
relating to prize are in harmony with the principles of international law;
and, should the Government of the United States unfortunately feel compelled to maintain a contrary view, His Majesty's Government will be
prepared to concert with the United States Government in order to decide
upon the best way of applying the above principle to the situation which
would then have arisen. I trust, however, that the defense of our action,
which I have already communicated to your Excellency, and the willingness of His Majesty's Government, (which has been shown in so many
instances) to make reasonable concessions to American interests, will
prevent the necessity for such action arising.
10. In any case, I trust that the explanations given above will remove
the misapprehension under which I cannot but feel the Government of
the United States are laboring as to the principles applied by British prize
courts in dealing with the cases which come before them.
I have, &c.,
E. GREY,
AMERICAN PROTEST ON SEIZURE OF NECHES CARGO.
The Secretary of State to Ambassador W. H. Page:
Department of State, Washington, July 15 1915.
Ambassador Page is informed that it has been brought to the attention
of the Department that, the steamship Neches of American register, sailing
from Rotterdam for the United States, carrying a general cargo, after
being detained at the Downs, was brought to London, where it was required by the British authorities to discharge cargo, the property of American citizens.
It appears that the ground advanced to sustain this action is that the
goods originated, in part at least, in Belgium, and fall, therefore, within
the provisions of Paragraph 4 of the Order-in-Council of March 11, which
stipulates that every merchant vessel sailing from a port other than a German port, carrying goods of enemy origin, may be required to discharge
such goods in a British or allied port.
Ambassador Page is instructed in this case to reiterate the position of the
Government of the United States as set forth in the Department's instruction of March 30 1915, with respect to the Order-in-Council mentioned,
the international Invalidity of which the Government of the United States
regards as plainly illustrated by the present instance of the seizure of
American-owned goods passing from the neutral port of Rotterdam to a
neutral port of the United States, merely because the goods came originally
from territory in the possession of an enemy of Great Britain.
Mr. Page is also instructed to inform the Foreign Office that the legality
of this seizure cannot be admitted and that, in the view of the Government
of the United States, it violates the right of the citizens of one neutral to
trade with those of another, as well as with those of belligerents, except
In contraband or in violation of a legal blockade of an enemy seaport; and
that the right of American owners of goods to bring them out of Holland,
in due course, in neutral ships must be insisted upon by the United States,
even though such goods may have come originally from the territories of
enemies of Great Britain. He is directed further to insist upon the desire
of this Government that goods taken from the Neches, which are the property of American citizens, should be expeditiously released to be forwarded
to their destination, and to request that he be advised of the British Government's intended course in this matter at the earliest moment convenient
LANSING.
to tha GoTernment.
BRITISH ANSWER ON SEIZURE OF NECHES CARGO.
Ambassador W. H. Page to the Secretary of State:
American Embassy,
London, July 311915.
sent
the
me
to-day
following note:
Sir Edward Grey has
The note which your Excellency addressed to me on the 17th inst. respecting the detention of the cargo of the steamship Neches has, I need
hardly say, received the careful attention of his Majesty's Government.
The note which I had the honor to send to your Excellency on the 23d
instant has already explained the view of his Majesty's Government on the
legal aspect of the question, though it was prepared before your Excellency's communication of the 17th had been received, and, pending consideration by the Government of the United States of the views and arguments set forth in the British note of the 23d, it is unnecessary for me to
say more on the question of right or of law.
There is, however, one general observation that seems relevant to the
note from your Excellency respecting the cargo of the Neches.




419

It Is the practice of the German Government,in the waters througn which
the Neches was passing, to sink neutral as well as British merchant vessels,
irrespective of the destination of the vessel or origin of the cargo, and without proper regard or provision for the safety of passengers or crews, many
of whom have lost their lives in consequence. There can be no question
that this action is contrary to the recognized and settled rules of international law, as well as to the principles of humanity.
His Majesty's Government, on the other hand, have adhered to the rule
of visit and search, and have observed the obligation to bring into port and
submit to a Prize Court any ships or cargoes with regard to which they think
they have a good case for detention or for condemnation as contraband.
His Majesty's Government are not aware, except from the published
correspondence between the United States and Germany, to what extent
reparation has been claimed from Germany by neutrals for loss of ships,
lives and cargoes, nor how far these acts have been the subject even of protest by the neutral Governments concerned.
While those acts of the German Government continue, it seems neither
reasonable nor just that his Majesty's Government should be pressed to
abandon the rights claimed in the British note of the 23d and to allow
goods from Germany to pass freely through waters effectively patrolled
by British ships of war.
If, however, it be alleged that, in particular cases and special circumstances, hardships may be inflicted on citizens of neutral countries, his Majesty's Government are ready in such cases to examine the facts in a spirit
of consideration for the interest of neutrals, and in this spirit they are prepared to deal with the cargo of the Neches, to which your Excellency has
called attention, if it is held that the particular circumstances of this case
fall within this category.
PAGE.

FULL TEXT OF AUSTRIAN NOTE PROTESTING
AGAINST MUNITION EXPORTS.
The official text oath() note sent by the Austro-Hungarian
Government to the United States protesting against the exports of war supplies from this country to England was made
public by the Austro-Hungarian Embassy at Washington on
the 1st inst. The note was published in Vienna eariy in
July upon the receipt of the permission of the United States
Government and portions of it received by cable fromVienna
via London were also published in this country. The note
points out that the scale on which the war munitions industry in this country is being developed is far beyond tinything contemplated when the rule of international law permitting the shipment of munitions by neutral states was
formulated and states that "according to all the authorities
on international law who have especially dealt with the questions which here arise, the neutral government is not permitted to allow unhindered trade in contraband of war if
this trade assumes such character and proportions that the
country's neutrality is thereby impaired." The note suggests that, if the United States professes inability to alter
the character of the "illegal blockade" whereby Germany and
Austria are cut off from availing themselves of the American
arms market, it might remedy the situation by a refusal to
ship foodstuffs to Great Britain and her allies until they
agree to abide by the rules of a proper blockade. The full
text of the note is as follows:
The far-reaching effects resulting from the fact that a very extensive
trade in war supplies has been going on for some time bewteen the United
States and Great Britain and her allies, while Austria-Hungary and Germany have been entirely shut offfrom the American market, have from the
first attracted the most earnest attention of the Imperial and Royal Government. If the undersigned permits himself to take part in the discussion
of a question which hitherto has been brought to the attention of the Washington Cabinet by the Imperial German Government only, he merely follows the dictates of unavoidable duty of protecting the interests intrusted
to him from further grave injury growing out of the situation affecting
Germany and Austria-Hungary equally.
The Imperial and Royal Government is convinced that the attitude of
the United States Government in this matter originates from no other
intention than the maintenance of the strictest neutrality and the observance to the letter of all the stipulations of the international agreements
involved, but the question arises as to whether the conditions, as they have
developed in the course of the war, certainly quite independently of the will
of the United States Government, are not such that the very intention of
the Washington Cabinet is defeated—indeed, that exactly the opposite
effect is produced. If this question be answered in the affirmative—and.
according to the opinion of the Imperial and Royal Government this cannot
be doubted—then another question automatically follows, namely, whether
it is not possible, indeed advisable, to take measures to provide full effectiveness to the wish of the Government of the United States to assume an
attitude of strict fairness toward both belligerent parties. The Imperial
and Royal Government does not hesitate to answer this question also in the
affirmative, without qualification.
It certainly has not escaped the attention of the American Government,
which has co-operated in the work of The Hague in such a prominent manner, that the spirit and the letter of the fragmentary stipulations of the
treaties in question are not entirely coextensive.
If one takes into consideration the genesis of Article 7 of the Fifth and
Thirteenth conventions respectively, upon which the Government of the
United States apparently rests the present case, and the wording of which,
as will not be denied, offers a formal basis for the toleration of the trade in
war materials as carried on at present by the United States, it is not necessary to point out—in order to realize the true spirit and range of this
stipulation, which incidentally seems to have been modified already by
prohibiting the delivery of warships and certain supplies for warships of
belligerent countries—that the various rights as conceded to neutral countries, in the spirit of the preamble of the last-named convention, are limited
by the requirements of neutrality in correspondance with the accepted
principles of international law. According to all the authorities on international law, who have especially dealt with the questions which here
arise, the neutral government is not permitted to allow unhindered trade in
contraband of war if this trade assumes such character and proportions that
the country's neutrality is thereby impaired.

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In judging the admissibility of the trade in contraband of war, one can
use as a basis any one of the various criteria established by law, and arrive,
according to each, at the conclusion that the export of war materials from
the United States as it is carried on cannot be made to accord with the
requirements of neutrality. It is not a question as to whether the branch
of American industry occupied with the production of war material shall be
protected in order that its export, as it has been carried on in peace times,
may suffer no impairment.
Furthermore, this industry has experienced an unexpected increase because of the war. In order to manufacture the immense amount of weapons
munitions and other war material of all kinds which Great Britain and her
allies have ordered in the United States of America in the course of the last
month,it required not only the full utilization and adaptation of existing
plants, but the creation of new factories, as well as the diversion of large
numbers of workmen from all branches of trade—in short, a widespread
change in the economic life of the country—the right of the American Government can from no quarter be disputed to decree an embargo on this
obviously enormous export of war material which is notoriously for the exclusive benefit of one of the belligerent parties.
The United States Government could meet with no reproof if it were to
• avail itself of its competency, even if it took recourse to the passage of a law
in accordance with its Constitution. Even if it proved correct in principle
that a neutral state may not change the law in force within its jurisdiction
concerning its attitude toward belligerents during the war 'there is, however, an exception to the principle, as is clearly shown in the preamble of
the Thirteenth Hague Convention:" * * * where experience has
shown the recessity for such change for the protection of the rights of that
power."
This case arises for the United States Government by the mere fact that
Austria-Hungary as well as Germany are cut off from any commercial
intercourse with the United States without the existence of a legal ground—
s legally effective blockade.
To the possible objection that although American undustry is perfectly
willing to supply Austria-Hungary and Germany as well as Great Britain
and her allies, the United States are not able to carry on trade in consequence of the war situation, it may well be mentioned that the United
States Government is without doubt in a position to remedy the above
described condition. It would be entirely sufficient to hold out to the adversaries of Austria-Hungary and Germany the inhibition of the export of
foodstuffs and raw materials if the legitimate trade in these articles between
the Union and the two central powers is not permitted.
If the Washington Cabinet could find itself prepared to act in this direction, it would not only follow the tradition always upheld in the United
States to safeguard the freedom of the seas, but it would also offer the great
.service of defeating the criminal endeavor of the enemies of Austria-Hungary
and Germany to enlist starvation as an ally.
The Imperial and Royal Government, in the spirit of the excellent relations which have never ceased to exist between the Austro-Hungarian
Monarchy and the United States of America, and in the name of sincere
friendship, permits itself to make an appeal to the Government of the Union
to submit to careful examination the point of view hereinbefore taken in
this most important question and consider the statements given herewith.
The revision of the present attitude of the Government of the Union to
agree with the views proferred by the Imperial and Royal Government
would not only be—according to the conviction of the Imperial and Royal
Government—within the scope of the rights and duties of a neutral government, but also in the direction of those principles prompted by humanity
and the love of peace which the United States of America has ever written
upon her banner.
The undersigned has the honor, &c.
BURIAN.

GERMANY INSISTS SINKING OF FRYE NOT TREATY
VIOLATION.
In a note to the United States Government under date of
July 30 the German Government rejects the contention of
the United States that the sinking of the American sailing
vessel William P. Frye by the German auxiliary cruiser
Prinz Eitel Friedrich was a violation of the Prussian-Amerlean treaties despite the fact that the vessel was carrying
contraband. The issue between the two governments really
narrowed down to the point as to whether the question of
reparation which was demanded by the United States was
one for the consideration of German prize courts, or whether
it was one to be settled by direct negotiations between the
two governments. In the note sent by the United States
to Germany bearing date June 24 our State Department
took the position that the matter concerned "a disputed
interpretation of treaty provisions, the settlement of which
requires direct diplomatic discussion between the two governments and cannot be properly based upon the decision
of the German prize court, which is in no way conclusive or
binding.upon the Government of the United States." The
German reply now insists that "the question whether the
German commander acted legally was primarily a subject
for the consideration of the German prize courts, according
to general principles of international law, as laid down also
in Article 1 of the Hague Convention for the establishment
of an international prize court and in Article 51 of the
Declaration of London." The note informs our Government
that the case has been settled in the Hamburg prize court
except as to the determination of the amount of indemnity
to be paid and states that the court found that the cargo of
the vessel was c9n,traband, that the ship could not be carried
into port and its sinking was therefore justified and that the
German Government is liable for indemnity. The prize
court did not undertake to fix the amount of the indemnity
on the ground that it had no data before it to make such a
decision. Germany proposes that each of the two governments designate an expert,who are to jointly fix the amount



101.

of indemnity. "This payment," the note states, "does not
constitute satisfaction for the violation of American treaty
rights, but a duty or policy of this Government founded on
the existing treaty stipulations." If the American Government does not agree to this manner of settling the matter,
the German Government suggests a submission of the differences to the tribunal at The Hague. The text of the note
which was made public on the 4th inst. is as follows:
Ambassador Gerard to the Secretary of State.
American Embassy, Berlin, July 30 1915.
Following note received:
Foreign Office, Berlin, July 30 1915.
The undersigned has the honor to inform his Excellency, Mr. James W.
United
the
States of America, in reply to the note
Gerard, Ambassador of
of the 26th ultimo, Foreign Office No. 3,990, on the subject of the sinking
of the American merchant vessel William P. Frye by the German auxiliary
cruiser Prince Eitel Friedrich, that the points of view brought out in the
note have been carefully examined by the Imperial German Government.
This examination has led to the following conclusions:
The Government of the United States believes that it is incumbent upon
it to take the position that the treaty rights to which America is entitled,
as contained in Article 12 of the Prussian-American treaty of amity and
commerce of Sept. 10, 1785, and in Article 13 of the Prussian-American
treaty of amity and commerce of July 11, 1799. were violated by the sinking of the William P. Frye. It interprets these articles as meaning that a
merchantman of the neutral contracting party carrying contraband cannot
in any circumstances be destroyed by a warship of the belligerent contracting party and that the sinking of the William P. Frye was, therefore,
in violation of the treaty, even if her cargo should have consisted of contraband, which it leaves outside of the discussion.
The German Government cannot accept this view. It insists as heretofore that the commander of the German auxiliary cruiser acted in the legal
exercise of the right of control of trade in contraband enjoyed by warships
of belligerent nations, and that the treaty stipulations mentioned merely
oblige the German Government to make compensation for the damage
sustained by the American citizens concerned.
It is not disputed by the American Government that according to general principles of international law a belligerent is authorized in sinking
neutral vessels under almost any conditions for carrying contraband. As
Is well known, these principles were laid down in Articles 49 and 50 of the
Declaration of London, and were recognized at that time by the duly empowered delegates of all the nations which participated in the conference
Including the American delegates, to be declarative of existing international
law, (see prelinimary clause of the Declaration of London) moreover, at
the beginning of the present war the American Government proposed to
the belligerent nations to ratify the Declaration of London and give its
provisions formal validity also.
The German Government has already explained in its note of April 4
last for what reason it considers that the conditions justifying the sinking
under international law were present in the case of the William P. Frye.
The cargo consisted of conditional contraband, the destination of which
for the hostile armed forces was to be presumed under the circumstances;
no proof to overcome this presumption has been furnished. More than half
the cargo of the vessel was contraband, so that the vessel was liable to
confiscation. The attempt to bring the American vessel into a German
port would have greatly imperiled the German vessel in the given situation
of the war, and at any rate practically defeated the success of her further
operations. Thus the authority for sinking the vessel was given according
to general principles of international law. There only remains then to be
examined the question how far the Prussian-American treaty stipulations
modify these principles of international law.
In this connection Article 12 of the Treaty of 1785 provides that in the
event of a war between ono of the contracting parties with another power,
the free commerce and intercourse of the nationals of the party remaining
neutral with the belligerent powers shall not be interrupted, but that on
the contrary the vessel of the neutral party may navigate freely to and
from the ports of the belligerent powers even neutralizing enemy goods
on board thereof. However, this article merely formulates general rules
for the freedom of maritime intercourse and leaves the question of contraband untouched; the specific stipulations on this point are contained in
the following article, which is materially identical with Article 13 of the
Treaty of 1799 now in force.
The plain intention of Article 13 is to establish a reasonable compromise
between the military interests of the belligerent contracting party and the
commercial interests of the neutral party. On the one hand the belligerent
party is to have the right to prevent the transportation of war supplies to
his adversaries even when carried on vessels of the neutral party; on the
other hand, the commerce and navigation of the neutral party is to be interfered with as little as possible by the measures necessary for such prevention, and reasonable compensation is to be paid for any inconvenience
or damage which may nevertheless ensue from the proceedings of the
belligerent party.
Article 13 recites the following means whereby the belligerent party can
prevent the vessels of the neutral party from carrying war supplies to his
adversary. The detention of the ship and cargo for such length of time as
the belligerent may think necessary; furthermore, the taking over of the
war stores for his own use, paying the full value of the same as ascertained
at the place of destination. The right of sinking is not mentioned in the
treaty, and is, therefore, neither expressly permitted nor expressly prohibited, so that on this point the party stipulations must be supplemented
by the general rules of international law. From the meaning and spirit of
the treaty it really appears out of the question that it was intended to
expect of the belligerent that he should permit a Vessel loaded with contraband, for example a shipment of arms and ammunition of decisive importance for the outcome of the war, to proceed unhindered to his enemy
when circumstances forbid the carrying of the
*
*
*
into port,
If the general rules of international law allow sinking of the vessel.
The remaining stipulations of Article 13 must likewise be considered in
this light; they provide that the Captain of a vessel stopped shall be allowed
to proceed on his voyage if he delivers out the contraband to the warship
which stopped his vessel. For such delivering out cannot, of course, be
considered when the ensuing loss of time imperils either the warship herself or the success of her other operations. In the case of the William P.
Frye the German commander at first tried to have matters settled by the
delivery of contraband, but convinced himself of the impracticability of
this attempt in that it would expose his ship to attack by whatever superior force of enemy war vessels pursuing him, and was accordingly obliged
to determine upon the sinking of the Frye. Thus he did not exceed on this
point the limits to which he was bound by Article 13.
However, Article 13 asserts itself here to the extent that it founds the
obligation to compensate the American citizens affected,whereas according

ATTG. 7 1915d

THE CHRONICLE

to the general rules of international law the belligerent party does not need
to grant compensation for a vessel lawfully sunk. For, if by Article 13, tne
mere exercise of right of highways makes the belligerent liable for compensation, this must apply a fortiori to the exercise of the right of sinking.
The question whether the German commander acted legally Was primarily
a subject for the consideration of the German prize courts, according to
general principles of international law as laid down, also in Article 1 of the
Hague Convention for the establishment of an international prize court
The German Govand in Article 51 of the Declaration of London.
ernment consequently laid the case of the William P. Frye before the
competent prize court au Hamburg, as was stated in its note of the 7th
ult.
This court found by its judgment of the 10th inst. that the cargo
of the American vessel, William P. Frye, was contraband; that the
vessel could not be carried into port, and that the sinking therefore
was justified; at the same time the court expressly recognized the validity of the Prussian-American Treaty stipulations severally * * *
model for the relations between the German Empire and America, so that the sinking of the ship and cargo, so far as American property,
makes the German Empire liable for indemnity. The prize court was unable to fix the indemnity itself, since It had no data before it, failing the
receipt of the necessary details from the parties interested.
• It will now be necessary to settle these points in a different way. The
German Government suggests as the simplest way that each of the two
Governments designate an expert and that the two experts jointly fix the
amount of indemnity for the vessel and any American property which may
have been sunk with her. The German Government will promptly pay
the amount of indemnity thus ascertained; it expressly declares, however,
reverting to what has been stated above, that this payment does not constitute satisfaction for the violation of American treaty rights, but a duty
or policy of this Government founded on the esixting treaty stipulations.
Should the American GovernMont not agree to this manner of settling
the matter, the German Government is prepared to submit the difference
of opinion ,as being a question of the interpretation of the exisitng treaties
between Germany and the United States to the tribunal at The Hague,
pursuant to Article 38 of The Hague Convention for tne pacific settlement
of international disputes.
The undersigned begs to suggest that the Ambassador bring the above
to the attention of his Government and avails himself, &c.
VON JAGOW,
Gerard.
* Omissions

AMERICAN VESSEL TAKEN AS PRIZE BY GERMAN
SUBMARINE.
According to an item given out by the Overseas News
Agency at Berlin on the 3d inst., the American ship Pass of
Balmaha bound for Archangal with a cargo of cotton was compelled to put into Cuxhaven After being stopped by a German submarine, which placed an officer on the vessel as a
prize crew. The dispatch says:
The American ship Pass of Balmaha has arrived at Cuxhaven, having
on board one non-commissioned officer of a German submarine boat, which
had stopped the ship and placed the officer on her as a prize crew.
While the officer was asleep, the Captain of the Pass of Balmaha changed
his course toward the British coast, but when the officer awakened, he
compelled the captain of the ship to obey his orders and put into Cuxhaven.
On investigation at Cuxhaven it was discovered that a British prize crew
of one officer and four men were on board, hiding below.
The bark was bound with cotton for Archangel, Russia. She sailed from
New York on June 24.

GREAT BRITAIN CHECKS COAL EXPORTS.
The British Government has forbidden, after Aug. 30, the
exportation of coal and coke except to British possessions and
protectorates, according to an Order-in-Council issued on
the 3d inst. This order stops the shipment of coal to Great
Britain's allies, which had been allowed under the embargo
declared on May 13.

421

GERMAN SUBMARINE SINKS STEAMSHIP IBERIAN;
AMERICANS KILLED.
Tha British steamship Iberian of the Leyland line, bound
for Boston from Liverpool, was torpedoed and sunk on July 30
by a German submarine, with a loss of one or two Americans.
Sixty-one °Mears and members of the crew were landed
safely at Queenstown. "Tom" Curtis, the boatswain, in an
interview described the attack as follows:
The submarine was sighted about five miles off, when she fired some
shots. The submarine gained on the Iberian and then fired shells, one
bursting on deck and killing six men.
The ship was then stopped and the submarine commander ordered the
remainder of the crew, sixty-three in number, to leave the vessel, which
they did, eight of them being badly injured. A torpedo was then fired
at the Iberian, striking her on the starboard side amidships.

According to reports of the crew, the Iberian was ordered
to stop and submit to search and was shelled when attempting to escape. American Consul Frost, at Queenstown,
reportad the facts to the American Embassy at London
as follows:
Steamer Iberian submarined. Whiley, American muleteer, killed.
Ship surgeon Burns, of the Iberian, an American citizen, states that submarine did not shell Iberian until the latter disregarded signal. Gave time
to take boats. Whiley died from shock and superficial wounds. No other
Americans injured.

The Iberian left Boston on July 7 for Manchester, where
she was reported to have arrived on July 20. It is stated
that the vessel has been used for several months for tha
transportation of war supplies between the Unitod States
and England.
UNITED STATES CONFERS WITH LATIN-AMERICAN
COUNTRIES ON MEXICAN POLICY.
Conferences on the Mexican situation were held in Washington Thursday and Friday of this week between Secretary
of State Lansing and the dipomatic representatives of Argentina, Brazil, Chili, Bolivia, Uruguay and Guatemala.
The meetings were called by the Secretary of State with a
view to obtaining, not only the advice of the diplomats,
but also the moral support of the Latin-American countries
in whatever Mexican program is decided upon by this country. The conference was announced at the State Department on Monday as follows:
On Thursday afternoon there will be an informal conference at the State
Department to consider the Mexican situation. Those taking part in the
conference will be the Ambassadors from Brazil, Argentina and Chile, and
the three ranking Ministers of the American republics, namely those of
Bolivia, Uruguay and Guatemala. As to the details which will be considered, nothing can be said at the present time, as the conference will be
entirely confidential.

The calling of the conference is regarded as the first step
towards carrying out the new policy to be pursued by this
country towards Mexico, which was decided upon by President Wilson and his Cabinet on June 1. The President
stated at that time that if the factions in Mexico failed to
get together the United States would be compelled to consider what measures must be taken to deal with the situation.
At the conclusion of the conference on Thursday no announcement as to the results of the session was made. It
was reported that a tacit agreement was reached, however,
that the Latin-American countries back up the United States
in a final warning to Carranza, Villa and Zapata. A definite time will be fixed, it was stated, in which the Mexican
leaders must settle their differences. The conference was
continued.on Friday. It is stated that the invitation of the
United States to the six Latin-American countries to have
their diplomatic representatives confer with Secretary of
State Lansing was extended more than a month ago.

FRENCH PRIZE COURT CONFIRMS SEIZURE OF DACIA.
The seizure of the American steamer Dacia, which was
captured by a French cruiser in February in the English
Channel and taken to Brest, was confirmed on the 4th inst.
by a French prize court. The Dacia was transferred in
January from German to American registry and left Galveston, Texas, on Jan. 31 for Rotterdam with a cargo of
cotton for trans-shipment to Germany. The following offi- TRUST COMPANY ATTACKS WAR REVENUE ACT.
cial statement was issued on the 4th inst. by the French
The Fidelity Trust Company of Newark, N. J. has inMinistry of Marine regarding the decision of the Court:
stituted a suit attacking the constitutionality of the Act of
The Prize Court to-day returned its decision in the case of the steamer
Congress passsed last October to provide additional revenue
Dacia as follows:
This steamer, which belonged to the Hamburg-American Navigation on account of the European war. The trust company disCo., was captured on Feb. 27 1915 by the French auxiliary cruiser Europe. claims the right of the Government to assess a special tax
The vessel cannot be considered as belonging to a neutral, since it was
purchased from the German owners during the course of the war. The against its "permanently invested stocks and bonds." ColPrize Court, therefore, decides that the capture of the steamer Dacia was lector of Internal Revenue Charles W. Duffy is named as
valid and just as an act of war."
the technical defendant. The case will be called September
Advices from Washington on the 4th inst. said that the 14 at the opening of the term in the U. S. District Court at
State Department was preparing to protest the Prize Court Trenton. In its complaint the Fidelity contends that, of
decision, which carries with it the forfeiture of the vessel its capital stock, surplus and undivided profits amounting to
and planned to make this a test case of the right of a neutral $9,983,335 on December 311914, $9,065,895 is not used by
country to grant registry to a belligerent owned merchant the trust company as a banker, but isinvested. In accordance
ship. The Dacia's cotton cargo is not involved in this de- with its interpretation of the statute the company forwarded
cision, the French Government having purchased it through its revenue assessment amounting to $612, based on the
a special appropriation. The first payments to the owners amount of capital actually engaged in the bank. The comof the cargo were made at the State Department on the plaint alleges that the $612 was returned by the Collector
4th inst.
and the amount of the assessment was fixed at $6,655.



422

THE CHRONICLE

This sum was paid January 6 to the Collector under protest
and last June a complaint was filed. The complaint alleges
that the tax as imposed by the Collector was a direct tax
levied without apportionment among the states; that it was
arbitrary, unequal and not uniform and that it was assessed
and collected without the taxing power of Congress to make
it legal. It is furthermore alleged by the trust company that
sums permanently invested in stocks are not subject to the
special war tax so long as they are not used by the company
as a banker. The Government's answer which was filed by
United States District Attorney J. Warren Davis, makes a
general denial of the allegations of the complaint and sets
forth that the tax was levied properly and in all respects
rightfully assessed. The company in its suit asks for the
return of so much of the assessment as is in excess of the
amount levied against the capital actually engaged by the
trust company. As heretofore stated in these columns, the
Farmers' Loan & Trust Company and the Guaranty Trust
Co. of New York filed proceedings on July 29 to test the
War Revenue Act of last October insofar as it imposes a tax
on banking capital. It is reported that the Government may
make a test case of the Fidelity suit to determine other cases
against the Act which have been brought and may be brought
in the future in other revenue districts.

101.

with the Exchange, refused to furnish the service. The
Stock Exchange is not a party to the action but was represented by counsel in the injunction proceedings. According
to Justice Pooley the main issues in the suit are:
"First, that the Stock Exchange has an absolute right to the quotations
collected and compiled by it; second, that under the contract of July 1, 1914,
between the Exchange and the telegraph company, the relation of sender
and carrier of messages exists, and that to require the telegraph to furnish
these quotations to others than those approved by the Stock Exchange
would compel a violation of the penal law."

Justice Pooley finds that the Stock Exchange has an
absolute property right in the quotations, but goes on to say:
"As to the second contention, that of the relation of sender and carrier
and of a violation of the penal law, I cannot agree. This law contemplate
a person who wrongfully obtains or attempts to obtain any knowledge of a
telegraphic message by connivance with an employee of a telegraph company, or being such employee, wilfully divulges the contents of a message.
"It is obvious this has reference to messages as generally understood.
But the service under discussion is extraordinary, one which has grown up
to meet the demand of business, the quick transmission of market conditions to all parts of the country.
"The value of the service is not in its secrecy, but in the publication of
the information as soon as it is available."

Justice Pooley points out that the telegraph companies
are not paid by the Exchange for furnishing the ticker information to patrons but that the telegraph companies
pay a large sum for the information which they transmit to
others, charging for the service. He furthermore says:
"It seems clear to me that the service in question is that of purchasing
rights in information, made valuable by its publication and assuming the
telegraph company has the right to make such purchase, it has not the
right to do so unless it has also the right to dispose of it on equal terms to
all who legally may require it.
"But it appears the information received and transmitted might be and
probably has been used unlawfully and the Exchange desiring to prevent
such transactions, determined to control the business to the extent of
requiring the telegraph company to refuse the service to anyone making
unlawful or improper use of it."

REDUCTION IN OVERDRAFTS OF NATIONAL BANKS.
The order issued by the Comptroller of the Currency last
February to national banks directing the discontinuance of
the practice of permitting overdrafts has had a decided effect
in remedying the overdraft habit according to communications from different sections of the country recently received
The court argues that it is not claimed that the plaintiffs
by the Comptroller. The following circular relative to the
matter was issued by the Comptroller of the Currency under in the action ever used or contemplated using the service
otherwise than in accord with the regulations proposed.
date of Aug. 2:
The Superintendent of Banks of the State of Oregon, under date of On the question as to the right of the defendants to refuse
July'23 1915, writes from Salem as follows:
ticker service to bucket shops, Justice Pooley points out
"It is gratifying to note the substantial reduction made in overdrafts
that there is no claim made that the plaintiffs are engaged
during the past year. The overdrafts in State banks have decreased
$68.770 42, or 33%; overdrafts in national banks have decreased in that line of business. He states that the Stock Exchange
$104,957, or 69%.
has the right to withhold such information, and the telegraph
"It appears that your efforts to eliminate the evil have not been in vain,
and this office will continue to co-operate with you to secure further re- companies may have the right to refuse to furnish the quotations, but if these rights are waived and the information is
ductions."
A National Bank Examiner writing from Dallas, Tex., in a letter dated furnished to one, it must be furnished to all, inasmuch as
July 27 1915, says:
"In further connection with the overdraft practice, beg to advise that the companies thereby become conformable, as far as this
I have just completed a trip of several weeks in my district and found only information is concerned, to the public service law. In the
one bank with an overdraft and that bank had one account of recent date view of the Court the relief afforded by the restraining
for two cents. It is as uncommon to find a bank now with overdrafts
injunction is the only remedy adequate to the situation.
as it was in the past to find one without them.
"Some of the bankers who objected most strenuously to discontinuing the practice are now making the statement that it was the best thing
that could have happened in that respect. The letter as sent out by you
relating thereto was of untold value in eliminating the practice and has been
resorted to in a majority of cases where the best results have been obtained."
Prior to the promulgation by the Comptroller of the Currency of his order
on the subject of overdrafts, the overdrafts of the national banks of Texas
exceeded those of any other State in the Union, amounting at the time
of the Dec. 31 1914 call to $1,781,664.
The President of a large national bank in Oklahoma, under date cf
July 30 1915, writes as follows:
"Can but commend you for your famous overdraft order and at the same
time call your attention to the fact that, although a number of the bankers
seemed to think it impossible to conform to the requirements of your order,
many of the directors adopted resolutions favoring your order and doubtless
as a direct result of the same overdrafts in banks in this country have been
decreased.
"On every hand I hear words of praise in reference to the order, where
many months ago I heard criticism."

BANKING, FINANCIAL AND LEGISLATIVE NEWS.
The public sales of bank stocks this week aggregate 14
shares and were all made at auction. Twelve shares of trust
companies' stock were also sold at auction. A sale of five
shares of Guaranty Trust Co. stock was made at 601, an
advance of 68 points over the price paid at the last previous
public sale in March. Extensive tables reporting bid and
asked quotations, deposits, surplus, &c., of banks and trust
companies in all important cities in the United States are
published monthly in the "Bank and Quotation" Section, the
August issue of which accompanies to-day's "Chronicle."
Bid and asked quotations for all New York City bank and
trust company stocks are also published weekly in another
TELEGRAPH COMPANIES REQUIRED TO FURNISH department of this paper, and will be found to-day on page
TICKER SERVICE, ALTHOUGH APPLICANTS
439.
Law. High. Close. Last previous sale.
Shares. BANKS—New York.
ARE DISAPPROVED BY EXCHANGE.
Commerce, Nat. Bank of
1604 1603i 160!4 July 1915— 161
A temporary injunction secured by Henry C. Tucker and 6
142
142
Nov. 1907— 170k
142
3 Fidelity Bank
other Buffalo stock brokers against the Western Union 5 Mech.& Metals Nat. Bank_ 255% 255% 2553 May 1915— 258
York.
TRUST
COMPANIES—New
Telegraph Company and the Gold & Stock Telegraph Co.
977 977 977
1 Central Trust Co
July 1914-1005
restraining the telegraph companies from shutting off the 5
601
601
Mar. 1915— 5323i
Guaranty Trust Co
601
ticker service of the brokers from the New York Stock Ex- 5 Title Guarantee & Trust Co 370 370 370 April 1915— 395
TRUST COMPANY—Brooklyn.
change, was continued by order of Justice Pooley in the
245
245
245
Mar. 1915— 260
1 Franklin Trust Co
Supreme Court at Buffalo on June 23; the injunction will
hold pending the determination of the action against the
Three New York Stock Exchange memberships were posted
telegraph companies.
The latter pay the exchange $50,000 a year for the priv- for transfer this week, the consideration in each case being
ilege of distributing quotatibns, the Exchange reserving $55,000. This is the same price as the last preceding sale.
the right to determine to whom the service shall be granted.
The quotations are sent throughout the country by direct
The business and entertainment program for the annual
wire and also by ticker service, at the rate to subscribers convention of the American Bankers' Association to be held
in Buffalo of $35 a week for the direct service, and $6 a at Seattle during the week of Sept. 6 was made public on
week for the ticker service. The proceedings in question Monday. The committees of Seattle bankers, with the
were instituted by the stock brokers because the Stock Ex- co-operation of city authoriti3s, representative organizachange, declined to approve the applications of the plaintiffs tions and clubs have completed the preparation of an atfor ticker service As a result of the action of the Exchange, tractive program for the entertainment and education of
the telegraph companies in accordance 'with their contract the visitors which the natural resources of that section afford.




AUG. 7 1915.1

THE CHRONICLE

423

The program of the main body, as thus far arranged, is as efficient work in promoting the service of the bank in South
America. The new course, which will at first include
follows:
Wednesday, September 8.
about twenty employees, is an extension of the plan already
First Day's Session.
in operation under the auspices of the City Bank Club. It
Invocation by Bishop Keator of the Diocese of Olympia.
Addresses of welcome by Hon. Ernest Lister, Governor of Washington; is stated that the graduates of the course will be sent to the
Hon. IIiram C. Gill, Mayor of the city of Seattle; M. F. Backus, President bank's branches at Buenos Aires, Montevideo, Rio de
of the Seattle Clearing House Association.
Response to addresses of welcome by William A. Law, President of the Janeiro, Santos and Sao Paulo to act as foreign exchange
First National Bank, Philadelphia, and President American Bankers' and credit men or assistant managers of departments. The
Association, who will then deliver his annual address.
course consists of special training in the actual operation of
Reports of officers.
the bank departments, particularly the foreign exchange,
Reports of committees.
At 11 o'clock, address, speaker to be announced later.
credit, loans and securities departments, and in suppleAfternoon session—Routine business.
Address by Hon. Henry D. Estabrook, member of the New]York Bar mentary lectures and lessons. The teaching of languages
is to be aided by "language tables" at which employees who
and one of the Empire State's most famous orators.
Thursday, September 9.
wish to study French, Spanish or Portuguese will converse
Second Day's Session.
with
trained linguists while at lunch. The employees in
Agricultural
ComThis session will be given over to the activities of the
the course are required to learn thoroughly the economic,
mission of the American Bankers' Association, B. F. Harris, Chairman.
Afternoon session—Routine business.
social and physical conditions of the countries where they
Election of officers.
intend
working. Shorthand, stenography and practical
the
United
of
States.
Taft,
ex-President
Address by Hon. William H.
The relation of trust companies to the Federal Reserve bookkeeping form a part of the curriculum. It is reported
Act and the provision in that Act granting trust company that no guaranty of stay is exacted from the men who take
powers to national banks will figure prominently in the delib- training for the work in South America. The course will
erations of the Trust Company Section. As is known, the last one year, and during the training period students will
Executive Committee decided to test by friendly suit the receive the pay ordinarily paid to beginners in banking.
constitutionality of Article K, Section 11, of the Reserve
The directors of the Brooklyn Trust Co. and the BrookAct granting trust powers to national banks, and to that end
the services of John G. Johnson of Philadelphia and Henry lyn City Safe Deposit Co. have insured the lives of their
M. Campbell of Detroit were secured as counsel. A test employees under contract made with the Equitable Life
ease has already been instituted in the courts of Michigan, Assurance Society. The insurance is on the new group plan
the Attorney-General of the State joining in this proceeding. inaugurated by the Equitable and benefits every employee
Mr. Campbell is to deliver an address at the Seattle meeting in the service. The insurance company requires no medical
and will explain his views as to this provision of the Federal examination. The proceeds of the life insurance are paid
Reserve Act. It is intended also to have another address to the beneficiaries of the individual employees regardless
by a representative trust company official as to the attitude of the cause of death. Each employee will receive a certifiof trust companies toward the Federal Reserve system. cate of insurance in the sum of one year's salary with a
The program of the Trust Company Section, as tentatively minimum amount of 8500 and a maximum of $3,000 to any
individual. It is stated that the plan will affect about 70
planned, is as follows:
employees.
TRUST COMPANY SECTION.
Tuesday, September 7 1914.
Order of Proceedings.
Invocation.
Address of welcome.
Reply to address of welcome; and annual address of the President,
Ralph W. Cutler, President Hartford Trust Co., Hartford, Conn.
Report of the Executive Committee, Uzal H. McCarter, Chairman,
President Fidelity Trust Co., Newark, N. J.
Report of the Committee on Legislation, John H. Mason, Vice-President
Commercial Trust Co., Philadelphia, Pa.
Report of the Committee on Protective Laws, Lynn H. Dinkins, Chairman Interstate Trust & Banking Co., New Orleans, La.
Report of the Secretary, Philip S. Babcock.
Address, "Can Congress Confer Trust Powers Upon National Banks?"
Henry M. Campbell, Detroit, Mich.
Discussion—Speakers limited to five minutes each.
Address.
Discussion—Speakers limited to five minutes each.
Roll-call of States, to be answered by the Vice-Presidents of the Section
In brief written reports dealing with the history of the trust companies, in
the several States during the preceding year, and with the conditions under
which they are now operating, and other matters of interest now pertaining;
to them. (vice-Presidents may be heard from in brief addresses amplifying or explaining any topics contained in their reports by giving previous
notice of their intention to the Secretary.)
Election and installation of officers.
Unfinished business.

The Morris Plan Company of Albany, N. Y., opened for.
business on Friday, July 30, with a capital of $100,000.
This is the second company organized in New York State
to operate the Morris plan of industrial loans and investments, the New York City company being just seven months
older. Charles L. A. Whitney is President of the Albany
company, Donald McDonald and Samuel Hessberg VicePresidents, and Luther H. Tucker Secretary-Treasurer and
General Manager. The capital stock was sold at $120 a
share, which provided for all organization, installation and
equipment expenses and left a cash surplus of 810,000. This
is the tenth company organized within the past fourteen
months under the auspices of the Industrial Finance Corporation to operate the Morris plan of industrial loans and investments. On May 31 twenty-two such companies, the
oldest of which dates from 1910, had loaned over ,775,000
to more than 70,000 borrowers. There are twenty-four companies in operation to-day and six others are in process of
organization.

Ralph Lovell, former paying teller of the First National
L. W. Knowles, former Credit Manager of the Liberty
National Bank of this city, has been elected an Assistant Bank of Edgewater, N. J., who was charged with the larCashier of the institution. J. P. Maguire succeeds Mr. ceny of $125,000 of cash and securities of the bank,was sentenced on July 28 to two years in State prison by Judge RellKnowles as Credit Manager.
stab in the U. S. District Court at Trenton, N. J. As preExtensive alterations have been completed in the banking viously stated in these columns, Lovell disappeared in May
rooms of the United States Mortgage & Trust Co. of this 1914 and was arrested in London the following September.
city in the Mutual Life Insurance Building, 55-57 Cedar St. He pleaded guilty to the charge and was sentenced on one
One of the striking results of the changes effected is to throw of four indictments against him.
open to full view the main banking room. As heretofore
William T. Tilden, a director in the Union National Bank
stated in these columns, the United States Mortgage &
Trust recently secured additional space at 59 Cedar St., of Philadelphia, died on July 29. Mr. Tilden was President
and founder of the W. T. Tilden Company and had been a
adjoining the company's main office.
prominent member of the Board of Public Education of
Albert A. Tilney, who retired last year as a member of Philadelphia.
Harvey Fisk & Sons, has become Assistant to President
Adolph Blau of Scranton, Pa., who disappeared on June
Seward Prosser of the Bankers Trust Co. of this city.
10, the day before his private bank closed its doors, was
brought back to that city on July 30 followinehis arrest in
Frederick T. Martin, heretofore Cashier of the Corn Ex- Chattanooga, Tenn., on a charge of having absconded with
change Bank of this city, has been appointed a Vice-President $375,000 of his depositors' money. Blau was committed to
of the institution. Edward S. Malmar, who has been an the county jail in default of 850,000 bail. He alleges that he
Assistant Cashier of the bank, succeeds Mr. Martin as Is penniless and that he did not take a cent withchim when
Cashier.
he left the city. At the time of the closing of Blau's private
bank it was stated by his attorneys thagthe deposits totalled
The National City Bank of New York inaugurated on 8450,000 while the assets, including Blau's equity in real
Aug. 1 a school .wherein young men will be trained for estate, amounted to about 8175,000.1It was reported that



424

[VOL. 101.

THE CIIRONICLE

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
the only assets found in the bank were a few hundred dollars
subjoined table, covering clearings for the current
-The
paper.
mercantile
in
$10,000
about
in cash and
week, usually'appears on the first page of each issue, but
on account of the length of the other tables is crowded out
The Commercial National Bank of Washington, D. C., once a month. The figures are received by telegraph from
has opened a branch bank at Cristobal, Canal Zone, accord- other leading cities.
ing_to an announcement made by the Department of ComPer
Clearings-Returns by Telegraph.
Cent.
1914.
1915.
merce in its "Commerce Reports" of July 28. The stateWeek ending Aug. 7.
ment said:
31,807,280,642 $1,068,655,500 +69.1
New York
The Commercial National Bank of Washington has opened a branch
bank in the Masonic Building, Cristobal, Canal Zone, for the transaction
will
of business on the same lines as the home institution. This branch
act as fiscal agent for the United States Government and will offer facilities for exchange, deposits and discount business. The opening took
place on July 15 1915. The Commercial National had already established
a branch in Panama City, as noted in "Commerce Repor6" for May 15
1915.

123,149,353
133,249,228
30,250,601
255,380,440
63,575,942
15,761,702

119,602,198
120,660,065
47,089,415
249,116,872
58,708,500
17,954,481

+3.0
+10.4
-35.7
+2.5
+8.3
-12.2

$2,428,847,908
509,782,416

81,881,787,031
513,248,811

+44.4
-0.7

$2,938,430,324
523,214,407

$2,195,013,842

+33.9
+39.1

Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
Seven cities, five days
Other cities, five days
Total all cities, flve days

376,082,645
day
A new banking institution, the Northwestern State Bank, All cities, one
$3,461,644,731 I $2,571,006,487 +34.6
week
for
cities
all
Total
of
has been established in Detroit, Mich., with capital stock
$25,600 and surplus of more than $6,000. The bank opened
Our usual monthly detailed statement of transactions on
for business on July 31 in temporary quarters at Grand River the New York Stock Exchange is appended. The rasults
and 1914 are given below:
Ave. and Plymouth Road, just outside the city limits. for the seven months of 1915
Seven Months 1014.
1915.
A $15,000 structure is being erected for the bank across the
Seven Months
street from the temporary location. The officers of the in- DescripAver.
Value
Actual
Par
Aver.1
Actual
Value
Par
lion.
Value.
Price.
Price.! or Quantity.
Value.
or Quantity.
stitution are: Wales C. Martindale, President; Frank E.
45,990,575
I
Vignoe, Vice-President, and Charles H. Ketcham, Acting Stock(Sh's. 76,301,612
$3,792,545,143 94.3
Val_ $6,535,766,345 $5,465,093,849 83.6 $4,023,321,369
376,288,685 98.0
Cashier.
365,962,453 83.5, 391,771,500
RR. bonds 438,243,200
583,000

Gov't bds_

588,766 101.0
12,042,860 89.41

655,100
32,659,500

683,029 104.3
32,922,526 100.8

13,476,000
State bonds
535,338 201.4
265,800
230,046 174.7
John G. Lonsdale of New York, who was recently elected Bank
131,700
stks_
President of the National Bank of Commerce of St. Louis, Total_ ___ $6,988,200,245 $5,843,917,774 83.6 34,448,673,269$4,202,972,721 94.5
arrived in that city on July 31 to take up his new duties
The volume of transactions in share propert'es on the New
Mr. Lonsdale was greeted at the bank by a large number of
Stock Exchange each month since Jan. 1 in 1915 and
York
a
as
retired
Lonsdale
Mr.
noted,
heretofore
As
patrons.
its
1914 is indicated in the following:
&
Logan
of
firm
Exchange
Stock
EXCHANGE.
member of the New York
SALES OF STOCKS AT THE NEW YORK STOCK
Bryan to accept the presidency of the National Bank of
1014.
1915.
Commerce. He succeeded Tom Randolph, who has been Mth .
Values.
Number
Values.
institution.
Louis
St.
the
of
board
Number
the
of
chosen Chairman
of
of
Shares.

F. L. Johnson, Assistant Cashier of the Mercantile National Bank of St. Louis, committed suicide on the 3d. inst.
Mr. Johnson had been Assistant Cashier of the bank since
its organization in 1900.
new Church Street Bank of Norfolk, Va., which was
The now
recently organized with a capital of $50,000 paid in, opened
for business on the 2d inst. The bank occupies a new building at the corner of Church and Freemason streets which
was constructed for its use. The officers of the new institution are Benjamin Margolius, President; Nathan Metzger,
Cashier and G. W. Truitt, Jr., Vice-President.

Par.

GOLD.
The movements have been substantially in favor of the Bank of England
The following amounts were received by the Bank:
July 15- £677,000 in bar gold.
17- 100,000 in sovereigns on miscellaneous account.
19-1,000,000 in sovereigns on account of Indian paper reserve.
20- 25,000 in sovereigns on miscellaneous account.
20- 94.000 in sovereigns on account of Straits Settlements
Note Guarantee Fund.
21- 100,000 in sovereigns on miscellaneous account.
21- 826,000 in bar gold.
Withdrawals were made as under:
July 17- £100,000 in bar gold.
21- 100,000 in bar gold.
During the week the net increase amounted to £2,622,000. The West
African output for June 1915 was £135,289, as compared with £147,289
for June 1914 and £142,123 for May 1915.
The Swiss Republic has prohibited the export of gold.
SILVER.
The market has betrayed no animation, and the price has been fixed daily
at 22 9-16d. with the exception of the first and last days in the period under
review, when 22%d. and 22 7-16d. were quoted, respectively. The dominant factor is still the very restricted amount of selling from America, which
offsets the sluggish disposition of buyers. Interest taken by the Indian
Bazaars has been slight; the main support has been forthcoming from the
Continent. China has taken no appreciable part in operations during the
week, either as a buyer or a seller. An Indian currency return for July 15
gives details in lacs of rupees as follows:
67.75
Notes in circulation
38,30
Reserve in silver coin
7,80
Gold coin and bullion
7,65
Gold in England
The stock in Bombay consists of 5,700 bars, as compared with 5.900 last
week. A shipment of 350,000 ozs. has been made from San Francisco to
Hongkong during the week. Quotat ons for bar silver per ounce standard:
5%
Bank rate
No
cash
July 16-22%
quotations Bar gold per oz. standard_ _ _77s. 9d.
17-22 9-16 "
French gold coin per oz.... _ _Nominal
fixed
19-22 9-16 " I
_ _Nominal
U.S. A.gold coin per oz_ .
for
20-22 9-16 "
forward
21-22 9-16 "
delivery.
22-22 7-16 "
.
Av. for wk. 22.552 cash.
The quotation to-day for cash is Hd. below that fixed a week ago.
FRASER

Digitized for


Shares.

Par.

Actual.

$
$
$
$
847,963,208
5,076,210 435,534,900 302,461,298 10,088,895 881,625,495
Jan
556.109,360
6,220,059
515,947,918
262,372,421
380,032,785
Feb. 4,383,449
5,855,260 518,398,024 483,147,819
Mar_ 7,862,308 881,471,315 535,476,914
22,184,214
1,956,132,879 1,847,058,745
1.100.310,833
1
1,497,039,00
1stq '17,321,967
623,482,570 593.476,978
Apr 21,022,931 1,799.436.335 1,619,407,302 7,145,284
May 12,581,040 1,037,762,90 958,264,713 4,757,405 398,348,240 374.842.097
June 11,004,042 912,619,430 832,467,913 4,002,748 343,676,540 324,688.914
2d q 44,608,012 3,749,818,725 3,410,139,928 15,905,437 1,365,507,350 1,293,007,989
Omoi'61,929,979 5,246,857,725 4,510,450,561 38,069,851 3,321,640,2293.140,066,734
July_ 14.371.633 1.288,908,62' 958,643,288 7,920,924 701,881,14 i 652,478,409
MONTHLY CLEARINGS
Clearings, Total All.
Month.

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 22 1915:

Actual.

1915.

1914.

Clearings Outside New Hork.
1915.

1914.

$
$
Jan_ _ 13,478,488,698 16,198,199,048 --16.8 6,190,798,185 6,826,078,655 -9.3
Feb _ _ 11,908,010,330 12,865,538,277 --7.5 5.428,183,783 5,627,982,795 --3.6
Mar._ 13,842,354,632 14,253,206,041 --2.9 6,278,240,930 6,403,915,996 -1.9
1st qr_ 39,229,853,660 43,318,943,388 -9.4 17,895,220,878 18,857,977,448
6,352,935,192
Apr _ 15,008,877,252 14,899,452,513 +0.8 6,197,212.178
May _ 14.622.873,941 13,187,100,346 +11.1 5,987,717,981 5,928.568,788
6,092,070,062
6.103,820,918
+1.2
13,948.023,885
June_ 14.117,551,611
2d qr_ 43.749,302,354 42,014,576,544 +4.1 18,277,000,221 18,383,324,898

-5.1
-2.4
+0.9
-0.2
-0.6

6 mos. 82,979,150,014 85,331,519,910 --2.8 38,172,221,099 37,241,302,344 -2.9
July__ 14,925,063,909 14,493,388,187 +3.0 8,229,650,341 6,312,903,566 -1.3

The course of bank clearings at leading cities of the country for the month of July and since Jan. 1 in each of the last
four years is shown in the subjoined statement;
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to July 31
July
1914. 1913.
1912.
1915. 1914. 1913. 1912. 1915.
(000,0003
$
8
3
$
a
omitted.
8,695 8,180 7,345 7,921 55,502 56,271 56,136 58,057
New York
9,117
9,640 9,334 8,811
1,318 1,377 1,343 1,271
Chicago
760 4,568
681
4,700 4,870 5,262
708
682
Boston
689 4,658
4,672
5,004
4,861
709
708
713
Philadelphia
323
2,326
329
2,305
2,401
2,380
337
324
St. Louis
247
1,472
1,598
1,764
1,582
252
229
228
Pittsburgh
228
1,508
1,515
1,468
1,477
219
225
227
San Francisco
118
810
761
113
779
803
120
119
Cincinnati
161
1,097
1,180
1,022
163
1,108
183
152
Baltimore
1,490
1,597
206
2,099
231
1,569
242
275
City
Kansas
648
751
831
110
761
127
124
144
Cleveland
506
546
556
537
78
72
:2
74
New Orleans
686
82
570
680
97
687
100
77
Minneapolis
438
424
402
424
58
62
58
66
Louisville
631
755
815
778
99
118
116
136
Detroit
482
418
450
501
59
88
79
67
Milwaukee
730
707
663
598
98
98
98
90
Los Angeles
246
243
232
256
37
35
37
37
Providence
513
505
540
488
72
73
67
75
Omaha
330
353
358
324
51
58
58
53
Buffalo
355
334
293
46
318
44
Si
57
St. Paul
243
247
255
258
40
39
40
40
Indianapolis
271
371
255
275
42
35
42 ' 35
Denver
273
244
255
239
38
33
38
40
Richmond
193
227
223
223
30
28
24
19
Memphis
373
350
335
371
50
55
58
53
Seattle
147
150
150
194
22
23
28
31
Hartford
263
180
176
180
2.7
26
26
28
Salt Lake City_ _ __
Total
Other cities

13,862 13,414 12,478 12,961 90,487 90,487 92,016 92,680
6,959
7,646
7.417
7,417
966
1,063 1,079 1,078

14,925 14,493 13,554 13,927 97,904 97,904 99,861 99,839
Total all
Outside NewYork. 6,230 6,313 6,209 6,008 42,402 42,402 43,525 41,582

AUG.

Canadian Bank Clearings.-The clearings of the Canadian banks for the month of July 1915 show a decrease from
the same month of 1914 of 23.4%, and for the seven months
the loss reaches 18.0%.
Seven Months.

July.
Clearings at1915.

1914.

Inc. or 1
1 Dec. I

Inc.or
Dec.

1914.

1915.

$
% 1
S
Montreal_ _ 211,147,708 268,847,793 -21.5 1,361,415,411 1,611,468,940
Toronto _ _ _ _ 161,709,156 198,337,755 -18.5 1,034,261,028 1,258,923,103
Winnipeg_ _ _ 75,614,528 108,760,139 -30.5 645,418,106 730,922,328
Vancouver_ _ 23,712,152 39,574,409, -40.1 156,343,076 269,153,867
17,321,694 17,717,427 -2.2 121,151,611 119,380,081
Ottawa
84,646,052 122,999,710
Calgary _ _ _ 11,4(14,102 20,879,699 -45.4
85,015,655
93,062,089
14,374,764 15,741,169 -8.7
Quebec
46,190,442
77,838,051
Victoria__- 6,588,614 11,981,270 -45.0
60,375,802 102,439,671
8,567,281 15,317,009 -44.1
Edmonton_ _
81,312,093
90,053,936
Hamilton--- 12,832,549 13,434,967 -4.5
57,644,423
58,696,837
9,587,723 9,558,076 +0.3
Halifax
44,044,551
46,352,127
7,118,322 8,094,476 -12.1
St. John_ _ _ _
51,245,428
51,230,182
London _ _ _ _
7,879,220 7,807,314 -1.6
37,665,547
56,636,656
Regina
5,004,130 8,233,957 -39.2
36,445,285
21,467,305
Saskatoon _
2,974,844 4,990,469 +40.4
26,640.596
19,329,371
Moose Jaw_
2,443,277 3,770,564 -35.2
14,124,841
13,042,925
Brandon _ _
2,058,848 2,052,879 -40.3
12,853,471
8,868,953
Lethbridge _
1,297,066 1,739,055 -25.4
17,959,267
14,682,053
Brantford _ _
2,325,666 2,700,000 -13.9
24,004,844
12,756,075
Fort William 1,958,559 4,154,262 -52.9
12,075,440
7,914,706
NewW'm'ter 1,174,001 1,786,407 -34.2
12,773,649
6,162,249
MedicineHat
972,606 1,708,934 -53.6
2,649,231
11,361,923
Peterboro
1,400,000 1,768,868 -20.9

-15.5
-17.9
-11.7
-41.9
+1.5
-31.2
-8.7
-40.7
-41.1
-9.7
-1.8
-4.2
+0.03
-33.5
-41.1
-27.4
- 7.7
-30.9
-18.2
-46.9
-34.4
-51.8

Tot. Canada 587,686,800 767,188,030 -23,4 3,971,330,862 4,846,034,971 -18.0
Not included in total; comparison incomplete.
The clearings for the week ending July 31 make an unsatisfactory comparison with the same week of1914, the decrease in the aggregate having been 23.5%.
Week ending July 31.
Clearings at1915.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
St. John
Hamilton
Calgary
London
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada

425

THE CHRONICLE

7 1915.]

46,740,865
34,000,000
16,675,215
4,837,633
2,905,612
2,880,159
1,947,707
1,465,630
2,703,928
2,248,758
1,531,102
1,243,388
1,511,458
880,792
491,966
570,789
473,708
280,851
413,720
420,607
243,172
156,839
329,313

1914.

Dec.

1913.

1912.

$
1 %
58,107,5411 -19.6 50,197,842 55,570,606
44,000,000 -22.7 41,554,628 40,503,012
22,482,916 -25.8 23,736,777 24,207,246
8,202,872 -41.0 9,836,892 11,934,217
3,372,627 -13.8 3,701,359 5,085,772
3,062,557 -5.9 2,841,936 2,827,347
2,007,295 -3.0 1,620,529 1,675,438
1,674,110 -12.5 1,499,953 1,628,501
2,740,267 -1.3 3,271,527 3,328,450
3,783,325 -40.6 4,076,447 4,540,818
1,459,022 +4.9 1,520,985 1,414,622
2,438,622 -49.0 3,093,559 3,590,080
2,842,238 -46.8 3,129,741 3,445,159
1,881,362 -53.2 1,659,414 1,793,039
526,303
636,899
466,510 +5.4
983,931 -42.1 1,473,985 1,922,455
755,401 -37.3
920,266 1,047,556
435,051
592,322
327,117 -15.0
577,388 -28.4
519,614
596,849
1,093,161 -61.6
887,990
653,908
342,555 -28.9
468,697
314,129 -50.3
540,904
371,443 -11.3

124.953,212 163,286,3891 -23.5 157,514,39!1 166,994.296

Pacific and Other Western Clearings brought forward
from first page.
July.

Seven Months.

Clearings at
lacer
Dec.Incur
ec.
Dcc.
s
s
$
%
$
%
San Francisco_ 226,800,958 225,316,649 +0.7 1,477,497,570 1,468,238,4991 +0.6
Los Angeles_ - _ 90,315,114 97,669,160 -7.5 598,139,836 707,180,684 -15.4
53,323,052 56,003,474 -4.8 349,821,171 372,709,6421 -6.1
Seattle
40,560,206 46,046,477-11.9 311,103,008 342,486,803 -9.2
Portland
Salt Lake City 28,132,916 25,733,731 +9.2 180,232,604 175,927,153 +2.4
15,301,522 16,427,535 -6.9 106,453,923 122,505,480i-13.1
Spokane
57,132,924
7,854,939 9,100,172 -13.7
65,019,866 -12.1
Tacoma
14,778,996 14,389,582 +2.7 101,668,464 103,401,0891 -1.7
Oakland
52,401,742
57,870,635 -9.6
Sacramento_ - - 8,308,752 8,764,924 -5.2
56,514,699
64,180,315-12.0
San Diego--- 8,510,775 8,782,549 -3.1
26,043,406
28,281,425 -7.6
3,872,117 3,787,480 +3.2
Pasadena
26,245,254
25,804,748 +1.7
3,893,707 4,117,712 -5.4
Stockton
26,289,154
27,113,052 -3.0
3,446,166 3,782,298 -8.9
Fresno
18,173,685
19,192,267 -5.3
2,914,094 3,269,724 -10.0
San Jose
22,189,700
22,117,947 +0.3
3,600,000 3,578,632 +0.6
Boise
22,445,050
21,770,246 +3.1
3,580,112 3,379,878 +5.3
Ogden
10,773,356
11,532,130 -6.6
North Yakima 1,383,705 1,450,000 -4.6
8,276,020
7,963,324 +3.9
1,254,044 1,333,642 -5.9
Reno
6,494,011
0,449,011 -11.0
1,000,000 1,057,930 -5.5
Santa Rosa _ _ _
2,527,240-11.8
15,442,300
6,120,432
2,229,092
Long Beach._ _
11,823,308
14,487,946-18.4
1,740,091 1,912,709 -9.0
Bakersfield
Total Pacific 520,551,266 535,904,288 -2.9 3,469,718,885 3,665,005,107 -5.3

Week ending July 31.
Clearings at
1915.

1914.

Inc. or
Dec.

1913.

1912.

9
48.041,065
16,622,507
11,132,052
7,590,766
6,848,444
4,205,907
1,394,631
2,911,960
1,585,305
1,404,366
711,181
805,989
604,438
650,000
264,796
240,000
410,142

$
47,076,101
20,210,257
11,569,227
8,519,463
5,355,856
3,062,248
1,727,062
2,830,479
1,631,237
1,547,421
699,578
807,908
664,962
721,653
265,000
260,000
488,567

%
+2.0
-17.8
-3.8
-10.9
+27.9
+37.3
-19.3
+2.8
-2.8
-9.2
+17.1
-0.4
-9.1
-9.9
-0.1
-7.7
-16.0

$
43,977,969
18,930,110
12,031,585
9,389,654
5,387,087
3,411,560
2,235,499
3,261,473
1,761,534
2,347,044
711,336
575,440
656,041
607,170
267,978
255,000

$
49,927,419
19,550,384
10,641,280
9,670,740
5,751,000
3,781,515
2,600,438
3,326,092
1,377,250
1,948,198
670,029
811,521
804,904
604,815
303,504
250,000

Total Pacific

105,423,549

107,437,019

-1.9

105,806,480

111,983,089

Kansas City_
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Wichita
Duluth
Sioux City
Lincoln
ropeka
7edar Rapids- _ _
Davenport
iVaterloo
Helena
Fargo
Dolorado Springs
Pueblo
Fremont
kberdeen
Hastings
Billings

58,959,185
14,841,290
14,421,696
13.338,349
8,635,604
6,521,148
4,144,301
3,752,819
2,657,353
2,500,000
1,902,838
1,352,643
1.305,731
1,302,790
1,175,968
935,855
1,059,617
700,000
290,864
262,634
606,000
180,980
458,774

62.225,686
23,316,145
14,400,620
9,809,846
6,800,816
5,468,394
4,208,006
3,848,683
3,713,633
2,521,891
2,074,468
1,312,834
1,535,502
1,426,552
1,143,381
1,079,584
959,120
790,000
499,554
436,233
476,272
325,413
315,700

-5.2
-36.3
+0.1
+36.0
+26.9
+19.3
-1.5
-2.5
-28.4
-1.1
-8.3
+3.0
-15.0
-8.7
+2.8
-13.3
+10.4
-11.4
-41.8
-37.6
+26.0
-44.4
+45.3

53,523,533
17,776,664
16,696,658
9,790,461
6,493,318
7,062,094
4,380,243
3,703,101
3,534,155
2,789,647
2,111,237
1,576,344
1,360,786
1,853,923
1,422,198
873,123
342,572
762,946
412,032
440,594
313,810
200,000
375,296

49,787,252
16,412,884
15,047,067
9,227,734
8,122,740
6,573,313
4,264,628
3,677,384
2,457,950
2,361,420
1,714,565
1,340,312
1,164,489
1,560,301
1,117,248
961,739
307,669
850,000
440,744
293,505
370,679
189,997
370,572

148.688.333

-4.9

137,794,735

128,343,992

San Francisco_ _ _
Los Angeles
Seattle
Portland
•
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
North Yakima
Reno
Long Beach

Tot.0th. West. 141.350.439

Commercial nuMascenantonssews
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO CONVERT APPROVED JULY 15.
The Dolores State Bank, Dolores, Colo., to "The First National Bank
of Dolores." Capital, $25,000.
CHARTER ISSUED TO NATIONAL BANK JULY 17.
10,757-The Farmers & Merchants National Bank of Kaufman, Tex.
Capital, $75,000. Wood Nash, Pres.; George W.Smith, Cashier,
VOLUNTARY LIQUIDATION.
8,967-The First National Bank of Cortez, Colo., July 9 1915. Liquidating agents: H. M. Guillet and C. H. Rudy, Cortez.
INSOLVENT NATIONAL BANK.
6.529-The Dresden National Bank, Dresden, 0., was placed in the hands
of a receiver on July 15 1915.
RESUMPTION OF BUSINESS JULY 19.
8,966-The Third National Bank of Fitzgerald, Fitzgerald, Ga., placed
in the hands of a receiver June 3 1915, has been restored to solvency and was this day permitted to resume business.
CIIANGE OF TITLE JULY 19.
7,120-The Exchange National Bank of Coeur d'Alene to "The First
Exchange National Bank of Coeur d'Alene," Idaho.

Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Per cent. Shares. Stocks.
Shares. Stocks.
5 Title Guarantee & Trust
370
3 Bond de Mortgage Guarantee_ _272
5 Washington Water Power
2 Brooklyn Academy of Music__ 1134
7234
2"New-Yorker Staats Zeitung"
4 H. B. Clatlin Co. 1st pref_ _ _510 lot
$2,084.82
977
1 Central Trust Co
"New-Yorker Staats Zeltung"
142
3 Fidelity Bank
$3,127.24
121
5 Franklin Safe Deposit Co
16 "New-Yorker Staats Zeitung"
245
1 Franklin Trust Co
$2,000 lot
601
5 Guaranty Trust Co
390 Imperial Devel. Co. as collat.
4 C. G.Gunther's Sons, 1st pref_ 11
20c. per sh.
4
6 C. G. Gunther's Sons, corn_ _
5 Mechanics & Metals Nat. Bk.-25534
Bonds.
Per cent.
6 National Bank of Commerce_ 16034_
20034 $20,000 Consol. Indiana Coal 1st 5s,
6 National Fuel Gas
25
1935, June 1915 coupons on
101
1 Realty Associates
1 N. Y. Prod. Exch. S. D. & S.
1 06
Co., $50 par

275,067,037 241,963,243 +13.7 2,099,062,325 1,569,349,391 +33.8
By Messrs. R. L. Day & Co., Boston:
77,013,473 99,937,926 -22.9 686,135,788 686,655,576 -0.1
75,385,422 67,091,759 +12.5 544,933,316 505,350,723 +7.8 Shares. Stock.
per sh.
$ per sh. Shares. Stock.
56,960,163 50,550,798 +12.7 354,827,635 334,375,606 +6.1
10 Plymouth Cordage, old..__18934-134
105
1 Mutual National Bank
41,921,039 35,456,274 +18.2 271,184,298 254,728,957 +6.5
56 No. BostWn Ltg. Prop., pref_ _11590
202
1 Naumkeag Steam Cotton
28,904,148 25,588,823 +13.0 222,278,926 218,072,858 +1.9
25 Bowker Fertilizer panic. ctfs__ 56c.
155
2 Cornell Mills
22,562,024 23,616,079 -4.5 161,696,684 172,550,921 -6.1
8 Griffin Wheel Co., pref._107% & hit
8 Mass. Cotton Mills, ex-div_ _ _116%
15,787,593 15,985,571 -1.2 108,838,939
97,934,120 +11.1
2 Dartmouth Mfg. Corp., corn_ _ 165
11,862.620 17,067,513 -30.5 101,718,451 100,928,264 +0.8
13,724,401 13,593,290 +1.0
Henshaw
& Co., Boston:
96,716,856 104,292,857 -7.3
By Messrs. Francis
10,177,537 9,682,031 +5.1
68,976,657
62,902,957 +9.7
6,900,000 7,020,233 -1.8
47,576,506 -7.0
44,246,485
4 Haywood Bros. & Wakefield,pf. 9534
200
Bank
7,526,863 7,809,016 -3.6
52,296,384
57,590,691 -9.2 '1 National Shawmut
120-12034 10 Mass. Fire & Marine Insur__ _125
50 Pepperell Mfg. Co
6,080,913 6,904,815-11.9
43,714,455
52,484,648 -16.7
102
10 Hendee Mfg., pref
9734
25 Sharp Mfg., pref
6,289,414 5,905,708 +6.5
44,943,208 +10.4
49,630,525
80
20 Arlington Mills
4,599,890 5,862,284 -21.5
31,637,468 +0.1
31,669,779
4,474,644 4,001,846 +11.8
30,483,170
28,473,292 +7.1
Philadelphia:
Lofland,
Barnes
&
By Messrs.
5,187,548 4,696,786 +10.5
25,678,249 +36.6
35,090,776
$ per sh.
S per sh. Shares. Stock.
3,281,167 3,315,534 -1.6
18,619,872 +9.1 Shares. Stocks.
20,317,737
10 N.Liberties Gas Co.,$25 each. 4334
19,064,400 -21.0 168 No. Wildwood Ld. Assn.,$50 ea 50
1,692,520 2,677,433 -36.8
15,051,880
100 Un.Gas & Elec. Corp., 1st pf__ 55
2 Pennsy. Academy of Fine Arts_ 25
1,466,876 1,778,438-17.5
12,192,610
11,497,666 +6.0
234
7 Fire Assoc. of Phila., $50 each-3153I 100 Pratt Food Co., $1 each
16,426,374
14,631,186 +12.3
2,700,000 2,395,804 + 12.3
1 Marine Tr. Co., Atlantic CIty_315
90
5,525,757 +16.1
10 Young-Smyth-Field, pref
6,415,809
897,510 1,055,612 -15.0
345
1 J. B. Stetson, common
1
1 Chester Co. Motor Co
14,127,949
11,998,553 +17.7
2,272,087 1,812,462 +25.4
1
8 Philadelphia Bourse, common_ 514
23,880,738
10 Conestoga T.& T.,$10 each
19,438,500 +22.9
4,221,879 2,718,100 -55.3
Per cent.
Bonds.
5 Haddonfield (N.J.) Nat. Bank.180
10,002,400
10,140,000 -1.4
1,360,000 1,422,000 -4.4
30% $500 Suburban Gas& F. Co., N.Y..
10 Belmont Trust Co.,$50 each
957,247 -15.5
5,782,757
6,470,372 -10.4
809,937
1st 5s, 1940. April 1914 coup. on. 5
26 Corn Exchange National Bank_300
7,967,259
7,637,301 +4.3
1,000,000 1,059,784 -5.6
W$500 Castlewood Irrig. Dist. 6s,
2 Continental-Equit. Tr..$50 ea.. 90
1
1926, Dec. 1913 coupons on
8 Farmers Trust Co., Mt. Holly_120
Tot.othWest. ann ins 7k11 RAI 095 400 -4-4 2 A i;u; 51(7 020.4 A90 AAA RAO -4-12 A
$1,000 Wilkes-Barre Co. 1st & ref.
720
1 Philadelphia Trust Co
94
5s, 1960
6 2d dr 3d Sm. Passenger Ry___ -230
* Not Included In total for month or seven months; comparison incomplete.

Kansas City_
Minneapolis ....
Omaha
St. Paul
Denver
St. Joseph_ _
Des Moines_ _ _
Wichita
Duluth
Sioux City_ _ -Lincoln
Topeka
Cedar Rapids_
_
Davenport
Waterloo
Helena
Sioux Falls _
Fargo
Colorado Spgs_
Pueblo
Fremont
Aberdeen
Hastings
Billings
Joplin
Grand Forks
Lawrence
Iowa City_




DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Alabama Great Southern, preferred ___.
Atch. Top.& S. Fe. corn.(qu.)(No.41)_
Baltimore & Ohio, common
Preferred
Buffalo Rochester & Pittsburgh, common
Preferred
Chicago Milwaukee & St. Paul,common_
Preferred
Chicago St. P. Minn.& Om.,corn.& pref.
Cleveland dr Pittsb., reg., guar.(quar.)_
Special, guar. (guar.)
Cripple Creek Central, corn. (qu.)(No. 23)_
Preferred (guar.) (No. 39)
Illinois Central (No. 121)
Louisville & Npstiville
Norroik & We-tern, coin.(quar.)
Adjustment preferred (guar.)
Pennsylvania RR. (quar.)
Peoria & Bureau Valley
Extra
Reading Company, common (quar.)_ _
First preferred (quar.)
Utica Clinton & Binghamton
Street and Electric Railways.
American Railways, pref. (quar.)
Boston Elevated Ry.(quar.)
Brazilian Trac., Light dc Power (guar.)._
Chicago Railways partic. certifs. Series 1..
Connecticut Ry. & L., corn. & pi. (qu.)
Detroit United Ry. (quar.)
Illinois Traction, common (quar.)
Lincoln Traction, preferred (guar.)
Massachusetts Consolidated Rys., pf. (qu.)_
Pacific Gas & Elcc., 1st pf.(qu.)(No.4)_
Original preferred (guar.)(No. 38)
Philadelphia Company.5% preferred
Tampa Electric Co.(quar.)(No.
Banks.
Mechanics & Metals National (quar.)___ _
Trust Companies.
Kings County, Brooklyn (guar.)
Miscellaneous
Alaska Packers Association (guar.)
Amalgamated Copper Co.(quar.)
American Bank Note, common (guar.)._
American Chicle, common (monthly).. _ _ _
Amer.Graphophone, pref.(quar.)(No69)
Am.La France Fire Eng.,Inc.,corn. (qu.)
American Radiator, common (guar.)
Preferred (guar.)
Amer. Smelt. & Refining, corn. (quar.)__ _
Preferred (guar.)
American Tobacco, common (guar.)
American Soda Fountain (quar.)
-Beatrice Creamery, common (quar.)
Preferred (guar.)
American Utilities, preferred (quar.)_ _
Bond & Mortgage Guarantee (quar.)__
'Borden's Condensed Milk, corn.(No. 40)
Brunswick-Balke-Collender, pref. (quar.)
Buckeye Pipe Line (quar.)
Burns Brothers, common (quar.)
Bulterick Company (quar.)
Cambria Steel (quar.)
Canada Cement, pref.(quar.)(No. 22)_ _
Citizens Gas of Indianapolis (No. 12)_ _
Consolidated Gas (quar.)
Extra
Consumers Company, preferred
Crescent Pipe Line (quar.)
Diamond Match (guar.)
DWman Bakery, Inc., pref.(No. 1)
Dome Mines, Ltd. (No. 1)
Dominion Bridge (quar.)
Eastman Kodak. common (extra)
Electric Boat, common (No. 5)
Common (No. 6)
Preferred (quar.) (No. 29)
Preferred (quar.) (No. 30)
Fairmont Gas, preferred (quar.)
General Asphalt, pref. (guar.) (No. 33).. _
General Chemical, common (quar.)
General Development
Globe-Wernicke, common (quar.)
Goodrich (B. F.) Co., preferred (quar.)
Hercules Powder, preferred (quar.)
Illuminating & Power Sec.. pref. (quar.)_
Indiana Pipe Line
Inland Steel (quar.)
Int. Harvester of N.J., pf.(qu.)(No. 34)
Int. Harvester Corp.. pref.(qu.)(No. 10)
International Nickel, common (quar.)___ _
Jefferson & Clearfield Coal Jc Iron, pref
Kerr Lake Mining (quar.) (No. 40)
Kings Co. El. Lt. & Pow.(qu.)(No.62)_
Lehigh Coal & Navigation (guar.)
Liggett & Myers Tobacco, corn.(quer.)._
Lindsay Light, common (quar.)
Preferred (quar.)
Lit Bros. Corporation
Miami Copper (quar.) (No. 12)
Mobile Electric Co., preferred (quar.)___
Montreal Lt., Ht. dr Pow.(qu.)(No. 57)

[VOL. lin.

THE CHRONICLE

426

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

3
134
234
2
2
3
2
d334
314
13(
1
1
1
234
214
134
1
114
4
1
2
1
2

Aug. 27 Holders of rec. July 240
Sept. 1 Holders of rec. July 30a
Sept. 1 Holders of rec. July 31a
Sept. 1 Holders of rec. July 31a
Aug. 16 Holders of rec. Aug. Oa
Aug. 16 Holders of rec. Aug. 9a
Sept. 1 Aug. 13 to Sept.26
Sept. 1 Aug. 13 to Sept.26
Aug. 20 Holders of rec. Aug. 2a
Sept. 1 Holders of rec. Aug. 10a
Sept. 1 Holders of rec. Aug. 10a
Sept. 1 Holders of rec. Aug. 14a
Sept. 1 Holders of rec. Aug. 14a
Sept. 1 Holders of rec. Aug. 9a
Aug. 10 Holders of rec. July 20a
Sept. 18 Holders of rec. Aug. 31a
Aug. 19 Holders of rec. July 31a
Aug. 31 Holders of rec. Aug. 2a
Aug. 10 Holders of rec. Aug. 2a
Aug. 10 Holders of rec. Aug. 2a
Aug. 12 Holders of rec. July 27a
Sept. 9 Holders of rec. Aug. 24a
Aug. 10 Aug. 1 to, Aug. 9

114
134
X
4
1
114
X
134
114
134
134
234
234

Aug. 14 Holders of rec. July 31a
Aug. 16 Holders of rec. Aug. 5
Sept. 1 Holders of rec. Aug. 10
Sept. 1 Holders of rec. Aug. 14a
Aug. 14 Aug. 1 to Aug. 15
Sept. 1 Holders of rec. Aug. 16a
Aug. 10 Holders of rec. July 26
Aug. 1 July 22 to July 31
Aug. 2 Holders of rec. July 28a
Aug. 16 Holders of rec. July 31
Aug. 16 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 10a
Aug. 16 Holders of rec. Aug. 2a

3

Aug. 10 Holders of rec. Aug. 7

5

Aug. 2 July 27

to

Aug. 1

When
Per
Cent. Payable.

Name of Company.
Miscellaneous (Concluded).
National Carbon, preferred (quar.)
National Cloak dc Suit, preferred (quer.).
National Lead, common (quar.)
Preferred (quar.)
National Refining, common (quar.)
Nevada-California Electric Corp., pref._
Niles-Bement-pond, preferred (guar.)
North American Co. (quar.)
Ohio Cities Gas, common (quar.)
Penmans, Limited,common (quer.)
Peoples Gas Light &Coke (quar.)_..__
Pittsburgh Steel, preferred (quar.)
Plttsb. Term. Whse. & Transfer (mthly.)
Pratt & Whitney, preferred (quar.)
Pressed Steel Car, pref.(quar.)(No.66)_
Procter & Gamble, common (quar.)
Extra (payable In common stock)
Pullman Company (quar.)(No. 194)__
Quaker Oats, pref. (quar.)
Sears, Roebuck & Co.,common (quar.)..
South. Cal. Edison, corn. (qu.)(No. 22)Southern Pipe Line (quar.)
Standard Oil, California (quar.)
Standard Oil (Indiana) (quar.)
Studebaker Corporation, common (guar _
Preferred (quar.)
Standard Oil of N. Y.(guar.)
Underwood Typewriter, common (quar.)
Preferred (quar.)
Union American Cigar, preferred (guar) _
United Cigar Stores of Amer., corn. (qu.)
U. S. Envelope, common and preferred_
U. .Steel Corporation, pref.(quar.)_ _ _ _
White (J. G. Co., pref. (quar.) (No. 49)
White (J. G.) Engineering Corp„pf.(qu.)
Manage't Corp., pref.(qu.)
White
Woolworth(F.W.)Co„corn (qu.)(No.13)

.)_

131
131
X
13j
A
2
134
13.(
131
1
2
134
25c.
134
131
4
4/
2
1
134
134
6
23.4
3
134
131
2
1
131
IX
131
334
131
134
131
131
194

Books Closed.
Days Inclusive.

Aug. 14 Aug. 5 to Aug. 16
Sept. 1 Holders of rec. Aug. 19a
Sept. 30 Sept.11 to Sept. 15
Sept. 15 Aug. 21 to Aug. 24
Aug. 15 Holders of rec. Aug. la
Aug. 10 July 27 to Aug. 2
Aug. 16 Aug. 7 to Aug. 16
Oct. 1 Holders of rec. Sept. 15a
Sept. 1 Holders of rec. Aug. 14
Aug. 16 Holders of rec. Aug. ba
Aug. 25 Holders of rec. Aug. 3a
Sept. 1 Holders of ree. Aug. 16a
Aug. 15 Holders of rec. Aug. 7
Aug. 16 Aug. 7 to Aug. 16
Aug. 25 Aug. 5 to Aug. 24
Aug. 14 Holders of rec. July 24a
Aug. 14 Holders of rec. July 24a
Aug. 16 Holders of rec. July 31a
Aug. 31 Holders of rec. MU. 2a
Aug. 14 Holders of rea. July 30a
Aug. 15 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 16
Sept. 15 Holders of rec. Aug. 20
Aug. 31 Aug. 4 to Aug. 31
Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. 20
Sept. 15 Holders of rec. Aug. 27
Oct. 1 Holders of rec. Sept. 20a
Oct. 1 Holders of rec. Sept. 20a
Aug. 15 Aug. 1 to Aug. 15
Aug. 16 Holders of rec. Aug. 2a
Sept. 1 Holders of rec. Aug. 14
Aug. 30 Aug. 3 to Aug. 16
Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of reo. Aug. 20
Sept. 1 Holders of rec. Aug. 18
Sept. 1 Holders of rec. Aug. 10a

b Less British Income tax. d Cora Transfer books not closed for this dividend.
stock. g Payable In scrip.
rection. e Payable in stock. f Payable in common
dividends.
accumulated
A On account of

Imports and Exports for the Week.-The following are
the reported imports at New York for the week ending
July 31 and since the first of January:
FOREIGN IMPORTS AT NEW YORK.

134 Aug. 20 Holders of rec. July 31
1912.
1913.
1914.
1915.
1
Aug. 30 Holders of rec. July 31a For Week Ending July 31.
Aug. 16 Holders of rec. Aug. 2a
1
$2,480,104
$2,913,5261
$3,326,946
$1.721,558
Aug. 20 Holders of rec. Aug. 12
1
Dry Goods
15,114,455i 15,639,140 12,123,487 15,060,758
131 Aug. 16 Holders of rec. Aug. 2
General Merchandise
Aug. 16 Holders of rec. Aug. 16a
1
$18,966,086 $15,037,013 $17,540,860
4
Total
Sept. 30 Sept.22 to Sept. 30
516,836,0131
Since Jan. 1.
114 Aug. 16 Aug. 8 to Aug. 16
$107,785,779 $84,740,964 $81,651,182
$69,470,799
2
Sept.
to
28
1
Sept. 15 Aug.
Dry Goods
592,834,199, 495,878,923 479,695,687 494,713,433
IX Sept. 1 Aug. 14 to Aug. 22
General Merchandise
Sept. 1 Holders of rec. Aug. 14
5
S$603,664,702 $564,436,651 $576,364,615
$662,304,99
16
Aug.
1
to
weeks
134 Aug. 16 Aug.
Total 30
234 Aug. 10 Holders of rec. Aug. 3
NEW YORK.
FROM
134 Aug. 10 Holders of rec. Aug. 3
EXPORTS
114 Aug. 10 Holders of rec. July 31a
Aug. 14 Holders of rec. Aug. 7
4
1912.
1913.
1914.
1915.
Aug. 14 Aug. 1 to Aug. 15
4
Week Ending July 31.
131 Oct. 1 Holders of rec. Sept. la
$35,418,748 $14,670,9101 $16,343,572 $14,651,472
Sept. 15 Holders of rec. Aug. 25
$2
week
the
For
744,720,402 505,436,773, 514,733,509 459,800,442
114 Aug. 16 Holders of rec. Aug. 2
Previously reported
X Sept. 1 Holders of rec. Aug. 16
114 Aug. 14 Holders of rec. July 31a
1$780,139,150 $520,107,683 $531,077,081 $474,451,914
30 weeks
Total
131 Aug. 16 Aug. 1 to Aug. 10
334 Sept.27 Holders of rec. Sept. 11
The gold and silver exports and imports for the week and
134 Sept. 15 Holders of rec. Aug. 12e
31 Sept. 15 Holders of rec. Aug. 12a since January 1 have been as follows:
334 Aug. 20 Holders of rec. Aug. 10a
SPECIE AT NEW YORK.
EXPORTS AND IMPORTS OF
75c. Sept. 15 Aug. 25 to Sept. 15
Ix Sept. 15 Holders of rec. Aug. 31a
Imports.
Exports.
334 Sept. 1 Aug. 21 to
Week ending July 31.
50c. Sept. 1 Aug. 24d to Sept. 1
Since
Since
131 Aug. 16 Holders of rec. July 31
Gold.
Week.
Jan. 1.
Sept. 1 Holders of rec. Aug. 7a
Jan. 1.
Week.
5
Sept. 1 Holders of rec. Aug. 20a
4
$1.956,982
Oct. 1 Holders of rec. Sept. 20a
8
Great Britain
Sept. 1 Holders of rec. Aug. 20
8
11,519,314
France
Oct. 1 Holders of rec. Sept. 20
8
Germany
$1,504 1,103,115
$1,366,060 $6,653,038
131 Aug. 20 Holders of rec. Aug. 14a
1,092,460
20,000
131 Sept. 1 Holders of rec. Aug. 14a West Indies
711,140
114,093 6,878,652
134 Sept. 1 Holders of rec. Aug. 20a MexicoAmerica
12,800 4,815,520
50,000
134 Sept. 1 Holders of rec. Aug. 20a South
Sept. 10 Holders of rec. Aug. 30a All other countries
2
$1,366,060 $7,434,178 $128,397 $27,365,443
13 Oct. 1 Holders of rec. Sept.20a
Total 1915
172,547 5,413,981
24,678,787 107,516,099
131 Aug. 15 Aug. 6 to Aug. 15
Total 1914
627,093 11,772,220
68,695,596
131 Aug. 16 Holders of rec. July 31 ;
Total 1913
Aug. 14 Holders of rec. July 24 '
$2
Silver.
$9,813
$274,775 $20,808,726
Sept. 1 Holders of rec. Aug. 10a
2
$6,660
12,923
1,420,575
131 Sept. 1 Holders of rec. Aug. 10a Great Britain
131 Sept. 1 Holders of rec. Aug. 10a France
762
95,617
69,500 1,300,760
Sept. 1 Aug. 17 to Sept. 1 Germany
5
3,700
1,979,407
131 Aug. 16 Holders of rec. Aug. 9a West Indies
146,404 2,316,228
43,504
1,150
250. Sept. 15 Holders of ree. Sept. la MexicoAmerica
739,184
0,375
Sept. 1 Holders of rec. Aug. 20a South
2
Aug. 31 Holders of rec. July 31a All other countries
$1
3345,425 $23,598,640 $153,826 $5,153,172
Sept. 1 Holders of rec. Aug. 14 I
3
Total 1915
92,908 5,335,711
739,778 25,064,068
X Aug. 31 Holders of rec. Aug. 14a
Total 1914
198,708 5,597,373
640,543 29,763,730
194 Aug. 31 Holders of rec. Aug. 14a
Total 1913
Aug. 20 Holders of rec. Aug. 13 1
5
75a. Aug. 16 Holders of rec. Aug. 2a
the week in 1915. $318 were American gold coin
Of the above imports for coin.
131 Aug. 18 Holders of rec. July 31 1
American silver
234 Aug. 16111olders of rec. July 31a and $2,692

t issued by the Federal Reserve Board on July 31:net
The Federal Reserve Banks.-Following is the weekly statemen
New York bank being partially offset by
the larger gain at the

dollars,
The total gold reserve of the banks shows a gain of about 2.6 million Minneapolis banks. An increase of 3.7 millions is shown in the gold settleLouis and
of about one million dollars. The total cash
withdrawals of gold mainly from the Philadelphia, Chicago, St.
in vault shows a decrease
gold
while
dollars,
million
50
of
is
in
excess
time
first
the
the largest losses of cash for the week.
for
ment fund, which
and Minneapolis reporting
Southern banks reporting a further gain over the
reserve of the system declined about 1.2 million dollars, Chicago, St. Louis
three
the
of
each
at present 28.5% of the combined total of the
The amount of rediscounted paper held by the banks shows a slight increase,
million dollars and constituteholding this class of traper, except Philadelphia.
figures of the preceding week. Acceptances on hand increased about 1.3
banks
the previous week. All thewithin 30 days, as against 30.3% reported the week betwo classes of paper held by the banks, as against 26.2% shown for paper
matures
held 29.6%
of
The holdings of agricultural paper and live-stock
report larger figures than the week before. Of the total amountan
increase from 62.8% to 63.1%• as against 13.9% reported about the beginning of
fore. The proportion of paper maturing within 60 days shows
the total amount of paper,
paper show a further decline and constitute at present less than 8% of
show an increase for the week of about 1 milthe month.
Municipal warrants on handinvestments stands now at 64.8 million dollars
and
No changes are reported In the amount of United States bonds held.
The combined total of billsweek.
lion dollars, New York and Philadelphia reporting the largest gains.
previous
the
for
against 115.3%
the shifting of accounts as the result of transfers
and constitutes 119.5% of the combined capital of the banks, as
$11,000, which is due mainly to New York, Chicago and St. Louis accounting
The aggregate capital of the banks shows an increase of about
5 million dollars. Boston,
of member banks from one district to another. . Net deposits increased over
Comptroller of the Currency, and a total of 97.8
for practically the entire increase.
notes received from the
millions of commercial paper. The banks reFederal Reserve agents report a total of 136.6 million dollars of reserve
81.4 million dollars of gold and 16.8
.millions issued to the hanks. Against the latter amount they hold
of 15 million dollars.
thereon
liability
net
a
and
in
circulation
notes
of
dollars
million
port 85.1
following page, and in addition

whole are given on the
The figures of the consolidated statement for the system as afurnishin
g a useful comparison. In the second table we
thus
weeks,
preceding
eight
the
we present the results for each of
banks. The statement of Federal Reserve
Reserve
Federal
twelve
the
of
each
for
y
separatel
liabilities
show the resources and
ons in Federal Reserve notes between the
transacti
the
regarding
details
gives
)
following
table
third
(the
Agents' Accounts
banks.
Reserve
Federal
the
and
latter
the
between
and
Agents
Reserve
the
Comptroller and




AUG. 7 1915.1

THE CHRONICLE

427

STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
OF THE UNITED STATES OF
AMERICA AT THE CLOSE OF BUSINESS JULY 30 1915.
RESOURCES.
July 30 1915. July 23 1915. JUIV 161913. July 91915. July 2 1915. June 25 1915 June 18 1915. Junell 1915.
Gold coin and certificates in vault
$212,988,000 $214,047,000 $213,472,000 $218,021,000 $231,363,0001$223,827,000 $217,161,000 $217,281,0001 June 4 1915.
Gold redemption fund with U.S. Treasurer_
1,064,000
1,076,000
1.036,000
1,116,030
1,030,0031
Gold settlement fund
52,140,000 48,450,000
46,680,000 47.106,040
31,840,033 31,360,000
28,950,00311242,515,000
29,360,000
Total gold reserve
$266,192,000 $263,573,000 1261,188,000 $266,243,000 $264,233,000 1255,187,000 1246,521,000 1246,231.093J
Legal tender notes, silver,&c
22,092,000 25,913,000
28,492,000
22,494,000
24,841,030
47,848,000
43,916.000
44,032,000
35,337,000
Total reserve
$288,284,000 $289,486,000 $287,680,000 1288,737,000 $289,129,000 $303,035,000 $295,437,000
$290,863,000 $277,852,000
Bills discounted and boughtMaturities within 30 days
$12,965,000 111,956,000 $12,146,000 $13,008,000 $13,322,000 114,333,000
$14,383,000 $14,721,000 114,054,000
Maturities within 60 days
13,639,000 12,815,000
12,103,000
11,367.000
9,735,000
10,070,000
9,980,000
10,818,000
11,474,000
Maturities within 90 days
11,774,000 11,196,000
9,399,000
8,557,000
8,097,000
7,351,0001 11,226,000
10,468,000
9,180,000
Maturities over 90 days
3,249,000
3,456,000
3,992,000
3,745,000
5,033,000
4,621,0001
Total
$40,727,030 $39,423,000 $37,640,000 $36,677,000 $36,187,1300
$36,375.000 $35.589,000 $36,007,000 134,708,000
Dank acceptances (included in above)... 11,625,000 10,338.000
8,971,000
9,593,000
9,820,000
10,379,000
10,162,000
Investments: U.S. bonds
$7,923,000 $7,923,000
$7,923,000 $7,898,000
$7,652,000
17,601,000 $7,208,000
17,187,0001 24.938,000
Municipal warrants
10,107,000 15,110,000
14,391,000
13,895,000
12,390,000
11,509,000
9,664,000
9,998,0001
Due from Federal Reserve banks-Net_
7,078,000
5,229,000
5,855,000
6,107,000
9,862.000
8,311,090
8,145,000
14,878,000
7,132,000
Federal Reserve notes-Net
11,029,000
9,227,000
9,953,000
8.379,000
7,601,000
9,124,000
7,753,000
6,204,0001 12,901,000
All other resources
5,904,000
4,765,000
4,436,000
3,694,030
3,660,000
5,501,000
6.533,000
0,146,000f
Total Resources
$377,052,000 1371,103,000 1367,878,000 $365,387.000 $366.481.000
1331.456.000 $370.329.000 1371,281,000 1357,531.000
LIABILITIES.
Capital paid in
$54,181,000 $54,170,000 $54,135,000 $54,104,000 $54,128,000
Reserve deposits-Net
306,183,000 301,063,000 297,616,000 295,808,000 297,883,000 $54,200,000 $54,201,000 $54,195,000 $54,184,000
311,349,000 299,361,000 299,653,000 288,281.000
Federal Reserve notes-Net
14 965,000 a14,521,000 a14,242,000 a13,375,000 *12,797,000 *12,617,000
a12,100,000 a12,098,000 *11,413,000
All other liabilities
1,723,000
1,409,000
1,885,000
2,100,000
1,673,000
3,290.000
4,667,000
5.335,000
3,653,000
Total liabilities
$377,052,000 1371,163,000 $367,878,000 1365,387,000 1366,481,000
1381,456,000 $370,329,000 $371,281,000 1357,531,000
Gold reserve against net liabilities (b)
84.8%
84.9%
85.3%
87.8%
87.9%
80.8%
81.3%
82.9%
82.9%
Cash reserve against net liabilities (b)
91.8%
93.3%
94.0%
95.3%
96.1%
98.0%
97.4%
98.0%
Cash reserve against liabilities after setting
95.0%
aside 40% gold reserve against net
amount of Federal Reserve notes in
circulation (b)
94.4%
96.6%
96.6%
97.8%
98.6%
98.3%
99.8%
100.4%
97.2%
July 301915. July 23 1915. July 16 1915. July 9 1915. July 2
1915.
June
25
1915 June 18 1915. June 11 1915. June 4 1915.
Federal
notes:
Gross
Reserve
liability__ - $96,156,000 192,647,000 $91,898,000 $87,621,000
(a)
$83,413,000
81,613,000
177,971,000 $73,529,000 $69,704,000
Deduct: Gold and lawful money in hands
of Federal Reserve Agents for retirement of outstanding notes
81,191,000 78,126,000
77,656,000
74,246,000
70,616,000
68,996,000 65,871,000
61,431.000 58,291,000
Net liability of Reserve 13ank8 upon
outstanding notes
$14,965,000 $14,521,000 114,242,000 $13,375,003 $12,797,000 $12,617,000
$12,100,000 112,098,000 $11,413,000
(b) After deduction of items in transit between Federal Reserve banks, viz._ $7,078,000 15,229,000
$5,855,000 16,107,000
$9,862.000
13,311,000
$8,145.000 $14,878,000
$7,132,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH pF THE
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 39
1915.

I

Boston.•INew York. Philadel'a. Cleveland. Richmond] Atlanta. Chicago. 1St.
Louts.1Minneap. Kan. City.' Dallas. San Fran.
Total.
RESOURCES.
al
$
I$
$11111111111E1
S
I
$
Gold Coln & ctfs. in vault 8,885,000 114,326,000 12,416,000 13,470,002 3,832,000, 3,482,000
$
24,838,000,
7,651,000 5,785,000, 6,405,000, 3,464,000; 8,434,000212,988,000
Gold settlement fund__ 7,176,0001 13,733.0001 1,492,000 4,127,000, 3,719,0001 1,425,000
9,904,000' 1,013,000 1,371,000 3,476,000! 3,354,000 1,350,000 52,140,000
Gold redemption fund_
6,0001
55,000,
37,000
I 305,000; 225,000
I
35,000
30,000
37,0001 313,000,
21,000, 1,064,000
Total gold reserve-10,067,000128,114,000 13,945,000 17,597,000 7,856,0001 5,132,00034,742,000!
8,699,000 7,186:
30
000 9,918,0001 7,131,000 9,805,000266,192,000
Legal-ten.notes,sllv ,&c. 298,000 12,736,000, 3,291,000 1,033,000, 110,0001 405,000 2,407,0001
752,000
488,000; 556,000,
13,000; 22,092,000
Total reserve
16,365,000 140,850,000 17,236,000 18,630,000 7,966,000; 5,537,00037.149,0001 9,451,000 7,189,000
10,406,000; 7,687,0001 9,818,000288,284,000
Bills discounted &bought
1
Commercial paper..__ _
306,000
587,000 591,000
681,000! 8,361,001 4,805,000 1,485,000 992,000 1,714,000 1,161,000 6,648,000
1,771,000 29,102,000
Dank acceptances-- 2,223,0001 5,537,000; 1,417,000
362,000!
607,000
362,000
221,000
395,000
501,000 11,625,000
Total
2,529,000 6,124,000; 2,008,000 1,043,000 8,361,0001 4,805.000 2,092,0001 1,354,000,
1,935,000 1,556,000 6,648,000' 2,272,0001 40,727,000
Investments U.S. bonds
340,000 660,000;
3,725,000 242,0001 1,025,000
930,000
1,001,0001 7,923,000
Municipal warrants_ _ 2,494,000! 5,688,000 1,843,000 1,512,000'
1,873,0001 638,000 488,0001 446,000
1,125,000 16,107,000
Due from other Federal
Reserve banks-Net.. 1,311,0001
1,195,0'I
696,000, 651,000
5,543,000, 421,000
177,000
491,000
254.0001 856,000 *7,078,000
Fed. Res've notes-Net 419,000; 6,263,000
90,000
72,000,
2,370,000' 110,000 534,000
1,171,000
All other resources
905,0001
327,000
396,000
468,000; 178,000
149,000
185,0001 2,653,000
58,00ck 452,000 54,000 79,000 11,029,000
5,904,000
Total resources- _ 24,023,000159,252,000 23,108,000 23,081,000,17,156,000 10,491,000 52,937,00014,8
69,000 11,406,000 14,281,000 14,643,000 16,322,000377,052,000
LIABILITIES.
Capital paid in
4,802,0001 10,824,000 5,365,000 5,951,000 3,362,000 2,416,000 6,606,000 2,795,0001
2,427,000 2,952,000, 2,757,000 3,924,000; 54,181,000
Reserve deposits-Net.... 19,221,000142,411,000 17,743,000 17,130,000 7,839,000 6,164,000 46,331,000 12,074,000
8.979,000 10,779,000 6,114,000 12,398,000306,183,000
Fed. Res've notes-Net..
5,855,000 2,828,000
550,000 5,732,000
14,965,000
Federal
Due to other
Reserve banks-Net..
4,490,000
27,000
All other liabilities
1,527,000
100,000
56,000
40,000
1,723,000
Total liabilities-- 24,023,000159,252,000 23,108,000 23,081,000.17,156,00010,491,000 52,937,000
14,869,000 11,406,000 14,281,000 14,643,000 16,322,000377,052,000
litemorandum1
Fit. notes issued to bks. 4,420,000 47,720,000 2,930,000 4,700,000 8,400,000 5,500,000
4,380,000 626,0001 4,400,000 4,100,000 8,615,000 2,040,000 97,831,000
P.R. notes in hands of
419,0001 6,463,000;
banks
90,000
307,000
245,00•
522,0
2,370,000
110,000; 534,000
140,000 333,000 1,171,000 12,704,000
F.R. notes in circulation 4,001,000 41,257,000 2,840,000 4,393,000; 8,155,000 4,978,000 2,010,000 516,000;
3,866,000 3,960,000 8,282,000 869,000 85,127,000
Gold and lawful money
4,420,00011 47,520,000 2,930,000 4,465,0001, 2,300,000 2,150,000 4,380,000
with agents
626,00011 4,400,
3,410,000 2,550,000 2,040,000 81,191,000
Carried to net liabilities..
5,855,000 2,828,000
550,000 5,732,000
14,965,030
419,000 6,363,000
Carriedto net assets.90,000
72,000
2,370,000
110,0001 534,000
1,171,000 11,029,000
*Items in transit, I. e., total amounts due from minus total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS
JULY 30 1915.
Boston.
Federal Reserve Notes
S
-.-I11,800,000
Reed from Comptrol'r
Ret'd to Comptroller..
100,000
Amount chargeable to
F. It. agent
11,700,000
In hands of agent,close
of business July 30_ 7,280,000
Issued to F. It. bank,
less notes ret. to agt.
forredemp.&cancel. 4,420,000
Held by F. It. agentIn reduction of liability
on outstanding notes:
4,420,000
Gold coin & certfs
Lawful money
As security for outstanding notes:
Commercial paper

New York. Philadera. Cleveland. Richmond. Atlanta.

Chicago. Si. Louis. Minneap. Kan. City] Dallas. 1 San Fran. Total.
E
$
$
$
$
$
$
$
$
I
$
I
$
$
49,840,000 5,340,000 6,400,000 9,160,000 8,500,000 9,260,000
3,400,000 5,000,0001 6,000,00011;895,000 10,000,000136,595,000
30,000
I
130,000
49,840,000 5,310,000 11,400,000 9,160,000 8,500,000 9,260,000 3,400,000
5,000,
6,000,000111,895,000 10,000,000 136,465,000
2,120,000 2,380,000 1,700,0001 760,000 3,000,000 4,880,000 2,774 000
600,000 1,900,000 3,280,000 7,960,001 38,634,000

47,720,000 2,930,000 4,700,000 8,400,000 5,500,000 4,380,000

626,000 4,400,000 4,100,000, 8,615,000 2,040,000 97,831,000

47,520,000 2,930,000 a4,700,000 2,300,000 2,150,000 b4,380,000
,

626,000 4,400,000 3,410,0012,863,000 2,040,000 81,739,000

200,000
6,100,000 3,350,000
4,420,000 47,720,000 2,930,000 4,700,000 8,400,000 5,300,0001 4,380,000
Total
Amount comm'i paper
•••wrina nIrnr tn V Ti Alit
200.00
8 730.000 il ilnl .0011!

626,000 4,400,000 4,100,000 8,615,000 2,040,000 97,831,000

690,000 5,752,000

80L000 5.838.0001

16,092,000

I IR.817.(1OR

a Including: $235,000, b $120,000, c $313,000, In gold redemption fund.

Statement of New York City Clearing-House Banks and Trust Companies.-The following detailed
shows the condition of the New York City Clearing-House members for the week ending July 31. The figures forstatement
rate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the weekthe sepaare also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of
the three groups, and
also the grand aggregates, for the four preceding weeks.



TIIE CHRONICLE

4'48

[VOL. 101.

NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
Capital,
MEMBERS.
Week Ending .
July 31 1915
(008 omitted.)

Net
Profits.

Loans,
Discounts
investmls.
&C.•
Nat. B'ka June 23'
State B'ksJune231

Gold.

Legal
Tenders.

Silver.

(

tOMNVDCV•-WCINM,110.310CIMS..etetebiON.CON.
gri..c;m400nc;4c,
4deic.;.-Nc4t:mr:Ne.i'
OMN.MOW.!..01,
2N
.N04.12MANVMSCagv.
cloomtclulotooto
NM

$
2,000,0
2,000,0
6,000,0
25,000,0
3,000,0
1,000,0
300,0
5,000,0
25,000,0
2,250,0
3,000,0
2,550,0
1,000,0
1,500,0
5,000,0
250,0
1,000,0
10,000,0
4,000,0
500,0
5,000,0
1,000,0
1,000,0
250,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0

001t..
WONN.
VN=C6h

Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.
Merchants' Nat. Bank_
Mech.& Metals Nat- _
National City Bank__ _
Chemical Nat. Bank_
Merchants' Exch. Nat_
Nat. Butchers'& Drov.
Amer. Exch. Nat. Ban
National Bank of Corn.
Chatham & Phenix Nat•
Hanover National Ban
Citizens' Central Nat_
Market & Fulton Nat_ •
Importers'& Traders'_ •
National Park Bank__
East River Nat. Bank..
Second National Bank •
First National Bank._
Irving National Bank.
N. Y. County Nat. Bk.
Chase National Bank_
Lincoln National Bank
Garfield National Ban
Fifth National Bank_ _ •
Seaboard NattonalBan
Liberty National Bank •
Coal & Iron Nat. Bank .
Union Exchange Nat_ .
Nassau Nat. Brookly

Average.
$
33,881,0
27,937,0
100,003,0
248,862,0
30,538,0
10,749,0
1,993,0
81,440,0
181,359,0
28,816,0
102,569,0
25,988,0
9,117,0
32,177,0
120,119,0
1,844,0
15,204,0
138,428,0
52,493,0
9,661,0
138,210,0
15,548,0
8,437,0
4,438,0
29,464,0
36,705,0
7,798,0
10,750,0
8,626,0

Excess
Nat.Bank Nat.Bank Federal
Due
Reserve
Reserve
Notes
Notes
from
with
Bank
[Reserve
(Not
Reserve
Legal
Notes
for State Counted
Deposi- Deposi[Not
Instituas
larks.
lions]. Reserve.] Reserve]. lanes.

