Full text of Commercial and Financial Chronicle : December 11, 1915, Vol. 101, No. 2633

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Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section
V O L. 10 1

Electric Railway Section
State and City Section

S A T U R D A Y , D E C E M B E R 1 1 19 15 _______________ NO. 2633

3Pue ©taitttclje.

W e e k e n d in g D e c e m b e r

C le a r in g s a t —

PUBLISHED WEEKLY.

1915.

T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For One Year ............... .............................................................................. q ®

1914.

Chicago________
Cincinnati...........
Cleveland______
European Subscription (including postage).......... ....... .........................
- n
Detroit_________
European Subscription six months (including postage)........................
•
Milwaukee____
Annual Subscription in London (including p o s t a g e )..........................
Indianapolis___
Six Months Subscription in London (including postage)......................i f . 8,
Columbus______
Canadian Subscription (including p o s ta g e ).............................................if1-1
Toledo_________
Subscription includes following Supplements
P eoria_________
I) 'NK an d Q uotation (monthly) I r a i l w a y a n d I ndustrial (3 times yearly) Grand Rapids__
D a yton ________
B ailw T y E \kvinos (monthly)
E lectric R a il w a y (3i tames yearly)
Evansville______
S t a t e an d C it y (semi-annually) |B a nk ers C onvention (yearly)
Springfield, 111..
T e r m s o f A d v e r tis in g — P e r I n c h S p a c e
Lexington______
Fort W ayne___
Transient matter per inch space (14 agate lines)- — - ................................
5 9 ' Youngstown___
Two Months
(S tim es)................................ 22 0 0
,
\ Three Months (13 tim es)................................ 2 9 0 0 Rockford_______
Standing Business Cards
<; glx Months
(2G tim es)................................ 5 0 0 0 Canton_________
( Tw elve Months (52 tim es)................................ 8 7 00 Akron__________
Bloomington___
C hicago O ffice —39 South La Sallo Street, Telepliono Randolph7396.
Quincy_________
L on d o n o f f ic e —E dwards
Sm ith, X Drapers’ Gardens, E. C.
South Bend____
Springfield, Ohio.
W I L L I A M 15. D A N A C O M P A N Y , P u b l i s h e r s ,
D ecatu r.............
F r o n t , IMi»«; it ini D e p o r a t e r S t s ,, N e w Y o r k . ___________
Mansfield______
Jackson ________
Published every Saturday morning by W IL L IA M B. D A N A C O M P A N Y ,
Danville..............

S
374,673.907
32,385,450
37,123,305
35,643,054
19,429,460
9,500,000
8,965,700
6,831,094
4,095,401
3,593,636
2,468,347
1,851,074
1,266,240
793,000
1,370,618
2,140,259
812,188
2,100,000
3,031,000
855,780
861,737
864,891
917,971
603,352
614,295
481,670
458,310

S
333,601,035
24,629,100
22,213,752
23,117,810
19,444,293
8,296,359
7,092,000
5,330,591
3,782,106
3,149,544
2,102,775
1,068,760
1,398,278
777,803
1,268,062
1,380,201
706,080
1,415,198
1,701,000
780,967
938,199
673,856
768,083
441,407
445,462
477,633
490,46E

Jacksonville, 111.
Lansing________
Ann Arbor______
Adrian_________
Owensboro_____
Tot. Mid.West

285,743
774,785
245,000
56,594
373,413
554,205,985

San Francisco__
Los Angeles.........
Seattle_________
Spokane________
Salt Lake C ity ..
Portland............
Tacoma________
Oakland________
Sacramento____
San Diego______
Stockton_______
San Jose________
Fresno_________
Pasadena_______
North Yakim a..
R e n o __________
Long Beach____
Total P acific..

CLEARING-HOUSE RETURNS.

T he following table, m ade up b y telegraph, & c., indicates that the total
bank clearings o f all the clearing houses o f the United States for the week
ending to-day have been $4,162,774,179, against $4,946,760,440 last week
and $2,726,6:56.3 80 the corresponding week last year.
C le a r in g s — R e tu r n s b y
W e e k e n d in g D e c .

T e le g r a p h .

P er
C e n t.

1915.

1914.

$2,092,084,125
145,368,742
170,041,657
34,305,970
306,710,602
78,017,388
23,762,133

S I,131,795,425
104,169,698
115,296,OSO
28,954,274
244,662,836
65,054,136
18,558,334

+ 84.8
+ 39.5
+ 47.5
+ 18.5
+ 25.3
+ 19.9
+ 28.0

S2,850,290,527
642,498,947

SI,708,490,783
564,249,846

+ 66.8
+ 13.9

S3,492,789,474
669,984,705

S2,272,740,629
453,895,751

+ 53.7
+ 47.6

11.

S4,162,774,179 $2,726,636,380
+ 52.7
Total all cities for week..................
” T ho full details for the week covered b y the above will be given next
Saturday. W o cannot furnish them to-day. clearings being m ade up b y tho
clearing houses at noon on Saturday, and hence in tho above the last day
o f tho week has to bo in all cases estimated, as we go to press Friday night.
W o presont below detailed figures for the week ending with Saturday
noon, D eccm bor 4, for four years:__________________________ _____________
W e e k e n d in g D e c e m b e r

4.

C le a r in g s a t ---------

1915.

1914.

I n c . or
D ec.

S

S

%

1913.

1912.

s

S

3 ,0 7 4 ,9 5 1 ,2 5 5 1,58 0,4 66 ,59 5
163,149,817
2 4 4 ,92 6,2 75
47,5 61 ,86 1
65,5 00 ,30 9
40,8 01 ,21 2
4 8.3S 0.845
12,748,797
16,709,581
6,796,191
5 ,6 6 7,7 56
9 ,2 0 2,0 97
9 ,5 5 9,1 56
4 ,9 6 3,5 06
6 ,1 9 0 ,5 8 0
4 ,0 6 9,3 73
3 ,3 6 9,6 13
3 ,4 2 0,8 22
3 ,4 5 8,2 29
1 ,801,520
2 ,6 2 7 ,2 0 2
1,824,270
2 ,1 0 0 ,0 0 0
1,946,115
1 ,905,479
2 ,3 1 1 ,8 0 0
2 ,8 9 1 ,3 3 4
2 ,4 0 4,3 64
2 ,7 0 2 ,7 6 7
946,435
9 65,202
1,02 4,6 00
1,065,301
618,506
994 ,05 4
930,521
937 ,52 4
041,200
867 ,90 0
001,584
650 ,00 0
1 ,3 6 6,7 25
1 ,643,439
529,132
457 ,57 8

+ 94.5 2 ,0 3 7 ,0 5 4 ,1 7 4 2 ,2 7 7 ,5 3 5 ,1 4 4
+ 50.1
1 92 ,22 0.6 50
193 ,58 3,1 16
+ 3 7.7
5 6 ,8 0 0 ,6 5 6
5 7 .5 9 1 ,6 4 0
+ 18.6
4 0 ,9 6 7 ,7 5 4
4 5 ,8 6 7 ,8 9 9
+ 31.1
15,681,101
1 3,5 64 ,73 7
— 16.6
7 ,0 0 5,4 82
7 ,0 7 3 ,8 7 7
+ 3 .9
9 ,2 1 3,9 99
8 ,7 6 1 ,9 1 2
+ 2 4.7
6 ,5 9 8,2 24
6 ,4 3 1 ,9 3 4
— 17.2
4 ,4 7 4,5 36
3 ,6 2 7 ,7 7 4
•f* 1.1
3 ,4 3 2,2 67
3 ,4 1 6 ,5 6 4
+ 4 5.8
2 ,2 2 2,5 35
1 ,8 3 1,4 06
2 ,0 4 1,3 55
+ 15.1
1 ,9 8 7,5 97
1,975,261
— 1.0
2 ,1 1 7 ,5 1 5
2 ,5 3 5,4 18
+ 2 5 .1
2 ,5 0 7 ,6 0 5
2 ,3 2 3,1 34
+ 14.9
2 ,3 4 7 ,3 6 5
+ 19.9
1,03 7,9 28
944 ,02 5
1,210,701
+ 4 .0
1 ,0 9 9,5 53
765,117
+ 6 0.8
688 ,42 7
+ 0.8
620 ,00 0
5 75 ,00 0
+ 35.3
717,100
744 ,70 0
+ 8.0
669,580
580 ,81 9
+ 2 0 .3
1 ,579,238
1 ,7 3 3,5 68
+ 15.7
476,343
4 31 ,41 4

Total Middlo. 3 ,4 9 8 ,6 5 2 ,9 3 3 1 ,8 9 0,0 55 ,48 9

+ 85.1 2 ,3 9 1 ,8 2 2 ,5 7 3 2 ,6 3 5 ,0 4 3 ,6 1 1

Wheeling_______
York___________
E r ic ....................
Chester.... .........
Greenshurg------Binghamton----Altoona..............
Lancaster...........
M ontclair---------

Ilolyoko..............
Bangor................

2 0 6 ,48 4,5 63
9 ,4 9 6,7 00
6 ,9 8 9,1 83
4 ,3 0 6,8 72
3 ,7 9 0,6 59
3 ,0 0 0 ,0 0 0
3 ,6 3 5,0 15
1 ,476,530
1,300,632
1 ,009,462
881,569
4 2 8 ,63 0

143 ,86 1,6 06
8 ,1 0 8 ,9 0 0
4 ,791,811
3 ,4 7 3 ,7 6 3
2 ,8 1 1,9 12
2 ,0 0 4 ,2 9 6
2 ,4 5 3,8 00
1 ,259,056
1 ,095,689
837,298
788,362
445 ,16 0

+ 4 3.5
+ 17.1
+ 4 5 .9
+ 2 4.0
+ 3 4.8
+ 49.2
+ 48.2
+ 17.2
+ 18.7

+ 20.6
+ 11.8
— 3 .8

1 68,147,472
9 ,5 7 7,6 00
5 ,2 2 7,5 66
3 ,3 9 2,5 19
2 ,9 4 0,3 28
2 .2 1 6,5 93
2 ,5 6 9 ,5 6 0
1,436,482
1,44 8,2 58
860,865
865,581
502,754

1 97 ,93 8,3 24
1 0 ,2 37 ,90 0
5 ,0 6 7 ,6 3 4
3 ,0 9 5 ,0 1 0
2 ,7 0 6 ,0 0 3
2 ,3 8 7,2 41
3,0 S 3 ,0 5 6
1 .492,653
1,19 3,2 58
573 ,39 6
755 ,12 6
603 ,67 7

1 99,185,578
2 2 9 ,1 3 3 ,2 7 8
Tot. New Eng. 2 4 2 ,79 9,8 15 1 71,931,653 + 4 1 . 2
N o t e .— For Canadian clearings see "Commercial and Miscellaneous News."
* Owing to the consolidation the latter part of March 1915 of the First National
Bank and tho Security National under the name of the First & Security Bank,
Minneapolis bank clearings are being materially reduced.




1913.

1912.

+ 12.3
+ 31.5
+ 67.1
+ 54.2
— 0.1
+ 14.5
+ 26.4
+ 28.1
+ 8.3
+ 14.1
+ 17.4
+ 73.3
— 9.4
+ 2.0
+ 8.0
+55.1
+ 15.0
+ 48.4
+ 78.2
+ 9.6
— 8.2
+ 2S.4
+ 19.4
+ 36.7
+ 38.0
+ 0.S
—6.5

S
334,946,839
28,356,550
25,965,390
24,552,992
.16,373,810
10,179,041
6,917,900
5,906,150
4,209,048
3,445,816
2,433,313
1,258,697
1,354,276
1,363,521
1,237,229
2,393,420
745,257
1,511,579
2,025,000
770,158
931,264
682,087
574,665
533,492
498,478
641,960
530,695

277+81 !
489,196
202,925
41,527
329,896
469,289,444

+3.1
+ 58.7
+20.7
+36.3
+ 13.3
+ 18.1

381,498
500,000
259,858
54,953
400,000
490,480,588

348,163
488,112
248,966
72,260
399,147
482,403,613

66,927,731
24,098,000
13,782,954
4,824,000
10,705,907
10,698,834
1,923,168
4,152,081
3,062,591
2,029,938
1,442,743
815,418
1,222,333
968,321
580,000
287,723
617,014
148,508,621

55.679.8S8
20,953,994
12,879,851
5,014,920
8,968,026
11,500,000
2,200,531
4.0S6.805
2,678,071
1.5S0.133
1.471.84S
842,532
1,544,926
842,734
504,70S
268,148
661,827
131,017,125

+ 20.2
+ 15.0
+ 7.0
— 3.8
+ 19.4
— 7.0
— 12.6
+ 1.4
+ 14.3
+ 28.4
— 2.0
— 3.2
+ 3.1
+ 14.9
+ 14.9
+ 7.3
— 6.6
+ 13.3

60,475,093
26,581,805
14,469,803
5,199,451
10,000,340
12,321,867
2,450,992
4,240,349
2,557,608
2,595,361
1,122,759
732,192
1,503,602
987,998
550,000
331,390

58,466,772
27,560,765
13,333,536
5,300,939
9,078,891
12,390,697
3,387,146
4,004,310
2,255,890
3,146,283
1,003,858
862,504
1,491,500
1,163,508
561,941
354,006

146,120,611

144,362,546

Kansas City___
Minneapolis___
Omaha_________
St. Paul.......... .
Denver.............. ..
D u lu th ..............
St. Joseph______
Des Moines____
Sioux City______
Wichita..............
Lincoln________
T op ek a ________
Davenport______
Cedar Rapids__
F’argo__________
Colorado Springs
Pueblo_________
F’rem ont_______
Waterloo_______
Helena_________
Aberdeen_______
Billings________
Hastings_______
Tot.Oth.West.

88,959,880
♦40,436,176
20,755,380
20,500,000
12,536,230
14,016,133
7,869,995
6,971,265
3,600,000
4,484,382
2,548,194
1,360,832
1,600,000
1,961,250
2,964,913
4S0.400
387,160
600,000
2,109,781
1,810,132
997,469
793,927
312,364
237,155,863

75,306.275
39,211,960
16,552,102
14,476,188
10,361,993
8,761,174
8,816,426
5,882,918
3,264,974
4,085,850
2,548,648
1,503,332
1,962,614
1,831,185
1,949,781
629,306
769,208
633,392
1,451,142
1,520,887
860,958
055,992
203,980
203,300,285

+ 18.1
+ 3.1
+25.4
+ 41.0
+21.0
+ 60.0
— 10.7
+ 3.2
+ 10.3
+ 9.8
— 0.02
— 9.5
— 18.5
+ 7.1
+52.1
— 23.7
— 49.7
— 5.3
+45.3
+ 19.1
+ 15.9
+ 21.0
+ 18.6
+ 16.6

57,903,717
34,202,040
18,972,640
12,090,251
8,719,953
8,308,736
7,654,380
5,593,612
3,794,887
3,621,414
2,309,789
1,673,000
1,825,000
1,845,584
735,853
548,613
743,351
436,012
1,540,876
1,347,526
503,367
637,834
250,000
175,233,436

61,033,840
34,686,591
18,365,270
12,091,388
10,528,395
11,325,273
7,755,903
5,212,107
3,100,000
3,756,278
1,927,521
1,770,469
1,803,698
1,819,747
649,060
785,359
847,511
321,590
1,688,852
1,424,855
454,908
715,046
234,515
182,298,176

St. Louis_______
New Orleans___
Louisville............

94,810,809
25,850,166
17,889,450
10,600,565
5,000,000
16,254,514
11,017,066
19,771,269
9,375,189
6,513,388
7,600,000
6,329,875
3,208,131
2,269,037
3,053,944
2,759,524
3,618,450
1,046,844
1,946,309
2,098,351
3,384,296
2,985,437
3,884,353
359,062
505,220
1,172,513
2,124,461

81,126,447
18,748,270
10,477,026
8,141,016
4,670,825
9,911,888
8,097,260
15,072,897
9,341,431
5,636,928
7.34S.628
4,899,358
2,926,274
2.18L.809
3,044,150
2,268,531
2,495,583
1,130,000
2,044,083
1,870,262
3,157,300
2,238,360
3,630,149
346,273
482,788
941,417
1,326,899

+ 16.9
+ 37.9
+ 70.7
+ 30.3
+ 7.0
+ 64.0
+ 36.1
+ 31.2
+ 0.4
+ 15.6
+ 3.4
+ 29.2
+ 9.6
+ 4.0
+ 0.3
+ 21.6
+ 45.0
— 7.4
——4.8
+ 12.2
+ 7.2
+ 33.4
+ 7.0
+ 3.7
+ 4.7
+ 24.5
+ 60.1

87,815,232
25,854,167
15,878,899
9,000,000
3,394,000
10,739,269
12,932,776
20,150,918
8,638,438
7,802,633
8,836,702
6,002,748
4,688,613
2,751,495
3,678,105
2,592,321
3,203,873
1,625,860
2,000,716
2,727,103
1,777,700
2,725,000
5,820,225
466,774
517,367
1,190,525
1,571,OSO

85,679,150
27,576,753
15,330,453

&

Jacob Seibert Jr., President and Treasurer; George S. Dana and Arnold G . Dana,
Vice-Presidents; Arnold G . Dana, Sec. Addresses of all. Office of the Com pany.

4.

S
342,440,199
27,770,300
25,233,274
26,864,650
18,096,983
8,280,0S4
7,192,500
6,148,000
4,762,910
3,486,730
2,469,932
1,436,616
1,287,146
860,946
1,314,700
1,696,725
767,931
1,300,000
1,770,000
650,306
934,308
720,739
713,312
512,215
498,965
625.00C
466,255

?jt

(

I n c . or
D ec.

Galveston...........
Richmond______
Memphis______
A tlanta________
Fort Worth........
Savannah _____
Nashville_______
Norfolk ............ .
Birmingham___
Augusta________
Jacksonville___
Chattanooga___
Little Rock____
Mobile_________
Knoxville---------Charleston______
Oklahoma______
Austin................
Macon_________
Vicksburg______
Jackson ________
Muskogee______
T ulsa..................

%

4,755,000
9,315,350
12,512,666
18,193,280
10,761,051
7,445,589
8,625,177
5,048,921
3,529,479
2,942,403
3,670,144
3,254,839
2,956,307
1,754,563
2,021,383
2,655,518
2,392,763
2,696,481
4,546,565
513,198
475,087
1,096,205
1,117,238

Total Southern 265,437,223 213,485,852 + 24.3 254,382,539 240,865,563
Total all______ 47946',760,440 3.079,741,675 + 60.6 3,657,225,325 3,914,105,787
Outside N . Y . 1,871,809,185 1,499,275,080 + 24.8 1,620,171,151 1,636,570,643

1912

THE CHRONICLE

[V ol . 101.

The public, however, at that time was apathetic

THE FI NA NC IA L SITUATION.
and did not take notice, the more so as the idea
Necessarily President Wilson in his annual message prevailed that an income tax would hit only the
to Congress this week had to take up the subject of rich. The awakening has now come, but too late.
the Treasury deficit, though it was subordinated to There is strong likelihood that the error will be
“ preparedness” and kindred things which were dis­ repeated in the matter of the proposal for a State
cussed at much greater length. The President is income tax in addition to that levied by the Federal
insistent that the deficit shall be met by taxation, Government.
not by borrowing, and in this the country is in full
The rank and file of the public are showing in­
accord with him.
difference on the theory that there is little chance of
The question how the additional revenue needec any State income tax being pushed through. In the
is to be raised is treated by Mr. Wilson lightly. meantime, however, the committee in charge of
There are a multitude of new taxes that can be im­ the tax investigation is listening to the noisy advo­
posed, he says in effect, without unduly burdening cates of the proposal and taking their loud talk as
any one, and he merely throws out some genera] reflecting popular sentiment. Hence it may easily
hints for the consideration of Congress. Among happen that the measure will be on the statute
the new levies proposed by him is a tax of 25 cents books before any one really knows what is going on.
a ton on pig iron and also a tax of the same amount A hue and cry will then be raised, when, however,
on fabricated iron and steel. We suppose the thought it will be too late. And with both the Federal and
underlying this proposal is that it would be a sort of the State Governments levying an income tax and
tax on war profits, inasmuch as the iron and steel encouraging legislative and Governmental extrava­
industry is for the time being making huge profits gance by placing this easy means of providing addi­
in the execution of orders for the belligerent countries tional revenue in the hands of the lawmaker,
of Europe.
it can readily be seen that it will not be long
But in essence such a tax is a tax on production before the income tax will be as serious a matter in
and the idea of taxing production seems rather in­ this country as it was in Europe even before the
congruous at a time when everybody, not excluding outbreak of war.
Government officials, is urging upon the country
the propriety of cultivating and extending our ex­
Mr. Scott N earing, lately a professor in the Uni­
port trade with a view to taking advantage of the versity of Pennsylvania, is illustrating the abuse
opportunity that the conflict in Europe has furnished of fiee speech, and incidentally showing the hollow­
to the United States for gaining ready access to ness of his own pose as a martyr for its sake, by
previously neglected markets. It is recognized that delivering diatribes against wealth. Such talk is
international trade rivalry will be unusually keen always attractive to the idle and the discontented,
after the conclusion of peace, since a variety of con­ and any agitator can get an audience by indulging
siderations will impel our foreign competitors to make in it.
In a church in Montclair on Sunday evening
strenuous endeavors to regain markets lost for the Mr. Nearing advocated what he called “ the demo­
time being through the incidence of war. A tax on cratization of industry,” declaring himself “ an
production in such circumstances might prove a evangelist unfolding an industrial gospel.” The
serious handicap on our own efforts. We know it plainest lesson of the times, as has been urged re­
will be urged that when the war ends the tax can peatedly in the “ Chronicle,” is that industrial pro­
easily be repealed. As a matter of fact the termina­ cesses and plants tend more and more to a wide­
tion of the conflict may come at any moment, while spread ownership by the workers themselves through
the repeal would take time, and particularly when co-operation; but this involves thrift, busy hands,
Congress is not in session.
sensible tongues, and an absolute rejection of the
The President also endorses the proposal of the program of the agitator, which might best and most
Secretary of the Treasury that the income tax shall honestly be put into three words: “ Property is rob­
be extended and increased. He says: “ We should bery.
Dissatisfaction is the very soil of social
be following an almost universal example of modern progress, but fietfulness and jealousy are the soil of
governments if we were to draw the greater part, or social weeds.
even the whole, of the revenues we need, from the
There is only so much wealth to go around, de­
income taxes.” Just so. He suggests lowering the clared M r. Nearing, and if one person or group has
present limits of exemption and the figure at which more than enough, others will have less than enough.
the surtax begins and “ increasing, step by step, This depends on what is meant by “ enough.” Only
throughout the present graduation, the surtax itself.” a fixed quantity of property, of food, of work to be
Thus the predictions of those who opposed the done, of land to be occupied; if one eats, another
Amendment to the Federal Constitution giving Con­ must go hungry; if one is clothed, another must go in
gress the right to impose a tax upon incomes is being rags; whatever one has, another must forego; people
fulfilled. No prophetic powers were needed to of wealth are malefactors— this kind of rant has
perceive that once given the power to levy such a been reiterated before, and even a President of the
tax, the power would be immediately availed of just United States has stooped to it.
as actually happened (instead of the power being
Wealth raises a barrier between its possessor and
reserved and not used until the country was actually mankind, said Mr. Nearing, making it impossible
engaged in a war, as its advocates originally claimed), for rich and poor to understand and come into touch
and furthermore that though aimed in the first in­ with each other. Naturally, he denounced the Car­
stance at the rich merely, it would soon, through the negie and Rockefeller Foundations, repeating the
lowering of the exemption limit, be extended so as to accusation that they are self-perpetuating, irrespon­
bring within its sweep even the humbler classes, sible to democratic control; “ supported by funds de­
those in enjoyment of hardly more than [moderate rived from the present methods of industry, they are
income. This is just what is taking place
f dedicated to the maintenance of economic things as



DEC. l i 1915.J

THE CHRONICLE

they are.” One should pity rather than denounce
the poor rich man (would be a natural comment), for
he is without hope; if he hugs his wealth he is de­
nounced, and if he divests himself of it for the public
good he is accused of plotting against the people; even
the lastingness of the help he thinks he is planning is
imputed to him as a wrong.
Such pestilential rubbish as all this is wearisome.
It has not one shred of truth in it except the under­
lying one that at present there are evils and the ulti­
mate brotherhood of man is not yet here. The in­
stances which prove that wealth is counting itself
merely trusteeship pile cumulatively; they are all
about us; they are in the day’s news. Capital and
labor are approaching, and only the misleading by
managers of labor unions and the rant of professional
disturbers prevents the process from moving with a
more quickening speed. The Nearing and Walsh
class have no use for co-operation, which is too slow
and not sufficiently captivating; what they call for is
confiscation. To a question on Sunday evening,
M r. Nearing said: Yes, he would forthwith strike
out of the Constitution all guarantees of property; he
would confiscate the rent of land and would lay an
inheritance tax to confiscate bequests “ above reason­
able needs.” The program of overturning every­
thing which now exists was followed by the persons
who attempted to set off bombs in St. Patrick’s
Cathedral. Such a program as these disturbers talk
would involve both poor and rich in one common
shipwreck, and the talkers are able to keep going
only because what they say they advocate is not
undertaken.

1913

tions, notably so in Oklahoma, ginning has gone
along at a phenomenally rapid rate. It showed
that 9,711,453 running bales (excluding linters) of
a greater average weight than 500 pounds gross had
been ginned to the date mentioned, or 3,362,000
bales less than had been put into marketable shape
during the same time in 1914. To reach the De­
partment’s figures, as above, an amount much
smaller than in most preceding years since ginning
returns have been collected, will have to be ginned
hereafter. Contrasting the latest ginning returns
with those for the same period in 1910— a year when
the aggregate acreage planted was only slightly
greater than now, but the crop reached 12 million
bales, including linters— a falling off of 428,000 bales
is revealed, with the deficiency almost wholly ac­
counted for in Oklahoma, where cotton this year
was admittedly late in maturing and inferentially,
therefore, delayed in being ginned.
Export statistics of greater accuracy will, it is
believed, be possible of procurement as a result
of revised regulations relative to export procedure
that are to go into effect on January 1. These
regulations, which are in part the fulfillment of
promises made by the Treasury Department to
representatives of exporters at interior points,
require the shippers to furnish collectors of customs
accurate data relative to their exports and it is
hoped this will enable the Federal Government to
present more reliable results. The regulations are
to be enforced by the collectors of customs under
the Treasury Department, but the information will
naturally be gathered by the Department of Com­
merce. N ot only will exports to foreign countries
be affected by these revised regulations, but all
shipments to Alaska, Porto Rico and Hawaii as
well. The Department of Commerce has issued
a brief description of the regulations and a sum­
mary of Treasury decision N o. 35,708, which
embraces them. “ Compliance with the new regu«
lations,” says the Department, “ will impose no
hardships on exporters who have been observing
the legal requirements. On the contrary, their
convenience is served, and the co-operation of
shippers generally will aid the Bureau of Foreign
and Domestic Commerce in publishing full and
accurate information regarding the export trade
and thus furnish to the manufacturers of the coun­
try an accurate business guide.”

The cotton crop estimate of the Department of
Agriculture, made public yesterday, in indicating a
material reduction in yield of the staple from last
spring’s planting, as compared with the production
of the previous season, merely registers officially
a result that the important contraction in area made
certain. With area reduced over 10% , and the
growing season not as favorable, a very appreciable
decrease has all along been looked for, but there is
a disposition to view the current estimate as rather
too low and hardly in line with the most recent
ginning report of the Census Bureau. Still, accept­
ing the estimate as authoritative, and making proper
allowance for linters, it does not appear that any
dearth of supplies is threatened during the remainder
of the season, especially when the large carry-over
from the last crop is taken into consideration.
The Department’s estimate foreshadows a yield
A bill has been introduced in the British House of
for 1915-16 (actual growth as distinguished from the Commons by Sir John Simon, Secretary of State for
commercial crop, or amount marketed between
Home Affairs, to continue the present Parliament be­
August 1 and July 31— which may be swelled
yond the five-year period and postpone a general
materially by cotton held back last season) of
election until the close of the war. The bill makes
5,338,588,000 pounds of lint (not including linters),
the life of the present Parliament six instead of five
equalling 11,161,000 bales of 500 pounds gross
years, extending the period to Jan. 31 1917, and
weight each. T o this must be added to cover
treats the year 1916 for the purposes of the active
linters, say 450,000 bales, making the total yield
Parliament as if it followed immediately on 1914.
11% million bales, or about 5 million bales less
This legal fiction, providing that the sessions of 1914
than the actual growth of 1914-15 and 3 millions
and 1916 shall be regarded as successive sessions,
smaller than 1913-14. Analyzing the estimate by
keeps alive the plural voting bill, which otherwise
States we find that in every instance a loss is re­
would have been buried with other controversial
corded, with the declines greatest in Georgia,
matters on account of the war. This bill is one of
Alabama, Texas and Oklahoma.
the particular measures of the Liberals. It was in­
The Census Bureau’s report on amount of cotton troduced under the Parliamentary Act which de­
ginned to December 1, announced on Wednesday, clares that a bill which has thrice passed the House
would appear to point to a larger yield unless, not­ of Commons in successive sessions shall become a law
withstanding the lateness of the crop in some sec­ despite the opposition of the House of Lords. The



1914

THE CHRONICLE

(VOL. 101.

bill has already twice passed the House of Com ­
Speaking in the House of Commons on Wednesday,
mons.
the Prime Minister stated very clearly the English
position, when he declared that if proposals of a
To-day (Saturday) is th§ last day for the test serious character for general peace were put forward
which is being made of Lord D erby’s recruiting by the enemy governments, either directly or through
scheme. Unless results arV proven to have been neutral Powers, they would be discussed by the
satisfactory, conscription will undoubtedly, in some Allied Governments. The obvious purpose of M r.
form, be resorted to by the Government. There has, Asquith was to discount in advance the German
however, been such a tw elftW iour rush to the colors Imperial Chancellor’s statement on German peace
at the recruiting stations that-it seems probable that conditions, which, it had been announced, was to
compulsory service will not be decided on. At any
be made on the following day, Thursday. As one
rate there undoubtedly will be a substantial further
London correspondent puts it: “ It is obvious that
delay. The Prime Minister, M r. Asquith, is ex­ peace proposals are in the air. Whether they will
pected to publish the results of Lord D erby’s re­ amount to anything of a practical character will
cruiting campaign to-morrow.
depend upon the German attitude toward the
principles
set down by the British Government at
The week has witnessed a general recrudescence
the very beginning of the war.”
of peace discussions. We do not refer seriously to
Secretary Lansing has forwarded to Vienna a
the so-called pilgrimage o f , a certain American
strong
note of protest against the loss of American
manufacturer, who is spepdihg his own money for
life
that
followed the sinking of the Italian steamer
an object which, if it were practical, certainly would
Ancona
by
an Austrian submarine. The note was
be laudable. Abroad, apparently, he is the object
presented
yesterday
by the American Ambassador
of ridicule. In the House o f Commons on M onday
to
the*
Austrian
Foreign
Office. It is stated, semi­
Sir Edwin A. Cornwall reqdeated that word be sent
to Henry Ford and William Jennings Bryan (the officially, that the document is very largely in the
latter, however, is not of the Ford party) that a form of an ultimatum whereby a severance of diplo­
mission to England would be “ irritating and un­ matic relations might easily follow a refusal or ne­
welcome at the present time.” Lord Robert Cecil, glect by the Austrian Government to accede to the
Parliamentary Under Secretary for Foreign Affairs, demands of the United States. The note not only
in reply said that as the passports of the peace sets forth the demands regarding submarine obliga­
delegates had been issued only for neutral countries tions contained in the Lusitania note to Germany,
the contingency did not arise. M any members but goes further in demanding punishment of the
advised the Under Secretary that “ as these people submarine commander. It asks Austria to award
left amid a storm of ridicule” he send them, in what­ damages, give assurances as to future conduct, and
ever neutral country they might be, the intimation disavow the sinking.
that "they were not wanted in England at any time.
Lord Cecil parried the question, saying “ I have not
seen a statement that M r. Ford is coming to Eng­
land. Speaking for myself, I think it would be
in the highest degree undignified for the Government
of this country to send any intimation to a lot of
ladies and gentlemen, who, whatever their merits
may be, are of no particular importance. Discus­
sion of the subject closed in laughter, aroused by
a Labor member, who asked “ If they have the right
of asylum here, can we certify them to be insane?”
But the peace question has been referred to this
week in a serious way in three of the most prominent
of the countries at war. M . Albert Thomas, French
Under Secretary of War, in the^- statement on Sun­
day last, declared that France would not make
peace until Alsace and Lorraine had been won,
Belgium and Serbia restored and ‘/German Imperial­
ism and Prussian militarism are put beyond the
possibility of resurrection.” This statement was
made in an address to a large audience assembled
in Paris in memory of the dead of the war of 1870.
“ There will be no peace,” the speaker continued,
“ until a system of right, founded upon the vic­
torious union of the Allies and supported by the
free adherents of neutrals has abolished forever the
violence of war. Whatever may be the sacrifices,
France, united, will go steadily forward to accom­
plish this end. To-day, before the terrible obstacle
which confronts them, Justice and Liberty have
only one road— that which our nation in arms opens
to them with the machine gun and cannon.” The
declaration of M . Thomas derives additional sig­
nificance from the fact that in addition to his con­
nection with the Cabinet, he is one of the leaders
of the Socialist Party.



The statement in the Reichstag of the German
Chancellor, Dr. von Bethmann-Holweg, was in
response to an interpellation, which was introduced
by Dr. Scheidemann, a Socialist leader, in the
following terms: “ Is the Imperial Chancellor ready
to give information as to the conditions under which
he would be willing to enter into peace negotiations?”
The Chancellor’s reply may be summarized in the
following paragraph :
So long as uncontrolled hatred of Germany and
the belief that Germany is approaching a collapse
continues to be the dominant idea of the enemy
countries it would be folly for Germany to take the
initiative in proposing terms of peace. Germany,
however, is ready at any time to consider a peace
suggestion from the countries with which she is at
war. Germany does not wish a continuation of the
war and dissociates herself under these circumstances
from any responsibility for its prolongation.
The speech, as a whole, was characteristic of the
German attitude. “ If our enemies make peace
proposals compatible with German dignity and
safety,” the speaker said, “ then we shall always be
ready to discuss them. So long as in the countries
of our enemies the guilt and ignorance of statesmen
are entangled with confusion of public opinion, it
would be folly for Germany to make peace proposals
which would not shorten, but lengthen, the war.
First, the masks must be torn from their faces.”
The Chancellor reviewed the military situation on
all the fronts and declared emphatically that Ger­
many could not be starved out. The country, he
said, had enough food if properly distributed.
Germany’s enemies, he argued, were suffering more
than the Germans and paying higher prices for food.

Dec. 11 1915.]

THE CHRONICLE

Referring to the military situation the Chancellor
said :
“ The opening of the way in the Near East is a
landmark in the history of the war. Direct military
connection with Turkey is of inestimable value.
Economically the imports from the Balkans complete
our supplies in the most welcome manner. Pros­
pects, moreover, for the future are full of promise.
“ Thanks to the foresighted policy of King Ferdi­
nand a firm bridge has been constructed between
the indissolubly allied Kaiser Powers, the Balkans
and the Near East. After the conclusion of peace
this bridge will not resound with the tread of marching
battalions, but will serve for works of peace and
culture.
“ Now it is Greece’s turn. The Entente asserted
at first that when the Entente’s troops were landed
at Salonika, Greece had asked for their assistance.
Meanwhile, Venizelos (ex-Premier) has himself ex­
pressly declared in the Greek Chamber that the
landing of the troops at Salonika had no connection
with his earlier inquiry as to whether the Entente
could place in readiness 150,000 men for the assist­
ance of Greece against Bulgaria.
“ Arbitrarily England and France began disem­
barking troops at Salonika and proceeded with the
landing in spite of the energetic protests of the
Greek Government. Now they are behaving there
as masters of the country. We are now witnessing
the interesting spectacle of how the combatants of
Prussian militarism employ the dominating power of
the British fleet as a brutal menace to compel the
Greek Government to violate its duties as a neutral.
“ At first the promise of benevolent neutrality was
extracted. When the principle was admitted they
proceeded to interpret it. From Greece was de­
manded the withdrawal of all Greek troops from
Salonika and its surroundings, free disposal of the
port for establishing military defensive measures,
the transference of the Greek railways and roads to
the frontier for military transports, and freedom
for military measures of all kinds in Greek terri­
torial waters. That is what the Entente under­
stands by benevolent neutrality.
“ The Greek Government, despite the difficult
situation, is resolved to continue to preserve the
nuetrality which corresponds to its desire and which
takes into consideration the dignity, independence
and interests of Greece. The matter is not yet
concluded.
“ Whoever pursues a policy of oppression such as
the Entente is now pursuing toward Greece, can no
longer play the hypocrite. This we shall repeat
before the world as often as England tries to hide
her true features behind a cloud of calumny.”
As to the economic situation the Chancellor re­
marked:

“ In Belgium the economical situation is almost
normal. Industry and commerce have been rein­
vigorated; monetary matters have been regulated.
The post railways and shipping roads are in opera­
tion, the production of oil is increasing, and reached
in the last quarter almost three and a half million
tons. Unemployment is being checked, but it is
impossible to bring the labor market to its normal
state because England is strangling Belgian industry
by closing its overseas export.
“ Economically we have sufficient provisions if
rightly distributed. This is a fundamental deter­
mining factor. The enemy, for important foodstuffs,
is paying higher prices than we.
“ I have tried to give a clear description of the
situation in the theatres of the war. Against the
logic of facts even our enemies can do nothing.
Our calculation shows no flaws, and there are no un­
certain factors to shatter our firm confidence. If
our enemies are not yet inclined to yield to facts
they will have to do so later. The German people
is unshaken in its reliance upon its strentgh, which is



1915

invincible. It would be an insult to try to make
us believe that we, strong from victory and standing
far out in the enemy’s country, should be inferior in
endurance, activity and internal moral power to
our enemies, who are still dreaming of victory.”
There have been no very conclusive engagements
in any of the theatres of war this week. Each side
has been prolific in its claims of victory. After
some delay the British Government has conceded
that what was spoken of last week as a minor re­
verse in Mesopotamia was, in fact, a serious check,
and unless re-inforcements are promptly provided
to equalize the overpowering odds against which
they have been struggling, the British troops under
General Townshend have little prospect of con­
tinuing the march to Bagdad, which city appeared
a few weeks ago to be almost within their grasp.
The British force is now said to be retiring upon
Kuet-el-Amada, 80 miles southeast of Ctesiphon,
the scene of the battle fought in the latter part
of November, in which the British troops met their
first serious check. It is reported that the casual­
ties in the recent action amounted to 4,567.
The British and French troops which have been
endeavoring to co-operate with the Serbians are
falling back and are very close to Greek territory.
The Greek authorities are said to be constructing
trenches that are causing much concern among the
Allies, since they could be used so effectively upon
the retreating troops. King Constantine of Greece
gave a formal interview on Saturday last to a cor­
respondent of the Associated Press. He declared
that the fundamental cause of the entire threaten­
ing attitude of the Entente Powers toward Greece
was the Entente’s own assumption, without the
slightest reason therefor, that Greece is ready to
betray the Entente to Germany at the first favor­
able opportunity. We give the interview in greater
detail on a subsequent page. Although the pursuit
of the Serbians still continues, it is apparent, quoting
press dispatches by way of London, from the pro­
portions which the Macedonian conflict is assuming,
that a major part of the Bulgarian army has diverted
its attention to the Allies. Heavily re-inforced
and well supported by artillery, the Bulgarians are
renewing violently their attack upon the FrancoBritish forces in Macedonia. Their assault has
gone through all the preliminary stages and is now
approaching the climax of intensity. The outcome
of the battle which is in progress is awaited with
great anxiety in England, as it is expected to deter­
mine, in great measure, the immediate future for
! the Entente Powers in the Balkans.
On the Western front the Germans early in the
week captured some of the French trenches which
the French subsequently recaptured. There are
evidences of increased activity, suggesting that
another Allied offensive has-been begun, constant
bombardment of the German lines being in progress
from Champagne to Belgium. The British are
said to be employing high explosive shells lavishly
with good effect. On the Russian front the Germans
seem to have met a check in their efforts to assume
the initiative on the Riga-Dvinsk front. Their
batteries have been silenced by the Russians and
attempts to overcome the latter by gases have
failed. The fighting between the Italians and
Austrians on Isonzo front has been retarded by the
heavy storms. In fact, wintry weather, with its
great suffering and restraint upon operations gener-

1916

THE CHRONICLE

ally, is reported from all sections. Reports have
been current during the week that England, against
the wishes of her Allies, favors the withdrawals of
the expeditionary forces from the Balkans in an
effort to centralize offensive operations upon direct
invasion of Germany and Austria as the most effect­
ive way of ending the war. It has, however, been
officially denied that any differences of opinion or
any friction of any kind exists among the Allies.

[Vol. 101.

upward, their own salaries included, were reduced;
but they asked why the Ministers, who are hard­
working men, should suffer, while business men, who
are making big incomes, escape. It is apparent
that any proposal to reduce the salaries of Members
of Parliament, for instance, would be opposed
strongly, because Laborites and Nationalists, for
example, would not be able to continue their respec­
tive representations if they were not paid. A reduc­
tion of the salaries of law officers of the Crown has
been arranged. In the House of Commons on Thursday
the Premier, Mr. Asquith, made this announcement,
which, it is hoped, will give an impetus to the cam­
paign for thrift on the part of the public. The
Premier declined to disclose the extent of the sacrifice
exacted from these members of the Government.
It is believed that this reduction is only the prelimi­
nary to a renunciation of at least one-third of their
salaries by other members of the Government and
of the House of Commons, as an example to others in
the measures of economy necessary to enable the
country to meet the expenditures of the war.

The London market has displayed a substantia
undertone this week, although in no department
has there been any pronounced activity. The war
loans have been well maintained, partly as the result,
no doubt, of the delay that is in prospect for a new
issue, a sudden popular demand for Treasury bills,
encouraged by the advanced rates, having relieved
the Government of the necessity of taking immediate
action in the direction of a new long-term loan.
It is now thought that it will be February at the
earliest before the British Treasury will be forced to
appeal to investors in this form. In some quarters
the delay in formal financing is interpreted as indica­
N o definite results have been cabled as to the
tive of a possibility that the funds are not to be
needed— in other words, that there is more substance amount of the new French loan that has been taken
in the widespread discussion of peace than appears by England. As in the instance of the Paris offering,
on the surface. At any rate, the British Treasury subscriptions close on Dec. 15. It was reported
obligations are being taken on a highly satisfactory early in the week that there had been some selling
scale. The sales of these bills last week totaled of consols for the purpose of re-investing the proceeds
£60,000,000 and the expectation of Treasury offi­ in the French loan. The prices of consols and the
cials is that this total will be exceeded this week. English war loans, however, did not indicate such a
The outstanding amount of Treasury bills at the movement. Whatever the amount subscribed in the
beginning of the week was £335,494,000. Current English centers, it will be used for extinguishing a
sales are additional to the Government’s borrowing corresponding amount of French indebtedness to
of bankers’ balances at three days’ notice. It has England; that is to say, the proceeds of the sales
been suggested that the Government raise the will not be forwarded to Paris. The British Board
savings bank interest to 4 % from the present rate of Trade statement for November of imports and
of V /i% - There still is obvious lack of co-operation exports of merchandise was, on the whole, quite
by the British working classes in any form of national favorable, an increase being indicated of £16,129,000
thrift movement, various Treasury expediences in imports and of £11,037,000 in exports during the
to attract investment of small savings in Govern­ month, as compared with the corresponding period
ment funds not having been successful on any import­ last year. The principal increases in imports were
ant scale. It is hoped that the increase in the sav­ £2,000,000 in food and £7,500,000 in raw materials,
ings bank rate, which is a proposal that is likely to including nearly £5,000,000 in cotton. The expan­
be understood fully by the working classes, will be sion in exports was mainly in manufactured articles,
more effective than the plans already tried. The of which £1,250,000 were cottons and £2,250,000
supply of labor throughout the United Kingdom were woolen textiles. The following table shows the
has been so greatly depleted by enlistments that trade of the United Kingdom in November 1915,
wages have steadily risen; to-day the demand compared with November 1914, also from Jan. 1 to
greatly exceeds the supply. Instead of saving from N ov. 30 for each of these years:
----- Month of November---- ----- From Jan. 1 to Nov.30----their increased incomes, however, the working
1915.
1914.
1915.
i9i4.
classes are spending more freely than before, and Imports............................... £71.647,130 £55.518.130 £783,281,669 £629.309,787
Exports................................ 35,638,619 24,601,619
350,699.270
403,951,797
when spoken to on the subject of the necessity of
Excess of Imports.......... £36,008,611 £30,916,511 £432,582,399 £225,357,990
thrift, very promptly respond that the wealthier
The following table gives the trade of Great
classes should set the example. They suggest that
Britain for the year to date, by months, compared
the salaries of Cabinet officers and other Govern­
with the corresponding months of last year:
ment officials, for instance, should be cut. As a
I-Jio.
iv it.
1915.
1914.
matter of fact, complaints on this score are not
£67,401,006 £68,005,009 £28,247,592 £47,806,165
confined to the workers. There is heard, too, January___________________
February................................. 65,268,814 62,053,651
26,176,937
41,261,797
among what may be termed the thinking classes of March____ ________________ 75,590,918 66,947,315 30,176,068 44,518,661
A pril......................................... 73,678,288 61,626,830
32,169,733
39,946,822
England, severe criticism that there is not by any M a y ______________________ 71,644,066 59,099,290 33,618,992 42,051,190
J u n e ......................................... 76,117,797 58,281,053
33,233,568
39,872,976
means a proper example of thrift being set in the July........................................... 75,548,147 59,376,484 34,721,511 44,405,380
higher circles. However, a number of the London A ugust..................................... 69,496,695 42,342,707 32,438,855 24,211,271
September................................ 70,292,919 46,006,607
32,308,432
26,674,101
newspapers are conducting a campaign which has October..................................... 67,792,557 51,379,435 31,968,965 28,601,815
71,647,130
55,518,130
35,638,610
24,001,619
N
ovem
ber...............................
become more or less popular (outside the interests
December....................................................
67,316,898 ...................
26,278,928
directly affected) in favor of reducing the salaries of
the Cabinet Ministers and all the larger Government
It is evident that the new rules recently authorized
salaries. Some of the Ministers hold, it is said, that in the London Stock Exchange market, including
it would be a good arrangement if, during the con­ the abandonment of certain minimum quotations
tinuance of the war, all the salaries of £5,000 and were the product more or less of necessity. The



D eo. 11 1915.)

THE CHRONICLE

Stock Exchange Committee has for some time been
investigating charges that outside firms have been
selling stocks below the official minima, one of the
large Joint Stock Banks, it is understood, being im­
plicated by the charges. Infractions of the rule
have, it is stated, been taking the form of a shad­
ing or cutting of commissions. After their investi­
gation the committee announced a decision that
members of the Exchange must not divide com­
missions with any agent who has acted in contra­
vention of the minimum regulations.
A further
change in the rules— an important change— is
one permitting the sale of American securities
through London by allied and neutral countries
to New York. The Treasury has stipulated, how­
ever, that the British center must act merely
as an agency for the seller and not for the pur­
chaser, and provision must be taken for pre­
venting benefit to enemies. Hence all such trans­
actions are to be first passed by a sub-committee.
This is thus far the only modification that the Treas­
ury has made against its absolute rule prohibiting the
importation of securities of any kind.

1917

make total credits voted of $10,000,000,000, by
Germany for war purposes. A report in regard to
the special loan banks created for the war which
frequently have been criticized has been published
by the Government. The report states that these
banks loan money on collateral and issue circulation
bills. The maximun of their loans was fixed at
3,000,000,000 marks ($750,000,000.) The highest
amount reached, on October 31, was 2,071,000,000
marks. Since that time the amount has decreased,
and on November 30 it was only 1,631,000,000
marks. The amount of circulation bills equals the
loans. These bills are necessary for circulation in
the vast territories occupied by the German armies.
Of the first war loan 27.6% of the instalments was
paid with borrowed money, only 8.6% of the second
loan was paid in this way, and 6.5% of the third loan.
This demonstrates, it is claimed, the increasing power
of the German nation to save money during the war.
The amounts borrowed on collateral have been repaid
regularly. On October 30 outstanding loans amount­
ed to 3.2 per cent of all installments on the first
war loan, 3.5 per cent of the second loan, and 6.6
per cent of the third, which is equivalent to less than
There is to be no official announcement of the vol­ 5 per cent of the total amount subscribed and paid
ume of subscriptions to the new French loan until on the three loans.
the date of the closing of subscription lists, as an­
nounced in the prospectus, namely, December 15.
Italy’s expenses in the war, according to a state­
Fantastic totals continue to be named, but these ment before the Chamber of Deputies on Tuesday by
are deprecated on the ground that they will tend the Minister of the Treasury, Paolo Carcano, reached
to produce disappointment in the actual totals $500,000,000 during the first five months, and will
among unthinking persons. It is a mistake, says proportionately be higher in the next seven months.
one French writer, “ to compare the present with the The Minister explained that the Budget of 1914-15
second loan in 1872 for the liberation of the country had been closed with a deficit of $567,000,000. The
when three and one half billion francs was demanded Budget of 1915-16 showed a surplus of $243,000,000,
and forty-three and a half billion was offered. The taking into account the war loans already issued.
subscribers then, knowing that the offers must But, he added, the surplus is much below the
be reduced, tendered the greatest possible sums to amount necessary for the expenditure indispensable
insuro them their allotment, whereas now the entire for the continuance of the war from the end of
sum is offered and accepted out of purely patriotic December to the end of June. Therefore, it is
motives.” On the Paris Bourse there has not this necessary to make another appeal to the Italian
week been particular activity in any direction. people for a great national loan. The Petrograd
Prices on the whole seem to have been maintained correspondent of the London “ Daily Mail” quotes
and financial sentiment at the French center appears M . Alexandroff, one of the directors of the State
to have become quite cheerful. An official report Bank of Russia, as saying that the new $500,000,000
published in Paris this week indicates distinct im­ Russian loan is a great success. “ Its success is
provement in industrial conditions in France. Of greater than that of the last loan,” M . Alexandroff
43,794 French factories, the number in operation said, “ and I think that the loan will be more than
last year had decreased to 48% of the total. It covered.” “ Officials of the Ministry of Finance are
has now risen to 81% . The total of unemployed equally cheerful,” the correspondent continues. “ All
working men fell to 31% of normal last year; it over Russia the subscriptions have been larger and
stands now at 74% . In some industries operations more numerous than was expected.”
now are as extensive as before the war. This is
true of the metals, chemicals, leather and transport­
Official bank rates at the European centers still
ation industries. Some of the other industries con­ remain as last quoted, namely: 5 % in London, 5%
tinue to show depression. Operations in the tex­ in Paris, 5% in Berlin, 5% in Vienna and 5% in
tile industry for instance are at present only 11% of Copenhagen. The rate is 5 )^ % in Italy, Norway,
normal compared with 48% last year. There has, Sweden and Portugal and 6% in Russia, while in
however, been a marked improvement reported in Switzerland, Holland and Spain it is 4 ^ % . The
the manufacture of clothing; Parisian dressmaking open market rates in London have been reduced
too has shown an unexpected revival. French rentes from 5 )^ % for both long and short bills to
closed at 64.50 francs which is without net change 5 3-16% indiscriminately as to maturity; day-to­
for the week.
day funds at the British center are still 4 @ 4 )4 % . A
434% private bank rate is reported from Berlin;
The German Reichstag will, according to cable otherwise the private bank rates at the continental
announcement by a semi-official news agency from centers are more or less nominal, being based on
Berlin, be asked to vote a further war credit of 10,­ negotiations governed by the official bank rates.
000,000,000 marks, supplementary to the 1915
budget. If exchange rates were normal this credit
The Bank of England lost £965,921 this week in
would amount to substantially $2,500,000,000 and gold and £846,000 in the reserve (there having been a




1 9 1 8

THE CHRONICLE

decrease of £120,000 in note circulation). An in­
crease in public deposits of £2,083,000 was more
than offset by a loss of £3,506,000 in the item of
other deposits. In the same way Government se­
curities increased £2,999,000, while other securities
(loans) decreased £3,571,000. The Bank now holds
£50,272,748 in bullion against £71,452,773 and
£36,619,884 one and two years ago, respectively.
The reserve stands at £34,567,000 against £54,151,­
403 in 1914 and £26,490,364 in 1913. The propor­
tion of reserve to liabilities is 24.27% against 24.61%
last week and 32.63% a year ago. The loan account
is £92,910,000. One year ago it was £117,600,464
and in 1913 £27,514,454. The Bank reports the
amount of currency notes outstanding as of D ec. 4
at £86,213,900 against £84,205,657 the week pre­
ceding. The amount of gold held for the redemp­
tion of such notes remains at £28,500,000. Our
special correspondent furnishes the following details
by cable of the gold movement into and out of the
Bank for the bank week: Inflow, £1,715,000 (of
which £1,215,000 bar gold bought in the open market
and £500,000 imported from abroad); outflow,
£2,681,000 (of which £344,000 exported to the
United States, £34,000 to Canada, £60,000 to South
America, £200,000 to Spain, £200,000 to Holland,
£33,000 to other continental points, £100,000 to
Japan, £200,000 earmarked Egypt and £1,510 net
sent to the interior of Great Britain). We add a
tabular statement comparing for the last five years
the different items in the Bank of England return:

[Vol.

101.

francs and 214,338,148 francs in 1914 and 1913
respectively. The Bank of France suspended pub­
lication of its weekly statement immediately after
the beginning of the war last year and did not re­
sume until February 4, 1915; hence no closer com­
parison with the 1914 figures is available than of
July 30 of that year. These are the figures used in
the foregoing comparison.
The latest report available by cable of the Imperial
German Bank is that of Dec. 7, which was received
here yesterday. It indicates for the week an increase of
943.000 marks in gold and a decrease of 201,095,000
marks in cash, the latter item including metal stock,
treasury certificates and notes of other banks.
Loans decreased 2,167,000 marks, discounts are
320.134.000 marks higher, note circulation showed
the further expansion of 1,478,000 marks, while
deposits increased 79,422,000 marks. The Reichsbank holds in gold 2,436,207,000 marks. One year
ago the total was 2,018,759,000 marks, while in 1913
the total was 1,208,722,000 marks. Combining
loans and discounts, we have a total of 4,989,757,000
marks, against 3,081,320,000 marks one year ago
and 911,060,000 marks the year preceding. Note
circulation aggregates 6,000,923,000 marks. On the
corresponding date of 1914 the total was 4,230,010,­
000 marks and in 1913 1,951,860,000 marks.

In local money circles there is little that is really
new to report. Commercial paper is offering with a
trifle more freedom and discount rates are a shade
BANK OF ENGLAND’ S COMPARATIVE STATEMENT.
1914.
1913.
1912.
1911.
1915.
firmer.
Open market operations of the Federal
D e c . 9.
D e c . 10.
D e c . 11.
D e c . 13.
D e c . 8.
£
£
£
£
Reserve banks were, by new regulations issued by the
£
Circulation.....................34.155.000 35,751,370 28,579,520 28,373,630 28,690,820
Federal Reserve Board on M onday, extended so as
Public deposits________ 52,443.000 45.002,331 7,889,286 11,217,543 14,489,390
Other deposits_________ 90,018,000 120,904.048 39,514,766 39,337,862 37,558,454 to permit these banks to go into the open market
11,184,993 13,034,576 15,237,210
Government securities.-32,840,000 11,959,187
The regula­
Other securities-------------92,910,000 117,600.464 27,514,454 30,985,460 28,799,516 and purchase domestic bills of exchange.
Reserve notes and coin. .34,567,000 54,151,403 26,490,364 24,321,926 25,713,211
tions
also
authorize
the
Reserve
banks
to
purchase
Coin and bullion-----------50,272,748 71,452,773 36,619,884 34,245,556 35,954,031
Proportion o t reserve to
cable
transfers
in
the
open
market.
Details
of these
48.13%
49.37%
32.63%
55.87%
liabilities.....................
24.27%
5%
4% changes are given on a following page.
5%
5%
So far as
Bank rate--------------------5%
can be learned, there have been no important opera­
The Bank of France still continues to add to its tions of this character thus far conducted by the
gold holdings, this week’s report showing the ex­ Reserve Bank in New York. The closing weeks of
ceptionally active increase of 62,510,000 francs the year are usually periods of considerable activity
which suggests that a large proportion of subscrip­ in money circles. This season is standing out
tions to the new loan are being paid in the precious prominently as an exception in this respect. The
metal. The silver stocks of the Bank decreased New York banks have again loaned quite freely upon
2.109.000 francs. There was a contraction of collateral consisting of American bonds and invest­
220.523.000 francs in note circulation but an in­ ment stocks that have arrived from London, though
crease of 250,270,000 francs in general deposits, the selling by cable of securities of this character does not
latter, too, undoubtedly being connected with the pro­ appear to have been as active as during the preceding
gress of the new loan. Bills discounted decreased fortnight. Last Saturday’s bank statement showed
6.701.000 francs, treasury deposits increased 54,­ an increase of $4,624,000 in loans, a decrease of
047,000 francs and the Bank’s advances registered $1,268,000 in demand deposits and of $593,000 in
an expansion of 47,509,000 francs. The Bank’s time deposits. Reserve in “ own vaults” decreased
gold will undoubtedly soon reach the unprecedented $2,114,000 to $519,221,000, including $463,275,000
5,000,000,000-franc mark, being now 4,939,942,000 in specie. The reserve in Federal Reserve banks
francs, which compares with 4,492,789,000 francs decreased $4,673,000 to $160,429,000, while reserves
one year ago and 3,520,250,000 francs in 1913. in other depositaries increased $1,997,000 to $55,­
Silver aggregates 357,817,000 francs against 625,­ 004,000. Thus the net change in the aggregate
325,000 francs in 1914 and 640,350,000 francs in reserve was a decrease of $4,790,000, while the surplus
1913.
Circulation is 14,670,676,000 francs against decreased only $4,167,310 as a result of a decrease of
9.986.041.000 francs in 1914 and 5,699,815,000 $622,690 in the requirements following the contrac­
francs in 1913.
General deposits
aggregate tion in deposits. The surplus is now $179,310,030
2.886.482.000 francs against 947,571,861 francs in and compares with $119,465,630 a year ago. The
1914 and 665,201,378 francs in 1913. Discounts bank statement in greater detail appears elsewhere in
register the large total of 2,214,017,000 francs this issue of the “ Chronicle.” The remarkable fea­
against 2,454,280,425 francs in 1914 and 1,414,­ ture of the money situation is the fact that idle funds
002,024 francs the year preceding. Treasury de­ remain so generally in the banks at a time when
posits are 161,696,000 francs against 382,561,817 general business throughout the country is so dili­



THE CHRONICLE

D e c . 11 1915.]

gently reported to be unusually active. This leads
to the suggestion that the extent of business revival
is in some measure being exaggerated. Otherwise
great commercial activity would require financing
and would in some measure restrain the movement
of funds to New York. Bearing on that point,
responses by well-known bank officers received by
the “ Journal of Commerce” this week in that jour­
nal’s investigation of actual trade conditions, bears
out the thought of over-statement. M r. J. J. M itch­
ell, the Chicago banker, while conceding that general
business in that section of the country shows steady
improvement and renewed confidence, declares
that it “ has not reached normal.” Charles A.
Hinsch, President of the Fifth National Bank of
Cincinnati, speaks of the optimistic feeling which
will, without doubt, have great sentimental influence
in “ re-establishing business on a normal basis within
the near future.” James B. Forgan, President of
the First National Bank of Chicago, does not believe
the activity is essentially of a domestic character.
He argues that the “ forward movement of business
will continue so long as European nations, against
whom an enormous trade balance is rolling up, can
settle for their purchases for us by shipping gold,
returning our securities or by arranging preferred
credits with us.” Other bank officers, while more
or less enthusiastic over business conditions as well as
prospects, were, nevertheless, inclined toward moder­
ation in their statements.
Referring to money rates in detail, demand loans
have once again remained pegged for the week at
1 % @ 2 % , these figures representing the lowest and
highest for each day of the week. The renewal rate
did not vary from the basis of 1 % % . Time money
quotations were without net change for the week,
closing at 2 % % for sixty days, 2 % % for ninety days,
2 % @ 2 % % for four months and 2 % % for five and
six months. A year ago sixty and ninety days
maturities closed at 4 % , and those for four, five and
six months at 4 @ 4 % % . Commercial paper, as
already noted, has been in rather freer supply and
buyers have advanced their minimum discounts to
3% from 2 % % , the closing figures being 3 to 3% %
for sixty and ninety days endorsed bills receivable
and for six months single names of choice character.
Names not so well known require as high as 3 % % .
Bankers’ acceptances remain at 2 % for sixty and
2% % for ninety-day maturities. No changes of im­
portance have been announced in the rates of the
Federal Reserve banks this week. The current
quotations are:

C o m m e r c ia l P a p e r —

3
......... 4
......... 4
........ 4

3
4
4
4

3
4
4
4

L lv e -S io c k P a p e r —
91 (lays to 0 months moturlty 5

5

4M 5

11 to 30
31 to 00
01 to 00

“
"
"

"
"
'*

T r a d e A c c e p ta n c e s —

1 to 10 (lays maturity........ 3H 3% 3
11 to 00 “
“
........ s y i 3% 3
61 to 00 “
“
......... 3>D 3 J-S 3
! ? C o m m o d ity P a p e r —

—
11 to 30 days maturity------- 3
31 to 00 “
••
......... 3 Vi __ 3
01 to 90 "
“
........ 3>H __ 3
91 (lays to 6 months maturity

3 'A

4
4
4
4
4H 4

5

4
4
4

3
4
4
4
4
4H 4

4
4
4
4
4M 4

4
4
4

5

5

5

4X 6

5

5

3M
4
4M

3% 3% 3M __ 3H
3H 3H 3
3% 3% 3H __ 3 Mi
3 H 3H 3
4
3>i
3>4
.
.
.
3
X 4
3H
4
——
—
—

3
3

3
3
3

— 3
__ 3
__ 3

3
3
3

Authorized rate for discount of bankers' acceptances, 2 to 4% .




S an F ra n c is c o .

23

K a n s a s C ity .

a
©

D a lla s .

M in n e a p o lis .

C h ic a g o .

| A t la n t a .

C lev ela n d .

R ic h m o n d .

j

P h i la d e l p h i a .

B o s to n .

CLASS
OF
R E D IS C O U N T S .

N ew Y ork.

|

FEDERAL RESERVE BANK DISCOUNT RATES.

3
3
3

3
3
3

3H
4
4H
5

1919

An improved demand for remittances partly on
New Year and holiday account has given a better
undertone to the market for sterling exchange this
week. Rates, however, have shown no very im­
portant advances, demand bills closing at 4.72
which compares with 4 70% a week ago. Gold has
continued to come forward, but less freely, this
week’s imports amounting to $200,000, while there
have been some heavy receipts of American securities,
most of which have, it is understood, found their
way into the loan departments of the New York
banks. While cable accounts from London still
fail to supply details of the British Treasury’s plan
to virtually requisition American securities, there
appears no doubt that the accumulation of American
stocks and bonds has in fact begun; London corres­
pondents still ascribe the activity— i. e. the selling
of American bonds in London— as resulting from the
Government’s plan. A draft of the Government’s
proposed plan has, it is reported, been furnished for
expert criticism to English insurance companies,
banks and other large holders of American securities.
It is not improbable that the Government is quite
willing that the active selling of American securities
should continue and that this is one reason why the
British Chancellor is endeavoring to continue as
long as possible without announcing a new war loan
for public subscription. At the present time the
sales of British Treasury bills are satisfactorily
answering his purpose. Shipments of securities
are quite as effective in the work of stabilizing
Sterling Exchange as shipments of gold. Hence so
long as they may be depended upon it is hardly
likely that the British Treasury will feel disposed
to put into operation its plan of borrowing the secur­
ities and using them as collateral against further
American credits to be arranged in New York.
A feature on the New York Stock Exchange this week
has been the selling for future delivery of the AngloFrench bonds. The price on Friday declined to as
low as 94% on sales “ seller 30 flat” (meaning that
sellers are to deliver the bonds within 30 days and
that no considerations of interest or carrying
charges enter into the transaction) which is about
1% points below the price to the underwriters.
The price of the bonds however remains about
97% for regular deliveries. The syndicate agree­
ment expires on December 15, after which date re­
strictions on sales by members of the underwriting
syndicate expire. N o progress has been reported
in the negotiations to raise an additional credit in
New York in favor of the English banks. It is not
impossible that the plan of the British Treasury to
collect American securities may have some reference
to this transaction, and may not be part of a more dis­
tant plan as has quite generally been supposed in
banking circles. Exports of merchandise continue
to go forward on a large scale, the Department of
Commerce’s weekly report as of last Saturday
showing through the thirteen principal customs
districts an excess of exports over imports of $54,­
926,495 comparing with $42,362,179 the preceding
week and $58,585,420 the week before. The gold
arrivals of $200,000 arrived on the American line
steamship St. Louis on Monday.
Compared with Friday of last week, sterling ex­
change on Saturday was practically unchanged and
demand was quoted at 4 7 0 % @ 4 70% , cable trans­
fers at 4 71 @ 4 71% , and sixty days at 4 6 7 % @
4 67% . On M onday activity and strength marked

1 9 2 0

THE CHRONICLE

the opening, chiefly as a result of heavy buying by
prominent banking concerns; demand reached 4 70
with the low 4 70}4, cable transfers ranged between
4 71 @ 4 71^8 and sixty days at 4 673^@4 68. Fur­
ther advances were recorded on Tuesday, to 4 7 2 @
4 72^8 for cable transfers, 4 7 i y @ 4 71 9-16 for
demand and 4 6 8@ 4 6 8 ^ for sixty days an active
demand for remittances in preparation for the yearend settlements at London, as well as a renewal of
foreign sales of American securities, were the prin­
cipal market factors. On Wednesday trading was
dull and the volume of transactions small; an in­
crease in the supply of offerings caused a slightly
easier tone, while a disposition was shown in some
quarters to await the outcome of pending develop­
ments; quotations ruled within narrow limits, at
4 71 7-16@ 4 l i y 2 for demand, 4 72 3-16@ 4 7234 for
cable transfers and 4 68@ 4 6834 for sixty days.
Large financial interests again entered the market as
buyers of sterling exchange on Thursday and rates
were very firm, demand bills advancing to 4 713
4 72, cable transfers to 4 7234@4 72% and sixty
days to 4 68% @ 4 69; rumors of peace discussions
also had a stimulating effect. On Friday the market
ruled firm at 4 7 2@ 4 7234 for demand, 4 7 2 % @ 4 73
for cable transfers and 4 6 8 % @ 4 69 for sixty days.
Closing quotations were 4 69 for sixty days, 4 72 for
demand and 4 7 2 % @ 4 72% for cable transfers.
Commercial on banks (sixty days) closed at 4 67,
documents for payment finished at 4 6734 and
seven-day grain bills at 4 71. Cotton for payment
closed at 4 7 1 % @ 4 71% ; grain for payment at
4 7 1 % @ 4 7134.
The Continental exchanges have shown a fairly
steady tone, taken altogether. German marks closed
at 7 8 % @ 7 8 11-16 for sight, against 7 8 % @ 7 8 % a
week ago, and cables closed at 78 11-16@78% ,
against 7 8 % @ 7 8 % . Austrian kronen sight finished
at 13.85 against 13.90 a week ago and 14.40 a fort­
night ago. Sterling checks in Paris closed at 27.68
against 27.6034 a week ago, while the Paris check rate
in New York closed at 5 84% , and cable transfers at
5 8334) against 5 85% and 5 84% last week. Swiss
exchange finished at 5 31 for sight and 5 30 for cable
transfers, against 5 3334 and 5 32% a week ago. A
seizure by the British Government of gold recently
shipped to Holland caused a demand for Dutch ex­
change. Bankers’ sight on Amsterdam closed at
4234 and cables at 4234, comparing with 41J4 and
4234 a week ago, while commercial sight is 41%@4134, against 41% . Italian lire are 6 58 for sight
and 6 5734 f ° r cables, against 6 56 and 6 55, respec­
tively, a week ago. Greek exchange remains on the
basis of 5 1534 f ° r checks. Copenhagen checks are
28 against 27.90 a week ago, and checks on Norway
and Sweden are 28.05 against 27.95. Russian rubles
are weaker, closing at 3 1 % @ 3 1 % , against 3 2 @ 32%
last week.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
lost $1,600,000 net in cash as a result of the currency
movements for the week ending Dec. 9. Their
receipts from the interior have aggregated $9,800,­
000, while the shipments have reached $11,400,000.
Adding the Sub-Treasury operations and the gold
imports, which together occasioned a gain of $3,­
341,000, 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 $1,741,000, as follows:



[Vol.

W e e k e n d in g D e c .

10.

Banks’ Interior m ovem ent________
Sub-Treas. oper. and gold imports..
T o ta l______________

.

Out o f
B an ks.

In to
B a n k s.

$9,800,000
29,313,000

101.

N et C h an ge in
B a n k H o ld in g s .

$11,400,000 Loss $1,600,000
25,972,000 Gain 3,341,000

S39,113,000l $37,372,000 Gain $1,741,000

The following table indicates the amount of bullion
in the principal European banks:
D ec.
B anks o f

England..
France___
Germany.
Russia__
Aus. Hunc
Spain___
Italy____
Netherl’ds
Nat.Belgh
Switz'Iand
Sweden . .
Denmark.
Norway . .

9 1915.

D ec.

10 1914.

G o ld .

S ilver.

T o ta l.

G old .

S ilv e r.

T o ta l.

£

£

£

£

£

£

50,272,748
50,272,748 71,542,773
71,542,773
197.601.000 14.26"0,666 211,861,000 165.901.000 14.041.000 179.942.000
121,762,700 1.900.000 123.662,700 100,946,550 2,084,650 103,031,200
173.891.000 2.855.000 176,746,000 176.540.000 4.348.000 180.888.000
51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
33.738.000 30.114.000 63.852.000 22.587.000 28.236.000 50.823.000
45.251.000 4.427.000 49.678.000 46.607.000 2.400.000 49.007.000
34.756.000
291,200 35,047,200 15.099.000
132,300 15,231,300
15.380.000
600,000 15.980.000 15.380.000
600,000 15.980.000
9,902,300
9,902,300 9.508,100
9,508,100
6.298.000
6.298.000 5.798.000
5.798.000
5.917.000
247,666 6.164.000 4.296.000
250,000 4.546.000
3.753.000
3.753.000 2.361.000
2.361.000
Tot. week 750,100,748 66,834,200 816,934,948 688,144,423 64,231,950 752,376,373
Prev. week 737,665,569 66,178,660 803,844,229 685,670,577 63,278.400 748,948,977
c July 30 1914 In both years, h Aug. 0 1914 In both years.