Average, Average, Average. Average. Average, Average.
$
$
$
$
$
$
6,0
803,0
733,0
2,206,0
40,0
25,0
704,0 1,090,0
1,445,0
64,0
206,0
12,310,0 12,736,0 5,300,0
808,0
426,0
81,027,0 4,327,0 6,272,0
45,0
926,0
474,0
5,657,0
11,0
746,0
142,0
424,0
10,0
49,0
36,0
129,0
34,0
243,0
6,349,0 1,664,0 2,877,0
66,0
339,0
15,043,0 7,671,0 4,234,0
61,0
154,0
1,957,0
658,0
912,0
45,0
23,0
19,156,0 2,184,0 1,986,0
53,0
115,0
1,239,0
155,0 1,182,0
35,0
71,0
837,0
910,0
515,0
110,0
1,500,0 1,020,0
930,0
292,0
7,414,0 1,021,0 6,077,0
5,0
118,0, 46,0
138,0
47,0
52,0
1,015,0
243,0
505,0
14.0
107,0
15,865,0 4,550,0 4,498,0
323,0
18,0
6,652,0 2,508,0 3,750,0
12,0
124,0
484,0
129,0
562,0
183,0
218,0
16,832,0 7,189,0 6,564,0
33,0
96,0
1,722,0
969,0 1,121,0
100,0
24,0
966,0
533,0
825,0
15,0
140,0
95,0
245,0
13,0
46,0
2,831,0 1,158,0 2,072,0
84,0
39,0
1,632,0
580,0 1,615,0
14,0
52,0
340,0
215,0
286,0
6,0
21,0
231,0
260,0
645,0
20,0
303,0
138,0
438,0

Totals,avge.for wee L 112,600,0 183,652,2 1,513,154,0 206,156,0 53,302,0 56,667,0
Totals, actual conditi ,n July 31
Totals, actual conditi)n July 24
Totals, actual conditi n July 17
Totals, actual conditi 3 n July 10
Totals, actual conditi 3 n July 3

i

State Banks
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co.
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank_ .
Corn Exchange Bank_.
Bowery Bank
German-American Ban t
Fifth Avenue Bank_-. •
German Exchange Ban i
Germania Bank
Bank of Metropolis_ .
_
West Side Bank
N. Y. Produce Exch._ _
State Bank
Century Bank

2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
1,250,0

4,801,0
6,239,7
1,178,8
999,7
442,6
1,899,6
6,729,7
778,0
716,9
2,343,4
800,5
993,6
2,126,2
655,3
923,2
553,1
1,024,0

1,517,478,0 206,605,0
1,514,917,0 203,033,0
1,507,656,0 199,885,0
1,510,569,0 189,927,0
1,516,880,0 201,708,0

53,166,0
51,602,0
51,023,0
50,852,0
43,868,0

57,959,0
58,983,0
58,029.0
56,799,0
52,221,0

39,492,0 10,874,0
31,134,0 3,495,0
10,514,0 1,233,0
344,0
5,010,0
166,0
2,080,0
901,0
11,698,0
76,451,0 7,231,0
300,0
3,557,0
493,0
4,578,0
14,458,0 1,578,0
467,0
3,606,0
537,0
5,990,0
13,452,0 1,345,0
282,0
4,636,0
11,862,0 2,616,0
19,252,0 1,380,0
17,037,0 1,058,0

2,059,0
1,397,0
184,0
685,0
46,0
457,0
4,046,0
26,0
224,0
831,0
104,0
66,0
379,0
177,0
494,0
277,0
194,0

2,056,0
1,170,0
414,0
262,0
113,0
677,0
4,293,0
59,0
85,0
931,0
133,0
136,0
959,0
144,0
497,0
551,0
542,0

177,0
94,0
319,0
199,0
28,0
53,0
1,478,0
49,0
13,0
32,0
66,0
92,0
180,0
35,0
116,0
551,0
382,0

274,807,0 34,300,0 11,646,0 13,022,0

Average. Average.
3
$
2,194,0
2,028,0
8,247,0
30,404,0
3,051,0
962,0
127,0
6,636,0
13,576,0
2,032,0
8,797.0
2,102,0
926,0
2,249,0
9,293,0
150,0
1,021,0
10,419,0
4,479,0
687,0
12,549,0
1,290,0
766,0
324,0
3,166,0
2,847,0
547,0
774,0
566,0

Net
Demand
Deposits.

National
Net
Bank
Time
CirculaDeposits. lion.

Average. Average. Average.
$
$
$
30,680,0 1,626,0
800,0
27,315,0
1,957,0
113,610,0 5,765,0 4,947,0
302,331,0
947,0 3,128,0
29,235,0
150,0
450,0
10,897,0
27,0
411,0
1,675,0
54,0
50,0
82,122,0 2,805,0 4,681,0
176,019,0
125,0 3,888,0
28,843,0
959,0 1,186,0
116,088,0
305,0
23,423,0
804,0 1,636,0
9,394,0
93,0
28,822,0
50,0
119,798,0
428,0 3,580,0
1,957,0
50,0
12,399,0
684,0
136,094,0
125,0 5,064,0
61,415,0
175,0
740,0
9,575,0
200,0
166,171,0
653,0
450,0
17,123,0
37,0
890,0
9,092,0
350,0
4,467,0
53,0
244,0
34,875,0
100,0
405,0
36,269,0 2,896,0
500,0
7,682,0
399,0
10,300,0
69,0
400,0
7,992,0
267,0

2,913,0

2,035,0 132,209,0

1,615,663,0 17,798,0 37,805,0

2,505,0
3,212,0
3,078,0
2,142,0
1,552,0

1,800,0 133,737,0
2,043,0 133,516,0
1,786,0 127,450,0
1,886,0 126,523,0
1,564,0 127,244.0 l

1,622,191,0
1,617,194,0
1,600,679,0
1,591,141,0
1,596,742,0

561,0
3,0
6,0

137,0

147,0

4,000,0
192,0
. 200,0

93,0

210,0
313,0

553,0

216,0
38,0

63,0
1,250,0
795,0 3,953,0

18,609,0
16,953,0
16,461,0
16,492,0
17,270,0

48,297,0
29,619,0
11,480,0
4,956,0
2,280,0
9,748,0
88,047,0
3,193,0
4,381,0
15,230,0
3,504,0
5,907,0
13,091,0
4,289,0
13,697,0
21,132,0
13,256,0

27,0
4,842,0

40,0
2,0

7,874,0 4,809,0
7,744,0 4,747,0
7,406,0 2,141,0
7,361,0 1,814,0
7,383,0 2,381,0
7,744,0 3,253,0

292,107,0

4,911,0

293,614,0
285,103,0
283,155,0
284,210,0
287,598,0

4,938,0
3,253,0
3,266,0
3,284.0
3,312,0

127,0
21,0
166,0
103,0
159,0
520,0
37,0
36,0
287,0
184,0
30,0
96,0
39,0
297,0
337,0

1,178,0 2,438,0
7,400,0 7,253,0
1,859,0 9,143,0
817,0 3,022,0
15,0 1,148,0 5,605,0
9,090,0 13,711,0
•
335,0
382,0
687,0 1,255,0
7,0
02,0 2,429,0 5.297,0
786,0 2,109,0
14,0
49,0 1,775,0 6,697,0
541,0 1,783,0
5,0
483,0
820,0
17,0
8,0 1,809,0 2,736,0
803,0 2,743,0

23,574.0
148,003.0
37,176,0
16,947,0
22,952,0
191,742,0
7,652,0
13,747,0
48,580,0
15,726,0
35,459,0
10,893,0
0,652,0
36,187,0
16,043,0

7,041,0
27,748,0
13,580,0
5,276,0
672,0
27,599,0
115,0
399,0
15,155,0
1,157,0
7,589,0
5,184,0
1,019,0
5,024,0
25,0

7,140,0

2,439,0

237,0 31,187,0 64,947,0

634,333,0 117,583,0

8,139,0
6,160,0
6,045,0
7,120,0
4,954,0

2,310,0
2,536,0
2,430,0
2,295,0
2,408,0

246,0
218,0
250,0
217,0
195,0

30,989,0 66,250,0
25,191,0 72,865,0
30,805,0 66,659,0
31,236,0 64,459,0
29,490,0 64,919,0

635,424,0 120,526,0
632,740,0 116,917,0
636,414,0 114,103,0
632,106,0 113,766,0
629,648,0 116,507,0

3,864,0

47,0

34,529,0
32,986,0
33,094,0
33,405,0
33,053,0

12,221,0
10,003,0
10,604,0
13,361,0
17,782,0

11,880,0
10,951,0
11,181,0
12,055,0
12,884,0

3,716,0
3,421,0
3,744,0
3,337,0
2,960,0

46,0
4,0
5,0
6,0
4,0

31,936,0 1,812,0
170,730,0 14,512,0
51,483,0 3,045,0
22,181,0 1,466,0
37,116,0 1,932,0
221,784,0 15,122,0
600,0
8,855,0
21,182,0 1,115,0
65,743,0 3,987,0
17,011,0 1,068,0
49,038,0 3,160,0
848,0
16,453,0
611,0
10.698,0
43,716,0 3,250,0
15,268,0 1,512,0

223,0
267,0
136,0
11,0
120,0
503,0
51,0
194,0
122,0
76,0
1,991,0
147,0
146,0
172,0
86,0

212,0
79,0
459,0
140,0
129,0
3,143,0
120,0
107,0
447,0
256,0
1,053,0
159,0
191,0
117,0
528,0

Totals. avge.for week. 46,250,0 92,262,5

783,194,0 54,040,0

4,245,0

Totals, actual condit op July 31
Totals, actual condit on July 24
Totals, actual condit on July 17
Totals, actual condit on July 10
Totals, actual condit on July 3

786,495,0
781,948,0
778,196,9
773,289,0
776,523,0

53,703,0
58,991,0
56,303,0
56,233,0
58,247,0

4,775,0
6,319,0
6,877,0
5,384,0
3,871,0

Grand Aggregate,avg ,_ 175,550,0 309,120,0 2,571,155,0 294,496,0 69,193,0 76,829,0
+9,824,0 +1,096,0 +246,0 +4,039.0
Comparison prey. we k

6,303,0
+135,0

2,913,0
-285,0

70,162,0 77,978,0
+2,238,0 +1,884,0

6,026,0
+69,0

2,5055
-707,0

76,094,0
75,255,0
75,974,0
70,059,0
71,139,0
67,216,0

5,957,0
6,174,0
5,632,0
5,368,0
5,732,0
6,142,0

65
0, 166,113,0 75,006,0 2,535,037,0 137,123,0
0 -2:23,212,3,078,0 2,041,0 165,616,0 68,473,0 2,520,248,0 133,830,0
2,142,0 2,109,0 165,147,0 66,840,0 2:21:173Z78:g
137,089,0
1,552,0 1,763,0 164,478,0 68,172,0 2
2,950,0 2,297,0 160,593,0 81,784,0 2,444,758,0 137,806,0
2,446,0 2,097,0 154,633.0 77,155,0 2,412,510,0 137,678.0

Totals,avge.for week. 16,700,0 33,205,3
Totals, actual
Totals, actual
Totals, actual
'Totals, actual
Totals, actual

condition July
condition July
conditia n July
conditia n July
conditiofn July

Trust Companies
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co__ _
Bankers' Trust Co_ _ _
U.S. Mtg & Trust Co_ _
Astor Trust Co
Title Guar. dz Trust Co.
_
Guaranty Trust Co
Fidelity Trust Co_ _ _ _
Lawyers' Title dc Trust _
_
Columbia Trust Co
People's Trust Co...._
.
New York Trust Co..
FranklinTrust Co__ _
Lincoln Trust Co
Metropolitan Trust Co _
Broadway Trust Co _
--

273,971,0
269,234,0
267,143,0
264,194,0
262,995,0

31
24
17
10
3

1,500,0
10,000,0
2,000,0
1,250,0
5,000,0
10,000,0
1,000,0
4,000,0
2,000,0
1,000,0
3,000,0
1,000,0
1,000,0
2,000,0
1,500,0

3,468,8
13,173,0
4,247,7
1,231,9
11,866,5
23,217,8
1,337,3
5,065,8
7,409,3
1,433,9
11,197,9
1,096,2
534,7
6,093,6
888,1

Grand Aggregate,actu 11 condition July 31_ 2,577,944,0 294,837,0
+11,845,0 -173,0
Comparison prey. we k
9970 295,010,0
Grand Aggregate actu 0 condition July 24_ 2,56d-,0Orand Aggregate actu II condition July 17_ 2,552,665,0 286,282,0
Grand Aggregate actu L1 condition July 10_ 2,548,052,0 279,565,0
Grand Aggregate actu condition July 3. 2.556,358,0 293,008,0
Grand Aggergate actu 0 condition June 26_ 2,476,297,0 323,869,0
Grand Aggregate actu Li condition June 19 2,474,507,0 332.246.0

67,924,0
68,504,0
69,597,0
65,521,0
54,811,0
57.541,0

21,0
9,0

37,580,0
37,931,0
37,915,0
37,985,0
37.901,0

2,319.0 171,270,0 69,756,0 2,542,103,0 140,292,0 37,805,0
+127,0 +8,813,0 +11400 +18,012,0 +5,090,0
-80,0
-- --- ----- _
2,092,0 172,470,0 70,907,0 2,551,229,0 144,0/370 --37,5-80-,-0
+6.357.0-4.009,0
+16,192,0
-173,0
+6,950,0 -351,0
-3i,
931,(1
37,915,0
37,901il
37,850,C
37,950 C

STATEMENTS OF RESERVE POSITION
Actual Figures,

Averages.
Cash Reserve Reserve in
in Vault. Depositaries

Total
Reserve.

•Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
Cash Reserve Reserve in
Previous Week. in Vault. Depositaries

Total
Reserve,

a Reserve
Required.

Surplus
Reserve.

$
I
$
I
1
3
Members Federal
ResorveBank_ _ 316,125,000132,209,000448,334,000295,709,240156,624,760 +10,832,08 317,730,000133,737.000451,467,000 292,924,830158,542,170
62,832,000 7,874,000 70,706,000 52,579,260; 18,126,740 ÷2.767,300 62,346,000 7,744,000 70,090,000 52,850,520 17,239,480
State Banks
-2,551,200 68,927,000 30,989,000 99,916,000 95,313,600 4,602,400
Trust Companies_ 67,864,000 31,187,000 99,051,000 95,149,9501 3,901,05
Total July 31 446,821,Q00,171,270,000618,091,000439,438,450'178,652,55
Total July 24 441,305,i00162,457,000603,762,000436,157,630,167,604,37
Total July 17. 433,202,000182,814,000596,016,000433,776,390162,239,610
TotalJuly 10 423,829,000,161,481,000585,310,000431,237,800 154,072,20
Total July 3_ 449,523,000,157,634,000607,157,000429,119,720;178,037,280
Total June 26.. 458,218,000,157,950,000616,168,000,421,136,550195,031,450
Total June 19._ 454,663,000158,032,000 612,695,000416,198,070;196,496,930

+11,048,18
+5,364,760
+8,167,41
-23,965,08
-16,994,170
-1,465,480
+10,701,530

Inc. or Dee.
from
Previous Wee.*
+3.350,740
+3,791,020
+316,400

449,003,000 172,470,000621,473,000441,088,950180,38.1,050 +7,458.160
444,985,000 166,113,000611,098,000438,172,110172,925,890 +3,470,160
439,215,000165,616,000 604,831,000435,375,270169,455,7301 +6,744 410
430,768,000165,147,000595,915,000 433,203,680 162,711,320 -1,230,780
433,956,000 164,478,000 598,434,000434,491,900163,942,100 -29,310,030
455,551,000 160,593,000616,144,000422,890,970193,253,030 -7,147,160
463.145,000154,633,000617,778,000417,377,810200,400,190 +5,243,690

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 thelrederal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: July 31, 3889,900; July 24, 5833,800; July 17. $827,400; July 10, $836,200;
July 3, $845,600; June 26, 3833,550; June 19, $812,400.
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, it
Includes also the amount of reserve required on Net Time Deposits, which was as follows: July 31, 5930,450; July 21, 5817,650; July 17, 3823,050; July 10, 5824,603;
July 3, 3863,500; June 26, 1833,600; Juno 19, $833,600.




429

THE CHRONICLE

AUG. 7 1915.]

In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City not in the Clearing House" furnished
in New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the
whole State. The figures are compiled so as to distinNEW YORK. NOT INCLUDED IN CLEARING-HOUSE STATMENT.
Differences from guish between the results for New York City (Greater New
(Figures Furnished by State Banking Department.)
July 31.
previous week.
$587,513,000 Dec. $7,663,400 York)and those for the rest of the State, as per the following:
Loans'and Investments
47,676,400 Dec. 1,028,800
Gold
For definitions'and rules under which the various items
8,691,000 Dec.
657.700
Currency and bank notes
734,395,000 Dec. 12,483,000 are made up, see "Chronicle," V. 98, p. 1661.
Total deposits
Deposits, eliminating amounts due from reserve deThe provisions of the law governing the reserve requirepositaries and from other banks and trust com604,965.800 Dec. 9,528,700
panies In New York City, and exchanges
182,182,600 Dec. 3,638,700 ments of State banking institutions were published in the
Reserve on deposits
Percentage of reserve, 31.4%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
tions relating to calculating the amount of deposits and what
-Trust
Companies
Banks
State
546,172,700 9.44% deductions are permitted in the computation of the reserves
$10,194,700 11.41%
Cash In vaults
111,547,700 22.78%
Deposits In banks & trust companies_ 14,267,800 15.97%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$24,462,500 27.38%

Total

$157,720,400 32.22%

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

Demand
Deposits.

Specie.

$
2,939,123.1
3,056,351,5
2,922,865,8
2.935,261,3
2.957.997,7
2.977,514,7
2,995,498,0
3,028,615,2
3,083,954,0
3,093,795,5
3,124,117,8
3,138,585,5
3,147,068,8

$
392,353,7
397.482,5
405,974,7
414,392,3
422,433.7
425,046,5
439,905,1
446,616,8
435.726,5
400,003,9
407,474,4
414,895,2
419,001,4

Week ended- Loans and
Investments
May 8
May 15
May 22
May 29
June 5
June 12
June 19
jun() 26
July 3
July 10
July 17
July 24
July 31

3,031,859,4
3,016,636,4
2,995,149,5
3,002,089,5
3,014.410.7
3.035,658,2
3,050,140,8
3,045,645,1
3,105,038,2
3,144,527,9
3,145,394,3
3,156,507,4
3,158,668,0

Other
Money.

Total
Entire
Money Reserve on
Holdings. Deposits.

81,518,8
81,472,6
79,753,2
80,733,9
80,089,2
79,781,0
73.257,9
70,451,2
72,230,4
82,704,3
84,165,2
84,463,7
84,187,0

$
473,872,5
478,955,1
485,725,9
495,126,2
502.522,9
504,827,5
513.163,0
517,068,0
507,956,9
482,708,2
491,639,6
499,358,9
503,188,4

744,168,6
754,995,4
759,456.8
780,230,1
789,217,0
778,850,5
795,476,0
796,000,4
789,700,3
766,343,0
777,173,8
789,583,3
806,213,6

STATE BANKS AND TRUST COMPANIES.

Week ended July 31.

State Banks
Trust Cos.
State Banks
7'rust Cos.
In
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
$
24,550,000

S.
67,300,000

39,269,500

151,327,0130

13,749,700

11,225,000

346,589,100 1,270,678,700
-3,387,800 +5,081,900

135,361,100
+31,600

199,439,700
+261,700

143,643,600
-950,000

209,827,300
-513.800

Capital as of Dec. 24_ ..._ _
Surplus as of Dec. 24- _
Loans and Investments__
Change from last week_

$
10,913,000

$
13,100,000

Gold
Change from last week

46,084,200
+8,200

99,008,200
--4,313,300

Currency and bank notes_
Change from last week_

26,957,000
+2,259,200

15,098,500
-3,417,500

Deposits
Change from last week_

454,876,300 1,542,507,900
+5,957,400 +12,361,300

Reserve on deposit
Change from last week_

107,017,500
+3,886,000

331,025,000
-4,562,900

25,592,700
-662,200

29,825,200
-252,100

P. C. reserve to deposits_
Pprrontnirc last week_

28.8%
278't.

28.0%
2g 5c5,

20.7%
21100Z.

17.5%
17a'.

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

Non-Member Banks and Trust Companies.-Following is the report made to the Clearing-House by clearing nonmember institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending
July 31 1915.

Nat.Bank
Notes(Reserve for
Silver. State Institutions]

Net
Capital. I Profits.

Loans,
Discounts,
f Nat. b'ks June 231 Invest'State b'ks June 23J ments &c.

Legal
Tenders,

Gold.

Nat.Bank
Notes[Not
Counted
as
Reserve 1

Reserve
Federal
with
Reserve
Legal
Bank
Notes[Not Deposicaries.
Reserve]

Excess
Due from
Reserve
Deposilanes.

Net
Net
Time
Demand
Deposits. Deposits.

Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
Members of
$
t
$
$
$
$
$
$
$
$
$
$
?ed•I Reserve Bank
7,000
319,000
42,000
1,954,000
55,000
151,600 2,062,000
83,000
3attery Park Nat.__ 200.000
18,000
22,000 545,000
149,000 4,379,000
682,700 4,790,000 114,000
19,000 129,000
Pirst Nat., Brooklyn 300,000
13,000
10,000 633,000
388,000 4,877.000
53,000 104,000
649,600 4,899,000 163,000
fational CIty,Bklyn 300,000
23,000
498,000 1,892,000 4,155,000
74,000
PIrst Nat,. Jers. City 400,000 1,287,200 4,599,000 215,000 291,000
81,000
5,000 324,000
842,000 2,698,000
56,000
12,000
85,000
Judson Co. N., J. C. 250,000 • 800,100 3,827,000
16,000
6,000 328,000
587,000 1,942,000
46,000
18,000
681,500 5,324,000 144,000
First Nat., Hoboken 220,000
4,000
232,000
277,000 2,010,000
334,100 4,144,000
82,000
36,000
57,000
lecond Nat., Hobok. 125,000
162,000
43.000 2,879,000 4,135,000 22,015,000
1,795,000 4,586,800 29,645,000 861,000 484,000 533,000
Total
State Banks.
Not Members ofthe
?ederal Reserve Bank.
3ank of Wash. Hgts. 100,000
400,000
:1olonial Bank
)olumbla Bank__ 300,000
200,000
Fidelity Bank
200,000
VIutual Bank
Ow Netherland__ 200,000
100,000
forkville Bank
viechanics', 13klyn_ 1,600,000
8orth Side, Bklyn__ 200,000

Total

Average. Average.
$
S
94,000 193,000
291,000
119,000
391,000
197,000
2,842,000 217,000
1,888,000
99,000
4,824,000 1,507,000

•
360,600 1,944,000
731,700 7,209,000
694,700 6,543,000
183,000 1,249,000
478,500 4,391,000
288,400 3,284,000
514,000 5,503,000
727,500 16,667,000
186,900 2,925,000

124,000
366,000
429,000
90,000
644,000
180,000
376,000
809,000
202,000

4,000
103,000
46,000
10,000
39,000
49,000
80,000
109,000
42,000

49,000
473,000
314,000
30,000
129,000
98,000
195,000
656,000
108,000

25,000
5,000
88,000
10,000
41,000
41,000
82,000
262,000
33,000

130,000

160,000

3,300,000 4,165,300 49,715,000 3,220,000 482,000 2,052,000 587,000 290,000
--------

Total
Trust Companies.
Not Members of the
Pederal Reserve Bank.
lamIltonTrust,131cIn
vIechanics, Bayonne

National
Bank
Circnlation.

500,000 1,040,300 6,431,000
275,100 3,887,000
200,000

411,000
84,000

9,000
20,000

21,000
60,000

24,000
43,000

700,000 1,315,400 10,318,000

495,000

29,000

81,000

67,000

)rand aggregate.... 5,795,000 10,067,500 89,678,000 4,576,000 995,000 2,666,000 654,000
-8383060-425000 -179000 -284000 -258000
Domparlson, prev'wk
Excess reserve, $357.230 decrease jrrand aggr'te July2113,395,000 10,545,300 98,041,000 5,001,000 1,174.0002,950,000 912,000
3rand aggr'te July17 6,395,000 10,460,500 98,276,000 4,042,000 1,162,0003,079,000 859,000
3rand aggr'te July10 6,395,000 10,460,500 98,632,000 5,004,000 1,212,000 3,093.000 981,300
)rand aggr'te July 3 6,395,000 10,460,500 98,642,000 4,962,00(1 1,072,000 2,906,000 1,070,000
3rand aggr'te J'ne26 6,395,000 10,460,500 99,070,000 5,065,000 1,214,000 2,917,00C 1,107,000

90,000
52,000 1,500,000
457,000
159,000 7,620,000
414,000
397,000 6,914,000
56.000
148,000
925.000
262,000 1,478,000 4,368,000
5,000 190,000
302,000 3,172,000
352,000
262,000 5,865,000
1,084,000
875,000 18,059,000
189,000
449,000 3,148,000

200,000
367,000
181,000

5,000 3,094,000 4,122,000 51,571,000

810,000

61,000
1,000

1,000
8,000

229,000 1,928,000 4,570,000 1,077,000
78,000
404,000 1,551,000 2,162,000

9,000

307,000 2,332,000 6,121,000 3,239,000

452,000
+4,000

57,000 6.280,000 10,589,000 79,707,000 8,873,000 1,507,000
+2,000 -459000 -1687000 -6933000 -1711000 -10.000

448,000
708,000
563,000
474,000
544,000

55,000 6,739,000 12,276,000 86,640.000 10.584,000 1,517,000
57,000 6,774,000 12,355,000 87,518,000 10,584,000 1,514,000
54,000 6,718,000 13,016.00087,926.000 10,591,000 1,481,000
43,000 7,212,000 12,064,00086,789,006 11,018,000 1,511,000
37,100 6,743,000 10,794,000 87,483,000 10,929,000 1,505,000

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

(00) in all these figures.

Capital
and
Surplus.

Loans.

Reserve.

$
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103.684,3
103,684,3
103,684,3
Ina fl84 a

3
415,1513,0
416,346.0
420,263,0
420,034,0
419,067,0
419,947,0
421,583,0
421,239,0
422,884,0
424,533,0
425.398.0

$
101,259,0
93,161,0
102,955,0
109,598,0
113,048,0
113,436,0
111,281,0
113,026,0
114,109,0
114,811,0
114.109.0

BOSTON CLEARING-HOUSE MEMBERS.

Clearing

Change from
July 31 '15. previous week. July 24 '15. July 17 '15.

S
155,284,1
149,771,
168,514;
154.124,1
158,619,
157,254,1
199,174,'
130,789;
168,838,1
152,015,1
148.913.1

Circulation
$9,102,000 Inc.
517,000 89,085,000 89,087,000
77,000 250,812,000 252,638,000
Loans, disc'ts & Investments. 250,735,000 Dec.
Individual deposits. Incl. U.S 190,152,000 Dec.
680,000 190,832,000 197,373,000
109,285,000 Dec. 2,057,000 111,342,000 111,1351,000
Due to banks
8,043,000 Inc.
Time deposits
47,000 7,996,000 7,964,000
Exchanges for ClearingHouse 11,311,000 Dec.
153,000 11,464,000 14,846,000
28,086,000 Dec. 1,319,000 29,405,000 31,426,000
Due from other banks
24,397,000 Dec.
Cash reserve
260,000 24,657,000 23,240,000
Reserve In Fed. Res've Bank. 10,012.000 Inc.
689,000 9,323,000 9,252,000
859,000 47,645,000 48,150,000
Reserve with other banks... 46.786,000 Dec.
10,614,000 Dec.
235,000 10,849,000 9,373,000
Reserve excess in bank
834,000 33,837,000 34,283,000
Excess with reserve agent_.. 33,003,000 Dec.
702,000 2,419,000 2,318,000
Excess with Fed. Res've Bk. 3,121,000 Inc.

a Includes Government deposits and the item "due to other banks" (July 31,
$144,710,000): also "Exchanges for Clearing House" (July 31, 512,891,000). Due
- from banks July 31, 553,259,000.

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

May
May
June
June
Juno
Tune
July
July
July
July

22
29
5
12
19
26
3
10
17
24




Deposits. Circula11
lion.
$
479,946,0
473,784,0
493,189.0
493,208.0
498,911,0
497,472,0
500,467,0
496,280,0
506,446,0
503,808.0
503.280.0

$
11,258,0
11,278,0
11,275,0
11.267,0
11,273,0
11,270,0
11,265,0
11,241,0
11,264,0
11,252,0
11.230.0

[VoL. 101.

THE CHRONICLE

430

Vankere Gazettt.
Wall Street, Friday Night, Aug.6 1915.
The Money Market and Financial Situation.-The
remarkably favorable conditions of important factors in the
general situation in this country have exerted a more powerful influence in Wall Street this week than any other matters.
The effect is seen in steadily advancing prices for railway
and other securities of the investment class, not to mention
a continuance of the pyrotechnical movement mentioned
last we-,k in some industrial issues. As an illustration of
the latter, Bethlehem Steel, which sold on Monday at 250,
sold at 311 to-day and oth ,r stocks of a similar character
advanced from 5 to 12 or more points.
The Conditions referred to are not new, but include a
general belief that p.zmission will 133 given the Western
railroads to increase freight rates; the practical certainty
that the corn and wheat crops will be fully up to racent expectations and the improving outlook for general business
as foreshadowed by the actually increased demand for iron
and steel products at.a substantial advance in prices. The
latter is reported to be from 25 to 50 cents per ton and in
some cases an additional premium is offered for early delivery. Iron production in July was 3,300 tons more daily
than in June and the output which on Jan 1st was at the
rate of 18,000,000 tons per year is now at a rate of 32,000,000
tons.
In the absence of these favorable conditions it is quite
possible that the evacuation of Warsaw by the Russians, its
psychological effect in the belligerent countries and other
possibilities in the Eastern European war zone, would have
had an unfavorable effect upon some departments of activity
in this country. It seems, however, that the occupation of
Warsaw by German troops can hardly, under the *circumstances, be classed as a great victory, or in any way decisive,
and future developments in that or other centers of the war
may have a counteracting influence.
The Bank of England reports an increase of gold amounting to $6,575,000 and a percentage of reserve equal to 20.4
as against 16.8 last week and 14.5 a year ago. It is interesting, as illustrating the wonderful resources of that
country, that the Bank of France added $19,000,000 to its
gold holdings during the week covered by its last report.
tO Foreign Exchange.-The market for sterling exchange
has ruled very quiet during the week, changes being particularly small. Buying by a prominent banking house
sustained rates during the closing days.
To-day's (Friday's) actual rates for sterling exchange were
4 71 @,4 71% for sixty days, 4 763'@4 763 for cheques
and 4 76 11-16@4 76 15-16 for cables. Commercial on banks
nominal and documents for payment nominal. Cotton for
payment nominal and grain for payment nominal.
There were no rates for sterling posted by prominent
bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs
were nominal for long and 5 66 for short. Germany bankers' marks were 823/i for short. Amsterdam bankers'
guilders were 40 1-16 for short.
Exchange at Paris on London, 27.02 fr. week's range,
26.833 fr. high and 27.10 fr. low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
High for the week.._ _4 713
Low for the week_ _ _4 71
Paris Bankers' FrancsHigh for the week_ _ _ ____
Low for the week_ _ _ ____
Germany Bankers' MarksHigh for the week_ _ _ ____
Low for the week _ _ _ ____
Amsterdam Bankers' GuildersHigh for the week_ _ _ ____ .
Low for the week

Cheques.
4 763
4 75%

Cables.
4 76 15-16
4 76%

5 64%
5 713

5 64
5 70%

823
81 A

82%
81 9-16

40 5-16
4054
40 1-16 plus 1-16 40 3-16 plus 1-16

Domestic Exchange.-Chicago, 10c per $1,000 discount.
Boston, par. St. Louis, 10c per $1,000 discount bid and par
asked. San Francisco, 45c per $1,000 premium. Montreal
$1 873'@$2 50 per $1,000 premium. Minneapolis, 20c per
$1,000 premium. Cincinnati, par. New Orleans, commercial, 50c per $1,000 discount and bank $1 premium.
State and Railroad Bonds.-Sales of State bonds at
the Board include $15,000 New Yotk 432s at 1093 to 1093/2,
$17,000 N. Y. Canal 43/2s at 1093/2 to 109%, $6,000 N. Y.
Canal 43s reg. 1965 at 104% to 1043/i and $30,000 Virginia
6s deferred trust receipts at 58 to 583/2•
In sympathy with the stock market the market for railway and industrial bonds has been dull, especially for highgrade issues. A large part of the transactions has been in.
new bonds of the industrial companies, among which Bethlehem Steel 5s, Lackawanna Steel 5s, Westinghouse 5s w.
International Mer. Mar., Inspiration Copper and other copper issues have been conspicuous.
Practically all these have advanced in price. Lack. Steels
are 6 points higher than at the close last week. Beth. Steels
3, Inter. Mer. Mars. 2 to 23/2, Inspiration Copper 6 and
other coppers less.



Several railway bond issues have advanced from % to 1%
points including Atchison, Baltimore & Ohio, Rock Island,
and Southern Railway.
United States Bonds.-Sales of Government bonds at
the Board are limited to $40,000 4s reg. at 109Yt.
Railway and Miscellaneous Stocks.-The stock market has been much less active than last week; but the upward movement which then received a temporary check has
been resumed and new high records have,in several important
cases, been established. The daily transactions have averaged about 720,000 shares against 1,023,000 shares last week.
The market opened strong on Monday and recovered
sharply from last week's break, on hopes of a favorable
decision by the Inter-State Commerce Commission in the
Western freight rate matter and the improving condition
of general business. During the latter part of Tuesday's
Stock Exchange session there was a perfectly natural reaction from the phenomenal advance in some issues, but the
market was strong again on Wednesday with U. S. Steel
the conspicuous feature. This stock has sold up to 73%,
the highest price recorded since 1912. On Thursday Steel
added nearly 2 points to the price on Wednesday, and dealings in it aggregated nearly three times as much as the
next most active stock. To-day's market was strong at the
opening, but became irregular later and closing prices were
in many cases well below the highest.
The railway list has been relatively steady. Every active
issue has advanced and several are from 2 to 4 points higher
than at the opening of the week. Canadian Pacific leads
with a gain of 4 points, Reading follows with 3 and Unnio
Pacific nearly 3. It seems useless to comment upon the
movement of several industrial issues which, without apparent good reason, have fluctuated over a range of 5 to 15
or more points-a speculative movement which will doubtless end in the usual disastrous way.
For daily volume of business see page 439.
The following sales have occurred this week of shares not
represented in our list on the pages which follow:
STOCKS.
Week ending Aug. 6.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

100 96 Aug 6 06
Adams Express
30 93 Aug 6 93
American Express
700 6% July 31 83
Am writing Paper pref..
600 5 July 31 53.
Assets Realization
100 6 Aug 6 6
Brunswick Terminal_ _ _ _
ill .28 Aug 3 28
Butterick
57 54 Aug 6 55
Canada Southern
Cent & Bo Am Tefeg
10 127 July 31 127
100 8 Aug 6 8
Chicago dr Alton
1,000 11c. July 31 11c.
Comstock Tunnel
42 114 Aug 4 115
Detroit Edison
200 84 Aug 6 84
Havana Elec R L At P
30% Aug 3 32
1,611
St
LouLs
N Y Chic dr
50 2% Aug 4 2%
Ontario Silver Mining
100 90 July 31 90
Pettibone-Mull 1st pref_
Philadelphia Co (Pitts)_ 1,850 73 Aug 4 78
Pittsburgh Steel pref__700 90 July 31 92
200 00 Aug 4 90
Sloss-Shelf Steel & 1 prei
100 75 Aug 6 75
So Porto Rico sugar_
701 133 Aug 3 135
Texas Co full paid rects_
700 97 Aug 3 10014
Tobacco Products pref
200 58 Aug 4 58
United Dry Goods pref..
ii. s Reduction & Refg
100 234 Aug 3 234
200 3 Aug 3 3
Preferred
Virginia Iron, Coal & C_ 4,600 48 Aug 2 5134
2,325 98 Aug 2 109
Wells, Fargo & Co
400 34
Aug 2 38
Waat Maryland nraf

Range since Jan. 1.1
Lowest.

Aug 6 80
Aug 6 83
Aug 6 6
July 31 5
Aug 6 414
Aug 3 27
Aug 6 54
July 31 110
Aug 6 8
Aug 2 7c.
Aug 3 11114
Aug 6 71
Aug 5 30
Aug 4 2
July 31 83
Aug 6 71
Aug 4 74
Aug 4 85
Aug 6 40
Aug 5 123
Aug 6 95
Aug 4 56
Aug 3 134
Aug 3 1
Aug 5 36
Aug 6 7734
Aug 5 25

Highest.

Jan 96
Apr
Feb 97
Apr
July 15
Apr
Jan 0
Apr
Mar 73. May
Feb 3214 Apr
Aug 60 May
Jan 127
July
Aug 9% Jan
May 21c. June
Feb 11514 Mar
Mar 84
Aug
June 36% Apr
Feb 414 June
May 90
July
Apr 8114 July
May 92 Aug
May 00
July
Feb 75
Aug
June 135
Aug
May 10214 Apr
Mar 59
Mar
Apr 1034June
Apr
June
June 5134 Aug
Jan 109
Aug
Jan 40
Mar

log

Outside Market.-Streligth and activity continue in the
"curb" market, though this week the prominence hitherto
assumed by the so-called war-order issues was shared in to a
large degree by the oil stocks. The latter, with scarcely an
exception, made substantial gains, the advances in some cases
being noteworthy. Atlantic Refining jumped 56 points to
603 and reacted only 3 points to 600. Prairie Oil & Gas advanced steadily from 341 to 375 and closed to-day at 374.
South Penn Oil moved up from 276 to 323 and ends the
week at 320. Standard Oil, California, after early loss from
295 to 290, sold up to 311 and at 310 finally. Standard
Oil, Indiana, in the first two days' trading advanced from
402 to 460, then broke to 442, but moved upward again and
rested at 447 finally. Standard Oil, Kansas, advanced
40 points to 400. Standard Oil of N. J. improved from 405
to 422 and eased off to 419. Vacuum Oil was prominent
with a gain of 22 points to 230, but fell away to 220. The
rest of these issues traded in, while not so active, show advances of from 1 to 17 points. Among the war stocks
Electric Boat cora. and pref. adva.nced to new high figures
during the week, the former 82 points to 440 and the ldtter
90 points to 445. The close to-day was at 440 and 440
respectively. Trading in the new pref., "w. i.," was up
3 and at. 443/i finally. Canadian Car &
from 383/ to 44%
Fdy. corn. sold up 23 points to 112 and closed to-day at
107. The pref. improved from 110 to 119 and reacted to
115. Car Ltg. & Power moved up over 2 points to 11%
but fell to 103 subsequently. Cramp Shipbldg. advanced
from 71 to 80 and ends the week at 76. Int. Motors corn.
rose from 15 to 21 and, ends the week at 193. KellySpringfield Tire coin. gained 11 points to 173 and closed
to-day at 172. In the bond list Kennecott Copper 6s advanced from 116 to 126% and sold at 125 finally. Pierce
Oil 6s advanced 3 points to 80. .In the mining list Braden
Copper was conspicuous for a rise of over a point to 8,
3
Kennecott Copper moved up from
closing to-day at 7%.
32% to 37 and down finally to 36%.
Outside quotations will be found on page 439.

New York Stock Exchange--Stock Record, Daily, Weekly and Yearly

431

OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS-HIGHEST AND LOWEST SALE PRICES
Balurday
July 31

Monday
Aug. 2

Tuesday
Aug. 3

Wednesday
Aug. 4

Thursday
Aug. 5.

Friday
Aug. 6,

Sales of
the
Week
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

Railroads
16,850 Atchison Topeka & Santa Fe_
10014 10112 10078 10178 10118 10218 10138 10138 10118 10178 10158 102
500 Do pref
9834 9878 *9812 100
*9712 100
*973,4 100
9834 9834 9812 9812
917 Atlantic Coast Line RR
*99 10012 100 10012 10014 10012
*9912 10012 9914 9912 100 100
29,100 Baltimore dr Ohio
7938 8038 8018 8138 8038 8114 8012 8114 8038 81
7912 80
71
71
1,300 Do prof
*70
7034 7012 7058 7014 7012 7078 7078 7078 71
8614 86
6,300 Brooklyn Rapid Transit
8612 8558 86
8514 8514 8512 8512 86
8658 86
14418 14514 144 14614 145 14618 144 14512 144 14734 14638 14812 33,025 Canadian Pacific
Central of New Jersey
*255 325 *250 325 *250 325 *250 300 *255 325 *250 325
4238 4134 4212 4134 4212 9,350 Chesapeake & Ohio
4034 41
4034 4218 4158 4258 42
7,090 Chicago Great Western
1112 1218 1134 12
1112 12
1238 1178 12
12
3058 6.800 Do pref
3078 30
*1218 25
29
3012 2912 2912 2953 3138 30
8212 8118 8214 81
8334 18,250 Chicago Milwaukee & St Paul
8312 82
81
8112 8112 82% 82
126 127
800 Do pref
*125 126
125 125 *125 126 *125 126 *125 126
12312 12312 12358 12378 12378 12378 1,300 Chicago & North Western
12314 124
124 124
124 124
Do prof
*160 175 *160 170 *160 170 *160 170 *160 170 *160 170
1558 1912 1778 1878 100,100 Chicago Rock Island & Pacific
1278 14
1458 1414 1638 1614 17
13
Chicago St Paul Minn & Om
*114 120 *115 120 *110 120 *113 120 *112 120 *113 120
Do pref
*130 140 *125 150 *125 150 *125 150 *125 150 *125 150
*30
36 • 100 Cleve Cin Chic & St LouLs
*30
33
33
37
40
*30
*30
36
*30
36
80
_ *55
Do pref
70
• - 70
70 I_
*60
70
;21 13 *24
28
*24
28
Colorado & Southern
*24
28
28
*25
28. *24
*45
*45
49
*45
49
Do 1st pref
*45
49
*45
49
49
*45
49
42
42
*37
*35
Do 2d pref
42
*35
*4112 43
*35
42
42
*37
148 148
400 Delaware & Hudson
•144 146 *144 146
146 146 *153 159 *143 148
_ *410 427
100 Delaware Lack & Western_
*410 42212
415 415
5
518
600 Denver Lk Rio Grande
5
5
*3
5
*3
5
*3
6
*9
10
800 Do pref
8
10
*7
9
*7
8
712 8
"
712 712
2712 51,000 Erie
2734 27
2638 2634 26% 2712 2713 2734 2718 2712 27
41
4158 4114 4258 4178 4234 4178 4214 4134 42% 4138 4238 11,300 Do 1st pref
3314 3314 1,900 D
2d pref
*3312 3412 3314 34
33
3318 3312 34
3312 34
11858 11938 7,176 Great Northern pref
11778 11778 118 11914 11858 1194 11812 11918 11814 119
4314 41% 4234 86.800 Iron Ore properties
40
41
41
4212 4114 4214 4114 4212 42
*101 10312 10312 10312 10312 10478 10312 10312 *10312 10412 101 10414 1,436 Illinois Central
20
2058 6,100 Interborough Consol Corp_vtc
21
2158 2034 2138 2038 21
2112 21
2134 21
6,500 Do pref
74
7212 74
74
7414 7512 74
76
7434 7434 7512 75
20% 2158 21
2158 2058 2138 2012 2078 2018 2012 10,100 Interboro-Metropolitan v t etf
2158 21
800 Do pref
75
*74
7434 75
76
7612 76
*75
7512 76
2434 6.000 Kansas City Southern
24
2314 2312 2378 2458 2438 25
2434 2418 2514 24
*5514 56
5534 5638 *5534 5634 5618 5718 *5634 5712 1,100 Do pref
5534 57
*5
9
Lake Erie & Western
*6
9
*6
9
*512 9
*512 9
*512 9
21
Do pref
*17
22
*17
*17
21
*17
22
21
*17
21
*17
14334 14334 14313 14478 14314 14478 14314 14378 143 144% 14312 14614 17,050 Lehigh Valley
325 Long Island
3214 3214
3212 3212 *31
35
*30
*30
35
32
34
32
355 Louisville & Nashville
110 110 *109 112
•1091v 112
112 112 *110 112
112 112
356 Manhattan Elevated
12678 12678
*12514 12718 126 126 *125 127 *125 130 *12514 127
*1314 1514 *1212 16
225 Minneapolis & St Louis
*1312 1512
15
15
15
*1212 16
15
100 Do pref
35
35
*32
38
*3212 39
*3212 40
*32
*3212 40
41
117
118
960
119
Minn St P & S S Marie
*117
118
*116
118
11934
111818 11818
118
130 Do prof
*45158 13178 4132 132 *127 135 *125 137 *127 139 *125 135
612 712
712 758 4,110 Missouri Kansas & Texas614 614
6
612 1612 612
6
612
*1612 20
21
1,600 Do pref
*1512 16
17
1712 1734 1734 18
*14
17
314
3
318 13,600 Missouri Pacific
212 358
212
2% 234
258 3
214 3
*14
24
22
23
Nat Rys of Mexico 1st pref
18 *-18 *14
18
*434 5
5
400 Do 2d pref
434 434
434 434 ;44 512 • 434 434 *4
881s 89
8812 8912 8914 9012 8934 9058 8958 90% 8958 9038 29,650 N Y Central & Hudson River
7,600 NYNH& Hartford
6312 6212 63
62
6218 62
6414 6212 6414 6313 631.4 63
2814 1,300 N Y Ontario & Western
*27
29
2878 2878 2814 2838 *27
29
2812 29
29
106 10634 10634 107
2,700 Norfolk & Western
*105 106
10514 10534 10578 106
10514 106
*76
86
*77
87
Do adjustment preferred_
*80
85
*76
86
85
*80
10738 10812 13,135 Northern Pacific
1061r 10634 10612 108
157.
.
14 10814 10717 10758 107 108
10778 108
107 10738 10712 10778 108 10814 108 10812 8,500 Pennsylvania
10838 107
69
*6578 69
69
600 Pittsb Cin Chic & St Louis...
69
68
68
68
68
Do prof
•
91 •
91 *---- 91 I---- 91 '---- 91
91
98,550 Reading
14714 14914 14778 14934 14858 15038 149 14978 14878 15078 14918 151
84
*80
84
160 1st preferred
*80
84
*80
83
*80
84
83
*82
84
82
*8012 82
200 2d preferred
82
82
82
*8012 82
*8012 82
*80
82
*18
28
*18
*18
38
*18
100 Rock Island Company
14
14
38
38
12
*14
12
*14
12
12
300 Do prof
*14
*14
12
57
3
558 618
4,950 St Louis & San Francisco_ _ _
6
512
478 578
5
6
1412
434
478
11
200 Do 1st preferred
*9
10
11
*7
1112 1012 1012 *8
1012 *7
514 514
512 534
6
7
512 512
6
6
812 612 3,850 Do 2d preferred
14 *---- 14
14 *- _ 14
14
14
St Louis Southwestern
*13
*13
32 *___ 37 •____ 32 *____ 34
Do pref
_ 32
34 •
14
1178 1314 1314 14
1434 1413 1434 4,700 Seaboard Air Line
1118 12
1158 12
31% 33
3214 3314 3234 3478 5,300 Do pref
32% 33
31
3114 3178 31
8634 8778 8634 8878 38,125 Southern Pacific Co
8678 8758 8714 881s 8712 8838 8738 88
Certificates (when issued)
-14- 1434 1414 1473 1434 1512 1514 1534 9,700 Southern Railway
137 14
*46
500 Do pref
40
48
4412 4512 *4512 49
45
45
45
4512 *45
9
912
912 10
*9
1012 *9
1012 1034 1034 1034 1,400 Texas & Pacific
11
6214 5114 5114 51
5214 5112 5134 4,200 Third Avenue (N Y)
*51
5112 51
5112 51
*1
3
*1
*1
*1
3
3
3
3
*112 4
*1
Toledo St Louis & Western_
*512 9
*512 9
*512 9
Do pref
*512
*512 9
*512 9
91
91
100 Twin City Rapid Transit__
*90
9078 9078 *90
*90 -01
*90
91
*90
92
12914 13034 12918 129% 129 13012 12958 13158 95,900 Union Pacific
12814 12958 12834 130
81
8078 81
81
1,220 Do pref
*8012 81
803* 8034 80% 8058 *8012 81
17
1718 17
*17
1,300 United Railways Invetments_
1914 17
1712 1712 1712 1712 18
*17
35
3412 3412 3412 3434 34
3412 35
1.200 Do prof
*34
3512 *3412 38
*___
14
14
_
14
14
100 Wabash
*--*14
14
14 1,100 Do pref
14
14
14
14
14
*18
*18
i
14
25
2434 2514 25
•23
24
1,800 Western Maryland
25
24
24
24
*23
25
12
12
*12
12
12
*12
1
300 Wheeling & Lake Erie
1
*12 1
72
*12
4
218 218 *2
312 *2
300 Do 1st preferred
6
*2
*2
4
2
2
*12
*58
114
300 Do 2d preferred
*58
1
34
78
1
1,1
*34
114
*78
31
32
900 Wisconsin Central
3014 3012 3014 31
30,2 3012
*2812 31
*2812 31

._

-1512 1312

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




Lowest.

Highest.

89% July
*9612 Dec
19918 Dec
67 Dec
69 Dec
79 July
153 Dec
300 July
40 Dec
914 July
25 July
8434 Dec
126 Dec
122 Dec
170 Jan
33 June
125 May
132 May
22 July
40 July
20 Mar
3778 July
29 Dec
13834 Dec
388 Jan
4 July
8 July
2018 July
32 July
2614 July
11138 Dec
2212July
10312 Dec

10038 Jan
10134 June
126 Jan
9838 Jan
83% Jan
9414 Mar
22012 Feb
310 Jan
68 Jan
1514 June
414 June
10718 Feb
143 Feb
136% Feb
180 Jan
33 June
13114 July
132 . May
40 Jan
70 Feb
284 Jan
62 Jan
35 Mat
15912 Feb
40634 June
1914 Jan
3118 Feb
3212 Jan
4934 Jan
4014 Jan
13484 Feb
3914 •41
115 J*n

1034 July
50 Dec
2014 July
4918 Dec
518 July
17 Apr
118 July
28 Jan
125 Dec
128 Jan
9% July
2712 June
101 Dee
130 June
818 Dee
28 Dec
7 Dee
30 Jan
5 Dec
77 July
49% July
1834 Dec
9612 Dec
85 Jan
96% Dec
10212 Dec
644 July
95 June
137 July
87 July
z80 Dec
38 Dec
1 Dec
2 Apr
8 May
214 Dec
17% July
36 July
1014 Dec
4534 Jan
81 Dec
9278 Dec
14 Dec
58 Dec
114 Dec
33 July
2 Dec
434 Dec
9478 July
112 July
7712 Dec
712 Dec
22 July
It July
134 Dec
1034 Dec
212 July
814 July
3 Dec
2934 July

1634 he
6538 J,vive
284 J 3,7
62 Js.3
9 Jan
2112 Jac
15614 Ja
36 Fe,
141% Jan
133 Feb
164 Jan
3512 Jan
137 Feb
145 Feb
24 Jan
80 Jan
30 Jan
34 Feb
14 Jan
963s Jan
78 Jan
81% Jan
105% July
90 Apr
1384 Feb
1151z Jan
91 Feb
101 Mar
17214 Jan
8938 June
93 Jan
16% Jan
25 Jan
532 Jan
1712 Jan
934 Jan
26% Jan
6514 Jan
2238 Feb
58 Feb
9912 Jan
10612 Jun
2814 Feb
85,4 Feb
1734 Apr
4534 Jan
1214 Jan
23 Jan
1084 Jan
18438 Jan
86 Feb
2334 Feb
4914 Mar
438 Jan
13 Jan
35 Jan
638 Jan
21 Jan
11 Jan
48 Feb

$1912 July
6 July
3212 July
4734 Jan
9014 Dec
19 July
86 May
80 Apr
12912 Jan
191s July
80 July
4214 Dee
112 July
;82 Jan
i102 Jan
32 July
9338 June
314 July
17 July
1978 July
74 July
24 Doe
2014 July
96 Jan
414 Dec
30 Dec
7914 July
5014 July
974 Apr
148 Dec
9978 Jan
274 July
97 Mar
10778 Mar
114 July
215 Apr
10134 Jan
12 July
724 Mar
$241,1)ec

$284 May
1414 Feb
49 Jan
59% Mar
334 Dec
80 Dec
974 Feb
146% Feb
354 Jan
96 Jan
534 Feb
11872 July
1864 Mar
107 July
464 Feb
97% Mar
54 Feb
2534 Feb
3234 Feb
1138 Jan
3134 Jan
3714 Jan
10212 Mar
914 Jan
5018 Jan
85 Jan
714 Feb
105 Jan
172 Jan
10634 July
374 Feb
10978 Jan
115 Dee
12414 Jan
256 Ma
109 Jun
20% Jan
43 Jan
$3814 Feb

c Certificates of deposit.

d Quoted

Highest.

9212 Feb 24 105 Apr 19
96 Jan 5 10138 June17
98 Mar 1 11312 Apr 30
6334 Feb 25 8234 July28
67 Feb 23 7312 July27
84 July29 93 Apr 21
138 July23 174 Apr 19
275 July28 325 Jan 22
3558 July 9 4938 Apr 19
10' Jan 4 1418 Apr 19
2512 May14 3638 Apr 19
7734 July26 9814 Apr 19
122 July 9 130 Jan 22
11812 July10 132 Apr 15
163 July 9 1175 Jan 30
1012 July23 38% Apr 15
4114 Apr 9 115 July 9
116 Juiy26 131 July29
121 J3ti
.3412 Apr 19
5318 Feb 17
65 Apr 1
24 Mar15 32 Apr 8
45 Jan 18 5414 Apr 5
37 Jan 18 4912 Apr 3
142 Jan 4 153 Apr 19
39975 Jan 6 42934 Apr 10
4 Jan 12
914 Apr 20
6,2Jan 7 1814 Apr 19
197g Fob 24 30 Apr 19
3214 Feb 24 4638 Apr 19
27 Feb 25 3714 Apr 19
11234Jan 2 12234 Apr 19
2514 Jan 2 43% July29
99 July 7 113 Apr 19
1878 July10 2134 July30
70 July10 72June24
1058Jan 16 2434 Apr 29
49 Jan 19 77% June22
2058Feb 24 2938 May 6
547 Feb 24 6012 Apr. 20
5 Jan 5
958 Apr 21
19 May27 2314 Apr 22
12914 Feb24 14612 Apr 19
30 Jan 11 39 Jan 20
10412 July 8 12512 Apr 20
125 June25 129 Apr 23
1932 Feb 15
10',Jan 11
25 Jan 18 49 Feb 15
106 Jan 4 12212 Apr 19
123 June 8 132 Apr 19
5 July16 1514 Apr 19
1314 July19 40 Apr 5
134 July27
1814 Apr 19
19 May12 23 Jan 5
712 June 4
434 July28
814 Mar 1 92's Jan 22
43 Feb 25 71% Apr 21
2114 Jan 6 35 Apr 20
9013 Jan 4 107 Aug 6
85 Jan 27 00 Junel5
9918 Feb 24 11238 Apr 19
10358Feb 24 11138 Apr 21
85 MaY17 72 Jan 18
90 Junel9 984 June 5
13834 May10 15718 Apr 19
8213 July30 90 Junel2
80 Feb 23 8612 Apr 19
18 JUlylb
118 Apr 9
14 June21
212 Apr 9
134 Mar22
714 June26
818 July 5 1212 June28
3 Jan 18
8 Mar31
1312 July22 19 Apr 23
2934 Ju.y24 37 Jan 21
1118 July31
17 Apr 21
3014 July24 42 Apr 10
8114 Feb 5 95 Apr 21
947g Fob 20 10614 Apr 19
1212 July23 1938 Apr 9
42 July23 63 Jan 28
812 July23 1778 Apr 19
35 Jan 2 58 Apr 15
1 Jan 6
212 Mar31
512 May25
932Jan 23
90 Juiy 9 100 Apr 19
11534Jan 2 13438 Apr 19
s79 Mar 1 82 Junel2
8 Jan 5 213* July20
2114 Mar15 40% Apr 26
214 Apr 30
18 May26
18 June28
612 Apr 29
914 Jan 4 2678 Apr 13
12 July28
3114Jan 18
2 Aug 2 16 Jan 18
34 Aug 6
6 Jan 18
28 July14 3978 Jan 21

Industrial & Miscellaneous
3312 3278 3312 3278 3518 10,700 d Alaska Gold Mining_Par $10 $2618 Jan 7
3212 33
3258 3418 3312 3414 33
724 Jan 12
32
3312 3318 3538 3538 3878 3673 3812 3238 3738 3218 35 227,170 Allis-Chalmers Mfg v t c____
7212
70
6834
7114
6812
7078
24,460
Do preferred v t c
69
33 Feb 10
7034 70
7114 7034 7234
55
57
7,400 American Agricultural Chem_
57
5812 57
5812 58
5412 5618 5512 5634 57
48 Jan 4
9312 9312 *93
94
94
100 Do prof
*93
94
*92
94 •93
9412 *93
90 Mar27
5512 5814 37,600 American Beet Sugar
3314 Jan6
5618 5712 5612 5758 5658 57% 5634 5834 5712 59
*85
88
*85
88
100 Do pref
88
*85
85
85
*83
83 Feb 1
88
*83
88
_ *100 106 *100 106
Amer Brake Shoe & F et's dep 8714 Feb 25
*100 105 *100 105 *100 106
*155
165
170
170
600 Do pref ctf dep
*159 162
159 159 *155 170
13212 Ma r25
5738 5834 5712 6118 5834 6112 5834 6012 5734 6012 5818 6018 152,750 American Can
25 Feb 24
10618 10618 106 106
1,250 Do pref
9113 Jan 5
106 106
10512 10512 106 10612 10512 106
6112
6358
6258
6112
69,900 American Car & Foundry
5658 57
5634 5818 5712 5918 5913 63%
40 Feb 23
*115 11634 11634 118
200 Do pref
*115 11634 *115 11634 *115 11612
11112 May25
143 145
14414 147
3,750 American Coal Products
145 149
147 147
14518 150
14612 147
82 Jan 20
121
*116 118
100 Do pref
118 118 *116 121 *116 121 *116
*117 121
4105 Jan 7
50
6,400 American Cotten Oil
49
5034 5012 5178 5112 5214 5112 6112 5012 5138 50
39 Jan 4
*9412 97
*94
97
97
97
97
*93
*94
Do prof
*92
97
*92
91 June 25
712
78
8
714 714
712 712
3,845 American Hide & Leather..
738 7%
7
714
714 738
438 Feb 19
3414 3512 3412 35
*3438 35
2,200 Do pref
*3412 35
35
*3412 3512 *34
193 Jan 5
*24
24
2434 1,600 American Ice Securities
24
2478 25
25
2434 24
25
*23
25
2058Jan 4
1214 1212 1212 4,550 American Linseed
1212 1278 1212 1212 12
714 Jan 2
1238 1278 12511 13
31
2934 2934 31
31
1,300 Do pref
3134 3112 3112 31
3034 3034 31
24 Jan 5
35,250 American Locomotive
5412 5678 5514 5612 5414 5612 5312 55
55
5358 5478 54
19 Mar 2
97
9733 9712
97
98
700 Do pref
*95
98
98
96
*94
*95
98
75 Mar 6
*5
7
*5
7
558 558 *5
6
100 American Malt Corporation
*5
6
*5
6
378 Apr 14
2534 26
28
*22
2478 25
400 Do pref
*22
25
2812 •25
*23
26
2112 May27
81
81
81
*79
900 Amer Smelters Sec pref B.__
81
*79
*7912 81
*7912 8012 *7912 81
78 Jan 19
7814 79
8078 79% 8034 8058 8153 7912 8138 7958 8138 38,350 Amer Smelting & Refining- 58 Jan 2
79
600 Do -pref
10634 10634 *107 10712 *107 10814
10612 107
10658 10658 107 107
100 Jan 4
203 American Snuff
145 145
150 150 *140 15012 *140 15012 4150 150 *145
144 Jan 16
Do pref (new)
*103 108 *103 108 *103 108 *103 108 *103 108 *103 108
103 Jan 19
4278 4478 43
44
42
11,005 Amer Steel Foundry (new)
43
4134 43
43
44
42
43
2418 Mar 5
10814 10912 109 10934 109 111% 7,850 American Sugar Refining_ _ _ _ 9912 Feb 24
108 109
108 108 *107 109
500 Do prof
11334 11334 11334 11334 11312 11334
11353 11358 *112 114 *112 114
109 Feb 5
12214
122
122 122
2,600 Amer Telephone & Telegraph 116 Jan 4
122 12214 122 122
12178 122
12112 122
227 227
570 American Tobacco
22834 22834
227 227
225 226
4225 225 *220 226
*218 May14
300 Preferred (new)
*106 10634 10618 10618 10634 10634 *106 10612 *106 107 *106 107
10314 Jan 4
2712 2712 2834
*24
700 American Woolen
2638 27
27
*20
27
*2312 2612 *23
1534 Mar 6
88
88
650 Do pref
88
*84
8712 87
84
8418 85
*80
84
*80
7714 Feb 27
6912
703
8
70
713
8
46,800
d Anaconda Copper...Par $50 c $2434 Feb 24
6834 69% 6914 7112 7038 71% 7014 7118
• Bid and asked prices: no sales on this day. I Ex-rights
Leas than 100 sharea. a Ex-dly. and rights. b New stock.
dollars per share. e virst installment paid. z Ex-dividend. s Full paid

Range for Profess
Year 1914.

$4012 Apr 22
3878 Aug 3
7234 Aug 3
59% May 5
95 June 4
59 Aug 5
8634 M ar22
10714 July15
170 Aug 6
6178 July27
1061: July29
6378 Aug 4
118 Aug 6
17012 July12
11814 July12
5418 Apr 26
98 Apr 22
8 Apr 19
4212 Apr 19
35 Apr 30
14 Apr 19
3414 Apr 16
68 Apr 16
10018 Apr 16
638 Apr 23
324 Mar31
8338 May 5
8412 June14
10818 May 6
165 Apr 22
10612 Apr 26
45 July29
11414 Apr 23
11514 June10
12414 June17
25212 Apr 22
109 May 6
3214 May 3
9012Junel6
$7178 Aug 3

9712 Jan

New York Stock Record-Concluded-Page 2

432

For record of sales during the week of stocks usually inactive, see second page Preceding.
STOOKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
July 31

Monday
Aug. 2

Tuesday 'Wednesday
Aug. 4
Aug. 3

Thursday
Aug.5

Friday
Aug.6

Sales of
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

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

Highest.

Industrial & Misc.(Con)
2658 Mar 3 85 July27
7712 8012 7834 8034 7914 8112 7914 8038 7814 807 ' 7 8058 40500 Baldwin Locomotive
92 Mar 9 106 Aug 4
106 106
106 106 - ---- ---300 DO pref
.104 106 .10412 106 *10412 106
*II, IA *ill
$12 Feb 5 $2 Apr 17
114 *14 114 *14 114 *1
200 d Batopliaa Mining-_-Par $20
118
118
112
4614 Jan 2 311 Aug 6
30012.311
27834 290 295 307
25,660 Bethlehem Steel
250 25912 259 275
255 260
Jan 2 142 July27
91
Do
pref
1,072
*130
135
132
135
13212
135
135
132
135
*128
130
130
118 Jan 5 13212 Apr 30
100 Brooklyn Union Gas
12612 12612
*125 129 *126 129 .126 129 *126 130 *126 130
68
14,100 dButte&Superioreop.Par$10 $5914 May15 3794 June 4
7034 6758 6934 6912 7112 6738 69
6678 6734 70
66
8 July26 2138Feb t,
1612 17
19
1718 1778 17
1014 1014 1138 1414 14
1778 20,400 California Petroleum v t Ws_
30 July23 5434 Feb 8
40
3814 38
38
3812 5.300 Do pref
3834 38
35
35
32
*2912 33
3238 Feb 20 4434 Aug 6
4218 4438 4312 4434 50,000 Central Leather
4112 4218 4112 4218 4158 4238 4178 43
1003s Jan 7 10.114 July19
104 10414 10418 10418 1,235 Do pref
*10314 10414 10314 10312 *103 104 *103 104
Par $5 3234 Jan 6 4934 Apr 26
4558 4678 4578 4612 4512 4638 4534 4612 4514 4578 29.800 d Chino Copper
4512 46
2134Jan 5 4338 July29
4138 4058 4178 4038 4258 129,900 Colorado Fuel & Iron
41
40
4014 39
39
3812 40
11334Jan 4 13134 Apr 30
128 12814 128 12814 128 12834 128 129
1,110 Consolidated Gas(NY)
•127 129 *127 129
4014 Jan 4 94 Aug 5
8678 8812 94
87
8014 7812 8014 79
9012 28,270 Continental Can
7414 7414 75
700 Do pref
8812 Jan 5 10112 Aug 5
10034 10034 101 101 .100 10112 10138 10112 *102 103
*100 101
8 Jan 2 17 June 4
1534 15
1538 9,030 Corn Products Refining
1538 1534 1538 1534 154 1558 1518 1534 15
80
65 Jan 5 81 Apr 19
8012 1,700 Do pref
8012 8012 8078 8078 80
8012 8034 80
80
80
72
7434 7134 79
184 May10 89 Aug 6
7018 75
6612 70
6734 71
7834 89 250,950 Crucible Steel of America
102 10212 102 10334 10314 106
10212 103
84 May10 106 July30
6,850 Do' pref
103 10356 103 103
38 Jan 25 125 July22
11012 11012 106 10612 108 111
4,170 Cuban-American Sugar
110 111
110 11334 110 110
yy2
218
3
jjutuily
93 M ar17 105 J
Do pref
*10312 105 *10312 105 .10212 10412 *103 105 .102 105 *10312 105
Deere & Co pref
*9012 9312 *9012 9312 *9112 9312 *92
100 Dre
92
9314
*9012 9312 92
29
2
2 9
Mar
r 8
86
512 A
2658 2814 274 2818 2612 2734 27
2814 20,000 Distillers' Securities Corp
26
2634 2614 27
2112 2134 21
2212 6,987 d Dome Mines Ltd___Par $10 :$16 June25 $2414 July15
22
22
2218 2234 2238 2234 2178 22
8 Mar24 60 June12
30
2514 284 *25
*25
400 Federal Mining & Smelting30
30 .25
30
28
28 •25
20 Mar13 65 June12
49 .45
49
200 Do pref
*45
49 .45
49
49
49 .44
49
.45
. Jan 26 290 July 9
General
165
.276
289
Chemical
280
5280
220
*276
290
289
28712
290
1280 280 *275
106 Mar 1 11018 Aug 6
-100 Do pref
.108 111 .108 11012 *108 11012 .108 11012 *10912 11012 11018 11018
138 Mar 3 17712 July27
17234 17412 17212 17312 11,130 General Electric
171 17378 172 17378 172 17312 17214 174
18118 182
181 18114 18114 19178 19558 198
7.700 General Motors vot tr ctfs- 82 Jan 2 198 Aug 6
181 181
178 178
9058Jan 4 107 July19
106 10614
750 Do pref voting trust ctfs_
104 104 *10312 10512 .104 10512 .104 10512 105 106
241*Jan 7 5578 June29
25,200 Goodrich Co (B F)
5278 5218 5314 5158 52
5078 5214 5114 5212 5112 534 52
%11;2
112
567
13 JJ6
1054
100 Do pref
.10312 10412 .10312 10412 10412 10412 *104 105 *10334 105 *104 105
4
45
54j
a 17
Jan
6378 63
6334 6314 64
6312 6434 20.100 d Guggenheim Explor.Par $25 $9
0114 6112 6134 6334 63
172
6
Jup2
20
538 A
8
2 1 13
122 Homestake Mining
*117 11812 51174 118 *117 119 .117 119 .11712 119 §119 119
$
n
458 Jan
3378 85,600 d Inspiration Con Cop_Par $20 1116
3214 3314 3314 3438 33511 3438 3312 3438 3312 3438 33
1578 5,400 Internat Agricultural Corp.-.
12
512 Mar 31 1578 Aug 6
1378 14
10
*9
11
10
934 934 10
10
*24
29
8 Mar 15 3012 July14
29
29 .25
800 Do prof
28
2958 2934 3033
*24
27
27
9834 10412 103 10612 10412 10612 106 11138 10758 10912 30,400 International Harvester of N J 90 May10 114 June 4
*96
99
110 July13 117 Jan 20
Do pref
•___ 117 *____ 117 *-_-_ 117 .-- 117 .____ 117 .____ 117
6434 *60
*60
65
6434 6434 6434 64
600 International Harvester Corp- 55 Feb 20 80 Apr 10
60
6434 60
*60
Do pref
9012 Mar 6 114 Jan 14
*97 117 *100 117 .97 117 .____ 117 .„-- 117
*97 117
8 Jan 6 12 Apr 19
10
938 938 *9
.9
912
9
978
914 912 2,100 International Paper
10
*9
33 Feb 24 43 Apr 19
1.700
Do
3814
pref
*37
3812
38
*36
*38
38
3834
3814 3814 3814
38
7711 Feb 20 88 Apr 26
Kayser & Co (Julius)
*78
83
*78
83
*78
83
83 .78
83
*78
83
.78
107 Jan 13 109 Apr 19
Do 1st pref
*107 ____ •107 ____ *107 ____ *107 ---- *107 ____ *107 112
99 Jan 18 139 May12
100 Kresge Co (8 5)
137 137 *128 145
____ ____ *130 140
*128 145 *130 145
10514 Fob 15 110 June12
Do pref
*10514 110
____
*10514 112 *105 112 *105 112 *105 112
28 Jan 7 56 Aug 5
19,400 Lackawanna Steel
55
54
56
5514 56
5078 5034 5114 51
504 50
50
101 102
9278 Jan 15 106 Apr 13
102 10312 103 10312 1,400 Laclede Gas (St Louis)
*9978 101
*9978 101
*98 101
207 Jan. 9 231 Apr 22
22212 22212 *216 225 1224 224 *215 225
155 Liggett & Myers Tobacco
.
220 227 *215 225
Do pref
11334Jan 5 11912Jan 21
__
.116 120 .116 120 *116 120 *116 120 *116 120 *116 120
16 Feb 17 31 Jan 11
Loose-Wiles Biscuit tr co ctfs_
19
*17
19
*17
19
19
*17
19 .17
*17
19
*17
Do 1st preferred
86 Feb 20 1051s Jan 13
*9018 924 *9018 924 *9013 9212 *9018 9212 .9018 924
93
*90
60 June15 65 Marll
Do 2d preferred
._ _ _ _ 63 .____ 63 .--_ 63 *_ _ _ _ 63 4._ _ _ _ 63 .--__ 63
16513 Jan 6 184 Mar 8
100 Lorillard Co (P)
---- ---- *168 180 *168 180
170 170
*168 170 .168 170
11214 Jan 6 118 Jan 19
Do pref
______
117
7258Jan 11 827s May 6
Companies
Mackay
iii3i2
;
7
6Viis
8
-iii
wiiii3
787
;i.
e
.,
787
78i8
;Wii3
8
*70
787s
4.64
6634 *64
6634 *64
65 Feb 25 6934 Jan 19
6634
6634 60
6634 *64
200 Do pref
6634 *64
1514 Jan 6 58 Apr 14
3738 3634 3734 36
37
3534 36
7,000 Maxwell Motor Inc tr ctfs
374 36
3312 3378 34
43',Jan 2 89 June 7
8334 85
8312 8412 8434 85
8212 84
8412 8514 3,300 Do 1st pref stk tr ctfs
83
*81
18 Jan 6 44 May 6
3312 3414 33
6.000 Do 2d pref stk tr ctfs
33
3034 3234 3212 3414 3358 34
30
30
*36
38 .36
38
35 July12 56 Mar 2
38
500 May Department Stores
38
38
38 .35
35
37
*35
Do pref
*95
98 .95
98
*95
9478 Apr 27 29812 Mar15
98
*95
98
98
*95
98
*95
7912 8234 78
51 Jan 0 97 Apr 26
8078 7812 8112 70,030 Mexican Petroleum
7658 7534 80
74
7214 74
80
80
67 Jan 15 94 Apr 26
79
80
78
7914 78
78
1,000 Do pref
._ _ 79 *-___ 79
Par $5 $1714Jan 6 $2918 Apr 26
2714 2712 22612 2678 2012 2634 2618 2614 2612 2634 2638 26513 11,450 d Miami Copper
42 Jan 4 5534 Apr 23
4812 4812 4834 4812 4812 *4712 49
4912
400 Montana Power
*47
*4612 4912 *46
100 Do pref
102 102 .100 10234
99 Jan 29 103 Apr 15
*9934 102 *100 102
102 102 *100 102
12114 121.14 ____ ___ *___ 12218
116 Apr 3 132 Jan 22
200 National Biscuit
*118 121 *118 12212 118 118
.115 130
*119
119 May25 126 Feb 3
Do pref
118 126
.
7378 -i5" Vi- i:ii" liiti *71
68 Mar25 8018 Mar31
7312
900 National Cloak & Suit
73
7312 ;ii- ii- 73
106 106. *10412 107 *104 10614
1004 Mar25 10618 Apr 16
200 Do pref
*104 10518 1054 10518 10114 106
913 Jan 4 2738 July27
2512 24
2478 2334 2434 2312 2412 13,225 Nat Enameling & Stamping_
2412 2534 24
2312 26
90
*86
90
90 *86
79 Apr 1 90 July27
*87
100 Do pref
*87
90
90
8812 8812 *86
44 Jan 4 7034 May 1
644 6578 10,900 Natidnal Lead
*6212 6314 6378 6434 644 6558 6434 6558 6512 66
10434Jan 4 111 June10
110 110 *10912 110 5110 110 *10812 110
120 Do pref
.109 110 *109 110
1412 1434 1434 1478 1434 1478 3,920 d Nevada Cons Cop-_Par $5 $1134 Feb 24 $164 Apr 27
1412 144 1414 1478 1458 15
11014 11314 111 113
11312 11612 11412 11558 42,400 New York Air Brake
5612 Feb 26 11612Aug 5
10712 11114 10912 112
71
*71
71
900 North American Co (now)
71
64 Jan 19 81 Apr 21
73
70
7114 72
70
70
71
71
18 Mar17 38 Aug 3
32
31
334 30
33
3212 344 12,500 Pacific Mall
34513 3614 34
35 38
3112
150 Pacific Telephone & Telegraph 2618 Feb 11 394 Apr it
3112 .30
29
311
2914 2914 *29
29
.2834 3112 *28
200 People's Gas Lt & C (Chicago) 1124 May10 1234 Apr 3
.117 119 *117 119 ---------116 116 *115 118 *116 118
15 Mar 5 75 July17
64
Pettibone-Mulliken
*55
*50
65
*60
05
*55
05
65
65 .60
*60
15l Jan 4 2678 July29
2538 2534 2412 2478 24
254 24
2412 6,625 Pittsburgh Coal
244 2514 254 26
94
8152Jan 4 93 Feb 16
94
*93
05
95
9434 94
9314 934 1,2001 Do pref
9312 9414 *92
25 Mar 6 5934 Apr 30
5512 5414 57 •
5412 5834 62,550 Pressed Steel Car
524 5112 5278 52
50
505s 51
100 Do pref
*984 102
80 Marl() 1024Jan 28
*97 100
*9912 10012 *9912 10012 10018 10018 *9734 102
Public Service Corp of N J--- 104 Apr 13 11034 Apr 22
.10012 10712 *10012 107 *10012 107 .10012 107 *10012 107 *10012 107
16012 16112 16078 16078 *160 163
15018 Mar12 167 June14
160 160 1158 158
990 Pullman Company
*158 161
4 June15
3
1,650 Quicksilver Mining
3
3
3
3
318
3
3
le Mar15
4241 234 *24 3
34 Mar26
61s June15
200 Do pref
*334 414
438 *334 4
*4
334 378 *334 4
*312 378
4138 4112 4278 40
4212 3812 4012 54,560 Railway Steel Spring
19 Mar 6 4278 Aug 4
3512 3558 3518 394 40
87 Mar 3 95 Apr 19
91
9134 9214 94
*92
91
96
*88
1,800 Do prof
*8812 91
91
.85
2338 2278 23
2258 2318 16,300 d Ray Cons Copper__Par $10 $154 Jan 2 $2618 Apr 26
23
234 2278 2358 2314 2358 23
4478 4278 4434 4234 45
43
4412 72,980 Republic Iron & Steel
19 Feb 1 4612 July29
42
4378 4214 4378 43
3,100 Do pref
98
0713 984 9734 9812 98
9638 97
72 Jan 30 9812!Aug 4
9012 9512 96
. *95
5
512
534
6
44
Rumely
638 May12
Co
(M)
558
27,050
6
54
8
7s Jan 22
55
312
312
*212
1258 1214 1234 12
1212 12
212Jan 20 18 May 6
1218 8,100 Do pref
834 1134 11
9
*6
147 14712 147 14812 149 150
2,460 Sears, Roebuck & Co
$13134 M ar17 20912 Feb I
*14438 14712 14718 14718 147 147
5
1
2.712 FebFe
4
4 15
200 Do pref238an
J a. 6
*123 124 *123 124 .12318 1244 *12318 1244 *12318 12414 12418 1214
124
1 j
4612 45
Aug
47
4212 4312 4218 4334 4312 4434 44
4534 4634 14,700 Sloss Sheffield Steel & Iron5612 5534 5534 56
400 Standard Milling
4312 Feb 23 5612 July14
56
5612 5614 5614 *54
5612 *55
*55
*71
7334 72
72
*71
7334
100 Do prof
4.71
66 Feb 17 7358 July13
7312 *71
74
8438 8334 85
8312 8458 53,700 Studebaker Corporation (The) 3534 Jan 2 8714 Aug 2
8334 85 . 8434 874 -5ii.2 -143-4 83
10214 10334
860 Do prof
91 Jan 2 110334 Aug 6
*100 10212 *100 10212 *100 10212 10178 10178 102 102
4034 4234 50,030 d Tennessee Copper_Par $25 $2512 Feb 24 $4234 Aug 6
3634 3712 3712 394 3853 3914 3914 4038 4014 42
138 140
139 140
140 142
11,400 Texas Company (The)
13312 13812 13712 142
133 133
120 May14 14412 Apr 19
*70
76
70
*70
*70
77
pe
Underwood Typewrite
__
75
*70
*77
76
*70
55 Feb 18 7678July2R
*99 104
*99 102
*99 104
Do pref
- - *9714 107
*974 105
*9714 105
984 May22 105 July26
6
63s *573 612
633 638 1.700 Union Bag & Paper
438Jan 4
74 Apr 6
64 638
558 6
578 638
*23
27
27
2638 2638 *23
200 Do pref
*23
27
27
*23
2278 July13 3078 Apr 6
27
*23
48
*46
4412 4412 *45
*4312 47
400 United Cigar Mfrs
48
48
*43
*4312 47
42 Jan 25 5112 Apr 19
10412 1041 *103 10412
103 103 *101 105
200 Do pref
•10112 103 .10112 103
100 June19 105 Feb 11
16
20
16
16
1512 16
1814 1834 12,300 US Cast Iron Pipe & Foundry
16
*14
8 Jan 2 20 Aug 5
16
*14
39
44
40
*30
40 40
40
3212 Mar 3 4612 Apr 19
40 *30
*30
1.000 Do pre
40
*30
*58
66
66
*58
*58
06
06
*58
60
*55
U S Express
60 July27 7314 Mar 9
66
*58
6134 5912 6634 22,800 U S Industrial Alcohol
60
63
60
60
58
115 Jan 27 6634 Aug 6
57
*5612 5812 57
9478 9478 9412 9412 9412 95
95
9412 9412 *93
600 Do pref
95
*92
76 Jan 26 95 Aug 6
*36
38
40
374 30
*36
39
*36
300 U S Realty & Improvement
38
*36
40
.35
35 June30 50 Jan 12
4712 5034 4838 4912 4712 4812 19,900 United States Rubber
4518 4558 4514 4512 4618 49
44 July21 7434 Apr 14
1,600 Do 1st preferred
10138Feb 24 110 Apr 9
1021.4 10214 10218 10214 10212 10412 1054 10518 *104 105 *104 105
6612 6714 6658 6734 6734 6858 6838 7058 704 7212 7158 7338 617.155 United States Steel
38 Feb I 7338 Aug 6
112 11212 11214 11212 6,840 Do pref
11238 113 2111 11138 11114 11134 11134 112
1102 Feb 1 113 July31
6612 6838 6612 6778 0612 674 47,200 d Utah Copper
6653 68
6078 6534 68
Par 1110 $1812 Jan 6 $73 Apr 26
66
3414 3538 28,410 Virginia-Carolina Chemical- 15 Jan 4 3733 Aug 2
3612 3514 30
3431 3612 363s 37313 364 3738 36
101 101
101 101
102 102 5102 102 *100 102
910 Do pre(
100 102
7
2 1021
Jtli y31
5
Jan 6
8
50Ja
7 Jan
7018 7034 9,400 Western Union Telegraph__ _
70
694 7034 704 71
6812 09
68
Aug
*6812 69
11014 11258 11138 11318 11138 11212 11014 11218 11078 11312 240,300 Westinghouse Elec & Mfg_ 64 Feb 24 11334 July30
1104 112
131 131
131 131 *131 135
131 131
.122 135 *130 131
500 Do 1st preferred
117 Mar12 131 Aug 3
140 143
13512 13512 13514 139
135 136
0,105 WIllys-Overland (The)
.134 13712 135 136
87 Feb 23 143 Aug 6
200 Do pref
10312 10312 *10212 10314 10314 10314 *10314 10412 *104 10412 *104 10412
90 Feb 13 105 June22
10412 10412 10412 10412 10412 10614 2.2
10312 10350'104 105
104 104
100
00 Woolworth
lworptb
ref(F W)
9014Jan 6 1114 Apr 14
*121 12212 12213 122181 122 122 *122 123 *122 12312 122 124
Do prof
Jan 8 1224 Aug 2
• Bid and asked prices; no sales on this day. 1 Less than 100 shares. :Ex-rlirbts. a Ex-div. and rights. b New stock. 0 Quoted dollars
dividend. x Ex-dividend. c Par $25 per share.




Range for Prettotes
Year 1914.
Lowest.

Highest,

3812Jan
1024 Jan
$12 Apr
294 Jan
68 Jan
118 Dec

5218 Mch
110 June
$14 Feb
464 Dec
91/
1
4 Dee
130 Jan

15% Dee
304 Feb
50 July 68 Mob
25% Jan
3814 Dec
947s Jan 104 July
$311, Dec $44 Feb
204 July 344 Feb
1124 Dec 1394 Jan
374 June 4514 July
84 July 9114July
7 July 13% Jan
58% July 72 Jan

90 Deo
9114Jan
11 July

90 Dee
9914 Feb
204 Mob

714 May
2858 Dec
160 Apr
10712 Feb
13712 Dec
37I Jan
70 July
1058 Jan
797 Jan
$4012 July
10914 July
$1414 July
4 Jan
13 May
82 July
1134 Jan
82 Dec
11414 May
61 July
30 Deo
80 Jan
106 Moh
81 Jan
99 Jan
2613 July
85 July
20712 Dee
1113* Jan
26 Dec
101 Apr
89 Jan
160 July
110 Jan
61 July
65% Jan
144 Dec
414 Dee
17 Dec
514 June
974 June
464 Jan
67 May
$164 Dee
41 Dee
101 Apr
120 July
11914 Jan

15 Jan
43 Jan
180 Jan
110 June
1504 Feb
99 May
95 Feb
2872 Apr
95 Dee
$574 Apr
11224 Mob
$194 July
1012 July
36 Jan
1134 Jan
11814 July
11114 Jan
118 July
107s Feb
41 Jan
94 June
10814 May
105 Feb
105 Mob
4() Jan
101 Feb
231 Mob
1184 J1117
38 Jan
105 Mob
9514 June
190 Apr
11778 July
874 Feb
70 Jan
1514 Dec
44 Dee
174 Dee
6914 Jan
10114 Feb
734 Feb
87 Feb
$244 Feb
52% June
103% June
139 Feb
128 June

9 July
80 June
40 July
105 Jan
$1014 July
58 July
64% July
1714 July
20 July
106 July
23 Apr
15 Dec
79 Dec
2614 Jan
9714 Jan
107 Jan
150 Dee
7s June
14 June
1914July
88 Dec
$15 Dec
18 Dee
75 Dec
378 Dee
2014 Apr
17014July
120 Dec
194 July
32 Jan
594 Dec
20 Jan
70 Jan
$2414 July
112 July
7314 June
103 Dee
34 June
1814 July
39 Dec
99 June
714 June
30 July
46 Jan
15 Dec
75 Dec
514 Dec
4413 July
9518July
48 Dec
1034 Dec
$454 Dec
• 17 Dec
96 May
531s July
64 Jan
11572 Jan

14 Feb
867s Mob
52 Jan
109. Feb
$164 Jan
69 Jan
7914 Mob
29 Jan
31 Jan
125 Jan
29 Feb
234 Feb
9312 Feb
46 Feb
10514 Mob
114 Apr
159 Jan
272 Jan
4 Jan
344 Feb
101 Feb
$224 Apr
27 Jan
914 Mob
18 Jan
41 Jan
1974 July
12414 June
35 Jan
45 Dec
674 Dec
3614 Mob
92 May
$3614 Feb
1497s Mob
88 Jan
113 Apr
814 Feb
324 Feb
5014 Feb
10378 Feb
134 Jan
49 Feb
87 Mob
20 Apr
851
,Jan
6314 Mob
83 Mob
1041s Jan
6714 Jan
11214 Jan
$5911 June
347s Mob
1074 Mob
667s Feb
794 July
1244 June

89 July 1034 Feb
112 Jan 1187s Mob
s Ex-atook

per share.

433

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

wines are now all-"and interest"-except for income and defaulted home.
Jan.1909 the Exchange method Of quoting hands was changed, and
BONDS
M. Y. STOCK EXCHANGE
Week Ending Aug. 6.

2.2

Price
Friday
Aug. 6.

Week's
Range or
Last Said

Range
Since
Jan. 1.

High No. Low High
Ask Low
Bid
U. S. Government.
July'15
9634 9914
U 8 25 consol regletered-.41930 Q - J 9712 ---- 9634
9712 99
July'15
9712
-97
J
Q
d1930
coupon
U S 2s consol
June'15
10012
10152
10012
k1918 Q - F 10014
U S 3e registered
10012 102
k1918 Q - F 10014 - -- 10114 July'15
U S 36 coupon
40 10912 110
10012
10912
109
F
Q
1925
registered
45
US
11012 11112
- - 11052 July'15
1925 Q - F 11014
U S 46 coupon
9712 9712
Pao Canal 10-30-yr 2a_k1938 Q - F 97 -- 9713 May'14
July'15
97
1938
-N
Q
2s
10-30-yr
USPn Canal
i665-4 102
102 July'15
U S Panama Canal 3s g__.A961 Q -M Riff;
100 100
U 8 Philippine Island 4s..1914-34 Q -F ---. 100 100 Feb '15
Foreign Government
93
ArgentIne-1uternal Is of 1909_ NI- I87
7434
Chinese (1Iukuang Ry)-58 of '11 J -I) 1- - Cuba-External debt 5s of 1904_ 51- S 9614 9712
92
90
1949 F - A
Exter (it Iso)'14 ser A
1919 F- A __-- 82
External loant 56s
7532 77
Japanese Govt-£ loan 43.s 1925 F - A
1925 J - J t 7172 71
Second series 44ie
7112 Sale
Do do "German stamp"1931 J J
Sterling loan 49
Mexico-Exter loan £ Is ot 1899 • J 1•--- 82
--- 85
1954 J -D
Gold debt 4s of 1904
98
Prov of Alberta-deb 4(.0...1924 F - A
7912
1-S
1912____
of
loan
City-52
Tokyo
:These are prices on the basis of 150£
State and City securities.
1980 M- S
N Y City-45i .
41(5 Corporate stock__ ._11164
43.68 Corporate ftok(w 0_1965 -D
414sCorporate stock___1983 M- S
1959 M-N
4% Corporate stock
1958 M- N
4% Corporate stock
4% Corporate stock
1957 M.N
1956 M N
6% Corporate stock
1957 M N
New 4;45
1917 M- N
New 43s
1957 M-N
454% Corporate atock
454% Assessment bonds1917 M-N
854% Corporate stook... 1954 M-N
1961 M S
N Y State-4e
1961 J - J
Canal Improvement 4a
Canal Improvement 4s.__1982 J - J
Canal Improvement 48_1960 J Canal Improvement 4/45_1984 1 - J
Canal Improvement 43is_1965 J - J
Highway Improv't 410_1963 M- 8
Highway Improv't 449_1965 MVIrginla funded debt 2-3a
1991 J _
Si deferred Brown Bros We-

93 June'15
88 July'14
9612 July'15
90 July'15
80
80
7613 July'15
7212
7412
7112
71
7834 June'15
7914 Apr '14
85 Jul y'14
954 Jan 'II
80 May'15

80
sl -62;
1
90
80
7372
4 7212
34 71

9914
9712
94
8512
8413
82
7934

9512 954
82
78

17 9714 10012
9812
0812 Sale 98
9814 32 9772 10052
9812 9814 9814
10172 65 10134 102
10172 Sale 10134
17 10134 10534
102
10134 Sale 101%
9732
9453 14 91
9433
9412 95
3 9413 97
9412
9412 94% 9412
97
94
9412 9434 04 July'15
0714
95
94
9412 95 June'15
16 10152 10534
10172
101% Sale 10134
10012 10114
10012 102 10072 June'15
124
13
05
78 10
152
09
9 10
101%
10134 10172 101%
10012 101
10032 10052 101 May'15
89
84
84% 87713 89 J une'15
10012 10134 1004 June'15
_ _ 10112 July'15
101
11
9% 100
90
10
10012 June'15
101
9952 10012
10012 - -- 10012 Apr '15
17 10814 110
10932
10914 10952 10912
6 10412 10434
10412
10432 Sale 10433
10012 15 108 109%
10912 Sale 10914
10412 10412
104 10412 10412 July'15
844 July'14 -- -6112
5812 30
. 58
58

BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug 6.

Price
Friday
Aug. 6.

Week's
Range or
Last Sale

A

Range
Since
Jan. 1.

High No Low High
Ask Low
Rid
Chic Burl It Q (CosaJoint bonds. See Great North
1 95
97
9512
9512
Nebraska Extension 4s1927 M-N 9512 Sale
95
95
95 June'15
Registered
1927 M-N 9915
994
June'15
9912
9912
4s
Southwestern Div
1921 M- S
9214
3 89
90
6-6'12 90
General 45
1958 51- 8
2012 29
244 June'15
Ohio It E III ref & imp 4s g 1955 J
J ____ 22
91 103
96
96
let consol gold Oa
1934 A - 0 ____ 96
11 514 75
59
59 Sale 59
General consol 1st 5e
1937 M- N
5212 71
56 ____ 71 June'15
1937 M- N
Registered
9734 Feb '13
-Pur money let coal 58_1942 F - A
274 July'14
_ _ - 20
Chic & Ind C fly let 58_1936 J - J
2 7354
12 -66367
Chia Great West let 4s
1959 M- S 67 Sale 6612
113 117
Chic Ind & Loulsv-Ref 62..1947 J - J -- 117 114 July'15
101 101
101 June'15
Refunding gold Is
1947 J - J
9582 Apr '11
Refunding 45 Series C
1917 J Ind It Louisv let gu 43_1958 J - J
86 July'12
-9014 Aug '12
Chic Ind & Sou 50-year 4a 1958 J
J
____ _104 Dec '11
Chic T S & East 1st 4h 2_ _ _ _ 1989 J -D Chicago Milwaukee It St Paul92
8612 89
8612 39 88
86
Gen'l gold 4s Series A__e1989 J - J
894 8912
88
8912 Apr '15
Registered
e1989 Q - J .
3 884 924
89
2 8912 89
-Gen & ref Ser A 430_a2014 A - 0 887
25 10012 10412
10214
Gen ref cony ser 13 58_a2014 F - A 102 Sale 10134
8014
77
7612 79
77 July'15
Gen'i gold 334e Ser B
e1989 J - J
21 9S 10111
100
General 454s Ser C
e1989 3 - J 98 Sale 98
25-year deben 4s
8812 34 8612 9014
1934 J - J 8612 Sale 8612
9414 117 9312 994
Convertible 434e
1932 J -D 9414 dale 9418
10212 10212
10212 July')5
Chic & L Sup Div g 5e
1921 J - J 10112
103 10434
- 103 July'15
Chic It Mo Illy Div 5s......_1920 J - J 103 1.6152
4 10332
1012
54
10212
10212
Sale
10212
Chic & P W let g 5s
1921 J 91
8614 8712 87 July'15
87
M & Puget Sd 1st gu 46_1949 J 100 10012
Dak & Grt Sou gold 5s_.,.19161 - J 100 __ _ 10012 July'15
108 10732
Dubuque Div lets f 8e
1920 3 - J 10512 _ _ 10834 June'15
Fargo It Sou assum g 88_1924 J - J 108 ___ 110 June'13
1021;1621;
10212 June'15
La Crosse & D let lo
19193 J 101
10178 10314 10214 June'15
10152 10214
19211 Wis & Minn Div g 5e
10614 107
Wis Vail Div let 8s
1920 J - J 105 ____ 10612 July'15
_
99 10078
99 May'15
Mil It No let ext 454s_,_.1934 J -D 9753
10038 1004
10032 Mar'15
Cone extended 41,i _1934 J -D 9712
924 9414
9414 May'15
Chic & Nor %Vest Ext 421886-1926 F - A
9432 July'14
1888-1928 F - A
Registered
753 82
-261; -W7812 July'15
1987 M. N
General gold 334e
7812 Jan '14
p1987 Q - F
Registered
9212
5 illi, -1145;
-62
7
8 9212
1987 M- N
General 4s
9418
89
1987 M- N 92_ 94 June'15
Stamped 4s
109 1144
1987 M- N 11013 i-1114 11012 July'15
General 52 stamped
108 1094
Sinking fund Os---1879-1929 A -0 104 ___ 108 June'15
10512 Dee '13
1879-1929 A - 0
Registered
;
1 1627
;1623
10332
10332
1879-1929 A - 0 10358
Sinking fund 194
1879-1929 A -0 10312 108 102 Oct '13
Registered
i665-8 1011,
10032 M 87
1921 A - 0 10014
'15
Debenture M
101 Dee '12 -1921 A -0
Registered
1 101 104
101
1933 M-N 101 10214 101
Sinking fund deb be
99 10112
1933 1111- N 10012 ---- 10112 May'15
Registered
11734 11914
15
r'
a
M
11734
1163
2
Frem Elk It Mo V 1st 65._1933 A - 0
---Man OB&N W let 340_1941 I - I ----- 904 Sep '09 --____
-Milw & S L lat gu 3As_ _1941 J - J
1
105 168;
MI1 L 8 It West 1st g 86_1921 51- S 107 ____ 10714 June'15
1044 10415
10453 Mar'15
1929 F - A 10212
Ext It Imps f gold 68
Ashland Div 1st g 812_1925 M - S 10912 ____ 1134 Feb '14
11181 1i111;
Mich Div 1st gold 88_1924 J - J.10812
- 11112 Apr '15
894 92
90 July'15
Mil Spar & NW 1st gu 0_1947 51- S
1073s May'14
1917 MNorthw Union let 7s g
106
10514 May'15
St L Peo & NW let gu 69_1948 I - J
10312 10328
10312 May'15
Winona It St P 1st est 7a_1916 J D ioi
10133 10212
102 July'15
Chicago Rock lei It Pao 6s 1917 J - J 10212
_ 10212 10212 10 10114 10134
1917 3 - J 1021
Registered
66 8038 85
81
Ry general gold 4s
1988 J - J 81 6al -e 80%
8212
80
8014 June'15
81
--_J
J
1988
Registered
717s
6312 159 61
Refunding gold 4s
1934 A - 0 6212 Sale 615.3
87
4714 142 39
46 Sale 4534
20-year debenture 56
1932 J June'll
--9424
93
78
Coll trust Series P 4e
1918 111-N
85 July'13
--- 75
RI Ark It Louis let 4
M S
- -997s
9912 9934 9912 July'15
Bur C R & N-lat g 5a
1934 A CRIF&NWletgu6s.„1921 A - 0
- - - - 1007s May'14
M & St L 1st gu g 78
1927 J -D
-9i8; -974
"12 6.15; .fill-Y11-6
97599
Choo Okla It 0 gen g 6a_o1919 J - J
9712 974
1952 111-N ---- 9212 974 Apr '15
Consol gold 66
84
83
83 Feb '15
Kook It Dee Moines let 58 1923 A - 0 ---- 75
86
85
65 Apr '15
St Paul & K C Sb L lot 454e'41 F - A ---- 89
2 11434 11734
115
1930 J -D 115 1164 1144
Chio St P M dt 0 con 6s
90
90
90 Jan '15
Cone fle reduced to 3%8_1930 1 -D
10012 31 9912 102
ale 100
1661-2 S1930 51Debenture 55
11612 Jan '14
Ch St P & Minn lot g 6a 1918 51-N 114
12932 May'09
North Wisconsin let 13a_1930 J - J 114
105
10458 1055
1919 A -0 10434 -- -. 105
St P & S City let g 8s
Superior Short L let 58 g_01930 M- S
86 Jan '14
90
Chic T & So-eaat let 5s_1960 J -D
jog- idi
10512 July'15
Chic It West Ind gen g M-(1932 Q -M 16i32
75
804
76
76 Sale 76
1952 J • J
Consol 50-year 4e
96 Mar'14
Cin H It D 2d gold 434e
1937 J - J 60 _
- 88
lot It refunding 4s
1959 J 9614 June'12
.let guaranteed 45
1959 3 - J
25
25
25 ____ 25 July'15
Cin D & I 1st gu g 5s
1941 111-N
88 Mar'll
C Find It Ft W let gu 4s g_1923 M. N
Cin I & W Ist gu g 4s
1953 J - J --E -E6- 85 J'iy '14
9432 Dec '14
Day & Mich let cons 4%5.1931 J - J
65 J'iy '14
19351- J --E - 30
Ind Dec & W 1st g 5s
_
10712 Dec '02
1935 J - J
1st guar gold 55
74
13 68
70
70
6972
72
1993 1 -D
Cleve Cin C & St L gen 4a
7814 88
82 June'14
1931 J - J
20-yr deb 454e
-if - 'if81 Feb '15
1939 J - J 804.
Cairo Div 1st gold 42
83 Feb '14
Cin W It M Div 1st g 4s 1991 J - J ---- 78
80 - 80
7834 80 Apr '15
76
1990 M- N
St I.. Div let coil tr g 4s
1990 M- N -- - - - - - 8214 M a r'14
Registered
Mar'14
85
1940 M- S
Spr & Col Div 1st g 4s
-1940 J -J
W W Val Div 1st g 48
- - - 91 Apr '12
4
1051, i6E1.105 10514 June'15
C I St L C consol 881920 M-N
90
90
90 Feb '15
k1936 Q-F
let gold 4s
87
8812
8812 May'15
86
k1936 Q-F
Registered
101 101
101 June'15
Cin S & Ci con let g 5s___1923 J - J
- 10534 J'iy '14
CCC&Igencong6s___19341 -J
.--1934 J - J
Registered
-647- J.1;-.68
1940 A -0 ---Ind B It W 1st pref. 4s
-0 Ind It W 1st pref 55_41938 Q-J
59
65
-6i78 -E61940 A -0
Peo It East let con 4s
28
20
20 July'15
15
20
1990 Apr
Income 42
91
9314
92
9312 92
1961 A -0 92
Cleve Short L 1st gu 4 /4s
15
17
1414 16 May'15
1947 J -J
Col Midland let g 4s
1412 15
1412 Mar'15
- -' 16
Trust Co cents of deposit _____
2 854 91
88
88 Sale 88
-A
F-1929 .
Colorado It Sou 1st g 4s
1 8014 85
8012
8012 Sale 8013
1935 MI -N
Refund It Ext 454s
100 10314
1921 J -D 102 103 102 July'15
Ft W & Den C let g 6a
Conn It Pas Rive 1st g 414_1943 A-0
_ iciO 1952 J - J
Cuba RR 1st 50 yr 58 g
Del Lack It Western8512
84
8512 8514 July'15
Morris & Es let gu 354e2000 J - D 85
107 109
10712 July'15
1921 J - J 10718
N Y Lack & W 1st 8s
4
1013
4
1013
May'15
4
1013
A
F1923
Construction 58
954 98
- 98 June'15
1923 M -N
9538
Term & Improve 4s
- 85l2 10212 Feb '03
Warren 1st ref gu g 3146_2000 F - A
105 ialsi
- 105 July'15
Del & Hod 1st Pa Div 75-.1917 M- S lO14
1917 M- S
- 149 Aug '01
Registered
4
2 99 i66110012
19161 -D i61518 10014 1004
10-yr cony deb 4s
10 99 1007s
1004
1922 J - J 10018 Sale 100
lot Hen equip g OP'
96
2 91
9234
9234 Sale 9234
1943 51- N
let It ref 48
1 834 88
8334
8824 8334
1946 A -0 83
Alb It Sus cony 34s
1134 11338
1921 51-N 110 ---- 11332 Jan '15
Rena It Saratoga 1st 7s

Railroad.
1 55
8812
58
58 Sale 58
Ann Arbor let g 45
5 1995 Q- J
9014 213 8972 9534
Atch Top & S Fe gen g 4s_.-1995 A - 0 9014 Sale 8972
July'15
9212
89
89
80
937
s
Registered
1995 A - 0
4 81
8634
8114
8134
8112 83
Adjustment gold 4s
51995 Nov
51995 Nov ---- -- 86 Mar'13
Registered
113 813s -87 8214 51995 M- N 8214 Sale 82
Stamped
16 923s 104
102
1955 J -D 10134 10211 10112
Cony gold 4s
9912 May'13
1955 J -D
Cony 4s issue of 1909
113
4
10112
10214
;1041Sale
fa
-623
1900 J -D
Cony 4e issue of 1910
10112 35 10012 10134
1917 J -D 10112 Sale 10133
10-year 56
1 92
92
92
94
East Okla Div 1st g 48-.1928 M- S 9212
844 89
Trans Con Short I. lot 4E1_1958 J - J 8512 8612 8552 July'15
90
95 May'15
95
Cal-Aria lat & ref 4jia"A"1982 M- S - - 98
103 103
S Fe Pres & Pb let g 5e.__1942 M- S - - -.- 103 Feb '15
4 88
93
89
All Coast L let gold 4s____51952 M- S 8834 Sale 8834
9312 9214 July'14
1959 J -D
60-year unified 40
_1928 M- N 10134 10314 1054 June'14
Ala Mid let gu gold
91 -6E1-2
9214 9112 Juno'15
-Bruns & W let gu gold 411.1938 I- J
2 135
Charles & Say let gold 78_1936 1 - J i29711 81
8112
S72
01952 M- N 8112 Sale 81
L & N coll gold 4s
11912 11912
Bay F & W 1st gold 6a____1934 A -0 115 11814 11912 June'15
105 105
105 July'15
1934 A -0.104
1st gold 5s
1918 -J 974 --__ 98 June'15
Sp Oca & G gu g 49
•• 974 98
9012 73 894 924
1925 J - J 8912 9014 90
Belt & Ohio prior 3348
884 90
90 June'15
51925 Q- J
Registered
9112
88 85
87
8634 Sale 8614
51948 A un 50-year gold ls
8712 90
51948 Q- J *8512 8772 90 Apr '15
Registered
155 8212 88
87
87 Sale 8(114
1933
213-yr cony 4/4s
112 Jan '12
1922
Pitts Juno let gold 8s
-88
8612 ____ 8612 July'15
P Juno & M Div 1st g 354s 1925 M-N
84
78
79 July'15
7912 81
P L E & NV Va Sys ref 49.._1941 M- N
3 8612 91
8714
8712 871 3
Southw Div let gold 354a_1925 J -.1 87
100 Apr '1:3
Cent Ohio R 1st o'g 4)48_1930 M- S
l032 10412
10412 Apr '15
CI Lor & W con let g 59._1933 A - 0 10112
---- - - -- 10214 June'12
Monon River 1st gu g 5a.._1919 F - A
1055 June'14
1936 J -D 1014
---Ohio River RR let g 5s
10433 May'14
1937 A General gold 5s
'12
Feb
11313
Pitts Cloy & Tol let g 88..1922 A - 0
96% Mar'14
_
1917 J .J
Pitts & West 1st g 45
91 June'12
Stet lel fly 1st gu g 4 As 1943 J -D
1927 J - J
Bolivia fly 1st be
10514 July'15
10112 10658
1937 M- S
Buffalo It & P gen g 58
100100 103
1957 M-N -161- 101 Apr '15
Consol 454s
9432 9425
9432 Feb '15
All & West let g 48 gu _.1998 A - 0 894 92
112 Apr '14
Clear & Mah let gu g 5a 1943 J - J 10313
1071a
'15
Jan
10614
1621;
10712
A
F
(4.._1921
Roth & Pitts let gold
1922 J -D 107 ___ _ 11132 July'14
Consol 1st g 80
10213
10118 10412
1962 A - 0 102 10212 10212
Canada Sou cons gu A 5a
-- 1087s Apr '14
1962 A -0
Registered
9632
94
9814 94 June'15
2 .1 -D
68
Car Clinch & Ohio let 30-yr 55'3
107 July'15
1034 107
Central of Oa 1st gold 58_91945 F - A iof10 99 1024
99
1945 M- N 9814 99,4 99
Consol gold 52
•
88
86
80 Feb '15
Chatt Div per money g 45 1951 -D
102 10114
10114 May'15
Mao & Nor Div let g 5a 1948 J J
10212 ___ 1004 NI a r'15
10014 10014
Mid Ga & All Div 5s
1947 J 10334 10334
Mobile Div 1st g 5e
1946 'I -J 10214 105 10334 May'15
924
88
8972 88 July'15
Can RR & 13 of Ga col g 55._1937 M-N 89
16 112 11512
11218
1987 J -J 112 11214 112
Cent of N J gen'i gold 5a
112 115
51987 '3- J 111 11214 11312 June'15
. Registered
10234 104
Am Dock & Imp gu 5a__1921 J -J 1033,3 10512 103 July'15
_ 100 June'13
- Leh & Hod Riv gen go g 50920 J -j 100
N Y& Long Br gen g 4s...1941 M- S 9434 ...._ 1004 Jan '13
68 -Ei
Cent Vermont 1st gu g 4s e1920 Q - F 70 ____ 68 Feb '15
96
831, July'15
83
Chem & 0 fund & impt 5s...1929 J J 8312 90
6 10214 105
10234
1939 M-N 102 10234 10234
1st consol gold 65
1939 M-N 10014 10234 10512 June'14
Registered
20 82
91
84
81 Sale 8312
1992 MGeneral gold 4545
1992 M - S
_ 9312 Feb '14
Registered
7212 Sale 724
7212 81 id' -2834
1930 F - A
Convertible 4545
8372
82
1944 J -D
Big Sandy 1st 45
8712 82 May'15
8212 8212
8212 May'15
Coal River fly let gu 418_1945 J -D -_ 81
'13
Dec
9612
J
J
95
1940
.....-Craig Valley let g Is
-8424 Jan '13
Potts Creek Dr let 4s.......1946 J -J
8011 8458
8112
8112
82
R & A Div let con g 4s.. 1989 J - J 81
77
77
J
77
J
83
'15
Apr
1989
2d consol gold 4s
90 Apr '14
Greenbrier fly 1st go g 45.1940 M- N
11314 Feb '05
Warm Springs V 1st g 5s 1911 IS- S i3-712
5412 60
Ei 5413 July'15
1949 A - 0
Chic & Alton RR ref g 3a
19 38
474
4358
45
4353
Railway let lien 354s
1950 J J 44
9821 9912
9912 July'15
9972
Oblo B & Q Denver Div 45-1922 F - A
8114 8412
1949 1 - J 8234 831
Illinois Div 354s
4 8334 July'15
86.4 Aug '12
1949 J - J
Registered
914 944
02
02
1949 J - J
Illinois Div 4s
93 June'13
1949 -J
Registered
10112 1024
1919 A -0 10214 _ 1024 June'15
Iowa Div sink fund bs
9651 09
1919 A -0 9814 10012 9814 July'15
Sinking fund 4s
A Due July
FRASER
e Due May g Otis June
• V° Prate Friday: latest Me week d Due •orU

Digitized for


b r.

k Due sus

0 Due Oct.p Due Nov

g Due Dee. a Option mile.