THE PRESIDENTS MESSAGE.
Like most Presidential Messages to Congress, after
a couple of years of a given Administration have
elapsed, Mr. Wilson’s address of last Tuesday was
voluminous in the number of topics covered. This
is an inevitable result of the multiplying of political
issues and political policies in the course of a Presi­
dential term, which renders virtually impossible,
in the later messages, concentration of Presidential
remarks on one main problem, tersely stated. Such
concentration happens in the first year of a Presi­
dential term— very rarely afterwards. Of this week’s
Message, with its successive discussion, among other
topics, of our attitude toward the European war, of
Government aid to shipping, of the condition of our
railways, and of the development of our economic
resources, public attention has chiefly and naturally
directed itself to two other questions dealt with in
the Message— first, that which had to do with the
attempts to destroy American munitions establish­
ments and American munitions ships in the interest
of European belligerents, and second, that which
dealt with the problem of increased national arma­
ment.
Concerning the first of these, the President’s posi­
tive declaration that laws must be enacted and en­
forced to prevent disloyal conspiracies against Amer­
ican industries, expresses the feeling of the immense
majority of American citizens, who have looked
with scant patience at the succession of attempts to
cripple, by violent means, industries which interna­
tional law and the official declarations of our Govern­
ment have alike pronounced legitimate and wholly
in line with the spirit of neutrality. Why the State
Governments, which are the proper guardians, in
such matters, of industries operating within their
borders, have not been more active in the matter, we
do not profess to know. But whether that results
from political timidity or from ill-equipped secret
service and investigating machinery, it is certain that
the thing must be dealt with— even if the Federal
Government has to take it directly in hand, on the
ground of protecting national interests.
The President’s statements on the question of
armament raise other and perhaps larger issues. We
remarked, in discussing the subject before, that
the fact of the United States arming, even during
the progress of the European war, would be a curious
commentary on the theory— widely held when the
war broke out— that a policy of universal disarma­
ment would be its normal sequel. Mr. Wilson’s

Dec . 11 1915.]

THE CHRONICLE

recommendations for increase in our army, our navy
and our military reserves, in his Message of Tuesday,
illustrate even more forcibly the drift of things in
that regard. Only a year ago, in his annual message
to the second session of the last Congress, the Presi­
dent asked, with reference to the assertion that we
were not prepared for war, “ What is meant by being
prepared?” He continued:

1931

if for no other purpose, to avoid the mishaps and con­
flicts of authority which upset our War Department
during the Civil War and in a less degree, though still
with very unfortunate results, at the outbreak of the
-Spanish War. Possibly the complete change of at­
titude on Mr. Wilson's own part is itself the strongest
evidence of the existence and pressure of such a body
of public opinion. As politicians would probably put
“ Is it meant that we are not ready upon brief no­ it, national defence bade fair to be the main issue of
tice to put a nation in the field, a nation of men the opposition party in the Presidential contest of
trained to arms? Of course we are not ready to do 1916 so long as the President held to his attitude of a
that; and we shall never be in time of peace so long year ago; for which reason, as a bold political coup,
as we retain our present political principles and insti­
the Administration itself seized on this political
tutions.”
weapon and made it its own.
But could we defend ourselves from attack? “ We
There are still other considerations, in this matter
have always found means to do that,” the President of changing opinion on the general question. Per­
then answered, “ and shall find them whenever it is haps not least of all, the feeling has grown that when
necessary, without calling our people away from their protests as stern and vigorous are made, as that which
necessary tasks to render compulsory service in times the State Department this week addressed to the
of peace. * * * We shall not turn America into Austrian Government, regarding the torpedoing of
a military camp. We will not ask our young men to the Ancona, we are reaching a stage in which at least
spend the best years of their lives making soldiers of some evidence of potential enlargement of military
themselves.” In short, our energy “ will know how capacity was necessary to insure respect to our repre­
to declare itself and make itself effective, should oc­ sentations. It was not a question whether the United
casion arise.”
States is likely to go to war over this incident; noth­
As against this declaration, whose general purport ing is more improbable in the case of Austria, with
then seemed unmistakable, Mr. Wilson’s Message whom we have no possible field of military contact.
But the question seems more or less vaguely to have
of this week contained the following statement:
“ But war has never been a mere matter of men and arisen in the public mind, whether a policy of oppo­
guns. It is a thing of disciplined might. If our sition to all increase in military preparation would
citizens are ever to fight effectively upon a sudden not instil the notion in a foreign Government’s mind
summons, they must know how modern fighting is that our State Department’s protest was merely a
done, and what to do when the summons comes to matter of negligible words.
render themselves immediately available and imme­
All these considerations, and their bearing on pub­
diately effective.”
lic sentiment, are manifest enough. Nevertheless,
To effect this, the President proposes to increase the dangers involved in such a change of attitude as
the regular army from 5,023 officers and 102,985 the President’s are equally manifest. For ourselves,
enlisted men to 7,136 officers and 134,707 enlisted we believe that people who unreservedly endorse
men; also that 750 new officers be appointed for ex­ Mr. Roosevelt’s sweeping ideas of a military estab­
tra service, especially training, and 792 non-commis­ lishment are as few in number as those who accept
sioned officers for drill service and recruiting. As unreservedly Mr. Bryan’s views in opposition to all
regards the citizen reserve army, the President makes preparation for a national emergency. Between
this proposal:
these two extremes there lies undoubtedly some pol­
icy
of reason, conservatism and safety. But who is
“ By way of making the country ready to assert
some part of its real power promptly and upon a to say what that policy is? Even if one were to
larger scale, should occasion arise, the plan also con­ grant that the American people in the past have been
templates supplementing the army by a force of lulled into a feeling of false security— a fact which it­
400.000 disciplined citizens, raised in increments of
self remains to be proved, and which is by no means
133.000 a year throughout a period of three years.
This it is proposed to do by a process of enlistment proved conclusively by our history— it is equally true
under which the serviceable men of the country that there exists a large body of public men, military
would be asked to bind themselves to serve with the and naval experts, and excitable citizens, whose ideas,
colors for purposes of training for short periods if followed, would carry the United States headlong
throughout three years, and to come to the colors at into the race of competitive national armaments
call at any time throughout an additional 'furlough' which has for nearly half a century been the increas­
period of three years.
ing curse of Europe.
“ This force of 400,000 men would be provided with
The fact that such a program, inclining to judge the
personal accoutrements as fast as enlisted, and their
equipment for the field made ready to be supplied whole question by European standards, is supported
at any time. They would be assembled for training by expert opinion professionally interested in army
at stated intervals at convenient places in associa­ and navy expansion, renders its influence unques­
tion with suitable units of the regular army. Their tionably considerable. Combined with the situa­
period of annual training would not necessarily ex­ tion which at present actually exists abroad, it opens
ceed two months in the year.”
at least the possibility that Congress itself, now that
Now it is not our purpose to decry or dispute the the Administration has relaxed restraint, might be
general policy thus enunciated by the President. carried along on a wave of hysterical excitement to
We think it probable, notwithstanding criticisms and venturesome plans and prodigal appropriations and
objections in many influential quarters, that a very to a total reversal of our historic policy. This is the
considerable body of American citizens believe that always-present possibility, against which conserva­
our army should be conservatively increased and our tive and well-balanced men, even among the advo­
militia organization brought into much more sys­ cates of a larger military establishment, ought to
tematic and co-ordinated establishment— in order, oppose themselves resolutely and at every point.



THE CHRONICLE

1922

|Vol. 101.

W e h a v e m o r e t o s a y o n th e s u b je c t o f p re p a re d n e ss

w e s h o u ld h a v e o n o u r s id e t h e v a s t f a c t o r o f

tim e.

in t h e s u c c e e d in g a r t ic l e .

That

su re;

t h is

w ar

w ill

c lo s e

n e it h e r v a n q u is h e d

“ PREPARED N ESS”

w it h

e x h a u s t io n

n o r v ic t o r

w ill b e

in

is

pow er

or

d e sire fo r a n y t h i n g b u t r e c u p e r a t i o n , a n d r e c u p e r a ­
t io n is a m a t t e r o f l o n g y e a r s .

L e t u s n o t s h iv e r a t

fir s t i n s t a l l m e n t o f t h e c o n s t i t u t i o n a l r e c o m m e n d a ­

fo r m le s s s h a d o w s ; w h a t

nam e

t io n s w h ic h in t h e l a s t C o n g r e s s h a d n e a r l y t h e fo r c e

n a tio n ?

of com m and s.

rea son

T o t h is n e w C o n g r e s s M r . W i l s o n h a s o ffe r e d th e

T h ese ru n

on

t h e lin e o f w h a t h a s

c o m e in to th e p r e se n t v o c a b u la r y a s “ p r e p a r e d n e ss”

Is

it

Is
to

it

any

dread

in

is t h e
E u rope?

Japan

or

Is

o f th e

fe a r e d

th e r e

any

Is

M e x ic o ?

C h in a ?

it

M ars?

F o r a f u ll q u a r t e r c e n t u r y , a n d e v e n f r o m

a n d h a s b e e n d r iv e n w it h s u c h i n t e n s it y o f l a t e t h a t

re a l

1871,

o n e o f t h e g r e a t e s t o f o u r m e t r o p o l i t a n d a ilie s h e a d e d

G e r m a n y h a d p la n n e d a n d p r e p a r e d fo r w h a t w a s t o

it s

b e a c r u s h in g s w o o p ; sh e lo s t t h a t , a n d is in p r o g r e s ­

W a s h in g to n

“ C on gress

page

O pens

on

Its

T u esd ay

W ar

w it h

S e s s io n ;

t h e s e lin e s :

O r g a n iz e s

fo r

P r e p a r e d n e s s a n d W i l l H e a r P r e s id e n t T o - d a y , ”

as

s iv e e x h a u s t i o n .
th e

s e n s a t io n a l

T a k e t h e w o r s t s u p p o s i t io n ; t a k e
“ m o v ie ”

e x h ib it io n

o f th e

hour

as

i f i t w e r e g e n e r a l ly r e c o g n iz e d t h a t t h e fir s t d u t y is

p r o p h e s y , a n d it is t r u e t h a t if a h o s t ile w a r s h ip w e r e

to

m ilita r y

s ta tio n e d o ff R o c k a w a y , b e y o n d rea ch o f a n y la n d -

W e h a v e a ll b e e n h e a r in g a d i n , a n d

m o u n te d g u n s w e n o w h a v e , sh e m ig h t d o d r e a d fu l

s c o r n h a s b e e n p o u r e d u p o n t h o s e w h o b e lie v e t h e r e

t h in g s t o N e w Y o r k , a n d t h a t t h is g r e a t c i t y w o u ld

is a m id d l e c o u r s e b e t w e e n a d e t e r m i n a t i o n t o b e in

b e t h e fir s t o b j e c t i v e p o i n t o f a n e n e m y o n t h e c o n ­

ru sh

th e

c o u n try

e x p e n d itu r e .

upon

a

program

of

t h e f r o n t lin e o f t h e n a t i o n s in m i l i t a r y s t r e n g t h
t h e c o w a r d ic e

w h ic h

fe a r s w a r a s t h e

and

h ig h e s t c o n ­

dare

of

E u rope.

t h is

scorn

so

fa r

as

to

a p p ly

a

c a lm

a n a ly s is a n d a s k w h o is e x p e c t e d t o a t t a c k u s .

At

p o te n cy .

v o lc a n o

b r e a k in g

fo r th

on
The

P r e p a r e d n e s s fo r s u c h a v i s i t o r , s t ill v e r y

fa r a w a y , n e e d n o t g o i n t o h u n d r e d s o f m illio n s a n d

t h e u t m o s t s t r e t c h , th e r e a re o n l y t h r e e c o n c e iv a b le

e la b o r a te

s i t u a t i o n s w it h w h ic h t h is w a r c a n c lo s e :

1, th e s u b ­

o ffe n s e ,

and

co n q u est;

w ith o u t

a s s u m in g

s t a n t ia l

A

“ i f ” in t h is t e r r if y in g c a s e i s , h o w e v e r , o f t h e la r g e s t

c e iv a b le e v i l.
Yet

t in e n t

S t a t e n I s la n d w o u ld a ls o b e v e r y d e s t r u c t i v e .

su ccess

of

G e r m a n y ’s

dream

of

sh ip s.

D e fe n s e

is a n o t h e r

e a s ie r .

A sk

fa r

th a t

th e

our

w ork

p r o b le m

th a n

in v e n to rs,

and,

is

a c c o m p lis h e d

2 , a p a t c h e d - u p p e a c e w h ic h c a n s a t i s f y n o b o d y a n d

a l r e a d y , g iv e s c o p e t o

can

t h e fu t u r e lo c k e d b u t s w i f t l y d is c lo s in g in t h e w o r d

b e o n ly

a tru c e ; 3 ,

t h e c o m p le t e o v e r t h r o w

of

m i li t a r is m , i f n o t o f t h e G e r m a n d y n a s t y a ls o , a n d th e

“ w ir e l e s s .”

in a u g u r a tio n

“ p r e p a r e d n e s s ,”

th e

of

a n o th e r

s u p p o s i t io n s ,

p r o m p tly ;

w h ile

but

r e p u b li c .

th e

b o a sts

fir s t

T h is

m u st

ex h a u sts

be

a r e s t ill m a d e ,

r e je c te d

th ey

soun d

m eans

as to

E v e n g r a n t th e m o s t r a d ic a l c la im s f o r
and

w ill s u r v i v e

I t w o u ld

a r a t io n a l im a g in a t io n

nobody

th e

be u tte r w a ste to

m ake

m uch

s e n d in g o ld w o r k a n d th e o r ie s t o th e s c r a p h e a p .

of

b e in g

d e fe n s iv e

C le a r ly ,

th e

has

e n d in g

v is i b l y

m u st

becom e

be

e it h e r

im p o s s ib l e .

th e

d e fe a t

of

w e m u s t g o in t o

w h ile

w ar.

in c r e a s e

p la n

p r e te n s e

s h ip s

w hat

o f t h is

c o s tly

u n d e r t h e f o o lis h

p e r is h a b le

p r e c is e ly

h o llo w e v e n in t h e e a r s o f t h o s e w h o m a k e t h e m ; t h e
o r ig in a lly la u n c h e d

and

know s

d e m o n str a tio n

new

d e v ic e s

c o n s t r u c t i n g , t h e r e fo r e , le t

of
are
If

us

be

v e r y d e lib e r a t e a b o u t i t .

T h e fu r t h e r

T a k i n g a n o t h e r a n g le o f v i e w , a re w e r e a d y t o g iv e

o f t h e s t r u g g l e , w it h it s in c id e n t s a n d i t s

e n t r y h e r e t o t h e d e m o n o f m i li t a r is m a n d p e r m it its

c o s t s , is h id d e n ; y e t n o t e v e n t h e f l i p p a n t c a n d e n y

g r a d u a l c o n t r o l o f o u r g o a l s , o u r t h in k in g , a n d o u r

m ilit a r is m o r s o m e c o m p r o m is e w it h i t .
d u r a t io n

th a t

th e r e

is

an

u n c o n q u e r a b le

o n v e r r u lin g

p la n .

If

i t is t h a t , f o r s o m e
is a t t h e

P r o v id e n c e ,

h is t o r y

te a ch e s

w it h

an

a n y th in g ,

u n r e v e a le d r e a s o n , a ll p r o g r e s s

a s w e ll a s o f o u r m a t e r ia l e x p e n d i t u r e ?
t h e la w

p a r t y is a w a r p a r t y .

o f th e

case a n

arm am en t

R e c a l l a t t h is p o i n t a li t t l e

a ll in d ic a t io n s

o f th e a rg u m e n t o f M r . H ir s t o f th e L o n d o n “ E c o n o ­

o f b r in g in g in d e m o c r a c y .

m i s t , ” in h is t i m e l y b o o k r e v ie w e d in t h e “ C h r o n i c le ”

p r ic e o f t r a v a i l ; t h e r e fo r e ,

a re t h a t t h is is t h e w a y

sta n d a rd s,

O b serv e th a t b y

A l l o b s e r v a t i o n p r o c l a im s a u n iv e r s e w it h a n o r d e r ly

on N o v . 2 7 .

sch em e

t r a d e o f a r m a m e n t c o n c e r n s a n d t h e p r o fit s o f t h e ir

w h ic h

p e r m it s

but

is

not

h a lte d

by

s m a ll

W a r , h e s a id , is in d is p e n s a b le t o t h e

r e v e r s e s ; t h e c lo c k d o e s n o t m o v e b a c k w a r d s ; e v o l u ­

m any

t io n

h e r e ; s u p p l y in c r e a s e s d e m a n d i n s t e a d o f s a t i s f y i n g

goes

by

s t e p s c e n t u r y -w i d e ; i f t h is is n o t t h e

la s t s t r u g g l e o f a n a b s o lu t is m

le d i n t o m a d n e s s fo r

it.

s h a r e h o ld e r s .

O r d in a r y

e c o n o m ic

la w s

fa il

I f A r g e n t i n a b u y s b a t t l e s h i p s , B r a z il m u s t b u y

its o w n d e s t r u c t i o n , t h e n t h e r e is n o m e a n in g t o b e

s o m e , a n d j u s t a fe w m o r e .

fo u n d a n d t h e in e x p r e s s ib le c o s t w ill g o fo r n a u g h t .

s u p p lie s s h ip s o r g u n s t o o th e r n a t i o n s , t h is fu r n is h e s

T a k in g

a r e a s o n fo r in c r e a s e d p u r c h a s e o f t h e m b y E n g l a n d

th e

broad

v ie w

c o n s e q u e n c e s w o u ld

and

r e f le c t in g

be in v o lv e d , can

upon

any

w hat

t h in k in g

in

th e

n e x t y e a r ; w h ereas

v ic t o r i o u s ,
w ill

not

v ic t o r i o u s
h a u s t io n

it

w ill

to

th e

is

su re

a tta c k

a tta c k

th a t

u s,

anybody.

G erm an y,
som e

presen t

and
But

q u e s t io n

none
a

fo r

th e

b e a te n
su pp ose

w r e s t in g f r o m

c o m p r o m is e

of

th e

p a tch w ork

N ow

G erm an y

o bserve

a

be

th e gen eral ex ­
w h ic h

s h a ll

w o u ld

in E n g l a n d . ”

A llie s ,

p a r tly -

t h is

s o ld

h a v e n o t e n d e n c y t o in c r e a s e t h e d e m a n d fo r b o o t s

hom e

m erch a n ts

fir m

w in a s i n t e n d e d ?

S ta te s,

or Ita lia n

E n g lis h

m a n s e r io u s ly c o n c e iv e i t p o s s ib le t h a t G e r m a n y c a n

B rought

A u str ia n

“ if a n

b o o ts

U n ite d

to

I f a n E n g lis h c o n c e r n

t a k e t h e s ig n if ic a n c e o f t h is a r g u m e n t , a n d
th a t

p u t on

to o

it.

m uch

Go

in t o

e m p h a s is

cannot

p o s s ib l y

a r m a m e n t-m a k in g , a n d

we

c r e a t e a w a r p a r t y i n e v it a b l y b y c r e a t in g a p o w e r fu l
in te re st

fo r

w h ose

“ b u s in e s s ”

w ar

is

n ecessary;

s a v e t h e d y n a s t y b y w h a t p a s s e s fo r a n “ h o n o r a b le ”

n e c e s s a r y b y t h e s a m e n a t u r a l la w w h ic h m a k e s la b o r

p e a ce ; or ta k e

d is t u r b a n c e s p e r io d ic a lly n e c e s s a r y t o t h e p o w e r o f

th e

ex tre m e

(if

anybody

in s is ts

on

im a g in in g t h a t ) a n d s u p p o s e a v ic t o r i o u s G e r m a n y —
w hat th 6 n ?
D o c tr in e

w o u ld

r e n t s ix t e e n
p r o b a b ly

B e f o r e a n u n c h e c k e d fo r c e , t h e M o n r o e
b e fe e b le r t h a n

m o n th s

lo o k

to

of paper

a g o , a n d G e r m a n y w o u ld v e r y

th e A m e r ic a n

c o lo n iz in g a g g r e s s iv e n e s s .




th e s c r a p

Y e t,

o n t i n e n t fo r s o m e
th e v e r y

w o r st,

u n io n le a d e r s .
P r e p a r e d n e s s fo r p e a c e r a t h e r t h a n fo r w a r is o u r
great n eed .
and

W a r in i n d u s t r y w e s h a ll s u r e ly h a v e ,

w e h a v e it a lr e a d y .

The

ir r e p r e s s ib le c o n f lic t

w h ic h w ill f in a lly fix u n s h a k a b l y t h e r ig h t t o w o r k
and

to

h ire

is

s till

u n fin is h e d ;

g r a p p le w ith

th a t.

THE CHRONICLE

Deo . 11 1915 |

A s a n im p le m e n t o f w a r w h e n w a r b re a k s o u t , th e

fa c e

r a ilr o a d

m ade

ranks

am ong

th e

fir st,

as

G erm an y

has

s h o w n t o t h e w o r ld ; w h a t is t h e e f fic ie n c y o f o u r r a il­
road s,

w it h

t e r m in a ls

of em bargo
d is ta n t?

by

th e

one

b o th
The

o f a w a r 3 ,0 0 0

m ile s

b e e n , o f c o u r s e , t h e b u il d in g o f t h e P u g e t 'S o u n d lin e

o ffic ia l

o f w illin g n e s s )

n o te
to

i n d ic a t iv e

lig h te n

th e

o f in te n t

g r ip

w h ic h

(o r
has

b e e n t h r o t t li n g o u r m o s t i m p o r t a n t i n s t r u m e n t a li t y

th e

th e

w h ic h

p r e v i o u s ly -e x is t i n g

tr a ffic ,

of

in

in to

m en ts.

to

Y e t t h e r e is n o t n o w , a m o n g a ll t h e d in

p o w e rfu l

o f a s e r io u s k in d a n d

in r o a d s

p o in t

a lm o s t

o v e r a p r o g r a m o f h u g e t a x e s fo r m i li t a r y p r e p a r a t io n ,

even

c o m p e t it i o n

e x t e n s iv e

th e

gorged

dem ands

new

1923

passen ger

m o s t im p o r ta n t

M ilw a u k e e

&

S t.

and

fr e ig h t

d e p a rt­

n e w c o m p e t it i o n

P a u l.

T h is

new

has

P a c if ic

C o a s t lin e p a r a lle ls i m p o r t a n t p a r t s o f t h e N o r t h e r n
P a c ific

and

cen ters.

a ls o

to u ch es m a n y

o f th e sa m e

tr a ffic

I t h a s , s in c e it s c o m p l e t i o n , b e e n t a p p i n g

so m e o f th e b e s t so u r c e s o f tr a ffic p o ssesse d b y th e

o f i n d u s t r y a n d t h e o n e w h ic h a w a r w o u ld a l m o s t

N o r th e rn

p a r a ly z e i f i t c a m e o n u s t o - d a y .

b o t h t h e p a s s e n g e r b u s in e s s a n d t h e f r e ig h t b u s in e s s .

M r . W i l s o n t a lk s

P a c if i c .

And

th e

sta te m e n t

a p p lie s

to

m u c h , a n d in b e a u t i f u l r h e to r ic a s u s u a l , b u t a ll h e

M u c h t r a ff ic h a s b e e n d r a w n a w a y f r o m t h e N o r t h e r n

s u g g e s t s is a n o t h e r

P a c if ic t h e e n j o y m e n t o f w h ic h i t w o u ld s t ill p o s s e s s

c o m m is s io n

o f i n q u i r y ; in s t e a d

o f r e m o v i n g o r lig h t e n in g t h e g r ip , s e t u p o n e m o r e

except

c o m m is s io n a b o u t i t .

F u r t h e r m o r e , r e p e a t in g s o m e

w as

fir s t

o f t h e o ld e c o n o m ic fa lla c ie s a b o u t t h e in d is p e n s a b le ­

a ls o

d iv e r te d .

n e s s o f A m e r i c a n -o w n e d

M ilw a u k e e

s h ip s t o

fo r e ig n

tra d e , he

fo r

th e

b u il d in g

a ffe c t e d
It

&

of

th e

and

la t e r

w as

on

S t.

Paul

new

li n e .

p assen ger

M ay

29

F r e ig h t

t r a f f ic

1911

e s t a b lis h e d

w as

th a t

d o u b le

th e

d a ily

b r in g s u p a g a in t h e s h ip p in g b ill o f t h e la s t s e s s io n ,

p a s s e n g e r t r a in s e r v ic e b e t w e e n C h i c a g o a n d P u g e t

a v e r r in g t h a t t h e G o v e r n m e n t a lo n e c a n d o t h e w o r k ;

Sound

“ i t s h o u ld t a k e t h e fir s t s t e p s , a n d s h o u ld t a k e t h e m
a t o n c e .”

E v e n s o ; it

should

“ t a k e t h e m a t o n c e ,”

b u t t h e fir s t s t e p s h o u ld b e t o r e m o v e t h e d e a d e n in g

p o in t s v i a S t . P a u l .

O t h e r n e w l y -o p e n e d lin e s h a v e a ls o s e r v e d t o e n ­
croach
b oth

upon

th e

b u s in e s s

o f th e

p a s s e n g e r a n d f r e ig h t .

In

N o r th e rn

P a c if i c ,

1 9 1 0 th e N o r th e r n

h a n d , b e g in n in g w it h r e p e a l o f t h e “ S e a m e n ’ s ” la w .

P a c if ic r e p o r t s p o k e o f t h e m a k i n g o f a c o n n e c t io n

To

b e tw e e n th e C h ic a g o B u r lin g to n

h a l t p r iv a t e in it i a t i v e b y

th e th re a t o f g o v e r n ­

&

Q u in c y a n d t h e

m e n t a l in t e r v e n t io n a n d c o m p e t it i o n , a n d t h e n c ite

G re a t N o r th e rn

t h a t h a l t i n g a s th e c o n c lu s iv e r e a s o n w h y G o v e r n ­

S p o k a n e P o r tla n d

m e n t m u s t p r o c e e d t o fu lfill t h e t h r e a t , is in v e r t e d

a n d S p o k a n e , a n d o f t h e o p e n in g o f t h e M i n n e a p o l i s

and

S t . P a u l & S a u l t S t e . M a r i e lin e t o D u l u t h a s h a v i n g

d an gerou s

lo g i c .

C an

anybody

in

h is

sober

a t B illin g s ,
&

o f t h e b u il d in g

S e a t t le R y . b e t w e e n

o f th e

P o r tla n d

se n s e s fa il t o p e r c e iv e h o w p r iv a t e in it i a t i v e m u s t b e

a d v e r s e ly

re ta rd e d

t h is n e w c o m p e t it i o n h a s c o n t in u e d a c t i v e l y in f o r c e .

by

th e

u n c e r ta in ty

o f th e

cou rse

o f p o li­

t ic i a n s , a n d a t t h e o p e n in g o f a C o n g r e s s w h ic h m a y
s it a ll t h r o u g h

th e y e a r a n d

s ig n a liz e d its

o p e n in g

d a y b y a f lo o d

o f b ills o f a ll s o r t s , m o r e t h a n 1 ,1 0 0

a ff e c t e d

th e

N o r th e rn

P a c if i c .

And

a ll

A s t o t h e n e w c a p it a l a d d it io n s m a d e n e c e s s a r y in
p r o v id in g f o r a n e x t e n s iv e s y s t e m

o f n ew b ran ch es

a n d fe e d e r s , i t m a y b e r e c a lle d t h a t in J a n u a r y 1 9 0 7
$ 9 3 , 0 0 0 , 0 0 0 o f n e w s t o c k w a s o ffe r e d t o s h a r e h o ld e r s

in t h e S e n a t e a lo n e , w h ic h is t h e s m a lle r b o d y ?

a t p a r , s u b s c r ip t io n s b e in g

p a y a b le in in s t a llm e n t s

e x t e n d in g o v e r a p e r io d o f t w o y e a r s , t h e la s t fa ll in g

T H E N O R T H E R N P A C IF IC R A I L W A Y REPO RT.
As

in

th e

case

of m ost

o th e r

roa d s,

t r a ff ic a n d

d u e in J a n u a r y 1 9 0 9 .

T h r o u g h t h is n e w s t o c k is s u e ,

t h e t o t a l o f t h e s t o c k w a s in c r e a s e d t o $ 2 4 8 ,0 0 0 , 0 0 0 ,

in c o m e p r o s p e c t s o f t h e N o r t h e r n P a c if ic h a v e n o w

a g a in s t t h e fo r m e r t o t a l o f $ 1 5 5 ,0 0 0 , 0 0 0 .

g r e a t ly i m p r o v e d , b o t h

d e n d d is t r ib u t io n b e in g 7 % , t h e c a ll fo r d iv id e n d s w a s

b y r e a s o n o f t h e r e v iv a l in

b u s in e s s a n d th e s p le n d id g r a in h a r v e s t s o f t h e la t e
season .

T h e d iv i­

r a is e d f r o m $ 1 0 , 8 5 0 , 0 0 0 p e r a n n u m t o $ 1 7 , 3 6 0 , 0 0 0 .

T h e r e p o r t fo r t h e fis c a l y e a r e n d in g n e x t

I t h a s b e e n n o e a s y m a t t e r t o m e e t th is g r e a t in ­

J u n e s e e m s lik e ly o n t h a t a c c o u n t t o m a k e a v e r y

c r e a se o f o v e r

m u c h b e t t e r s h o w in g t h a n t h a t o f a n y r e c e n t y e a r .

dend

T h e tw e lv e m o n th s , h o w e v e r , c o v e r e d b y th e re p o r t

t io n s g e n e r a l ly , a n d u n d e r t h e in t e n s it y o f t h e n e w

n o w t o h a n d fo r t h e y e a r e n d in g J u n e 3 0 1 9 1 5 w e re

c o m p e t it i o n

m arked

r o u t e r e fe r r e d t o ,

n o te d

by

in

a

c o n t in u a n c e

th e y e a r s

of

th e

a d verse

p r e c e d in g , a n d

as

a

fe a t u r e s

m a tter of

la r g e

d iv id e n d s

1915

b r in g

w as

th e

m ost

u n f a v o r a b le

o f th e

w h o le

se r ie s .

a t im e

o f u n f a v o r a b le

a r is in g o u t o f t h e

m a r g in

f a c t it m a y b e a ffir m e d w it h e n t ir e a c c u r a c y t h a t t h e
year

m illio n d o lla r s in t h e y e a r l y d iv i­

r e q u ir e m e n t a t

and

about

of

b u t th e
in c o m e

th e
an

o p e n in g

c o n d i­

o f th e

c o m p a n y s ta r te d

above

m anagem ent

im p o r ta n t

th e

y e a r ly

have

advance

been
in

new

w it h
c a ll

a

fo r

a b le

to

o p e r a t in g

e f f ic ie n c y .

W i t h t h e w o r s t n o w b e h i n d , a n d a b r ig h te r v i s t a

N o a t t e m p t is m a d e in t h e r e p o r t t o c o m p a r e t h e

a h e a d , it s e e m s o n l y p r o p e r t o n o t e t h a t th e N o r t h e r n

in c o m e a c c o u n t fo r 1 9 1 5 w it h t h a t fo r 1 9 1 4 , o w in g

P a c if ic

t o t h e g r e a t c h a n g e s in a c c o u n t i n g f o r m

has

p a ssed

very

c r e d it a b ly

c e e d in g l y t r y i n g p e r io d .

th ro u gh

an

ex­

P r a c t ic a ll y a ll th e r o a d s in

by

th e

I n t e r -S t a t e

C om m erce

p r e s c r ib e d

C o m m is s io n

and

t h e c o u n t r y h a v e h a d s e v e r e c o n d it io n s t o c o n t e n d

e ffe c tiv e

a g a in s t in r e c e n t y e a r s , a s th e r e a d e r k n o w s , b u t t h e

f o r m s o f in c o m e a c c o u n t a re s o r a d ic a l, i t is s t a t e d , a s

N o r t h e r n P a c if ic w a s p u t t o v e r y u n u s u a l t e s t s , a n d

to

h a s , n e v e r t h e le s s , b e e n a b le t o e a r n a n d t o p a y its

th e y e a r

7%

d iv id e n d s,

th o u g h

w it h

th e

m a r g in

J u ly

1

1914.

m a k e im p r a c t ic a b le
p r e c e d in g .

The

th e

d iffe r e n c e s in

th e

u s u a l c o m p a r is o n s

tw o

w it h

I t i s , t h e r e fo r e , i m p o s s ib le t o

o f in c o m e

i n d i c a t e , e x c e p t in a g e n e r a l w a y , t h e e x t e n t o f t h e

a b o v e t h e d iv id e n d r e q u ir e m e n t s s t e a d ily d w in d lin g ,

fu r t h e r lo s s in r e v e n u e s in t h e la t e y e a r o r h o w fa r

a s o f c o u r s e w a s i n e v it a b l e in t h e c ir c u m s t a n c e s .
We

have

s o m e o f th e s p e c ia l a d v e r s e fe a t u r e s u n d e r w h ic h t h e

a ls o th e r e a re d e t a ile d c o m p a r is o n s o f t h e e x p e n d i­

has

annual

r e v ie w s

C er­

t a in it e m s o f r e v e n u e , h o w e v e r , a re c o m p a r e d , a n d

It

p r e v io u s

t h e lo s s w a s o ffs e t b y r e d u c t io n s in e x p e n s e s .

in d ic a t e d

N o r th e rn

in

P a c if ic h a s l a b o r e d , a ll p e c u lia r t o it s e lf .

had

to

spen d

p e r f e c t ly

en o rm o u s

su m s

in

tu re s;

f r o m t h e t w o t o g e t h e r i t is p o s s ib le t o d e r iv e

a r o u g h id e a o f t h e e x t e n t t o w h ic h t h e c o n t r a c t io n

d e v e lo p i n g t h e t r a ff ic c o n t i g u o u s t o th e lin e s o f t h e

in g r o s s a n d n e t in c o m e h a s g o n e .

s y s t e m , b y b u il d in g a n e x t e n s iv e n e t w o r k o f b r a n c h e s ,

w e ll t o n o t e t h a t in t h e p r e v io u s y e a r ( t h e y e a r 1 9 1 4 )

fe e d e r s a n d

t h e r e w a s a fa ll in g o f f o f $ 4 , 1 3 1 , 3 3 7 in g r o s s e a r n in g s ,

e x te n sio n s,




and

s i m u lt a n e o u s ly

had

to

A t t h e o u t s e t it is

THE CHRONICLE

1924

[Vol. 101.

o ffs e t b y a r e d u c t io n in e x p e n s e s o f $ 3 , 2 0 1 , 2 4 5 , l e a v ­

r e v e n u e t r a i n -l o a d s t ill h ig h e r a n d b r in g in g i t u p t o

i n g a lo s s in n e t o f $ 9 3 0 ,0 9 2 , w h ic h lo s s w a s f u r t h e r

5 7 3 t o n s , a g a in s t 5 6 7 t o n s in 1 9 1 4 , 5 4 1 t o n s in 1 9 1 3

n creased b y
ta x e s.

an

a u g m e n ta tio n

o f $ 1 ,0 3 1 ,5 5 6

in t h e

F o r 1 9 1 5 t h e d e ta ile d a n a ly s is o f t h e e x p e n s e s

and

265

t o n s in

1898.

The

c o m p a n y ’s t r a i n -l o a d ,

in c lu d in g c o m p a n y f r e ig h t , is n o w
s o m e fig u r e o f 6 6 8

o f $ 5 ,9 7 4 ,4 0 8 .

6 3 7 t o n s in 1 9 1 3 a n d 3 1 3 t o n s in 1 8 9 8 .

N o c o m p a r is o n o f in c o m e a s a w h o le

is a t t e m p t e d ,
th a t

th e

as

a lr e a d y

in d ic a te d ,

p a s s e n g e r t r a in

revenues

but

it a p p e a r s

w e r e fu r t h e r r e ­

d u c e d in a m o u n t o f $ 2 , 3 3 8 , 0 7 6 a n d t h e fr e ig h t t r a in

to n s,

u p to th e h a n d ­

s h o w s a d e c r e a s e in t o t a l e x p e n s e s in t h e la r g e s u m

a g a in s t 6 6 5

t o n s in

1914,

T h e c o m p a n y w a s a b le e v e n t o e f f e c t a d e c r e a s e in
th e

p a ssen ger

of

d ecrease

t r a in

in

m ile a g e

th e

in

p a ssen g er

excess

of

th e

m ovem ent

r a t io

o n e m ile ,

r e v e n u e s in a m o u n t o f $ 4 , 3 5 5 , 2 9 8 , m a k i n g th e c o m ­

w h ic h is a v e r y d if fic u lt t h in g t o d o .

b in e d lo s s $ 6 , 6 9 3 , 3 7 4 in t r a in s e r v ic e a l o n e , e n t ir e ly

y e a r , fo r in s t a n c e ,

in d e p e n d e n t

th e p a s s e n g e r m o v e m e n t , t h e n u m b e r o f p a s s e n g e r s

of

th e

lo s s

th e r e

m ay

have

been

in

A s in d i c a t i n g t h e e f f e c t o f t h e lo s s in in c o m e c o m ­

th e

reven u e

b in e d w it h t h e g r o w t h in d iv id e n d r e q u ir e m e n t s , w e

th a n

m ay

m in is h e d

n o te

th a t,

1915,

sh ow s

a

and

o w in g

to

t h e in c o m o

s u r p lu s o f o n l y

re n ta l

ch arges

c o n t r a c t io n

in

c a r r ie d o n e m ile fe ll o f f 1 2 . 0 2 % , b u t t h e m ile a g e o f

o th e r ite m s o f re v e n u e .

n e t in

F o r t h e la t e

u n d er th e h e a v y

and

th e

fu r t h e r s h r in k a g e

in

p a ssen ger

1 3 .8 0 % .

t r a in s

w as

redu ced

no

le ss

M a i n t e n a n c e o u t l a y s n e c e s s a r ily d i­

w it h

th e

fa ll in g

o ff

in

t r a ff ic

and

th e

a c c o u n t fo r t h e la t e y e a r

a m o u n t o f in c o m e a t th e d is p o s a l o f th e m a n a g e m e n t ,

$ 1 ,4 6 2 ,8 2 0

b u t a p p e a r t o h a v e b e e n a d e q u a t e , a n d w e n o t ic e t h a t

th e

7%

a b o v e in t e r e s t

d i v id e n d s

on

th e

t h e r e p o r t s a y s t h a t “ t h e s e t t le d p o lic y o f t h e c o m ­

s t o c k , a g a in s t a s u r p lu s o n t h e o p e r a t io n s o f 1 9 1 4 in

pany

a m o u n t o f $ 2 ,2 9 5 ,2 4 7

o f s a f e t y a n d e f fic ie n c y w a s a g a in fo llo w e d in 1 9 1 5 . ”

and

o n t h e o p e r a t io n s o f 1 9 1 3 .

a s u r p lu s o f $ 4 , 2 0 3 , 5 1 7

to

m a in ta in

D u r in g

H o w g r e a t ly t h e fo r t u n e s

th e

its

year

r a ilw a y s

a

in

a h ig h c o n d it io n

r e f u n d in g

and

im p ro v e m e n t

o f t h is i m p o r t a n t p r o p e r t y h a v e c h a n g e d , n o t w i t h ­

m o r t g a g e o n a g r a n d s c a le w a s c r e a t e d w it h fle x ib le

s t a n d i n g c o n t in u e d g o o d m a n a g e m e n t , a p p e a r s w h e n

r a t e s o f in t e r e s t s o a s t o p r o v id e fo r th e fu t u r e n e e d s

w e t u r n b a c k a fe w y e a r s a n d fin d t h a t in t h e fisc a l

of

year

J u l y 1 9 1 4 $ 2 0 , 0 0 0 , 0 0 0 o f t h e s e n e w b o n d s w e r e so ld

1 9 0 7 t h e s u r p lu s a b o v e t h e

w a s n o le s s t h a n $ 1 2 , 6 2 3 , 9 2 9 .

c a ll f o r d iv id e n d s

E v e n in 1 9 0 8 it w a s

$ 9 , 0 4 3 , 0 6 8 a n d in 1 9 0 9 $ 7 , 5 3 4 , 3 5 0 .
y e a r l y s u r p lu s h a s c o n t in u e d

to

S in c e t h e n t h e

s h r in k , w it h

s io n a l fl u c t u a t i o n s u p a n d d o w n .

In

occa­

1 9 0 9 th e su r­

th e

com pany

in

a

c o m p r e h e n s iv e

w ay,

c e le d .
gage

1 9 1 4 , w e r e p a id o f f a n d c a n ­

T h e m a g n i t u d e o f t h e n e w r e f u n d in g m o r t ­
w ill a p p e a r

w hen

w e s a y t h a t $ 4 2 1 ,4 9 2 , 5 0 0 o f

b o n d s a re r e s e r v e d fo r r e f u n d in g p u r p o s e s .

in

th e

$ 4 ,9 3 6 ,2 5 9 ,

$ 2 ,3 0 3 ,8 1 4 .
e a r n in g s

In

w h ic h

in

1913,

1911

under

o ccu rred

in

$ 3 ,0 8 2 ,2 6 6 ,
t h e la r g e

th a t

in

1912

recovery

year,

th e

in

s u r p lu s

tw e lv e

p a n y ’s

m o n th s,

p r io r

lie n

a n d c a n c e le d .

but

sta te

saw

t h is

s u r p lu s

on

th e

tw e lv e

m o n th s’

o p e r a t io n s d o w n t o $ 2 , 2 9 5 , 2 4 7 , w h ile n o w , fo r 1 9 1 5 ,
t h e a m o u n t is n o m o r e t h a n $ 1 , 4 6 2 , 8 2 0 .

T h e year

1 9 1 6 , a s n o t e d a b o v e , is lik e ly t o w it n e s s a d e c id e d

W ith

r e fe r e n c e

to

th e

of

a d v a n c e in

o p e r a t i n g e f fi­

bonds

$ 1 ,5 0 0 ,0 0 0

w ere

s o ld ,

of

D u r in g
th e

com ­

a g a in s t

w h ic h ,

A s a r e s u lt o f t h e s e o p e r a t i o n s , th e

th e

cu rren t

stre n g th e n e d .
t io n s ,

th e

fin a n c e s

w as

d if f ic u lt

very

g r e a t ly

U n d e r I n t e r -S t a t e C o m m e r c e r e g u la ­

b a la n c e

sh eet

has

been

c h a n g e d , t h e s a m e a s t h e in c o m e
c o m p a r is o n

t u r n in t h e o t h e r d ir e c t io n a g a in .

a ls o ,

h o w e v e r , $ 5 3 7 ,0 0 0 o f t h e s a m e b o n d s w e r e p u r c h a s e d

a b o v e t h e c a ll fo r d iv id e n d s in c r e a s e d t o $ 4 , 2 0 3 , 5 1 7 ,
1914

in

a n d o u t o f th e p r o c e e d s $ 1 0 , 0 0 0 , 0 0 0 o f 1 -y e a r n o t e s ,
w h ic h fe ll d u e J u l y 9

p lu s a b o v e t h e d iv id e n d r e q u ir e m e n t s w a s $ 7 , 5 3 4 , 3 5 0 ,
1910

and

w it h

th e

as regards

p r e c e d in g

m any

c o n s id e r a b ly

a c c o u n t, so th a t
year

ite m s,

but

is
at

ren d ered
le a s t

i t is

c i e n c y , w e g a v e s o m e illu s t r a t io n s o f w h a t h a s b e e n

e v id e n t t h a t t h e i t e m o f lo a n s a n d b ills p a y a b l e fo r

a c c o m p lis h e d in t h a t r e s p e c t in r e v ie w in g t h e r e p o r t

$ 9 , 6 0 5 , 0 0 0 , s h o w n in t h e b a l a n c e s h e e t fo r J u n e 3 0

fo r 1 9 1 4 a n d t h e p r e s e n t r e p o r t fo r 1 9 1 5 s h o w s f u r ­

1 9 1 4 , h a s n o w e n t ir e ly d i s a p p e a r e d , w h ile t h e t o t a l

t h e r p r o g r e s s in t h e s a m e d i r e c t io n .

In

o f c u r r e n t c a s h h a s b e e n in c r e a s e d d u r in g t h e t w e l v e

of

in

a

to ta l

$ 1 ,9 0 7 ,4 4 5
gen eral

r e d u c t io n
w as

in

of

th e

e x p e n se s, w h ere

$ 3 ,2 0 1 ,2 4 5

tr a n s p o r ta tio n ,
th e

1914, out
expen ses,
t r a ff ic

in flu e n c e

of

and

g e n u in e

e c o n o m y in o p e r a t io n s is a lw a y s m o s t m a n i f e s t .
le s s t h a n

$ 1 ,3 3 5 ,5 3 7

p e n d it u r e s

fo r

fu e l

No

o f t h e d e c r e a s e w a s in t h e e x ­
fo r

lo c o m o tiv e s .

One

w ay

in

m o n th s

fr o m

e x p e n d it u r e s
in g

th e

W e

th e

to fo re

new

tw e lv e

n o t ic e

of

$ 6 ,5 9 5 ,9 0 4
on

m o n th s

th a t

th e

c o m p a n y ’s

la y s

on

t h e f a c t t h a t w it h a d e c r e a s e o f 9 . 6 7 % in t h e n u m b e r

h e r e a f t e r .”

The

accou n t

du r­

•

$ 1 0 ,6 2 8 ,1 9 4 .

sa ys

th a t

c o n s t r u c t io n

h a v in g

c a p it a l

$ 8 ,1 4 0 ,0 0 8 .

w ere

report

la r g e

u n d e rta k e n

w h ic h fu e l e c o n o m y h a d b e e n p r o m o t e d w a s se e n in

to

' c a p ita l

account

been
w ill

“ m ost

w ork

h ere­

f in is h e d ,

lik e ly

be

o u t­

s m a lle r

o f t o n s o f r e v e n u e fr e ig h t m o v e d o n e m ile th e r e w a s
a d e c r e a s e in th e m ile s r u n
t r a in s o f n o le s s t h a n

b y t h e r e v e n u e f r e ig h t

1 4 . 8 7 % , th e a v e r a g e r e v e n u e

R A IL R O A D GRO SS E A R N I N G S FOR N O V E M B E R .
To

t r a i n -l o a d h a v i n g in c r e a s e d a n o t h e r 2 5 t o n s , a n d th e
t o t a l t r a i n -lo a d (in c lu d in g c o m p a n y fr e ig h t ) 2 8 t o n s .
F o r 1 9 1 5 w e fin d t h a t o u t o f th e t o t a l d e c r e a s e in
expen ses o f $ 5 ,9 7 4 ,4 0 8 ,

$ 3 ,0 5 7 ,6 8 6

is in

th e

tra n s­

p o r t a t i o n , t r a f f i c , g e n e r a l a n d m is c e lla n e o u s e x p e n s e s ,

of

in d ic a t e

th e

th e

retu rn s

e x c e e d in g ly

of

r a ilr o a d

f a v o r a b le

g ro ss

ch a ra cter

e a r n in g s

at

th e

p r e s e n t t i m e , i t is o n l y n e c e s s a r y t o s t a t e t h a t t h e
p r e lim in a r y

t a b u la tio n ,

fo r t h e m o n t h

w h ic h

we

presen t

to -d a y

o f N o v e m b e r , s h o w s a n in c r e a s e , a s

a n d o n l y $ 1 , 9 6 1 , 3 6 7 in t h e m a i n t e n a n c e o u t l a y s , th e

com p ared

o t h e r $ 9 5 5 ,3 5 5 b e in g th e r e s u lt o f a c r e d it i t e m w h ic h

in

t h e la r g e s u m

a p p e a r s in t h e e x p e n s e s fo r th e fir s t t im e u n d e r th e

In

o th e r w o r d s , t h e r o a d s r e p r e s e n te d in t h is e a r ly

n e w fo r m

c o m p il a t i o n

sio n .

o f a c c o u n t i n g p r e s c r ib e d b y th e C o m m i s ­

C o s t o f fu e l fo r lo c o m o t i v e s w a s f u r t h e r r e ­

d u c e d in t h e s u m

o f $ 8 3 4 ,9 9 3 .

W h ile th e n u m b e r

la s t y e a r .
retu rn s

8 . 2 6 % , t h e n u m b e r o f m ile s r u n b y t h e fr e ig h t t r a in s

not

c o r r e s p o n d in g

o f $ 1 9 ,5 4 4 ,7 5 3 ,

earned

$ 8 6 ,7 3 4 ,7 9 7

m o n th la s t y e a r,
or

in

a lm o s t

th e

30% .

m o n th

th e

O f c o u r s e c o m p a r is o n is w it h v e r y p o o r

and

a lte r

1 1 . 7 7 % , w it h t h e r e s u lt o f r a is in g t h e * s t r o n g l y




th e

p r e s e n t y e a r , a g a in s t o n l y $ 6 7 , 1 9 0 , 0 4 4 in th e m o n t h

o f t o n s o f r e v e n u e fr e ig h t m o v e d o n e m ile d e c r e a s e d

w as reduced

w it h

sm a ll

th e
in

fa c t

th e

to ta ls
th a t

o th e r

la s t
th e

year,
t id e

d ir e c t io n

but

has

a g a in ,

th a t

now

does

tu r n e d

n o r d o e s it

d e tr a c t fr o m
fa c t.

T h e i m p r o v e m e n t is a ls o v e r y g e n e r a l in its
th e re

(a m o n g

th o se

in

th r e e

b e in g

h ost

th e

la r g e

in c lu d e d

o n ly

r e p o r tin g )

one

q u it e

th a t h as

m in o r

not

road

p a r t ic ip a t e d

th e

d ecrease

in

$ 1 6 ,1 0 7 ,6 5 3 ,
b e in g

th en

o u r e a r ly

or

t a b le

1 9 .7 7 % ,

in c lu d e d

as

th en

m uch

a m o u n te d

th e

a re n o w

sam e

to

roads

re p re se n te d .

The

s ig n if ic a n c e o f t h e u n f a v o r a b le e x h i b i t a t t h a t t im e

in' i t .
A
w h o le
part

W i t h r e fe r e n c e t o la s t y e a r ’ s s h r in k a g e in r e v e n u e

t h e n a t u r a l g r a t if ic a t io n f e l t o v e r t h e

n a tu re,

1925

THE CHRONICLE

Dec . 11 1915.]

of

c o n t r ib u t in g

g reat

C a n a d ia n

in

our

cau ses

im p r o v e m e n t
sy ste m s

e a r ly

w h ic h

c o m p il a t i o n s

had

w a s a c c e n tu a te d b y th e fa c t t h a t w e w ere c o m p a r in g

The

w it h

has

recorded.
a re

a lw a y s

a re

s h o w in g

In

poor

or

i n d if f e r e n t

o u r r e v ie w

o w in g

to

fo r

tra d e

retu rn s

N ovem ber

r e a c tio n ,

sm a ll

year

b e fo re .

we

n o te d

th a t,

crops

and

o th e r

w o n d e r f u l g a in s b y r e a s o n o f t h e p h e n o m e n a l w h e a t

u n f a v o r a b le

crop

n u m e r o u s , a n d m u c h m o r e p r o m i n e n t , t h a n t h e in ­

r a is e d

and

th e

in

th e

r a p id i t y

D o m in io n
of

its

th e

presen t

m a r k e tin g ;

th e

season ,

N o r th e rn

creases.

i n f lu e n c e s ,

th e

1913

F o r. th e

w h o le

body

of

r e g is t e r in g

in c r e a s e s

o n ly

a n d r a t io b y r e a s o n

le s s

N o rth e rn ,

s t r ik in g

in

are

am ount

o f t h e b o u n t e o u s s p r i n g -w h e a t

s h o w in g la r g e
w as

fo r

th e

g a in s a n d
d is tin c tly

fo r

roads

w it h

a

c o m b in e d ,

( $ 1 3 , 0 0 1 ) , b u t t h e C a n a d i a n r o a d s w e r e a t t h e t im e

G reat

in c r e a s e

as

N o rth e rn

th e

an

a lm o s t

th ere

and

th en

w ere

t r a n s -c o n t i n e n t a l lin e s in t h e U n it e d S t a t e s , lik e t h e
P a c if ic

w as

d ecreases

t r if lin g

am ount

t h e s e e x c lu d e d

U n ite d

S ta te s

th e r e

roads

a

de­

h a r v e s t in o u r o w n c o u n t r y a n d t h e fr e e a n d lib e r a l

c r e a s e in a m o u n t o f $ 1 , 1 0 6 , 7 2 4 , o r 1 . 7 3 % .

w a y in w h ic h i t is c o m i n g f o r w a r d ; w h ile t h e S o u t h ­

years

e r n r o a d s a re e n j o y in g h u g e in c r e a s e s , o w in g t o t h e

F o r N o v e m b e r 1 9 1 2 o u r e a r ly s t a t e m e n t r e c o r d e d

fa c t

g a in

th a t

th e

S o u th

e x p e r ie n c e d

tw e lv e

o u tb re a k

th e

c o lla p s e

of

has

recovered

m o n th s

w ar

in

ago

w it h

E urope

fo r t h e t im e b e i n g in

fr o m

and

th e

in

th e

su m

how ever,

of

th e

re tu rn s

$ 8 ,4 4 1 ,3 3 1 ,

or

w ere

good.

1 1 .8 8 % .

a

For

su dd en

N o v e m b e r 1 9 1 1 o u r e a r ly s t a t e m e n t a ls o s h o w e d a n

c o m p le t e

in c r e a s e , t h o u g h i t w a s o n l y m o d e r a t e , r e a c h in g b u t

th e
th e

scare

p r e c e d in g ,

I n th e

t h e m a r k e t p r ic e o f

$ 1 ,2 4 7 ,5 5 9 .

P r io r

to

th a t

our

p r e l im in a r y

sta te­

c o t t o n , m a n i f o ld s ig n s o f b u s in e s s r e v iv a l t h r o u g h ­

m e n t s fo r N o v e m b e r h a d r e c o r d e d i m p r o v e d r e s u lt s

out

fo r e v e r y y e a r b a c k t o 1 8 9 6 w it h t h e s in g le e x c e p t i o n

th e

S o u th la n d

b e in g

now

o b s e r v a b le ,

w h e re

t w e l v e m o n t h s a g o t h e r e w a s n o t h i n g b u t e v id e n c e

of

o f d e p r e s s io n .

a p p e a r fr o m

as

th e

a re

ever

and

and

in c lu d e d in

hence

b ased

N o n e o f t h e g r e a t t r u n k lin e s , s u c h

P e n n s y lv a n ia

w ar

o rd ers

th e re o n

in

be

th e

N ew

Y ork

C e n t r a l,

p r e lim in a r y t a b u l a t i o n s ,

and

can n ot

g r e a t in flu e n c e

th e

our

general
s a id

s p le n d id

to

tra d e
have

a c tiv ity
any

fo r w a r d

very

m ovem ent

o f r e v e n u e s d is c lo s e d in o u r e x h ib it o f t o - d a y , b u t
t h a t v e r y f a c t in v e s t s t h e i m p r o v e m e n t w it h a d d e d
s i g n i f ic a n c e .
The

C a n a d ia n

crease
f u ll

P a c if ic

o f $ 5 ,2 9 1 ,0 0 0 ,

am ount

G reat

of

th e

N o r th e rn

h e a d s t h e lis t w it h

w h ic h

is n e a r l y

p r e v io u s

y e a r ’s

m akes

s t r ik in g

a ls o

a n in ­

eq u al to
lo s s ,

th e

but

th e

im p r o v e m e n t

in a g a in o f $ 2 , 6 6 8 , 9 1 4 , w h ic h c o m p a r e s w it h a lo s s
of

o n ly

of

$ 2 7 7 ,5 2 3

$ 1 ,5 8 7 ,4 4 2
in

in

N ovem ber

N ovem ber

1914

1913.

and

Then

a

we

lo s s
have

t h e N o r t h e r n P a c if i c , w it h a n in c r e a s e o f $ 1 , 3 8 1 , 2 7 3 ,
w h ic h r u n s w e ll a h e a d o f t h e 1 9 1 4 lo s s , a n d t h e S o o
r o a d w it h
p r e v io u s
have

th e

g a in

and

n e it h e r

a g a in o f $ 1 , 2 9 5 , 2 2 4 , o r th r e e t im e s t h e
y e a r ’s

th e

1913

th e

to ta l.

S o u th e rn

N a s h v ille
R y.

is e q u a l

w ith

w it h

to

th e

roads

we

$ 1 ,0 3 5 ,6 5 0

$ 8 4 3 ,0 1 1

s h r in k a g e

g a in ,
e x p e r i­

O n t h e o th e r h a n d , t h e C h e s a p e a k e

O h io h a s a d d e d

a lt h o u g h

Am ong
&

S o u th e rn

o f w h ic h

e n c e d in 1 9 1 4 .
&

lo ss.

L o u is v ille

$ 9 2 9 ,5 8 0 t o it s la s t y e a r ’ s t o t a l ,

la t t e r
In

fe ll

lik e

o n ly

m an n er,

$ 1 9 4 ,0 0 0
th e

b e h in d

I ll in o is

th e

C en tra l

h a s e n la r g e d its t o t a l o f la s t y e a r b y $ 8 3 3 ,1 3 8 , t h is
f o ll o w in g a lo s s t h e p r e v io u s y e a r o f n o m o r e t h a n
$ 7 2 0 ,9 2 6 .

In

th e f o ll o w in g w e fu r n is h a s u m m a r y

1908,

th e

th e

p a n ic .

%

Jan. toNo V.

30.
1
1896___ 116 88,629 87,907 0.82 411,624,390 404,636,777 + 6,987,613 1.72
1897___ 119 95,150 93,873 1.36 460,682,396 433,915,117 + 26,767,279 6.09
1898___ 114 89,367 88,235 1.28 461,937,617 424,007,183 + 37,930,434 8.64
1899___ 110 90,867 95,172 1.77 559,918,434 511,496,013 + 48,422,421 9.46
1900___ 103 90,630 93,195 3.68 595,487,645 542,700,820 + 52,780,825 9.72
93 102,492 100,995 1.48 677,212,805 609,239,714 + 67,973,091 11.15
1901___
1902___
74 90,106 88,251 2.10 623.776,463 576,882,954 + 46,893,509 8.12
70 86,742 84,573 2.56 639,338,998 576,573,058 + 62,765,940 10.88
1903___
67 83,968 82,393 1.91 613,553,405 606,552,863 + 7,000,542 1.15
1904___
55 83,677 81,709 2.41 673,611,217 626,496,472 + 47,114,745 7.52
1905___
69 97,240 94,861 2.51 900,355,234 794,728,647 + 105626587 13.39
1906___
9.39
55 74,037 72,766 1.74 590,965,575 540,238,902 + 50,726,673 13.12
1907___
50 78,706 77,116 2.06 575,231,637 662,099,137 — 86,867,500
1908___
44 81,008 79.37S 2.06 618,292,490 551,266,144 + 67,020,346 12.16
1909___
45 87,809 85,221 3.04 717,209,180 644,249,456 + 72,959,724 11.32
1910___
51 90,287 88,685 1.77 739,426,368 724,138,841 + 15,287,527 2.11
1911
46 86,371 84,098 2.70 775,171,527 712,244,329 + 62,927,198 8.83
1912 .
47 91,093 89,756 1.50 849,023,311 797,080,367 + 51,942,944 6.52
1913___
45 89,275 87,724 1.78 754,669,473 824,911,415 — 70,241,942 8.51
1914 . . .
44 95,689 94,328 1.45 775,773,845 786,846,192 — 11,072,347 1.45
1915___
__Neither the earnings of the Mexican roads nor the mining operations of
the anthracite coal roads are Included In this table.

Notc

W h i l e t h e W e s t e r n g r a in m o v e m e n t w a s o f e x c e p ­
t io n a l m a g n i t u d e in

in e x c e s s o f $ 3 0 , 0 0 0 .

in

1915.

year,

1 9 1 4 , it w a s o f y e t la r g e r p r o ­
The

corn

th e

w heat

but

fe ll

m ovem ent

p r o d ig io u s

r o a d s r e p r e s e n te d in o u r t a b l e .

b a r le y a n d r y e w e r e a ls o v e r y h e a v y .

E A R N IN G S IN N O V E M B E R .

d im e n sio n s, a n d

r e c e ip ts

t h e r e is o n l y o n e v e r y m in o r d e c r e a s e a m o n g a ll t h e
OROSS

w ill

122 89,936 89,214 0.81 39,415,623 44.188.179 — 4,772 556 10.79
126 96,391 95,103 1.35 50,213,481 41,517,497 +8,695, 984 20.94
114 89,367 88,235 1,28 47,777,989 45,833.778 + 1.944 211 4.24
117 98,684 96,967 1.77 59,800,183 54,149,899 + 5,650, 2S4 10.43
105 97,494 94,059 3.65 59,169,448 57,853,427 + 1,316 021 2.28
100 103,453 101,924 1.50 68,966,766 61,260,137 + 7,706 629 12.58
74 90,106 88,251 2.10 62,023,087 57,983,250 +4,039 837 0.96
70 86,742 84,573 2.56 60,220,508 57,887,073 + 2,333 435 4.03
9.8S
68 84,002 82,427 1.91 63,536,601 57,818,885 + 5,717 716
55 83,677 81,709 2.41 71,044,232 65,109,098 + 5,935 134 9.11
,666
4.65
+
3,869
83,250,084
87,119,750
69 97,240 94,861 2.51
56 74,439 73,168 1.74 54,770,493 53,425,317 + 1,345 ,176 2.52
2.92
,233
—
1,804
61,744,772
59,940,539
2.05
77,518
79,108
51
45 81,218 79,588 2.05 65,522,732 58,007,375 + 7,515 ,357 12.91
45 87,809 85,221 3.04 69,828,448 68,138,393 + 1,690 ,055 2.48
51 90,287 88,685 1.77 73,469,030 72,221,471 + 1,247 559 1.73
46 86,371 84,098 2.70 79,457,311 71,015,980 + 8,441 ,331 11.88
+ 13 ,001 0.01
47 91,093 89,750 1.50 83,073,462 83,060,461
45 89,275 87,724 1.78 65,353,898 81-,461,551 — 16,107 ,653 19.77
44 95,689 94,328 1.45 86,734,797 67,190,044 + 19,544 ,753 29.07

1896___
1897___
1898___
1899___
1900___
1901___
1902___
1903___
1904___
1905___
1906___
1907___
1908___
1909___
1910___
1911___
1912___
1913___
1914___
1915___

presen t

P R IN C IP A L C H A N G E S IN

T h is

Gross Earnings.
Year
Increase ( + )
Preceding, orDecrease (— ).

Mileage.
Year Year lu­ Year
Given. Preced. cre'se Given.
S
Year. \Roads Miles. Miles. %
November.

p o r t io n s

h a v e a lr e a d y n o t e d t h a t

fo ll o w in g

b a c k to th e y e a r n a m e d .

o f a ll t h e c h a n g e s fo r t h e s e p a r a t e r o a d s fo r a m o u n t s
W e

year

t h e f o l l o w in g , s h o w in g t h e a g g r e g a t e s

th e

r e c e ip t s

o ff

th e

w as
of

of

o a ts,

F o r th e fo u r

w e e k s e n d in g N o v e m b e r 2 7 t h e d e liv e r ie s o f

w heat

In crea ses.

Canadian P acific................ $| ? 2 9 1 ® Cine New Orl & Tex Pac
Great N orthern................ 2,668,914 Yazoo & M iss V alley____
Northern Pacific...............

Canadian Northern
M inneap St Paul & S S M
Louisville & N ashville. -

1 ,3 8 1 .2 /3 Chicago Great W estern .

1.307,200 Chicago Ind & Louisv----1,295,224 Chicago & A lto n ------------1,035,650 Toledo St Louis & W e s t .

Chesapeako & Ohio---------

Southern R ailw ay-------- Illinois Central--------------Missouri Pacific_________
Grand T ru nk....................
Denver & R io Grande—
Buffalo R och & P it ts b ..
Grand Trunk P acific____
St Louis Southw estern-.
M obile & O h io..................
Western M arylan d _____
a

J l,
1+rAnn
fl474,000
420,4b5
365,7UU
332.059
o296,190
217,000
202.387
200,801

Alabam a Great Southern
Texas & Pacific__________
Colorado & Southern—
Minneapolis & St L o u is.
Ann Arbor_______________
Duluth Sou Shore & A t l .
Virginia & Southwestern
M ineral R a n g e __________

Representing 30 roads
in our co m p ila tio n ..$ 1 9 ,4 6 6 ,7 3 4

Theso figures are for throe weeks onl




166,215
163,140
148,742
142,075
a 134,976
117,334
100,732
94 ,2 6 0
75,114
54,765
54,380
53,6 9 8
36,207
3 1 ,5 0 4

a t t h e W e s t e r n p r im a r y m a r k e t r e a c h e d n o le s s t h a n
7 2 . 3 8 1 . 0 0 0 b u s h e ls , a g a in s t o n l y 5 7 , 4 3 8 , 0 0 0 b u s h e ls
in t h e s a m e fo u r w e e k s o f 1 9 1 4 a n d

n o m o re th a n

3 4 . 9 6 7 . 0 0 0 b u s h e ls in t h e fo u r w e e k s o f 1 9 1 3 .

T h is

y e a r ’ s fu r t h e r g a in w a s a l m o s t e n t ir e ly a t t h e s p r i n g w heat

p o in ts .

T h u s,

D u lu th

r e c e iv e d

2 1 ,7 2 8 ,0 0 0

b u s h e ls , a g a in s t 1 4 , 8 8 4 , 0 0 0 b u s h e ls , a n d M i n n e a p o l i s
2 2 .5 9 1 .0 0 0
The

corn

b u s h e ls ,
r e c e ip ts

fo r

a g a in s t
th e

1 1 ,4 4 6 ,0 0 0

fo u r

w eeks

at

b u s h e ls .
W e ste rn

1926

THE CHRONICLE

p r i m a r y p o i n t s w e re o n l y 1 4 , 2 4 2 , 0 0 0 b u s h e ls , a g a in s t
1 9 .9 3 2 .0 0 0

b u s h e ls ,

3 1 .2 2 1 .0 0 0

but

th e

o a ts

r e c e ip ts

b u s h e ls , a g a in s t 2 1 , 6 4 3 , 0 0 0

and

th e

rye

b u s h e ls .

r e c e ip ts

c e r e a ls b o m b i n e d
1 1 3 .5 1 6 .0 0 0
but
th e

3 ,9 0 7 ,0 0 0 ,

a g a in s t

2 ,9 9 3 ,0 0 0

1 3 6 ,2 1 9 ,0 0 0

b u s h e ls ,

b u s h e ls

o f th e

in

1913.

W e ste rn

g r a in

1915.

1914.

1913.

1912.

1911.

1910.

Colo & South.
Denv A lllo Gr
Mo KanATexa
Mo Pacific___
St Louis S W .
Texas A Pacific

S
1,524,492
2,211,700
3,033,998
65,487,000
1,187,000
1,879,183

S
1,449,378
1.846.000
3,033,044
4.989.000
970,000
1,784,923

S
1,174,888
2,231,822
3,106,635
5,430,069
1,268,453
1,965,808

S
1,514,629
2,322,695
3,293,224
5,501,157
1,234,168
1,953,760

8
1,338,153
2,090,417
2,691,70S
4,860,274
1,220,600
1,825,502

S
1,569,474
2,210,052
2,971,573
4,741,483
1,209,702
1,718,888

B e lo w

Total .......... 15,323,373 14,072,345 15,177,675ll5,819,633 14,026,714 14,421,172

a g a in s t

b u s h e ls in t h e fo u r w e e k s o f 1 9 1 4

7 7 ,0 2 5 ,0 0 0
d e t a ils

w as

November.

b u s h e ls , t h e

T h e a g g r e g a t e o f t h e r e c e ip ts fo r t h e f iv e

bFourth wee k not yet r
tak en same as last year.
aIncludes Te xas Central jported;
in all the yc>ars and Wichita Falls

and

we

g iv e

m o v e m e n t in

our

November.

Four weeks
ending
Nov. 27.
—
1915___
853,000
6,126,000
1914___
822,000 13,570,000
—
1915___
508,000
1,279,000
1914___
333,000
1,148,000
—
1915___
413,000
5,348,000
1914___
292,000
3,962,000
—
1915___
1,575,000
1914___
629,000
—
1915___
25,000
244,000
1914___
33,000
227,000
—
1915___
40,000
65,000
1914___
57,000
165,000
—
1915___
152,000
558,000
1914___
181,000
129,000
—
1915___
21,728,000
1914___
14,884,000
—
1915___
22,591,000
1914___
11,446,000
—
1915___
.
9,779,000
1914
.
9,134,000
—
.
1915
3,088,000
1914___
.
2,144,000

Flour.
(bbls.)

Chicago

Wheat.
(bush.)

Milwaukee
St. Louis

Corn.
(bush.)

Oats.
(bush.)

6,770,000
11,017,000

15,415,000
10,970,000

3,476,000
2,955,000

865,000
331,000

720,000
2,532,000

2,520,000
1,917,000

1,846,000
1,695,000

666,000
574,000

977,000
1,019,000

1,745,000
1,888,000

251,000
411,000

95,000
43,000

241,000
440,000

700,000
310,000

4,000

20,000

284,000
338,000

516,000
272,000

128,000
200,000

506,000
301,000

2,000

2,575,000
1,059,000

749,000
610,000

231,000
240,000

43,009
18,000

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

646,000
1,236,000

3,665,000
2,770,000

865,000
1,113,000

335,000
1,648,000

6,703,000
2,327,000

4,999,000
3,433,000

1,372,000
894,009

1,383,000
646,000

470,000
726,000

829,000
1,033,000

1,251,000
1,086,000

Toledo

Detroit

Cleveland
Peoria

Duluth

Minneapolis
Kansas City

_

Omaha

TotalofAll-

72,381,000
57,438,000

14,242,000
19,932,000

Barley.
Rye.
(bush.) (bush.)

occu rred

in

fa c e

xuviuuvo

C
Y,

31,221,000 14,468,000
21,643,000 11,510,000

3,907,000
2,993,000

1 9 1 4 a n d 3 1 3 ,8 6 6

b a le s

r e c e ip ts

a t t h e S o u t h e r n o u t p o r t s t h e s h r in k a g e w a s

of huge

o n l y 8 8 0 ,7 7 1
1 ,9 1 7 ,9 6 2

fo r

N ovem ber

1915

h a v in g

been

b a l e s , a g a in s t 1 ,4 2 9 , 9 8 5 b a le s in 1 9 1 4 ,

b a le s

in

N ovem ber

1913

and

2 ,1 6 1 ,3 1 0

b a le s in 1 9 1 2 , a s w ill b e s e e n b y t h e f o ll o w in g :
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
FROM JANUARY 1 TO NOVEMBER 30 1915, 1914 AND 1913.