New York Bond Record-Cotitinued-Page 2

434
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 6.

-g

Lk

Price
Frisky
Aug. 6.

Week's
Range or
Last Sale

Range
Since
Jan. 1

WoL 101.
Price
Friday
Aug. 6.

BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 6.

Week's
Range or
Last Sale

Range
Since
Jan. 1

Bid
Ask Low
High No. Low High
Bid
Ask Low
High No. Low High
Deny & R Or 1st con g 4s__-1936 J - J 71
72 7118 July'15 314 6912 78
Leh & N Y let guar g 4s
1945 M- 5 8518 ____ 85 July'15..--_ 84
65
Consol gold 43is
1936 J - J.77
79
78
8 78
78
83
Registered
1945 M- S
Improvement gold 5s
1928 J -D ---- 7134 7178 July'15 ---- 7178 80
Long lsid 1st cons gold 5s_ _h1931 Q - i iiicii; i(U1-2 i(ii - July-ii --_-__- i6i- 16412
let & refunding 5s
1955 F - A 45 Sale 45
45
10 38
let consol gold 4s
h1931 Q - J 90 94
49
9614 Mar'12 _..Rio Or Juno 1st gu g 55_ _1939 J - D -- 95 109 Dec '12 -- __ __ .....--1938 J -D 86
__ 8634 May'15 _ _ "ii - -Ei'is-a
General gold 4s
Rio Or So 1st gold 4s
1940 J -3
77
6112 Apr '11
1922 IVI- S --------9514
Ferry gold 43is
8999314 OctmMaay:'01188
4.
:
. . ... __ _ _. _ _ -.._:
.Guaranteed
40
1940 J - J
85 Mar'08
Gold 4s
Rio Or West 1st g 45
. 89
1939 J -3 6012
6912
6912 -1
Unified gold 45
75
_ -8i34
- -8934
Mtge & col trust 4s A...1949 A -0 5934 Sale 5934
5934
-8
1.1.
-i
2 58
3
- -- 954 Jan '15 1....
5934
Debenture gold 5s
_ -_ 9518 9518
4F4 4
_Utah Cent 1st gu g 4s_a1917 A -0 ..- - - ---- 90 Apr '14 ---1949 M - S
83
aerarie
slu
GuR
erned
ding gold 4s
7 83 8612
Des Mol Un Ry 1st g Ss.... _1917 M. N -- -- ---- 100 Mar'15 ---, iici- 166 1949 PA- S --------9
5 Jet:8'311 1
ii666
6 6
Dot & Mao _ let lien g 0_199- J - D 85 90 87
5 7178 87
87
._ ::::: 18312 yaenb :VI .._
" N Y 13 & M 13 1st con g 5s-1935 A -0 _9_6
i i.
Gold 45
1995 J - D 80 _ --_1_2 80 June'15 ---. 78 80
1927 M- S ____
N Y & R B 1st gold 5s
Dot Riv Tun-Ter Tun 430_1981 M-N
,
-- 90
::::
9013 May'15 ____ 90
9012
:
78 i66
Nor Sh 13 1st con g gu 5s_o1932 Q - J
6178
12141
Dul Missabe & Nor gen 58..1941 J - .1 i01 105 10111 May'15 ---- 10113 10458 Louisiana & Ark 1st g 58-1927 M- S
274.
Dul & Iron Range 1st 5s
iff14 113 11278 June'15
1937 A - 0 ---- ---- 100 May'15 ---- 9812 101
gl-3-0:11144 ---Louisv & Nash,/ gen 6s
__-- lid - Hi'
Registered
1937 A - 0 --- 10613 Mar'08 ---D 10458 ____ 10618 June'15 --ii 18118
111-N
Gold 5s
73
19
939
2 18134
2d 6s
1916 J - J 104 Feb '11 ---Unified gold 4s
1940 J - J
Du So Shore & At g 58
- 9512 96 MAY.15 -- 96 100
1937 J - J
90
1 Sale
----94
191134 June'14
---Registered
Elgin Jol & East Ist g 58._ 1941 111-N
10378 Apr '15 --- 103 105
j
-N
34 ---8
Collateral trust gold 5s
1 '1M- 517194
39
19
4 1.(ii3-4
Erie let consol gold 73
1920 M- S i(71618 ga.l-e- 10918
10918
2 10613 11013
08
,32
38 JA.
E H & Nash let g 6s
Ilayy:1
14 -_.....___
1919 J - D 104713 ..- 10
N Y & Erie 1st ext g 4s__ _ 1947 M-N 90
9712 June'14 ---_
1931 M- N
L Cin & Lox gold 43is
2d ext gold 58
517-8 10114 May'15 ---- ia(i - illi1-4
1919 M S
1930 J - J --_- 11418 11478 July'15 ..:-._-_____ LT;[Ili
NO & M let gold 6s
3d ext gold 430
1923 M S 95
9812 June'15 9814 9914
1030 1 - J - - 1097s 10978 May'15
2d gold 6s
4th ext gold 5s
1920 A 0 10038 _-- 100 July'15
84 Dec '14 ....._
100 10214
Paducah & Mem Div 4s_ _1946 F - A _ff,
r.
5th ext gold 4s
1924 J D
9358 May'14 -10612 July'15
uo
55-78
isidDr
St2L
dog
- ielf1-2
s 1st gold 6s_ _1921 M- S I
NYLE&W Istgfd 78_1920 M S
. 109 June'15 ---- icisi - idi ---- 62 5912 July'15 _...._-_..- 5918 65
Erie let con g 4s prior_......1996 J - J 8014 Sale 8014
8014
6 7814 8413
- 87 85 July'15 ---- 85 8812
- NS
AU Knox de Cin Div 40_. _1
9 5M1195
985
Registered
1996 J - J *.- _ . 80 7978 June'15 --Atl Knox & Nor let g 5s 1946 J - D 11.1f --- - Ill Jan '13
let consol gen lien g 4s
1996 J - J 6512 Sale 65
6512 2 6
79
5% 7978
5 LT__ i8
juunly
08
512 J
e:1
18
11- 1-8
0c
Header Bdge 1st s f g 68_1931 M- 5 105 -.- 18
74
Registered
1996 J - J 77 Apr '12 ---- -------Kentucky Central gold 48- 10875 - J 864 88
Penn coll tr g 4s
1951 F - A 8618 - - 8612 July'15
99
9912 June'15 -- 9913 101
iii
£13.14
L&N&M& AI Istg 430 1945 M- 5 97
50-yr cony 4s A
all3 61
1953 A -0 61
6112 -5
-7
- 59
8012
8012
July'15
87
---- '78
66
8(112
L & N-South M Joint 4$-1952 J - J
do
Series B
1953 A -0 67 68 66
95 Feb '05 ---6818 05 6312 70
__ --- ---/41952 Q - J
Registered
Buff NY & Erie let 7s
1916 .1 -D 10238 10318 10234 June'15 ---- 10212 10318
i illi- :7.: 106 J'iy '14
F -- A
48
7J
93
--.._ -N&
Fic
a tdSgels
s3;_a _10
gugugg54
gten
Chic & Erie let gold 5s_ _1982 Pol-N 10212 10414 10333 July'15 ---- 10112 10434
97 Dec '14 L
..Cloy ac Mahon Val g 5s
1938 J - J
101 Feb '15 --- 101 101
4 ieli - 109 June'15
1671-2 109
Pens & Atl let gu g 6s____1921 F - A 115/3Long Dock consol a 6s
1935 A -0 120 12014 121 June'15 --- 121 121
- 105 10518 Feb '15
13 & N Ala cons gu g 5s_ _ _1936 F - A
Coal & RR 1st cur gu 6s 1922 141-N 997s 10018 106 Dec '12 ---,
18
8
Gen cons gu 50-year 5s_1963 A -0 loci 10012 10034 July'15 :--:-- 121.121
Dock & Imp 1st ext 5s
1943 J - .1
10318 June'15 --- iiiii Mita
80 June'15 --... 74 8012
- L & Jeff Bdge Co gu g 48-.1945 M- s ---- 79
N Y & Green L gu g 0.....1946 M-N
10312 Aug •12 ---- -------- Manila RR-Sou lines 4s.._ _1938 151-N ---------------------------N Y Sus & W let ref 5s
1937 3- J
91
94 May 15 --- 91) 94
mi
---- _Mex Internat let cons g 48.-1977 M- 5 ---- --2d gold 430
1937 F - A -- --- - 10014 Dec '0
---------79
...
Nov'10 --- -___ ---Stamped guaranteed
General gold 55
1940 F- A
69
70 Mar'15 -- 70
101 Oct '09 -75
Midland Term-lets f 5s g-119
927 M
J -- DS
-Terminal 1st gold 5s
-1943 NI-N -__ ---- 102 Jan '14
il
----- 11112 Mar'15 -- 111-.1--------Minn____ ____ Minn & St L 1st gold 7s_ _ _ _1027 J -D ;
2 iifii
Mid of N J 1st ext 58
1940 A -0 10213 ---. 11112 May'12 ---- - -- -2,
Ii.4
i.
211
.1-2 18
1821 ______ -9
ju
ulgy8:
18
01118
22 A
1921 A -0 100 -i
Pacific Ext 1st gold 6s
Wilk & Ea 1st gu g 5s .1942 J -D
8212 88 June'15 ---- 86
4
1934 M- N - 86
9
1i31:
3-811 -:
-88
let consol gold 5s
Ev & Ind 1st con gu g 6s
1926 3- J
100 May'12 ---12 So
.
le 52
5-2.
40 60
refunding gold 4s
1949
1st
IN&
5
Evans & TI! let cons 8s..,,.1921 J - .1 ---- 82 87 June'15 --- -ii- -if 60 Feb '15 ---- 60 60
Des M & Ft 13 1st gu 48-.1035 3 - 3
let general gold 5s
1942 A -0 47 __ 9958 Dec '13 ---87
SI
8212 July'15 __..
2
Iowa Central let gold 58....1938 J -D
4
Mt Vernon let gold Os. _ _.1923 A -0
105 Nov'll .......
1051 As.. 5 49
4 35 66
---- --51
5012 50
Refunding gold 4s
Bull Co Branch 1st g 5s.._ _ 1930 A -0
95 June'12
-------- M StP&SSM con g 4s int gu. 1938 J - .1 8812 Sale 8812
8834
Florida E Coast 1st 430...1959 J -D 854 87
87
-_-_-.....
87
-9
-4.- 98
2
Nuonve:113
714 J
10 -if - -6618
1941 M- N
--__ ---let Chic Terms f is_ __
Fort St U D Co let g 430_1941 .11 - J
92 Aug '10 .....- ---- - -- ____ --M SS& A 1st g 4s lot gu 1926 J - J
Ft W & Rio Or 1st g 4s
1928 J -3
65
5512 June'15 -- 50
91 J'iy '14 --- .- _--5513 Mississippi Central 1st 58-1949 .1 - J
Great Northern-fg3;
-i658 7534 July'15
Mo Kan & Tex 1st gold 4s._1990 J -D
C B & Q coil trust 4s
1921J - .1 9638 Sale 98
g
2 July'15"
g 514_ -i
ii ,7
.6
.13
. N.118
1f1% 841
9838 114 9478 07
26 gold 4s
Registered h
9612 9618
1921 Q - S __
9618 23 9458 9634
let ext gold 58
let & refunding 430 ser A 19813 - J 9638 Sale 955s
9(338 70 9558 101
50
4 8
4
,08
77t24 IJ
2:438
..7_-_ 8
Jeu
8
7 2 7
u
eully:1
-47
1158
5 :::::::: 12
2004 Al- 5 -'..
let & refund 45
Registered
1961 J - J -_
90 June'13
Gen sinking fund 430_ _1936 J - J
St Paul M & Man 48
-.
1933 J - J ---- 96
943
41 ig12
9512 July'15 -90
312
-11
-- 6018 601s
.3.
St Louis Div is-ref g0 _2001 A&0 .:-.......: 6
let consol gold 68
1933 J - J 110 119 11811 June'15 ---- 11712 12014
9934 Dec '13
__ --Dal & Waco 1st gu g 58.._ _1940 M- N
Registered
.
1933 J - J
_ 11834 Apr '15 ---- 118 11834
Kan C & Pac 1st g 48
Reduced to gold 430_1933 J - .1 16618 10612 10012
10012 _1_5_ 10014 10134
a j'1379.
14 '
01.1 iiii
A -iid - 7
.-6(1 -fifiii
Mo K & E 1st gu g 5s
A -- O
94
99
2I
19
Registered
1933 J - J _ii..
38 _ii,_ 10034 Apr '15 ____ _ 1 _.
8512 Mar'15 ___ 854 88
3_
M K dt Ok let guar 5s.._ 1942 P4-N -- 89
Mont ext let gold 4s.....1937 1 -D
9234
80 May 15 ...... '71)78 89
9234
5
M K & Tot T 1st gu g 5s-1944 M- S ---- 70
Registered
1937 J -D
9412 Apr '14
--------_Sher Sh & So 1st gu g 55.....1942 J - D
Pacific ext guar 4s £
1940 J - J 85 __ 9258 Mar'll ---- -------912 J
M
ar'13
4
- - - - -- - Texas & Okla 1st gu a 59_1943 M- S ---- ---- 98
E Minn Nor Div 1st g 0_1948 A -0 854 -_ 8914 June'15 ---- 8914 8914
97
Missouri Pac let cons g 68-1920 M- N 96 ---- 96
Minn Union 1st g Os
1922 J - J 106 .__. 11013 Jan '14 ---84
8112
July'15
___16
81
_ -6
80
Trust gold 5s stamped_ _ _n1917 M- 5
6- i9
68.158
2Mont C 1st gu g 6s
1937 J - .1 11912 12012 12012 July'15 __ .
15- Hi 2 June'15
a1917 M- S .......:-. -io.- 11134
4 ---- 8812 8812
Registered
Registered
1937 1 - -I
_ 13(114 May'06 ---let collateral gold 5s
let guar gold 50
1937 J - J iiii;::L 10512 July'15 ---- 10514 10512
Registered
Registered
1937 J - .1
-34-- "id- 3312
7
3534 .-.16:6-3_ -i
7i
73! -g
9i
2
:
8
4
40 year gold loan 4s
Wilt & S Fist gold Sc ..1938 J -D idE373 ieii- iii14 Juti
-"i5 ------ 1074 10714
334
35
76 33 49%
liP id 34 3i
let& ref cony 5s
72 80
Or B dc W deb ctfs"A"($100 par) Feb
72 May'15 ---- 70
-- 8512 78 Jan '15 --_ 78
72
78
3d
7s
extended
at
4%-HMS
M
N
Deben ctfs "B"($100 par)____ Feb
1112 1112 July'15 ---- 1013 1334
11
Boonv St L & S 1st 5s gu-1951 F - A ____ 80 100 Feb '13
Gull & S I 1st ref dr. t g 5s_ _ b1952 5-1 82 8978 84 July'15 ---- 8213 88
85 Feb '15 ---- -8:i
Cent Br Ry let gu g 0-1919 F - A
.
ii:
.
:.
Registered
b1952 J - J
-1-2 6
8
79
8032 7713 Dec '13
-i
1948 J -D --i
Br U P 1st g 43
Cent
_
- Hocking Val let cons g 43is_1999 J -3
92 -921-2 July'15 :::: 91
90
312 110 Mar.05 -95
Leroy& CV A L lstg 5s-1926 J - J -92:4 8
-i
Registered
-ig-H12
1999 J - J
9734 Jan '14 ---- -85
85
Pac Rot Mo 1st ext g 43-1938 F - A
Col & H V let ext g 4s_..1048 A - 0 8312 8412 84 July'15 --- -84 - -851-2
1938 J - J
9712 J'iy '14 32
26 extended gold 5s
Col & Tol let ext 4s
1955 F - A ........ ___ 9012 June'14 -....
St L Ir Al & S gen con g 58 1931 A -0 _9_7_ !no.. 107 j 7
Houston Belt & Term 1st 5s_1937 J - J
02
ly9.14 --1
712
Gen con stamp gu g 5s_-_1931 A -0
98
34 93
_:
_
-2
1
., -9i- 1-6i1-2
ju y:15 -_ 9361,: Feb
;9
-66-- -5f1
Illinois Central let gold 4s 1951 ./ - J
64
66
6414
1fel
UnR
6414
Registered
1020 j - j --------8058 Oct .12
100 Sep '11 --1951 J - J
egclist&
____ -ill -if.
erreed1 gold 4s-1929
j- j
let gold 330
1951 J - J 8112 --__ 81 July'15 ---- '7834 833s
5614
59
5614
Riv &0 Div let g 4s__.1933 M-N
57
5 -ie.- -(isiRegistered
1951 J - J __ _ 82 8813 Feb '13 ---- --- - --19
1
Verdi V I & W
g58._ _.1926 NI- S ---: 18
Extended 1st gold 330...._1951 A -0 81-12 8212 7814 Dec '14 ---- -- -- Mob de Ohio new let
19
12
21143 Jpiience:113
5:
:--- 151gold 6s._ 1927 J - D
2 11-4-34
Registered
1951 A -0 ---- 83 io
.
a
. 106 114 Apr '15 -_ 114 114
---- ____ ____
1st extension gold 6s....._h1927 Q - J
let gold 33 sterling
1951 Al- S ---- -. /4- J.1;..bii
--------72
General gold 4s
Registered
1951 M- S
113
75
5ilitV5
S --------100 J
:A
37
8F
N1
S :::: 10
Alontgona Div 1st g 5s__ _1194
0
2 10
7
Coll trust gold 4s
1952 A -0 8112 Sale -sf "ift; --ii "if - -iii3-4
.
14enc:n .
__ _
1
19273 - D --------95
St Louis Div 5s
Registered
1952 A - 0
9514 Sep '12 --- _
-1-St L & Cairo guar g 4s._ _ 19313 - J
- -- -- -if - 1
1f
832
let refunding 48
1955 M- N 85
8734 8734
8 ilii-14 105 July'15 -- 10411
8734 ---------------Jaspe
1 -3rshville Ch & St L 1st 5s. _1928 A -0 1.63-7Purchased lines 330
1952 J - J
84
82 Feb '14
1923 J - J ---- -- 111 Jan '13 --Branch
6s.
1st
g
L N 0& Tex gold 4s
1953 M- N 80
81
8012 July'15 859 5
; i63-3
McM M W & Al 1st Os...1917J - --------- 10334 Jan '14 -_-_ :::: -------.
7
Registered
1953 M- N
9512 84 May'14 -T & P Branch lat 138
1917 J - J ---- -___ 113 .111,'04 ---_ ._ _.-Cairo Bridge gold 4s
1950 J - D * __. 9234 86 Apr '15 ..-- 88
:
_ T1 tueitr:11 -_-_-___ __--i.. 34
89
Nat Rye of Alex pr lien 43is_1957 J - J .......-_-:-: .5
.
Litchfield Div 1st g 35_ _ _ _1951 J - J
74 Feb '14 -1977 A -0
general
Guaranteed
4s_
_
- - -- ---Louisv Div & Term g 33is.1953 J - .1
7612 June'15 ---- -51-2 -51-2 Nat of Mex prior lien 430_ _1926 1 - J
9678 Feb '13 -_
...... - ___ --.
Registered
1953 J - J ___ -83 Aug '12 -1051 A - 0 ---------50 Apr '14
1st consol 4s
Middle Div reg 68
1921 F - A
123 May'99 --N 0 Mob & Chic 1st ref 58.._ 1960 J - J 35 40 40 May'15
-ill; -ifOmaha Div 1st gold 3s
1951 F - A __
73 Mar'15 --- di" 'W.' N 0& N E prior lion g 68__p1915 A -0..- 104.10
79
112 June'14 ....._
St Louis Div & Term g 36_1951 J - J __ 70
7512 Mar'12 -New Orleans Term 1st 4s
1953 .1 - J
Gold 330
1951 J - J
80 Apr '15
1.0278
10312
-5- -i6- N Y Con RR deb 6s wh is.s_ _1935 61-N
Registered
1951 J - J -- -- -_-. 1014 Oct '99 ---- ---- -_
di
l-e3s 87
711- gil
Ref & imp 430"A".„_2013 A -0 iii
8734 -1
8
. -1::
e
;i893
:
Springf Div 1st g 330
1951 J - J
7858 Mar'14 ---a8
le 771148
734 S7
8 may8
76
N Y Central & H It g 33is.. _19
.
3
1
:
7,8
J
7131024 :::_ 7
,
87
7
t_.3. 76
83
12 8
78
13
144
Western lines let g 4s.,_ _1951 F - A ;8i12:::_. 85 July'15 _-. "ii- -81
Registered
Registered
1951 F - A
8578 8612 86
Debenture gold 43
89
84
Bellev & Car let Os
iffi.
2 May'10
19233 -D --:
8978 June'14
Registered
g
li
Carb & Shaw let gold 0_1932 RI- S
9412 J'iy '12 _---_
-5- -fi" 7214
Lake Shore coil g 334s
73
1998 13 -5" -fiChic St L & N 0 gold 5s 1951 1 -D fad- /0.81-2 107 July'15
1W1-3 567;
Registered
2 S7112 014 Jul3.;;15 .... _ , 71
- A -ii.1F
1998
7213
Registered
114 Feb '11 -1951 J -D
J P Al & Co etts of dep
:
.
_I6
:
Gold 330
1951 J -D
90 Oct '099:31 7 1 i iiiye:12:
Mich Cent coil gold 330_ _ 1998 F - A -9_2
Registered
1951 J -D
---------09 June'15
Registered
Joint 1st ref 5s series A.1963 J - D 9912 §O..1-e- -66"
6812 il 9812 10058
Battle Cr & Stur 1st gu 3s 1089 JF:lA;
Memph Div let g 4s...._1951 J - D
8613 Mar'15 ---- 8812 8612
Beech Creek let gu g 43_1936 J - .1
-67:
6i Ji1-1::e;i:
8 :::: -iii -iiiRegistered
1951 J - D
Registered
1936 J - J ------- May'll ---_
St Louis Sou 1st gu g 48..1931 M- S ---tii1-2 -6g - ny -.08 ::__
2d guar gold 5s
..._
Ind Ill & Iowa 1st g 4s
1950 J - J 82 _ . _
8515 Feb '15 _.-- -811--- --- Registered
3 -ig1-to
---Int & Great Nor 1st g 6s_ _ 1919 M- N
Ws 99 June'15 ---- 98 100
Beech Cr Ext 1st g 33is_b1951 A -0
James Fran de Clear 1st 48..1059 J -D 844 86
8438 July'15 _ __ 88
9013
--------Cart & Ad let gti g 4s
.---- 88 - Oct '12
Kansas City Sou let gold 38_1950 A -0 6714 68
874 July'15 ---71
Gouv &()stye 1st gu g 5s 198
-D ---- -..,1 4211 j
Registered
1950 A -0
83 Oct '00 .._ ----- ----Mob
-ds Mal let gu g 4s_ 1991 M- S
7 --- 95I2 June'14 -_-_-_-_
Ref & impt 5s
Apr 1950.8 - .1
877s 877s July 16 -.-- 874 92
N J June R guar 1st 4s_ 1986 F - A --------8
6 Jan '15 __ -ill' -iiKansas City Term let 4s.._1960 J - J 84
8434 8414
8414
3 8414 93
N Y & Harlem g 33,0_ _ _ 2000 ill-N '8 ---.. 85 June'15 ---- 85
85
Lake Erie & West 1st g 58_1937 J - J 91 Sale 91
91
2 8934 9812
N
Y
-As
-0
Northern
0..1927
let
A
Mar'15 _. 10112 10178
------10112
g
26 gold 5s
1941 J - .1 -- 7934 9134 May'14 .___ - --- - - - .
N Y & Pu 1st cons gu g 48.1993 A - 0 ---- 88
88 June'15.- 88 88
North Ohio let guar g 5s...1945 A -0
10018 98 Mar'14
Nor & Mont 1st gu g 5s_ _ -1918 A -0
---.._
Leh Vail N Y 1st gu g 430_1940 J -3 .9812 100 10014 June'15 .-- -994 1011-3
Pine Creek reg guar 6s_ _ _ 1932 .1 - D --------113 - miy
;
Th.
Registered
1940 J .- J 99 Salt 99
99
1 99 10038
R W &0 con 1st ext 58_741922 A -0 i_o_i_1.s 1
.
3..:
,
00
24
r.2115
1 mr
8 ...:1
. 10
11
,
1814 100
0
i3
i3
14
Lehigh Vail (Pa) cons g 43..2003 1391-N ...„ 91
8734 July'15 ____ 87 8734
Oswe & R 26 gu g 5s_ __e1915 F - A
General cons 4'(s
2003 NI- N 9812 Sale 0818
9812
2 9714 9954
RwszoTalstgug5a 1918 NI- N 100 -- 104 June'10-_
Leh V Term Ry lst gu g 5s 1941 A - 0 loots ____ tows Feb '15 - --. 10534 10618
Rutland 1st con g 430_1941 J - J --------90 Apr '13
Registered
1941 A -0 - - - - -- 11118 Dec '11
Og & L Cham 1st gu 48 g1948 J - J
71
70 Feb '15 ____ "'hi- -- - --fel Leh Val Coal Co let gu g 5s-1933 J - J 10212 -- 10314 July'15 -- -- foil* iii1-4
Rut-Canada 1st gu g 4E4_1949 J - J ----------92 June'09
Regletered
1933 .1 - J *102 -- 105 Oct '13 --- ---- ---St Lawr & Adir 1st g 5e.__1996 J - J -- 10034 101 M sr'15 ____ iiii" idilet lot reduced to 4s
1933 .1 - J
2•1 gold 65
1098 A - 0
11912 Mar'12
•No pries Friday: latest bid and asked this week a Due Jan. 0 Due Feb. CDus
April. • Due May. o Due June 0 Due July. k Due Aug. o Due Oot
d Due Noir. e Option sale




1 1)1

_-8.1:_
3-:
1iD4 -:

1.56.4

iO3.4......_
--

1377 ri:

,
,1 1-ii

31,4 8.e).,p4

99 :
_ "212:.
1936:1: ...

...-

----

•
BONDS •
N. Y. STOCK EXCHANGE
Week Ending Aug. 6.

-d/
bt
'a
•--.4
.

Price
Friday
Aug. 6.

Week's
Range or
Last Sale

CO

Rang.
Since
Jan. 1

High No. Lou, High
Ark Low
Btd
II Y Cen dill ER (Con.)
97
Utica dr Bik Riv gu g 4s - 1922 J - .1 9512 - __- 97 Feb '15 ---- 96
5 814 8414
82
1997 J -D 8178 82 8178
Lake Shore gold 3s
82
1997 J -D .8178 -_- 8112 June'15 ---- 81
Registered
6 90 9312
9114
1928 M- $ 9114 9112 91
Debenture gold 4s
1 Sale 89%
1931 M-N
9014 52 884 9278
25-year gold 48
1931 M-N ---- ----918 June'14
Registered
__-.
1938 J - .1 --- - --- - - - Ka A & G R 1st gu c 5s
1934 J - .1 10312 - --_ 10714 Apr '14
Mahon Cl RR 1st 55
103 103
Pitts & L Erie 2d g 5s_ _ _aI928 A -0 1041s 10412 103 Jan '15
Pitts McK & Y 1st gu Os....1932 J - .1 114 ---- 1304 Jan '09
1934 J - .1 III 116 12314 Mar'12
2d guaranteed (35
McKees & BY 1st g 68_1918 J - .1 101
1931 M- S 102% --10238 May'15
Michigan Central 58
1931 Q-M
- 10312 May'14
Registered
Apt '12
1940 J - J --------98
45
1940.9 - J --------87 Feb '14
Registered
---_- ----90 June'08
J L de S 1st gold 3yis_.. _1951 M- S ---5 7938 81'.t
1st gold 3s
1952 24-N 79% Sale 7958
798
7814
7814 83
20-year debenture 48_ 1929 A -0 7814 8212 7814
1 8918 93%
1 Sale 8912
N Y Chic & St L 1st g 48.._1937 A - 0
89,2
. Registered
1937 A - 0 ---- ----9234 J'iy '14
7612 June'15
764 79,4
Debenture 48
1931 M-N -_ 77
9 88
89
9212
West Shore 1st 48 guar_ _2361 J - J 89 Sale 89
1 8578 89%
8712 8618
Registered
2361 J - J 86
8612
100 100
N Y C Lines eq tr 55...1915-22 M- N 9978 -.100 Mar'15
Equip trust 430_1916-1925 J - J --- ---- 98 J'iy '14
N Y Connect 1st gu 4%8 A 1953 F - A --------942 May'15
9412 9514
N Y N H & Hartford82
77 -Ply '14
- -Non cony deben 48
1947 M- S 78
63 63
Non-oonv deben 336s
1947 M- S --- 70 63 Feb '15
70 67 June'15
Non-cony deben 3-s_...1954 A -0 66
64 67
77 July'15
71
Non-cony deben 45
77%
1955 J - .1 77 80
70
78
Non-cony deben 48
1950 M-N 764 7714 76 Apr '15
6812 70 July'15
(3112 70
Cony debenture 33is
1956.9 - J 68
23 101 112
110
Cony debenture Os
1948 .1 - J 109% Sale 10914
Cons By non-cony 4s
---1930 F - A 70 - - - - ---- _ _ --Non-cony deben 48
1954 .1 - J ---- 72 914 .1-an- '12 ---- ---- Non-vonv deben 48__1955 i - J ---- ---- - --- ......
Non-cony deben 4s__1955 A -0 -- --- ---_
Non-oonv deben Is. _ _1956 1 - J ----------------Harlem R-Pt Ches 1st 48_1954 M-N.88 ---- 9914 Nov'12
B & N Y Air Line 1st 4s....1955 F - A ---- --- 9912 June'12
Cent New Eng 1st gu 48_1961 J - J --- 7812 79 May'15
70
79
Hartford St Ry 1st 4s
1930 M- S
105 10513
Housatonic R cons g 5s__ _193/ M-N 1054 -..-- 1054 May'15
Naugatuck lilt lot 45........1954 M-N
0 ---- 87 J'iy '14
N Y Prov & Boston 48_ _ -1942 A -0 --------88
Aug '13
9 6812 73'2
NYW'ches&I) 1st ser I 4368'46 J - J 7 'Sae 75
75
NH & Derby cons cy 5s_ _1918 10- N --------107 Aug '09
Boston Terminal 1st 4s__ _1939 A -0 --- ---- -- -New England cons 5s
1945 J - J -------------------- Cowl 4s
-------- 9913 Mar'12
1945 J - J -_
84
56 Apr '15
-_
Providence Secur deb 4s...1957 #1-N.
55
584
Prov di Springfield 1st 53_1922 J - .1 ---cc '14
- ---- 997
Providence Term 1st 45_1956 M- 13 ---- ---- 835 Feb '14
W& Con East 1st 4348_ _1943 J - J -------------15 75
77
N Y 0& %V ref 1st g 4s. _ _01992 M- S
77
77
6
825.s
------9212 June'12
,
Registered 135.000 only...,g1092 M- 23 -76 June'15
General 48
754 80
1955 J -D ..-__ 75
Norfolk Sou 1st & ref A 5s.._ 1961 F - A -___ 8312 94 June'14
Norf de Sou 1st gold 53
1941 M-N 96 ---- 101 jruly,i,
ioi- 102
Norf & West gen gold Os_ _1931 #1-A 11618 11612 11578 July'15
11578 118
Improvement & ext g 63..1934 F - A 11638 ---- 119 Feb '15
110 119
.114
-119
New River 1st gold 6s
Apr '15
1932 A -0
119 119
38 8714 94
N & W Ry 1st cons g 48.... 1996 A - 0 88 Safe 874
88
Registered
1996 A - 0...... - 92 94 May'14
87,
4 June'15
Div'l 1st lien & gen g 45_1944 J - J 854 86
874 884
10-25-year cony 48
1932.9 -D -___ 10612 10238 July'15
9878 104,
4
10-20-year cony 4s
1932 M- S ---- 10612 10212 July'15
9934 103
41
Sale
10-25-year cony 430_1038 M- $ 106
105
106
101 106
Pocali C & C joint 4s_ _ _1941 J - D 87 8714 8714 July'15
8714 904
C C & 1' 1st guar gold 5s_ _1922 J - J 10012 -- 10538 Jan '13
Selo V & N E 1st gu g 45_1989 M- N 8758 88
89 June'15
89 -91 Nor Pacific prior lien g 4s_ 1097 Q - .1 90 Sale 894
908 -199 8834 934
2 8834 92
Registered
1997 Q - .2 *8958
- 89%
8958
sale 62,8
General lien gold 3s
a2047 Q - F 624 ,-6234 131 62
66
a2047 Q - F -..-- 63,2 June'15
Registered
6112 6312
4 - -- - 9034 June'15
St Paul-Duluth Div g 4s..,1996 J - D 90,
9034 903t
Dul Short Lino 1st gu 5s__1916 M- S ..
- - - 100,2 Sep '13
St P & N P gen gold 6s_....1923 F - A 109-5 11
109% July'15
i6614 hug
_
Registered certificates_ _1923 Q' A ---- ----1153
Aug '11
8 ____ 102 Feb '15
St Paul & Duluth 1st 55_1931 F - F 1027102 jai 26 5s
101
1917 A -0 10078 102 101
10014 101
1968 J -D ---- 9034 88 June'15
let consol gold 48
88 88
814 Dec '13
Wash Cent 1st gold 45_ _1048 Q -M -__ 110
Ror Pac Term Co 1st g 6s...1933 J - J 110 .
110
110 113 .8114
J
Hi 81 July'15
J
Dregon-Waft 1st & ref 431061
_
7912 88
Pacific Coast Co 1st g 5s
1946 J -D 95 9512 9512 June'15
04 981,
97
3 96 98
07
Pennsylvania RR 1st g 4s__ _1923 #1-N -___ 97
1919 M- S 102 --- 102 May'15
Congo! gold 5s
102 102
1943 M-N 95 ___- 9712 May'15
Consol gold 4s
9712 9812
Convertible gold 334s-_01915 J -D 1004 Sale 100,8
10014 19 99% 10078
9714 21 97 981 i
1948 M-N 0718 Sale 9718
Consol gold 4s
Consol 43is when issued_ _ 1960 F - A 10258 Sale 1025s 102% 66 10214 1044
9712 Sale 97,s
General 430 when issued 1965 - __
975a 152 97 9814
21 ---- 94 may.19
Alieg Val gen guar g 4s..._1042 MI 9
9358 94
D R RR &B 'go lstgu 45g 1936 F - A ---- ----01 Mar'14
---PlIlla Halt & W 1st g 4s.._1943 M- N 951 -- 9918 J'iy '13
---- ----102 Jan '03 •
Bodes hay & Sou 1st g 55.2024 .1 - J ---Sunbury Ac Lewis 1st g 4s_1930 .1 - .1 -- - - ---- ---_cw _
U N J RIt & Can gen 4s 1944 M- S 99 ---- 99
084 90
Pennsylvania CoGuar 1st gold 434s
1021 .1 - .1 1001 1011 10014 July'15
9934 10238
100
------Registered
1921.7 - J
July'15
9912 100
Guar 330 coil trust reg A_I937 M- S --------8413 Apr '14
- Guar 3!-Its coil trust ser 13_1941 F - A .8414 --- 86 July'15
84 86
Trust Co Ws gu g 334s_.1916 M- N 991s - -. 99'8 June'15
99
9914
Guar 33is trust etfs C.......1942 J - D ....... 83is 83 Feb '15
83 83
1 81 81
Guar3348 trust ctfs D..__ _1944 J - D ____ 8112 81
81
Guar 15-25-year gold 45...1931 A -0 ---- 92 9314 July'15
9214 9412
40 year guar 45 Ws Ser E.1952 M-N -- - 8934 92% May'14
- On Lob & Nor gu 45 g
1042 M- N 84 ...... 934 Apr '14
Cl & Mar 1st gu g 4348_ .1935 rtl-N 97,
4 ---- 98 May'14
Ci & P gen gu g 436sser A.1942 J - J ____ .._ 10138 Nov'13
____ 109% J'iy '09
Series B
1942 A -0
Int reduced to 33,68 1942 A -0 8312 ____ 9114 Feb '12
- -Series C 336s
1948 M- N 8314 -- 904 Oct '12
8418
____
834
Series D 3s
A
June'15
1950 F
8334 8334
Erie & Pitts gu g 33is B_ _1940 J - .1 8412 89
86,4 May'14
Series C
1940 J - J 844 _-- 904 J'iy '12
Or R & I ex 1st gu g 430_1941 J - .1
__ 95 July'15
- 100 Ohio Connect 1st gu
_1943 M- $ --------- 93 May'14
___.
Pitts Y & Ash 1st cons
45_5s 1927 M- N 10214 ____ 109 May'lO
--Tol W V & 0 go 4368 A....1931 J -.1 9612 ____ 9712 July'15
9713 9712
1933 j _ .2
1 98,4 June'15
Series B 4s
0814 9814
Series C 48
1942 M- S-------- 934 J'iy '14
P C C & St L gu 4358 A 1940 A -0 9814 1111134 054
7 98 10112
9814
Series B guar
2 9758 10112
1942 A -0 9814 10034 98
08
Series C guar
1942 M- N 9814 --_- 9714 July'15
9714 10112
Series D 48 guar
1945 M- N 924 -- -- 9258 June'15
9212 933,1
Series E 3As guar gold_1949 F - A 9012 _ _- 9058 July'15
90 9158
-'eries F guar 4s gold....1953 J - D 9212 -___ 9514 Jan '14
Series G 4s guar
1957 M- N 9212 9258 9334 May'15
9334 931
C St L & P 1st cons g 58._1932 A - 0 104 .._ 10612 May'14
Peoria & Pekin Un lst g 6s1921 Q- F 10158 ---.10138 May'15
10138 10138
26 gold 4s
81921 M-N ----__ 89 Feb '14
Pere Marquette-Ref 48._1055 J - J ___- 20
1112 June'15
1113 1112
Refunding guar 4s
1955 J - J ___ 19
40 Dec '13
Chic & Weet Mich be
1021,9 -O 72 -_-- 73 May'14
* No ynoe

435

New York Bond Record-Continued-Page 3

AUG. 7 1915.]

PrMay: laimi bid and asked.

()Rion sale.


•Due Jan, 0 Due Feb. e Due May

BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 6.

4Q.

Price
Friday
Aug. 6.

Week's
Range or
Last Sale

OCQ

110

Range
Since
Jan. 1

High NO Low High
Bid
Ask Low
Pere Marquette (Con.)
90
90
90 Mar'15
Flint & P M gold 6s___1920 A - 0 97 -72 _ _ _ 70 July'15
1st consol gold 58
6512 70
1939 111-N
65 68
68 July'15
Pt Huron Div 1st g 5s 1939 A -0
Sag Tus & H Ist gu g 48_1931 F - A
-- -- - --10
55
65 May'14
Philippine Ry 1st 30-yr s f 48 1937 J - .1
---10812 May'14
Pitts Sh A: L E 1st g 55
1949 A -0
1st consol gold 5s
11314 Nov'll
1943 J - .1
105 -if- -614
93
Reading Co gen gold 4s....„1997 J - J 9234 Sale 9212
8____ 9312 91 July'15
Registered
90 93
Jersey Central coll g 4s
9112 9134 92 July'15
1951
97jr
A:
91
9352
Atlantic City guar 4s g...1951 J - .1
St Jos & Or Is! 1st g 4s
Ji -6612 XI;
-i61-2 73
St Louis de San Fran gen 62_1
10578 10812
1947
106
31 j
J:j
J 1.961-g 107 106
General gold 5s
1931 .1 - J 9958 10038 99,
99,
4 11 99 10114
4
St L de S F RR cons g 4s 1996 J - .1
75 J'iy '14
General 15-20-year 5s...1927 M-N 442 45
4412 July'15
35 -Eirs
8 3212 51
Trust Co certifs of deposit...... 4412 46
45
45
1 3212 49
42 43 42
do
Stamped__
42
Southw Div 1st g 513_1947 A -0
93 Dec '13
2
Refunding gold 45
1951.9
_ - J 67 6812 67
67
Registered
--- 80% Mar'll
9_1 Trust Co ctfs of depo811t5
6018 July'15
07
-6618- 7113
Stamped....
do
6058 July'15
- 6458 _
604 68
KC Ft S& M cons g (3s....1928 M-N 10.514 10-f 1
4 106 July'15
10514 110
K C Ft S & M Ry ref g 48.1936 A -0 6812 6918 6934 July'15
7312
69
95 Mar'14
KC&MR&Blstgu 58_1929 A-0
22 7213 80
73 Sale 73
St L S W 1st g 4s bond ctfs..1989 NI- N
73
64
2d g 4s income bond ctfs..p1989 J - J 55
60 May'15
55 60
54
1932.9 -D 52 56
56 July'15
Consol gold 4s
6234
_ 9812 Jan '14
Gray's Pt Ter 1st go g 55-1947 J - D 100
75 70
5 85 -80"
70
1943 J - J 65 _S A & A Pass 1st gu g 48
. 10012 June'15 .114 9934 10012
1919 J - J 100
SF&NP istskfdg 55
75 Dec '14
1950 A -0
Seaboard Air Line g 4s
"fi"
1950 A -0 ---- 7812 78% June'15
Gold 4s stamped
1950 A -0
Registered
A 0134 Sale -66' -62 - -75
. 5934 Ws;
9A
F 0
95
49
019
Adjustment 5s
70
67 694 68 July'15
66
Refunding 4s.
83 June'15
83
81
At! Birm 30 yr 1st g 4s e1933 M- S
- 8514 Mar'15
8412 8514
Car Cent 1st con g 4s...._1949 - J 8218
Fla Cent & Pen 1st g 5s_1918 J - J 10014........ 10014 July'15 ---- 1004 1004
104 Nov'12
1st land gr ext g 5s__ ....1930J - J
101 July'15
1007 101
1943 J - J
Consol gold 58
...... 10238 Mar'15
10012 10252
Ga & Ala Ry 1st con 58_01945 J - J
10018 10214
10114 July'15
Ga Car & No 1st gu g 5s 1929 J - .1
10112 10112
Scab & Roa 1st 5s
1926.7 - J ---- 10112 Mar'15
Southern P5cific Co52 797/1 8614
81
Gold 4s (Cent Pac coll)_k1949 J -D 81 Sale 8012
wd-e_ 8
90 Feb '14 -_ _
X1949 J - D
Registered
4
8038 169 797 -8111p1929 M- S 8018
20 year cony 48
99
97 951,4 1017s
1934 J -D 99 Sale 9812
20 year cony 5s
8512 184 8818 90
Cent Pac 1st ref gu g 48_1949 F - A 8512 Sale 8518
8612 Mar'15 -_ 8612 8613
*---- 88
Registered
F:
D A ---- 8634 86 July'15 ---- 8514 89
3
192
949 J
Mort guar gold 368„k1
8414 87
Through St L 1st gu 48_1954 A -0 -- 8512 8414 June'15 102 10212
G II &SAM&P Ist 5s 1931 12I-N 9812 102 102 Mar'15
101 10234 Apr '14
Gila V G & N 1st go g 53_1924 M-N
994 ........ 100 July'15 -- iOCi" jai
nous E & W T 1st g 58.....1933
9812 101
9918 June'15
- 991a 99%
1933 M-N
1st guar 5s red
10578
6 104 107
H & T C 1st g 5s int gu..1937 J - J 105 ___- 1054
Gen gold 4s int guar_ _ _1921 A -0 934 ---- 9412 July'15 ---- 93 954
Waco & N W city 1st g 651930 M-N 108 111 108 M ar'14 - i(ja- fedi;
1941 J - J 100 103 100 June'15
A & N W 1st gu g 55
109 June'14 ---Louisiana West 1st (3s__ _..1921 J - .1
ioi" 1041*
O
i --- 106 1045s July'15
10
92
10
8
Morgan's La & T 1st 7s_.1
106 10614 J'iy '14 -1st gold 6s
112 Feb '07 -I938 A -0 103
Hoof Cal guar g 5s
10014 i664 Hos
1
1927 J 10012
Ore & Cal 1st guar g 55
5 9984 i6i;
So Pac of Cal-Go g 5s_ _1937 M- N 1064 --- 10112 Nov'13
9012
--9112
Sep
-2
'12
J
1937
So Pac Coast 1st gu 48 g
16 -7784 -8238
San Fran Term! 1st 48_1950 A -0 80 Sale 80
- _-- 96 Apr '14
Tex dr • 0 con gold 5s......1943 J - .1
85
17
1955 1 - J 84% Sale 8415
8355 89
So Pao RR 1st ref 48
8
40 9812 101
99
1994 J - J 98 4 Sale 984
Southern-1st cons g 5s
98
---- 9912 98 June'15 -- 98
Registered
6012 Sale 5812
6012 147 5814 69
95
96
4j
A
Develop & gen 48 Ser A...119
76
71
71 June'15
Mob & Ohio colt tr g 43_1938 M- S
9
69
6 9912 July'15 ---- 98% 100
1996 1 - J
Mem Div 1st g 435 58
847 81 July'15 -- 8014 83%
1951 J - J
St Louis div 1st g 45
0034 10314 10434 June'14
1918 J - J 1-Ala Con 1st g 6s
_
98
9934 May'14
Ala(It Sou 1st cons A 5s_1943 J - D
947
93
88 jj.
1 .1
jj
904
444
At!& Char A L 1st A 4;0119
834,
72914 8
92
3 8
93
318 A
ju
pirY15
5
A & Daisy 1st g 4s
t! 9
-76
8214
Feb
'12
---2d 48
7534 Dec '14 -1949 A -0 - - - ALI de Tad 1st g guar 45
10038 J•ly '14 ---Col & Greenv 1st 68
1916 J - J - - 1625-8 lois;
10238 May'15
E T Va & Ga Div g 5s_ _1930 J - .1
Con 1st gold 5s
1956 M- N 102 lid 102 July'15 -- 102 10458
99
99 June'15 ---- 99
E Ten reor lien g 5s
1938 M- S 97 99
Ga Midland 1st 35
1946 A -0 __ 65 6412 May'13
106 107
1067i 107 June'15
Ga Pac Ry 1st g 6s
1922 J - J
10512 July'15 ---- 10512 10512
Knox & Ohio 1st g 68_ _1925 J - .1
10512 Nov'12
Mob & hr prior lien g 58_1945 J - J 1136-14
82
Mortgage gold 48
79 Mar'13
1945.9 - .1
634
102 May'15 -- idi" 10234
Rich & Dan deb 58 stmpd _1927 A 73 Sep '12 ---1948 M N
Rich de Meek 1st g 48
--- 111,012 10014 July'15 -- 100" 101
1919 M-N
So Car & Ga 1st g 5s
10014 Mar'15
Virginia Mid ser C 6s_ _ _1916 M- S
100% 1094
10334 Nov'12
1921 M- S
Series D 4-5s
102 Dec '13 __-1926 M- S
Series E 5s
104 Mar'13 -1931 M - S 16213
Series F 5s
103 July'15
1936 M-N
102 103'l
General 5s
1 9812 101
100
Va & So'w'n 1st gu 5s 2003 J - J 166- Oil; 109
83
1st cons 50-year 58_1958 A -0 8014 8513 8114 July'15 ---1924 F - A ---- ---- 92 June'13
W 0& W 1st cy gu 4s
--- 98
9612 June'14 ---195.5 .1 - J
Spokane Internat lot g 5s
____
9512
9912
July'15
0
01849412
9412
-1939 A
Ter A of St L 1st g 43is
2 10084 102
101
1st con gold .5s_ _1894-1944 F- A 101 10238 101
84 June'15
83 84
1953 J - J ---- 83
Gen refund s f g 45
---- 100 Mar'15
100 100
St L M Bridge Ter gu g 5s 1930 A ___ 9
33
212 9
5 92 96
30
214
20002 -D _9214
93
rex & Pac 1st gold 55
7 29
33
364
0000 Mar
2d gold Inc 5s
90
9.5 May'14
1931 J - J 85
La Div BL Ist g 55
95 10012 Nov'04
W Min IV& N W 1st gu 53 1930 F - A
9934
-- 101
1935.9 9914
rot & 0 C 1st g 58
9914
2 -661-4 Jig
101 Aug '13 ---1935 A - 0
Western Div 1st g 5s
1935 J - D ____ 9812 10112•Apr '14 -General gold 58
86 Mar'15
8612
1990 A -0 ____
86
Kan & M 1st go g 4s
1927 J - .1 92 97 92 July'15 92
96
2d 20-year 58
1917.9 - J 62 633 63 July'15 -- 6212 68
Ist gold 4s
To1 P&
78 Apr '15
76
73
Tol St L& W pr lien g 3%8_1925 J - J 7212 75
46
4212 5314
45 Jay'15
1950 A -0 45
50-year gold 45
_ 50
43 June'14 -1917 F - A
Coll tr 48 g Ser A
WI;
824 Mar'15
ii1-2
Tor Ham & Buff 1st g 48-h1946 J - D
166- 161 10034 July'15 ____ 9812 101
Ulster Sc Del 1st con g 55_1928 J -D 74
74 Mar'15 -- 74
1952 A -0 _
1st refund g 4s
9312 Sale 9234
9312 70 92,
1947.9 Union Pacific 1st g 4s
4 974
9512
Registered
1947J - J
- - -- 9512 May'15
93
8912 24 88
9114
1927.9 - .1 8912 Sale 89
20-year cony 45
p2008 M- S 8538 8612 86
1st Sc ref 45
86,4 31 881y 9214
.
2 88 9112
8
y. 2
Ore RR Sc Nay con g 48-__1946 J -D 88 Sale 88
10712 10912
Ore Short Line 1st g 68..„1922 F - A 108 10812 1084 July'15
2 103 106
1946 J - J 103 Sale 103
103
1st consol g 5s
8 8712 9172
19293 - D 884 Sale 8812
89
Guar refund 4s
10318
10234 10318 June'15
1926 J - J
Utah & Nor gold 53
1933 J - J 9312 99
1st extended 4s
-_
Vandalla cons g 45 Ser A__ 1955 F - A
_
1957 M N
9214 May'14
Consol 4s Series B
0
90
412 94 Oct
Vera Cruz de P 1st gu 4348_1934 J - J
10394 997
944
944
'12Virginian 1st 55 Series A _ _ _ 1962 M-N 94

80.2

Due June, A Due July. kDue

Aug. o Due Oct. v Due Nov. f Due Dee.

436
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 6.

New York Bond Record—Concluded—Page 4
Price
Friday
Aug. 6

Week's
Range or
Last Sale

Range
Since
Jan. 1

1'e
BONDS.,•••
at
N. Y. STOCK EXCHANGE ,
N., k
Week Ending Aug. 6.

Price
Friday
Aug. 6.

[VoL. 101.
6.'
Range
• Week'si:5
Since
Range or
,.... c,
' Jan. 1
Las Sale

Bid
High No. Low High
Ask Low
Ask Low
High No. Low High
Bid
10112 28 97 10212 Trenton 0& El 1st g 5s_.,..1949 M- 5 9914 __ 10112 June'14 --_
Wabash 1st gold 5s
1939 M-N 10112 Sale 10138
15 88
92
92 Sale 90
9512 Union Elec Lt & P 1st g 5s__1932 M- $ ---- 9938 9712 June'15 ---- 9712 101
1939 F - A
2d gold 5s
89 Mar'15 ---- 89
Refunding & extension 58_1933 M-N __-- 89
90
1939 J -J
- 90 June'12
Debenture Series B
897 89s Utica Elec Lt & P 1st g 5s_ _1950 J - J 10214 _ - 10214 Mar'15 ---. 96 ingi,
— -- 8978 M ar'15
let lien equip s fd g 5s_ 1921 M- S
98
1 98 98
Utica Gas & Elec ref be____1957 J - J .98 - - — 93
let lien 60-yr g term 48-1954 J - J 65- 75 Apr '14
14
101
July'15
--100
102
101
19
-f6
D
fil4
17
J
16
34
103
Westchester Ltg gold 55____1950
1956 J -J
1st ref and ext g 4s
20
17 July'15
17
Miscellaneous
27
Cent Trust Co ctfs
1 70
76
1948 M- S 7414 79
76
76
1812 27
Adams Ex coll tr g 45
Do stamped
15,4 21 June'15
11
1714
127
132
135
July'15
---118
150
__
_
17
17
1925
1412 17
2412 Alaska Gold M deb 65 A
Equit Trust Co ctfs
9134 32 9012 93
153 1412 30
15
15 Sale 1412
Armour & Co 1st real est 436s '39 J -D 9112 Sale 9112
Do stamped
87
85 July'15 ---- 84
1952 A - 0 85
99 100
Bush Terminal 1st 4s
8534
Det & Ch Ext 1st g 5s____1941 J - J --- 101 100 May'15
1955 5 - J 8514 90 85 July'15 ---- 8412 90
-.- 80 Aug '12
Consol 5s
Des Motu Div let g 4s—__1939 J - J
6014 July'15
85 May'15 . - - 83 87
55
1960 A -0 ---- 85
8014
1941 A -0 5712
Bldge 58 guar tax ex
Om Div ist g 336111
11378 280 11212 11738
66
6612 -- 6612 July'15
1941 147234 Chile Copper 10-Year cony 7s 1923 M - N 11314 Sale 113
Tol & Ch Div 1st g 4s
112 834 GranbyConsMS&P corn 8s A '28 M-N 100 104 10314 July'15 __-- 98 111
138 214 112 July'15
Wab Pitts Term 1st g 4s_ _ _ A954 J -D
12
271
412 97 14014
138
12 Sale
12 912 InsPir Cons Cop let cony 6s-1922 M- S 138 Sale 132
Cent and Old Col Tr Co certs_ _ _
142 9434 14014
138
58 25
3/3
12 812
1919 J - J 135 137 132
5-year cony deb 6s
38 Sale
Columbia Tr Co certfa
72 July'15
34
65
126 3014 65
Int Mercan Marine 436e_ _1922 A -0 60 Sale 5834
_
12 8
Col Tr Ws for Cent Tr ctfs _
6012 Sale 53
182 3312 65
14 June'15
65
14 112
1954 J -D ---14
Certificates of deposit
34
2d gold 48
57
61 36
18 July'15
55
78 Int Navigation 1st s f 5s__1929 F - A _-_- 5312 52
18
Trust Ce cents
803s 82
9018 16 8834 9212
Montana Power 1st 5s A___1943 J - J 90 Sale 90
Wash Terml 1st gu 336s____1945 F - A 8034 ---- 8034 July'15
65 65
65 Mar'15
8812 Jan '14 --- __ _ __
Morris & Co 1st a f 436s____1939 J - J 8714 90
1945 F -A 9112 _ _
1st 40-yr guar 4s
5 54
6812
7112 Mtge Bond(NY)4sser 2_,1968 A -0 ___-__ 83 Apr '14
1952 A -0 6712 6312 6812
West Maryland 1st g 4s
14 10078 10212
102
10-20-yr 53 series 3
1937 J - J 102 Sale 102
19325 - J 94 -__- 100 J'ly '14
West N Y & Pa lat g 58
75
71 June'15 ---- 71
7812 N Y Dock 50-yr 1st g 4s
75
11143 A -0 76 _ _ — 757 July'15
1951 F - A 7012 72
Gen gold 49
5 100 101
10058
171s 1718 Nlag Falls Pow 1st 58
17,8 May'15
20 d1943 Nov
1932 J - J 100 101 100
Income 58
__
9812 100
66 9812 June'15
Ref A ,gen Os
1 -------------------Wheeling & L E let g 58___1928 A -0
(21932 A -0
Mar'15 ---- 8912 9114
9512 Nov'13
Niag Lock & 0 Pow 1st 5s__1954 M- N --------892
--_Wheel Div 1st gold 5s____1928 J - J ---- 98
-99- -92
92 Apr '15
94 July'15 — 9234 9558
Ontario Power N F 1st 5s. —1943 F - A ---- 94
Exten & Impt gold 5&.._ 1930 F - A
5114 17 49 6534 Ontario Transmission 5s____1945 M-N --_- 9012 8618 May'15 — 8818 90
1949 M- $ 5114 Sale 5114
RR 1st consol 48
90 Apr '14
8634
5 8614 8914
Pub Serv Corp NJ gen 5s _1959 A -0 8614 Sale 8614
1922 J - J
20-year equip s f 5s
- 84 Apr '15
-84 - -84 - Ray Cons Cop let cony 6s__1921 J - J 116 Sale 116
119
38 103 130
Winston-Salem S B 1st 48
1960 J - J •
3 81.
87
82
9214 Feb '14 - — — _ __
Sierra & S F Power 1st 5s_ _ _1949 F - A -- 88
Wls Cent 50-yr 1st gen 4s.._ _ 1949 J - J 8112 8212 81
1 8312 8512 Wash Water Pow 1st bs. _ _ _1939 J - J --__ __ 10312 Jan '14 ---- ---- _ _
8312
8312
8 87
Sup & Dul div dr term let 45'38 M-N 84,
Manufacturing & industrial
1 9978 10238
100
Street Railway
Am Ag Chem let c 5s
1928 A -0 100 Sale 100
6 10014 10338
9234
4 92 9334
Brooklyn Rapid Tran g 58_1945 A -0 102 10212 10212 10234
Cony deben 5s
1924 F - A 9212 9234 9234
1 7934 8512 Am Cot 011 ext 436s
80
10014 36 997s 10012
1st refund cony gold 4s.,_2002 J - J 80 Sale 80
p1915 Q - F 10014 10038 10014
10018 151 9878 10012
8-year secured notes 5s_ ...1918 J - J 100 Sale 9978
Debenture 5s
1931 61-N 93,8 9334 93 July'15 -- 9118 9413
Bk City 1st con bs. _1916-1941 J - J /0012 102 101 July'15.— 10014 101
Am Hide & L 1st s f g (38_ _ _1919 M- 5 1021. 103 10214 July'15 ---- 10012 10314
..
98 Apr '14 --_ Amer Ice Secur deb g 6s
8912
Bk Q Co & 8 con gu g bs__1941 M-N -1925 A -0 81
85
84 July'15 ---- 80
-- 101 May'13 --106
11 10353 106
Bkiyn Q Co & S 1st Se
..194l J - J -------Am Smelt Securities s f 6s 1926 F - A 10512 Sale 10512
9914
9938 22 -99- 101'sli Am Spirits Mfg g 6s
1915 M- S 9512 100 100 July'15 .- -- 9212 100
Bklyn Un El 1st g 4-58_1950 F - A ---- 99
9912 July'15 --- 9938 10012 Am Thread let coil tr 48— 19I9 J - .1 -- -- 95
Stamped guar 4-5s
1950 F - A 9914 101
9312 June'15 ---- 9312 9312
8312 Am Tobacco 40-year g 68... _1944 A -0
91 1
1912 July'15 ---- 115 1211s
Kings County El 1st g 48_1949 F - A ---- 8112 81 July'15 .- -- 81
82
8012 July'15 -- -- 8212 8212
Stamped guar 4s
1949 F- A
Registered
1944 A - 0 ---- ----- 1- 2134 May'14 --- _--- __
73 June'15 ---- 73
78
1951 F - A -- 94
97 Apr '15 --- 97
Nassau Elea guar gold 48.1951 J - J ---- 75
Gold 4s
981e
9418 25 9234 97,8
1927 F - A 9418 Sale 93
Chicago Rye let be
Registered
1951 F- A ------- 98 June'14 --- __— __
5 5178 70
Am Writ Paper let s f 5s_
56
1919 l' - J 5612 ____ 56
Conn fly & L 1st dr ref g 4AB 1951 J - J 9314 ...... 1017s June'12
Stamped guar 436s
italdw Loco Works 1st 5s_ —1940 111-N 101 10258 103 May'15 --- - 10034 103
1951 J - J --__ ---- 9814 June'14
17 -9i/r4 -;
71
23 9812 103
Det United 1st cons g 430_1932 J - J 7
741 69
i9- Beth Steel let ext s f 55
103
1926 J - J 10214 Sale 10112
10112 762 8518 10112
Ft Smith Lt & Tr let g 58_1936 M- 8 --------_ 84 Jan '14 --- ---- --- 1942 M-N 10034 Sale 98
1st & ref 58 -ear A
24 9678 100
100
Grand Rapids fly larg 58-1918 J -D 9912 --_- 100 June'14
Cent Leath 20-year g be___ _ 1925 A -0 100 Sale 9918
92 Apr '14
Consol Tobacco g 45
9734 Jan '15 ---- 9754 9734
Havana Elea consol g 5s..., 1952 F - A .._. 91
1951 F - A .- - - 98
5 -76- -767-8 Corn Prod Ref a f g 5s
70
70
1931 111-N 98 ____ 9618 July'15..-- 9434 9714
Hud &Manhat 58 Ser A
1957 F - A 7014 72
11 2412 2912
28
2412
9412 1C 92 9514
Adjust Income be
2512 27
lat 25-year s f 5s
1934 M-N 9412 Sale 94
1957 100
9 95 100
N Y & Jersey 1st be
Cuban-Am Sugar coil tr 613_1918 A -0 9934 10112 100
1932 F - A
9812 .....
6434 17 4814 6724
Interboro-Metrop coil 4368_1958 A -0 7458 Sale -'14.3; ___ii_ -55 -fi14
- -ii1-2 Distil Sec Con cony 1st g 513_.1927 A -0 6412 Sale 6414
9534 130 84 97
Interboro Rapid Transit(du Pont Powder 4368-1936 J -D 9558 Sale 9458
63
9734
9634 9858 General Baking lst.25-yr 08-1938 J -D .-- - - --- 8712 J'ly '14 ...... ____ _ _
1st & refunding 58
1968 J - J 9734 Sale 9712
91
Manhat fly (N Y) cone e 48_1990 A - 0 --- 8514 87 July'15- 87
1942 F - A 7412 7814 7414 July'15 ---- 74
Gen Electric deb g 336s
79
10212 56 10112 105
88 —7 86
9114
Stamped tax-exempt
86 86
1952 M- 5 10212 Sale 102
1990 A -0 85
Debenture Ss
10038 10112
Metropolitan Street Ry—
Gen'l Motors let lien 8s- —1915 A -0 ____ 10012 10012 June'15 -102 8278 88
9734
2 9712 101
88
9734
Bway & 7th Av 1st o g 58_1943 J - D 9734 99
III Steel deb 4368
1940 A -0 88 Sale 8614
10078
6 99 10114
97 June'15 -- .9_7_9
!
.
Col & 9th Av 1st gu g 58_ A993 M- S ---- 95
Indiana Steel 1st bs
1952 55-N 10058 101 10058
Lex Av & P F lat gu g 50_1993 M- S --- 9934 1.01 Apr '14 .-Ingersoll-Rand 1st 5s
(71935 J - J 100 _— 100 Oct '13 .--5 9934 10112
80 Mar'14
Met W S El (Chic) 1st g 48_ _1938 F - A
Int Paper Co let con g 68.-1918 F - A 9934 Sale 9934 100
81
36 7834 82
Mllw Elea fly & Lt cons g be 1926 F - A 10
.94 .-.---_
-_ 10118 101 1s .._1 ifift-s io118
Consol cony a f g bs
1935 J - J 80 8112 80
9258 Feb 'lb
9258 9258 Int St Pump 1st a f 55
1929 M- $ 80 62 6058 July'15 ---- 38
6058
Refunding & eaten 4368_1931 J - J --- 91
6012 28 52 63
Certfs of deposit
60 6312 8012
Gen & refund 58 ser A _ _ _ _1951 J - D 88
---- ---Lackaw Steel 1st g 58
1923 A -0 9258 9418 9214 July'15 ---- 89
Minneap St 1st cons g U.._ 1919 J - 5 siiii ___ 151 NoVii
9312
80 1038 85
1st con5s Series A
1950 al- S 80 Sale 74
Montreal Tramways 1st & re
80
30-year be Ser A
1941 J - J --__ 9112 9414 Feb '15 --. 86 9414 Liggett & Myers C obac 7s 1944 A -0 123 12458 12212 July'15 __-- 12134 12412
99
78
Feb
'15
---_
78
10118 10
78
New Orl fly & Lt gen 436s 1935 J - J — — 78
bs
12 10212
1951 F - A 101 10114 10078
7038
2 70
N Y Rys 1st It E & ref 4a 1942 J - 5 7038 Sale 7014
7314 Lorillard Co (P) 78
1944 A -0 11918 12038 119 July'15 --- - 119 124
11 9552 102
50
5014 48 50
100
5558
bs
30-year adj Inc 58
a1942 A -0 4912 50
1951 F - A 100 Sale 9558
86
Apr
'15 --- 84
86
N Y State Rye 1st cons 43,66_1982 M- N ____ 86
Mexican Petrol Ltd con 68 A 1921 A -0 101 105 10114 July'15 - - - - 9512 110
991s Feb '15 — - 9918 9912
1st lien & ref 88 series C....1921 A -0 10014 107 102 July'15 ...— 95 110
Portland Ry 1st & ref 58_ _ _ _1930 M- N
Portld fly Lt & P 1st ref 58_1942 F - A -ii- :17- 92 Nlar 14 -Nat Enam & Stpg let bs
1929 J -D 9214 9512 9412 July'15 ---- 92 9412
100
May'15 ---- iiii - ii56 - Nat Starch 20-yr deb Se___..1930 J - J 8318 - - — 83 June'15 ---- 83
85
Portland Gen Elec 1st 58_1935 J - .1 ---.. ---gni
- ---- National Tube 1st be
98
8 95
St Jos Ry,L,H & P 1st g 58_1937 M- N ---. -- 98 Nov'08
1952 111-N 975/3 98
9734
—
N Y Air Brake 1st cony 6s_1928 1111-N 9812 Sale 981s
3 90 9812
St Paul City Cab cons g bs__1937 5 - J __ _ .... _ 10312 Feb '13 ------9812
7812 -34 ;
16- -ii5-8 Railway Steel Spring—
78
79
Third Ave 1st ref 48
1960 J - J 78
76
47 75 82
Adj Inc be
Latrobe Plant 1st s f 58._ _1921 J - J 97
9712 9814 June'15 _--. 9514 9824
a1960 A -0 7534 Sale 7512
Third Ave fly 1st g be
1937 J - J 108 10618 106 July'15 -- 10512 107
Interocean P 1st a f 5s _ _1931 A -0 9014 92 91 June'15 .-. 90 93
9312 82 9012 9324
9618 9534
Ms 13 9434 971 1 Repub I & S 10-30-yr 558 f_ _1940 A - 0 9278 Sale 9278
TM-City fly & Lt 151 s f bs 1923 A -0 95
1930 M- N 8938 91
,2 J'ly '14
Standard Milling 1st 5s
8912 July'15 -- -- 8812 9212
Undergr of London 436a
194896
1933 J - J -...... 94
8712 J'ly '14
10014 87 9712 10014
The Texas Co cony deb 65_1931 J - J 100 Sale 100
Income 68
Oct '08 ---_
_
75
Union Elev (Chic) 1st g bs_ _1949 1
---ii ---- ----84
Union Bag & Paper 1st 55_1930 J - J
7518 ____ 75 Mar'15 .--- 75
1930-J - J -----. 9114 Jan '13.--- __ _ _ _ _
United Rye Inv 58 Pitts 158_1926 M-N --------88 July'15 ____ -66 - -66 Stamped
United Rye St L 1st g 4s
78
1934 J - J --__ 5978 6311 May'15 -- 6312 6312 US Realty& I cony deb g 5s 1924 J - J ---- 7478 7012 July'15 ---- 66
5938 Mar'15 -___ 5938 5938 U 8 Red & Refg 1st g 6s._ _1931 J - .1 ---- 2772 2814 July'15 -- -; 20
St Louis Transit gu 5s---1924 A -0 ---- 60
30
4514 195 40
10214 11 l0118 10318
United RRs San Fr a f 4s__ _1927 A -0 4514 Sale 41
5558 US Rubber 10-yr coil In 6s 1918 J - D 102 10212 10112
221
10212
997
8
88 June'15 -- 88
Va fly it Pow 1st &'ref 5s .,1934 J - J ____ 86
10258
8912 US Steel Corp--jcoup ____d1983 M-N 10212 Sale 10214
10214 10 9934 10234
S f 10-80-yr 5strelc
d19(13 M-N ---- S--- 1021s
9711
9518 22 89
Gas and Electric Light
9514
Va-Car Chem 1st I5-yr bs_. _1923 J -0 96 97
4
1003
10
10014 102
Atlanta G L Co 1st g 5s
West Electric 1st 5s Dec_ ___1922 J - J 10034 10114 10012
1947 5 -D 103 -- 10112 May'14
104 July'li- 1-i
10512 121 8972 10532
99—Bklyn Un Gas 1st cons g 58_1945 M-N 1031,
oi12 Westinghouse E & M a f5s__1931 J - J 10514 Sale 105
99 10314 105
105
54 June'13
Buffalo City Gas let g 50_1947 A -0
105 Sale 10478
Certe of depalt
114 3462 10938 11434
97 Feb '15
-if -if
Cony s f 5.3 (I38 of 1915) _1931 ____ 11338 Sale 11218
Columbus Gas 1st gold 5s__1932 J - J
7 9814 10118
116
54 10958 1181 2
Consol Gas cony deb 68 .....1920 Q - F 1157 Sale 11512
10-year coil In notes 55____1917 A -0 10034 10078 10034 10034
10014
I 1)912 10031
Detroit City Gas gold bs___ _1923 J - J 10018 103 10014
Coal & Iron
Detroit Gas Co cons 1st g 58_1918 F - A
9558 Sep '08 --__
Buff & Susq Irons f 5s
1932 1 -D 88 ._. 92 J'ly '14 .--.
75
10212
4
7811
1E 78 June'15 --Detroit Edison 1st coil tr 58_1933 5 - J 102 gi-tie- 102
01926 M- 8 7712 81
Debenture 5s
3 87 9212
9212
Eg 0 LNY let cons g 5s_...1932 al93 92
_ 10012 May'15 _. 10012 10012 Col F & I Co gen 8 f g 5s____1943 F - A 90
7411
73 July'15 --- 70
Gas & Mee Berg Co c g bs__1949 J -D 98- 100 Feb '13
'
Col Indus 1st & coil 5s gu__ 1934 F - A '
16114 1931-2 Cons Ind Coal Me 1st 58_1935 J -D --------73 Mar'14 ---- __ _ _
Hudson Co Gas 1st g 58___ _1949 M-N 10014 idi34 10134 July'15
Kan City(Mo) Gas 1st g 58_1922 A -0
8814 Apr '15 -- 8814 8811
8858 92 M ar'14
Cons Coal of Md lst&ref 58_1950 J - D - — 88
10234 10414 Continental Coal 1st g 5s._ _1952 F - A --- 99
104 June'15
Kings Co El L & P g be
991,, Feb '14 ---- ___. _ _ _
1937 A - 0 102
Purchase money 68
Gr Riv Coal & C 1st g 6s_ _h1919 A -0 ---- 9453 10258 Apr '06 ---1997 A - 0 11012 IN 113 July'15 ____ 113 113
_
'12
90
Dec
90 July'15 --- 90
Convertible deb 6s
12212
1st
a
f
g
53_1951
5-5
1922 MKan & H C & C
•---- 80
120 ---1 Ili' 120
Convertible deb 63
Pocah Con Collier 1st s f 58_1957 J - J
1
7 8514 July'15 _--- 8514 88
1181 120 120
1925 M82
Ed El III Bkn 1st con g 45_1939 J - J 87
_ ---- 82 Apr '15 --.- 76
St L Rock Mt& P 1st 5s_ _ 1955 J - J ---8712 8712 July'15 --__ 8712 88
8211
6 10014 10112
10112
Lac Gas L of St L 1st g be_ _21919 Q - F 10112 Sale 10114
8112 JulY'la ---- 75
80 85
Trust Co Ws of deposit__ __
9934 100
97 101
Ref and ext 1st g 5s
1951 J - J 10114 ____ 10112 July'15 _--- 100 10111
9978 July'15 -_
Tenn Coal gen 5s
1934 A 10112
1 9978 1013
901s 9134
1917 J - J 10158 10214 10112
9112 June'15
Milwaukee Gas L 1st 4s
Birm Div 1st consol 6s
1927 M-N 90 .._ _
103 103
Newark Con Gas g 5a
a1917 A - 0 10158 102 10112 June'15 ---- 10014 lOn
103 June'15
1948 J - D 10333
Tenn Div 1st g 8s
12 10114 10312
103
_1922 J -0 102 106 101 Dec '14 --- ..._. ___.
NYGELII&Pgbe
19485 -D 10234 10312 10212
Cah C M Co 1st gu 6s
7 81
8558 Victor Fuel 1st a f 58
8134
Purchase money g 4s
73 Ann '14
1949 F - A 8112 8134 8114
1253 J - S - - — 75
Ed El Ill 1st cons g 5s
1995 J - J 105 109 107 July'15 _-__ 10814 107
Va Iron Coal&Coke 1st g 58_1949 M- 5 8318 85 82 July'15 ---- 82 88
1 9914 101
NY&Q El L & P 1st con g 58_1930 F - A 9814 101 10012 10012
Telegraph & Telephone
NY & Rich Gas 1st g 5s__1921 M-N
8818 55 8612 8914
Am Telep & Tel coil tr 43_ 1929 J - J 88 Sale 88
-- - 9212 J'ly '09
9134 98
Pacific 0& El Co Cal G & E
1938 M- 8 95 100 95 July'15 ..
Convertible 45
8 91 9412
Corp unifying & ref 55._ .1937 M- N 93 Sale 923s
10138 62 96 10314
93
20-yr convertible 436s_ _ 1933 M- 5 10114 Sale 101
Pac Pow & Lt 1st & ref 20-yr
Cent Dist Tel 1st 30-yr 58_1943 J -0 99 100
9918 May'15 ---- 9833 991i
8812 91
bs Internet Series
91 Feb '15
1930 F - A
Commercial Cable 1st g 4s_2397 Q - J 75 _ _ _ 8814 June'14 --- -_— _ __.
Pat & Passaic G & El be_
9934 9934
2397 Q- J 75
1949 MRegistered
84
79 Apr '14
9912 - - - - 9934 July'15
110 115
Peon Gas & C 1st cons g 69_1943 A -0 114
114 June'15
Cumb T & T 1st & gen 58_ _1937 J - J 9612 97
9612
963
2 95
9711
1 9978 10112 Keystone Telephone 1st 5s 1935 J - J ____ __ 8918 Dec '14 --__ ___ _ _
9978
9978
Refunding gold 58
1947 M- S 9912 wo
Registered
1947 M- S
99 Sep '13
Metropol Tel & Tel 1st s f 5:3 1918 M-N 10012 101 10012 July'15 --- 100 1003.
July'15
___
991,
i6i
103
9714
July'15
Ch G-L & Cke 1st gu g 58_1937 J - J
1924
F
Telep
let
5s
A
10112
Mich State
9814 9834 98
9978 10012 N Y & NJ Telephone 58 g_ _1920 111-N 10012 _- - _ 10112 June'15 -- -- 10112 1011:
Con G Coot Chl 1st gu g 581936 J - D 100
ly;15
2
100
9312 is,
Jiva
Ind Nat Gas dt Oil 30-yr 581936 M- N
971)
9578 107 94
N Y Telep 1st & gen s f 4368_1939 M- N 9512 Sale 95
2 100
Mu Fuel Gas 1st gu g bs._1947 M- N 9912
9712
2 -661
1937 J - J 97
8 9434 98
902
9912
Pac Tel & Tel 1st be
9712 9712
Philadelphia Co cony &IL__ _1919 F - A ____ 9534 95 Feb
'155
95 9
South Bell Tel & T lat s f 58_1941 J - J 97 Sale 97
9712 15 9614 99
Cony deben gold be
1922 M- N ---- 91
1 95
9834 June'14
West Union coil In cur 5s_ _ _1938 1 - J 95
9712 95
95
971
Stand Gas & El cony s f 6s 1926 J -D ---- 95
-199 2 95
92 July'15
Fd and real est 8 436s_ 1954) 55-N
92
38 8818 933
l
9158
Syracuse Lighting 1st g 53_1951 1 -D 98 --__ 100 Mar'14-Mut Un Tel gu ext 5s_ _ _ _1941 M - N ---- ----104 June'll ____ ____ _
Syracuse Light & Power 5s 1954 J - J Northwest Tel gu 4 t4s a_ _1934 J - J 001._. _ _ gni. m nem _
901. 901
8512 June'12
- -.

•No mice Friday; latest nil and asked a Due Jan a Due Aprli 6 Due Mar 0 flue June




1 Due July k Due At.t5 0 Dur Oct. p Due 'by 5 hap Dee. s Option sale

AUG.7 no.)

SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
July 31

Monday
Aug 2

ZPIT_ age

437

Range Sines Jan. 1,

liange for Previous
Year 1914.

BOSTON STOCK EXCHANGE-Stock Record
Tuesday
Aug 3

1Vednesday
Aug 4

Thursday
Aug. 5.

Friday
Aug. 6.

Last Sale 10058J1.ily 15
10012 *10112 102 *101 10112 *10138 10134
Last Sale 10012J'ne'15
*9834 99
*9812 99
*9712 98
98
18018 18014
179 179
1794 17912 180 180
180 *179 180
78
79
78
80 z78
77
7634 77
7634 7658 77
Last Sale 130 July'15
__
___ *130 ___- *130 -2412 2412
26
2412 26 - 25
*13023
22
244 2612 2412 25 *130Last Sale 237 July'15
237 *____ 237 *____ 237 +____ 237
•
334
Last Sale 10 Mar'15
*---934 *___
934
*_--Last Sale 56 Mar'15
Last Sale 612 Nov'13
*::::
*::::
9 +:::: -1/- *::::
46
48
___ *64 ____ *45 ___- *45
.45
Last Sale 158 July'15
158
*____ 158 *___ 158 +____ 158 •
10312 104
104 104
*10314 105 *10314 --__ *10314 104 *10314
*154 ____
155 155
*153 156 +153 156
*60 ___ _ -(-36- -6662
60
62
63 *-__- 63
63
*116___- *116
Last Sale 115 May'15
*116
*116
85
*84
85
85
*8412 86
*84
85
+____ 86
9813 9812
*9812 99
99
*98
9812 *984 99
- *98
*98
*5
512
5
5
*5
514
5,4
*5 --5,2
54 514 *5
34
35
34
35
*34
35
35
35
6234 6314
62
62
62
634 -8314 64
6378 6314 6418 63
95
*95 ___- 95
*___ 95 +__ 95 • __ 95
*95 __
14212 14212 142 142 *____ 142
142 142
140 140
Last Sale 19 July'15
*17
*17
19
19
19
19
*17
*17
131 13138
*12814 12834 129 129
12914 12914 *12938 12934 *12934 130
Last Sale 80 J'ne'15
Last Sale 120 J'ne'15
120 *iii- 120 *Hi 125
*117 120 ▪
62
*6212 63
6212
6212 63
63
62
63
63
62
63
81
81
8012 8012 81
81
81
80
*80
80
+100
*9712
*179
7634

Sales
of the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
Atch Topeka & Santa Fa. 100
100
Do pref
100
51 Boston de Albany
100
623 Boston Elevated
Boston dr Lowell
100
1,147 Boston & Maine
100
Boston & Providence __..,100
Boston Suburban Elec Cos--Do pref
Boston & Wore Electric Cos
20 Do pref
Chic Juno Ry & U $ Y___100
45 Do pref
30 Connecticut River
100
162 Fitchburg pref
100
Georgia Ry dr Elea stmpd_100
5 Do pref
100
12 Maine Central
100
65 Mass Electric Cos
100
70 Do pref stamped
100
1,061 N Y N H & Hartford
100
10 Northern New Hamp8hire_100
36 Old Colony
100
Rutland, pref
100
195 Union Pad)10
100
Do pref
100
Vermont& Massachusetts_100
208 West End Street
50
44 Do pref
50

See!

Lowest.

Highest.

Lowest.

MOUS.

9234 Feb 2:
97 Jan 11
170 Mar 1
73 Junelf
109 Feb 26
20 Feb 15
225 Jan
10 Mar2::
50 Jan 5

10438 Apr 21
10078 June 4
198 Jan 12
96 Jan 5
130 June 9
37 May 4
240 June26
10 Mar24
56 M a r23

8814 Nov
9738 Jan
175 Nov
77 May
150 Dec
3012 July
225 May
7 Mar
50 July

100 July
10138 Feb
195 Jan
/
4 July
1011
179 Feb
55 Jan
255 Jan
74 Feb
80 Jan

39 Jan 2(
157 Feb 15.'
10112 July
140 Feb 21
51 Feb t•
114 Apr 2P
85 July29
92 Mar 4
478 June 7
33 July2I
43 Feb 2::
90 Mar
140 Aug 3
15 Mar17
11612 Jan 4
7934 M ar11
105 Feb 9
61 MaY15
80 July 1

47 July15
158 Mar 9
110 Apr 21
165 Jan 12
75 Jan
120 Feb 6
88 Mar 3
99 Apr 29
812 Jan 7
56 Jan 6
71 Apr 21
98 Apr 29
157 Apr 9
22 June 9
134 Apr 26
807s Feb 11
125 Apr 20
7212 Jan 25
9312Feb 4

35 July
160 Mar
103 Dec
162 Nov
75 July
11512 Dec
83 Jan
907s Jan
9 Apr
54 Dee
497s July
100 May
140 July
19 May
11034 Nov
82 Apr
115 Jan
65 Nov
82 Dec

40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
8878 Apr
99 Mar
14 Jan
6612 Jan
77/
1
4 Jan
112 Feb
165 Jan
30 Jan
16334 Jan
85 Jan
130 Feb
75 Jan
95 Mar

5912 May 5
4714 Jan
95 Junell
89 Dec
3 Apr 14
2 Dec
1912Jan 9
17 Jan
114 Apr 23
1
4 Mar
97/
116 Junel5 108 Mar
1241s June17 112 Nov
271s Aug 5
14 Mar
9018 June15
7234 Mar
67 Apr 23
5712 Dec
101 Feb 6
9734 June
13 Apr 30
5 Feb
2812 June26
1312 May
1314 Apr 5
912 Dec
260 Jan 22 234 Nov
176 July27 137 Dec
98/
1
4 Nov
104 Mar29
/
4 Nov
94 Aug 5
761
9213 Jan 28
85 Nov
200 Jan 4 200 Dec
14 Apr 20
214 May
1214 Feb 8
18 July
4612 Jan 26
55 June
20 Apr 15
20 Apr
38 Dec
35 Apr 15
143 Jan 29 128 Nov
166 Junel4 148 Dec
1814 Jan 2
16 Jan
11512 July 6 10112 Nov
27 Feb
35 May 4
30 July 6
27 Mar
1,
4 Apr 21 .95 Dec
14134 May 3 s113 Dec
65 May24
5214 Dec
2912Jan 8
28 Jan
7312 Aug 5
48 Dee
11212 Aug 6 10314 Dee
14 Aug 3

594 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dee
124 Jan
15 Mar
83 Jan
67 Feb
10012 June
9 Jan
1634 .an
1412 k eb
265 e4 al
15012 Fr
102 Jae
1
4 Fe
94/
96 Me'
/
4 Feb
2161
3 Jan
38 Feb
70 Jan
30 Jan
89 Jan
141 Feb
159 Jan
2012 July
10734 Mar
31 May
2912 Jan
2 Feb
173 Feb
6134 June
2012 July
674 Jab
112/
1
4 Jan

Miscellaneous
100 48 Jan 5
56
620 Amer Agricul Chemical
57
56
57
57
58
100 8712 Mar25
166 Do pref
9312
9334 93
93
9378 *93
50
150 Amer Pneumatic Service
134 Mar17
*214 212
*214 3
*214 3
50 15 June 7
60 Do prof
17
*16
16
16
100 100 Feb 24
921 Amer Sugar Refining
109 10934 i64- 11112
109 109
100 109 Feb 5
11312 114
11312 114
180 Do pref
113 113
•
100 116 Jan 4
122 12212 122 12214 122 12212 1,191 Amer Telep de Teleg
100 1612 Apr 6
274 *28
135 American Woolen
27
2912
*26
29
100 77 Feb 5
8714 8812 1,718 Do pref
8514 88
8434 85
35 Amoskeag Manufacturing._
591s Jan 20
64 +____ 64
64
20 Do pref
9712 May25
9912
99
99
4 Feb 24
-1112 11-3-4 2,191 Atl Gulf & W I S S Lines_100
12
1214 11
12
100
/
4 Mar12
3,100 Do pref
91
27
28
27
2712 2712 27
10
100 East Boston Land
834 July27
*914 10
*94 10
100 230 May10
Z55- 234
138 Edison Electric Illum
234 234
234 234
100 13814 Feb 26
17312 17312
62 General Electric
17212 17312 •17212 173
97
141 McElwain(W H) 1st prof _100 97 Aug 5
98
98
98
9812 97
9314 9334 3,692 Massachusetts Gas Cos- _.100 78 Apr 8
9178 94
9112 92
134 Do pref
100 55 May24
88
8812 884 8812
8812 88
15 Mergenthaler Linotype__ _100 154 Feb 8
179 179 *172 180
14 Apr 20
Mexican Telephone
10
Last Sale 14
Apr'15
*114 3
Mississippi River Power 100 10 June 4
Last Sale 10 J'ne'15
310 ____
100 35 Feb 23
Last Sale 40 July'15
Do prof
4
Last Sale 20 Apr'15
New Eng Cotton Yarn....100 20 Apr 15
7 Do prof
100 25 July I
1E- +25 ____ *25 ____ *25 ____
32 New England Telephone_ _100 z12714 June16
131 fif
__
131 *131
____ *131
____ *131
74 Pullman Company
100 150 Feb 24
161 161
16012 16012 161 161
161
10 1558 July27
16
60 Reece Button-Hole
+1534 1612 16
16,2 *1512 16
100 10484 Jan 4
153 Swift & Co
11412 114 1144 11412 11412 11412 11412 '11412 11434
25 28 Mar 8
3212 3214 3214 *324
32
110 Torrington
32
Last Sale 2934 July'15
Do pref
25 26 M a r25
2934 *-- -- 2934 *2814 2934
25
Last Sale 1
Union Copper L & M
114
July'15
112 *1
.95 Jan 18
1,4 *1
13014 13112 131 13112 1,381 United Fruit
100 110 Feb 25
13312 133 13312 130 132
5014 50
25 4978 July10
5014 50
5014 49.4 5014 50
5018 2,432 United Shoe Mach Corp
25 28 Mar27
2812 2812 2812 2812 2812 2812 2812 2878
233 Do pref
29
675/3 6734 6834 6812 7012 7018 7212 7178 7312 10,690 U S Steel Corporation....100 38 Feb 1
100 10214 Jan 27
11112 112 *11238 11234 11215 11212
39 Do pref
11134 112 112
1358 14
1312 1413 1378 1418 47,069 Ventura Consol 011 Fields 5 1234 July30
1334 1358 14

55
57
5538 56
55
5838
94
9334 9334
94
9312 94
214 214 *214 3
*214 3
+16
*1612 17
+16
17
17
108 10812 10814 10814 *10814 109
11314 11334 *113 11334 113 11334
122 12218 12134 12218 122 12214
*23
26
8218 8334 -8312 8412 8334 1i3-4
65
65
*64
*64
*64
65
• __ 99
*9712 99
•12
i2 -117-8 1234 1278
1234
25
2734 2712 2734 2712 28
4334 ____
*912 10
912 912
235 236 *232 23534 233 233
*17034 17112 *17214 17334 17312 17312
9912
0914 *---- 99,4
*- 9112 9112 9112 9178 9112 92
*8712 8812 8712 8712 8712 8812
17912 17912 *179 180
*177 180
*14 3
*14 3
*114 3
*10 __ _ _ *10
*10
25
-2525
*131
____ 13012
*____ 159
160
*1534
16
16
*11334 11412 114
*32
3214 32
+____ 30
*1
112 *1
13314 13312 133
50
5014 50
2812 2812 2812
67
6612 67
*11012 111 *111
1234 1318 • 1278
*2 • 212
*95 100
3212 33
*2
212
*53
54
5412 55
*714 712
4
412
66
6678
63
6312
*565 575
•1714 18
*4538 4578
5418 55
212 212
*1234 13
918 914
8312 8312
3934 4012
*164 104
2812 2912
*.30 .40
*414 5
4712 4712
00
*89
2614 27
3'4 334
+158 2
1312 14
*6
612
3
*2
11,2 1134
*334 4
*2718 2712
*214 238
7114 7114
*1378 1418
•1014 1012
512 512
30
30
*114 2
*112 212
*314 4
5214 52,4
•75
78
161s 1614
*84
86
23
23
5512 5512
*212 258
778 8
*26
27
64 612
27
27
212 234
45
46
4
4
.50 .52
41
41
47
47
334 378
1278 12%
6578 657s
24 212
358 358
60 60
134 2

*2
214
97
97
3212 34
214 234
53
5412
5614
55
712 878
438
4
70
67
64
6412
570 575
19
19
46
4612
5414 5634
*212 3
1234 1314
934 10
84
85
40
41
1634 18
2812 2812
+.35 .50
*412 5,2
+47
4812
8912 8912
2712 2812
318 318
+158 2
15
14
638 638
2
2
12
12
*334 4
*2634 27
212 212
72
7514
1412 1412
1014 1134
512 512
30
3112
*114 214
•112 2
*312 4
54
54
8214
77
1618 1614
86
88
23
23
5512 5712
278 3
8
8
2612 27
678 67,2
2634 2634
3
3
4412 4912
4
414
.50 .54
4212
41
46
46
334 4
•1238 13
6712 6712
214 214
312 312
6012 614
•134 2

238
*2
97
97
3312 3438
212 278
5434 55
5534 5678
8
878
4
412
6814 7078
65
64
570 575
1878 1878
4618 4658
56
5712
258 234
1338
12
9
10
86
84
42
41
1712 18
*284 30
*.35 .50
412 412
4634 4634
89
8914
28
2812
3
3X6
2
2
15
15
6,4 612
214
1112 1212
4
4
+2638 2634
212 234
7412 7412
•1412 1478
1034 1134
512 512
3034 3112
212
1
•112 2
*34 4
5312 54
8212 8212
1614 1612
87
87
*23
234
5718 57711
3
318
8
812
2612 2612
7
7
2734 28
278 318
4614 4912
378 414
.51 .53
4012 43
4612 47
4/4
4
13
13
6738 68
212 212
4
4
6114 6112
•134 2

2
2
97
97
33
3378
212 212
5414 5414
5518 57
734 8
4
4
674 70
6414 6434
574 575
19
*18
46
464
5618 57
*234 3
13
1318
*94 958
84
84
42
41
17
17
*2812 30
*.35 .50
5
5
*464 48
*8834 90
28
*27
3
338
2
2
1412 15
612
*6
2
*1112 1212
*334 4
2634 2634
212 212
73 73
*1458 144
1012 1012
*538 512
3034 31
*112 2
112 112
4312 4
5212 5212
82
*80
1614 16,2
86
86
*23
2314
57
*56
3
3%
8
8
2612 2612
*634 7
274 274
278 278
4612 4712
4
4
..51 .53
42
4238
4614 4634
44
4
1234 13
6678 6812
212 212
4
4
61
61
134
134

2
2
*218 238
*96
97
96
96
3234 3334 3278 334
214 238 *2
212
*53
5412 55
5612
5512 57
*5612 5638
734 8
734 8
4
4
378 4
71
69
6714 6834
6412 63
64
64
571 574
570 570
*18
19
*18
19
*4534 4614 4512 4512
5614
5512 564 55
234 234
3
3
1234 1234
13
13
914 *914 958
9
84
8312 83
83
407/1 4112 4012 41
*1634 17
17
17
*2812 30 *2778
Last Sale .50 July'15
*412 5
*412 5
4612 4612 4612 4612
+89
90
*89
8934
28
*2634 2712 *27
312 312
338 338
•178 2
134 2
14
14
1412 14
614
*6
534 534
2
2
2
12
12
1134 1134
*334 4
4
4
*264 204 2638 2638
2
2
2
212
724
7212 72
71
1458 144
1458 15
1012 1034
1034 11
538 538
533 558
30
3012 30
30
*112 2
*112 2
*112 212 *112 2
Lag Safe 358 July'15
51
*5212 54
5214
*7712 80
80 80
1612 1612 1618 1614
86
87
*85
86
23
+2278 234 23
5712 57
57
57
3
3
3
3%
734 8
778 77,2
26
2614 2614
26
658 678 *658 7
27
2612 2714 26
234 234
278 278
4612 4712 4612 4958
4
4
414 5
.52 .53 *.52 .53
4112 4112 41
4134
464 4614 4614 4614
458
4
74
378 4.
1278 13
1234 1318
68
67
6634 67
212 212
212 212
358 334
358 358
6012
60
604 60
.134 2
*134 2
•

Mining
25
478 Apr 22
110 Adventure Con
1 Jan 22
1 Apr
2 Jan
25 94 July26 100 June28 23984 Apr 300 Mat
155 Ahmeek new (wh iss)
10 2614 Jan 6 4034 Apr 22
10,014 Alaska Gold
19 July 28/
1
4 May
25
434 Apr 22
12 Dec
1
4 Jan
3,310 Algomah Mining
.45 Feb 10
1/
4334 Feb
25 3512Jan 5 5814 Apr 26
341
/
4 Jan
207 Allouez
1214 Nov 2' Jan
25,605 Amer Zinc, Lead de Smelt_ 25 1634 Jan 4 6038 July14
912 Apr 22
5
2/
1
4 Nov 6 14 bl as
10,705 Arizona Commercial
314Jan 4
434 Apr 22
4/
1
4 'el)
10
3,900 Butte-Balaklava Copper
2 Jan 16
1 Nov
10 3584 Jan 4 80 June 4
24 Nov 4034 M 7
14,786 Butte dr Sup Cop (Ltd)
10 5112Feb 13 7834 Apr 26
2,268 Calumet & Arizona
701s M's
53 Dec
90 Calumet & Recta
25 350 Jan 4 630 Apr 22 350 Dec 480 Fes
25 15 Jan 12 25 Apr 22
80 Centennial
14 Jan
19 Feb
630 Chlno Copper
1
4 Feb
5 327s Jan 6 4934 Apr 26
43/
3014 Dec
5,699 Copper Range Cons Co
100 30 Jan 13 6314 Apr 26
4034 Feb
29 Dec
470 Daly-West
3 Feb
20
112 Nov
172 Jan 21
534 Apr 22
1,539 East Butte Copper Mtn
10
13 Jan
812Jan 5 1532 Apr 23
8 Dee
412 Franklin
778 Apr
25
2 Nov
412 Feb 5 1414 Apr 22
1,387 Granby Consolidated
91 Feb
100 58 Jan 7 9413 Apr 27
60 Dec
1,867 Greene-Cananea
100 2314 Feb 1 44 July15
42/
2114 Apr
1
4 Feb
333 Hancock Consolidated__ _ 25 11 Jan 18 2412 Apr 29
22 Feb
11 Dec
100 Iledley Gold
10 2658 Apr 9 2954 Jan 19
28 July 30 Mae
Helvetia Copper
Is Jan
25
.25 Mar 2
.95 Mar29
.25 June
175 Indiana Mining
25
214 Jan 21
612 Feb
1012 Apr 22
3 Apr
5014 June
205 Island Creek Coal
I 41 Mar18 5034 July13
4412 Dec
24 Do pref
1 8512Jan 5 911
/
4 Apr 27
81 June 894 June
25 1712Jan 11
380 Isle Royale Copper
34 Apr 26
24 Feb
16 Dec
6
3,870 Kerr Lake
3 Aug 3
612 July
51s Apr 20
37s Mar
495 Keweenaw Copper
25 1
412 Apr 26
July30
212 May 4% Feb
51 Jan 27 18 Apr 22
Ms Jan
388 Lake Copper Co
25
454 Nov
125 La Salle Copper
512 Feb
25
318 Jan 7
9 Apr 23
31
4 Dec
135 Mason Valley Mines
5
4/
1
4 Apr 27
1 Marl!
4 Jan
14 Dec
2512 May
541 Mass Consol_
25
3 Jan 11
17 Apr 22
2 Mar
20 Mayflower
25
9 Jan
4 Marll
8 Apr 22
334 June
15 Miami Copper
2412 Feb
5 1684 Jan 2 29 Apr 28
1634 Dec
465 Michigan
25
11
/
4 Feb
.60 Mar 1
3 Apr 22
.50 July
972 Mohawk
25 4614 Jan 15 82 Apr 26
49/
1
4 Dee
39 Apr
78 Nevada Consolidated
UN Dee
5 1152 Feb 24 17 Apr 27
10 Dee
2,014 New Arcadian Copper
7/
1
4 Jan
1414 June 7
25
412 Feb 24
1/
1
4 Jan
305 Nlpissing Mines
8
StieFeb 3
812 Feb
67s Mar29
5 July
15 2214Jan 25 3878 Apr 26
2,232 North Butte
3034 Feb
1934 Dec
315 North Lake
25
412 Apr 23
2/
1
4 Jan
1 Jan 28
.95 Apr
25
200 Oilbway Mining
.50 Mar 4
34 Apr 29
2 Jan
84 Apr
312 July27
25
4 Feb
Old Colony
232 Nov 5,
718 Apr 22
25 3812 Mar 8 5812 Apr 21
580 Old Dominion Co
54 Feb
44 Dec
212 Osceola
25 64 Jan 28 9312 Apr 22
84 Feb
64 Dec
1,376 Pond Creek Coal
10 12 Jan 7 1778 July14
2072 Jan
1234 Dec
25 50 Jan 16 95 Apr 22
92 Quincy
68 Feb
51/
1
4 Dec
30 Ray Consolidated Copper_ 10 1534 Jan 7 2614 Apr 26
2212 Apr
15 Dec
680 St Mary's Mineral Land
25 28 Jan 4 85 Apr 23
40 Feb
28 Dec
3,340 Santa Fe Gold & Copper
10
338 Junel6
214 Jan
1 Mar17
1 Jan
10
1,275 Shannon
712 Feb
4 Jan 15 1114 Apr 26
4 Nov
220 Shattuck-Arizona
10 185 Jan 5 33 Apr 26
1
4 Feb
29/
18 Dec
415 South Lake
25
6 July21
734 July27
252 Superior
25 2212Jan 6 4112 Apr 26
22 Nov 32 Feb
1,316 Superior& Boston Copper_ 10
412 Apr 29
114 Nov 2% Jan
1 Mar 3
25 25 Jan 4 50 July29
3,590 Tamarack
43 Feb
2412 Dec
1,499 Trinity
732 Apr 30
25
232Feb 11
512 Jan
234 Nov
3,850 Tuolumne Copper
1
.85 Mar
.20 Jan 2
.63 Apr 14
.23 Dec
3,727 U S Smelt, Refin & Min_ 50 20 Feb 25 4912 June15
4312 Feb
2414 Dec
422 Do pref
48/
40/
1
4 Feb
1
4 Apr
50 38 Jan 15 4812 June16
7,230 Utah-Apex Mining
5
2 Jan 2
2/
1
4 Feb
5118Junel6
114 Nov
595 Utah Consolidated
14 Feb
914 Feb 26 1632 June14
5
814 Jan
535 Utah Copper Co
10 4884 Jan
45/
1
4 Nov 59 June
73 Apr 26
712 Victoria
25
1 Feb 26
4/
1
4 Apr 22
1 Mar ‘2% May
470 Winona
25
47a Feb
134 Jan 18
1/
1
4 Dec
5/
1
4 May 1
391 Wolverine
25 32 Jan 6 70 Apr 26
47% Feb
30 Dec
210 wvandott
114 Jan
50 Mar 8
214 Apr 23
80 June
25

•I1 and idea prim. a Ex-dividend and rights. 3 Ex-etook dividend. •AasesenteaS paid. 3 Ex-rights. •innaemped.




ild paid. ai Half Paid.

VoL. 101.

THE CHRONICLE

438

1Veek's
Salesfor
Week.
Range.
Friday
Sales. Low. High. Shares.

Outside Exchanges-Record Transactions
Boston Bond Record.-Complete record of transactions
in bonds at Boston Stock Exchange July 31 to Aug. 6,
both inclusive:
Salesfor
Week's
Week.
Friday
Range•
Sales. Low. High. Shares.
Bonds.
88
Amer Tel & Tel 4s_ _ _ _1929 88
70%
At' G & W I SS L 5s_ _1959
70
Cent Vermont 1st 4s_ _1920
96%
Gt Nor-C B & Q 4s__1921
1929
9534
Mass Gas 4345
91%
Debenture 434s_ _ _ _1931 92
73
N Eng Cot Yarn 5s_ _1929
N E Telephone 5s_ _ _..1932 10034 100
78
New River cony 5s_ _ _1934
96
Pond Creek Coal 6s 1923 97
1944 95% 95%
Swift & Co 55
95%
Western Tel & Tel 55_1932

88% $33,000
71
8,500
70
1,000
96% 11,000
95% 2,000
6,000
92
1,000
73
101% 11,000
2,000
78
97
5,000
96
11,000
96
10,000

Range since Jan. 1.
Low.
86%
60
68
95
95
91%
70
9934
65
94
9431
94%

High.

Jan 89% Apr
Jan 73 May
June 70 June
Jan 96% May
Jan 97% Mar
Apr 94
Jan
Apr 76
Jan
Jan 101% Feb
Mar 78
Aug
May 98% Apr
Feb 96% May
Mar 97
Jan

Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from July 31 to Aug. 6,
both incl., compiled from the official sales lists, is as follows:
Saksfor
Week's
Friday
Range.
Week.
Sales. Low. High. Shares.
Par.
StocksA nerican Radiator_ _ _100
A nerican Shipbuilding 100
100
Preferred
BCloth Fisheries. pref.. 100
Cllie Pneumatic Tool_ _100
Clde Rys part ctf "1"
Cleic Rys part ctf "2"
Clticago Title dr Trust_100
CcImmonwealth-Edison 100
100
Dr)ere dr Co pref
100
Dlamond Match
Or)odrich (B F)com_ _ _100
100
Illinois Brick
100
Inland Steel
en City Ry & Light_ _100
100
Preferred
en City Ry & Lt pr ctf__
100
etional Carbon
100
Preferred
Pr Iople's Gas Lt &Coke 100
Pr ib Serv of No Ill,com 100
100
Preferred
laker Oats Co pref- _ -100
100
emely common
ars-Roebuck com100
ew NVarn Speedo com _ 100
100
rift & Co
100
Mon Carbide Co
nion Carbide rights
100
S Steel common
'ard, Montgom dr Co,pref
Bondsiicago City Ry 5s__1927
1927
hicago Rys 58
hicago Rys 45 series "B"_
hicago Telephone 5s _ 1923
nmmonw-Edison 55_1943
IllEiRy&Lt1stg48-1926
1945
gden Gas 55
1944
itilt & Co 1st g 5s

Range since Jan. 1.
Low.

High.

354 3573
39 345 June 390
Jan
37
8,003 26
Apr 4834 Aug
483
75
641 67% Apr 79% Aug
794
74% 74%
5 683 Mar 80
Apr
80
79
93% 14,342 45% Feb 93% Aug
221 78
793 80
July 93
Jan
20
2334
795 173 July 31% Jan
206 207
20 205
Jan 213
Mar
134
134 135%
301 1323 June 14034 . Apr
92
92
40 88
Jan 92
July
96
97%
26 90
Mar 98
Jan
53
25 24% Jan 5334 June
53
64
95 60
65
Feb 6734 June
207 210
30 159% Jan 210
July
27
27
27
15 19 June 30
Feb
41
65 37% May 52
41
Feb
42
40
53 40
July 57
Feb
147% 1363 147%
1,159 119% Jan 147% Aug
120% 120%
48 118% Mar 124
Jan
116 x1153 11714
130 113 May 12314 Apr
85
85
82
65 75
Jan 87
Apr
9314 95
15 9314 May 100
Mar
17 103
Apr x107
x10614 10614
may
600
4
Apr
6
Aug
414 6
2,843 a13114 Mar 215
Jan
14914 146 150
6234 65
1,524 4814 Jan x7114 Apr
65
11414 11414 115
871 104% Jan 11514 July
253 14434 Jan 165
Jan
14934 15234
434
434 534 2,116
434 July
534 July
7134 78
73
300 3834 Feb 73
Aug
136 11034 Jan 114
Mar
11034 111
43
78

9634
94
7034

9614
94
7014
10034
10034
7234
94
94
9534 9534

9634
9434
72
10034
100%
7234
94
953-1

$6,000 96
16.000 93
12,000 72
1,000 9914
20,000 100
1,000 7234
7,000 92
80,500 9434

June 99
June 97
July 7734
Jan 101
Jan 102
July 77
Jan 94%
Jan 9634

Fet
Fet
Mar
Jar
Jar
Fet
Mal
Fet

a Ex 50% stock dividend. x Ex dividend.

Philadelphia S cock Exchange.-Record of transactions
at the Philadelphia Stock Exchange from July 31 to Aug. 6,
both inclusive, compiled from the official sales lists, is given
below. Prices for stocks are all dollars per share, not pr
cent. For bonds the quotations are all per cent of par value.
IVeek's
Salesfor
Friday
Range.
Week.
Sales. Low. High. Shares.
Par
Stocks.
10
Alliance Insurance
American Gas of N J__100 101
10
American Milling
Baldwin Locomotive_ _100 79%
100 105
Preferred
Buff & Susq pref v t c_100
50 42
Cambria Iron
50 53%
Cambria Steel
50
Catawissa 1st pref
Elec Storage Battery_ _100 65%
100 32%
General Asphalt
Preferred
100 69
50
Hunt & Broad Top
Insurance Co of N A_ _ _A0 22%
100 37%
J G Brill Co
Keystone Telephone_ _ _ _50 14
50
Preferred
Keystone Watch Case..100
Lake Superior Corp_ __100 10%
50 73%
Lehigh Navigation
Lehigh Valley
50 72%
50 15%
Lehigh Val Transit
50 31
Preferred
50
Northern Central
50 88
Penn Salt Mfg
50 54%
Pennsylvania
Pennsylv Steel pref _ _ _ _100
50 39%
Phila Co (Pitts)
50 40
Prof (cum 6%)
24
Phan Electric
2234
50
Phil Rapid Transit
934
Voting trust rects_ _ _50
Philadelphia Traction_ _50 71
50
Reading
Tono-Belmont DeveL_ _1
1
Tonopah Mining
Union Traction
50
50 8534
United Gas Impt
U S Steel Corporation 100 724
Preferred
100 III%
10 10
Warwick Iron &8
West Jersey Sr Sea Sh_ _ _50 48
Westmoreland Coal__ _ _50
Wm Cramp & Sons_ __ _100 7834
York Railways pref _ -- _50 30




Range since Jan. 1.
Low.

High.

17
17
12 1534 Jan 17
July
101 101
6 100
Jan 104
Feb
6
6
140
5
Apr
6% Feb
77% 81
4,045 30
Feb 85
July
104% 105
80 90
Mar 105% July
37% 40
250 36
July 40% May
42
42
66 41
Apr
May 44
51
53% 11,121 41
Feb 53% Aug
52
52
10 52
July 54
Jan
66
53
28,686 47% Jan 66
Aug
3134 33%
600 24
Mar 3634 June
6934
285 60
69
Mar 7234 June
5
5
10
5 June
5 IJune
21% 2234
389 21
Jan 22% June
3731 37%
240 29
July 4134 July
13
14
272 13
Apr
Aug 16
68
66
60 61
Apr
Jan 69
84
84
1 75
July 88
July
934 10% 7,211
5
Apr 13% June
72% 73%
845 7134 May 77% June
218 65
71% 72%
Jan 73
Apr
15%
14
1,085 1334 Jan 1634 Mar
31%
445 26% Mar 3134 Apr
30
75 82% Aug 86
8234 82%
Feb
298 80
90
88
Mar 95 May
x5331 54% 2,444 51% Feb 55% Apr
287 4934 May 90
8334 85%
July
930 29% Mar 40% July
39%
37
3934 40
105 32
Mar 41
July
1,260 23% Jan 24% Feb
2334 24
934
7 May 11% Mar
9
560
7% 9% 3,651
734 May 10% Mar
7031 71
105 70
July, 7934 Jan
74 13f. 75%
500 70 May 78% Apr
370
3% 3%
334 July' 5% Mar
534
657
July
5
7% Jan
32
33% 2,211 30 May 3934 Jan
83
8534
1,390 80% Jan 8731 Mar
6634 73% 50,747 38
Feb 7334 Aug
111% 111%
1 103
Jan 111% Aug
934 10
1,075
Jan
914 July 10
47
43
78 47
Aug 50
Jan
61
25 58
63
Jan 63
Apr
69
7931
1,678 18% Jan 79% Aug
30
30
2 x2831 July 33
Feb

Scrip-JO%
Cambria Steel scrip_ _1916
98
do scrip__Feb 1917
98%
do scrip__
May 1917
100
Philadelphia Co scrip..1916
98
1918
do scrip
Bonds86
Amer Gas & Elec 55_ _2007 88
85%
2007 86
Small
95
Amer Rys 55 small_ _ _1917
102
Baldwin Locom 1st 5s 1940
74
Elec & Peo tr ctfs 4s_ _1945 74
73
1945
Small
105%
1928
Equit I Gas L 55
100
Gen Asphalt deben 65_1925
9934
Harwood Electric 6s_ _1942
57%
Inter-State Rys coil 4s 1943
Keystone Tel 1st 5s_ _1935 9434 94%
27
Lake Superior Corp 5s 1924 28
98%
Leh C&Nav cons4345_1954
108%
Lehigh Val consol 65_1923
135
Annuity 6s
8631
2003
Gen consol 4s
Gen consol 434s__ _ _2003 98% 9834
103%
Lehigh Val Coal 1st 5s 1933
9731
Pennsylv RR cons 45_1948
1960 102% 10234
Consol 4345
1965 9734 97%
General 43-Is
99
Philadelphia Co 1st 5s 1949
80
Cons dr coil tr 5s_ _ _1951 80
101
Phil Electric tr ctfs 55_1948
79
1950
Trust Use 4s
80
1950
Small
Pub Serv Corp NJ 55_1959 8634 86%
92%
1997
Reading gen 4s
102
Spanish Am Iron 65_ _1927
72%
United Rys g tr ctf 4s_1949
6434
United Rys Invest 55_1926 66
92
NVelsbach Co 5s small_1930

Range since Jan. 1,
High.

Low.

$1,556
100
344
9834
1,202
9834
26
100
47
98

95
95
95
90
80

88 $25,000
86
2,600
95
500
102
2,000
74
4,000
73
1,000
10534 8,000
100
1,000
9934 10,000
58
4,000
94% 3,000
28
5,000
98% 10,000
108%
1,000
136
1,000
9.000
87
9834 6,000
103% 4,000
9714 25,000
102% 21,000
9734 49,000
9934 17,000
8034 5,000
2,000
101
79% 5,000
400
80
86% 1,000
92% 2,000
10234 3,000
73% 14,000
4,000
66
500
92

85
85
95
100%
74
73
10534
100
95
57
90
27
97%
10834
133%
8631
97
103
9731
102%
97
95
70
100%
77%
79
86%
9131
100%
72%
55
90

Feb 100
Feb 9834
Feb 98%
Feb 100
Feb 98
Jan
Jan
Aug
Mar
July
July
Mar
Aug
Apr
Jelly
Jan
Aug
Jan
July
Jan
Aug
Feb
Jan
Jan
July
May
Mar
Mar
Jan
Jan
Jan
Aug
July
Jan
Aug
Mar
Mar

July
July
July
Aug
Aug

88
Aug
8634 June
95
Aug
10334 Apr
79
Feb
82
Apr
105% Mar
100
Aug
9934 July
60
Apr
95% Apr
45
Jan
100
Apr
10834 July
136
Apr
90% May
100
Apr
104% Jan
98% Feb
105
Feb
9831 June
100
Apr
82% Apr
10234 Jan
80
Apr
80% May
88% Feb
95
Feb
10234 Aug
74% Apr
70 May
92 May

s Ex-tievinenn

Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from July 31
to Aug. 6, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Sales/or
Week's
Week.
Friday
Range.
Sales. Low. High. Shares.
Par
Stock.-Am NVind Glass Mach 100
100
Preferred
Am Window Glass, p1_100
Columbia Gas dr Elec .100
Crucible Steel corn.
100
Preferred
100
Elk Natural Gas
Harb-NValker Refr, pf_100
Independent Brewing_ _ _50
50
Preferred
La Belle Iron Wks cora_100
Manufac Light & Heat_50
Nat Fireproofing com_ _ _50
50
Preferred
1
Ohio Fuel Oil
25
Ohio Fuel Supply
Osage & Oklahoma Co.100
Peop Nat Gas dr Pip'ge_25
Pittzb Brewing conn_ _ _ _50
50
Preferred
Pittsburgh Coal com_ ..100
100
Preferred
Pittsburgh Oil & Gas-100
5
Pure Oil, common
1
San Toy Mining
Union Natural Gas_....100
Union Switch & Signal- -50
US Steel Corp, corn--100
Westingh'se Air Brake .10
NV'house El & Mfg,com_50
Bonds-Independent Brew 65_1955
Pittsburgh lerewing6s 1949
Pittsburgh Cora deb6s1931
NV'h'se El & Mfg "rights"

Range

since

Low.

Jan. 1.
High

285 1534 July 1934
15%
1534 15%
200 7534 May 85
80
79
80
100 x98 June 123
9834
98
93
831 Jan 1534
1331 1534 19,427
1434
205 1234 Feb 85
85
69
85
Jan 105
840 75
101 105
105
12 102% Apr 116%
113% 113%
15 9734 Mar 99
99
99
234 July
260
234 2%
6
40 14
July 2234
14%
14
14
50 27
Jan 35%
3534 3534 3534
May
46
394
49%
4634
4634 46
43,4 Feb
240
5% 534
6%
736 16
Feb 22%
1734
1731 17
1,170 12 May 15%
1231 15
15
705 3934 Aug 45
40
3934 39
46 6731 Feb 70
68
68
13 30
30
July 31
30
220
3
334
Feb
834
33-4
180 12
1234
12
July 24%
1,410 16% Jan 26%
24% 24% 26
25 82% Jan 95%
93% 93%
42
431 434
5 May
734
16% 1434 1734 14,666 13% May 1731
160. 18c. 55,200
8c. Apr 20c.
170.
150 12834 Aug 133
129
12834 129
240 92
104% 105
Apr 107
105
66% 72%
685 38
Feb 7234
827 11634 Mar 137
13531 135% 13634
55
56% 1,075 3234 Feb 56%
56
4934

49% 4934 $2,000
53
54
5,000
95
95
5,000
134 1% 10,898

49% July
50% Apr
Jan
90
34 July

61
65
97
1%

May
May
Jan
Aug
Aug
July
July
Jan
Apr
Jan
July
Jan
Apr
Jan
Jan
May
Feb
Apr
Apr
Jan
July
Feb
Jan
Aug
June
Mar
Apr
Aug
Jelly
July
Jan
Jan
Apr
July

x Ex-dividend.

Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from July 31
to Aug. 6, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of -par value.
Sales/or
Week's
Range.
Week
Friday
Sales. Low. High. Shares.
Par.
Stocks.
Baltimore Electric pref_50
Cons Gas,E L dr Pow_ _100
100
Preferred
50
Fairmont Gas, pref
Houston Oil trust ctts_100 12
Preferred trust ctfs_ _100
Mer dr Miners Trans_ _100
50
Northern Central
Pennsylv Water dr Pow.100
Sapulpa Refining
United Ry de Electric... _50 2334
5
'ayland Oil & Gas
BondsAtl CLRR cony deb 451939 83
Balt Spar P & C41,6s_ _1953
Chicago Ry 1st 5s.-..1927 9334
City & Suburb 1st 55_1922
Consol Gas gen 434s_ _1954 93%
Consol G,E L & P notes_Consol Coal cony 6s_ _1923
Davison Chemical 65_1932
Elkhorn Fuel 6s
1918
Small bonds
Mt V-Woodb Cot Duck4231
Certificates of deposit_
Norf & Ports Trac 55_1936
1916 10034
Seab dr Roan (is
United Ry de Elec 45_ _1949
1949 5631
Income 4s
Funding 5s
1936 813-4
Small
1936
a..,..."..11 inta•

•

Range since Jan. 1.
Low.

High.

43
10634
112
45
10
56
26
82
6334
2
22
334

43
107
112
45
13
56
26
8234
6331
2
2334
33-4

50 43
Jan 443-f
84 10234 Jan 10734
10 10634 Jan 115
12 42
Apr 46
1,192 10
Mar 1631
55 54
Jan 61
2 24
May 26
619 82
Aug 8534
50 6334 Aug 6814
200
2
July
3
8S0 2034 June 27
125
23-4 May
434

8214
93
9334
101
9:334
100%
1003-f
9934
9514
9634

83 $28,000 827-4
93
3,000 93
9314 2,000 93
101
1,000 101
9314 4,000 93
10034 5,000 9834
10034 6,000 9934
993-4 5,000 97
9534 20,000 9234
9631
500 933-1

38
75
10034
793-1
553-4
8134
8114
1 nn 1.,‘

4231 100,000 35
Jan
4231
3,000 75
76
Aug 8434
1,000 10034 Aug 1003-4
10034
80
11,000 7931 June 82
5634 41,000 55 June 63
8134 1,400 Si
June 87
8114 1,000 8034 July 87%
1 nn a,e
')AA 1 nat., lilfnw 1 rtn Le

Feb
Jan
Mar
Feb
Apr
Apr
Aug
Jan
Apr
May
Mar
Jan

Aug 8734 Apr
Aug 97
Jan
June 97
Jan
Aug 1033-4 Feb
Jan 95 June
Mar 10034 May
Jan 10134 July
Jan 993-1 May
Jan 9534 June
Jan 9634 Aug
Aug
Jan
Aug
Jan
Jan
Jan
Jar
Alla

AUG. 71915.]

THE CHRONICLE

Volume of Business at Stock Exchanges

Tobacco Stocks-Per She re
Par Bid. Ask.
American Cigar common_100 103 108
Preferred
100 98 100
Amer Machine dr Fdry 100 80 90
British-Amer Tobao ord. .C1 *1412 15
Ordinary, bearer
.£1 *15
1534
Conley Foil
100 300 330
Johnson Tin Foil & Met_100 130 150
MacAndrewa & Forbes 100 185 175
Preferred
100 9912 101
Porto Rican-Amer Tob_1(10 190 200
Reynolds
J) Tobacco_100 345 360
Preferred
11812 12012
Tobacco Products e,om.._ 100 50 60
Preferred-See Stock Ex. list.
United Cigar Stores corn.100 98 104
Preferred
100 110 115
United Cigar Stores(new) 10 *972 10
Yotioa (3 SI CO
100 165 175
Preferred
100 106 109

439
RailroadsBid. Ask.
West Pac lst 56 1933_ -M-S /2812 291k

Par
Street RailwaysConrw'Ith Pow 113' & L--100 48 50
Preferred
100 78 80
16
Federal Light & Traction 100 14
Railroad. State, Mun.
Stocks.
Preferred
100 57 60
& Foreign
Week ending
U.S.
Republic Ry dr Light_
100 10 15
Bonds.
Bonds.
Bonds.
Shares.
Par Value.
Aug. 6 1915.
Preferred
100 45 50
rennessee Ry L & P cora_100
6
3
$37,000
254,942 $21,847,200 $1,520,500
Saturday
Preferred
100 23 26
2,364,500
593,392 48,705,950
59,000
Monday
United
Rya
42
com
Lt
38
&
100
2,573,000
63,270,000
710,640
45,000 $40,000
Tuesday
1st preferred
100 66 67
2,320,000
27,000
667,750 59,409,000
Wednesday
2d preferred
100 67 69
3,284,000
918,267 84,751,700
77,000
Thursday
Ry & El Co
Wash
100 8834 92
69,526,400
775,448
3,251,500
Friday
43,500
Preferred
100 8212 84
fait, 1951
J-1) 81 8134
Total
3,920,439 $347,510,2501 ¶15,313,5001
$288,500 $40,000
Elec. Gas a. Power Goa50 *99 100
Am Gas & Elec corn
Week ending Aug. 6.
Sales at
Jan. 1 to Aug. 6,
Preferred
50 •47 49
New York Stock
Am Lt & Tree common...100 314 317
Exchange.
1914.
1915.
1015.
1914.
Ordnance Stocks-Per cent.
Preferred
100 108 110
Amer Power & Lt cora
100 60 62
Stocks-No.shares_ _
3,920,439
79,067,139
45,990,575 Aetna Explosives cora___1001 124 130
Preferred
100 79 82
Par value
$6,861,429,395 $4,023,321,369
$347,510,250
Preferred
100 78 84
Amer Public Utilities com100 30 33
Bank shares, par
$131,700
$265,800 Atlas Powder common _10() 215 225
Preferred
100 62 65
Bonds.
STOCK
Bliss (E W)Co common_ 50, 310
30 Cities Service Co corn....1
44 47
Government bonds_
$623,000
$40,000 EXCIUNGE
$655,100
Preferred
50 120 40
Preferred
53 56
100
State,mun.,&c.,bonds.
32.659,500 Canadian Car & Fdry__ _ 100; 105
13,728,000
288,500 CLOSED.
10
Consumers
(Minn)
Power
RR.and misc. bonds
452,056,200
391,771,500
15,313,500
Preferred
100, 112
18
let & ref 5s 1929 ___M&N 90 91
Canadian Explosives corn 100: 295
10 Flee Bond dr Share pref. _10 , d9812 100
$466,407,200
Total bonds
$425,086,100
$15,612,000
Preferred
100' 100 II() Great West Pow 5s 1918 J&J 79 80
Coles Patent Fire
Indiana Lighting Co....100 45
Arms Mfg
100 485 495
4s. 1958 optional
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
_F-A 67 69
duPont(E I) de Nemours
BALTIMORE EXCHANGES.
Northern StatesPowercom100 27 29
Powder common
100 665 675
Preferred
100 83 85
Preferred
100 96 99
Pacific Gas & El com
100 44 45
Philadelphia.
Baltimore.
Boston.
Electric Boat
100 425 435
1)t preferred
100 884 85
Week ending
Preferred
100 425 435
2d preferred
100 84
Shares. Bond Sales. Shares. Bond Sales. Shares. 'Bond Sales. Hercules Powder corn _ _100 370 380 South Calif Edison com_100 70 86
Aug. 6 1915.
72
Niles-Bement-Pond com_100 112 114
Preferred
100 92
17,146
Saturday
$7,000
3,274
$24,877
56,000
Preferred
5
•3
100 99 104
Standard Gas & El (Del)_ 5
5
53,938
3,000
Monday
11,147
26,574
34,800 Savaee Arms
874
100 250 300
Preferred
24
50 *23
44,780
Tuesday
18,000
20,155
71,398
43,500 Winchester Repeat Arms 100 1675 1725 United Gas & Elec Corp_100 14 18
248
37,466
Wednesday
22,000
26,187
42,841
32,600
302
1st preferred
10
54 58
40,847
29,600
Thursday
37,365
25,785
65,600
1,083
Short Term Notes-Per ICest.
2d preferred
100 14
18
28,847
Friday
22,000
33,404
59,900
71,100 Amer Lccomotive900
Utah Securities Corp.__ _10
12
13
55, July 1916
J-J 1003410114
6% notes-See Short-Term Notes
223,0241 5101,600 131.532 5251.3751
Total
3.412 5253,600
5s, July 1917
J-J 10014 10034 Western Power common..10C 14
16
Am Tob
scrip, Sep 1 '15. 100 10058
Preferred
10( 48 52
Am T A T Sub Cos 59, 1916_ 10078 10118
Industrial
Anaconda Copper 58'17_M-S 1008 10078
and Miscellaneous
Halt & OhioAdams Exp col tr k4s 47.1-D /70 71
45451917
J&T) 9958 997s Alliance Realty
100 75 85
414s 1918.
J&D 9812 9854 Amer Bank Note com......-50 .35 40
Ches & Ohio 5s 1919 ___J-D 9034 9118
Preferred
Banks
50 *48 50
Bid
Ask
Bank
Bid
Ask
Trust Co's
Chic Elev Ry 55. 19i6_ .2-i 9412 9534 American Brass
New York
100 192 197
%dark& Fult_ 235 245
New York
Bid
Ask
ChicA W Ind 59, 1915_ _M-S 10018 10014 American Chicle cora___ _100 120 130
America* _._ 545 555
Med]& Met. 525512 ___ Astor
355 365
Consum Pow 6s, 1917.M&N 98 99
Preferred
Amer Exch... 200 208
100 88 91
Bankers Tr
Merchants'.... 175
185
410 420
Erie RR 5s, Oct 1 1915_A-0 11000014 1005
004 Am Graphophone corn....100 69 72
Atlantic ___
175
185
Metropolis.. 300 320
B'way Trust_ 144
150
As Aprl 1 1915
Preferred
100 x82 85
Battery Park 145
165
Metroporns_ 175
185 Central Trutt 5977
-_
5)45, April 1 1017__A-0 9958 9978 American Hardware_...100 121 124
Bowery' ____ 400
___ Mutual
325
_ . _ Columbia ___ 460 475-General Rubber 5s,'18 _J&D 985s 987s American Surety
50 120 130
Bronx Bore_ 225
260
New Neth• _ 210 225
Commetcial _ 100
Hocking Valley 6s,'15_M-N 100581007s Amer Typefounders com_100 35 39
Bronx Nat __ 150
175
New York Co 725 825
Empire
295 3-05 - lot
nary 6*, Feb15 '18_F-A 10018 10058
Preferred
100 85 90
Bryant Park* 140
150
New York__ 370 380
Equitable Tr 412 422
12 1
Lackawanna Steel es'17M.8 9812 9912 Amer Writing Paper
100
Butch & Dr_ 100
125
200 220 Farm L dr Tr 1100 1125
Pacific*
Lake Sh & M So,5s Sept 1915 1001810038 Bond A Mtge Guar
100 270 280
Century. _.. 175
185
Park ____ 390 400 Fidelity
197 203
5s Dec 1915
10058101
Borden's Cond Milk com_100 107 109
Chese
540 560 People's' ,.... 230 245
Fulton
270 200
Minn Gen El 6s, 1917_3&D 10012101
Preferred
100 106 107
Chath &Phen 182
190 Prod Exch.- 158
Guaranty Tr tool
165
New Eng Nay 6s, 1917-M-N 9414 95
Braden Copper Mines
5 .734 778
Chelsea Ex*. 120
130 Public.
175
Hudson _ _ _
125
135
-- -N
Y
RivC
&
II
Bros,
77 80
Burns
corn
100
Chemical __ 400 410 Seaboard
410 430
Law Tit & Tr 105
112
10018 10038
55, Sept 15 1915
Preferred
100 101 103
Citizens Cent 163
168 Second
395 425
Lincoln Trust 93 105
55, Oct 1 1915
A-0 10014 10012 Casualty Co of America_100 110
City
385 395 Sherman_..... 125
135
Metropolitan 405 415
N Y N II* H 5s. May 1 1916 1003s 10058 Celluloid Co
100 138 142
Coal & Iron 155
165 State..
. 120
Mut'l (West135
Pub Ser Corp N J 5s,'16 M-3 1003810058 City Investing Co
100 10 20
Colonial* __ 450
__ 23d Ward... 100
135
cheater)__ 130 135
Schwarz & Sulzb 6s,'16-1-D 101 10114
Preferreu
_160 70 80
Columbia* .. 300 325
Union Exoh_ 130 138
N Y Life Ins
Seaboard A L 5e, 1916_ _M-8. IOW/31003s Cramp Ship & E Bldg ..l00 76 78
Commerce __ 516014 -- -- Unit States._ 500
& Trust__ 960 1000
_- __
Southern Ry 51. 1916._ F-A 100 10014 Emerson-Brantingham _100 12
Corn Exch. 295
15
305
Wash Ins*. 275
_
N Y 'I rust__ 575 590
As, Mar 2 1917
M-F2 9734 9814
Cosmopoiltn• 85
Preferred
i 00
100 43 50
Wetteh A v•. 160
175
Title Cu & 1 r 5370
Sulz&SonsCo 6s,rnel'16M-S 1007810118 Goldfield Consol Mines___10 •114 132
East River_
70
85
West Sides.. 400 450 Tensatlantle 150
166
9412
UnTypew
5s,Jan15 '18 J-J15
9512 Havana Tobacco Co_
FIdellty•__ ._ 5142
3
1
10
__ ._ Yorkville •_ 475 550
Union Trust_ 330 345
United Frult6s.Mayl '1751-N 10134 10214
Preferred
Fifth Ave.__ 4200 4500
5
10
8
U S Mtg & Tr 380 395
Gold notes 5s 191/3 _m-N 99 9938
let g 55 June 1 1922 J-D 152 53
250 300
Fifth
United States 1020 1050
U
S
Public
99
Serv 6)) 1918 A-0 97
Intereontlnenel Rub corn 100
7
8
First
870 000
Westchester. 140
_ _ __
Utah Co 6s, 1917.
A-0 100 10034 Internat. Banking Co_
Garfield _.._ 180 200
100 99 105
Brooklyn.
UtahSeciirCorp 6a.'22M-S15
77 80 Inter Mere Marine
Germ-Amer' 135
145
100
Coney Isi'd•
112
.
140
Preferred
German Ex*. 390 410 First
5
100
6
. 255
265
Brooklyn
New York City NotesInternational Nickel___ _100 169 70
Germania'.. 425 475 Flatbush ____ 134
142
10018
65,
Sept
1003
8
1
1915
Preferred
103
100
Gotham ____ 190
____ Greenpoint.. _ . _ 150
106
Brooklyn Tr_ 475 490
1025810278 International Salt
6s, Scot 1 1916.
100 24
Greenwich'. 265 280
26
Hillside._ _ .. 105
120
Franklin ____ 5245
10334'104
let g 55 1951
6a. Sept 1 1917
A-0 /6312 65
Flanover .__. 610 625
Homestead.
_
00 Hamilton ..._ 265
275
International
Silver
103
pref
Harriman __ 315 325
_100
Mechanles•
1-25_- 135
Klngs County 625 645
Canadian Govt. Notes1st fla 1948
.J-11 106 108
Montauk' .. 85
Imp dr Trad. 500 515
110
Manufacers65, Aug 1- 1916
FAA 100 10014
Irving ....... 165
Deb 6s 1933
J-J
175
Nassau
198 205
Citizens... 137
142
5s, Aug 1 1917
FAA 100 10014 Kelly Springfield Tire
100 172 175
Liberty ___ 620
____ National City 270
280
People's ...
290
Per Ct. Busts
1st preferred
100 86 87
310 330
North Side.. 175
Lincoln
200 Queens Co...... 80
RR. EquipmentsBM. Ask.
2d preferred
People's ___ 135
100 170 175
Manhattan. 300 310
145
Baltimore a 1Tha0 4st
4.60 4.50 Kerr Lake Mining
5 .314 312
• Banks marked with a ') are State banks *Sale at auction or at Stock
Buft Itoeh & Pittsburgh 41-4s 4.55 4.45 Lanston MonotYDe
6712 75
100
Exchange this week.
ea,
Equipment 4s.
12
4.55 4.45 La Rose Consol Mines
5
Canadian Pacific 41.4s
5.15 4.90 Lawyers Mtge Co
100 173 177
Caro Clitichf & Ohlo 5s____. 5.20 4.85 Lehigh Val Coal Sales_ _50 160 165
CURRENT NOTICE.
*52
5.10 4.80 Manhattan Transit
Central of Georgia As.
20
34
Equipment 41.41
5.10 4.80 Marconi Wireless of Am_ _-5 *412 458
_
6
Mortgage Bond Co
100 115 120
-Byrne & McDonnell, New York, and San Francisco, are offering on Chicago A Altar) 4s
Chicago
A
Eastern
Be
Illinois
National
173
Surety
100
177
another page $1,250,000 State of California 4% Highway Gold Bonds, duo
Equipment 41.49
....6
N Y Mtge & Security
100, 105 115
1947-1958. Principal and interest payable in Now York and San Francisco. Chic hid A Loulsv 4
5.15 4.80 N Y Title Ins Co
100 37 42
4,51, 512
4.80 4.65 Nbrisaing M Ines
l'rico to yield tho investor 4.25%. The issue is free of normal Federal Chic St L & N 0 58
Chicago & N W 4 kis .____
•t2
4.55 4.30 Ohio Copper Co
10
income tax. Full particulars may be had upon application.
14
Chicago It I iir Pas 4 4,11.
7.50 5.50 Otls Elevator corn
100 72 74
-Harry J. Kano, formerly associated with the bond department of Colorado & Southern 511....
5.10 4.80
Preferred
_100 93 95
5.10 4.75 Realty Assoc (Pklyn). _100 97 102
Hornblower & Weeks, has become associated with Sheldon Morgan & Co. Erie 53
Equipment 41.4s
5.10 4.75 Remington Typewriterand assumes charge of their municipal bond department.
Equipment 4a
5.10 4.75
100 1412 1512
Common
Hocking Valley 4s
4.95 4.75
1st preferred
100 60 63
Equip 5,1
4.95 4.75
26 preferred
100 41
43
Illinois Central .59
4.65 4.50 Riker & IIege'n (Corp for stk) *6
614
450
4.65 4.50 Royal Bak Powd com_ _100 152 157
........____._.
Kanawha & Michigan 4149.
5.25 4.90
Preferred
All bond prices are "and interest" except where marked "f."
100 102 10212
4.50 4.35 Safety Car Heat & Lt...._100 10412 107
Louisville & Nashville 5e_
Stand Oil Stirs ((ana)-- Per sh are
Minn St PASS M44s___ 4.70 4.50 Singer Mfg Co
100 217 225
Standard Oil Stocks--Pe *Share
Par BM. Ask. 511s:sour! Kansas dr Texas Es
6.50 5.25 Standard Coupler cora...100 25 35
Pat
Ask .ferce ()II Corp __..___ 25 .13
1314 Missouri Pacific 5.1
7.50 5.50
Preferred
100 100 --Anglo-Amer 011 new
.
17
1712 Prairie 011 & GOS
Mobile & Oldo 59
100 372 374.
5.20 4.90 Sterling Gum
5 *234 278
Atlantic Refining
100 595 805 Prairie Pipe Line
Equipment 41.4s
169 170
5.20 4.90 Sulzberger A Sons pref__100 90 92
Borne-Scrymser Co
100 270 280 Solar Refining
New York Central Lines 5.1
100 240 250
500 4.85 Texas dr Pacific Coal_ _ __100 -_-- 175
50 *100 102 Southern Pipe Line Co..100 215 220
Buckeye Pipe Line Co
Equipment 441......
51)0 4.85 ronopah Extension Mm...1 .212 258
Chesebrough Mfg Cons_ _100 710 720 South Penn 011
N Y Ontario A West 4S,is
100 318 322
4.90 4.65 United Profit Sharing..
•258 234
Colonial ()II
100 135 145 Sou th west Pa Pipe Li nes_ 100 114 117
Norfolk & Western
4.50 4.30
S Casualty
100 190 210
Continental 011
100 '230 235 Standard 011 (California) 100 309 312
Equipment
4.50 4.30 U S Envelope corn
100 130 140
Crescent Pipe Line Co.. 50 *40 42 Standard 011 (Indlanit)._100 440 150
Pennsylvania RR
4.40 4.25
Preferred
100 104 10612
Cumberland Pipe Line_._100 46 49 Standard 011 (Kansas) _100 395 405
Equipment Is.
4.40 4.25 Cl P Finishing
100 12 11
Eureka Pipe Line Co_ _..100 225 230 Standard 011 of KentlickY100 265 270
Pere Nlarnuette 51
Preferred
100 30 37
Galena-Signal 011 corn...109 160 165 Standard 011 of Nebraalta100 325 335
Equipment 4 14e.
1st g 5s 1919
J-J 90 --100 135 140 Standard 011 of New Jer_ 100 415 118
Preferred
Ft Louis Iron Mt dr Sou 5&. 5.75 5.03
Con g As 1929
J-J 68 7312
Illinois Pipe Line
100 147 150 Standard Oil of New Y'rk100 199 202
At T.ouls & San Francisco ifs
IT S Tit Gu dr Indem_
-- 6
_100 30 50
Indiana Pipe Line Co
50 .07 99 Standard 011 of Ohio....101) 44(1 150
Seaboard Air Line 58
1.10 4.85 Westchester & Bronx Title
Internat Petroleum
1014 Swan & Finch
El *10
Equipment 414*
5.10 4.85
& Mtge Guar
100 110 120
100 165 180
National Transit Co
33 34
25 .
Union Tank Line Co....100 85 87
Southern Pacific Co 434s.-- 460 4.50 Worthington (H It) ComNew York Transit Co
100 203 208
Vacuum OH. _ _
Southern Railway 4145
pany pref
100 221 225
4.95 4.80
100 86 92
Northern Pipe Line Co..100 05 98
Washinton Oil
Toledo *(hto Central 41.
5.00 4.75 Yukon Gold_ _
10 *34
r. *212 238
37
Ohio 011 Co
25 •147 149
Bonds.
• Per share. b Basis. 8 Purchaser also pays accrued dividend. I Flat price.
Penn-Met Fuel Co
*55 60 Pierce 011 Corp cony 69 1924 77 79
n Nominal. z Ex-dividend. p Ex-rights
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

New York City Banks and Trust Companies.

Inactive and Unlisted Securities




[VOL. 101.

THE CHRONICLE

440

intustment anti gaiiraati intelligente.
RAILROAD GROSS EARNINGS.

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

Week or
Month.

Current
Year.

Previous
Year.

Latest Gross Earnings.

July 1 W Latest Date.
Current
Year.

Previous
Year.

$
Ala N 0& Tex Pac296,948 319,613 3,564,721 4,043,920
N 0 & Nor East.. June
125,261 142,597 1,523,354 1,857,854
Ala & Vicksburg.. June
120,031 110,994 1,417,615 1,806,279
Vicks Shrev & P.. June
132,090
133,372
41,365
41,300
3d wk July
Ann Arbor
9,951,792 9,271,364 117665587 111109770
Atch Top & San Fe_ June
204,412 230,949 2,456,627 3.159.445
Atlanta Birm & At! May
98,218 1,091,772 1,198.436
92,186
Atlanta & West Pt.. May
2,327,261 2,851,072 31,536,475 36,832,898
Atlantic Coast Line Juno
123,937 138,995 1,767.387 2.095,812
Chariest & W Car June
124,813 124,859 1,397,190 1,381,823
Lou Hend & St L June
8,662,956 7,960,602 91,815.797 99,164,010
°Baltimore & Ohio.. June
137.433 137.686 1,555.299 1,640.978
B &0 Ch Ter RR June
279,205 305,068 3,418,444 3,487,446
Bangor & Aroostook May
1,220,960 1.064.590 8,665,548 8.518,878
Bessemer & L Erie_ June
796,498 1,161,830
58,409
84,669
Birmingham South_ June
4,035,833 4,187,953 46,673,049 48,110,285
Boston & Maine.. _ _ June
938,084
Buff Roch & Pittsb_ 4th wk July 377.732 302,608 1,005.749
73.054 1.335.486 1.498,300
114.781
Buffalo & Susq RR_ May
Canadian Northern. 4th wkJuly 391,100 478,400 1,206,100 1,594,300
Canadian Pacific__ 4th wkJuly 2.476,000 3,181,000 7,447,000 10,041.000
858,157 964,186 11,281.382 13,363,821
Central of Georgia- May
3,314,471 3,841,243 32,431,024 34,121,311
Cent of New Jersey June
390.174 310.002 3.682,039 3,461,494
Cent New England- May
325,664 339,123 3,502,747 3,714.040
Central Vermont__ May
Ches SG Ohio Lines.. 4th wk July 1.376,343 1,244,872 3,606,067 3.264,097
792,780
766,873
Chicago & Alton_ _ - 3d wk July 259,124 294,245
6,957.421 6,651,726 83,864,649 86,102,190
Chic Burl & Quincy May
1,012,041 1,073,552 13,142,498 14,500.245
f Chicago & East In May
802,834
778,648
p Chic Great West- 3d wk July 286,298 283,824
572,217
596,067
Chic Ind & Louisv_ 4th wk July 192,611 197.673
7,810,870 7,854,643 91,435,374 93,613,700
Chic Milw & St P..1 Juno
Chic Mil & Pug S J
7,247,727 7,865,556 83,579,675 87,800,293
Chic & North West- June
113,340 129,605 1,597,909 1.653,799
Chic Peoria & St L. June
1,465,156 1,523,173 18,196,842 18,569,907
oChic St P M & Om_ June
151,454 150,127 2,025,523 1,996.268
Chic Terre & S E May
869.965 882.852 8,805,617 9.219,574
Cin Ham & Dayton May
109,679 137,465 1,698,780 1,773,413
Colorado Midland_ June
b Colorado & South 4th wkJuly 377,998 393,429 1,092,547 1,124,495
177.448
128,189
10,358
June
10,392
Cornwall
311,374
23,981
206,656
26,204
Cornwall& Lebanon June
457,571 432,183 5,206,714 5,164.671
Cuba Railroad ____ June
1,879,410 1,903,686 20,787,626 21,250.333
Delaware & Hudson May
3,838,912 3,734,610 43,044,705 43,301,931
Del Lack & Western June
Deny & Rio Grande 4th wkJuly 628,400 680,400 1,965.100 2,002,000
615,020 524,256 5,708.126 6,251.137
Western Pacific._ June
104,390
105.200
33,200
37,567
Denver & Salt Lake 3d wk July
119,692 117,763 1.635,331 1,384.557
Detroit Tol & front May
93,226
98,707
32,761
28,055
Detroit & Mackinac 4th wk July
93,621 1,471,160 1,544,330
109,543
Det & Tol Shore L. June
802.343 778,134 4,824,605 6,599,279
Dul & Iron Range.. _ Juno
303,845
288,648
94,649
Duluth So Sh & Atl 4th wkJuly 102,925
840,263 761,921 8,541,355 11,252,392
Elgin Joliet & East.. June
752,000 837,384 7,788,736 9,083,060
El Paso & Sou West Tune
5,437,512 5,312,861 60,830,748 60,992,476
.Tune
Erie
401,109 350,565 5,513,477 5,397,646
Florida East Coast_ June
88,698
874,762
986,877
74,855
Fonda Johns& Glov Juno
198.805 229.577 2,607.076 3.089.287
Georgia Railroad__ May
95,418
124,248
68,122
207,236
Grand Trunk Pac__ 2d wk July
Grand Trunk Syst_ 4th wk July 1,537,141 1,592.244 4,497,946 4,724,017
Grand Trk Ry___ 2d wk July 788,154 885,090 1.588,956 1,751,317
278,189
268,792
Grand Trk West_ 2d wk July 142.594 136.895
50.849
58,845
109.771
100,695
Det Gr & Milw 2d wk July
5,193,623 6,072,085 67,133,303 76,822,434
Great North System June
131.991 146,804 1.498,972 1.849,513
Gulf & Shin Island.. May
513,082 476,936 6.181,153 7,021,145
Hocking Valley..___ June
4,881,398 5,281,993 62.111,552 66,373,502
Illinois Central........Juno
616,843 656,760 9,083,626 9,963,407
Internat & Grt Nor June
264.968 165,625 2,911,414 3,110,670
Kanawha & Mich__ June
792,226 978,892 10,035.896 10,970,403
Kansas City South.. June
3,845.269 3,746,713 38,891,114 38.346,032
May
Lehigh Valley
162,612 141,405 1,816,585 1,774,792
Lehigh & Hud River June
276,21,3 274,410 2,646.662 2,255,800
Lehigh & New Eng.. June
132,933 126,367 1,723,677 1.741,872
Louisiana & Arkan_ June
176,938 160,852 1,853,687 1.806.323
Louisiana Ry & Nay May
sLoulsville & Nashv 3d wk July 997,994 1,119,075 2,924,889 3,202,360
9,376
128,154
6,631
156,297
Macon & Birm'hain June
1,026.662 1,017,819 11.350.423 11,833.989
June
Maine Central
40,094
511.674
532,415
37,603
Maryland & Penna. June
99,348 116,304 1,279,883 1,499,654
May
Midland Valley
25,571
30,623
77,749
89,960
Mineral Range........4th wkJuly
790,448
784,717
Minn & St Louls...1 4th wkJuly 205,615 203,664
Iowa Central.. _ _1
Minn S P & St S M_ 4th wkJuly 757,340 750,378 2,280,880 2,380,785
80,450
849,991 1,027,096
68,781
Mississippi Central_ June
u Mo Kan & Texas.. 4th wk July 875.086 953,009 2,520,920 2,716,701
x Missouri Pacific__ 4th wkJuly 1,627,000 1,840,000 4.710,000 5,253,0)0
837,324 972,653 10,936,533 12,778,334
Nashv Chatt & St L June
10,534
27,436
29.639
9,791
Nevada-Cal-Oregon 3d wk July
13906706 13231509 151062475 159595583
e New York Central June
1,537.845 1,524,823 16,552,500 17,331,410
Boston & Albany. June
485,455 483,174 5,683.647 5.743,648
nLake Erie & W.. June
3,118,283 2.897,085 33,760,732 34,931.058
Michigan Central June
Cleveo C& St141
2,985,253 2,955,541 35.824,105 36,405,577
Peoria & East! June
127.113 118,370 1,541,351 1,459,278
Cincinnati North. June
1.513,339 1.387,020 14,639,732 17.669,360
Pitts & Lake Erie June
1,058.909 902,558 11,413.775 11.809,368
N Y Chic & St L_ June
424,589 226.985 4.946.738 5,351,932
Tol & Ohio Cent.. June
25157492 23727065 278425053 290297210
Tot all lines above June

H

II

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Data.
Current
Year.

Previous
Year.

$
136,885 148,621 1,460,578 1.724,505
New Orl Great Nor May
129,377 166,899 1,771,473 2,205,704
N 0 Mobile & Chic_ Juno
5,754.808 5.637,705 59.051,276 61.607,224
N Y N & Hartf_ May
714,877 827..673 8.926,946 9,251,570
N Y Ont & Western June
330,956 320,766 3,909,058 3,965,796
N Y Susq & West_ June
322,596 370,961 3,875,875 4,266,846
Norfolk Southern_ Juno
4,010.353 3.773,014 38,608,491 40,906.105
Norfolk & Western_ May
4,650,061 5,206,904 57,835,879 64,639,391
May
Northern Pacific_
353,865 363,540 3,568,701 3.745,805
Northwestern Pac_ June
484,084 525,254 5.687.272 6.534.986
May
Pacific Coast Co_
16421567 15825333 183671205 196968043
zPennsylvania RR.. June
103,251 110,301 1,231,661 1,249,934
Bait Ches & Atl_ Juno
248,580 352,391 2,898,794 3,525,462
Cumberland Vail. June
1,398,161 13,318,082 13,088,060
1,345,346
June
Island
Long
962,610
935,585
81,595
75,611
Maryl'd Del & Va June
427,805 362,150 3,816,458 3,812,824
N
& Norf June
20,656,989
20,255,253
1,810,513
1,794,132
Phil Bait & Wash June
593,201 600,002 6,534,490 6,569,778
W Jersey & Seash June
5.347,168 5,089,030 54,652,929 61.397,983
Pennsylvania Co...... June
Grand Rap & Ind June
428,387 437,144 5,315,746 5,552,840
Pitts
& St L_ Juno
3,328,398 3.337,538 38.412.029 42,250,335
Vandalla
June
871,944 906,621 10,972,885 11,322,840
Total linesEast Pitts & Erie. Juno
21500663 21075663 237651245 253362640
10109183 9,902,833 109836652 122141421
West Pitts & Erie June
31609836 30978496 347487900 375504066
All East & West_ Juno
June
1,453,976 1,284,992 18,028,210 16,915,198
Pere Marquette_
Reading Co4,081,702 4,222.630 43,404,762 46,583.444
Phila & Reading.. May
2,297.003 2,931,775 28.123,887 30,718,287
Coal & Iron Co__ May
May
6,378,705 7.154,405 71,528,649 77,301.731
Total both cos_
275,3251 284,687 2,907,830 2,978,393
Rich Fred & Potent June
868.115
863,508
71.6921 72.234
Rio Grande June_ April
28,229
30,677
9,645
9,930
Rio Grand South__ 3d wk July
5,336.704 4.974.841 65,288,216 62,471.860
Rock Island Lines.. May
303,198 317,252 3,479,389 3,727,903
Juno
Rutland
116,732 126,560 1.507,314 1,612,258
St Jos & Grand Isl.. June
185,945 185,331 2,292, 60 2,660,633
St L Brownsv & M_ June
2.313,415 2.636,354 27,670,450 30,756,858
St L Iron Mt & Sou May
3,411,869 3,261,644 39.560.010 41,504.439
St Louis & San Fran May
927,000
889,000
St Louis Southwest 4th wkJuly 298,000 307,000
918,710 918,238 9,407,896 10,822,568
San Ped L A & S L_ June
1.628,736 1.953,235 21,280,463 25,420,503
Seaboard Air Line_ Juno
11963614 11544 275 129865675 138520258
Southern Pacific.. June
Southern Railway.... 4th wkJuly 1,731,483 1.890,128 ••5,123.505 5,705.119
717,721
586,605
Mobile & Ohio..__ 3d wk July 196,227 274.094
549,905
503,154
Cin N & T Pac_ 3d wk July 164,210 182.150
262,450
260,422
91,953
93,786
July
wk
Ala Great South.. 3d
145,842
136,256
48,614
43,486
Georgia So & Fla.. 3d wk July
314,870 384,804 4,041,228 4,554,353
Spok Port & Seattle May
7,195
7,426
2,404
2,879
Tenn Ala & Georgia 4th wkJuly
118,310 139,660 1,481,404 1,707 339
Tennessee Central_ June
Texas & Pacific.. _ _ _ 4th wkJuly 477.903 504,564 1,433,397 1,473,202
89,280
85.436
8,519
7,426
Tidewater & West June
114,572
97,392
44,795
37,527
Toledo Peor & West 4th wkJuly
402,560
389,424
Toledo St L & West 4th wkJuly 105,025 105,066
980,591 2,302,679
49,586 140,071
Trinity & Brazos V_ Juno
7,327,009 7,290.400 86,958,295 92,115,332
Union Pacific Syst_ June
June
488,464 519,337 6.033,866 6,680,903
Virginian
136,540 159.038 1,799,301 1.939,104
Virginia & So West_ June
2.338,352 2.337,655 29.100.630 30.198.423
June
Wabash
821.985
712,429
Western Maryland_ 4th wkJuly 283,075 243,476
592,919 538,241 5,428.069 7.658,424
Wheel & Lake Erie_ June
271,368
352,118
17,869
14.158
Wrightsville & Tenn June
910,241 850,422 11,836,984 12,552,595
Yazoo & Miss Vali _1June
Previous
Current
Year.
Year.
Period.
Various Fiscal Years.

11

Y

CC

0

Buffalo Sy Susquehanna RR____ Jan 1
Jan 1
Delaware & Hudson
Jan 1
Erie
Jan 1
New York Central_ e
Jan 1
Boston & Albany
Jan 1
Lake Erie & Western_n
Jan 1
Michigan Central
Cleve Cinc Chic & St Louis.._ Jan 1
Jan 1
• Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie...
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
N Y Susquehanna & Western- Jan 1
Jan 1
sPennsylvania Railroad
Baltimore Chesap & Atlantic Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaw & Virginia_ Jan 1
N Y Philadelphia & Norfolk.. Jan 1
Phila Baltimore & Washing'n Jan 1
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Grand Rapids Sr Indiana.... _ _ Jan 1
Pitts Cinc Chic & St Louis_ _ Jan 1
Jan 1
Vandalia
Total lines-East Pitts & Erie Jan 1
-WestPitts & Erie Jan 1
-All Lines E & W.. Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

565,113
571,721
May 31
May 31 8,866,983 8,778.708
June 30 29,614.040 28,443.517
June 30 75,552.983 73,152,303
June 30 8,119,507 8,058,448
June 30 2,766,139 2,685,261
June 30 16,558,053 16,262,287
June 30 17,042,260 16,583,845
637.601
707,480
Juno 30
June 30 7,037,944 7,995,576
June 30 5,681,706 5,562,902
Juno 30 2.072,064 2.055,950
Juno 30 135538136 132994173
June 30 2,003,030 1,986,065
Juno 30 88,159,004 91,786,546
501,342
486,757
June 30
June 30 1,380,201 1,708,461
June 30 6,053,000 6.017,849
378,675
392.375
June 30
Juno 30 1,866,249 1,793,061
Juno 30 9,716,617 9,818,926
June 30 2,778,221 2,716,330
June 30 25,216.221 26,261,616
June 30 2,466.531 2,538,668
June 30 18,439,610 19,166,980
June 30 5.156,908 5,198,313
Juno 30 112761731 116677783
June 30 52,017.978 53,954,430
Juno 30 164779708 170632212
340.446
321,990
Apr 30
June 30 1,633,345 1.680,050

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
'Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

*Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

$
Cur. Yr. Prey. Yr.
Mileage.
-991.631 8.46 September_ _242.386 238.698 272.992,901 285.850,745 -12,857,844 4.50
3,1 week May (36 roads)_____ 10,737,012 11.728,643 -1.341,200
8.26 October.. _ _ _244.917 241.093 269,325,262 298,066,118 -28,740.856 9.64
14.876.882 16,218,082
4th week May (36 roads)_
-968,190 8.73 November _246.497 242.849 240,235.841 272.882.181 -32,646.340 11.96
1st week June (36 roads)._ 10,756,561 11.721,751
-950.613 8.20 December _.246,807 243,242 232.598.369 258.285.270 -25.686.901 9.94
2d week June (36 roads)..... 10,970,091 11,920.704
-938,061 7.75 January ----246.959 243.559 220.282.196 236.880.747 -16,598.551 7.01
3d week June (36 roads)___ _ 11,166.951 12.105.012
4th week June (31 roads)._ 13.993.259 15,334.395 -1.341,136 8.71 February _ _246,186 242.837 210.860.681 212,163,967 -1,303,286 0.61
246.848 243.598 238,157.881 253,352,099 -15,194,218 5.99
1st week July (36 roads)..... 10.555.138 11,710.679 -1.155,541 9.87 March
241,090,842 -3,394,464 1.41
247,701 245,170
2d week July (34 roads)...... 10.852,144 12,068,210 -1,216.066 10.08 April
247.747 245.207 244,692.738 243.367,953 +1,324,785 0.54
3d week July (35 roads)._ _ _ 11,060,669 12,259.162 -1,198,493 9.77 May
86.468 59.955,244 65,821,768 -5,866,524 8.91
88.034
4th week July (26 roads)._ _ 13,919,861 15.068,091 -1.148.230 7.76 June
b Does not include earnings of Colorado Springs & Cripple Creek District Ry. e Includes the Lake Shore & Mich. So.. the Chicago Ind. & So
she Dunkirk Aslegheny Valley & Pitts.. the New York & Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter OI
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & Indiana RR. g Includes Cleveland Lorain & Wheeling Ry. In both years. n Includes the Northern Ohio RR. p Includes earnings of Mason
City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. u Includes the Texas
Central and the Wichita Falls Lines o Includes not only operating revenues, but also all other receipts. x Includes St. Louis Iron Mountain h
Southern. s Includes the Northern Central beginning July 1 1914, • We no longer include the Mexican roads in anY of our totals.




p

04

AtTa. 7 1915.]

441

TIIE CHRONICLE

Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
79,367
88,992
317,252
June 303,198
Rutland_b
298,091
431,309
Jan 1 to June 30
1.633,345 1,680.050
110,202
119,843
284,687
Richm Fred & Potom.b.June 275,325
July 1 to June 30
2,907,830 2,978,393 1,055,066 1,066,158
Increase. Decrease.
1914.
1915.
Fourth week of July.
551.779
397,164
Seaboard Air Line_a___June 1,628,736 1,953,235
$
$
$
$
July 1 to June 30
21,280,463 25,420,503 5,295,682 6,957,799
75,124
302,608
377,732
Buffalo Rochester & Pittsburgh
120,425
156,207
St
Louis
861,287
Southwestern
a
June
813,662
87,300
391,100
478,400
Canadian Northern
July 1 to June 30
10,627,861 12,791,904 1,682,741 2,356,217
705,000
2,476,000 3,181,000
Canadian Pacific
Southern Railway1,376,343 1,244,872 131,471
Chesapeake & Ohio
232,865
Mobile & Ohlo_b_ _ __June 882,449 1,082,345
320,749
197.673
192,611
5,062
Chicago Ind & Louisville
July I to June 30
10,982,149 13,002,582 3.048,493 2,880,438
15,431
393,429
377,998
Colorado & Southern
680,400
52,000
628,400
Denver & Rio Grande
Cin N 0 & Tex P_b_ _June 737.248
188,322
239,428
873.183
32,761
4,706
28,055
Detroit & Mackinac
July 1 to June 30
9.422,251 10,962,100 2,614,804 3,150,990
102,925
94,649
8,276
Duluth South Shore & At!
Ala
Great
South_b_
58.837
_June
392,280
431,321
106,892
Grand Trunk of Canada
July 1 to June 30
4.776,630 5,426,175 1,122,896 1,156.764
55,103
Grand Trunk Western
I 1,537,141 1,592,241
Texas & Pacific_b
182,380
Detroit Gr Hay & Milw_
June 1,320,019 1.280,813
114,850
July 1 to June 30
Canada Atlantic
17,944.638 18,813,283 4,087,250 4,352.142
5,052
25,571
Mineral Range
30,623
Tidewater & Western.b.June
1,784
7,426
8,519
183
203,661
1,951
Minneapolis & St Louis
205,615
}
July 1 to June 30
2,570
85,436
89,280
7,797
Iowa Central
Union Pacific_ a
June 7,327,009 7,290,400 2,826,080 2.559,861
6,962
750,378
Minneapolis St Paul & S S M__
757,340
July 1 to June 30
86,958,295 92,115,332 30,180,106 31,626,214
77,923
953,009
Missouri Kansas & Texas
875,086
213,000 Virginian_a
1,627,000 1,840,000
Missouri Pacific
June 488,464
234,023
192,908
519,337
9,000
307,000
298,000
July 1 to June 30
St Louis Southwestern
6,033.866 6,680,903 2,403,678 2,890,488
158,645 Wheel & Lake Erie_b__June 592,919
1.731,483 1,890,128
Southern Railway
181,433
538,241
213,134
2,404' 475
2.879
Tennessee Alabama & Georgia_
July 1 to June 30
5,428,069 7,658,424 1,388,329 2.361,764
26,661
504,564
477,903
Texas & Pacific
139.820
7,268 Yazoo & Miss Valley_ a_June 910,241
850,422
222,879
44,795
37,527
Toledo Peoria & Western
July 1 to June 30
11,836,984 12,552,596 2,898,369 3.26L502
41
105,066
105,025
Toledo St Louis & Western
39,599
243,476
283,075
Western Maryland
INDUSTRIAL COMPANIES.
El Pow Corp_a_June
99,580
22,144
92,055
21,424
13,919,86115.068,091 268,9101,417,140 Adiron
Total (26 roads)
Jan 1 to June 30
608.117
217,142
618,121
244,769
TTnf. daoranan (77.1
1.148.230
Huntington Gas & D_a_June
18,200
6,817
10,272
3,429
Jan 1 to June 30 118,178
46,882
72,101
25,663
For the month of July the returns of 26 roads show as Northern
States Power_June 369.879
321,311
197,784
164,275
follows:
July 1 to June 30
4,765,096 4,247,413 2,654,370 2,223,993
Pacific Tel & TelDecrease.
1914.
1915.
Month of July.
Apr 1 to June 30
5,026,500 4,766,791 1,127,865 1,159,932
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
40,944,034 45,226,444 -4,282,410 9.47
Gross earnings (26 roads)

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of July. The table covers 26 roads and shows 7.76%
decrease in the aggregate under the same week last year.

It will be seen that there is a loss on the roads reporting
in the amount of ,282,410, or 9.47%.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:

Roads.

Interest Charges and Surplus.

-Int., Rentals, &c.- -Bal. of Net EarnsCurrent
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Boston & Maine
June 8Z0,917
901,916 z438,950 x141,370
July 1 to June 30
10.318,046 11,196.387zdef334,462zd12044,742
Central of New Jersey_ _June 681,471
714,879
985,934 1,339,560
-Gross Earnings--Net Earnings
July 1 to June 30
8,167.510 8,655,532 5,312,178 5,723,934
Previous
Current
Previous
Current
Atl__ _June
Shore
&
Dul
Sou
108,043
zdef24,207
98,621
zdef87,509
Year.
Year.
Year.
Roads.
Year.
July 1 to June 30
1,134,613 1,230,019zdef557,083zdef550,984
3
$
$
.3
9.221 def11,288
26,9.23
27,509
475,855 Louisiana & Arkansas....June
412,404
Atlantic Coast Line a__June 2,327,261 2,851,072
July 1 to June 30
334,31-5
337,278
193,240
199.476
July 1 to June 30
31,536,475 36,832,898 7,043,161 9,059,651
June
z3,333
15,266
12,625
z6,746
714,951 Mineral Range
Boston & Maine a
June 4,035,833 4,187,953 1,047,194
z93,951 zdef76.190
July 1 to June 30
151,095
149,520
July 1 to June 30
46,673,049 48,160,285 8,779,110 7.245,050
Southwestern..
..June
268,315
zdef51,269
263,450
zdef24,953
Louis
Central of New Jer b_ __June 3,314,471 3,841.243 1,667,405 2,054,439 St
3,190,157 3,090,285zded280,993 z335,771
July 1 to June 30
32,431,024 34,121,311 13,479,718 14,379,467
July 1 to June 30
INDUSTRIAL COMPANIES.
Del Lack & West b_ _ _ _June 3,838,912 3,734,610 1,304,720 1.290,010
20,875
394
21,029
1,269
43,044,705 43,301,931 15,633,265 14,801,052 Adirond El Pow Corp_ ..June
July 1 to June 30
126,885
126.112
117,884
91,030
Jan 1 to June 30
Denver & Rio GrandeGas
&
Dev_June
232,402
Huntington
1.500
7,033
1,929
130,163
b_
_June
524,256
3,239
Western Pacific
615,020
Jan 1 to June 30
16,308
7.385
55,793
July 1 to June 36
18.278
5,708,126 6,251,137 1,288,190 1,076,529
'
7.799 Pacific Tel & Tel13,602
Detroit & Mackinac a_ _June
96,059
88,274
Apr 1 to June 30
568,527
251.549
201,091
615,340
512,525
591,405
July 1 to June 30
1,077,317 1,210,333
x After allowing for other income received.
69,213
12.527
277,650
Duluth So Sh & Atl b_ _June 294,792
653,234
536,762
2,938,597 3,495,644
July 1 to June 30
EXPRESS COMPANIES.
_June 752,000
328,809
358,826
837,384
El Paso & Southw
--July 1 to April 30-Month of April
30
7,788,736 9,083,060 3,059,511 3,429,989
July 1 to June b..1914.
1914-15.
1913-14.
1915.
$
June 5,193,623 6,072,085 2,091,166 1,912,948
Adams Express Co.$
Great Northern b
July 1 to June 30
67,133,303 76,822,434 30,334,375 29,081,343 Total from transportation...._ 2.980,181 2,662,858 28,351.210 27,874,524
1,378,349 1,391,869 14,207,366 14,639,216
June 4,881,398 5,281,493
862.782 Express privileges-Dr
480,550
Illinois Central a
July 1 to June 30
62,111,552 66,373,502 10,878,473 11,739,476
Revenue from transp'n___ 1,601.832 1,270,989 14,143.843 13,235.307
69,582 Oper. other than transport'n.
656,760
20,695
Internat & Gt North b_June 616.843
31,714
412,837
44,773
302,814
July 1 to June 30
9,083,626 9,963,407 1,212,177 1,900,940
Total operating revenues_ 1,646.605 1,302,703 14,556,680 13,538,122
Juno 132,933
Louisiana & Ark b
36,143
16,219
126,367
1,448,925 1,352,335 15,095.392 14,004,380
536,752 Operating expenses
July 1 to June 30
1,723,677 1,741,872
527,556
June 1.026,662 1,047,819
Maine Central b
313,165
325,825
197.679 def49,631 def538,711 def466,258
Net operating revenue____
July 1 to June 30
11,350,423 11,833,989 3,206,458 3,148,382 Uncollectible
419
rev.from trasn.
4,870
June
83,189
Mineral Range b
77,048
21,249
15,243 Express taxes
16,300
18,260
168,789
169,399
847,465
514.458
July 1 to June 30
238,846
68,433
180,959 loss67,891 loss712,372 loss635,657
Operating income
337.974
276,078
Minn St P & S S M a_ __June 1,267,758 1,409,770
April
July 1 to April 3017,817,855 18,717,689 5,622,822 5,326,095
July 1 to June 30
1914.
1914-15.
1915.
1913-14.
American Express Co.832,159
212,228
192.335
Chicago Division a____June 787,712
9,945,370 10,558,533 2,525,976 2,846,029 Total from transportation__ _$4,093,788 33,473,040338.198,826334,591.037
July 1 to June 30
2,045,960 1,757,461 19,178,252 17,358,875
privileges
-Dr
Express
68,781
80,450
30,332
35,873
Mississippi Central bJuno
849,991 1,027,096
347,968
417,850
July 1 to June 30
Revenue from transporta_ 2,047.828 1,715,578 19,020,574 17,232,161
176,656 1,844,674 1.811,578
217,945
469,091
667,778 Oper. other than transporta_
Missouri Kan & Tex b__June 2,370,131 2,335,461
32,898,758 31,917,924 9,931,167 8,691,092
July 1 to June 30
Total operating revenues_ 2.265,773 1,892,235 20.865,248 19,043.739
972,653
284,813
172,705
Nashv Chatt & St L_b_June 837,324
1,966,906 1.862,847 20.500.459 19.343,422
10,936,533 12,778,334 1,836,911 2,698,894 Operating expenses
July 1 to June 30
Pennsylvania RR_ a____June 16,421,567 15,825,333 4,516,745 3,667,863
Net operating revenue..___
29,387
364,788 -299,683
298,867
88,159,004 91,786,546 15,974,337 14,857,459 Uncollec. rev, from transp__
Jan 1 to June 30
49
2,201
207
449
34,454
329,061
313,282
31,616
110,301
11,584
11,365 Express taxes
Balto Ches & Atl_a_ _June 103,251
486,757
501,342
16,665
21,356
Jan 1 to June 30
33.525 -613.173
Operating income
266,772
-5,115
Cumberland Valley_a June 248,580
172,044
352,391
89,291
--Month of April- -July 1 to April 301,380,201 1,708,461
Jan 1 to June 30
425,740
573,378
1914.
1914-15.
1915.
1913-14.
Southern Express Co.June 1,345,346 1.398,161
Long Island-a
461,191
497,246 Total from transportation_ _ _$1,241,326 $1,339,682$11,691,037$13,134,357
6,053,000 6,017,849 1,105,529 1,065,127 Express privileges-Dr
Jan 1 to June 30
692,956 6,037,075 6,746,926
657,257
Maryl'dDel& Va_a __June
75,611
81,595
3,194
8,701
646,725 5,653.962 6,387,430
Revenue from transp'n___ 584,068
378,675
Jan 1 to June 30
392,375
5,832
12,099
28.710
252,854
278,072
26,009
&
Norf_a_June
427,805
362,150
N Y Phila.
125,581
80,100 Oper. other than transp'n___
1,866,249 1,793,061
Jan 1 to June 30
306,733
239.710
675,436 5,906,816 6,665,503
Total operating revenues.. 610,077
Phila Balt & Wash_a_June 1,794,132 1,810,513
343,409
353,247 Operating expenses
565,487 5.261,464 5,779,514
513,353
9,716,617 9,818,926 1,319,573 1,243,735
Jan 1 to June 30
109,948
645,352
885,988
96,724
Net operating revenue.. _
West Jer & Seash_a....June 593,201
600,002
117,871
157,720
1
84
528
127
2,778,221 2,716,330
Jan 1 to June 30
85,262
136,728 Uncollectible rev.from trans.
15,266
145,888
14,132
150,901
Ponnsylv Company _a_Juno 5,347,168 5,089,030 1,731,843 1,340,665 Express taxes
25,216,221 26,261,616 4,613,226 3,967,752
Jan 1 to June 30
94,680
498,935
Operating income
82.506
734,959
437,144
83,908
Grand Rap & Ind_a_ _June 428,387
65,689
-Month of April- -July 1 to April 302,466,531 2,538,668
315,668
235,054
Jan 1 to June 30
1914.
1914-15.
1913-14.
Wells, Fargo & Co.1915.
685,245
724,316 Total from transportation $3,341,186 $3,535,383$31,490,638326.130,420
Pitts Cin Ch & St L _a June 3,328,398 3,337,538
1,709,748 1,273,784 16,113,814 13,081,794
18,439,610 19,166,980 3.081,177 2,957,462' Express privileges-Dr
Jan 1 to June 30
June 871,944
906,621
142,432
156,463
Vandalia-a
Revenue from tran.sport'n_ 1,631,437 1,261,599 15,376,823 13,048,626
5,156,998 5,198,313
724.418
607,758 Oper.
Jan 1 to June 30
592,273
57.660
other than transport'n
65,820
548,040
TotalEastofP&E_a_June 21.500,653 21,075,663 5,801,287 5,117,165
312,761,731 116677,783 19,938,737 18,777,890
Jan 1 to June 30
Total operating revenues_ 1,697,258 1,319,260 15,969,097 13,596,667
1.458,866 1,193,446 14,803,204 12,336,913
Total West P & E_a_June 10,109,183 9,902,833 2,655,276 2,297,858 Operating expenses
52,017,978 53,954.430 8,810,578 7,869,336
Jan 1 to June 30
125,813 1,165,893 1,259,753
Net operating revenue..__- 238,392
8,456,563
7,415,023
lines_a__
__June
30,978,496
all
31,609,836
Total
8,998
Uncollectible rev. from tran_
1,063
164,779,708 170632,212 28,749,315 26,647,225 Express taxes
Jan 1 to June 30
333,000
31,561
35.000
351,015
229,186 def16,430
June 1,453,976 1,284,992
Pere Marquette a
90,813
805,879
926,753
Operating income
205,767
18,028,210 16,915,198 4,069,504def1762,144
July 1 to June 30




Roads.

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

[VoL. 101.

THE CHRONICLE

442

Week or
Month.

I Jan. 1 to latest date.

Current Previous' Current
Year. I
Year.
Year.

Previous
Year.

$
$
$
I
3
444,033 477,7891 2,538,706 2,638,537
American Rys Co_ __ June
28,455
146,244
147,829
Atlantic Shore Ry___ June
,863
721,477
165,033 186,749
783,336
cAur Elgin & Chic Ry May
60,968 71,595
368,686
371,438
Bangor By & Electric June
89,281
15.409 15,603
87,150
Baton Rouge Elec Co June
BeltLItyCorp(N YO). April
64,070 63,347
247,320
229,648
348,641
Berkshire Street Ry_ May
77,502 86,038
367.153
f6670110 f6180830 f31092,170 f30255,288
Brazilian Trac, L & P May
10,420 11,458,
47,994
Brock & Piym St Ry_ June
50,790
2184.979 2189.375 8,467,443 8,252,412
Bklyn Rap Tran Syst April
27,832 29,697
167,322
,597
Cape Breton Elec Co June
87,846 91,477
552,114
509,117
Chattanooga By & Lt June
36,149 37,863
149,187
Cleve Painesv & East May
153,697
105,719 112,895
474,801
486,820
Cleve Southw & Col.. May
56,286 54,120
341,293
326,400
Columbus(Ga)El Co June
June
By,
P
&
L
244,059
249,684 1,515,373 1,521,742
Colum (0)
1115,495 1099,430 6,838,193 6,810,684
gCom'w'th P,Ry & L. June
May
687,528 720.693 3.082,584 3,064.841.
Connecticut Co
298,691 255,055 1,820,758 1,680,624
Consum Pow (Mich)_ June
218,658 217,868 1,175.231 1.137,586
Comb Co(Me)P & L June
873,398 1,113,974
133,277 177,620
Dallas Electric Co_ _ _ June
Detroit United Lines June
1106,372 1066,754 6,076,688 5.914,817
40,181 43.723
D D E 13 & Batt(Rec) April
156.175
168,056
88,096 110,912
Duluth-Superior Trac June
630,260
555,060
193,293 225,180 1,173,987 1,330,892
East ot Louis & sue_ Juno
58,585 58,251
Eastern Texas Elm__ June
322,097
321,520
72,931 80,052
El Paso Electric Co__ June
471,224
515,603
159.351 155,127
42d St M & St N Ave April
566.959
625,320
165,029 221,694
Galv-Hous Elec Co__ June
957,629 1,196.235
92.411 109,413
Grand Rapids By Co June
621,019
560,721
Harrisburg Railways June
88,369 76,684
469,864
471,259
Havana El Ry,L & P
(Railway Dept)_ __ Wk Aug 1 51,036 53,184 1,576,557 1,663,847
51,699 52,538
255.139
Honolulu It T & Land May
240,930
24,589 24,508
140,152
Houghton Co Tr Co_ June
128,817
444,459 456,181 2,768,623 2,841,111
bHudson & Manhat_ June
847,124 857,570 5,292,191 5,309,202
Illinois Traction____ June
2904.773 2948,937 14,473,594 14,801,273
Interboro Rap Tran_ May
50,517 59,531
382,679
Jacksonville Trac Co June
312,710
120,859
18,957 21,381
113,016
Keokuk Electric__ __ June
9,259 . 10,837
56,069
65,685
Key West Electric..__ June
530,903
114,031 120,742
505.339
Lake Shore Elec By.. May
402,417
152,072 136,537
443,731
Lehigh Valley Transit March
303,920
67,446 62,002
330,896
Lewist Aug & Watery June
61,613
64,135
17,855 17,976
Long Island Electric_ April
Louisville Railway__ June
249,537 279,099 1,457,739 1,592,547
454,789 480,995 2,925,750 3,023,671
Milw El By Sr Lt Co_ June
707,029
678,383
123,653 129,781
Milw Lt, Ht & Tr Co June
165,511 184,538 1,059,738 1,116,431
Nashville Ely & Light June
201,322
219,767
55.949 53,282
NY City Interboro__ April
121,275
107.164
31,907 31,269
N Y & Long Island__ April
46,725
44.235
12.503 13,113
N Y & North Shore__ April
402.542
390,085
106,362 106.744
N Y & Queens Co___ April
1138,652 1199,850 5,454,164 5,509,712
New,York Railways.. May
125,987
32,228 33,451
124,376
N Y & Stamford By.. May
184.391
159,457
43,000 39,230
N Y Westchest & Bos May
66,605
72,259
15,449 17,783
Northampton Trac__ May
331,977 317,780 1,756,652 1,721,701
Nor Ohio Trac & Lt.. June
787,412 1,038.784
134,484 181,432
North Texas Electric June
164,106
31,127 31,098
162,399
Northw Pennsylv By June
7.413
7,203
23,116
23.375
Ocean Electric (L I). April
21,770 24,613
139,256
150,257
Paducah Tr & Lt Co_ June
21,511 24,364
122,176
138,472
Pensacola Electric Co June
2070.160
2178.842 9.901.842 9,956,217
Phlla Rapid Transit.. May
474,569 530,974 2,736,355 3,271,659
Port(Ore)Ry,L&PCo Juno
90,039 93,108
466,815
467,921
Portland (Me) RR-- June
618.364
706,471 3,101.329 3,568,390
Puget Sound Tr.L&P May
246,691 247,828 1,456,919 1.495,733
gRepublic Ry & Lt__ June
404,577 487,006 1.880,368 2,057,753
Rhode Island Co.. ___ May
28,086 27.198
105,773
Richmond Lt & RR.. April
99.060
StJoseph(Mo)Ry,Lt
97,937 106,262
622,666
634,642
Heat & Power Co_ June
40.463 39,867
189,376
188,741
Santiago El Lt & Tr_ May
63,750 73,015
393,830
423,394
Savannah Electric Co June
69,463 71.927
252,948
263.518
Second Avenue (Rec) April
18,307 17.080
68,476
64,645
Southern Boulevard.. April 4
22,558 21,684
80.004
72.975
Staten Isi'd Midland_ April
77,004 81,685
490,120
484,320
Tampa Electric Co.._ June
305,445 328,850 1,229,938 1,267,817
April
Third Avenue
450,582 525.037 2.787,443 3,034,801
Toronto Street Ry__ June
Twin City Rap Tran_ 3d wk July 175,534 186,249 5,122,305 5,074,318
217,716 215.595
831,912
800,187
Union RyCo orNYO_ April
430,201 438,460 2,476,913 2,536,924
Virginia By & Power.. Juno
73,613 78,729
315,293
327,076
Wash Balt & Annap.. May
44,837 45,300
170,581' 164,670
Westchester Electric_ April
22,644 23.516
93.895
91,571
Westchester St RR_- May
59.616 58.448
225,831
213,248
Yonkers Railroad__ April
64,037 65.748
June
391,418
380,611
York Railways
23,374 20,636
138,935
127,298
Youngstown & Ohio_ June
12,913 13,597
51.829
Youngstown & South April
49,700
b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in mike's. g Includes constituent
companies.

Electric Railway Net Earnings.-The following table
gives the return of ELECTRIC railway gross and net
earnings reported this week:

-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Yea,.
$
$
$
37,524
Portland (Me) RR_a__June
90,039
33,231
93,108
466,815
154,118
155,581
Jan 1 to June 30
467,921
a Net earnings here given are after deducting taxes.
b Net earnings hero given are before deducting taxes.
Roads.

Interest Charges and Surplus.
-Int., Rentals, &c.
- -Bat. of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
8
$
$
19,160
12,813
Bangor By & Electric__June
17,567
7,789
107,126.
77,488
Jan 1 to June 30
104,725
77,949
30,371
28,190
4,853
Chattanooga Ry & Lt _ _Juno
def3,356
177,369
167,164 def20,499
Jan 1 to June 30
40,299
39,341
38,947
Colum (0)Ry,P& Lt__June
54.468
40,786
233,044
244,135
Jan 1 to June 30
300,725
365,550
71,027
63,599
34,623
Cumber'd Co(Me)P&L.June
24,394
399,782
281.432
Jan 1 to June 30
84,393
52,824
55,435
63,906
E St Louis & Sub
10,985
June
28,777
325,107
378,635
Jan 1 to Juno 30
81,873
137,068
13,361
13,961
8,051
Grand Rapids Ry
June
25,401
81,149
70,889
82,527
Jan 1 to Juno 30
137,633
Hudson & Manhattan (all
210,519
37,645
29,789
June 213,060
sources)
333,438
391,941
1,269,690 1,250,688
Jan 1 to June30
Kingston Consol RRzdef642
12.218
Apr 1 to June 30
11,056
15,579
6,166
16,01,1
Lewis Aug & Watery_ __Juno
13,647 def20,136
92,994
94,122
Jan 1 to Juno 30
z47,934
z67,756
69,062
67,234
Milw Elec By & Lt_ _ __June
420,830 z381,145 z439,006
407,910
Jan 1 to June 30
x36,380
z31,109
55,477
55,996
Milw Lt, Ht & Trac_ _ _June
327,987 x134,037 x178,988
336,768
Jan 1 to June 30
20,827
41,337
33,653
42,101
_June
Nashville Ry & Light_
183,830
175,239
249,197
241,096
Jan 1 to Juno 30
32,685
63,938
183,987
185,589
Portl (Oro) By, L& P_ _June
96,900
527,223
1,105,780 1,069,572
Jan 1 to June 30
12,071
20,143
17,381
21,160
June
Portland (Me) RR
13,245
25,833
129.748
140,873
Jan 1 to June 30
Roads.

z-After allowing for other income received.

ANNUAL REPORTS
Lehigh Valley Railroad.
(Report for Fiscal Year ending June 30 1915.)
On subsequent pages will be found the remarks of President
E. B. Thomas at length, and also the profit and loss account
for the late year and the balance sheet of June 30 1915. Below are comparative figures of operating results and income
account for several years and comparative balance sheet:
OPERATIONS.
191243.
1911-12.
1913-14.
1914-15.
1;451
1,441
1,440
1,444
Average miles operated..
$29,285
$29,460
mile..
Oper. revenue per
$8,390
$8,714
Net earnings per mile__
5,518,524
5,349,848
5,729,042
No. passengers carried.... 5,206,972
No. pass. carried 1 mile_215,666,868 265,337,930 271,691,102 264,996,053
Average distance each
49.23
46.31
49.53
41.42
pass. carried (miles)..
1.792 cts.
1.775 cts.
1.807 cts.
Av.
. rov, per pass. per m. 1.875 cts.
Passenger train mileage_ 4,170,202 4,395,359
100.10 cts.
Pass. rev. per train mile. 96.97 cts.
60.37
51.72
Av. No. pass. in each tr..
No. tons carr.(rev. fgt.)- 30,268,701 29,773,280
5,186,201
Tons 1 mile (rev. fgt.)*- 5,326,329
8,336,572
Freight train mileage...... 8,580,867
Average rev, per ton per
0.657 cts.
mile (revenue freight) 0.661 cts.
Freight train earnings
$4.09
$4.10
(rev.) per train mile.._
Average No. tons in each
622.10
620.72
train (revenue freight)
*Three 000s omitted.
OPERATING REVENUES, EXPENSES, ETC., JUNE 30 YEARS.
[Owing to change in methods of classification, comparisons with earlier
years are inaccurate-see remarks on a subsequent page.]
1911-12.
1912-13.
1913-14.
Revenue from Oper.- 1914-15.
Coal freight revenue-419,195,756 $18.528.246 $20,385,389 $16,301,316
Mdse. freight revenue.... 16,005,501 15,541,886 16,339,749 14.591,240
4,867,554
4,703,734
4.795,148
4,043,709
Passenger revenue
191,821
191,704
195,053
195,125
Mail revenue
506,191
471,957
443.972
449,623
Express revenue
41¢,732
379,919
2,063,650
Other transp'n revenue_ 2,022,231
336,936
602,692
266,065
613,927
Miscellaneous revenue....

Total oper. revenue. $42,525,962 $42,170,647 $43,043,372 $36,905,935
Operating ExpensesMaint. of way & struc__ $4,483,925 $4,674,725 $5,694,422 $3,963,589
7,561„271
7,669,793
6,313,317
Maint. of equipment..... 8,207,491
- Traffic
-Gross Earnings--Net Earnings
982,858
1,0,40,594
980,117
059,830
expenses
Cutrent
Previous
Pr.vious
Current
15,382,187 15,804,059 13,993,617 12,606,962
Transportation
expenses
Year.
Year.
Year.
Roads.
Year.
875,652
898,734
856,265
913,955
General expenses
$
$
71,595
26,949
30,380
Bangor By & Elec_ a_ _ _June
60,968
expenses_329,947,388 $30,087,905 $29,107,820 $24,720,250
Total
oper.
368,686
185,076
182,213 P.C. oper. exp. to rev__
Jan 1 to June 30
371,438
(77.35)
(67.62)
(66.98)
(70.42)
91,477
27,015
33,043 Net operating revenue-...$12,578,574 $12,082,742 $13,935,552 $12,185,685
Chattanooga Ry & Lt.a.June
87,846
552,114
156,870
Jan 1 to June 30
207.463
509,117
INCOME ACCOUNT.
249,684
93,809
79,733
Colum (0) By,P & L.a.June 244,059
1914-15.
191,3-14. Inc. or Dec.
598,594
544,860
Jan 1 to Juno 30
1,515,373 1,521,742
$12,578,574 $12,082,742 +3495,832
Net operating revenue
217,868
95,421
98,222 Taxes
Cumb Co(Me)P&L_ a__June 218,658
81,689,100 $1,659,281
+29,828
accrued
484,175
434,256 Uncollectible railway revenue
Jan 1 to Juno 30
1,175,231 1,137,586
14,782
+14,782
225,180
74,891
84,212
East St Louis & Sub_a_Juno 193,293
$10,874,583 $10,423,461 +8451,222
460,508
462,175
Operating income
1,173,987 1,330,892
Jan 1 to June 30
Other Income109,413
22,012
38,762
Grand Rapids Ry_ a_ _ _Juno
92,411
325,440 -$394,248
deb.68,808
621,019
153,416
218,782 /lire of equipment-balance
560.721
Jan 1 to June 30
402,958 -77,379
325,579
Joint facilities-rents
IIudson & Manhattan (all
712,999 *1,241,034 -528,035
Dividends on stocks
250,705
456,181
240,308 Interest on bonds •
June 444,450
sources) a
428,027
+4,967
423,060
2,768,623 2.841,111 1,603,128 1,642,629 Miscellaneous
624,197 -79,783
544,414
Jan 1 to June 30
Consol
RR_bKingston
$12,816,895 $13,440,150 --$623,255
Total income
11,350
Apr 1 to Juno 30
35,915
Deduct27,067
Lewis Aug & Watery_ a_June
62,002
21,745
67,446
$3,459,738 $3,308,428 A-3151,310
on
funded
debt
Interest
Jan 1 to June 30
107,769
72,85
330,896
303,920
2,131,795
2,212,420 -430,625
Rents for lease of other roads
112,830
208,614
210,322
--1,709
126,559 Joint facilities-rents
Milw Elee Ry & Lt_ a_ _June 454,789
480,995
823,013 Miscellaneous rents
775,532
526,985
514,085
Jan 1 to Juno 30
2,925,750 3,023,671
+12,901
108,270
101,131
+7,139
41,916
46,919 Miscellaneous tax accruals
129,781
Milw Lt, H & Trac_a_ _June 123,653
59,048
37,104
+21,944
200,560
237,038 Miscellaneous deductions
Jan 1 to June 30
678,383
707,029
10,630
10,630
dividends (10%)
Nashville Ry & Light.a.June 165,511
62,928
74,990 Preferred
184,538
6,050,170
6,050,170
424,436 Common dividends (10%)
Jan 1 to June 30
424,926
1,059,738 1,116,434
Northw Penn By
June
31,098
8,167
5,574
31,127
27,401
42,110
Jan 1 to June 30
164.106
162,399
Portl(OrelRy, L & P_a_June 474,569
218,274
247,925
530,974
Jan 1 to June 30
2.736,355 3,271,659 1,202,680 1,596.795




Total deductions
Balance,surplus

$12,555,250 $12,444,290 +8110,960
$998,860 -$734,215
$261,645

* Includes dividend of $685,080 on Temple Iron Co. stock.

BALANCE SHEET JUNE 30.
[Owing to change in method of classification, comparisons
are inaccurate-see remarks on a subsequent page.]
1915.
1914.
1915.
Liabilities$
Assetss
Road & equip't_ 71,391.920 71,263,754 Common stock_ 60,501,700
106,300
47,241,6451 75,032,073 Preferred stock_
Stocks
Funded debt___ 75,767,669
26,849,926J
Bonds
89,829
Traff, &c., bats.
353,750
Notes
Vouch.& wages. 3,218,038
229,5101
Advances
408,184
306,8391 5,457,801 Matured int.,&c
Misc.investm'ts
476,185
Other work.11abi
Misc.phys.prop. 4,770,574
202,048
9,177.789 11,020,821 Misc. accounts..
Cash
558,5691
804,100 Unmatured int_
984,744
Agt,s. & conduc_
355,9811
198,666 Unmat'd rents_
133,082
Traffic, &c.,bals
3,373,261 Accrued diva_ _ _ 1,515,200
Material & supp 2,906,008
450,787
2,556,329 Taxes accrued__
Misc. accounts_ 2,993,995
404,228
395,913 Def. cred. items 1,862,692
Accint.,-rents.&c
140,393
147,007 Profit and loss__x23,692,717
Prepaid ins.,&c_
1,345,343
Oth.def.deb.item 1,321,493
Total

169,205,899 171,595,069

Total

with 1914
1914.
60,501,700
106,300
77,129,669
29,682
2,985,983
413,397
462,822
182,702
933,041
1,515,200
505,779
2,930,110
23,898,684

169,205,899 171,595,069

x After adding $574,236 adjustments account, distribution of cost of
sundry real estate purchased in prior years and $7,402 miscellaneous adjustments, and deducting $1,000,000 for reduction of book value of capital
stock of Coxe Bros. & Co., Inc., and $49,250 for property abandoned.
-V. 100, P. 1672.

Union Pacific Railroad.
(Preliminary Statement for Fiscal Year ending June 30 1915.)
The company has issued a statement of the results for the
fiscal year ending June 30 in comparison with those for the
preceding year. The figures are subject to change when the
final results for the year shall have been ascertained. We
append the figures for the year 1913-14and two earlier years
made up on the old basis, as shown in previous reports.
The decrease of 54,387,861 in "income from investments and other sources" is
due principally to distribution of $26,674,008 pref. stock and $50,013,765 common
stock of the Baltimore & Ohio RR. Co., as a part of the extra dividend declared
Jan.8 1914, payable to stockholders of record Mar.2 1914.
New BasisOld Basis
1914-15.
1913-14.
1913-14.
1912-13.
1911-12.
7,784
Average miles oper_
7,597
7,597
7,349
7,150
Operating income$59,253,344 $62,723,902 $62,434,292 $63,773,804 $57,483,558
Freight
18,817,047 20,704,719 21,070,802 21,322,493 20,207,257
Passenger
8,286,794
Mall, express, &c_.. 6,726,317 6,341,4631 8,610,239 8,542,162
Incidental
2,161,587
2,345,2481
Total revenue_ _ _$86,958,295
Maint. way & struc.$10,900,925
Maint. of equip__ 12,101,212
Traffic expenses_ _ _ 2,061,971
Transportation exp_ 23,108,140
Misce.. oper. exp__ 1,313,189
General expenses_ _ _ 2,811,421
Transp.for inv.-cr
160,143
4,641,474
Taxes

$92,115,332 $92,115,333 $93,638,459 $85,977,609
$10,872,882 $10,785,783 $10,688,564 $9,594,538
9,812,175
12,517,155 12,123,174 10.694,011
2,107,146
2,119,603
2,282,596
2,123,139
25,520,804 25,325,975 26,077,120 24,755,109
4,463,376
4,107,982
1,484,607). 4,892,724
2,885,664f
5,078,867

5,078,867

4,666,277

4,368,789

Net after taxes....$30,180,106 $31,626,214 $31,626,214 $34,941,966 $31,219,413
See note below
1,088,862
Other oper. Income_ 1,276,138
Total oper.inc....$31,458,244 $32,715,076 $31,626,214 834,941,966 $31,219,413
FiXed & 0th. chges_ 15,028,285 15,973,058 16,327,770 17,372,832 17,328,091
Surplus (transn.
•
oper's) after all
$16,427,959 $16,742,018 $15,298,444 $17,569,134 $13,891,322
charges
Equiv.(% on corn.
stk. (aft. deduc'g
pref. city. shown
5.74%
6.60%
below)
11,964,064 16,351,925 17,795,500 19,207,971 20,148,671
Inc.from inv., &c
7.36%
5.38%
P. C. corn. stock_
Total surplus____$28,392,023 $33,093,943 $33,093,943 $36,777,105 $34,039,993
3,981,740
3,981,740
3,981,744
Prof. divs. (4%)..... 3,981,740 3,981,740
$24,410,283 $29,112,203 $29,112,204 $32,795,365 $30,058,249
Balance
13.10%
10.98%
P.ct. corn. stock..
Common dive_ _(8%)17,783,328(9)19780,778(9)19780,778(10)21663370(10)21664739
Balance, surplus_ $6,626,955 $9,331,425 $9,331,425 $11,131,995 $8,393,511
Common stock outstanding June 30 1915, $222,291,600,on which percentages for
the years 1914-15 and 1913-14 are based.
Note.-The item of "other operating income" in the 2 later years is a new item,
, earlier years been included In that of "income from
the corresponding figure havingin
investments and other sources.' The item of -fixed and other charges", as well as
the details of operating income and operating expenses have been also changed under
the new method of accounting, although the final results remain unchanged.-V.101,
p. 214.

Southern Railway.
(Prelim. Income Statement for Fiscal Year end. June 30 1915.)
The company has issued, subject to final audit, a preliminary income statement for the late fiscal year in comparison with the preceding year, made up on the new basis of
accounting prescribed by the I.-S. Commerce Commission,
effective July 1 1914. Under the change in method the
results of so-called "outside operations" are now included in
gross earnings and operating expenses instead of being shown
separately as a net item as in former years. As all of the
other figures remain unchanged, we append the results of
two earlier years as given in the annual reports.
In connection with the semi-annual statement of earnings,
President Fairfax Harrison has given out the following extract from a letter recently addressed by him to one of the
largest holders of the preferred stwk.

-We have been through a hard year. The entire
Results of Operations.
South slowed up the pace at which it has been doing business for several
years, because when the cotton crop, which largely determines the purchasing power of the South, was ready for sale last autumn, the prices were at
first inadequate and later disappointing. As a result, the revenues of all
the railroads in the South went off badly, our loss aggregating $8,500,000
for the year, though our percentage of loss was less than that of our competitors. As soon as the tendency was evident, we applied emergency
brakes to expenses, and by extraordinary retrenchment of the most disagreeable kind, as well as by a renewed stimulus to economy, we have reduced expenses for the year more than $5,500,000. Whatever the armchair critics may say, knowing the conditions and the property, I believe
that we have done everything we ought to have done, and that further retrenchment would have been no economy.
The result is that we have come out of the fiscal year Just closed with a
surplus of about $1,500,000 above all fixed charges-seriously less than in
previous years of prosperity, but, considering our problem, not disappointing. The physical condition of the property has not deteriorated;indeed,
the track and roadway, like the personnel of the organization, is now better
I
than it ever was.




443

THE CIIRONICLE

AUG. 7 1915.1

To illustrate what this means, as compared with conditions in the past,
we carried this year more than 16,500,000 passengers, the equivalent of the
entire population of the territory we serve, with only a single fatal accident
to a passenger on a train, and he was riding on a car platform contrary to
the rules. The condition of the motive power is good, a most important
consideration. There is, however, some deferred maintenance in freight
cars, but nothing abnormal at a time when so many freight cars are idle of
necessity.
Status.-We have no maturing capital obligations to take care of until
after Jan. 1 next, when $2,000,000 of old underlying bonds mature and will
be taken up with consolidated 5s, and on Feb. 1 next there will mature
$5,000.000 of notes. The notes will also be taken care of. Meanwhile,
our cash situation is conservatively safe; our reserves for current operating
expenses are ample and our balance sheet is clean.
Bonds Sold.-As an evidence of the support of our bankers, you may have
noted that we have just sold $3,500,000 of divisional bonds to J. P. Morgan
& Co. to push on our work of double-tracking the main line. There never
was a time to get more for a dollar put into construction work than the present moment, as we have proved by our experience this past winter, and we
are confident that there is to be such a renewal of business in the South as
will justify the enlarged facilities we are Providing before we can get them
ready.
Outlook -Any holder of our preferred stock who holds for investment and
not for speculation, and can endure the short rations in dividends, will do
well to hold on, for, unless there is some general economic catastrophe affecting the whole country, the Southern will come out of this present situation stronger than ever it has been and better able to pay dividends. The
discipline of this experience of Lent is not without advantages.
Even if the business depression in the South extends over another year,
as some now prophesy, on the ground that the British may embargo our
now crop of cotton, we have the affairs of the Southern so in hand that we
can get through without affecting the property,though we cannot, of course,
think of dividends.
1914-15.
1913-14.
1912-13.
1911-12.
Average miles operated..
7,031
7,033
7,036
7,088
Gross oper. revenues_ _ _$62,199,510 $70,750,996 $68,529,490 $63,590,329
Total oper. expenses__ _ 46,174,711 51,760,649 48,273,923 43,696,237
Net oper. revenue..--$16,024,799 $18,990,347 $20,255,567 $19,894.092
Outside operations (net)
80,536
64,755
Net income
$16,024,799 $18,990,347 $20,336,103 $19,958,847
Taxes accrued
$2.595,828 $2,679,389 $2,480,387 $2,452,328
Uncollectible revenues._ _
28,916
Operating income
Other income

$13,400,055 $16,310,958 $17,855,716 $17,506,519
3,169,550
3,267,406
3,365,970
3.580,442

Total gross income_ _ -$16,569,605 $19,578,364 $21,221,686 $21,086,961
Deduclis from gross inc. $3,826,649 $3,799,062 $3,104,086 $3,180,160
Int. on mtge., bonded
and secured debt._ _
11,151,814 10,939,596 11,038,975 11,143,684
Balance
$1,591,142 $4,839,706 $7,078,625 $6,763,117
Dividends on pref. stock
2,700,000
3,000,000
2,700,000
Additions & betterm'ts_
77,188
91,929
48,660
44,989
Net income for year..
101, p• 289.

$1,513,954

$2,047,777

$4,029,965

$4,018,128

Boston & Maine Railroad.
(Preliminary Statement for Fiscal Year ending June 30 1915.)
In explanation of the decrease in deficit after charges for
the year from $2,044,742 to $334,462,President Hustis says:
The decrease in deficit has been accomplished despite a decrease of S1,487,237 (3.1%) in operating revenue, and without neglecting maintenance
of way or equipment. In fact, the program for track work, which last
year was not begun until after July 1, was undertaken this year early in
April and practically completed by June 30. Had the work been deferred
until the new fiscal year,this year's accounts would have shown fixed charges
earned and a slight surplus.
Th: improvement in operating results is the result of a combination of
increased passenger and freight rates and decreased operating costs. Just
how much additional revenue came from the higher rates it is difficult to
say, because of the smaller volume of business, but the figures for operating
efficiency are more definite. With a decrease of 3.1% in operating revenue
there has been a decrease of approximately 13% in all train and yard expenses. including locomotive fuel. Transportation expenses as a whole are
10% less than last year. Contributing to this result, the freight train load
has increased about 9% and the debit balance for freight-car hire has decreased 24%.
In this critical period in the history of the company, the helpful attitude
of the public in not insisting on unromunerative expenditures and the efficient co-operation of officers and employees have aided greatly in the better
fiscal result.
RESULTS FOR YEAR ENDING JUNE 30.
New BasisOld Basis
1911-12.
1914-15. 1913-14. 1913-14. 1912-13.
3
$
$
27,042,767 27,912,397 27,866,098 28,692,688 26,811,512
Freight revenue
15,256,610 15,851,615 15,851,615 16,049,174 15,693,674
Passenger revenue
3,208,953 3,127,780 2,897,381 2,959,507 2,739,880
Other traffic revenue..
798,811
812,136
745,296
1,164,717 1,269,492
Incidental revenue
46,673,048 48,161,285
Total oper. revenue
7,195,081 6,700,913
Maintenance of way
Maintenance of equipm't_ 6,695,420 7,835,145
Transportation expenses_20,393,861 22,683,783
Other operating expenses_ 1,625,409 1,636,377

47,413,905
6,545,830
7,733,871
22,654,409
1,362,568

48,513,506
5,424,104
7,769,904
23,547,503
1,359,914

45,990,363
5,823,545
6,411,596
21,793,591
1,058,563

Total oper. expenses__ _35,909,771 38,956,218 38,296,678 38,101.425 35,087,295
Net operating revenue_ 10,763,277 9,304.066 9,117,227 10,412,082 10,903,069
1,978,223 2,0.59,016 2,059,017 2,025,629 2,086,864
Taxes
5,944
Uncollected revenue
Operating income
Other income

8,779,109 7,245,049 7,058,210 8,386,453 8,816,205
1,204,473 1,906,595 1,702,250 1,544,143 1,016,789

9,983,583 9,151,645 8,760,460 9,930,596 9,832,994
Gross income
Hire fgt. equip., deb. bid_ 1,196,325 1,584,773 1,535,404 1,748,315 1,063,995
Rents,Int. & sinking fund 9,121,720 9,611,614 9,269,798 8,132,584 7,478,751
188,988
188,988
Divs. on pref. stock
(3)1185,150(4)1578,963
Divs. on common stock
Balance, deficit
-V. 101, p. 287.

334,462 2,044,742 2,044,742

1,324,441

477,703

Illinois Traction Co., Champaign, Ill.
(Eleventh Annual Report-Year ended Dec. 31 1914.)
The report signed by President Wm.B. McKinley, Champaign, Ill., and Vice-Pros. Executive and Gen. Man. H. E.
Chubbuck, Peoria, Ill., says in substance:
Acquisition.-The arrangement which had been under consideration for
several months covering the consolidation of the Western Railways & Light
Co. with the Illinois Traction Co., was consummated on a basis acceptable
to the directors of each company [V. 97, p. 1426, 15041. The operating
properties of the Western Railways & Light Co. were thereby brought under
the management of the Illinois Traction Co.. and the accompanying financial report includes the statements of these properties,[marked"x" below].
Results.-Satistactory increases are shown in the electric and gas departments, which were obtained by Judicious advertising and strenuous campaigns for introducing improved appliances for the use ofgas and electricity.
The interurban and street railway receipts have been affected by the
general business depression, which caused the closing of many manufactories in whole or in part,and by the increased use both in town and country
of the automobile, resulting in a slight decrease in such earnings.

444

THE CHRONICLE

[voL. 101.

this provision it is now entitled, when it
Close application to securing more efficiency and economy in the opera- equal to 75% thereof, and under
certified to an mount of $742,477. During
tion of generating stations and reduction of all items of operating expense shall so desire, to have bonds
and canceled $144,907 of the underlying
redeemed
been
has
resulted in a gratifying decresae in the operating costs at generating sta- the year thereamount
of underlying bonds redeemed to date is $983,513.
tions. This saving was partly offset by the increase in taxes and the in- bonds. The
the city of Montreal to remove as far as
of
desire
the
with
In
accordance
approxior
$61,484,
year
were
crease in wages to trainmen. Taxes for the
wires in thh city streets, the company is now proceedmately 16.6% above the amount so expended the previous year. Wage possible the overhead
to place its overhead feeder wires in the municiexpense
at
ing
considerable
exlines
interurban
and
city
the
of
several
on
trainmen
with
agreements
have so far been provided for that purpose.
pired and the terms of renewal agreements, which were decided by arbitra- pal conduits which
The company has also been working on a plan to make the power from
tion, provided for wage schedules which for the year increased our expense
interchangeable.
stations
the
different
$31,617.
Interurban Lines.-Between Springfield and Carlinville and between
RESULTS FOR YEARS ENDING JUNE 30.
Staunton and Edwardsville the installation of electric automatic block sig1912-13.
1914-15.
1913-14.
nals was completed, and there is now protected by this type of signal all Gross earnings
$6.525,232 $7,142,804 $6,754,227
the interurban trackage contemplated when the installation was decided Operating
4,032,664
4,206,114
3,713,996
expenses
upon. The addition of the 5,000 k. w. turbine in the Riverton power station will result in an assured continuity of power supply and a general sav$2,721,563
$2,811,235
$2,936,690
Net
earnings
ing in power-generating cost. The demand on the freight equipment was
Deductsuch as to justify the purchase of additional cars and an order was placed City
$489.080
$414,149
$527,384
percentage
for 50 standard hopper-bottom coal cars, 50-ton 'capacity. There was no Interest
721,151
825,415
787,769
bonds and loans
abatement in the construction of industrial tracks, nor in the replacement Interest on
800,000
800,000
800,000
stock
debenture
on
capacity.
increased
of
structures
concrete
with
bridges
of wooden
92,800
73,000
84,700
managethe
There were no serious accidents and the relations between
(10%)278,880 (10)242,056(7)156,382
s
ivxledends
Ta
D
ment and employees remained undisturbed.
63,714
82,237
Proportion discount bonds sold
275,000
200,000
275,000
Contingant account
RESULTS FOR CALENDAR YEAR.
23,670
Capital reserve
1911.
1912.
1913.
1914.
Earnings$124,991
$137,544
$194,565
$3,626,636 $3,604,265 $3,395,634 $3,238,713
Interurban lines
Balance, surplus
2,877,086
2,950,563
3,072,236
3,021,860
City lines
723,984
783,679
816,912
877,982
BALANCE SHEET JUNE 30.
Gas
2,218,419 1,835,990
2,636,714
3,002,378
Electric
1915.
1914.
1914.
1915.
216,966
240,507
274,672
314.640
Heat
Liabilities-$
$
$
$
,
Assets
54,377
121,675
116.299
269,358
Miscellaneous
stock_ _ _ 2,963,970 2,548,580
Road & equipm't_36,601,389 33,889,817 Common
2,711,572 Debenture stock_ _16,000,000 16,000,000
621,125
construction_
New
$9,710,477
$8,947,116
Total gross earnings_ _$11,112,854 $10,521,098
366,262 Bonds and mtges_16,793,350 16,943,257
356,262
5,775,043
5,404,623 Investments
6,198,872
Total oper. exp. & tax__ 6,587,462
623,604
346,986 Accounts & wages. 409,399
Accts. receivable_ 333,800
234,352
554,940 Accrued interest_ _ 232,606
355,125
Stores
Net oper. revenue_ _ _ $4,525,392 $4,322,226 $3,935,434 $3,542,493
on
tax
295,924
earns:
396,402
Accr.
216,869
68,811
Cash in bank, &cDeductUnred'm'd tickets. 171,919
157,476
underlying
do
$2,502,173
$2,672,402
$2,883,240
$3,290,787
&c__
bonds,
Inte•est•on
91,353
143,801
308,435 Suspense account163,487
fd.
red.
secur's
318,276
344,547
406,372
428,130
Preferred dividend (6%)
• 63,739
Dividend Aug. 1_. 74,100
1)224,805
Common dividends_ __(3%)367,390(23,
600,000
Capital reserve__ _ 600,000
117,631
Contingent acct__ 179,899
$722,044
$918,485
$807,809
$439,085
Balance, surplus
23,312
26,864
Miscellaneous _ __
From the surplus as above in 1914 there was deducted $309,580 for de664,166
539,175
Surplus
leaving
discount,
$877,069.
bond
preciation and $47,956 for
38;499,998 38,394,881
Total
38,499,998 38,394,881
Total
BALANCE SHEET DEC. 31.
-V. 101. p. 370.
1913.
1914.
1913.
1914.
Liabilities$
$
Assets•
Maine Central Railroad.
Stock of sub. cos_20,023,772 18,305,830 Preferred stock-- 7,135,500 7,135,500
Adv.to sub.cos.,&c 1,888,926 1,053,811 Common stock__ A2,251,100 9,993,400
596,378 Debenture bonds.. 810,000
Due by sub. cos.
(Statement for Fiscal Year ending June 30 1915.)
321,281 Accr'd int. & diva.
Accts. & notes rec. 348,079
439,571
1914-15. 1913-14.
of controlled cos
262,055
Stores on hand _ _ 234,910
1914-15. 1913-14.
657,346
3,206,458 3,148,382
294,252 Accts & notes pay. 505,633
Net revenue
148,092
$
Cash in bank
Revenues57,584 Freight
Special reserves
Deduct.7,195,228 7,458,052
*1;941,546 2,550,206 Passenger
Surplus
3,350,960 3,567,476 Railway tax accruals 644,785 611,495
191
248,204 248,018 UncollectIbleRy.rev.
Mall
22,643.779 20,833,607 Express
Total
22,643,779 20,833,607
Total
264,436 244,586
oper.
income_2,561,482
Ry.
2,536,887
127,872
the
which
discount,
bond
unexpired
109.685
total
other
transport'n
$623,518,
All
* After deducting
_ 181,910 187,985 Inc.from 0th.sources 822,972 606,585
directors have considered advisable to write off out of the accumulated Incidental
surplus instead of providing for this discount in yearly amounts during the
3,384,454 3,143,472
Total income
11,350,423 11,833,989
Total
life of the bonds, in order that the assets may show on as accurate a basis
Deductions from IncOper. Expensesas possible; also $35,741 for income tax adjustment and fire loss account„
303,616 323,935
come
Maint. of way, &e._1,630,630 1,677,408
$30,950.
1,453,471 1,268,140
Fixed charges
Maint.of equipment 1,745,053 1,859,491
135,734 138,025 Impts. to leased roads
PRINCIPAL COMPONENT PROPERTIES OF ILLINOIS TRACTION Traffic
49,338 203,335
SYSTEM (See "Electric Railway" Section, pages 22 to 26).
4,245,565 4,591,270 (chgd. as rental)
Transportation
54,512 Dividends (6%)...1,483,002 1,491,797
Illinois Central Traction Co.
Miscell. operations_ _ 55.367
xAtchison Ry.,Light & Power Co.
332,890 304,901 Add'ns & betterm'ts 74,643
General
Bloomington Decatur & Champaign RR. Jacksonville Railway & Light Co.
Transp. for investm.(Cr)1,174
Bloomington & Normal R.& Light Co. Jacksonville Railway Co.
Balance, surplus..._20,384 dt.143,736
xJefferson City Lt., Ht.& Power Co.
xCairo 0,W Gas Co.
Kansas Railway & Light Co.
Total expenses- _8,143,965 8,685,607
xCairo Electric & Traction Co.
Power
Co.
&
Light
County
Madison
Co.
Ry.
xCalro & St. Louis
Montezuma Elec. Lt., Pow. & Mg. Co.
RESULTS FOR THREE PRIOR YEARS ON OLD BASIS,
Cairo Railway & Light Co.
Monticello Electric Light Co.
Central Lighting Co.
1912-13.
1913-14.
1911-12.
Co.
&
Water
Light
City
xMound
Co.
Ry.
xChicago Ottawa & Peoria
$11,685,969 311,331,406 $10,643,051
Gross earnings
New Valley June. Water & Lt. Co.
xCitizens' Lighting Co.
3,148,382 3,044,015 2,952,832
Net, before taxes
xNorthern Ill. Light & Traction Co.
Citizens' Pure Ice Co.
Balance,stir. or def.(after dividends,&c.)__ _def.$143,736sur.$108,267 sur.$85,071
Oskaloosa & Buxton Elec. Ry. Co.
Clinton Gas & Electric Co.
-V. 101, p. 288, 213.
Oskaloosa Traction & Light Co.
Colfax Electric Light Co.
xConsum. Wet.& Lt. Co. of Marseilles. Peoria Railway Co.
Danville Champ.& Dec. Ry.& Lt. Co. Peoria Traction Co.
Commonwealth Power, Railway & Light Co.
xQuincy Railway Co.
Danville & Eastern Ill. Ry. Co.
St. Louis Electric Bridge Co.
Danville & Northern RR.Co.
(Report for Year ending June 30 1915.)
Ry.
St.
Co.
Louis
Term.
Electric
Danville & Southeastern Ry. Co.
St. Louis Springfield dr Peoria Ry.
Danville Street Ry.& Lt. Co.
G. Hodenpyl, N. Y., Aug. 2, wrote in subst.:
Anton
Edison
Topeka
Co.
Co.
Pres.
Ry.
Champ.
&
Urbana
Danville
Topeka Railway Co.
Decatur Railway & Light Co.
The directors on July 12 1915 declared the regular quarterly pref.dividend
Urbana & Champaign Ry.,Gas& El. Co.
Des Moines Electric Co.
of 1%% and common dividend of 1%,both payable Aug. 2 1915 to holders
Des Moines & Central Iowa Electric Co. Urbana Light, Heat & Power Co.
of record July 16 1915.
xWichita Railroad & Light Co.
xGalesburg Ry.,Ltg.& Power Co.
of earnings for the years ending June 30
The accompanying statements
a full year's earnings on the stocks acquired as of
RESUME OF SERVICE, EXCLUSIVE OF INTERURBAN, IN CITIES. 1915 and 1914 include
the year 1913 includes only the earnings
for
statement
the
but
Street Railway Service.-(a) In Illinois: Bloomington, Cairo, Champaign, May 11913,
company together with the earnings of the subsidiary companies
Danville, Decatur, Galesburg Granite City, Jacksonville, LaSalle, Madi- of your time
companies were owned by the Commonthose
of
stocks
the
the
for
and
Venice
son, Normal, Ottawa, Peoria, Peru, Princeton, Urbana,
Railway & Light Co.
Quincy. (b) In Kansas: Topeka, Atchison and Wichita. (c) In Iowa: wealth Power,
the subsidiary Consumers' Power Co.
[Under authority recently obtained
Oskaloosa. (d) Into Missouri at St. Louis.
made the owner and operating company of the properties
be
will
Maine
of
Gas.-(a) In Illinois: Cairo, Carlinville, Champaign, Clinton, Danville,
in
V. 101, p. 369.1
stated
as
Michigan.
Decatur, Galesburg, Jacksonville, LaSalle, Peru and Urbana. (b) In owned by it in
Missouri: Jefferson City.
FOR YEARS END. JUNE 30.
STATEMENT
EARNINGS
Heating.-(a) In Illinois: Bloomington, Champaign, Clinton. Danville, CONDENSED
Decatur,Galesburg and Urbana. (b)Iowa: Oskaloosa. (c) Kansas:Topeka.
from May 1 1913 only on stocks acquired that date.]
earnings
[Incl.
City,
Illinois.
and
Mound
Water.-Marsellles
1913-14.
1912-13.
1914-15.
1911-12.
Electric Lighting and Power.-(a) In Illinois: Abingdon, Bloomington,
on stocks owned
Brooklyn, Cairo, Carlinville, Champaign. Chenoa, Chrisman, Clinton, Earns.
$2,382,175 $2,463,861 $1,500,209 $1,098,931
_
mpanies_
in
sub-co
Glen
Galesburg,
Alton,
East
Paso,
El
Danville, Decatur, Edwardsville,
517,823
500,517
155,306
82,238
earnings_
Carbon, Gridley, Georgetown, Granite City, Hudson, Indianola. Jackson- Miscellaneous
ville (also ice at Jacksonville), Knoxville, LaSalle, Lexington, Madison,
$2,882,692 $2,981,684 $1,655,515 31,181 16
earnings
Gross
City,
National
City,
Mound
Meadows, Monticello, Morton, Marseilles,
$114,508
$64:865
$90,186
and taxes--- $104,316
Normal, Ottawa, Peru. Ridge Farms, Melt, Tremont, Urbana, Venice, Expenses
659,842
602,700
129,094
14,198
paid
Vermilion Grove, Wood River, Westville and Worden. (b) In Kansas: Interest
960,000
960,000
*460,000
360,191
stocks_
pref.
on
Divs.
New
Montezuma,
Moines,
Atchison and Topeka. (c) Iowa: Colfax, Des
4%)620,000(2%)275,000
(
(4%)620.000
stock..
corn.
on
Divs.
Sharon, Oskaloosa and Valley Junction. (d) In Missouri, Jefferson City.
[No statement is made regarding the outstanding bonds and preferred
Balance for replaceshares of the several controlled companies, which were increased during the
$595,676
$627,334
$741,914
$701,234
ments,deprec., &c_
year by the taking over of the control of the Western Railway & Light Co.
a
contained
1456)
V.
p.
98,
(see
for
1913
report
The
and its subsidiaries.
charge in 1912-13 ($460,000) includes $100,000 to
dividend
pref.
The
*
list of these securities aggregating $42,771,000 bonds against $37,085,000 cover dividend requirement for May and June 1913 on the $10,000,000 of
on Dec. 31 1912. and $4,659,500 pref. stock against $4,509,000 Dec. 31 additional
pref. stock issued as of May 1 1913.
1912 (see pages 22 to 26 of "Electric Ry." Section).-V. 100, p. 2166.
CONDENSED BAL. SHEET AS OF JUNE 30 1915 AND DEC. 311914.
Montreal Tramways Company.
June 30'15 Dec. 31 '14
June 30'15 Dec.31 '14
$
Liabilities,
$
$
s
Assets(Report for Fiscal Year ending June 30 1915.)
40,227,547 Capital stock.._a37,000,000 37,000,000
prop.owned.39,726,634
See.&
6% cony. bonds_ _10,000,000 10,000.000
-year
5
Ry.
Mich.
follows:
as
Pres, E. A. Robert on Aug.3 reported
1 Contracts payable 350,000
350,000
1
6% note guar'y_
612,137 1,501,025 Mich. Ry. Co.5%
Results.-It will be noted that owing to the war and the general financial Cash
1
6,457,628
1
guaranteed note
7,915,842
sub-cosAdvances
gross
its
in
decrease
considerable
has
a
suffered
company
this
depression,
142,911 Accrued accounts- 252,499
176,989
Accts.rec.(sub.cos) 176,497
revenue, this being partly offset by a saving in operating expenses.
23,947 Surplus
922,525
10,379
.920,982
The gross earnings have dee,reased during the year $617,572, or 8.65%; Int. rec.(sub.cos.)
96,456
81,990
the operating expenses $492,118, or 11.70%, and the net earnings $125,454. Debt disc.(amort.)
or 4.27%. The ratio of operating expenses to earnings is 56.92%. comTotal
48,523,482 48,449,515
48,523,482 48,449,515
Total
pared with 58.89% last year.
The sum of $212,732 has been charged to contingent renewal account
Prof.
includes:
stock
outstanding,
$16,000,000;
above
stock
a Capital
during the year, representing expenditures made for special renewals. In
$18,000,000: common stock deliverable on
addition the sum of $666,430 has been expended for the maintenance of common stock outstanding,
$3,000,000.
11916,
May
bonds
of
total
the
conversion
making
to
operating
charged
expenses,
and
plant and equipment,
* Of the amounts standing to credit of surplus accounts of subsidiary cos,
expenditure during the year on upkeep $879,162.
tO the Commonwealth Power, Railway & Light Co.
Capital Charges-Bonds.-During the year there has been expended on there are accruing undistributed
earnings amounting to 82,695,673,-V.
indenits
trust
under
company
The
June 30 1915
to
capital account the sum of $621,125.
ture is entitled to issue bonds on its capital expenditures to an amount 100.p. 1592. 471.