November.

Ports.

1915.

Galveston____ bales.
Texas City, &c__ __
New Orleans.
M o b ile ___
Pensacola, A c ..
Savannah .
Brunswick__
Charleston .
Georgetown__
Wilmington_______
Norfolk _ . .
Newport News, &c__
T o ta l___________

1914.

SinceJanuary 1.
1913.

275,518
57,311
231,565
12,208
23,101
110,457
5,600
27,393

650,108
61,950
238,824
25,137
11,704
226,813
20,000
67,947

26,397
102,928
8,293

32,120
70,022
25,360

1915.

1914.

1913.

637,118 3,104,646 2,588,478 2.912.014
131,709 613,260 349,044 605.034
338,739 1,750,151 1,230,854 1.131.747
80,966 122,607 188,027 292,465
53,758 132,332
80,589 150,313
313,102 1,482,174 904,880 1.493.619
44,000 193,700
96,208 248,784
92,100 348,479 175,019 382,624
110
1,902
91,286 29L037| 133,676 324,699
123,585 639,529 347,040 487,510
11,590
91,5171 142,734
85,475

880,771 1,429,985 1,917,962 8,771,334 6,236,549 8,114,394

T o c o m p le t e o u r a n a ly s is w e a n n e x t h e f o ll o w in g
s i x -y e a r

c o m p a r is o n

of

th e

e a r n in g s

of

le a d in g

r o a d s a r r a n g e d in g r o u p s .

Ala Great Sou
Ala N O A T P
N O A N E.
Ala A Vlcksb
Vicks Shr&P
Ches & Ohio.c
Cln N O & T P
Lou & Nashv.
Mobile & Ohio
Southern R y._
Yazoo & MissV

b

1914.

1913.

1912.

1911.

1910.

$
479,448

s
1
378,716

$
500,224

S
456,278

$
424,618

S
382,239

341,143
179,393
167,004
3,075,059
960,837
5,337,128
1,148,964
6,312,772
1,348,316

334,617
161,186
161,844
2,931,315
891,707
5,154,110
1,052,155
0,044,147
1,168,920

342,307
165,704
148,134
2,651,817
790,316
4,853,988
1,033,841
5,426,464
1,081,291

328,512
161,503
140,911
2,771,400
808,306
4,871,173
1,004,266
5,358.023
1,190,851

270,069
120,024
115,574
2,881,000
752,366
4,050,145;
810,352;
5,046,463
1,124,273

T o ta l.......... 18,989,697 15,548,982 19,370,840 18,356,279 16,918,480 17,017,784
not yet reported; taken same as last year.
b Includes the Louisville & Atlantic and the Frankfort & Cincinnati
c Includes Chesapeake & Ohio of Indiana.

aMonth




S

917,313
596,322

1911.

1910.

$
$
918,611
753,101
1,361,185 1,245,791
5S8.531
515,733

S
783,016
1,275,040
487,570

4,622,508 4,101,244 3,845,640

,798,041 5,539,957 4,932,306 5,522,140
106,709
111,598
103,315
105,359
402,599
371,243
335,199
342,796
652,820
640,128
570,629
567,451
T o ta l--------- 14,545,743 12,353,365 14,219,044 14,153,761
14,153,761 12,557,321 12,929,012

m o n th

now

in s e r t

our

d e ta ile d

sta te m e n t

fo r

th e

c o m p r is in g a ll t h e r o a d s t h a t h a v e t h u s f a r

fu r n is h e d fig u r e s fo r N o v e m b e r .
G R O SS E A R N I N G S

AND

M IL E A G E

IN

NOVEM BER.

G ross E a r n in g s .

N a m e o f R oad.

1915.

1914.

A labam a Great South
479,448
378.716
A nn A rb or___________
245,537
191,157
Bellefonte C entral___
8,2 1 3
8,317
B u ff R och & P itts___
1,081,860
749,801
Canadian N orthern . _
3 ,535,200
2 ,228,000
Canadian P a cific____ 13.114,000
7.8 2 3 .0 0 0
Chesapeake & O h io ..
3,8 1 0 ,5 8 0
2.8 8 1 .0 0 0
C hicago & A lto n _____
1/958,433
1/823,457
C hicago Great W e s t ..
1,306,653
1,157,911
C hicago Ind & Louisv
638,105
496,030
Cine N ew Orl & T Pac
918,581
752,366
C olorado & Southern.
1,524,492
1,449,378
D enver & R io Grande
2 ,211,700
1,846,000
D enver & Salt L ake.
1/130,700
1/110,767
D etroit & M a ck in a c.
80,216
95,796
Duluth So Sh & A tl_ .
189,174
242,872
Georgia Sou & Fla209,208
184,630
Grand Trunk o f Canl
Grand T runk W est}
4,190,871
3 ,770,406
D ot G r H & M ilw .f
Canada A tla n tic. _J
Grand Trunk P a cific.
1/591,04.'
1/294,855
Great N orthern______
8 .725,676
6 ,056,762
Illinois C entral______
5 ,910,253
5 ,077,115
Louisville & N a sh v___
5 ,085,795
4 ,050,145
M ineral R ange______
91,9-10
60,486
M inneap & St L ou is. 1
913,324
858,559
Iowa C entral_____ /
M inn St P & S S M ___
3 .718,123
2,422,899
M o Kan & Texas o ___
3 ,033,998
3,033,044
M issouri P acific_____ 1/3,999,000 1/3,525,000
M ob ile & O h io_______
1.012,739
810,352
N evada-Cal-O regon . .
35,423
30,815
N orthern P a cific_____
7.0 3 0 .0 0 0
5,648,727
R io Grando Southern.
54.429
52,215
St Louis Southwest’n .
1.187.000
970.000
Southern R ailw ay____
5,889.474
5,046,463
Tenn Ala & G e o r g ia ..
6,682
4,868
1,879,183
Texas & P a cific______
1,784,923
T oled o Peoria & W est
102,650
94,178
469,753
T oled o St L & W e s t ..
352.419
173,736
Virginia & Southw est.
137,529
W ostorn M a ry lan d ___
834,912
634,111
1,287.413
Y a zoo & M iss V alley.
1,124,273

a
y

1915.

O270.069
al20,024
a l 15,574
3,810,580
918,581
5,085,795
1,012,739
5,889,474
1,287,413

1912.

Buff Roch A P 1.081,860
749,801
Chic & A lton.. a l,317,339 1,179,305
Ch Ind & Louis
638,105
496,030
Grand Trunk 1
Gr Trk Wes > 4,190,871 3,770,406
D G rll & M I
Canada Atlj
Illinois Cent.c. 5,910,253 5,077,115
Tol Pcor & W .
102,650
94,178
Tol St L & Wes
469,753
352,419
West Maryl’d.
834,912
634,111

T otal (44 roads) —
N et increase (29.07% )

EARNINGS OF SOUTHERN GROUP.

November.

Pacific.

th e

in N o v e m b e r 1 9 1 3 , w h ile in t h e c a s e o f th e

to ta l

1910.

25,513,376 21.071,146 19,158,686

1914.

W e

T h e s h i p m e n t s o v e r la n d w e r e 2 7 8 , 3 1 0 b a l e s , a g a in s t

th e

1911.

S
$
S
12,362,666 10,570,694 9,413,238
1,176,762 1,079,290 1,108,819
264,787
244,589
257,526
7,921,727 6,224,730 5,623,009
861,159
648,352
751,330
2,926,275 2,303,491 2,004,764

EARNINGS OF M IDDLE AND M IDDLE WESTERN GROUP

c o tto n m o v e m e n t , th e cro p th e p re se n t se a so n h a v ­

e x te n t,

| 1912.

c includes earnings of imlUnapoUs S o u t h e m ycar‘

o f a la r g e s h r in k a g e in

b a le s in N o v e m b e r

1913.

aIncludes Iowa Central.

in g b e e n m u c h s m a lle r t h a n t h a t r a is e d la s t s e a s o n .

2 5 8 ,3 3 4

1914.

S
S
S
Canadian Pac. 13,114,000 7,823,000 13,407,015
Chic Gr West.* 1,306,653 1,157,911 1,176,990
Dul So S A Atl
242,872
189,174
262,285
Great North’n. 8,725,676 6,056,762 7,644,204
Minn A St L.a
913,324
858,559
811,450
M St P A SS M 3,718,123 2,422,899 2,822,021
T o ta l_____ 28,020,648 18,508,305
26,123,965

T h e g r e a t r e c o v e r y in t h e e a r n in g s o f t h e S o u t h e r n
roads

1915.

S

1,000

Ino from Nov. 1 1912.

EARNINGS OF NOR3rilWESTE RN AND NORTH I
’ACIFIC GROUP.

u su al fo r m .
WESTERN FLOUR AND GRAIN RECEIPTS.

101

EARNINGS OF SOUTHWESTERN GROUP.

w e re

b a r le y r e c e ip ts 1 4 , 4 6 8 , 0 0 0 , a g a in s t 1 1 , 5 1 0 , 0 0 0 b u s h e ls ,

(VoL

8 6 ,734.797

M ile a g e .

In c.
D ec.

( + ) or
(— ).

1915.

1914.

S
+ 100,732
309
309
+ 54,380
293
293
— 104
27
27
+ 3 3 2 ,0 5 9
586
581
+ 1 ,307,200 7,280 6,886
+ 5.2 9 1 ,0 0 0 12.921 12,319
+ 929,580 2,374 2,367
+ 134,976 1,052 1,046
+ 148,742 1,427 1,427
+ 142,075
622
617
+ 166,215
336
336
+ 75,114 1,828 1,867
+ 365,700 2,577 2 ,5 6 2
+ 19,933
255
255
+ 15,580
392
400
+ 5 3,698
627
627
+ 24,578
395
395
+ 420,465
+ 2 9 6 .1 9 0
+ 2,668,914
+ 833,138
+ 1,035,650
+ 3 1 ,5 0 4
+ 54,765
+ 1 ,295,224
+ 954
+ 474,000
+ 202,387
+ 4,578
+ 1.381,273
+ 2,214
+ 217,000
+ 843,011
+ 1,814
+ 94,260
+ 8,472
+ 117,334
+ 3 6 ,2 0 7
+ 2 0 0 ,8 0 1
+ 163,140

4,533

4,5 3 3

916

916

8,102 8 ,0 3 8

4,767 4,7 7 2
5,037 5,0 3 4
119
119
1,646' 1,646
4,228
3,865
7,292

4,101

272
6,509
180
1,753
7,022
97
1,944
247
451
240
664
1,382

238
6,423
180
1,753
7,036
97

3,865
7,284

1,122 1,122

1,886

247
451
240
661
1,372

6 7 ,1 (0 ,0 4 4 + 1 9 ,5 4 4 ,7 5 3 9 5,689 94,328

Includes Texas Central in both years.
Theso figures are for three weeks only.

THE OPENING OF CONGRESS.
T h e sixty-fou rth session o f Congress convonod a t noon
on M o n d a y , the 6th in s t., both IIousos after brief organiza­
tion proceedings adjourning until T u o sd ay , when the busi­
ness o f the new Congress began w itli the roading o f the
P resident’s address before a joint session o f the Sonate and
H ou se .
T h e m essage is printed in another colum n o f to­
d a y ’s “ C h ro n icle.”
In last w eek’s caucus proceedings o f
the D em ocrats o f tho Sena to, prelim inary to the oponing
o f Congress this wook, efforts wore m ade to revise tho S e n ate

dec . i i

1915.]

THE CHRONICLE

rules by adopting a form of eloturo to prevent filibusters.
A n agreement was reached on the 3d inst. to vote on the re­
port submitted by tho special eloturo committee, but a
five-hour debate in Democratic caucus on the 4th indi­
cated that tho attempt to adopt any form of restriction of
debate would bo fruitless, and tho draft of tho rule prepared
by tho special committee was hence withdrawn by its Chair­
m an, Senator Owen. On the 3d tho Democratic Senators re­
elected Senator James P . Clarke of Arkansas as President
pro tern of tho Senate by a vote of 2S; Senator Atleo Pomeene of Ohio, who was a candidate in opposition to Senator
Clarke, received 23 votes. The Senate as a body re-elected
Sonator Clarke on M onday.
Tho greatest budget of expenditures ever placed before
Congress in times of peace was presented to it with its
opening this week. A total appropriation of $1,285,857,808
is asked for, this amount being $170,8o3,614 in excess of
the appropriation for the current fiscal year. A laigo part
of the increase is represented in tho amounts sought by the
W ar and N a v y Departments; the former asks for $152,354,­
259, which is $49,000,000 more than was appropriated by
tho last Congress, while the N a v y Department asks for
$211,518,074, which is $65,000,000 greater than last year’s
appropriations.
A ruling made by President Clarke of tho Senate on tho
7th that the Senate is a continuing body and that its com­
mittees do not expire at the end of each Congress is said
to be tho first decision of its kind in the history of tho Senate.
The introduction of a flood of bills marked the opening of
Congress. A bill increasing tho membership of the Inter­
state Commerce Commission from seven to nine and pro­
viding for a division of tho work into three sections with
throo Commissioners sitting in each, has been prepared
with tho approval of tho Commission. Senator Hoke Smith
of Georgia is sponsor for tho Senate bill and Chairman A d ­
amson of Georgia will father the measure in the H ouse..
Two bills relating to loans to farmers were introduced in
tho House on tho 6th by Representative Henry, Chairman of
the Rules Committee. W ith regard to the legislation M r.
Henry is quoted in tho “ Times” as saying:
Ono o f tho bills Introduced provides in effect that whenever any member
bank presents to a Federal Reservo bank a note socured by warehouse
receipts for cotton for a loan on agricultural products, with a maturity
o f not more than six months, bearing interest not exceeding 6 % per annum,
including commissions, tho Federal Reserve bank shall advance the mem­
ber bank tho full amount o f tho loan, tho intcrost rate not to exceed 3% .
This is practically tho identical proposition contained in the commodity
rates made by tho Federal Reserve Board to covor tho cotton situation in
the South last fall. Its effect will be to lower interest rates.
Tho other bill, relating to long-time loans on farm lands, provides for a
Federal Farm Loan Board and croatos tho office of Farm Loan Com­
missioner, and provides for the organization of national Farm Loan Asso­
ciations as the initial units for loaning money at a low rate of interest on
farm lands. Theso associations are to be chartered by the Federal Govern
ment to loan money at a rate of interest not exceeding 6 % . These asso­
ciations are federated into twelve Federal land banks, to be established in
various sections, and authorized to purchase mortgages on farm lands given
to the national Farm Loan associations. The land banks also may issue
debenture bonds, basod on farm mortgages, to be sold in the open market
and to tho Government, thus insuring funds to take up tho mortgages.
Provision is made for depositing half of tho public funds of tho United
States in tho Foderal Land banks and making them fiscal agents of the
Government. This section requires a division o f tho Government moneys
between the Federal Reserve banks and tho Federal Land banks. Another
section provides that the Government annually shall purchase not exceed­
ing $ 1 0 0 ,0 0 0 ,0 0 0 of theso debenture bonds.

A resolution has boon introduced by Ropresentativo M o n ­
doll of W yom ing ropoaling the free sugar provision of tho
Undorwood-Simmons tariff law. Bills for the creation of
a tariff commission have boen presented by Representatives
Longworth of Ohio and Sabatli of Illinois.
An embargo on tho exportation of arms and munitions
from tho United States to any of tho bolligorents is called
for in a bill ro-introduced by Sonator Hitchcock.
A
similar moasuro was presented by him at tho last session.
Thrco resolutions providing for national preparedness were
introduced in tho Senate Tuesday by Senator Thomas of
Colorado. Tho first provides for the issuanco of $500,000,­
000 Unitod States notes to bo logal tender, and bearing no
interest, rodeomablo in 1935, with which money tho Govern­
ment will pay the cost of preparedness until 1920. Tho other
resolutions provide that all railroads, factories, & c., must
soil to tho Government all munitions at cost, plus 6 % . Still
anothor resolution offorod by him would provide for the
Government ownership of munition plants, railroads, tele­
phones, telographs and wireless radios and tho establishment
of a Governmental department to organize all theso as an
aid to national preparedness.




1937

T H E PR E SID E N T 'S M E SSA G E .

N ot tho least of the factors dealt with in President W ilson’s
annual message delivered to Congress this week is its al­
lusion to the transportation problem, and his admission
that it is “ an exceedingly serious and pressing one in this
country.” In his remarks on the subject is embodied a
suggestion “ that it would be wise to provide for a commission
of inquiry to ascertain by a thorough canvass of the whole
question whether our laws, as at present framed and ad­
ministered are as serviceable as they might bo in the solution
of the problem.” The Administration’s policy, however,
with respect to the National preparedness of the country in
all its phases— military, naval, industrial and financial—
formed the keynote of the Message. To meet the present
Treasury deficit, as well as to carry out tho Arm y and N av y
programs of Secretary of W ar Garrison and Secretary of the
N av y Daniels (alreadyjref erred to in these columns and
outlined at length by the President) additional income taxes
are proposed in the Message, along with the continuance
of the sugar duty and the imposition of taxes on gasoline
and naphtha, automobiles, bank checks and iron and steel.
W ith a view to meeting the “ pressing necessities of our
commerce and availing ourselves at the earliest possible
moment of the present unparalleled opportunity of linking
the two Americas together in bonds of mutual interest and
service” tho President makes known the intention to present
to Congress proposals for the purchase or construction of
ships to bo owned and directed by the Government similar
to those made to the last Congress, but modified in some
particulars. Ho also recommends that we put into early
operation “ some provision for rural credits which will add
to the extensive borrowing facilities already afforded the
farmer by tho Reserve A c t, adequate instrumentalities by
which long credits m ay be obtained on land mortgages.”
Adequate Federal laws are also advocated to deal with
those “ who have sought to bring the authority and good
name of our Government into contempt, to destroy our
industries wherever they thought it effective for their vin­
dictive purposes to strike at them and to debase our politics
to tho uses of foroign intrigue.” W e print below the Message
in full, as read personally by the President at a joint session
of the House and Senate on T uesday:
G en tlem en o f the C o n g ress :— Since I last had the privilege of addressing
you on the state of the Union the war of nations on the other side of the
sea, which had then only begun to disclose its portentous proportions, has
extended its threatening and sinister scope until it has swept within its
flame some portion of every quarter of the globe, not excepting our own
hemisphere, has altered the whole face of international affairs, and now
presents a prospect of reorganization and reconstruction such as statesmen
and peoples have never been called upon to attempt before.
We have stood apart, studiously neutral. It was our manifest duty to
do so. Not only did wo have no part or interest in the policies which seem
to have brought the conflict on; it was necessary, if a universal catastrophe
was to be avoidod, that a limit should be set to the sweep of destructive
war and that some part of the groat family of nations should keep the
processes of poace alive, if only to prevent collective economic ruin and the
breakdown throughout the world of the industries by which its populations
are fed and sustained. It was manifestly the duty of the self-governed
nations of this hemisphere to redress, if possible, the balance of economic
loss and confusion in the other, if they could do nothing more. In the day
of readjustment and recuperation we earnestly hope and believe that they
can be of infinite service.
In this neutrality, to which they were bidden not only by their separate
life and their habitual detachment from the politics of Europe but also by
a clear perception of international duty, the States of America have become
conscious of a new and more vital community of interest and moral part­
nership in affairs, more clearly conscious of the many common sympathies
and interests and duties which bid them stand together.
There was a time in the early days of our own great nation and of the
republics fighting their way to independence in Central and South America
when tho Government of the Unitod States looked upon itself as in some
sort tho guardian of tho republics to the south of her as against any encroach­
ments or efforts at political control from the other side of the water; felt
it its duty to play tho part oven without invitation from them; and I think
that wo can claim that tho task was undertaken with a true and disinter­
ested enthusiasm for tho freedom of the Americas and the unmolested self­
government of her independent peoples. But it was always difficult to
maintain such a role without offense to the pride of the peoples whose
freedom of action wo sought to protect, and without provoking serious
misconceptions of our motives, and every thoughtful man of affairs must
wolcomo the altered circumstances of the now day in whose light wo now
stand, when there is no claim of guardianship or thought of wards, but
instead a full and honorable association as of partners between ourselves
and our neighbors, in tho interest of all America, North and South.
Our concern for tho independence and prosperity of the States of Central
and South America Is not altered. Wo retain unabated the spirit that has
inspired us throughout tho whole lifo of our Government and which was
so frankly put into words by President Monroe. We still mean always to
make a common cause of national independence and of political liberty
in America. But that purpose is now better understood so far as it con­
cerns ourselves. It is known not to be a selfish purpose. It is known to
have in it no thought of taking advantage of any Government in this hemi­
sphere or playing its political fortunes for our own benefit. All the Govern­
ments o f America stand, so far as wo are concerned, upon a footing of genu­
ine equality and unquestioned independence.
Wo have been put to the test in tho caso of Mexico, and we have stood
the test. Whether wo have benefited Mexico by tho course wo have pmsued remains to be seen. Her fortunes are in her own hands. But we have
at least proved that we will not take advantage of her in her distress and

1928

THE CHRONICLE

undertake to impose upon her an order and Government o f our own choos­
ing. Liberty is often a fierce and intractable thing, to which no bounds can
be set, and to which no bounds o f a few men’s choosing ought ever to be
set. Every American who has drunk at the true fountains of principle and
tradition must subscribe without reservation to the high doctrine of the
Virginia Bill o f Rights, which in the great days in which our Government
was set up was everywhere amongst us accepted as the creed o f free men.
That doctrine is: “ That government is, or ought to be, instituted for
the common benefit, protection and security of the people, nation or com­
munity” ; that “ o f all the various modes and forms of government, that is
the best which is capable o f producing the greatest degree of happiness and
safety, and is most effectually secured against the danger o f maladminis­
tration, and that, when any government shall be found inadequate or con­
trary to these purposes, a majority o f the community hath an indubitable
inalienable and indefeasible right to reform, alter or abolish it, in such
manner as shall be judged most conducive to the public weal.” We have
unhesitatingly applied that heroic principle to the case o f Mexico, and now
hopefully await the rebirth o f the troubled republic, which had so much
o f which to purge itself and so little sympathy from any outside quarter
in the radical but necessary process. We will aid and befriend M exico,
but we will not coerce her, and our course with regard to her ought to be
sufficient proof to all America that we seek no political suzerainty or
selfish control.
The moral is that the States of America are not hostile rivals but co­
operating friends, and that their growing sense o f community o f interest,
alike in matters political and in matters economic, is likely to give them a
new significance as factors in international affairs and in the political history
o f the world. It presents them as in a very deep and true sense a unit in
world affairs, spiritual partners, standing together because thinking to­
gether, quick with common sympathies and common ideals. Separated
they are subject to all the cross currents o f the confused politics o f a world
o f hostile rivalries; united in spirit and purpose they cannot be disappointed
o f their peaceful destiny.
This is Pan-Americanism. It has none o f the spirit o f empire in it. It
is the embodiment, the effectual embodiment, o f the spirit o f law and
independence and liberty and mutual service.
A very notable body o f men recently met in the city o f Washington, at
the invitation and as the guests o f this Government, whose deliberations
are likely to be looked back to as marking a memorable turning point in
the history of America. They were representative spokesmen o f the several
independent states o f this hemisphere and were assembled to discuss the
financial and commercial relations o f the republics o f the two continents
which nature and political fortune have so Intimately linked together. I
earnestly recommend to your perusal the reports o f their proceedings and
of the actions of their committees. You will get from them, I think, a
fresh conception o f the ease and intelligence and advantage with which
Americans of both continents may draw together in practical co-operation
' and of what the material foundation o f this hopeful partnership of interest
must consist— of how wo should build them and of how necessary it is that
we should hasten their building.
There is, I venture to point out, an especial significance just now attaching
to this whole matter o f drawing the Americas together in bonds o f honor­
able partnership and mutual advantage because o f the economic readjust­
ments which the world must inevitably witness within the next generation,
when peace shall have at last resumed its healthful tasks. In the perform­
ance of these tasks I believe the Americas to be destined to play their parts
together. I am interested to fix your attention on this prospect now because
unless you take it within your view and permit the full significance of it to
command your thought I cannot find the right light in which to set forth
the particular matter that lies at the very front o f my whole thought as I
address you to-day. I mean national defense.
No one who really comprehends the spirit o f the great people for whom
we are appointed to speak can fail to perceive that their passion Is for peace,
their genius best displayed in the practice o f the arts o f peace. Great
democracies are not belligerent. They do not seek or desire war. Their
thought is o f individual liberty and o f the free labor that supports life and
the uncensored thought that quickens it. Conquest and dominion are not
in our reckoning, or agreeable to our principles. But just because we de­
mand unmolested development and the undisturbed government o f our
own lives upon our own principles o f right and liberty, we resent, from what­
ever quarter it may come, the aggression we ourselves will not practice.
W e insist upon security in prosecuting our self-chosen lines of national de­
velopment. We do more than that. We demand it also for others. We
do not confine our enthusiasm for individual liberty and free national de­
velopment to tho incidents and movements o f affairs which affect only
ourselves. We feel it wherever thero is a people that tries to walk in these
difficult paths o f independence and right. From the first we have made
common cause with all partisans o f liberty on this side o f the sea, and have
deemed it as important that our neighbors should be free from all outside
domination as that we ourselves should be; have set America aside as a
whole for the uses o f independent nations and political freemen.
Out o f such thoughts grow all our policies. W e regard war merely as a
means of asserting the rights o f a people against aggression. And we are a
fiercely jealous o f coercive or dictatorial power within our own nation as of
aggression from without. We will not maintain a standing army except for
uses which are as necessary in times o f peace as in times o f war; and we shall
always see to it that our military peace establishment is no larger than is
actually and continuously needed for the uses o f day? in which no enemies
move against us. But wo do believe in a body o f free citizens ready and
sufficient to take care o f themselves and o f the Governments which they
have set up to serve them. In our Constitutions themselves we havo
commanded that “ the right of the people to keep and bear arms shall not
be infringed,” and our confidence has been that our safety in times of
danger would lie in the rising o f the Nation to take care o f itself, as the
farmers rose at Lexington.
But war has never been a mere matter o f men and guns. It is a thing of
disciplined might. If our citizens are ever to fight effectively upon a sud­
den summons, they must know how modem fighting is done, and what to
do when the summons comes to render themselves immediately available
and immediately effective. And the Government must be their servant in
this matter, must supply them with the training they need to take care of
themselves and o f it. The military arm o f their Government, which they
will not allow to direct them, they may properly use to serve them and make
their independence secure— and not their own independence merely, but
the rights also o f those with whom they have made common cause, should
they also be put in jeopardy. They must be fitted to play the great role
in the world, and particularly in this hemisphere, for which they are quali­
fied by principle and by chastened ambition to play.
It is with these ideals in mind that the plans o f tho Department o f War for
more adequate national defense were conceived which will be laid before
you, and which I urge you to sanction and put into effect as soon as they can
be properly scrutinized and discussed. They seem to me the essential first
steps, and they seem to me for the present sufficient.
They contemplate an increase o f the standing force o f the regular army
from its present strength o f 5.023 officers and 102,985 enlisted men o f all




[Vol. 101

6ervices to a strength o f 7,136 officers and 134,707 enlisted men, or 141,843
all told, all services, rank and file, by the addition of fifty-two companies
o f coast artillery, fifteen companies of engineers, ten regiments of Infantry,
four regiments o f field artillery and four aero squadrons, besides 750 officers
required for a great variety o f extra service, especially the all-important
duty o f training the citizen force of which I shall presently speak, 792 non­
commissioned officers for service in drill, recruiting and the like, and the
necessary quota of enlisted men for the Quartermaster Corps, the Hospital
Corps, the Ordnance Department and other similar auxiliary services.
These are the additions necessary to render the army adequate for its pres­
ent duties, duties which it has to perform not only upon our own conti­
nental coasts and borders and at our interior army posts, but also in the
Philippines, in the Hawaiian Islands, at the Isthmus and in Porto Rico.
By way of making the country ready to assert some part of its real power
promptly and upon a larger scale, should occasion arise, the plan also con­
templates supplementing the army by a force o f 400,000 disciplined citi­
zens, raised In increments of 133,000 a year throughout a period of three
years. This it is proposed to do by a process of enlistment under which tho
serviceable men of the country would be asked to bind themselves to serve
with the colors for purposes of training for short periods throughout three
years, and to come to the colors at call at any time through an additional
furlough” period of three years. This force o f 400,000 men would be
provided with personal accoutrements as fast as enlisted, and their equip­
ment for the field made ready to be supplied at any time. They would be
assembled for training at stated intervals at convenient places in associa­
tion with suitable units of the regular army. Their period o f annual
training would not necessarily exceed two months in the year.
It would depend upon the patriotic feeling of the younger men o f the
country whether they responded to such a call to service or not. It would
depend upon the patriotic spirit of the employers of the country whether
they made it possible for the younger men in their employ to respond
under favorable conditions or not. I, for one, do not doubt tho patriotic
devotion either of our young men or of those who give them employment__
those for whose benefit and protection they would, in fact, enlist. I
would look forward to the success of such an experiment with entire confi­
dence.
At least so much by way of preparation for defense seems to me to be
absolutely Imperative now. Wo cannot do less.
The program which will be laid before you by the Secretary of the Navy
Is similarly conceived. It involves only a shortening of the time within
which plans long-matured shall be carried out; but it does make definite
and explicit a program which has heretofore been only implicit, hetd In
the minds o f the Committees on Naval Affairs and disclosed in the debatos
of the two Houses, but nowhero formulated or formally adopted. It soems
to me very clear that it will be to tho advantage of tho country for the
Congress to adopt a comprehensive plan for putting the navy upon a final
footing of strength and efficiency, and to press that plan to completion
within the next five years. W e have always looked to the navy o f the
country as our first and chief line of defense; wo have always seen it to
be our manifest course of prudence to be strong on tho seas. Year by year
we have been creating a navy which now ranks very high indeed among
the navies of the maritime nations. W e should now definitely determine
how we shall complete what we have begun, and how soon.
The program to bo laid beforo you contemplates tho construction within
five years o f ten battleships, six battle cruisers, ten scout cruisers, fifty
destroyers, fifteen fleet submarines, eighty-five coast submarines, four
gunboats, one hospital ship, two ammunition ships, two fuel oil ships, and
one repair ship. It is proposed that of this number wo shall the first’ year
provide for the construction of two battleships, two battle cruisers, three
scout cruisers, fifteen destroyers, five fleet submarines, twenty-five coast
submarines, two gunboats, and one hospital ship; the second year, two
battleships, one scout cruiser, ten destroyers, four fleet submarines, fifteen
coast submarines, one gunboat, and one fuel oil ship; the third year, two
battleships, one battle cruiser, two scout cruisers, five destroyers two fleet
submarines and fifteen coast submarines; the fourth year, two battleships,
two battle cruisers, two scout cruisers, ten destroyers, two fleet submarines*
fifteen coast submarines, ono ammunition ship, and ono fuel oil ship; and
the fifth year, two battleships, ono battle cruiser, two scout cruisers, ton
destroyers, two fleet submarines, fifteen coast submarines, ono gunboat,
one ammunition ship and one repair ship.
The Secretary o f the Navy is asking also for the immediate addition to
the personnel of the navy o f 7,500 sailors, 2,500 apprentice soamen, and
1,500 marines. This increase would bo sufficient to care for the ships which
are to be completed within the fiscal year 1917, and also for the number
o f men which must be put in training to man the ships which will be com­
pleted early in 1918. It is also necessary that tho number of midshipmon
at the Naval Academy at Annapolis should be increased by at least 300 in
order that tho force of officers should bo more rapidly added to; and
authority is asked to appoint, for engineering duties only, approved gradu­
ates o f engineering Colleges, and for service in the Aviation Corps a certain
number o f men taken from civil life.
If this full program should bo carried out wo should have built or building
in 1921, according to the estimates of survival and standards of classifica­
tion followed by the General Board of tho department, an effective navy
consisting of twenty-seven battleships of the first line, six battle cruisers,
twenty-five battleships of the second line, ten armored cruisers, thirteen
scout cruisers, five first-class cruisers, three second-class cruisers, ten thirdclass cruisers, 108 destroyers, eighteen fleet submarines, 157 coast sub­
marines. six monitors, twenty gunboats, four supply ships, fifteen fuel
ships, four transports, three tenders to torpedo vessels, eight vessels of
special types, and two ammunition ships. This would be a navy fitted to
our needs and worthy of our traditions.
But armies and instruments of war are only part o f what has to be con­
sidered if we are to consider tho supreme matter of national self-sufficiency
and security in all its aspects. There are other great matters which will be
thrust upon our attention whether we will or not. There is, for example, a
very pressing question of trado and shipping involved In this groat problem
of national adequacy. It Is necessary for many weighty reasons of national
efficiency and development that wo should have a great merchant marine.
The great merchant fleet wo once used to make us rich, that groat body
of sturdy sailors who used to carry our flag into every sea, and who wore
the pride and often the bulwark of the nation, wo havo almost driven out
of existence by inexcusable neglect and Indifferonco and by a hopelessly
blind and provincial policy of so-called economic protection. It is high
time we repaired our mistake and resumed our commercial independence
on the seas.
For it is a question o f independence. If other nations go to war or seek
to hamper each other’s commerce, our merchants, it seems, are at their
mercy, to do with as they please. AVe must use their ships, and uso them
as they determine. We have not ships enough of our own. We cannot
handle our own commerce on the seas. Our independence is provincial,
and is only on land and within our own borders. Wo are not likely to be
permitted to use even the ships of other nations in rivalry of their own
trade, and are without means to extend our commerce even wlicro the doors
are wide open and our goods desired. Such a situation is not to be endured

Deo. 11 1915.]

THE CHRONICLE

It is o f capital importance not only that the United States should be
its own carrier on the seas and enjoy the economic independence which
only an adequate merchant marine would give it, but also that the American
hemisphere as a whole should enjoy a like independence and self-sufficiency,
if it is not to be drawn into the tangle of European affairs. Without such
independence the whole question of our political unity and self-determina­
tion is very seriously clouded and complicated indeed.
Moreover, we can develop no frue or effective American policy without
ships o f our own— not ships o f war, but ships of peaco, carrying goods and
carrying much moro; creating friendships and rendering indispensable
services to all interests on this side o f the water. They must move con­
stantly back and forth between the Americas. They are the only shuttles
that can weave tho delicate fabric o f sympathy, comprehension, confi­
dence and mutual dependence in which we wish to clothe our policy of
America for Americans.
Tho task of building up an adequate merchant,marine for America private
capital must ultimately undertake and achieve, as it has undertaken and
achieved every other like task amongst us in the past, with admirable enter­
prise, intelligence and vigor; and it seems to me a manifest dictate of wis­
dom that we should promptly remove every legal obstacle that may stand
in tho way o f this much to be desired revival of our old independence and
should facilitate in every possible way the building, purchase and American
registration o f ships. But capital cannot accomplish this great task of a
sudden. It must embark upon it by degrees, as the opportunities of trade
develop.
Something must be done at once; done to open routes and develop op­
portunities where thoy are as yet undeveloped; done to open the arteries
of trade whero the currents have not yet learned to run— expecially between
the two American continents, where they are, singularly enough, yet to
be created and quickened; and it is evident that only the Government can
undertake such beginnings and assume the initial financial risks. When
the risk has passed and private capital begins to find its way in sufficient
abundance into those new channels, the Government may withdraw. But
it cannot omit to bogin. It should take the first steps, and should take
them at onco. Our goods must not lie piled up at our ports and stored
upon side tracks in freight cars which aro daily needed on the roads; must
not be left without means of transport to any foreign quarter. We must
not await the permission o f foreign shipowners and foreign Governments to
send them whero we will.
With a view to meeting theso pressing necessities o f our commerce and
availing ourselves at tho earliest possible moment o f the present unparal­
leled opportunity of linking tho two Americas together in bonds o f mutual
interest and service, an opportunity which may never return again if we
miss it now, proposals will bo made to tho present Congress for the purchase
or construction of ships to bo owned and directed by the Government similar
to thoso mado to tho last Congress, but modified in some essential particu­
lars. I recommond theso proposals to you for your prompt acceptance
with tho more confidence because every month that has elapsed since the
former proposals were mado has mado the necessity for such action more
and moro manifestly imperative. That need was then foresoen; it is now
acutoly felt and everywhere realized by those for whom trade is waiting,
but who can find no conveyance for their goods. I am not so much inter­
ested in tho particulars of the program as I am in taking immediate advan­
tage of-the groat opportunity which awaits us if wo will but act in this emerg­
ency. In this matter, as in all others, a spirit o f common counsel should
provail, and out of it should come an early solution of this pressing problem.
Thoro is another matter which seems to me to be very intimately asso­
ciated with the question o f national safety and preparation for defense.
That is our policy toward the Philippines and the people o f Porto Rico.
Our treatment o f them and thoir attitude towards us aro manifestly of the
first consequenco in the development o f our duties in the world and in
getting a froo hand to perform those duties. W e must be free from every
unnecessary burden or embarrassment; and there is no better way to be
clear o f embarrassment than to fulfill our promises and promote the inter­
ests of thoso dependent on us to tho utmost. Bills for tho alteration and
reform o f the Government o f the Philippines and for rendering fuller
political justice to the people of Porto Rico were submitted to the sixtythird Congross. Thoy will be submitted also to you. I need not particu­
larize their details. You are most of you already familiar with them. But
I do recommond thorn to your early adoption with the sincere conviction
that thore are few measures you could adopt which would more serviceably
clear tho way for tho groat policies by which wo wish to make good, now
and always, our right to lead in enterprises o f peace and good-will and
economic and political freedom.
Tho plans for tho armed forces o f tho nation which I havo outlined, and
for tho gonoral policy o f adequate preparation for mobilization and defense,
involve o f courso very largo additional expenditures o f money— expendi­
tures which will considerably exceed the estimated revenues of the Govern­
ment. It is mado my duty by law, whenever tho estimates o f expenditure
excoed the estimates o f revenue, to call the attention of the Congress to
tho fact and suggest any means of meeting the deficiency that it may b 6
wlso or possible for mo to suggest. I am ready to believe that it would
bo my duty to do so in any case; and I feel particularly bound to speak of
the matter when it appears that the deficiency will arise directly our of the
adoption by tho Congress o f measures which I myself urgo it to adopt.
Allow mo, therefore, to speak briefly o f tho present state o f tho Troasury
and o f tho fiscal problems which tho next year will probably disclose.
On Juno 30 last thoro was an available balanco in the gonoral fund of the
Troasury o f $101,170,105 78. Tho total estimated receipts for the year
1916, on tho assumption that tho emergency revenue measure passed by the
last Congress will not bo extended beyond its present limit, Dec. 31 1915, and
that the present duty of 1 cent per pound on sugar will be discontinued after
M ay 1 1916, will bo $670,365,500. The balanco of Juno last and these
estimated revenues como, therefore, to a grand total o f $774,535,605 78.
Tho total estimated disbursements for tho present fiscal year, including
$25,000,000 for tho Panama Canal, $12,000,000 for probable deficiency
appropriations, and $50,000 for miscellaneous debt redemptions, will be
$753,891,000; and tho balanco In tho general fund o f tho Troasury will be re­
duced to $20,644,605 78. Tho Emergency Revenue Act, if continued be­
yond its prosont time limitation, would produce, during the half year then
remaining', about $41,000,000. The duty o f 1 cent per pound on sugar, if
continued, would produce during the two months o f the fiscal year remain­
ing after tho first of M ay. about $15,000,000. Theso two sums, amounting
togothor to $56,000,000. if added to tho revenues o f the second half of the
fiscal year, would yield the Treasury at the end o f the year an available
balanco o f $76,644,605 78.
The additional revenues required to carry out tho program o f military and
naval preparation of which I havo spoken would, as at present estimated,
bo for tho fiscal year 1917. $93,800,000. Thoso figures, taken with tho
figuros for tho prosont fiscal yoar which I have already given, disclose our
financial problem for tho yoar l917. Assuming that tho taxes imposed by
tho Emergency Itovonuo Act and the prosont duty on sugar are to be dis­
continued, and that the balance at the close of tho prosont fiscal yoar will
be only $20,644,605 78, that the disbursements for the Panama Canal will




1929

again be about $25,000,000, and that the additional epxenditures for army
and navy are authorized by the Congress, the deficit in the general fund of
tho Treasury on June 30 1917 will bo nearly $235,000,000. To this sum at
least $50,000,000 should be added to represent a safe working balance for
the Treasury, and $12,000,000 to include tho usual deficiency estimates
in 1917; and these additions would make a total deficit of some $297,000,000.
If the present taxes should be continued throughout this year and tho
next, however, there would be a balance in the Treasury of some $76,500,000
at the end o f tho present fiscal year, and a deficit at the end of tho next year
of only some $50,000,000. or, reckoning in $62,000,000 for deficiency appro­
priations and a safe Treasury balance at the end of the year, a total deficit
of some $112,000,000. The obvious moral o f the figures is that it is a plain
counsel of prudence to continue all o f the present taxes or their equivalents,
and confine ourselves to the problem of providing $ 1 1 2 ,0 0 0 ,0 0 0 of new
revenue rather than $297,000,000.
How shall we obtain the new revenue ? W e are frequently reminded that
there are many millions of bonds which the Treasury is authorized under
existing law to sell to reimburse the sums paid out o f current revenues for
the construction of tho Panama Canal; and it is true that bonds to the
amount of approximately $2 2 2 ,0 0 0 ,0 0 0 are now available for that purpose.
Prior to 1913 $134,631,980 of these bonds had actually been sold to recoup
tho expenditures at the Isthmus; and now constitute a considerable item
of tho public debt. But I, for one, do not believe that tho people o f this
country approve of postponing tho payment of their bills. Borrowing
money is short-sighted finance. It can be justified only when permanent
things are to be accomplished which many generations will certainly benefit
by and which it seems hardly fair that a single generation should pay for.
The objects we are now proposing to spend money for cannot be so
classified, except in the sense that everything wisely done may be said
to be done in the interest of posterity as well as in our own. It seems
to me a clear dictate of prudent statesmanship and frank finance that in
what wo are now, I hope, about to undertake we should pay as we g o .
The people of the country are entitled to know just what burdens of taxa­
tion they are to carry, and to know from the outset, now. Tho new bills
should bo paid by internal taxation.
To what sources, then, shall we turn? This is so peculiarly a question
which the gentlemen o f the House of Representatives are expected under
the Constitution to propose an answer to, that you will hardly expect mo
to do more than discuss it in very general terms. W e should be following
an almost universal example of modern Governments if we were to draw
the greater part, or even tho whole of the revenues we need, from the in­
come taxes. By somewhat loworing the present limits of exemption and
the figure at which the surtax shall begin to be imposed, and by increasing,
step by step throughout the present graduation, the surtax itself, the
income taxes as at present apportioned would yield sums sufficient to
balance the books of the Treasury at the end of the fiscal year 1917 without
anywhere making the burden unreasonably or oppressively heavy. Tho
precise reckonings are fully and accurately set out in the report of tho
Secretary o f the Treasury, which will be immediately laid before you.
And there are many additional sources o f revenue which can justly be
resorted to without hampering the industries o f the country or putting
any too great charge upon individual expenditure. A tax o f 1 % per
gallon on gasoline and naptha would yield, at tho present estimated pro­
duction, $ 1 0 ,0 0 0 ,0 0 0 ; a tax o f fifty cents per horse power on automobiles
and internal explosion engines, $15,000,000; a stamp tax on bank checks,
probably $18,000,000; a tax of twenty-five cents per ton on pig iron,
$ 1 0 ,0 0 0 ,0 0 0 ; a tax of twenty-five cents per ton on fabricated iron and steel.
probably $10,000,000. In a country of great industries like this it ought
to be easy to distribute the burdens o f taxation without making them
anywhere bear too heavily or too exclusively upon any one set o f persons
or undertakings. What is clear is that the industry o f this generation
should pay the bills o f this generation.
I have spoken to you to-day, gentlemen, upon a single theme, the
thorough preparation of the nation to care for its own security and to make
sure of entire freedom to play the impartial role in this hemisphere and in
the world which we all believe to have been providentially assigned to it.
I have had in my mind no thought o f any immediate or particular danger
arising out of our relations with other nations. W e are at peace with all
the nations of the world, and there is reason to hope that no question in
controversy between this and other Governments will lead to any serious
breach of amicable relations, grave as some differences o f attitude and
policy have been and may yet turn out to be.
I am sorry to say that the gravest threats against our national peace and
safety have been uttered within our own borders. There are citizens of
the United States, I blush to admit, born under other flags, but welcomed
under our generous naturalization laws to the full freedom and opportunity
of America, who have poured the poison of disloyalty into the very arteries
of our national life; who have sought to bring the authority and good name
o f our Government into contempt, to destroy our industries wherever
they thought it effective for their vindictive purposes to strike at them
and to debase our politics to tho uses of foreign intrigue. Their number is
not great as compared with tho whole number o f those sturdy hosts by
which our nation has been enriched in recent generations out of virile
foreign stocks; but it is great enough to have brought deep disgrace upon
us and to havo made it necessary that we should promptly make use of
processes of law by which we may be purged o f their corrupt distempers.
America never witnessed anything like this before. It never dreamed it
possible that men sworn into its own citizenship, men drawn out of great
■free stocks such as supplied some of the best and strongest elements of that
ittle, but how heroic, nation that in a high day of old staked its very life
to free itself from every entanglement that had darkened the fortunes o f the
older nations and set up a new standard here— that men of such origins and
such free choices of allegiance would ever turn in malign reaction against
tho Government and people who had welcomed and nurtued them and seek
to make this proud country once more a hotbed of European passion. A
little while ago such a thing would have seemed incredible. Because it
was incredible we made no preparation for it. We would have been
almost ashamed to prepare for it, as if we were suspicious of ourselves,
our own comrades and neighbors. But the ugly and incredible thing has
actually come about and we are without adequate Federal laws to deal
with it.
I urge you to enact such laws at the earliest possible moment and feel that
in doing so I am urging you to do nothing less than save the honor and
self-respect o f the nation. Such creatures of passion, disloyalty, and
anarchy must be crushed out. They are not many, but they are infinitely
malignant and the hand of our power should close over them at once.
They havo formed plots to destroy property, they have entered into con­
spiracies against the neutrality o f the Government, they have sought to
pry into every confidential transaction of the Government in order to serve
interests alien to our own. It is possible to deal with these things very
effectually. I need not suggest the terms in which they may bo dealt with.
I wish that it could be said that only a few men, misled by mistaken
sentiments of allegiance to the governments under which they were born,
had been guilty of disturbing the self-possession and misrepresenting the

THE CHRONICLE

1930

temper and principles o f tho country during these days o f terrible war, when
t would seem that every man who was truly an American would instinc­
tively make it his duty and his pride to keep the scales o f judgment even
and prove himself a partisan o f no nation but his own. But it cannot.
There are some men among us, and many resident abroad, who, though
bom and bred in the United States and calling themselves Americans, have
so forgotten themselves and their honor as citizens as to put their passionate
sympathy with one or the other side in the great European conflict above
their regard for the peace and dignity o f the United States. They also
preach and practice disloyalty. No laws, I suppose, can reach corruptions
of the mind, and heart; but I should not speak o f others without also
speaking o f these and expressing the even deeper humiliation and scorn
which every self-possessed and thoughtfully patriotic American must
feel when he thinks of them and o f the discredit they are daily bringing
upon us.
While we speak o f the preparation of the nation to make sure of her
security and her effective power we must not fall into the patent error
of supposing that her real strength comes from armaments and mere safe­
guards of written law. It comes, o f course, from her people, their energy,
their success in their undertakings, their free opportunity to use the
natural resources o f our great home land and of the lands outside our
continental borders which look to us for protection, for encouragement,
and for assistance in their development; from the organization and freedom
and vitality o f our economic life. The domestic questions which engaged
the attention o f the last Congress are more vital to the nation in this, its
time of test, than at any other time. W e cannot adequately make ready
for any trial o f our strength unless we wisely and promptly direct the force
of our laws into these all-important fields o f domestic action.
A matter which it seems to me we should have very much at heart is the
creation o f the right instrumentalities by which to mobilize our economic
resources in any time o f national necessity. I take it for granted that I
do not need your authority to call into systematic consultation with tho
directing officers of the army and navy men o f recognized leadership and
ability from among our citizens who are thoroughly familiar, for example,
with the transportation facilities o f the country and, therefore, competent
to advise how they may be co-ordinated when the need arises, those who
can suggest the best way in which to bring about prompt co-operation among
the manufacturers o f the country, should it be necessary, and those who
could assist to bring the technical skill o f the country to the aid of the
Government in the solution o f particular problems of defense. I only
hope that if I should find it feasible to constitute such an advisory body
tho Congress would be willing to vote tho small sum of money that would
be needed to defray the expenses that would probably be necessary to give it
the clerical and administrative machinery with which to do serviceable
work.
What is more important is that tho industries and resources o f tho country
should be available and ready for mobilization. It is the more impera­
tively necessary, therefore, that we should promptly devise means for doing
what we have not yet done: that we should give intelligent Federal aid and
stimulation to industrial and vocational education, as wo havo long done in
the large field o f our agricultural industry; that at the same time that we
safeguard and conserve the natural resources o f the country wo should put
them at the disposal o f those who will use them promptly and intelligently,
as was sought to be done in the admirable bills submitted to tho last Con­
gress from its committees on tho Public Lands, bills which I earnestly
recommend in principle to your consideration; that we should put into
early operation some provision for rural credits which will add to the ex­
tensive borrowing facilities already afforded the farmer by the Reserve
Bank Act adequate instrumentalities by which long credits may be ob­
tained on land mortgages; and that we should study more carefully than they
have hitherto been studied the right adaptation of our economic arrange­
ments to changing conditions.
Many conditions about which we have repeatedly legislated are being
altered from decade to decade, it is evident, under our very eyes, and are
likely to change even more rapidly and more radically in tho days imme­
diately ahead o f us, when peace has returned to the world and the nations
of Europe once more take up their tasks o f commerce and industry with
tho energy of those who must bestir themselves to build anew. Just what
theso changes will be no one can certainly foresee or confidently predict.
There are no calculable, because no stable, elements in tho problem. The
most we can do is to make certain that we have the necessary instrumentali­
ties of information constantly at our service so that we may bo sure that we
know exactly what we are dealing with when wo come to act, if it should be
necessary to act at all. We must first certainly know what it is that wo are
seeking to adapt ourselves to. I may ask tho privilege of addrossing you
more at length on this important matter a little later in your session.
In the meantime may I make this suggestion ? Tho transportation prob­
lem is an exceedingly serious and pressing one in this country. Thoro has
from time to time o f late been reason to fear that our railroads would not
much longer be able to cope with it successfully, as at present equipped and
co-ordinated. I suggest that it would be wise to provide for a commission
of inquiry to ascertain by a thorough canvass of the whole question whether
our laws as at present framed and administered are as serviceable as they
might be in the solution o f tho problem. It is obviously a problem that lies
at the very foundation of our efficiency as a people. Such an inquiry ought
to draw out every circumstance and opinion worth considering and wo need
to know all sides o f the matter if we mean to do anything in the field of
Federal legislation.
N o one, I am sure, would wish to take any backward step. The regula­
tion of the railways of the country by Federal commission has had admirable
results and has fully justified the hopes and expectations o f those by whom
the policy o f regulation was originally proposed. The question is not what
should wo undo. It is, whether there is anything else wo can do that would
supply us with effective means, in the very process of regulation, for bet­
tering the conditions under which the railroads are operated and for making
them more useful servants o f the country as a whole. It seems to me that
it might be the part o f wisdom, therefore, before further legislation in this
field Is attempted, to look at the whole problem o f co-ordination and ef­
ficiency in the full light o f a fresh assessment o f circumstance and opinion,
as a guide to dealing with the several parts o f it.
For what we aro seeking now, what in my mind is the single thought of
this message, is nationa efficiency and security. We serve a great nation.
W e should serve it in the spirit o f its peculiar genius. It is the genius of
common men for self-government, industry, justice, liberty and peace.
W e should see to it that it lacks no instrument, no facility or vigor of law,
to make it sufficient to play its part with energy, safety and assured suc­
cess. In this we are no partisans, but heralds and prophets o f a new ago.
REPOR T OF S E C R E T A R Y M c A D O O .

Important changes in the income tax law are forecasted
in the annual report of Secretary of the Troasury M cA doo,
made public this week. In addition to indicating that it
is evident that the war rovenuo measuro and the oxisting duty




[Vol. 101

on raw sugars must be continued, M r . M cAdoo points out
that now forms of taxation must be resorted to for tho pur­
pose of providing tho additional revenues required, the major
part of which is needed to carry out tho enlarged program
for national defense. As was indicated by Secrotary M c ­
Adoo in a statement issued two weeks ago, the report shows
that tho total amount of additional revenue to bo raised for
the fiscal year 1917 is §11 2,80 6,3 94, including §25,000,000
of expenditures for tho Panama Canal in each of the yoars
1916 and 1917. M r . M cAdoo in reiterating his belief that
no part of these expondituros should be provided by the sale
of bonds, except with tho possible exception of tho payments
for tho Panama Canal, says:
Tho policy of providing for the expenditures of tho Government by taxaation and not by bond issues is undoubtedly a sound ono and should bo
adhered to. A nation no more than an individual can go constantly into
debt for current expenditures without eventually impairing credit. A
wise, sound and permanent policy of raising the additional rovenuo required
for preparedness and tho expenditures of tho Government should therefore
be devised and adopted.
With the return of peaco in Europe the revenues from customs will un­
doubtedly increase again, and in time a largo part of the customs revonues
lost in tho fiscal year 1915 will be restored.
■Tho entire amount of tho deficiency, estimated on the basis hereinbeforo
stated, for tho fiscal year 1917, amounting to $112,806,394 22, * * *
can easily be raisod by internal taxation without appreciable burdons upon
the American people.

As noted in two woeks ago, Secretary M cAdoo suggosts
that tho present exemption of §3,0 0 0 for singlo and §4,0 00
for married porsons be reduced to §2,0 00 and §3,0 00, re­
spectively, and that tho surtax begin a t §10,000 or §15,000
instead of §20,000, as providod by t 'm prosont law. lie
likewiso proposes a tax on such products ' ^gasoline, crude and
refined oils, horse-power of automobiles and other internal
combustion engines, and various other things, whoro col­
lection could bo made at tho source with cortainty and at
small expense.
Further proposed changes with regard to tho income tax
are indicated in tho report as follows:
I desire to renew earnestly tho recommendation made in my last annual
report that the law be changed so that each person having a g ross incomo
of $3,000 or more for tho taxable year shall make a return. Undor the ox­
isting law each person having a n et incomo of $3,000 or over for tho taxable
year is required to make a return. Consequently tho person who has a
g ro ss income of more than $3,000 makes his own deductions and determines
for himself without any review on tho part of tho department whothor his
n et incomo is more or loss than $3,000. I fell confident that this chango if
mado by Congress will result in a great increase In tho number of voluntary
incomo tax returns and in the amount of revonuo that will bo collected
by tho Government.
I am of tho opinion that it would bo very advantageous to have this law
amended so as to do away with tho withholding of tho incomo tax at tho
source, and in place thereof to require information at tho sourco. If such
an amendment is adopted an exception should bo mado in tho case of non­
resident aliens whoso tax would necessarily bo withheld at tho sourco.
A number of amendments aro proposed in addition to those heretofore
referred to. Thero are proposed amendments making tho incomo of non­
resident aliens arising oraccruing from all sources within the United States
taxable and providing for tho paymont o f tho tax at tho sourco; requiring
returns from all Individuals whether the tax has been withhold at source
or not; requiring dividends to be included in tho returns, exempting certain
mutual and co-operative companies and associations, clubs and corporations
not organized for profit which aro similar in naturo to organizations now
exempt; broadening the scope of the liability of foreign corporations;
requiring receivers, trustees, &c., operating properties to make returns and
pay tax; and prohibiting corporations deducting taxes for local benefits.
Another proposed amendment authorizes by express words, tho Com- mlssioncr of Internal Rovonue to mako an assessment in caso of roturns merely
erroneous as well as in the case of those falso and fraudulent. Ono enlarges
the time within which an individual may file his claim for deductions with
the withholding agent, one provides that tho tax shall become duo on
June 15 of each year, instead of June 30, so that it may bo collected before
the end of the fiscal yoar, and one gives tho Commissioner specific authority
to corroct an erroneous or false return as well as to mako a return. Others
forbid corporations which agreo to pay any taxes on tlreir bonds from deduct­
ing such taxes from their gross incomo.

As to tho yield from the income tax tho Secrotary says:
For the fiscal yoar ended June 30 1915 the total receipts from persona
income tax wero $4 1 ,0 4 6 ,1 6 2 09, an incroase of $12,792,627 24 ovor tho
preceding year. The total receipts from corporation income tax for the
fiscal year ended Juno 30 1915 wero $39,144,531 71, a docroaso of $3,983,­
208 18. The increase in the personal incomo tax receipts was duo in groat
measuro to tho fact that tho collections for the fiscal yoar 1915 wero for a
period of twelve months, wheroas tho collections for tho fiscal yoar 1914
were for ten months.
Tho decrease in tho incomo tax from corporations is duo, in large measure,
to tho effect of tho European war, which has reduced tho operations of somo
of our largest corporations in tho belligoront countries of Europe, and also
to tho disturbances in Mexico, which havo had a similar effect upon some
of our largo corporations doing business in that country, and also to tho
reflex action upon our own domestic situation occasioned by tho groat
conflict in Europe.

Tlio total estimated appropriations for tho fiscal yoar which
begins July 1 next M r . M cAcoo put at §1,2 85,8 57 ,8 08 , in­
cluding §316,364,879 for tho post office, which is reimbursiblo
and about §90,000,000 moro for tho Panama Canal and sink­
ing fund. Receipts for the same yoar, basod on existing law,
without extension of the sugar duty or tho omorgoncy tax,
M r . M cAdoo puts at §58 0,20 0,0 00, and ordinary disburse­
ments at §832,901,000, loaving an excess of disbursements
ovor receipts, if legislation is not passed to chango conditions,

THE

i » K f . 1 1 1 9 1 5 .]
CHRONICLE

of $252,701,000. As explained in his recent statement,
however, that amount would bo reduced to about $50,000,000
by the extension of the emergency and sugar tax laws.

R E M O V A L OF C H A I R M A N M c C A L L OF P U B L I C
SERVICE C O M M IS S IO N .

Edward E . M cC all, Chairman of the Public Service
Commission of tho State of New York for the First District,
was removed from office by Governor Whitman on the 6th
inst. Tho action of the Governor grows out of charges of
misconduct in office and neglect of duty preferred by the
joint committee of tho Senate and Assembly, of which Sena­
tor Thompson is Chairman, appointed to investigate the
Commission. Altogether nineteen charges wero filed by
the Thompson committee against Chairman M cC all, but
his removal is based solely on the allegation that ho violated
Section 9 of the Public Service Commissions Law in failing
to divest himself of the holdings of a corporation subject
to the Commission’s jurisdiction. In setting out tho reasons
which prompted him in deposing the Commissioner, Governor
W hitman said:

The first charge against Commissioner McCall arises out of the alleged
ownership by him o f certain shares o f stock in the Kings County Electric
Light & Power C o., and is as follows:
.
First—On the day of his appointment to the office o f Public Service
Commissioner, First District, State of New York, namely, the 5th day of
February 1913, tho said Edward E. McCall was the owner o f capital stock
of a public service corporation or public service corporations, subject to
the supervision o f said Public Service Commission of tho State of New
York, First District, and knowingly and wilfully and in violation of tho
statute in such case made and provided, failed, neglected and omitted to
divest himself of such ownership, and has ever since continued to be and
still is the owner of such capital stock.
Section 9 o f the Public Service Commissions Law provides as follows:
“ No nerson shall be eligible for appointment or shall hold the office of
Commissioner or be appointed by a commission or by counsel to a commisd on or hold any office or position under a commission who holds any
official relation to any person or corporation subject to the supervision of
either commission, or who owns stocks or bonds of any such corporation.”
It is contended by Commissioner McCall that prior to his appointment
as Commissioner he divested himself of the ownership of this stock by trans­
ferring the samo to Mrs. McCall, his wife, indorsed in blank, and that he
delivered a memorandum transferring all his right, title and interest in and
to the same, declaring it to bo an irrevocable gift.
It is conceded by the Commissioner that prior to his appointment as
Public Service Commissioner he was the owner o f 387 shares o f the stock
o f the Kings County Electric Light & Power Co.; that the stock stood and
that it still stands in the name of John J. Mackin; that the certificates were
indorsed by Mackin in blank within a week after they were issued; that the
checks for dividends were mado payable to the order of John J. Mackin
and addressed to and received by him regularly at tho County Court House,
Now York County; that Mackin did not “ know any more about it than a
child in the cradle” ; that immediately prior to his appointment as Com ­
missioner lie, McCall, transferred the said stock to Ella Gaynor McCall;
that such transfer “ was occasioned by the statute aud done for that pur­
pose"; that he could not fix the exact time of the alleged transfer of the stock
to Mrs. McCall; that the certificates continued in the name of Mackin;
that no consideration was paid in cash by Mrs. McCall; that the dividend
checks continued to bo indorsed by Mackin and were indorsed “ for de­
posit” by Ella Gaynor McCall; that the payment of the stock transfer tax
upon tho transfer to Mrs. McCall was “ entirely overlooked"; that no stocktransfer tax stamps were affixed to the assignment o f said certificates; that
tho Franklin Trust Co., tho transfer agent, had no notice of any such
transfer; that no written memorandum o f the transfer o f the stock to Mrs.
McCall can bo found; that he, McCall, had the impression that he had made
a pencil memorandum, “ not in connection with any legal obligation, but
as Information of tho facts. * * * It was more o f an instruction
* * * what the purpose o f it was and what it was done for ; that he
could not find the pencil memorandum among his papers; that Mrs. M cCall
did not have tho pencil memorandum; that oven if there had been such
memorandum no stamps wero affixed, as provided for in Section 270 of
the tax law.
Section 278 of the tax law provides as follows:
"Section 278. Effect o f failure to pay tax.— No transfer o f stock made
after June 1 1905, on which a tax is imposed by this article, and which tax
jr not naid At tho time o f such transfer, shall be made tho basis o f any action
or legal proceedings, nor shall proof thereof be offered or received in evi­
dence In any court in this State.”
Thcro is nothing before mo which in any way evidences the transfer o f the
stock from the ownership of the Commissioner to that o f his wife, except
the Commissioner's unsupported statement, aud, while I have no desire
to question tho truth of his statement that ho intended to transfer tho stock
to his wife, there is no competent ovidcnce before me to show that such
transfer was ever mado. It would have been an easy matter for the Com­
missioner to have filled in the name o f his wife in the blank on the certifi­
cate which was already indorsed by Mackin. Tho provisions o f law relative
to tho transfer are simple and clear, and there is no evidence anywhere of
tho slightest desire to comply with the elementary legal requirements. I
do not believe that a transfer within tho meaning of tho law was ever made.
Section 272 of the tax law provides as follows:
“ Section 272. Penalty for failure to pay tax.— Any person or persons
who shall make any sale or transfer without paying the tax by this article
imnosed or who shall, in pursuance of any sale or agreement, deliver any
stork or ovidcnce of the sale of or agreement to sell any stock or bill or
memorandum thereof, without having the stamps provided for in this
■irtirln affixed thereto, shall be deemed guilty of a misdemeanor, and upon
rerivirt'ion thereof shall pay a fine o f not less than 8509 nor more than $ 1 ,non nr he imnrlsoned not more than six months, or by both such fine and
imprisonment, at the discretion of the court.”
Therefore, if we assume that there was such a transfer, we have this
situation: A former Justice o f the Supremo Court, when one offense is
charged against him, offers as a defense that ho has committed another.
If it bo true that ho transferred this stock to his wife and that he wrote a
memorandum sotting forth his purpose to transfer, his failure to pay the
tax required by law was a crlmo for which he could bo Imprisoned for six
months. Of course, the fact that the statute o f limitations protects him
now from prosecution has no bearing upon tho question involved. I am
entirely willing to accept the statement that his carelessness, which cov­




19 :u

ered a period of two years, is alone responsible for the compromising situa­
tion in which he is placed.
I believe that the provision of law, which forbids the owning by a Public
Service Commissioner of stocks or bonds of any corporation, which is sub­
ject to the Commission’s supervision, is wise and salutary.
I believe that the public interests require that the spirit, as well as the
letter of the law, shall be faithfully carried out; that it was clearly the inten­
tion o f the lawmakers that a Public Service Commissioner should have no
interest in the stocks or bonds of a corporation over which the Commission
has jurisdiction for purposes of regulation, and even though there had been
an actual transfer by the Commissioner to his wife of this stock, whereas
it might bo regarded as a technical compliance with the law, it would still
have been in defiance o f its spirit.
The provision of the Constitution, which imposes upon the Governor the
duty “ to take care that the laws are faithfully executed," compels me to
see to it, as far as I am able, that those holding office under the Govern­
ment of this State should conform in their official conduct not only to the
technical requirements of the statute but to the manifest spirit o f the law,
which must be recognized and observed if the full benefits are to accrue
to the people.
I find that this charge is sustained and I direct the removal of the
Commissioner.
Having sustained this charge, tho other charges an i specifications there­
under, for the purpose of the record and in conformity to the statute, are
hereby dismissed.
.
CHARLES S. W H ITM A N .

Commissioner M cC all was appointed by Governor Sulzer
on Feb. 3 1913, liis term of office running until Feb. 1 1918.
The appointment of Oscar S. Straus of N ew York as Chair­
man of the Commission to succeed M r . M cC all was an­
nounced by Governor Whitm an on the 9th inst.

T H E F E D E R A L RESERVE S Y S T E M A S A N
OF S T R E N G T H .

ELEMENT

W o gave last week some extracts from the address made by
Paul M . Warburg on N o v . 23 at the Co-operative Dinner
given by the M ayor of Charlotte, N . C . A t that time we
had only the outline of the speechTas reported by the local
press. W e have now obtained a complete copy of the ad­
dress, and feeling that it ought to be given in full, we re­
print it below in practically its entirety:
I do not wish toltiro you by going into a detailed description of the
work of tho Federal Reserve banks or the Federal Reserve Boards—I do
not believe that tho human constitution lends itself to digesting such
technical details after so excellent a dinner— and so I shall speak to you
only about the broad principles and the main features involved.
You all know that our national, State and savings bank report about
1813 billions of deposits, against which there is held in vault about 81,­
600,000,000 in actual cash. If all depositors should at tho same time
seek to have their deposits paid in cash, their demands could not be satis­
fied, and whenever, heretofore, depositors became thoroughly frightened,
panic ensued, with tho histories of which you are fully familiar. But a
banking system that did not provide for tho eventuality of such runs was
criminally defective, and so the Federal Reserve system was created,
which is in substance a co-operative banking organization. The member
banks now united in this system have pooled a certain portion of their
legal reserves and placed them in charge of the Federal Reserve banks;
which are to be administered so that they will be able to extend credit
or furnish currency to member banks needing assistance. Instead of de­
pending upon the insufficient cash supply kept in their own vaults, the
member banks now rely upon the commanding strength of the joint
reservoir, the power of which has been immeasurably enhanced by the
privilege accorded to the Federal Reserve banks of issuing Federal Reserve
notes against the deposit of certain well-defined commercial or banking
paper. Tho Federal Reserve Bank is the simple expression of the prin­
ciple “ In union there is strength.” This co-operative principle has been
carried into further effect by linking together the twelve Federal Reserve
banks into one strong organization. The link connecting these banks is
the Federal Reserve Board, tvhich has the duty and power to regulate and
direct tho credit facilities to bo extended by one district to tho other.
But we should, however, be committing a great mistake if we considered
these emergency functions as the only ones to be exercised by the Federal
Reserve banks. In creating local markets for commercial paper and
thereby making such commercial paper an asset of greater liquidity, the
Federal Resorve banks every day in the year ronder a most important
service. Tho Federal Reserve banks, in effecting this change, aro destined
to lessen tho concentration of reserve money upon the Stock Exchange
of New York, heretofore tho great on-call loan market of tho United States.
The preparedness of the Federal Reserve banks to buy commercial paper
enables the member banks to invest more liberally in this paper and to
consider it as their main secondary reserve instead of tho balances hereto­
fore kept with correspondents in tho reserve and central reserve cities.
The member banks and the business men of the United States will thus
derive the greatest benefits from the Federal Reserve system by first, the
safety from acuto panics of the old familiar kind, and second, the greater
ability of the member banks to uninterruptedly extend legitimate com­
mercial credit facilities at reasonable and fairly stable rates.
*
*
*
*
*
*
*
*
If the root of our strength and of our usefulness is preparedness, it is
evident that our preparodness must be real and that everything must be
avoided that might weaken it. In other words, the vast resources of the
Federal Reserve system must be actually ready and available.
Only in this way can wo secure for tho country, not only the great ind1rect advantages upon which I have just touched, but the beneficial effects
which accrue from direct action. The Federal Reserve banks must be
prepared to meet, by direct action, two kinds of emergencies— the regular
and the sporadic. The regular or recurring occurs whenever, through
seasonal demands or generally increased activity, there arises a temporary
demand for credit facilities in excess of what could readily be satisfied
from the available means of tho banks of the country. In such cases in
tho past excessive rates had to be applied in order to force liquidation and
bring about a readjustment.
It is in meeting these seasonal and temporary extraordinary demands
that tho Federal Reserve banks will render actual and most valuable ser­
vice. When tho banks of tho country reach the end of their lending power,
or when in order not to reach it, they would have to increaso their rates—
though the demand for credit facilities may be expected to be a healthy.

1932

THE CHRONICLE

seasonal one of a temporary character— then the lending power of the
Federal Reserve bank must be freely drawn upon and violent fluctuations
m ust be and will be avoided.
The sporadic emergency, if I m ay call it thus, arises in the period of
political, economic or financial disturbances which m ay bo caused by a
reaction from other countries’ or finds its origin in our own conditions. For,
Federal Reserve system or no Federal Rosorve system , critical times will
occur, though in milder and more controllable form s, whenever men aban­
don the path o f prudenco and safety. N o doctor’s art can prevent tho evil
and inevitable consequences o f excess and debauch.
W hen these critical conditions arise, they express themselves primarily
n a strong demand for gold. I t is in these periods, which in the past have
played havoc with our financial organization, that the Federal Reserve
system must show its protective powers. Great protection, of course, is
derived from the fa ct that a large portion of our gold has now been con­
centrated in several largo reservoirs, interconnected with one another,
instead o f being scattered about, as in tho past, amongst m any thousand
sm all and unimportant units. Great protection, furthermore, is derived
from the fact that additional currency can now be issued against tho deposit
o f commercial paper. B u t, o f course, if this issue o f currency is to remain
on a sound basis, the total volum ejof such currency and the aggregate of
the liabilities o f Federal Reservejbanks m ust not exceed a certain safo pro­
portion o f the gold actually heldjfor tho protection o f these obligations.
This limit m ust be preserved,?and, therefore, tho m aximum degree up to
which the Federal Reserve system m i l be able to render assistance will
depend upon the maxim um amount o f gold that it can bring under its ef­
fectual control. A t present tholFederal Reserve banks hold as a free asset
roughly speaking, $300 ,00 0,00 0 o f gold. W hile this is a very large am ount,
we must not overlook the staggering size o f tho entire credit structure of
tho country, which amounts to approximately 1 8 H billion dollars.
We
m ust bear in mind the gigantic amounts in which international trade bal­
ances nowadays express them selves!when the normal media o f exchange
and settlement are temporarily abandoned. W o need only think of con­
ditions such as wo had to face when tho European war broko ou t, when
Europe presented to us a demand for gold amounting to about $40 0 ,0 0 0 ,0 0 0 .
W o need only consider, on the other hand, tho precarious stato into which
tho European Powers were thrown when, afterwards, these conditions were
reversed. W e must not forgetjthat at present there is in Europe tho great­
est inflation o f circulation and credit that over existed in tho Old W orld,
and that, when tho war is over, wo^may naturally expect a most determined
and necessary effort on tho part of all those powerful countries to securo a
sufficient supply o f gold necessary to give their credit structure a fairly
sound foundation.
N obody can foretell with any degree of certainty what reaction tho end
o f the war m ay bring to us. B ut wo do know that the higher grows our
inverted pyramid of loans andjdeposits.jthe more unstablo a structure will
it provo to be and so much the more’ essential will it be to fortify its founda­
tion o f gold.
I do not wish to tire you by a discussion of technical details, but I want
to impress upon you only one of the important principles involved: Fedoral
Reserve banks m ust at times refuse to m ove in tho samo direction as__
in fact, m ust m ove in the opposite direction from tho general banks of
the country. T h at is to say, when tho rank and filo o f the banks begin
to hesitate and restrict, tho Fedoral Reserve banks m ust bo ready to loan ,
and, conversely, when the general banks o f tho country, In times o f great
ease o f m oney, are m ost anxious to incroaso their loans. Federal Reserve
banks must retire their funds from ;active employment and accumulate idle
m oney, inasmuch as only in times o f easo can they carry out this latter
process, necessary in order to secure a strategic position enabling them to
operate again when the public interest will require.
Abnorm ally low rates o f interest aro a source o f national danger. It
is the time o f excessively low interest rates that breeds a panic. It would
lead m e too far were I to dwell upon this well recognized fact. It is appar
ent to everybody that in order to earn a given am ount, a bank m ust put
out twice the volumo o f m oney at 2 % that it would havo to put out if it
could loan its m oney at 4 % .
Thelcum ulative effect o f this fact is that tho
banks of the entire country aro ap t, in periods o f excossivo easo of money,
to over-extend, and, because the return from normal and safo loans In such
tim es is too low, they are likely in the end to make poor loans and to em­
ploy their m oney in fixed investm ents, which, undertaken during a period
o f high prices, such as usually accompanies low money rates, will lead to
osses and to a lock-up o f funds when tho tide turns. And after a period of
over-stim ulation o f commerce and trado, fostered by a period of too easy
credit, the tide m ust inevitably turn; and tho greater was the extremo to
which low rates had gone, so tho greater m ust bo tho force o f the reaction
upon the turn o f the tide.
It m ust, therefore, be the aim and the duty o f tho Federal Reserve banks
to counteract violent fluctuations o f interest rates and to keep them as
closely as possible to normal; they m ust freely use their lending power when
rates rise beyond fair and healthy levels, but withdraw their funds and ar­
rest, if they can, a m ovem ent which would lead to excessively low rates
such as would be apt to bring about a dangerous reaction.
T h e country is best served i f there is a steady and ample flow o f credit
at normal and moderate rates. On such a basis, trades and industries will
thrive with the greatest safety and with the m ost lasting success.
A s stated before, if you want tho Federal Reserve banks to exercise these
functions, they m ust be in a condition o f strength and preparedness.
T h ey m ust be able to marshal their funds at a given m om ent like an arm y
which can be mobilized and thrown wherever it is wanted. A n d that is
w hy the law has wisely laid down certain well-defined lim its which m us
be observed in investing tho funds o f theso banks, so that thev m ay remain
liquid.

1

Z1
/ 1? B^eatest danger that can com e to this system is from the pressure of
selfish elements that would want to see tho system used for their own in­
dividual advantage. These are the men who say, “ W o don’t see that the
hederal Reserve system is o f any use to us. W h y should we not bo per­
m itted to go to tho Federal Reservo banks direct and secure a loan for us
for any kind o f Industrial or agricultural enterprise?” B u t suppose that
Congress could be persuaded (of which, I am grateful to say, I do not see
the least evidence) that tho Federal Reserve Oanks should go into such
ventures, what would be the consequence? Tho funds o f tho Federal Re­
serve banks would be invested in local Individual loans liko those o f any
country bank. Y o u would have added one more commercial bank to the
thirty thousand already operating in the country— (a large one, Indeed, but
in m any cases not even the largest one); one more bank that would oper­
ate upon the same principles as the commercial banks o f tho country, and
conditions, in that case, would in tho end become substantially tho same
as they were before the creation o f the Federal Reserve svstem . W h y
should it bo safe to permit tho banks o f the country to count as reserve
balances with Federal Reserve banks when, as a m atter o f fact, this reserve
m oney had been invested exactly in the same w ay in which they themselves
could have invested tho m oney? H ow could theso loans bo liquidated in
times when the commercial banks aro pressed and how, under such condijNons, could the Federal Reserve banks be free and prepared to act as the




[Vol. lOl

reserve lending power o f the country, ready to loan when others had reached
their lim it?
W h en , after the panic o f 1907, I wrote some articles dealing with tho
necessity o f financial reform in tho United States, I likened our reservo
situation to a city where everybody had a pail o f water, but where there did
not exist a general reservoir to cope with the emergency o f fire, so that in
case o f such emergency each man held on to his insufficient little supply
whilo nobody had enough to fight the flames successfully. T h at simile
has had “ to work overtim e,” but everybody is now in accord as to the ne­
cessity of having these central reservoirs and they have been made oper­
ative with great success. B u t, gentlemen, beware o f the men who are not
satisfied with what has been achieved, but plan to drain your reservoir
for irrigation purposes. I f you do not keep tho water reserved for tho use
for which it was accumulated, some one, no doubt, will profit, but when the
fire comes there will not be an adequate supply o f water. A great assist­
ance that the business m an. the farmer and tho banker o f this country can
render in the administration of the Federal Reserve A c t is to disabuse the
minds o f all who would wish to see the Federal Reserve banks conducted
for their own individual purposes.
The policy o f the Federal Reserve banks m ust furthermore differ from
that o f the commercial banks in that tho former m ust at times disregard
earnings, for if they did not they would, liko tho other banks o f the country,
run the risk o f putting out their money in the largest quantities at the very
tim e when the system should be quiescent and gather strength for the time
when the pendulum will swing back.
N or m ay the F ederal Reserve banks apply the general banking standard
in considering their operating expenses. Th e printing and shipping of
circulating notes amounted to between $600,000 and $700,000 for the first
year.
Tho bulk o f theso notes was prepared to be kept in readiness or
for the purpose o f accumulating gold for the greater safety o f tho country.
Bess than $ 1 7 ,000 ,000 represent increased circulation from which a return
is earned. It is a trying condition for those in caargo o f tho Federal R e­
serve banks to see their earnings low and their operating expenses high, but
they would be guilty o f neglect o f duty if they permitted themselves to be
influenced by the desire o f earning dividends or reducing expenses rather
then b y the prime consideration o f the safety o f tho country.
Tho Federal Reserve system m ust show its value to this country, not by
what it does for the individual, but by what it does for the entire nation;
by tho safety that it provides for tho entire country; by the safety that it
provides for tho depositor and for tho borrower in dealing with his bank
by the reasonable a.id more stable rates that will the more thoroughly
permeate the entire country tho longer the system will he in operation.
The more closely the banks can bo drawn into tho Federal Reserve system
a n d the stronger tho * ederal Reserve banks themselves grow, tho more
they can assert their influence as a regulative and. at times, corrective
power. A t the samo tim e, while exercising these functions, it will bo the
task o f the Federal Reserve banks to bo justness institutions which earn
their running expenses, and which, In due tim e, will earn their dividends
also. W hen once they have gone through a period o f active money thoy
will easily find their proper olace. U ltim ately, as a going concern they
m ust control a substantial normal volumo o f business without which they
could not possibly exorcise tho proper influence.
Th e m uch-debated question, whether Federal Resorvo banks are emer­
gency banks or competing commercial banks, will then be disposed or
T h ey aro neither quito tho ono nor the other. Thoy will be Federal Reserve
banks, banks o f a distinct character o f their own, as tho Bank of England
tho Banque do Franco and the Gorman Reichsbank.
It is equally WTong to say that Federal Reserve banks shall at all times
com pete with member banks as it is to say that they shall never compete
with member banks. Federal Reserve banks are at all times entitled to the
business that tho law permits them to engage in. B ut the true question is,
as m y colleague, M r . Delano, put it recently, “ W h a t, for tho best interes
o f tho country are the conditions under which they shall com peto?”
f t v ,i ! ° problurt\ v ery broadly and allowing for m any exceptions, is
not this the answer: W hon rates rise above norm al. Federal Reservo banks
will enter the market freely, prepared and eager to competo and to under­
take an abnormally largo amount o f business. I f rates aro normal. Fed­
eral Reserve banks will seek to securo a normal amount o f business. If
rates go below norm al, however, the am ount o f their investments should
go below normal. Th e present tim o has been one o f abnormally low rates,
and that is w hy, under existing conditions. Federal Reserve banks could
not compete actively for a large volume o f business, not primarily out of
consideration for?tho member banks, but bocauso, as a m atter o f policy and
safety. Federal Resorvo banks m ust not assist in driving rates below a
normal level in periods when thoy should preserve or accumulate a strong
reserve power.
not overlook that, at this tim o , there has been paid in only a
,.rCS,erV° nlo,M!ys wh,ch aro to becomo tho deposits o f tho Fedbetweon Perturb? i> and th,a t ’ Untu this Process is completed, the relations
do se i
1 J l Z V l 'in,kS and thuir m °m ber banks will not develop
M oreover we m / t vbIch ultim ately will be tho basis o f their intercourse.
n !e
* f,!V“ ° Ur banks a reasonable timo for fully developing
tho new banking methods upon tho use o f which tho success o f tho Federal
Reserve system Is largely predicated: T h at is, the free uso o f eligiblo com ­
mercial paper as a secondary reserve and o f bankers’ acceptances, a wide
market for which will ultim ately provido one o f tho regular fields for con­
stant operations o f Federal Reserve banks.
Just a year ago, when tho Fedoral Reserve banks for tho first time opened
their doors, I ventured to say:
•
‘T ho 16th o f N ovem ber m ay bo considered tho Fourth o f July In tho
economic life o f tho United States. Com ing generations will coinmemorato
it as marking tho foundation o f our financial emancipation ”
This statem ent to som e m ay have appeared an exaggeration at that time
B u t just see, gentlemen, how quickly it has como true. I f I know how to
do it, I would m ake that statem ent oven stronger to-day
I am looking back upon this first year with full satisfaction
W o have
been able to securo a remarkable group o f men who have faithfully and en­
thusiastically devoted their energies to tho hard and trying work o f break­
ing tho ground for future growth. N o work takes as much care and is as
llttlo perceptible to tho casual observer as that which is done In laying the
foundation o f a great structure
I am confident that it will not take long
and that wo all shall see the building rise. The country had to bo educated,
and wo all, from top to bottom , had to familiarize ourselves with tho in­
tricate and complex piece o f machinery placed in our charge.
I believe that all o f us who now, for a year, have been part and parcel
o f this new banking system , feel profoundly convinced that tho fundamental
and characteristic principles Underlying tho Federal Iteservo A ct have
been fully vindicated. Somo o f m y friends sometimes havo stated that
thoy believe mo to be a central bank m a n .”
I f I wore freo to-day to chooso
for this country between one central bank or a system constructed upon
the Federal Reserve principle, I should choose tho lattor. T h e Federal
Reserve system , properly developed to its highest efficiency, will give
tho country tho advantages o f a central bank, which, in substance, aro cen­
tralization o f reserves and mobilization o f commercial paper; bu t, at the
same tim e, it avoids complete centralization, which, whilo assuring higher

Dec . 11 1915.J

THE CHRONICLE

efficiency and easier operation, would in our country prove a source o f
danger and attack. The law has placed upon the Federal Reserve Board
the duty to so adjust from tim e to tim e this combined system o f centraliza­
tion and decentralization that these two forces balance each other so as to
secure the m ost beneficial results.
* Th is is a delicate and difficult task, but if Congress and the country
will give us their confidence, I have not the slightest doubt that it can be
done. It is not one o f the least o f the advantages o f the Federal Reserve
A c t that it has created a Board which, daily watching the development of
the Federal Reserve banks, m ay be relied upon when required to give im ­
partial and, I hope, competent advice concerning any defects that m ay be­
com e apparent in their operation.
It was a difficult problem to write so Intricate a law as the Federal R e
serve A c t.
It is a very remarkable achievement to have put upon the
books a statute which has brought into life a system which has proved it­
self entirely workable and successful. I t is only natural that there will be
certain corners where the coat does not quite fit, and actual experience m ay
from now on guide our hands in designing such adjustments as from tim e
to tim e m a y prove advisable.
I have tried to explain to you to-night what the Federal Reserve System
has done, and while we confidently m ay expect it will do for you . I have
thought it might at the sam e time be interesting for you to know also
what you can do for the system . Y o u must help us to administer it as
business m en in charge o f a public trust.
In dealing w ith the problems and the policy o f the Federal Reserve
banks, we all m ust think on broad national lines. W e must disregard the
provincial or local point o f view. Unless every one realizes this condition
and co-operates with us in this spirit, our task will be difficult indeed.
Unless we administer it as a sacred trust for the benefit o f a ll, we shall fail
to bring to its highest fruition a system so happily organized and destined
to be a m ost valuable factor in leading this country to safety and prosperity
and at the sam e tim e to the position o f a world power in commerce and
finance.

FORD PEACE DELEGATION.
T h e peace expedition conceived b y H en ry Ford of D etro it
got under w ay last Saturday, w ith the departure from H o ­
boken of the Scandinavian-Am erican liner “ Oscar I I , ” carry­
ing M r . F ord and his com panions. T h e peace p arty num ­
bers som e 165 people, including fifty -o d d newspaper corre­
spondents and several m ovin g picture photographers. W ill­
iam Jennings B r y a n , who expects to join the party later,
and T h o m a s Edison were am on g those who were a t the pier
to bid the peace apostle farew ell. W h ile it was M r . F o rd ’s
original plan to get the warring soldiers out o f the trenches b y
C hristm as, he was quoted in the “ T im e s” on the 8 th as say­
ing: “ T h e m ain thing is to get them to stop shooting, if not
b y C h ristm as, b y N e w Y e a r ’s D a y , E a ster, or July 4 .
I
have faith in the p e op le.”
M r . F o rd ’s passports authorize
him to visit only neutral territory— n ot to stop a t or pass
through any of the belligerent countries. Before the de­
parture o f the vessel, a farewell m essage was distributed b y
M r . F o rd ’s secretaries, this statem ent saying:
I am sailing with tho firm belief that great good will come o f this mis­
sion. The delegates to the peace conference have indicated that there is
in them the spirit that appreciates the uselessness and waste o f [w ar as
well as the horror and unnecessary killing.
There is som e sentimemt behind the project, but there is also a feeling
that the business world wants the thing stopped so that the world m ay
go on in its construction— that is, all the business world except that part
which is turning out guns, battleships, gunpowder and other useless but
costly products.
Little harm can come of the venture, and great good m ay result. It
will keep alive tho thought that peace is possible as well as dosirable. And
so long as that is done hope of peace exists.
I know little o f the details o f tho working plan o f the peace conference.
B ut I do know that every effort will be made for an honorable and early
peaco.
I f this conference succeeds only in bringing about a beginning o f negotia­
tions for peaco it will have accomplished a good work.
M y heart is in this work for peace, and it is for this reason that I have
stood behind the ship and helped the people roach a common meeting nlaco
to discuss the possibilities o f peaco with tho representatives o f other neu­
tral countries.
A t first there was much o f so-called fear that international comnlications
would result from tho trip. Th at was not a very big hit, so ridicule was
brought in to try to stop the ship. That might as well have been saved for
“ B illy ” Sunday. Barker, Chancellor D a y , and other comedians who ex­
pressed themselves against the plans, knowing that it would annear nrominontly in tho papers— something that might not have happened if they
had come out on the other side.
In spite o f this we are leaving on time and leaving with the feeling that
those parts o f tho world now at peaco and at war have heard o f the plan and
aro in sym pathy with tho m ove, and that the best wishes of the great m a
jority go with us. There is a certain gang o f death peddlers that would like
to see us go to smash, but I beliovo they are in for a great disappointment.

A n appeal to Congress to support him in his m ission was
m ade b y M r . F ord b y wireless on the 7th in the follow ing
message:
W e . citizens o f the United States, now sailing to Europe on the steam­
ship Oscar I I . with the serious purpose o f uniting the citizens of European
neutral countries in an organized effort to deliver tho men from the trenches
and tho women from their suffering and agonies and restore the peace otho world upon an honorablo and just basis, which will stop the m ad race
o f com petitive armament, do hereby earnestly petition and entreat you to
give tho peaco mission your support and encouragement so that it m ay suc­
ceed at the earliest practicable m om ent.
(Signed) H enry Ford, for the 165 members o f the International Peace
Commission.

I t is reported that the Oscar I I carries no contraband.
T h is has been the policy of her owners, the Scandinavian
L in e, during the war. H er clearance papers, filed a t the
C u stom H ou se , give her destination as Christiansand and




1933

C hristiania, N o r w a y , and C openhagen, D en m ark , her regu­
lar ports.
A further delegation o f peace pilgrim s sailed on the Scan­
dinavian liner Frederick V I I I to jo in M r . F o rd ’s pa rty a t
T h e H agu e.
___ __________________________

FOREIGN

COMMERCE OF FRAN CE D URIN G
F IR S T TEN M ONTHS OF 19 1 5 .

THE

(From “ L ’Economiste Francias, Nov. 27 19 15.)
--------F i r s t T e n M o n t h s ------D iffe r e n c e in
I m p o r ts —
i 91 5 .
19 14.
19 15Articles of food........ fran cs.2,133,774,000 1,475,981,000
+657,793,000
Material needed for manufac­
ture------------------------------- 2,547,463,000 3.268,864,000 — 721,401,000
Manufactured articles--------- 1,900,027,000
983,685,000
+918,342,000
Totals-----------------------------6,583,264,000 5,728,530,000

+854,734,000

E xp orts—

Articles of fo o d ...-..fra n c s . 445,788,000
530,692,000
— 84,924 000
Material needed for manufacturo------------------------------- 528,753,000 1,221,172,0 0 0
— 692,419,000
Manufactured articles---------- 1,336,847,000 2,356,687,000 — 1,019 840 000
Parcels post*---------------------- 134,660,000
324,513,000 — 189!s53ioOO
Totals.......... ................

2,446,028,000 4,433,064,000 — 1.987,036,000

* Of which 6,230,000 francs were for parcels post containing silk fabric
and silk floss. The corresponding figure for 19 14 was 23,442,000 francs.

THIRD IN S T A L L M E N T OF ANGLO-FRENCH LOAN
CALLED FOR.
A call for the paym ent o f the third installm ent o f the
proceeds o f the sale of the 8 5 0 0 ,0 0 0 ,0 0 0 A nglo-F rench bonds
w as issued on the 3rd in st. b y the m em bers o f the C om m is­
sion still in the U nited S tates. T h e am ount called for is
1 5 % o f the loan , and is due on M o n d a y n ex t, D e c . 13 .
W it h this p a ym e n t, altogether 6 0 % will have been paid b y
the banks acting as depositaries, 1 5 % having been paid in
on N o v em b er 15 , and 3 0 % on N o v e m b e r 2 9 .
U nder the
present call approxim ately 8 7 2 ,0 0 0 ,0 0 0 will be turned in ,
the aggregate paym ents o f the depositary banks in the three
calls reaching a bou t 8 2 8 8 ,0 0 0 ,0 0 0 .
T h is call is m ade upon
the banks throughout the country acting as depositaries
for the p aym ents m ade on the loan.
T h e final installm ent o f the subscriptions b y under­
writers o f the loan has also been called for b y J . P . M o rg a n
& C o ., as agents o f the syndicate m anagers.
I t is payable
on D e c . 14 in N e w Y o r k funds drawn to the order o f the M o r ­
gan firm . T h e syndicate expires b y lim itation on D e c . 15 .

D ISCUSSIO N S A T THE IN TE R N A TIO N A L
TRADE CONFERENCES.
T h e International T rad e C onference, held a t the H o te l
A sto r this week under the auspices o f the Foreign T rad e
D ep artm en t o f the N a tio n a l A ssociation o f M anufacturers
to com m em m orate tw en ty years o f practical service to m anu­
facturers, brought together a notable array o f interests,
prom inent in railroad, business and financial fields, together
w ith G overnm ent representatives o f the U n ited States and
other countries. T h e topics discussed were as varied as
the interests represented. T h e subject o f a m erchant
m arine was one o f the m atters which had a conspicuous place
on the program , and the rem arks o f R obert W . W o o le y ,
D irector o f the M in t , on “ A G overnm ent Controlled M e rch ­
ant M a rin e ” w as one o f the papers dealing w ith the question
which attracted a tten tion , since he appeared as the repre­
sentative of Secretary o f the T reasury M c A d o o in the la tter’s
absence.
In decrying the agitation against the G overn­
m e n t’s ship bill, M r . W o o le y charged th at m uch o f this
opposition has com e from m en who w an t ship subsidies, and
he took occasion to declare that so long as President W ilso n
and the D em ocratic P a rty continue in pow er, “ subsidies are
to have no q u arte r.”
In part he said:
A subsidy is, in its final analysis, a tax on tho m any for the benefit o f an
exceeding few, is bad in morals, and its influence vicious. I refer, o f course,
to the insidious and powerful lobby which would inevitably be m aintained
to guarantee its permanency, because there is no such thing as a permanent
policy under our form o f government; what one party does when in power
another party m ay undo when it gains the ascendency. Can you imagine
a better legislative football, a greater source o f graft, than a subsidy? A n d
can you imagine any party selling Uncle Sam ’s N aval Auxiliary M erchant
M arine when it Is once established, unless private capital shall have done
that which those who hold a brief for it have so long talked of— built ships
enough to carry our wares to every port and restore to the United States
the glorious pre-eminence o f the days o f clipper ships.
Be not deceived. Those who strenuously oppose the creation o f a N ava
Auxiliary Merchant M arine at this time are battling for subsidies. And
I say to you that so long as W oodrow W ilson and the Democratic Party
are in power at W ashington subsidies are to have no quarter. A lso, you
should carefully weigh the fact that those of the other great political party
who now cry that capital should be given the right to build the American
M erchant M arine denied capital that right when they.held sway in W ash ­
ington.

Bernard N . B ak er, o f B altim ore, in line w ith the idea
em bodied in Secretary M c A d o o ’s proposal, suggested the

1934

THE CHRONICLE

[Vol. 101.

T o place us in a position where wo m ay bo able to compoto successful 1
presentation to Congress o f a bill giving auth ority to the
in foreign markots there is needed intensive organization o f our industries
President to nom inate a shipping board which w ould have for the elimination o f waste and the development o f greater efficiency.
authority to establish a n av al reserve on all the ships under T o keep down sales costs in foreign markets, our manufacturers must havo
the U n ited States fla g , as well as auth ority to “ m ak e all j the right of combination in the foreign field.
Forcod to meet organized forces of production in foreign m arkets, our
rules and regulations necessary for the m ost efficient develop­ manufacturers are denied tho right o f co-operative effort and are obliged
to
send separate representatives into foreign markets; they are forbidden
m en t o f our com m erce as affected b y all questions o f ship- ,
tho right o f an agreement on prices in such markots, and aro actually
ping, navigation or waterborno com m erce, also as m anning

and safety a t se a .”
D r . E . E . P r a tt, C h ief o f the Bureau of Foreign and D o m estic C om m erce o f the D ep a rtm en t o f C om m erce, in an
address on “ T h e M a k in g of an E xp ort P o lic y ,” urged, first
a nd a t all tim es, th at “ wo be businesslike in our m ethods
o f gettin g foreign tra d e .”
Prefacing his rem arks b y an
assurance th at the new trade w on for A m erica will be per­
m an e n t, D r . P ratt took up the question o f available m arkets
— L a tin A m erica, South A frica , A u stralia, In d ia , tho Far

forced to compete against each other, thus making the business unprofitable
to all, to the entire satisfaction of our foreign competitors. A n arrange­
ment for tho pooling o f expenses and the dividing o f profits would result
n a more intensive and far less expensive handling of a foreign market in
j a particular line.
i W e m ust organize not alone tho forces of production, but tho sources of
j capital in this country. rrhe predominant idea at all times should be that
anything which will encourage or help American enterprise in a foreign
j market should be done, because American success in any line helps to build
up the prestige of all Americans in a particular market.

E a s t , and R u ssia, s a y in g :.
There is one market which is worth especially tho most serious attention
o f every manufacturer and exporter. I refer to Russia. Tho imports into
Russia during the last few years have averaged $.500,000,000.
Here is a
great trade open at least on a fair and equal basis to American m anu fac­
turers and exporters. W e m ust not forget that Russia is a country o
great natural resources, a country which is in large part undeveloped.
1 or
railroads, her ports, her public utilities are still in largo part to bo built .
And let m e point out that Russia, during the next fifty years, will go through
a period o f development very much like that through which tho United
States has been going in the last fifty years. Our manufacturers and ex
porters are particularly well qualified to meet the urgent demands of the
Russian market.

T h o subject o f selling policies w as dealt w ith a t length b y
D r . P r a tt, w ho took u p , one after another, tho m an y tech­
nical questions w ith which the exporters and m anufacturers
are confronted when thoy com e to docido ju st w h at m ethods
they w an t to ad op t in selling to foreign m arkets.
T h e ad­
vantages and disadvantages o f selling direct, selling through
a m an u factu rers’ a g en t, and dealing through an export
com m ission house were taken up in tu rn .
A word o f warning w as extended b y him to m anufacturers
who m a y be planning to dum p goods in foreign m arkets a t
prices lower than charged in the dom estic m ark et.
“ I f , ” he
a sk ed , “ you have decided to dum p a surplus product in for
eign m arkets a t prices lower than those w hich you chrage
in dom estic m arkets, havo you fu lly taken into consideration
the fact th at you have m ado the definite decision th at you
are n ot going into foreign trade” ? Discussing tho im portant
question o f foreign credits, he m aintained th at if the m anufac­
turer intended to do business direct he m u st be prepared to
finance his shipm ents a t 9 0 d a y s, sight or longer.
T h e necessity for efficient organization to successfully
m eet future com p etition in international m arkots was dis­
cussed a t the conference b y W illiam S . K ie s, V ice-President
o f the N a tio n a l C ity B a n k o f N e w Y o r k . P ointing out that
when the w ork o f destruction experienced in Europe a t the
present tim e shall have ceased, tho task o f rehabilitation will
b egin , M r . K ies im pressed upon tho gathering tho fact that
Europo has learned how to m obilize its resouices for war,
“ tho machinex*y for this p u rp ose,’ ho assorted, ^ has boon
created, and can be used w ith great effectiveness in organiz­
ing its resources, for winning back from the U n ited States its
tem porary suprem acy in trade and com m erce.”
It is,
hence, im p ortan t, he con ten d ed, th at wo should stu dy m ost
carefully tho possibilities o f tho futuro as thoy affect our own
industrial and com m ercial o u tlo ok .
C on tin u in g, he said:
T h at tho statesmanship of Europo Is anticipating tho futuro and is al­
ready planning for the trade strugglo bound to take place, is proved by tho
formation of organizations in England under Government auspices to study
trade and commerce, particularly for the purpose o f investigating tho pos­
sibilities of foreign markets now held by Germany and being entered by the
United States. A n industrial commission has been appointed by Franco
for the study of plans for tho rehabilitation of its industries affectod by tho
war: in Germany an organization headed by D r. Dernburg has been formed
for the development of plans for a trade conquest of South America after
the war shall have ended.
I t is therefore of the utm ost importance for tho futuro of our m anufactur­
ing industries that the best minds in this country center their attention
upon the solution of our labor problem. Unless it is solved, or unless some
means is found of offsetting our great handicap in labor costs, wo shal 1
when the nations of Europe again become active competitors, lose not only
the foreign markets now opened to us by forco of circumstances, but our
domestic markets as well.
It is fundamentally fair that in hard timos labor should share the burdens
with capital, and the corollary of this proposition is equally sound, that
capital should sharo with labor the large profits of prosperous tim es.
It
would seem, therefore, that the possible solution of the problem lies in the
fixing o f minimum wage scales based upon tho wages in competing countrios
in the same occupation, making duo allowance for differences in tho cost
of living, increasing wages in fair proportion to profits in prosperous times
and returning to the minimum standard In periods of depression. Tho wages
m ust be fixed, however, in all instances with the idea of enabling produc­
tion to take place on such a basis as to permit successful competition with
foreign manufacturers at home and abroad. Capital, likewise, should
consent to have its returns regulated with the same com petitive principle
n mind.




Alexander W . B elir, Vice-President o f tho R ussianAm erican C ham ber o f C om m erce, and a delegate to the
Conference, speaking o f his intention to establish hero a
R ussian-Am eriean C ham ber of Com m erce to co-operate
w ith the C ham ber in M o sco w and its branches, said:
The Russian-Ameriean Chamber of Commerce of M oscow appointed
m e as its delegate to this convention with the request to put before you gentlomen tho vast possibilities and numerous advantages of closer commercial
and financial relations between the great Republic and tho groat Em pire.
M y mission in America is to establish a Russian-American Chamber of
Commerce in your country, which, co-operating with tho chamber in M o s­
cow and its branches, is to become a source o f authentic information, tho
channel for conveying mutual understanding. I am sparing no efforts and
energy to obtain as loaders o f this organization America’s most prominent
m en. whose association with our chamber will prove to convince you of tho
final success o f our aims to the advantage o f both America and Russia,
and establish America’s faith in this now organization.

In an address on “ Foreign Securities and the Am erican
In v e sto r ,” M o rtim er L . Schiff of K u h n , L oeb & C o ., spoke
along m uch the sam e lines as when speaking bofore th e
P an -A m erican Financial Conference last M a y on tho finan­
cing of foreign enterprises, and which wo referred to at
length a t the tim e.
Resolutions recom m ending tho developm ent o f banking
facilities abroad and the establishm ent of an Am erican
m erchant m arine, were adopted a t tho closing session of tho
conference on W e d n e sd a y .

IN TE R N A TIO N A L TRADE A S A SIGN OF N A TIO N A L
PROSPERITY.
T h is was the th em e of an address at tho International
T rad e Conference b y John C lausen, M anager of the Foreign
D ep a rtm en t of the Crocker N a tio n a l B ank of San Francisco.
In part he said:
From tho wave of interest in trado expansions with foreign countries
it is very apparent that our energies in that direction havo received a great
impetus in consequence o f the war in which Europe is so unhappily involved.
W o aro on tho threshold of a new era in international relations, and realizing
that an increased foreign trade is a vital and necessary element in our
prosperity at home, the wide-awako and erudite business man will grasp tho
opportunity and in coping with tho present situation wisely proparo his
machinery to forcibly enter the boom in tho world-wido trado which is
bound to bo experienced in tho years that aro to come.
A nation that would prosper in international trado m ust first bocomo
a world banker— the woalth and power o f this country entitles it to a
position o f leadership in every m arket.
It is opined that we cannot suc­
cessfully develop our foreign relations so long as It Is necessary to oporato
through banking institutions of competing countries, and while tho Federal
Reservo A ct provides for tho establishment of branches by member banks
in foreign countries, it is felt that few banks caro to assume tho risk sep­
arately. Jointly-owned banks would appear to best servo tho requirements
of the country as a whole. Co-oporatlon thrives host whoro action through
association is legally possible and practically safo.
Tho now Bank A c t is essentially Intended— as a commercial banking
systom__ to assist in tho financing of our Internal and external trado and
provide a m arket for commercial acceptances based upon tho Importation
and exportation of goods— at tho same time croato a basic condition of
automatic registration of such operations, which is a very vital feature to
provont over-extension of credit. In tho caso of timo bills of exchange
drawn on and accepted by banks or bankers of high standing, thoro is prac­
tical uniformity of security— which cannot bo claimod for "com m ercial
paper.” with which tho financial markets hero aro suppilod, tho strength of
such obligations depending upon tho standing of miscellaneous commercial
interests.
W hile wo cannot hopo to soo tho Now Y o rk or San Francisco bill of ex­
change take tho place o f tho so well and favorably known bills on London,
H am burg or Paris, recent events and dislocation o f tho financial structure
in Europo have at least brought tho possibility before tho commercial world
and tended to bring within our roach tho power of competing on terms of
equality with our European contemporaries.
Tho Federal Resorvo bank, with its holding of “ gold and lawful m o n e y ,"
can very effectively find employment of its resources in fostering and render­
ing assistance in tho financing of our trado, as also in tho creation o f a broador
market in foreign centors for tho American bank crodit, and especially in
tho recognition o f tho United States dollar accoptanco.
Tho m atter of a ready discount market— comparing favorably with provailing conditions in principal centors abroad— is worthy o f very serious
consideration, and while tho feature of discount and rediscount provided
for in tho Federal Resorvo A ct m ay, in the m ain, bo regarded as in tho
nature o f a safety measure, it Is hoped that as a principal aid to a moro
liberal system of financing our domestic and foreign trade, tho American
market m ay effectively adjust its rates to conform with those prevailing in
other financial centers of the world.

Dec . 11 1915.1

THE CHRONICLE

O f courso, the value o f m oney apart from the question of whether the
open market rate of discount Is slightly under or over the Federal Reserve
bank rate, will bo governed b y the strength of that institution, and the
prospect of a demand upon its stock of gold reserve, as is the case with our
British friends and their relations with the Bank of England.
Single-name paper will not creato a discount market as we find in Lon­
don, Paris and Germ any, where the fluctuations o f rates so largely depend
on the demand for and supply of marketable bills o f exchange, which owe
their origin to trade transactions as balanced against the demand for and
supply o f m oney. Low discount rates are an incentive to the revival of
trade, and advancing rates in turn act as a natural check on trade and
produce a gradual increase or decrease in the demand for m oney.
W hile these conditions are sym ptom s in governing the discount rates
in Europo.o.ur “ call loan R ate” as quoted in our Eastern markets only has
an indirect relation to trade conditions and registers mainly the speculative
demand for stocks.
On the efficiency of tho Federal Reserve A ct m ust depend to a largo ex­
tent tho prospects of a great and favorable change in the international
position of the United States, which will now enter into the competitive
field of operations o f other great financial nations.
W hile individual opportunities aro even now offering themselves to our
enterprising business m en, tho general prosperity of foreign trade expan­
sions can only be guaranteed by a ready co-operation of all elements in
our national and commercial strength.

OW NERHIP OF FOREIGN SEC U R IT IE S ADVOCATED.
A n argum ent in favor o f the ownership o f foreign se­
curities in tho U n ited States was presented a t tho International
T rad o Conference b y J . D . Santilhano, Jr. o f the G u aranty
T ru st C om p an y o f this c ity . M r . Santilhano, it m a y be
n oted , is the son o f J . D . Santilhano, the venerable D u tch
financial editor w ho began to propogate Am erican Securities
in H ollan d m an y decades ago.
Indeed M r . Santilhano
preparod tho first D u tch C om pendium on A m erican R ail­
w a y Securities.
H is son spoke in part as follow s:
It is impossible to lay too much stress on tho necessity of promoting
a campaign for tho popularization o f foreign investments throughout the
United Statos.
N o t alone will the growth and permanency o f our export business de­
pend on it to a largo extent, but tho much discussod prosperity of to-day
is entirely abnormal and duo to specific causes. Tho large inflow of gold
into tho United States is caused by a temporary suspension o f the economic
laws that govern conditions In normal times, and it m ay be predicted with
reasonable certainty that wo shall bo called upon to release largo sums of the
motal after tho war, when those laws again becomo operative.
In order
that such a m ovement shall not embarrass us, it is primarily necessary
that banking reserves be well maintained and banking funds kept in an
exceedingly liquid condition, yet it is conceivable that with tho continuous
inflow of gold and tho inflated credit basis thereby created, wo shall lose
control of tho situation and far-reaching harm overcome us. W e should
not lead oursolves to believe that we are going to remain entirely immune
from tho ill effects o f tho European W a r. M odern international credit
and trado relations aro too closely interwoven for us to expect to escape
tho shock and period of adjustments that aro bound to follow tho end o f the
war. Tho abnormal and favored conditions, enabling us practically to
dictato our will to tho rest of the world in tho salo of foodstuffs and man­
ufactured articles should bo recognized as entirely exceptional.
Whether wo aro going to succeed in maintaining our unique strategical
position will depend on tho efforts o f our merchants and manufacturers
to capture foreign markets, tho desiro and ability o f our merchants to ex­
tend legitimate credits to foreign customers, and last, but not least, the
ability and willingness of tho Uhited States to use its surplus funds in tho
development of the various new markets captured.
Howover, if wo can succeed in forcing foreign countries to become in­
debted to us on a moro permanent basis and not merely as the result o f a
temporary trado balance wo shall hold in our possession the m ost powerful
and sensitive instrument for protecting ourselves against sudden changes
in tho present abnormal conditions. A t tho same tim e, if theso funds are
prudently invested, wo aro buying with them a prolonged term of real
prosperity for our industries. Tho ways in which wo can extract a regular
tribute from other nations aro mainly throe-fold: firstly, the profits on our
foroign trado, secondly, tho income from our investment in foreign securities,
and thirdly, tho tolls we raise in the form of ocean freights by American
steamers from other nations. Tho opportunities in tho latter respect are
somewhat obscure owing to existing laws and regulations, but there are
signs even in that direction that pooplo recognize tho dangers of experiment­
ing and continuous deviation from the tried and beaten track.
Does it not seem illogical that wo should readily invest in Japanese
Government Bonds— as we have done moro particularly since the out
break o f tho European W ar, and yet allow our own Pacific shipping bus
iness to fall entirely into tho hands of Japan? Analyzing this situation
it simply means that we aro furnishing Japan with monoy at a low rate of
interest, and the Japanese aro wisely using part of this monoy to expand
their commerce and shipping, tho United States merchants and manu­
facturers paying in turn a very much heavier rato of interest in tho form
of ocean-freights, than tho United States investor is charging Japan.
Can wo blamo tho Japaneso?
N o , certainly not. It is good business on
thoir part. But what about our sido of tho transaction?
The time is opportune to ask ono's self what steps should bo taken and
avoided to promo to tho consolidation of our financial supremacy o f tho
world. In this connection, it is interesting and instructive to review the
history of our own countcy in this respect from the middle o f tho Victorian
era up to the present timo. Th e United States as a country has been
peopled principally by immigration from tho various European countries.
After a period of study and after having overcomo tho m any difficulties
often encountered in tho way of climate, soil, etc., theso immigrants wero
able to send glowing reports to their folks abroad of tho unexampled pos­
sibilities, tho richness of tho soil and of tho tremendous opportunities for
tho investment of capital in this new country. In somo cases, those friends
and relatives wero induced to como hero themselves, bringing with them the
whole or part o f their financial belongings. In other cases they camo hero
on their own accord promptod by tho desire to seo and study from closer
rango all that had been reportod to them. These personal visits often led
them to authorize tho making of investments in lands or other property.
Still later, tho bankers, as financial sponsors for these European countries,
camo personally in order to investigate conditions on the ground.
They




1935

in turn, becamo so thoroughly convinced of tho values which were offered
to them that they used their influence at home towards the drawing out
o f capital to be used in tho development of the m any opportunities scattered
throughout tho vastness o f the United States. I t t e a s t h e y w h o m a r s h a l l e d
p art

o f th e s u r p lu s

c a p ita l

o f E u ropean

c o u n tr ie s f o r

ra ilr o a d

c o n s tru c tio n

f i r s t , f o r th e d e v e lo p m e n t o f m in in g e n te r p r is e s , th e u p b u ild in g o f in d u s tr ia l
e n t e r p r is e s a n d th e f i n a n c in g o f p u b lic u tility p r o p e r tie s la te r .
This process
had been going on at an ever-increasing rate up to shortly prior to the out­
break o f the European W a r. Neodless to say, not all European capital­
ists in selecting their investments within the United States always fared
equally well, but reviewing these investment activities for a long period
of years, we arrive at very remarkable results.
S T A T IS T IC S .
S o m e A m e r ic a n S e c u r itie s L a r g e ly B ou gh t b y E u r o p e a n
I n v e s to r s a G en e r a tio n A g o .

Chicago & N . W estern R y Stock______
.
N orth W e st. Union 1st 7s, 1 9 1 7 ._
~
W inona & St. Peter 1st 7s 1916 .
" "
M adison E x t. 1st 7s 1915________________
Monominee D iv . 1st 7s_____________
""
Chicago M ilwaukee & St. Paul S to c k ._I
First 5s 1921__________________
Lako Superior D iv . 1st 5s 1921_____________
Illinois Central Stock_____________________________
M ontan a Central—
St. Paul M in n . & M a n .1st s 1937___ _
“
1st 4 K s 1937_____ I . H i l l '
Pittsburgh Fort W ayn e & Chic. R y. pref. stock 7 % gu ar.
South Pacif. o f California 1st s____________________
“
Arizona 1st s_______________
St. Paul M in n . & M a n . C ons. s 1933 . .
”
“
4 ^ s 1933____ . . I I . H i l l "
... , „ ^
„
Pacific E x t. 1st 4s 1940____
L ta h & Northern (U . P .) 1st 5s 1926____________________

6

6

6
6

F r ic e
th en
R u lin g .

” 49
49
07
87
br
86
g
6
86
as
85
fin
80

95
95
91
91
—
80

108
108
~~
96

100
g
5
95
95
95
100
97
80
93

A verage
P r ic e
B e fo r e
W a r.
75

S o m e F o r e ig n S e c u r itie s L a r g e ly H e ld in E u r o o e .

* IIig h
L evel
s in ce
A tta in ed .

270
132
132
130
130
193
120
118
180
135
116
180
125
125
137
112
100
117
P r ic e
T o -d a y .

British Consols 2/4 s________________ .
French Rente 3 % ____________________________ I I I I I I I I
90
90
German Reichs Anl. 3 % _____
. __
_
'
78
50
Russian 4% Govt. & R R . Bonds____
85
55
Austrian 4% Rente___ ______ ________ ___________
90
60
Netherlands 2/4% Rente______________________ I I I I U
67
67
63
_
_
97
Danish 4% Iionte__________ . . .
97
77
Swiss 3/4 % R R . Bonds_____________ ___ I I I I I I I I I I I I
90
90
Christiana 4% Bonds p. 1952______________________
99
99
85
Unified Turkish 4% Bonds_________________I I I I I I I I I I
84
84
50
Unified Egyptian 4% Bonds___________________ I"
100
100
83
]02
Brazil 5% Funded Loan________________________ I
102
73
Argentine 5% Sterling Loan___________ .
10214
102/4
87
Chili 5% Govt. Bonds_______ -................ ......... I H H I H I
99
99
S3
San Domingo 5% Customs Loan____________
ino
100
83
Peruvian Corporation 6% Deb__________________ I I I I I 106
106
87
Federal Distr. Rio de Janeiro 5% Bonds
_
100
100
58
70
Victor Emmanuel 3% R y. Bonds______________ I I I I "
70
50
Bagdad Railroad 4% Bonds guar______________ I I I I U
83
83
50
* Not including valuable rights received in some cases.
The above list shows that American investors are to-day able to invest
m
foreign securities on terms as advantageous as those on which European
in v e s t o r s nniicrht. Arrmrirwri so p n r 9 . ne o
_______ ,

. . . A-*uiuptxiii

pean capitalists on their investments in this country: among which in a v h £
principally pointed out the Confederate bonds, the stock o f the Second
Bank of the United States, the several loans to the States o f Mississinni
and Louisiana and a few other Southern States, not to speak o f the iarge
sums lost in railroad enterprises and numerous projects o f development
Y e t these losses count for very little, if we consider the aggregate figure
o f tho European investments in this country, and keep in mind the tre­
mendous appreciation in value of some of them . M oreover, tho European
capitalist has learned from experience that in most cases, when placing
his funds in instrinsically good propositions in young countries, he has in
tho end come out well, even if he had to go through receiverships, with
tho unavoidable reorganizations, involving sometimes heavy assessments,
S T A T IS T IC S .
R a ilr o a d R e o r g a n iz a tio n s in th e U . S .

. O ld S e c u r i t y .
S e c u r itie s R e c e iv e d .
Union Pacific :
Union Pacific :
Old stock------------- $100 N ew common stock, $100
1st 6s-------------------$ 1,000
j 1st Land Grant 4 s . $1,0001
iPref. stock__________
/
Sinking fund S s. 1,000
j 1st Land Grant 4 s . $7501
\Pref. stock_____
,0 0 0 1
Phila. & Reading—
.
Phila.
& Reading—
'
Old stock________
$100“ N ew com . stock___ $100
G en. 4 s__________ 1,000 G en. 4 s____________ 1,000
First Inc. Bonds. 1,000
1st pref. stock____
3001
2nd pref. s t o c k '. . 1,000)
Second Inc. B d s . 1,000
2nd pref. stock___
6501
.C om m on stock___
550/
Northern Pacific—
Northern Pacific—
Old stock_______ $100 New com . stock___ $100
Pref. stock.
100 /C om m on stock___
501
[Pref. stock________
50/
1st m tge. 6 s____ 1,000
Prior lien 4s_______ 1,350
2n d m tg e. 6s____ 1,000
P riorlien 4s_______ 1,1851
Pref. stock_______
/
3rd m tge. 6s____ 1,000

500

1

I

500

* H ig h v a lu e
A ssesso f M ew 1
m en ts.
S e c u r itie s

$15
N one

$219
1,560

N one

1,780

20
None
None

187
1,030
1,126

N one

1,581

15
10

300
205

N one
None

1.431
1,806
1,600

Gen lien 4 s............. 1,185\
Pref.has
stock________
J valuable "rig h ts”
. * I ? the.se figures no account
been taken o f the
that have in soveral instances accrued to the holders o f these securities.
In order to derive the greatest benefit from our national wealth, we
m ust invest it in such a manner as to obtain, not alone a reasonable return
on tho monoy invested, bu t, following tho old maxim that "capital follows
tho flag” (tho commercial flag, at any rate), we should prudently place
such of our savings as we do not need for domestic development in those
fields where our trade and commerce expect to find the greatest oppor­
tunities. Is it not a natural sequence that countries requiring apparatus
for agricultural and irrigation purposes: locom otives, rails and trucks for
new railroads; cranes, & c .. for harbor and dock work; mining machinery,
& c ., should give the preference to those countries that are willing and'
able to extend the necessary financial facilities?
W e are to-day sufficiently strong to commence giving such facilities,
but wo lack the organization necessary to place the securities resulting
from such foreign investments within our own boundaries. In short, the
public o f this country are not yet acquainted with the merits o f foreign
securities as an Investment o f their own surplus funds. I t m ust be ad­
m itted that the present time is an exceedingly difficult one to bring the
merits of such Investment home to them , as people are naturally swayed
b y their sympathies in the question of the European war, and, moreover,
aro apt to becomo unsettled in their ideas o f safety by exaggerated reports'
o f passing events. Y e t, in view of the close connection o f the people of
tho United States with those of Europe, and their knowledge o f the customs
o f their fathers and grandfathers, it should not be difficult to teach them
and popularize this class of investm ent. Suppose we were to submit to
a farming com m unity in Nebraska a certain tract of land in the Argentine,,
well watered and within reach of a market and capable o f producin * *

500

1936

THE CHRONICLE

[VOL. 101

Before the war it was stated th at, because of lack of banking facilities
at home and abroad, American foreign trade did not expand as far and
as fast as was desired.
This complaint was largely unfounded. There were within the country
excellent banking facilities for handling all sound foreign business to and
from any country on the earth. American banks and agencies o f foreign
banks supplies, under reasonable conditions, all the m oney needed.
There wero no American banks abroad, so to say. A fow agencies In
some o f the principal cities of Europe, and fewer still in Asia and Latin
Am erica, were the only signs o f American banking activities outside of the
United States.
H ad there been, however, American banks all over tho world, following
the same lines and principles of other foreign institutions, nothing would
have been gained. W h at was wanted was not so m uch banks to do a
general business in foreign countries, as one or more institutions devoted
more to the care of accounts and protection o f American exporting interests,
than to the earning of regular banking profits.
A s channels for investments in foreign lands, something not thought
of at that time, and as sources of profit arising from the different banking
activities, the regular banks and their branches or agencies would have
been quite appropriate.
B u t they could not have stimulated business between the United States
and foreign countries, inasmuch as their functions would have been to
take care o f t h e m s e lv e s more than to protect foreign accounts, thereby in­
ducing exporting interests to extend suitable credit everywhere.
The war has upset all lines of trade and has placed this country in the
m ost exceptional position— that o f taking care of tho whole world, at peace
and at war. A ll countries call for credit here, and while some parts of it
— that relating to financial transactions— can and should be left In the hands
o f regular banks, the extending o f commercial credit, more feared now
than before, cannot be done unless it is assisted b y an institution devoting
all its energies, regardless o f the profits involved, to safeguard m anufac­
turers and others doing foreign business.
This does not mean that a benevolent institution should look after the
efficient collection of accounts in all places, nor that the cost of this work
should be paid in the shape of contributions, but that a bank, earning just
enough to cover its expenses and a very moderate return on its capital
could do as s e r v i c e , what it would not pay other banks to do as b u s i n e s s .
This service was m ost necessary before tho war. T o -d ay it Is indispensable.
I t is suggested that there bo established as early as possible, a bank
devoted exclusively to serve tho interests of American foreign trade. Its
principal offices would be in N ew Y o rk, with branches, agencies and
correspondents, as the volum e o f business m ay require. In other cities o f the
United States, and in all foreign countries. This institution, which m ight
be called Tho American Bank for Foreign Trade, with branches, agencies
or correspondents all over tho world, would have extraordinary facilities
for accomplishing what all other existing banks cannot do.
The bank would receive no deposits, nor would it interfere In tho least
with domestic banking affairs. Its business would bo confined to the
following:
FURTH ER FREIG H T EMBARGOES.
(a) T o buy drafts drawn against bills of lading,
The continued congestion of freight at the railroad ter­
l b ) T o collect drafts and accounts in and from foreign countries,
minals in New York resulted in the declaration of new em­
(c) T o advance money on foreign accounts.
I d ) T o Issue drafts and letters of credit; and
bargoes this week. The Lehigh Valley RR. announced on
(e )
T o accept drafts against shipments or collections.
the 7th inst. the extension of its embargo of last week so as
Through its offices, all over the world, tho bank would render tho follow­
to cover certain domestic consignments, and on the same ing services:
1. T o gather information on the financial standing and integrity of
date the Central Railroad of New Jersey made known that it,
buyers and others;
too, had declared additional embargoes. Under the action
2. T o gather information regarding opportunities for American goods
taken last week by these two roads an embargo was placed and activity; study the resources and prospects for agricultural, Indus­
trial,
m ining, commercial and other developments in all countries;
on flour and lumber for export under through bills of lading.
3 . T o compile lists o f local buyers, merchants and others,
The new embargoes were indicated in a statement issuedjit
4 . T o assist traveling agents,
the offices of the Trunk Line Association on the 7thjnst.,
5. T o receive and distribute mail for its customers; and
6. T o assist its customers in local advertising in foreign countries, and in
following a meeting which had been held to further consider
the distribution o f American commercial literature.
the problems confronting the carriers. This statement said:
Bills o f lading could be drawn in tho bank’s name instead of to "o r d e r ,"
T h e operating officers o f the various N ew Y o rk trunk lines m et at the
as is done at present, the bank acting as consignee until bills of lading or
rooms o f the Trunk Line Association to-day and gave further consideration
goods were transferred to buyers.
to the freight congestion.
In case of accident (general average, partial or total loss, dam age, & c.)
Chairman M cC ain stated that representatives o f several roads advised
on the voyage, or In port, the bank would caro for tho consignment, roceive
that there had been an increase o f from 400 to 600 cars on their respective
conditional acceptance or paym ent o f drafts, and collect tho balanco from
lines or at their terminals, as compared with the conditions at the time of underwriters.
Combined action on behalf of all American creditors would be immensely
the previous m eeting.
RSI
It was ascertained that the embargoes which had been previously an­
beneficial to each; no one securing advantage In one instance and suffering
nounced had relieved certain o f tho roads to only a limited extent, and that
the reverse In others. In caso o f financial difficulties tho bank would
the situation as a whole had not been Improved and that additional ombar
be In a position to act for tho best Interests o f all concerned, granting
goes had been found necessary b y the Lehigh Valley R R . and the.Centraj
extension of time against guarantees or otherwise if advisable, and avoiding
tho always disastrous recourso to bankruptcy proceedings. Even In this
Railroad o f N ew Jersey.
case the individual representation o f m any creditors, whether a m ajority
T h e Lehigh Valley R R . has placed an embargo on shipments of tho fol­
or not, would secure fair and equitable liquidation of assets to tho advantage
lowing commodities consigned to N ew Y o rk Harbor delivery:
o f all. Goods would not then bo sacrificed unnecessarily, and relations
Export, domestic and coastwise shipments o f hay and straw.
would be closer between American business men and their foreign cus­
E xport, domestic and coastwise carload shipments o f wire, all kinds;
tomers.
nails, all kinds; iron and steel rails.
Long credit sales on the installment plan, such as are made in the United
Export and domestic carload shipments o f locomotives and parts thereof,
States especially for the development o f agriculture, or for the establish­
machinery and all iron and steel articles.
m ent of industrial plants, public improvements, & c., would becomo feasible,
Th e Central Railroad o f N ew Jersey has placed an em bargo on all export
and would expand this lino o f trado enormously. Forolgn mortgages and
traffic, also on hay and straw, and on locomotives and parts thereof, con­
collaterals,
at present worthless In the United States because o f the Im­
signed to all N ew Y ork deliveries. Shipments o f the foregoing billed be­
possibility o f disposing o f them , m ight bo acceptod and held by the bank
fore D ec. 6 will be accepted.
at Its branches or agoncies, and their value advanced! to sellers. Knowledge
o f local laws, o f properties, and o f Individuals, In each place, would permit
tho bank to carry on this class o f business without risk.
This would bo
IN D E P E N D E N T B A N K TO SERVE A M E R IC A N
an investment in a foreign country, but o f goods, not o f monoy; the monoy
would remain In the United States.
FOREIGN TRADE PROPOSED.
The main purpose o f tho bank is to protect American trado in foreign
A bank, whose main purpose would bo to protect American countries, and not that of foreign countries In the United States; In other
trade in foreign countries was proposed at the International words, to promoto exports and not imports. • Howover, It could assist
Trade Conference this week in a report submitted by the American buyers in the purchase of foreign goods, especially raw materials
for manufacture. This would accomplish a double purpose: to servo the
Committee on Banking and Currency of the National Asso­ customer and to utilize drafts against imports as remittances for collections
ciation of Manufacturers. The recommendations of the abroad. It would also increaso tho bank’s earnings in exchange.

good yield o f w heat, linseed, or corn, and th at this land were obtainable
at a very low price; then there can be little doubt but that this farming
com m unity, understanding the conditions, would be very m uch interested
and would eventually be ready to invest m oney therein. Sim ilarly, in the
case o f a good lumber proposition, people interested in that business would
be found to have open arms for anything attractive In that line. Th e same
m ay be said of cattlo-raising and various industries. B u t all these are in­
vestm ents that essentially interest certain communities alone, and it would
not be a wise policy to open up our career as international bankers with
this class o f investm ent, because it would unavoidably throw open the
door to all sorts o f illicit schemes to which the inexperienced would un­
doubtedly succum b, and a deserving m ovem ent would thereby be brought
to an untim ely end.
B u t if we combine all these productive data, the land, the forests, the
mines and the labor of the people, and on the strength o f these proven
assets combined, wo lend our m onoy to the legal governm ent o f such
countries, we get a better security than we could possibly get b y lending
against any one part thereof, because such a security is backed by the
entire assets and responsibility o f t h ; whole nation, and furthermore,
because the future development o f their country and the reputation of its
people will depend upon the manner in wihch they fulfill such foreign
obligations. Those of our bankers that negotiate such loans can use their
power and prestige to see that the funds are used in a manner beneficial to
the trade o f the United States, and if, for certain reasons, it is thought
desirable to exact additional material guarantees, there can be no objection
to doing so.
.
A ll our savings banks, our insurance companies, and other financial in­
stitutions, should, if they so wish, be permitted to invest a certain per­
centage o f their resources in foreign bonds of unquestionable w orth. There
i s no reason to assume that those charged with the investm ent o f these
funds would act in a less conservative manner if this privilege wero granted
them . The advantage o f such a course becomes evident if we place our­
selves in the situation that arises in times o f internal stress. Im agine a
run on some o f our large investing corporations. Securities would be
thrown on the m arket in order to obtain cash funds, and in existing cir­
cumstances the whole burden would fall on the N ew Y o rk financial dis­
trict, and probably the sixty days clause would have to be resorted to.
H ad these institutions possessed large holdings of foreign securities, these
could be sold abroad, thereby relieving the strain on the institution,
and instead of placing a burden on the m oney center o f the country, such
action would tend to strengthen the financial position there. Even our
Postal Savings Banks m ight well give the example in this direction, and it
m ay bo assumed that if once the savings banks m ake investm ents of this
nature, the general public will soon follow suit. A t present it seems almost
unreasonable to demand from tho individual something that the Institu­
tion is legally restrained from doing.

Committee provide for a bank which would receive no de­
posits nor interfere in the least with domestic banking
affairs. Its business would be (o) to buy drafts against
bills of lading; (b ) to collect drafts and accounts in and from
foreign countries; (c) to advance money on foreign accounts;
(d ) to issue drafts and letters of credit; and (e) to accept
drafts against shipments or collections. In presenting its
report the Committee, composed of Ludwig Nissen, Chair­
man, James Maynard and V.^Gonzales, said:



It is suggested that the bank start with a capital of
§ 15 ,000,000, in shares of §1,000, and that the stock be sub­
scribed for by manufacturers, exporters, importers and others
interested in foreign trado. With a capital of §15,000,000
turned over two or throe times a year, and with the aid of
the bank’s credit through its branches and agencies, a total
volume of business aggregating about §50,000,000 per annum
could be handled. To handle a larger volume of trade, addi­
tional funds would be necessary, and these could be raised,

Dec . l l 1915.)

THE CHRONICLE

the committee says, by the issue of short-term bonds guar­
anteed by commercial paper in process of collection. W ith
reference to the proposed bond issue, the report says:
Banks are not permitted to issue bonds. It would be necessary to
obtain an Act o f Congress to receive authority to do this. As this institu­
tion would not receive deposits, nor would it transact any other kind
of domestic business, such authority would not necessitate the safeguards
that are provided for by the National Bank Act. Its purpose being so
beneficial to the country at large, there seems to be no doubt that Congress
would consent and grant the application.
Bonds, such as are contemplated, would be readily salable. They would
be protected by the best possible guarantee in existence, since goods
exported are goods sold, and this means gold forthcoming within a short
time. Goods exported ninety-nine times out o f hundred are paid for
without fail, because they represent commodities needed, which have been
ordered, to be paid for within an average o f ninety days.
If savings banks and others are allowed to carry these bonds (and there is
no reason why they should not), there would be a permanent demand for
them. The public also would invest in these bonds without fear, as they
would have the evidence that they were not based on artificial guarantees
or property inflated in value, but on actual gold in transit or its equivalent.
An issue o f $100,000,000, earning 5% per annum, payable quarterly or
half-yearly, and maturing in from six months to five years, would have a
ready market at all times.
With $100,000,000 in cash the bank could handle about $200,000,000
more of businass during the year. This, added to the $50,000,000 which it
could handle with its own capital, would make a total volume o f business
o f $250,000,000 per annum, which would be scarcely 6 % o f the total
foreign trade o f the United States: 10% o f its exports, and only about
one-fifth ( 1 - 5 ) o f the amount handled, at present, without the interference
of any American banking interests.
Before the war the foreign trade o f the United States amounted to
about $4,200,000,000 per annum, o f which $2,400,000,000 were exports
and $1,800,000,000 were imports. It was largely handled by foreign
banks. American banks had only a small portion o f the business, and
then mostly In conjunction with foreign institutions.
Tho war has changed these figures substantially. Our exports may now
be estimated at about $3,500,000,000, and our imports about $1,500,000,­
000. But this is only temporary, and when normal conditions are again
restored we may see the figures go back to what they were. We might
just as well hope so.

GEORGE

M.

REYNOLDS A N D
JAMES
ON RESERVE B A N K S .

B.

FORGAN

1937

Do you believe it possibl to destroy property equal to 75% of the
banking power o f the world in Europe, and the United States not have to
bear its share of the burden? I do not, and I think it the duty o f American
bankers to prepare for the day when the bankers o f the world will have to
meet the questions that will have to be settled after the war.

In addition to the parts quoted from M r . Forgan’s ad­
dress in our issue of Saturday last (page 1853) some ad­
ditional extracts worthy of reproduction appear in the
“ Des Moines Register” of the 5th inst. Expressing the con­
viction that a period of business expansion has commenced
which will last as long as the belligerent countries can pay
for our exports to them, M r . Forgan asserted that ‘ ‘under
these conditions, and so long as they m ay last, the Federal
Reserve banks will have small opportunity to exercise their
chief functions, those of rediscounting for their member
banks and furnishing the circulating medium of the country
based on current commercial paper.” A n illustration of
the use of the rediscounting functions of the Reserve bank
in Iowa was set out by M r . Forgan, who is quoted in the
“ Register” as follows :
W e have in Iowa an illustration of the use o f the rediscounting func­
tion of the Federal Reserve bank. As I understand it, a considerable part
of your corn had not properly matured and;was, therefore, unmerchant­
able. Instead, therefore, o f realizing cash on this portion o f their crop,
your farmers had to feed it to cattle and to buy the cattle. This entailed
not only a disappointing shrinkage in the cash coming in but caused a de­
mand for credit by the farmers to buy the cattle.
Your banks have met this sudden and unexpected demand for credit by
availing themselves of their rediscounting privileges at the Federal R e­
serve Bank of Chicago, with the result that at least 7% of the current re­
discounts held by that bank are in the form of farmers’ notes taken from
Iowa banks for the purpose o f supplying the legitimate, if unfortunate,
demand for credit created by the conditions I have described.
When there exists over the entire district as good a demand for credit
beyond the capacity o f the local banks to supply, as now exists in this
State, which would by no means be an unusual or abnormal condition at
this season of the year, our Federal Reservo bank will have a better and
broader opportunity of exercising its proper functions and its benefits will
be better appreciated.

The recommendation made last week by James B . Forgan
RESERVE BOARD E X T E N D S A C C E P T A N C E RU LES
that the paid-in capital of the Federal Reserve banks be
TO I N C L U D E D O M E S T I C A C C E P T A N C E S .
reduced by two-thirds, was endorsed by George M . Rey­
nolds, President of the Continental & Commercial National
Supplementing its regulations governing the purchase in
Bank of Chicago at the banquet tendered in honor of the the open market of bankers’ acceptances based on the
members of the Board of the Federal Reserve Bank of importation or exportation of goods, the Federal Reserve
Chicago by the Des Moines Bankers’ Club on the 22nd inst. Board has issued regulations permitting the purchase of
M r . Reynolds also declared himself in favor of restricting certain domestic acceptances authorized by certain State
the issue of currency notes, instead of enlarging the amount. laws. Under the new regulations, one of the principal re­
H e contended that “ if we had $500,000,000 less currency quirements applying in the case of a bankers’ domestic
in the United States a year it would be easier to meet the acceptance, is that it must be based on a transastion covering
conditions that arose and easier to meet the changed con­ the shipment of goods, such transaction to bo evidenced
ditions that are ahead.”
at the time of acceptance by accompanying shipping docu­
In suggesting that the duties of the Comptroller of the ments, or must be secured by a warehouse receipt covering
Currency be turned over to the Federal Reserve Board readily marketable staples and issued by a warehouse inde­
M r . Reynolds said :
pendent of the borrower, or by the pledge of goods actually
Thero Is entirely too much power for one man as Comptroller o f the sold. The announcement of the Board, concerning the
Currency, under the present conditions. Under the present condition in
tho Federal Reserve banks, the purposes of the banks and the laws under broadening of the regulations governing acceptances is
which they operate aro diametrically opposed to each other.
printed below, along with the new ruling :

The purpose o f the Federal Reserve banks was to aid the banks and the
laws m ake'it necessary for the Federal Banks to go into competition with
their members In order to make expenses. The meagre profits o f tho
Federal Roservo institutions is the only subject upon which criticism o f
them can be based. The banks have not been in existence long enough
for you to enter criticism against them.

[Circular N o. 19. Series o f 1915.]
FEDERAL RESERVE BOARD.

W a sh in g to n , N o v em b e r 29 1915.
Open Market Purchases o f Bankers’ A cceptances.
In Regulation R, series of 1915, relating to the discount of bankers)
acceptances, tho Federal Reserve Board [provided for the purchase in the
In pointing out the important part played by the Aldrich- open market of bankers’ acceptances based on the importation or exporta­
Vreeland Act in carrying the country through the crisis at tion of goods.
The appended regulation is intended to cover the purchase in the open
the outbreak of the war M r . Reynolds declared that “ had market, not only of bankers’ acceptances based on the importation or
it not been for the Aldrich-Vreeland bill I shudder to think exportation of goods, heretofore covered by Regulation R , but also the
purchase o f certain domestic acceptances authorized by certain State laws.
of what would have happened.” H e added :
The Federal Reserve Board has determined that bankers’ domestic
Wo havo now in existence a system that takes away most o f the troublo
acceptances, as defined and restricted in the appended regulation, are a
o f maintaining our reserves. Tho chief cause for worry o f bankers here­
very useful type of paper, and the Board has not felt justified, therefore,
tofore has been that our reserves would reach the limit allowed by law
when admitting State banks and trust companies into the Federal Reserve
and tho demand for money be great. With the law 75 to 80% o f the
system, in stipulating that such domestic acceptances should not be con­
worry o f bankers has disappeared.
tinued under reasonable limitations as a part of their business.
In advising the bankers to prepare to meet the changed
Inasmuch as the making of these domestic acceptances has been recog­
conditions which will exist at the conclusion of the war, nized by the Board as the exercise of a legitimate banking function when
authorized by law, it was thought that they are of the character to make
M r . Reynolds said :
desirable investments for Federal Roservo banks. The Board has, there­
When the Anglo-French commission came to this country seeking a fore, issued the appended regulation, not only embodying the authority
billion dollar loan I expressed the belief that they should put up some given in Regulation R, series of 1915, to purchase bankers’ acceptances
of tho American securities held in their countries as collateral for tho loan. based on the importation or exportation o f goods, but also authorizing
I was asked if I didn’t think their credit was good. I replied that I did, tho purchase of bankers’ domestic acceptances within the limits prescribed
but that I thought this country should know where thoso securities aro.
in the appended regulation.
Ultimately, when the last dollar these countries can get otherwise to
CHARLES S. H AM LIN,
G o vern o r.
finance the groat conflict is gono thero is danger that they will commandeer
II.
PARK
ER
W
ILLIS,
those securities and dump them on the market, with a disastrous result
S ecreta ry .
for their values. Tho interdependence of this country with the nations
at war is such that there is danger that something may yet happen to
[Regulation S, Series of 1915.]
embroil us in the great conflict.
FEDERAL RESERVE BOARD.
In order to get some idea o f the enormity o f the waste in the countries
W a sh in g to n , N o vem b er 29 1915.
at war, lot us take tho banking power o f this country as a yard-stick.
Open Market Purchases o f Bankers’ A cceptances.
In October tho actual expense of the nations at war was estimated at
I.
$27,000,000,000, which is equal to the entire banking power o f this coun­
D e fin itio n .
try and to 40% o f the banking power o f the entire world.
In this regulation the term “ acceptance” is defined as a draft or bill of
Senator Theodore Burton recently in Chicago, quoted from Govern­ exchange drawn to order, having a definite maturity, and payable in
ment statistics that the property loss in the districts Invaded amounts dollars, in tho United States, the obligation to pay which has been accepted
to about $46,000,000,000, which would bring the entire cost o f tho war by an acknowledgment written or stamped and signed across the face
to equal 75% o f tho banking power o f tho world
o f the Instrument by tho party on whom it is drawn; such agreement to




[Vol . 101

THE CHRONICLE

1938

bo to the effect that the acceptor will pay at maturity according to tho
tenor o f such draft or bill without qualifying conditions.
II.
Statu to ry R eq u ire m e n ts.

Soction 14 o f the Federal Reserve Act permits Federal Reserve banks,
under regulations to be prescribed by the Federal Reserve Board, to
purchase and sell in the open market bankers’ acceptances with or without
the indorsement of a member b a n k .^
E l ig i b il it y .

States, and (2) shipments between tho continental United
States and possessions of the United States. In summar­
izing his views M r. Elliott said :
“ It would seem that tho Federal Reservo banks m ay,
under Section 13, discount acceptances basod on tho ship­
ment of goods (a) between the United States and any foreign
country; (b) between any two or more foreign countries, and
(c) betweon tho continental United States and Porto Rico,
the Philippines, or tho Canal Zone; but not acceptances
based on the shipment of goods botweon the continental
United States and Hawaii or between any two parts of the
continental United States, Hawaii being considered an
integral part of tho United States.