AUG. 7 1915.]

THE CHRONICLE

Lehigh Valley Coal Company.
(Report for Fiscal Year ending June 30 1915.)
F. M. Chase, V.-Pres. and Gen. Man., Philadelphia,
Aug. 2, wrote in substance:
11,
sults.-The conditions in the anthracite trade have not been very
satisfactory because of the mild weather which has prevailed during the
past several winters. While the tonnage mined shows a slight increase
over the preceding year, all of the increase was made in the first six months.
The second half of the year shows a decrease as compared with the same
period a year ago. Our total net income from all sources, after deducting
charges for royalties, sinking funds, depreciation and interest on funded
debt, amounted to $1,022,815, an increase of $457,955.
Coal Out
production of anthracite coal from the lands owned and
leased by Lehigh Valley Coal Co.,including that mined by tenants, was
8,088,901 gross tons, an increase of 211,511 tons. The percentage of sizes
above pea produced by the mining operations of the company was 65.41%,
a decrease of 1.05%. The bituminous coal mined from the Snow Shoe
lands, located in Centre County, Pa., amounted to 258,205 gross tons, an
increase of 5,474 tons.
Additions, (U.-The property was fully maintained and $517,542 was
expended for additions and betterments. 'rho steel fireproof breaker at
Packer No. 5 colliery was completed and is now in successful operation.
At Packer No. 4 colliery the alterations to the breaker and the concentration of the underground pumping are well under way. To reduce still further danger by fire, a complete spray system was introduced at each of the
frame breakers, effecting a substantial reduction in the premiums paid for
fire insurance.
Prospecting on the Broadwell lands in Lackawanna County is now in
progress with a view to commencing mining operations thereon and taking
the coal to Heidelberg colliery for preparation.
The operations on the bituminous coal lands at Snow Shoe are being
steadily developed to permit of greater efficiency. As soon as the power
lino, now under construction, is completed, electric haulage will be substituted for mules and electric coal cutting machinery will be introduced in
place of pick milling.
The properties at West Harrison St., Chicago, and Fillmore Ave.,
Buffalo, were sold during the year.
Sttit.-Included in the cash on hand is the sum of $678,085, representing an amount set aside on account of the special I'ennsylvania tax of 2 %
of the value of the coal mined. The constitutionality of this law has not
as yet been decided by the courts.
[As to favorable decision in Dec. 1914 by U. S. Dist. Court in anti-trust
suit against Lehigh Valley RR., see V. 99, p. 1910.]
Sinking Funds, &c.-By the sinking fund, $404,000 Delano Land Co.
1st M.5% bonds were purchased and canceled, reducing the fixed charges
by $20,200 p. a. "Deferred real estate payments," representing short-term
notes given for property in prior years, have been reduced by $100,000.
Payments amounting to $112.804 were made to the sinking funds of our
various mortgages.
Currtnt Asscts.-These are $3,521,901 in excess of current liabilities.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
1914-15.
1913-14.
1912-13.
1911-12.
Total surp. begin. year_ $4,225,685 $3,714,239 $3,486,637 $4,864,200
Net income for year._ _ _ 1,022,815
564,859
1,471,275
1,162,241
Impts. Jan. 1 1909 to
June 30 '12 originally
deducted from income
1,407,917
Total
$5,248,500 $4,279,098 $6,365,829 $6,026,441
DeductDeprec'n of impts., Jan.
1 '09 to Juno 30 1912
$2,566,240
Appr'ns for insur. fund
50,000
Miscell. adiustments__ _
$73,359
$53,413
35,349
$10,924
Adjust.ofPa.Statetaxes
67,126
Int. on ctfs. of indebt.
accr.priortoJ'ne30'11
2,528,880
Total
$140,485
$53,413 $2,651,590 $2,539,804
Total surp. end year- $5,108,015 $4,225,685 $3,714,239 $3,486,037
CONDENSED GENERAL BALANCE SHEET JUNE 30.
1915.
1914.
1915.
1914.
A ssetsLiabilities$
Property & plant_24,969,597 24,580,588 Capital stock.._ 1,965,000 1,965,000
Securities owned__ 200,000
200,000 Funded debt
19,892,000 20,206,000
Sink.fd. with trus. 2,570,394 2,758,523 Audited vouchers_ 570,862
845,650
Advances for coal _
Wages due &unp'd 517,705
533,847
mining rights_ _ 4,465,730 4,479.461 Due inclivls & cos.
45,855
22,392
Insurance fund__ _ 133,465
122,189 Royalties on coal
4,178,949 2,302,051
Cash
mined,duelessors
40,602
68,907
Mat'ls & supplies_ 321,830
323,054 Int. on funded debt
4,000
Notes receivable..
4,340
due & accrued
303,800
413,900
Due from lndivls
Def.real est.pay'ts 600,000
700,000
and companies- 1,700,744 2,421,815 Miscellaneous
1,354,513
832,389
Insurance & other
Depr. &oth. res've 8,384,531 7,445,073
156,822 Profit & loss
deferred assets_ 238,175
5,108,015 4,225,685
38,782,883 37,348,843
Total
Total
38,782,883 37,348,843
-V,99, p. 462.

Assets Realization Co., New York and Chicago.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Ira M.Cobe, N. Y., Mar. 17, wrote in substance:
[The officers are now: President, Grayson M. P. Murphy; Vice-Pros.,
Edwin A. Potter Jr., John W. McKinnon and Charles A. Marshall; Sec.,
William S. Hood.-Ed.
Li ptidation.-During the year our efforts were practically all directed
toward realizing upon the assets and in placing them in a favorable position
for conversion into cash. (See full statement in V. 99, p. 1296.)
United States Worsted Co.-In this company our investment is $1,314,700.
During 1914 the earnings were $241,219 (see V. 100. p. 1166). which was
insufficient to pay the first pref. dividend of 74,or $350.000. Our holding
of first prof. stock is $873,000. Operations were unfavorably affected by
the present tariff and the European war. The plants are modern,and under
proper conditions should do a profitable business. There is no market,
however, for such securities until the earning capacity is demonstrated.
Breakwater Company.-As a result of the reorganization, we own a substantial block of the stock of the successor company. The latter showed a
profit on operations for 1914. Our investment of about $1,000,000 has
been written down to $103,002. Reorganized under plan of March 23
1914 as the Coast & Lakes Contracting Co., with $2,500,000 cap, stock
in $100 shares ($1,500,000 7% cum. pref.) and $380,000 6% 2-year
gold notes, these last to be sold at 93 with 10% in common stock. Of
the new stock there was reserved for future use $450,000 pref. and
$262,000 common. Holders of the $1,000,000 old 1st M. bonds received
1009' in pref. with 5% additional pref. for interest front July 1 1913 to
April 30 1914, and holders of floating debt 50% or $700,000 in common
stock. The pref. stock is callable as a whole or in part for sinking fund
at 1073,6 and divs.-Ed.)
United Copper Co. Syndicate.-As a result of ths advantageous sale of a
portion of the collateral, a considerable part of the company's investment
has been returned to it, and this also resulted in a large reduction in the
Assets Co.'s contingent indebtedness. While legal complications and the
present market conditions are such as to prevent a ready sale at advantageous prices of the remaining collateral, there seems to be no reason to believe
that the company's entire investment will not be realized. (V. 101, p.292.)
Simms Magneto Co.-Our investment of $252.030 is represented by $215,000 pref. and $379,000 common stock. Operations for 1914 show a handsome profit. Prospects for 1915 are good. If this record continues, when
ordinary conditions return our interest should bring more than it cost.
Art Metal Construction Co.-We own $195,175 of the stock, carried on
our books at S236,829. The business has been greatly curtailed, owing to
business conditions, and dividends have been temporarily discontinued.
The stock, however, has an excellent record as a dividend payer, and under
normal conditions should command a substantial price.




445

Bitter Root Valley Irrigation Co.-Our largest individual investment is in
this property, and is subject to a bond issue of $976,000, covering the major
portion of the property. The outcome is largely dependent upon the sale
of land and the collection of the amounts due on the mortgages and contracts
owned by the company. Conditions in 1914 were unfavorable; the lands
have been largely used in apple culture, and the war has practically destroyed apple exports. The $100,000 bonds which matured Jan. 1 1915
were duly paid, with an advance of only $20.000 by the Assets Company.
While existing conditions are not favorable, the current year, under the now
management, may permit an estimate of the ultimate recovery.
Gage Park Realty Trust.-Our optimistic predictions appear to be justified.
Although there was, naturally, a sharp falling off in sales during the last
half of 1914, the unsold property is now being marketed more rapidly and
what remains will probably be sold during 1915 at profitable prices.
British & Foreign Trust, Ltd.-A tentative offer for our E66,666 from foreign interests was rejected, as reflecting the fall in values incident to war.
New South Farm & Home Co.-Owing to a large falling off in
receipts,
it has not been able to meet the maturing bonds, and a receiver the
has recently
been appointed. Outcome uncertain.
Monarch Lumber Co.-Our interest, about $300,000, is secured by a lien
on a large lumber mill on the Pacific Coast. We have not yet complete
title, owing to litigation, which it is hoped shortly to close.
the Pacific lumber business has been in great stagnation for a year,While
we should finally realize our full investment.
Morris Park Estates.-Our investment is still about $475,000. The mortgages taken for sold lots have been promptly paid as
interest and more
than $100,000 anticipated as to principal. Only aboutto
1% are in default.
Our contingent indebtedness of $1,500,000 has been eliminated.
Contingent Liabilities.-The Gage Park Realty Trust note issue
of $1.000,000 has been reduced to about$775,000, [now $753,000,
Ed.) and it is
hardly conceivable that we should be called upon on our guaranty.
The liability of the $1,500,000 Morris
note issue and on United Copper Co. Syndicate loan of $500,000 hasPark
been eliminated during the year.
The total contingent indebtedness, as far as can
be seen, has been reduced
from $3,750,000 to a possible liability of probably not
exceeding $340,000.
Reorganization.-Early in 1914 considerable time was devoted
to a reorganization plan, but it was not pressed, owing to
market conditions.
Upon resumption of normal conditions, reorganization probably
will again
be considered. In the meantime, for the purpose of eliminating
possible the interest charges, a plan has been formulated for the as far as
exchange
of assets for the indebtedness of the
and consents thereto are now
being obtained. If this plan is successful,
company,
it should eliminate a large part
of the expense of conducting the business and will largely
carrying
charges. [See a subsequent page of this issue and Vol. decrease
100, Page 311.)
Reduction in Certain Liabilities.-There has been a reduction
of
$3,780,412
in certain liabilities existing at Dec. 11 1913, as compared with the
same liabilities as of Dec. 31 1914, without including the increase of liabilities
by
reason of the notes issued to stockholders dining
the year, as follows:
Notes paid, cash
$219,900
5% distribution to noteholders Oct. 30
213.615
Accounts payable
376,117
Notes paid or reduced by sale and realization of collateral
421.061
Obligation in connection with Gage Park note issue, paid
114.080
Swenson Land Co.. claims settled
146,276
Gage Park Realty Trust 6% gold notes paid from sale of lots__ _ _
227,897
Contingent liabilities
1,981,287
Claims not on books Dec. 11 1913. settled
80,179
PROFIT AND LOSS ACCOUNT FOR THE YEAR 1914.
Losses sustained and amoints written off
$415,255
Profits realized
163,527
Deficit
$251,728
Deduct-Int. received,$121,246;real estate income, &c., $16,297 137,543

$114,185
Add-Interest allowed,$321,182; discount allowed,$8,217
Expenses year 1914, notably: Executive salaries. $58,218; office 329,399
salaries, $37,343; office rent, $4.067; examinations and reports
on properties, $4,314; audits, $3,637; telephones, telegrams
and cables, $4,438; traveling expenses, $7,492; legal expense,
$33,044; taxes on real estate,$19,283; corp'n taxes,$4,285,&c_
Extraordinary disbursements contracted prior to Jan. 1 1914: 211,972
Chicago office rent, $14,054; creditors committee, $10.000;
legal expense, $42,621; taxes, corporation, $3,168; etc.
73,987
Not loss for year 1914
$729.544
I:Y.13AL. SHEET DEC.31 1914 (Assets as Stated in books, not actual value).
Assets ($15,018,207)•
Morris Park Estates
$394,763
Real estate
$495,949 Miscellaneous
52,942
Cash
150,128 Deficit Jan. 1 1914, $2,Notes & acc'ts receivable 1,011,301
123,498: loss 1914. 5729,Claims_
280,153
544
2,853.043
Advancesto agents& others
6,251
Master certificates
28,228
Liabilities ($15,018,207)•
Mortgages
227,440 Capital stock
10.000,000
Contracts
85,716 Notes payable,secured_
$196,954
Stocks
1,195,641 6% gold notes
2,869,124
Bonds
1,146,058 Collateral gold notes
978,127
Certificates of indebtedness 64,456 Subordinated notes
- 179,535
Syndicates
399,426 Accounts payable
235,440
Magnesia Products Co
110,000 United Copper Co
17,980
U. S. Worsted Co
1,314,729 Magnesia Products Co.....
8,261
Bitter Root Valley Irr. Co_3,649,816 Reserve for losses. etc_ _ _ _
532.786
Gage Park,net equity_ _ _ _ x1,552,167 (Contingent liabilities)
$339.840
x Gage Park Realty Trust, exclusive of bonds and accrued int., $2,497,527; deduct bonds and accrued interest, guaranteed by Assets Realization
Co. (V. 95, p. 1475). $945,360; net equity, $1,552,167.-V. 100, p.1439.

United Cigar Manufacturers Co., New York.
(Report for Six Months ending June 30 1915.)
6 Months
Calendar Years
1915.
1914.
1913.
1912.
Gross profits
$1,524516 $3,766,932 $2,858,736 $2,705,824
Admin. & selling exp...
908.805
2,050,526
1,414,961
1,382,282
Profit from oper
$615,711 $1,716,406 $1,443,775 $1,323,542
Misc. profits, int.,Ate_ _
32.708
153,010
409,854
211,013
Total profit
$648.419 $1,869,416 $1,853,629 $1,534,555
Int. on loans & deposits_
a$71,189 84314,620
$345,259
$159,588
Divs. on pref. stock_(3% %)175,000(7%)350,000(7%)350,000(7%)350,000
Divs. on com. stock__(2%)362,080(4%)724,160(4%)699,160(4%)618,120 •
Total
$608,269 $1,388,780 $1,394,419 $1,127,708
Balance, surplus
$40,150
$480,636
$459,210
$406.847
a "Interest on loans, &c.," includes in 1914 and for the 6 months
ending
June 30 1915, in addition to interest on mortgages, loans, deposits, losses on
investments and dividends on preferred stock of the M.A.Gunst & Co..me
CONSOLIDATED BALANCE SHEET.
June 30'15 Dec.31 '14
Assets$
Cost of property_*20,676,308*20,691,979
Insurance,&c.,prepaid
143,610
69,640
Supplies, &c
7,075,368 6,800,037
Bills receivable... 197,554
205,290
Accounts recelvle. 1,689,782 1,733,970
Cash
734,126
620,890

June 30'15
LiabilitiesCommon stock__ _18,104,000
Preferred stock__ _ 5,000,000
Accounts payable_ 436,966
Bills payable
1,884,650
Mtg. of Phil. plant
50,000
Pref. stock M. A.
Guest Co., Inc_ 560,000
Deposits
102,781
Spec. capital res've 1,000,000
Surplus
3,215,115

Dec.31 '14
18,104,000
5,000,000
206,455
2,038,700
50,000
560,000
100,922
1,000,000
3,174,965

Total
30,403,512 30,235.042
Total
30,403,512 30,235,042
* Good-will, trade-marks, patent rights, as of Jan. 1 1915,
real estate, machinery, equipment and furniture and fixtures,519,104,000;
$1.186,661,
and investments in affiliated companies, $438,249, less excess of
depreciation over additions during the 6 months, $52,602.-V. 100. P. 551.

Western Power Co. (of N. J.), San Francisco, Cal.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. F. Lothrop Ames, April 16, wrote in substance:
Since Dec. 31 1914 the company has sold an issue of $1,000,000 2-year
6% collateral trust gold notes, dated March 1 1915, maturing March 1 1917;
and $533,000 City Electric Co. 1st M.5% 30-year gold bonds (V. KO, p.
1354, 1440). The proceeds from the sale of these securities will be devoted:
first, to the retirement of our 31,250.000 of 2-year notes, duo July 18 1916;
and for general corporate purposes, including additions, extensions, &c.,
Your company is the owner of the entire capital stock (less qualifying
directors' shares) of Great Western Power Co., a California corporation
designated as the "Operating Co.," and that company,in turn, controls the
City Electric Co. of San Francisco and the California Electric Generating
Co., which latter company owns the steam station in Oakland. [See
separate report of Great Western Power Co. below.)
COMBINED INCOME ACCT.FOR CAL. YEARS(INCL.GT.WEST.P.CO.)
(Inter-company accounts eliminated except as below stated-See "Note")
1912.
1911.*
1913.
1914.
Earnings$729.903
Light
$1,464,565
$2,300,334
895.421
,
$2,698,214
Power
440,587
Railway companies
615,188
Miscellaneous
Total
ExpensesGenerating
Distributing
1kc
Steam service,.
General expenses
Taxes

$2,681,099 $2,698,214 $2,300,334 $1,464,565

$995,031

3588,197

Total
Net earnings
Othet income

$995,031
$965.970
$873,764
$1,807,335 $1,732,244 $1,305,303
262,247
231,855
246,236

$588,197
$876,368
134,382

$275,382
314,373
46,856
100,900
136,253

$965,970

$2.053,571 $1,964,099 $1.567,550 $1,010,750
Gross income
$799,767
Int. on fund.dt.(see note)$1,280.849 $1,183,751 $1,101,613
40,870
53,585
53,275
Sinking funds
150,000
150,000
Pt. div.(Cal. El. G.Co.)6% 150,000
Balance, surplus

$569,447

$576,763

$275,067

During the past three years constructed 450 miles of distributing lines.
Earnings, &c.-The gross earnings for the calendar year aggregated
$2,681,099, and the net income, after paying bond interest, amounted to
$772.722. The general business depression during 1914 has, no doubt, had
its effect and it is reasonable to expect a more favorable showing for 1915.
1912. Inc..3Yrs.
1915.
4,228
12,772
17,000
Number of consumers served
110,000
171,000
61,000
-power
served-horns
load
Connected
Statistics for Year 1914: Kilowatt hours sold, 1248,470,000; maximum
demand on generating plant, 75,500 h. p.; annual load factor, 64%; demand factor (ratio of peak demand to connected load), 45%.
The territory served includes the following cities or towns having an
aggregate population (1910 Census) of 697,474, viz.: Albany, Berkeley,
Concord, Emeryville, Fruitvale, Martinez, Napa, Oakland, Petaluma,
Pittsburg, Richmond, Rio Vista, Sacramento, San Francisco, Santa Rosa,
San Leandro and Rocklin; and is located in the following counties, the
approximate area served aggregating 3,400 sq. miles, viz.: Alameda,
Contra Costa, El Dorado, Napa, Placer, Sacramento, San Francisco, San
Joaquin, Solano. Sonoma and Yolo.
Outlook.-The company owns a large acreage of land and controls water
rights on the north fork of the Feather River, which afford hydro-electric
power possibilities aggregating over 550,000 h. p., located directly on the
Western Pacific By. only 160 miles from the San Francisco terminal and
but go miles from navigable water of the Sacramento River, affording transportation for seagoing vessels. The Big Bend Plant, of an installed capacity
of 70,000 h. p., on the North Fork. therefore, represents only one-eighth of
the available power that will eventually be developed on the stream named.
Within service distance of our properties there exists at the present time
Isolated fuel-burning plants producing a total of some 135,000 h.. p., and as
the cost of fuel alone in many instances is greateristhan the cost of our
inevitable. Within
electric energy,the gradual change to electric drive
3,000 miles of steam railservice distance of this company there are also some
eventually be electrified.
road main lino. A large portion of this must
Rates for water in Central California for irrigation range from $2 to $6
per acre per annum. The present storage of Big Meadows Reservoir, at
the now ruling irrigation rates, represents a potential earning capacity of
over $500,000 per annum, and the ultimate storage will suffice to irrigate
a much larger acreage eventually returning an annual revenue of several
times the present potential earning capacity.
the growth of
The completion of the Panama Canal will, no doubt,induce
time. In fact,
new industries and stimulate those existing at the present
boy
industrial
inquiries
plants.
increasing
through
apparent
this is already

$210,983

* Includes the City Electric Co. operations from July 1 1911.
Note.-The item "interest on funded debt" represents the total Interest
payable by the several companies upon their entire funded debt, including
$849,000 Great Western Power Co. 1st M.5s owned by Western Power Co.
The item "Dividends on California Elec. Gen. Co. pref. stock" covers
accrued divs. at6% per annum upon the entire issue of $2,500,000,including
California Elec. Gen. Co. pref. stock owned by Western Power Co.
"Other income" includes interest charged to construction. The amounts
so credited being for the year 1914,$245,844, and for year 1913, $224,190.
The surplus for the several years above shown wore further increased by
"miscellaneous additions" and again decreased by "miscellaneous deductions," with the result that the unappropriated surplus for 1911 was
$219,425. for 1912 $422,317,for 1913 $589,562, and for 1914 $349,610, and
the total unappropriated surplus Dec. 31 1914. $1,905.567.
The "Miscellaneous Deductions from Surplus" of $227.070 during the
year 1914 cover extraordinary appropriations, largely applicable to other
years, as follows: Replacement charges and cost of plant dismantled and
written off, $123,049; reserve for income invested since Dec. 31 1912 in
fixed capital, per instruction of Cal. RR. Comm., $20,880; Calif. Elec.
Generating Co. prof. stock disposed of to subscribers of Great Western
Power Co.bonds,$83,141. Misc.additions to surp.in 1914 aggregate $7,233.
CONS. BAL. SHEET DEC. 31 1914 (INCL. GR. WESTERN P. CO., ETC.)
Liabilities (Concluded)3
Assets (Total $51,686,432)49,161,512 Gr. West.Pow.Co. 1st M 5%
Cost of property
a21,576,000
sinking fund bonds
868,255
Miscellaneous investments
172,923 Cal. El. Gen. Co. 1st 5s,Ser.A. 1,141,000
Materials and supplies
1,979,000
Notes and accounts receivable 432,850 City El. Co. 1st 5s
101,169 West. Pow. Co.2-yr.6% notes 1,250,000
Cash
272,323
632,421 Notes payable
Special deposits
175,794
6,592 Accounts payable
Interest & dividends receivable
662,414
taxes__
and
interest
Accrued
342
Sinking funds
85,724
Unamotized bond disc. & exp_ 236,350 Insurance, &c., reserves
147,730
74.018 Sinking fund reserve
Prepaid expenses
Dec.
31
since
invested
Income
(Total
$51,686,432)Liabilities
20,880
1912 in fixed capital
Corn. stock (West.Pow. Co.)_14,670,000
1,905,567
Pref. stock (West. Pow. Co.). 6,000,000 Surplus
1,800,000
Co.)
Gen.
El.
Prof. stock (Cal.
a Includes $721,000 pledged with trustee of the California Electric Generating Co. bonds (not bearing interest).-V. 100, p. 2015, 1354.

Great Western Power Co. of Cal., San Francisco, Cal.
(Report for Fiscal Year ending Dec..31 1914.)
Pres. Mortimer Fleishhacker, San Francisco, Jan. 31 1915,
wrote in substance:
Organization.-Incorporated in California Sept. 18 1906, and in Dec.
p.,
1008 the initial hydro-electric development at Big Bend, of 55,000 h.
was placed in operation, together with a steel tower transmission line,
carrying duplicate circuits. In 1909 the California Electric Generating Co.
(V. 88, p. 689; V. 92, p. 1438; V. 93, p. 668), a subsidiary company,completed an auxiliary steam plant in Oakland. Control of the City Electric
Co. of San Francisco was acquired June 30 1911, by purchase of its entire
capital stock. This property consists of a 28,000 h. p. steam plant and
an extensive distribution system in the city of San Francisco. The Western
Power Co. of N. J. is at present a holding company of the Groat Western
Power Co., the latter being the operating company, and, with its subsidiaries, constituting the Groat Western Power System.
Physical Properties Developed and Operative (as of Dec. 31 1914)
(a) Generating stations (total gen. cap., 113,000 h. p.) and reservoir:
Big Bend hydro-el.plant,h.p__70.00010akl. steam pit.(C.E.G.Co.)_15,000
250,000
San Fr.steam plt.(City EI.Co)28,000 Big Mead. Res.,cap., acre ft 3
(b) Transmission system: 154 ml es of steel tower line-two -phase
hydrocircuits-operating at 100.000 volts, extending from the Big Bend Valley;
electric plant in Phunas County to Oakland, viz the Sacramento volts,
also 2 submarine cables (each 4 miles in length) operating at 11,000station
-electric
connecting the San Francisco steam plant with the hydro
and the Oakland steam plant.
(c) Substations: 6 primary and 7 secondary. Total installed transformer capacity, 113,000 h. p.
(d) Distributing system: miles of distributing lines: overhead, 780;
underground, 20; total, 800.
Recent Additions to Plant, 1913-14.-The Cal. RR. Comm. authorized
the sale of the following securities: (a) On March 11 1913 $4,411,000 of
our 1st M.507 bonds, to provide for general additions and improvements to
the transmission and distributing system, the purchase of additional lands
for the Big Meadows reservoir, and for the completion of the Big Meadows
dam and the Big Bend Extension. (b) On Feb. 24 1913 $833,000 1st M.
Big
5s of City Electric Co. on account of previous plant extension. Tho
by
Meadows Dam was completed early in 1914 to a height of 80 ft., and
March 1 the reservoir was filled with water. The structure is a very
its
at
thick
ft.
long
100
ft.
and
600
type,
hydraulic-fill
massive one of an
crest and over 600 ft. thick at its base. The reservoir contains at the
present time 250,000 acre feet of water, insuring the continuous full load
output from this station oven through the dryest years.
During the past two years work has been in progress for the extension or
the Big Bend Power house to the extent of four additional generator units
duplicating the original Installation. The power-house has been extended
and one of the two new venerators has already been installed, making the
present capacity of the station 70,000 h. p. The accomplishment of this
-electric plant facility relieves both steam plants of the
additional hydro
major portion of their load.
a 12,000-volt submarine cable was laid across San Francisco
1912
in
Early
Bay from Oakland to San Francisco, a distance of 4 miles, and has been
operating very successfully. A second similar cable having a capacity of
5.000 k. w., was laid in 1914, resulting in a material saving in our San
Francisco exponses.




[VOL. 101.

THE CHRONICLE

446

As to earnings and balance sheet, see report of Western
Power Co. above, and for proposed guaranty of bonds of
Consolidated Electric Co. see United Light & Power Co. under "Industrials" below.-V. 100, p. 2013.
Maple Leaf Milling Co., Ltd., Toronto.
(Report for Fiscal Year ending March 31 1915.)
Managing Director Hedley Shaw, Toronto, May 28,
wrote in substance:

our report shows net earnResults.-In spite of the outbreak of the war,
We have been entrusted by
ings for the year amounting to $1,048,998.
with some very large
governments
other
and
British, Canadian, Ontario
for the manner in which
flour contracts and received many compliments
wo were the
example,
interesting
an
As
orders.
large
these
we handled
for the South African Governsuccessful tenderer's for 75 car loads of flour
on Thursday, and on Saturday
ment. We received shipping instructions
in New York within three days.
tile shipment was on the way, andadvised
you that we felt warranted, even
Addition.-In our last report we
our capacity at Port Colborne
In a year of financial depression, of increasing
storage capacity for wheat at
our
to
adding
also
and
daily,
to 9,000 barrels
been more than justified, as we have
our elevator there. Our action has
to full capacity for several months.
been able to run our Port Colborne plant
York.
We have also opened an office in New
Colborne, Konora, Brandon,
Properties.-These include mills at Port daily
capacity, 15,000 barrels;
St. Catharines, Thorold and Welland; total
West.
Canadian
the
also 50 grain elevators in
ENDING
MARCH 31.
INCOME ACCOUNT FOR YEARS
1911-12.
1912-13.
1913-14.
1914-15.
$440,394
$418,169
$280,035
$1,048,998
Net earnings
____
$134,604
$151,036
$173,560
Bank interest
$175,000
$175,000
$175,000
$175,000
Pref. divs.(7%)
Balance,surplus

$700,438

$92,083

$130,790

$105,036

BALANCE SHEET MARCH 31.
1915.
1914.
1914.
1915.
,
Liabilities
$
$
Assets&
Pref.
(p.
d.)
stock_2,500,000
5,240,014
2,500,000
&c.5,284,670
Real est., bidgs.,
32,343 Common stock
2,500,000 2,500,000
Office, stable, &c__ _ 38,589
Bankers' advances_ _1,291,131 2,958,180
Good-will and trade_
_
229,661
305,973 395,760
payable_
Accounts
229,661
marks
17,450 Div. payable Apr. 18 43,750
43,750
29,564
Investments
19,314 Contingent account. 226,722
3,275
23,956
Cash
395,103
333,968
Profit
and
loss
1,034,406
437,998
Bills & accts. receiv_
1,849,146 2,791,496
Inventories
9,552
8,398
Miscellaneous
Total
7,901,982 8,734,933
7,901,982 8,734,933
Total
elects only two directors unless its
(Par of all shares $100 each. Prof.
but then has equal voting power with
dividends are 2 years in arrears,
it is said, at 145.)
common shares. Redeemable,Cameron,
K.C.M.G.; Vice-Pros,, Cawthra
Directors.-Pres., Sir D. C.
Shaw; J.S. Barker, Robert Cooper,
Mulock; Managing Director, lIedley0.
W. Band; Soc.;John Carrick.Gordon Perry, John I. A. Hunt,
V. 100, p. 1923.

Mexican Petroleum Co., Ltd. (Delaware).
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. E. L. Doheny, Los Angeles, June 10, wrote in brief:

a profit on operations of over
Earnings.-Tho report for 1913 showed
have been about $2,750,000. Not$4,250,000. For 1914 the earnings
can be no doubt that the developwithstanding this groat decrease, there
both on your oil lands and in the market
ments since the beginning of 1914,
future, must add greatly to any appraisal
conditions as thoy relate to theproperties
(V. 99, p. 125).
which might be made of your
Productton.-Notwithstanding the increased capacity of the wells, reat
Chijol,
on the Mexican Petroleum
made
developments
sulting from the
Co.'s property; and at Cerro Azul, on the lands of the Huasteca Petroleum
1914 was 8,711,455 bbis., as compared
Co., the conserved yield for the year1913.
This decrease is almost wholly
with 9,624,764 bbls. conserved in of a large
number of the Ebano wells,
accounted for by the shutting in deliver
the
to
oil to customers or move it
either
inability
the
of
because
to the storage tanks in the vicinity of Tampico.
were
There is no noticeable decrease in the flow of any of the wells which yield
completed and producing during and prior to 1914. The available
from those wells is approximately 7,000 bbls. a day from the property of the
from
Mexican Petroleum Co., and an actual taking of 23,000 bbis. per day
producCasiano No.7 of the Huasteca Petroleum Co. The daily potential
tion of Casiano No. 7, together with that of No.6 on the same property at
Casiano, is estimated at over 75,000 bbls.
We feel reasonably certain that when market conditions permit the
opening of all of our now completed wells to their fullest capacity, they will
yield more than 200.000 bbls.
Sales.-Salos during 1914 amounted to 8,231,348 bbls., as compared
bbls.
with 12.325,288 bbls. sold during 1913-a decrease of over 4,000,000taken
of oil
This difference was caused by a large falling off in the amountRailways
of
the
by
National
especially
Mexico,
by customers for use in
of
Mexico, whose contracts with your companies called for the delivery
more than 3,500,000 bbls. annually, of which amount only 422,515 bbls.
were
use
1914
in
in
domestic
Mexico
for
sales
were taken during 1914. The
2,297.864 bbls., a decrease of nearly 2,500,000 bbls.
Exports for 1913 were 7,602,058 bbls.; for 1914, 5,933,488 bbls., a docrease of more than 1,600,000 bbls., attributable, to some extent, to the
disturbed political conditions in Mexico, which caused the management to
refrain from extensive contract undertakings during last year.

A[Ju. 7 1015.]

THE CHRONICLE

Market Facilities in U. S.-Twenty-two miles above New Orleans the
company has acquired the Old Destrehan Plantation of 1,012 acres, which
has a frontage of 6,000 ft. on the Mississippi River, and extends back to
the Illinois Central RR. A pipe line connects the wharf with steel tankage,
having a capacity of 440,000 bbls. Our modern refinery here has a capacity of 6,000 bbls. daily. Total expenditures on this property to Dec. 31
1914, 3399,279. About 200,000 bbls. of oil were moved into storage at
Destrehan during last year.
Adjoining Now York Harbor, at Cartaret, N. J., the company has purchased 334 acres of land favorably situated both for the storage and refining
of oil. Contracts for a wharf, dredging and the building of 10 steel tanks
have been let. There has been expended on this tract up to June 1 1915,
including cost of land, $547,500, and about $200,000 more will be expended
for wharfage, pipe lines, storage tanks, &c., by Dec. 31 1015. The company has leased land at the harbor, in Providence, R. I., for 87 years, and
will expend about $90,000 in extending the wharf, erection of tanks, &c.
At Boston work will shortly begin on a wharf, steel tanks, railroad sidings,
&c., making a total investment at this port of more than $200.000. Work
now in progress at Portland, Me., on a wharf, dredging, railroad sidings
and tanks will cost substantially $150,000.
New Steamers.-The Petroleum Transport Co. has just contracted for
the building of throe additional tank steamers of 55.000-bbl., 70,000-bbl.
and 90,000-bbl. carrying capacity, respectively.
Contracts.-Within the last 30 days contracts have been definitely closed
with two large consumers for the sale of 7,500,000 bbls. of oil. Both of
those contracts require the transportation of this oil by or through your
cos.
British-Mexican Petroleum Co.-During April 1915 negotiations which
had been pending for nearly a year ripened into a signed agreement with
a,
number of gentlemen of high business standing who are well known internationally. Tho agreement provides for the formation of a company whose
purpose it is to purchase the oil of your companies and deliver it for consumption abroad. It is agreed that one-half of the stock of this new corporation, which is to be called the "British-Mexican Petroleum Co.," will
be owned by the Mexican Petroleum Co., Ltd., and one-half by the gentlemen with whom the aforesaid agreement has been made. The manufacturing plants, railway and steamship lines in which these gentlemen are
interested are consumers of enormous quantities of coal, the source of which
is ample; but the cost and regularity of the supply have proven uncertain.
They therefore desire a raliable supply of the better class of oil fuel. Our
new associates, who own the patent rights for the construction of the most
successful internal-combustion engine for maritime uses, and who are also
interested in freight-carrying vessels which ply on the seven seas, have
agreed to construct all their now boats as oil-users.
COMBINED INCOME ACCOUNT CAL. YEAR 1914.
Oil sales to customers (bicl, sales to dep'ts, $82,865), $5,236,137;
increase in oil on hand during year, $203,791; total
$5,439,928
Deduct-011 purchased, $628;freight on oil sold,$968,712; total_
Operating expenses, $935,994; paid and accrued to holders of 969,340
Coast Pipe Line bonds part. ctfs., $24,389; depr., $423,872;
total
1,384,255
Operating profit
$3.086,333
Miscellaneous interest (net)
6,955
Total
$3,093,288
Bond interest
330,232
1911.
1912.
1913.
Balance for dividends_ _ ..$2,445,705 $2,849,771 $4,275,370 $2,763,056
Profit on sale of Petrol'm
Transport Co. stock_
907,396
Total
$2,445,705 $2,849,771 $5,182,766 $2,763,056
Preferred dividends (8%) $959,983
8959,9831 $2,173,100
Common dividends
302,401
903,562I
Balance, surplus
$1,183.321
$926,226 $3,009,666 $2,763,056
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1914.
1913.
1914.
1913.
AssetsLiabilities$
$
Cost of properties,
M. P. Co. (Del.)
oil lands, &c_59,105,279 57,858,406
common stock_ _37,639.000 37.839,000
Cash with M.trus. 284,849
243,898
do pref. stock _12.000,000 12,000,000
Investments
48,100
28,200 M.P.Co.(Cal.)stk.
85,859
87,659
Cash
665,825
167,068 HuastecaP.Co.stk.
2,500
2,500
Bills & accts. reo 1,728,114 1,983,974 Bonded debt
a4,681,700 5,694,855
Oil stocks
1,173,070
909,279 Bills payable
157,061
Materials & supp_ 527,868
573,327 Accounts payable_ 617,854
598,419
Live stock
247,785
320,789 Accr.bond int.,&c.
70,638
94,083
Asphalt distill.,&c.
33,305
29,588 Deprec'n reserve_ 1,267,319
843.447
Mex.Gov.dues paid
General reserve _ _ _ 152,166
152,166
under protest 1,006,808
705,482 Reserve for taxes_
23,219
127,568
Deferred charges_ 143,761
173,438 Profit and loss___b8,372,707 5,854,686

447

Central District (Bell) Telephone Co., Pittsburgh.
(Report for Fiscal Year ending Dec. 31 1914.)
1914.
1913.
1914.
1913.
Gross earnings___$6,673,126 $6,063,324 Net earnings
$1,542,103 $1,262,352
Oper'g expenses_ _$2,668,832 $2,397,550 Interest
$482,812 $251,227
Maint. & replac'ts 2,275,214 2,215,929 Dividends (7%) 1,050,000
910,000
Taxes
186,977
187,493
Total deduc'ns.$1,532,812 $1,161,227
Net earnings $1,542,103 $1,262,352 Balance,surplus__
$9,291 $101,125
Stations owned in 1914, 173,575, against 165.416 in 1913. Connecting
and miscellaneous stations in 1914, 43,802, and number
of miles of wire
445,393, against 44,902 and 414,589, respectively, in 1913.
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Assets5
5
LiabilitiesReal estate
2,055,367 2,043,158 Capital stock _..__15,000,000 15,000,000
Telephone plant 19,895,497 18,183.765 Funded debt
9,950,000
4,299,947
Furn.,fixtures,&c. 364,141
419,154 Accounts payable_ 298,278
305,640
Cash and deposits 386,865
416,120 Accrued accounts
Bills & accts. rec._ 7,410,972 3,391,702
not due
538,717
480,544
Stocks and bonds_
9,176
4,300 Employees' benefit
Prepaid expenses_
62,774
47,980 fund
255,000
255,000
Sinking fund
50,105
Replace't reserve_ 3,428,279 3,035,948
Unamortized debt
Other reserves____
9,281
6,062
discount, &c___ 397,339
Surplus
1,152,683 1,143,040
Total
30,832,230 24,506,179
Total
30,632,236 24,506,179
-V. 100, p. 736.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Artesian Belt RR.-Receiver Discharged.--

Press dispatches state that the Court of Civil Appeals of
Antonio,
Tex., has issued a writ of mandamus taking the property outSan
of the hands
of J. 0. Terrell, receiver, into whose hands it had been placed
by
District
Judge F. G. Chambliss of Floresville, and restoring it to the custody
of the
West Texas Bank & Trust Co. of San Antonio, executor of the will
of
Dr. C. F. Simmons. Receiver Terrell was recently quoted as
saying
that
the proposed extension to Crowther, Tex:, on which 15 or 16 miles have
been graded, may be built within 3 or 4 months.-V. 95, p. 418.

Boston & Maine RR.-Bill.-The bill approved by the
reorganization committee of the leased lines was presented
on Aug. 4 to Gov. Spaulding of New Hampshire, who, it
is thought, will recommend its passage by the State Legislature at its next session.
The bill, it is said, is practically the same as the one passed by the Massachusetts and Maine legislatures, except that it is more far-reaching.
A
recent draft was stated to provide for but one class of pref. stock, for a $50
assessment on each share of B. & M. common stock, and for an option to
the B. & M. to release or purchase the lines heretofore under lease.
The precise terms of the measure have yet to be made public, but
man Knowlton of the B.& M.stated on Aug. 4 that there were "veryChairgrave
differences of opinion among the trustees with regard to an assessment, and
that he personally hopes nothing like a $50 assassinent will be considered
necessary." C. W.Crocker,counsel for the minority B.& M.stockholders,
also said: "We do not intend to allow this bill as proposed by the conference
committee to go through the New Hampshire Legislature without a fight.
We shall protest as hard as we can against the $5() assessment on the common stock." It is thought unlikely that payment of tho $17,000,000
notes through such asseesment is made a pro-requisite to a deal
with the
leased lines.
It is understood that neither the Governor nor the members of the committee believe that there is sufficient time between now and Sept. 2, when
the $17,000,000 notes become due, to pass the neces.sary legislation "but
the idea is that if the Legislature is called and the noteholders are convinced
that it is to be for their benefit, that another extension of the notes will
be made."-V. 101, p. 287.

Brooklyn Rapid Transit Co.-Coney Isl. Term'l Lease.-

The P. S. Commission has approved an agreement between the New York
Consolidated RR. and the Nassau Electric RR. by which the former leases
for 999 years the terminal of the latter at Coney Island. The consideration is $247,000, which the New York Municipal Railway Corp. is auTotal
64,982,782 63,051,445
Total
64,962,762 63,051,445 thorized to charge against the cost of construction under the dual system
Under the agreement between the Consolidated Co. and the
a Bonded debt, $4,681,700, as above in 1914, includes Mexican Pet. Co., contracts.
Nassua Co. the city and the New York Municipal Ry. Corp. will agree
Ltd.(Del.), 1st lien and ref. sinking fund gold bonds, $3,654,200; Mexican modification
to a
of the dual system contract whereby the city will obtain
Pet. Co. (Cal.) sinking fund 6% gold bonds of 1910, 582,600; Huasteca right-of-way
a
for two tracks into the Coney Island terminal between AvePetroleum Co. and Mexican Pet. Co. Ltd. (Del.) joint 6% gold bonds,
nue
Ave.
Surf
and
Y
for
the
use
of
the
trains
to
be
operated
over
the New
$269,400 Huasteca Pet. Co. Coast Pipe Line 1st M. gold 6s, $675.500
Utrecht
Ave.
elevated
railroad.
The Sea Beach RR. has already obtained
b After deducting $45,035 expenses in connection with steamships sold in
the right-of-way into the terminal for its trains, so that by the new
1913.-V. 101, p. 291.
inents, trains to Coney Island through the Fourth Ave.subway willagreeenter
terminal,
Asbestos Corporation of Canada, Ltd.
whether
the same
operated over the Sea Beach or New Utrecht
Ave. route.-V. 101, p. 366, 376.

(Third Annual Report-Year ending Dec. 31 1914.)
Pres. W. G. Ross in Feb. 1915 wrote in substance:

The year shows a gross profit, before providing for interest on this bonds
and provision for renewals and betterments, &c., of $343,236, as compared
with $270.932 for 1913. The tonnage produced was the same as last year.
The unfilled orders on hand amount to $666,214.
Additions and betterments amounted to $85,053, and $40,000 has been
provided in a special reserve account for doubtful accounts.
The properties were operated throughout the year, except the British.
Canadian property at Black Lake, which was closed during the winter.
The production of this property has not been satisfactory, owing to the
small percentage yield of asbestos, and we have decided to drive a tunnel
that will not only prospect your Black Lake property, but will prove the
value of the Manhattan pit.
The change in the hoisting and handling facilities at Kings pit aro to be
carried out during 1915 in order that the new plant may be put in operation early in 1916. The change involves an expenditure of about $200.000.
In the property immediately adjacent, two holes were drilled to a depth of
400 ft. below the present bottom and showed material as good as that extracted. Based on this depth, the territory prospected, which
only a
comparatively small part of our property, has a tonnage sufficientisfor
over
40 years' operation.
Our office at Hamburg was closed at the outbreak of hostilities and this
unsettled our business, over one-half of which was done in Germany and
Austria. We hope, however,for increased demand from England,and with
the orders on hand from the United States, the results for 1915, in spite of
the unsettled conditions,should be fairly good under the circumstances.
•
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
1914.
1913.
1914. 1913.
Net profit
$343,236 $270,932 Renewals & betterments $85,053 $67,418
Bond interest
$150,000 $148,750 Balance, surplus
$68,183 $54,766
Special reserve
40.000
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Assets$
$
Property account_ 9,062,122 9,085,704 Preferred stock _ 4,000,000 4,000,000
Cash under trust
Common stock___ 3,000,000 3,000,000
deed for insur.
First mortgage 5s_ 3,000,000 3,000,000
policies,
41,282
40,140 Accounts payable
Bonds in treasury.
25,000
25,000 and pay-rolls...52,131
72,437
Inventories
368,843
314,103 Miscellaneous___
4,916
21,218
Accts. & bills rec.
Reserve for doubt(leas reserve)
328,993
207,129
ful accounts____
40,000
Uncap.insur., &a_
12,679
9,978 Surplus
191,031
122,813
Cash
453,379
524,391
Total
10,288,078 10,216,503
-V. 100, p. 735.




Total

10,288,078 10,216,503

• Chicago & Eastern Illinois Railroad.-Organization of
Separate Committee for General Consolidated cfc First Mortgage
5% Bonds.-The committee named below, Henry Evans,
Chairman, is urging the holders of these bonds to deposit
the same with the Guaranty Trust Co., N. Y., as depositary
under protective agreement dated Aug.3 1915,as they believe
that action in the interest of the depositors should be taken
at once. The committee (see adv. and V. 101,p.129) says:

The properties securing these bonds are in the hands of
receiver,
operating them with other properties; default has been made aunder
mortgage by non-payment of interest on said bonds; action affecting said
the
rights of holders of said bonds has already been taken in said receivership
cause and otherwise, and it is believed that affirmative measures
to
protect
their rights and interests should be taken by the holders of said bonds,
acting together. Accordingly, the undersigned, at the request
of the
holders of a large amount thereof, have consented to act as a committee
the protection of the rights of holders of said bonds alone-assumingfor
responsibility to holders of any other issue sinvolved in said receivership.no
The protective agreement provides that depositors may withdraw if
dissatisfied with the plan to be formulated or approved by the committee.
and limits all charges to which a depositor may be subjected, until after
opportunity to withdraw, to 19, of the principal of the bonds deposited.
Committee: Henry Evans, Chairman, Pres. Continental Insurance Co.,
N. Y.; J. Howard Dop,ardus, Sec. & Treas. Stamford Savings Bank, Stamford, Conn.; Herbert H. Dean,Edward B. Smith & Co., N. Y. and Phila.;
Samuel P. Streit, H. T. Carey & Co., N. Y.: Frank B. Weeks, Vice-Pres.
Middletown Savings Bank, Middletown, Conn., with Simpson, Thacher
Bartlett as counsel and A. F. Halsted as Secretary, 62 Cedar St., N. Y. &

Deposits-Time Eitended-The bond holders' committee,
John W. Platten, Chairman,representing the various bonds
of the company and its affiliated properties (except purchasemoney coal,Chicago&Ind.Coal,Evansville& Ind.a nd equipmentbonds)announce that a majority of the total amount of
bonds of the various issues represented by tha committee, has
been deposited with the United States Mortgage & Trust
Co., as depositary, under the deposit agreements dated
March 25 1914 and March 15 1915, and that this majority
includes over 50% of the outstanding Chicago & Eastern
Illinois General Consolidated and First Mortgage 5% Bonds.
Application has been made to list on the N. Y. Stock Exchange the
deposit certificates issued by the U. S. Mtge. & Trust Co. of N. Y., the

448

THE CHRONICLE

committee's depositary, representing Chicago & Eastern Illinois Refunding
& Impt. 4% bonds of 1955 and Cons. & 1st Mtge. 5% bonds of 1937.
The time for deposits has been extended by the committee to and including Sept. 15 1915, after which date deposits will be accepted, if at all, upon
such terms as it may approve. John E. Blunt Jr. is now a member of the
committee. As agents, the depositary has the First Trust& Savings Bank
ofChicago and Glyn, Mills. Currie & Co.,London.—V.101,p.369,212.

Chicago Elevated Railways.—Agreement.—

Chicago papers say that the conference between the employees and Presidend Budd, which has been in session for several weeks, has resulted in a
satisfactory agreement and an advance in the wages of the men, the exact
amount of which is not to be made public until the matterhas been submitted
to the men and passed upon by them. The increase is unofficially estimated at $200,000 to $250,000 annually.—V. 100, p. 228.

Chicago 84 Western Indiana RR.—Sale of Two-Year
5% Collateral Trust Gold Notes.—The company has sold to
J. P. Morgan & Co. a closed issue of $12,935,000 2-year 5%
Collateral Trust gold notes, due Sept. 1 1917, callable at 101
and int. on 60 days' notice. Denom. $1,000, $5,000 and
$10,000. Int. payable M.&S.at office of J.P.Morgan & Co.
These notes are to be secured by pledge with Bankers Trust Co. of N.Y.,
as trustee, of $17,247,000 of the 5% bonds issued under the First and Refunding M. of 1912, which provides for retiring all existing prior debt and
for the issue of bonds for additions and improvements to the property covered by the mortgage. The $17,247,000 of pledged bonds are part of
$18,497,000 bonds outstanding under the First and Refunding M., which
has, in addition to a blanket lien on the company's entire property, a direct
first lien on the "clearing yard" recently constructed to simplify the interchange of freight at Chicago and to reduce the operating cost of the railroads entering that city. The balance of the bonds, $1,250,000, are held
in the interest of the Belt Railway Co., in connection with expenditures
made on the Belt Railway division. The clearing yard includes 1,810
acres of land located just outside the city limits of Chicago, having,thereon
extensive clearing yard tracks and structures (150.57 miles of yard tracks)
and represents, it is stated, cash expenditure by the railroad company of
approximately $8,000,000.—V. 100, p. 1751.

[VOL. 101.

sale of the lines in the one-fare zone to the city.—V. 101,
p. 370, 212.
Empire United Railways, Syracuse, N. Y.—Equip. 6s.
The company, has made an issue of $42,400 gold 6% equipment trust
certificates, Series A, to pay in part for 12 new pay-enter cars to cost $52_ ,980, remaining $10.580 met in cash. Trustee, Guaranty Trust Co, N. Y.
Principal due $10.600 yearly on June 1 1916 to 1919, both incl. Denom.
$1,000, $500 and $100. Interest J. & D.—V. 100, p. 900.

Fort Dodge Des Moines & Southern RR.—Plans.—

See Crooked Creek RR. & Coal Co. above.—V. 98, p. 1766.

Georgia Coast & Piedmont RR.—New Securities.—The
Georgia Railroad Commission will on Aug. 11, at Atlanta,
hold a hearing on the application of the company for authority
to issue $82,750 Income Debentures, 8250,000 1st pref. stock,
27,500 2d pref. stock and $494,500 com. stock. See adv.
on another page.—V. 98, p. 839.
Hocking Valley Ry.—Decisions.—The U. S. District
Court at Columbus has handed down two decisions:

1. Holding that the ownership of the stock of the Buckeye Coal & By.
and Ohio Land & By. was not changed when J. L. Jones purchased the assets of the Sunday Creek Co. Mr. Jones had brought suit to compel the
that it was included in the sale.
delivery to him of the stocks, claimingfor
permission to the Hocking Valley
2. Denying the motion filed July 27
E. M. Poston of Columbus.
Ry. to sell the stocks of the two companies to
as the date for the final decree
set
was
9
Oct.
but
This decision is not final,
in the matter. Compare V. 101. p. 370.

Hudson & Manhattan RR.—Income Interest.—The directors have declared an interest payment of $10 (or 1%)on.
each $1,000 Adjustment Income bond for the 6 months ending June 30 1915, payable Oct. 1 at the office of Harvey Fisk
& Sons. The same amount was disbursed on April 1 1915
Cincinnati Bluffton & Chicago RR.—Reorg. Plan.—
and Oct. 1 and April 1 1914 for the half-years ending Dec. 31
RR.
641.
p.
Portland
&
732,
below.—V.
100.
Bluffton
Huntington
See
1914, June 30 1914 and Dec. 31 1913. The first payment of
.
Toledo
Traction
&
Co.—Settlement $8 34 for the 5 months ending June 30 1913 was made Oct. 1
Cincinnati Dayton
Tho company on June 24 made a settlement of two judgments obtained
rate of 2% per ann.—V.100, p. 1340,1358.
In the U. S. District Court on Dec. 24 1914 for $5,479 each, representing 1913, being also at
the principal and interest of five debenture bonds of the subsidiary Dayton
Huntington Bluffton & Portland RE.—Plan—DebenTraction Co. The company arranged to pay $3,125 on each claim at once
and the remainder on Dec.24. when an installment of rental is to be received tures Offered.—Trustee Fred A. Dolph, Tribune Bldg., Chifrom the Ohio Electric Co. The Dayton Traction Co. has $250,000 1st M.
wrote to creditorsand investorsin Cincinnati
6% gold bonds, duo July 1 1916. There is no connection between the de- cago, on July 30
bentures and the bonds.—V. 99, p. 159.
Bluffton & Chicago RR.(V. 100, p.732,641,396)in subst:
, decided upon (under title of the
Cincinnati Indianapolis & Western Ry.—Plan OperaThe reorganization has been definitely
Indiana). When I laid in the property
above named company,incorporated increditors
ive—Assessment Called.—The bondholders' protective com- last
would be given 30 days in
old
that
October, I announced
up their share of forfeit money and reormittee, Frederick H. Ecker, Chairman, on July 29 an- which to participate by puttingnumber
responded favorably and all such
great
A
expenses.
ganization
nounced that the plan of reorganization outlined in V. 100, will eventually receive par for their claims. Many did not accept the offer
p. 2084; V. 101, p. 47 has been declared operative.
because of financial conditions.
The assessment of $300 for each $1,000 bond deposited has been called.
payable on or before Sept. 1 at the Equitable Trust Co., 37 Wall St., but
50% thereof may be paid Sept. 1 and the remainder Oct. 1 1915, with interest at 5% on the deferred payment. The assessment must be paid by
holders of certificates of deposit issued under the bondholders' agreement,
dated July 9 1914,for Cincinnati Indianapolis & Western Ry. Co. 1st & Refunding M.4s and for Indiana Decatur & Western By. Co. 1st M.5s, and
the holders of such certificates stamped as assented to the plan dated June 4
1915. Such payment will entitle the depositor of each $1,000 bond to receive, when the plan has been consummated: $300 new 1st M. bonds.
$600 pref. stock and $600 common stock of the new company (or voting
trust certificates). A larger amount than is required by the bondholders'
agreement, and as provided therein, of each class of bondholders above
mentioned have assented to the plan.—V. 101, p. 369, 129.

Cincinnati Newport & Covington Light & Traction
Co.—Refunding, &c.—The shareholders on July 28 voted
to approve the plan for refunding the $2,000,000 4% bonds
due May 1 1918 of the Union Light, Heat & Power Co., as
proposed by the Columbia Gas & Electric Co., which leases
the property from the C. N. & C. Co. The Cincinnati
"Enquirer" says: "Under the plan the present bonded debt,
which matures in 1918, will be refunded by a new bond issue
of $5,000,000 50-year 5% bonds. This issue will be used to
take up the present issue of $2,000,000 [$1,608,000 outstanding] and the balance held for issue as betterments are needed
to the properties. The Columbia Company will provide a
sinking fund for the new bonds under the agreement."—
V. 100, p. 397, 139.
Cleveland & Ohio Central Electric Ry.—New Route.—

The amended articles of incorporation as referred to last week, changing
the name from the Cleveland Barberton Coshocton & Zanesville Ry. to
Cleveland & Ohio Central Electric Ry. Co., provided also for changing the
route authorized under the charter from Cleveland, 0., to Zanesville, 0.,
through Barberton and Coshocton, to a line running from Celveland to
Wooster. Ohio,through Brooklyn. Parma and Royalton townships in Cuyahoga County, and Hinckley, Granger, Sharon and Wadsworth townships
in Medina County, and Milton. Chippewa, Green, Wayne and Wooster
townships in Wayne County, through the towns of Sharon, Wadsworth,
Rittman and Smithville and into the town of Wooster, 0. The amendments will take effect Aug. 14 1915.—V. 101, p. 369.

Cleveland & Pittsburgh RR.—Stock.—

The Ohio I'. U. Commission on Aug. 16 will hold a hearing on the company's application for authority to issue $1,222,050 special guaranteed 4%
betterment stock, which is to 130 turned over to the Pennsylvania RR. at
par for improvements made in 1914. Amount outstanding, including said
amount, will be $16,965,000.—V. 100. p. 1348.

Costa Rica Ry., Ltd.—Status.—

Cable advices from London state that the continued heavy falling off in
earnings has created in the minds of some of the shareholders the fear that
the Northern Ry. of Costa Rica might be unable to continuo the lease.
The Chairman at the meeting held last month stated that the directors
had every reason to believe that in spite of the bad times the working of
the lease was likely to continue with its customary regularity. Moreover,
the position of the railway is such that oven if the lease were given up and
the company had to work the railway itself, it would probably yield a profit
equal in amount to the rental now received under the lease. This indicates
that the 2% dividend now being paid will be maintained even in the bad
times through which Costa Rica is passing. The financial position of the
.ompany is, it is stated, also very strong. The reserve fund now reaches
£182.263, and including this the total investments of all kinds amount to
E230,000.

Crooked Creek RR. & Coal Co.—Receivership.—Homer
coring, President of the Fort Dodge Des Moines & Southern,
has relinquished his control of the stock and given up the
idea of electrifying the lino.
The First Savings & Trust Co. of Milwaukee on July 22 filed a petition
for a receiver of the road, which extendsfrom Lehigh to Webster,Ia., 17.6 m
Mr. Loring has, it is stated, not abandoned the project for an electric
line from Fort Dodge to Webster City. The contract for new $70,000
terminal buildings at Fort Dodge has been awarded and work is now in
progress. Work has been begun on a now $50,000jwarehouse at Ft. Dodge

Detroit (Mich.) United Ry.—Ratified.—Tho stockholders at a special meeting on Aug. 2 approved the proposed



property with a 3-year 6%
We are financing the first payment on the [dated
Aug. 11915, callable
$150.000
gold debenture bond issue, limited to
interest date at par plus a premium of
after one year on any semi-annualterm].
to those debentures
Subscribers
unexpired
the
1% per annum for
receipt calling for 26% of their
receive, upon full payment, a participation the
refunding of the debentures,
subscription in full-paid pref. stock. Upon
bonds in lieu of stock. In that case,
the holder may elect to take permanent52%
in all. These debentures I am
he will get an additional 26%, making of the
C. B. & C. for subscription
first offering to creditors and investors
are payable one-third down,
Subscriptions
15.
Aug.
at par on or before
1.
one-third Sept. 1 and the remainder Oct.
tho receivership, eight
The road earned over $46,000 not the year before
it was then, and the agriculyears ago. The population is larger now thanOther
roads in loss desirable
tural interests are more highly developed.
mile gross per annum. The
territory are earning upwards of $5,000 per original C. B.&
C.
of the
new company is capitalized for only 40%Bluffton
& Port. RR. Aug. 1915.
Digest of Prospectus of Huntington
the J. G. White Engiand
railroad
steam
a
as
operated
now
is
road
The
a present valuation on the
neering Corporation on June 22 1915 placed
in ideal interurban territory and
property of $901.964. It is operated
this
railroad into an electric
converting
by
obtained
be
can
the best return
and equipment will cost in
Interurban. The betterments, electrification
the value of the property up to
the neighborhood of $300.000, bringing
ultimately be carried out with the
$1.100,000. The organization will
following capitalization: Common stock, $278,000; pref. stock, $222,000;
1st M. bonds, $700,000; total, $1,200,000.
miles of branch and spur lines,
The road has 50 miles of main line and 8
per mile and the stock issue
so that the bond issue will be less than $14.000
will be less than $10,000 per mile.
Including both common and preferred,
$7 69 per capita of popuis
Indiana
in
interurbans
The average earning of
reported by J. G. White Enlation served. Figuring on the population
gross earning, when eim_
potential
a
road
this
gives
Corporation,
gineering
expenses at 66% of the gross, net
trifled, of $296,319, or, with operating
on the 1st M. bonds when
earning of 3100,748, which, after allowing 6%
leaves a surplus of $28,748.
issued,6% on pref. and 6% on common stock,
is payable Sept. 6
$113,000
and
I purchased this property,for $357,000
property is to be delivered and posses1915. On that date a deed for the only
for the balance of
lien
vendor's
a
reserving
receiver
sion is given, the
months and one-half in 9 months.
the purchase price, payable ono-half in 6
the amount of receiver's certificates
In purchasing this property, I bid onlyliens
to a bond issue of $1,500,000
and pref. claims, which were superior requiring
the bondholders whom I
and in the plan of reorganization I am
their under ying interests. The proprepresented to take common stock for
I represented the purwhich
committee
creditors'
erty, therefore, costs the
$278,000; making total $635,000.
chase price, $357.000, plus bond interests
the purchase price, we are bringIn order to finance tho first payment on
which is to be used for
ing out an issue of debenture bonds of $150,000,
account. This debenture issue
making this first payment and for capital
railroad
[deposited for that purthe
of
stock
capital
the
of
Is secured by all
& Trust Co., as trustee under the
pose by the owners with the Chicago Title
there will be no other indebtedness
trust agreement dated Aug. 119151. and
or bond issue outstanding except the balance of the purchase price as stated,
during the life of these debentures. the property and
possession has been
It is our plan, as soon as the deed to bond issue to refund
these debentures
obtained, to bring out a first mortgage
on the purchase price and to
and to pay the second and third installments
road. This issue will be $700.000, and
provide for the electrification of the
the purchasers of those bonds will likewise be entitled to 26% of the bonds
purcha.sed in preferred stock.
Engineering Corp, N. V.,June 22.
Data from Appraisal by J.0. White
District Served.—Exceedingly fertile, producing corn, wheat and garden
are
hogs
raisedifor shipment. Diversified
and
cattle
vegetables. Horses,
manufacturing plants exist in Huntington, Bluffton and Portland; smaller
towns have creameries cold storage plants, grain elevators, &c. Estimated
population directly tributary to the road: Main terminal (Huntington),
10,272; Huntington suburbs, 1,500; other towns, 15,137; rural, 11,520;
total, 38,429. Huntington is on the Wabasn RR.,Chicago & Erie RR.and
Ft. Wayne & Northern Traction Co. lino. Bluffton and Portland are other
important towns with transportation connections.
Operation.—'Three gasoline electric cars have now replaced steam for passenger service. Freightstill handled with steam. Pass. rate 2 cts. p.m.
miles; yard
Properties.—Line from Huntington to Portland, Ind., 48.60
tracks, sidings and spurs, 9.65 miles. From Huntington to Uniondale,
15 miles,closely parallels the Chicago & Erie RR. Has recently constructed
4.000 ft. of track, for entrance into Huntington, close to business section.
Grades and curvatures moderate. Rail, 80-lb., 15 miles; 70-1b., 3 miles;
60-lb., 30.6 miles; total, 48.6 miles. Fairly well ballasted with gravel.
Ties average 2,600 per mile, renewals understood as 20,000 per year for
last two years. Now preparing to replace a number of wooden trestles
with tile culverts. Right-of-way 66 feet. Rolling stock: 4 steam locomotives, 3 Barber gasoline-electric cars, 9 box cars, 60,000 lbs. capacity;
25 air dump cars; 1 60-ton Bucyrus steam shovel.
Estimated Present Valttation.—Total, $901,964, viz.: Track and switches
in place, $276,800: right of way, $90,000: ballasting, $61,200: earth and
rock excavation, $76,600: terminals, stations, roundhouse, shop, &c.,

AUG. 71915.]

THE CHRONICLE

$74,200; trestles and culverts, $24,400; fencing, &c.,$21,600; miscellaneous.
819,800; roiling stock, $68,600; overhead percentages, 22%. $156,900;
changing right-of-way and tracks;3.59 miles, &c., $31,864. Principal expenditures required for ballast, rebuilding Wabash River Bridge, overhauling equipment, aggregate $18,000. (Cin. B. & C., V.100.p.732, 641.)

449

Richmond & Rappahannock River Ry.-Bonds.-The
company filed in Richmond, Va., on June 19 a mortgage
securing $500,000 1st M. bonds, due 1935; denom. $1,000.

Incorporated in Virginia on April 2 1912. Capital stock, $300,000, including $100.000 6% prof., $200.000 common. Road projected to run
from Richmond to Urbanna in Middlesex County or Rappahannock, Essex
The "Railway Review" of Chicago on July 31 had a 5%-page illustrated County, Va., with branches to Warsaw, Nomini Bay, Lancaster Court
%-mile road, extending from House, Ocran, &c. Now operates between Richmond and Pamunkey,
article, including a map, regarding this 83
Struthers, Ohio. through Youngstown, to a connection with the Pennsyl- 16 miles. Expects, it is said, to extend its line to Urbanna at some time
vania Lines at Girard, Ohio. The line was onened for traffic Jan. 18 1915 in the near future. Officers: Thomas B. Love, President, and R. 13. Campand is owned jointly by the Mahoning Coal RR. (leased to the N. Y. • bell, Sec. and Treas., both of Richmond. [The Richmond Rappahannock
Central RR.) and the Pittsburgh & Lake Erie, which see in V. 100, 13• & Northern By.. incorporated July 30 1915, is an independent enterprise
projected to run from West Point to Urbanna, Va.. 17 miles, Auth.
399; V. 99, p. 1911.
capital stock $300,000 common, $200,000 pref. Warner Moore is Pres.,
, Macon & Birmingham Ry.-Electric Passenger Service.- H. L. Lewis,
Vice-Pros.; R. H. Bruce, Treas.; James Mullin, Jr., Secretary. Charles L. Ruffin, until recently Vice-Pros, of the other company,
The new electric passenger train service was put into opera- is
engineer of the new corporation.I-V. 95, p. 1404.
miles.
97
Grange,
La
and
Sofkee
between
3
Aug.
on
tion
Besides passengers, mail, baggage and express will also be handled.
Rock Island Southern Railway Co.-Plan of ReadjustThe 200 h.p. gas-electric engine can pull the train at 60 miles per hour, but
no attempt at great speed will be made, the train operating on the same ment Adopted by Holders of a Majority of the Outstanding
schedule that the steam trains formerly had.-V. 91, p. 945.
Bonds.-Ths Mississippi
Ry. & Power Co. was in-

Lake Erie & Eastern RR.-Description of Road.-

Valley
corporated in Delaware on July 2 with an authorized capitalization of $4,500,000 stock, divided into $2,000,000 preferred and $2,500,000 common,and has authorized a present
issue of $1,397,200 bonds to bear 5% interest to be dated
July! 1915 and due July 1 1945. The new company will
acquire all the stock (except qualifying shares of directors)
of the Rock Island Southern Ry. Co., the Aledo Terminal
Ry. Co., the Rock Island Alexis Ry. Co. and the Edwards
Oliver,
J.
W.
by
onwed
was
The Savannah Augusta & Northern Ry.
River Power Co. (all now operated by the Rock Island
contractor who built the road,and it has been operated until recently under
Southern Ry. Co.) in accordance with plan of June 28,
an arrangement with Mr. Oliver by the Savannah & Statesboro Ry.
Minneapolis Anoka & Cayuna Range RR.-Mortgage. outlined as follows:

Midland Ry.-Reported Acquisition.-President George
M. Brinson of Savannah, Ga., whose proposed line will extend from Savannah to Milledgeville, Ga., about 150 miles,
has, it is reported, purchased the Savannah Augusta &
Northern RR., extending from Statesboro to Stevens Crossing, Ga., 39 miles. The latter would form part of the proposed line of the Midland Ry. Possession will, it is stated,
be taken Aug. 31.
the

This company (successor of the Minneapolis & Northern Ry., see V. 100. Digest of Plan Presented by Leading Bondholders June 28 1915.
Need for Reorganization.-The undersigned, owners and distributors of
p. 308) on July 28 filed for record a mortgage for $2,500,000 to the American
the bonds of the two issues below mentioned, became convinced a few
Trust Co. and Charles H. Bowen of Boston, as trustees.
This means months ago that the earnings of the company were insufficient to warrant
President F. H. Stevens is quoted as saying in substance:
the prompt completion of the plan for through passenger service from Anoka the present fixed charges and that money must be raised for betterments.
to the corner of Marquette Ave. and 6th St., Minneapolis. Arrangements extensions, equipment and repairs, and having recently learned that unwere made some time ago with the Twin City Rapid Transit Co. to use its doubtedly the company would be unable to pay the interest on its bonds
lines by way of Marshall St., down Central Ave. and on Marquette Ave. due July 1, employed engineers, counsel and experts, and in conjunction
to 6th St. We are now making the Marshall St. extension. When the with them have recently examined said railroad properties. The result
big downtown terminal is completed we expect to enter it. The way things of our examination confirmed the facts that the company is not now earnlook now we shall have electric cars of the type used by the Twin City ing the full interest on its funded debt and that money is immediately
Rapid Transit Co. running between Anoka and Marquette Ave. and 6th needed to repair, equip and better the property of the company.
Believing that a readjustment is essential, and if consummated at this
St. by Sept. 1.
"Under new mortgage $250.000 is already available and of this amount time would be to the decided advantage of the bondholders, we formulated
$125,000 will be applied on the purchase of the railway property from a plan of readjustment of the securities of the companies, which has already
Charles 1'. I3ratnober and others, who came into possession by foreclosing been approved by the owners of more than one-half of all of the outstanding
lions for labor and material. The other $125.000 will be used to complete bonds and which we advise should be adopted and carried into effect
the connection with the street railway line at Marshall St. N. E.. and elec- with the least possible delay. The company operates the railway running
trification of the service. The ektension of the line north of Anoka, a by- from Rock Island to Monmouth, in Illinois, with branches to Alexis and
.•
,
,
4s1'
way of St. Francis, will not be undertaken until next spring. Pledges for Aledo; also the power house located at Edwards River.
quick acquisition of most of the right of way have been made, according to Approximate Liabilities o
Compnay (Net Amount
Mr. Stevens."
$28.111
RockIsl.So.Ry.Co.ist5s$2,282,000tEquip.tr.notosf Secured I
by [ 266,000
Aledo Term. Ry.Co.1st 5s 461,0001Coll. tr. notes..{
Mississippi Valley Ry. & Power Co.-New Company.- Current
109,122
Sec. tr. notes_ Icollaterall
120,880
liabilities
Soo Rock Island Southern By. below.
978,800 Jun. lien notes
Preferred stock
.l389,028
2,282,000
stock
Missouri Oklahoma & Gulf Ry.-Trackage Arrange- Common
$7,054,091
Total
137,150
Accrued bond lot
ments by Texas Co.-General Attorney Miller July 29 writes: Deduct
714,000
-Bonds deposited as collateral
The receivers of M.0. & G. By. Co. have not [as reported in the news&
$6,340,091
papers-Ed.] entered into any contracts for trackage over the Houston
Total not liabilities
Texas Central and the St. Louis & South Western roads between Denison
In preparing this plan we have borne in mind the unrealized hopes of the
and Ft. Worth and Dallas, and have no intention of entering into any such. past as to the earnings of the property, and have carefully considered the
contracts, or applying to the court for confirmation of any trackage agree- advisability of a foreclosure of the present mortgage and the expenses at0. & G. Ry. Co. of Texas is contemplating making ar- tending thereto. As a result thereof we unanimously agree that a readments. The
M.the H.& T. C. and the St. L. & S. W.roads for trackage justment, which would not decrease the amount of principal of the bondrangements with
from Denison, Tex.. to Dallas and Ft. Worth. These arrangements, holders or cause them to pay an assessment, would be decidedly preferable
however, are only in contemplation and have not been definitely closed, to a foreclosure. The plan not only holds the fixed interest charges to the
and cannot be closed probably for several days. The M.0.& G. By. Co. minimum amount, consistent with safety, but Also provides for sufficient
of Texas is not in the hands of receivers, and the receivers of M. 0. & G. securities upon which cash can be realized to protect the property and put
Ry. Co. will not be parties to any agreements which may be entered into it in a position where the present earnings can be materaily increased
by the M. 0. & G. By. Co. of Texas with either of the above roads.
Voting Trust.-We have assured the management of the new company.
V. 100, p. 1257.
and the operation of the railroad properties to the bondholders by means
of a voting trust covering the stock of the new company. The voting trust
Missouri Pacific Ry.-Readjustment.-In the advertising trustees,
who will constitute the first board of directors of the new company
department will be found a notice to the security holders re- and will control the election of the directors and the operation of the
properties, are as follows: Albert M. Chambers, Buffalo; T. P. Gaylord
garding the readjustment plan outlined in "Chronicle" of Pittsburgh,
V.-Pres. Westinghouse Elec. & Mfg. Co.; W. W. Gurley,
July 10, p. 130, 288.
Chicago, counsel for street and elevated railways in Chicago; J. J. Fleming;
Iowa, V.-Pres. Burlington Savings Bank; J. A. Hanley, DavenMonongahela Ry.-Mortgage.-The company has filed Burlington,
port, Iowa, director Citizens' Trust & Savings Bank; M. A. Walsh. Clinin the office of the Secretary of the Commonwealth of Penna. ton, Iowa, V.-Pres. Burlington Railway & Light Co.; H. Prentiss Taylor,
Pittsburgh, Pres. H. P. Taylor & Co.; Henri C. Morand, N. Y. City.
granted
on
July
to
$15,000,000
authority
1
issue
of
notice
New York Manager H. P. Taylor & Co.
bonds.-V. 101, p. 213.
Estimated Earnings.-The reports of experts assure us that, with the
and improvements recommended by them the earnings will be
changes
New York Connecting RR.-Progress of Construction.- doubled within
the next two years. A great saving will be effected by a
The "Engineering News" of N. Y. on July 29 contained an illustrated change from steam to electric locomotives for the haulage of freight, and
over
and
viaduct
account of this new enterprise, including the great bridge
for the power house will greatly decrease the cost of
suggested
changes
Hell Gate and Randall's Island. Under favorable conditions it is expected power. The reports further show that the expenditure of the amount of
that the bridge will be completed by the beginning of 1917.-Compare money to be raised by the plan should certainly result in an increase of earnV. 98, p. 1993, 1316.
ings and a decrease in operating expenses, which with the present earnings
will provide net earnings more than sufficient to equal the interest and diviNorton & Taunton Street Ry.-Receiver.dends of the pref. stock of the new company. The fixed annual interest
on
Supreme
Judicial
Court
6
Massachusetts
July
the
Judge De Courcy in
charges
of the new company will be $69,860, a decrease of $67,290.
appointed Amos F. Hill of Lowell as receiver of the property pending foreCapitalization of New Company-Proposed Present Issue.
closure proceedings by the American Trust Co., trustee unler mortgage of
dein
secured
thereby
long
having
and
been
First
Refunding Lien Bonds.-Said mortgage provides that
bonds
1900, interest on $296,000
$1,397,200 bonds shall be immediately issued for the purpose
fault.-V. 69, p. 334; V. 70, p. 1049.
for bonds of the Rock Island Sou. By. Co. ($2,exchange
of
Pacific Gas & Electric Co.-Injunction.282,000),, the Aledo Terminal By. Co. ($461,000) and for
Judge Van Fleet in the U. S. District Court has is.sued an order restraincash requirements ($300,009). The $300,000 bonds required
ing the city from enforcing the gas rate of 75 cents per 1,00,1 cu. ft. fixed
for immediate improvements, repairs &c., shall have a prior
by the Board of Supervisors for the coming fiscal year. The company
the mortgage, and prolien in the event of a foreclosure of'
announces the following gas rates, effective from July 1 1915: 85 cts. per
vision is made for their retirement out of the sinking fund or
1,00() Cu. ft. for the first 16,500 cu. ft. per month; 70 cts. for the next
by the sale of other bonds as soon as possible, which will then
33,000 cu. ft.: 65 cts. for the next 100,000 cu. ft.; 60 cts. for the next 200,000
make the bonds taken in exchange by the present bondholders
Cu. ft. and 55 cts. per 1,000 Cu. ft. for all over 350,000 Cu' ft. per month.
an absolute first lien. The mortgage further provides that
-V. 101, p. 283.
bonds in excess of $1.397,200 shall only be issued for betterments, extensions, &c., under carefully guarded restrictions.
Palm Beach & Everglades RR.-New Road-Mortgage.
Denom. $100, &c. Present issue (including said $300,000
-A gold spike binding the first rail in the proposed road
$1,397,200
prior lien bonds) to be
Pref. (p. & d.) stock.-Auth.. $2,009,000; present issue to be_ _ _ 1,782,950
was driven on June 17.
_
_
be_
to
2,394.100
issue
present
-Total
stock.
auth.,
$2,500.000;
Common
The proposed steam road will extend from West Palm Beach, Fla.,
westerly 80 miles across the reclaimed Upper Everglades, termed "the rich- Proposed Distribution of New Secur's, Based on All Security HoldersAssenting.
therefor.]
given
notes
or
coupons
unpaid
all
with
deposited
to
be
must
on
world,"
Moorehaven
[Bonds
Lake
Hicpochee
and
Okeechobee,
the
in
est land
Wilt Receive inExchange
on Three-Mile Canal and Lake Olceechobee, its western terminus, where
connection will be made with boat service down the Caloosahatchee River
New Bonds. New Pref. v.1. e. New Com.o.t.c.
Existing Securities-- Outst'd'o.
to the west coast at Fort Myers on the Gulf of Mexico. The company has Rock Isl. So. Ry. 1st 5E4E2,282,000 40%4912,800 60%41,369,200 10%4228,200
concessions from the State of Florida and other large landowners, owning • do accr. int., 5% z114,100
5% 114,100
100%-978,800
9,820 acres of Everglades land.
978,800
Preferred stock
50%-1,141,000 •
Incorporated in Florida April 1915. Stock, authorized, $1,500,000, all
2,282,000
Common stock
10%-46,100
60%-276,600
of one class and all to be presently outstanding; par of shares, $100. Bonds AledoTer.Ry.Co.lst5s 461,000 40%-184,400
5%-23,050
authorized, 83,000,000 25-year gold 1st M. sinking fund 6s, dated June 1
do accr. Int. 5%.. z23,050
300,000
1915, of which $1,500.000 to be issued at present, to be secured on the road For improvements, &c_
and land owned, and remainder to be reserved for additional mileage,
$2,394,100
$1,782,950
buildings, &c.: interest payable June 1 and Dec. 1 at American Trust Co.,
$1,397,200
Total
86,140,950
Jacksonville, Fla., trustee: denominations $500 and $1,000 each. Subject
to call at 105 and int. on 30 days' notice. Sinking fund,5% after 10 years.
z Being the January and July 1915 coupons of present bonds.
President, Charles H. Baker: Vice-Pres., James A. Moore; Treas., T. T.
The plan has been prepared by those who have no interest whatever in
Reese: Secretary, George G. Currie; Gen. Counsel, Hon. Alton B. Parker, the capital stock, either pref. or common, and who hold none of the obligaNew York. Gen. office, West Palm Beach, Fla.; N. Y. office, 149 B'way. tions of any of the reorganized companies, except bonds and coupons. We
it will put the railway upon a sound financial basis and insure the
Pittsburgh Shawznut & Northern RR.-Authorized. believecredit
of its securities. The adoption of the plan is already assured
The P. S. Commission has authorized Receiver Frank Sullivan Smith to future
by the assent of over a majority of the said bonds and more than a majority
issue $1,700,000 2-year 6% certificates in exchange for certificates maturing of
andLover almajority of the common stock.
stock
pref.
the
in
101,
details
V.
p. 208, 213.
Aug. 1 and Sept. 1. See full




THE CHRONICLE

450

[Signed at New York, Juno 28, by H. P. Taylor & Co., Westinghouse
Electric & Mfg. Co., Rock Island Construction Co., John J. Fleming,
trustee, People's Gas & Improvement Co. and others.'
The reorganization committee consists of Albert M. Chambers, Buffalo;
T.P. Gaylord and H. Prentiss Taylor, Pittsburgh; W. W.Gurley, Chicago;
J. J. Fleming, Burlington, Iowa; J. A. Hanley, Davenport, Iowa; M. A.
Walsh, Clinton, Iowa; Henri C. Morand, N. Y.. with Mr. Morand as
Secretary, 149 Broadway, N. Y.; H. P. Taylor & Co. as depositary, 149
Broadway and 223 4th Ave., Pittsburgh, Pa., and Noble, Evans & Noble
as counsel.-V. 101, p. 371.

St. Lawrence & Adirondack Ry.-Lease.Shareholders will vote on Sept. 1 on approving the action taken by the
board Jan. 27 1915, authorizing the execution of a lease to the New York
Central RR. Co. for 21 years.-V.99, p. 1599.

San Francisco-Oakland Terminal Railways.-Plan.
Frank B. Anderson, Benjamin H. Dibblee, Mortimer Fleishhacker and
George A. Batchelder of San Francisco are reported to be preparing a plan
of reorganization. Compare V. 101, p. 132, 214, 289.

Savannah Augusta & Northern Ry.-New Control.See Midland Ry. above.-V. 93, p. 1464.

Seattle Renton & Southern Ry.-Suit Withdrawn.See Seattle in "State and City" Department.-V. 100, p. 1079.

Underground Electric Rys. of London,.Ltd.
A distribution of interest at the rate of 6% per annum (free of British
income tax) has been declared on the 6% non-cum. income bonds of 1948
for the half-year ending June 30 1915, payable Sept. 1. This rate has been
paid for the last three years.
Record of Interest Payments on Income Bonds.
March 1912.
Sept. 1910.
1911.
Sept. 1912.
1913. to 1915.
ji of 1%
134
1%
2%
6% yearly

[VOL. 101.

American Writing Paper Co.-July Coupons and Sinking
Fund Payment to be Met.-Tho following announcement
was made on Wednesday:
At a quarterly meeting of the directors on Aug. 4 the fact was developed
that the Old Colony Trust Co., trustee of the mortgage, had given notice
that the default in interest and sinking fund requirements must be remedied
within 60 days from July 11915. This gave no time for the reorganization
committee to present a proper plan for the consideration of the security
holders; therefore, they have rescinded their former resolutions and ordered
that the interest and sinking fund, due as of July 1, should be paid forthwith, thereby removing the default and placing the company in the same
position as before. Compare V. 100, p. 2087, 2169; V. 101, p. 49.

Anaconda Copper Mining Co.-Output.-1915
.(lbs1.)-J
.u2/y91
.914. (lbs.)Decr'se.1 1915 (lbs.)-7 Mos.-i914.(lbs.)Dec'se.
150,0001134,300,000 161,950,000 27,650,000
22,250,000
22,100,000
-v 10 ,
8

Ashton Valve Co., Boston, Mass.-Dividend.

A quarterly dividend of 1% has been declared on the capital stock, payable Aug. 16 to holders of record Aug. 2. This is the rate paid during 1915.
In 1914 13i% was disbursed quarterly.

Assets Realization Co., N. Y.-Report.-

See "Annual Reports" on a preceding page.

Modifications Adopted.-The creditors' committee, Albert
H. Wiggin, Chairman, and G. M. P. Murphy, Secretary
(25 Broad St.), in circular of Aug. 3, says in substance:

The extending creditors have approved the modifications in the terms
of the extension agreements, suggested under date of Jan. 1 1915, as stated
In our circular letter of Jan. 18 1915 [assenting to payment first of the principal of the notes pro rata and thereafter of the interest. V. 100, p. 311,
Dividends of Controlled Companies.All holders of 6% gold notes should present them promptly
The directors of the Metropolitan District Ry. have declared a dividend 476.-Ed.).
to the Guaranty Trust Co. a N. Y. to be stamped with the legend set
at the rate of 3% per annum,less income tax, on the second preference tax, forth
of Jan. 16 1915, in order that the committee and the
agreement
in
the
for the half-year ending June 30, being the same rate as a year ago, of the
may feel justified in seeking to realize as soon as possible
London Electric Ry. at the rate of 1% per annum (is. per share), less in- company's officers
which,
it has been hoped, the new arrangement will
results
some
of
the
on
ordinary
shares
(Interim),
being
come tax,
the same as last year; of the
311, 476, 1351, 1439.
London General Omnibus Co., at the rate of 6%, free of income tax, on render possible. Compare V. 100, p.
ordinary shares (interim), against 8% in 1914; of the City & South London Legend Stamped on Assenting 6% Gold Notes ($2,807,621 Out Jan. 16 1915)
agreement bearing dated Jan. 16
supplemental
a
terms
of
the
Pursuant
to
Ry., an interim dividend, at the rate of 5% on the outstanding pref. stocks
of 1891, 1896. 1901 and 1903 and of the Central London Ry., an interim 1915, the provisions of this note and of the agreement of Jan. 1 1914, under
payment at the rate of 3% a year on the ordinary stock at the rate of 4% which it was issued, have been so changed that, after Jan. 1 1915, the payment of all interest thereon has been deferred until the entire principal shall
on the pref. stock.-V. 100, p. 1342.
be paid, which interest shall then be paid only at such times and in such
United Light & Railways Co., Grand Rapids, Mich.- amounts
as the noteholders' committee appointed in said agreement shall
without making pro rata payment on other notes
Conversion of 2d Pref. Stock-Increased Service.-Tho co. says: determine; and so that,
be accepted by the company at its face
On July 17 holders of $1,617,300 of 2d pref. stock had converted their of the same issue, this noteinmay
payment, in whole or in part, for properties
interest
accrued
value
and
holdings into 1st pref.6% cumulative stock according to the plan announced
two months ago. The 2d pref. stock outstanding before the exchange sold by the company.-V. 100, p. 1439, 1351.
privilege was offered amounted to $2,108,700. A balance of $491,400
Boise-Payette River Electric Power Co.-Protective Comremains unexchanged. The privilege lasts until Aug. 15, when the company may exercise the right to designate whether stock still outstanding at mittee.-The committee named below urges the deposit of
that date shall be converted into first pref. or common stock.
the 1st M. 6s of 1901, duo Oct. 1 1921 ($500,000 auth.;
The company made large increases in its sales of energy for motor service
Colony Trust Co.,
during the first half of the year. The increases have been especially favor- about $475,000 outstanding) with the Old
able at Mason City, Iowa, and Laporte, Ind., and with the Tel-City Rail- Boston, as depositary. Circular dated July 15 says in subst.:
way & Light subsidiaries.
These bonds are a first mortgage on the property of the above-named
Kilowatt Hour Sales for Half-Year- 1915.
1914. Inc. or Dec.
and are also secured by the capital stock of tho Capital Electric
All motor service
20,481.681 18,975,090 +1,506,591 company
Light, Motor & Gas Co. We are informed that the property of the latter
For railway motors
10,241,578 10,453.565 --,211,987 company
been conveyed for nominal consideration to the Idaho-Oregon
has
Industrial motor service (net)
10,240,103
8,521,525 +1,718,578 Light & Power
Co. (a corporation which acquired the Boise-Payette River
-V. 100, p. 2012, 1264.
Electric Power Co. through purchase of its entire capital stock), so that
West End Street Railway.-Bonds, Not Notes.unless some steps are taken to reinstate the Capital Company in the enBoise-Payette Co. would find
The $1.743,000 one, two and three-year 5% obligations sold to F. S. joyment of its franchises and property, the
bondholders should be compelled
Moseley & Co. are known as "serial debenture bonds," dated Aug. 2 1915 Itself without a distributing system if the
we are informed that to some extent
and maturing $1,581,000 each Aug. 1. 1916 to 1918, both inclusive, without to take possession. Furthermore,
of the Capital Company used in its
Option of prior redemption. Denom. $1.000. Interest F. & A. in Boston. there has been substituted for propertywhich
it should have title, and that
The unsold portion of the 2 and 3-year maturities is offered on a 4 % basis. distributing system other property toare unsatisfactory
in various respects.
the relations between the companies
-V. 101, p. 371.
of "El. Ry." Section, and
p.
10
Corporation,
Securities
[See National
Wheeling & Lake Erie RR.-Receiver's Certificates.- "Chronicle," V. 1CO, p. 2010.
Committee: E. Elmer Foye, of E. Elmer Foye & Co., Boston; RogerW.
Receiver Duncan on Aug. 4 filed an application in the FedWellesley Hills, Mass., and Henry P. Kendall, Plimpton Press,
eral Court for permission to sell $2,000,000 receiver's cer- Babson,
Norwood, Mass., with Currier, Young & Pillsbury as counsel, 84 State
Boston,
and S. Parkman Shaw Jr., Secretary, 17 Court St., Boston.
St.,
tificates to purchase freight cars.
The receiver states that unless the new equipment is procured the road Compare V. 101, p. 372.
plan is prepared dissenting depositors will have
reorganization
[If
a
will suffer a loss of $2,000,000 in annual gross revenues. The receiver proto withdraw.
poses to purchase 1,700 modern freight cars. Mr. Duncan states that in 30 days in- which
The Power company is continuing to make payments to the sinking
1908 the line owned 1,175 freight cars and leased 2,000 from the Wabash,
Col. Tr. Co.) is not satisfied that the amount of
the latter being on Jan. 1 1909 returned to the Wabash. Since the receiver- fund, but the trustee (Old with
a correct interpretation of the sinking fund
ship was established the road has purchased 1,500 steel cars. On June 30 these payments conforms The
interest on the bonds is not in default. The
1915 there were 6,932 cars in service, of which 2,000 are in such condition clause in the indenture.
included in the recent purchase by. the
was
understood,
is
property,
it
that they must be discarded or "scrapped." This wilileave for use at the
sale of the property of the Idahoopening of the navigation season of 1916 only 4,932 cars, with a total car- Electric Investment Co. at foreclosure
rying capacity of 137,645 tons. This is a low capacity as compared with Oregon Light & Power Co.J-V. 101, p. 372.
1909, when the equipment capacity was 412,235 tons.-V. 101. p. 48.
1914.& 6 mos. end. June 30:
Chino Copper Co.-Earnings.-3
1915.
1914.
Youngstown & Ohio River (Electric) RR.-Earnings..Ending June 30) (6 Mos.Ending June 30)
(3 M
1903
15
C. E. Denison & Co. of Cleveland and Boston report:
Gross production___lbs_18,455,502 17,032,871 30,188,010 34,321,549
Taxes
Net
$1,937,951
Gross
Exp.,
Year ending
Bond
$1,052,241 $2,773,144 $2,229,981
Balance. Milling and profit
68,597
June 30- Earnings. & Rentals. Earnings.
Interest.
49,863
Surplus. Misc. income, rents, &c..
124,042
111,105
$290,164
$185,674
1914-15
$104.490
$50,000
$54,490
$2,006,548 $1,102,104 $2,897,186 $2,341,086
175,678
1913-14
273,603
97,925
50,000
47,925
Total net profits
652,455
652,080
1,087,425
1,300,695
-V. 100, p. 644.
Dividends paid
$450,024 $1,809,761 $1,040,391
$1,354,093
Net surplus
The above earnings are computed upon the basis of 17.54 cents and
14.37 cents for ccniaper in the quarters ending June 30 and March 31 1915,
respectively, and 13.92 and 14.42 cents for the respective quarters in 1914.
Sales Billed- -Net Profit or Loss- -V.
100, p. 1835.
Month of1915.
1914.
1915.
1914.
January
$535,284
$918,413 -$44,716 -$30,458
Citizens' Gas Co. of Indianapolis.-Status.February
652,998
908,514
-14,666
-65,275
Semi-annual dividend (No. 12) of 334% has been declared on the $1,March
829,430
964,384
+50,467
+30,035 250,000 stock, payable Sept. 27, being the same amount as in recent years.
April
927,832
990,833
+38,516
+18,555 General Manager Forrest says that, although the dividend was fully
May
969,017
939,950
+56,904
+944 earned during the first half of the current year, business has not been good,
June
919,332
820.335
-4,743 and it was not earned by as comfortable a margin as heretofore. Business
+99,393
has been affected on both the coke and gas sides, due to the influence of the
Total six months
$4.833,893 $5,542,429 +$185,898 -$50,942 depression through which many industries have passed since the outbreak
Unfilled orders on hand June 30 1915, $7,657,185, against $3,086,795 in of the European war. The large foundry trade which the company sup1914.-V. 100, p. 2087.
plies with foundry coke includes practically no concerns which are working
on war supplies. There was an actual shrinkage of over 3,000 tons in
American Can Co.-Favorable Decision.coke sold during the first half of the year, compared with last year,
A jury in the U.S. District Court in this city before Judge Hunt on Aug.2, foundry
also a considerable shrinkage in the average price. There has been a
after a trial lasting over three weeks, rendered a verdict in favor of the and
since July. 1. Prices are regarded as very low, but
improvement
marked
subsidiary Sanitary Can Co. in the suit brought by the trustee in bank- the foundries seem to be
increasing their scale of operation and are calling
ruptcy of the Boston Dairy Co. The complainant demanded $300,000 for
coke is moving more freely.
foundry
more
coke
and
damages. It was claimed that the cans complained of, which were shipped
notwithstanding the noticable falling off for indusof
gas
sales,
The
total
In the summer of 1910, contained a soldering fluid that contaminated the
purposes and the average domestic consumption, is somewhat above
condensed milk and drove away the complainant's customers.-V. 100, trial
that of last year, owing to the relatively colder and damper weather in
p. 472, 476.
May and June, which caused an increase in those months. The large new
in the last year has increased the
American Light & Traction Co. New York.-Earnings Investment in the gas main extensions
interest
charges considerably beyond the increase in gas income.WaThe
Year end.Earns.from Other
Net
Pre:f. Div. Common
Balance,
outlook for the second half of the year is rather more favorable than it..was
June 30. Sub. Cos. Income.
Profits.
(6%). Dividend. Surplus.
1914-15$3,980.302 $754,963 $4,577,664 $854,172 $1,553,332 $2,170,160 at the beginning of the year.-V. 100, p. 1513, 1170.
1913-14 _ 3,697,743 717,868 4,276,145 854,172 1.408.728 2,013,246
Continental Coal Co.-Deposits-Default.-The comThere were also deducted stock dividends on the common stock amounting to $1,553,332 in the year ending June 30 1915. against $1,403,728 in pany having defaulted the Aug. 1 coupon on its 1st M.5%
1913-14, leaving a balance of $616,828 in 1914-15, against $604,518 in gold bonds and also in the sinking fund, the following com1913-14.-V. 101. p. 133.
bondholders to deposit

INDUSTRIAL, GAS AND MISCELLANEOUS.
Allis-Chalmers Mfg. Co.-Sales for March Quarters.-

American Steel Foundries.-Earnings.-

3 Mos. ending
June 30-1915
1914
Six Months1915
1914
-V. 100, p. 1595.

Nat
Other
Total
Int.,S.F., Balance,
Earniags. Income. Income. Depr.,&c. Deficit.
$103,195 $16,877 $120.072 $220,743 $100,670
243,210
24,534 267,744
292,448
24,704
$43,967 $30,155 $74,122 $431,126 $357,003
242,162
42,683 284,845
472,902
188,057




mittee requests the
under the deposit agreement:

their holdings

Committee: Charles H. Sabin, Chairman; Asa S. Wing, Richard H.
Higgins, with Robert H.Cox as Secretary, 140 Broadway, N. Y.; Guaranty
Trust Co., 140 Broadway N. Y.. depositary, and Stetson, Jennings &
Russell as Counsel.-V. 82% p. 1442.

Continental Coal Corporation, Chattanooga, Tenn.
-Plan to Reduce Interest Rate on Bonds from 6% toL3% Until

AUG. 7 19154

THE CHRONICLE

July 1 1917.—Owing to the business depression, the company was unable to meet in full the interest payment due
July 1 on its approximately $2,100,000 outstanding 1st M.
63 of 1911, and the holders are therefo:e askal to accept a
reduction in the annua,interest rata on these bonds from 6%
to 3% for the next two years, i. e., till and including July 1
1917, provided the holders of 80% of the bonds assent to the
terms of a trust agreement, Louisville Trust Co. trustee.
There are also said to be outstanding the following bonds of constituent
properties: National Coal & Iron Co.. $97,909: Straight Creek Coal & Coke
Co.,$62,000; WalIsm'''. Coal & Coke Co. let M.,37,009, and 2d M.,$6,500;
L. & N. mortgage, $77.0)).
Chairman Barker of the executive committee is quoted as saying that
labor troubles in Boll County have been cleared up by the return to work of
the miners under the reduced wage scale announced over a month ago.
Compare V. 92. p. 1638.

Electric Boat Co., N. Y.—Successor Company.—
See Submarine Boat Corporation below and compare V. 101, p. 373.

General Development Co., N. Y.—Dividends.—
A dividend of 13,5% has been declared on the $3,000,000 stock (par
$100), payable Sept. 1 to holders of record Aug. 20. The same amount was
paid on June 1, that being the first distribution since June 1913. Compare V. 100. p. 1596.

(J. B.) Greenhut Co., Inc., N. Y.—Sale Aug. 17.—
Pursuant to a decree in bankruptcy dated July 30 the property will on
17 be offered at public sale by Walter C. Noyes, William A. Marble
Aug*Alfred A. Cook, trustees in bankruptcy. There are outstanding and
and
will remain undisturbed the following prior mortgages: (a) On parcel 1.
4%7 mortgages dated 1896 to 1910, aggregating 31,750,000, to N. Y.
LifeIns. & Trust Co., due Aug. 10 1920; (b) on parcel 2, $1,200,000 435%
mortgage dated July 7 1910, to N. Y. Life Ins. & Trust Co., due Aug. 10
1919, but subject to prior payments as to portions of same;(c) on parcel 3,
$250,000 5% mortgage dated Feb. 6 1903, to U. S. Trust Co., duo Nov. 1
1915. Compare V. 101, p. 216. 134.

Guantanamo Sugar Co.—Earnings.— •
The report for the year ended June 30 shows: Net earnings, $1,214,166
depreciation charged off, $170,649, leaving a profit of $1,043,517. This
profit is equivalent to about 42% on the capital stockoutstanding June 30.
The company is free from debt of any kind. Since June 30 there have been
paid a cash dividend of 12% and a stock dividend of 10%. Compare
V. 100, p. 2013.

Hoster-Columbus Associated Breweries Co.—Sold.—
The property was bid in at the sale in Columbus on July 31 for $1,350,000,
the upset price, by Harold Clark of Cleveland, representing the mortgage
trustee. The bid was $900,000 for the mortgaged property in Franklin
County and $450,000 for the unincumbered properties outside the State.
The new company ,it is said, will be the Hoster-Columbus Co., with S. B.
Fleming of Fort Wayne as Chairman of the executive committee. A
company of that name was incorporated at Albany, N. Y., on Aug 4.
See plan, V. 101, p. 291.

Huntington Land & Improvement Co.—Authorized.-Commissioner of Corporations Carnahan on July 10, overruling the
opinion of Atty.-Gen. Webb, authorized the company, to sell $1,000,000
additional6% bonds at not less than 95,to refund $1,000.000 notes maturing
Sept. 2 1915. This increases the outstanding amount of bonds to $14,000,000• the outstanding stock is $100,000. The Attorney-General held that
under the so-called "blue sky" law of Cal. (Chapter 353, Laws of 1913,
effective under its terms Nov. 11913, adopted by referendum Nov. 3 1914
and finally effective Dec. 18 1914). "companies cannot create any debts
beyond their subscribed capital stock." The company's assets are estimated
to be worth over $20,000,000 in amount.
Commissioner Carnahan is quoted: "There has been a wide disturbance
in banking and financial circles since it became known that such an opinion
had been rendered by the Attorney-General. Probably more than 1,000
of the strongest corporations in tho State have outstanding from $5,000,000
to $10,000.000 in bonds for every 31,000,000 of stock issued. The construction placed by the Attorney-General's office on Section 309[of the Civil
Code—Ed.i would render such indebtedness void."
The matter will, it is said, be carried to Supreme 0ourt.—V.100, p. 1756.