The Foderal Reserve Board has determined that, until further notice,
to be eligiblo for purchase undor Section 14 at tho rates to be established
for tho purchase o f bankers' domestic and foreign acceptances :
(a) Acceptances must have been made by a bank or trust company,
or by some firm, person, company, or corporation engaged in the business
o f accepting or discounting. Such acceptances will hereafter be referred
to as “ bankers’ acceptances;”
(b) A bankers’ foreign acceptance must be drawn by a purchaser or
seller or other person, firm, company, or corporation directly connected
with the importation or exportation o f the goods involved in the trans­ R E G U L A T I O N S G O V E R N I N G C A B L E T R A N S F E R S A N D
F O R E IG N A N D D O M E S T I C B I L L S OF E X C H A N G E .
action in which the acceptance originated, or by a “ banker.
The bill
must not be renewed after the goods have been surrendered to tho pur­
Regulations dealing with operations by Fodoral Reserve
chaser or consignee, except for such reasonable period as may have een
agreed upon at the time o f the opening o f the credit as a condition inci­ banks in cable transfers and foreign and domestic bills of
dental to the importation or exportation involved, provided that the bill exchango, and bankers’ acceptances payable in foreign coun­
must not contain or be subject to any condition whereby the holdor thoroo
tries and in foreign currency, wero issuod by tho Foderal
Is obligated to renew the same at maturity;
(c) A banker’s foreign acceptance must bear on its face or be accom­ Reserve Board on tho 4th inst. These regulations state
panied by evidence in form satisfactory to a Federal Reserve bank that it that in order to carry on open market transactions in cable
originated in, or is based upon, a transaction or transactions involving
transfers and foreign bills of exchango it will be necossary
the importation or exportation o f goods. Such evidence may consist
for the Roserve banks to open accounts with correspondents
o f a certificate on or accompanying the acceptance to the following effect:
This acceptance is based upon a transaction involving the importation or establish agencies in foreign countries. Such bills of
or exportation of goods. Reference N o .------ . Name of acceptor
.
exchango and foreign acceptances must comply with the
(d) A banker’s domestic acceptance must be based on a transaction
It is not
covering the shipment o f goods, such transaction to be evidenced at the applicable requirements of sections 13 and 14.
time of acceptance by accompanying shipping documents, or must bo necessary that tho bills shall have been actually acceptod at
secured by a warehouse receipt covering readily marketable staples and
issued by a warehouse independent o f the borrower; or by the pledge of the time of purchase. Tho Rosorvo Board, will however,
require that unaccepted long bills, payable in foroign coun­
goods actually sold;
(e) A banker’s domestic acceptance must bear on its face or be accom­
tries, when purchased unless securod by documents, shall
panied by evidence in form satisfactory to the Federal Reserve bank that
it is based on a transaction or is secured by a receipt or pledge of tho bear ono satisfactory indorsement other than those of the
character defined in III (d) hereof. Such evidence may consist o f a drawer or accoptor, proforably that of a bankor. Tho regu­
certificate in goneral form similar to that suggested in III (c) hereof;
lations and accompanying cirular are sot out in full below:
(/) Bankers’ acceptances, other than those of member banks, whether
[Circular No. 20. Series of 1915.]
foreign or domestic, shall bo eligible only after the acceptors shall have
agreed in writing to furnish to tho Fodoral Reserve banks of their respective
FEDERAL RESERVE BOARD
W a sh in g to n , D ecem b er 4 1915.
districts, upon request, information concerning tho nature of tho trans­
actions against which acceptances (certified or bearing evidonce under III
General Open-M arket O perations.
The Federal Roserve Act in Soction 14, undor tho head "Opon-market
(c) and (e) hereof) have been made;
(g)
The aggregate o f bills, domestic and foreign, of any one drawer operations,” provides that—
“ Any Federal Rosorve bank may, undor tho rules and regulations pre­
drawn on and accepted by any bank or trust company and purchased or
discounted by a Foderal Resorve bank, shall at no time exceed 10% of scribed by the Federal Reserve Board, purchase and sell in tho open
the unimpaired capital and surplus o f such bank or trust company, but market, at homo or abroad, either from or to domestic or foroign banks,
this restriction shall not apply to tho purchase or discount of bills drawn firms, corporations, or individuals, cable transfers, and bankers’ accept­
in good faith against actually existing values; that is, bills the acceptor ances and bills of exchange of tho kinds and maturities by this Act made
o f which is secured by a lien on or by a transfer of title to tho goods to bo eligiblo for rediscount, with or without the indorsement of a member bank.”
The Act also provides that every Foderal Reserve bank shall havo power—
transported, or by other adeqaute security, such as a warehouse receipt,
“ To deal in gold coin and bullion at homo or abroad. * * * .”
or the pledge o f goods actually sold,
(h) Tho aggregate of bills, domestic and foreign, o f any ono drawer,
“ To buy and soli, at homo or abroad, bonds and notes of tho United
drawn on and acceptod by any firm, person, company, or corporation States, and bills, notes, revenue bonds, and warrants with a maturity
(other than a bank or trust company), engaged in tho businoss of dis­ from dato of purchaso of not exceeding six months, issuod in anticipation
counting or accepting, and purchased or discounted by a Federal Resorve of the collection of taxes, or in anticipation of the receipt of assured revenue
municipality
bank, shall at no tune exceed a sum equal to a dofinito percentage of tho by any State, county, district, political subdivision,
paid-in capital o f such Federal Reserve bank, such percentage to bo fixed
from time to time by the Federal Reserve Board; but this restriction shal
‘To purchase from member banks and to sell, with or without its in­
dorsement, bills of exchange arising out of commercial transactions, as
ot apply to the purchase or discount of bills drawn in good faith against
actually existing values; that is, bills the acceptor o f which is secured hereinbefore defined.”
._ .
, T>
Further in tho same Section permission is given .to each]Federal Resorve
by a lien on or by a transfer of title to tho goods to be transported or by
other adequate security, such as a warehouse receipt, or tho pledge of G&iik *
“ * * * to buy and soil * * * through (its) correspondents or
goods actually sold.
(1 )
The aggregate of bankers’ acceptances, domestic and foreign, made agencies, bills of exchango arising out of actual commercial transactions
by any one firm, person, company, or corporation (other than a bank or which have not more than 90 days to run, and which bear the signature
trust company) engaged in tho business of discounting or accepting, pur­ of two or more responsible parties.”
chased or discounted by a Foderal Reserve bank, shall at no time exceed
Several of theso classes of transactions havo already boon provided for
a sum equal to a definite percentage of tho paid-in capital of such Federal in the circulars and regulations heretofore issued by tho Federal Itaserve
Reserve bank; such percentage to be fixed from time to time by tho I ederal Board as follows :
Regulation F, Sories of 1915, provides for tho purchase of warrants,
Reserve Board.
No Federal Reservo bank shall purebaso a domestic or foreign acceptance revenue bonds, Ac.
In letters to tho various Fodoral Rosorvo banks tho conditions have
o f a “ banker” other than a member bank which does not boar the indorse­
ment o f a member bank, unless there is furnished a satisfactory statement beon indicated under which bonds and notos of tho United States may
of the financial condition of the accoptor in form to be approved by tho be dealt in.
In Regulation S, partly superseding Regulation It, sories of 1915, con­
Federal Reserve Board.
ditions have beon established for the purchase of bankers’ acceptances
payable in tho United States in dollars and growing out of foroign trade
P o lic y a s to P u rc h a se s .
Federal Reservo banks should bear in mind that proforence should be operations and out of certain domestic transactions.
There remain still to bo dealt with the purchase and salo of “ cable
given wherever possible to acceptances indorsed by a member bank, dis­
counted under Section 13, not only because o f tho additional protection transfers” and bills of exchango, both domestic and foroign, of the kinds
that such indorsement affords, but also because o f tho reason that accept­ and maturities by this Act made eligible for rediscount, and bankers’
ances discounted under Section 13 may bo used as collateral security for acceptances payable in foreign countries and in foreign currencies.
* The present circular and regulation is intended to cover those items.
the issue o f Federal Reserve notes.
V.
Tho Board wishes particularly to call attention to the purpose of tho openSo much of Regulation R, sories of 1915, as relates to tho purchase in the market section of the Fodoral Rosorve Act. It enables the Federal Resorve
open market o f bankers’ acceptances is hereby superseded.
banks to exert a steadying influence upon prevailing rates of interest by
CHARLES S. H AM LIN,
tho use of their purchasing power whenever conditions make such influence
G o vern o r.
desirable, and when, owing to the lack of applications for rediscounts,
H. PARK ER W ILLIS,
they are unable to influence rates through tho latter means. It also
S ecreta ry .
affords to tho Fodoral Reserve banks tho opportunity of purchasing, in
Regulation R , issued under date of Sept. 7 was printed in the open markot, papor with a view to providing for their expenses and
dividends. The Board is of the opinion that tho Federal Reserve banks
our issue of Sept. 18.
should, when occasion warrants, stand ready to engage in open-market
transactions, as buyers or sollors, to tho extent that is necessary to
In one of the Federal Reservo “ Bulletins” (that for June carry out the purposes of tho Act.
Tho Federal Reservo Board does not wish to be understood as en­
1915) M . C . Elliott, Counsel for tho Board, presented in
couraging expansion of crodits at times and under conditions when there
answer to an inquiry, an opinion asked for on tho proper should be contraction, but rathor as holding tho view that tho Foderal
interpretation of that part of Section 13 of tho Reservo Reserve banks, taking cognizance of the conditions in their rospoctive
Act which reads: “ any Federal Reserve Bank may dis­ districts, should avail theinselvos of tho powers granted by tho Act as
explained in our letter of October 8 1915, just as they have done in con­
count acceptances which are based on the importation or nection with other open market powers conferred upon them.
CHARLES S. HAMLIN,
exportation of goods,” with a view to determining whether

the words “ importation or exportation of goods” includo
(1) shipments between countries other than tho United




G o vern o r.

II. PARK ER WILLIS,

S ecreta ry .

OEC. 11 1915.J

THE CHRONICLE

[Regulation T . Series of 1915.]
FEDERAL RESERVE BOARD.
W a sh in g to n , D ecem b er 4 1915.

General Open-Market O perations.
I.

an exact description of the data which must be furnished by the city
county or town to enable us to determine whether the paper is eligible.
We will furnish these forms upon request.
Very truly yours,
GEO. J. SEAY, G o vern o r.

W e annex the forms below:

D e fin it io n .

Open-market operations, as contemplated under the Federal Reserve
Act, aro all those transactions authorized by Section 14 o f the Act which
involve dealings with persons or institutions— whether or not members
of the Foderal Reserve System—and which do not require the indorsement
of a member bank.
II.
O p era tio ns

P ro v id e d

For

in

th is

R eg u la tio n .

The present regulation deals with operations in cable transfers and
foreign and domestic bills of exchange and bankers’ acceptances payablo
in foreign countries and in foreign currencies. The statutory requirements
pertaining thereto have already been set forth’ in the accompanying cir­
cular.
III.
C able

T r a n s fe r s

and

F o r e ig n

B ills

of

Exchange.

In order to carry on open-market transactions in cable transfers and
foreign bills of exchange (Including foreign bankers’ acceptances)— that is,
payments to be made in, or bills payable in, foreign countries it will
be necessary for Federal Reserve banks to open accounts with corres­
pondents or establish agencies in foreign countries. Such bills of exchange
and foreign acceptances must comply with the applicable requirements
of Sections 13 and 14. As the law prescribes that these connections are
to be established only with the consent of the Federal Reserve Board,
Federal Reserve banks will be required to communicate ^wit h the Federal
Reserve Board whenever they are ready to enter these foreign fields.
The Federal Reserve Board realizes that in dealing in foreign exchange
tho Federal Reserve banks must necessarily have wide discretion in deter­
mining the rates at which they will buy or sell. It is not necessary that
the bills shall havo been actually accepted at the time of purchase. The
Federal Rosorve Board, however, will require that unaccepted “ long bills,”
payablo in foreign countries, when purchased, unless secured by documents,
shall bear one satisfactory indorsement other than those of tho drawer
or acceptor, preferably that of a banker. Federal Reserve banks should
exercise duo caution in doaling in foreign bills, and boards of directors
should fix a limit within which the acceptances or bills of a single firm may
bo taken.
'
D o m estic B ills o f E x c h a n g e .

I n fo r m a tio n N e c e s s a r y to be F u r n is h e d to E n a b le F e d e r a l R eserve Banks to
P u rc h a se W a rra n ts o r O b lig a tio n s o f M u n ic i p a li t i e s o r O ther P o lit ic a l
S u b d iv is io n s .

FEDERAL RESERVE BANK OF RICH M OND.
Regulation F, Series 1915, Federal Reserve Board, Article 7:
“ Any Federal Reserve Bank may purchase from any of its member banks
warrants of any municipality, indorsed by such member bank, with waiver
except that where a period of 1 0 years is mentioned in I (c) hereof a period
of five years shall be substituted for the purposes of this clause.”
Articles I and III aro as follows:
1. “ A Foderal Reserve Bank may purchase such warrants as are issued
by a municipality—
(a) In anticipation of the collection of taxes or in anticipation of the
receipt of assured revenues. The taxes or assured revenues against which
such warrants havo been issuod must bo due and payablo on or before the
date of maturity of such warrants. For tho purposes of this regulation,
taxes shall bo considered as due and payable on the last day on which they
may be paid without penalty;
(b) As the general obligations of the entire municipality; it being intended
to exclude as ineligible for purchase all such obligations as aro payable from
“ local benefit” and “ special assessment” taxes when the municipality at
large is not directly or ultimately liable;
(c) 1. Which has been in existence for a period of 10 years;
2. Which for a period of 10 years previous to the purchase has not
defaulted, for longer than 15 days, in the payment of any part of either
principal or interest of any funded debt authorized to b 3 contracted
by it; and
3. Whose net funded indebtedness does not exceed 10 p 3 r centum of the
valuation of its taxablo property, to be ascertained by the last preceding
valuation of property for the assessment of taxes.”
III.
“ Except with the approval of the Federal Reserve Board, the
aggregate amount invested by any Federal Reserve Bank in warrants of
all kinds shall not exceed at the time of purchase a sum equal to 1 0 per
centum of the deposits kept by its momber banks with such Foderal Re­
serve Bank.”
FEDERAL RESERVE BANKS CAN PURCHASE ONLY “ W AR­
RANTS WITH A M A TU R IT Y FROM DATE OF PURCHASE OF
NOT E XC E E D IN G SIX M ON TH S.”
D ata to be F u r n is h e d R ela tin g to M u n ic i p a l W a rra n ts or O b lig a tio n s O ffered
to F e d e r a l R eserve B a n k s .

1.
A bill of exchange may be defined as an unconditional order in writing, 2.
addressod by one person to anothor, signed by the person giving it, re­ 3.
quiring tho person to whom it is addressod to pay on demand, or at a 4.
fixed or determinable futuro time, a certain sum in money to, or to the
order of, a spocifiod person or to bearor.
A domostic bill o f exchange is payable in dollars in tho United States.
The Fodoral Reserve Board has determined that a bill, in order to be
eligible for purchase under Section 14 by a Federal Reserve bank, at the
rate to bo established for open-market operations—
(а) Must be a bill, tho proceeds of which have been used, or are to be
used, in producing, purchasing, carrying, or marketing goods in one or
more steps o f production, manufacture and distribution; but shall not be
eligiblo if its proceeds have been used, or are to bo used, for a permanent
or fixod investment o f any kind; for oxamplo, land, buildings, machinery.
5.
Se c ., or for any investment of a merely speculative character.
6.
(б ) Must havo been drawn by a domestic or foreign firm, company, 7.
corporation, or individual upon a firm, company, corporation, or indi­
vidual in tho United States; but need not boar the indorsement of a member
bank.
8.
(c)
Must have been accepted by the drawee prior to the purchase by
a Federal Reserve bank unless accompanied and secured by approved
warohouso receipts, bills of lading, or other such documents covering 9.
readily marketable goods.
D o m estic B i l l s — C o n d itio n s o f P u rc h a se .

(а) Before purchasing domestic bills of exchange, the Federal Reserve
bank must secure statements concerning the condition and standing of
the drawer of tho paper, and if possible, also of tho acceptor of the bill,
sufficient to satisfy the bank as to the nature and quality of the paper to
be purchased.
(б ) No Federal Reserve bank will be permitted to purchase bills o f
any one drawer, or issued upon any one maker to an amount to exceed in
tho aggrogato a percentage of its capital, to be fixod from time to time by
tho Foderal Rosorvo Board, oxcept when socured by approved warehouse
rocoipts, bills of lading, or otkor such documents covering readily market­
able goods. The aggregate amount drawn on any one acceptor, pur­
chased by Federal Reserve banks, shall not exceed a reasonable percentage
of tho stated net worth of the parties whose names appear upon tho paper.
VI.
R a tes.

Fedora Reserve banks desiring to engage in open-market transactions
in domostic bills of oxchango shall communicate to the Federal Reserve
Board tho rate they desire to establish, for review and determination.
CHARLES S. H AM LIN,
G o vern o r.

H. PARKER W ILLIS,
S e c re ta ry .

C O N D IT IO N S U N D E R W H IC H M U N I C I P A L O BLIG A ­
T I O N S A R E A C C E P T A B L E FOR R E - D I S C O U N T .

Forms embodying that portion of the regulations of the
Federal Reserve Board setting out tho conditions under which
tho Resorvo banks may accept for rediscount notes or war­
rants of cities, towns and counties, and giving the exact
description of tho data which must bo furnished, have been
prepared by the Federal Reserve Bank of Richmond. In
advising member banks of tho availability of these forms,
Oeorgo J. Seay, Governor of the Richmond Bank, says:
D e c em b e r 8 1915.
T o M e m b er s o f the F e d e r a l R eserve B a n k o f R ic h m o n d :

From time to time wo havo had offerod to us for rediscount the obliga­
tions of cities, towns and counties, and many members have written for
information as to tho conditions under which we could take such obligations.
Under tho belief that it will be of some servico to members, and enable
them to bo o f service to their respective communities, wo have prepared
tho accompanying forms, ono of which embodies that portion of tho regu­
lations which sets forth only tho exact conditions under which we can take
such paper with the indorsement of member banks, and tho other gives




1939

Name of municipality or (political division)___________________________
Population (last Federal Census)_____________________________________
Total valuation of taxable property (as of 1915)________ _______ ______
Total gross indebtedness______________________________ $ _____________
(N o t e .— This itom should include all debts evidenced
by bonds, notas, warrants and certificates of indebted­
ness of every description as of the date of this statement)
Less, deductions allowed:
(a) Obligations payable from current revenues_______ $ _____________
(b) Outstanding bonds issued for public utilities______$_____________
(N o te .— This deduction can only be made provided
the income from the utilities is sufficient to pay for
maintenance, interest and sinking fund)
(c) Outstanding improvement bonds to be paid by
special assessments against abutters_______________$_____________
(d) Sinking funds for issues not included in (b )_______ $_____________
Total deductions________________________________ S_____________
Net funded indebtedness (Item 4, less total of (a, b, c, d ).$ ____________
Percentage of net funded indebtedness to total valuation.% ___________
Description of present Issue of revenue warrants (or notes) ___________ _

(a) Purpose_______________________________________________________
(b) Date________ (c) Maturity________ (d) Amounts------------------Total amount of warrants or notes issued and outstanding,
including this Issue, payable from the same tax levy
or revenues________; ________________________________ $_____________
Description of the taxes or assured revenues in antici­
pation of which the warrants are issued____________
(a) Nature o f tax________
(b) Date of levy________
(c) Rate of levy $ ________ per thousand (d) Amount
of levy $ ____________
10. What Is the last day on which such taxes can be paid
without penalty?____________
11. Are the warrants the general obligations of the entire
municipality?____________
12. Has the municipality been in existence for 10 years?____________
13. Has the municipality during the 10 years immediately
preceding the date of the issue of these warrants de­
faulted for a poriod exceeding 15 days in the payment
of any principal or interest of its funded d e b t ? ______________14. Are the warrants registered by a registrar?__ If so, where?____________
15. Has legal opinion of their validity been given?_______
If so, by whom?____________________________
I hereby certify that the statements made above are true, as of this
__________ day o f__________
(Soal)______________________________

RESERVE

RE Q U IR E D

A G A IN S T
D EPO SITS.

POSTAL

SA V IN G S

Construing postal savings deposits as demand, rather than
timo, deposits, counsel for the Federal Reserve Board has
decided that they are subject to the requirements of Section
19 of tho Federal Reserve Act with respect to reserve. The
opinion is set out as follows in the current number of the
Reserve “ Bulletin.”

N o v em b e r 5 1915.
S i r . — This office has been requested to give an opinion on the question
of whether or not national banks are required to carry reserve against
postal savings deposits.
Section 5191 of tho Revised Statutes, which prescribes the amount of
reserve to be carried by national banks, did not exempt from its provisions
public deposits. The Secretary of the Treasury, on October 4 1902, issued
a circular letter to the effect that tho Comptroller and the Secretary would
not enforce penalties for failure to maintain reserve against banks failing
to carry reserve against public deposits.
The Act of M ay 30 1908, commonly known as the “ Aldrich-Vreeland
A ct,” provided in Section 14 :
“ That the provisions of Section 5191 of the Revised Statutes with refer­
ence to the reserve of national banking associations shall not apply to
deposits o f public moneys by the United States in designated depositories."
This Act expired by limitation under its terms on the 30th day of June
1914, but its provisions were extended, by Section 27 of the Federal Re­
serve Act, to June 30 1915, with the proviso that Section 5191, above
referred to. and certain other sections which were amended by the Act
o f M ay 30 1908, be re-enacted to read as such sections read prior to M ay 30
1908, subject, however, to such amendments or modifications as were
prescribed in the Federal Reserve Act. Accordingly. Section 5191 as re­
enacted does not exempt public deposits from reserve requirements (which

THE CHRONICLE

1940

requirements have been materially reduced by the provisions o f the Federal
Reserve Act) and]banks holding such deposits are by law required to carry
reserve against them in the same manner and to the same extent as such
banks carry reserve against other deposits.
In prescribing reserve to be carried under the provisions o f the Federal
Reserve Act by member banks, a distinction is made between time and
demand deposits. It is understood by this office, however, that all postal
savings deposits are subject to demand and cannot bo classed as time
deposits.
Under the terms o f the Federal Reserve Act, therefore, all member banks
should maintain the amount o f reserve prescribed by Section 19 o f the Act
against public as well as against other deposits.
Respectfully,
M . C. E LLIOTT, C o u n se l.
T o HON. CHARLES S. H A M LIN ,
G o vern o r F e d e r a l R eserve B o a r d .

N A T IO N A L B A N K S I N N E B R A S K A BARRED FROM
P R IV IL E G E S OF D E P O S IT G U A R A N T Y L A W .

A n opinion holding that national banks in Nebraska can­
not avail of the privileges offered by the bank deposit guaran­
ty law of that State has been submitted by Laurence Becker,
Solicitor of the United States Treasury and is printed in the
Reserve Board’s December “ Bulletin.” W o reproduce it
herewith :
W a s h in g to n , N o v em b e r 8 1915.
H o n . J . S . W illia m s , C o m p tro lle r o f the C u rr e n c y .
S i r .— I am in receipt o f your letter o f the 3d instant, inclosing a copy

Of the banking laws o f the State o f Nebraska and requesting to bo advised
whether national banks located in that State can bo permitted to avail
themselves o f the State law for guaranty o f deposits.
Section 344 o f the State laws referred to provides that—
"Whenever by Act o f Congress, or by decision of a Federal coart, or
departmental construction o f the National Banking Act, national banking
associations located and doing business within this State are permitted to
avail their depositors o f the protection o f the depositors’ guarantee fund,
established by the law o f this State for the payment o f deposits in closed
banks, any such association, after examination at Its expense by the State
banking board or its agent, and upon its approval as to its financial con­
dition may participate in the assets and benefits o f the depositors’ guarantee
fund upon terms and conditions in harmony with the banking law of this
State to be fixed by said board : P r o v id e d , In the event national banking
associations shall be required by Federal enactment to pay assessment to
any depositors’ guarantee fund o f the Federal Government, and thereby
the depositors in such associations in this State shall be guaranteed by
virtue o f Federal laws, that the associations having availed themselves
of the benefits o f this article, may withdraw therefrom and have returned
to them seventy-five per cent o f the unused portion o f all assessments
levied upon and paid by such associations.”
I do not know exactly what terms and conditions have ooon fixed by
the State Banking Board o f Nebraska permitting national banks to avail
themselves o f the benefits o f the State law, but such terms and conditions
would havo to be in harmony with the banking laws o f the State. These
laws provide for assessments against the capital o f a bank to raise and
maintain a fund for the guaranty o f deposits, Sections 324, 325, 326, 327;
for examinations and reports by State examiners. Section 287; for the
appointment o f a receiver in case of insolvency or violation o f the State
laws. Section 328; for such receiver to take and retain passossion of the
bank. Its moneys, rights, credit, and property o f every description, Section
335; for priority in payment o f claims. Section 332, &c.
These provisions would be in conflict with the laws o f the United States
pertaining to national banks. Section 5204 o f the Revised Statutes of
the United States prohibits a national bank from withdrawing or permitting
to be withdrawn "either in the form o f dividends or otherwise” any portion
of its capital; Section 5234 provides for the appointment o f receivers and
their taking passession o f the books, records, and assets of every description
of an insolvent national bank; Section 5241 prohibits any visitorial powers
other than such as are authorized by the national-banking laws or are
vested in the courts o f justice; Section 5236 provides for a ratable distribu­
tion o f the assets o f an insolvent national bank among the creditors without
priorities except as to any deficiencies that may be due the United States
upon the redemption o f the bank’s notes, &c.
I therefore answer the inquiry contained in your letter in the negative.
I havo refrained from discussing this matter at any length for the reason
that it was very fully discussed in an opinion o f this office o f March 16
1908, to the Secretary o f the Treasury (a copy of which I enclose herewith)
in relation to national banks availing themselves o f the depositors’ guar­
antee fund under the laws o f tho State o f Oklahoma. This opinion was
approved by the Attorney General in 27 Opinions, 37, .and 27 Opinions, 2<2.
It appears, however, that he did not ground his conclusion on the fact,
that national banks are without tho power to contract for insuring tho
payment o f depositors in full. (Opin. A. G ., Mar. 31 1915.*)
The copy o f the banking laws o f Nebraska which accompanied your
letter is herewith returned.
Very respectfully,
__ „ „ „ „
„ „ •.
LAURENCE B E C K E R . S o lic it o r .
*See p. 29 o f M ay “ Bulletin.’
E. C. S T O K E S O N F A I L U R E O F R E S E R V E S Y S T E M
M E E T R EQ U IR EM EN TS.

TO

Exception to the statement mado by Ex-Governor Edward
C . Stokes of New Jersey that tho Federal Reserve A ct, “ when
the war came, failed signally to meot the requirements of tho
situation,” was taken by tho Nowarlc “ Evoning Nows” in
an editorial published in its issuo of N o v . 18. M r . Stokes’s
criticism of tho Reservo A ct was contained in an address
delivered at tho annual banquet of the Newark Association
of Credit M en on N o v . 16, and referred to in our issue of tho
20th ult. Tho “ News” argued that “ wlion tho war came
the Reserve Act was not in force, nor until nearly four
months after the war broke o u t.” M r . Stokos admits that
the Act was not in operation with tho outbreak of tho war,
but points out that it was on tho statute books sinco tho
preceding year, and that the disturbed conditions resulting




[Vol. 101

from tho conflict abroad offered an opportunity to test its
efficiency, in place of which the rovived Aldrich-Vreeland
Currency Act was resorted to. In answering tho “ N ow s,”
M r . Stokes writes as follows;
T o the E d it o r o f the " N e w s " :

Sir— I have just seen your editorial upon a talk I recently gavo before tho
Newark Association of Credit Men, in which I roforrod to tho Fodoral Re­
servo Act. This is a subjoct upon which men can differ honostly, but thore
ought to bo no question as to tho general statement of tho facts.
Ono thing I always try to aim at in my speeches is to tell tho oxact truth
as I see it and not a half-truth, which is always misleading. I appreciate
tho fact that it is a little difficult to writo a comment upon a speech which is
not printed in full and which is only roported in extract, however accurate
tho extract may be.
The statement that "at the outbreak of tho war tho Fodoral Roservo Act
signally failed” — a statement to which you tako exception, is ono which is
borne out by the history of that period. At tho outbreak of tho war in
October 1914. tho Federal Resorvo Act was not in operation, but had been
upon tho statuto books, as l remember it, sinco tho preceding September—
a period of ten months. Tho opportunity had now come to test its effi­
ciency. The country was in financial fear and needed a restoration or
confidence and some means to husband the crodit resources in order to
meot our obligations abroad.
If thero was a threatened firo in tho city of Newark and tho Fire Depart­
ment was afraid to use tho fire ongine on hand, but bought a now ono to
prevent disaster, wouldn’t you say that the old firo engine failod? This
was precisely the situation of tho Federal Resorvo Act at tho outbreak of
tho war. Its own sponsors did not think it adequato for tho occasion
and did not attempt to put it into operation.
What they did was to pass a new Act, or rather revive an old ono which
had expired by limitation, known as tho Aldrich-Vreeland Emergency Cur­
rency Act, to meet tho requirements of tho hour, and it was under this Act
that the nation was able to marshal its credit facilities, pay its European
debts, issue emergency crodit and tako caro of tho industries and business
of the country.
This is tho exact truth, and every bankor of experience will confirm it.
Significant in this connection was tho fact that tho action of Congross in
rejecting tho Foderal Reserve Act as inadequate for tho demands of tho hour
was by common consent. It was done by tho very powers who had put
tho Federal Resorvo Act upon tho statuto books. It was dono by both
political parties, and it met with practically tho universal approval of tho
bankers of tho country. Perhaps no ploco of financial legislation over had
more unanimous approval throughout tho nation than tho putting aside
of tho Fodoral Resorvo Act as a remedy at tho outbreak of tho war and tho
passage of anothor Act to provide for tho country’s noods. Imlood, the
great fear at that time was that tho Federal Reserve Act would bo put into
operation.
Your statement that “ tho national banking systom, thon existing, col­
lapsed in tho panic of 1907,” is another observation upon which men can
honestly differ. Thero are those who take your viow or tho situation— in­
deed many. I have consistently hold to tho contrary. I was opposod
to tho proposed Aldrich banking bill, bocauso it destroyed tho individuality
of the national banks. I should bo very sorry to seo tho elimination of
that principle and theso banks mado tributary to tho great populous centers.
Tho danger in tills fact is that it will mako them a money trust, whether a
money trust in tho hands of individuals or in tho hands of tho Government
itself, that can and is likely to bo usod to tho advantage of some and to
the dotriment of others.
The very fact that power over tho money and crodit resources of the
country lies in tho hands of a few instead of in tho hands of tho many. Is a
dangerous situation. That power may bo wisely usod and thon it is benefi­
cent, but it may bo unwisely usod and thon tho many suffer. An auto­
crat upon tho throne, if ho is a good autocrat, may prove an excellent ruler
for tho country, but woe to tho nation if ho proves tho contrary. For that
reason in this land wo prefer a President, elected by tho people, to an auto­
crat, however good the latter may bo.
Tho history of tho panic of 1907 in my judgment showod, not tho failuro.
but the success of the national banking systom. As your editorial sug­
gests, these banks resorted to various dovicos to moot tho business needs
of that period. In extraordinary times, devices are necessary and wise
and the very fact that tho national banking system was ablo to find "ways
and means” is an ovidenco of its capacity, not of its failuro. Tho man who
devised tho umbrella to bo usod in time of a storm was not a failuro. Ho was
a success. He doesn’t need tho umbrella in dry weather but his capacity
to use one in wet weather as a protection shows that he doos not collapse
under new situations, but is endowed witli tho power to meot thorn.
So the national banking system did meet the situation in 1907, exchanged
crodit resources to members, maintained specio payments, provided pay­
rolls and took caro of tho individual borrowers. This, to my mind, was a
maginficent financial triumph for the national banking system. I doubt If
any European banking system could have stood that strain without a
suspension of specie payments.
Your editorial calls attention to another fact, which is absolutely true,
namely that country banks will loso some $5,000 to $20,000 per annum bo­
causo compelled to keep part of their reserves in the regional roservo banks.
I did not dwell upon this feature of the Act of many others because I was
simply speaking of Its effect upon credit.
You have, however, touched upon a very vital feature of tho new law
so far as country banks arc concerned. You suggest that it bo considered
as insurance and that insurance costs. Insurance, however, may bo un­
necessarily expensive and it may bo so expensive as to defeat its object
and make it impossible for its object to bear the burden.
National banks are in competition with trust companies and if tho sys­
tem is to exist they must bo allowod to compoto with trust companies with­
out too great handicap. Else they won't bo able to hold their own and
would naturally bo forced into tho Stato systom and becomo State banks
and trust companies in order to survive.
At the present time it is costing tho country banks, or will bo costing thorn
when tho system is in full operation, from $5,000 to $20,000 a year and some
banks perhaps from $5,000 to $30,000 or $40,000 a year in order to maintain
the Federal Reserve system. Does it not occur to you that this total in­
surance is being borne by the national banks alono and that tho trust com­
panies and Stato banks, whoso resources are growing much faster than those
of national banks, and aro not paying a penny of tills expenso, and that tho
trust companies and State banks, whoso banking brains and ability aro
certainly equal to tho brains and ability of those engaged in tho national
banking system, if they do not surpass them, show no inclination to join
the new system? If this sytom was of benefit would not thoso institutions
take advantage of it?
How long will the members o f tho national banking system bo ablo to hold
their own in competition with trust companies and Stato banks that have
far larger powers and facilities for sorvico, and at tho samo time bear what
you aro ploasod to call the insurance exponse of tho Fedoral Reserve system

Dec. ll 1915.]

and other handicaps familiar to every banker in the country? New
banking capital will not be invited into the national banking system, but
will seek the State system, which is more economical and gives getter
facilities for service.
Your suggestion touches one o f the fundamental problems of the Federal
Reserve system, but it is one which I did not discuss in my talk. Even the
warm advocates of the Federal Reserve system realize that it is seriously
handicapped so long as it includes only a minority of the banking resources
o f the country and trust companies and State banks refuse to be a part of it.
I have always, myself, believed that the Aldrich-Vreeland emergency bill
was all the constructive legislation necessary to enable the national banking
system to meet the full requirements of the country under any and all con­
ditions. It is simple and constructive, and the best constructive states­
manship is always the simplest.
The Federal Reserve system, however, should be treated in a constructive
spirit, both by its advocates and by its opponents. Its advocates should
not bo hidebound and object to proper amendments, nor should its oppon­
ents be obstructive and refuse to aid in making it efficient and workable.
It would be strange indeed if the law could not be improved, but the way
to bring about those improvements is to freely discuss its provisions— call
attention to its weaknesses— as a basis for betterment.
T r e n to n .
E. C. STOKES.
JOHN

BASSETT

1941

THE CHRONICLE

MOORE
ON
NEEDS.

SOUTH

A M E R IC A N

COST O F O P E R A T I N G GOLD S E T T L E M E N T F U N D .

W ith regard to the cost of the operation of the gold settle­
ment funds for the first six months the Federal Reserve
“ Bulletin” for December says :
In providing for clearings between the Federal Reserve banks the
Federal Reserve Board agreed that the cost of operation of the gold settle­
ment fund and such shipments of currency as were necessary should be
apportioned by semi-annual accounting among the twelve Federal Reserve
banks. The expense for the first six months of operation ending N ov. 20
1915 was estimated at SI,037 30, an amount relatively so small that tho
Federal Reserve Board decided without creating precedent to charge this
amount against the funds derived from the regular semi-annual assessment
for expenses of the Federal Reserve Board. A detailed statement o f the
expenses of the fund is as follows :
Equipm ent___________________________________________ $412 01
Printing______________________________________________
196 80
Telegrams_____________________________________________
22849
Consultation, prior to opening_________________________
20000
Total ............................................................................... $1,037 30
SOUTHERN

B A N K I N G IN T E R E S T S O R G AN IZE —
M R . H A R D IN G 'S R E M A R K S .

Permanent organization of banking interests in the
cotton-producing States of the South was effected at what
is termed the first meeting of the Southern Bankers’ Cotton
Conference held at N ew Orleans on the 6th and 7th inst.
This week’s meeting was preceded by two preliminary gath­
Commercially speaking, those countries aro in the dawn of their develop­ erings held in August— one at Galveston and the other at
ment. Some are, indeed, far more advanced than others, but they are Birmingham— with the object of forming an organization
all, from the industrial point o f view, comparatively new. They, there­
fore, need what all other developing countries need, what the United to conduct a crop diversification campaign in each of the
States has constantly needed and bountifully obtained, namely money Southern States, to build local warehouses of a Government
and credit. Unless wo can furnish them with these absolute essentials standard to house the entire crop, and to secure the adoption
we shall lose the opportunity which present conditions offer, and at the
end o f the war their trade and finance will revert to former channels. of a uniform negotiable warehouse receipt applicable to all
European merchants and European bankers will again control the course Southern States.
The current meeting resulted in the adop­
o f commerce and the United States will be obliged to compete under con­ tion of resolutions pledging the bankers to assist farmers in
ditions adverse to success. For these reasons I would strongly and earnest­
ly impress upon all persons interested in foreign commerce the importance the marketing and financing of their cotton and in promoting
o f learning accurately tho needs o f the countries to the south as under­ a selling season extending over the entire year instead of a
stood by their Governments, somo o f which aro large purchasers of various
few months. Resolutions were also approved urging the
supplies, as well as by their bankers and merchants, and of endeavoring
adoption by the cotton States of a measure looking toward
by all possiblo means to meet those needs without delay.
uniformity in cotton transactions, including financing,
warehousing and marketing; advocating a campaign for in­
A M E R I C A N I N T E R N A T IO N A L CORPORATION
creased warehouse facilities; endorsing the movement for
O R G AN IZ ES.
“ safe farming” or the raising by each farmer of sufficient
The organization of the new American International Cor­
food and feed crops to supply his farm; recommending the
poration, incorporated at Albany on N o v . 23, was perfected
adoption by bankers and business men of a farm rate sheet,
at a meeting of the directors at the National City Bank on
or schedule of the plans of the farmers when applying for
Thursday. Charles A . Stone of Stone & Webster was for­
credit; advocating the encouragement of State and Federal
mally elected President, and Frank A . Vanderlip was made
agencies working to establish scientific and economic meth­
Chairman of the board. The other officers are Willard D .
ods on farms, and promising aid in solving the problem of
Straight and Robert F . Herrick, Vice-Presidents; R .P . Tins­
preventing waste in baling, handling and transporting of
ley, Secretary and Treasurer; Ames Higgins, Assistant Secre­
tary, and Percy M ayes, Assistant Treasurer. The„temporary cotton.
The conference in its resolutions disclaimed any intention
directors resigned and were replaced by the permanent
to stimulate speculation, and stated its purpose was to pro­
members of tho board, whose names were given in our issue
mote agricultural welfare by the aid of safe banking.
of last Saturday. The Board authorized the offering of
W . P . G . Harding and Frederic A . Delano of the Federal
$25,000,000 of the common stock of tho corporation to the
Reserve Board and Sol. Wexler of the Whitney Central
stockholders of the National City Bank at par to the
National Bank were among the speakers at the conference.
extent of their holdings of stock in the bank. The manage­
In part M r. Harding’s remarks were as follows:
ment was also authorized to offer for subscription at their
We bankers know of the farmers tempermental peculiarities, of how in
discretion the other $24,000,000 of common stock. W ith the fall of the year he has dumped his cotton on the market. This year in
regard to the form of certificate to be issued for the common Washington we felt that it would be a good thing if the farmer would hold
his cotton, and our efforts have been towards getting him to do this.
stock President Stone on the 7th inst. issued a statement
Bankers of the South cannot lend money at 6 % , as a rule, at a profit
saying :
and yet the farmer would be reluctant to hold his cotton if he had to pay
John Bassett iMoore, in addressing the International Trade
Conference on “ The jInternational Situation and Future
Trado Relations,” ventured to ask whether we have as yet
shown a capacity fully to meet the trade situation in the
countries to the south of us. In his comments he said:

Ten per cent o f the par value o f the stock is to be paid with the subscrip­
tion, and in exchange a negotiable receipt will be issued. It is possible
that these receipts may be traded in. The form would be: American
International Corporation subscription receipts, 10% paid. On Jan. 15
a further 10% o f tho par valuo is duo, when a regular stock certificate
will bo delivered, showing payment o f 20% o f the par value. Trading in
these certificates Is possiblo on the basis of American International C o r ­
poration stock certificates, when issued, 20% paid. Tho remaining p o r ­
tion o f the subscription price will be called when needed by the company.
Under tho New York laws, one-half o f the par value must be paid in within
a year.”

The stock has figured in the Stock Exchange dealings this
week. A transaction was reported on M onday, “ when, as
and if issued,” at 108, and later the stock was quoted at
10 9 ® 1 1 2 for lots of 50 shares.
R E S IG N A T IO N OF D A L L A S RESERVE B A N K D E P U T Y
RESERVE A G E N T .

W . F . McCalob has tondored his resignation as Deputy
Chairman and Deputy Reserve Agont of tho Federal Reserve
Bank of Dallas. M r. M cCaleb withdraws from tho Reserve
bank to become head of the Science Department of the Buroau of Municipal Resoarch of Now York C ity. He is a mem­
ber of the Executive Committee of the American Bankers’ A s­
sociation and is at tho head of tho D im m it County State
Bank of Carrizo Springs, Texas. Before becoming asso­
ciated with the Reserve bank, ho was President of tho W est
Texas Bank & Trust Co. of San Antonio.




10 or 12% to hold it. Tho Reserve Board held that any bank that did
not charge over 6 % , including commissions, was entitled to re-discount
its loans with the Reserve bank under the special cotton provision. This
did not work against those bankers who did not care to lend at this low
rate, for on such loans they were entitled to re-discount them in the class
with regular commercial paper.
I believe there is a little too much nervousness among the bankers about
the recent charges of usury against national banks. The situation is not
as serious as somo think. When a banker makes a loan he considers the
business ho is going to get from his loans. When a banker loans money
at 6 % he often requires the borrower to have a certain amount on deposit
to provide for his future business with him.
There should he a parallel in the loaning of money to the merchant and
farmer. When a farmer comes in for a loan you should require him to
give you complete information. When a merchant comes for a loan he
gives you a detailed statement of what he has in stock, what he owes,
what is duo him and his prospects. What we want is for tho farmer to
give assurance that ho is going to raise sufficient to feed his live-stock and
his family, as well as cotton, before making him a loan.
THE

D E SIR E

OF

GREECE

TO

R E M A IN

NEUTRAL.

A message to America bearing on the attitude Greece has
assumed in tho present war and the reasons for the policy,
was furnished on the 4th inst. by Constantine I ., King of
Greece, to a staff correspondent of the Associated Press.
Tho message camo from Athens via M alta and London, and
was printed in the daily papers of the 7th inst. as follows:
I am especially glad to talk for America, for America will understand
Greece’s position. Wo aro both neutral, and are together determined, if it
is humanly possiblo, not to court destruction by permitting ourselves to
be drawn into tho frightful vortex of the present European conflict. Both

a re tr y in g

by

e v e r y h o n o r a b lo m e a n s t o

gu ard

o u r s o v e r e ig n ty ,

p ro te ct

o u r o w n p e o p le , a n d s ta n d u p fo r o u r n a tio n a l in te re s ts w it h o u t sa c r ific in g

se p a r a te s h er fr o m th o b a ttle fie ld .
to -d a y

sh ifte d , a n d

m ay

to -m o r r o w

happen

m ay

in A m e r i c a ,

W hat

is h a p p e n i n g

H o lla n d , o r a n y

i f th o p reced en t n ow

w h ic h

W e , to o , th o u g h t th a t o n ce, b u t th e

s h ift a g a in .
sou gh t to

in

G r e e c e is r e a d y t o b e t r a y t h o E n t e n t e t o G e r m a n y a t t h o f i r s t f a v o r a b l e
o p p o r tu n ity .
I s it r e a s o n a b le t o s u p p o s e s u c h a t h in g ?
F r o m t h o v e r y o u t s e t o f h o s t i l i t i e s in t h o N e a r E a s t , G r e e c e s n e u t r a l i t y
h a s b ee n stre tc h e d t o th e u tm o s t to a c c o m m o d a te th o E n to n to P o w e r s , f o r
w h o m w e h a v e a lw a y s fe lt th e k e e n e s t s y m p a t h y a n d th e d e e p e st g r a t itu d e .
T h e D a r d a n e l l e s o p e r a t i o n s w e r e d i r e c t e d f r o m G r e e k is l a n d s o c c u p i e d b y
tro o p s.

W hen

and

S e r b ia

B u lg a r ia n

s o il, fr o m

w as

a tta c k ,

en dangered

th o

A llie d

by

th e

tro o p s

c o m b in e d

la n d e d

A u stro -

u n op p o sed

on

w h ic h , w it h t h o s e c o n d c i t y o f G r e e c e a s a b a s e , t h e y

p r o s e c u t e d n o t o n l y u n m o l e s t e d , b u t a i d e d in e v e r y w a y c o n s i s t e n t w i t h
a n y s o r t o f n e u t r a l i t y , t h e ir f r u i t l e s s a n d

W h a t e lse ca n w o d o ” ?

A M O R T IZ E D MORTGAGE LOANS.

in t h o c a s e o f

t h o E n t e n t e ’s o w n a s s u m p t i o n , w i t h o u t t h e s l i g h t e s t r e a s o n t h e r e f o r , t h a t

G reek

w h e n y o u c a n n o t h o ld o u t lo n g e r ” ?

“ W o s h a ll h a v e to d e m o b iliz e o u r a r m ie s a n d a w a it th e m a r c h o f e v e n t s .

o th e r n eu tra l c o u n tr y

b o e s ta b lis h e d

G r e e c e is o n c e f i x e d .
T h o fu n d a m e n t a l c a u se o f th o e n tir e th r e a te n in g a t t it u d e o f t h e E n t e n t e

G erm an

a n d h a p p i n o s s o f o u r p e o p l e .”

G reece

P o w e r s t o w a r d G r e e c e t o - d a y , a n d t h o p a i n f u l s i t u a t i o n o f m y c o u n t r y is

A llie d

w h a t s o e v e r i n t o a c o u r s e w h ic h w o k n o w w ill b e p r e ju d i c i a l t o t h o l i b e r t ie s
"A n d

t h a t n e u t r a lit y w h ic h w e re c o g n iz e a s o u r o n ly s a lv a t io n .
A m e r i c a is p r o t e c t e d f r o m i m m e d i a t e d a n g e r b y t h o d i s t a n c e
b a ttle fie ld

[Vol. 101

THE CHRONICLE

1 9 4 2

t o o lo n g d e la y e d

c a m p a ig n

Two committees wero appointed last week to investigate
thoroughly the subject of amortized mortgage loans. Those
committees will be comprised of tho gentlemen who were
selected as a sub-committee by the conference called at tho
Chamber of Commerce by the Advisory Council of Real
Estato Interests. The first meeting of this sub-committee
was hold at the offico of tho Advisory Council and M r. Cyrus
C . Miller was elected its Chairman. As a preliminary basis
for its deliberations tho committee adopted the following
resolution:
R esolved, T h a t it is t h e s e n s e o f t h i s C o m m i t t e e t h a t i t w o u ld b e d e s ir a b le

to

t o w o r k o u t a p l a n f o r i n c l u d i n g in f u t u r e m o r t g a g e s a p r o v i s i o n r e q u ir in g

r e s c u e t h e ir a l l y .
,
F i n a l l y , I m y s e l f h a v e g i v e n m y p e r s o n a l w o r d t h a t G r o o k t r o o p s w ill

r e a s o n a b l e i n s t a l l m e n t p a y m e n t s o f p r i n c i p a l , d u r in g t h e life o f t h o m o r t ­

n o v e r b e u s o d t o a t t a c k t h e F r a n c o - B r i t i s h f o r c e s in M a c e d o n i a m e r e l y t o

Tho first committee will investigate the entire inortgago
situation, ascertain the facts and gather data upon tho
amortization policies in the United States and dotennino as
to whether such a form of mortgage would bo feasiblo in
New York C ity. This eommitteo will also propare a tenta­
tive mortgago form, providing for installments of principal
each year, the duration of tho mortgage as well as tho rate
of amortization to bo left undetermined. Upon the grounds
that these two factors must bo determined upon, this com­
mittee has been formed.
It will consist of John J. Pulleyn,
Comptroller of tho Emigrants’ Industrial Savings Bank;
Walter Stabler, Comptroller of the Metropolitan Life In­
surance C o .; W illiam E . Knox, Comptroller of tho Bowery
Savings Bank; Clarence H . Kelsey, President of tho Titlo
Guarantee & Trust C o.; F . J. Parsons, Vice-Prosidont of
tho United States Mortgago & Trust C o.; Adolph Bloch,
of tho United Real Estato Owners’ Association, and Samuol
P . Goldman, of tho Real Estate Board. This committee
is to meet regularly to consider tho various objections to tho
plan and also to givo hearings to any persons who may bo
in favor of or opposed to this amortization policy. It is
especially desirod by tho Advisory Council that whoover
may be affected by this policy or bo interested in any way
should communicate with tho committee that has been
formed, so that an opportunity may bo afforded it to thor­
oughly consider ovory aspect of this question. An invita­
tion is extended to thoso interested to write their views
directly to tho Chairman of this eommitteo.
The other committee was selected to communicate with
the various associations which aro represented by tho com­
mittee: Gerald R . Brown, for the Association of Life In­
surance Presidents; Georgo E . Edwards, for tho State
Savings Bank Association; Stewart Browne, for the United
Real Estate Owners’ Association; Franklin Pettit, for tho
Roal Estate Board; Benjamin A . M orton, for tho Trust
Companies’ Association; Richard M . Hurd, for tho mort­
gago companies; Samuel S. Conover, for tho Stato Bankers’
Association. After tho members of this committoe havo
learned from the various real estato owners, brokers and
financial institutions what their viows may bo on this entire
question, thoy will report back to the general eommitteo,
whilo the other committee will likewise report back as to
the feasibility of tho plan. Upon these two reports further
study will bo given, for tho purpose of submitting it to
another general conference at the Chamber of Commorce.
Tho various conclusions arrived at at tho various eommitteo
meetings will bo publicly announced so that full opportunity
will bo given to follow tho work as it progresses.

a lla y u n ju s tifie d su s p ic io n s .
Y e t , d e s p ite a ll th e s e e v id e n c e s o f th o g o o d fa it h o f G r e e c e , th o E n t e n t e
P o w o r s n o w d e m a n d , in a f o r m w h ic h is v i r t u a l l y a n u l t i m a t u m , t h a t t h e
G r e e k t r o o p s b e w ith d r a w n fr o m S a lo n ik a — a n d t h a t m e a n s a ll M a c e d o n i a
— le a v in g o u r p o p u la t io n u n p r o te c te d a g a in s t r a id s b y B u lg a r ia n c o m it a d j is
o r a ll t h e h o rro rs o f w a r w h ic h la y B e lg i u m
d r iv e n b a c k w ith in o u r fr o n t ie r s .
J u s t su p p o se th e G e r m a n s w ere

in

a

w a s t e , s h o u ld

p o s itio n

to

th e A llie s b e

d em an d

th a t

your

c o u n tr y co n ced e th e u se o f B o s to n or S e a ttle a s t h e b a se fo r a n a t ta c k on
C anada.

W h a t w o u ld y o u s a y ?

A n d i f a l l y o u r m i l i t a r y e x p e r ie n c e a n d

t h e a d v i c o o f y o u r g e n e r a l s t a f f t o l d y o u t h a t s u c h a la n d i n g w a s d o o m e d
t o f a i l u r e b e c a u s e m a d e w i t h a n i n a d e q u a t e f o r c o , a n d y o u r e a l iz e d t h a t t h e
B r itis h
N ew

tro o p s

in

Canada

w o u ld

p u rsu e

E n g la n d , d e s tr o y in g a s th e y

th e

r e tr e a tin g

w e n t, w o u ld

you

G erm an s

across

a c ce p t th o p ro sp e ct

w ith o u t a s t r u g g le ?
“ B u t h a s n o t y o u r ? .I a je s t y G e r m a n a s s u ra n c e t h a t t h e in t e g r it y o f G r e e k
t e r r ito r y w ill b o r e s p e c t e d "? t h e K i n g w a s a s k e d .
“ O f cou rse, a n d E n te n te assu ra n ce, t o o .”
“ A n d s im ila r a ssu ra n c e f r o m B u lg a r ia ” ?
" G e r m a n y , ” s a id t h e K i n g , “ h a s g i v e n a s s u r a n c e fo r h e r s e l f a n d h e r a l l i e s ,
but

th a t d oes n o t

p re v e n t th o

o f m ilita r y n e c e s s ity , fr o m

G c r m a n -B u lg a r ia n

a r m ie s ,

as a

p u r s u in g t h e re tir in g F r e n c h a n d

m easu re

B r itis h in to

G r e e c e , f i g h t i n g in G r e e c e , a n d t u r n i n g G r e e c e i n t o a s e c o n d P o l a n d .

I

h a v o t h a t a ssu ra n c o a ls o .
" T h a t t h e G r e e k f r o n t i e r s w i l l b e r e - o r e c t o d a f t e r t h o w a r d o e s n o t r e b u ild
t o w n s o r c o m p e n s a t e m y p e o p l e f o r m o n t h s , p e r h a p s y e a r s , s p e n t in l i v i n g
in m is e r y a s fu g itiv e s fr o m

t h e ir o w n l a n d

w h e n t h e i r c o u n t r y is n o t a t

w a r a n d h a s n o th in g t o g a in b y r is k in g d e v a s t a t io n .
“ W h y , th o E n t e n t e P o w e r s tro a t m o a s i f I w ere th o k in g o f a C e n tr a l
A fr ic a n

tr ib e ,

to

w hom

o f in d iffe r e n c e .

t h e s u ffe r in g s

o f h is o w n

I h a v e b een th ro u g h

th r e e w a r s.

p e o p le w e r e a m a t t e r
I

know

I d o n o t w a n t a n y m o r e i f it c a n b o h o n o r a b l y a v o i d e d .

w h a t w a r is .

M y p e o p lo d o n o t

w a n t a n y m o r e , a n d i f t h e y a n d I c a n h e lp i t , w e s h a ll n o t h a v e a n y m o r e .”
" T h e n y o u r M a je s t y d o e s n o t b e lie v e t h a t th o in te r v e n tio n p o lic y o f th e
fo r m e r P r e m ie r , M .V e n i z e l o s , r e a lly e x p r e s s e d t h o w ill o f t h o G r e e k p e o p le ” ?
“ I know

it d i d

n o t ,"

r e p lie d t h e

K in g fo r c e fu lly .

“ W hen

r e -e le c t e d V e n iz e lo s t h e y e le c te d h i m , n o t h is p o lic y .

t h o p e o p lo

T h e groat m a ss o f

t h e p o o p lo o f G r e e c o d id n o t , a n d w i l l n o t , u n d e r s t a n d a n y t h i n g a b o u t t h e
V e n i z e l o s f o r e ig n p o l i c y .

T h e y l i k e h i m a n d t h e y e l e c t o d h i m , b u t i t w o u ld

b o t h e m a d d e s t f o lly to a s s u m e t h a t b e c a u se t h e y v o t o d fo r a m a n p e r s o n a lly
p o p u la r t h e y th e re fo r e v o t e d t o th r o w t h o c o u n tr y in to th o w h ir lp o o l o f th o
E urop ean
w a n t.

w ar.

T hey

A s k th e m ;

d id

no

su ch

th in g .

W ar

is

th e

la s t

th in g

th e y

t h e y w ill t e ll y o u s o .

“ I t is s a i d t h a t I h a v o c x c e o d o d t h e C o n s t i t u t i o n .
t o a p p ly th e C o n s titu tio n .

W h a t I h a v o d o n e is

T h e C o n s t it u t io n g iv e s m e th o p o w e r t o d is s o lv o

th o C h a m b e r t o p r e v e n t ju s t su c h d is a s te r s a s fo llo w in g th o V e n iz e lo s p o lic y
w o u ld h a v o p r o v e d a t t h is ju n c tu r e .
t o e x e r c is e t h a t p o w e r .

M y d u ty u n d er th o C o n stitu tio n w as

I d i d e x e r c is e i t a n d w i l l c o n t i n u e t o e x e r c is o i t

s o l o n g a s i t is n e c e s s a r y t o s a v e m y p e o p l e f r o m d e s t r u c t i o n .
“ A n o t h e r t h i n g I w a n t t o m a k e c l e a r : I t is s a id t h a t M . V e n i z e l o s , w it h
m y a s s e n t , in v ite d th o A llie d t r o o p s t o c o m e to S a lo n ik a .

N o t h in g c o u ld

b e fu rth e r fr o m th o tr u th .

M . V e n iz e lo s m a y h a v o ex p r e sse d t h o p e r so n a l

o p in io n

th a t

t r o o p s la n d e d

r e s is t.

H o w c o u ld sh o r e s is t ?

s ib le h e a d

if th o

A llie d

o f th e G reek

at

S a lo n ik a

G reece

w o u ld

not

B u t t h a t M . V e n iz o lo s o v e r , a s th o r e s p o n ­

G o v e r n m e n t, fo r m a lly

in v ito d

f o r e ig n

tro o p s to

e n t e r G r o e k t e r r i t o r y , is w h o l l y u n t r u e .”
“ Y o u r M a je s ty

b e lie v e s t h a t th o

A llie d

B a lk a n

o x p o d itio n

is

doom ed

t o fa ilu r e ” ?
“ C e r t a i n l y i t is d o o m e d t o f a ilu r o i f u n d e r t a k e n w i t h n o t n o r o m e n t h a n
a re n o w th e re o r o n th e w a y .
" G r e a t B r ita in d o e s n o t s e e m d is p o s e d to s o n d a n a d e q u a t e fo r c e , a n d
F r a n c o c a n n o t d o t h e jo b a lo n e .

T h o m in im u m

a c c o m p l i s h a n y t h i n g in t h o B a l k a n s is 4 0 0 , 0 0 0

a rm y th a t can

m en.

h o p e to

A s t h a t n u m b e r is

n o t b e in g s e n t , t h a t is m y p r o o f t h a t it is G r e e c o t h a t m u s t s u f f e r , G r e e c o

gage.

t h a t m u s t p a y f o r t h e f a i l u r e o f tire A l l i e d B a l k a n v e n t u r o .
“ If
G reek

th e E n te n te
te r r ito r y

w ill a ssu re m o

th e y

a n d le a v e G r e e c e ,

th a t

w ill c o n sid e r

w hen

th o

th e y

B a lk a n

aro d r iv e n

gam e

en ded,

back

in to

r e -e m b a r k ,

I w ill g u a r a n t e e w i t h m y w h o le a r m y t o p r o t e c t t h e i r

r e t r e a t a g a i n s t t h o G e r m a n s , B u l g a r i a n s , o r a n y b o d y o ls o , a n d g i v e t h e m
t u n e t o e m b a r k w i t h o u t b e in g e n d a n g e r e d .

T h o u I w o u ld b o l e g i t i m a t e l y

p r o t e c t i n g m y f r o n t i e r s , a n d i t w o u l d n o t i n v o l v o G r e e c e in f u r t h e r r is k s .
A lo r e I c a n n o t d o .
“ Tho

E n t e n t e ’s d e m a n d

is t o o

m u ch .

T hey

try

to d r iv e

G reeco

out

o f n e u t r a lit y , t h e y c o m e in to G r e e k te r r ito r y a n d w a te r s a s th o u g h t h e y
w ere th e irs .

A t N a u t li a t h e y d e s t r o y e d t a n k s o f p e t r o le u m , in te n d e d to

k ill lo c u s t s , o n th e g r o u n d t h a t t h e y m ig h t b o u se d b y G o r m a n s u b m a r in e s .
T hey

sto p

G reek

s h i p s , t h e y r u in

w ith A m e r ic a n s h ip s , t o o .

G reek

com m erce— as th e y

havo done

T h o y w a n t t o s e iz o o u r r a i l w a y s , a n d n o w t h e y

d o m a n d t h a t w o t a k e a w a y t h e tro o p s g u a r d in g th o G r e e k fr o n t ie r s , le a v in g
m y

c o u n tr y

open

“ I w ill n o t d o i t .

to

in v a s i o n

or

any

la w le s s

The decreo of tho Cuban Government prohibiting tho
circulation of French and Spanish gold coin on Doc. 1 has
been modified so as to postpone until June 1 1910 tho time
when tho circulation of such coin shall ceaso. Spanish
silver and copper coin, however, is not to bo allowed in
circulation after Dec. 1. Tho “ W all Street Journal” of tho
1 st inst. prints tho following on tho postponement of Cuba’s
now currency system:
T h o P r e s i d e n t i a l d e c r e e o f S e p t . 1 1 , p r o h ib it in g t h e c i r c u la t i o n o f fo r e ig n

in c u r s io n .

I a m w i lli n g t o d is c u s s r e a s o n a b l y a n y f a ir p r o p o s a l s .

B u t t w o th in g s I w ill n o t c o n c e d e :

C U B A P E R M I T S F R E N C H A N D S P A N I S H GOLD C O I N
TO C O N T I N U E I N C I R C U L A T I O N U N T I L J U N E 1910.

G r e e c e s h a ll n o t b o fo r c e d o r c a jo le d

c o in s o n a n d a f t e r D e c . 1 , a l t h o u g h a r b i t r a r y , a n d a c c o r d i n g t o s o m e o f t h o
le a d i n g lo c a l l a w y e r s u n c o n s t i t u t i o n a l , h a s p r o d u c e d t h e e f f o c t s w h i c h t h e

o u t o f h e r n e u t r a l i t y , G r e e c o w ill m a i n t a i n h e r s o v e r e i g n t y a n d h e r s o v e r e i g n

G overn m en t

r ig h t t o p r o te c t h e r s e lf a t n e e d . ”

A m e r i c a n c u r r e n c y f o r t h o S p a n i s h a n d F r e n c h g o ld a n d S p a n i s h s ilv e r c o i n s

“And
E n te n te

- -*v '

■

i f t h a t * i s n o t s a t i s f a c t o r y — i f c o o r c iv o m e a s u r e s a r o u s e d
Po w e r s " ?

th o

K in g

w as

'J
by

th o

ask ed .

“~ V o s lia l i p r o t e s t ’ t o t h e w h o le w o r ld t h a t o u r s o v e r e ig n r i g h t s a r e v i o l a t e d .
W o s h a l l r e s is t p a s s i v o l y a s lo n g ^ a s w o c a n b e in g f o r c e d b y a n y m o a s u r c s




e v id e n tly

d e s ir e d ,

h e r e t o f o r e in c i r c u l a t i o n .

000,000

n a m e ly ,

th e

su b s titu tio n

of

Cuban

and

A l t h o u g h t h e r e s t i ll e x is t s a s t o c k o f f r o m $ 3 0 ,

t o $ 4 0 , 000,000 o f f o r e ig n g o l d c o in i n t h o c o u n t r y , t h o lo c a l c ir c u ­

l a t i o n f o r r e t a i l a n d s m a l l e r t r a n s a c t i o n s is a l m o s t e x c l u s i v e l y r e p r e s e n t e d
b y C u b a n a n d A m e r i c a n g o l d a n d s ilv e r c o i n s a n d A m e r i c a n b i l l s .

T h e d e c r e e a b o v e r e fe r re d t o , m o d iflo d a fe w d a y s la t e r , w a s , a s w a s a n ­
t i c i p a t e d i n t h o “ W a l l S t r e e t J o u r n a l ,” f u r t h e r a f f e c t e d b y t w o i m p o r t a n t
d e c r e e s p u b lis h e d

on

th o 2 2 d

and

2 4 th

I n s t ., r e s p e c tiv e ly .

c o n c e d e d t o p r lv a t o p a r tie s t h e r ig h t to fix b y

The

d e e d , fre e fr o m

fo r m e r

d u tie s o r

t a x e s , th o a m o u n t w h i c h t h e y m a y a g r e e u p o n i n C u b a n o r A m e r i c a n

cur­

r e n c y f o r e x i s t i n g o b l i g a t i o n s o r c o n t r a c t s o r i g i n a l l y m a d e in S p a n i s h o r
F r e n c h g o ld , a n d t h e la t te r p o s tp o n e d u n til J u n o 1 1 9 1 6 th e p r o h ib itio n o f
t h o c i r c u l a t i o n o f F r e n c h a n d S p a n is h g o ld c o i n , t h e i m p o r t a t i o n o f w h i c h ,
h o w e v e r , is n o t p e r m i t t e d .

1 9 4 3

THE CHRONICLE

Dec . l l 1915. J

S p a n is h s ilv e r a n d c o p p e r c o in Is n o t a l lo w e d

t o b o i n c ir c u la t io n a f t e r D e c . 1 .
F r o m t h o d a t e o f t h e P r e s id e n t ia l d e c r e e o f S e p t . 11 u n t il O c t .

31,

th e

f o l l o w i n g e x p o r t a t i o n s o f f o r e ig n c o in w e r e m a d e b y l o c a l b a n k e r s :

. mail m ay bo posted up to about twenty-four hours later than
; the time fixed in the notice, on the payment of an extra fee of
sixty-five cents a letter. “ Correspondence so posted,”
: according to the notice, “ will be sent to the censors with
special expedition and will receive priority in examination
by them .” The strict censorship of all American mail
necessitates, it is said, the employment of ono thousand
women for the examination of letters at Liverpool en route
to the United States.

S p a n i s h g o ld c o i n . . . ............... * 2 2 0 , 0 0 0 1S p a n i s h s i lv e r c o i n .................... 5 3 , 8 2 0 , 1 9 3
1 1 7 ,8 9 6
F r e n c h g o ld c o i n . ..................... 7 , 3 2 1 , 4 3 0 1S p a n i s h c o p p e r c o m -------------

RECALL
C H IL E APPROVES A R B I T R A T IO N

OF

TREATY.

M IL IT A R Y
AND
NAVAL
OF G E R M A N E M B A S S Y .

ATTACHES

The State Department at Washington made known on the
The Chilean Senate has approved the arbitration treaty
negotiated last M a y between Argentina, Brazil and Chile. 3rd inst. that the recall had been requested of Captain Karl
The treaty provides that all differences between the three B oy-E d and Captain Franz vonPapen, the naval and military
countries which cannot bo settled diplomatically or be sub­ ; attaches respectively of the German Embassy. Nothing
mitted to arbitration shall be placed before a permanent ; as to the reasons therefore beyond the mere statement that
international commission for inquiry and report. As “ on account of what this Government considers improper
heretofore stated, tho treaty was approved by tho Argentine activities in military and naval m atters,” was given in the
Senate on Sept. 22 and advices from Rio de Janeiro on Oct. 17 brief announcement of Secretary Lansing, issued on the
stated that the Brazilian Chamber of Deputies had ratified 3rd inst., which we quote in its entirety below :
tho treaty.

On

_______ ____________________

S T O D D A R D JESS A N D
T H E A T T I T U D E OF T H E
PU BLIC A G A IN S T B A N K S A N D RAILROADS.

The untoward influence of tho misunderstanding of the
public concerning the railroads, as well as the banks, formed
the subject of a recent address b y ‘ Stoddard Jess, VicePresidont of the First National Bank of Los Angeles, C al.,
before the Los Angeles A d Club. M r . Jess brought to tho
attention of his hearers tho fact that the railroads are not
owned by a few rich men, as is generally thought, but by
many shareholders, comprising widows and orphans, hence
the rosult of an unfair blow aimed at tho railroads is felt by
tho dopondont ones— tho widow and tho fatherless— and not
by the rich man. To M r . Jess’s mind, the apparent willingnoss on tho part of tho people to approve of repressive legis­
lation against tho railroads is eloarly the result of a mis­
understanding. A similar situation, he continued, exists
as to tho banks. “ To tho avorage m an,” he said, “ a bank
stands as an entity representing great wealth, owned by
a few rich men, and bankers are looked upon as money bags.”
“ N othing,” ho continued, “ could bo farther from tho facts.
Bank stocks, as a rule, aro very widely distributed and are
largely hold by women, by estates and in trust for depend­
ents and minor heirs as permanent investments. Tho divi­
dends derived aro not attractive to active business m en.”
“ If this understanding could be dispelled,” argued M r. Jess,
“ it would remove much of tho prejudice that exists against
banks and cause an entire change of attitudo of many people
toward them .” ________________ ___ ________
EF FO RT S OF T H E I N V E S T M E N T B A N K E R S ' A S S O C I A ­
T I O N TO A S S I S T T H E R A I L R O A D S .

W ith regard to the work of tho railroads bond committee
of the Investment Bankers’ Association the “ Bulletin” of
tho organization, issued on N ov . 30, says :
A t a n In fo r m a l m e et In s o f s o m e o f t h e m e m b e r s o f t h e R a ilr o a d
and

E q u i p m e n t T r u s t s C o m m i t t o e , h o ld in

N ow

Y ork

la s t w e e k ,

B onds
it w a s

d e c id e d to m a k e a n a c tiv o e ffo r t to w a rd c a r r y in g o u t s o m e o f t h e s u g g e s­
t i o n s e m b o d i e d in t h e r e p o r t o f la s t y e a r 's c o m m i t t e e . A n

e f f o r t w ill b ®

m a d e a lo n g t h e f o llo w i n g lin e s :
1 st.

To

havo

in c o r p o r a t e d

in

fo r th c o m in g

tru st

deeds

p r o v is io n s

fo r

t h o b e t t e r p r o t e c t i o n o f t h o i n v e s t o r , a m o n g w h ic h a r e
(a )
(b )
th o

T h o s in k in g f u n d .
A d e q u a t o m a in te n a n c e

tru ste e

of

m a k in g

p r o v is io n s ,

e x a m in a tio n s

w h ic h

w hen

s h a ll

deem ed

in c l u d e

n ecessary,

p ow er
or

to

w hen

r e q u e s t e d b y a c e r t a in p e r c e n t a g e o f t h o b o n d h o ld e r s .
2nd.

a c c o u n t o f w h a t t h i s G o v e r n m e n t c o n s i d e r s i m p r o p e r a c t i v i t i e s in

m ilita r y

and

C a p ta in

B o y -E d , th o

th e G erm an

naval

m a tters

M ilita r y

we

G erm an

have

N aval

re q u e ste d
A tta c h e ,

A tta c h e , as th e y

are n o

th e
and

im m e d ia te
C a p ta in

von

r e c a ll

of

P apen,

lo n g e r a c c e p t a b le t o

th is

G o v e rn m e n t.

Tho Government’s decision to ask for the recall of the
German attaches is said to have been convoyed to Am bas­
sador von B em stoff on November 30, knowledge of it being
withheld from the public until the Ambassador’s advices in
the matter had reached Berlin. Secretary of State Lansing
is understood to have mado it clear that the conviction last
week of those identified with the Hamburg-American line
has no bearing on the recall of the diplomats. The decision
with regard to tho latter is said to have been reached after
an exhaustive investigation into their alleged activities under­
taken both by the State Department and the Department
of Justice. A request from Germany as to the evidence on
which the dismissal of the two officers is based was made
to tho State Department on the 6th inst. through the German
Embassy at Washington and Ambassador Gerard at Berlin.
Count von Bem stoff, the German Ambassador, it is stated,
raised the point of national honor and insisted that Iris
Government is entitled to have in its possession all tho facts
so that it can form judgment as to whether tho action of
tho United States constituted an “ unfriendly act” and
whether the desired banishment of the two Embassy at­
taches was justified by their alleged “ improper activities
in military and naval m atters.”
It is reported that Germany holds also that the two
attaches havo not been implicated by any disclosures except
those in tho caso of James J. Archibald (the American news­
paper correspondent, who figured in the recall of the Austrian
Ambassador, D r. Dum ba, for whom Archibald was tho
carrier of official dispatches) and in the proceedings in the
trial of tho Hamburg-American officials, and that as tho
Stato Department has publicly exploited an indefinite
reference to a long series of offenses, the German Government
has a right to know what they are.
According to the New York “ Sun” of the 9th inst. Secre­
tary Lansing has decided to issue a statement as soon as
possible after tho recall of tho attaches explaining the cir­
cumstances to tho public in more or less complote manner.
He has decided to do this, it is understood, bocauso of the
fact, the “ Sun” says, that the two men have been connected
in newspaper stories with a whole array of plots, some of
which the State Department belioves never existed.

T o s e c u r o c e r t a in c h a n g e s in t h e f o r m o f r a ilr o a d r e p o r t s , w h ic h

w ill g i v o m o r o d e t a i le d i n fo r m a t i o n a s t o t h e ir e x a c t c o n d i t i o n .
3rd .

T o a s s i s t t h e r a ilr o a d s in s e c u r in g r e a s o n a b le r a t e s s o a s

t o e n a b le

t h e m t o p a y a f a ir r e t u r n o n t h e i n v e s t m e n t , a n d t o s e c u r e t h o n e w m o n e y
n ecessary

f o r e x t e n s i o n s a t r e a s o n a b le c o s t .

T h e c o m m i t t e e f e e ls t h a t t h e A s s o c ia t io n c ;m b o o f g r e a t h e lp in p r o m o t i n g

O F F I C I A L S OF I I A M B U R G - A M E R I C A N L I N E G U I L T Y
OF F R A U D .

Prison sentences of one yoar and six months, to be served
in tho Federal ponitentiary at Atlanta, were imposed on the
4th inst. against D r. Karl Buenz, Managing Director of the
John E . Blunt Jr. is Chairman of tho Committee.
Hamburg-American Lino; Adolph Hachmeister, purchasing
agent, and George Koetter, superintending engineer, all of
L E T T E R S F R O M E N G L A N D M U S T B E P O S T E D T W O whom, together with Joseph Poeppinghaus, a supercargo,
D A Y S BEF ORE S A I L I N G T I M E .
and the Hamburg-American Line itself, were found guilty
Announcement was made on N o v . 30 of tho issuance of a on tho 2d inst. on a charge of conspiring to defraud the
notice by the Postmaster-General in London stating that “ in United States Government, through false representations as
order to meet tho requirements of the military authorities,” ; to cargoes and their destinations. The four individuals and
correspondence for tho United States must hereafter be posted the company were indicted on the conspiracy charges on
in London by 8 p.m . two days prior to tho sailing of steamers March 1 last, and were adjudged guilty by a jury in the
on which it is to bo forwarded. Tho order went into effect U . S. District Court in this city on the 2d inst. Poepping­
on tho 1st inst. In tho case of especially urgent correspond- j haus, who was considered by Judge Harland B . Howe of
cnee, it is stated, arrangements havo been made whoreby tho Fedoral District Court (who pronounced the sentences)

m o r e fr ie n d ly r e la tio n s b e tw e e n

t h o r a i lr o a d s , t h e g e n e r a l p u b l i c a n d t h o

n v e s t o r s , f o o lin g t h a t t h e y a ll h a v o a c o m m o n i n t e r e s t .




[Vol. 101.

THE CHRONICLE

1944

to have played a minor part in the alleged conspiracy, was
sentenced to one year and one day in the penitentiary at
Atlanta. The Hamburg-American Line as a corporation
was fined $ 1 . All of those convicted were found guilty on
the two indictments returned against them. Each offense,
so far as the individuals are concerned, was punishable by
imprisonment of not more than two years and by a fine of
not over $10,000, or both. The steamship line, as a cor­
poration, was punishable only by a fine. In fixing the com­
pany’s fine at $1, Judge Howe said:
T h ere w as no

e v id e n c e t h a t

t h e c o r p o r a tio n — t h e ’ H a m b u r g -A m e r i c a n

L i n e — d id a n y t h i n g in t h e c o n s p i r a c y e x c e p t w h a t w a s d o n e b y t h r e e o f t h e
in d iv id u a l d e fe n d a n t s , a n d q u it e lik e ly D r . B u e n z w a s t h e o n ly p e r s o n p a r ­
tic ip a t in g in t h e c o n s p ir a c y w h o h a d t h e p o w e r t o b in d t h e c o r p o r a t io n .
T h e c o r p o r a t i o n c o u ld n o t c o n s p i r e , t h i n k , a g r e e o r a c t , e x c e p t a s i t d i d s o
t h r o u g h h i m , a n d a s h e is t o b e p u n i s h e d f o r a ll t h a t h e d i d in t h e c o n s p i r a c y
I a m n o t in c lin e d t o im p o s e m u c h p u n i s h m e n t o n t h e c o r p o r a t i o n i n t h e s e
c ir c u m s t a n c e s , a l t h o u g h In t h e e y e o f t h e l a w

i t is g u i l t y

o f th e o ffe n s e

su ch

lis ts c a n

o n ly

b e c o n s ig n e d

to

th e s o c ie ty

on

its

w r itte n

c o n se n t.

C o n s e q u e n t l y n o e x p o r t o r t r a n s i t l i c e n s e s w ill b e g r a n t e d in r e s p e c t t o s u c h
r e s t r i c t e d a r t i c l e s u n le s s t h e a p p l i c a t i o n is a c c o m p a n i e d b y t h o d o c u m e n t
p r o v in g th e c o n se n t o f th e s o c ie ty .
A r tic le s
I ta ly an d
or

d e s tin e d

fo r

S w i t z e r la n d

fr o m

th e

U n ite d

K in d g o m ,

F ran ce,

R u s s i a , in r e s p e c t o f w h i c h e x p o r t l ic e n s e s h a v e b e e n g r a n t e d

c o n d itio n a lly

a u th o r iz e d

b e fo r e

N ov.

16.

and

a r tic le s

fr o m

n e u tra l

c o u n t r i e s in r e s p e c t o f w h i c h t r a n s i t p e r m i t s h a v e b e e n s i m i l a r l y g r a n t e d ,
m a y b e e x p o r t e d o r a l lo w e d t o p a s s in t r a n s i t w i t h o u t b e i n g c o n s i g n e d t o
t h e S w is s s o c i e t y , in v i r t u e o f t h e s p e c i a l g u a r a n t e e a l r e a d y g i v e n b y t h e
S w is s im p o r t e r s .

TOKIO STOCK E X C H A N G E CLOSED.

The Tokio Stock Exchange was temporarily closed on
N o v . 30, owing, it is said, to bull speculation. It is stated
that war purchases by the Allies have produced a wave of
prosperity throughout Japan which has beon reflected in the
stock market, where standard stocks have soared to high
points.
_______________

charged.
T h e n , t o o , t h e le s s o d o r o f m o n e y t h e r e is f r o m t h i s s e n t e n c e t h o b e t t e r ;
t h i s is a n o t h e r r e a s o n t h a t le a d s m e t o t a k e t h i s v i o w
p o r a tio n .

T h e r e f o r e , i t is s e n t e n c e d

to

pay

re g a r d in g th e c o r­

a fin e o f S I , w it h o u t c o s ts

o f p r o s e c u tio n .

The indictments returned by the Grand Jury last March
grew out of a complaint made by Sir Courtenay W alter Bonn e tt, British Consul-General, who charged that tho HamburgAmerican Line had endeavored to use tho Norwegian steam­
ships Fram and Somerstad as auxiliaries to the German navy
by carrying coal and provisions from this country for the
converted German cruisers Kaiser Wilhelm der Grosse and
Karlsruhe. It was also charged that tho American steam­
ships Lorenzo and Borwind were chartered for similar pur­
poses.
Of the two indictments returned, one charged conspiracy
to defraud the United States Government “ in and by causing
collectors of customs by means of false statements to make,
record and transmit untrue and inaccurate records.”
The
other charged conspiracy to defraud by obtaining clearance
papers by means of false manifests. The indictments did
not deal with the question of neutrality but merely with
infractions of the shipping law. The jury in the U . S.
District Court found the men guilty on both indictments.
For the purpose of importuning Secretary of State Lansing
to recommend that fines instead of jail sentences bo imposed,
William Travers Jerome, W illiam Rand and C . S. Haight,
counsel for the defense, are understood to have made a trip
to Washington on the 3d inst., but Secretary Lansing is re­
ported to have declined to confer with them in the matter,
since he regardod it as outside the province of his Depart­
ment. A n interview, however, according to tho N ew York
“ Tim es,” was accorded them by Assistant United States
Attorney-General Warren, who has been in charge of all
prosecutions for offenses against tho United States arising
from the war. The “ Tim es” says:

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 273
shares, of which 270 shares wore sold at the Stock Exchange
and 3 shares at auction. One hundred and ten shares of
Mechanics & M etals National Bank stock wore sold at
2 7 0 -2 7 0 ^ , an advance of 15 points over the price paid in
August 1915, when the last previous public sale was made.
Shares. B A N K S — N ew York.

L ow .

H igh . C lose.

* 1 0 C i t y B a n k , N a t i o n a l ---------------- 4 7 1
*150 C om m erce, N a t. B ank o f . . .
3

175

F i f t h A v e n u e B a n k ----------------4 5 5 0

* 1 1 0 M ech . & M e ta ls N a t . B a n k .

270

471

471

178

178

4550 4550

2 70 M 2 7 0 H

Last previou s sale.
D oc.

1915—

D oc.

1915—

470

17 5

M a r. 1912— 4700
A ug.

1915—

2 55 M

* S o ld a t t h e S to c k E x c h a n g e .

A Now York Stock Exchange membership was reported,
posted for transfer this week, tho consideration boing $72,000,
an unchanged figuro from the last preceding sale.
A notice calling the attention of membors of tho Stock
Exchango to the resolution prohibiting the publication of an
advertisement other than
“ a strictly legitimate business
character” was issued by Secretary Georgo W . Ely on Thurs­
day. It is understood that the issuance of the notice has
grown out of infractions of the rulo witnessed in tho adver­
tisement of certain securities affected by the war. W e
print the notice below:
TH E

N E W

YO R K

STOCK

E XC H A N G E .

Im porta n t N o tic e .
D ec. 9 1 9 1 5 .

To M em b ers o f the Exchange:
I

a m in s t r u c t e d t o c a ll t h e a t t e n t i o n o f m e m b o r s o f t h o E x c h a n g o t o t h o

fo llo w in g R e s o lu tio n a d o p to d b y th o G o v e r n in g C o m m it t e e :
“ T h a t in f u t u r e t h o p u b l i c a t i o n

o f an

Fob. 9 1898.
a d v o r tis o m o n t o f o th o r t h a n a

s t r i c t l y l o g i t i m a t o b u s in e s s c h a r a c t e r , b y a m o m b o r o f t h o E x c h a n g e , s h a l l
b o d e e m e d a n a c t d e t r i m e n t a l t o t h o in to r o s t a n d w o lfa r o o f t h o E x c h a n g o . ”
GEORGE

W .

E L Y ,

Secretary.

T o M r . W a r r e n t h e la w y e r s a r g u e d t h a t t h o d e f e n d a n t s in t h o H a m b u r g A m e r ic a n L in e c a s e h a d n o in te n tio n t o v io la t e la w s o f th is c o u n t r y , a n d
t h a t t h e ir o f f e n s e s h a d b e e n d u e t o c a r e le s s n a s s a n d l a c k o f f a m i l i a r i t y w i t h
c le a r a n c e l a w s w h o s e a p p l i c a t i o n t o t h e s u p p l y s h i p s s e n t o u t b y t h e H a m ­
b u r g -A m e r ic a n
u n d ersta n d .

L in e to

G e r m a n c r u is e r s , i t w a s a r g u e d , w a s

d iffic u lt

to

I t w a s u r g e d , t o o , t h a t o ffe n s e s o f a s im ila r n a tu r e b y o t h e r

G e r m a n s a n d b y B r itis h s u b je c ts h a d b e e n p u n is h e d b y fin e s a n d t h a t a
m o n e y p e n a lt y o u g h t to b e s u ffic ie n t in th e ir c a s e .

The visit failed to accomplish tho desired results, M r.
Warren, it is said, having indicated that he took an entiroly
different view of the case. The action of counsol in appeal­
ing to Washington is said to have beon taken without the
countenance of D r. Buenz. In recognizing tho advanced
age of the latter— he is seventy years old— and his impairod
physical condition, Judge Howe, in passing judgmont, said:
T h e p h y s i c a l c o n d i t i o n o f D r . B u e n z i s s a id t o b o p o o r , a n d h e i s c e r ­
t a i n l y m u c h a d v a n c e d in y e a r s .
A p p e a ls , a n d p o s s ib ly

to

th o

H o w e v e r , th o c a s e is t o g o th o C o u r t o f
S u p rem e

C o u rt, and

if

ju d g m e n t

s h o u ld

b e a ffir m e d a n d i f it s h o u ld a p p e a r t h a t th o im p r is o n m e n t im p o s e d w o u ld
b e a p e r il t o h i m , t h e E x e c u t i v e D e p a r t m e n t o f t h e G o v e r n m e n t s h o u l d
t a k e s u c h a c t i o n a s w ill b o j u s t in v i o w o f h is c o n d i t i o n a t t h a t t i m o , a n d
t h is C o u r t s h o u ld se e to it t h a t t h e D e p a r t m e n t o f J u s tic e g iv e s su c h a t t e n ­
t i o n a n d m a k e s s u c h r e c o m m e n d a t i o n s a s w ill b r i n g a b o u t s u c h

a c tio n .

A writ of error, enabling the defendants to carry tho caso
to the Circuit Court of Appeals, was granted by Judge Howe,
the four defendants being released on bail of $ 10,000 in oach
case, or double tho original amount called for.
SW IS S IM P O R TA T IO N

TRUST I N

O PERATIO N.

The British Foreign Office in London has announced that
the Swiss import trust which is known as the Societo Suisse
de Surveillance Economiquo and was formed at Borno to
supervise the importation of goods into Switzerland, com­
menced operations on N o v . 16. The “ Journal of Com­
merce” of tho 1 st inst., in announcing this now arrangement,
said :
T h e n e w S w is s im p o r t in g s o c ie t y w ill t a k e d e liv e r y o f a n d
a u th o r iz e d

c o n s i g n e e in S w i t z e r l a n d

f o r a ll c o m m o d i t i e s o n

c o n t r a b a n d a n d r e s t r ic t e d e x p o r t s in t h o A l l i e d c o u n t r i o s .




b e t h e o n ly
th e

lis ts

of

T h o a r tic le s o n

The nomination of Robort S. Lansing as Secretary of
State was sent to tho Senate by President Wilson on tho
7th inst. M r . Lansing was namod as Socrotary during tho
Congressional recess. Tho President at tho same timo sent
to the Sonato for confirmation tho names of Frank L. Polk
of N ew York , to bo counsellor for tho State Department,
and Georgo Rubloe of Now Hampshire to bo Foderal Trade
Commissioner.
The appointment of tho sixteen standing committees of
tho Investment Bankers’ Association has boon announced by
the President, Lowis B . Franklin, Vico-Prosidont of the
Guaranty Trust C o. Tho chairmen of tho committoos are:
Agricultural Credits, William It. Compton of William R .
Compton C o ., St. Louis; Constitution and B y-Law s, Charles
H . Gilman of Charles H . Gilman & C o ., Portland, M e .;
Finances and Auditing, Georgo H . Taylor of E . H . Rollins
& Sons, Chicago; Foreign Relations, Barrett Wendoll Jr.
of Lee, Higginson & C o ., Boston; Irrigation Bonds, J. C .
Cunningham of tho Union Trust & Savings Bank, Spokane;
Legislation, Allon G . H oyt of N . W . Halsoy & C o ., Now
York; Membership, H . L. Stuart of N . W . Halsey & C o .,
Chicago; Municipal Bonds, William G . Baker Jr. of Bakor,
W a tts & C o ., Baltimore; Program for Annual M eeting,
Reamy E . Field of Field, Richards & C o ., Cincinnati;
Publicity, Samuel L . Fuller of Kissoll, Ivinnicutt & C o .,
Now York; Public Servico Corporation Bonds, John E .
Oldham of Morrill, Oldham & C o ., Boston; Railroad Bonds
and Equipment Trusts, John E . Blunt, Jr. of tho Merchants
Loan & Trust C o ., Chicago; Roal Estato Bonds, Charles
A . Otis of Otis & C o ., Cleveland; Reclamation Bonds, J.
Sheppard Smith of tho Mississippi Valloy Trust C o ., St.
Louis; Taxation, William L . Ross of tho Socond W ard Sav-

Deg . l l 1915.]

THE CHRONICLE

mgs Bank, Milwaukee; and Timber Bonds, Calvin Fentress
of Lyon, Gary & C o ., Chicago.
Roports that negotiations were in progress toward the
ultimate merger of the Pacific Bank of this city with the
American Exchange National Bank, resulted in the issuance
on the 7th inst. of a statement by Lewis L . Clarke, Presi­
dent of the latter, which said:
A l t h o u g h d ir e c t o r s a n d in t e r e s t s i d e n t i f i e d w i t h t h i s b a n k h a v e f o r a n u m ­
b er o f years ow n ed sto ck

in t h e P a c i f i c B a n k a n d

a lt h o u g h

it h a s b ee n

t h o u g h t t h a t a o o n s o li d a t i o n o f t h e t w o i n s t i t u t i o n s w o u l d b e a d v a n t a g e o u s ,
t h e r o is n o i n t e n t i o n o n o u r p a r t o f d o i n g s o u n t i l t h e b a n k i n g l a w s a r e
c h a n g e d s o a s t o a llo w fo r a m o r e fa c ile m e th o d w h e r e b y a n a tio n a l b a n k
c a n h a v e b r a n c h e s in i t s o w n c i t y .
I t w o u ld b e in a d v is a b le fo r u s t o a r ­
r a n g e a m e r g e r in a r o u n d a b o u t w a y .

Edgar Palmer, President of the New Jersey Zinc C o ., wras
elected to the directorate of the National City Bank on the
7th inst., succeeding the late William Douglas Sloane.
The National Bank of Cuba has made application to the
State Banking Department to organize its New York branch
at 1 W all Street, this city, as the Bank of Cuba in New
York, with a capital of $100,000. W . A . Merchant, Presi­
dent of the National Bank of Cuba, will head the new bank,
with J. T . Monahan, New York agent of the National bank,
as Vice-President. In addition to these two the directors
will bo H . M . Earle of Hornblower, Potter, Miller & Earle;
E . H . Malone and M . H . Lewis, President of the Guanta­
namo & Western R R . The increase of the Cuban trade
with this country since the war began, it is stated, makes
this change deisrable.
James Laird, Vice-President of the First National Bank,
Freehold, N . J ., died on the 4th inst. M r . Laird had been
a director of the bank since 1891 and its Vice-President since
1903.

19 45

The Fort M cIntosh National Bank of Beaver, P a ., has
been absorbed by the First National of that city, the capital
of which has been increased from $50,000 to $ 100,000,
according to reports.
The Fidelity Trust C o. of Baltimore has declared, in
addition to its regular semi-annual dividend of 5 % , payable
D ec. 24, an interim dividend of 5 % , payable on D ec. 31,
making 10 % for the present half-year, a good indication
of the prosperity of the company. The institution has a
capital of $ 1 ,000,000.
Frank W . M ish, President of the First National Bank of
Hagerstown, M d ., has been elected a director of the Equitable
Trust Co. of Baltimore.
R.
A . Koehler, Edgar Stark and Charles H . Deppe, have
been chosen Vice-presidents of the Union Savings Bank &
Trust Co. of Cincinnati. M r . Koehler had been Secretary
and Treasurer of the institution. M r . Stark will continue
to occupy the position of Trust Officer in addition to his
new duties as Vice-President. M r . Deppe was formerly
connected with the bond department and becomes an active
Vice-President. W . E . G ray, heretofore Assistant Secre­
tary, has been made Treasurer of the institution and W . L .
Thede is the new Secretary.
Joshua L . Pierson, President of the Northside Bank of
Cincinnati, died on N o v . 23. M r . Pierson was 63 years
old and had been a lumber and coal merchant for the past
35 years.

The Detroit Savings Bank of Detroit, M ic h ., has pur­
chased the Chamber of Commerce building which is situated
on the northeast corner of Griswold and State streets. The
A final dividend of 6 3 -1 0 % has been declared in the building is a brick and steel structure, 13 stories high with
liquidation of the Washington National Bank of Washingtont a frontage of 100 feet on each street. The price paid has
N . J ., which failed in N o v . 1911. W ith this final disburse­ not been made public but is estimated at about $ 1 ,000,000.
ment the depositors and other creditors of the institution It is stated that the bank intends to utilize the first two floors
and basement of the building for its own offices and safe
have received total dividends of 6G 3- 10 % .
deposit vaults after tho termination of the lease which
is held by the present occupant of the ground floor.
The Bank of Suspension Bridge o f‘ Niagara Falls, N . Y . ,
has changed its title to the People’s Bank of Niagara. The
capital of the institution has been increased from $25 000
A second amended and supplemental bill, making the Cen­
to $100,000. G . W . Whitehead, Mayor-elect of Niagara tral Trust C o. of Illinois at Chicago a party defendant in
Falls, is President of the bank.
proceedings to recover money lost in the failure of the La
Salle Street Trust & Savings Bank, was filed in the Circuit
William B . Bassett, Vice-President and Cashier of the Court in that city on N o v . 16 by John F . Golden and the
Phoenix National Bank of Hartford, C onn., has been added Importers & Manufacturers C o ., creditors of the defunct
to the board of directors, to fill tho vacancy caused by the bank. The original bill sought to enforce the double lia­
recent death of President Frederic L . Bunce. The bank bility of tho stockholders in the failed bank. In addition to
has two new Assistant Cashiers in Arthur D . Johnson and the Central Trust C o ., the defendants to the amended bill
Henry H . W alkley. M r . Johnson advances from the are John A . Cervanka, a creditor; William C . Niblack, re­
position of discount clerk. H e was formerly President of ceiver, and tho stockholders of the defunct bank, all of whom
tho Hartford Chapter, American Institute of Banking and are named in the original bill. The amended bill, in making
came to tho Phoenix at the time of the absorption of the the trust company a party defendant, charges that $1,250 ,­
American National Bank in February. M r . W alkley was 000, which represents the entire capital stock and surplus
formerly with the Connecticut River Banking Co ^ but for of the failed bank, is unlawfully held by the trust company,
the last four years has been in the service o f th e’ Phoenix and states that this sum constitutes a trust fund for the bene^
National, acting more recently as teller. M r . Walklov fit of the creditors of the bank. As heretofore stated, Re­
was former Vice-President of tho Hartford Chapter," American ceiver Niblack filed a cross bill in the Circuit Court on Sept.
Institute of Banking. Messrs. Johnson and Walklov will 24 in answer to the original bill of M r . Golden and the Im­
porters & Manufacturers C o. In the cross bill M r . Niblack
servo with Morrick W . Chapin as Assistant Cashiers.
sought the recovery of the $1,250,000 alleged to have been
As wo indicated last week, Seth H . Butler has resigned as unlawfully held by tho Central Trust C o.
President of tho First National Bank of Middletown
Conn
M r . Butler will continue in tho management of the
bank, taking tho placo of his son, Earlo C . Butler as Vico
Prosidont, the latter having become President
Tho elder
M r . Butler is eighty-six years of age and had been Presi­
dent for twonty-two years.
Franklin D ’Olier, head of Franklin D ’Olier & C o. of
Philadelphia, has been elected a director of tho First National
Bank of that city.
Daniol B . W entz, of J. S. W entz & C o ., has been elected
to tho board of tho Franklin National Bank of Philadelphia.
The directors of tho Market Streot National Bank of
Philadelphia on December 7 elected David Burpee as a
member of the board.




George F . Quick was elected President of the Aetna Trust
& Savings Co. of Indianapolis at a meeting of the directors
on December 4. M r . Quick is also President of the Con­
tinental National Bank and will continue to hold that
position. H e was head of the Anderson Banking C o. of
Anderson, In d ., before he came to the Continental National
six years ago.
The newly organized Merchants Trust & Savings Bank
of St. Paul, M in n ., opened for business on the 1st inst. on
the ground floor of the Merchants Bank Building. The
institution was formed in June by the officials of the M er­
chants National Bank; it has a capital of $500,000 and a
surplus of $100,000. James H . Skinner of Lanpher, Skin­
ner & Co. is President; James D . Armstrong, Vice-President
and Trust Officer; R . C . Lilly, Vice-President and Treasurer;
M . R . Knauft, Secretary, and A . P . Hendrickson, Assistant

(Vol 101.

THE CHRONICLE

1 9 4 6

with a red Numidian base. The roar fifty feet of the prop­
erty will bo five stories in height, the four upper stories of
which will be occupied by various departments of the
Security Trust & Savings Bank. The Security National
The Federal National Bank of Denver was placed in
Bank began business in 1900 as the Central Bank. In
voluntary liquidation on N o v . 8. As announced m our
1907 it became a national bank, its name being changed to
issue of Sept. 11, the institution was taken over by the
the Central National Bank.
Following its acquisition in
Hamilton National Bank of that city.
1913 by interests in the Security Trust & Savings Bank, it
took the name of tho Security National Bank. The bank’s
The stockholders of the M id-Continent Life Insurance
present officers are: J. F . Sartori, President; S. F . Zombro,
C o. have organized the Mid-Continent Trust C o. of i lu sVice-President; M . S. Heilman, Vice-Prosident; W . II.
kogee, Oklahoma, with a capital of $100,000 and a surplus
Booth, Vice-President; John R . Mathows, Vice-President;
of $29 000. H . C . King will bo President of the new com­
W . A . Ellis, Cashier; A . M . Beamon, Assistant Cashier;
pany and George M . Ransom, Secretary and Treasurer.
C . S. Albro, Assistant Cashier and V . R . Pentecost, Assist­
Both hold similar positions with the insurance company.
ant Cashier.

Treasurer. The directors of the Merchants National Bank
constitute the board of directors of the trust company.

Harry E . B agby, President of the Farmers State Bank
of Vinita, Okla., was elected Secretary of the Oklahoma
Bankers’ Association by the executive committee of that
body on November 29. He succeeds W . B . Harrison of
Oklahoma C ity, resigned. M r . Bagby will take up his new
duties on January 1.
R . F . M cN ally, for the last fifteen years Cashier of the
Citizens National Bank of ChilHcothe, M o ., w
ecomo
manager of the country bank department of the Mississippi
Valley Trust C o. of St. Louis at the beginning of the year.
As heretofore indicated, H . C . Rodes, President of the
Citizens National Bank of Louisville, K y ., in furtherance
of his desire to be relieved of tho responsibihties of that
offico, has declined re-election at tho annual meeting m
January. M r . Rodes has been with the bank for forty- our
years and has been its chief executive sinco 1898. In a letter
to the stockholders on N o v . 30, he points out that during
the seventeen years of his administration the dividend rate
has been doubled, the surplus and undivided profits wore
increased three and a half times; the stock value has more
than doubled and deposits have increased 7 0 % - T he anmml
dividend rate of the bank has been increased from 11 / 0 to
1 2 % with tho current semi-annual declaration
Hereafter
distributions will be made quarterly. M r . Ilodes indicates

D . A . Guernsey, President of the Farmers’ & Merchants’
Bank of Stockton, C al., died on N o v . 28.
It is reported that Darden L. Brown has sold 323 shares
of stock of the Security Trust Co. of Bakersfield, C al., to
II. J. Brandt, George H ay and W . E . Undorwood. The
stock is quoted at from $140 to $150 a sharo. As a result
of tho transaction M r. Brandt is said to bo tho largest stock­
holder of tho company. The institution has a capital of
$400,000.
Tho ninety-eighth annual meeting of tho Bank of M on ­
treal, held at the head office on the 6th inst., was markod by
some important announcements regarding tho manner in
which the Dominion of Canada has como through a year
when unprecedented conditions had to bo mot and by
references to the precautions that would have to be taken in
ordor to properly adjust tho situations that had still to bo
faced. Special reference was also had to tho new condi­
tions which have arisen so far as the relations botweon
Canada and tho United States are concerned as a result of
tho arrangements in New York for much financing of Can­
ada, in tho addresses of both President II. V . Meredith and
General Manager Sir Frederick W illiams-Taylor. In his
allusion to the matter President Meredith said:
A n o u t s t a n d i n g f e a t u r e in C a n a d i a n f i n a n c e h a s b e e n t h o i s s u e b y t h o

his purpose to remain in the

and judgment would thus remain available for tho benefit

D o m in io n

of the bank.

s id e r e d o n e r o u s , b u t t h o i m p o r t a n t c o l l a t e r a l a d v a n t a g e s w h i c h t h o lo a n

_

o f its fir s t

lo a n

in

th e

U n ite d

S ta te s.

a c h ie v e d b y g iv in g im m e d ia te re lie f to t h e e x c h a n g e

W . W . W oodson, Cashier of the Central Texas Exchange
National Bank of W a co, has been e l e c t e d Vice-President
and Cashier of the First National Bank of that city, i
.
Woodson will take up his new duties at the first ot the yoar.
The Bankers’ Trust C o. of Houston, Tex. has established
a real estate department for the buying, selling and exchang­
ing of city real estate and farm properties. E . 1 1 . 1fem m g is
Manager of the new department, which will handle the
collection of rents and management of properties and will
also be prepared to construct buildings, if necessary, for
concerns guaranteeing to take long-term leases.
The Traders Bank and the California Savings Bank, both
of Los Angeles, have been consolidated under the name of
the California Savings & Commercial Bank with a capital
of $500,000. M . P . Snyder, who organized tho California
Savings Bank in 1904 and has been its head since then, will
direct the new institution as President. The Vice-Piesidonts are W . F . Callander and W . C . Durgm V m e-P residents of the California Savings, and Newman Essiok, vi
President of tho Traders Bank. The new bank s Cashier
is A . L . Crandall, Cashier of the California Savings, and
the Assistant Cashiers are H . L . Holland, Assistant Cashier
of the latter bank, and F . E . Middleton, who held a similar
position in the Traders Bank.

The

ra te

o f in t e r e s t

a t t h e t im e , t o th o s o u n a c q u a in te d w ith c o n d itio n s , m ig h t h a v o b oon c o n ­
s it u a t io n , a s w e ll a s ,

in a d e g r e e , t o t h e L o n d o n m o n e y m a r k e t , g r e a t l y c o u n t e r b a l a n c e d t h e r a t e
o f in t e r e s t p a i d a n d a m p l y d e m o n s t r a t e d t h e p r u d e n c e a n d w i s d o m o f t h e
tr a n s a c tio n .

T h e sa m o r e m a r k s a p p ly t o th e ro cen t A n g lo -F r e n c h lo a n ,

w h i c h m a y p r o p e r l y b e c o n s id e r e d a s a n e x c h a n g e t r a n s a c t i o n .

Concerning tho present position of Canada, President
Meredith had tho following to say:
A l l th in g s c o n s id e r e d , th e

tra d e

b o th a s t o v o lu m e a n d c h a ra c te r.

o f C a n a d a h a s been

w e ll

m a in ta in e d

T h e m o s t e n c o u r a g in g fe a tu r e o f th e

y e a r , h o w e v e r , fr o m a tra d e a n d fin a n c o s ta n d p o in t, h a s b ee n th o b o u n tifu l
h a r v e s t o f t h e N o r t h w e s t , w h e r e a g r e a t l y in c r e a s e d a r e a u n d e r c u l t i v a t i o n
h a s g i v e n t h o h i g h e s t a v e r a g e y i e l d in t h o h i s t o r y o f t h e c o u n t r y .
e s tim a te d

th at

th e

g r a in c r o p

o f M a n ito b a ,

S a sk a tc h e w a n

and

I t is

A lb e r t a

h a s a m a r k e t v a l u e t o t h o p r o d u c e r s o f a p p r o x i m a t e l y $ 4 0 0 , 0 0 0 , 0 0 0 , in t h e
u s e o f w h i c h w e m a y a n t i c i p a t e n o t o n l y t h e li q u i d a t i o n o f m u c h i n d e b t e d ­
n e s s , b u t th o s tim u la tio n o f c u rro n t tr a d e .

Tho showing of the bank for tho fiscal yoar onding O ct.30
1915 was roforred to in these columns N o v . 27.
A joint working agreement, having in view the amalgama­
tion of the two banks, has been entered into botween Barclay
& Co L td ., of London, and the United Counties Bank, L td .,
of Birmingham, Eng. Under the working agreement each
bank will havo some control in tho management of the
other, four directors of each institution joining tho board of
the other bank. Thoro is no amalgamation of capital but
profits will be shared. Any surplus remaining after paying
the agreed dividends on the shares will, after depreciation
of securities, be divided between the two banks in certain
proportions. For the present, however, it will be held in
reserve. The working agreement becomes effective as from
Jan. 1 last and runs for a period of ten years, with power of
extension for a further ten years. In announcing tho con­
firmation of the agreement by the shareholders of the United
Counties Bank, the London “ Financial N ew s” of N o v . 6 said

The Security National Bank of Los Angeles will shortly
ocate in its handsome new home adjoining the Security
Trust & Savings Bank Building on the southeast corner of
Fifth and Spring streets.
The building is to be of class A
Mir J a m e s S m i t h , w h o p r e s i d e d , s a i d t h o p r o p o s a l w a s u n i q u e i n t h e
construction, with steel frame fireproofed with terra cotta
h i s fn r v o f b a n k i n g , b u t t h e p r e s e n t f i n a n c i a l c o n d i t i o n s w e r e a ls o u n ­
tile and concrete.
The front of Stoningham pink granite paralleled in t h e h i s t o r y o f t h o c o u n t r y . T e r m s h a d b e e n a r r a n g e d f o r a n
will be of classic design in the Ionic ordor. The ceiling a m a l g a m a t i o n o f t h e t w o b a n k s , b u t t h e c o m m i t t e e a p p o i n t e d b y t h e
height of the main banking room will bo 35 feet and the rrtritlah l T r e a s u r y t o c o n s id e r c a p i t a l Is s u e s a n d S t o c k E x c h a n g e q u o t a t i o n s
r i .v li n e d f o r s o m o u n a c c o u n t a b l e r e a s o n t o g i v e t h e i r s a n c t i o n .
U n d er th e
clear space in the front portion of tho banking room will n m n o s e d s c h e m e t h e s h a r e h o ld e r s o f t h o U n i t e d C o u n t i e s B a n k w o u ld
i v e a s l i g h t in c r e a s e in t h e d i v i d e n d s , n a m e l y 1 1 s . 2 d . t h i s y e a r , i n s t e a d ,
be 105 feet by 58 feet with a rear extension of fifty teet,
f
1 0 s . 6 d . . o r £ 1 3 1 9 s . 2 d . p . c . p e r s h a r o , lo s s t a x , i n s t e a d o f £ 1 3 2 s . 6 d .
giving the entire banking room an area of 155 feet by 08 t h e d i v i d e n d t h e y w o u ld r o c e lv e u n d e r t h e t e r m s o f t h o a m a l g a m a t i o n .
feet. The walls of this room will be of marble treated in
the Ionic order, the marble being English vein white Italian




THE CHRONICLE

l»Kf. 11 1915.J

John W . Simpson has resigned as Vice-President of the
Central National Bank of Spartanburg, S. C . M r . Simpson
retires from the bank to become President and Treasurer of
the Boggs Rubber Manufacturing C o. of Birmingham and
Atlanta. H e is President of the South Carolina State Bank­
ers’ Association. C . C . Kirby, heretofore Cashier of the
bank, succeeds M r . Simpson as Vice-President, and M .
Bowden, who has been an Assistant Cashier, becomes
Cashier.

T H E E N G L IS H GOLD A N D

S IL V E R M A R K E T S .

W e reprint the following from the weekly circular of
Samuel M ontagu & C o. of London, written under date of
November 25 1915:

GOLD.
The external movements have been slightly in favor of^the Bank o f Eng­
land, for the first time since the 2d o f September, 1915. The following
amounts were received by the Bank:
Nov. 18— £1,500,000 in foreign gold coin.
“ 19—
10 0 ,0 0 0 in foreign gold coin.
*• 22—
75,000 in sovereigns released on Egyptian account.
“ 22—
3 7 ,0 0 0 in sovereigns released on Straits Settlements
Note Guarantee Fund account.
“ 24—
8 5 3 ,0 0 0 in bar gold.
Withdrawals were made as under:
No v . 18— £400,000 in sovereigns for Spain.
• is —
170,000 in sovereigns for South America.
•• ig —
57,000 in sovereigns for Canada.
•• i s __
20,000 in sovereigns for the U. S. A.
• i8 __
25,000 in sovereigns set aside for the Straits Settlement
Guarantee Fund.
“ ig —
730,000 in sovereigns for the U. S. A.
• ig —
100,000 in sovereigns for Japan.
•• ig —
50,000 in sovereigns set aside on Swiss account.
•• 22—
20,000 in sovereigns for the U. S. A.
“
23— 600,000 in sovereigns for the U. S. A.
“
23—
50,000 in sovereigns for Uruguay.
*• 24— 100,000 in sovereigns for Spain.
"
24— 100,000 in sovereigns set aside on Egyptian account.
During the week the net increase amounted to £143,000, but nevertheless
the Bank gold reservo is over a million sterling less than last week. The
Rhodesian output for October amounted to £339,967, as compared with
£337.241 for October 1914 and £321,085 for September 1915.
SILVER. U
The even tenor o f prices, which has been such a feature of the market
since the beginning of the year, has boen abruptly disturbed during the cur­
rent week. The price advanced with startling rapidity from 24 13-16d. on
the 18th inst. to 26 'A d . yesterday, taking in one stride a rise of Jid. from
the day before. There were several contributory causes. The announce­
ment o f the unexpectedly small size o f the London stock had imparted
vigor to the Indian bazaar demand, where considerable slackness had ob­
tained, even though the monsoon ended fairly well. The same informa­
tion caught Chinese speculators napping, and the prospect o f China exer­
cising a moderating restraint upon the hardening price became remote.
America— warned, no doubt, by direct advices from China, and possibly
India also— gauged the situation, and became a reluctant seller. Mean­
while, Continental inquiry continued active, and it became increasingly
difficult to find supplies sufficient for the converging demand from differ­
ent quarters. Purchases for home coinage, made so as to keep in with but
not to force the market, had the natural effect o f making good each succes­
sive advance. In these citcumstances the price had to rise yesterday to
quite an abnormal figure— the highest touched since Aug. 19 1 9 1 4 —before
enough silver was obtained to satisfy the eager appetite o f buyers. N ot­
withstanding the heavy rise in the price, no reaction took place. Only
small supplies came out even at that figure, and unless conditions change,
he outlook may be considered good. An Indian currency return for Nov!
22 last gave details in lacs o f rupees as follow:
Notes in circulation-------------------------------------- 61,92
Reserve in silver coin------------------------------------ 34,17
Gold coin and bullion_________________________ 7i60
Gold in England--------------------------------------” --c ’1 5
-----------------------The stock in Bombay continues to shrink. The total is given as 5 700
bars, compared with 6,000 last woek. A shipment o f 1,050 000 ounces
has boen mado from San Francisco to Hongkong. Quotations for bar silver
per ounce standard:
Nov. 19— 25
" 20— 2414
“
“

22— 25 H
23— 25 X
24 —26 14
25— 2634

cash 1
V.

\

No
quotation
f lx<xi
„ for

Bank rate________ ______

livl
g°ld’ P,er oz- standard— 77s. 9c
French golci coin, per o z ------Nomim

u . s. A. gold coin, per oz__ Nomina
“
forward
“
J delivery.
Av. for wk. 25.479 cash
The quotation to-day for cash is 1 7-16d. above that fixed a woek ago.
E N G L IS H F I N A N C I A L M A R K E T — PER C A B L E .

The daily closing quotations for securities, & c., at London,
as reported by cablo, liavo beon as follows the past week:
’
London,
D ec. 4
Dec. 6 . Dec. 7. D ec. 8.
Week ending D ec. 10.
Sat.
M on.
Tues.
W ed
Silver, per ounce...............d- 26 7-16 27 1-16 26 15-16 26 *'
Consols, 2 hi per cents--------58
57*
K
73'
58 %
58)4
British 4 * per cents--------- 97)4
97 X
97)4
9754
French Rentes (in Paris) .fr . 64.60
64.50
64.50
64.50

D ec. 9. D ec. 10.
T hurs. F r l.
26Ji
26 *

59
97H
64.50

58*
97*
64.50

TRADE AND TRAFFIC MOVEMENTS.
U N F IL L E D O R D E R S OF S T E E L C O R P O R A T IO N .—
The United States Steol Corporation issued yesterday its
regular monthly statement showing the unfilled orders on
the books of the subsidiary corporations at the close of
Novomber. From this statement it appears that the aggre­
gate of unfilled orders on N o v . 30 was 7,189,489 tons
recording an increase of 1,024,037 tons over last m onth’
when tho amount of outstanding orders was 6,165,452 tons’
These are tho highest figures since March 31 1913, when




1947

tho amount of outstanding orders was 7,468,956 tons,
and have been surpassed but six times in all, viz; in the
statements for Oct. 31 1912 to M a r. 31 1913 inclusive.
In the following we give the comparisons with the previous
months:
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 81
June 30
May 31
Apr. 30
Mar. 31
Feb. 28

Tons.

1915.. -7,189,4S9
1915—.6,165,452
1915—.5,317,618
1915—-4,908,455
1915.. .4,928,540
1915—-4,67S,196
1915.. -4.264,59S
1915.. -4,162,244
1915.. .4,255,749
1915—.4,345,371
1915.. .4,248,671
1914 —.3,838,643
1914 —.3,324,592
1914.. .3,461,097
1914.. -3,787,667
1914.. .4.213,331
1914- .4,158,589
1914- .4,032,857
1914.. .3,998,160
1914 —.4,277,068
1914- .4,653,825
1914—.5,026.440

Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
Apr.
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
Apr.

31
31
30
31
30
31
31
30
31
30
31
25
31
31
30
31
30
31
31
30
31
30

Tons.-

1914. ..4,613,630'Mar.
1913­ 4.282.10S Feb.
1913. .4,396,347 Jan.
1013. .4,513,767 Dec.
1913. .5,003,785 Nov.
1913. .5,223,468 Oct.
1913. .5,399,356 Sept.
1913. .5,807,317 Aug.
1913. .6,324,322 July
1913. .6,978,762! June
1913. .7,468,956 May
1913. .7,656,714 April
1913. .7,827,368 Mar.
1912. -7,932.164 Feb.
1912. .7,852,883 Jan.
1912. .7,594,381 Dec.
1812. -6,551,£07jNov.
1912. -6,163,375!Oet.
1912. -5.957.079 Sept.
1912.. .5,807,3461 Aug.
1912. -5,750,983j July
1912.. .5,664,8851

31
29
31
31
30
31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
31

Tons

1912— 5,304,841
1912..
.5.454.201
1812..
.5.379.721
1911..
.5.084.765
1911.-4.141,958
1911 —.3,694,327
1911 — 3,611,315
1911.-3,695,985
1911— 3,584,088
1911.-3,361,057
1911 —.3,113,lc4
1911.. .3.21 >,700
1911— 3,447,301
1911.-3,400,543
1911 —.3,110,919
1610.-2,674,750
1910— 2,760,413
1910—.2,871,949
1910—.3,158,106
1910..
.3.537.128
1910..
.3.970.931

The figures prior to July 31 1910 were issued quarterly
only. These, extending back to 1901, were given in the
“ Chronicle” of March 13 1915, page 876.
A N T H R A C IT E
C O A L P R O D U C T IO N .— The
ship­
ments of anthracite for November as reported to the A n ­
thracite Bureau of Information amounted to 6,297,215
tons, against 5,928,286 tons for the corresponding month
last year, the W yom ing and Schuylkill regions showing in­
creases of 255,604 tons and 150,365 tons, respectively,
and the Lehigh region a decrease of 37,040 tons. This
is tho largest November movement on record, tho nearest
approach to it having been made in Novomber 1911, when
6,193,314 tons were shipped. In the following we compare
tho shipments by the various carriers for N o v . 1915 and 1914
and for tho eleven months ending N o v . 30:
------- November-------------J a n . 1 to N ov. 30—
1915.
1914.
1915.
1914.
Philadelphia & Reading------------ tons.l,163,851 1,082,344 10,358,940 11,043,952
Lehigh Valley.......................................1,190,103 1,139,467 11,904,105 12,0S1,410
Central RR. of New Jersey___________ 762,140 761,897 7,294,834 8,214,332
Delaware Lackawanna & Western......... 971,389 881,645 8,651,189 9,010,438
Delaware & Hudson............
694,386
638,892 7,365,989 6,671,589
616,190
595,819 5,487,151 5,904,737
Pennsylvania..............
New York Ontario & Western................ 202,266 206,068 1,898,453 2,148,337
Erie........................................................ 696,890 622,154 7,221,557 7,565,548
Total

6,297,215 5,928,286 60,182,218 62,640,343

L A K E S U P E R IO R IR O N ORE S H IP M E N T S .— Ship­
ments of iron ore from the docks on Lake Superior for the
season of 1915 amounted to 46,318,804 tons, an increase
of 14,296,907 tons over tho movement of 1914. The tonage for November 1915 aggregated 4,445,129, against
1,068,681 tons in 1914, the figures as reported below in­
cluding 57,236 tons shipped in December 1915 (the season
having closed D ec. 7)— Escanaba, 12,862 tons; Superior,
35,412 tons, and Two Harbors, 8,962 tons— against 1,411
tons (from Escanaba) in Dec. 1914. The shipments from
the various ports for N o v . 1915 and 1914 and for the last
four seasons follow:
Port —

-------November------------------------------ Entire Season --------------------1915.
1914.
1915.
1914.
1913.
1912.
Tons.

Escanaba-------- 709,208
Marquette------ 263,386
Ashland--------- 451,020
Superior........... 993,877
Duluth----------- 1,328,848
Two Harbors— 756,026

Tons.

Tons.

Tons.

Tons.

223,459 5,649,289 3,664,451 5,399,444
104,147 3,099,589 1,755,726 3,137,617
133,673 5,146,772 3,363,419 4,338,230
389,279 8,342,793 11,309,748 13,788,343
121,248 15,437,419 6,318,291 12,331,126
98,286 8,642,942 5,610,262 10,075,718

Tons.

5,234,655
3,296,761
4,797,101
14,240,714
10,495,577
9,370,969

Total--------- 4,502,365 1,070,092 46,318,804 32,021,897 49,070,478 47,435,777
A11 rail......................No figures available------707,826
876,638
785,769
Grand total------------------ ----------------- ------- 32,729,723 49,947,116 48,221,546

New York City Banks and Trust Companies
B anks.
N ew York

hid

A**

550
207
175
145
400
225
160
135

560

B anks.
Bid 1 Ask ! Trust Co’s.
Manhattan * 300 310
B id
N ew York
Ask
Mark & Fult 248 257 |Aster_____ 390 415
2 12
Mecb & Met f270 t27012 Bankers Tr. 484 492
180 Merchants’ . 175 180 B’way Trust 144
150
165 Metropolis*.
305 CentralTrust 1175 1 2 1 0
___ Metropol’n • 175
185 Columbia__ 530 540
260 Mutual___ 325
Commercial. 100
110
175 New Neth*. 2 10
225 Empire____ 292
300
145 New York Co 725 825 Equitable Tr 445
460
100
115 New York.. 370 385 Farm L & Tr 1150
595 610
Pacific*___ 200
220
Fidelity___ 197 2*0*3'*
203 207
Park______ 408 415 Fulton
270 300
124
135 People’s*__ 220
235 Guaranty Tr 1/390 405
395 405
Prod Exch*. 200
Hudson___ 130
170 180 Public *___ 125
175* LawTit&Tr 125
.
t471
Seaboard . . . 410 430 LlncoInTrust 103
165
170 Second....... 395 425 Metropolitan 410 425”
450
Sherman__ 125
135 Mut’l (West­
300 325 State *....... 125
chester) . . 130
135
135
tl75 tl78
23d Ward*. 100
135 N Y Life Ins
33212 340 Union Exch. 134
140
& Trust.. 990 1 0 1 0
___ Unit States* 500
100
N Y Trust.. 585 600
Wash H’ts*. 275
70
80
Title Gu&Tr 395 405
140
Westch Av* 160
155
175* Transatlan ’c
155
___
West
Side*.
14550
400 450 Union Trust 370 * 390
250 300
Yorkvllle* — 475 550 USMtg&Tr 390 400
900 915
Brooklyn
UnltedStates 1040 1070
185 195 Coney Isl’d*
140 Westchester 135
145
125
140 First........... 255 ~ 265
375 403
Flatbush . . . 134
142
Brooklyn
375 450 Greenpolnt . 115
130
___ Hillside * .— 100
190
115 BrooklynTr. 490 510
280 Homestead *
265
90 Franklin . . . 250 260
620 630
Mechanics*. 125 * 140 Hamilton__ 265 275
335 345
Montank*— 85
110
Kings C o ... 630 650
495 505 Nassau____ 195 205 Manufact’rs
1S2
176
Nation’ICity 270 280
Citizens.. 138 143
700 735 North Side*. 170 185 People's----- 280 287
330
People’s ----- 130
140 Queens C o..
L in c o ln ____ 310

America*__
Amer Exch.
Atlantic___
Battery Park
Bowery *__
Bronx Boro*
Bronx Nat. BryantPark*
Butch & Dr.
Chase-------Chat & Pkcn
Cheslsea Ex*
Chemical__
CitlzensCent
City...........
Coal & Iron.
Colonial*...
Columbia*..
Commerce..
Cora Exch*.
Cosmopol’n*
East River..
Fidelity *__
Fifth Ave*—
Fifth...........
First...........
Garfield___
Germ-Amer*
German Ex*
Germania *.
Gotham___
Greenwich*.
Hanover__
Harr]man . .
Imp* Trad.
Irving.-----Liberty ___

•Banks marked with a (*) are State banka.
chacge this week, y Ex-rights.

fSale at auction or at Stock E i -

C o m m e rcia l a nclIH isccllm tem ts JJeius
~" n IC A R A G U A C U S T O M S R E C E I P T S — W e append a
statement showing the Nicaraguan customs receipts for the
first eight months of 1915, compared with 1914
January................................................... s45,06445

1914.
$158,251 36
156.910 64
118,220 40

Total first quarter............................. H l l ' l o l on
April
$68,627 96
M ay............I " ................................ 81,187 68
J u n e: : : : : : ..................................... 6 5 ,7 7 3 5 3

$433,382 40
$115,087 24
118,306 40
108,549 52
__________

Total second quarter____________ $215,589 17
TTalf-vear
y _______________
............. ..........

$387,722 18
70,044 50
53,619 67

Increase (+ )
Decrease (—).
—$113,186 68

—97,450 19
—50,612 52

—$261,249 39
—$46,459 28
—37,118 72
— 42,775 99
__________

$341,943

16

—$387,603 38
—25,929 02
—30,912 85

$775,325 56
95,973 52
84,532 52

bbls,196lbs bush. 60 lbs.’bush. 56

1,163, 000
6,899. 000
5,989. 000
165, 000
636, 000
80, 000
16. 000
605, 000
41, 000
2,257, 000
788, 000

2,246

C h ica go-----M inneapolis.
D ulu th-------M ilw aukee—
T o le d o _____
D etroit-------Cleveland—
St. L o u is -----Peoria_______
Kansas City
O maha---------

235,000

Tot. wk. 1915
Same wk.1914
Same wk.1913

466.000 18.639.000 4.778.000
454.000 11.412.000 11,339,000
335.000 7,347,000 4.924.000

68,000

7.000
5.000
96.000
55.000

45
81
114
62
453
670
856
186

Rye.

Barley.

Oats.

W heat.

Receipts at—

bitsh. 32

2,343,
1,380,
59,
505,
124,
75,
75,
116
108,
86 ,
207,

bushASlbs. bush.56lbs.

255.000
346.000
144.000
142.000

933.000
1.779.000
1.047.000
484.000

46.000
92.000

New York—
Boston_____
Portland, Me.
Philadelphia .
Baltimore__
Newp’t News
Mobile
New Orleans a
Galveston —
St. John____

Barrels.

Bushels.

Bushels.

82,000
4,000

3.812.000
554.000
80,000
1.911.000
1.200.000
580.000

318,000
63,000
81,000
43.000
6,000

14.000
153,000

35,000
132,000
29.000
398,000
95.000

460.000
773.000
24,000

5.078.000 4.381.000
6.684.000 3.159.000
3.950.000 2.045.000

F lo u r ,

Barley.

Rye.

Bushels.

Bushels.

Bushels.

157,000

39.000
19.000

2,000

33,000
426,000

6,000

387,000

63,000

Oats,

Rye,

B arley,

Peas,

bushels,
bushels, barrels,
bushels, bushels, bushels, bushels.
Exports from —
87,255
111,372
80,796 143,038
87,255 .......... 111,372
726
New York.......... 3,630,815
557,000
........................
Portland, Me___________ 80,000
12,903
_____ 77,860 _____
Boston________ 652,137
62,000 .......... 92,000
Philadelphia" ! ! ! ! 1,952,000 - - - - - - 25,000
423,660 175,080 438,746
Baltimore.------1.309,234
Newport News-. 580,000
-----$.000 1,114,000
Mobile
_____
29,000 14,000
-------New Orleans!:::
283,000 93,000 39.000
2,000
Galveston..........-___ 512,000 111.000 40,000
.---­
114,000 .......... 91,000 . . .
Montreal............ 768,000
44
St. John, N. B—
24,000
-726
Total week___ 9,791,186 314.796 337,706 2,359,915 252,940 733,118
1,0 2 2
448,507
254,820 1,132,164 165,623 400,754
Week 1914..........9,393,738
----.

The destination of these exports for the week and since
July 1 1915 is as below:
J

_____ Flour ------------------- Wheat---------------------- C o r n ----------Since
Ju ly 1

Week.
Exports fo r week and Dec. 4.
since Ju ly 1 to—
bbls.

1915.

bbls.

Week.
Dec. 4.
bush.

Since
J u ly 1

1915.
bush.

Week.
Dec. 4.
bush.

Since
Ju ly 1

1915.

bush.

2,171,930 4,124,253 52,546,415
1,208,661 5,646,821 76,608,579
2 0 ,1 1 2 2,102,745
1,092,281
30,182
West Indies______ 73,456 675,095
30,594
Brit. No. Am. Cols.
50
519,528
159,402
Other countries___ 20,419

625,917
154,000
75,853 1,879,995
47,036 1,535.516
37,207 1,193,798
6,675
400
12,034
300

Total
337,706 5,337,964 9,791,186 131807,449
Total m i : : : : ___ 254 ,820 5 ,880,405 9 ,3 9 3 ,7 3 8 14 4 2 3 7 ,3 2 0

314.790 5,253.935
448,507 4 ,2 8 2,558

The world’s shipment of wheat and corn for the week
ending D ec. 4 1915 and since July 1 1915 and 1914 are
shown in the following:_______________________________________
Corn.

Wheat.
Exports.

1915.

1914.

1915.

1914.

Week j
D ec. 4. !

Since
Ju ly 1.

Since
Ju ly 1.

Week 1 Since
D ec. 4. | Ju ly 1.

Since
Ju ly 1.

Bushels.

Bushels.

Bushels.

Bushels. \ Bushels.

Bushles.

North Amer* 13194000 193,482,000 189,010,000 337,000 4,604,000 3.726.000
4.813.000
8,000 4,066,000 12.074.000
Russia-----9.431.000
2.347.000
Danube___
74,411,000
2,593,666
105,783,000
4.283.000
32,000
8,686,000
Argentina . .
8.996.000
Australia__
_____ 11,652,000 15.528.000
India_____
Oth.countr’s 256,000 5,262,000 4.009.000 298,000 2,395,000
Total___ 13490000 223,148,000 236.247,000 3,228,000 112,782,000 92,381,000
* North America.—The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war.




Continent.

Total.

Bushels.

Bushels.

Bushels.

_______ 37,192,000
Dec. 4 1915—
........... . 37,496,000
Nov. 27 1915_____ 34.960.000
Dec. 5 1914Dec. 6 1913 — 13",712,000 15,656,000 29,368,000 5,338,000 5,789,666

21.385.000
27.574.000
25.704.000
11.127.000

DIVIDENDS.
D ivid en d s a n n ou n ced th is w eek are prin ted in ita lic s .

N am e o f Com pany.

Railroads (Steam).
Alabama Great Southern, ordinary---------Preferred--------------------------------------------Albany & Susquehanna---------------------------Atch. T op. & Santa F e , pref. (N o. 35)------

Atlantic Coast Line RR., common..........
Boston & Albany (quar.)----------- -----------Boston Revere Beach & Lynn (quar.) —
Buffalo & Susquehanna RR. Corp., pref.
Canada Southern--------------------------------------

Canadian Pacific, com. (quar.) (No. 78)-Chicago Burlington & Q uincy (quar.) ........
Chicago & North Western, com. (quar.).
Preferred (quar.)--------------------------------Connecting Railw ay (Pghiladelphia ) ---------- ------------Delaware & Hudson Co. (quar.) — .........

903.000
825.000
189.000

Oats.

1.150.000
140.000
557.000
270.000
381.000
1.114.000

United
K in g d om .

Bushels. I Bushels.

Detroit River Tu n n el_______ _____________
Fonda Johnstown & Gloversv, pref. (quar.).
Georgia Southern & F la ., 1st & 2d p re f-----Greene IIR _______ - ------------------ ---------H arrlsb. Porlsm . M l. Jo y & Lancaster-----Illinois Central, leased line, guar-------------

The exports from the several seaboard ports for the week
ending D ec. 4 are shown in the annexed statement:
Corn,

Continent. | Total.

Delaware Lackawanna & Western (extra)
Detroit & Mackinac, com. & pref—.........

648,000 451,000
860,000| 4,645,000
Tot. wk. 1915 690,000 10,015,000 49,067,000[141,383,000
13,967,000 14,008,000
Since Jan.1’ 15 25,013,000 192,698,000
_________ __________ ______________________
Week 1914
706,000 8,734,000 1,017,000; 1,827,000 480,000 394,000
Since Jan.l" 14 22.375,000235,021,000 26,697,000 70,243,00014,360,000 7,451,000
* Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.

W heat.

Bushels.

3,000
13,000

Total receipts of flour and grain at the seaboard ports, for
the week ended D ec. 4 1915 follow:__________________________
W heal.

Corn.

Wheat.
United
K in gdom .

Cuba R R ., preferred-------------

Since Aug. 1
1915........ 7.332.000 251.613.000 62,521,000115,815,00049,958,000 13.114.000
1914.......... 7.965.000 238.855.000 75,263,000 134,894,000,47.154,000 12.169.000
7.199.000 161,248,000 66,557,000 99,390,000!48,309,00Ql 7,541,000
1913________________

F lo u r.

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

The following shows all the dividends announced for the
$126,35399 future by large or important corporations.

B rea d stu ffs Figures b ro u g h t from page 1991.— The
statements 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—

[VOL. 101

THE CHRONICLE

1948

Interborough Consolidated Corp.,pf.(qu.)
Interborough Rapid Transit (quar.)--------

K anaw ha & M ichigan ( q u a r .) ..................
Lackawanna R R . o f N . J . (quar.)________
Manhattan Ry.. guar, (quar.)....... ............
Michigan Central------------------------------------

Mobile & Birmingham, preferred______

M o rris & E s s e x . . -----------------------------------N ew York & H arlem , com. & p re f ______
N . Y . Lackawanna & Western (quar.) ___

Norfolk & Western, com. (quar.)...........
Philadelphia Baltimore & W ashington ___
Piltsb. F t. Wayne <1- C hic., reg. g u a r.(q u .).
Special, guar, (quar.).................................

Reading Company, second pref. (quar.).
Rensselaer & Saratoga----------------------------St. L . Rocky M l. & Pac. Co. p ref. (qu.)-----Southern Pacific Co. (quar.) (No. 37) —
Southwestern R R . o f Georgia ......................

Per
Cent.
2X

3

4X
2X
2X
2X
IX
2
IX
2X
2
IX

2

2

3

2X
10
2X

3

IX

2X
3
3X

2

IX

5

IX
1
IX
1
2
3X

5

IX
IX
2
IX
IX
1

4

IX
IX
2X
2
2X

Union Pacific, common (quar.)...............
Valley RR. (N . Y .)......... ........ ...............
Street and Electric Railways.
Am erican Cities Co., p ref. (N o. 9)...........
IX
1
American Railways, common (quar.)___
Arkansas Valley Ry., L. & P., pref. (qu.)
IX
Boston <1- Worcester E lec. Cos., p ref _____ S I
Brazilian Trac., L. & P.,Ltd.,pref. (qu.).
IX
Brooklyn Rapid Transit (quar.)_______
IX
Capital Traction, W ashington, D .C . (qu.)

IX

T w in City R apid T ra n ., M in n ., com .(qu.).
Preferred (quar.) ____ ______ _______
U nion Traction, P h iladelph ia __________

IX
IX

Cleveland Railw ay (quar.) .... ...................
IX
Continental Passenger Ry., Philadelphia. $3
D uluth-Superior Tract., p ref. (quar.) ____
1
Eastern Power A- Light C orp., p ref. (quar.)
IX
E l Paso Electric Co., com. (qu.) (N o. 18)..
2X
3
Preferred (No. 27)_____________ ____
Frankford & Southwark, Phila. (quar.).. $4.50
3
Indianapolis Street Railway__________
Interstate Railways, preferred— ........... 30c.
1
Louisville Traction, common (quar.)___
M a n ila Elec. R R . & L lg . Corp. (quar.) ___
IX
M ohawk Valley Co. (quar.) -------------------IX
N ew Orleans R ailw ay & Light, common __
X
Preferred (quar.) -------- -------------------IX
1
N ew York Stale R ys., com. (quar.) _______
Preferred (quar.) ----------------------------IX
Northern Ohio Trac. & Light, com. (qu.)
IX
S p rin g f.(M o .)R y . & L t .,p f. (qu.) (N o. 4)__
IX
Third Avenue Ry. (N. Y. City) (quar.).
1
Toronto Ry. (quar.) __________________
2

$1.50
United Gas & Elec. Corp., first preferred. 3
United Light & Rys., first pref. (quar.)..
IX
United Trac. & Elec., Providence (qu.)..
\X
West End St. Ry.. Boston, pref.............. $2
West In d ia E lec. Co., Ltd., (qu.) N o . 32)..
IX

Banks.
Coal dk Iro n N ational ( q u a r .) .. ...............
M ech an ics' , Brooklyn (N o. 127)...............
M u tu a l______________________ ___________
N ew York County N ational (N o. 127)-----North Side, Brooklyn (N o. 43)......................
U nion Exchange N a tion a l ........................
Yorkville--------------------------------------------------T r u s t C om pa n ies.
A stor ( q u a r . ) . .. ......................................

Guaranty (quar.)....................................
Extra------------- ------------ ------------------------

Law yers Title & Trust (quar.)......................
N ew York L ife Insurance & Trust..............
Union (quar.)-------------------------------------- United States-------------------------------------------M iscella n eou s.
Allls-Chalm ers M fg ., p ref. (quar.) -- ---- Preferred (on acct. accumulated dies.) —
A m er. A g ric. Chem ., com. (qu.) (N o. 17).

Amer. Beet Sugar, pref. (quar.) (No. 66).
A m er. Drake Shoe

& Fdr\j.t

com. (quar.)._

American Can, preferred (quar.).............
Am. Car & F(ly.. com. (quar.) (Ho. 53)..
American Cigar, preferred (quar.)-----American Coal Products, common (quar.)
Amer. Gas* Elec., com. (qu.) (No. 23)..
Common (extra, payable In com. stock)
Preferred (quar.) (No. 36)-------------------

2

4
7
20

3
4

10

4
0
2
IX
25

4
25

When
Payable.

Dec.
Feb.
Jan.
Feb.
Jan.
Dec.
Jan.
Jan.
Feb.
Dec.
Dec.
Jan.
Jan.
Dec.
Feb.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Doc.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.

Books Closed.
D ays Inclusive.

29 Holders of rec. Dec. 4a
23 Holders of rec Jan. 22a
1 Dec. 16 to
Dec. 31
1 Holders of rec. Dec. 31a
10 Holders of rec. Dec. 20a
31 Holders of rec. Nov. 30a
1 Holders of rec. Dec. 15a
15 Holders of rec. Dec. 31a
1 Holders of rec. Dec. 31a
31 Holders of rec. Nov. 30a
27 Holders of rec. Dec. 20a
3 Holders of rec. Dec. la
3 Holders of rec. Dec. la
31 Holders of rec. Dec. 20a
1 Holders of rec. Dec. 31a
20 Holders of rcc. Nov. 27a
20 Holders of rec. Dec. 2a
3 Dec. 16 to Jan. 4
15 Holders of rec. Jan. 7a
15 Holders of rec. Dec. 10a
20 Holders of rec. Dec. 11a
20 Holders of rec. Dec. 14a
10 Holders of rcc. Dec. 20a
1 Dec. 12
to Jan. 4
3 Holders of rec. Dec. 10a
3 Holders of rcc. Dec. 20a
27 Holders of rcc. Dec. 17
3 Holders of rec. Dec. 7a
1 Holders of rec. Dec. 15a
28 Holders of rec. Dec. 3a
Jan. 2
1 Dec. 2 to
3 Holders of rec. Dec. 9a
3 Holders of rec. Dec. 15a
3 Holders of rec. Dec. 11a
18 Holders of rec. Nov. 30a
31 Holders of rcc. Dec. 8 a
4 Dec. 12 to Jan. 4
3 Dec. 16 to Jan. 3
13 Holders of rcc. Dec. 21a
1 Dec. 16 to
Dec. 31
31 Dec. 21
to Dec. 30
3 Holders of rec. Nov. 30a
5 Dec. 11 to Jan. 5
3 Holders of rec. Dec. la
3 Holders of rcc. Dec. 18a

Jan. 1 Dec. 21 to Jan. 1
Dec. 15 Holders of rec. Nov. 30a
Dec. 15 Holders of rec. Nov. 30a
Jan. 1 Holders of rcc. Dec. 24
Jan. 1 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 9a
Jan. 1 Dec. 13 to Jan. 12
Jan. I Holders of rec. Dec. 11a
Dec. 30 Holders of rec. Nov. 30a
Jan. 3 Holders of rec. Dec. 15a
Dec. 15 Holders of rec. Dec. 9a
Dec. 15 Holders of rec. Dec. 7a
Jan. 1 ODec. 21 to Jan. 10
Jan. 1 Holders of rcc. Dec. la
Jan. 1 Dec. 23 to Jan. 2
Jan. 1 Dec. 17 to Dec. 31
Jan. 1 Dec. lid to Dec. 14a
Dec. 31 Holders of rec. Dec. 18a
Holders of rec. Dec. 22a
Jan.
Dec. ::i Holders of rec. Dec. 20
Dec. 31 Holders of rcc. Dec. 20
Jan. 3 Holders of rec. Dec. 22a
Jan. 3 Holders of rcc. Dec. 22a
Dec. 15 Holders of rec. Nov. 25a
Jan. 1 Holders of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. 15a
Jan. 3 Holders of rec. Dec. 15
Jan. 3 Holders of rcc. Dec. 17a
Jan. 3 Holders of rec. Dec. 17a
Jan. 1 Holders of rcc. Deo. 10a
Dec. 30 Holders of rcc. Dec. 20
Jan. 1 Holders of rcc. Dec. 15
Jan. 3 Dec. 8 to Dec. 12
Jan. 1 Dec. 22 to Jan. 2
Jan. 1 Holders of rcc. Dec. 23
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.

3 Holders of rec.
1 Holders of rec.
3 Dec. 21 to
3 Doc. 23 to
3 Dec. 9 to
31 Dec. 22 to
30 Dec. 23 to

Feb.
Dec.
Dec.
Jan.
Dec.
Jan.
Jan.

1 Holders of rec. Jan.
31 Holders of rec. Dec.
31 Holders of rec. Dec.
3 Dec. 16
to Jan.
10 Dec. 7 to Dec.
1 Dec. 25 to
Jan.
3 Dec. 19 to Jan.

Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.

8

24
2
3
3
2
2
27
22a
22a
3
10
1
2

I X Jan. 15 Holders of rcc. Dec. 31
I X h Jan. 15 Holders of rec. Dec. 31

1

IX
ix
IX
ix
2

5

IX
X
IX

ix
IX
IX

$1.50
2X
2/
IX

Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.

15 Holders of rec. Dec. 20a
15 Holders of rec. Dec. 20a
3 Holders of rec. Dec. 15a
31 Holders of rec. Dec. 18a
31 Holders of rcc. Dec. 20
31 Holders of rec. Dec. 20
20 Holders of rec. Dec. 3a
1 Holders of rec. Dec. 16a
1 Holders of rec. Dec. 10a
1 Holders of rec. Dec. 10a
3 Holders of rec. Dec. 15a
Jan. 1
1 Deo. 25 to
15 Jan. 11 to Jan. 14
3 Holders of rec. Dec. 11a
3 Holders of rec. Dec. 18a
3 Holders of rec. Dec. 18a
1 Holders of rcc. Jan., 20a

N am e o f Com pany.