International Mercantile Marine Co. (International
Navigation Co.), New York.—Plan of Reorganization Dated
Aug. 3 1915.—The (joint) reorganization committee, Otto
T. Bannard, Chairman, announces by adv. on another page
the completion of a plan of reorganization dated Aug. 3, approved by the committees representing both the bond issues.
Under this plan deposits will be received at tho depositaries
and their agents below mentioned on or before Sept. 15.
Bonds of either issue already deposited will be held to have
assented unless withdrawn as provided in deposit agreements.
Preliminary Statement—Organization of Present Company.
Organization.—Prior to the enlargement of the company in 1902, the
capital liabilities of the then International Navigation Co. consisted of
$9,205,000 pref. stock, $5.000,000 common stock and $20,000,000 1st M.
sinking fund 5% gold bonds, upon which the interest duo Feb. 1 and Aug. 1
1915 is in default. The mortgage securing the 57 bonds is a direct lien
on the ships owned and operated as the American Line, as well as the Finland and Kroonland,and by the pledge of practically all the shares of stock
of the International Navigation Co., Ltd., of England, and of the Societe
Anonyme de Navigation Beige-Americaine of Antwerp, the ships of the
latter company being operated under the name of the Red Star Line.
Through the sinking fund. $2,272,000 of said bonds has been retired, so
.
that the amount out is $17,728,C00, of which $96,000 is in the treasury,
In 1902 the International Navigation Co., Ltd. (of England), acquired
the entire capital stock of the Oceanic Steam Navigation Co., Ltd., known
as the White Star Lino and the Atlantic Transport Co., Ltd. (which company owned all tho capital stock of the Atlantic Transport Co. of W. Va.)
the last two companies being known as the Atlantic Transport Line, and
nearly all the capital stock of the British & North Atlantic Steam Navigation Co., Ltd., known as the Dominion Line. The Marine Company also
acquired 118,463 ordinary shares (out of a total of 120,000 ordinary shares
outstanding) and 58,703 preference shares (out of a total of 141.435 preference shares outstanding) of Frederick Leyland & Co.,Ltd.(Leyland Line)•
In the acquisition of the securities of said last-named companies, the International Navigation Co., Ltd., issued £25,000,000 "Share Lien Certificates" secured by the said shares of said companies, which share lien certificates were purchased by the Marine Company, the Marine Company
issuing in exchange therefor $50,795,000 of its pref. stock, $55,000,000 of
its common stock and $50,000,000 of its 4%% Mortgage and Collateral
Trust Gold Bonds. The 435% bonds are secured by a pledge of said Share
Lien Certificates, and the shares of said above-mentioned companies.
Subsequently $2,744,000 additional 43,5% bonds were issued, so that there
are now outstanding $52,744,000 (of which $150,000 are in the treasury),
with coupons of Oct. 1 1914 and April 1 1915 in default.
Basis and Effect of Reorganization—Earnings.—In preparing the plan we
have sought to fix the capital of the new company on a basis more nearly
approximating the intrinsic value of the tangible properties and securities
to be owned by the new company, without regard to the value of good-will,
going business, &c., and to limit the fixed charges to an amount well within
the average net earnings ($2,656,387) for the past six years, 1909 to 1914,
both inclusive, after deducting depreciation charge of 5%.
Earnings.
Deprec., 5%. For Bond in)
$4,504,115
$4,439,153
1909
8,166,194
4.379,550
3,78
$6
69
4,64
64
2
1910
7,811,879
4,670,990
3,140,889
1911
7,075,833
• 4.569,471
2,506,362
1912
8,992,150
4,666,091
4,326,059
1913
6.625.352
4,511,947
2.113.405
1914
includes
all
the
earnings
of
the
American
Line, the
The above statement
Red Star Line, the White Star Line, the Atlantic Transport Line and the




451

Dominion Line. but as the company does not own all the stock of the Leyland Line, it includes only the dividends received from that line. It is
fair to expect substantially larger dividends from said Line in the future.
The earnings for 1915, owing to unprecedented existing conditions, promise to be largely in excess of the average for the past six years, but the committee have not deemed such current earnings as a proper basis for fixing
either the capital or the fixed charges of the new company, as the actual
final results of this year's operation, considering possible losses of ships and
extraordinary operating expenses, due to necessity for war-risk insurance,
Increase in premiums for usual marine insurance, wages and taxes, is a matter of extreme uncertainty.
After providing new securities for both the 435% bonds and the 5% bonds
to the total par value of the principal and interest (to July 1 1915) of said
bonds outstanding, the balance of the proposed securities may be acquired
by the stockholders of the Marine Company upon payment therefor as
provided by the plan. While the stock apportioned to the stockholders is
considerably less than the par value of their present stock, it nevertheless
represents an equity of even greater value than the present stock.
The plan effects a reduction in capitalization of approximately $80,000.000 and a reduction in annual fixed charges of approximately $1,272,000.
While an annual depreciation charge of 57 should fully maintain the
value of the assets, and the use of a fair proportion of the earnings over fixed
charges will supply a substantial fund for additions, it has, nevertheless,
been deemed advisable to provide $10,463,760 of treasury bonds to be
available for such purposes.
Reorganization Plan.
The new company will acquire the ships owned by the International Mercantile Marine Co., and either directly or indirectly, through a subsidiary
or subsidiary companies (practically all the shares of stock of which subsidiary companies will be owned by the new company), all the following
shares of stock now pledged assecurity for the 4%% and 5% bonds,to wit.
Subsidiary
—Outstanding, par value
To be Pledged
Corporations—
Preferred. Common.
Preferred. Common.
Internat. Nay. Co.,Ltd
£700.000
£700,000
Societe Anonyme de Nay.
Belge-Americaine
Fcs.13,695,000
Fcs.13,845,000
Oceanic Steam Nay. Co.,
Ltd
£750,000
£750,000
British & North Atlantic
Steam Nay. Co.. Ltd
£456,870
£456,920
Frederick Leyland &
Co., Ltd
£1,184.630
£1,414,350
£1,200,000 £587,030
Atlantic Transp.Co.,Ltd
£1,000,000
£1,000,000
Ati. Transp. Co. of W.Va.
$3,000,000
$3,000.000
Description of New Securities of Reorganized Company.
First Mortgage and Collateral Trust 5% Convertible Gold
Bonds, due in 30 years but redeemable on any interest date at
105 and int., and at the election of holder convertible at par
into 6% pref. stock. Denom. $100, $500 and $1,000. Secured by a first mortgage lien on the ships and a pledge of
the shares of stock, to be acquired under the plan. The
mortgage will contain suitable insurance and depreciation
provisions. Interest semi-annually. Authorized
issue,
$39,536,240
$50,000,000. Issuable under plan as shown above
Balance reserved for additional properties and
securities, extensions and improvements
$10,463,760
Preferred (p. & d.) Stock 6% non-cumulative and participating.
After payment of 6% on the common stock in any fiscal year,
the shares of preferred stock and common stock shall participate at the same rate in any,further distribution of earnings
or surplus. In case of liquidation, the pref. shares are entitled to par and divs. and tnen the common shares to par
and thereafter the holders of the pref. stock and the common
stock shall participate at the same rate in any remaining assets.
The new company shall not without the consent of two-thirds
of the then outstanding pref. stock, authorize any stock
having equal or superior rights or any increase of the mortgage or secured indebtedness. The owners of the preferred
stock and the common stock shall have equal voting rights,
provided, however, that if in any fiscal year the new preferred
stock shall fail to receive full 6% dividends, then at ensuing
meetings for the election of directors it shall have the right to
elect a majority of the board until the new company shall
for three consecutive years pay thereon full dividends at the
rate of 6% per annum. Authorized issue, $81.500,000, in
$100 shares, of which issuable under plan as above shown__ __ 31,464,233
Reserved for conversion of First Mtge. and Coll.
$50,000,000
Trust 5% Convertible Gold Bonds
35,767
At disposaf of new company
New common stock, in $100 shares, authorized issue, $18,500.18,370,920
000, of which issuable under plan as above shown
At disposal of new company
$129,080
Unanimous.
Basisfor Exchange of Securities.—Result if Assent Is
Present
If
Wit1 Receive New Securities
Common Stock.
Securities—
Pref. Stock.
Subscribing.
5% Cons. Bds.
(See amts.below).
$
435% bonds &
nil
50%-27,776,206 50%-27,776,206
& int. to July
5% bonds and
nil
50%- 9,220,067 20%- 3,638,027 30%- 5.532.040
int. to Julyl_
20%-10,345,260
Pref. stock__ _2% %-1,293,157 234 %-1,293,157
5%- 2,493,620
Common stock235 %-1,246,810 234 %-1,246,810
18.370,920
31,464,233
39,536,240
Total
2,539,967
The foregoing applies to the following existing securities:(a) 414% bonds.
$52,594,000, and 435% interest for 15 months to July 1 1915, $2,958,412.
total $55,552,412;(6)57
0 bonds,$17,632,000,and 5% interest for 11 months
to July 11915, $808,133; total $18,440,133; (c) pref. stock, $51,726,300;
(d) common stock, $49,872,400. Total, $175,591,245.
Stockholders and holders of stock trust certificates at the time of depositing their certificates must pay $2 50 for each share of stock represented by the certificates deposited, (In London and Amsterdam at the
then current rate for New York exchange).
Reorganization Committee: Otto T. Bannard, Chairman; Andrew J.
Miller and William P. Gest, Vice-Chairmen; Frederick H. Shipman, Sidney,F. Tyler, Albert H.Wiggin, L. G. Myers, T. De Witt CuyIer, Samuel
F. Houston, Charles D. Norton, George S. Brewster and Benjamin Thaw;
with T. Homer Atherton, 325 Chestnut St., Phila.. and Charles E. Haydock, 26 Broad St., N. Y. 0.. as Secretaries.
Depositaries and their agents: (a) For 435% Mortgage and Collateral
Trust Gold Bonds: New York Trust Co., depositary, 26 Broad St., N. Y.,
City and;Land Title:& Trust Co., Phila., and Glyn, Mills, Currie & Co.,
67 Lombard St., London, as agents. (b) For First M. Sinking Fund 5%
Gold Bonds of International Navigation Co.: Fidelity Trust Co.,depositary,
Philadelphia, with Bankers Trust Co., 14 Wall St., N. Y., and Fidelity
Title & Trust Co., Pittsburgh, Pa., as agents. (c) For pref. and common
stock and voting trust certificates: New York Trust Co.. depositary, 26
Broad St., N. Y., with Fidelity Trust Co., Philadelphia, and Adolph
Boissevain & Co., Amsterdam, Holland,as agents. Connsel.—Hornblower,
Miller, Potter & Earle, and Morgan, Lewis, & Bockius—V. 100, P. 1835.

International Nickel Co.—Quarterly Dividend 5%.—
A (quarterly) dividend of 5% has been declared on the $38,031,500 common stock, payable Sept. 1 to holders of record Aug. 16, being the same
amount as was paid in June last. This is the first disbursement out of
the earnings of tne present fiscal year, 1234% having been paid from tnose
of the preceding year. Compare V. 100. p. 1596,and report, V. 100, p. 1909.
The directors on Monday authorized the officers to apply to the New York
Stock Exchange for the listing of the company's securities.—V 100. p. 2013.

Interstate Telephone & Telegraph Co., N.
The company's property and its subsidiary concerns,except the Bordentown Telephone Co., was purchased by the Delaware & Atlantic Tel. &
Tel. Co. at a receiver's sale on Aug.5 for about $60,000.—V.101,p.216, 134.

Kansas Natural Gas Co.—Restraining Order.—
Judge Flannelly in the Montgomery District Court on July 26 issued an
order temporarily restraining the Kansas P. U. Commission from putting
Into effect the order made by it on July 16, granting an increase in the rate
from 25 to 28 cents as soon as the Missouri Commission issued a similar
order. The Court holds that the Commission has no authority over the
company. The "Kansas City Star" says that the case will no doubt go to
tne Supreme Court, though there is a strong probability that Judge Flannelly will issue an order increasing rates about 40% within the next 6.0 days,
making the price about 35 cents per 1,000 cu. ft.—V. 101, p. 373.

452

101.

THE CHRONICLE

Kansas Gas & Electric Co.-Purchase.The company was on July 28 authorized by the Kansas P. U. Commission
to take over the property of the Arkansas City Gas & Electric Light Co.
A press report says it is understood the consideration was $300.000. At last
accounts $100,000 stock was outstanding. No bonds.-V.100, p. 1756.

Keystone Watch Case Co.-Appeal.

the 82.500.000common and $1,250,0006% cum. 1st pref. and $749,375 of the
81,500,000 7% cum. 2d pref., All shares have equal voting power. No
bond or note issue has been proposed and no change in capitalization is
contemplated. Pres. & Treas.,'M. L. Wilkinson; V.-Pres. & Sec., R.,
Johnston. G. IL. Walker & Co. and Francis Bros. & Co., St. Louis
are understood to be interested.-V.99, p. 987.

Sears, Roebuck & Co.-Sales.-

The Government on Aug. 2 took an appeal to the U. S. Supreme Court
Increased 1915-7 Mos.-1914.
Increase.
1915--July-1914.
from the decision of the U. S. District Court recently handed down, which $7.035.930 86,326,117
$709,813 1$60,133,652 $54,227,129 $5,906,523
was generally in favor of the company. The Government contends that --V. 101, p. 51.
examiner
sufficient evidence was introduced at the hearings before a special
to warrant the Court in ordering the dissolution of the company. The
Spanish River Pulp & Paper Mills, Ltd.-Postponement
company also appealed on the ground that the Court had erred in granting of Interest.-Secretary T. Gibson, Toronto, July 20, gave
an injunction restraining the defendant from using certain alleged boycotting methods and in retaining jurisdiction of the suit in order to prevent notice to holders of 1st M.6s
the same from being continued.-V. 101, p. 373.
In accordance with the supplemental trust deed authorized by the bonare
bondholders
required on or before Jan. 1 1916 to
1915,
holders Jan. 20
Laclede Gas Light Co.-Earnings.Pref.
Balance, .deliver up to Montreal Trust Co., either at Toronto or Montreal, the four
Net (after Depre- Interest
6 Mos. ending Gross
which
have fallen duo or will fall duo on
bonds
currency
their
on
coupons
ciatim.
Paid.
Surplus.
Div.
Tares).
June 30- Earnings.
1916 in exchange for postponed interest cou$2,271,004 $1,215,255 $138,037 $562,682 $62,500 $452.036 Jan. 1 and July 1 in 1915 and
1915
supplemental trust deed. In return post2,348,171 1,164.348 141.967 552,328 62,500 407.053 pons, as provided in the said
1914
poned interest coupons will be delivered on and after Aug.9 1915, and the
-V. 100, p. 1923.
bonds, which must also be presented, will be marked and returned to the
Lambertville Heat, Light & Power Co. (N. J.).-Sold. owners.-V. 100. p. 1173.
The property was sold at public auction on Aug. 2 to W.Scott Scammell
Street's Western Stable Car Line.-Readjustment.of Trenton, as counsel for the bondholders' committee, for $5,000 and the
At a meetnig of toe stock and bondholders' committees on Monday, an
assumption of the 1st M. 30-year 5s due Oct. 1 1934 (but callable at 105
it is reported, was reached on a plan of readjustment, but it
agreement,
as
Lamreported
out
now
$80,000.
Supplies
and int.). Auth. 3100,000,
of the committees 4tould call meetings
bertville, N. J., and New Hope, Pa., owning all the stock of the Now Hope was arranged that the chairmen
of the security holders, to whom the proposition will be submitted for
Heat, Light & Power Co.
propositionantatsthefoaation
roos bondstnew
iortproen
anewcmpanynexciange
vaI• Its understood that the
a pro
oF

Lima Locomotive Corporation.-Status.-Shivers &
Fay,66 Broadway, N. Y. City, say in substance:

company is to issue $800,000 5% bonds and $800,000 stock. The total
amount of the stock issue is to be $1,000,000, the remaining $200,000 to
This company is one of the three principal concerns engaged in the manu- be put into a participation certificate arrangement, the shareholders of the
facture of locomotives, the others being American Locomotive Co. and old company to receive the new participation certificates pro rata. The
Baldwin Locomotive Co. Its plant, which is located at Lima, 0., covers stock of the new company will be of one class. No preferred shares will be
52 acres of ground and employs 2,600 men. Since 1911 the plant has been issued. If the proposition goes through, the foreclosure sale, which has
enlarged and practically rebuilt. Its present capacity is 800 locomotives been a number of times adjourned, the last time to Aug. 16, will probably
per annum. The company is understood to be doing its record business. not take place.-V. 101, p. 375, 292.
Deliveries for the six months ending June 30 1915, it is stated, were at the
Studebaker Corporation.-Second Common Dividend.rate of about $800,000 per month, with sufficient orders on hand to keep
A quarterly di% idend of 1%% has been declared on the $27,931,600 comthe plant busy until Jan. 1 1916. Earnings of 3640,000 would pay the
interest on the $2.000,000 1st M.6s, the pref. dividends(7% on $2,000,000) mon stock, payable Sept. 1 to holders of record Aug. 20. An initial payand leave 10% for the $4,000.000 common stock. To earn this sum re- ment of the same amount was made on June 1.-V. 101, p. 136.
quires a gross business of only $7,000,000 per annum. The gross is at presSubmarine Boat Corporation, N. Y.-Incorporated.-ent reported to be exceeding this figure about 33 1-3%. Among the customers are New York Central, Groat Northern, Illinois Central, Erie, &c. This company was incorporated at Albany on Aug. 4 with.
-V. 100, p. 1923.
800,000 shares of capital stock with no par value, as suc-

Massachusetts Gas Companies.-New Plant.-

The company, it is reported, is building a new plant at Woburn, to cost
about $500,000, for the manufacture of picric acid for the Allied armies
engaged in the European war. The ground is leased by the subsidiary
New England Manufacturing Co. The output will, it is said, be about 200
tons of acid per month,at an est. profit of75 cts. per lb.-V.101, p. 374,135.

Mercantile Stores Corporation, New York.-Sale.-See Scruggs-Vandervoort-Barney Dry Goods Co. below.-V. 100, p. 905.

Nevada Consolidated Copper Co.-Earnings.-For
3 and 6 months ending June 30:
-3 mos. end. June 30- -6 mos. end. June 301914.
1915.
1915.
1914.
Gross production_ _ _lbs_ 15,106,920 14,322,807 25.922,600 29,920,399
$614,818 $2,068,828 $1,416,259
$1,364.094
Total income
302,841
246.037
149,382
145,764
Deprec'n Steptoe plant_
155,086
141,069
84,545
79,856
Ore extinguishment..
1.499,592
749,796
1,249,660
749,796
Dividends
$432.062 def.$541 ,260
$383.988 def.$364,116
Balance, surplus
The above earnings are computed upon the basis of 17.006 cents and
14.646 cents for the quarters ending June 30 and March 31 1915. against
14.049 cents and 14.431 cents for the respective quarters in 1914.-V. 100,
p. 1911.

New England Telephone & Telegraph Co.-Stock.-The stockholders on Aug. 5 authorized the increase in capital from
$50,000,000 to $75,000,000. It is thought that none of the new stock will
be issued until later in the year or early in 1916. See V. 101, p. 291.
Philadelphia Electric Co.-Notes.-Tho company on or

about July 30 sold to Drexel & Co. and Brown Bros. & Co.,
Philadelphia, $3,500,000 of 5% 2-year notes at a price believed to be about 99M. The entire issue was quickly re-sold
to Philadelphia institutions, subject to approval by the Pennsylvania P. U. Commission. Dated Aug. 2 1915 and due
Aug. 11917, but red. at par Aug. 1 1916 or Feb. 1 1917.
on 30 days' notice. Int. F. & A. at office of Drexel & Co.
Denom. $1,000. "Philadelphia Press" July 31 said:
The directors took the view that it is better to borrow money in this way
at 5% than to call in more capital and pay 7% dividends upon the money
thus paid in by shareholders. There is paid in on Philadelphia Electric
shares 822 50 per share, and as the par vlauo is $25, the uncalled capital is
$2 50 per share, or approximately $2.500.000. Thus the issue of notes exceeds the uncalled capital by $1,000,000.
The company's business is expanding. Not only does it furnish power
to the Phila. Rapid Transit Co. and has contracted to supply the Pennsylvania RR. when a portion of its main line is electrified, but it is supplying
current at Eddystone from its plant at Chester. The demand at Eddystone
is growing, and it is said that a part or the proceeds of tne sale of the notes
will be 11,43d to me .t the (lea-rums in Delaware Co. A part of the proceeds
will also be used to take up floating debt. The last report showed that on
Dec. 31 bills payable were 3821,000 and notes outstanding amounted to
$1,090,000. Compare V. 100, p. 1344, 1353.

cessor of the Electric Boat Co. A circular regardin the
exchange of stock will probably be issued next week.

The new company is empowered to build boats to operate both under and
on the surface of the water, to manufacture ordnance, rifles, shells, shrapnel,
projectiles, cartridges, powder and other war munitions.
If current gossip is correct, the stock of the Electric Boat Co. (49.996
shares of common and 26,675 shares of 8% cum. pref., par $100) will be
exchanged on the basis of ten of new for one of old, thus calling for the issue
of 766,710 shares of the new stock, for which regular dividends, with possible extras, are suggested. See Electric Boat Co. in V. 101. p. 373.

Union Natural Gas Corporation, Pittsburgh, Pa.Semi-Annual Statement.-The company, for itself and its
affiliated cos.,reports as follows (inter-cos. accts. eliminated):
Consolidated Statement of Income forI Six Months Ending June 30 1915.
$2,806
Gas sold, 13,004,260 M8_32,789,127 M;scellanoous
:32,521 Dividends, interest, &c
300,190
Electricity sold
Oil sold, 89,471.74 barrels 124,790
$3,249,435
Total gross receipts
electricity purchased
713,433
Less $704,695 for gas and $8,738 for
885,570
Operating expense, rentals, taxes, drilling, now wells, &c
Income from net earnings
Deduct-Interest on funded and current debt
Dividends paid,5% (at rate of 10% per annum)
Sundry adjustments-debit

$1,650,432
186,612
500,000
60,344

----- - - ---- 3903,476
Net to surplus __ _ ------ --, ------------- went to Rosa:vo Gas Co.
_---- purchased
_---Of the $704,695 spent
June
and Dec. 31 1914.
1915
30
of
as
Sheet
Consolidated Balance
Liabtlittes(All 5)June30'15. Dee.31 '14.
Assets (All $) June30'15. Dee.31 '14.
Capital
20,121,066
stock..__
A0,000,000 10,000,000
20,180,169
Investment
279,913 Accts. payable__ 594,618
634,708
Warehouse mater'l 265,646
662,4771 685,561 Notes payable_ _ _ 502,194 1,701,495
Cash
Matured bd.s.,&c..
80,009
(?
164,7231
Cash in escrow
Bonds
4,500,000 4,291,000
Cash to pay bonds
Do attn. cos
943,800
80,009
905,300
and coupons._ _
Accts.&notes rec.. 779,358 1,110,366 Contingent earns_ 108,460
y5,420,812 4,658,239
83,936 Surplus
Prep'd rent.,lns.,&c. 77,511
Total

22,209,803 22,280,742

Total

22,209,803 22,280,742

y After adding surplus, $903,476, for the six months and deducting
$140.903 for contingent earnings of prior years.
Bonds are shown above as of June 30 1915, less amounts in the treasury,
namely, Union Nat. Gas Corp., $1,000.000; affiliated cos., $277.500.V. 100, p. 897.

Union Sugar Co., San Francisco.-Extra Dividend.-

An extra dividend of 5 cents a month has been declared on the $2,530,000
stock (par $25), in addition to the regular monthly distribution of 15 cants,
(the rate in effect since Jan. 1915, when distributions were resumed after
having been discontinued for a time in June 1913). The first dividend is
payable Aug.5 to holders of record July 25.
From 1906 to 1909,30 cents per share was paid monthly, with extra dividend of $1 20 in Dec. 1909: from Jan. 1910 to May 1911, 40 cents monthly,
and in April 1911.81 extra: beginning Juno 1911,20 cents monthly on stock
Porto Rican American Tobacco Co.-Earnings.as increased (V. 92, p. 799), and from Dec. 1911 to May 1913, 25 cents
Balance, monthly.-V. 96, p. 1633.
Total Interest, Dividends
Other
Net (after
June 30
Surplus.
Paid.
Income.
Income.
Taxes.&c.
Year- Depr.,&c.)
United Coal Mining Co., Illinois.-Notes Offered.-The
$456,139 $245,244 $701,383 $78,143 (19)3431,998 $191,242
1915
438,459 216,529 654,988 85,790 (20) 399,880 169,318 Chicago Savings Bank & Trust Co. is offering $250,000
1914
of
payments
include
three
quarterly
The dividends as above in 1914-15
1 1917 at par and int.
5% in scrip and one of 4% in cash (V. 100, p. 1758). The total surplus two-year 6% notes, due Aug.
Property includes 4,000 acres of coal in Franklin County, III., with two
June 30 1915 was $1,498,738 against $1,307,496 in 1914.-V. 100, p. 1758
is
which
reported to have the largest capacity
of
one
operation,
coal mines in
in the State. Compare V. 90. P• 1558.
Ray Consol. Copper Co.-Earnings:
3 Mos.end. 6 Mos.end.
3 Mos.end. 6 Mos.end.
United States Metal Products Co.-Sold.June 3015 June 30'15
June 30'15 June 30'15
Total income_$1,377,135 $2,159,254
Gross producThe company's property was sold at receiver's sale on Aug.2 for $216,027.
$76,829 The
tion, lbs _14,524,380 28,987,593 Bond interest.. $36,249
creditors' committee bid $201,000 for most of the parcels, the remain547,035 der going to outsiders. See V. 101, p. 292.
Net profits_ _$1,367,736 $2,145,495 Divs.(3)j%)- 547,035
13,759
9,399
Misc. Income_
Total income..$1.377.135 $2,159,254 Net surplus__ $793,851 81,535,390
The earnings for the June 30 quarter are computed on the basis of 18.635
cents per lb. for copper, against 14.324 cents for the qurater ending Mar. 31
1915.-V. 101, p. 286.

Scruggs-Vandervoort-Barney Dry Goods Co., St.
Louis.-Control Now Held in St. Louis.-This company, one
of the leading dry goods houses in St. Louis, has passed into
absolute control of St. Louis interests. The amount of stock
transferred from the Mercantile Stores Corporation of
Now York (the Claflin interests) to the St. Louis company,
employees and others, consisted of 21,000 shares of common
and 1,870 shares of first preferred stock.
The company was incorporated in Missouri in 1850 and is capitalized at
$5,250,000,in $100 shares,of which $1,500,000 is outstanding,including all




Utah Copper Co.-Earnings.-3 & 6 mos. end. Juno 30:

-3 Mos. end. June 30- -6 Mos. end. June 301914.
1915.
1915.
1914.
Gross production..___lbs_40,709,825 40,017,562 67,215,820 72,863,717
$3,680,248 $2,424,536 $5,371.976 $3,978,435
Net profits
19,381
53,372
36,862
55,369
Miscellaneous
375,187
625,312
750,374
Nevada Cons. dividends- 375,187
529,053
Dingh.& Garfield Ry. not 320,000
Total net profit
Dividends paid

$4,412,298 $2,819,104 $6,579,714 $4,784,178
1,201,710
2,391,150
1,624,490
2,842,858

$2,787,808 $1,617,394 $3,736,856 82,393,028
Net surplus
The above earnings are computed upon the basis of about 16.984 cents
and 14.93 cents for copper in the quarters ending Juno 30 and March 31
1915, respectively, and 13.916 and 14.403 cents for the respective quarters
in 1914.-V. 100, p. 1910.
For other Investment News see page 466.

AUG. 7 1915.1

THE CHRONICLE

453

Ate.potts and Documents.
LEHIGH VALLEY RAILROAD COMPANY
SIXTY-FIRST ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1915.
Philadelphia, August 3 1915.
MERCHANDISE FREIGHT.
To the Stockholders of the Lehigh Valley Railroad Company:
The transportation of merchandise freight produced a
The Board of Directors herewith submit the annual report revenue of $16,005,501 45, an increase of $463,615 55, or
of the business and condition of your Company for the fiscal 2.98 per cent, as compared with the preceding year.
year ended June 30 1915.
The revenue derived from the transportation of merchandise freight was 37.64 per cent of the total operating
MILEAGE.
revenues, an increase of .79 per cent.
The tonnage moved, excluding Company's material, was
The first-track mileage owned or controlled and operated
by the Lehigh Valley Railroad Company, the main line of 13,373,771 tons, an increase of .49 per cent.
which is double track, extending from Jersey City, N. J.,
GENERAL FREIGHT.
to Buffalo and Suspension Bridge, N. Y.,is as follows:
The total revenue derived from both coal and merchandise
Miles.
Lehigh Valley Railroad Company
316.88 freight was $35,201,256 95, an
increase of $1,131,124 61,
Controlled by ownership of entire capital stock
938.67
Controlled by ownership of majority of capital stock and lease
115.37 or 3.32 per cent, as compared with the preceding twelve
Operated under lease
27.73 months.
The entire freight traffic amounted to 30,268,701 tons,
Total mileage operated (owned or controlled)
1,398.65
Trackage rights over railroads owned by other companies
43.71 an increase of 495,421 tons, or 1.66 per cent.
The number of tons carried one mile was 5,326,328,902,
Total first-track mileage
1,442.36
an increase of 140,128,336 ton miles, or 2.70 per cent.
In addition to the above, there are 594.86 miles, or 41.24
The average haul was 175.97 miles, an increase of 1.78
per cent, of second track, 99.51 miles of third track, 44.84 miles, or 1.02 per cont.
miles of fourth track and 1,215.76 miles of yard tracks and
The average revenue per ton was 116.30 cents, as compared
sidings, a total of 3,397.33 miles of track in operation at the with 114.43 cents last year, an increase of 1.87 cents, or
close of the year. A detailed statement of track mileage is 1.63 per cont.
shown on pages 47 to 49 [pamphlet report]. The average
Company's freight, not included in the
amounted
number of miles of railway operated for the year was 1,443.52, to 3,073,660 tons, a decrease of 62,095 tons,above,
or 1.98 per cent.
upon which the mileage statistics in certain tables submitted
The total freight train mileage was 8,580,867 miles, an
in this report are based.
increase of 244,295 miles, or 2.93 per cant.
The total decrease of 1.38 track miles compared with the
The revenue received per freight train mile was $4 10,
preceding year is due, in the main, to the deduction of 1.07 an increase of $0 01, or .24
per cent.
miles of trackage rights, the use of which was discontinued
The average train-load of revenue freight was 620.72 tons,
during the year.
a decrease of 1.38 tons, or .22 per cont. Including Company's freight, the average train-load was 643.62 tons, a
OPERATING REVENUES AND EXPENSES.
decrease of 1.57 tons, or .24 per cent.
The following statement sots forth the total revenues and
PASSENGER.
expenses and net revenue from operation for the fiscal year,
compared with similar figures for the fiscal year 1914. The
The earnings received from passenger traffic amounted to
complete income account appears below.
$4,043,799 00, a decrease of $751,348 44, or 15.67 per cent,
The Inter-State Commerce Commission having ordered compared with the preceding year.
certain further changes in the classification of operating reveThe total number of passengers carried was 5,206,972, a
nues, expenses and income, effective July 1 1914, it has been decrease of 522,070, or 9.11 per cent.
necessary for the purpose of a proper comparison, to re-state
The number of passengers carried one mile decreased
the figures for the preceding fiscal year; hence those figures 49,671,062, or 18.72 per cent.
will in many cases be at variance with similar items published
The average revenue per passenger was 77.66 cents, a
in last year's annual report. The principal change is the decrease of 6.04 cents, or 7.22 per cent.
elimination of Outside Operations, which represent the operaThe average revenue per passenger per mile was 1.875
tions of certain of our water lines, &c.,the revenue from which cents, an increase of .068 cent, or 3.76 per cent.
is now included in Operating Revenues and the expenses in
The average distance traveled by each passenger was
Operating Expenses. Similar explanation applies with re- 41.42 miles, a decrease of 4.89 miles, or 10.56 per cent.
spect to the classification of various items on the balance
Passenger train mileage was 4,170,202, a decrease of
sheet, which has been changed from the balance sheet pub- 225,157 miles, or 5.12 per cent, as compared with a decrease
lished in previous years so as to conform with the accounting in this revenue of 15.67 per cent.
requirements of the Commission.
The average revenue from passengers per passenger train
mile was 96.97 cents, a decrease of 12.13 cents, or 11.12
OPERATING REVENUES.
Inc. (+) or
per cent.
1915.
1914.
Dec.(-).
519,195,755 50 $18,528,246 44 +8667,509 06
16,015,501 45 15,541,885 90 +463,615 65
4,043,799 00 4,795.147 44 -751,348 44
195,124 81
195,052 87
+71 94
449,622 82
443,971 75
+5,651 07
2,022,230 85
2,063,650 04 -41,419 19
613,927 59
602,692 34
+11,235 25
Total operating rovenues_$42,525,962 02 $42,170,646 78 +$355,315 24

FromCoal freight
Merchandise freight
Passenger
Mail
Express
Other transportation
Incidental

OPERATING EXPENSES.
Inc. (-I-) or
1915.
1914.
Dec.(-).
Maintenance of way and
$4,483,924 72 $4,674,725 37 -3190,800 65
structures
Maintenance of equipment
8,207,491 18
7,669,793 05 +537,698 13
959,830 08
Traffic expenses
1,040,594 15 -80.764 07
Transportation expenses__ - _ 15,382,186 83 15,804,058 77 -421,871 94
913,954 73
General expenses
898.733 86
+15,220 87
Total operating expenses $29,947,387 54 $30,087.905 20 -$140,517 66
Net Operating Revenue

812,578,574 48 $12,082,741 58 +3495,832 90

Ratio of operating expenses
to operating revenues_ ___

70.42%

71.35%

-.93%

OPERATING REVENUES.
COAL FREIGHT.

The revenue derived from the transportation of coal and
coke amounted to $19,195,755 50, an increase of $667,509 06, or 3.60 per cent, as compared with the preceding
twelve months.
The percentage of coal freight revenue to total operating
revenues was 45.14 per cent., an increase of 1.20 per cent.
The coal and coke transported, excluding the Company's
supply coal, was 16,894,930 tons, an increase of 429,982
tons, or 2.61 per cont.
This class of tonnage was 55.82 per cent of the total tonnage hauled during the year, an increase of .52 per cent.



MAIL.

The sum of $195,124 81 was received from the Federal
Government for the transportation of United States mail,
an increase of $71 94.
•

EXPRESS.

The revenue from this class of business amounted to
$449,622 82, an increase of $5,651 07.
OTHER TRANSPORTATION.

The earnings derived from transportation other than
shown under the preceding headings were $2,022,230 85,
a decrease of $41,419 19.
INCIDENTAL.

Incidental revenue amounted to $613,927 59, an increase
of $11,235 25.
OPERATING EXPENSES.
MAINTENANCE OF WAY AND STRUCTURES.

The sum of $4,483,924 72 was expended for the maintenance of way and structures, a decrease of $190,800 65, or
4.08 per cent, as compared with the preceding year.
A new four-track steel bridge was constructed during the
year to replace a double-track steel bridge. Three overhead steel street bridges were raised, in connection with
Buffalo Terminal improvements, and additional spans with
solid floors were erected. One steel bridge was built in
connection with new track construction. Sixteen steel
bridges and eleven concrete-steel bridges were placed in the
track, replacing light iron or wooden bridges. Three iron
and eight wooden bridges were replaced by pipe culverts,
and four iron and two wooden bridges were abandoned and

454

THE CHRONICLE

[VOL. 101.

In addition to the foregoing, orders have been placed for
ten Pacific typo passenger locomotives, five switching locomotives, three locomotive tenders and twenty steel-underframe milk cars.
During the past fiscal year, fifty-three heavy Consolidation typo freight locomotives were rebuilt and equipped with
superheaters, new cylinders and Walschaert valve gears.
These changes have resulted in a reduced fuel consumption
as well as increased efficiency of operation, due to the
better-sustained steaming qualities of the engines.
Work in connection with the new passenger and freight
terminals at Buffalo is progressing favorably. The plans
for the buildings were approved, contracts awarded and work
commenced on April 14 1915. It is expected that the freight
terminal will be completed and ready for use by November
next and the passenger terminal at a later date.
A new open pier 1,060 feet in length and 76 feet in
width, equipped with modern ore-handling machinery, together with necessary yard tracks, is being constructed at
tidewater near Constable Hook, and, when completed, will
accommodate steamshipsof 35-foot draft. The furnaces
MAINTENANCE OF EQUIPMENT.
those facilities for
in the Lehigh Valley region will
is expected that this imThe expenditures for the maintenance of equipment the handling of foreign ores. It Is
amounted to $8,207,491 18, an increase of $537,698 13, or provement will be completed early in the spring of 1916.
7.01 per cent, as compared with the preceding twelve months.
During the year considerable improvements and additions
Included therein is a charge of $1,426,831 06 for the depre- have been made to the pier stations in the City of New York.
ciation of equipment, as required by the accounting rules of A long-term lease was concluded with the City for the wharf
the Inter-State Commerce Commission.
property on the North River at the foot of Rector Street, and
Ten worn-out locomotives, one passenger car, three ex- your Company is now constructing thereon a new pier 730
press cars, two fruit cars, 572 freight equipment cars and feet long and 75 feet wide, with suitable bulkheads on each
thirteen road service cars were condemned and either sold side, which will be ready for operation about Jan. 1 1916.
or destroyed during the year and their value written off This will enable your Company to dispense with the station
the books by appropriate charges through operating expenses. facilities at Pier 2, which are no longer adequate. The subFour passenger cars, five express cars, four fruit cars and structure of the new pier will be of concrete above the lowone combined baggage and mail car were converted into water line and the superstructure will be of steel, the pier
workmen's cars. Eighteen produce cars were converted section of which will be one-story and the bulkhead section
into ice cars and fifty freight equipment cars were trans- two-stories. Pier 44, East River, located between Gouverferred to road service.
neur and Jackson Streets, has also been acquired under a
Twenty-eight locomotives have been equipped with addi- long-term lease from the City and will be equipped with a
tional air pumps and one hundred and fifty-nine with bull's- two-story steel shed, primarily intended for the handling of
eye lubricators, to meet the requirements of the Inter-State flour, the pier being advantageously located in the centre of
Commerce Commission.
distribution for that commodity. At the 149th Street staFifty-six locomotives had new fire boxes applied, one tion there is now in course of erection a steel building,
hundred and fifteen were equipped with new cylinders and equipped with automatic sprinkler, for the storage of hay, a
nine with now boilers.
commodity which is extensively handled in that locality.
275 passenger equipment cars were painted and varnished At Pier 5, Wallabout, Brooklyn, where your Company preand thirteen equipped with electric-lighting apparatus. viously leased only about one-fourth of the pier, it acquired
Three dining cars and five milk cars were equipped with the entire pier, enlarged the steel sheidand installed an automatic sprinkler system. The acquisition of these additional
steel underframes.
Steel underframes wera applied to 2,286 wooden freight pier facilities will permit your Company to render improved
and coal cars, making a total of 14,658 cars so equipped service to its patrons.
during the last seven years. Five eight-wheel cabooses
A modern steel and concrete ground-level plant for handwere equipped with steel underframes. 12,855 freight ling coal from cars to boats, with a capacity of 500 cars in
equipment cars, one passenger equipment car and thirty- ten hours, is being installed at Tifft Farm, Buffalo, and will
six road service cars were equipped with safety appliances be ready for service early in August.. It will be operated by
to conform to the requirements of the Inter-State Com- electricity and will consist of two rocking cradles for unloading
merce Commission.
box cars and four fixed hoppers for unloading open cars.
The total number of locomotives on hand at the close of The coal will be conveyed by apron flights to a telescopic
the year was 945, with a tractive power of 30,234,824 pounds. chute in the boat. This in.stullation will reduce breakage of
The total number of freight equipment cars was 45,459, with coal to a minimum, will eliminate all fire risk now incident
to the high wooden trestle, and also reduce the cost of maina capacity of 1,693,578 tons.
tenance.
TRAFFIC EXPENSES.
66,422 feet, or 12.58 miles, of Company's sidings, and 15,The expenditures under this heading amounted to $959,787
feet, or 2.99 miles, of industrial sidings, were constructed
prethe
with
compared
as
830 08, a decrease of $80,764 07,
the year.
during
ceding twelve months.
To avoid surface disturbances by reason of mine workings
TRANSPORTATION EXPENSES.
of one of the large anthracite mining companies, a change of
The cdst of conducting transportation was $15,382,186 83, line was completed between Espy 4un and Newport, a disa decrease of $421,871 94, or 2.67 per cent, as compared tance of 1.2 miles.. In making this change, 82 degrees of
with the preceding year, notwithstanding an increase of curvature were eliminated, including a double reverse curve
of 6 and 8 degrees, respectively.
.84 per cent in the total operating revenues.
The car-repair yard at Coxton is being relocated in order
The ratio of transportation expenses to total operating
revenues was 36.17 per cent, a decrease of 1.31 per cent, to provide additional !win necessary for car repairs, and at
the same time to permit of the uso. of the old car-repair tracks
as compared with the preceding year.
for the enlargement of the classificapon yard. About 8,000
GENERAL EXPENSES.
feet of track have been constructed in this connection. The
This class of expenses amounted to $913,954 73, or 2.15 yards at South Plainfield, Perth Amboy and Oak Island were
per cent of the total operating revenues.
enlarged, resulting in increased capacities of 41, 174 and 32
TAXES.
cars, respectively. .
A now fifty-stall fireproof engine house, together with a
The taxes accrued on your property, capital and business
during the year amounted to $1,797,379 16, an increase 100-foot electrically operated turntable, is in course of construction at Sayre.
of $36,967 58 over the preceding year.
A concrete freight house was erected at Lehighton. DwellADDITIONS AND BETTERMENTS.
ing houses of hollow tile and stucco construction, for the
The sum of $2,974,042 42 was expended during the year accommodation of foremen and laborers, were constructed
for the acquisition of new property and for the improvement at Flemington Junction, Ashmore and Phelps. Extensive
and development of existing property, which amount has improvements were made to.the Company dwelling houses
been charged to Additions and Betterments, as required by at Delano and to the milk-shipping stations at West Portal,
the Inter-State Commerce Commission. A classified state- Tioga Centre and Wysox. A frame shelter was erected at
ment of these expenditures appears on page 44 [pamphlet Weequahic Park, Newark, for the accommodation of incomreport]. Specific mention is made of the more important ing passengers waiting for trolley cars. In the waiting rooms
of the Wilkes-Barre passenger station a new marbleoid floor
expenditures, viz.:
The new equipment purchased and added to the property was laid and new seating accommodations and electric-light
during the year is as follows: Three passenger locomotives, fixtures were installed.
A new 46-foot track scale was installed at South Plainfive switching locomotives, two locomotive tenders, thirty
steel passenger coaches, ten steel smoking cars, twenty-five field.
Eleven gasoline motor cars were purchased for use of secsteel baggage cars, two 150-ton steam derricks, two Russell
snow plows, one caboose, one motor inspection car and one tion, bridge, signal and telegraph gangs, making a total of
tank car. A portion of this equipment is covered by the 110 now in service.
The improvements in connection with the water supply at
Equipment Trust referred to in full underAthe heading
Lehighton and Packerton, comprising the construction of a
"Financial."

the openings filled. One arch culvert was filled and abandoned and four wooden trestles were substantially shortened
by filling.
5,535 tons of 110-pound rail, 30,549 tons of 100-pound
rail and 45 tons of 90-pound rail, together with necessray
frogs, switches, etc. were placed in the track.
' and 193,934 anti-rail creepers were
1,118,810 tie plates
used.
1,001,577 cross ties, 2,842,100 feet B. M. switch ties,
637,471 feet B. M. bridge ties and lumber amounting to
3,511,267 feet B. M. were used.
647,981 of the cross ties, 2,495,412 feet B. M. of switch
ties and 596,560 feet B. M. of bridge ties were treated with
creosote.
65,612 cubic yards of crushed stone were used in ballasting
track. 18,197 feet of drain tile were placed in the roadbed.
334.93 miles of copper and 54.50 miles of iron wire wore
used in extending and renewing the telephone, telegraph
and signal wires on the system.




AUG. 7 1915d

THE CHRONICLE

reservoir of five million gallons capacity on Beaver Run and
a dam across Mahoning Creek, together with electric pumping
machinery and connecting pipe lines, which will afford an
independent and ample supply of water for the locomotives
and shops at those points, referred to in last year's report,
are about one-half completed. A new water station with a,
52,500-gallon steel standpipe supplied by gravity was established at Sheldrake Springs.
Automatic disc signals between Slatington and Penn Haven
Junction, a distance of 21.3 miles, were replaced with threeposition upper-quadrant signals, and the automatic disc
signals between Laceyville and Wilkes-Barre, a distance of
49.1 miles, have been renewed with two-position lowerquadrant signals. Extensive improvements were made to
the mechanical interlocking plant at Pine Junction.
Visible and audible crossing signals were installed at the
following points: Morley's Crossing, oast of Athens; Stanton;
Clinton Avenue, South Plainfield; Colfax Avenue and Walnut Street, Roselle Park; Manville, and Lexington Avenue,
Picton.
During the year thirty-five portable telephones were installed on freight and passenger trains, making a total of
720 in service, which completes the work of equipping trains.
The purpose of these telephones is to enable train craws to
communicate immediately with the proper officers in case of
accident or unusual delay.
New telegraph and telephone pole lines were erected for a
distance of 4.50 miles on the Mahanoy and Hazleton Division, .83 of a mile on the Seneca Division and 2.50 miles on
the Buffalo Division. Telegraph and telephone lines were
rebuilt for a distance of 9.68 miles on the New Jersey and
Lehigh Division, 2.10 miles on the Maha,noy and Hazleton
Division, 23.85 miles on the Wyoming Division and 21 miles
on the Buffalo Division. Poles were reset for a distance of
23.90 miles on the New Jersey and Lehigh Division, 19.70
miles on the Mahanoy.and Hazleton Division and 6.60 miles
on the Wyoming Division.

455

There has been a reduction in the book value of the capital
stock of the Temple Iron Company, as a result of the liquidation of its anthracite business following the decree of
the Supremo Court of the United States.
Material and Supplies on hand at the close of the year
amounted to 82,906,007 63, a decrease of $467,253 15.
Current Assets are $8,097,354 72 in excess of Current
Liabilities.
Four quarterly dividends of two and one-half per cent
each on the preferred and common capital stocks of the Company were declared and paid during the year.
The cash and security balances of the Company for the
year have been verified by certified public accountants and
a copy of their certificate as to the correctness of the same
is given on page 19 [pamphlet report].

GENERAL REMARKS.
Your Company has pursued a fairly aggressive policy in
the matter of expenditures for the development and improvement of its property. The appropriations for the year
were also very liberal for the maintenance of the permanent
way and equipment. In fact, it will be observed by reference to the statement of operating expenses, that the total
maintenance appropriations have been somewhat in excess
of the preceding year, noticeably so in the case of equipment. Your Board of Directors believed it to be for the
best interests of the stockholders to pursue this policy of
liberal maintenance and conservative development for the
future, notwithstanding the fact that the revenues were
somewhat affected during part of the fiscal year as a result
of the disturbed business and financial condition of the
country resulting from the European situation.
The attention of the stockholders is again called to the
tax accruals which are steadily increasing, and at a rate out
of all proportion to the increase in revenues. The total
taxes now amount to 4.23 per cent of your Company's gross
operating revenues. In the last ten years operating revenues have increased 29.69 per cent, while taxes have inFINANCIAL.
creased 154.21 per cent.
No capital obligations have been issued and sold by your
Five now covered barges were received during the year
Company during the fiscal year.
and added to the floating equipment of the Lehigh Valley
The following obligations matured and were retired during Transportation Company, the entire capital stock of which
the year:
is owned by your Company. One tug, fully covered by
Interest
insurance, was lost at sea. One steam lighter, two cattle
Description.
Rate. Maturity.
Amount.
Collateral. Trust Bonds
47 Feb. & Aug. $1,000,000 boats and six barges, which, on account of age and capacity,
Equipment Trust, Series I. Certificates__ 4%
September
400,000 became undesirable for further service, were condemned
Equipment Trust, Series J. Certificates_ _4 % Mar. & Sept.
500,000
Equipment Trust, Series K. Certificates__ 4% Mar. & Sept.
300,000 and sold.
Equipment Trust, Series L. Certif1cates43,6% Apr. & Oct.
400,000
The Inter-State Commerce Commission rendered a deEquipment Trust, Series M,Certificates__4%%
March
200,000 cision
in the month of May 1915 under the so-called Panama
Total
$2,800,000 Canal Act, the effect of which, unless the decision can be
Thus far the improvements which have been made in con- modified, will be to compel the Lehigh Valley Railroad
nection with the new freight and passenger terminals at Company to cease the operation of six steamers owned by
Buffalo, referred to elsewhere in the report, have been the Lehigh Valley Transportation Company and now opfinanced out of the current cash resources of the Company. erated upon the Great Lakes. These vessels have for years
It is proposed, however, at a later date to make a specific been operated in miscellaneous freight service and served as
issue of bonds to cover the major portion of this expenditure. valuable feeders from Western points to your Company's
Accordingly, a new company has been incorporated, known lines which end at Buffalo. The decision of the Commisas the Lehigh-Buffalo Terminal Railway Corporation, which sion does not require the discontinuance of these operations
will take title to the real estate and make all the improve- until December 1 1915. The matter is one of grave conments incident to the construction of the terminals. Applica- cern to your Company and is now occupying the earnest
tion is now pending before the Public Service Commission of attention of its officers.
Your company has seventeen men engaged in the prepaNow York State for authority to have the terminal corporation issue to the Lehigh Valley Railroad Company Fifty-Year ration of data and collection of records in connection with
Five Per Cent Gold Debenture Bonds for such moneys as the valuation of the Company's property, for use by the
have been and will be advanced to it for this purpose. These Inter-State Commerce Commission, as required by law,
bonds, when received, will be placed in the treasury of your and this force will have to be increased as the work proCompany. All of the real estate which was acquired by your gresses.
The passenger stations at Waterloo and Seneca Falls
Company and its subsidiaries is now being transferred to the
and the passenger train service between Geneva and Seneca
new company.
The Equipment Trust, known as Series M,covering an is- Falls were discontinued as of October 1 1914. This disconsue of $1,800,000 Four and One-half Per Cent Certificates, tinuance was consented to by the Public Service Commission
which was authorized last year, as mentioned in that annual of New York State upon proof being furnished to it that
report, has been completed and the certificates are now in the the service was being rendered at a loss to your Company
Company's treasury. The same mature in annual install- and that the communities interested were being well served
ments of $200,000 on March 1 of each year, the last install- otherwise.
Upon petition of the Board of Trade of Irvington the
ment being due on March 11923. The $200,000 which matured March 1 1915 were duly canceled. This trust is a lien Board of Public Utility Commissioners of New Jersey
upon one thousand self-clearing double hopper steel coal cars ordered your Company, effective January 29 1915, to opof 100,000 pounds capacity each, sixty-five steel passenger erate three passenger trains on the Irvington Branch in
coaches,twenty-five steel baggage and express and ten steel connection with three main lino trains to and from Jersey
City. The receipts from this service were so hopelessly
smoking cars.
The advances made by the Lehigh Valley Railroad Com- inadequate in meeting the expense of operation that the
pany,to subsidiary companies, of which it owns the entire Board of Public Utility Commissioners consented to the
capital stock, were reimbursed by the issuance of Fifty-Year withdrawal of the service as of June 22 1915.
The operation of the Lehigh & New York Railroad for
Five Per Cent Gold Debenture Bonds as follows:
the year under review resulted in a loss of $225,826 13.
The Lehigh Valley Rail Way Company
$380,000
Lehigh Valley Railroad Company of New Jersey
240,000 The property of that Company is leased and operated by
Pennsylvania and New York Canal & Railroad Company
145.000 your Company under an agreement made in 1895.
National Storage Company
80,000
Sixty new industries were located on the system during
These securities have been deposited with the Trustee of the year, of which fifty have direct track connections with
the General Consolidated Mortgage, as required by the your Company's lines.
terms of that mortgage.
Total payments direct to labor for the year amounted to
To reimburse your Company for advances made to it for $16,834,699 53, or 56.21 per cent of the total operating
capital expenditures, the Wyoming Valley Water Supply expenses, the same having been distributed among an averCompany has issued 0,000 First Mortgage Five Per Cent age of 20,173 employees.
Bonds which have been received and placed in the treasury.
The contribution made by your Company to its Employees
The book value of the capital stock of Coxe Brothers & Relief Fund amounted to $59,989 38.
Company, Incorporated, has been reduced by the sum of
The officers and employees arc thanked for their loyal
$1,000,000, and Profit and Loss charged with that amount, and faithful services rendered during the year.
alhas been thebractice in preceding years.
E. B. THOMAS, President.



[VOL. 101.

THE CHRONICLE

456

COMPARATIVE INCOME ACCOUNT FOR THE YEARS ENDED
JUNE 30 1915 AND 1914.
Increase(+)or
Decrease (-).
1914.
1915.
$
Operating Revenues+667,509 06
19,195,755 50 18,528,246 44
Coal freight revenue
+463,615 55
Merchandisefreightrevenue 16,005,501 45 15,541,885 90
4,043.799 00 4,795,147 44 -751,348 44
Passange.r revenue
+71 94
195.052 87
195,124 81
Mail revenue
+5,651 07
443.971 75
449,622 82
Express revenue
-41,419 19
Other transportation revenue 2,022,230 85 2,063,650 04
+11,235 25
602,692 34
613,927 59
Incidental revenue
Total operating revenues_42,525,062 02 42,170.646 78
Operating ExpensesMaintenance of way and
4.483,924 72
structures
Maintenance of equipment_ 8,207,491 18
959,830 08
Traffic expenses
Transportation expenses_ _15,382,186 83
913,954 73
General expenses

+355,315 24

4,674,725 37
7,660,793 05
1,040,594 15
15,804,058 77
898.733 86

-190,800 65
+537,698 13
-80,764 07
-421,871 94
+15,220 87

Total operating expenses_20,947,387 54 30,087,905 20

-140,517 66

Ratio of operating expenses
70.42%
to operating revenues.. _ _ _
71.35%
Net operating revenue12,578,574 48 12,082,741 58

-.93%
+495.832 90

1,659,280 99

+29,828 34

1,659,280 99

+44,610 22

10,874,683 27 10.423.460 59

+451,222 68

1,689,109 33

Railway Tax Accruals
Uncellectible Railway
enues

Rev+14,781 88

14,781 88

Total tax accruals, &c__ _ 1,703,891 21
Operating Income

Other IncomeHire of equipment-Credit
balance
Joint facility rent income_
Dividend income
Income from funded securiincome
Miscellaneous
tiesTotal other income
Total Income

268,807 74
325,440 01
325,579 07
402,957 70
712.998 77 *1,241,034 58

394,247 75
-77,378 63
-528,03581

423,060 00
624,197 19

+4.967 08
-79,78292

428,027 08
544,414 27

1,942,211 45 3,016,680 48 -1,074,478 03
12,816,894 72 13,440,150 07

-623,255 35

GENERAL BALANCE SHEET JUNE 30 1915.
ASSETS.
Dr.
Investment in Road and Equipment$24,064,145 93
Investment in road
55,699,182 97
Investment in equipment
Less reserve for accrued depreciation____

$79,763,328 90
8,371,409 12
$71,391,919 78

Investment in Miscellaneous Physical Property
Investments in Affiliated Companies$46.988,785 27
Stocks
26,815,926 00
Bonds
353.750 00
Notes
229,510 12
Advances
Other InvestmentsStocks
Bonds
Miscellaneous

4,770,573 52

74,387,971 39

$252,860 00
34,000 00
306,839 00
593,699

Current Assets$9,177,789 11
Cash
133,082 01
Traffic and car-service balances receivable
Net balance receivable front agents and
984,744 39
conductors
1,315,537 70
Miscellaneous accounts recoivabe
2,906.007 63
Material and supplies
199,397 85
Interest and dividends receivable
204,829 76
Other current assets
Deferred Assets
Unadjusted DebitsRents anti insurance premiums paid in
advance
Other unadjusted debts

14.921,388 45
1,321,493 28

$140,396 49
1,678,456 91

1,818,853 40
$169,205,898 82
Total Assets
Note.-The Inter-State Commerce Commission issued an order, effective July 1
1914, requiring the reclassification of balance sheet accounts, and, accordingly,
the balance sheet has been rearranged to conform thereto.
LIABILITIES.
Capital Stock1,210,034 shares common stock, par $50-$60,501.700 00
106,300 00
2,126 shares preferred stock, par $50..

Cr.

$60,608,000
Funded Debt00
$77,639,000
Mortgage bonds
+151,300 09
11.000.000 00
Collateral trust bonds
80,625 00
6,200,000 00
Equipment trust obligations
1,709 03
1.669 18
Mortgago on real estate
+12,00071
24
+7,139
18
594,840,669
•
+21,943 47
Less securities held in treasury of the
19,073,000 00
Company
Total deductions from
75.767,669 18
+110,959 38
6,494.449 76 6,383,490 38
income
Current Liabilities$89.829 37 .
balances payable_ _
-service
car
and
Traffic
Not Income
6,322,444 96 7,056,659 69 -734,21473
3,218,038 43
Audited accounts and wages payable
202,047 56
Miscellaneous accounts payable
403.986 75
unpaid
matured
Interest
x Debit balance.
4,197 25
unpaid
Dividends matured
* Includes dividend of $635,080 on capital stock of Temple Iron Co.
1,515,200 00
Unmatured dividends declared
558,568 47
Unmaturod interest accrued
355,980 77
Unmatured rents accrued
STATEMENT OF FUNDED DEBT, JUNE 30 1915.
476,185 13
Other current liabilities
6,824,033 73
1,366,223 89
Interest.
Deferred Liabilities
Date of
Unadjusted Credits01
$450.787
Pay- Accrued Dur- Principal.
Maturity.
Description.
Tax liability
496,468 13
Rate. able. ing the Year.
Other unadjusted credits
947,255 14
23.692.71688
LehighValleyRR.Co.
Profit and Loss
4% J. & D. $200,000 00 $5,000,000 00
First Mtge. Bonds.... June 1 1948
$169,205,898 82
Liabilities
Total
Consol.M tge.13ds.6% J. & D.
Coupon_$1,319,000 Dec. !. 1923
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED
6%
Regist'd 4,319,000
JUNE 30 1915.
6%
942,000 00 15,700,000 00
Annulty10,062,000 Perpetual
Dr.
Cr.
$23,898,683 75
July
11014
Balance,
434%
Coupon_$1,669,000 Dec. 11923
6,322,444
1915
96
30
Juno
Net income for year ended
434%
Regist'd 3,093,000
of cost of
328,500 00 7,300,000 00 Adjustments account distribution
434%
Annuity 2,538,000 Perpetual
574,236 34
sundry real estate purchased in prior years
7,402 13
General Consolidated }May 1 2003 f4% NIAN. 1,065,560 00 26,639,000 00 Miscellaneous adjustments
450,000 00 10,000,000 00 Reduction of book value of capital stock of $1,003,000 00
Mortgage Bonds....
(434%
Inc
Co.,
Coxe Brothers &
Collat. Trust Bonds_ $500,000 semi49,250 30
Property abandoned
annually, to
Feb. 1 1926 4% F. & A. 407,953 33 9,877,000 00 Dividends:
234% on preferred stock,
Equip.Tr.
.Ser.J Ctfs. $250,000 semi$2,657 50
paid Oct. 10 1914
annually, to
234% on common stock,
Sept. 1 1917 434% M.& S
65,625 00 1,250,000 00
1,512,54250
paid Oct. 10 1914
100 15
1,669 18
Mtge. on Real Estate
2%670 on preferred stock,
2,657 50
paid Jan. 9 1915
1$3,459,738 48 575,767,669 18
Total amount of I. unded Debt outstanding
234(70 on common stock,
1,512,542 50
paid Jan. 9 1915
Amount of Funded Debt in the Treasury of the Company, vis.234% on preferred stock,
13,000,000 00
General Consolidated Mortgage 4% Bonds
2,657 50
paid April 10 1915
1,123,000 00
Collateral Trust 4% Bonds
234 %, on common stock,
Equipment Trust, Series I, 4% Certificates maturing $400,000
1,512,542 50
paid April 10 1915
800,000 00
annually to September 1 1916
234% on preferred stock,
Equipment Trust, Series K,4% Certificates maturing $150,000
2,657 50
aue July 10 1915
750,000 00
semi-annually to September 1 1917
2M% on common stock,
Equipment Trust, Series L,434% Certificates maturing $200,000
1,512,542 50- 6,060,800 00
duo July 10 1915
1,800,000 00
semi-annually to October 1 1919
23.692.716 88
Balance, June 30 1915
Equipment Trust, Series M,434% Certificates maturing $200,000
$30,802,707 18 $30,802,767 18
1,600,000 00
annually to March 1 1923

Deductions from IncomeInterest on funded debt_ _
3,459,738 48 3,308,428 49
Rent for leased roads
2,131,795 00 2,212,420 00
210,322 40
Joint facility rents
208,613 37
514,084 51
Miscellaneous rents
526,985 22
101,130 59
108,269 83
Miscellaneous tax accruals.37,104 39
Miscellaneous deductions
59,047 86

Total Funded Debt, per balance sheet

Utah-Apex Mining Co.-First Dividend.-

$94,840,669 18

Balance brought forward. July 1 1915

(F. W.) Woolworth Co.-Earnings.----

1915.-July-i914.
An initial otiarterly dividend of 1234 cents per share (234%) has been $5.873,374
55,111,919
declared on the $2,641,000 stock (par $5), payable Oct. 1 to holders of -V.
101, p. 136.
record Sept. 10.-V. 84, 13.• 395.

Vulcan Detinning Co.-Earnings.-

$23,692,716 88

Increase.
Increase., 1915-7 mos.-1914.
$761,4551133,075,480 $35,727,621 $2,347,859

Wyandot Copper Co. (Michigan), Boston.-Assessm't.

Tho director:. July 6 voted to call an assessment (No. 12) of $1 per share
on the capital stock, pavabl) July 28. The company has outstanding
Costs c%
InvenOther
Balance,
Total
in, intortes.
Gen.Exp. Sur. or Def.
. 100,000 shares of $25 each, on which $12 per share has been paid
Sales Income
$174,687 $218 +818,094 $177,941 sur.$15,057 cluding the aforosabi assessmont.-V. 85, p. 1212.
250,922 def. 47,888
-6,998
209,779
253

3 Mos. ending
June 301915
1914
Six MonthsCURRENT NOTICE.
$369,696 $468 -$5,097 $323,351 sur.$41.716
1915
453,234 def. 24,387
+29,262
691
398,894
1)14
4,
in
wrote
substance:
Pres. W. J. Buttfield, Sewaren: N. J., Aug.
-William P. Bonbright & Co.. Inc., 14 Wall St., this city, have issued a
During the past few months the metal markets generally have been underon public utilities as investments for women who manage their
going a readjustment in value, due to the European War. Prices of our pamphlet
of
finished products, in relation to the cost of raw material, are rapidly con- affairs. The pamphlet, which is gotten up by the women's department
forming to a reasonable margin of profit, and we look forward with con- that concern, undertakes to show that securities of high grade public utility
women
their
in
siderable confidence to the future.
by
investdemanded
companies meet the requirements
The efforts to bring to trial the stilt pending against Adolph Kern, The
form of security.
Republic Chemical Co., Inc., and others, have been met with delay. Five ments better than any other
appeals have been taken by the defendant front the decisions of the N. Y.
investment firm of M. C. Moch & Co., Cincinorganized
newly
-The
Supreme Court to the Appellate Division, but in each instance your comsecond floor of the Union Trust
pany has been upheld. The case is on the calendar for early. in October, nati, Ohio. is now occupying offices on the
Building in that city. The firm specializes in municipal and corporation
when, our counsel believes, trial will finally be reached.-V.100, p. 1263.
bonds and local securities.
Wheeling (W. Va.) Steel & Iron Co.-New Bonds.-Flint & Co. of this city announce the removal of their offices from
The new bonds offered last week are registerable as to principal only.
25 Broad St. to Equitable Building, 120 Broadway.
For other particulars see V. 103, p. 375.




THE CHRONICLE

AUG. 7 1915.1

457

'slants.

10.75c. Naphtha, 73 to 76 degrees, in 100-gallon drums,
50 extra. Gasoline, 89 degrees, 26c.;
233'c.; drums
74 to 76 degrees, 22@24c.; 67 to 70 degrees, 22c. Kansas
and Oklahoma crude prices have been advanced 15 points.
COMMERCIAL EPITOME
During July there was a marked increase in the number of
Friday Night, Aug. 6 1915. _ wells completed,
but a large decrease in new production as
The feeling in the main is still cheerful. But sharp alterna compared with June. Prices were unchanged and as follows:
tions of intense heat and violent storms have certainly not Pennsylvania dark Si 3.5 Corning
3c. Somerset,32 deg__ 80c.
helped retail trade. Scarcity of German dyestuffs interferes Second sand
1 35 NVooster
62c.
Si3 05 Ragland
1 35 North Lima
86c. Illinois, above 30
seriously with the production of certain cotton fabrics. The Ilona
Cabot!
84c.
degrees
_
97 South Lima
83c
grain crops are late and are therefore moving tardily. The Mercer black
97 Indiana
7gc. Kansas and Okla97 Princeton
60111a
55c.
84e.
quality of the first arrivals of new wheat is somewhat af- New Castle
TOBACCO has been generally steady and Western buyers
fected by protracted rains. A wet harvest is certainly a
drawback. Great Britain sticks to its cotton embargo. have been looking around for Connecticut broadleaf. Cigar
Vague rumors are afloat that the Allies will soon declare cot- manufacturers are busier than they were and they are exton contraband. Wheat exports are running behind those of pected to re-enter the market shortly. They seem in no
last season. Ocean freights are still scarce and high. But great hurry. Sumatra meets with a fair inquiry and Cuban
on the other hand failures during July turn out, contrary to is in moderate demand. The tobacco trade as a whole lacks
the usual experience, to be smaller than in June. Commod- snap.
COPPER is reported in better demand after some weeks of
ities in general are higher than a month ago, and in fact for
years past at this period. Production of pig iron is the dulness. Lake 19@1934c., electrolytic 181
/
4@183'c. Rulargest for two years and prices have risen on larger sales. m?r has it that inquiries during the week have been for someThe demand for steel is increasing, premiums in some cases thing like 50,000,000 pounds, though nobody claims that
are being paid it is said for prompt delivery in filling war any such amount has actually been sold. London at times,
orders. Production is larger. The woolen industry is re- however, has been noticeably stronger. Spelter dropped to
viving. The labor situation is somewhat better. Export 163/2c. here, with London prices latterly off £7 10s. Lead
sales of cotton goods are augmenting. Boot and shoe fac- dropped to 4.50@4.75c. on the spot here in some quarters,
tories are running at nearly their full capacity. Reports though a large company asks 5.25c. There is an idea that
from the lumber trade are somewhat better though prices an effort is being made to depress the price here in order to
are still low. Unemployment is steadily decreasing. Ship- buy. London was stronger for a time and then fell £1 3s.
4c. In July the delivbuilding is very active. Coal sales are larger. Even jewelry Tin here on the spot was down to 343
sells rather more readily. Collections are better. The stock eries for consumption were 5,300 tons; the visible supply increased
157
tons
and
is
now
16,084
been
firmer.
tons.
London was strongmoney
has
market has expanded and time
Possibly there is to be an Italian loan offered here soon of er and the tone became firmer here for awhile, but later
$50,000,000 judging partly by the sharp advance in Italian on prices in London broke sharply. Pig iron has been reexchange. The United States Government in conjunction ported active on speculation. Heavy sales took place at
with those of Central and South America have instituted Birmingham and some business was done at Buffalo. No.2
measures looking to the ultimate establishment of a stable Eastern $14@$14 50; No. 2 Southern Birmingham $10@
government in Mexico, and it is certainly to be hoped that $10 50. Finished steel is stronger, with expectations of
broadening business. Bars and bands are firm at 1.30c.
they will prove successful, with no great delay.
plates 1.25@1.30c. Brisk sales of wire products are going
STOCKS OF MERCHANDISE IN NEW YORK.
Avg. 11915. July 1 1915. Aug.1 1914. on and barbed wire is selling heavily to Europe. Wire nails
Coffee, Brazil
1,078,034
bags- 919,682
1,264,859
mats_
Coffee, Java
58,204
79,892
28,741 are $1 60. Skeip is in brisk demand. Track materials are
Coffee, other
bags.. 472,780
443,701
264,155 selling freely. Railroads are confining their purchases
hhds_ 120,496
Sugar
117,519
53,248
No. 16,300
Hides
104.700
18.760 mainly to cars. Actual sales of steel generally are not so
Cotton
bales_ 220,829
96,103 large as they were recently, but the trade is hopeful. Billets
228,174
bales_
Manila hemp
518
2,930
1,000
bales_
Nil
Sisal hemp
7,925
140 have risen to $30 as against $21 a few weeks ago. Pig iron
bbls_
Flour
54,300
42,300
23,100 in many districts is higher by 25 to 50 cents a ton; $10 50
LARD quiet; prime Western 8.45c.; refined for the Conti- is generally asked for No. 2 Southern Birmingham.
nent 8.90c.; South America 9.25c.; Brazil 10.25c. Futures
have at times been firmer on higher prices for hogs, but there
COTTON
has been steady selling and "stop orders" have been caught.
Friday Night, Aug. 6 1915.
To-day prices were about steady. Packers sold but shorts
THE MOVEMENT OF THE CROP,as indicated by our
covered.
telegrams from the South to-night, is given below. For the
DAILY CLOSING PRICES OF LARD FUTURES IN CHICA00.
week ending this evening the total receipts have reached
Sal.
Men.
Tues.
Wed. Thurs.
Fri.
cts_ 8.10
26,384 bales, against 31,958 bales last week and 27,303
8.12
September
8.07
7.92
7.77
7.75
8.17
8.20
October delivery
8.12
8.02
8.85
8.85
bales the previous week, making the total receipts since
PORK unchanged; mess $20@$21; clear $20@$22; family Aug. 1 1915 17,164 bales, against 5,891 bales for the
$21@$23. Beef, mess $18 50@$19; packet $17@$18; same period of 1914, showing an increase since Aug. 1 1915
family $19@$20; extra India mess $29@$30. Cut meats of 11,273 bales.
'steady with a moderate demand; pickled hams, 10 to 20 lbs.,
123@13%c.; pickled bellies, 6 to 12 lbs. 14@14%c. ButSat. I Mon. Tues. 1 Wed. Thurs. Fri.
Total.
1
2c. Cheese, State, whole Galveston
ter, creamery extras, 25g@25/
2,876 1,382
9071 2,386 1,570 1,263 10,384
milk fresh flats and twins colored specials 13%©143/
363
363
8c. Texas City
Port Arthur
i
Eggs, fresh gathered extras, 23@25c.
Aran. Pass, &c
I
slow;
No.
7
Rio
COFFEE
7Y8c., No.4 Santos 93'@9%
918,
518 1.102
3 c., New Orleans.... 2,671
597 5,806
1
fair to good Cucuta O9@103c. Futures have declined on Gulfport
33
47
168
Mobile
118
68
2
886
liberal
sales,
receipts
and lower Brazilian prices. Pensaco,a
hedging
1,430
1,430
Speculation has been light. Nothing new has been an- Jacksonville, &c.
147 1,844
420
469
148
260
400
nounced in regard to the valorization scheme. It seems to Savannah
Brunswick
250
250
have been postponed. Cost and freight prices are down. Charleston
177
13
17
178
58
25
468
Georgetown
advanced
prices
somewhat.
To-day
Wilmington
509
353
354 2,466
255
546
449
Closing quotations were as follows::
Norfolk
29
533
194
168
372
256 1,552

Wive Toinuttraal

August.. cts 6.5616.58
September -.6.56 6.58
6.53 6 55
October
November..--6.53 6.55

December cts 6.5306.55
January ____6.6906 61
February
(3.630)6.64
March
6.6606.67

April _- __cos 6.71 6.72
m;ty.
6.70@6.77
June
6.81 6.82
July
6.86@6.87

N'port News,&c.
New York
Boston
Baltimore
Philadelphia_ ___

50
182
501
147

15

5
35

50
202
536
147

SUGAR quiet; centrifugal, 96-degrees test, 4.51c.; molasses, 89-degrees test, 3.74c.; granulated, 5.60@5.65c. Totals thls•week_ 9.220 3M.cRI 2i174 3.111R 4502 2.02f1 29.9R4
The withdrawals of granulated have been moderate. ReThe following shows the week's total receips, the total
finers are said to be pretty well supplied for a few weeks at since Aug. 1 1915 and the stocks to-night, compared with
least. Stocks are 488,500 tons, against 378,000 a year ago. last year:
The crop movement thus far is 2,419,982 tons, against
2,468,831 tons during the same time in 1914. Receipts last
Stock.
1915.
1914.
Receipts to
week were 66,177 tons at Atlantic ports, against 57,418 in
This Since Aug This Since Aug
August 6
the previous week, 50,224 in 1914 and 37,068 in 1913.
1914. Week. 11915. Week. 11914.
1915.
_
-Futures declined. To-day futures were active and higher. Galveston
27,172
10,384
1,644
1,644
113,234
7,508
Large Cuban interests were covering in near months. There Texas City
363
13,193
2,498
10
10
Port Arthur
were reports of sales of granulated to Great Britain.
Pass,
&c_
Aransas
654
Closing quotations follow:
New Orleans____
5,806
2,069 136.561
36,159
3,135 2,069
August _ _cts 3.47 3.49
September __3.50@3.51
3.54@3.55
October
November ..3.47@3.48

December cts 3.32 3.33
January ---3.i4@3.16
February.---3.14 3.16
March
3.1503.17

April .... __cts 3.15 3.17
May
3.16 3.19
June
3.19Ø3.21
July
3.2303.25

OILS.-Linseed steady; city raw, American seed, 54c.;
boiled 55c.; Calcutta 75c. Cocoanut oil firm; Cochin 9@
10c.; Ceylon 8%@9c. Palm easier at 6M @7c. for Lagos.
Corn steady at 5.66@5.71c. Cod, domestic steady at
45@46e. Cottonseed oil lower at 6@6.60c. for winter and
summer white. Spirits of turpentine 42c. Common to
good strained rosin $3 25.
PETROLEUM has been moderately active and steady;
refined in barrels 7.50@8.50c.; bulk 4@5c.; cases 9.75@



Gulfport
Mobile
Pensacola
Jacksonville, &c.
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News,&c..
New York
Boston
Baltimore
Philadelphia
Tnt.alq_

886
1,403
,
1,844
250
468
2,466
1,552
,
50
202
536
147
26.384

768

56

56

12,362

4,725

1,424
250
290

765

765

224

224

59,966
317
43,163

2,211
1,523

2
1,009

2
1,009

36,989
45,653

7,869
16,187

20
35

10
102

10
102

243,597
13,908
1,325
355

102.141
5,731
3,406
1,615

17,164

5.891

5.891

721.277

219.750

145
10,924
1,178

458

THE CHRONICLE

[VOL. 101.

In order that comparison may be made with other years, prevented boll-weevil from spreading. Also the con ditlonin
we give below the totals at leading ports for six seasons:
Texas was stated in the Government report as 76%, against
71% a year ago. In partsof Texas the condition of th
.e plant
is admittedly excellent, beneficial rains ha-iling fallen in some
Receipts at- 1915.
1914.
1912.
1913.
1911.
1910.
_
sections. In Louisiana there has been no damage as yet by
Galveston _ _ _
1,644
10,384
8,894
3,806
17,53757812
weevil. In Oklahoma the plant has made good growth.
Texas City,&c
363
10
86
New Orleans_
5,806
2,069
1,443
1,226
1,792
1,267 Drought in Arkansas has been relieved by good showers.
Mobile
886
56
957
53
136
316
Savannah
1,844
765
2,222
881
354
1,626 Some improvement is reported in North Carolina and the
Brunswick..
250
crop in South Carolina has been standing the drought well.
Charleston,&c
468
224
166
919
1
1,260 For that matter,
beneficial showers have latterly fallen m
Wilmington_ _
2,466
2
45
83
100
Norfolk
1,552
1,009
1,056
1,988
21
713 both North Carolina and South Carolina. New Orleans has
N'port N.,&c.
866
been
selling here. On every moderate bulge profit-taking has
All others_ _ _ _
2,365
112
727
800
464
207
been very apparent, with stocks large and exports problematiTot. this week
5,891
26,384
16,639
9,579
20,305
11,301 Cal there is certainly no sign of bullish enthusiasm. To-day
Since Aug. 1_
17,164
5,891
11,222
18,521
25,841
16,089 prices advanced on continued drought in Texas, large Liverpool buying, the strength of that market, and the covering
The exports for the week ending this evening reach a total of shorts.
cotton closed at 9.45c. for middling upland,
of 52,062 bales, of which 15,125 were to Great Britain, showing an Spot
advance for the week of 15 points.
4,500 to France and 32,437 to the rest of the Continent.
The following averages of the differences between grades,
Exports for the week and since Aug. 1 1915 are as follows:
as figured from the Aug.5 quotations of the nine markets,
designated by the Secretary of Agriculture, are the differWeek ending Aug. 6 1915.
From Aug. 1 1915 to Aug. 6 1915,
ences established for deliveries in the New York market on
Exported toExported toExports
August 12.
from- Great
ContiGreat
ContiBritain. France. neat.

Galveston_ _
Pt. Arthur _
NewOrleans
Mobile _ _ _
Pensacola_
New York_
Boston _ _
Baltimore.._
San Fran_

2,039
163
20,145
3,535
1,430
14,986
289
4,718
4,757

-i65,029
3,535
1,43
233
17
4,718

Total. Britain. France.

4-,866

neat.

Total.

2,039

163
4,000
187
233

1,7131

2,039
163
5,713
187

5,3081

5,541
100

1

Total ___ 15.1251 4,500 32,437 52,062
4,583
9,160 13,743
Total 1914_
68
1,9801 2.660
680
1,080
2,660
Note.-New York exports since Aug. 1 include 233 bales Peruvian to Liverpool.

Middling fair
1.03 on
Strict good middling
0.76 on
Good middling
0.52 on
Strict middling
0.25 on
Strict low middling
0.42 off
Low middling
0.97 oft
Strict good ordinary
1.58 off
Good ordinary
2.14 off
Strict good mid."yellow" tinged-0.30 on

Good middling "yellow" tinged_0.01 off
Strict middling "yellow" tinged.0.22 of f
Middling "yellow" tinged
0.51 off
Strict low mid. "yellow" tinged.0.99 off
Low middling "yellow" tinged_1.55 off
Middling "blue" tinged
0.12 off
Strict low mid."blue" tinged-- _1.21 off
Low middling "blue" tinged----1.77 off
Middling "stained"
1.20 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
July 31 to Aug. 6Middling uplands

Sat.
9.30

Mon. Tues. Wed. Thurs. Fri.
9.30
9.35
9.25
9.45
9.40

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
In addition to above exports our telegrams to-night also
give us the following amounts of cotton on shipboard, not Aug.6for each of the past 32 years have been as follows:
9.45 1907_ c
13.25 1899_ c
6.12 1891-e
8.00
cleared, at the ports named. We add similar figures for 1915_c
1914
1906
10.70 1898
0.06 1800
12.25
New York.
1913
12.00 1905
10.85 1897
11.31
8.00 1889
On Shipboard, Not Cleared for-

I Ger
Great
Other Coast
Aug. 6 at- Britain. France.I many. Foreign wise.
Now Orleans_ _
Galveston _ _ _ _
Savannah ___ _
Charleston
Mobile
Norfolk
New York.._ _ _
Other ports.._ _

1,674
7,142
1,000

935'
3,194,
2,000'

45

16,760
9,902

495 19,864
3,600 23,838
3,000
145
487
5,000
700

100 30,862 4,582 53,034
6,465 4,222 14,763 30,668
3.091 3.802 13,043 22.864

668,243
189,082
114.922

100

Total 1915... 10,361
Total 1914.... 5,094
Total 1913 _ 2,082

1,0001
7,1291
124
846

Leaving
Stock.
116,697
89,396
56,966
43,163
12,217
45,166
238,597
66,041

487

---500

Total.

4,000
200

Speculation in cotton for future delivery has not been at all
active and prices have seesawed within comparatively narrow
limits. On the whole of late the tone has been firmer, owing
partly to reports of drought in Texas, together with advices
that many other States need rain. Added to this was the
firmness and activity of the Liverpool market. On Wednesday the spot sales there reached the remarkable total of
18,000 bales. This alone caused more or less covering here.
The trade there is calling for cotton. The secret of Liverpool's strength, however, was in no small degree the bullish,
Government crop report on Monday, Aug. 2. It put the
condition at 75,3% against 80.3 last month, 76.4 last year
and a ten-year average of 78.5. A tentative
estimate of the yield sent from Washington was
11,970,037 bales. While many here thought that
the Government report had understated the conditions
which they believed to be nearer 77'79 than 75, there is no
doubt that the report impressed Liverpool. A Government report has more effect in Europe. than it has in this
country. Also Liverpool has been quite a good buyer of
October hero, especially when the differences widened.
The interior South bought to some extent; so has Wall Street
and the West. The South has done little hedging. The
price too is so low that many have hesitated to sell short.
Moreover, they have been afraid of a weather scare during
this month. An .August without a weather scare is a rather
unusual thing. The latest Government weekly weather
report, too, was rather bullish. It statde that the drought
in Texas was becoming severe with the plant in many
sections shedding badly. In Georgia also the drought was declared in the same report to be becoming severe, adding
that the plant had recently deteriorated considerably. Shedding is reported in that State with bolls also opening prematurely. In Mississippi the rain was reported insufficient with.
detrimental effects. Boll-weevil have also been active, according to Government advices. Southeastern Mississippi,
Tennessee and North Carolina need rain, and in South Carolina the drought has recently been intensified by excessive
heat. But, on the other hand, there have been some bearish
factors which by no means have escaped attention. For one
thing the British Government sticks to its embargo. It says
in substance that it is determined to prevent Germany and
Austria getting cotton through shipments to neutral ports.
This theoretically at least means the loss of the German and
Austrian markets to this country and a decrease in annual
sales of, roughly, 3,030,000 bales. Moreover, of late the
Eastern belt has had some pretty good rains. The dry weather in Texas has had at least this beneficial effect, that it has



1912
1911
1910
1909
1908

12.75
12.75
15.90
12.70
10.85

1904
1903
1902
1901
1900

10.45
12.75
8.94
8.00
9.69

1896
1895
1894
1893
1892

8.12
7.19
6.94
7,88
7.31

1888
1887
1886
1885
1884

11.12
10.00
9.56
10.44
10.94

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

Futures.
Market
Closed.

SALES.
Spot. Contr'cl Total.

Quiet
Barely steady
Quiet
Steady
Steady 5 pts dec____ Steady
Steady 10 pts adv__ Firm
Steady 5 pts adv.._ _ Barely steady.. _
Steady 5 pts adv...... Steady

------

100
100

2,000
65
100
100

65

2,200

2,265

2,000
65

Total

FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, 1Ved'day, Thursd'y, Friday,
July 31. Aug. 2. Aug. 3. Aug. 4. Aug. 8. Aug. 6.

Week.

AugustRange
9.15 ---- 9.15 Closing _ _ _ 8.86-.88 8.83-.85 8.86-.88 8.99-.01 9.02 - 9.08 ----.
SeptemberRange
9.17 ---- 8.95-.17
8.95-.96
Closing_ _ 9.05-.06 9.03-.05 9.06-.08 9.19-.21 9.20-.23 9.21-.23--OctoberRange
9.25-.34 9.15-.37 9.22-.35 9.26-.40 9.46-.48 0.42-.53 9.15-.53
Closing_ _ _ _ 9.26-.27 9.23-.24 9.26-.27 9.39-.40 9.42-.44 9.43 ---NovemberRange
Closing........ 9.41 - 9.37-.39 9.40 - 9.52 - 9.56 - 9.57-.59--DecemberRange
9.55-.64 9.45-.65 9.52-.67 9.54-.67 9.67-.76 0.72-.82 9.45-.82
Closing.... _ _ 9.56-.58 9.53-.54 9.54-.55 9.67-68 9.70-.72 9.72-.73--JanuaryRange
9.66-.73 9.55-.78 9.62-.76 9.65-.79 9.76-.88 0.83-.94 9.55-.94
Closing.. _ _ _ 9.66-.67 9.64-.65 9.65 - 9.78-.79 9.82-.83 9.84-.85--FebruaryRange
Closing..--- 9.76 - 9.74 - 9.75 - 9.88 - 9.92 - 0.94 ---March9.92 - 9.81-.00 9.89-.00 9.93-.00 10.05-.10 10.07-.18 9.81-.18
Range
Closing
9.92-.94 9.88-.89 9.91-.92 10.04-.06 10.08-.10 10.07-.08--AprilRange
Closing... _ _ 10.01 - 9.98 -10.01 -10.14 -10.19 -10.18 ---MayRange
10.15 -10.05-.19 10.10-.24 10.15 -10.28-.33 10.29-.41 10.05-.41
Closing_ _ 10.13-.15 10.10-.11110.13-.14 10.27-.28 10.3()-.31 10.30-41--JuneI
10.36 -10.52 -10.36-.52
Range
in 92 - in 9n -in as -in 27 -10 40- 1_0 4o
__ ---Closing_

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
August 6.
Galveston
New Orleans.. _ _
Mobile
Savannah
Norfolk
13aitimore
Pnliadelpnia _
Augusta
Memphis
St. Louis
Houston
Little Bock_ ---

Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. 1Ved'day. Thursd'y. Friday.
8.75
8.69
8.18
8 9-16
8.50

8.75
8.69
8.18
8 9-16
8.50

9.55
8.50
8.75
8%
8.80
8.50

95
8.1
8.50
8.75
81)
8.50

8.75
8.69
8.18
8 9-16
8.50
88(
9.50
8.50
8.75
8%_
8.80
8.50

8.85
8.69
8.18
8 9-10
8.50
8%
9.60
8.50
8.75
8.80
8.50

8.90
8.69
8.18
8%
8.50
8%
9.65
8.50
8.75
8
81)
8.00

8.90
8.82
8.18
8%
8.75
8%
9.70
8.50
8.75
8. A
8.50

TI1E CHRONICLE

AUG. 7 1915.1

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
August 6Stock at Liverpool
Stock at LondonStock at Manchester

1915.
bales.1,414:000
40,000
83,000

1914.
874,000
5,000
63,600

1913.
702,000
5,000
36,000

1912.
724,000
8,000
81,000

1,543,000
*1,000
*52.000
252,000
8 ,000
55,000
331,000
*2,000

947,000

743,000
17,000
172.000
116,000
3,000
17,000
11,000
18,000

813,000
10,000
265,000
133,000
3,000
10,000
12,000
10.000

354,000

443.000

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

701,000 *700,000

Total European stocks
2,244,000 1,647,000 1,097,000 1,256,000
India cotton afloat for Europe.._
96,000
99.000
75,000 121,000
Amer. cotton afloat for Europe
61.091
62,103
65,930
189,209
Egypt, Brazil.&c.,afloat for Eur'pe 21,000
31,000
25,000
36,000
Stock in Alexandria, Egypt
81,000
142,000 105,000
44,000
Stock in Bombay, India
724.000 757,000 726,000 495,000
Stock in U. S. ports
721,277 219,750 137.786 212,948
Stock in U. S. interior towns__ _ - 436,756 115.246 131.012
94.832
U.S. exports to-day
4,233
2,058
480

August 6ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

459
-1915Since
Aug. 1.
4,059
451

Week.
4,409
451

-1914-Since
Week. Aug. 1.
5,550
5,550
779
779

148
310
1,846
4,217

148
280
1,593
3,182

574
95
1,623
15

574
95
1,623
15

Total gross overland
11,381
1)educt shipmentsOverland to N. Y.. Boston,&c__ _
935
Between interior towns
268
Inland, &c., from South
1,292

9,713

8,636

8,636

55
214
1,277

112
382
3,192

112
382
3,192

Total to be deducted

2,495

1.546

3,686

3,686

Leaving total net overland *

8,886

8,167

4,950

4,950

* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 8,886 bales, against 4,950 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 3,217 bales.
In Sight and Spinners'
Takings.
Week.
Receipts at ports to Aug.6
26,384
Net overland to Aug. 6
8.886
Southern consumption to Aug. 6_ 65,000
Total marketed
100,270
Interior stocks in excess
*13,609
Came into sight during week_ _ _ 86,661
Total in sight Aug. 6

1915

Since
Aug. 1.
17.164
8,167
55,000

1914
Week.
5,891
4,950
54,000

Since
Aug. 1.
5,891
4,950
54,000

80,331
64,841
64,841
Tctal visible supply
4,553,242 3,054,000 2,362,947 2,304,106
a9,206
*2,976
a2,976
Of the above, totals of American and other descriptions are as follows:
American61,865
Liverpool stocks
bales_1,155,000 612,000 502,000 607,000
71,125
61.865
Manchester stock
12,0
23,000
62.000
46.000
Continental stock
*563,000 *510,000 309,000 412.000 Nor. spinners' takings to Aug.6_ _ 12,448
10,512
18,574
18,574
American afloat for Europe
61,091
189,209
65,930
62,103
U. S. port stocks
* Decrease during week. a Less than Aug. 1.
721,277 219,750 137,786 212,948
U. S. interior stocks
94,832
436,756 115,246 131,012
Movement into sight in previous years:
U. S. exports to-day
4,223
2,058
480
WeekBales.
Since Aug. 1Bales.
Total American
3,137,242 1,617,406 1,165,947 1,455,106 1913-Aug. 8
66.059 1913-Aug. 8
75,002
East Indian, Brazil, c*c.1912-Aug. 9
61,709 1912-Aug. 9
98.174
Liverpool stock
259,000 262,000 200.000 117,000 1911-Aug.11
53,846 1911-Aug.11
86,296
London stock
5.000
40,000
8.000
5,000
Manchester stock
17,000
13,000
19,000
22,000
NEW ORLEANS CONTRACT MARKET
Continental stock
*138,000 *14C ,000
45,000
31,000
India afloat for Europe
96,000
99,000
75,000 121,000
Egypt, Brazil, &c., afloat
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
21,000
31,000
36,000
25,000
Stock in Alexandria, Egypt
July 31. Aug. 2. Aug. 3. Aug. 4. Aug.'5. Aug. 6.
81,000
142,000 105,006
44,000
Stock in Bombay, India
724,000 757,000 726,000 495,000
Octobermini
Total East India,&c
Range
9.07-.16 9.00-.25 9.08-.17 9.11-.21 9.20-.30 9.24-.40
1,416,000 1,437,000 1,197,000 849,000
Total American
Closing
9.10-.11 9.07-4,8 9.10-.11 9.20-.21 9.27-.28 9.28-.29
3,137.242 1,617,406 1,165,947 1,455,106
DecemberTotal visible supply
Range
9.32-.42 9.26-.46 9.33-.43 9.37-.47 9.49-.57 9.51-.68
4,553.242 3.054,406 2,362,947 ,304.106
Middling Upland, Liverpool
Closing
9.36-.38 9.33-.34 9.36-.37 9.47-.48 9.54-.55 9.55-.56
6.96d.
6.43d.
5.53d.
6.506.
Middling Upland, New York_ ___
9.453. a12.50c.
12.00c.
12.3Cc. JanuaryEgypt, Good Brown, Liverpool__
Range
9.47-.53 9.40-.56 9.47-.53 9.53-.60 9.60-.70 9.66-.80
14.00d.
9.85d.
1074d.
8.90d.
Peruvian, Rough Good, Liverpool 10.90.1.
Closing
9.48-.49 9.46-.47 9.48-.49 9.59-.60 9.66-.68 9.67-.69
8.85d.
9.50d.
Nom.
Broach, Pine, Liverpool
5.25(1.
5,Xd. 6 1-16d. 6 7-16d. MarchRange
9.69-.72 9.63-.65 9.73 - 9.79-.80 9.89-.90 9.89-.00
Tinnevelly, Good, Liverpool ---- 5.37d. 5 11-16d.
6%d.
6 -id.
Closing
9.70-.71 9.68-.70 9.70-.71 9.81-.82 9.89-.90 9.9G-.93
* Estimated.
MayRange
9.94 ----10.13-.19
Continental imports for past week have been 30,000 bales.
Closing
9.90-.91 9.88-.90 9.89-.90 10.(A.-.62 10.98-.00 10.10-.12
The above figures for 1915 show a decrease from last week Tone
Quiet.
Spot
Quiet. Steady. Steady. Steady. Steady.
of 119,214 bales,a gain of 1,498,936 bales over 1914,an excess
Ontiong
Steady. Steady. ()Wet. Steady. Steady. Steady.
of 2,190,295 bales over 1913

and again of 2,249,136 bales over

1912.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in detail below.
Tetens.

Mosons•nt to August 6 1915. I Movement to August 7 1014.
Receipts.
Ship- 'Stocks
Receipts.
Ship- Stocks
meals. Aug.
mews. Aug.
Week. Season. Week.
Week. ; Season. Week.
6.
7.
21
'21
6501 4,770
5
5
706
271
271
826' 52,182
21.
21
5 2,931
192
192
272 20,059
161
1611
168
626
6
6
124
965
113 1,088
301
301
478 9.038
59
59 1,111 6,760
47
47
917 7,868
46
46
951
75
75
750 8,587
10
10
125 3,282
499
499
234 6,513
12
12
71 1,341
1,233
975 -- -. 68,521
338
338
382 10,601
51
52 26.487
51
20
20
150 1,905
136
5751 4,316
138
16,
24
16
48
122
250, 4,027
122
35
35
150 3,095
1,168 - _ _ _1 29,379
1,168
296 3,200
195 2,729
76
217, 4,349
1
1
708
1
32, ___ _I 3,032
32
-Loo 3,000
457, 11,086
39•
64
213 1,926
84
39
72 3,026
1
1
1,100
13
323 4,173
13
88
635
125 3,766,
204
1,000
:
1,736
1,708 4,409 15,1711 1,114
1,114 1,550 14,689
19
19
7,
100
27
7
107
951
1,423 1,546 13,237
951 1,156 16,171 1,423

Ala., Eufaula_ _
Montgomery _
Selma
Ark., Helena_ _
Little Rock_ _
Ga.. Albany_ _
Athens
Atlanta
Augusta
Columbus _
Macon
Rome
La.,Shreveport
Nfiss.,Columbu
Greenville
Greenwood _
Meridian _ _ _
Natchez
Vicksburg _
Yazoo City_
Mo.,St. Louis_
N.C., Raleigh_
0., Cincinnati_
Okla., HugoS.C., Greenw'd
Tenn.,Memphis
939
Nashville
134
Tex., Brenham
ClarksvilleDallas
Honey Grove_
4,578,
Houston
Paris
Total, 33 towns 12,574

1 4,992
954
4,450 76,045
_1
385
134
1
88 1,344,
- -1
i115.0,
..., -1 4,178 9,485 41,018 1,035'
741

11,690 28,183 436,756. 6,210

954
1

217
1,503 16,159
130
438

ioi
1,935

2,805

"iii
24;6i

6,210 11,103115,246

The above totals show that the interior stocks have decreased during the week 13,609 bales and are to-night 321,510
bales more than at the same time last year. The receipts at
all towns have been 6,364 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The resultsfor the
week and since Aug. 1 in the last two years are as follows:



WEATHER REPORTS BY TELEGRAPH.-Reports
to us by telegraph from the South this evening indicate that
over much of the cotton belt there have been beneficial rains
during the week. In Texas, however, and in portions of
Oklahoma and Arkansas, as well as sections of Mississippi
and Louisiana there has been little or no rain and moisture
is claimed to be needed.
Galveston, Tex.-Weather conditions in Texas have continued unfavorable for growing cotton especially in the
Southwestern portion where little or no rain has occurred for
some time. We have had rain on one day of the past week,
the rainfall reaching one inch and four hundredths. Average
thermometer 83, highest 90, lowest 76.
Abilene, Tex.-There has been light rain on one day of the
week, to the extent of twelve hundredths of an inch. The
thermometer has average 79, the highest being 96 and the
lowest 62.
Brenham, Tex.-We have had no rain during the week. The
thermometer has averaged 85, ranging from 69 to 100.
Cuero, Tex.-It has rained lightly on one day of the week,
the precipitation reaching four hundredths of an inch. The
thermometer has ranged from 68 to 103, averaging 86.
Dallas, Tex.-We have had light rain on one day during
the past week, to the extent of one hundredth of an inch.
Average thermometer 81, highest 96, lowest 66.
Henrietta, Tex.-We have had rain on one day of the week,
the rainfall reaching sixty-five hundredths of an inch. The
thermometer has averaged 81, the highest being 61 and the
lowest 101.
Huntsville, Tex.-Rain has fallen on one day during the
week, the rainfall reaching twenty-two hundredths of an
an inch. The thermometer has averaged 80, ranging from
62 to 98.
Kerrville, Tex.-It has rained on one day of the week, the
precipitation being ninety-one hundredths of an inch. The
thermometer has ranged from 59 to 100, averaging 80.
Lampasas, Tex.--We have had no rain during the past
week. Average thermometer 85, highest 101, lowest 68.
Longview, Tex.-There has been no rain the past week.
The thermometer has averaged 82, the highest being 99 and
the lowest 63.
Luling, Tex.-There has been no rain the past week.
The thermometer has averaged 84, ranging from 66 to 102.
Nacogdoches, Tex.-It has rained on one day of the week,
the precipitation being twenty-three hundredths of an inch.
The thermometer has ranged from 64 to 97, averaging 81.

460

Palestine, Tex.-It has rained on one day of the week, the
rainfall being sixty-eight hundredths of an inch. Average
thermometer 81, highest 96 and lowest 66.
Paris, Tex.-There has been rain on one day during the
past week, the precipitation reaching fourteen hundredths
of an inch. The thermometer has averaged 83, the highest
being 102 and the lowest 63.
San Antonio, Tex.-There has been no rain the past week.
The thermometer has averaged 86, ranging from 72 to 100.
Taylor, Tex.-It has rained lightly on one day of the week,
the precipitation reaching six hundredths of an inch. Minimum thermometer 64.
Weatherford, Tex.-We have had rain on two days the past
week, the rainfall being sixty-five hundredths of an inch.
Average thermometer 81, highest 100, lowest 61.
Ardmore, Okla.-There has been rain on two days during
the week, the precipitation being fifty-seven hundredths of
an inch. The thermometer has averaged 80, the highest
being 100 and the lowest 60.
Mangum, Okla.-There has been no rain the past week.
The thermometer has averaged 78, ranging from 58 to 98.
Tulsa, Okla.-It has rained on two days of the week, the
precipitation being seventy-one hundredths of an inch. The
thermometer has ranged from 60 to 98, averaging 79.
Eldorado, Ark.-We have had rain on three days during the
past week, to the extent of twenty-six hundredths of an inch.
Average thermometer 79, highest 99, lowest 59.
Fort Smith, Ark.-We have had rain on four days during
the week, the rainfall being one inch and fifty-seven hundredths. The thermometer has averged 79, the highest
being 98 and the lowest 60.
Little Rock, Ark.-We have had rain on two days during the
week, the precipitation being eighty-nine hundredths of an
inch. Thermometer has averaged 81,ranging from 61 to 100.
Alexandria, La.-Rain has fallen on three days of the week,
the precipitation being three inches and twenty-nine hundredths.. The thermometer has ranged from 66 to 96, averaging 81.
New Orleans, La.-Rain has fallen on one day of the week,
to the extent of two hundredths of an inch. Average thermometer 86, highest 96, lowest 76.
Shreveport, La.-There has been rain on one day during
the week, the precipitation being ten hundredths of an inch.
The thermometer has averaged 80, the highest being 97 and
the lowest 64.
Columbus, Miss.-There has been no rain the past week.
The thermometer has averaged 78, ranging from 56 to 100.
Holly Springs, Miss.-Thero has been no rain during the
week. Thermometer has ranged from 57 to 98,averaging 78.
Vicksburg, Miss.-Rain has fallen on three days of the
week, to the extent of twenty hundredths of an inch. Average thermometer 81, highest 95,lowest 68.
- Decatur, Ala.-There has been rain on three days during
the week, the precipitation being one inch and forty-eight
hundredths. • The thermometer has averaged 77, the highest being 96 and the lowest 57.
Mobile, Ala.-Scattered showers have given some relief
in the interior, but rain is needed. Cotton•is opening freely.
Rain has fallen on five days of the week, the precipitation
reaching two inches and forty-three hundredths. The thermometer has averaged 83, ranging from 72 to 97.
Montgomery, Ala.-We have had rain on one day during
the week, the rainfall being seven hundredths of an inch. The
thermometer has ranged from 67 to 99, averaging 83.
Selma, Ala.-Rain has fallen on one day of the week, to
an inappreciable extent. Average thermometer 84, highest 97, lowest 67.
Madison, Fla.-There has been rain on three days during
the past week, the precipitation reaching thirty-two hundredths of an inch. The thermometer has averaged 82, the
highest being 96 and the lowest 74.
Tallahassee, Fla.-Rain has fallen on three days of the
week, the precipitation reaching one inch and fifty-six hundredths. The thermometer has averaged 85, ranging from
71 to 98.
Albany, Ga.-We have had rain on two days of the week,
the rainfall reaching ninety-three hundredths of an inch.
The thermometer has ranged from 70 to 101, averaging 85.
Athens, Ga.-We have had rain on two days during the
past week,.to the extent of ninety-eight hundredths of an
inch. Average thermometer 80, highest 102, lowest 58.
Savannah, Ga.-We have had rain on five days of the past
week, the rainfall reaching one inch and thirty-seven hundredths. The thermometer has averaged 82, the highest
being 93 and the lowest 68.
Charleston, S. C.-There has been rain on four days of the
past week, the rainfall reaching one inch and twenty-one
hundredths. The thermometer has averaged 82, ranging
from 73 to 91.
Cheraw, S. C.-There has been rain on four days during the
week,the precipitation being three inches and seventeen hundredths. Thermometer has ranged from 68 to 99, averaging
84.
Spartanburg, S. C.-Rain has fallen on four days of the
week, the precipitation reaching one inch and forty-eight
hundredths. Lowest thermometer 63, highest 103, average 83.
Charlotte, N. C.-The crop is making satisfactory progress.
Rain has fallen on two days of the week, to the extent of
"twelve hundredths of an inch. Average thermometer 82,
highest 100, lowest 65.



ivoL. 101.

THE CHRONICLE

Goldsboro, N. C.-We have had rain on three days of the
past week, the rainfall being one inch and seventy-four hundredths. The thermometer has averaged 86, ranging from
70 to 102.
Weldon, N. C.-We have had rain on two days of the past
week, to the extent of four inches and thirty-two hundredths.
The thermometer has ranged from 70 to 98, averaging 84.
Dyersburg,iTenn.-Rain has fallen on two days of the week,
the precipitation reaching one inch and forty hundredths.
Lowest thermometer 58, highest 101, average 80.
Memphis, Tenn.-Crops need moisture. The first bale
was received Aug. 3 from Scott Bolivar County, Miss.
There has been no rain locally the past week, but showers
have fallen in the district. The thermometer has averaged
80, ranging from 62 to 97.
Milan, Tenn.-We have had rain on one day during the
week, the rainfall being twenty-one hundredths of an inch.
The thermometer has ranged from 55 to 98, averaging 77.
SUPPLY AND TAKINGS OF COTTON.
_WORLDS
_
1915.
_
Season.
Week.

Cotton Takings.
Week and Season.

1914.
1Veek. I Season.
_i_
3;176,816

4,672,456
Visible supply July 30
4,633,210
Visible supply Aug. 1
71.125
61,865
86,661
61,865
American in sight to Aug. 6_ _ __
18,000
10,000
• 10.000
b20,000
Bombay receipts to Aug.5
6,000
6.000
b8,000
6,000
Other s.hipmems to Aug. 5_ _ _
100
1,000
100
b1,000
Alexandria receipts to Aug.4_ _ _
2,000
5,000
b3,000
5.090
Other supply to Aug. 4*
4,791,117 4,731,335 3,259,781 3,25:781
Total supply
Deduct4,553,242 4,553,242 3,054,406 3,054,406
Visible supply Aug. 6
_
178,093 205,375
237,875
205,375
Total takings to Aug. 6_a
157,093 124,275
209.875
124,275
Of which American
21,000
81,100
28,000
81.100
Of which other
West
Smyrna,
Brazil,
Indies, &c.
* Embraces receipts in Europe from
a This total embraces the total estimated consumption since Aug. 1 by
in 1914-takings not
Southern mills. 55,000 bales in 1915 and 54,000 bales Northern
and foreign
being available-and the aggregate amounts taken by
spinners, 123,093 bales in 1915 and 151,375 bales in 1914, of which 102,093
American.
bales and 70,275 bales
.
b Estimated.

THE AGRICULTURAL DEPARTMENT'S AUGUST
REPORT.-The following statement, showing the condition of cotton on July 25, was issued by the Department
of Agriculture on Aug. 2

Estimates of the United
The crop reporting board of the Bureau of Crop
from the reports of the corStates Department of Aviculture estimates,
the condition of cottort on July 25
respondents and agents of the bureau,that 80.3%
on July 25, 76.4% a year
was 75.3% of a normal as compared with
ago, 79.6% two years ago and 78.5%, the average of July 25 of the past
ten years:
Comparison of conditions by States follows:
10-year
July 25 June 25 July 25 July 25 average
1914.
1913. July 25.
1915.
1915.
89
81
78
82
79
••
Virginia
86
79
77
78
79
North Carolina
79
76
72
75
78
South Carolina
82
76
79
79
76
Georgia
82
86
82
78
78
..
Florida
81
• 78
79
78
71
Alabama
77
84
79
76
76
Mississippi
76
79
83
75
75
Louisiana
71
81
82
76
79
Texas
72
85
87
80
79
Arkansas
87
73
90
85
81
Tennessee
75
86
86
83
82
Missouri
75
71
69
Oklahoma
90
100
X
96
California
76.4
80.3
79.6
75.3
78.5
United States
-year.
*5
• For purposes of comparison the condition of the cotton crop in the
United States monthly -and the'estimated yield per acre for the• past ten
Yield lbs.
Years are given below:
lint per
acre.
May 25. June 25. July 25. Aug.25. Sept.25.
Years75.3
80.3
80.0
1915
76.4
78.0
73.5
74.3
209.2
79.6
1914
79.6
63.2
64.1
81.8
182.0
79.1
1913
76.5
74.8
69.6
78.9
190.9
80.4
1912
71.1
83.2
89.1
73.2
207.7
87.8
1911
65.0
170.7
75.5
72.1
82.0
80.7
1910
63.7
71.9
58.5
74.6
154.3
81.1
1909
83.0
81.2
76.1
69.7
194.9
78.7
1908
72.
75.0
72.7
67.7
178.3
70.5
1907
82.9
77.3
83.3
71.6
202.5
84.6
1906
72.9
72.1
77.0
71.2
186.1
77.2
1905
78.5
72.8
63.3
79.9
187.7
79.5
10-year average

.8R

BOMBAY COTTON MOVEMENT.
1914-15.
July 15.
Receipts at-

Bombay1914-15__
1913-14._
1912-13._

1913-14.
lVeek.

Since
Aug. 1.

I

1912-13.
Since
Week. Aug. 1.

23,000 2,624,000 23,000 3,722,000 22,000,2,687,000
_
Since August 1.
For the Week.

Bombay
Exports
from-

Week.

Since
Aug. 1.

Great
Great Conti- Japan
Britain. nent. &Chinal Total. Britain.
2,000

40,000 42.000

ContiJapan
nen:. & China.

Total

72,000 355,000 1,374,000 1,801,000

10-,665 24,000 34,000 72,000 1,243,000 1,258,000 2,571,000
1,866 4,000 13.000 18,000 19,000 485,000 885,000 1,449,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.

Alexandria, Egypt,
July 14.
Receipts (cantors)This week
Since Aug. 1

1914-15.

1913-14.

1912-13.

9,652
800
2,500
_6.332.923
7,635.396 I 7,465,886
•
This Since
This Since
This Since
Week. Aug. 1. Week, Aug. 1. Week. Aug. 1.
Exports (bales)----,----207,234
____ 213,640, ____ 206,038
To Liverpool
_207,362
149,429 4,500 225,665
To Manchester
To Continent and India_ 1,698 279,477 5,000 457,664• 4,666 411,164
162,917
___ 125,070
____ 86,303
To America
1 4.000 950.634
980.272
799,057
9.500
1.698
exports
• Total
_

THE CHRONICLE

AUG. 7 1915.1

461

The prices of futures at Liverpool for each day are given
COTTON CROP CIRCULAR.-Our Annual Cotton Crop
Review will be ready in circular form about Thursday, below. Prices are on the basis of upland, good ordinary
Aug. 19. Parties desiring the circular in quantities, with clause, unless otherwise stated.
The prices are given in pence and 100th.s. Thus: 5 22 means 5 22-100d.
their business card printed thereon, should send in their
orders as soon as possible, to secure early delivery. Pub23 Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
lication of this annual review has been deferred this year Jan.
to
to a somewhat later date (after the close of the cotton season) Jan. 29. 123.4 4 1234 4 123.4 12% 1231 4 1234 4 123.1 4
p.m. p.m. p.m. p.m. p.m. P.m. pin • P.M. p.m. p.m. p.m• pm.
than has been our practice heretofore in order to afford more
time for the investigation of the situation abroad.
d. d. d. d. d.
d.
d. d. d. d. d. d.
August _ _
5 22 3419 23% 27 35 35 41 38
MANCHESTER MARKET.-Our report received by Oct.-Nov.
5 39 35 37 3936 47 46% 52% 491
HOLIHOLI- 5 52 49 50% 5336 61 6034 66 62
cable to-night from Manchester states that yarns are firm. Jan.-Feb.
Mar.-Apr. DAY
DAY 5 60 %57% 58% 615469 68 74 70
with a moderote trade. Coarse and medium cloths are de- May-June
5 67 3464% 65% 6834 76 75 81 77
July-Aug_
7134 74% 82 81 87 83
absence
the
Indian
demand.
of
We give prices
pressed in
for to-day below and leave those for previous weeks of
this and last year for comparison:
1915.
83( tbs. Shirt- Corn
legs, common Mid.
to finest.
Upl's

32s Cop
Twist.
J'ne d.
18 8
25 8%
July
2

0
0

325 Cop
Twist.

834 10s. Skirt- Cot'n
ings, COMMON Mid.
Upl's
to finest.

d. s. d.
s. d. d.
d. o. d.
as. d. 5.35 1.
8% 6 3 07 5
5.35 10 5-16@11 5-16 6 4 011 4% 7.88
9 86 07 4
5.20 10% 0 11% 6 4 811 4% 7.68
8% 63
9 63
8% 63
8% 63
834 63

16
23
30
Aug.
8%

BREADSTUFFS

1914.