Miscellaneous (Continued).
Amer. Graphophone, com. (qu.) (No. 43)
A m er. Iro n A Steel M fg ., com. (.guar.) ----Preferred (guar.) ----- ------- ----------- -- Amer. Laundry Machinery, pref. (qu.) —
A m erlcan Locomotive, preferred (guar .)—
A m erican P ublic U tilities, pref. (guar.) —
Amer. Radiator, common (quar.)--------Amer. Smelt. & Refg., com. (quar.).----Amer. Smelters Secure., pf. A (quar.)----Preferred B (quar.)------------ ----------American Snuff, common (quar.)---------Preferred (quar.)............. ...
.... ... .
Amer. Sugar Refining, com. & pref. (qu.)
American Tobacco, preferred (quar.)..—
Am erican Woolen, pref. (guar.) (N o. 67)..
Ansco Com pany (guar.) ----------------------E x t r a -----------------------------------------Associated OH----------------------------------Atlantic Refining (quar.)........................
Baldwin Locomotive, preferred...............
Bell Telephone o f Canada (guar.) ...............
Bethlehem Steel Corp., pref. (quar.)----Booth Fisheries, first preferred (quar.)..
Borden’s Condensed Milk, pref. (quar.).
Brooklyn Union Gas (quar.) (No. 59) —
Extra-------------------------------------- -

Per
W hen
Cent. Payable.

Jan.
Jan.
Jan.
I X Jan.
I X Jan.
Jan.
IX
Dec.
4
Dec.
1
Jan.
IX
I X Jan.
Jan.
3
I X Jan.
I X Jan.
I X Jan.
Jan.
IX
2 X Jan.
Jan.
2
Jan.
1
Dec.
5
3X Jan.
Jan.
2
I X Jan.
I X Jan.
Dec.
IX
I X Jan.
Jan.
1
I X Jan.
Brunswick-Balke-Collender, p ref. (g u a r .) ..
$2
Dec.
Buckeye Pipe Line (quar.).................
75c. Dec.
Butte A Superior Copper Co., Ltd ........
S7.50 Dec.
Extra -------------------------------------$1.25 Dec.
Calumet & A rizona M in in g (guar.) —
Dec.
515
Calumet & Hecla Mining (quar.)-----Canadian Locomotive, preferred (quar.). I X Jan.
Jan.
6
Canadian Westlnghouse, Ltd. (g u .)(N o A i)
Case (J. I.) Threshing Mach., pref. (qu.) I X Jan.
I X Dec.
Celluloid Com pany (guar.) --------------2
Dec..
E x t r a ____________________ - - - - ­
2
Jan.'
Central A g u irre Sugar Cos., p ref. (gu.) ___
4
Dec.
Central Leather, common--------------I X Jan.
Preferred (quar.)..............- - - - - - - ­
Dec.
IX
Central States E lec. C orp., p f. (gu.)(N o. 14)
Dec.
Chescbrough Mfg. (Consolidated) (quar.) 6
4
Dec.
Extra................................. ............
2
Dec.
Chicago Telephone (quar.)------ ------Dec.
SI
Chino Copper Co ...................... - - - - - - - .
2 X Jan.
C incinnati Suburban Bell Telephone (gu .).
1
Jan.
Cleveland A Sandusky Brewing, p re f -------I X Jan.
Cluelt, Peabody A Co., I n c ., p ref. ( g u .) ...
Dec.
IX
Colorado Power, preferred (quar.)----Dec.
2X
Colt's Patent F ire A rm s M fg . (g u a r .) ..
10
Dec.
Extra ...................... - ...................
Dec.
IX
Consolidated Gas (quar.)..................
Cons. Gas, El. L. & P.. Balt., com. (qu.) I X Jan.
Consumers Power, M ic h .,, pref. ( g u a r .) ...
I X Jan.
Continental Can, I n c ., com. ( g u a r .) ...
I X Jan.
Jan.
Preferred (guar.) -----------------------IX
3
Dec.
Continental Oil (quar.)------------------$3
Dec.
Copper Range Co. (No. 28)________
75c. Dec.
Crescent Pipe Line (quar.).................
Crucible Steel of Amer., pf. (qu.) (No. 44) I X Dec.
Cuban-American Sugar, common (quar.) 2 X Jan.
Preferred (quar.)_______________
I X Jan.
5
Dec.
Cumberland Pipe Line____________
Dec.
Diamond Match (quar.)..................
IX
Jan.
D om inion Glass, L td ., p ref. ( g u a r .) ...
IX
I X Jan.
Dominion Textile, Ltd., com. (quar.)__
I X Jan.
Preferred (quar.)__________________
du Pont (ELI.) de Nem. & Co., com. (qu.) I X Dec.
2 8 X Dec.
Common (extra)..................................
du Pont (E.I.) de Nem. Powd., com.(qu.) I X Feb.
Feb.
IX
Preferred (quar.)_______________
Jan.
2
Eastern Light A Fuel (guar.) -----------Dec.
IX
Eastern Steel, first preferred----------2 X Dec.
Eastman Kodak, common (quar.) —
Dec.
12 X
Common (extra)-----. . . . . . . . . . —
Dec.
IX
Preferred (quar.)----------------------15
Dec.
Electric Boat, com. A p ref. (extra) ----3
Equitable Ilium. Gas Lt., Phlla., pref—
Dec.
Federal Mining & Smelting, pref. (quar.) 1
Dec.
3
Galena-Signal Oil, common (quar.)..
Dec.
2
Dec.
Preferred (quar.)...........................
Gen. Chem., com.(extra) (pay. in com.). 5/ Feb.
Feb.
Com. special (payable In com stock)... 10 /
Preferred (quar.)--------- ------------I X Jan.
Jan.
2
General Electric (quar.)...................
Dec.
1
Globe Soap, common (No. 1)...........
I X Dec.
First, second and special pref. (quar.).
I X Jan.
Goodrich (B. F.) Co., preferred (quar.)..
I X Jan.
Gray A D avis, I n c ., pref. ( g u a r .) ----------I X Jan.
Great Lakes Towing, p re f. (guar.) _______
50c. Dec.
Great Northern Ore----------------------Jan.
$1
Guggenheim Exploration (quar.)----Dec.
IX
H art, Shaffner A M a rx , in c., p ref. ( g u .) ..
Hclme (Geo. W.) Co., common (quar.).. 2 X Jan.
4
Jan.
Common (extra)-----------------------I X Jan.
Preferred (quar.)------------ ---------Hendee M anufacturing, p ref. (gu.) (N o .9 ).
I X Jan.
2
Dec.
H ercules Powder, common (guar.) ------4
Dec.
Common (extra) ...............................
65c. Dec.
H om estakeM ining (monthly) (N o. 494)...
$1
Dec.
Extra (N o . 495).................... ..........
10
Dec.
Ingersoll-Rand, common (extra) ...........
3
Jan.
Ingcrsoll-Rand, preferred. . . . . . . . . . .
I X Jan.
Int. Harvester of N. J., com.(qu.)(No.24)
Jan.
International Salt (quar.)-----------------1 * Jan.
E xtra........................... ..................
Jan.
ix
K au fm a n n Department Stores, pref. (guar
I X Jan.
K e lly -S p ringflcld T ire, 6 % pref. (gu.) ----Jan.
IX
Second preferred ( g u a r . ) . . . . - - - - - ........
Kerr Lake Mining (quar.) (No. 41)........ 25c. Dec.
3
Jan.
Kresge (S. S.) common (quar.)-------Jan.
Preferred (quar.)--------------- ------La Belle Iron Works, preferred (quar.).. i * Dec.
Dec.
IX
Laclede Gas Light, common (quar.)----2
Dec.
Preferred................. - ............ ............
Liggett* Myers Tobacco, pref. (quar.)..
I X Jan.
Loose-W iles Biscuit, 1st pref. (guar.) . .
I X Jan.
2 X Jan.
Lorlllard (P.) Co., common (quar.)..
I X Jan.
Preferred (quar.)...........................
Louisville Gas & Electric, pref. (quar.)..
Dec.
IX
Mackay Companies, com. (quar.) (No.42)
I X Jan.
1
Jan.
Preferred (quar.) (No. 48)...................
50o. Dec.
M agm a Copper ( g u a r .) .. . . ...... .........
I X Jan.
Manatl Sugar, preferred (quar.)........
I X Jan.
M anhattan Shirt, pref. (guar.)
-----—Maxwell Motor, Inc., first pref. (quar.) — I X Jan.
I X Jan.
May Department Stores, pref. (quar.)..
2 X Dec.
Mergenthalcr Linotype (quar.)..........
Jan.
IX
M ich ig a n Light, pref. (guar.) —. . . - —X Jan.
Montana Power, com. (quar.) (No. lJJ —
I X Jan.
Preferred (quar.) (No. 13)-—------ —
I X Jan.
Montgomery Ward A Co., p ref. ( g u a r .) ...
1
Dec.
Montreal Cottons, Ltd., common (quar.)
Dec.
IX
Preferred (quar.)______ ______ - - - - ­
Dec.
IX
Muskogee Gas & Electric, pref. (quar.)..
National Biscuit, com. (quar.) (No. 70)— I X Jan.
Jan.
IX
National Carbon, common (quar.) —
X Dec.
National Lead, common (quar.)------Dec.
IX
Preferred (quar.)_______________
Jan.
2
National Refining, preferred (auar.)----I X Jan.
National Sugar Refining (quar.)------




1949

THE CHRONICLE

Dec . l l 1915.]

IX

IX
IX

Books Closed.
D ays Inclusive.

Holders of rec. Dec. 15
Holders of rec. Dec. 18a
Holders of rec. Dec. 18a
Jan. 6 to Jan. 15
Jan. 6 to Jan. 21
Holders of rec. Dec. 20a
Dec. 23 to Jan. 2
Nov. 27 to Dec. 5
Dec. 18 to Dec. 26
Dec. 18 to Dec. 26
Holders of rec. Dec. 14a
Holders of rec. Dec. 14a
Holders of rec. Dec. la
Holders of rec. Dec. 15a
Dec. 17 to Dec. 29
Dec. 18 to Jan. 2
Dec. 18 to Jan. 2
Holders of rec. Dec. 31a
Holders of rec. Nov. 20a
Holders of rec. Dec. 11a
Holders of rec. Dec. 31
Holders of rec. Dec. 16
Dec. 21 to Dec. 30
Dec. 2 to Dec. 15
Dec. 16 to Jan. 2
Dec. 16 to Jan. 2
Holders of rec. Dec. 20a
Holders of rec. Nov. 24
Holders of rec. Dec. 16
Holders of rec. Dec. 16
Holders of rec. Dec. 10
Holders of rec. Dec. d i a
Holders of rec. Dec. 20a
Holders of rec. Dec. 31a
Holders of rec. Dec. 13
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Dec. 29 to Jan. 2
Holders of rec. Dec. 9a
Holders of rec. Dec. 10a
Holders of rec. Dec. 10
Holders of rec. Nov. 30a
2 0 ]Holders of rec. Nov. 30a
31 Holders of rec. Dec. 30a
31 Holders of rec. Dec. 16
3 Dec. 23 to Jan. 2
15 Holders of rec. Dec. 31
1 1Holders of rec. Dec. 21
15 Holders of rec. Nov. 30a
Holders of rec Dec. 15a
Holders of rec Dec. 15a
Holders of rec Nov. 11a
Holders of rec Dec. 15a
Holders of rec Dec. 17a
Holders of rec . Dec. 20a
Holders ot rec . Dec. 20a
Nov. 27 to Dec. 16
Holders of rec . Nov. 29a
Nov. 23 to Dec. 15
Holders of rec . Dec. 10a
Holders of rec . Dec. 15a
Holders of rec . Dec. 15a
Holders of rec . Nov. 30
Holders of rec . Nov. 30a
Holders of rec Dec. 11
Holders of rec Dec. 15a
Holders of rec Dec. 31a
Holders of rec Nov. 30
Holders of rec Nov. 30
Jan. 23 to Feb. 1
Jan. 23 to Feb. 1
Dec. 25 to Dec. 27
Holders of rec Dec. 1
Holders of rec Dec. 15a
Holders of rec Nov. 30a
Holders of rec Dec. 15a
31 Holders of rec . Dec. 31
Holders of rec Dec. 8
Holders of rec Nov. 22a
Holders of rec Nov. 30a
Holders of rec Nov. 30a
Holders of rec Dec. 31a
Holders of rec, Dec. 31a
Holders of rec, Dec. 15a
Holders of rec Dec. 15a
Dec. 1 to Dec. 15
Dec. 1 to Dec. 15
Holders of rec Dec. 21a
Holders of rec Dec. 22
Holders of rec, Dec. 15
Dec. 2 to Dec. 22
Dec. 9 to Dec. 13
Holders of rec Dec. 20a
Holders of rec Dec. 14a
Holders of rec Dec. 14a
Holders of rec Dec. 14a
Holders of rec Dec. 20
Dec. 16 to Dec. 23
Dec. 16 to Dec. 23
Holders of rec Dec. 20a
Holders of rec Dec. 29a
Holders of rec Dec. 17
Holders of rec Dec. 10a
Holders of rec, Dec. 24a
Dec. 16 to Jan. 2
Dec. 16 to Jan. 2
Holders of rec Dec. 20
Holders of rec Dec. 15
Holders of rec Dec. 15
Holders of rec Dec. la
Holders of rec, Nov. 27a
Holders of rec, Nov. 27a
Dec. 12 to Dec. 22
Dec. 2 to Dec. 15
Dec. 2 to Dec. 15
Holders of rec Dec. 15a
Dec. 21 to Jan. 2
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Holders of rec . Dec. 10a
Holders of rec Dec. 10a
Holders of rec. Dec. 10a
Holders of rec. Dec. 16
Holders of rec. Dec. 24
Holders of rec. Dec. 17
Holders of rec. Dec. 10a
Holders of rec. Dec. 15a
Holders of rec. Dec. 4a
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Dec. 22 to Jan. 2
Holders of rec. Dec. 5a
Holders of rec. Dec. 5a
Holders of rec. Nov. 30a
Holders of rec. Dec. 28a
Jan. 6 to Jan. 16
Dec. 11 to Dec. 15
Nov. 20 to Nov. 23
Holders of rec. Dec. 15a
TTnMr-ro ot roe. r»«„. a

N am e o f Com pany.

Cent.
Per
Cent. Payable.

Books Closed.
D ays Inclusive.

Miscellaneous (Concluded).
3
National Transit.................................... 50c.
N evada Consolidated C opper Co. (quar)__ 3 7 X e .
E x t r a --------- -------- ------------- ------- - 1 2 X c .
New York Air Brake (quar.) (No. 52)..
IX
New York Transit (quar.).....................
4
NIIes-Bement-Pond, com. (qu.) (No. 54)
IX
North American Co. (quar.) (No. 47)___
IX
Northern Pipe Line (quar.)...... ..............
5
Ohio Cities Gas, preferred (guar.) _______
IX
Ohio Fu el Oil (guar.) _________________
50c.
Ohio Oil (quar.)_____________________ $1.25
Extra____________ ______________ $4.75
Old Dominion Co. (quar.)____________ $1.50
Extra............................... .................... 50c.
Old Dominion Copper Mining & Smelting $2
Pabst Brewing, preferred (quar.)______
IX
Packard Motor Car, pref. (quar.) (No.25) I X
Pennsylvania Water A Pow. (gu.) (N o .8 ) . .
1
Peoples Natural Gas & Pipeage_______
2
Pettibone-Mulliken, 1st & 2d pref. (qu.). I X
Phelps, Dodge A C o., In c . (guar.) _______
2X
E x t r a ____________________________
3
Philadelphia Electric (quar.)__________ 3 9 X c
Pittsburgh Plate Glass, com. (guar.) ______
IX
Pittsb. Steel, pf. (on acct.accum.dlvs.).. 3 X h
Pitts. Term. Whse. & Trans, (monthly). .
25c.
Quaker Oats, common (quar.)_________
2X
Preferred (quar.)__________________
IX
Quincy Mining (quar.)_______________ S3
Railway Steel-Spring, preferred (quar.)..
IX
Ray Consolidated Copper Co. (gu ar.) _____
50c.
Realty Associates (No. 26)_____ — ___
3
Republic Iron & Steel, pf. (qu.) (No. 49)
IX
Pref. Extra (on acct. of deferred div.).
lh
Reynolds (R. J.) Tobacco, com. (quar.).. 3
Common (extra)___________________ 10
Preferred (quar.).............................. . I X
Rubber Goods Mfg., pref. (qu.) (No. 67).
IX
Safety Car Heating & Lighting (quar.).. 2
St. Joseph Lead (quar.)______________ 15c.
Extra ........................ ......................... 1 0 c.
Savoy Oil (monthly) ___________________
1
E x t r a ............................... ...................
1
Sears, Roebuck & Co., preferred (quar.).
IX
Shawinlgan Water & Power (quar.)-----IX

N ation al Surety (guar.) _______________

Sloss Sheffield Steel A Iro n , pref. ( g u a r .) ..
P ref. (extra on account o f deferred d i v s ) ..

Solar Refining_______________________
Southern U tilities, preferred (guar.) _____
South Penn Oil (quar.)............... ...........
Extra__ __________ _______________
South Porto Rico Sugar, common (quar.)
Preferred (quar.)............... ............. —
South West Penna. Pipe Lines (quar.)..
Standard Gas & Electric, pref. (quar.)..
Standard Oil (California) (quar.)______
Standard Oil (Kansas) (quar.)------------Standard Oil (Kentucky) (quar.)______
E x tra ...... .......... .................. ............
Standard OH (Nebraska)........... ............
Standard Oil of New Jersey (quar.)____
Standard Oil of N. Y. (quar.)_________
Standard OH (Ohio) (quar.)___________
Extra____________________________
Stewart M in in g (guar.) (N o. 15)_______
Stewart Sugar..........................................
Extra...................................................
Subm arine Boat Corporation (guar.) _____
Subway Realty (quar.)_______________
Superior A Pittsburgh Copper Co ________
Swift* Co. (quar.) (No. 117)_________
Texas Company (quar.)______________
Thompson-Starrett Co., common______
Tobacco Products, p ref. (guar.) (N o . 12)..
Tonopah-Belmont Development (quar.).
Tonopah Extension Mining (quar.)____
Extra............. .....................................
Underwood Typewriter, common (quar.)
Preferred (quar.)__________________
Union Carbide (quar.)----------------------United Cigar Stores of Amer., pref. (qu.)
U nited Gas Im provement ( g u a r .) .. ..........
United Globe Mines.................................
U nited Shoe M achinery C orp., com. (guar.)

Preferred (guar.) ...................................
U. S. Gypsum, preferred (quar.)............
Preferred (payable In common stock)..
Utah Consolidated Mining (quar.)_____
Utah Copper Co. (guar.) (N o. 30).______
Western U nion Teleg. (guar.) (N o. 187) —
E x t r a ......... ......... .............................
Weyman-Bruton Co., common (quar.)..
Common (extra)__________________
Preferred (quar.)________ __________
Willys-Overland, preferred (quar.)-------Wisconsin Edison, Inc________________
Women’s Hotel______________________
Woolworth (F. W.), preferred (quar.)...
Yale * Towne Mfg. (quar.) (No. 79)----Extra (No. 78)........................- ..........
Yukon Gold Co. (quar.) (No. 26)----------

Jan. 3 Holders of rec. Dec. 20a
Dec. 15 Holders of rec. Nov. 30a
Dec. 31 Holders of rec. Dec. 16
Dec. 31 Holders of rec. Dec. 16
Dec. 23 Holders of rec. Dec. la
Jan. 15 Holders of rec. Dec. 24
Dec. 20 Dec. 12 to Dec. 20
Jan. 3 Holders of rec. Dec. 15a
Jan. 3 Holders of rec. Dec. 13
Jan. 1 Holders of rec. Dec. 15
Dec. 24 Dec. 16 to Dec. 23
Dec. 20 Nov. 28 to Dec. 13
Dec. 20 Nov. 28 to Dec. 13
Dec. 31 Dec. 16 to Dec. 22
Dec. 31 Dec. 16 to Dec. 22
Dec. 30 Dec. 16 to Dec. 22
Dec. 15 Dec. 7 to Dec. 15
Dec. 15 Dec. 1 to Dec. 15
Jan. 1 Holders of rec. Dec. 17
Dec. 24 Holders of rec. Dec. 18
Jan. 3 Holders of rec. Dec. 17a
Dec. 30 Holders of rec. Dec. 18a
Dec. 30 Holders of rec. Dec. 18a
Dec. 15 Holders of rec. Nov. 20a
Jan. 1 Dec. 16 to Dec. 31
Dec. 22 Holders of rec. Dec. 10a
Dec. 15 Holders of rec. Dec. 8
Jan. 15 Holders of rec. Dec. 31a
Feb. 29 Holders of rec. Feb. la
Dec. 20 Holders of rec. Nov. 27a
Dec. 20 Dec. 5 to Dec. 20
Dec. 31 Holders of rec. Dec. 16
Jan. 15 Holders of rec. Jan. 5
Jan. 1 Holders of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. 21
Jan. 1 Holders of rec. Dec. 21
Jan. 1 Holders of rec. Dec. 21
Dec. 15 Holders of rec. Dec. 10a
Dec. 23 Holders of rec. Dec. 13a
Dec. 20 Dec. 10 to Dec. 20
Dec. 20 Dec. 10 to Dec. 20
Dec. 24 Holders of rec. Dec. 15
Dec. 24 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 15a
Jan. 10 Holders of rec. Dec. 31
I X Jan. 3 Holders of rec. Dec. 17a
I X Jan. 3 Holders of rec. Dec. 17a
Dec. 20 Dec. 1 to Dec. 20
5
I X Dec. 31 Holders of rec. Dec. 18
Dec. 31 Dec. 16 to Jan. 2
3
2
Dec. 31 Dec. 16 to Jan 2
Jan. 3 Holders of rec. Dec. 11a
5
Jan. 3 Holders of rec. Dec 11a
2
Dec. 31 Holders of rec. Dec. 15
3
1
Dec. 15 Holders of rec. Nov. 30a
2 X Dec. 15 Holders of rec. Nov. 20
Dec. 15 Nov. 28 to Dec. 15
3
Jan. 3 Dec. 16 to Jan. 3
4
Jan. 3 Dec. 16 to Jan. 3
1
Dec. 20 Holders of rec. Nov. 20a
10
Dec. 15 Holders of rec. Nov. 19a
5
2
Dec. 15 Holders of rec. Nov. 26
Jan. 1 Dec. 4 to Dec. 22
3
Jan. 1 Dec. 4 to Dec. 22
3
Dec. 31 Dec. 17 to Jan. 2
5
Dec. 15 Holders of rec. Dec. 14
5
Dec. 15 Holders of rec. Dec. 14
5
$1.50 Jan. 15 Holders of rec. Dec. 31 ’
I X Jan. 3 Holders of rec. Dec. 20a
38c. Dec. 20 Holders of rec. Dec. 10
Jan. 1 Dec. 11 to Jan. 6
2
2 X Dec. 31 Holders of rec. Dec. 13a
Jan. 2 Holders of rec. Dec. 24
4
I X Jan. 3 Holders of rec. Dec. 21
1 2 X Jan. 1 Dec. 16 to Dec. 21
Jan. 1 Dec. 11 to Dec. 21
5
Dec. 21
2 X Jan. 1 Dec. 11 to
Jan. 1 Holders of rec. Dec. 20a
1
I X Jan. 1 Holders of rec. Dec. 20a
Jan. 1 Dec. 19 to Jan. 2
2
I X Dec. 15 Holders of rec. Nov. 30a
Jan. 15 Holders of rec. Dec. 31a
$1
Dec. 30 Dec. 16 to Dec. 22
$ 12
50c. Jan. 5 Holders of rec. Dec. 14
3 7 X c . Jan. 5 Holders of rec. Dec. 14
I X Dec. — Holders of rec. Nov. 10
Holders of rec. Nov. 10
$43 X h
50c Dec. 20 Holders of rec. Nov. 20
$1.50 Dec. 31 Holders of rec. Dec. 16a
I X Jan. 15 Holders of rec. Dec. 20a
X Jan. 15 Holders of rec. Dec. 20a
Jan. 3 Holders of rec. Dec. 11a
3
Jan. 3 Holders of rec. Dec. 11a
10
I X Jan. 3 Holders of rec. Dec. 11a
I X Jan. 1 Holders of rec. Dec. 21a
Dec. 31 Holders of rec. Dec. 15
1
2 X Dec. 15iHolders of rec. Dec. 4
I X Jan. 3 Holders of rec. Dec. 10a
I X Jan. 3 Dec. 19 to Jan. 2
Dec. 23 Dec. 19 to Jan. 2
5
7 X c . Dec. 311Dec. 9 to Dec. 13

a Transfer books not closed for this dividend, b Less British Income tax. d Cor­
rection. e Payable In stock. /Payable In common stock, g Payable In scrip.
h on account of accumulated dividends, i Transfers received In London on or be.
fore Sept. 8 will be In time to be passed for payment of dividend to transferees.

N a tio n a l B a n k s. —The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
C H A R T E R S ISS U E D T O N A T IO N A L B A N K S N O V . 19 T O N O V . 29.
10.802—
T he Planters' N ational Bank o f Saluda, S. C . C apital, $30,000.
J. M . F orest, President; M . T . P itts, Cashier. Conversion o f
the Planters’ Bank o f Saluda, S. C .
10.803—
The First National Bank o f Geraldine, M o n t. C apital, $25,000.
Leon M . Bolter, President; W . W . C arley, Cashier. Conversion
o f Farmors’ State Bank o f Geraldine.
10.804— T h e First N ational Bank o f Beaver, Okla. C apital, $25,000.
John W . W e b b , President; John W . Savage, Cashier.
10.805— W inder National Bank, W inder, G a. C apital, $100,000. Thom as
A . M ayn ard, President; Lee S. R adford, Cashier. C onversion o f
the W inder Banking C o ., W inder, G a.
10.806—
T he C ity N ational B ank, o f San Saba, T ex. C apital, $100,000.
T . A . M u rray, President; R . W . Burleson, Cashier. Succeeds
private bank o f W ard, M u rray & C o ., San Saba, T ex.
5

VOLUNTARY
L IQ U ID A T IO N .
281— T he C ity National Bank o f W eeping W ater, N e b . N o v . 22 1915.
Liquidating A gent, C . W . B ish, W eeping W ater, N eb.

C an adian B an k C learin g s. —The clearings for the week
ending Dec. 4 at Canadian cities, in comparison ■ with the
same week in 1914, shows an increase in the aggregate of
32.2%.

l

1915.
Montreal ............. .........
Toronto ______________
Winnipeg____________
Vancouver________ . . .
Halifax...................... .

Regina ...................... .
Brandon-------------------Lethbridge------ ---------Saskatoon.....................
Moose Jaw_________ .
Brantford------------------Fort William................

B y Messrs. Francis Henshaw & C o ., Boston:

■ Week ending Dec. 4.

learings ai —

In c . or
Dec.

1914.

1912.

1913.

3
3
S
%
65,135,922 46,369,730 + 40.5 61,463,466
45,933,966 39,839,227 + 15.3 49,590,343
59,844,842 35.149,490 + 70.3 51,819,42.8
5,846,753 6,766,190 — 13.6 11,541.503
5,119,344 4,690,887 + 9.2 4,427,612
3,537,139 3,556,287 —0.5 3,699,924
2,488,817 1,829,343 + 36.0 2,844,411
5,313,427 3,601,627 +47.5 5,854.221
1,412,192 1,779,732 — 20.6 1,458,017
3,529,149 2,837,202 +24.4 4,261,704
1,803,453 1,574,272 + 14.5 1,862,447
1,487,614 1,902,535 — 2 1 .8 3,170,305
2,849,639 3,145,117 —9.4 4,448,477
3,169,784 2,059,029 + 53.9 3,674,056
843,342
875,333
600,819 + 45.7
649,572
338,262 + 80.4
610,866
1,668,696 1,061,201 + 57.2 2,140,228
955,240 +58.8 1,442,719
1,517,087
662,948
590,732
477,108 + 23.7
628,165 + 6.7 1,123,360
670,271
267,644 — 13.1
427,440
232,880
552,825
265,588 + 60.3
425,551
389,840 + 54.6
602,558

S
61,189,536
51,172,426
45,263,248
14,332,552
4,451,910
3,975,S82
2,549,613
6,619,527
1,966,068
4,472,902
2,157,593
4,192,741
5,412,439
3,033,715
1,049,627
824,444
3,075,832
2,052,498
702,855
1,054,774

S a les.— Among other securities, the following,

a t auction in N ew York, Boston and Philadelphia :
B y Messrs. Adrian H . Muller & Sons, N ew York:
Per cent. Shares.

Stocks.

Stocks.

B y Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
24 Phila. Bourse, com., $50 each. 6
25 Sanitary Co. of Amer., pref— 15
13 Girard Nat. Bank---------------335
30 Farmers’ & Meehan. Nat. B k.125)4
5 Nat. Bank of Nor. Liberties...240
30 First Nat. Bank. Phila---------190
5 Mutual Trust Co., $50each.. 35
19 Phila. Warehouse & C. S...... 90M
20 Hestonv. Man. & F. Pass. Ry.,
$50 each-------------------------- 39)4
5 Hestonv. Man. & F. Pass. Ry.
pref., $50 each___________ 60
11 Lumbermen’s Ins. Co., $25 ea.106
5 Northwestern Nat. Bank........403
5 Belmont Trust Co., $50 each.. 39
1 Fidelity Trust Co___________ 710)4
3 Fire Association____________340)4
7 Guarantee Tr. & S. D . . 16354-164
5 Philadelphia Trust Co_______ 733
11 Provident Life & Trust Co.843-844
5 United Security Life I. & T r..l40
10 West End Trust Co................ 160
Stocks.

$ per sh.
39 Camden Fire Insurance Assn.,
35 e ach ....................... 10H-10M
11 Girard Fire & Marine Ins........236
3 Phila. Life Ins. Co., $10 ea.10)4-10)4
2 Pennsylvania Fire Insurance..410
3 J. B. Stetson Co., common__ 405
110 Giant Portland Cement, com .. 2)4
2 Commercial Trust Co----------- 395
Shares.

Stocks.
$ per sh.
7 Factory Bldg. Trust_______ 80 flat

Shares.

6 American Glue, preferred......... 147

4 Snell & Simpson Biscuit Co.,com. 15
17 Haverhill Gas Light Co--------- 97)4
10-5 Bost. Woven Hose & Rub.48)4 -48)4
35 Merrimac Chem. Co., $50 each. 135
14 Waltham Watch Co., com........ 14)4
Bonds.

Per cent.

$3,000 Nor.Me.SeaportRR.5s,’35 84
1,000 Bost. El. Lt. Co. 1st 5s, ’24.104

Im ports and Exports fo r th e W e e k .— The following are
the reported imports at New York for the week ending
December 4 and since the first week of January:

Stocks.

Bonds.

Per cent.

$2,000 Terre H. Ind. & East. Trac.
1st & ref. 5s, 1945______ 93
3.000 Scranton & W. B. Trac. coll.
6 s, 1934______________ 90
3.000 Atlan. Coast Elec. RR. Co.
1st 5s, 1945____________ 95)4
1.000 No. Springf. Wat. Co. 5s,'28 82
1.000 Springfield Cons. Wat. Co.
5s, 1958_______________ 81)4
1.000 Keystone Mg. & Mfg. (Hen­
derson, Ky.) 1st 5s, 1936. 25
6.000 Clover Leaf Coal Mg. (Hills­
boro, 111.) 1st 5s, 1925... 25

1915

Dry Goods.........................
General Merchandise______

1914

|

$1,717,456
15,400,643

DATA
NOT
OB­
TAIN­
ABLE

Total___________ _____
Since Ja n . 1.
Dry Goods_________ ____
General Merchandise______

1913.

1

$4,045,146
19,281,743

1912
$3,553,256
16,618,115

$17,118,099 $23,326,889 $20,171,371
$155,103,803 $144,695,569 $139,919,371
743,869,282 766,738,430 803,336,268

Total 48 weeks.................
$898,973,085 $911,433,999 $943,255,639
EXPORTS FROM NEW YORK.

P er cent.

3 Fifth Avenue Bank______ 4550
2 GeorgeB.Rltchie&Co.,Inc.S10 lot
146 Ira Brown Co., S25 each___ S7 lot
5 U. S. Lt. & Heat’g Co., com.S3 lot
2 Manhattan Life Insurance
90 Union Mortgage Co___ S85 per sh.
Co., S50 each.........S100 per sh.
20 Fajardo Sugar Co............... 78
50 First Nat. Bank of Kearney,
P ercent.
Neb__________________ S15.1ot Bonds.
S500 Robert Appleton Co. 6 %
100 Koerber Nut Meat Mfg. Co. $6 lot
deb., 1918__________ $32 lot
39 Continental Ins. C o.. 1120-1120
10.000 International Typesetting
100 Borden’s Condensed Milk
Mach. Co. 6 % notes,
Co., common_________ 113H
cert, of deposit--------- $50 lot
2,468 Broad Street Realty
50.000 Development Co. of Cuba
Co., 850 each........
s. f., deben. 6 s, 1917,
5298,000Broad Street Realty
Feb. 1914 coup, attached 33)$
Co. 2d Inc. 5s........(8236,137 50
5.000 Western N. Y. Farms Co.
$10,000 Jamaica Est. mort­
gage bonds______
first 6 s, 1926_________ 91)i
1.000 Peoria Water Works first
512,500 Jamaica Est. pref.
subscription rects..
4s, 1948...................... . 60
Shares.

B y Messrs. R . L . D ay & C o ., Boston:

Shares. Stocks.
$ p er sh.
24 Merchants’ National Bank____ 293
10 Mass. Cotton Mills__________ 124)4
35 Arlington Mills.____ ________ 99
5 Dartmouth Mfg. Co., common. 182)4
60 Blgelow-Hartford Carpet, pref.107)4
1 Tremont & Suffolk Mills_____ 112
37 Gardner Elec. Light, pref_____ 102
37 Gardner Elec. Light, common..153)4
8 Silver Lake Co______________ 100
7 Mich. State Telephone, pref__ 95)4
5 Hood Rubber, preferred______ 111)4

__________ FOREIGN IMPORTS AT NEW YORK

not usually dealt in at the Stock Exchange, were recently sold

Sh ares.

Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
40 Pacific Mills________________124
5 Warren Bros. Co. 2d pf., $50 ea. 35)4
7 Lawrence Gas Co______ 174)4-175)4 10 Federal Trust Co..................... 138
10 Sullivan Machinery Co_______105
Bonds.
Per cent.
1 Boston Athenaeum, $300 par..381)4 $3,000 Somerset Hotel Trust 4s, ’21 96)4

For Week Ending Dec. 4.

Total Canada----------- 211,666,015 160,084,535 + 32.2 217,958,348 219,550,182

A u c tio n

[Vol. 101

THE CHRONICLE

1950

Week En din g D ec. 4.

1914

1915

1913.

1912

$63,713,174 320,061,744 $16,769,428 $22,866,926
For the week.................. .
Previously reported............. 1637,345,073 781,958,692 786,105,601 748,714,148
Total 48 weeks................. 1701,058,247 $802,020,436 $802,875,029 $771,581,074

Tho gold and silver exports and imports for the week and
since January 1 have been as follows:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.

Week endino D ec. 4.

Im ports.

Since

Gold

Ja n . 1.

Great Britain.................................
France............. .................. .........
Germany............. ........................West Indies....................................
Mexico________________________
South America...............................
All other countries........................

Week.

Since
Ja n . 1

16,742,365 74,284,778
11.519,880
1,433 14,143,571
100,000

12 2 ,0 10

922,340
1,158,830

7,540,641
20,002
1,848,416
279,247 14,177,534
133,031 5,769,077

101,433 16,346,751 17,174,645 11 ,140,326
100,000 128,324,883
197,180
,188,997
215.000 69,211,146
532 .175
,659,661

Total 1915...................................
Total 1914..................................
Total 1913. ........... ....................
Silver.
Great Britain__________________
France........... ........... - ............ .
Germany.................... ................. West Indies--------- ------- ----------- Mexico............... — .......... - ..........
South America. ......... ........... —
All other countries..........................

1,606,069 35,205,239
180.000 2,469,275

Total 1915...................................
Total 1914...................................
Total 19 13-...............................

1,815,169 39,778,187
619,671 40,23S,062
928,236 45,936,874

29”I6o

1,709,482
3,700
287,916
12,575

2,639

21,344
15,325

175
14 ,857
207 ,1471
5 060

339",731
,019,114
,551,968
,103,539

229,878 10,051,021
483,270 9,917,981
393,384 10,375,604

Of the above exports for the week In 1915,8101,433 were American gold coin.

T h e Federal Reserve B a n k s.— Following is the weekly statement issued by tbe Federal Reserve Board on Doc. 4:
The Federal Reserve B oard m ade public to-d ay its weekly bank statement as at close o f business on
1915. T h e statement Indicates
a decrease o f about 0.4 million dollars in total reserves as com pared with the total reported at tho end o f the preceding week.
I ho com bined gold
reserves o f the banks show an addition o f about 4.1 m illions, St. Louis, N ew Y ork and Kansas C ity reporting the largest gains o f gold for the past
week
T h e total gold resources o f tho system , including gold held b y the Federal Reserve agents b oth in their own vaults and in W ashington,
are close to 500 million dollars, showing an increase for tho week o f about 7.2 million dollars, o f which about 3 millions represent tho gain in
gold held b y the Federal Reserve agents
T ho total gain in gold has been especially marked for the past m onth, am ounting to over 50 m illion
dollars, com pared with a gain o f abou t 200 m illion dollars for the last six m onths.
T he am ount o f discounted and bought bills In the hands o f the banks for the first tim e exceeds 50 millions, the holdings o f both classes o f
paper showing substantial gains during the week. T he gain In discounts is due in part to tho larger am ount o f com m odity paper hold b y the
R ichm ond and Atlanta banks, while increased holdings o f tho Philadelphia, N ew Y ork and Boston banks largely account for the 2 million dollar
gain in bankers’ acceptances. O f tiio total am ount o f bills held acceptances constitute 3 5 .6 % , as against 33% s h o w n 'th e week boforo. Over
3 6% o f the paper matures within 30 days, and 13.2% within 10 days, as against 3 5.3 % and 12.6% reported the week before, while the percentage
o f paper m aturing after 60 b ut within 90 days shows an increase from 19.5% to 2 1 % . T he amount o f paper m aturing after 90 days, practically
all agricultural and live-stock paper, decreased from 3.8 to 3.4 millions and constitutes 6 .7 % , as against 7 .8 % o f all paper held.
A dditional purchases o f $956,000 o f Unitod States bonds are reportod b y tho Cleveland, Chicago and Kansas C ity banks, tho w eek's opera­
tions including for the first tim e investments in 4 % G overnm ent securities. N oarly all the banks report considerable liquidation o f m unicipal
warrants, tho am ount on hand being 9.5 m illion dollars less than tho week before. As a result the total earning assets o f the system show a
decrease from 89.2 to 83 m illions and constitute but 151.4% o f the paid-up capital, as against 163% shown for tho preceding weok. N et roservo
deposits decreased about 5 millions, N ew Y ork , Boston and St. Louis reporting the largest net withdrawals for the week.
Federal R eserve agents report a total o f 191 m illions o f notes issued, an increase o f 3.2 millions for to e week, distributed am ong seven banks.
Against this total they hold 174.1 millions o f gold and 18.3 millions o f paper. T he banks report 170 mllions o f notas in circulation and a net
liability thereon o f about 14 m illion dollars.
,
.
.
.

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. 1 ho statement of I edoral Reserve
Agents’ Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes botwoen the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
C o m b in e d

R e so u r c e s a n d L ia b il it ie s o f t h e F e d e r a l R e s e r v e

B anks

at the

close

of

b u s in e s s

D ecem ber

3

1915

Dee. 3 1915. N o r. 261915. 'n o c . 19 1915. Nor. 121915. N ov. 5 1915.Joel. 29 1915. Oct. 22 1915. Oct. 15 1915. Oct. 8 1915.
RESO U RC ES.

1

Gold coin and certificates In vault................... 8244,229,000 $245,986,000 $245,400,000 $233,430,000 $232,678,000 $218,224,000 $227,005,000 $226,956,000 $227,769,000
79,700,000 73,830,000 69,345,000 62,790,000 60,810,000 61,960,000 54,670,000 58,620,000 55,850,000
Gold settlement fund______ _____ ________
1 ,222,000
1 ,2 12 ,0 0 0
1,227,000
1 ,2 12 ,0 0 0
1 ,2 12 ,0 0 0
1,227,000
1,252,000
Gold redemption fund with U. S. Treasurer..
1,252,000;
1,232,000
Total gold reserve____________________ $325,181,000 $321,068,000 $315,977,000 $297,447,000 $294,715,000 $281,406,000 $282,887,000 $280,788,000 $284,831,000
Legal tender notes, silver, &c.......................... 32,681,000 37,212,000 32,173,000 31,806,000 31,567,000 37,058,000 34,626,000 19,748,000 21,302,000
Total reserve___________ _______ _____ $357,862,000 $358,280,000 $348,150,000 $329,253,000 $326,282,000 $318,464,000 $317 513,000 $306,538,000 $308,133,000
Bills discounted and bought—
Maturities within 10 days_____________
Maturities from 11 to 30 days__________
Maturities from 31 to 60 days__________
Maturities from 61 to 90 days__________
Maturities over 90 days_______________
Total___________________________
Bank acceptances (included In a b o v e ) . ..




$6,784,000
11.740.000
18.610.000
10,766,000
3,456,000

$6,164,000^
11.129.000
18.325.000
9.524.000
3.831.000

$4,603,000
12,320,000
15,835,000
9,018,000
3,373,000

$5,223,000
1 0 ,866,000
14,663,000
9.521.000
2.875.000

$5,863,000
10.436.000
15.606.000
8.498.000
2.724.000

$6,913,000
10.595.000
15.969.000
8.458.000
2 . 102.0 00

$7,263,000
11.198.000
14.094.000
8.978.000
1.789.000

$6,694,000 $5,893,000
12.939.000 *13,786,000
14.703.000 *15,257,000
8,116,000 * 9,109,000
1,507,000
1,320,000

$51,356,000 $48,973,000 $45,149,000. $43,148,000 $43,127,000 $44,067,000 $43,322,000 $43,959,000 $45,365,000
$18,306,000 $16,179,000! $13,510,000 $134318,000 $13,774,000 $13,619,000 $13,335,010 $14,556,000 $14,804,000

D e c . l l

O
ec. 3

1915.

Nov.2d 1915.

1 9 5 1

C H R O N I C L E

T H E

1915. )

N op.19 1915. N op. 121915.

Nov.

5 1915.

Oct.

29 1915.

Oct.

22 1915.

O
ct.

15 1915.

Oct.

8 1915.

RESOURCES ( Concluded).
Brouoht forward (total reserve <fc bills

$372,401,000 $369,409,000 $362,531,000 $360,835,000 $350,495,000 $351,498,000
disc »*<*) •409,218,000 $407,253,000 $393,299,000
$9,483,000
S13,875,000 $12,919,000 $12,674,000 $12,003,000 $10,533,000 $10,505,000 $10,480,000 $10,380,000
22,801,000
z z,i* »,u u u
27.519.000
27.308.000
17.821.000
’ Municipal^ warrants . . . ................
15^523)000
15,236,000
15,680,000
19,723,000
19,537,000
15,184,000
18.792.000
19.176.000
18.118.000
8.533.000 *12,314,000
16,175,000
12,483,000
15.827,000
14,053,000
19,775,000
D ue from Federal Reserve banks— N et..............
3.124.000
3,018,000.
3,162,000
3.645.000
3,275,000
2,962,000
3,662,000
4,633,000
0,552,000
$414,380,000
485,359,000 $485,342,000 $471,773,000 $446,192,000 S432.719.000 $429,951,000 $427,880,000 $415,872,000
LIABILITIES.

$54,859,000
15,000,000
392,966,000
13,969,000
8,565,000

Reserve deposits— N eU ... .................... ................
Federal Reserve notes— N et............... —

$54,846,000
15,000,000
397,952,000
13,385,000
4,159,000

$54,854,000 $54,846,000
iO.UU
384,997 JJOU
13,007,000
12,923,000
4,022,000
3,999,000

$54,848,000

$54,838,000

$54,834,000

$54,775,000

$54,781,000
i s nno non

146,063,000
13,661,000
3,147,000

13,918,000
2,641,000

14,809,000
2,793,000

14,791,000
2,540,000

15,225i000
2,587,000

|

485,359,000 $485,342,000 $471,773,000 $446,192,000 $432,719,000 $429,951,000 $427,880,000 $415,872,000 $414,380,000

Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
(a) Less Items In transit between Federal Refederal Reserve Notes—

Issued to the ban ks.. ..................
In circulation-----------

80.9%
89.0%

77.9%
86.9%

79.6%
87.7%

80.1%
88.7%

81.4%
90.1%

77.3%
87.5%

*79.0%
*88.7%

82.3%
88.0%

81.5%

90.7%

88.5%

89.3%

90.5%

92.0%

89.4

*90.8%

90.1%

89.8%

$19,775,000

$14,053,000

$15,827,000

$8,533,000 *$12,342,000

$10,160,000

$7,723,000

$16,175,000 *$12,483,000

;5190,935,000 $187,815,000 $183,275,000 $179,335,000 $170,310,000 $168,370,000 $159,280,000 $153,790,000 $148,590,000
18 268,000
18,025,000
17,711,000
22,345,000
17,828,000
22,710,000
22,511,000 j 22,389,000
20,987,000
6169,998,000 $165,304,000 $160,886,000 $156,625,000 $152,482,000 $146,025,000 $141,569,000 $135,765,000 $130,322,000
6174,147,000 $171,095,000 ^ l e o j s s . o o o $163,155,000 $154,005,000 $151,830,000 $142,440,000 $136,210,000 $130,620,000
15,225,000
14,791,000
14,809.000
13,661,000
13.918.000
13.007.000
13.385.000 : 12,923.000
13,9694)00
19.723.000
19.537.000
19.176.000 1 18,792,000
18,118,000

Gold and lawful money wlth Agent.
Carried to net liabilities.

( Agents' Accounts)
6252,680,000 $249,440,000 $242,9S0,000 $235,020,000 $218,020,000 $212,020,000 $205,460,000 $199,260,000 $190,880,000
745,000
Received from the Com ptroller--------------745,000
1,015,000
815,000
1,035,000
1,265,000
1,275,000
1,355,000
1,355,000
$248,085,000 $241,705,000 $233,755,000 $216,985,000 $211,205,000 $204,445,000 $198,515,000 $190,135,000
6251,325,000
Amount chargeable to Agent------------41,545,000
44,725,000
45,165,000
42,835,000
46,675,000
54.420,000
58,430,000
60,270,000
60,340,000
$183,275,000 $179,335,000 $170,310,000 $168,370,000 $159,280,000 $153,790,000 $148,590,000
$187,815,000
$190,985,000
tn Federal Reserve banks------

Federal Reserve Notes

$116,630,000
$135,177,000 $136,535,000 $132,695,000 '$133,515,000 $127,495,000 $126,480,000 $119,920,000 $120,010,000
flow ftc u n d coin and certificates.. .
100,000
100.000
100,000
I7,y7u,uuu
17.580,66b
B ylaw fu l m o n e y ................- .........................
16,840.666
16.540.000
16.305.000
16,180,000
16.720.000 ’ 16,520,000
16.838.000
490,000
500,000
520,000
550,000
560.000
570,000
580,000 ]
580,000
590,000
C n ^ t b a U n c e s 'in'gold redemption fund 13.500,000
15,700,000
22,000.000
25.950.000
24.800.000
33,380,000 ; 28,970,000
33.880.000
38.380.000
$148,59 1.000
$190,985,000 $187,815,000 $183,275,000 $179,335,000 $170,310,000]$168,370.00C $159,281.00C $153,790,000
T o t a l __________
$18,267,000
$17,766,000
$16,989,00C
$16,663,000’
$16,553,00C
$16,680,000
$17,240,000
$17,583,000
Commercial paper delivered to F . R . A g e n t ... $18,328,000
• Amended figures.
—

|

|

1

1

V STATE M EN T O F R E SO U R CE S AN D L IA B IL IT IE S O F EACG O F T H E 12 FE D E RA L R E SE R V E BA N K S A T CL O SE O F BU SIN ESS D EC. 3 1915Kan.

CUy.< Dallas

San Fran

Total.

St. Louis. Minneap.
Chicago.
Atlanta.
ond.
adel'a Cleveland. Richm
New York. 1PhU
S
S
I
$
s
$
s
$
$
$
S
S
4.107.000 4,722,000 244,229,000
s
RESOURCES.
10.794.000 6.090.000 5,414,00033,965,000 1.772.000 2,519,000 6,222,000 9.071.000 8,878,000 79.700,000
5,120,000] 3,835,000]
Gold coin &ctfs. in vault 14,590,000 147,834,000 ! 6,200,000
7.420.000
1,359,000!
6,164,000
8.705.000
9.269.000
341,000
21,000
1,252,000
30,000
107,000
G old settlement f u n d ... 5,295,000 9,415,000 5,169,000]
35,000
245,000(
______
375,000
37,000]
55,000
6,000j
7,669,00010,164,00013,519.00013,621,000 325,181,000
9,227,000]
7,018,00040,129,000
15,170,000
18,000
289,000
275,000]
6,000 32,681,000
Total gold reserve------ 19,891,000] 157,304,000>11,408,000 20,003,000
135,000]
278,000
789,000
118,000
77,000 26,856,000) 2,775,000 1,065,000

1

Total reserve......... —

I

j
[

Boston

7,687,00010,453,000! 13,794,000 13,627,000 357,862,000
19,968,000 184,160,000>14,181,000 21,128,000 15,288,000, 7,296,000 40,918,000 9,362.000

Bills dlscountedibought
238,000
Commercial paper—
5,336,000
Banker's acceptances
5,574,000

157,000
264,000>j
5,615,000 >] 2,894.000
5,879,000

620,000 7.530,000 7,977,000 2.981.000 1,612,000 1,456,000 4,314,000 5,221,000
______ j
388,000
421,000
1.608.000
622,000
100,000
736,000

680,000 33.050.000
586,000 18.306.000

1
j
1
j
|
j
1

51,356,000
3,051,000 1,356,000 7,630,000 7,977,000) 4,589,000 2,234,000 1,877,000 4,702,000 5,221,000 1,266,000

|

______ 1,000,000 13,875,000
03,000
624,000 17,821,000
______ 1,426,000! 18,118,000

1
1
1

952.000 1,188,000 1,662,000]
393.000
809,000)
430.000
770,000:
750.000

4.110.000
335",666 1.013.000
1.799.000

1.973.000 2.004.000
1,648,000] 2.831.000
373,000
224.000

986.000
investments: U. S. bds.
75,666
Municipal w arrants.. 2.965.000 6,635,000
11,755,000
Fed. R es've notes— N et. 1.021.000
Duo from other Federal
822.000 3,246,000 a l9 ,775,000
979.000
6.741.000 2.645.000 1,132,000 2.371.000 6.860.000 1,081,000 3,676,000
846.000
Reserve banks— N e t.
592.000
84,000] 6,552,000
61,000 1,058,000
365.000
161,000
202.000
152,000 1.007.000
363,OM 2,099,000:
408.000
All other resources.........
277,000 18,986,000 59,450,000 15,174,000 16,068,000]19,247,00020,492,00021,273,000,485,359,000
31,768,000208,792,000
30,066,000,30,390,000
24
Total resources...........
!

!

2.422.000 6,642,000 2,780,000 2,498,000 3.032.000 2.756.000 3,941,000 54,859,000
Capital paid In................ 5.171,000 11,062,000 5,270,000 5,931,000 3,354,000
______ 15,000,000
5,000,000
------------------1
.......... ............i 5,000,000] 5,000,000
Government d e p o s its ...
7.683.00052.808.000 12,394,000 13,570,000 15,045’,665 9 .055.000 17,332,000 392,966.000
178
,~8lb",666
24,796",
566
24,459,00010,387,000
26,597",000
Reserve deposits— N e t ..
3.651.000
......... - 13,969,000
1.170.000
3.782.000
]
............
...............
______ 5,366,000!
Fed. R es've notes— N et.
Due to F .R .banks— Net
8,565,000
...........
------. . . . -—
99,000
............
...........
8,296,000
............
______
-•
!7"o‘,666
All other liabilities.........
30,390,00024,277,00018,986,00059.450,00015,174,00016,068,00019,247,00020,492,000 21,273,000 485,359,000
Total liabilities............ 31,768,000 208,792,00030,066,000
LIABILITIES.

1
14,500,000)16,330,000: 4.380.000 7,950,00013,000,000 9,900,00015,175,000 4.370,000190,985,000
Issued to banks--------- 8.320.000 79,160,0)00' 8,500,000 9,400,000
915,000]
234,000 1,426,000. 20,987,000
770,000
373,000
334,000
968,000, 1.799.000 ] 1,028,000]
224,000
In hands of banks------ 1.021.000 11,895,000
6,922,00012,230,000 8,985,00014,941,000 2,944,000169,998,000
2,581,000
67.265.0001
8,127,000
14,166,00015,362,000
7,299,000
9,176,000
F R . notes In circulation

Federal Reserve Notes—

1
1
|
1
1
1
1
|
1
1
|
|

G old and lawful money
1
79.020,000^ 8,500,000 9,400,000 8.800.00011.580.000 4,380,000] 7,672,00013,000,000 7.815.00011.290.000 4,370,000174,147,000
with agent — - - - — 8,320,000
1.170.000
3,651,000
----- ] 13,969,000
5.366.000
3,782,000
Carried to net liabilities.
______ 1
............ 1,426,000 18,118,000
|
1,799,665
750*665
770,666
11.755,606
373",666
l,0
2
l’,666
2*24",000
Carried to net assets-----a Items In transit, 1. e .. total amounts due from less total amounts due to other Federal Reserve banks.
STATE M EN T O F
Boston.

New York

FE D E RA L

RE SE RVE

PhtladeVa. Cleveland. Richm
ond.

A G E N T S ' AC CO U N TS DEC. 3 1915.

Atlanta.

Chicago.

St. Louis. Minneap. Kan. City.

Dallas.

San Fran

Total.

$
$
|
$
$
$
$
;
$
S
$
$
$
S
$
Federal Reserve Notes—
17,000,000 11,000,000 19,580,00010.000,000252,6SO.OOO
R ec’d from Comptr 16,360,000100,440.00012,480,000 11,600,000 15,840,000 19,400,000 9,380,000 9,600,000
25,000
230,000,
1,355,000
120,000,
............
_______
540,000
40,000>|
Returned to Com ptr'r i 400,000
............
--------- --------9.260.000 9,600.00017,000,00011.000,000 19,555,000 9.770,000251,325,000
Chargeable to A g en t-- 15.960,000 100.440,00 011,940,000 11,560,000>15,840,000 19,400,000
4,380,000 5,400,000 60,340,000
In hands of F . R . agent 7,640,000 21,280,00 0] 3,440,000 2,160,000) 1,340,000 3.070,000 4.880.000 1,650,000) 4,000,000 1,100,000
15,175,000
4,370.000190.9S5,000
9,900,000
16,330,000 4,380,000 7,950,000 13,000,000
Issued to F . R . b a n k .. 8,320,000 79,160,000| 8,500,000 9,400,000>14,500,000
Held by F . R . agent—
9,540,000]
------ -■ 135.177,000
3,815,000
6,672,000
10,000,000
380,000
8,930,000
______
G old coin & ccrtfs------ 8,320,000 79,020,00O 8,500,000
Lawful m oney.............
J
............
590,000
Credit balances.:
120,000
............
470,000>
............
...........
1.750.000 4,370,000 38,380,000
In Gold redemp. fund
] 8,800,000 ii,2bb"666 4,260,000 1,000,000 3,boo",boo 4,0bb",665
W ith F . R . B o a r d ....
........... 16,838,000
Notes secured b y com
2,085,000 3.885.000
............! 278,000
j 5,700,000 4.750,000
140,00•0
...........
............
merclal paper...........
9,900,00015,175,000
4,370,000190,985.000
4,380,000]
7,950,00013,000,000
79,160,00K) 8,500,000 9,400,000>14,500,00016,330,000
T o t a l _____________ 8,320.000
„ „ „ ----! 6,558,000 4,751,UUU
140,00 0
______
delivered to F.R.agen tJ
...........




I
1
1
|
1
|
g
g
1
1
1
|

1952

THE CHRONICLE

[V ol . 101

S t a t e m e n t o f N e w Y o r k C ity C le a r in g -H o u s e B a n k s a n d T r u s t C o m p a n ie s .— T h e follow ing detailed statem en t show s
the condition o f the N e w Y o r k C ity C learing-H ou se m em bers for the week ending D ecem ber 4 . T h e figures for the separate
banks are the averages of the daily results. _ In the case of the totals, actual figures at the end of the week are also g iv en .
In order to furnish a com parison, we have inserted the totals of actual condition for each o f the three groups and
also the grand aggregates, for the four preceding w eeks.
NEW
CLEARING HOUSE
MEMBERS.
Week Ending
December 4 1915
(00s o m itte d .)

N et
P r o fits .

C a p ita l.

Y O R K W E E K L Y C L E A R I N G -H O U S E R E T U R N .

L oans,
D is c o u n ts ,
I n v e s tm ’ t s ,

fN at.B ’ksNov. 101
\State B’ksSept.25

Members o f Federal
Reserve Bank.
$
2.000.C
Bank of N . Y ., N.B.A
2.000.C
Merchants’ Nat. Bank.
6,000,1
Mech. & Metals N a t..
National City Bank.. 25,000,1
3,000,1
Chemical Nat. Bank—
1,000,1
Atlantic National Ban!
300,1
Nat. Butchers’ & Drov
5,000,1
Amer. Exch. Nat. Ban!
National Bank of Com. 25,000.1
3,500,1
Chatham A Phenlx Nat
Hanover National Bank 3,000,1
2,550,1
Citizens’ Central Nat
1,000.1
Market & Fulton N a t..
1,500,1
Importers’ & Traders’5,000,1
National Park Bank—
250,1
EastRlvcr Nat. Bank..
1,000,1
Second National Bank.
First National Bank— 10,000,1
Irving National Bank.. 4,000,1
500,1
N . Y . County Nat. Bk.
Chase National Bank.. 5,000,1
1,000,1
Lincoln National Bank.
Garfield National Bank 1,000,1
250.1
Fifth National B a n k ...
1,000,0
Seaboard Nat. Bank—
1,000,0
Liberty National Bank.
1,000,0
Coal & Iron Nat. Bank.
1,000,0
Union Exchange N a t..
Nassau Nat. Bank------ 1,000,0
1,500,0
Broadway Trust Co—

A vera ge.
S

4,833,2
2,278,7
9,283,(
a37,658,9
8,093,6
817,7
79,1
4,995,;
18,030,;
2,181,5
15,484,2
2,617,1
1,976,7
7,794,5
15,663,2
77,(
3,282,1
23,875,5
3,959,1
1,288,6
10,042,6
1,926.2
1,274,0
404,7
2,888,0
3,222,5
700,7
1,058,1
1,122,0
903,7

S
36,984,(
29,947,0
116,865,0
343,315,0
35,002,0
10,942,0
1,965,(
93,484,0
231,038,0
56,575,(
122,768,0
28,318,(
9,838,0
32,913,0
140,488,0
1,964,0
16,220,0
178,172,0
60,352,0
9,959,0
188,166,0
16,373,0
8,721,0
4,470,0
35,395,0
60,038,0
8,284,0
11,461,0
9,009,0
17,571,0

N a t .B a n l N a t . B a n k
N o te s
N o te s
[R eserv e
[N o t
f o r Stale
C o u n ted
In s titu ­
as
tio n s],
R e s e r v e ].

L ega l
T en d ers.

C o ld .

A vera ge.
$

A verage.

A verage.

$
723,(
308,0
2,428,1
6,807,(
2,246,(
175,(
35,(
1,486,1
5,019,0
1,207,1
1,242,0
207,1
390,0
1,044,0
1,012,0
43,0
434,1
1,523,0
1,457,0
129,0
4,957,0
1,231,0
333,0
125,0
698,0
602,0
149,0
291,0
79,0
237,0

2,S00,(
1,915,0
19,932,(
109,632,0
4,G22,(
549,(
83,(
6,439,0
22,652,0
2,607,0
18,734,0
1,250,0
528,0
1,505,0
11,354,0
87,0
1,069,0
20,454,0
5,636,0
388,0
16,887,0
1,607,0
1,152,0
160,0
3,634,0
4,643,0
544,0
375,0
361,0
1,454,0

$
737,1
1,091,0
6,042,1
10,726,1
1,092,1
460,1
188,1
2,698,1
2,190,1
1,959,1
2,701,1
1,071,1
606,1
521,1
3,682,1
276,1
670,1
4,688,1
4,050,1
705,C
4.909.C
432.C
1,125,(1
258,C
2,259,0
1,595,0
161,0
698,0
515,0
510,0

A verage.
$

______
______
_
______
______

Totals, avge. for week 115,350,0 187,811,8 1,916,597,0 263,053,0 36,017,0 58,615,0
Dec. 4
Nov. 27
Nov. 20
N ov. 13

___
_______
___ ___
............

1,915,451,0
1,930,512,0
1,922.598,0
1,923,603,0

270,993.0
267,814,0
270,535,0
282,737,0

37,879,0
34,034,0
30,777,0
33.688,0

56,044,0
58,937,0
65,105,0
58,947,0

...........

2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1.000,0
200,0
1,000,0
1.500,0

4,939,0
6,1 IS,7
1,193,9
1,000,5
438,3
1,935,1
6,736,7
765,7
703,7
2,240,2
795,4
999,7
2,134,0
683,4
956,9
505,6

48,000,0
36,991.0
11,044,0
5,325,0
2,128,0
11,944,0
80,321,0
3,850,0
5,976,0
16,309.0
3,976,0
6,251,0
14,858,0
4,544,0
11,881,0
21,002,0

10,153,0
5,845,0
1,028,0
260,0
183,0
1,135,0
6,060,0
302.0
739,0
1,702,0
525,0
574,0
1,110,0
321,0
1,703,0
1,486,0

1,752,0
1,368,0
182,0
543,0
68,0
337,0
2,034,0
31,0
107,0
491,0
89,0
103,0
769,0
203,0
387,0
299,0

1,795,0
1,191,0
545.0
182.0
149,0
722,0
4,576,0
67,0
98,0
1,148,0
127,0
157,0
789,0
117,0
544,0
741,0

93,0
154.0
388.0
170.0
21,0
39,0
1,031,0
50,0
15,0
151,0
77,0
100,0
80,0
36,0
144,0
445,0

Totals, avge. for week. 15,450,0 32,146,8

284,400,0 33,126,0

8,763,0

12,948,0

2,994,0

Totals, actual condition Dec. 4
Totals, actual condition
Totals, actual condition Nov. 20
Totals, actual condition Nov. 13

285.269.0
284.447.0
286.866,0
286,599.0

9.355.0 11.645.0
8.635.0 12.503.0
9,177,0 12,574,0
9,321,0 12,417,0

2.645.0
2.888.0
3,130,0
3,420,0

601,0
84,0
621,0
219,0
175,0
1,762,0
120,0
97,0
620,0
292,0
363,0
165,0
321,0
160,0

189,0
23,0
168,0
124,0
169,0
732,0
33,0
30,0
215,0
192,0
20,0
56,0
58,0
403,0

Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

F ed eral
R eserv e
Bank
N o tes
[N o t
R e s e r v e ].

A verage.

A verage.

$

$

2,0
33,0
161,0
193,0
60,0
22,0
1,0
126,0
64,0
588,0
13,0
56,0
100,0
1,0
182,0
8,0
60,0
39,0
22,0
179,0
47,0
196,0
68,0
17,0
24,0
21,0
54,0
22,0
27,0
75,0

R eserv e
w ith
L eoa l
D e p o s i­
ta r ie s .

E xcess
Due
fr o m
R eserv e
D e p o s i­
ta r ie s .

A v era g e
%

A v era g e

2.498.0
2.248.0
9.821.0
33.207.0
3.118.0
860,0
156.0
8.470.0
18.393.0
4.478.0
10.751.0
2.257.0
781.0
2.251.0
10.806.0
234.0
1.102.0
13.860.0
5.199.0
721.0
15.818.0
1.286.0
917.0
387.0
4.745.0
5.377.0
632.0
814.0
587.0
1.400.0

51.0
09.0
949,0
2,0
5,0
42.0
63.0
205,0
97.0
34.0
86.0

65.0

437,6
11.0
121,0
146.0
105.0

39.0
237,0
16.0
12,0
9,0
46,0

2,461,0

2,847,0 163,174,0

2,167,0
2,353,0
2,717,0
2,366,0

2.748.0
3.050.0
2.806.0
2.646,0

$

N et
D em an d
D e p o sits.

N et
T im e
D e p o s its

N a t io n a l
Bank
C ir c u la ­
tio n .

A vera ge.

A verag e

A vera ge.

$
33.950.0
29.524.0
133.355.0
436.351.0
34.757.0
10.872.0
1.980.0
95.490.0
234.813.0
54.939.0
137.520.0
25.321.0
9.332.0
28.935.0
142.676.0
2.568.0
13.857.0
181.612.0
68.400.0
10.163.0
214,335,0
17.641.0
9.892.0
4.865.0
43.043.0
66.091.0
8.221.0
11.277.0
8,273,0
18.537.0
2.088,590,0

$
1.615.0
2,332,6
1.267.0
27.0
31.0
2.757.0
125,0
5.541.0
1,189,0
789,0
125.0
171.0
1,255,0
32,0
120,0
2,167,0
6,0
53,0
107,0

$
798.0
1.953.0
4.960.0
1.799.0
450.0
380.0
50.0
4.865.0
2.685.0
1.578.0
305.0
1.640.0
72.0
50.0
3.550.0
50.0
673.0
4.444.0
740.0
198.0
450.0
889.0
348.0
248.0
362.0
500.0
399.0
400.0
267.0

19,709,0 35,103,0

160.429.0
165.102.0
160.892.0
169.031.0

35.084.0
35.101.0
35.051.0
34.487.0

State Banks.
N o t M em bers o f
F e d e r a l R es e r v e B a n k .

Bank of Manhattan C o.

Metropolitan Bank----Corn Exchange Bank..
German-American Bank
Fifth Avenue Bank___
German Exchange Bank

N. Y . Produce Exch.Bk
State Bank....................

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

31.586.0
33.514.0
33,844,0
35,890,0

900.0 1,514,0
1,397,0
494,0

55.700.0
37.731.0
12.136.0
4.908.0
2.678.0
10.182.0
94.748.0
3.477.0
5.905.0
17.111.0
3.930.0
6.165.0
14.389.0
4.610.0
13.673.0
23.278.0

38,0

...........

45,0 14,135.0 3,698,0

310,681,0

81,0

...........
______
...........

37.0
45.0
37.0
37.0

_____

30.0
28.0
133,0

560.0
4.0
16,0

______

" 161*6

312,0

1 0 ,0 0 0 ,0

209.0
200.0

______
______

" 97",6

"236',6 1,281,0
197.0

" 276*6

31,0
12*6

81,0
104.0
173.0
250.0

Trust Companies
N o t M em bers o f
F e d e r a l R e se rv e B a n k .

Brooklyn Trust Co------ 1,500,0 3,605,6
Bankers Trust C o ------- 10,000,0 13,594,2
2,000,0 4,201,8
U. S. Mtg. A Trust C o.
1,250,0
1,339,6
5,000,0 12,045,5
Title Guar. A Trust Co.
Guaranty Trust Co----- 10,000,0 23,186,3
1,000,0
1,317,7
5,090,2
Lawyers T itle * Trust. 4,000,0
2,000,0
7,568,2
Columbia Trust Co___
1,000,0
1,438,0
People's Trust C o____
3,000,0 11,119,2
New York Trust C o__
1,105,9
Franklin Trust Co_____ 1,000,0
1,000,0
541,4
Lincoln Trust Co______
Metropolitan Trust Co. 2,000,0
6,293,9

31,745,0
1,494,0
207,132,0 18,644,0
54,473,0 3,135,0
28,216,0 2,074,0
37,776,0
1,829,0
308,442,0 43,861,0
580,0
8,853.0
1,293,0
23,606,0
71,934,0 4,647,0
1,157,0
17,916,0
61,779.0 4,514,0
17,792,0
1,208,0
664,0
11,841,0
50,327,0 4,923,0

155,0
9,0
96,0
36,0
235,0
1,103,0
58,0
275,0
274,0
69,0
254,0
62,0
84,0
470,0

27.0
254.0
62.0
159.0
9.0
16,0
4.0

______
______

1,121
9,364
1.989
1,061
1,180
15,027
370
825
2,900
860
2,351
711,
565
2,182,

2.538.0
13.563.0
11.275.0
632.0
4.214.0
21.958.0
452.0
761.0
3.873.0
1.649.0
7.157.0
1.571.0
809.0
3.614.0

22.424.0
187.272.0
39.802.0
23.426.0
23.597.0
300.543.0
7,411,0
16.492.0
58.002.0
17.190.0
47.028.0
14.216.0
11.303.0
43.636.0

Totals, avge. for week. 44,750,0 92,447,5

931,831,0 90,023,0

3,180,0

5,600.0

2,412,0

Totals, actual condition Dec. 4
Totals, actual condition Nov. 27

937,139,0
918.276.0
921.999.0
912.509.0

3,642,0
2.851.0
7.207.0
6,128,0

5,765,0
7.589.0
5.274.0
9,228,0

2,425,0
2.432.0
2.316.0
2,167,0

...........

48,560,0 77,163,0
+ 1,784,0 + 839,0

5,406,0
+ 68,0

2,461,0
+ 45,0

50,876,0 74,054,0
+ 5,356,0 —4,975,0

5,070.0
— 250,0

2,167,0
— 1S6.0

3,534,0
— 307,0

27 3,133,235,0 391,466.0 45,520,0 79,029,0
20 {,131,463,0 395,578,0 53,101,0 82,953,0
13 3,122,711,0 397,762,0 49,137.0 80,592,0

5,320,0
5.446,0
5,587,0

2,353,0
2,717,0
2,366,0

3.841.0 218,109,0 81,116.0 3,210,626,0
3.534.0 213,772,0 82,254,0 3,224.685,0
3.341.0 217,572,0 94.534,0 3,219.343,0

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

Totals, actual condition N ov. 13

86,642,0
90.138.0
91.199.0
79.135.0

Grand Aggregate, avge. 175,550,0 3127406,1 3,132,828,0 386,202,0
Comparison prev. week ............. ............. — 5,378,0 —2,441,0
Grand aggregate, actual jondltlon Dec. 4 3,137,859,0 389,221,0
Comparison prev. week ............. .............
+ 4,624,0 —2,245,0
Grand Aggregate actual jondltlon Nov.
Grand Aggregate actual condition Nov.
Grand Aggregate actual ;ondltion,Nov.
a

742,0 40,506,0 74,066,0

...........