07
07
07
07
07

5.20 10% 0
5.17 10
0
5.15 10
0
5.13 9 1546®
5.31 9 11-180

6
6
6
6
6

9% 59 07 3

11% 6
11 6
11 6
1034 6
1034 6

3 011 3
2340111%
2%011 1%
2 @110
1%010 1034

No quo tations

5.53

7.48
7.33
7.35
7.38
8.85
6.50

SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 52,062 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-Aug.4-Adriatic, 233 Peruvian
233
4,500
To Bordeaux-Jully 30-Ben Nevis, 4,500
1,706
To Rotterdam-Aug. 3-Noordam, 1,706
To Genoa-Jul 30-Manin, 100_ _ _July 31-America, 345
4,047
_ _ _Aug. 3-Giuseppe G., 3,602
4,500
To Vladivostock-July 30-Bolton Castle, 4,500
GALVESTON-To Barcelona-Aug. 2-Balmes, 2.039
2,039
PORT ARTHUR-To Liverpool-Aug.2-Albanian, 163
163
NEW ORLEANS-To Liverpool-July 31-Nicosian, 1,029_
Aug. 4-Defender, 4,000
5,029
4,340
To Rotterdam-July 30-Sloterdijk, 4,340
1,500
To Barcelona-Aug. 2-Valbanera, 1,500
9,276
To Genoa-July 31-Monviso. 9,276
MOBILE-To Liverpool-July 31-Nubian, 3,348-- _Aug. 43,535
Orubian, 187
1,430
PENSACOLA-To Liverpool-July 31-Vivina, 1,430
BOSTON-To Liverpool-July 30-Sachem,17
17
To Yarmouth-July 26-Prince George, 172 _ _ _Aug. 1-Prince
272
George, 100
4,718
BALTIMORE-To Liverpool-July 30-Rowanmore.4,718
SAN FRANCISCO-To Japan-July 31-Manchuria,2,407
2,407
1,300
To China-July 31-Manchuria,1,300
700
To Vladivostock-July 31-Manchuria, 700
350
To Manila-July 31-Manchuria, 350
Total

52,062

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger -Oth.Europe- Vlad.,
&c. Japan. Total.
Britain. Ports. many. North. South.
New York
233 4,500 ---- 1,'706 4,047 4,500 --- 14,986
Galveston
2,039
2,039 --- --Port Arthur__.._
163
__163
New Orleans
:::: 47,5:16 1CUM ::: -_- 20,145
5,029
Mobile
_
3,535
Pensacola
1,430 ----------------------1,430
Boston
17 ---------------- 272
Baltimore
4,718
47
28
19
8
San Francisco
4,757
:::: :::: 2,586 2,407
Total -

. 15,125 4,500

6,046 16,862 7,122 2.407

52,062

COTTON FREIGHTS.-Current rates for cotton from
New York are as follows, quotations being in cents per pound:
Liverpool, 1.00c. asked: Mancnester, 1.00c. asked: Havre, 1.50c.: Rotterdam, 1.25c.: Genoa, 1.25c.: Naples, 1.25c.: Leghorn, 1.35c.: Barcelona,
1.25c. asked: Marseilles, 1.25c. asked: Piraeus, 1.25c.: Japan. 1.25c.: Shanghai, 1.25c.: Bombay, 1.25c.: Viadivostock, 1.50c.: Archangel, 2.00c.

LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, 80., at
that port:

July 10. July 23. July 30. Auf. 6.
52,000
59,000
56,000
5,700
6,000
3,100
3,900
3,000
900
47,000
45,000
52,000
16,000
13,000
3,000
27,000
89,000
63,000
60,000
78,000
1,626,000 1,574,000 1,462,000 1,414,000
1,358,000 1,309,000 1,198,000 1.155,000
52,000
15,000
15,000
37,000
38,000
4,000
10,000
17,000
63,000
56,000
78,000
40,000
28,000
43.000

Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American

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

Saturday.

Monday.

Market, {
12:15
P. M.

Friday.

Large
business
doing.

Moderate
demand.

Good
demand.

Mid.Upl'ds
Sales
Spec.&exp •

Tuesday. Wednesday. Thursday.

5.34

5.38

5.48

5.53

10,000
1,009

18,000
4,000

14,000
1,500

8,000
500

Quiet at
1340334
pas. dec.

Dull at
3i015.5
pts. dec.

Steady at
405 pta.
advance.

•
BOLTDAY.

Futures.
Market }
opened
Market, I
4
P. M. 1




HOLTDAY.

Good
demand.

Steady,
%01%
pts. dec.

Barely sty, Steady at Quiet at Barely sty.
405 pts. 408 pts. 708 Pis. 1%03 pts.
decline.
advance. advance. advance.

Friday Night, Aug. 6th 1915.
Flour has been quiet as buyers for the most part are still
holding aloof awaiting further developments. They have
not been purchasing new flour at all freely and they have
been taking old flour only as their immediate needs require.
At Chicago last week a fair business was done. Old flour
has been commanding a premium. Northwestern mills
have shown a disinclination to offer flour in Chicago in any
large quantity owing to the scarcity of wheat. In such
circumstances there has been considerable reselling of old
flour. At Kansas City business in new flour has scarcely
started, and old flour has commanded good prices. Taken
as a whole the trade is still waiting further light on the
general situation and presents no striking features. The
total production last week at Minneapolis, Duluth and Milwaukee was 292,635 barrels against 273,400 in the previous
week and 387,485 last year. Greece wants, it is said, 30,000
tons of American flour.
Wheat early in the week was more or less depressed, but
later on became stronger, partly owing to wet weather at the
Northwest and reports of black rust. Uncut winter wheat
has been damaged by sprouting and moulding. The movement has been relatively small, particularly at the Southwest. Country offerings have been light. Dealers hesitate
to offer wheat to arrive, owing to the prolonged wet weather
over the winter-wheat belt, which has had the effect of lowering the grade. Moreover, the world's stocks are down to
69,910,000 bushels, against 114,250,000 a year ago and 111,745,000 at this time in 1913. The weather in Argentina
has been bad, being dry and frosty and reports of damage of
early planted wheat and of delay in planting are being received. Moreover, it is believed that the acreage in Argentina was reduced. High premiums have ruled for contract
grades in this country. In Western Europe the weather has
been unfavorable for harvesting also and it is already late.
Heavy general rains were reported in that part of Europe. It
is a rather curious fact that in a season when early harvests
are needed both in America and Europe the season is late.
In France new wheat is moving so slowly as to attract general attention, harvesting having been delayed. Moreover,
the reserves in France are small and import requirements will
be large. Hungary will also have to import heavily. Italy
will have a short crop. On the Pacific Coast the weather
has been bad for harvesting, owing to protracted rains.
Growers are holding wheat firmly and are selling very little
at the present quotations. The week shipments from
North America were 4,669,000 bushels. The visible supply
at American points is only 6,582,000 bushels as against
29,740,000 bushels a year ago. Frost was reported in the
Canadian Northwest. It has not been taken seriously, but
it simply shows what kind of freak weather the country has
been having. The receipts at the principal primary points
at the West in July were only 18,105,000 bushels against
49,507,000 in July last year. This year the receipts in July
were only 3,454,000 bushels larger than those of June,
whereas last year the July receipts were 39,008,000 bushels
larger than they were in June. This rather strikingly
shows the delay in marketing the crop this year. A dispatch
from Lisbon daid:"The Portuguese Governmentauthorizes the
importation of 200,000,000 kilos wheat (7,348,667 bushels)."
But one statistician at the West estimates the total wheat
crop of this country at close to 1,000,000,000 bushels. Unusually heavy yields are reported in Ohio, Indiana and Illinois, offsetting any decrease in Kansas, Missouri and Oklahoma. This estimate puts the winter wheat yield at 689,000,000 bushels. If a crop of 1,000,000,000 bushels is really
raised, of course it will he much the largest ever known.
Export sales of late, moreover, have not been heavy. Liverpool members of the trade in some cases take a rather bearish
view of the situation, owing to the belief that the crop in this
country and Canada is going to be very large. They also
note soine increase in the visible supply in America-929,000
bushels-and look for longer American receipts before long.
This makes the English trade quite conservative at present
prices. To-day prices declined on better weather over both
the winter and spring wheat belts with larger offerings.
Ifixporters took 600,000 bushels of new wheat partly via
the Gulf of Mexico.

462

[vol.,. 101.

THE CHRONICLE

DAILY CLOSING*PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
123
No. 2 red
cts..1193% 1193% 1193% 121% 124
September delivery in elevator____115% 1163% 1169/s 1183% 1173% 115
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_ ___105% 1073% 1063% 1083% 108
1063%
December delivery in elevator___ _106% 108/8 107/ 1093% 108'% 107
8 112
May delivery in elevator
1133% 1143% 113'/

Indian corn receded in price at one time and later became
steadier. There is no doubt that offerings as a rule have been
small owing to wet and cool weather over much of the belt.
Temperatures in Nebraska have been as low as 50. At
Chicago the eastern demand has been good. Offerings have
been quickly snapped up. Bad weather and a good cash
demand at Chicago have been among the chief factors.
The American visible supply decreased last week 535,000
bushels against a decrease in the same week last year of
545,000 bushels. The American supply is now put at
3,225,000 bushels against 4,415,000 a year ago and 8,450,000
at this time in 1913. Cash houses and commission firms
at Chicago have been at times good buyers. Under the
spur of this buying prices early in the week showed no little
strength. The Iowa report put this condition at 74 against
97 a year ago. Liverpool prices were firm or hfgher. But
in the background is the belief that after all the crop is likely
to be large. Certainly there are no signs of any very aggressive bull speculation. To-day prices declined on better
weather, and rather more favorable crop reports. There
were no export sales.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
mi
eta.. 91
91
91
91
No127mixed
903% 91
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
753% 747%
September delivery in elevator_ cts_ 733% 743% 743% 76
64
December delivery in elevator____ 633% 633% 633% 65
633%
May delivery in elevator
663% 66
673% 67
653%

portions of the belt the plant appears to be standing the drought fairly well,
but shedding is very generally reported and the boils aro opening prematurely in some sections In Oklahoma, Arkansas and Louisiana the crop
Is generally reported as doing well, and local rains in Texas were beneficial,
but drought in the latter State continues very general and is becoming severe
over large areas. The bolls appear to be opening rapidly over southern districts, and insects seem to be less active than in preceding weeks.
Oats and Hay.-Over northern districts, where oats are still uncut, damage to the crop and delay in harvest have occurred, and thrashing in other
districts made little progress. Haying was likewise delayed and considerable alfalfa and other haywas damaged by rain. Good growth was possible
where not already made, and a very heavy crop is in prospect over most
northern districts, while in the West alfalfa and other feed crops are doing
well.

The statement of the mOvement of breadstuffs to market
indicated below are 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 at-

Corn.

Wheat.

Flour.

Oats.

Barley.

Rye.

bbls.1961b3 bush. 60 lbs. bush. 56 lbs. bush. 321N. bush.481bs. be. 5615s.
Chicago,...
114,000 3,054,000 1,441,000 1,800,000
196,000
33,000
130,000
1,262,000
175,000
182,000
Minneapolis.
125,000
78,000
50,000
Duluth
8,000
158,000
59,000
327,000
Milwaukee _
43,000
61,000
2000
420,000 . 26,000
21,000
Toledo
19,000
82,000
60,000
6,000
Detroit
47,000
104,000
22,000
8,000
Cleveland
2,000
298,000
284,000
2,000
54,000 1,079,000
St. Louis _
328,000
124,000
90,000
4,000
Peoria
37,000
2,000
155,000
50,000
1,773,000
Kansas City
93,000
216,000
63,000
Omaha
Tot. wk. '15
Same wk.'14
Same wk.'13

2,818,000
2.945,000
2,340,000

262,000 8,037,000
341,000 15,707,000
382,000 12,224,000

3,108,000
6,893,000
4,123,000

495.000
578,000
714,000

47,000
109,000
223,000

Since Aug,t1
1914-15_ 19,720,000393,616.000 241,481,000 268,230,000 86,257,000 19285000
' 1913-14.... 20,061,000 322,077,000 224,484,000 229,215,000 87,436,000 22646000
1012-13 1R.359.394 376.429.677 231,408,363 253,595,462 105077500 17117000

Total receipts of flour and grain at the seaboard ports for
July 31 1915 follow:
Oats weakened a little early in the week and then became the week ended Flour,
Corn,
Oats, Barley,
Wheat,
Rye,
stronger, owing to heavy rains at the West. Some reports
bush.
bush.
bush.
bush.
bush.
Receipts al-bids.
59,000
303,000 25,000
710,000
139,000
insisted that oats were sprouting in the shock. Wet weather New York
4,000
43,000 80,000
7,000
25,000
Boston
has delayed harvesting and threshing. Country offerings Philadelphia
24,000
72,000
1,000
219,000
27,000
__59,000
10,000
1,000
321,000
22,000
4000
have therefore been exceptionally small. July wound up at Baltimore
39,000
160,000
85,000
85,000
New
Orleans_._
_
the highest price on the crop. The decrease in the American Newport News__
1,939,000
2,000
21,000
1,000
979,000
visible supply was 1,100,000 bushels, in contrast with an Galveston
30,000
1,000
2,000
Mobile
actual increase in the same week last year of 305,000 bushels. Montreal
1,000
488,000 31,000
712,000
23,000
The American visible supply is now down to 4,600,000 bush263,000 2,915,000 138,000
4,000
week 1915_ 325,000 3,109,000
els against 12,000,000 a year ago and 27,500,000 at this time Total
Since Jan. 11915_15,437,000 43,306,000 39,012,000 91,520,000 0422,000 6464,000
245,000 1,412,000 78,000 55,000
in 1913. There was a good shipping demand at Chicago. Week 1914
389.000 13,661,000
On the other hand, the seaboard has been selling steadily on SlneeJan.11914A2,380,000 114902,000 14,872,000 21,250,000 8278,000 2332,000
the bulges. Pretty much everybody believes that although
*Receipts do not include grain passing through New Orleans for foreign ports on
the crop may be delayed it will be in the end very large. through bills of lading.
of
There is, therefore, no great enthusiasm on the bull side
The exports from the several seaboard ports for the week
the market. The hay crop will also be very large. Still, ending July 31 are shown in the annexed statement:
Oats,
Rye, Barley, Peas,
Corn, Flour,
Wheat,
the rains at the West have undoubtedly caused a covering
bush, bush. bush.
bbls.
bush.
bush.
bush.
Exports fromof shorts and a certain amount of "long" buying for a turn. New
86,904 81,750 548,801
3,080
215,719
York
400
432
2,248
The week's shipments to foreign ports from North America Boston
14,000
____ 276,000
were 1,724,000 bushels. To-day prices were lower with 'Philadelphia
322,352 100,118
Baltimore
5,000
better weather, permitting a resumption of threshing. Pro- New Orleans_ _
---- 100,000 13,000
2,000 1,939,000
Newport News
tracted rains have done much injury in Iowa.
1,337,000
Galveston
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
eta.. 643% 643% 64
64
65
663%
Standards
65
65
643% 643% 653% 67
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 383% 383% 393% 423% 413% 393%
393% 393% 40v, 423% 41 'X 40
December delivery in elevator..
423% 433% 453% 443% 43
May delivery in elevator

The following are closing quotations:
GRAIN.
Corn, per bushelCis.
Wheat, per bushel-f. o. b.
f. o. b.
No. 2 mixed
91
N. Spring, No. 1, new- $1 173%
yellow
f.
90
No.
2
c.
1.
No.
2
Spring,
N.
No. 3 yellow
8834
Red winter. No. 2, new.. 1 23
Argentina in bags
1 28
Hard winter, No. 2
Cts.
Rye, per bushelOats, per bushel, newNew York
Standard
663%
67
Western, No. 2. new....
$110
No. 2, white
66
Barley-Malting
77 ®78c
No. 3, white
FLOUR.
Winter, low grades---34 90 35 10 Kansas straights,sacks-35 30®36 75
5 90 6 75 Kansas clears, sacks....- 5 20® 5 30
Winter patents
5 25
5 75 City patents
Winter straights
5 00tl 5 20 Rye flour
5 50® 6 15
Winter clears
5 509 7 15 Buckwheat flour
Spring patents
5 25® 6 75 Graham flour
5 65® 5 75
Spring straights
6 35® 6 60
Spring clears

WEATHER BULLETIN FOR THE WEEK ENDING
AUG. 2.-The influences of weather on the crops as summarized in the weather bulletin issued by the Department of
Agriculture for the week ending Aug. 2 were as follows:
Winter Wheat.-The outlook for a second week of favorable harvest
weather in the northern portions Of the winter-wheat belt was dissipated
early in the week by the occurrence of local showers, which later became general and frequently heavy. As a result harvesting was again delayed and
uncut wheat over northern districts, as well as that in shock to the southward, was still further damaged. Little thrashing was possible save in the
southern portions of the belt, where conditions were moderately favorable.
In the elevated portions of the Mountain and Plateau districts, as well as
on the Pacific Coast, the harvesting of winter wheat went forward with
little interruption, and good yields are assured.
Spring Wheat.-Although local rains and cool weather delayed the ripening of spring wheat, the crop made satisfactory progress and the outlook
continues favorable for excellent yields in all portions of the belt. The crop
is now ready for harvest in some southern districts, and is maturing properi
In others.
Corn.-Over the northern portions of the corn-frrowing area, including
some of the largest producing States, the crop continues backward and little
growth was possible during the week. In the central districts, and very
generally over the eastern portions of the corn-growing area, the weather
was warmer and drier and the crop made splendid progress, although rain
Is now needed in some sections where development has reached the critical
stage. In the more southern portions the early crop is very generally safe,
but the later plarted is now suffering severely, and in some sections already
141
greatly damaged by drought.
Cotton.-Hot and generally continued dry weather in the cotton belt
greatly retarded growth over many portions, and but little progress was
possible except over the more northern portions of the belt, where local
rains and moderate warmth favored satisfactory growth. In the eastern




Mobile
Montreal

1,000
241,000

Total week____2,395,319
9,035,876
Week 1914

30,000

2,000
20,000

47,000

317,022 133,182 2,540,201
69,982 197,907 391,924 63,293 442,000

3.080
859

The destination of these exports for the week and since
July 1 1915 is as below:
Wheat-- --Corn,-----..
Flour
Since
Since
Since
1Veek.
July 1
1Veek.
July 1
Week.
July 1
1915.
July 31.
1915.
July 31.
1915.
Exports for week and July 31.
bush,
bush,
bbls.
bush.
bids.
bush.
since July 1 to42,813
United Kingdom__ 54,150 348,864 093,988 5,186,625
17,957 289,849 1,384,322 5,913,041 167,171 1,621,154
Continent
15,979
98,819 111,900
99,210
496.632
So.& Cent. America 19,228
1,000
90,529
17,600
37,951
12,809
269,953
West Indies
1,876
432
490
Brit. No. Am. Cols_
61,161
28,606
Other countries
Total
Total 1914

133,182 891,289 2,395,319 11,216,085
197,907 1,015,880 9,035,876 30,884,856

317,022 2,431,042
69,982
314,889

The world's shipment of wheat and corn for the week
ending July 31 1915 and since July 1 1914 and 1913 are
shown in the following:
Wheat.
Exports.

Week
July 31,

Corn.
1914.

1915.
Since
July 1.

Brishels.
Bushels.
NorthAmer* 4,669,000 21,394,000
822,000
120,000
Russia
Danube-- 176,000 3,788,000
Argentina_ Australia..
1,344,000 9,736,000
India
312,000
56,000
0th.countr's

Since
July 1.

1915.
1Veek
July 31.

1914.

Since
July 1.

Since
July 1.
Bushels. Bushels. Bushels.
Bushels.
37,982,000 240,000 2,312,000
123,000
11,922,000
1,097,000
2,304,000
6,782,000
1,818,000 3,047,000 23,848,000 15,387,000
3,584,000
8,264,000
248,000

8,365,000 35,850,000 64,120,000 3,287,000 28,160,000 23,380,000
Total
--- *North America-The Canadian Government has offie ally 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:
Wheat.
United
Kingdom. Continent.' Total.
Bushels.

Corn.
United
Kingdom. Continent.

Bushels. I24
B,u
2s6h4e,/0
30
.0 Bushels.

Bushels.

Total.
Bushels.
24,106,000
25,757,000

July 31 1915_
25,456,000
July 24 1915..
No reports received
Aug. 1 1914_
Aug. 2 1913_ 19,880.000 12.456,000 32,336,000 11,654.000 20.5.53.000 32.207.000

AuG. 7 1915.1

THE CHRONICLE

463

The visible supply of grain, comprising the stocks in serges has also been very satisfactory. The final adjustgranary at principal points of accumulation at lake and ment of labor difficulties in the cloak and suit trade has resulted in a re-confirmation of numerous orders which had
seaboard ports July 31 1915 was as follows:
been expected to be canceled as well as considerable new busiUNITED STATES GRAIN STOCKS. Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded ness. In men's wear, well-styled medium grade fabrics are
Rye. Barley. Barley.
Wheal. Wheat. Corn. Oats. Oats.
bush. bush. bush. bush, bush, bush, bush. bush. being sold freely, while there is a much better demand for
In Thousands42
134
375
29
New York
all spring 1916 goods. Manufacturers are concerned over
--55
29
52
19
Boston
their supply of dyestuffs and also fear that there may be
13
1
_
85
239
Philadelphia
21
1
40
some
422
78
difficulty in making deliveries, owing to the heavy
Baltimore
138
27
230
New Orleans
initial bookings.
5
730
Galveston
2
225
25
189
DOMESTIC COTTON GOODS.-The exports of cotton
536
Buffalo
68
262
5
Toledo
goods from this port for the week ending July 31 were 15,035
10
14
9
14
Detroit
packages, valued at $997,000, their destination being to the
11
27
515
338
1,237
Chicago
25
193
"
afloat
points specified in the table below:
11
2
46
2
Milwaukee
128
16
1,273
263
86
_
_
8
102
14 ::::
402

Duluth
Newport News
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River

48
Total July 31 1915.... 6,582
84
Total July 24 1915_ 5,333
292
Total Aug. 1 1914_29,743
Total Aug. 2 1913....37,678 1,196
CANADIAN
In Thousands-

Canadian Bonded
Wheat. Wheat.
bush. bush.

402

Montreal

Ft.William&Pt.Arthur_ 1,667
242
Other Canadian
Total July 31 1915_
Total July 24 1915
Total Aug. 1 1914_
Total Aug. 2 1913.._

In ThousandsAmerican
Canadian

__
____

33
210

-ioi
7
59
103
48
268
199
281

15
78
9

2,345
2,767
3,222
6,409

56

62
4

1915

25

2,544
2,741
3,725
7.391
Oats.
bush.
1,309
2,544

3,853
4,774
10,208
24,522

108
253
309
89
168
902
382 1,319

Canadian Bonded
Rye. Barley. Barley.
bush. bush. bush.
4
86

4
4
24
50
Bonded
Oats.
bush.
27
_--27
32
204

533

8
45

86
130
241
444

Bonded
Rye. Barley. Barley.
bush. bush. bush.
____
108
253
4
86
112
339
93
439
192 1,143
432 1,763

____
8
45

THE.DRY GOODS TRADE
New York, Friday Night, August 6 1915.
There has been little change in the drygoods situation during the past week. Fall buying is progressing moderately
but is limited to filling in orders on the part of buyers who
have been holding off in hope of lower prices. The recent
warm weather has resulted in a more active demand from
retailers for further supplies of Summer fabrics. Mail orders
received by jobbers during the week have contained urgent
requests for prompt supplies of wash fabrics, light weight
underwear, hosiery and such goods. Manufacturers report
fair activity but say new contracts are being placed upon a
very conservative basis. Shipments against old contracts
have been steady but little interest as yet has been shown in
Spring 1916 requirements. Manufacturers of staple cotton
goods while not doing an active new business are being kept
busy filling standing orders. The recent talk of a sharp
downward revision in prices of staple goods is no longer
heard, and certain lines which have recently been shaded
are again held at old levels. Cotton underwear manufacturers are not optimistic of the situation, stating that jobbers
have been very backward this season in placing their requirements for next Spring. The report that orders so far received
are far from satisfactory and that buyers are influenced by
the idea that lower cotton values and lower prices for finished
goods will prevail later in the season. Woolen goods manufacturers, however, report greater activity. The American
Woolen Company's mills are said to be doing the largest
business in their history with bookings showing no signs of
falling off. This statement followed reports which have been
circulated, chiefly in Wall Street, to the effect that the Company's business was not running up to expectations. Business with local jobbers has been fairly active. There has
been a fair call for fall merchandise as well as a good late
demand for summer goods. Jobbers are receiving encouraging advices from out of town concerning trade prospects,
particularly from the West and Southwest where bright crop
prospects have greatly strengthened sentiment. Retailers
are doing a better business as a result of the warmer weather
but are not yet giving much attention to fall requirements.
Export trade shows signs of improvement, further small lot
of sheotings having been sold for Red Sea account. There
have also been some small sales of sheetings for China but
the goods are understood to consist of odd lots to be auctioned
in that market. Shipments are going to China against all
orders and exporters are expecting that a renewal of contracts
will soon be necessary as stocks of American goods are reported to be rapidly decreasing.
WOOLEN GOODS.-Initial spring business in woolen
and worsted dress goods is very satisfactory and jobbers are
enlarging upon their contracts. Houses having lines of
goods which they can guarantee,so far as the quality of dyes
is concerned, are booking their output without difficulty.
The good initial demand for spring 1916 has caused manufacturers to open up new additional lines which are being priced
at advances of five to ten cents a yard over last spring.
Broadcloths have sold well and many of the large mills are
almost completely sold up on their output. The demand for



Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total

1914

Since
Week.. Jan. 1.
1,443
43,658

New York to July 31Great Britain

11

___
39
____
12
____
14
____
20
SUMMARY.
Bonded
Wheat. Wheat. Corn.
bush, bush, bush,
6,582
48 2,306
2,311
____
39
48
84
292
1,196

1

5
4

7
82

2,306 1,309
27
2,755 2,033
32
3,208 6,483
204
6,389 17,131
533
GRAIN STOCKS.
Canadian Bonded
Corn, Oats. Oats.
bush. bush, bush.
39 1,133
____
476
_
935

2,311
2,551
8,956
5,564

Total July 31 1915.... 8,893
Total July 24 1915.... 7,884
Total Aug. 1 1914_38,699
Total Aug. 2 1913 43,242

2

676
40
14
3,877
1.689
1,086
153
242
812
5.003
15,035

Week.

Since
Jan. 1.

105
13,951
14
4,922
2,674
15,340
___
29,036
1,365
9,778
319
30,248
678
527
14
11,071
290
26,129520
50,319
2,532

2,625
1,842
48,409
13,210
9,193
5,792
28,115
304
13,500
34,615
41,640

234,979

8,511

199,245

The value of these New York exports since Jan. 1 has been
$14,851,896 in 1915 against $13,918,656 in 1914.
Business in staple cotton goods, while not active, is progressing. The tone of the market is firm, although some
mills find it difficult to maintain prices in the face of the poor
demand. Brown drills, sheetings and convertibles are in
moderate demand. Cotton duck for export is heavily under
order and spot goods in some widths are very hard to obtain.
Domestic demand for duck, though improving, is still below
normal. Wide sheetings and bleached cottons are relatively
more active than other staple goods. The dyestuffs situation continues to cause anxiety to manufacturers of colored
goods, but has not yet become fully appreciated by consumers.
Demand for colored goods, particularly ginghams and tickings, has so far been below expectations, although buyers
have been constantly warned that these goods will be difficult to obtain upon short notice. Print cloths as regards
price are irregular and dependent upon the size of stocks
in the various houses having goods to offer. In some instances there is a disparity of an eighth of a cent per yard
on identical goods between different houses. Demand
nevertheless is backward and especially so for future delivery. A good business is being done in coarse sheetings for
bagging and bale wrapping purposes, but there are numerous complaints that the goods are not equal to burlaps in
meeting requirements. Gray goods, 38-inch standard, are
quoted at 4c.
FOREIGN DRY GOODS.-Aside from a good spot demand for summer dress linens, the linen trade is generally
quiet. Ordersfor spring 1916 delivery havefallen off during the
past week, but not so much on account of lack of demand as
for the reason that importers are unable to make satisfactory
arrangements. The inability to get Irish and Scotch manufacturers to make any concessions from their present high
prices for goods for delivery next spring has caused buyers
to hesitate in placing further orders that far ahead. Selling
agents realize that prices have advanced abnormally during
the past year and that linens have suffered severely in consequence. They state, however, that were it not for fear
that the goods would not find a market, further advances
would have been made in the new spring price lists. Jobbing
stocks. in the New York market are very light and jobbers
are holding what goods they have at exceedingly firm prices.
Business in burlaps is confined chiefly to small lots with the
undertone easier. Light weights are quoted nominally at
6.20c. and heavy weights at 7.75c.
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
July 31 1915.
Since Jan. 11915.
Pkgs.
Value.
Pkgs.
Value.

Manufactures ofWool
Cotton
Silk
Flax
Miscellaneous

1,297
1,874
372
1,465
796

239,311
494,880
85,499
126,102
308,785

20,734
60,475
34,360
25,037
69,340

5,359,481
16,802,989
16,578,337
7,156,953
7,240,322

Total 1915
5,804 1,254,577 209,946 53,138,082
Total 1914
9,355 2,772,953 353,803 84,609.969
Warehouse Withdrawals Thrown Upon the Market.

Manufactures of
Wool

Cotton
Silk
Flax
Miscellaneous
Total withdrawals
Entered for consumption

391
500.
299
.1,760
278
3,228
5,804

108,073
158,406
87,269
85,761
103,668

11,430
16.268
10,668
14,319
46,496

3,737,417
4,857,408
4,037,907
3,249,499
3,367,762

543,177
99,181 19,249,993
1.254.577 209,946 53,138,082

Total marketed 1915
9,032 1,797,754 309,127 72,388,075
Total marketed 1914
12,008 3,403,712 475,706 106.782,251
Imports Entered for Warehouse During Same Period.
Manufactures ofWool
878
119,925
8,027
2,839,066
Cotton
315
114,565
13,508
3,971,717
Silk
73
26,621
8,925
3,376.436
Flax
931
103,793
11,463 3,170.218
Miscellaneous
261
102,077
44,177
2,975,280.
Total
2,458
466,981
86.100 16,332,717
Entered for consumption
5,804 1,254,577 209,946 53,138,082
Total imports 1915
8,262 1 721,558 296,046 69,470,799
Total imports 1914
11,487 3,326,946 454,192 107,785,779

THE CHRONICLE

464

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MUNICIPAL BOND SALES IN JULY.
Our records show that the total of long-term municipal
bonds sold in July was $27,598,868. The temporary or
short-term loans negotiated last month reached a total of
$13,872,283, including
,250,000 revenue bonds and bills
and corporate stock notes of New York City. In addition
$46,216,576 debentures were sold by places in Canada, including the 1. 5,000,000 one and two-year gold notes sold by
the Dominion Government to a syndicate of New York
bankers. In the table below we give a comparison of all the
various forms of securities put out in July of the last five
years.
1915.
1914.
1913.
1912.
1911.
5
$
$
$
$
Permanent loans (U. S.)_27,598,868 26,776,973 23,477,284 30,479,130 42,231,297
*Temporary loans (U. 5.)13,872,283 15,470,751 32,320,414 13,439,445 17,903,367
Canadian loans (perm't).x46,216,576 15,743,832 10,495,843 5,527,971 2,127,241
None
None
Bonds of U.S.Possessions
None
None 1,500,000
None
None 5,000,000
Gen.fund bonds(N.Y.C.).
None
None
Total

87,687,727 57,991,556 71,293,541 49,446,546 63,761,905

* Including temporary securities Issued by New York City, $8,250,000 in July
1915, 59,202,953 In 1914, 526,400,414 in 1913, 58,095,993 In 1912 and $13,198,367
In 1911. z Includes 545,000,000 1 and 2-year notes of the Dominion of Canada.

The number of municipalities emitting long-term bonds
and the number of separate issues during July 1915 were
482 and 646, respectively. This contrasts with 499 and 674
for June 1915 and with 551 and 757 for July 1914.
For comparative purposes we add the following table
showing the aggregates for July and the seven months for a
series of years. In these, figures temporary loans, and also
issues by Canadian municipalities, are excluded.
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904

Month of
For the
July.
Seven Mo.
527,598,868 5343,105,883
26,776,973 384,334,150
23,477,284 242,356,554
30,479,130 276,768,423
42,231,297 265,493,667
35,832,789 198,678,899
20,120,647 227,245,964
21,108,678 190,191,257
16,352,457 131,700,346
25,442,095 127,780,340
10,878,30'2 122,601,356
33,233,254 171,102,409

1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892

Month of
For the
July.
Seven Mos.
$15,670,240 $95,246,674
12,861,550 100,489,945
8,262,495
69,485,555
8,104,043
86,047,708
18,613,958
81,959,334
7,868,563
51,947,110
17,389,859
90,665,236
5,313,495
48,490,459
15,374,660
72,366,273
8,253,237
74,680,229
1,691,600
34,354,715
4,139,100
53,232,391

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.

News Items.
Erie, Pa.—Cloudburst Causes Loss of Life and Property.-On Tuesday night (Aug. 3) this city was the scene of a cloudburst which resulted in the loss of a number of lives and the
destruction of property estimated to be worth $5,000,000. or
more. About 300 homes and 50 store buildings were razed,
it is said,by the waters of Mill Creek,sent out of its banks by
the cloudburst, and the breaking of the Glenwood Dam.
Twenty-six dead have been counted thus far, and it is
believed that the wreckage, piled in places 100 feet high,
conceals many more victims. •
The storm which visited Erie later caused considerable
damage and a further loss of life in other parts of Pennsylvania, in New Jersey and in New York. Press reports from
various places in these three States also indicate serious injury to crops. In New York City the storm reached the
height of its violence about 9 a. m. Wednesday, Aug. 4,
when the wind blew 64 miles an hour and the rain fell in
sheets. Between 7 and 10 a. m. the average wind velocity
was 60 miles and the rainfall for the six hours ending with
this period was 2.19 inches.
Nashville, Tenn.—New Mayor and Commissioner Appointed.—On Aug.4 Judge Robert Ewing was elected Mayor
of Nashville and J. 0. Tankard City Commissioner, to succeed Mayor Howse and City Commissioner Robert Elliott,



101.

who were recently suspended (see V. 101, p. 387). The election was made by the three present City Commissioners and
was unanimous.
New York State.—Revision of State's Budget System
Recommended by Constitutional Convention Committee.—The
final report of the Committee on State Finances, which was
submitted to the Constitutional Convention on Aug. 4,
recommended among other changes that the duty of making
up the State's budget be transferred from the Legislature to
the Governor. The report and proposed amendment received the endorsement of every member of the committee
with the exception of Senator Robert F. Wagner, who submitted a minority report. The committee finds that the
annual expenditures of the State have increased from $7,163,831 in 1885 Eto $42,408,488 in 1914. This increase is attributed largely to loose financial methods and
the present system of budget making, under which appropriations are initiated by the Legislature with the Governor
exercising only a limited veto power. The report points
out it is essential that the method should be reversed; that
the Governor should take the initiative and the Legislature
have the power to cut down but not to increase items in the
appropriation bills submitted by the Governor.
The report notes that in the period from 1885 to 1914 the
population of the State has increased only 82% and the assessed valuation of real and personal property, subject to
taxation, from $3,224,682,343 to $12,070,340,000, due
largely not to real increase in property values, but to new
methods of taxation and an increase in the percentages of
assessment. In New York City, for instance, the rate of
real estate assessment has been raised from about 67% to
about 90% of the market value.
The per capita cost of government in this State last year
was $5 41, as against $2 47 in 1895. The growth of population in the same period was only 53% and the increase in
assessed valuation, including fictitious increase, was 17%.
For purposes of comparison, the fourfold growth in the cost
of the Federal Government compared with an 84% growth in
population in a period of thirty years is set forth in the report.
The new budget plan proposed by the Committee is set
forth as follows in the proposal presented to the convention:
On or before the 15th day of November in the yqar 1916 and in each year
thereafter the head of each department of the State Government, except
the Legislature and the judiciary,shall submit to the Governor itemized estimates of appropriations to meet the financial needs of such departments,
classified according to relative importance and in such form and with such
explanation as the Governor may require. The Governor, after public
hearing thereon, at which he may require the attendance of heads of departments and their subordinates, shall revise such estimates according
to his judgment.
Itemized estimates of the financial needs of the Legislature, certified by
the presiding officer of each house, and of the judiciary, certified by the
Comptroller, shall be transmitted to the Governor before the 15th day of
January next succeeding, for inclusion in the budget, without revision, but
with such recommendation as he may think proper.
On or before the first day of February next succeeding, he shall submit to
the Legislature a budget containing a complete plan of proposed expenditures and estimated revenues.
It shall contain all the estimates so revised or certified and shall be accompanied by a bill or bills for all proposed appropriations and re-appropriations, clearly itemized. It shall show the estimated revenues for the
ensuing fiscal year and the estimated surplus of revenues at the end of the
current fiscal year, together with the measures of taxation, if any, which
the Governor may propose for the increase of the revenues. It shall be
accompanied by a statement of the current.assets, liabilities reserves and
surplus or deficit of the State; statements of the debts and funds of the
State; an estimate of its financial condition as of the beginning and end of
the ensuing fiscal year, and a statement of revenues and expenditures for
the two fiscal years next preceding said years in form suitable for comparison. The Governor may before final action by the Legislature thereon
amend or supplement the budget.
A copy of the budget and of any amendments or additions thereto shall
be forthwith transmitted by the Governor to the Comptroller.
The Governor, the heads of such departments, and the Comptroller shall
have the right, and it shall be their duty, when requested by either house
of the Legislature, to appear and be heard in respect to the budget during
the consideration thereof, and to answer inquiries relevant thereto. The
procedure for such appearance and inquiries shall be provided by law.
The Legislature may not alter an appropriation bill submitted by the
Governor except to strike out or reduce items therein, but this provision shall
not apply to items for thetLegislature or Judiciary. Such a bill, when
passed by both houses, shall be a law immediately, without further action
by the Governor, except that appropriations for the Legislature and Judiciary shall be subject to his approval,as provided in Section 9 of Article IV.
Neither house shall consider further appropriations until the appropriation bills proposed by the Governor shall have been finally acted on by both
houses; nor shall such further appropriation be then made except by separate bills, each for a single work or object, which bills shall be subject to
the Governor's approval, as provided in Section 9 of Article IV. Nothing
herein contained shall be construed to prevent the Governor from recommending that one or more of his proposed bills be passed in advance of
the others to supply the immediate needs of Government.

The committee also recommends an amendment to Section 21 or Article III, under which appropriations would
lapse three months after the end of the fiscal year for which
they have been made. Under the present system appropriations run for two years.
Another amendment to the same section and article would
make all appropriations by the Legislature next year available for the period ending June 30 1917. After that day the
amendment provides for a Xiscal year beginning July 1 instead of Oct. 1 as at present.
Proposed Home Rule Amendments to Constitution Grant New
Powers to Cities.—On Aug. 5 there was presented to the Constitutional Convention by its Committee on Cities proposed
new home rule amendments providing among other things
for an elective commission of sixteen members to revise the
charter of the City of New York. A minority report was
submitted by Senator James A. Foley of New York and
Edward E. Franchot of Niagara. Of the members of the
proposed charter commissidn, nine would be elected by the
voters of the city at large, two by the electors in the Borough
of Manhattan, two by the electors in the Borough of Brooklyn and one each by the electors of the Boroughs of Bronx,
Queens and Richmond, respectively. The work of the commission would be subject to ratification of the voters in the

AUG. 7 1915.)

THE CHRONICLE

465

On the allowance of the Court below of a deduction, in computing the
city's indebtedness, of the amount of certain assessments levied for street
improvements and construction of sewers, the higher Court thought these
liens might fairly be regarded as solvent debts due and owing to the city,
the floating
Exclusive power to manage, regulate and control its own property, busi- and as such they were to be considered as a proper offset towere
presumness and local affairs, subject to the Constitution and to the general laws debt incurred without the assent of the electors. The liens
of the Stare, applying to all the inhabitants, or applying to all the cities ably well secured and the property against which they were filed was
liable to the extent of the lien and can be sold to enforce payment.
or counties of the State without classification or distinction.
The more important question, the Court said, was as to the treatment
The power to organize and manage all departments, bureaus or other
divisions of the city government, and to regulate the powers, duties, quali- of Pittsburgh city bonds and cash held in the city's sinking funds in ascertaining
the net amount of councilmanic debt. It was contended by the
office,
selection,
of
compensation,
and
fications, mode of
number, term
method of removal of all city officers and employees, and of all police plaintiff that only such councilmanic bonds as are held in the counciland health officers and employees, and of all non-judicial officers and em- manic sinking funds are properly to be regarded as an offset against the
ployees attached to courts not of record, and to regulate the compensation gross amount of councilmanic debt and that neither bonds authorized by
of all officers not chosen by the electors and of all employees of counties the electors nor cash held in the councilmanic sinking fund should be desituated wholly within a city, except assistants and employees of District ducted from such indebtedness. Counsel for the city maintained that all
the reserves in the councilmanic sinking funds should be counted as offsets.
Attorneys and except officers and employees of courts of record.
The power to amend its charter or any local or special law relating to The referee and the Court below accepted the latter view. In this Justice
its property, business, or local affairs, subject to ratification by the voters Potter thinks they went too far, for the payment of electoral bonds did not
reduce councilmanic debt. In Brooke vs. Philadelphia, it was pointed out
of such city and to legislative annulment.
Under the proposed amendments the legislative authorities of a city would that what is called the sinking fund is the mere conduit through and by
have power to amend the charter of their city or any special or local laws which money raised by annual taxation reaches its destination, and that
affecting the property, business, or local affairs of the city, with the pro- the purchase of the city's own bonds by means of cash in its sinking fund
vision that any such amendment shill apply to one subject only and shall constitutes payment of such bonds. It was also pointed out in that case
be subject to the approval of the Mayor and the Board of Estimate if such tnat securities in the fund, other than city obligations, while they did cona board enters into the city administration. Any such amendment, which stitute assets, and represented savings of the city, did not operate in reducdoes not change the framework of the city government or regulate bond tion of the funded debt and could not be counted as an offset. Applying
issues or remove restrictions regarding taxation, shall take effect upon ap- that principle to the present case, in estimating actual councilmanic debt,
proval by the Mayor and the Board of Estimate. Other laws must be sub- the Court says it may not deduct bonds in the councilmanic sinking funds
mitted to the Legislature in the first week of the next succeeding regular which are not part of the indebtedness to be redeemed. The purchase
session and shall take effect within sixty days unless disapproved by the of such bonds works no actual reduction of councilmanic indebtedness.
The proper rule in preparing a statement showing borrowing capacity of
Legislature.
The methods to be followed in regard to general revisions of the charter the city authorities, without a vote of the people, under the 2% limit, the
are defined in the proposed amendments. Next year and every eight years Court says, is to take the gross councilmanic debt, and from it deduct the
thereafter the question, "Shall there be a commission to revise the charter amount of all councilmanic bonds held in all sinking funds of the city.
of the city?" must be submitted to the voters. If answered in the affirma- Deduct also the cash on hand which has been paid in to the sinking fund
tive, the commission must be elected either at the next general election or for the specific purpose of retiring the particular issue in question, and which
at a special election. In all cities except New York, the commission will cannot lawfully be diverted to any other purpose.
By agreement of counsel this case was considered and decided with respect
be composed of seven members elected at large. The revised charter must
be submitted for ratification either at the next general election or at a spe- to its financial situation on Sept. 30 1914. It would not, therefore, be
cial election called for the purpose. If ratified it will be sent to the Legis- affected by the Acts of May 6 1915. which were brought to the Court's
lature in the first week of its session in January, and if not annulled within attention. The effects of these Acts would seem to be to make a city, to
which contiguous municipalities have been annexed, liable for the payment
sixty days becomes effective.
of not only its own debt, but also the debt of the annexed municipalities
Ex-Mayor Seth Low, Chairman of the Committee on and to require a uniform tax to be levied upon all the territory included in
the consolidated city. In other words, the entire debt is transferred to the
Cities, in a statement made public on Aug.4,said regarding 2%
class, so far as the consolidated city is concerned. As it was unnecesthe now plan:
sary, so far as this case was concerned, to consider these Acts of Assembly,
The bill gives home rule to
as to their own local affairs, State rule the Court declined to express an opinion as to their scope or effect at this
to the State as to State affairs, and where the city acts as the agent of the time.
State in matters of government, the present system with the local suspenIn plaintiff's appeal the first, second, third, fourth, eighth and ninth assory veto is retained.
signments of error are dismissed. The fifth assignment is sustained.
Any one wishing to get a pretty accurate understanding of the powers The questions raised by the other assignments will depend for answer upon
granted to cities by the grant to them of exclusive power to manage and regu- the result of the calculation to be made in accordance with the method of
late their own property, business or local affairs, may do so by reading the ascertaining the net councilmanic debt as indicated in the opinion.
grant of specific powers contained in Section 20 of Chapter 247 of the laws
It was therefore ordered that the record be returned to the Court below
of 1913, popularly known as the Home Rule law.
for further proceedings in accordance with the opinion.
As to the field thus broadly indicated, it is as though one were to say:
The costs of the appeal and in the Court below are put upon the city of
"Keep off the grass." This home rule law of 1913 has been thus far in- Pittsburgh.
effective for two reasons. (1) Because there has been a doubt whether,
Power County (P. 0. American Falls), Idaho.—Bond
under the existing Constitution, the Legislature had the authority to delegate so much legislative power to cities; and (2) because the law provides Issue Sustained.—This county's bond issue of $90,000 to take
that all of these powers must be exercised by the precise agencies which
have been created by existing city charters, and by the special and general up its proportion of the debt of the counties from which it
laws which relate to the government of one city or another throughout the was formed and to pay expenses incidental to putting the
State. It is my belief that the proposed Constitutional amendment would
cure both of these defects, so that, in case of its adoption, this abortive county government in operation was sustained by the Supreme Court on July 16, according to the Boise "Idaho
measure would stand "upright on its feet."

city and also to legislative veto. The new powers granted
to cities under the proposed amendments are said to be as
follows:

IR

Pittsburgh, Pa.—Supreme Court Opinion in Bond Case.— Statesman," in an opinion written by Justice Morgan and
On July 3 the State Supreme Court handed down an opinion concurred in by Chief Justice Sullivan and Justice Budge.
As previously stated in these columns (V. 101, p. 60), the issue was atwritten by Justice Potter, modifying the decree of the Alle- tacked
by J. R.Jones, a taxpayer of Power County, who contended that the
gheny County Court of Common Pleas in the suit of Chas. proposed payment of interest falling due on July 1 1915, the proposed exon the records and tax rolls, and the subsequent collection of taxes
A. Schuldice vs. the city and Mayor J. G. Armstrong. tension
attempted to be levied for the payment of the principal and interest of
The questions in the case relate exclusively to the computa- the funding bonds, were illegal and in excess of the jurisdiction of the
tion of debt subject to the 2% limit on "councilmanic" debt, defendants.
It was
urged that the cost of the jail, which was a part of the inthat is, debt incurred by the City Council without a vote of debtednessalso
covered by the bond issue, was incurred, contrary to law, in
of the income and revenue provided for it for such year without the
the electors, as distinguished from "electoral" debt, which is excess
assent of two-thirds of the electors of the county.
not subject to the 2% limit.
In respect to funding the expenses of putting the county into operation.
In relation to $1,100,000 funding bonds used for payment of floating the Court holds that the prohibitions which are referred to do not apply to
indebtedness, Justice Potter holds it to be clear that the obligations which the ordinary and necessary expenses authorized by the laws of the State.
these bonds were intended to replace were created without the vote of the To hold otherwise, says the Court, would prevent the new county governpeople and the authority afterwards granted by the people to fund this ment from going into operation until the question of meeting the necessary
existing indebtedness, which had been incurred without their consent, could expenses was submitted to a vote of the electors.
As to the validity of the bonds issued to cover the cost of the jail, the
not be held to operate to transfer such indebtedness from the councilmanic
class to the ele ctoral class. The funding or refunding of a debt previou.sy Court says that as it is not contended that the amount expended for that
created and existing was not an increase of that indebtedness, but was purpose was extravagant or more than was really needed under the facts
merely a continuation thereof. The referee and the Court below were and circumstances in the case, it can see no reason why this amount should
right, the higher Court holds, in the conclusion reached that these bonds not be included in the amount covered by the bond issue.
As to the right of the Commissioners to issue bonds, the Court says that
represented indebtedness incurred without the vote of the people.
As to the bonds of the Monongahela Bridge Company,the stock of which payment of any indebtedness which may be apportioned to a new county
is entirely owned by the City of Pittsburgh, Judge Potter holds that the may be met by taxation, but this method is not exclusive, and the addireferee was fully justified in holding that the bonds are to be regarded as tional method was provided by the Legislature of 1915.
As to the claim that this method is illegal because the law does not apply
debts of the city incurred without the assent of the electors.
In respect to the estimated damages caused by changes of street grade to all counties alike, but only to those which have been created since 1911,
and the estimated cost of the uncompleted work under contract, the Court the Court says: "It is a part of the political history of Idaho that 14 of
holds that such estimated amounts must be included in computing the city's our 37 counties have been created by Acts of the Legislature since Jan. 1
debt. The Court also holds that the estimated amount of benefits to be 1911, and many of them are financially weak and ill prepared to meet at
assessed on account of such improvements is too uncertain and speculative once the burdensome expenses incident to organization, and to discharge
to be accepted as a proper item of offset or deduction from the city's debt as it falls due, their proportionate share of the warrant and bonded inunder the .Act of April 20 1874, as an "outstanding solvent debt" owing to debtedness of their parent counties. It seems to us probable that the
the city. Justice Potter said the referee did hold that certain special Legislature, having in mind the difficulties with which these new counties
assessments against properties benefited could be deducted as outstanding were confronted, enacted said Chapter 20 as a means whereby the date of
solvent debts owing to the city, when their amount had been definitely liquidation of their indebtedness might be deferred, and did not include
fixed by an award of viewers from which no appeal had been taken or therein the older counties of the State because it was not considered the
if taken had been determined. But in other cases, where the proceedings same necessity existed in their case.
were ncomplote, as where reports were not yet filed or had not been
Roseburg, Ore.—Supreme Court Upholds Railroad-Aid
finally confirmed, or where appeals were pending, the referee refused
to classify the assessment as solvent debts due to the city. He was justi- Bonds.—The Oregon Supreme Court on July 30 in an opinion
fied in making this decision, the Court says, by the decisions of this Court by Justice McBride sustained the lower Court in holding
In Elliott vs. Piilladelpnia, and Maguire vs. Philadelphia. Until the
assessments were complete and their amount definitely fixed, they could valid the $300,000 railroad-aid bonds voted June 3 (V. 101,
not be regarded as debts absolutely due and payable to the city, and it p. 226). The•bond issue is said to be for the purpose of enwas such only which were to be considered as assets.
Certain judgments obtained against the city for damages for personal tering into a contract with the Roseburg & Eastern RR. Co.
injuries, and which by the referee were included when computing the city for the construction of a road from the city to the intersecdebt, the Court holds were rightly included.
The Court then refers to the referee's finding in relation to a proposed tion of the North Umpqua River with the western boundary
issue of $2,760,000 of funding bonds. Counsel for plaintiff suggested of Umpqua National Forest.
that as no provision had been made for cancellation of items of floating
The Supreme Court, according to the Portland "Oregonindebtedness simultaneously with the issue of the new bonds, there
would be some period in which both the new bonds and the old indebted- ian," held that cities and towns are not subject to the Bingness would be in existence at the same time, thus constituting in that ham Law, passed at the last session of the Legislature, which
period an increase of debt. The Court says this suggestion is extremely
restricts tax levies so that they shall not exceed those of any
refined and is without substantial merit. The proceeds of the now
bonds must be inviolably held for application to the purpose for which two previous years by more than 6%. This was one of the
the bonds were authorized to be issued. If for any reason there should
be delay in the surrender of the old items of indebtedness, the proceeds questions raised in the Roseburg case, the Court declaring
of the new bonds would remain as cash in the hands of the city, appli- that the law was antagonistic to the home rule amendment,
cable only to the reduction of such indebtedness. Beyond question,
this would constitute a complete offset. As was stated with reference which was designed to prevent legislative interference with
to other funding bonds, under consideration, such bonds when issued to purely local and municipal affairs.
take the place of valid pre-existing indebtedness, neither create new debt,
Seattle, Wash.—City Abandons Plan to Take Over Seattle
nor increase the old debt. They merely work a change in the form and terms
ofpayment of the existing indebtedness.
Renton & Southern Ry. by Condemnation.—Corporation CounIn reference to the plaintiff's contention that a claim made by the Pittsburgh Board of Education against the city should have been regarded as sel Bradford advises us that the following statement concernardebt, Justice Potter said it appeared, however, from the record, that the ing tha abandonment of plans to take over the Seattle Renton
claim of the Board was disputed and that all liability on that account is denied by the city. He could see no good reason for regarding unliquidated & Southern Ry, by condemnation is correct:
The City Council on July 7 abandoned plans to take over the physical
and disputed claims pending against a municipality as part of its indebtedness where all liability upon such claims is denied.
property of the Seattle Renton & Southern Ry. within city limits by con-




460

THE CIIRONICLE

demnation proceedings, by repealing an ordinance passed in October 1911.
providing for suit. 'rhe suit will be withdrawn by the city. The case is
now in the U. S. Supreme Court,and the Corporation Counsel will move its
dismissal.
Both the Superior Court and the State Supreme Court hold that the city
had the right to condemn the railway, and an appeal was taken by Scott
Calhoun and Joseph Parkin, receivers.
Later the Federal Court in an opinion ruled that the railway had a legal
right to its franchise, which the Council held revoked. Negotiations were
begun to purchase the railway. The Council defeated a bill to purchase the
line on the terms offered by the receivers.

[VOL. 101.

BOISE CITY, Ada County, Idaho.-BONDS REFUSED.-Local papers state that Rudolph Kleybolte & Co. of Cincinnati have refused to accept the 3105,354 65 10-20-year (opt.) coupon refunding bonds awarded
them on July 2 at 101.68 and int. for 5s.-V.101, p. 147.
BOONE COUNTY (P. 0. Boone), Iowa.-BOND SALE.-On July
28 the $200,000 5% court house erection bonds were awarded to Geo. M.
Bechtel & Co. of Davenport for $207,143 (103.571) and int.-V. 101, p.308,
Other bids were.
Sidney Spitzer & Co.. Toledo
$206,807
Bolger, Mosser & Williamson, Chicago
206,260
Tillotson & Wolcott Co. of Cleveland
206,227
Springfield, Greene County, Mo.-Commission Form Harris Trust & Say. Bank, Chicago
206.075
of Government Approved.-The question of establishing the
BOSTON, Mass.-TEMPORARY LOANS.-During the month of Tay
loans were negotiated:
commission form of government carried, it is stated, at an the following
Amount
Date of Loan
Interest
N
M
ov
at.t3
tri1/9Y15
election held Aug. 2.-V. 101, p. 387.
$1,000,0
July 1 1915
1950
%
July 30 1915
1.000,000
Nov. 2
2%%
July 29 1915
250,000
•
Nov. 2 1915
2%%
BRANTFORD TOWNSHIP SCHOOL DISTRICT NO. 6 (P. 0.
Hamlin County, So. Dak.-BOND SALE.-Wells & Dickey
this week HAZEL),
Co. of Minneapolis was awarded on April 1 the $20,000 3-15-yr. (sor.)
have been as follows:
coupon building bonds ar par for 5s.-V. 100, p. 918. These bonds are
ADAIR COUNTY (P. 0. Stilwell), Okla.-BONDS DEFEATED.
- dated April 1 1915.
The proposition to issue 340,000 court-house and jail erection bonds failed
BRAWLEY SCHOOL DISTRICT, Imperial County, Cal.-BOND
to carry at an election held July 20.
OFFERING.-Proposals will be received until 2 p. m. Aug. 16 by M. S.
ADAMS, Gage County, Neb.-BOND ELECTION.-The question of Cook, Clerk Bd. of Co. Supers. (P. 0. El Centro) for $14,000 6% sitepurchase, bldg. and equip. bonds. Denom. $700. Date Aug. 16 1915.
issuing $40,000 water-works-system bonds will be submitted to a vote, re- Int.
ann. at the Co. Treas. Due $700 yrly. Aug. 16 from 1917 to 1936,
ports state, on Aug. 10.
incl. Cert. or Cashier's check for 5% of amount of bonds, payable to the
ALLEN COUNTY (P. 0. Lima), Ohio.-BOND SALE.-On July 28 Chairman of Bd. of Co. Supers., required. Bonded debt $20,000. Assess.
the $22,500 6% 25 yr. average coup. ditch impt. bonds were awarded to val. $1,771,509.
the Old Nat. Bank of Lima.It is reported, for $22,931 25 (101.916) and int.
BRAZIL SCHOOL CITY (P. 0. Brazil), Clay County, Ind.-BONDS
a basis of about 5.19%.-V. 101, p. 226.
PROPOSED.-According to reports, the School Board is contemplating the
ALPHA SCHOOL DISTRICT, Madera County, Calif.-BOND ELEC- issuance of $65,000 high school construction bonds.
TION.-An election will be held Aug. 14 to vote on the question of issuing
BREVARD COUNTY (P. 0. Titusville), Fla.-BOND OFFERING.
$8,000 building bonds. W. R. Curtin is Clerk Ed. of Co. Supers. (P. 0. Proposals will be received until 2 p. m. Aug. 11 by J. F. Mitchell, Clerk
Madera).
Bd. of Co. Commrs., it is stated, for the $150,000 6% 16 1-3-yr. (aver.)
ANN ARBOR, Washtenaw County, Mich.-BOND ELECTION.
- Dist. No. 3 road and bridge bonds voted June 15.-V. 100, p. 2182. Int.
An election will be held Sept. 16, It is reported, to vote on the questions semi-annual. Cert. check for 2% required.
of issuing $5,900 park and $15.000 fire dept. bonds.
BRIDGEPORT, Fairfield County, Conn.-BOND OFFERING.
ARMSTRONG SCHOOL DISTRICT (P. 0. Armstrong), Iowa.- Bids will be received until 11 a. m. Aug. 21 by Bernard Keating, City Aud..
PURCHASER OF BONDS.-The purchaser of the 350.000 5% 10-year for $400,000 4 % gold Stratford Ave. bridge bonds. Denom. $1,000.
building bonds recently sold at 101.55 was the Minneapolis Trust Co. of Prin. and semi-ann. int.-J. & J.-payable at office of City Treas. Due
Minneapolis-V. 101, p. 387. Denom. $1,000. Date June 1 1915. Int.
$8,000 yrly. on July 1 from 1916 to 1965 incl. - Bonds are subject to full
J & D.
registration, or to registration of principal only, at holder's option. Cert.
ASHEVILLE, Buncombe County No. Caro.-BOND OFFERING.check
on an incorporated bank or trust company for 1% of bonds bid for,
Further details are at hand relative to offering on Aug. 10 of tho $50,000
payable to City Trans., required. These bonds will be certified by the
5% water bonds.(V. 101, p.387). Proposals for these bonds will be received
until 12 m. on that day by J. E. Rankin, Mayor. Denom. $1,000. Date First Nat. Bank of Boston. Ropes, Gray, Boyden & Perkins also of BosJuly 11915. Prin. and semi-ann. Int. payable at the U. S. Mtge. & Trust ton, have given their legal opinion that this
is a valid obligation of the city.
Co. of New York. Due on July I as follows, $1,000 yrly. from 1917 to
1922, incl., $2,000 yrly. from 1923 to 1929, incl. and $3,000 yrly. from Total bonded and temporary debt (incl. this issue), $3,750,600. Assess.
1930 to 1939, incl. Cert. check on a reputable bank for $1,000, payable to val., $115,154,192.
F. L. Conder, Secy-Treas., required. Total bonded debt, including this
The official notice of this bond offering will be found among the advertiseissue, $1,353,200; floating debt $36,065; assess. val. equalized, $13,237,343; ments elsewhere
in this Department.
est. value, about $20,000,000. Value of realizable municipal property,
BRIDGEPORT
SCHOOL DISTRICT (P. 0. Bridgeport), Morrill
32,601.073 51. Official circular states that neither this nor any previous
issue of Asheville bonds has been contested and that no litigation pending County, Neb.-BONDS VOTED.-The election held July 26 resulted, it
or threatened, affecting the corporate existence of Asheville nor title of is stated. In favor of the question of issuing $20,000 high-school-bldg. bonds.
present officials to their respective offices, nor the validity of these bonds,
BRIGHTON SCHOOL DISTRICT (P. 0. Brighton), Washington
also that interest on all previous issues has always been paid promptly. County, Iowa.-BOND SALE.-Geo. M. Bechtel & Co. of
Davenport
The above trust company will certify as to the genuineness of the signatures have been awarded the $25,000 5% site-purchase and high-school-bldg.
of the city officials and of the city seal. The legality of the bonds will be bonds at par.-V. 100, p. 1945. Denom. $500. Date July 11915. Int.
examined by Caldwell, Masslich & Reed of New York, whose approving J. dz J. Due $1,000 yrly. from 1919 to 1925 incl. and $1,500 yrly. from
opinion will be furnished to the purchasers without charge. Bids are 1926 to 1930 incl., $10,000 1935: optional after July 11930.
desired on blank forms which will be furnished by the city.
BROCKTON, Plymouth County, Mass.-BOND SALE.-It is stated
ASHTON, Fremont County, Idaho.-BOND ELECTION.-An elec- that an issue of 331,500 4% serial bonds has been awarded to Cropley,
tion will be held Aug. 9 to vote on the question of issuing $5,000 water- McGaragle & Co. of Boston at 100.615.
works bonds. We are advised that arrangements have boon made to sell
BROOKLYN HEIGHTS VILLAGE SCHOOL DISTRICT (P. 0.
these bonds, if voted, to Sweet, Causey, Foster & Co. of Denver.
Cleveland), Cuyahoga County, Ohio.-BOND ELECTION.-An elecATLANTA, Ga.-BOND ELECTION PROPOSED.-Local papers state tion will be held Aug. 12 to vote on the proposition to issue $10,000 school
that an election will probably be called within the next sixty days to vote completion and equip. bonds.
on the questions of issuing 31,000,000 public school, $1,000,000 sewer and
BUFFALO, N. Y.-BOND SALES.-During the month of July the
disposal plant, $750,000 water works dept., $375,000 Grady Hospital and
following 4% bonds aggregating $347,102 70 were disposed of:
$133,500 fire department bonds.
395,000 00 grade crossing bonds. Date July 1 1915. Due $4,750 yrly. on
ATTICA, Seneca County Ohio.-BOND OFEFRING.-According to
July 1 from 1916 to 1935, incl.
reports, bids will be received'
until 12 m. Sept. 7 by John Schottler, Vii.
21,225 97 grade crossing bonds. Date July 1 1915. Due one-twentieth
Clerk, for the $10,000 5% 143.4-year average water bonds: voted July 12yrly. on July 1 from 1916 to 1935, incl.
V. 100, p. 1944. Int. semi-ann. Cert. check for $100 required.
52,594 17 grade crossing bonds. Date July 1 1915. Due one-twentieth
yrly. on July 1 from 1916 to 1935, incl.
AURORA, St. Louis County, Minn.-BOND OFFERING.-Proposals
51,000 00 grade crossing bonds. Date July 11915. Due $2,550 yrly. on
will be received until 8 p. m. Aug. 24 by Alfred E. Hill, Vii. Recorder, for
July 1 from 1916 to 1935, incl.
the $78,000 6% coupon refunding bonds voted July 20.-V. 101, p. 387.
53,190 00 deficiency bonds. Date July 1 1915. Duo July 1 1916.
Denorn. $1.000. Int. J. & J. Due on July 20 as follows: 37,000, 1916;
17,050 00 school site purchase bonds. Date July 11915. Duo July 11916.
312,000. 1918; 817.000. 1919; $9,000. 1920; $11,000, 1921; 314,000, 1922;
20,542 56 Board of Public Works bonds. Date July 15 1915. Due July
34,000, 1923 and 1924. Cert. check drawn on some State or national bank
15 1916.
having banking connections In St. Louis Co. and Minnesota for $4,000,
36,500 00 compromise bonds. Date July 15 1915. Duo July 1 1916.
payable to the VII. Treas., required. Bids must be unconditional.
All the above bonds were purchased at par by the City Comptroller for the
AYDEN, Pitt County, No. Caro.-BOND ELECTION PROPOSED.
- various sinking funds except the $53,190 issue which was purchased
by
According to reports this town proposes to hold an election to vote on the
questions of issuing $20,000 water works system, $15,000 sewerage and Goldman Sachs & Co. of N. Y. at a premium of $58 19.
CADDO, Bryan County, Okla.-BOND OFFERING.-Proposals will
$15,000 electric light system constr. bonds.
until 2 p. m. Aug. 10 by M. A. Linch, Town Clerk, for $20,000
BABYLON, Suffolk County, N. Y.-BOND SALE.-The following be received
coupon pump station and filter construction bonds. Int. semi-annual.
two issues of bonds offered but not sold on May 25 have been sold to the 6%
Due
in
5,
10,
1,s and 20 yrs. Cert. check for $1,000 payable to D. B.
Bank of Babylon.-V. 100, p. 1768:
$1,500 3-yr. serial road-grading bond awarded on July 27 at par for 4.95s. Williams, Ciry Trans. required.
Date July 1 1915. Int. J. & J.
CALIFORNIA.-BOND SALE.-As stated in V. 101, p. 388,$2,500,000
2,000 1-yr. automobile hose-carriage purchase bond awarded June 22 4% 433-yr. (aver.) highway bonds were sold at public auction by the
at par for 4.95s.
' Date July 11915.Int. J. & J.
State on July 28 to 21 counties. Below we show the amounts allotted to
BAGLEY, Clearwater County, Minn.-BOND ELECTION.-An each separate county, as well as the premiums paid to the State.:
election will be held Aug. 10 to decide whether or not this village shall issue County to which Amount Premium County to which Amount Premium
Allotted
e llotted
813,6006% 15-year coupon funding bonds. Denom.(13) 31,000.(1)3600. ButtA
32
156500
0:
,0
000
0
00
0
75
8
$150,000
Int. semi-annual.
$90 00 Monterey
$6
120,000
_ __ Placer
BATH,Sagadahoc County, Maine.-BOND SALE.-On July 31 E. II. Colusa
50,000
i5 00 San Diego
Rollins & Sons of Boston were awarded an issue of $20,0004% 10-year coup. Glenn
2
17
35,
300,000
:00
000
100 00 San Luis Obispo
12
school bonds at 100.188. Denom. $1,000. Date July 31 1915. Int Humboldt
Imperial
10
60:00
000
0
31 50 Santa Barbara
F. & A.
125:
Inyo
60 00 Santa Clara
BEATRICE, Gage County, Neb.-BONDS PROPOSED.-The Mayor Kern
50,000
__ Santa Cruz
advises us that $15,000 district paving bonds will be issued in December
Kings
.,
1515 Stanislaus
g
Tulare
75,000
BERGEN COUNTY (P. 0. Hackensack), N. J.-BOND SALE.-The Mendocino
265,000
11
100,000
65 00 Tuolumne
$162,000
35,000
% bridge bonds offered on July 19 were awarded to J. S. Merced
Rippel of Newark on that day.-V. 101. p. 147. Denom. $1,000. Date Mono
50,000
30 00
The proceeds of the bonds are expended by the State for road improvement
July 15 1915. Int. J. & .1. Due from 1916 to 1928.
to secure the improved
BEVERLY, Essex County, Mass.-BOND OFFERING.-Proposals in the counties which purchase the bonds. In order
for the State bonds. Howwill be received until 5 p. m. Aug. 11, dispatches state, for the following roads the counties pay par or a slight premium
ever, in order to realize on the bonds which they purchase from the State
4% coupon bonds:
at a discount. For instance,
$38,000 street reconstruction bonds. Date May 11915. Due $4,000 yrly. the counties are compelled to resell to brokers
31,215.000 of these State highway bonds were recently resold by various
May 1 from 1916 to 1924, incl. and $2,000 May 11925.
SanWrancisco
as follows: Inyo County
counties
Byrne
&
to
McDonnell
of
11,000 water bonds. Date June 1 1915. Due $2,000 yrly. June 1 from
$100,000 for $94,810; Humboldt $150,000 for $140,750 12; Mono $50,000
1916 to 1920, incl. and 31,000 June 1 1921.
for $46,750; Monterey $150,000 for $142,890; Placer $250,000 for $233,215;
BEXLEY (P. 0. Columbus), Franklin County, Ohio.-BOND OF- Santa Barbara $250.000 for $232,500 and Tulare $265,000 for $248,112 50.
FERINO.-Bids will be received until 12 m. Sept. 4 by Chester A. Miller,
CALIPATRIA SCHOOL DISTRICT, Imperial County, Cal.-BOND
VII. Clerk, for $31,000 College Ave. impt. and $32,000 Drexel Ave. impt.
2 p. m. Aug. 16 by M. S.
5% assess. bonds. Aiith. Sec. 3914, Gen. Code. Denom. $1,000. Date OFFERING.-Proposals will be received until
July 1 1915. Int. A. & 0. Due Oct. 11926. subject to call after Oct. 1 Cook, Clerk Bd. of Co. Supers. (P. 0. El Centro), for $38,000 6% siteDate Aug. 16 1915.
1921. Cert, check for 5% of bonds bid for, payable to Vii. Treas., re- purchase, bldg. and equip. bonds. Denom. $500.
1935. Cert. or Cashier's check
quired. Bonds to be delivered and paid for within 10 days from time of Int. ann. at the Co. Treas. Duo Aug. 16 Chairman
of Bd. of Co. Supers.,
for 5% of amount of bonds, payable to the
award. Purchaser to pay accrued interest.
required. Bonded debt, none. Assess. val., $763,483.
BIG HORN COUNTY (P. 0. Hardin), Mont.-BOND SALE.-On
CANBY, Yellow Medicine County, Minn.-BOND ELECTION.
July 12 $28,500 57 10-20-yr. (opt.) bridge constr. bonds were awarded
An election will be held Aug. 9, it is stated, to vote on the question of issuing
to Keeler Bros. of Denver.
$18,000 municipal water-plant ext. bonds.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.-BOND SALE.
CENTER TOWNSHIP (P. 0. Lisbon), Columbiana County, OhiO.
-On Aug. 2 the 313,000 4 % road bonds were awarded to the Merchants'
-BOND OFFERING.-Bids will be received until 12 in. Sept. 1 by R. T.
Nat. Bank of Muncie for $13,020 35-equal to 100.156.-V. 101, p. 388.
Morris, Clerk Bd. of Trustees, for $9,500 57 534-yr. (aver.) Lisbon-East
BLOUNT COUNTY (P. 0. Maryville), Tenn.-BOND ELECTION.
- Liverpool road-impt. bonds. Auth. Secs. 7033-7052 incl., Gen. Code.
An election will be held Aug. 21, reports state, to vote on the question of Denom. $500. Date Sept. 11915. Prin. and
semi-ann. int.-M. & S.
issuing $300,000 road bonds.
payable at People's State Bank, Lisbon. Duo $500 Sept. 1 1916 and

Bond Proposals and Negotiations




AUG. 7 1915.1

THE CHRONICLE

$1,000 yrly. on Sept. 1 from 1917 to 1925 incl. Cert. check on abank othro
than the one making the bid for $500, payable to Twp. Treas., required.
Bonds to be delivered and paid for on Sept. 1. Purch. to pay accrued int.
Bids must be unconditional and upon forms furnished by the Twp.Clerk.
CANTON, Ohio.-BOND SALE.-The following bids were received for
tho four issues of bonds aggregatingl$71,100 offered on Aug. 2.-V. 101,
p. 308:
813.500 $38.600 $17,000 $2,000
Total
City Barn Water Sew. St. Imp. San. Sew. Premium
Well Roth & Co. Cin___$426 60 $1,219 76 $193 80 $12 00 $1,852 12
5th-3rd Nat. Bk. Cin___ 494 10
1,509 50
1 00
297 50
2.302 10
232 90
733 40
Breed Elliott & liar.(Mn 256 50
25 00
1,247 80
1,262 22 333 20
Tillots'n & Wolccott Clev 441 45
par
2,036 87
1,085 00
385 00 45 00
Otis & Co., Cleveland.-. 380 00
1,89500
$1,360 33
$300 39
Harris Forbes & Co NY_
1,66072
1,269 94
R. L. Day & Co. Bost__ 444 15
261 80
30 80
2,006 69
-*City Nat Bk. Columb 37 00
4 50
35 00
76 50
'PE II Rollins & Sons Chic $2,051 70
--2,051 70
* These bids were irregular.
CENTROPOLIS SCHOOL DISTRICT (P. 0. Centropolis), Franklin
County, Kan.-BONDS DEFEATED.-The question of issuing the
$3.500 high-school-bldg. bonds failed to carry at the election held July 22.
-V. 101, p. 227.
CHATTANOOGA, Tenn.-BOND SALE.-On Aug. 2 two issues of
5% 30-yr. street-paving bonds, aggregating $80,000, were awarded at
public auction to Seasongood & Mayer of Cincinnati at 103.40. Denom.
$1,000. Date Sept. 1 1915. Int. M.& S.
CHATTOOGA COUNTY (P. 0. Summerville), Ga.-BOND ELECTION.-The election to vote on tho proposition to issue the $150,000 roadconstr. bonds will be held Aug. 14, according to reports.
CHELSEA, Rogers County, Okla.-BOND SALE.-The $30,000 6%
coupon sower-system bonds mentioned in V. 100, p. 655 were awarded on
May 12 to W. F'. Power at par.
CHINOOK, Blaine County, Mont.-BONDS NOT YET ISSUED.
The Town Clerk advises us that the $8,200 6% 20-yr. water-works bonds
have not yet been issued.-V. 100, p. 325.
CHIPPEWA COUNTY (P. 0. Sault Ste. Marie), Mich.-BOND SALE
-The Detroit Tr. Co. of Detroit was awarded on June 18 the $50,000
15-yr. road bonds offered on that day at 99.80 for 434s-V. 100, p. 1452.
CHOWEHILLA SCHOOL DISTRICT, Madera County, Calif.BOND ELECTION.-An election will be held Aug. 14 to vote on the question of issuing $5,000 building bonds. W. R. Curtin is Clerk, Bd. of Co.
Supers. (P. 0. Madera).
CIRCLEVILLE, Pickaway County, Ohio.-BOND OFFERING.
Bids will be re,ceived until 12 m. Aug. 19 by T. D. Krinn, City Aud., for
the following 5% coup. taxable Scioto St. impt. bonds:
$11,000 assess. bonds. Denom.$550. Due $550 each six months from Mar.
1 1916 to Sept. 1 1925, incl. Cert. check for $200 required.
6,000 city's portion bonds. Denom. $500. D11841,000 yrly. on Mar. 1
from 1916 to 1921, incl. Cert. check for $200 required.
Date Mar. 1 1915. Int. M. & S. at City Treas. office. Cert checks for
the above amounts must be made riayable to the City Treas. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
Neytaccssrumesd
81M1
3
17doebt incl. this issue $183,559, no floating
val. 1914
CLARK COUNTY SCHOOL DISTRICT NO.5, Wash.-BOND SALE.
-On July 10 $2,062 05 1-10-yr. bldg. bonds were awarded to the State of
Washington at par for 536s. There were no other bids. Denom.(9) $200
(1) $262 05. Date Aug. 2 1915. Int. ann. on Aug.
CLINTON COUNTY (P. 0. Frankfort), Ind.-BOND SALE.-On
July 28 the $1,120 43,6% highway impt. bonds were awarded to L. R.
Kramer of Frankfort at par and Int.-V. 101, p. 309.
COLOME SCHOOL DISTRICT (P. 0. Colome), Tripp County,
So. Dak.-BOND SALE.-During the month of May the $13.400 6%
building bonds were awarded to Wells & Dickey Co. of Minneapolis at par.
-V. 100. p. 1527. Denom. $200. Date June 1 1915. Int. J. & J. Due
serially from 1920 to 1931; optional after 1925.
COLUMBIA, Maury County, Tenn.-BOND SALE.-On July 28
$20,000 1-5-yr. (assess.) and $10,000 10-yr. (city's portion) 5% streetpaving bonds were sold at private sale to the Southern Asphalt & Construction Co. of Birmington at par and int., it is stated. Denom.$500.
COLUMBUS SCHOOL CITY (P. 0. Columbus), Bartholomew
County, Ind.-BMS.-The other 'Ads received for the $40,000 434%
16%-yr. average
tax-free school bonds awarded to Frank P. Brockman for $40,631 (101.577)
coup'
and int. on July 27 were as follows.-V. 101,

&

Company, Indianapolis
$40,630 00
Miller & Company, Indianapolis
40,500 00
Breed, Elliott & Harrison, Indianapolis
40,105 00
Harris Tr. & Savings Bank, Chicago
40.005 50
COOK COUNTY (P. 0. Grand Marias), Minn.-BOND OFFERING.
-The time for receiving bids for the $12,500 5% 3 1-3-yr. (aver.) gold
coupon funding bonds has been extended from July 26 to Aug. 28.-V. 101, p. 309.
CORINNE DRAINAGE DISTRICT (P. 0. Corinne), Boxelder
County, Utah.-BOND OFFERING.-Proposals will be received until
12 m. Aug. 23 by C. G. Adney. Clerk, for the $175,000 6% land-drainage
bonds authorized by vote of 18 to 0 at the election held July 23.-V. 101,
p. 228. Int. semi-ann. Duo $75,000 in 10 yrs. and $10,000 yrly. from
11 to 20 yrs. Incl.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
COSHOCTON, Coshocton County, Ohio.-BOND SALE.-On
July 31 the three issues of 5% bonds aggregating $52,000 were disposed of
as follows, it is stated (V. 101, p. 228):
$40,000 10%-yr. (aver.) water-works bonds to Ohio Nat. Bank of Columbus for $40,991 (102.477) and int.-a basis of about 4.70%.
4,000 5%-yr. (aver.) street-impt. assess. bonds to Commercial Nat.
Bank of Coshocton at 101.05 and int.-a basis of about 4.77% •
'
8,000 5%-yr. (aver.) street-impt. assess. bonds to Commercial Nat.
Bank of Coshocton for $8,097 50 (101.218) and lot.-a basis
of about 4.75%.
COVINGTON,Kenton County,Ky.-BOND SALE.-On July 29 the
$200,000 43,6% coupon taxable water-works impt. bonds were awarded to
J. C. Mayer & Co. and Breed, Elliott & Harrison of Cincinnati at 103.03
and
101, p. 228. Other bids were:
Well, Roth & Co. Cin_ _$202,632 001H. T. Holtz & Co. Chicago_$200,554
German Nt'l BankWestern German Say. Bank
& Central Say. Dank &
Covington
201,659 5011
E.II. Rollins & Sons Chi 201,076 00
Trust Co. Covington__ 200,257
COWLITZ COUNTY DIKING DISTRICT NO. 1 (P. 0. Kelso),
Wash.-DESCRIPTION OF BONDS.-The $25.000 7% dike-system-completion bonds recently awarded to the Lumbermens Trust Co. of Portland
at par and int. are in tho denom. of $500 and dated Feb. 1 1915.-V.101,
p. 61 Int. ann. in Jan. Due July 1 1924, optional after one year.
CRESTON VILLAGE SCHOOL DISTRICT (P. 0. Creston), Wayne
County, Ohio.-BOND SALE.-On July 30 the $40,000 5% 13%-yr.
average coup. taxable school bonds were awarded to Hoehler, Cummings
& Prudden of Toledo for $40,067 (100.167) and int., a basis ofabout
4.98%-V. 101, p. 228. Other bids were:
Sidney Spitzer & Co. Tol_$40,062 5010tis & Co. Cleveland
$40,012
CUSTER, Custer County, Okla.-BONDS NOT YET ISSUED.-We
are advised that owing to question of legality the $10,000 municipal-iceplant-installation bonds voted in March have not yet been issued.V• 100, p. 1188.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND SALE.
On July 28 tho two issues of 5% coup. road impt. bonds aggregating $30,945
were disposed of as follows, it is stated-V. 101, p. 228:
$5,460 Mayfield road impt. No. 3 assess. bonds to Breed, Elliott & Harrison of Cincinnati at 101.05
25,485 Mayfield road impt. No. 3 county's share bonds to Weil, Roth &
Co. of Cincinnati at 101.65
CUYAHOGA FALLS, Summit County, Ohio.-BOND SALE.-On
July 28 the six issues of 5% street impt. bonds aggregating $58,490 wer3




467

awarded, reports state. to Hayden, Miller & Co. of Cleveland for $58,700,
equal to 100.359-V. 101, p. A09.
DAVENPORT INDEPENDENT SCHOOL DISTRICT (P. 0. Davenport), Iowa.-BONDS OFFERED BY BANKERS.-Geo. M. Bechtel &
Co. of Davenport are offering to investors $63,000
% 10-yr. tax-free
building bonds. Denom. $1,000. Date July 11915. Principal and semiannual int. (J. & J.) payable at the above company's office. Total debt
including this issue $328,000. Taxable value 1914, $19,282.527; actual
assessed value 1914, $57,100.728.
DAVIESS COUNTY (P. 0. Washington), Ind.-BOND SALE.-On
Aug. 2 the two issues of 4U% 5%-year average highway-impt. bonds, aggregating $8,700, were awarded to J. F. Wild & Co. of Indianapolis for
$8,703 (100.036) and int.-V. 101, p. 388. Other bids were:
Fletcher-American National Bank, Indianapolis, $8,700 and interest.
Breed, Elliott & Harrison, Indianapolis,$6,602 and int.for $6,600 issue only
DELPHOS, Allen County, Ohio.-BOND OFFERING.-Bids will be
received until 12 m. Aug. 20 by A. E. Weger, City Aud., for $2,012 28 5%
11-yr. sewer constr. (city's portion) bonds, auth. Sec. 3939, Gen. Code.
Denom. 3 for $500, 1 for $512 28. Date Apr. 11915. Int. A. & 0. Due
Apr. 11926. Cert. check for 5% of bonds bid for required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
DEPEW, Erie County, N. Y.-BOND OFFERING.-Bids will be re'
ceived until 8 p. m. Aug. 9 by Albert Sturm, VII. Clerk, for an issue of
$5,000 reg. impt. bonds.
DINUBA GRAMMAR SCHOOL DISTRICT (P. 0. Dinuba), Tulare
County, Calif.-BOND ELECTION.-An election will be held Aug.
19,
it is stated, to vote on the question of issuing $13,000 bldg. bonds.
DRUMRIGHT, Creek County, Okla.-BOND SALE.-The $35,000
6% water-works bonds voted Apr. 27 have been disposed of.-V. 100, p.
1614.
DUNEDIN, Pinellas County, Fla.-BOND ELECTION.-An election
will be held Sept. 4, it is stated, to vote on the issuance of bonds for streetpaving, a water-works plant, a sewerage system and disposal plant.
EARLVILLE SCHOOL DISTRICT (P. 0. Earlville), Delaware
County, Iowa.-BOND OFFERING.-Proposals will be received until
Aug. 12 for the $25,000 5% building bonds authorized by vote of 137 to 5
at the election held July 29-V. 101, p. 309.
EAST GRAND RAPIDS (P.O. Grand Rapids), Mich.-BOND SALE.
-The Detroit Trust Co. of Detroit was awarded on June 28 the $40,000
4%% 3-yr.(aver.) sewer bonds at 99.312-a basis of about 4.75%.-V.100.
p.2100. Denom.$1,000. Date about Sept. 1 1915. Int. M.& S. Due
$10,000 in 1916, 1917, 1918 and 1919.
EAST RUTHERFORD SCHOOL DISTRICT (P. 0. East Rutherford), Bergen County, N. J.-BOND OFFERING.-Blds will be received
until 8 p. m. Aug. 17 by Edwin P. Hutton, Dist. Clerk, for the $47.000
% 30-yr. coup. with priv. of reg. school bonds mentioned in V. 100,
p. 2026. Date May 11915. Prin. and seml-ann. int.(M. & N.) payable
at Bergen County Bank, Rutherford. Cert. check for $500 payable to
"13d. of Ed." required. Bonds to be delivered and paid for at 10 a. m.
Sept. 15. Bids must be made on forms furnished by the District.
EAST SIDE SCHOOL DISTRICT, Imperial County, Cal.-BOND
OFFERING.-Proposals will be received until 2 p. m. Aug. 16 by M. S.
Cook, Clerk Bd. of Co. Supers. (P. 0. El Centro), for $4,000 6% sitepurchase, bldg. and equip. bonds. Denom. $500. Date Aug. 16 1915.
Int. ann. at the Co. Treas. Duo $500 yrly. Aug. 16 from 1917 to 1924,
incl. Cert. of Cashier's check for 5% of amount of bonds, payable to the
Chairman of lid. of Co. Supers., required. Bonded debt $800. Assess.
val., $555,142.
EAST VIEW (P. 0. Cleveland), Cuyahoga County, Ohio.-BOND
OFFERING.-Bids will be received until 12 m. Aug. 30 by Chas. E. Burger,
VII. Clerk, for the following 67, assess. bonds:
$3,829 Allen Ave. water main bonds. Denom. 1 for $829, 3 for $1,000.
Due $829 Apr. 11018 and 31,000 Apr. 1 1921. 1924 and 1926.
1,611 Helen St. sidewalk bonds. Denom. 1 for $611, 1 for $1,000. Due
$611 Apr. 1 1920 and $1,000 Apr. 1 1926.
3,727 Elm St. water main bonds. Denom. 1 for $727, 3 for $1,000. Due
3727 Apr. 1 1918 and $1,000 on Apr. 11921, 1924 and 1926.
Auth. Sec. 391.4, Gen. Code. Prin. and semi-ann. int. (A. & 0.) Payable
at office of Vii. Treas. Cert. check on a Cuyahoga County Bank for 10%
of amount of bid, payable to VII. Treas. required. Bonds to be delivered
and paid for within 10 days from time of award. Purchaser to pay accrued
interest.
EAST WATERLOO INDEPENDENT SCHOOL DISTRICT (P. 0.
Waterloo), Black Hawk County, Iowa.-BONDS OFFERED BY
BANKERS.-Geo. M. Bechtel & Co. of Davenport are offering to investors
$25,000 5% 10-yr. tax-free school funding bonds. Denom. $1,000. Date
Juno 1 1915. Principal and semi- ann. int. (J. & D.) payable at the Dist.
Treas. office with Now York exchange. Total debt, including this issue,
$137,000. Taxable value 1914, $4,464,654; actual assessed val. 1914,
$15,297,906.
EAST YOUNGSTOWN, Mahoning County, Ohio.-BOND ELECTION.-An election will be held Aug. 10 to submit to a vote the question
of issuing $165,000 water-works-improvement bonds.
EATON, Preble County, Ohio.-BOND OFFERING.-Bids will be
received until 12 m. Aug. 30 by Earl Dalrymple, VII. Clerk, for $2,000
5% 23,6-yr. average West Main St. impt. (Village's portion) bonds, auth.
Sec. 3939 Gen. Code. Denom. $500. Date Sept. 11915. Int. M. & S.
Due $500 Yrrly. on Sept. 15 from 1916 to 1919, incl. Cert. check for 10% of
amount of bid payable to VII. Treas., required. Bonds to be delivered and
paid for within 10 days from time of award. Purchaser to pay accrued int.
EFFINGHAM, Effingham County, Ill.-BONDS VOTED.-Aceording
to reports, the question of issuing $35,000 sewerage, light and refunding
bonds carried at an election held July 27.
ELKRUN TOWNSHIP, Columbiana County, Ohio.-BOND OFFERING.-Proposals will be received by Horace Martin, Clerk of Twp.
Trustees, at office of People's State Bank, Lisbon, until 12 m. Sept. 1 for
the following 5% road-impt. bonds:
$14,000 Signal-Rogers public road bonds. Due $1,000 yrly. on Sept. 1
from 1916 to 1918 incl. and 31.500 yrly. on Sept. 1 from 1919 to
1925 incl.
16,000 Lisbon-Elkton public road bonds. Due $1,500 yrly. on Sept. 1
from 1916 to 1923 incl. and $2,000 on Sept. 1 1924 and 1925.
Auth. Secs. 7033 to 7052 incl., Gen. Code. Denom.$500. Date Sept. 1
1915. Prin. and semi-ann.
& S.-payable at People's State
Bank, Lisbon. Cert. check on a bank other than the one making the bid
for $500, payable to Twp. Treas.. required. Bonds to be delivered and
paid for on Sept. 1. Purchaser to pay accrued int. Bids must be unconditional and upon forms furnished by the Twp. Clerk.
ELLIS COUNTY (P. 0. Waxahachie), Tex.-BOND OFFERING.
W. M. Tidwell, Co. Judge, will receive bids until Sept. 1 for the 345.000
5% 10-40-yr. optional coup. Road Dist. No. 10 bonds voted May 29.V. 101. p. 228. Denom. $1,000. Date July 1 1915. Int. A. & 0. in
Austin or N. Y. Bonded debt, this issue. No floating debt. Assess. val.
$600.000.
ERIE, Erie County, Pa.-BONDS AWARDED IN PART.-Of the
three issues of 4% 20-yr. coup. tax-free bonds aggregating $30,000 offered
on July 26, $21,500 was disposed of on that day at par and int. as follows:
85.000 to W. J. Hoffstetter, 810.000 to First Nat. Bank and $6,500 to the
Eriejoire Dept. Relief Association, all of Erie.-V. 101, p. 309. No other
bids were received.
ESSEX COUNTY (P. 0. Salem), Mass.-BOND OFFERING.-The
County Commissioners will receive proposals until 10:30 a. m. Aug. 9 for
$55,000 4% coupon Rocks Bridge loan bonds. Denom. $1,0130. Date
June 1 1915. Principal and semi-annual int. (J. & D.) payable at the
Merchant's Nat. Bank, Boston. Due $5.000 yearly Dec. 1 from 1916 to
1926 incl. These bonds are exempt from taxation in Mass. and will be
delivered to purchaser on Aug. 16 at the Commonwealth Trust Co., Boston.
LOAN OFFERING.-Reports state that bids will also be received at the
same time for $30,000 bridge bonds dated Aug. 10 1915 and maturing
Nov. 10 1915.
EVERETT, Middlesex County, Mass.-LOAN OFFERING.-Dids will
be received until 5 p. m. Aug. 10 by Nathan Nichols, City Treas., for a
tax-free loan of $60.000 maturing as follows: $10,000 on Oct. 25, Nov. 25,
Dec. 27 1915 and Jan. 25, Feb. 27 and Mar. 27 1916. This loan will be
certified as to genuineness by the Old Colony Tr. Co. of Boston, who will
also further certify that the legality of this loan has been approved by

468

[vol.. lin.

THE CHRONICLE

GREENE COUNTY (P. 0. Bloomfield), Ind.-BOND OFFERING.
Ropes, Gray, Boyden & Perkins of Boston, a copy of whose opinion will
John W.Johnson, County Treas., will receive bids until 2 p. m. Aug. 10 for
accompany the loan when delivered, without charge to the purchaser.
bonds:
highway-impt.
the
following
43%%
FERRELL SCHOOL DISTRICT, Imperial County, Cal.-BOND
II. Kirby et al. road bonds in Smith Twp. Denom. $530.
OFFERING.-Proposals will be received until 2 p. m. Aug. 16 by M. S. $10,600 Jas.
Date June 15 1915.
Cook, Clerk, Bd. of Co. Supers. (P. 0. El Centro), for $6,000 6% siteB. Heim et at. road bonds in Stafford Twp. Denom. $115.
Chas.
2,300
purchase, bldg. and equip. bonds. Denom.$500. Date Aug. 161915. Int.
Date May 15 1915.
ann. at the Co. Treas. Due $500 yrly. Aug. 16 from 1920 to 1931, incl.
Sparks et al. road bonds in Washington Twp. Denom.
J.
Sam
5,300
Cert. or Cashier's check for 5% of amount of bonds, payable to the Chair$265. Date May 15 1915.
man of Bd. of Co. Supers., required. Bonded debt, none. Assess. val..
1,700 J. H. Milam et al. road bonds in Jefferson Twp. Denom. $85.
$127.258.
Date May 15 1915.
FORT MEADE, Polk County, Fla.-BOND AND CERTIFICATE
2,600 F. M.Songhers et al. road bonds in Jefferson Twp. Denom.$130.
OFFERING.-Bids will be received until 7:30 p. m. Aug. 17 by the Board
Date May 15 1915.
of Bond Trustees, J. J. Singleton, Secy., for $25,500'electric-plant-purchase
8,250 Andrew Autrey et al. road bonds in Cass Twp. Denom. $412 50.
$7.500 water and sewer system ext. $25,000 street-paving 5% bonds and
Date June 15 1915.
certificates. Denom. of bonds (57)
$40,000 to $50,000 street paving'
GREENE COUNTY (P. 0. Jefferson), Iowa.-BONDS OFFERED BY
$1.000, (2) $500. Date May 11915. Prin. and semi-ann. in (M. & N.)
& Co. of Davenport are offering to investors
payable at the American Exchange Nat. Bank, New York. Due in five BANKERS.-Geo. M.Bechtel
tax-free court-house-erection bonds.
equal installments from 1 to 5 yrs., incl. Cert. check for $1.500, payable an issue of $140,000 5% coupon
1 1915. Principal and semi-annual int.
to the Bd. of Bond Trustees, required. Total outstanding bonds, 839,000; Denom. $1,000. Date July company's
office. Due $55,000 Oct. 11920,
above
the
(A.
&
at
payable
were
0.)
bonds
The
unsecured indebtedness, $6,976. Assess. val., $1,196,237.
$16.000 Oct. 1 1921 and 1922, $18,000 Oct. 1 1923 and 1924 and $17,000
offered without success on June 15.-V. 101, p. 62.
April 1 1925. Total indebtedness this issue, $140,000. Taxable value
FOSTORIA, Seneca County, Ohio.-BOND OFFERING.-Bids will 1914, $10,671,497; actual assessed value 1914, $36,985,490. These bonds
be received until 12 m. Aug. 20 by J. H. Morton, City Aud.,for the follow- were offered for sale by the county on June 15.-V. 100, p. 2026.
ing 5% street-impt. bonds:
GREENE COUNTY (P. 0. Catskill), N. Y.-BOND OFFERING.
$3,550 Cory St. sewer bonds. Denom. 6 for $500, 1 for $550. Due on Judson
A. Betts, Co. Tress., will offer for sale at public auction at 10 a. m.
Mar. 1 in 1916 and 1919 and on Sept. 1 1916 to 1920 incl.
coup.
Hunter-Tannersville
4%
highway-impt.
$17.500
Sept.
an
1
of
issue
6,090 Tiffin St. paving bonds. Denom. 1 for $590, 11 for $500. Due (county's share) bonds. Denom. 1 for $500, 17 for $1,000. Date Sept. 1
part yearly on Sept. 1 from 1916 to 1925 incl. and part on Mar. 1
1915. Int. M. & S. Due $3,000 Mar. 11939, $10,000 Mar. 1 1940 and
1916 and 1917.
$4,500 Mar. 1 1941. Official circular states that the county has never do7,200 Wood St. paving bonds. Denom. 1 for $700. 13 for $500. Due faulted
in any of its obligations and that the legality of this issue has been
part each six months from Mar. 1 1916 to Sept. 1 1919 incl. and part passed upon
and found to be correct. Bonded debt, $270,000. Assess.
yearly on Sept. 1 from 1920 to 1925 incl.
$13,000,000; personal, $2,500,000.
val.,
real,
Auth. Secs. 3914 and 3939, Gen.Code. Date Mar. 11915. Int. M.& S.
GRINNELL SCHOOL DISTRICT (P. 0. Grinnell), Poweshiek
at any bank in Fostoria. Cert. check for ar least 10% of bonds bid for,
to vote on the propopayable to City Treas., required. Purchaser to pay accrued interest. County, Iowa.-BOND ELECTION.-The election
Separate bids must be made for each issue. Official circular states there is sition to issue the $100,000 building bonds will be hold, it is stated, on Aug.
no litigation pending and that principal and int. has always been paid 16.-V. 101, p. 310.
promptly.'
HALLOCK, Kittson County, Minn.-BOND SALE.-On Aug. 2 the
- $15.000 5% 20-year electric-light-plant bonds were awarded to C. 0. KalFRANKLIN, Macon County, No. Caro.-BOND OFFERING.
.
6050
45:05%
1198
4.
Proposals will be received until 8 p. m. Aug. 21 by C. W. Hanes, Secy. man & Co. of St. Paul for $15,040 (100.266), a basis of about $
Bd. of Aldermen, for $10,000 5 % 30-yr. coupon public improvement V. 101, p. 389. Other bids were:
Paul
bonds. Denom. $1,000. Int. annually or semi-annually at option of F. E. Magraw, St.
purchaser. No deposit required. Bonded debt, excluding this issue, C. II. Coffin, Chicago
14,551
Northwestern Trust Co., St. Paul
$24.000. Floating debt, $2,300. Assess. val., 1915 $462,763.
John Nttveen & Co. of Chicago bid $15,150 for 6s.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND OFFERING'
1915. Int. F. & A.
2
Aug.
Date
Denom.
$1,000.
of
Bd.
Clerk
-Bids will be received until 10 a. m. Aug. 19 by John Scott,
HAMILTON, Butler County, Ohio.-BOND SALE.-On July 28
County Commissioners, for the following 5% road-impt. bonds:
$10,500 were awarded, reports
$10,500 Grove Ave.impt. bonds. Duo $2,000 Aug. 11917, 1919, 1921 and the two issues of 5% bonds aggregating
state, to Otis & Co. of Cleveland for $10,552, equal to 100.495.-V. 101,
1923 and $2,500 Aug. 11925.
12,500 McDonald road impt. bonds. Due $2,500 on Aug. 1 1917, 1919, p. 149.
1921, 1923 and 1925.
HAMILTON COUNTY (P. 0. Noblesville), Ind.-BOND SALE.
10,500 Manhattan Ave. impt. bonds. Due $2,000 Aug. 1 1916, 1918, On Aug. 3 the three Issues of 43%% highway-impt. bonds aggregating
85
$13,619
Bank
(100.145)
for
State
Citizens
1920 1922 and $2,500 Aug. 11925.
the
to
awarded
$13,600 were
73,500 Mode road impt. bonds. Due $15,000 Aug. 1 1917, 1919, 1921 and Int.-V. 101, p. 389. Other bidders were:
$13,616 85
and 1923 and $13,500 Aug. 1 1925.
Merchants' National Bank, Muncie
13,610 00
14,500 Karl road impt. bonds. Due $3,000 Aug. 1 1916, 1918, 1920 and Fletcher American National Bank, Indianapolis
13,608 00
1922 and $2,500 Aug. 11925.
Breed, Elliott & Harrison, Indianapolis
Denom. $500. Date Aug. 1 1915. Int. F. & A. at office of County
-TEMPORARY
Ohio.
Springfield),
HAMPDEN COUNTY (P. 0.
Treasurer. Cert. check (or cash) on a solvent national bank or trust
Aug. 3 the loan of $30,000 dated Aug. 5 1915, maturing
company,for 1% of bonds bid upon, payable to Board of County Commis- LOAN.-On
negotiated, it is stated.
1915 and issued in anticipation of taxes, wasdiscount,
sioners, required. Bonds will be ready for delivery on day of sale. A com- Nov. 5
plus 85 cents
& Co. of Boston at 2.53%
plete transcript of all proceedings had in the issuance of these bonds will with F. S. Moseleyp.
389.
101,
-V.
premium.
be furnished successful bidder at time of award and a reasonable length of
OFFERING.HARRISON COUNTY (P. 0. Cadiz), Ohio.-BOND
time will be allowed purchaser for examination of same.
by E. P. Hines, Co. And., until 1 p. m. Aug. 10 for
FREDONIA, Wilson County, Kans.-BOND SALE.-The $40,000 Bids will be received
systems installation
5%% Children's Home heating and ventilating
% 20-30-yr. (ser.) water works bonds voted March 2 have been awarded $5,000
Int. semi-ann. Due $500 each six months from
$500.
Denom.
bonds.
to D. E. Dunne & Co. of Wichita at par.-V. 100, p. 1018. Denom.
required. Bonds
$100
for
check
Cert.
incl.
1920
10
Sept.
to
10
Mar.
1916
$1,000. Date April 1 1915. Int. A. & O.
to be paid for at Cadiz without expense to county for collection.
FREMONT COUNTY (P. 0. Sidney), Iowa.-BONDS OFFERED BY
SCHOOL
DISTRICT
(P. 0.
RURAL
TOWNSHIP
HARRISON
BANKERS.-Geo. M.Bechtel & Co. of Davenport are offering to investors
Licking County, Ohio.-BOND SALE.-On July 31 the $30,the $68,000 5% coupon funding bonds. Denom.$500. Date July 11915. Outville),
purchase and constr. bonds were awarded to
site
average
103%-yr.
5%
000
Principal and semi-annual int. (J. & J.) payable at the Co. Treas. office. Sidney Spitzer & Co. of Toledo at 100.55 and int.-V. 101, p. 229. A bid
Due $1,500 Jan. 1 1917, $3,500 yrly. Jan. 1 1918 to 1935 incl. and $3,500
Hoehler, Cummings & Prudden of Toledo.
July 1 1935. Total indebtedness, including this issue. $194,000. Taxable was also received from
SALE.-On July 15
HEMINGFORD, Boxbutte County, Neb.-BOND
value 1914 (about) $6,500,000: actual assessed value (about) $21,000,000.
awarded to W.E. Barkthe $4,000 6% 10-20-year (opt.) water bonds were
These bonds were offered by the county on July 14.-V. 101. p. 62.
Denom.
$500. Date
1110.
p.
int.-V.
100,
and
FROMBERG, Carbon County, Mont.-BONDS VOTED.-Reports ley of Lincoln at par
June.
state that this place recently authorized the issuance of $17,000 water- June 11915. hit. ann. in
-On
SALE.
July 29 the
-BOND
Y.
N.
HILTON, Monroe County,
works-construction bonds.
loon.5b1o
to
3nds voted
15-year average reg. water-works-system-installal
FULTON COUNTY (P. 0. Wauseon), Ohio.-BOND SAEL.-On $49,000
5s
State Bank of Hilton at par for 4.7Hilton
the
to
awarded
were
25
May
Aug. 2 the three issues of 5% inter-county highway-impt. bonds aggregatOther bids were:
ing $19,500 were awarded to the Ohio Nat. Bank of Columbus.-V. 101, V. 100, p. 2101. Rochester
Co.,
Trust
Union
p. 310. The following were the bids:
100.106
4.80s
Parson, Son & Co., New York
$4,000 Total
$12,000
$3,500
100.03
4.80s
II: A. Kahler & Co., New York
Sec. I. Premium.
Sec. H.
Sec. J.
Seasongood & Mayer,
100.82
5s
York
Now
Co.,
&
Gibbons
B.
Geo.
$3,501 00 $12,025 60 $4,001 00 $27 60
Cincinnati
100.675
58
I. W. Sherrill Co., Poughkeepsie
Stacy & Braun, Toledo_ 3,503 57 12,022 70 4,004 70 30 97
100.32
5s
Douglas Fenwick & Co., New York
3,501 00 12,044 50 4,001 00 46 50
5th-3d Nat. Bk., Cin
11915. Prin. and semi-ann. int.-A. & 0.
Oct.
Date
$1,960.
Denom.
33 15 all 3 issues
Tillotson&Wolcott, Cle. Irregular
Y.
with
exchange.
N.
Rochester
in
house
banking
some
15 00 all 3 issues -payable at
Otis & Co., Cleveland__ Irregular
April 1 from 1919 to 1943 inclusive.
7 00 all 3 issues Due $1,960 yearly on
J. C.Mayer & Co.,Cin.. Irregular
HOBOKEN, Hudson County, N. J.-BOND SALE.-On Aug. 4 the
Ohio Nat. Bank,Colum. 3,502 00 12,051 60 4,002 25 55 85
17 50 on $12,000 $60,000 43% % 30-year gold coup. with privilege of reg. school bonds were
Sec.S.13.&Tr.Co., Tol__ Irregular 12,017 50
69 00 on 3 issues awarded to Robinson & Co. of N. Y. at 102.131, a basis of about 4.37%.N.W.Halsey&Co., Chi.. Irregular
& furnish printed V. 101, p. 389. Other bids were:
B. Gibbons & Co., N.Y.101.37
bds.without cost Colgate, Parker & Co., N. Y._102.10 I Geo.
B. Leach & Co.. N.Y.._ _101.097
10.72(A_
- Harris, Forbes& Co.. N. Y_ _101.69
GLAUGA COUNTY (P. 0. Chardon), Ohio.-BOND OFFERING.
H. L. Crawford & Co., N.-Y_ 100
06
57
1..0
Hoboken_
Tr.
Steneck
Co..
for
Aud.,
Co.
Bids will be received until 12 m. Aug. 31 by A. A. Fowler,
York_ _101.54 Curtis & Sanger, N.Y
$3,250 5% 53%-yr. average ditch constr. No. 1. bonds. Denom. $325. Blodget & Co., New
-On July 13 $97,)
HORTON, Brown County, Kan.-BOND SALE.
Date July 1 1915. Int. J. & J. Due $325 yrly. on July 1 from 1916 to
to Prescott & Snider o
1925 incl. Cert. check for 10% of bonds bid for payable to Co. Treas. 733 41 5% 20-yr. funding bonds were awarded
to 100.332. Denom. (96
• required. Bonds to be delivered and paid for within 10 days from time of Kansas City, Mo., for $98.058 41-equal
award. Purchaser to pay accrued interest.
$1.000. (1) $733 41. Date Aug. 11015. Int. F. & A.
HUMBOLDT COUNTY (P. 0. Eureka), Cal.-BOND SALE.-On
GENEVA, Fillmore County, Neb.-BONDS AWARDED IN PART.
Of the $20.000 5% 20-yr. city-hall and hose-house bonds mentioned in July 24 $150,000 4% State highway bonds, duo in 1949, were awarded
V. 100, p. 656, $10,000 has been sold to local parties at par and int. Do- to Byrne & McDonnell of San Francisco for $140.750 12 (93.833) and int.
Other bids were:
nom. $500. Date Sept. 1 1914. Int. ann. in September.
Co., bid $140,815 flat
GENEVA, Ottawa County, Ohio.-BOND OFFERING.-Bids will be Lumbermen's Trust
& Co., San Francisco, $140,325 and interest
received until 12 m. Aug. 17 by W. E. Morgan, Village Clerk, for the fol- Blyth, Witter
Eureka, $138,855 and interest
Bank,
National
Humboldt
.
lowing 5% coupon street-improvement bonds:
of Eureka. Eureka, $138,487 50 and interest
$6,300 Depot St. assessment bonds. Denom. $300. Due $600 yearly on Bank
These are bonds that were issued by the State and purchased by the
Sept. 1 from 1916 to 1924 incl. and $900 Sept. 11925.
county from the State of California. See item under head of "California"
200 Depot St. village's portion bonds. Due Sept. 1 1916.
2,000 Eagle St. improvement assessment bonds. Denom. $200. Due on a preceding page.
four
incl.
HURON COUNTY (P. 0. Norwalk), Ohio.-BOND SALE.-The
1925
to
1916
on
from
1
yearly
Sept.
$200
July 7
issues of 5% coup. bridge bonds aggregating 815,550 offered on
500 Eagle St. village's portion bond. Duo Sept. 11917.
2,500 So. Broadway St. improvement assessment bonds. Denom. $250. have been awarded to Tillotson & Wolcott Co. of Cleveland at 100.42 and
Due $250 yearly on Sept. 1 from 1916 to 1925 inclusive.
int.-V. 100, p. 2184. Other bidders were:
$15,610 00
1,000 So. Broadway St. improvement village's portion bonds. Denom. Otis & Company, Cleveland
15.565 00
Hayden, Miller & Co., Cleveland
$500. Due $500 on Sept. 1 1918 and 1919.
15,560 89
Date Mar. 11915. Int. M.& S. Certified check on a Geneva bank for Provident Says. Bank & Tr. Co. Cincinnati
$200, payable to Village Treasurer, required. Bonds to be delivered and
Johnson County, Iowa.-BONDS OFFERED BY
CITY,
IOWA
paid for within 5 days from time of award. Purchaser to pay accrued int. BANKERS.-Geo. M. Bechtel & Co. of Davenport are offering to investors
These bonds were offered without success on June 24.-V. 101, p. 149.
$3,000 5% 10-20-yr. (opt.) tax-free funding bonds. Denom. $1,000.
GEORGETOWN, Floyd County, Ind.-BOND SALE.-On July 31 Date May 11915. Principal and semi-annual int.(M.& N.) at the above
the $1,600 5% 103%-yr. average coup. school-bldg. bonds were awarded company's office. Total bonded indebtedness $207,000. Taxable value
to Breed, Elliott & Harrison of Indianapolis at 104.375 and int.-a basis of 1914, $3,563.347; actual assess. val. 1914, $10,462.768.
about 4.45%.-V. 101, p. 229. E. M. Campbell, Sons & Co. of IndianapIRVINGTON, Westchester County, N. Y.-BOND SALE.-On Aug.3
olis also bid 104.375.
the $28,000 5% 113%-year average Main St. elimination bonds were
GILBERT, Story County, Iowa.-BOND SALE.-Sehanke & Co. of awarded to H. A. Kahler & Co. of N.Y. at 104.68, a basis of about 4.49%
Mason City have been awarded an issue of *3.0006% 10-yr. funding bonds. -V. 101, p. 311. Other bidders were:
•105.382 John J. Hart, Rochester_ ---103.56
Robinson & Co., N. Y
Denom. $500. Date July 1 1915. Int. J. & J.
104.679 Farson, Son & Co., N. Y- _-_103.47
GREEN BAY, Brown County, Wis.-BOND OFFERING.-Proposals Frank H. Shipman
R. Compton Co., N. Y...103.430
will be received until 10 a. m. Aug. 17 by W.L. Kerr, City Clerk,for $5,000 I. W. Sherrill Co., Poughk_ _ 104.51 W.
Harris Forbes & Co., N. Y__103.321
Y_104.37
&
N.
Crawford
Co.,
L.
H.
43% % 3-yr. (aver.) coupon Pleasant Street bridge bonds voted April 6.
103
& Co., N.Y.104.22 Estate of W. R. Harris
Denom. $1,000. Date July 11915. Principal and semi-ann. int. (J. & J.) Geo. B. Gibbons
payable at the City Treas. office. Due $1,000 yrly. July 1 from 1916 to Douglas Fenwick & Co..N.Y.103.703 A. B. Leach & Co., N. Y_-102.50
* Conditional.
1920 Inc. Cert. check on some national bank of Wisconsin for $100 required. Bonded debt, including this issue, $752,500. Assess. val. 1914,
ISLE SCHOOL DISTRICT (P. 0. Isle), Millelacs County, Minn.
$17,628,985.
BONDS DEFEATED.-The question of is.suing $10,000 bldg. bonds failed




•

Aua. 71915.1

THE CHRONICLE

469

to carry, it is stated, at a recent election. The vote was 66 "for" and
76 Well, Roth & Co., Cincinnati
"against."
$41,311 24
Breed,Elliott & Harrison, Cincinnati
41,245 32
JACKSON, jackson County, Ohio.-BOND SALR.-On July 31 the Hoehler, Cummings & Prudden, Toledo
41.241 00
$18,000 5% 6-yr. average refunding bonds were awarded to Tillotson &
LIVINGSTON, Polk County, Tex.-BONDS VOTED.-The question
Wolcott Co. of Cleveland at 100.64 and int., a basis of about 4.625%-V.
of issuing $17,000 street and road impt. bonds carried, it
101, P. 311. Other bids wore:
is stated, by a
vote of 68 to 26 at an election held July 24.
Columbia B.&S. Co---$18,105 00 Hochler, Cummings and
Security Say. Bk. & Tr.
Prudden, Toledo
LLANO SCHOOL DISTRICT, Los Angeles County, Cal.-BOND
$18,011
00
Co. Toledo
18,087 60 Sidney Spitzer & Co. of
OFFERING.-Proposals will be received until p. m. Aug. 16
Stacy & Braun, Toledo
by J. H.
18,018 40
Toledo
18,007 50 Lelande, ex-officio Clerk Board of Supervisors2(P.
0. Los Angeles), for
JACKSON SCHOOL TOWNSHIP (P. 0. Arcadia), Hamilton County $5,000 5%% 5%-year (average)
on and equipment bonds.
Ind.-BOND OFFERING.-Geo. Walter, Twp. Trustee, will receive bids Denom. $500. Date Aug. 1 1915.constructi
Interest semi-annually at County
for an issue of $5,000 4% %94-yr. average coup. school bonds until 1 p. m. Treasury. Due $500 yearly Aug. 1 from
1916 to 1925 inclusive. Certified
Aug. 26. Denom. $250. Date July 15 1015. Int. J. & J. at First Nat or cashier's check for 5% of bonds bid for,
payable to Chairman
of
Bank, Arcadia. Due $250 each six months from July 15 1020 to
Supervisor
s,
required. Purchaser to pay accrued interest. NoBoard
Jan.
15
bonded
1930, incl. Cert. check for not less than 2% of bonds bid for, payable to debt. Assessed value 1914, $102,000.
Twp. Trustee, required. Bonds to be paid for within 30 days from
time of
LORAIN, Lorain County,
award. Purchaser to pay accrued interest.
-BOND SALE.-For the two issues
of 5% coup, bonds aggregatingOhio.
$116,000, offered on Aug. 3, the following
JEFFERSON DAVIS PARISH (P. 0. Jennings), La.-BONDS bids were received
-V. 101, p. 230:
DEFEATED.-The proposition to issue
$400,000 road impt, bonds
the
$100.000
failed to carry, it is stated, at the election held July 27.-V. 101, p.
$16,000
Total
311.
Water Works. River Impt. Premium.
The vote was 564 "for" and 568 "against."
E. H. Rollins & Sons, Chicago
$3,063 56
JOHNSTON (P. O. Providence), Providence County, R. I.-BOND Soasongood & Mayor, Cincinnati_ _ _ _$101,861
00 $16,301 00
2,162 00
SALE.-An issue of $12,000 Thornton school impt. bonds was disposed
& Co., Cleveland
of Otis
101,810 00
16,290 00
2,100 00
at 96% and int. on July 27, it is stated.
Harris, Forbes & Co., New York
101,682 00
16,269 12
1,951 12
1)avies,
Bertram
&
Co.
BONDS AWARDED IN PART-OPTION GRANTED TO PURCHASE
Cincinnati
101,666 00
16,234 00
1,020 00
C. E. Denison & Co. Cleveland
REMAINDER.-Reports state that on July 27 $30,000 of an issue of
16,262 40
1,902 40
Provident Say. Bk. Tr. Co., Cleve_ 101,640 00
$85,000 bonds was sold at 98 and int, with an
101,580 00
16,252 80
option on the remaining Sydney Spitzer & Co., Toledo
1,832 80
portion.
101,551 00
16,248 00
1,799 00
Tillotson & Wolcott Co., Cleveland.._ 101,437
80
16,222 80
JOPLIN, Jasper 'County, MO.-BOND ELECTION.-Local papers Stacy & Braun, Toledo
1,660 00
101,385 30
16,217 84
state that an election will be held Aug. 31 to vote on the question of issuing Hayden, Miller & Co., Cleveland_
1,603 14
16,210 00
$13,500 North Main St. viaduct constr. bonds.
1,520 00
Equitable Trust Co., New York _ _ _ 101,310 00
.101.267 90
16,207 70
1,475 69
JUNCTION CITY, Perry County, Ohio.-BOND SALE.-On Aug. 2 Spitzer, Rorick & Co., Toledo
100,892 50
16,171 50
1,064 00
the $6,975 02 53 % 1-10-yr. serial East Main St. impt. bonds were awarded Hornblower & Weeks. Boston
100.780 00
16,124 80
904 80
to Sidney Spitzer & Co. of Toledo for $7,032 52(100.824) and int.-V. 101,
LOS ANGELES COUNTY (P. 0. Los Angeles),
Till140.
p.
Calif.
Other bids were:
-BOND
ELECTION PROPOSED.-Local papers state that
the Board of Supervisors is
otson & Wolcott Co., Cleve., bid $7,046 17, but wanted denomination considering the calling
of an election to vote on the propositio
of bonds changed.
n to issue
$2,750,000 highway and harbor truck boulevard
Otis & Co., Cleveland, bid 86,981 02.
construction bonds.
LUNA COUNTY (P. 0. Deming), N. M.-BOND
KAYSVILLE IRRIGATION DISTRICT (P. 0. Kaysville), Davis
ELECTION.-Local
County, Utah.-BOND SALE.-The Deseret Savings Bank of Salt Lake papers state that an election will be held Sept. 14 to vote on the propositio
n
to issue the $100,000 road-construction bonds-V.
City was awarded on June 15 the $35,000 7% gold coupon reservoir
101, p. 151.
bonds
at par.-V. 100, p. 1692.
LYNDONVILLE, Orleans County, N. Y.-BONDS
DEFEATED.
KENNEBEC COUNTY (P. 0. Augusta), Maine.
SALE.
- At the election held July 31 the question of issuing the $7,900 street impt.
On Aug. 3 the 820,000 4% 15-yr. coup. tax-free funding-BOND
bonds were award- bonds was defeated.-V. 101. p. 390.
ed to L. B. Weever of Augusta at 101.14 and int.,
basis
a
LYNN
of
HAVEN, Bay County, Fla.-BOND OFFERING.
about 3.90%V. 101, p. 390. Other bids were:
-Proposals
will be received until 12 m. Aug. 16 by J. H. Dolstrum,
City
Hornolower & Weeks, Port_ _100.677 Merrill Oldham & Co. Bost_
for
_100.089 $10,000 of an issue of $50,000 6% 30-yr. coupon street, wharve Treas.,
Fidelity Trust Co., Port..- _ _100.66 Cropley McGaragl
and bridge
impt.
bonds. Muth. Chap. 1061, Code of 1906. Denoms.
e&Co Bos_100.033
Chas IL Oilman & Co. Port_ _100.5(14 C. E. Dennison & Co.,
$1,000, $500,
$100.
Date
"when
Bost_
sold."
99.537
Int.
J.
&
D.
at
Lynn
Haven
N. W. Harris & Co., Boston-100.15
or New York City.
These bonds are taxable. Cert. check for$200, payable to
the City Treas.,
KENOSHA, Kenosha County, Wis.-BOND SALE.-On
required. Bonded debt (excluding this issue) $25,000.
Aug. 2 the 31.000,
Floating debt,
$100,000 10%-year (aver.) school and $60,000
sinking
fund
$1,000,
assess.
64-ye
val.
(aver.) sewer1914, $870.963 30.
extension 4%% coupon bonds were awarded to the Firstar
LYNN,
Trust
Essex
&
Savings
County,
Mass.
-BOND
SALE.
-The
Bank of Chicago for $161,482 (100.025) and int.-V: 101, p.
bids were
received for the two issues of 4% semi-ann. tax-free reg.following
390.
First Nat. Bank, Konosha_3161 378 McCoy & Co., Chicago-bonds aggregating
_ _3160,656 $118,000 offered on July 30:
Harris Tr.& Say. Bk., Chic. 161,346 Second Ward Say.
Curtis
Bank,
&
Sanger,
Boston__
_
_100.43
1P.
M.
Chandler & Co. Bost.
E. ff. Rollins & Sons, Chic- 161,104
Milwaukee
160,420 Blodgett & Co., Boston_ _ _100.4021Cropley McGaragle & Co. 100.131
Continental & Commercial
John Nuveen & Co., Chic_ - 160,225 Estabrook & Co., Boston_ ___100.280
Boston
Trust & Say. Bank, Chic_ 160,885
fal00.247
R. L. Day & Co., Boston_ _ _100.279
lb 100.032
XERSHAW COUNTY SCHOOL DISTRIC NO. 22 (P. 0. Bethune)
Harris & Co., Bost_ _100.15 F. S. Moseley & Co., Bost_a100
, N. W.
.520
So, Caro.-BOND SALE.-On July 26 the T
a For $20,000 issue.
$9,000
b
5%
20-yr.
For
building
$98,000
issue.
bonds were awarded to II. G. Carrison at par.-V.
p. 311. Denom. Bonds are described as follows:
$500 or $1,000, to suit purchaser. Date July 11915.101,
$08,000 water bonds. Date July 11915. Due $7,000 July 1
Int. J. & J.
1916 and 1917,
and $3,000 yrly. on July 1 from 1918 to 1945, incl.
KIRON SCHOOL DISTRICT (P. 0. Kiron),
County,
20,000 school house bonds. Duo $2,000 yrly.
Iowa.-BOND SALE.-The $7,000 5% site-purchase,Crawford
on July 1 from 1916 to
building
and
equipment bonds voted April 21 were awarded to Schanke & Co. of
Mason City
These 1b9o2n5as were
el awarded, it is stated. to Curtis & Sanger.
on May 10 at par-V. 100. p. 1528. Denom. 3500.
Date Juno 1 1915.
Int. J. & D. Duo $500 yearly after 1918.
LYONS, Fulton County, Ohio.-BOND OFFERING.-Further
detailI
are at hand relative to the offering on Aug. 17
KISSIMMEE, Osceola County, Fla.-BOND ELECTION.-A
of the $14,000 5% 7N:yr8
vote average coup. street impt. villages
will be taken to-day (Aug. 7), it is stated, on the issuance of
bonds.-V. 101, p. 390. Bid
$70,000 street for these bonds will be received until portion
paving, bridge constr. and refunding bonds.
12 m.on that day by Floyd Carpenter,
Village Clerk. Denom. $500. Date Sept. 1 1915. Int.
M. & S. Due
KITSOP COUNTY SCHOOL DISTRICT NO. 42. Wash.
-BOND 31,500 Sept. 1 1918 and 1919 and 31.500 yrly. on Sept. 1 from 1920 to 1927,
SALE.-On July 24 $5,000 bldg. and $5,000 funding
incl. Cert. check on a Lyons or a Toledo bank for $500, payable
5-15-yr.
(opt.)
bonds
were awarded to the First Nat'l. Bank of Bremerton
to VII.
Clerk,
required.
101
at
Bonds
for
to be delivered and paid for within 10 days from
bids were: John E. Price & Co., Seattle $10,011 for 5%s; 5%s. Other time of award. Purchaser
State of Washto pay accrued interest. Bonded debt $500,
ington par for 5%s;James N. Wright & Co., Denver
floating debt $1,000, Assess. val. 1914 $310,000.
$10,050
for
6s.
Denom
$500. Date July 24 1915. Int. ann. in July.
MALVERN, Carroll County, Ohio.-BOND SALE.-On July
31 the
ELICKITAT COUNTY SCHOOL DISTRIC NO.94, Wash.
-BOND two issues of 5%% coup. Porter St. impt. bonds aggregating $35,000 were
SALE.-On July 17 the State of Washington wasTawarded
the $3,500 1-10- awarded to Tillotson & Wolcott Co. of Cleveland for 335,480 (101.371)
year (opt.) building bonds at par for 5%s-V. 101,
and int. and blank bonds.-V. 101, po 311. Other bids were:
p.
150.
This
item
was
inadvertently reported in last week's "Clironicle", page 390, under
the Sidney Spitzer & Co. Tol_335,495 30 Spitzer Rorick & Co. Tol_335,180 50
head of "Klickitat Co. Sch. Dist. No. 06."
Security S.B.&Tr.Co. Tol 35.488 80 Otis & Co. Cleveland_ _ _
S
KNOX COUNTY (P. 0. Vincennes), Ind.-BOND SALE.-On
Stacy & Braun, Toledo__ 35,404 23 Hoehler, Cummings and_ 35,175 00
Aug. 2 Hayden Millm
the $27,300 (not $27,000 as first reported) 5% semi-ann. 5-yr.
& Co. Cloy 35,336 001 Prudden, Toledo
levee
bonds
35,035 00
were awarded to the Meyer-Kiser Bank of Indianapol for
MANATEE COUNTY (P. 0. Bradentown), Fla.-BONDS DEFEAT$27,805, equal
to 101.840, a basis of about 4.59%.-V. 101, p. 2184. isOther
ED.
-The election held July 19 resulted, it is stated, in the defeat
bidders were:
E. M. Campbell Sons & Co., Indianapolis
of the
$27,628 question of issuing $104,150 Parrish Road & Bridge Dist. bonds.
Hanchett Bond Company, Chicago
27.381
MANSFIELD WATER SUPPLY DISTRICT (P. 0. Mansfield
Fletcher Amer. Nat. Bank, Indianapolis
),
27,357 Bristol County, Mass.-BOND SALE.-On Aug.
2 the $30,000
LA CANADA SCHOOL DISTRICT, Los Angeles County, Calif.
15%-- yr. average coup. tax-free water bonds were awarded to Blodget4%
& Co. of
BONDS VOTED.-Reports state that at a recent election
Boston at 100.153 and int., a basis of about
this
district
4.987%V. 101, p. 390.
authorized the issuance of $20,000 building bonds.
Other bids were:
N. W. Harris & Company, Boston
LADYSMITH, Rusk County, Wis.-BONDS AUTHORI
-An Cropley,
100.15
ordinance has been passed by the City Council providing for the ZED.
McGaraglo
&
Co.,
Boston
issuance
of
100.073
$12,000 5% coupon park bonds. Denom. $1,000. Date July 1 1015.
MARION, Grant County, Ind.-BOND SALES.
-On
July
23 an
Principal and semi-annual int. payable at the City
issue of
4 % 9-yr. average refunding
was awarded to J. F.
Duo $1,000 yearly July 1 from 1023 to 1934 inclusive. Treasurer's office. Wild & $31,350
Co. of Indianapolis for $32,167, equal bonds
to
102.606,
basis
a
of
about
4.15%.
LA PORTE CITY INDEPENDENT SCHOOL DISTRICT (P.
$500. Date July 31 1915. Int. J. & J. Duo beginning
0. Jan. 1920Donom.
La Porte), Black Hawk County, Iowa.-DESCRIPTION
and ending Jan. 311928.
OF BONDS.
On
The $25,000 high school building bonds awarded during May
July
$11,800
29
to Geo. M. Amer. Nat. Bank of 434% refunding bonds were awarded to the Fletcher
Bechtel & Co. of Davenport at 101.028 bear interest at the
Indianapolis for $12,051, equal to 101.276. Denom.
of 5% and
are in the denom. of $500.-V. 101, P. 390. Date Juno rate
1 1915. Int. $500. Date Aug. 5, 1915. Due beginning Aug. 5, 1928.
J. & I). Due serially until Juno 1 1920.
MARION COUNTY (P. 0. Indianapolis), Ind.-BOND
OFFERING.
-Bids will be received until 12 m. Aug. 14 by
LASSEN COUNTY (P. 0. Susanville), Calif.-BOND
von Hake, Co. Treas.,
Aug. 2 the two issues of 5% gold coupon bonds, aggregatinSALE.-On for $2,380 41,5% 5%-yr. average Grover FullerCarl
et al highway impt. bonds
were awarded to the American Nat. Bank of San Francisco atg $100,000, in Lawrence Twp. Denom. $119. Date Aug. 31915.
Int. M. N. Due
102.468.- $119 each six months
V. 101, p. 311.
from May 15 1916 to Nov. 15 1925,incl. &
LEICESTER (P. 0. Moscow), Livingston County, N. Y.-CERTIF
BOND
-On Aug. 5 the $600,000 4% 10%-year average flood"
I- preventionSALE.
CATE SALE.-On Aug. 2 the $2,500 5% highway-certificates
indebted- -V. 101, bonds were awarded to F. J. Wild & Co. of Indianapolis at par
ness were awarded to the Genesee Valley Nat. Bank of Gene,seoof
p. 230.
100.90V. 101, p. 390. Date Aug. 2 1915. Due $500 Feb. 1 1916 at
MARION COUNTY SCHOOL DISTRICT NO. 15 (P. 0.
and
$1,000
Hubbard),
Feb. 1 1917 and 1918.
Ore.-BONDS VOTED.-The question of issuing
high-schoolbuilding bonds carried, it is stated, at an election held$15,000
LEONIA, Bergen County, N. J.-BOND SALE.-On Aug.
July 27.
2 the
$75,000 5% 12%-year average funding bonds were awarded to the
MEIGS
COUNTY
(P. 0. Decatur), Tenn.-BOND ELECTION.
Trust & Guaranty Co. of Englewood at 101.143 and int.-a basisPalisades
of about proposition to issue $100,000 road-impt. bonds will be submitted to a-The
vote,
4.85%.-V. 101,p. 300. Other bids were:
it is stated, on Sept. 2.
Ludwig & Crane, N. Y__375,562 501Harris, Forbes&
Co.,N.Y.$75,165 75
MINDEN (TOWN) UNION FREE SCHOOL DISTRIC
R. M.Grant & Co.. N.Y_ 75,432 501
T NO. 14
(P. 0. Fort Plain), Montgomery County, N. Y.-BOND
OFFERING.
LETCHER COUNTY (P. 0. Whitesburg),Xy.-BOND OFFERING
.
- Wm.P. Casler, Clerk of Bd. of Ed., will receive bids until 8 p. m. Aug. 16
This county is offering for sale $3,000 6% school
bonds. Address Franklin for the following 5% school bonds:
& Son. Union Bank Bldg., Whitesburg.
370,000 13 2-3-year average school bldg. bonds. Due yearly on
Nov. 1 as
LINCOLN SCHOOL TOWNSHIP (P. 0. La Porte), La
follows: $2,000 from 1916 to 1920 incl. $2,500 from 1921
Porte Counto 1925
ty, Ind.-WARRANT OFFERING.-Leroy
incl., $3,000 from 1926 to 1930 incl., $4,000
T. Smith, Twp. Trustee, will
' 1931 to 1937 incl., and
receive bids until 12 m. Aug. 21 and from day
$4,500
in 1938.
for $4,000 5% 2%-yr. average school house to day thereafter until sold
10,000 10M-year average school site-purchase bonds. Due $500
warrants.
Denom.
yearly
$500.
Date Aug. 211915. Due $500 each six months from July
on Nov. 1 from 1916 to 1935 incl.
1 1916 to Jan. 1
1920, incl. Cert. check for 5% of bid required.
Denom. $500. Date Nov. 1 1915. Int. payable semi-ann.
at Fort
Plain Nat. Bank to the holders thereof in N. Y.
LITTLE FALLS, Herkimer County, N. Y.-BON
exchange.
Cert. check,
July 27 an issue of $2,933 06 1-4-year serial paving bonds DTSAIN.-= cash or bank draft for 10% of bonds required. These bonds were offered
was awarded to as 4%s on Aug. 2. but no bids were received.-V.
the Board of Public Works for the Cemetery Trust
101, 1)• 312.
$733 26. Date July 27 1915. Interest annually on JulyFund. Denom.
MINNEAPOLIS, Minn.-BOND OFFERING.-AttentIon
27.
is called to
the official advertisement elsewhere in this department of the offering:o
LIVERPOOL TOWNSHIP (P. 0. East Liverpool),
Columbiana
n
County, Ohio.-BOND SALE.-On Aug. 2 the
Aug. 11 of the $105,120 20 1-20-year (serial) coupon tax-free
two
issues
of
5%
roadspecial
street
improvement bonds, aggregating $41,20(), were awarded
to Tillotson & improvement bonds at not exceeding 5% interest. For details and
Wolcott Co. of Cleveland at 100.59.-V. 101, p. 230. Other
terms
bids were: of offering see V. 101, p. 391.




470

THE CHRONICLE

[VOL. 101.

at the
Date July 1 1915. Principal and semi-annual interest payable
the
MINNESOTA.-BONDS PURCHASED BY STATE.-During 4% Commissioner of Finance's office or at the city depositary in Newport.
above. Certified
month of July the State of Minnesota purchased at par the following
mature July 11936, or at option of city given
bonds
The
"
bonds, aggregating $683,406:
check for 3% of bonds bid for, payable to the "City of Newport, required.
SALE.-On Aug. 2 the
County School District Bonds.
NEWTON, Middlesex County, Mass.-BOND
Amount.
& Co.
to
Adams
Amount.I
awarded
were
bonds
sewer
$1,650 $30.000 4% 153i-year average
$1,000 Nobles No. 13
Aitkin No. 26
4,000 of Boston at 101.632.-V. 101, p. 391.
1
3,500 Norman No. 1
Aitkin No. 109
were.
Other bids
5.000
4,000 Ohnstead No.64
Merrill, Oldham & Co., Bost_100.849
Anoka No. 1 (Ind.)
1,000 W.L. Raymond & Co.,Bost..101.613 Blodget
100.685
6,000 Pennington No. 5
& Co., Boston
Anoka No. 1 (Incl.)
1,500 P.M.ChancUer & Co., Bost_ 100.57
& Curtis, Boston_ 100.819
3.000 Pennington No. 10
Jackson
.26
Beitrami No. 81
Bost_101
2,500 Millott, Roe & Hagen,
Pine No. 18 (Consol.)
01.28 R. L. Day & Co., Boston_ _ _100.78
Benton, Stearns & Sherburne
Boston_1
Co.,
&
W.
IIarris
N.
5,500
(Consol.)
Trust Co., Newton-101.25
25,000 Pine No. 35
(Ind. St. Cloud)
1,500 Estabrook & Co., Boston_ _ _100.55 Newton
100.52
15,000 Pine No. 37
S. Butler
Big Stone No. 24
17,000 Curtis & Sanger, Boston_ _100.63 3 C.
2,500 Polk No. 44 (Ind.)
Big Stone No. 29
s.100.07
e&Co.,Bo
McGaragl
Cropley,
1,000
Due from Aug. 1
A.
&
F.
14,500 Pope No.8 (Ind.)
Int.
1915.
2
Aug.
Chippewa No. 45
Date
Denom. $1,000.
1,000
12,000 Red Lake No. 103
Chippewa No. I (Ind.)
5,500 1916 to 1945.
1,000 Redwood No. 7
Crow Wing No. 49
Fund of this city
NEW YORK CITY.-BOND SALE.-The Sinking
10,000 Redwood No. 31 (Consol.)__ 27,000
Dodge No. 69 (Ind.)
2,500 during the month of July purchased at par $300,000 3% corporate
No.67
Nov. 1 1924.
Douglas-Todd No. 1 (Ind.)_ _ 21,500 RedwoodNo.
mature
bonds
The
purposes.
8,000
l
municipa
96
various
stock for
Douglas-Todd No. 1 (Ind.)- 16.000 Renville No.89
ng $8,250,000, and con5,000
The following short-term securities, aggregati
49,000 Renville
Goodhue No. 91 (Ind.)
current expenses, special revenue bonds and
)
5,800
Faribault
for
(Special
bonds
Rice
of
revenue
15,000
sisting
Hennepin No. 53
2,600
No 31
stock notes, were issued during July:
Hennepin-CarverNo.58(Ind.) 15,000 Scott
Amount.
Maturity.
Int.
23,000 corporate
620 Stearns No. 1 (Ind.)
Revenue Bonds-1915Kanabec No. 58
On demand $5,000,000
3
4,000
(Ind.)_
145
No.
ope
Stearns-P
8,000
expenses
_
Current
Kandlyohl No. 47 (Ind.)___
5,000
(Ind.)
67
No.
13,000 Todd
Lac qui Pane No. 86
$5,000,000
2,200
6,000 Traverse No. 25
Total revenue bonds, current expenses
Lesueur No. 12
2,300
1,500 Traverse No. 4
Revenue Bonds-1915Lesueur No.61
14
1916
.Tan.
$400,000
1,000
33
11,200 Wadena No.
Special
McLeod No. 18
100,000
2U Jan. 27 1916
6,500 Special
840 Washington No. 69
Marshall No. 59
2,500
31
n
No.
Watonwa
4,500
Marshall No. 37
$500,000
2,000
2,000 Wllkin No. 79
Total revenue bonds, special
Martin No.75
3,000
876 Winona No. 87
Corporate Stock NotesMille Lacs No. 14
On or before $1,050,000
3
5,000 Water
1;500 Winona No. 101
Morrison No. 138
Dec. 31 1915
500
1,000 Yellow Medicine No. 52_ _ _ _
Murray No. 10
IOn or before 1,700,000
4
2,400
_
_
_
_
63
No.
Yellow
Medicine
1,200
transit
Rapid
Nobles No. 39
Dec.31 1915
Bonds Issued for Municipal Purposes.
$2,750,000
55,000 Lake View (V.), Carlton Co_ $3,500
Bemidji (V.), Beltrami Co
notes
stock
corporate
Total
Co. 17,000
Brookston (V.), St. Louls'Co. 3,850 Mankato(C.),Blue Earth
-BOND SALE.-On July 30 the
Ohio.
3,100
Co....
County,
l
Hubbard
(V.),
Nevis
Trumbul
12,000
o
NILES,
GoodhueC
CannonFalls(0.),
$19,500 were awarded to
20,000 Warren (C.), Marshall Co...._ 10,000 two issues of 5% st. impt. bonds aggregating56,
Clearwater County
equal to 100.818, it is
20,000 J. C. Mayer & Co. of Cincinnati for $19,659
Cold Spring (V.), Stearns Co. 7,000 Windom (V.) Cottonwood Co
_W.41 IA
18,000 reported.-V. 101, p. 231.
Elmore(V.),Faribault Co.._ - 5,000 Winnebago(V.),FaribaultCo_
La portn=nMills),
NOBLE SCHOOL TOWNSHIP (P. 0. Union
County Judicial Ditch Bonds.
1-15-yr. serial
310,200 ty, Ind.-WARRANT SALE.-On July 31 the $15,000
$4,400 Rock No. 2
Bank at par for
Cass No. 1
Savings
Laporte
the
to
43,500
14,000 St. Louis No. 2
school warrants were awarded
Kanabec No. 10
3,170 4%s.-V. 101, p. 232. Other bids were:
10.000 Stevens No. 14
Rate
Renville No.8
Price
5
State Board of
102
MINNESOTA.-CERTIFICATE OFFERING.-The
& Co., Indianapolis
Sons
s
Campbell
M.
E.
Paul
at
St.
9
Aug.
m.
p.
2
c.
until
5
is
0.833
it
stated,
. lis
10
ianapo
Control will receive sealed bids,
. Cert. Breed, Elliott & Harrison,Ind
July.
and
Jan.
in
ally
for $75,000 5% 2-year certificates of indebtedness. Int. semi-ann
semi-annu
$500. Int.
Denom.
o.
required.
check for 2%
Barnes ounty,
NOME SCHOOL DISTRICT (P. 0. Nome),
YET TAKEN.
MITCHELL,Davison County, So. Dak.-NO ACTION
s state that a favorable vote was cast at
that no action has Dak.-BONDS VOTED.-Report
$10,000 building bonds.
issuing
-The City Auditor advises us, under date of July 30,
of
question
on
the
election
recent
a
telephone
yet been taken towards the re-offering of the $60,000 municipal
SED BY STATE.-During the
NORTH DAKOTA.-BONDS PURCHA
plant construction bonds mentioned in V. 100, p. 1611.
fourteen issues of 4% bonds, aggregating
-BOND SALE.-On month of July the following
e at par:
ata
ko
DaD
north
of
MONROE COUNTY (P. 0. Bloomington), Ind.
State
the
average highway impt. $34,900, were purchased by
Due
Purpose
July 30 the following two issues of 4%% 5k-yr.
Place
Bank of Amount
Juno 15 1915 June 151935
Bldg.
bonds aggregating $15,000 were awarded to the Merchants Nat,
11
No.
Dist.
School
Alice
$2500
20 1935
July
1915
20
July
"
120
Muncie for $15,020 50 (100.146) and int:
No.
800 Dewey School Dist.
Perry Twp. Denom.
May 1 1925
May 1 1915
21 "
$9.000 John R. Mitchell et al highway impt. bonds in
1000 Eaglenest Sch. Dist. No.
June 15 1935
1915
15
June
Fund
76
$450.
No.
Dist.
Sch.
800 Fairview
Twp. Denom.
June 1 1925
Bldg June 1 1915
6,000 0. M. Morris et at highway impt. bonds in Perry
2000 Fryburg Sch. Dist. No. 6
June 15 1915 Juno 15 1925
"
$300.
750 German Sch. Dist. No. 39
10 1915 July 10 1935
July
"
16
Other bidders were:
No.
Dist.
Sch.
$15,005
8500 Goodrich
June 15 1915 June 15 1935
"
Fletcher Amer. Nat. Bank, Indianapolis
8400 Hillsboro School Dist.
15,000
Juno 15 1915 Juno 15 1925
"
Breed, Elliott & Harrison. Indianapolis
1800 Lyon Sch. Dist. No. 25
bond of each issue each six
July 10 1915 July 10 1935
"
50
No
Date July 6 1915. Int. M. & N. Due oneincl.
Dist
McCullough Sch
1750
1925,
15
to
Nov.
June 10 1915 June 10 1925
1916
15
"
months from May
3000 Norman Sch. Dist. No. 4.12 "
July 10 1915 July 10 1925
SALE.-On Aug. 2 the
No
Dist
Sch
Hradee
Novi
MONTCLAIR, Essex County, N. J.-BOND
1200
July 1 1925
S.
Rippel
to
J.
July 1 1915
awarded
were
bonds
school
coup.
gold
District
$150,000 43,6% 30-yr.
1200 Raney School
June 10 1915 June 10 1925
jointly, at 101.80 and
"
of Newark and N. W. Halsey & Co. of New Yo.k
1200 Wallace Sch. Dist. No. 2
were:
bids
Other
231.
p.
-An elecN.
101,
.
ELECTIO
4.38%-V
of
about
-BOND
basis
a
int.
NORTHFIELD, Rice County, Minn.
Everitt & Co. and is
Montclair Say. Vank, Montc1.101.65 J. D.B.
on the question of issuing to the State of
tion will be held Aug. 12 to vote
Leach & Co., N. YI100.87
A.
-park-improvepublic
$1,000
R. M. Grant & Co. N. Y..-_ 101.17
site-purchase,
-parkpublic
Nat. Bank, Montclair_100.375 Minnesota $4,500
Colgate, Parker & Co., N. Y..101.08 First
ment and $13,500 paving bonds.
100.87 Montclair Tr. Co., Montcl__100.31
Ludwig & Crane, N. Y
Y.-BOND SALE.-On Aug. 2 the
OAKFIELD, Genesee County, N.or
Ohio.-BOND OFFERDayton),
0.
(P.
Y
-COUNT
MONTGOMERY
reg. (option of purchaser) watercoup.
first
20
as
Aug.
10
(not
a.
Aug.
in.
11
$35.000‘i% 17-year average
Trust Co. of Rochester for
ING.-Proposals will be received unti
Security
the
to
awarded
coup. taxable Children's Home works bonds were
4.35%.-V. 101, p. 391.
reported) for $10,000 5% 5%-year average
about
of
Secs. 2434 and 2435. Gen. Code. $35,540 (101.542) and int., a basis
impt. bonds (V. 101, p. 391). Auth.Prin.
CT NO. 1 (P. 0.
DISTRI
S.
&
SCHOOL
.
and
int.-M.
semi-ann
OAKVILLE INDEPENDENT
Denom.$1,000. Date Aug. 10 1915. . Due $1,000 yearly on Sept. 1 from
Tex.-BONDS VOTED.-The question of
Oakville), Live Oak County, and
payable at office of County Treasurer
carried, it is stated,
bonds
t
for
equipmen
or
company
bank
trust
-bldg.
solvent
a
on
-school
check
issuing $7,000 high
1916 to 1925 incl. Cert.
Delivery of bonds to be on at an election held July 21. The vote was 43 to 8.
$250, payable to County Auditor, required.
debt, incl. this issue,
-BOND ELECTION
Aug. 10. Bids must be unconditional. Bonded
OKMULGEE COUNTY (P.O. Okmulgee), Okla.
calling for
310.
1914,
$226,234,
val.
$1,000,365; no floating debt. Assess. to reports, the County Commis- PROPOSED.-Reports state that petitions are being circulated
court-house-bldg.
$125,000
issue
to
on
propositi
BONDS AUTHORIZED.-According
the
on
vote
an election to
bonds.
.
road-impt
of
$690,000
issuance
the
d
sioners have authorize
bonds.
OFFERING.
OFFERING.-F. L.
MORROW COUNTY (P. 0. Mt. Gilead), Ohio.-BOND
OLEAN, Cattaraugus County, N. Y.-BOND
Higgins, County
Commission, will receive
-Bids will be received until 11 a. m. Aug. 20 by C. 0.
Treasurer of the Flood Abatement $150,000 454% 29 2-3-yr.
Bartlett,
. No. 2 bonds:
for
16
Aug.
m.
p.
2
until
Auditor, for the following 5% coup. Marengo road-impt
stated.
is
it
bids,
Due $500 each six months sealed flood protection bonds. Int. semi-annual. A certified check for
$10,500 Twp.'s portion bonds. Denom.$500.
(aver.)
from Sept. 1 1916 to Sept. 1 1922 incl., and $1,000 on Mar. 1 and $7,500 is required.
Boone County, Ark*
Sept. 1 1923 and 1924.
Due
$400.
for
16
OMAHA SCHOOL DISTRICT (P. 0. Omaha),
1
for
3389,
Denom.
bonds.
building bonds has
portion
6,789 assess.
to -BOND SALE.-Reports state that an issue of $6,000
at par.
Rock
$389 Sept. 1 1916 and $400 each six months from Mar. 1 1917
Little
in
company
nt
been awarded to an investme
Sept. 1 1924 incl.
2
Ind.-BOND SALE.-On Aug.to
a Morrow County
ORANGE COUNTY (P. 0. Paoli),
Date Mar. 1 1915. Int. M. & S. Cert. check on Auditor,
were awarded
bonds
impt.
required.
highwayCounty
bank for 10% of bonds bid for, payable to day of sale. Bids must be the $2,320 434% 5%-year average equal to 100.56. a basis of about 4.39%
the Orange County Bank for $2,333,
Bonds will be printed and ready for delivery on
2 1915. Int. M.& N.
-V.101, p.391. Denom.$216. Date Aug.
unconditional.
-BOND OFFERING.-Proposals
Fla.
County,
OFFER-BOND
Manatee
Y.
N.
TO,
County,
PALMET
ter
Acting Pres. of City
MT. VERNON (CITY), Westches
on or before Aug. 21 by P. J. Hackney,
ent
INV.-Proposals will be received until 8 p. m. Aug. 17 by Peter Collins. will be received
6% 3-5-year (ser.) improvem
Council, for approximately $75,000
City Clerk, for the following 4%% reg. bonds:
date as of July 1 1915 and the subbearing
$18,000
ately
1
Approxim
1953.
$20,000 highway impt. bonds. Due Aug. The city reserves the right to bonds. part of the issue to be delivered as the work is completed. Int.
sequent
the amount of bid required.
61,000 drainage bonds. Due Aug. 11935.
is not needed.
semi-annual. Certified check for 10% of
issue a lesser amount of bonds if full amount
& A. Cert. check for $1,000,
), Ind.-BOND SALE.-The folRockville
0.
(P.
Denom. 31,000. Date Aug. 2 1915. Int. F.
COUNTY
PARKE
be delivered and paid
payable to City of Mt. Vernon. required. Bonds toa.
for the $16,600 45,6% 514-year average highway
m. Aug. 25, unless a lowing bids were received
on Aug. 2.-V. 101, p. 392:
for at office of U. S. Mtge.& Trust Co., N. Y.at 11Bids
must be made on improvement bonds offered
$16,625 35
Muncie
subsequent date shall be mutually agreed upon.
Bank,
National
s'
The above Merchant
interest.
accrued
16,621 00
pay
to
r
Purchase
city.
the
by
furnished
forms
Indianapolis
Co.,
&
the
Miller
of
s
signature
of
the
ss
16.617 00
genuinene
the
trust company will certify as to
Indianapolis
d thereon, and their legality J. F. Wild & Co..
16,612 00
lis
Indianapo
officials signing the bonds and the seal impresseY.
&
Harrison,
City, whose opinion will Breed, Elliott
of N.
16,610 00
Bank, Indianapolis
approved by Caldwell Ma.sslich & Reed charge.
Total bonded debt (not Fletcher-American National
be furnished successful bidder without
ND OFFERING.
Assess. val. real
SBURG, Wood County, W. Va.-BO
incl. these issues) 34.197,050. Sinking funds $282,394.
PARKER
p. m. Aug. 19 by the City Commission
estate $37,601,530; special franchise $1,976,962; personal property $51,300; Proposals will be received until 3:30
ment
-improve
street
10-year
5%
$200,000
for
ers, W. A. Smith, Chairman,
total valuation $39,635.792.
Date July 1 1915.
41i% reg. school bonds. Denom. $100, $500 or $1,000, as desired.
BOND SALE.-The bids received for the two issues of
at the office of the Supt. of Dept. of
-V.101,p.312.
Principal and semi-annual int. payable
bonds, aggregating $148,000, offered on Aug. 2, follow.
U. S. Mtge. &
the
at
delivered
be
will
3103.000
345,000
Accounts and Finance. Bonds soon thereafter as they can be prepared.
School.
School.
Trust Co., N. Y..on Aug. 24. eras
& Reed,
Masslich
by
Caldwell,
approved
be
will
37
6
bonds
the
345,170 55 *3103,59
The legality of
ew York
A. B. Leach &
to the purchaser
103,486 16 N. Y. City, whose favorable opinion will be furnished
45,436 95
Co.,do., New York
Harris, Forbes &
prepared under the supervision of the
be
will
bonds
40
The
103,288
50
charge.
45,238
without
H. A. Kehler & Co., New York
Co., N. Y. City, who will certify as to the
United States Mortgage & Trust
* We are advised that this was the only offer accepted.
the seal impressed thereon.
ss of signatures of the city officials and
that a loan of genuinene
which will be furnished by the city and
forms
blank
be
upon
must
NEWARK, N. J.-TEMPORARY LOAN.-Reports state
bids
All
check upon a reputable
,
certified
Goldman
onal
with
30
July
d
on
unconditi
negotiate
was
an
must be accompanied by
$350.000 maturing in six months
of the City of Parkersburg. Total
Sachs & Co. of N. Y. at 2.95% Int.
bank for $4,000, payable to the order
Other indebtedness, $54,3725.000.
issue,
water
this
term
long
excluding
debt,
41i%
bonded
BOND SALE.-On July 30 an issue of $50,000
$30,275,927 55.
064 54. Assessed valuation, 1914,
bonds was awarded to the Sunking Fund, it is reported.
s
County, Kan.-BOND ELECTION.-Report
ls
G.
-Proposa
Labette
OFFERIN
S,
ND
PARSON
Ky.-BO
County,
l
Campbel
T,
NEWPOR
vote on the question of issuMcCrea, Commissioner state that an election will be hold Aug. 23 to
buildwill be received until 12 m. Aug. 16 by Charles D.bonds:
suitable
of
and
erection
land
of
acquiring
the
ing $18,000 bonds for
of Finance, for the following 5% coupon sewerage
10 years.
ings for a farmers' feed yard.
$1,350 District "C" bonds. Due $500 in 4, 8 and
in 10 years.
Clay County, Ind.600 District "I)" bonds. Due 3500 in 9 years and $100
4
PERRY SCHOOL TOWNSHIP (P. 0. Cory),
years,
in
$1,000
1k-yr. average coup. bldg.
6,900 District"E" bonds. Due $500in 1, 2 and 3 years,
in BOND SALE.-On July 20 the $2,400 of%
$1,000
years,
8
in
7
$500
in
years,
$1,000
101, p. 153.
6
Brazil.
-V.
5
years.
and
in
$500
bonds wore awarded to the Citizens Bank
9 Years, $500 in 1.0 years and $400 in 11 years.




AUG. 7 1915.1

THE CHRONICLE

471

PERTH AMBOY, Middlesex County, N. J.-BONDS NOT SOLD.
- $1,000, payable to the Bd. of Dr. Commr's., required. Z. C. Ballentine
No bids were received on Aug. 2 for the $138,000 15-year street-improve- is Pres. Lid. of Dr.
Commrs.
ment and $38,000 25-year park 4%% coup. (with privilege of registration)
bonds offered on that day.-V. 101, p. 313.
RODEO, Contra Costa County, Calif.-BOND OFFERING.-J. D.
PHILADELPHIA, Jefferson County, N. Y.-BOND SALE.-An issue Smith, Sec. of the Sanitary Dist., will, it is stated, receive sealed bids until
of $21,600 improvement bonds were awarded to the Watertown Savings 8 p. m. Aug. 11 for $17,000 semi-annual 5% 1-17-yr. serial sewer bonds.
Bank of Watertown for $22,270 (103.101) for 5s on Juno 9. Denom. $800. -(V. 100, p. 1951). A cert. check for 10% is required.
Date May 1 1915. Int. M. & N. Due $800 yearly May 1 from 1918 to
ROGERSVILLE SCHOOL DISTRICT (P. 0. Rogersville), Webster
1944 incl. A similar issue of bonds was awarded to the same bank on May County, Mo.-BONDS VOTED.
-An election held July 17 resulted, it is
12 at par for 4.70s-V.100,p. 1693.
stated, in favor if the question of issuing $5,750 high school bldg. bonds.
PICKAWAY COUNTY (P. 0. Circleville), Ohio.-BOND OFFERROSPINE
/NO.-Fred It. Nichols, Co. Aud., will receive bids until 12 m. Aug. 16 La.-BONDS SCHOOL DISTRICT (P. 0. Rospine), Bernon Parish,
VOTED.-The election held July 20 resulted, it is stated, in
for the following 5% coup. taxable inter-county highway impt. bonds:
$4,300 Cincinnati-Zanesville road bonds. Denom. 8 for $500, 1 for $300. favor of the question of issuing $35,000 building bonds.
Duo $500 yrly. on Mar. 1 from 1916 to 1923, incl. and $300 Mar 1
ST. CLAIR COUNTY SCHOOL DISTRICT NO. 189, Ills.-BOND
1924.
SALE.-On Aug. 2 the
5% 123.4-yr. average bldg. bonds were
6,000 Circleville-London road bonds. Denom. $500. Duo $500 yrly. on awarded to John Nuveen$300,000
& Co. of Chicago for $306,310, (102.103) and
Mar. 1 from 1916 to 1923,incl. and $1,000 Mar. 1 1924 and 1925.•
Interest, a basis of about 4.77%-V. 101, p.
Auth. Sec. 1223, Gen. Code. Date June 1 1915. Prin. and semi-ann. int.
Other bids were:
(M• & S.) payable at office of Co. Treas. Cert. check (or cash) for 3% of N. W. Halsey & Co., Chicagogl151,656
for $150,000.
bonds bid for, payable to Co. Treas., required. Bonds to be delivered and
303,333 for
paid for within 10 days from time of award. Purchaser to pay accrued
Union Trust & Savings Bank, East St. Louis,$300,000.
$300,300 for $300,000.
Interest.
ST. CLAIR TOWNSHIP, Columbiana County, Ohio.-BOND
PINELLAS COUNTY (P. 0. Clearwater), Fla.-BOND ELECTION.
OFFERING.
-Bids
will be received until 12
-An election will be held Aug. 17, it is stated, to vote on the proposition
Sept. 1 by J. N. Mahaffie,
Clerk of Board of Trustees, care of First Nat.m.
to issue $715,000 road and funding bonds.
Bank, East Liverpool,for the
following 5% 554-year
public road improvement bonds:
PITTSFIELD, Berkshire County, Mass.-BOND SALE.-On Aug.3 $11,010 Lisbon-Smith'saverage
Ferry road bonds.
21 for $500,1 for 510.
the two issues of 4% bonds, aggregating $117,000, were awarded to Merrill,
Due $1,000 yearly on Sept. 1 fromDenom.
1916 to 1923 incl., $1,500
Oldham & Co. of Boston at 101.349-V. 101, p. 392. Other bidders, all
Sept. 1 1924 and $1,510 Sept. 1 1925.
of Boston, wore:
12,810 East Liverpool-Warren road bonds. Denom. 24 for
$500, 1 for
R. L. Day & Co
101.098 E C. Potter & Co
$810. Due $1,000 yearly on Sept. 1 from 1916 to 1920 incl.,
*100.751
$1,500
E. M. Farnsworth & Co_ _ _ _100.910 Curtis & Sanger
on Sept. 11921, 1922, 1923 and 1924 and $1,810 Sept.
100.719
Jackson & Curtis
16,520 Youngstown and Ohio-Calcutta road bonds. Denom. 1 1925.
100.906 Estabrook & Co
100.53
for $500,
P. M. Chandler & Co
100.88 Blake Bros. & Co
1 for $520. Due $1,500 yearly on Sept. 1 from 1916 to32
100.53
N. W. Harris & Co
100.88 Conant & Co
$2,000 Sept. 1 1923 and 1924 and $2,020 Sept. 1 1925. 1922 incl.,
100.51
Blodget & Co
Auth. Secs. 7033 to 7052 incl., Gen. Code.
100.827 Cropely, McGaragle & Co....100.145
Date Sept. 1 1915. Prin.
* This bid was for only the $17,000 issue. Denom.$1,000. Date and semi-ann. int.-M. & S.
-payable
above-mentioned bank. CertiAug. 1 1915. Interest F. & A.
fied chock on a bank other than the one at
making
the bid, for $500 required
POLSON, Flathead County, Mont.-BOND OFFERING.
-J. W. with each issue and must be made payable to the Township Treasurer.
,
will be ready for delivery on
1. Purchaser to pay accrued intClark, City Clerk, will offer for sale at public auction at 10 a. m. Sept. 9 Bonds
erest. Bids must be unconditionaSept.
l and upon forms furnished by the
an issue of $26,000 6% water bonds. Denom. $1,000. Date July 11915, Township Clerk.
Principal and semi-annual in (J. & J.) at the City Treasurer's office or
SALINA SCHOOL DISTRICT (P. 0. Salina), Saline
County, Kan.
at the option of the holder at the National Bank of Commerce, New York. -BOND SALE.-On July 15 $100,000
% site-purchase and building
Due July 11935, but redeemable an July 1 as follows: $5,000, 1919; 1923; bonds were awarded to the Fidelity Trust Co. of Kansas City,
Mo., at
101.187
and
int.
Purchaser
to
pay
cost
of
printing
1927 and 1931 and $6,000, 1935. At said public auction the purchaser issued at once,
$25,000 to be
$25.000 Oct. 1 1915, $25.000 Jan.bonds.
1 1916 and $25,000
will be required to deposit with the City Clerk a certified check payable April 1 1916. Interest semi-annual.
Due $10,000 yearly July 1 from
to his order in the sum of $200.
1926 to 1935, inclusive.
The official notice of this bond offering will he found among the advertiseSALINEVILLE, Columbiana County, Ohio.-BOND
SALE.-On
Aug. 2 the three issues of 5% coup. bonds aggregating $18,700 were
ments elsewhere in this Department.
awarded to Otis & Co. of Cleveland for $18,770 (100.037) and
POND CREEK, Grant County, Okla.-BOND SALE.-The $7,000 314.
int.-V. 101, p.
was
bid
also
A
received
from
Hoehler,
Cummings & Prudden of
6% 20-year water and light system impt. Ponds offered in January have been Toledo.
disposed of.-V. 100, p. 157.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.-BOND SALE.-On
PORTSMOUTH, Scioto County, Ohio.-BOND SALE.-On Aug. 3 Aug.
3 the $12.000 5% 3-year average highway-improvement bonds were
the $61,500 5% 554-year average coup. street-impt. assess. bonds
were
awarded
to the Fifth-Third National Bank of Cincinnati for $12,043 25
awarded to Seasongood & Mayor of Cincinnati for $62,282 (101.271) and
(100.360) and int.-a basis of about 4.87%.
int., a basis of about 4.72%-V. 101, p. 153. Other bids were:
-V. 101, p. 233. Other bids
were:
Davies-Bertram Co. and
A.E.Aub & Co.,Cincin_ _$62,085 00 Brighton-German Bk.,C1n$12,041 40
Seasongood & Mayer,Cin.$12,017 00
J. C. Mayer & Co.,jointly,
Brighton-German Bank,
Davies-Bert
ram
Co., Cin_ 12,033 00 Prov. S. B.& Tr. Co.,Cin. 12,013 20
Cincinnati •
$62,213 00
Cincinnati
62,065 00 Tillotson&WolcottCo.,Clev 12,020 40 Otis & Co., Cleveland_
Harris, Forbes & Co.,N.Y.62,171 58 First National Bank
_ _ _ 12,010 00
61,942 14 Hanchett Bond Co.,Chic_ 12,017 00 Spitzer,
Rorick & Co.,Tol. 12,002 75
Fifth-Third Nat.Bk.,Cinc. 62,152 00 Sidney Spitzer & Co.,Tol _ 61,936
65
SAN
Well, Roth & Co., Cinc__ 62,133 45 Ports. Bank Co., Ports
PATRICIO
COUNTY
(P.
0.
Sinton),
Tex.
-BOND OFFER61,851 00 MG.-Proposals
Prov. S. B.& T.Co., Cin_ 62,102 70 Spitzer, Itorick & Co.,Tol. 61,833
will be received until 10 a. m. Aug. 9 by M. A. Childers.
50
Judge, it is stated, for $75,000 Dist. No.3 road bonds
PRAIRIE COUNTY SCHOOL DISTRICT NO. 64 (P. 0. Terry),• Co.
voted July 9.V.
101.
p.
314.
Mont.-BOND OFFERING.-S.A. Barber, Clerk of Board of School TrusSANTA BARBARA COUNTY (P. 0. Santa Barbara), Calif.-BOND
tees, will receive bids until 2 p. m. Aug. 24 for $1,500 6% 5-15-year (opt.)
coupon school bonds. Denom. $100. Date Aug. 24, 1915. Int. annual. ELECTION.-An election will be held Aug. 30, it is stated, to vote on the
propositions to issue $350,000 bridge-construction, $893,000 good-roadCertified check for 5% of bonds, payable to the Clerk, required
RADNOR SPECIAL SCHOOL DISTRICT (P. 0. Radnor), Dela- system. $95,000 Cuyama-road-building, $100,000 county-hospital and
$15,000 detention-home bonds.
ware County, Ohio.-BOND OFFERING.-Bids will ho
received until
SCARSDALE, Westchester County, N. Y.-BOND OFFERING.
1 p. in. Aug. 14 by R. W. Jones, Clerk, Bd. of Ed.,for
5% school Franklin
Henshaw, Village Treasurer, at the office
bonds, auth. Secs. 7629 and 7630, Gen. Code. Denom.$5,500
W. C. White,
$500. Date day 26
Beaver St. N. Y. City, will receive bids until 2 of m.
of sale. Prin. and semi-ann. int. (M. & S.) payable at Deposit
Aug. 11 for
Co., Delaware. Due $500 each six months from Sept. 1 1920 toBanking $75.000 1-30-year registered serial sewer bonds at not.p
exceeding 5% in1 terest, payable semi-annually.
1925, incl. Cert. chock on a solvent bank for $250, payable toSept.
Denom. $500 or any multiple thereof.
above Date Aug. 11915.
Clerk, required. Purchaser to .pay accrued int.'
Prin. and semi-ann. int. (F. & A.) payable at Citizens
Bank
at
White
Plains
or
in N. Y. exchange to registered holder. Due
RALEIGH TOWNSHIP (P. 0. Raleigh), Wake County,
Caro.- $2,500 yrly. from 1916 to 1945, incl. Cert. check
BOND ELECTION.-An election will be hold Sept. 14 to voteNo.
for 2% of bonds bid for,
on the ques- payable to Vii. Treas.. required. Bonds
to be
tion of issuing $100,000 5% coupon school building and equipment
and paid for on or
bonds
before 2 p. m. Aug. 16. The opinion of Dillon delivered
Thompson & Clay of N. Y.
RAYMOND SCHOOL DISTRICT (P. 0. Raymond), Clark County, as to the validity of this issue will be
So. Dak.-BOND SALE.-The $18,000 5%% building bonds voted in incl. this issue $461,650, assess. val. furnished purchaser. Bonded debt.
1914,
real property $6,589,017.
February have been awarded to tho Minnesota
& Trust Co. of MinneSCOTLAND, Telfair County, Ga.-BOND ELECTION.-The
apolis for $18.300, equal to 101.66.-V. 100,Loan
election
p. 755. Denom. $1,000. to vote on the issuance of
bonds will be held Aug. 9.
Date July 1 1915. Int. J. & J. Duo $4,000 in 5 and 10 yrs
$5,000
and
in
SCOTT COUNTY (P. 0. Huntsville), Tenn.-BOND
15 and 20 yrs.
ELECTION.
election
An
will
be held Aug. 12, it is stated, to determine whether
READING, Hamilton County, Ohio.-BOND
or not
-An elec- this county shall issue $300,000 road-construction
tion will be held Aug. 10, it is stated, to submit toELECTION.
bonds.
a
vote
the
question
of
whether or not this village shall issue $1,200 park and playground
SEBRING, Ilahoning County, Ohio.-BOND ELECTION.
bonds. state
-Reports
that the election to vote on the
READING, Berko County, Pa.-BOND SALE.-We are
of issuing the $100,000 wateradvised that works bonds will be held Aug. 10, itquestion
this city has sold over the counter at par to local
is reported.-V. 100, p. 2187.
investors an issue of$61,000
bonds.
SILVER BOW COUNTY (P.O. Butte), Mont.-BONDS DEFEATED.
RED HOOK UNION SCHOOL DISTRICT NO. 3 (P. 0. Madalin), -The proposition to issue the $100,000 10-20-yr. (opt.) coupon court house
and jail-building impt. and equip. bonds at not exceeding 5% int. failed
Dutchess County, N. Y.-BOND OFFERING.-Proposals
until 8 p. in. Aug. 11 by C. B. Peeler, Clerk Board of will be received to carry at the election held July 27.-V. 1.00, p. 2187. The vote (with
for three precincts to hear from) was 2535 "for' and 4300 "against."
$13,500 51 school bonds. Denom. 13 for $1,000, 1 for $500.Education,
Duo $1,000 yearly on Nov. 1 from 1915 to 1927 inclusive and Int. M.&N.
SIOUX COUNTY (P. 0. Fort Yates), No. Dak.-BOND OFFERING
$500 Nov.1 -Additional
1928.
details are at hand relative to the offering on Aug. 10 of the
RICHMOND, Wayne County, Ind.-BOND OFFERING.-Further $10,000 5% 20-yr. registered funding bonds.-V. 101, p. 314. Proposals
for
these bonds will be received until 2 p.m. on that day by A. Colville,
details are at hand relative to the offering on Aug. 9 of the
4% Co. Aud. Denom. $100 or $500. Int. J. & J. at the Co. Treas.
454-yr. average coup. tax-free street impt. and fire apparatus$60,000
office.
bonds.-V. Cert. check for $500 payable to Louis
101, p. 392. Bids for these bonds will be received
Endres, Co. Treas., required. Auth
12 m. on that day Sec. 3449. Compiled Laws of
by Ed. G. McMahan, City Controller. Denom.until
1913.
$500.
Aug. 10, $10,000. Assess. val. 1915, $800,000. No bonded debt. Floating debt,
1915. Int. P. & A. at Dickinson Tr. Co., Richmond. DueDate
$10,000 yrly.
on Aug. 10 from 1917 to 1922, incl. Cert. check for 254%,
SPARTA, Kent County, Mich.-BOND SALE.-We are advised
to
that
A. N. Chamness, City Treas., required. Bonded debt not incl.payable
this issue this village has sold an issue of 812,000 electric-light bonds.
$159,500, no floating debt; assess. val. 1914 $17,000,000.
SPEARVILLE, Ford County,Kan.-BONDS VOTED.-By a vote
of
RICHMOND SCHOOL DISTRICT (P. 0. Richmond), Ray County, 144 to 11 the question of issuing $25,000 water works plant
bonds carried,
Mo.-DESCRIPTION OF BONDS.-The $70,000 5% building
bonds it is stated,.at an election held July 29.
awarded during April to the Mississippi Valley
Trust
SPENCER TOWNSHIP (P .0. Spencer), Medina County, Ohio.
Thomson Securities Co. of St. Louis at 103.785 are in Co. and Lewis W. BOND
the denom. of $500
OFFERING.-Bids will be received until 12 m. Aug. 24 by N.and dated May 1 1915.-V. 101, P. 392.
J.
M.& N. Due $2,000 yriy. Walters, Township Trustee. for $10,000 of an issue
from 1916 to 1920, incl., $3,000 yrly. from Int.
of
5% 10 1-31921
to
incl., $4,000 yrly. year average coupon road-improvement bonds, Series $50,000
from 1926 to 1930. incl. and $5,000 yrly. from 19311925,
'B.
Auth. Secs.
to 1935, incl.
7033-7052, Gen. Code. Denom.$500. Date Aug. 15 1915.
Int. M.& S.
RICHMOND TOWNSHIP, Huron County, Ohio.
-BOND SALE.
- Due 3,500 each six months from March 15 1921 to Sept. 15 1930, inclusive.
On Aug. 2 the $5,000 6% 53 -year average coupon
taxable road-improve- Certified check for 2% of bonds bid for, payable to Township Treasurer,
ment bonds were awarded to the Security Savings Bank
required.
Bonds
to
be
delivered
and
paid
for within ten days from time
Sr Trust Co. of
Toledo at 101.30 and int.-a basis of about 5.74
%.-V. 101, p. 392. of award. Purchaser to pay accrued interest. Each bidder, as a part of
Other bids were.
his bid, will also be required to prepare and furnish free of charge, the
blanks
Davies-Bertram Co., Cin_ _35,194 00 Otis & Co., Cleveland
on
which
said
bonds
are
to
be
executed.
$5,150 00
Stacy & Braun, Toledo...... 5,170 17 Sidney
& Co., Tol_ 5,138 50
SPRINGFIELD, Greene County, Mo.-BONDS DEFEATED.-The
Tillotson&WolcottCo.,Clev. 5,160 00 Spitzer,Spitzer
Rorick
&
question
Co.,
of
TeL
issuing
5,120 50
$50,000 sewer bonds failed to carry at the election
Hoehler,Cummings& Prudheld Aug. 2.-V. 101, p. 314.
den, Toledo
5,151 50
SPRINGFIELD, Clark County, Ohio.-BOND SALE.-On
RIPLEY COUNTY (P. 0. Versailles), Ind.-BOND SALE.
July 23
2 the $4,400 454% 5%-yr. average highway impt. bonds were -On Aug. the Sinking Fund Trustees purchased two issues of bonds aggregating
awarded to $10,096 40, it is stated.
the First Nat. Bank of Batesville for $4.421, equal to
100.477, a basis of • SPRINGFIELD, Robertson
about 4.417o-V. 101, p. 313. Other bids were:
County, Tenn.-BOND SALE.-The
Nashville Trust Co. of Nashville has been awarded,
Batesville Bank, Batesv_ _$4,417 60'Miller & Co., Indianapolis_
reports state, an issue
_34.405
Sunman Bank, Sunman
4,415 501J. F. Wild & Co. Indpls____ 4,401 of 415,000 power house equipment bonds.
SPRINGFIELD SCHOOL DISTRICT No. 186 (P. 0. Springfield)
ROCKY RIVER DRAINAGE DISTRICT NO. 1, Anderson
So. Caro.-BOND OFFERING.-Further details are at hand County, Sangamon County, Ills.-BOND OFFERING.-Bids will 130 received,
relative to until 2 p.
the offering on Aug. 21 of the $19,500 6% 25-yr.
Aug. 10 (not Aug. 3 as first reported) by Eleanor Matheny,
coupon drainage Secy. Bd.m.
of Ed., for the $400,000 454% 10%-yr. average bldg.
bonds.-V. 101, p. 392. Proposals for these bonds gold
will be opened at 10 voted
bonds
June 7.-V. 101, p. 393. Denom. $1.000. Date Sept. 11915.
a. m. by the Bd. of Dr. Comm'rs. at the office of Bonham,
Int.
Watkins & M. & S. Due $20,000 yrly. on Sept. 1
Allen, Attys., Bleckley Bldg., Anderson. Denom. $500.
from 1916 to 1935. incl. Cert.
D
ate
Aug.
1
check for $10.000 payable
1915. Int. A. & 0. at the Co. Treas. office. Due 1940. Cort.
A. F. Deicken, Treas., required. Bids must
check for be unconditional. Bonds to
must be printed by the purchaser as per form




un.

THE CHRONICLE

472

Aug. 1 1915'
other bidders. Denom. $600. Date
for proper execution. The ap- 314. There were no
yrly. Aug.!from 1916 to 1945, incl.
adopted by the Bd. of Ed. and delivered
will be furnished purchaser. Int. A. & 0. Duo $600
SALE•
-BOND
Ind.
e),
proving opinion of Wood & Oakley of Chicago
Evansvill
0.
(P.
COUNTY
$18,346,496.
VANDERBURGH
ng $23,000 were
Total bonded debt $130,000. Assess. val. equal. 1914
the two issues of 4M % road bonds aggregati
-BOND OFFERING.- -On Julyas30
233:
p.
101,
STRUTHERS, Mahoning County, Ohio.
-V.
follows.
Richards, Vii. Clerk, for awarded
of Evansville for $9,421 (100.223)
Bids will be received until 12 m. Sept. 1 by Jonah
$9.400 to Teachers Retirement Fund
the following 6% st. impt. (village's portion) bonds: 35 yrly. on July 1
and int.
e for $14,532 (100.220) and int.
Evansvill
of
Bank
Nat.
$2,491 75 sewer bonds. Denom. $498 35. Due $498
14,500 to City
from 1916 to 1920, incl.
67 yrly. on July 1 There were three other bidders.
OFFERING.-Proposals
1,703 35 paving bonds. Denom. $340 67. Due $340
-BOND
Tex.
County,
VICTORIA, Victoria
r:City Secy..
from 1916 to 1920, incl.
on July 1 from will be received until 5 p. m. Aug. 30 by C. A. Wertheime
10-40-yr. (opt.) bridge
416 35 paving bonds. Denom.$83.27 Due $83 27 yrly.
$30,000
fire
station,
(opt.)
10-40-yr.
for the $30,000
5% bonds.
ght
plant
1916 to 1920, incl.
electric.li
(opt.)
5-40-yr.
for $200 payable to VII. Treas., and street impt. and $40,000
1 1915. Int. A. & 0. at the
Date July 1 1915. Int. J.& J. Cert. check
and paid for within 10 V. 100, p. 2103. Denom. $500. Date July
option of holder.
at
Austin
required with each issue. Bonds to be delivered
at
or
York,
New
Co.,
Trust
int.
&
Farmers Loan
days from time of award. Purchaser to pay accrued
for $1,000. payable to J. H.
on either bank in Victoria, Tex.
-BOND ELECTION.-An Cert. check
Bonded debt (including these bonds) $1,275,SWEDESBORO, Gloucester County, N. J.
of issuing $14,000 Fleming, Mayor, required.Sinking fund $4,086. .Assess. val. 1914, $4,questions
the
on
vote
to
12
Aug.
held
be
will
debt.
election
bonds. Due part 000. No floating
Borough Hall and $6,500 auto-fire-engine 5% semi-ann.
725.830.
Haute), Ind.-BOND OFFERING.
yearly.
VIGO COUNTY (P. 0. Terre
until 10 a. m. Aug. 14 for an
County, Cal.
Joaquin
San
J. Dailey, Co. Treas., will receive bidsArbuckle
Thos.
TERMINUS SCHOOL DISTRICT,
bonds
highway
al
et
awarded
was
John
July 6 an issue of $1,500 6% school bonds There were issue of $2,800 4 % 53-yr. average Date
BOND SALE.-OnAccident
July 31 1915. Int. M. & N.
Commission of California at 102.
in Prairieton Twp. Denom. $140.
to the Industrial
ntly reported in V. 101, p. 314, Due $140 each six months from May 15 1916 to Nov. 15 1925, incl.
no other bidders. This item was inadverte
Ohio.
District,
-BOND
School
OFFERING.-Reports
Calif.
Terminus
of
head
County,
the
under
VISALIA, Tulare
m.
ls will be received until state that I. Markham, City Clerk, will receive sealed bids until 8 p.
TROY, N. Y.-BOND OFFERING.-Proposa
sewer and $50,000 1-25-yr. serial
serial
tax5%
1-26-yr.
$100,000
for
er,
$65,000
the
18
for
Comptroll
Aug.
City
check
A
certified
p.
155).
101,
10 a. m.Aug. 12 by W.H.Dennin,
30(V.
June
$25,000.
auditorium 6% bonds voted
or revenue bonds. Denom.
exempt certificates of indebtedness
1915. Certified check for not less than for 5% is required.
Date Aug. 12 1915. Due Oct. 18Troy,"
Caro.-BONDS VOTED.-The
required. Bonds to be delivered
of
WAKE FOREST, Wake County, No.plant
1% of bonds, payable to "Cityfrom
acbonds carried, it is stated,
time of award. Purchaser to pay
question of issuing municipal electric light
and paid for within five days
defaulted
never
has
city
27.
July
the
that
held
states
election
circular
by a vote of 75 to 2 at an
crued interest. Official
Huron County, Ohio.
on any of its obligations.
WAKEMAN TOWNSHIP (P. 0. Wakeman),
m. Aug. 16 by W. G.
T (P. 0. Two Harbors), Lake -BOND OFFERING.-Bids will be received until 12town-hall
-impt. bonds.
TWO HARBORS SCHOOL DISTRIC
average
-year
6
9,
%
be
held
will
Aug.
election
$4,000
for
-An
N.
Clerk,
Twp.
ELECTIO
Ferver,
$500. Date Aug. 1
County, Minn.-BOND
Denom.
Code.
a
Gen.
of
State
the
Minnesot
3940,
to
and
of issuing
Auth. Secs. 3295, 3939
Bank Co.,
Wakeman
at
It is stated, to vote on the question
payable
1915. Prin. and semi-ann. int. (A. & 0.)
incl. Cert.
$30,000 4% high school bldg. bonds.
on Oct. 1 from 1917 ot 1924
-The Franklin Ex- Wakeman. Due $500 yearly one
bid for,
bonds
of
5%
for
bid
the
making
UEHLING, Dodge County. Neb.-BOND SALE.
the
tho $4,000 6% 2-20-yr. check on a bank other than
change Bank of Franklin, Neb., has purchased
required.
int.-V. 100, p. 661. Denom. $500. payable to Twp. Clerk,
will
vote
-A
N.
ELECTIO
(opt.) electric light bonds at par and
-BOND
WALL LAKE, Sac County, Iowa. question of issuing $7,500 electric
Date Aug. 1 1914. Int. ann. on Aug. 1.
Aug. 18, it is stated, on the
SALE.-On Aug. 2 be taken onext.
UNION COUNTY (P. 0. Liberty), Ind.-BOND
bonds.
impt. bonds were awarded to light-wire
DEFEATED.-At the
the $20,742 4 % 53%-yr. average highway
Corner for $20,814 50 (100.349) and
WARREN, Worcester County, Mass.-BONDS
the Farmers State Bank of College
the $100,000 Water-systemelection held Aug. 4 the question of issuing
int.-V. 101, p 314. Other bids were:
p. 393.
101,
-V.
defeated.
Bank
was
Nat.
bonds
Amer.
er
on
801Fletch
constructi
0,793
Liberty$2
Union Co Nat Bk,
OFFERING.-Further
$20,757
Indianapolis
WARREN, Marshall County, Minn.-BOND
Merch. Nat. Ilk, Muncie_ 20,772 351
9 of the $10,000 10-yr.
20,754 details
are at hand relative to the offering on Aug.
Citizens Bank, Liberty__ 20,759 50!Miller & Co., Indpls
p. 393. Proposals
101,
.
-V
bonds.
plant
light and water
REJECTED-NEW OFFER- coupon electric
8 p. m. on that day by G. 0. Cross,
UTICA, Oneida County, N. Y.-BIDS received
for the two issues of for these bonds will be received until
Int. (rate not to
that of the five bids
1915.
1
Aug.
Date
ING.-We are advised
$1,000.
Denom.
or National
aggregating $27,000 offered on Aug. City Recorder.
434% reg. tax-free public impt. bonds
ann. on Aug. 1. Cert. check on a StateBonded debt
payable
6%)
Law
exceed
the
Dept.
by
irregular
declared
were
highest
two
Recorder, required.
4, three, including the
for these bonds will be bank for $200, payable to the City
Assess.
fund.
sinking
No
debt.
floating
and therefore all proposals were rejected. New bids
No
excluding this issue $37,000.
received until Aug. 18.
-On July 27 val. 1914, 3504.196.
G.OFFERIN
D
Va.-BON
VACAVILLE, Bolan° County, Calif.-BOND SALE.
Royal),
Front
WARREN COUNTY (P. 0.
awarded to the
sell at public auction at
the $18,000 5% 154-yr. (aver.) street impt. bonds were
101, p. J. M. Lake, Chairman Bd. of Co. Commrs. will
First Nat'l Bank of Vavaville for $18,010, equal to 100.055.-V.

NEW LOANS.

NEW LOANS.

NEW LOANS.

$175,000

$150,000

$543,000

re,
,
Corinne Drainage District, CITY OF ENGLEWOOD, N.J. City of Wilmington Delawa
SCHOOL BONDS

Boxelder County, Utah,

Sinking Fund 43% Loan

clock,
Sealed bids will be received until 12 oor
Sealed Proposals will be received by the Comany
12, A. D. 1915, for all
mon Council of the City of Englewood, at the noon. AUGUST$50,000
,
Delaware
n,
Wilmingto
City Hall, in the City of Englewood, N. J., until part thereof of
One-half per cent Loan.
and
Corinne Drainage District, Boxelder County,
Four
Fund
Sinking
1915,
7TH,
3ER,
SEPTEMI
D.
A.
1915,
1,
August
from
date
Utah, offer bonds in the sum of $175,000, bearing
will
bonds
Said
ma- at 8 o'clock p. m., for the purchase of $150.000
six per cent semi-annual interest. $75,000 each
in denominations of Fifty Dollars
School Bonds of said City. Said bonds will be and be issuedthereof,
and bear interest at the
ture in ten years, balance in blocks of $10,000
of the denomination of $1,000 each, dated Sep- or multiples
one-half per centum per annum,
and
year thereafter.
four
of
rate
1, 1915, payable September 1, 1945,
ally on October 1 and April 1,
Bids received up to noon AUGUST 23, 1915, at tember
rate of four and one-half payable semi-annu
the
at
bearing
interest
as follows:
office of
per centum per annum, payable semi-annually and to mature on
C. G. ADNEY, Clerk.
April 1, 1939.
$32,550
on the first days of March and September in each
Corinne, Boxelder County, Utah.
.$17,450 on October 1, 1939.
year, both principal and interest being payable
issued to provide funds for
are
bonds
These
America
of
of
the
States
United
in lawful money
Board of Directors of the Street
at the United States Mortgage & Trust Com- the use of the
for the extension of the
pany, in the City of New York. Said bonds will and Sewer Department,
ng sewer to the
be coupon bonds with the privilege of registration North Brandywine intercepti
du Pont de Nemours
I.
E.
the
of
as to principal only, or of conversion into bonds Hagley Yard
issued under authority
Powder Company, and are Assembly
registered as to both principal and interest.
of the State
All proposals must provide for the payment of of an Act of the GeneralMarch 4, A. D. 1907,
accrued interest by the purchaser from the date of Delaware, approved
of an Ordinance of the Counof said bonds to the date of delivery thereof, and and under authority
July 15, 1915, and
must be accompanied by a certified check upon cil of Wilmington passed
July 19th, 1915, and at
an incorporated bank or trust company for 2% approved by the Mayor,
may be coupon or
of the par value of the bonds bid for, payable to the option of the purchaser
the order of the Treasurer of the City of Engle- registered bonds.must be accompanied by a cerAll proposals
SCHOOL BONDS
wood, the amount of said check to be credited
to the order of "The Mayor
upon the bid, if accepted, and to be returned tified check payable
on" for two per centum
and Council of Wilmingtbid
if the bid be not accepted.
forthwith
Town
for, the same to be
the
by
received
be
bonds
will
of
Sealed proposals
Proposals should be addressed to Robert of the amount
falls to accept and pay for
bidder
the
Council of the Town of Kearny, Hudson County, Jamieson,
if
forfeited
d,
of
Englewoo
City
the
City Clerk of
New Jersey, at the Town Hall, WEDNESDAY,
awarded.
bidders will be required
m., for the and enclosed in a sealed envelope marked "Pro- bonds
AUGUST 11TH, 1915, at 8:30 p.
The successful bidder orawarded,
Englewood School Bonds."
with accrued
% 25-yr. School Bonds. posal for City of
the bonds
purchase of $73,500
The legality of the issue has been examined by to settle for August
D. 1915, at or before
A.
1,
from
1915.
Said bonds will be dated August 1st,
Messrs. Hawkins, Delafield & Longfellow, whose nterest
noon, September 1, A. D. 1915.
o'clock
pur12
the
to
be
furnished
will
certified
a
by
opinion
ed
favorable
Each bid must be accompani
No bid of less than par will be accepted.
chaser. The bonds will be prepared under the
any or all bids.
check for 5% of the amount of the bid.
The right is reserved to reject
supervision of the United States Mortgage &
and delivered to the
The Town reserves the right to reject any or all Trust Company, who will certify as to genuineBonds will be paid for the
City Treasurer in
bids as it may deem for the best interests of the ness of the signature of the city officials and the purchaser at the office of
Wilmington, Delaware, at the time hereinbefore
Town.
seal impressed thereon.
mentioned.
The right is reserved to reject any or all bids.
For financial statement of the Town or any
in sealed enAll proposals must be enclosedHIGHFIE
Dated, July 24th, 1915.
LD,
other information, address
velopes addressed to WILLIAM J."PROPOS
By order of the Common Council.
ALS
BURTON E. CANFIELD,
, and marked
Treasurer
City
Clerk.
N,
City
JAMIESO
ROBERT
Town Treasurer
FOR SINKING FUND LOAN."
6%

BONDS

$73,500

TOWN OF KEARNY,
Hudson County, N. J.,
43/2%

IIIinoisThist&SavingsBaiik

Finance
I
1. Committee
J of the Council.
I Commissioners
ROBERT D. KEMP,
of the
JOHN J. McGOVERN,
Sinking Fund.
JOHN J. MONAGHAN,

OSCAR C. DRAPER,
JAMES KANE,
CHARLES M. SMITH,

CHICAGO

Capital, Surplus and Undivided Profits

-

$15,700,000

Has on hand at all times a variety of oxPays interest on Time
oellent Seourities. Buys and sells
Deposits, Current and Reserve
Government, Municipal and
A00011/3t11. Deals in Foreign ExCorporation Bond
ahange Transacts a General Trust Business.



MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and;Geologists

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.

PHILADELPHIA

Auu. 71915.]

THE CHRONICLE

12 m. Aug. 10 $20,000 5% 20-30-yr. (opt.) coupon South River District
road constr. bonds. Denom. $500. Date May 1 1914. Int. M.& N. at
the Co. Treas. office. No deposit required. Bonded debt $65,000. Assess.
val. 1914 $2,500,000. State and county tax rate (per $1,000) $1.65.
WATERVLIET, Albany County, N. Y.—BOND SALE.—On Aug. 4
the $55,000 434% 103 -year average city-hall-construction bonds were
awarded to H. A. Kahler & Co. of New York at 100.413 and int.—a basis
of about 4.45%.—V. 101, p. 393. Other bidders were:
Doug. Fonwick & Co., N. Y_100.31 I. W. Sherrill Co., Pouglak__100.12
Harrls, Forbes & Co., N.Y_ _100.203 Farson, Son & Co., N. Y----100.023
Manufact. Nat. Bank. Troy..100.19
WAUSA,Knox County, Neb.—BOND ELECTION.—The question of
issuing sower bonds will be submitted to a vote, it is stated, on Sept. 3.
WAVERLY,Tioga County, N. Y.—BONDS TO BE OFFERED SHORTLY.—Bids will be asked in the near future for $7,000 water-works-plantimprovement bonds voted July 24.
WAVERLY SCHOOL DISTRICT (P. 0. Waverly), Morgan County,
Ills.—BONDS VOTED.—At the election held July 30 the proposition to
issue $40,000 bldg. bonds carried, it is stated, by a vote of 760 to 729.
WAYNE COUNTY (P. 0. Monticello), Ky.—BOND ELECTION
RESCINDED.—The election which was to have been held July 24 to vote
on the question of issuing $200,000 pike impt. bonds was called off.
WAYNE TOWNSHIP, Columbiana County, Ohio.—BOND OFFERING.—Proposals will be received until 12 m. Sept. 1 by the Board of
Trustees, M.0. Laughlin, Clerk, care of Firestone Bank, Lisbon, for $14,500 5% 5 -year average Lisbon-Salineville road-improvement bonds.
Auth. Secs. 7033 to 7052 incl., Gen. Code. Denom. $500. Date Sept. 1
1915. Prin. and semi-ann. interest—M. & S.—payable at above bank.
Due $1,000 Sept. 1 1916 and $1,500 yearly on Sept. 1 from 1917 to 1925
incl. Certified check on a bank other than the one making the bid, for
$500, payable to Township Treasurer, required. Bonds to be delivered
and paid for on Sept. 1. Purchaser to pay accrued int. Bids must be unconditional and upon forms furnished 1a y the Township Trustee.
WELLSVILLE, Allegany County, N. Y..—BOND OFFERING.—
Bids will be received until 7:30 p. m. Aug. 9 by Frank M. Wall, Vii. Clerk,
for the following 434% tax-free reg. bonds:
$75,000 bonds to acquire the existing water system of the Wellsville Water
Co. Denom. $1,000. Due $3,000 yrly. on July 1 from 1919 to
1943, incl.
104,000 bonds to improve above plant. Denom.$1,000. Due $4,000 yrly.
on July 1 from 1919 to 1944, Incl.
37,500 bonds to acquire the existing system of the Wellsville Electric
Light, Heat & Power Co. Denom. 25 for $1,000, 25 for $500.
Duo $1,500 yrly. on July 1 from 1919 to 1943, incl.
25,000 bonds to improve above plant. Denom. $1,000. Due $1,000
yrly. on July 1 from 1919 to 1943, incl.
Date July 1 1915. Prin. and semi-ann. int. (J. & J.) payable at U. S.
Mtge. & Tr. Co., N. Y. Cert. check on an incorporated bank or trust
company for 2% of bonds bid for, payable to Geo.LB. Rooth ,Jr., Vii. Treas.,
required. The U. S. Mtge. & Trust Co., of N. Y. will certify as to the
genuineness of the signatures of the village officials signing the bonds and
the teal impressed thereon; and the legality of these bonds will be approved
by Hawkins, Delafield & Longfellow of N. Y. and F. B. O'Connor, VII.
Atty., and a duplicate of their opinions will be furnished purchaser. Purchaser to pay accrued interest. Bids must be made on forms furnished by
Village. Total bonded debt, incl. these issues, $329,949; no floating debt.
Assess. val. 1915, $1,742,016.

473

WESTMOBOKEN, Hudson.County, N. J.—BONDS AUTHORIZED.
—An ordinance was passed by the Town Council July 28 providing for the
Issuance of 5% 15-yr. coup. (with priv. of reg.) judgment bond in the
amount of $3,000. Date July 1 1915. Prin. and semi-ann. hit. (J. & J.)
payable at office of Town Treas. Due July 11930.
WESTVILLE SCHOOL DISTRICT, New Haven County, Conn.—
BOND OFFERING..—Blds will be received until 12 m. Aug. 17 by Geo. W.
Crane, Treas., (P. 0. 106 Orange St., New Haven) for the $15,000 434%
30-yr. coup.fire engine house bonds mentioned in V..100. p. 2106. Denom.
$1,000 or multiple thereof. Date July 1 1915. Prin. and semi-ann. int.
(J. & J.) payable at Nat. Tradesman Bank, New Haven. Cert. chock for
$200 payable to above Treas. required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
Bonded debt $80,000, floating debt $26,000, grand list 1914 $4,820,507.
WHITMAN COUNTY SCHOOL DISTRICT NO.128, Wash.—BOND
SALE.—On July 26 the $3,000 2-5-yr. (opt.) building and equipment bonds
were awarded to the State of Washington at par for 534s.V. 101, p. 155.
There were no other bids.
WICHITA, Sedgwick County, Kans.—BOND SALE.—An issue of
$15,000 434% 10-yr. bridge bonds was awarded at par on April 10 as follows: $14,000 to the Fourth Nat. Bank of Wichita and $1,000 to C. L.
Davis of Wichita. Denom. $1,000. Date April 1 1915. Int. A. & 0.
WILKINSBURG, Allegheny County, Pa.—BONDS VOTED.—By a
vote of 640 to 458 the question of issuing the $125,000 grade-crossing
elimination and st. impt. bonds carried, it is stated, at the election held
Aug. 3.—V. 101, p.155.
WILLIAMSTOWN SPECIAL SCHOOL DISTRICT NO. 2, Ohio.—
BOND ELECTION PROPOSED.—A Cincinnati newspaper states that an
election will shortly be held in this district to vote on the question of issuing
$1.250 school bonds.
WILSON, Niagara County, N. Y.—BOND OFFERING.—Bids will be
received until 4 p. m. Aug. 10 by Arthur M. House', Village Treasurer,
for
$3,500 5% street-improvement bonds. Denom. $500. Duo $500 yearly
on Aug. 1 from 1916 to 1922. inclusive.
WINDSOR, Weld County, Colo.—BOND SALE.—The $11,000 refunding water bonds voted April 7 have been sold to Sweet, Causey, Foster
& Co. of Denver.—V. 100. p.1380.
WINONA SCHOOL DISTRICT (P. 0. Winona), Winona County,
Minn.—BIDS REJECTED.—All bids received for the $115,000 5% building bonds offered on July 23 were rejected, awaiting the completion of the
plans and specifications to ascertain the probable cost of the structure.—
V. 101, p. 235.
WITTENBERG, Shawano County, Wisc.—BOND SALE.—On July
5,512,0004 % coupon water works bonds were awarded to the IIanchett
Bond Co. of Chicago at 96.325 and blank bonds. N. W. Halsey & Co. of
Chicago bid 95. Denom. $500. Date July 1 1915. Principal and semiannual int. (J. & J.) payable at the First Natl. Bank of Chicago. Due
$500 yrly. July 1 from 1919 to 1926, incl. and $1.000 yrly. July 1 from 1927
to 1034, incl.
WOOD COUNTY (P. 0. Bowling Green), Ohio.—BOND OFFERING.
—Bids will be received until 1 p. m. Aug. 20 by C. E. Stinebaugh, County
Auditor, for $8,000 6% coup. county-detention-home-improvement bonds.
Auth. Soc. 2434, Gen. Code. Denom. $500. Date Sept. 1 1915. Int.
M. & S. at County Treasurer's office. Due $1,000 each six months from
March 1 1917 to Sept. 1 1920 incl. Certified check for $200, on a Bowling
Green bank, required. Purchaser to pay accrued interest.

NEW LOANS

NEW LOAN&

$26,000

$400,000

NEW LOANS.

$105,120.20

CITY OF POLSON,

City of Bridgeport, Conn., CITY OF MINNEAPOLIS,

Flathead County, Montana

4% Stratford Ave. Bridge Bonds

Special Street Improvement Bonds

6% WATER BONDS

Sealed proposals will be received by the undersigned, at the office of the Mayor, Room 30 City
Hall, in said Bridgeport, until SATURDAY,
AUGUST 21ST, 1915, at 11 o'clock A. M., for
the purchase of $400,000.00 434 per cent Stratford .Avenue Bridge Bonds, $1,000.00 each, serial
In form, and maturing as follows: $8,000.00 each
year commencing July 1st, 1916, and ending
July 1st, 1965, inclusive. Interest payable on
January 1st and July 1st each year. Principal
and interest payable at the office of the Treasurer
of said city, in gold coin of the United States, at
the present standard of weight and fineness. The
bonds are subject to full registration, or to registration of principal only, at holder's option, on
presentation to City Treasurer.
The bonds will be prepared and certified by The
First National Bank of Boston, Massachusetts.
Legal opinion by Messrs. Ropes, Bray Boyden
& Perkins, of Boston, Mass. that the issue is a
valid obligation of the City Of Bridgeport.
Each proposal must be accompanied by a certified check on an incorporated bank or trust cornpany, payable to the order of the Treasurer of the
City of Bridgeport, for one per cent of the par
value of the bonds bid for. The right is reserved
to reject any or all proposals.
The total gross debt, bonded and
temporary, of the City of Bridgeport, this issue of bonds included, is
$3,750,600.00
The net debt, after deducting the
sinking fund applicable, is
$3,145,926.06
The assessed value of property, as
per last perfected grand list, i;_$115,154,912.00
The legal debt limit is five per centum
of the grand list, or, based on
above grand list
$5,757,745.60
The entire present tax rate Is $18 per thousand.
CLIFFORD 13. WILSON,Mayor.
BERNARD KEATING,City Auditor.
MOSES W. MANWARING,Treasurer.

Sealed bids will be received by the Committee
on Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the undersigned, WEDNESDAY, AUGUST
11TH. 1915, at 2:45 o'clock p. m., for the whole
or any part of 3105,120 20 Special Street Improvement Bonds, of which there are three separate issues, all dated August 2nd, 1915, to become due and payable substantially one-twentieth
on August 1, 1916. and one-twentieth each and
every year thereafter to and including August 1, 1935.
No bids will be entertained for the above bonds
for a sum less than the par value of the same and
accrued interest to date of delivery, and rate of
interest must be bid by the purchaser and must not
be in excess of Five (5%) Per Cent per annum,
payable annually or semi-annually.
The right to reject any or all bids is hereby
reserved.
A certified check for Two (2%) Per Cent of the
par value of the bonds bid for, made to C. A.
Bloomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN, City Comptroller,
Minneapolis, Minnesota.

State of Montana,
County of Flathead,
City of Poison.

Pursuant to the authority of Ordinance No. 105
of the City of Poison, of the County of Flathead,
State of Montana, passed and approved August
2nd, A. D., 1915, authorizing and directing the
advertisement and sale of certain bonds of said
City, namely:
Water bonds of the City of Poison, of the
County of Flathead, State of Montana, to an
amount aggregating the principal sum of $26,000.00, comprised of twenty-six bonds numbered
consecutively from one to twenty-six, both numbers inclusive, of the denomination of $1,000.00
each, and all dated July 1st, A. D. 1915, absolutely due and payable July 1st, Ion, but redeemable at the option of the city as follows:
Five Thousand Dollars ($5,000.00) of said
bonds numbered from one to five, both numbers
inclusive, on and after the first day of July, 1910:
Five Thousand Dollars ($5,000.00) of said bonds
numbered from six to ten, both numbers inclusive,
4311 and after the first day of July, 1923; Five
Thousand Dollars ($5,000.00) of said bonds
numbered from eleven to fifteen, both numbers
Inclusive, on and after the first day of July, 1927:
Five Thousand Dollars ($5,000.00) of said bonds
numbered from sixteen to twenty, both numbers
inclusive, on and after the first day of July 1931;
and Six Thousand Dollars ($6,000.00) of said
bonds numbered from twenty-one to twenty-six,
both numbers inclusive, on and after the first
day of July, 1935;
Bearing interestfrom their date until paid at the
rate of six per centum per annum, payable semiannually on the last days of January and July,
respectively, in each year, both principal and interest thereon payable at the office of the City
Treasurer of the City of Poison, State of Montana,
or, at the option of the holder, at the National
Bank of Commerce in the City and State of New
York, U. S. A.
BELL SYSTEM IN COLORADO.
PUBLIC NOTICE IS HEREBY GIVEN that
the bonds aforesaid will at the office of the underNEW MEXICO. ARIZONA. UTAH.
signed Clerk, in said city, on THURSDAY, toWYOMING.IDAHO AND MONTANA
wit: THE NINTH DAY OF SEPTEMBER,
A. D. 1916, at the hour of 10 o'clock A. M. at
7% STOCK
public auction, be sold to the bidder offering'
the
highest price therefor.
No Bonds—No Preferred Shares
At said public auction the successful bidder will
be required to deposit with the undersigned Clerk
a certified check payable to his order in the sum
of Two Thousand ($2,000.00) Dollars, which
,check shall be held by the City and forfeited to
DENVER
it should the purchaser fail to take up and pay
for said bonds when presented to him.
By order of the Council of the City of Poison,
of the County of Flathead. State of Montana,
E XPERT RAN K E X.AMINERS AND
made this 2nd day of August, A. D. 1915.
ACCOUNTANTS
J. W. CLARK, Mayor.
Auditing, Examining, Systematizing
est It. S. HANSON, City Clerk.
701 BROADWAY
NEW YORK CITY




Mountain States
Telephone

BOETTCHER,PORTER
a COMPANY

John I Cole, Son & Co.

Public Utilities
in drowind communities boudht
and financed.
cTheir securities offered
to investors.

Middle West
Utilities Co.
112 West Adam St.
CHICAGO, ILLINOIS

[VOL. 101.

THE CHRONICLE

474

WORTH COUNTY DRAINAGE DISTRICT NO. 11 (P. 0. Northwood), Iowa.-BOND SALE-On July 29 $70,000 drainage bonds were
and
awarded to Geo. M.Bechtel & Co. of Davenport for $70,150 (100.214)
three
int. as 5%s. Purchaser to furnish blank bonds. There wereMay
1
other bidders. Denom. $1,000 or some other even denom. Date
1915. Int. M. & N.
YELLOW CREEK TOWNSHIP, Columbiana County, Ohio.BOND OFFERING.-Bids will be received until 12 m. Sept. 1 by John A.
Rose, Clerk of Board of Trustees, care of People's Nat. Bank, Wellsville,
for the following 5% 5%-year average road-improvement bonds:
$9,500 McQueens Run public-road-improvement bonds. Due $500 Sept. 1
1916 and $1,000 yearly on Sept. 1 from 1917 to 1925 incl.
18,500 Wellsville-Salineville public-road-improvement bonds. Due 1$1.500
Sept. 1 1916, 1917 and 1918 and $2,000 yearly on Sept. from
1919 to 1925 incl.
Sept. 1
Auth. Secs. 7033 to 7052 incl., Gen. Code. Denom.$500. Date
-mentioned
1915. Prin. and semi-ann. int.-M. & S.-payable at abovethe
bid, for
bank. certified check on a bank other than the one makingbe delivered
3500, payable to Township Treasurer, required. Bonds to
and paid for on Sept. 1. Purchaser to pay accrued interest. Bids must
be unconditional and upon forms furnished by the Township Clerk.

Canada, its Provinces and Msniticipalities.

BEAMSVILLE, Ont.-DEBENTURE ELECTION.-It is reported that
the question of issuing $20,000 school debentures will be submitted to a
vote on Aug. 16.
BRANTFORD, Ont.-DEBENTURES AUTHORIZED.-Reports state
that the Council passed a by-law on July 19 providing for the issuance of
$12,000 school debentures.
BRIGHTON, Ont.-DEBENTURES VOTED.-Local newspapers dispatches state that at an election held July 22 the question of issuing $30,090
public school and $18,000 high school debentures carried.
CARDSTON, Alta.-DEBENTURE SALE.-According to local newspaper reports an issue of $11,000 6% 20-yr. debentures has been awarded to
Macneill & Young of Toronto.
COLBOURNE, Ont.-DEBENTURES AUTHORIZED.-On July 14
the Council passed a by-law, it is stated, providing for the issuance of
$4,000 fire hall and lock-up debentures.
ESTEVAN, Sask.-DEBENTURE SALE-It is stated that Macneill
& Young of Toronto have been awarded an issue of $28,290 5% 30-yr.
debentures.
MAIDSTONE TOWNSHIP (P. 0. Maidstone), Ont.-DEBENTURES VOTED.-At an election held July 19 the voters authorized the
issuance of $2,500 town-hall constr. debentures, it is stated.
MATSQUI, B. C.-TEMPORARY LOAN.-It is stated that this place
has negotiated a loan of $3,000 with the Bank of Montreal.

will be
MEDFORD, Ont.-DEBENTURE ELECTION.-An election to
issue
held Aug. 16, it is stated, to submit to a vote the propositions
purchase
cemetery
$1,800
and
ext.,
works
water
$4,000
$3,000 road impt.,
debentures.
NANAIMO, B. C.-DEBENTURE OFFERING -It is stated that S.
Gough, Clerk, will receive bids for $87,039 6% 15-yr. local improvement
debentures.
OSNABRUCC TOWNSHIP, Ont.-DEBENTURE SALE-An issue
of $10,122 5% 20 installment debentures has been purchased by Martens
& Co. of Toronto, it is stated.
PEEL TOWNSHIP (P. 0. Arthur), Ont.-BOND SALE.-According
to reports the $7,000 5% 10-yr. school debentures were awarded to G.
Kitely and A. Norris.-V. 100, p. 2107.
PORT DALHOUSIE, Ont.-DEBENTURE SALE.-According to
reports Bongard, Ryerson & Co. of Toronto have purchased $12,500 5%
20 installment debentures.
RODNEY, Ont.-LOAN DEFEATED.-At the election held July 20
the question of granting a loan of $5,000 to the Rodney Woodenware Co..
Ltd. was defeated.-V. 101, p. 235.
ROSS CONSOLIDATED SCHOOL DISTRICT NO. 1782, (P. 0.
Two Creeks), Man.-DEBENTURE SALE.-On July 25 the $7,000 6%,
20-yr. installment school bldg. debenture,s were awarded to W. L. McKinnon & Co. of Regina for $6,800; equal to 97.142. Denom. $350. Date
July 1 1915. Int. ann. on Jan. 1.
SANDWICH SOUTH TOWNSHIP, Ont.-DEBENTURE SALE.
It is stated that Macneill & Young of Toronto have been awarded an issue
of 34,500 6% 10 installment debentures.
SMITHVILLE, Ont.-VOTE.-We are advised that the vote cast at the
election held July 3 which resulted in favor of the issuance of the $6,000
6% electric light and power debentures was 101 to 9.-V. 101, p. 395.
Due yriy. on Dec. 31 from 1916 to 1920, incl.
Pas), Man.
THE PAS SCHOOL DISTRICT NO. 1635 (P. 0. The
will receive bids
DEBENTURE OFFERING.-David Clapp, Secy-Treas.
Due
in
debentures.
20
school
6%
$30,000
of
issue
an
for
25
until Aug.
equal ann. installments of principal and int. on Feb. 1 from 1917 to 1936.
incl.
TORONTO TOWNSHIP (P. 0. Dixie), Ont.-DEBENTURE SALE.
were
-On July 28 the $12,000 5% 30 installment coup. school debentures
awarded to Macneill & Young of Toronto at 96.27 and int.-V. 101, p.316.
Other bids were:
WA Mackenzie & Co. Tor$11,520 00 A. H. Martens & Co. Tor_$11,407 00
R C Matthews & Co,Tor. 11,520 00 W L McKinnon & Co, Tor 11,385 00
11,478 82 Brent Noxon & Co, Tor__ 11,364 80
Robert Cochran
11,153 00
11,441 00 A. E. Ames & Co. Tor_
C n Burgess & Co, Tor
WINDSOR, Ont.-DEBENTURE ELECTION.-It is stated that on
fixed
$10,000
constr.,
natatorium
Aug. 18 the questions of issuing $25,000
assessment and $30,478 municipal impt. debentures will be submitted to
a vote.

ENGINEERS.

INSURANCE

ATLANTIC MUTUAL INSURANCE COMPANY

H. M. Byllesby & Co.

New York, Janeary 26th, 1915.

The 2'rustees. in confOrmh. with the Clbutt, ofthe Company, snInnit the following statement of Us affairs on the
31st of Decetnber, 1914.
The Company's business has been oonfined to marine and inland transportation insurance.
Premiums on such risks from the 1st January, 1914, to the 31st December, 1914
Premiums on Policies not marked off 1st January, 1914

5,026,461 19
6.54,783 26

Total Prentitinas

5,681,244 45

Premiums marked off from January' 1st, 1914, to December 31st, 1914
Interest on the MN:esti:sesta of the Company received during the year 330,262 43
42,065 85
Interest en Deposits in Banks and Trust Companies, etc
141,088,74
Rent received less Taxes and Expenses

Losses paid daring the year

4,687,279 32
•
513,417 02

2,253,324 69
Less: Salvages
Ito-Insurances

242,315 69
372,200 31

614,516 00

1,638,808 69
138,873 43

Returns of'Premiums

Expenses. including ofticent salaries and clerks compensation, stationery, ad-

vertisements,ete

Incorporated
TACOMA
CHICAGO
NEW YORK
Trinity Rids. Cont. 5t Comm. Washington
Bank Bldg.

Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold

562,724 57

will be paid to the
A dividend of interest of Six per cent on the outstanding certificates of profits February
next.
holders thereof, or their legal representatives, on and after Tuesday the second of
holders thereof, or
The outstanding certificates of the issue of 1909 will be redeemed and paid to the
which date all
from
the
next,
of
second
Tuesday
February
after
their legal representatives, on and
canceled.

and
interest thereon will cease. The certificates to be produced at the time of payment,for
the year ending
4 dividend of Forty per cent Is declared on the earned premiums of the Company
81st December, 1914, which are entitled to participate in dividend, for which, upon application, certificates
next.
May
of
the
fourth
Tuesday
after
will be issued on and
Secretary.
FLOYD-JONES,
S TANTON
By aides of the Board.

TRUSTEE'S..0d

CHARLES M.PRATT,
ANSON W. HARD,
EDMUND L. BAYL1ES,
DALLAS B. P'RATT,
SAMUEL T. HUBBARD,
JOHN N BEACH,
ANTON A. RAVEN,
THOMAS H. HUBBARD,
NICHOLAS BIDDLE,
JOHN J. RIKER,
LEWIS CAMS LEDYARD
ERNEST C. BLISS,
DOUGLAS ROBINSON
WILLIAM H. LEITEnT6_,
JAMES BROWN,
WILLIAM JAY SoillEiTELIN,
CHARLES D. LEVERICII,
JOHN CLAFLLN,
SAMUEL SLOAN,
GEORGE H. MACY,
GEORGE C. CLARK, _
WILLIAM SLOANE,
NICHOLAS F. PALMER.,
CLEVELAND II. DODOS,
CORNELITJS ELDERT.HENRY ARI II.LOUIS
WILLIAM A. er/tEET.
ADOLF PAVENSTEDT.
RICHARD H. EWART,
GEORGE E.TURNURE
CHARLES A.PEABODY,
PHILIP A S. FRANKLIN.
RICHARD H. WILLIAM'S.
JAMES IL POST,
IELERI3ERI L.GRIGG%
A. A. RAVEN,President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 28 Vice-President.
,,„.... . CHARLES E.FAY,3d Vice-President.

i;
•
LIABILITIES.
ASSETS.
Estimated Losses, and Looses UnsetUnited States and State of New York
2,162,711 00
tled In process of Adjustment
670,000 00
Bonds
13
993,965
Premiums on Unterminated Risks.New York City, New York Trust
Companies and Bank Stoelui...- 1.783,70000 Certificates of Profits and Interest
277,510 45

Unpaid
2,723,912 00
Stocks and Bonds of Railroads
104,976 64
357.095 00 Return Premiums Unpaid
Other Securities
47,953 70
Reserve for Taxes
Special Deposits in Basks and Trust
209,323 59
500,000 00 Re-insurance Premiums
Companies
Claims not Settled, including CornReal Estate cor. Wall and William.
122,813 07
Pensation ,ete
.change Place, conand Exchange
4.299,42604 Certificates of Profits Ordered Retaining offices
deemed, Withheld for Unpaid PreReal Estate on Staten Island (held
22,556 64
miums
under provisions of Chapter 481
1,264 40
75,000 00 Income Tax Withheld at the Source...
Laws of 1887)
941,068 28 Certificates of Profits Outstanding... 6.986,620 00
Premium Notes
775,688 00
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
149,249 82
In foreign countries
1.756,535 26
Cash in Bank
70,000 00
Loans
10,929,734 62
14,101,674 46
3,171,939 84
Thus leaving a balance of
36,725 45
Accrued Interest on the 31st day of December, 1914, amounted to
28,122 35
Rents due and accrued on the 31st day of December, 1914, amounted to
of
day
31st
the
York,
on
New
in
authorized
companies
in
or
accrued,
due
Re-Insurance
158,649 70
December, 1914, amounted to
33,421 71
Unexpired re-insurance premiums on the 31st day of December, 1914, amounted to
and
Note: The Insurance Department has estimated the value of the Real Estate corner Wall
William Streets and Exchange Place in excess of the Book Value given above at... 450,573 96
63,700 00
And the property at Siaterolsiand in excess of the Book Value, at
The Insurance Department's valuation of Stocks. Bonds and other Securities exceeds the 1,430,e52 10
Company's valuation by

On the basis of these increased




valuations the balance would be

5,383,085 11

ENGINEERS •
THE
G WHIlb
Financiers
Engin errs
Operators

COMPANIES
Purchasers
Contractors
Managers

of Public Utility and Industrial
Properties
REPORTS-VALUATIONS-EST1 MATES

43 EXCHANGE PLACE, NEW YORK
LONDON

SAN FRANCISCO

CHICAGO

Alien S. Mille

Alex. C. Humphreys

HUMPHREYS & MILLER,Inc.
EIGINEERS

Power-Light-Gas
185 BROADWAY

Alfred E. Foretell

NEW YORK

Charles D. Robison

FORSTALL AND ROBISON
ENGINEERS
Investlications and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
NEW YORK CITY
84 William St.,