40.640.0
39.876.0
40.360.0
39.314.0

76.620.0
77.686.0
80.149.0
92.489.0

7.630.0
25.102.0
14.522.0
5.637.0
529.0
37.882.0
230.0
576.0
13.292.0

882.0

8.218.0
3,551,0
727,0
0,486.0

812,342,0 125,264,0
813.874.0
800.209.0
807.022.0
787.812.0

77,764,0
— 27780

124.922.0
125.802.0
125.300.0

128.043.0
145.054.0 35,103,0
— 358,0
+ 16,0

80.401,0 3,215.358,0 144,918,0
715,0
-1,268,0
-593,0
35.101.0
35.051.0
34.487.0

Includes capital set aside for Foreign Branches, $3,000,000.
STATEMENTS OF RESERVE POSITION.

Averages.
C a s k R eserve] R e se rv e i n
i n V a u lt. {D e p o s it a r ie s

Members

T o ta l
R e se rv e .

a R eserv e
R e q u ir e d .

Actual Figures.
S u r p lu s
R e se rv e .

Federal
$
$
$
%
$
Reserve Bank____ 358.285.000 163,174,000 521,459,000 376,931,650 144,527,350
Btate Banks * ______ 57,831,000; 14,135,000 71,966,000 55,922,580 16,043,420
Trust C om pa n ies*.. 101.215.000 40,506,000 141,721,000 121,851,300 19,869,700
Total
Total
Total
Total

In c. or D ec.
fr o m
C a sk R eserve R eserv e in
P r e v io u slV eek
in V a u lt. D e p o s it a r ie s

b R eserv e
R e q u ir e d .

S u r p lu s
R eserve.

In c. or D es.
fr o m
P r e v io u s W t t k

$
$
$
%
$
*
$
— 253,590 365,516,000 160,429,000 525.945.000 377,491,850 148,453,150 + 2,737,280
+ 862,400 55.231.000 14.364.000 09,595,000 55,771,020 13,823,980 — 1,082,840
— 94,650 98.474.000 40.640.000 139.114.000 122,081,100 17,032,900 — 5,821,750

D e c. 4 ___ 517.331.000217.815.000735.146.000 554,705,530 180,440,470
+ 5 1 4 ,1 6 0
N ov. 27___ 517.081.000
218,581,000735,662,000
555,735,690
179,926,310—
15,018.460
N ov . 20__ 533.707.000 216,556,000 750,263,000 555,318.230 194,944,770 + 6,1 43,9 80
N ov. 13___ 524.368.000 217,876.000 742,244,000 553.443,210 188,800,790 — 2.695.050

519,221,000
521,335,000
537.138,000
533,078,000

• Not members of Federal Reserve Bank.
a This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust
Includes also the amount of reserve required on Net Time Deposits, which was as follows: Dec. 4,
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust
Includes also the amount of reserve required on Net Time Deposits, which was as follows: Dec. 4,




T o ta l
R e se rv e .

215.433.000 734,654,000
218.109.000 739,444,000
213.772.000 750,910.000
217.572.000 750.650,000

555,343,970
555,966,660
557,235,040
556,804,630

179,310,030 — 4,167,310
183,477,340 — 10,197.620
193,674,960
— 170,410
193,845,370 + 4,744,870

Companies, but In the case of Members of the Federal Reserve Banks
$985,450; Nov. 27. $981,000; Nov. 20, $989,600; Nov. 13, $967,200.
Companies, but In the case of Members of the Federal Reservo Banks
$995,750; Nov. 27, $980,250; Nov. 20, $1,002,400; Nov. 13, 5975,250.

THE CHRONICLE

D eo . 11 1915.]

T h e S tate B anking D ep a rtm en t reports weekly figures
showing the condition of State banks and trust com panies
In N ew Y o rk C ity not in the Clearing House, and these are
■hown in the follow ing table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEM ENT.
(F i g u r e s F u r n is h e d b y S la te B a n k in g D e p a r t m e n t .)

D i f f e r e n c e s fr o m

D e c e m b e r 4.
■previous w e ek .
Inc. $1,966,900
Loans and Investments___________________________ S617,558,900
73,100
52,662,900 Inc.
G o ld ....................................-r.....................................
335,600
Currency and bank notes--------------------------------------9,868,000 Inc.
Total deposits________________________________ 823,497,600 Inc. 1,395,300
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
panies in New York City, and exchanges------------ 642,059,100 Dec. 310,400
Reserve on deposits______________________________ 235,564,800 Inc. 1,010,000
Percentage of reserve, 35%.
RESERVE.
-------- Slate B a n k s -------- -----T ru st C o m p a n ie s ----Cash In vaults___________ . _________ $11,615,300 11.38%
$50,915,600 8.93%
Deposits In banks and trust cos_____ 20,350,000 19.93%
152,683,900 26.80%

T ota l.................................................$31,965,300 31.31%

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

W e e k en d e d —

D em an d
D e p o s its .

L oans and
In v e s tm e n ts

S p e c ie .
S

Sept.11___
Sept. 18___
Sept. 25----Oct. 2----Oct. 9 ___
Oct. 16----Oct. 23-----Oct. 30___
Nov. 6----Nov. 13----Nov. 20----Nov. 27___
Dec. 4___

3,255,146,3
3.285.207.2
3.317.767.9
3.358.896.0
3.388.651.3
3.467.524.0
3.608.520.3
3,642,474,6
3.691.856.2
3,725,985,5
3.735.488.3
3.753.798.0
3.750.386.9

3.281.909.7
3.356.038.0
3.396.150.0
3.443.128.2
3.474.185.0
3.554.422.3
3,709,084,9
3.748.805.7
3.803.046.8
3.839.752.9
3.858.135.4
3.858.048.5
3.863.672.1

481,187,9
498,657,5
496,161,0
490,661.8
482,017,2
494,209,0
502,300,9
513,565,6
519.525,7
520,920,8
526,271,3
517,556,8
516,027,9

In addition to the returns of “ S ta te banks a n d tru st com
panies in N e w Y o rk C ity not in the Clearing House” furnished
b y the State B anking D ep a rtm en t, the D ep a rtm en t also
presents a statem ent covering all the institutions of this class
in the whole S ta te .
T h e figures are com piled so as to distin­
guish between the results for N e w Y o r k C ity (G reater N ew
Y o rk ) and those for the rest of the S ta te , as per the follow ing:
D or definitions and rules under which the various item s
are m ade u p , see “ C h ron icle,” V . 9 8 , p . 1 6 6 1 .
T h e provisions o f the law governing the reserve require­
m ents of S tate banking institutions were published in the
“ C hronicle” M a rch 2 8 1914 (V . 9 8 , p . 9 6 8 ) .
T h e regula­
tions relating to calculating the a m o u n t of deposits and w h at
deductions are perm itted in the com p utation o f the reserves
were given in the “ Chronicle” A p ril 4 19 14 (V . 9 8 , p . 1 0 4 5 ).

$203,599,500 35.73%

T h e averages of the N e w Y o rk C ity Clearing-H ouse banks
and trust com panies, combined with those for the State banks
and trust com panies in Greater N e w Y o rk C ity outside o f the
Clearing H o u se , com pare as follows for a series of weeks p ast:

O th er
M on ey.

T o ta l
E n tir e
R ese rv e o n
M on ey
H o ld in g s . D e p o s its .

$
82.700,5
83,684,2
80.832,3
78,671,6
79,288,5
79,423,4
77,013,0
71,853,9
68,166,0
65,231,7
69,244,8
61,646,4
63,834,0

$
563.8S8.4
582,341.7
576,993,3
569,333,4
561,305,7
573,632,4
579,313.9
585,419,5
5S7,691,7
586,152,5
595,516,1
579,203,2
579,861,9

S

873,985,2
901,059,6
899,749,4
888,344,5
881,458,3
911,515,5
931,772,5
957,399,9
970,813,4
9S0.387,6
981,478,5
970,216,8
970,710,8

1 9 53

STATE BANKS AND TRUST COMPANIES.

W e e k en d ed Dec.

S ta te B a n k s
T ru st C os.
S ta te B a n k s
T ru st C os.
in
In
o u t s id e o f
o u tsid e o f
G r ea ter N . Y . G r ea ter N . Y . G rea ter N . Y. G r e a te r N . Y.

27

23,050,000

$
65,550,000

38,209,100

155,738,300

*13,863,600

*11,358,400

362,365,900 1,460,822,900
— 1,341,900 + 8,486,700

144,695,800
+ 1,903,600

209,816,800
+ 193,700

S

Capital as of Sept. 25___
Surplus as of Sept. 25___
Loans and Investments..
Change from last week.

$
*10,863,000

S
*13,400,000

G o ld ___________________
Change from last week.

44,504,500
— 566,400

138,836,000
+ 1,324,700

Currency and bank notes .
Change from last week.

24,925,000
+ 467,700

15,692,200
— 296,100

— ................

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

504,224.600 1,832,172,900
Deposits_______________
Change from last week. + 11,398,000 + 12,066,500

155,078,300
+ 1,739,100

221,928,900
+286,600

Change from last week.

117,893,600
+2,623,100

441,999,000
— 1,760,100

28,243,700
+ 131,400

31,207,000
— 292,700

P c. of reserve to deposits
Percentage last week..

29.4%
28.6%

29.9%
30.1%

21.2%
21.4%

17.3%
17.5%

+ Increase over last week.

— Decrease from last week.

* As of June 23.

N o n -M e m b e r B a n k s a n d T r u s t C o m p a n ie s .— Follow ing is the report m ade to the C learing-H ouse b y clearing non­
member institutions which are n ot included in the “ C learing-H ouse return” on the preceding page:
R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W
CLEARING
NON-MEMBERS.
Week Ending
Dec. 4 1915.

C a p it a l.

N et
P r o fits .

'N at. b'ks Nov. *101
\Stato b ’ks Sept. 251

Members o f
Fed'l Reserve Bank
Battery Park Nat__
First Nat., Brooklyn
National City, Bklyn
First Nat., Jers. City
Hudson Co. N .. J. C.
First Nat., Hoboken
Second Nat., Hobok.
Total

L oans,
D is co u n ts,
I n v e s t­
m en ts, e tc
A verage

L eg a l
T en d ers.

A v era g e

A verage.

A verage.

Y O R K C L E A R IN G H O U SE .

N a t .B a n k N a t . B a n k F e d e r a l
N o te s [R e­ N o te s [N o t R ese rv e
Bank
C o u n ted
serv e f o r
N o tes\ N o t
as
S ta te I n ­
s t it u tio n s ]I R e s e r v e ]. R eserve]
A vera g e.

$

$
S
$
167.100 2.504.000
200,000
686,800 5.089.000
300.000
657.100 5.310.000
300.000
400.000 1,271,800 4.725.000
250.000
777,200 3.877.000
220.000
659,300 5.402.000
125,000
315.100 4.308.000

$
86,000
114.000
166.000
207.000
129.000
114.000
44,000

S
35.000
32.000
53.000
291,000
9,000
17.000
37.000

$
44.000
144.000
117.000
91.000
63.000
54.000
112.000

1,795,000 4,534,400 31,215,000

860,000

474,000

625,000

1.964.000
7.029.000
7.716.000
1.287.000
4.104.000
3.496.000
5.564.000
16,905,000
3.307.000

95.000
584.000
398.000
92.000
649.000
195.000
453.000
794.000
175.000

9,000
62,000
185.000
11,000
48.000
29.000
115.000
150.000
53.000

86,000
254.000
607.000
28,000
192.000
173.000
256.000
786.000
140.000

11,000
81,000
28,000
94.000
158,000
19.000

662,000 2,522,000

604,000

A verage.

$
4.000
12,000
14.000
23.000
81.000
14,000
6.000
154,000

A vera g e.

$
2,000
1,000
14,000
2,000
5.000
8.000

R eserv e
w ith
L eg a l
D e p o si­
t a r ie s .

E xcess
D u e fro m
R eserv e
D e p o si­
t a r ie s .

N et
D em an d
D e p o s its .

N et
T im e
D e p o s its .

A verage.

A verage.

A verage.

A vera ge.

N a tio n a l
Bank
C ir c u ­
la tio n .

S
S
$
$
319.000
189.000 2.659.000
47,000
571.000
45,000 4.726.000
669.000
294.000 5.279.000
475.000 3,221,000 3.960.000
349.000
918.000 2.909.000
354.000
642.000 2.190.000 2.739.000
264.000
490.000 2.201.000 1.898.000

32,000 3,001,000 5,799,000 23,924,000

A vera ge,
$

196.000
294.000
119.000
394.000
194.000
219.000
99.000
1,515,000

State Banks.
N o t M e m b e r s o f th e
F e d e r a l R es e r v e B a n k .

Bank of Wash. Hgts. 100,000
Colonial Bank--------- 400.000
300.000
Columbia Bank----Fidelity Bank______ 200.000
Mutual Bank--------- 200,000
200,000
New Nethcrland___
100,000
Yorkvllle Bank........
Mechanics’ B klyn.. 1,600,000
North Side, B klyn.. 200,000

385.100
807.500
653.100
188,300
470.100
250,200
521,400
716.500
184,700

T o ta l.................... 3,300,000 4,176,900 51,372,000 3,435,000

15,000
198,000

139,000

170,000

87.000
130.000 1.493.000
458.000 1.024.000 7.629.000
506.000
442.000 8.432.000
68.000
195.000 1.140.000
382.000 1.818.000 4.639.000
413.000 3.563.000
2,000 211.000
482.000 6.084.000
365.000
1,091,000 3,090,000 18,177,000
213.000
351.000 3.547.000

427.000
100.000

2,000 3,381,000 7,945,000 54,704,000

617,000

78.000
12.000

Trust Companies.
N o t M e m b e r s o f th e
F e d e r a l R ese rv e B a n k .

HamlltonTrust.Bkln
Mechanics, Bayonne
Total
Grand aggregate----Comparison, prevwk
Excess reserve,
Grand aggr'te Nov27
Grand aggr’te Nov20
Grand aggr’te Nov 13
Grand aggr’te Nov. 6
Grand aggr’te Oct 30

500.000 1,051,000 6.739.000
276,000 4.282.000
200.000

455,000
88,000

700,000 1,327,000 11,021,000

543,000

5,795,000 10,038,300
$81,280
5.795.000
5.795.000
5.795.000
5.795.000
5.795.000

845.000
814.000
791.000
715.000
796.000

15.000
34.000

19.000
67.000

39.000
55.000

49,000

86,000

94,000

1,185,000 3,233,000 698,000
— 11,000 + 71,000 + 23,000

463,000
+ 5,000

675.000
645.000
634.000
641.000
653.000

458.000
469.000
541.000
471.000
466.000

1.196.000
1.090.000
1.200.000
1,121,000
1,078,000

3.162.000
3.119.000
3.112.000
3.065.000
2.979.000

P h ila d e lp h ia B a n k s .— Su m m ary of w eekly totals of
Clearing-H ouse banks and trust com panies of Philadelphia:
W e o m it tw o c ip h e r s
C a p it a l
and
S u r p lu s .

L oan s.

$
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
103,684,3

(00) In all these f i g u r e s .

R eserve.

D e p o s its .
a

$

$

436,807,0
437,928,0
439,654,0
446,539,0
453,567,0
457,330,0
460,898,0
463,773,0
465,396,0
466,584,0
469,137,0

129.433.0
140.764.0
133.413.0
132.562.0
127.930.0
124.693.0
127.471.0
122.851.0
114.763.0
104.188.0
102.034.0

$
543.606.0
564.655.0
550.552.0
566.761.0
566.137.0
565.461.0
578.456.0
572.590.0
569.632.0
558.545.0
559.694.0

3,000
16,000

249,000 2,002,000 4.985.000
946,000
93,000
859,000 1.863.000 2,292,000

19,000

342,000 2,861,000 6,848,000 3,238,000

53,000 6,724,000 16,605,000 85,476,000 8,539,000
— 1,000 + 4,000 + 682,000 — 75,000
+ 2,000
54.000
54.000
63.000
54.000
48.000

6.720.000
6.674.000
6.626.000
6.544.000
6.478.000

15.923.000
15.868.000
16.282.000
17.442.000
14.742.000

BOSTON CLEARING HOUSE MEMBERS.
C lr c u t lo n .

C le a r in g s

4
1915.

D ec.

C h a n g e fr o m
p r e v io u s w e ek .

$8,135,000 Dec.
Circulation.......... ............. —
Loans, disc'ts & Investments. 387.761.000 Inc.
Individual deposits, incl. U.S. 324.676.000 Dec.
119.567.000 Dec.
14.586.000
Exchanges for Clearing House 17.405.000 Inc.
35.702.000 Inc.
Cash reserve---------------------- 27.100.000 Inc.
Reserve In Fed. Res've Bank 15.507.000 Dec.
Reserve with other b an k s... 48.880.000 Dec.
4,944,000 Inc.
Reserve excess in bank--------Excess with reserve agent— 30.415.000 Dec.
735,OOOlDec.
Excess with Fed. Res’ve B’k.

a Includes Government deposits and the Item "due to other banks” (Dec. 4,
$156,9 )0,000); also “ Exchanges for Clearing House" (Deo. 4, $22,271,000). Due
from banks Dec. 4, S71,858,000.

Im p o r ts a n d E x p o r ts fo r t h e
preceding.

2 _________
9_________
16.............. 23................
30_________

N ov.13_________
Nov.20................
Nov.27_________
Dec. 4 . . ........ .




8.537.000 1,514,000
8.710.000 1,518,000
9.058.000 1,515,000
9.131.000 1,514,000
9,045,000; 1,523,000

B o s t o n C le a r in g -H o u s e B a n k s .— W e give below a
sum m ary showing the totals for all the item s in the Boston
Clearing-H ouse weekly statem ent for a series of weeks:

$
176.084.0
245.187.9
207.012.0
199.283.3
204.798.1
190.212.9
204,079,7
198,336,5
218.995.4
176.161.2
244,e26,3

Oct.
Oct.
Oct.
Oct.
Oct.

85.551.000
85.094.000
84.348.000
83.167.000
82.739.000

$
11.077.0
11.070.0
11.079.0
11.090.0
11.105.0
11.110.0
11,022,0
10.958.0
10.688.0
10.507.0
10.511.0

$1,000
1,131,000
5,160,000
2,130,000
1,296,000
705,000
1,247,000
912,000
11,018,000
1,135,000
11,113,000
988,000

27
1915.

N ov.

$8,136,000
386.630.000
329.836.000
121.697.000
14,496,000
16.109.000
34.997.000
25.853.000
16.419.000
59.898.000
4.425.000
42.043.000
2.135.000

W e e k .— See

20
1915.

N ov.

$8,399,000
389.558.000
336.530.000
130.320.000
13,750,000
18.165.000
38.865.000
26.400.000
15.889.000
65.375.000
4.122.000
43.097.000
4.750.000

third page

THE CHRONICLE

19o4

atiMtxg ami ffin a m x a l.
B A N K

O F

M O N T R E A L .

A N N U A L G E N E R A L M E E T IN G

HELD

D E C . 6 1915.

The 98th Annual General Meeting of the Shareholders of the Bank of
Montreal was held in the Board Room at the Bank’s Headquarters.
On motion of M r. R . B. Angus, M r. H . V . Meredith was requested to
take the chair.
M r. C . J. Fleet, K .C ., moved, and M r. A . Piddington seconded, that
the following gentlemen be appointed to act as Scrutineers:— Messrs.
George R . Hooper and G . L. Ogilvie, and that M r. O. R . Sharp be the
Secretary of this meeting. This was carried unanimously.
The Chairman then called upon the General Manager, Sir Frederick
Wi11iams-Taylor, to read the annual report of the Directors to the Share­
holders at their 98th Annual General Meeting, held Monday, December
6 th 1915.
TH E AN N U AL REPORT.

[Vol. 101.

D r o u g h t f o r w a r d __________________________________________ *170,007,508
Current Loans and Discounts in Canada
(less rebate of interest)--------------------------- $99,078,506 38
5,000,000 00
Loans to the Government of Canada_____
Loans to Cities, Towns, Municipalities
and School Districts------------------------------- 11,203,472 08
Current Loans and Discounts elsewhere
than in Canada (less rebate of interest). 5,893,975 38
Overdue debts, estimated loss provided for
594,686 93
121,770,640
Bank Premises at not more than cost (less amounts
4,000,000
written off)_____________________________________________
Real Estate other than Bank Premises___________________
175,959
Liabilities of Customers under Letters of Credit (as per
C o n tra )________________________________________________
3,675,559
Other Assets not included in the foregoing______________
3,350,827

09

77
00
67
00
45

*302,980,554 98
II. V . M E R E D IT H ,
President.

F R E D E R IC K W IL L IA M S -T A Y L O R ,
General Manager.

To the Shareholders of the Bank of Montreal :
W e have checked the Cash and verified the Securities of the Bank at the
Chief Office and at several of the Principal Branches at various times dur­
ing the year, as well as on 30th October 1915, and we found them to be in
accord with the books of the Bank. W e have obtained all information
and explanations required, and all transactions that have come under
our notice have, in our opinion, been within the powers of the Bank.
The Directors have pleasure in presenting the Report showing the
W e have compared the above Balance Sheet with the Books and Accounts
result of the Bank’s business for the year ended 30th October 1915:
j
at the Chief Office of the Bank, and with the certified Returns received
Balance of Profit and Loss Account, 31st October 1914------ $1,232,669 42 | from its Branches, and we certify that in our opinion it exhibits a true and
Profits for the year ended 30th October 1915, after deduct­
correct view of the state of the Bank’s affairs according to the best of
ing charges of management, and making full provision
<
for all bad and doubtful debts------------------------------------------- 2,108,631 06 our information, the explanations given to us, and as shown by the
Books of the Bank.
$3,341,300 48
Montreal, 19th November 1915.
Quarterly Dividend, 2 ^ % , paid 1st Mar. 1915 $400,000 00
G EO R G E H Y D E ,
Quarterly Dividend, 2 } 4 % , paid 1 st June 1915 400,000 00
Bonus, 1 % , paid 1st June 1915-----------------™
J. M A X T O N E G R A H A M ,
Quarterly Dividend, 2 j^ % , paid 1st Sept. 1915 400,000 00
JAM ES H U T C H IS O N ,
Quarterly Dividend, 2
payabl e 1st Dec.
Auditors,
1915 _ ____________________________________
400,000 00
160,000 00
Bonus, 1 % , payable 1st Dec. 1915-----------Chartered Accountants.
$1,920,000
W ar Tax on Bank Note Circulatiqn to 30th
October 1915------------------------------- ------------------

00

127,347 53

T H E P R E S I D E N T ’S A D D R E S S .
2,047,347 53

Balance of Profit and Loss carried forward............................. $1,293,952 95
Since the last Annual Meeting a temporary Branch was opened at
Valcartier Camp, P. Q ., for the convenience of the troops during their
stay in camp.
The following branches have been closed:—
In Quebec— Valcartier Camp.
In British Columbia— West Summerland, Invermere, Alberni, Lumby.
The Directors have to record, with deep regret, the death of M r.
David Morrice, who had been a member of the Board since 1907.
All the offices of the Bank, including the Head Office, have been in­
spected during the year.
(Signed) II. V. M E R E D IT H ,
President.
Bank of Montreal, 6 th December 1915.
THE GENERAL STATEM EN T.
The General Statement of the position of the Bank on 30th October
1915 was read as follows:
L ia b ilitie s .

Capital Stock ------------ ---------------------------- -------------------816,000,000
R e s t ________________________________
$16,000,000 00
Balance of Profits carried forward--------1,293,952 95
.................
Unclaimed D ividends............ ........................
Quarterly Dividend, payable 1st Decem­
ber 1915____________________$400,000 00
Bonus of 1% payable 1 st Dec.
2915________________________ 160,000 OU

00

$17,293,952 95
72 00

560,000 00

17,854,024 95
$33,854,024 95

Notes of the Bank in circulation................ $17,270,782 00
Deposits not bearing interest...................... 75,745,729 < 8
Deposits bearing interest, including inter­
est accrued to date of statement______ 160,277,083 72
Deposits made by and Balances due to
other Banks in Canada..... ........................
9,474,694 61
Balances due to Banks and Banking Cor­
respondents elsewhere than in Canada.
482,631 89
1,283,836 56
Bills Payable......................................... .............
Acceptances under Letters of Credit--------------------------------Liabilities not included in the foregoing_________________

204,540,758 50
3,675,559 00
910,212 47
$302,980,554 98

dsse/s.
Gold and Silver coin current----------------------$15,808,701 46
Government demand notes------------------------ 24,461,103 0 0
Deposit in the Central Gold Reserves-----1,500,000 00
Deposit with the Minister for the purposes
of the Circulation F u n d .............................
790,000 00
Deposits made with and Balances due by
other Banks in Canada------------------------266 42
Balances due by Banks and
Banking Correspondents
elsewhere than in Canada $26,793,149 87
Call and Short (not exceed­
ing thirty days) Loans in
Great Britain and United
States___________________ 70,957,527 82
97,750,677 69
Dominion and Provincial Government Se­
curities not exceeding market value____
463,281 08
Railway and other Bonds, Debentures and
Stocks not exceeding market value____ 13,332,074 07
Canadian Municipal Securities, and Brit­
ish, Foreign and Colonial Public Securi­
ties other than Canadian_______________
4,475,487 35
Notes of other Banks_____________________
1,532,471 00
Cheques on other Banks__________________ 9,893,506 0 2




M r. H . V . Meredith, in moving that the report of the Directors, as
read, be adopted, said:
The unprecedented conditions under which trade and commerce have
been conducted during the past year remain unchanged, and are the cause
of constant anxiety to those concerned with financial affairs.
It will be gratifying to you to learn that, after making liberal and, it is
believed, adequate appropriation for known losses and doubtful debts and
war taxes, the profits of the year have enabled the usual distribution to
be made to shareholders and a surplus to be carried to credit of Profit
and Loss Account. In view of the trying circumstances prevailing, the
need of maintaining large reserves and the low rates of interest obtain­
able in the United States, and until quite recently in England, I think
you will agree with me that this result of our banking year is quite
satisfactory.
Our widespread operations make us concerned with conditions in other
countries. In Great Britain normal conditions no longer prevail. Large
numbers of men have been withdrawn from their customary occupation to
enter the army, factories have been diverted to the production of war
supplies, and a considerable shortage of labor exists. The result is that
trade passes from British firms into the hands of neutrals, thus disturbing
the balance of trade, but it is believed that in the early future this con­
dition will right itself and the obligations abroad of Gerat Britain will be
correspondingly reduced.
The financial situation has, of course, been affected by the disturb­
ance of trade and large domestic borrowings by the Government, but it is
gratifying to know' that the strain arising from the war has been readily
and easily borne.
Business in the United States lias greatly improved during the year.
War orders account for much of this improvement, while large grain
crops, following a period of liquidation, have stimulated trade. Deposits
in the banks of that country are enormous, and the United States, for the
time being, has become the great creditor nation.
T R A D E W E L L M A IN T A IN E D
All things considered, the trade of Canada has been well maintained
both as to volume and character. For some time before the outbreak
of war, a restraining hand was placed on speculative ventures, which, in
an era of prosperity, had run to dangerous excess, and we were, as a
consequence, fairly well prepared to face the closing of the London
money markets to flotations of all kinds. A temporary dislocation in
many branches of trade followed. Reorganizations in some cases were,
and may yet be, found necessary to adjust capitalization to earning
power, the only logical course to be pursued when such conditions have
to be dealt with. As the year progressed, the effect of tho war on the
trade of Canada proved less injurious than was expected. In fact,
business conditions distinctly improved.
Natural resources continue to be developed and their product to find
a ready and profitable sale, while many branches of manufacture have
been employed to capacity in turning out munitions of war, the money
value of which runs into scorces of millions. The resulting employment
of labor has been of almost incalculable advantage.
F AVO R ABL E T R A D E B A L A N C E .

$170,007,568 09

The restoration of a favorable balance in our foreign trade is a factor
of supreme importance at tho present time, as it enables us to conserve
our gold supplies and to curtail our borrowings abroad to some extent.
As you are aware, the balance of foreign trade against Canada had been
quite large for several years past, due principally to the ease with which
we were able to borrow in the London market. Now that this avenue is
closed, we have been compelled to curtail imports and increase exports
in order to meet interest obligations and maintain our credit. How
successfully we are meeting the situation a few figures will show: In the
seven months ending October 31st 1913 tho value of exports of Canadian
products was $245,550,000, and in the same period of 1914 was $226,­
757,000; while this year in these seven months we have exported Canadian
products of the value of $320,430,000, or $100,000,000 more than last
year, and the great crop surplus has still to go forward.

dec .

ii

1915.]

THE CHRONICLE

Comparing the foreign trade of Canada for the seven-months period
ending with October, imports have declined fron $390,544,000 in 1913
to $253,107,000 in 1915, while exports of domestic products, as I have
said, have risen from $245,550,000 to $326,430,000; an adverse balance
of $145,000,000 being converted into a favorable balance of S73,323,000,
or a betterment in respect of foreign trade of no less than $218,000,000
within the short space of two years.
War contracts, of course, have contributed substantially to this ex­
pansion, the value of manufactures exported having risen from $39,­
000,000 in the first seven months of the last fiscal year to $84,000,000
in the same period of the present year, and, as in the case of cereals,
tills export trade is on an ascending scale.
D O M IN IO N LOAN IN U N IT E D ST ATES.
An outstanding feature in Canadian finance has been the issue by the
Dominion of its first loan in the United States. The rate of interest
at the time, to those unacquainted with conditions, might have been
considered onerous, but the important collateral advantages which the
loan achieved by giving immediate relief to the exchange situation, as
well as, in a degree, to the London money market, greatly counter­
balanced the rate of interest paid and amply demonstrated the prudence
and wisdom of the transaction.
The same remarks apply to the recent Anglo-French Loan, which may
properly be considered as an Exchange transaction. The sum obtained
was known to be inadequate to regulate the chaotic situation which
had arisen and consequently failed for the time being in its purpose, but
it is hoped that the loan, together with the other measures now being
taken for the purpose of giving stability to rates, will prdi e effective and
gradually bring about the results desired.
SUCCESS OF C A N A D IA N L O A N .
The signal success of the recent Canadian Loan is very gratifying on
every ground, the large public subscriptions evincing the patriotic spirit
of the people and their ability to share the burdens entailed by the war,
while at the same time measurably relieving the Mother Country. It is
well, however, to remember that, in the nature of things, Canada is
and must long continue to be a borrowing country, with large annual
commitments for interest and principal payments which can be met
only with gold or commodities. Largely owing to the strength of its
banking position, Canada is at present able to bear this strain without
curtailing the supply of credit and capital for business requirements.
But obviously there is a limit to the conversion of floating into fixed
capital without impairment of banking resources, and it is most desir­
able that, as far as possible, our borrowings should be effected in out­
side markets in order to avoid the depletion of bank deposits or a too
great redundancy of the circulation of Dominion notes, as in either or
both contingencies the whole financial fabric might be seriously menaced.
The Moratoria Acts which have become law in so many of the Prov­
inces and which were primarily designed for the protection of mortgagors
against possible unjust action by mortgagees, have no doubt been of
service in isolated cases in preventing hardships to mortgagors. It is
doubtful, however, if the advantages gained by these Acts have not
been more than counterbalanced by the withholding by timid lenders
of investment funds, which are so essential to the building up of a new
country, .as well as by the delay caused in clearing up an extended specu­
lative real estate situation.

1955

ceived no capital supplies from London, as in the years preceding the
war. On the other hand, Canadian Treasury bills, to the extent of about
£10,000,000, afloat in that market at the outbreak of war, have been re­
duced to the nominal sum of about £325,000. The fact that we were
thus able to protect our maturing obligations redounded to the credit of
the Dominion.
- It is noteworthy that during the ten years prior to the war, your Bank
alone was the medium through which some $600,000,000 of loan moneys
were raised in London and transferred to Canada.
U N IT E D S T A T E S .
In the United States money has been continuously cheap and plentiful.
This condition has been highly disadvantageous as regards our profits,
but of the utmost importance to Canada, as it has enabled the Dominion,
cur Provinces, cities and railways to finance their requirements to an
extent that we could scarcely have hoped for a year ago. Incuding the
$45,000,000 Government loan, Canada borrowed in Wall Street during the
past twelve months about $142,000,000, an amount that can with interest
be compared with about $50,000,000 from that source in the previous
year, and with $165,000,000 borrowed in London in the calendar vear
1913.
J
Another interesting fact is that the balance of trade between Canada
and the United States during the past year was $113,000,000 in favor of
the latter, to which must be added the year’s interest of approximately
$32,000,000 on our previous borrowings in the United States, or a total of
$145,000,000. It will, therefore, be seen that the United States is acting
in accordance with my forecast of a year ago in providing us with funds
by way of loans with which to purchase goods, wares and merchandise
in that country.
The balance of our trade with Great Britain for the same period was
$191,000,000 in our favor, but this sum is automatically reduced to
$41,000,000 by our annual interest indebtedness of $150,000,000..
It is obvious that New York has made ambitious strides towards b e­
coming a greater international financial center. In view of this de­
velopment, it is satisfactory that our credit is good in that market, and
of vital importance that it should be maintained.
D EPO SIT S.
Canadian Bank Deposits aggregate $1,240,308,190, as compared with
$1,144,199,224 the preceding year, and $1,146,739,868 in 1913. Your
total deposits have increased $38,800,000 during the past year, and are
$46,450,000 greater than in 1913, the figures for the three years being:
1913
__________ ____________ __________________ $189,572.83S
------------------------------197,222,674
1914
1915
_____
236,022,812
We have had entrusted to our care since the outbreak of war special de­
posits running into large figures in connection with special transactions.
C IR C U L A T IO N .
Our Notes in Circulation are $45,280 more than a year ago. The tax
on our circulation payable to the Government amounts to $127,347.
Q U IC K ASSETS.
Partly from policy, and partly from force of circumstances, the ratio of
our quick assets to liabilities has increased to 6 4 % from 5 5 % a year
ago, and from 4 9 % two years ago. There have been times when'the
percentage has seemed needlessly nigh but you will, doubtless, agree as to
the wisdom of being on the safe side.
Idle reserves are a safeguard, not a feature for regret, and should prove
invaluable when the situation clears.
In this connection it is well to emphasize the fact that we have not
only met the usual legitimate requirements of merchants, manufacturers,
farmers and ranchers, but have given special consideration to applica­
tions from those temporarily embarrassed by the prevailing conditions.

TH E QENERAI. M A N A G E R ’ S A D D R E SS.

C O M M E R C IA L F A IL U R E S IN C A N A D A .

Sir Frederick Williams-Taylor, the General Manager of the Bank,
in reviewing the Bank’s statement, said:
G e n t l e m e n :— The balance sheet, which it is my privilege and duty to
present to you to-day, reflects the result of twelve months of business
conducted under conditions such as this country and its banks have never
before been called upon to face.
In previous years we have experienced the effects of outside panics and
crises, many of them of an injurious and even alarming nature, but as a
rule the danger was brief, and the damage quickly repaired.
The year under review differs, in that there have been no such financial
crises, but what has been'more difficult to surmount, a continuous period
of anxiety with problems not only varying in character, but differing
from any in our former experience.
You will undoubtedly feel gratified that your Bank has come through
the unsettled conditions referred to without loss of strength, and is
enjoying increased prestige.
As for the future, the daily difficulties will be grappled with as they
arise, and we gauge, to the best of our ability, the somewhat obscured
trend of coming events.
As the President has reviewed in general the trade and financial condi­
tions in Canada and at the chief financial centers abroad, my duties are
confined to a short account of the working of the Bank, an explanation
of the more important features of the accounts submitted to you to-day,
with some detailed references to the points arising therefrom, and to local
conditions in our Provinces.
As you are well aware, this Bank long ago ceased to be merely a domes­
tic financial institution, and therefore it is necessary, in presenting to you
the annals of the business, to touch upon conditions affecting us in
London and in New York, where we carry such a material portion of our
primary and secondary reserves.

Commercial failures in Canada during the twelve months ended Octo­
ber 31st 1915 numbered 2,883, against 2,583 for the previous year, and
1,669 during our bank year 1912-13.

LONDON.
During the first six months of our bank year, rapid disbursements by
the Imperial Government made monetary conditions in London so ex­
tremely easy that our earning power at that point was seriously dimin­
ished. Indeed, for many weeks the large balances we felt impelled by
discretion to carry with our London bankers were free of interest.
Subsequently the rate for money rose to a point in keeping with its real
value, and had we felt free to fully employ our funds there without re­
gard to liquidity, the profit thereon would have been materially aug­
mented. Caution and established policy, however, coupled with the
fact that we had large deposits of a special nature, decided us to keep an
important portion of our resources readily available.
Since last June the earning power of money has been greater in London
than in New York, a condition reflected in fair profits at the former
point, even after payment of the now onerous income tax.
In March of this year, the Dominion Government floated a £5,000,000
4 XA Per cent five-year loan in London at 99 }£. With that exception, an
outstanding feature of Anglo-Canadian finance is that Canada has re­




SUM M ARY.
In summarizing my remarks, I may say that a year ago I expressed the
opinion that Canada was standing the strain without collapse. This sum­
ming up of the situat'on still holds good. The strain is less than could
have reasonably been expected, and we are encouraged to calmly face the
troubles still ahead of us Decause of the confidence that comes from having
successfully surmounted the ordeals of the past twelve months, ordeals
that came upon this country without warning and found us inadequately
prepared.
There is now a decidedly more hopeful feeling throughout the Dominion,
and there is excellent ground for that reassurance in the material ad­
vantages that have resulted from a bountiful harvest. When we con­
sider that the Northwest alone has produced several hundreds of millions
of dollars’ worth of agricultural products in the past year in an area where
in the boyhood of the middle-aged not a sod was turned, we feel that this
is a form of genuine prosperity to inspire confidence and in which our
pride is pardonable.
When wre begin to analyze other features of the situation there is less
room for satisfaction.
The war in which the Empire is engaged to protect its integrity has
made it incumbent upon Canada to assist the Mother Country in every
way possible.
W e have already provided a large number of troops and more will
follow.
In the manufacture of munitions, clothing and other requisites, we are
doing our full share. This has brought profitable employment to Canada
when sorely needed, and at the same time rendered great service to the
common cause. Let us, however, remember that the manufacture o
war materials is a grim and transient form of so-called prosperity, tha*
the cost thereof comes out of the national exchequer of Great Britain o
of Canada, and from the blood of the flower of our manhood.
Also the United Kingdom has advanced large amounts to Canada for
military expenditure, and the time may come when it will be desirable,
if not necessary, for the Dominion to finance its own requirements. In
any case, we must economize in every way possible so that we may bear
our full measure of responsibility during the war and be prepared for the
taxation that must follow.
Canada’s greatest wealth lies at her feet, her economic future is bound
up in the development of vast agricultural areas of unsurpassed fertility.
The rate at which that development can be accelerated is dependent
upon the rate of increase in our farming population. In natural sequence
immigration can best be attracted to the Dominion by reducing and keep­
ing down the cost of living. That in my opinion is the key to the whole
economic situation.
The ballot for the appointment of auditors and the election of directors
for the ensuing year was then proceeded with, and the scrutineers ap­
pointed for tlie purpose reported that Messrs. George Hyde, C .A ., .1. M axtone Graham, C .A ., and James Hutchison, C .A ., were duly appointed
auditors, and the following gentlemen duly elected directors: D . Forbes
Angus, R. B. Angus, A . Baumgarten, H . R. Drummond, C . B. Gordon,
E . B. Greenshiehls, C . R . Hosmer, Sir William Macdonald, Hon. Robt.
M ackay, W m . McMaster, H . V . Meredith, Sir Thomas Shaughnessy,
K .C .V .O .
The meeting then terminated.
At a subsequent meeting of the directors M r. H . V. Meredith was re­
elected president.

1956

THE CHRONICLE

Wall Street, Friday Night, Dec. 10 1915.
T h e M o n e y M a r k e t a n d F in a n c ia l S i t u a t i o n . R outine
business at the Stock E xch an ge this w eek has seem ed trivial
in contrast w ith the national and international affairs which
have attracted atten tio n , som e of which are of supreme
im portance.
O f the form er, the P residen t’ s m essage to
C ongress, especially som e of the recom m endations therein,
are o f first m o m e n t.
T h e m essage as a whqle w as abou t what had been expected,
and the recom m endations had been largely anticipated in
his previous u tteran ces, b u t th ey are now so placed as to
m ak e them sure o f com ing up for discussion and possibly
decisive action a t this session o f C ongress.
T h e y are,
m oreover, m atters abou t which there is, and will continue
to b e, wide divergence o f opinion and also abou t which no
patriotic citizen can be indifferent.
Official protest against
the destruction o f the steam ship A n co n a and request for
reparation therefor, and also the action taken to discourage
further attem p ts to blow up ships laden at A m erican ports
and to burn our m an u factu rin g p lan ts, is generally approved ,
excep t b y those w ho fa v or m ore stringent m easures in the
sam e direction.
O f international affairs, next to d evelop m en ts at the
various points o f m ilitary a c tiv ity , the speech of the G erm an
Im perial Chancellor in the R eich stag yesterday is w orthy of
careful consideration.
In it there is no suggestion that the
w ar is near an en d.
On the con trary, the Chancellor de­
clares th at G erm a n y is entirely satisfied with the present
statu s o f the European situ ation , is abu n d an tly supplied
w ith everything needed to continue the war indefinitely and
th at a n y m ov em en t looking tow ard peace m u st be m ade by
the E n te n te countries.
F o r e ig n E x c h a n g e .— T h e m arket for sterling exchange
ruled firm , partly as a result o f the regular dem and for holi­
d ay and N e w Y ea r rem ittances.
T h e Continental ex­
changes were irregular.
T o -d a y ’s (Friday’s) actual rates for sterling exchange were 4 68% @ 4 69
for sixty days. 4 7 2 @ 4 72% for checks and 4 7 2 % @ 4 73 for cables. C om ­
mercial on banks (sixty d a ys), 4 67, and docum ents for paym ent (sixty
d a ys), 4 6 7 @ 4 6 7 % . C otton for paym ent, 4 7 1 % @ 4 7 1 % , and grain for
p aym ent, 4 71% @ 4 7 1 % .
T o -d a y ’s (F riday’s) actual rates for Paris bankers’ francs were nominal
fo r long and 5 85% for short. Germ any bankers’ marks were nominal for
long and nominal for short. Amsterdam bankers’ guilders were 41 % @
41 % for short.
„ „
Exchange at Paris on L on d on , 27.68 fr.; week’s range, 27.68 fr. high and
2 7.78% fr. low.
T
A
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
C a b les.
S te r lin g , A c tu a l—
S ix ty D a y s .
£ ! le 9k s 4 73
H igh for the week— 4 69
4 72%
4 71
L ow for the w eek
4 6 7%
4 70%
P a r is B a n k ers’ F r a n c s —
5 83%
H igh for the w eek—
------5 84%
5 87%
5 88%
L ow for the w eek---- -----G erm an y B an kers' M a rk s—
,,79%
High for the w eek.. . ----la } /
78 11-16
L ow for the w e e k ___ ____
78%
A m s te r d a m B a n k e r s ’ G u ild ers—
42%
H igh for the week___ ____
4 2%
42
L ow for the w e e k ___ ____
41 5-16
D om estic E x ch a n g e .— C hicago, 10c. per 81,000 discount. B oston,
par. St. Louis, 15c. per $1,000 discount bid and 5c. discount asked. San
Francisco, 30c. per 81,000 prem ium . M on treal, 62_%c. per $1,000 Pre­
m ium . M inneapolis, 5c. per 81,000 prem ium . Cincinnati, par. N ow
Orleans, sight, 50c. per $1,000 discount and broker’s 50c. prem ium .

S t a t e a n d R a ilr o a d B o n d s .— Sales o f State bonds a t
the B oard this week include $ 1 ,0 0 0 N e w Y o rk C anal 4 ^ s
reg. a t 113; $ 7 ,0 0 0 N e w Y o rk State 4}^s at 11 2 % @ 11214',
$ 2 5 ,0 0 0 Virginia 6s def. trust receipts a t 5 5 , and $ 1 ,0 0 0
Virginia funded debt 1991 at 88%.
T h e m arket for railw ay and industrial bon d s, recovering
from the depression o f last w eek, showed considerable ac­
tiv ity .
Sales of these securities increased $ 4 ,6 4 7 ,5 0 0 , while
prices, as a w hole, advan ced sligh tly.
A s the expiration o f the syndicate agreem ent regarding
the selling price of A n glo-F ren ch 5s approaches, those securi­
ties have been very a ctive, with pricos fluctuating botweon
9 4 % and 9 8 , all those selling below 9 7 3^ being on sellers 15
or 3 0 -d a y op tion .
.
.
Reversing their m ovem en t of a weok ago, M issouri K ansas
& T exas 1st 4s advanced from 7 8 % to 7 9 M T h e 2d 4 s,
how ever, continuing their decline, lost 3 poin ts, closing at 5 5 .
Follow ing an unexpected change in the directorate of the
com p an y, N e w Y o rk R ailw ays a d j. 5s advan ced 2*4?
points to 5 5 .
O f a list o f tw enty othor active railw ay bonds,
tw elve advanced and six declined, the fluctuations in all
cases, how ever, being fractional.
Inspiration Copper 6 s, 1 9 22 , conspicuous for m an y weeks
past because o f their irregular m ovem en ts, fell off 4 points
to 177, while Chili Copper 7s, another speculative issue, de­
clined from 136 34 to 132.
Sales on a sellers 3 0 -d a y op tion , indicating, presum ably,
sales on foreign accou n t, were $ 1 ,2 1 3 ,5 0 0 , as against $ 1 ,6 3 8 ,­
0 0 0 a week ago.
U n it e d S t a te s B o n d s .— Sales o f G overn m en t bonds at
the Board include $ 1 ,0 0 0 ,0 0 0 2s reg. at 9 9 %•, $ 1 0 0 4s coup,
a t 110J^; $ 1 ,0 0 0 P an am a 3s coup, a t 102; $ 2 ,0 0 0 3s reg. a t
10 1% , and $ 1 0 ,0 0 0 4s reg. a t 110. For to-day's prices of all

the different issues and for weekly range see third page following.

R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e stock m arket
has been slightly m ore active than last week and m ore irregu­
lar than for som e tim e p a st.
It was strong during the early
part of the w eek, when several prom inent railw ay issues
fu lly recovered the decline noted last w eek. W h e n at the
highest N e w Y o r k Central showed an advance of 2% points,




[Vol. 101.

Canadian Pacific 2% , A tch iso n , N orth ern P acific, R eadin g,
N e w H a v en and others from 1 to 2 .
T hese results were in
m ost cases recorded on T u e sd a y , since which there has been
a tendency to reaction, and a general downward m ov em en t
in the late hours to -d a y carried a lm ost the entire railw ay list
to a lower level than was reached last week.
T his m ovem en t to -d a y follow ed the U . S . Steel Corpora­
tion’s statem ent of unfilled orders a t the end of N o v e m b e r ,
showing the largest increase ever booked b y the com p any
except in O ctober 1912, when the figures were slightly larger.
T h e weakness of the m arket is, therefore, unexplainable,
except on the ground o f the m ilitary situation abroa d , and
perhaps a feeling of uncertainty as to the outcom e o f diplo­
m atic correspondence now in progress.
D uring the week some of the newer m anufacturing issues
have fluctuated w id ely. General M o to r s has covered a
range of 8 8 points, Studebaker 2 2 , International N ick el 13,
and Sears-R oebuck 6 points.
For daily volume of business see page 1965.
T h e following sales have occurred this week o f sharosnot
represented in our list on the pages which follow :
STOCKS.
W e e k e n d in g D e c .

10.

Sa les
fo r
W eek

R ange fo r W eek.
L o w e s t.

H ig h e s t.

L o w e s t.

$ v e r s h a r e S p e r sh a r e $ p er
1,700 120
Dec 4 129% Dec 0 SO

P a r S ha res

Adams Express____ 10C
Amer Coal Prod pref
sub rects part paid__
American Express__ 10C
Assets Realization - 10(
Associated Oil ___ 100
Batopilas Mining___ 2C
Brown Shoe________10C
Preferred__ _____ 10C
Brunswick Terminal. 100
Butterick__________ 10C
Canada Southern.. 100
Case (J I), pref____ 100
Cent & So Am Tel. .100
Chicago & Alton___ 100
Preferred___ . ,100
Cluett, Peabody & ColOO
Computing-Tab-Rec 100
Cons G E U P (Balt) .100
Deere & Co, pref___ 100
Detroit Edison __ 100
Diamond Match. ..100
Hav El Ry L *P pf._100
Homestake Mining.. 100
Ingersoll-Rand__ .100
Interboro-Met v t c.100
Preferred__ . 100
Internat Ilarv Corp.100
Preferred . . .
100

R a n g e s in c e

300 114%
70( 125
2,50(
9
30( 00
lOOSOO 2%
60C 40
65C 97
8,075 11
10C 32
0 58%
200 89
in 135
200 8%
10 20
710 73
1,150 42%
344 115%
300 90%
95 131%
150 112
100 99 %
253 122%
25 200
500 32 %
100 82
1,200 75
100 10S
100 03%
K C F t S & M o m pf . 100
705 120%
Kings Co Ele I. & P.100
100 250
ICresge (S S) C o____ 100
100 103%
Laclede Gas (St L )..100
425 01
Manhattan Shirt.. .100
May Dept Stores__ 100 1,900 03%
300 100
Preferred . ____ 100
3 83
Morris & Essex_____ 50
420 78%
Nat Cloak & Suit__ 100
200 110
Preferred________100
100 84%
N Y Ch & St L 1st pf 100
2d p re fe rre d ..__ 100
35 53
10 118
N Y Lack & W e st... 100
Norfolk Southern__ 100
100 21%
100 OS
Nor Ohio Trac * Lt.100
Ontario Silver M g__ 100 139195 0
Peoria & Eastern___ 100 1,500 13
Pettibone-Mulliken .100
ISO 04%
Pittsb Steel, pref___ 100 1,100 101%
Sloss-Sheff S & X, pf.100
700 98%
So Pacific trust ctfs___
459 118%
Texas Co full pd rects.. .
200 211
Tobac Prod, pref__ 100
100 102
Underw Typewriter. 100
100 89%
Preferred __ __ 100
200 110
1J S Realty & Impt._100
500 41%
U S Reduc’n & Ref’g . 100 1,000 4
Preferred.. ------- 100 2,000 3%
10 43 %
Virginia Ry & Pow--100
980 128
Wells, Fargo & Co.-lOO

Dec 0 115
Dec 8 130
Dec ' 12%
Dec 7 00
Dec i
4%
Dec 0 50
Dec 1 98%
Dec f 14%
Dec 7 32
Dec 4 58%
Dec 4 89%
Dec 0 135
Dec 1 10%
Dec 7 20
Dec 8 74
Dec 0 44
Dec 4 115%
Dec 4 90%
Dec 8 133
Dec 4 112
Dec 10 99%
Dec 7 124
Dec 9 200
Dec 7 22%
Dec 9 82
Dec 0 85
Dec 10 103
Dec 7 08%
Dec 4 128%
Dec 4 250
Dec in 103%
Dec 10 05%
Dec 4 05%
Dec 0 100%
Dec 0 83
Dec 10 SO
Dec 7 110%
Dec 9 84%
Dec 10 59
Dec 9 118
Dec 10 21%
Dec 7 03
Dec 4 12%
Dec 0 13%
Deo 0 04%
Dec 4 102%
Dec 7 100
Dec 10 120
Dec 0 213
Dec 10 102
Dec 9 89%
Dec 9 110
Dec 0 43
Dec 0 5
Dec 9 4%
Dec 0 48%
Dec 9 132

Jap.

1.

H ig h est.

$ p er sh are
Jan 129% Dec

sh a r e

Dec 9 114% Dec 110
Dec < 83
Feb 133%
Dec 1C 5
Jan 14
Dec f 55
Nov 68%
Dec 9
% Feb 4%
Dec 7 23
May 50
Dec 7 64
Aug 99
Dec 7 4% Mar 14%
Feb 30%
Dec 7 27
Aug 01
Dec 4 54
Dec 10 74% June 90%
Jan 135
Dec 0 110
Aug 15%
Dec 10 8
Dec 7 11% Feb 22%
Apr 79%
Dec 0 55
Dec 7 41% Nov 48
Dec 4 111% Nov 115%
Apr 99
Dec 7 80
Dec 10 111% Feb 134%
Dec 4 111 % Dec rl22
Apr 101
Dec 10 95
Jan 124
Dec 9 114
Dec 200
Dec 9 200
Dec 0 10% Jan 25
Dec 9 49
Jan 85
Dec 9 55
Feb 85
Dec 10 90% Mar 114
Dec 7 00
Apr 68%
Dec 7 120% Mar 130
Dec 4 99
Jan 250
Dec 10 92% Jan 100
Dec 4 50
Jan 09%
Dec 0 35
July 05%
Dec 0 94% Apr 100%
Dec 0 80
Aug no
Dec 0 68
Mar 90
Dec 7 100% Mar 111
Dec 9 75
Aug 84%
Dec 10 50
Oct 03
Dee 9 112
Feb 118
Dec 10 15
Sept 25
Dec 7 68
Dec 08
Dec 9 2
Feb 12%
Dec 0 4
Jan 14
Dec 0 15
Mar 84
Dec 4 74
M ay 102%
Dec 10 85
May 100
Dec 0 94% Feb 120
Dec 0 123
June,213
Dec 10 95
May 103
Dec 9 55
Fel) 97
Dec 9 98% May 110
Sept 50
Dec 10 25
Dee 9
1% Apr 10%
Dec !) 1
Apr 10%
Deo 0 45
Nov 48%
Dec 0 77% JanU34%

Nov
Nov
Oct
Nov
Dec
Dec
Dec
Dec
Oct
Dec
Nov
Nov
Aug
Nov
Oct
Nov
Dec
Sept
Oct
Nov
Sept
Dec
Dec
Nov
Nov
Dec
Jan
May
Nov
Nov
Apr
Apr
Dec
Dec
May
Aug
Nov
Dec
Feb
Dec
Dec
Nov
Oct
Dec
Dec
Dec
Dec
Nov
Oct
Dec
Jan
June
Juno
Dec
Nov

O u ts id e S e c u r it ie s .— Continuing the m ovem ent notod
last w eok, sales of securities at the Broad Stroet curb de­
creased in volu m e.
Prices, how ever, as a wholo advanced,
in somo cases sharply.
A tlantic G u lf & W e s t Indies SS .
added ]/i point to its final quotation of 3 1 last F rid ay , while
Am erican Zinc declined from 69 to 08%. From 97 Canadian
C ar & F oundry com . fell aw ay to 9 3 , but at the closo recov­
ered to 9 4 .
T h e preferred stock of the samo com pany
gained 1 point to 11 2, the last price, howovor, being 107.
B o th C handler M o to r s and Choverolot M o to rs C o . m ado
substantial additions to last w eek’ s final quotations; the
form er advancing from 8 0 to 8 6 % , closing at 8 4 % , and the
latter going up steadily from 126 to 141.
D riggs-Seabury
jum ped from 165 to 17 5, b u t ended the weok a t 1 7 2 .
A fte r its vigorous performance of last w eek, K athodion
B ronze remainod relatively quiot, the high, low and last
prices being 1 9 3 ^ -1 6 3 ^ -1 8 3 ^ . W h ile the preferred stock of
the International M ercantile M arine C o . was irregular, ad­
vancing from 6634) to 6 7 %, declining to 63 3 4 and closing at
6 5 3 4 , the com m on declined steadily from 1734 to 15.
K o lly Springfiold Tiro was also irrogular. From 29 7 it advanced
to 3 0 0 , fell to 2 9 6 , rocovorcd to 3 0 0 , at which prico it closed.
Oil issues also showed substantial gains. N a t . Tran s, advanced
from 3 6 to 3 8 , and Ohio Oil from 169 to 174. Prairie Oil & G as
pushed up from 4 3 2 to 4 4 1 , fell aw ay to 4 3 2 , tho final sale
boing a t that figure. Standard Oil of C a l. w as irregular,
m oving up from 341 to 3 5 1 , falling to 3 4 5 and closing a t 3 6 0 .
Standard Oil of Indiana covered a range o f 7 points, tho final
figuro, 11 2, boing the high m ark.
Standard Oil of N ow Jorsoy and Standard Oil o f N ow Y o rk from 501 and 211 advanced
to 5 0 8 and 21 9 respectively.
T h o y thon doclinod to 507 and
2 1 4 , closing at 51 2 and 2 1 8 .
O utside securities will bo found on pago 1965.

New York Stock Exchange—Stock Record, Daily. Weekly and Yearly

19 5 7

OCCUPYINa TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
STO CK S— H IG H E S T

D ec.

4.

M o n a iy
D e c . 6.

4H D

LOW EST

lav

W ed n esd a y
D e c . 8.

D ec.

7.

SA L E

P R IC E S

T h u rsd a y
D ec. 9

F r id a y
D e c . 10

$ v e r s h a r e S p er sh a r e
$ v e r sh are
100% 107% 106 100%
100 108% 100% 107% 107 107% 100 107
101<2 10112 1011" 101% 101% 101% 1 0 1 % 10134 101% 101% 10 1 % 10 1%
♦113
115
115
116% *113 116%
115%
115%
117
*115
*11312 117
93% 94% 93% 93% 93% 93%
933s 93«4 93% 94% 94% 94%
77%
77
*77
771,
77
77% 77% 77
77% 78
*77>- 78
88%
*83% 88% 88
901- <J0'2 90% 90% 90% 90% 89% 90
178% 182
1821" 182% 182 183% 183% 184% 182 183% 182% 1S3
*300 320 *300 320 *300 320 *300 320 *300 320 *295 320
63
63% 62% 63% 62
6234 0314 63% 64% 63% 64% 63
15%
15
*15
1512 1512 15% 15% 15% 15% 15% 15% 15
39%
39% 39% 39% 39
39% 39
3S34 39% 39
39
39
90% 93% 94% 94% 94% 93% 94
9312 95'8 94% 95% 94
132% 132%
132% 132% *132% 133
*132 133
133 1333s
131% 132
132% 132% *131 133 *131% 133 *131% 132%
*173 ISO *170 ISO
}175 175 *173 170 *173 170 *173
19%
19% 19
19% 20
19% 19% 19
1938 193s 19% 20
*120 125 *120 125 *120 125 *118 125 *118 125 *118 125
135 135 *137 140 *135 142
*133 140 *133 140 *133 140
49% 48% 48%
49% *48
*4S
49
49
49
*48
*48
49
78
*74% 82
*75
*74% 82
77
78
77
§78
*75
77
30% *35% 36% 36% 36% *35% 36%
*35l2 30l2 30% 30% *36
59
59
*57
*57
59
*47
52
52
*47
52
*47
*150 152 *150 152
151% 151% 152 152 *151 152 *151% 152
233
*225
233
233
233
*226
233
230 230 *229 233 *226
14
16% 14
15% *14
15% *14
*14
17
*14
10
15
29
*27
2.8%
*28
29
29% 29
27
27
27
27% 28
4234 43% 423g 431,
43^
43%
5S's 58*8 58% 587« 58% 58% 57% 58% 57% 57% 5638 57%
50% 50%
52
*50
52
*50
517« 52
*50
511" 511, 52
1253s 1251" 1251" 1203, 126% 127% 120 126% 120% 126% 125% 126%
48»4 491" 49% 50% 493a 50% 4S% 49% 48% 49% 48% 49%
•1071? 1081? 1083, 1083, 1083, 108% 108 108% 108% 103% *107 109
21% 21%
22% 21% 22
22*2 22
79% 79% *78% 78%
7978 80
31
32% 32% 32% 313s 32% 31% 32% 31
31>2 315s 32
64
63% 63%
6338 63% 64
64
64
*6338 61
64
64
*13% 14
*1312 14
14% 14% *13% 14% *13% 14
*13% 141"
32
31% *23
*29
31% *28
32
32
*29
30
301" *29
82
80% 813s
81% 82% 81
82% 83
8134 82% 82% 83
22
22
*22
24
*22
24
233a 233a *22% 25
*23
25
127% 127%
1281s 128'8 128% 130 *127% 130% 130% 130% 123 128
131 131 *130 132 *130% 132% *130% 132 *130% 131
*130 132
15% 15% 15% 15% *15% 10
*15
10
*14% 16
*14*4 10
34% 34%
34% 35% *34% 37
35
30
30
35
*34 ' 37
*122 123l2 123% 123% 123% 123% *122 125 *123 124 *122 126
131 131 *129 133 *130 133 *129 133
*129 132 *129 133
7
6% 6%
7i8
7%
7%
7% 7%
7%
*7
7h
*1G34 17% 17% 17% *10% 17% *10% 17% *16% 17% 15% 16%
4% 5%
4% 4%
5% 0
5% 0
5% 5%
5% 0U
4% 5%
4% 4%
5% 5%
5%
5%
5i4 5h
102i2
7514
*30
1173s
*80
1153s
59
*80

102% 102% 104%
75i2 75% 70%
30i2 30% 31%
I I 8I4 118% 121
90
11534 115% 117%
59l8 59% 59%
83
SO
81%

82% 82%
4234 *41%
43
*42
*4
34
78
%
434
478
11 * _
6%
0%
23% 23
55
45
18*4 18%
41
41
101% 101%
2334 23%
01%
02
15% 15%
01
62
834 *7%
*12
17
97% *90
13834 138%
83
83
22% 21%
*39
40
10
4534 40% 4534
20
20% 20
*31% 32% 32%
*45
*45
49
5%
5
5
*15
*15
18
*5*2 01? *5%
40
40
40

81%
*4112
*42
%
78
478
*___
6*2
*21
*44
*18%
*39%
101
23%
01*4
*14%
*01%
*734
*12
*90
137%
*82%
*21%
*38%

83%
42%
43
%
1
5
10%
7%
23
45
18%
41%
102%
24
02%
15%
01%
9
17
98
139%
83
22%
40
16%
46%
30
32%
49
5%
IS
7
40
25

24% 25% 23%
10%
11
1 Its
33%
32% 34
82%
82% 83
72%
*72
73
*98*4 100% *98%
70*4 71% 71%
*91
*94
95
*102 103 *102
•187% 200 *185
01
01% 61%
111
*110 111
81%
79% 82
118
*117 118
152
152 154
*115 118 *115
57
*50% 57
*98
*98 100
11% 11%
11%
52%
*50% 53
*20
27% 20%
24
23% 24
41% 41% 42
09% 70% 70%
{102% 102% *102
10 % 1 1 % 10%
35
35% *31
85%
*85% 80
89%
90
90
9S34 99% 99%
*110'" 110% 110%
•150 155 ♦150

34%
84%
72%
100
72%
95
103
200
02%
112%
82%
118
154%
118
58
100%
11%
52%
26%
21
42%
71%
103
11%
37
85%
80%
100
111
154%

02
117
117%
128%
217
*108%
*49
*90

03%
117%
119
128%
220
109%
50
99

62%
117
117%
12834
219
109%
51
98%

63
116%
*110%
128%
219
*108
50
*9012

9
103%
75%
31
120%
*86
110%
59%
*80%

9
104%
77
31
121
88
117%
60
81

82
*41%
*42
*34
s4
5
*8
*6%
22%
45%
*18%
4058
100%
23%
62%
15%
61%
*7%
*12
*96
138%
82%
23
40
16%
46%
29%
32%
*40
*5
*15
0
40

83%
42%
43%
1
%
5
10%
7%
22%
45%
19
41
102%
24%
62%
15%
01%
9
17
9S
139%
83
23
41%
10%
4678
29%
32%
49
5*4
17
6%
40

*

103%
74%
31
119%
*86
115%
59

81%
42%
*40
*%
%
5
*8
*0
*20
45
*18%
40%
100%
23%
02
*14%
01%
7%
*12
95%
13734
83
2134
40%
15%
45%
29
32%
*45
5
*15*2
*5%
*38

9
9%
103 104
104% 103% 104
74%
75% 74% 75% 74
31% 31% 30% 30%
31
119% 120%
120% 119% 120
87
86
86% *86
88
116% 117% 115% 116%
117
59% 58% 59% 58% 59%
81
*S0
81
*91
93
82% 81% 82% 80% 81%
42% 42% 42% *421* 43
43% *42% 43% 42% 42%
1
1
%
*%
%
%
%
%
%
%
*4% 5
4% 4*2
5
10% is
8
*8
11
*0
7
0%
6% O’.,
23% *20
23% *20
23%
*45
45
*45
1S% 18%
19
18% 18%
41% *40% 41
40% 41
101% 101 101% 100% 101%
23% 23% 23% 22% 23%
6134 61%
62% 62% 03
15% 14% 14% 14% 14%
61% 61% 61% 61% 61%
9
*7
9
7% *7
*n
*11
17
17
17
95% 95% 95
96
95%
138% 137% 13S% 137% 138%
*82% 83
83
*82% S3
22% 21*i>8 22
21
21%
40% 39% 39% 38
39%
16% 16
16%
15% 16
46% 45% 46
46% 46
29% 29
29% 2S1" 29
32% 32
32% *31
32%
49
*45
49
45
45
434 5
5%
4% 4%
18% *15
18
*15
17
554 534
6%
5
5
40
40
40
*39
43

23’4 24fy 23
24
21%
10>8 11*4 10
9%
32% 33 % 3134 33% 31
81**4 82% 81%
81% 83
72% 72% 72
72
71%
*99 100
*99% 100
*99%
71% 72% 70% 72
71
94
♦94
94
95
*94
103 103 *102 106% *101%
*185 199% *190 199% *190
02% 60*4 61% 09%
01
112 112% 112 112
1111"
82% 80% S134 80%
82
*117 119% *118 119% *118
148 153*2 147% 150
150%
*115 118 *115 120 *115
58% 58% *50% 57% *56%
___
99*2 99*2 *9S 100
11
10 74 11
n%
10%
52*2 52*2 51*2
51%
26% 26% 26% 26% 26%
23% 23% *22% 24
21%
41% 41% 41*2 41% 40
70% 71 <8 68% 70% 69
102''8 10212 102% 102% 102
10 % 1134 *10% 11% *10%
35% 37*2 30% 30% 37
*85
87
87
*85
*85
90
90
90
89% 90
99 100% 98% 99% 9734
111
*110% 111 *110 112
*150 153 *150 155 *15112
*100 110% *100 1 10 % *10>
63% 04% 62% 63% *63%
117% 118
116%
117% 110
___
118 118 *117 119
128% 129% 128% 129% 12834
218%
219% 220% *217% 222
108%
1083, 10S% 109 109
50% 50% *49% 51% 49%
98%
*971"
*97%
98
*97%

23%
10%
321"
82%
72%
100
72%
95
106%
199%
61%
111%
82%
119%
154%
120
58%
10%
52%
27
22
40
70%
1021"
11%
37%
87
90
99%
111%
15:>
110%
64
117
___
129
219
109
49%
98%

22%
934
30%
81
71%
*99%
69%
*94
103%
190%
59%
112
178%
*115%
150

23%
10
31%
81%
72%
10J
71%
95
103%
195
61
112
81
119%
151%

*56% 58
*98
99
10 % 10%
*51% 52%
26% 27
21% 22%
39
39%
63
69%
101% 102%
*10
11%
*35
37
*85
87
89% 90
96% 93%
110% 111
*151% 155
*106 110%
62% 62%
115% 116%
*117 119
128% 12S%
214% 217%
*103% 109%
49
49
97% 97%

Sales/or
th e
W eek
S h a res

R a n g e S in c e J a n . 1
O n b a sis o f 1 0 0 -s h a r e lo ts
L ow est

H ig h e s t

R an ge f o r P re c io u s
Y e a r 1914
L ow est

Railroads
Par
$ p e r sh a r e
$ p er sh are
%
92% Feb 24 111% N ov 4
10,500 Atch Topeka & Santa Fe. .100
89% July
2,300 Do p r e f.................... .100 96 Jan 5 102% Nov26 *96% Dec
300 Atlantic Coast Line R R .. .100 93 Mar 1 116 N ov 1 §99% Dec
13,250 Baltimore & Ohio_______ 100 63% Feb 25 95% N ov 4
67 Dec
Do p re f..................... .100 67 Feb 23 79% Nov27
1,420
69 Dec
3,050 Brooklyn Rapid Transit. .100 83% Aug 13 93 Apr 21
79 July
13,110 Canadian Pacific________ .100 138 July23 194 N ov 1 153 Dec
Central of New Jersey__ .100 §250 Sep 1 325 Jan 22 300 July
17,150 Chesapeake & Ohio______ .10 0
35% July 9 6 434 N ovi 9
40 Dec
1,900 Chicago Great Western.. .100
10% Jan 4 17% N ov 3
9% July
3,000
Do
pref____________ .100 25% Mayl4
41% N ov 3
25 July
9,500 Chicago Milw & St Paul. .100
7734 July26 93% Apr 19
84*4 Dec
900
Do pref__ _________ .100 120% Sep 2 133">8 Dec 4 126 Deo
520 Chicago & Northwestern- .100 118% JulylO 135% N ovl6 122 Dec
10 Do pref____________ .100 163 July 9 §180 N o v ll 170 Jan
9,300 Chicago Rock Isl & P a c.. .100
38% Apr 15
10% July23
33 June
Chic St Paul Minn & Om. .100 §114 Apr 8 123 N o v ll
125 May
100
Do pref. ........ ......... .100 124 Sep 17 135 Dec 8 132 May
300 Clev Cln Chic & St Louis. .100 §21 Jan 18 52 Oct 22
22 July
120 Do pref____________ .100 53% Feb 17 77 Oct 20
40 July
200 Colorado & Southern___ .100 24 M arl5
38% N ov 3
20 Mar
100 45 Jan 18 60 N ovl8
100
52 Nov20
600 Delaware <t Hudson____ .100 138% Aug 31 154% N ov 4 133*4 Dec
200 Delaware Lack & Western ..5 0 199% Jan 6 238 Nov23 388 Jan
400 Denver & Rio Grande__ .100
4 Jan 12 16% NovlO
4 July
2,350
Do pref__________ _ .100
6% Jan 7 293g N o v i7
8 July
74,125 Erie........ ..................... .
100 1978 Feb 24
10,500
Do
1st pref_________ .100 32% Feb 24 59% N ovl9
32 July
1,150
Do 2d pref_________ .100 27 Feb 25 52% N ovl8
26% July
4,300 Great Northern prof____ .100 112% Jan 2 128% N ov 5 111% Dec
26.S00
Iron Ore properties___
25% Jan 2 54 Oct 22
22% July
600 Illinois Central_________ .100 99 July 7 113 Apr 19 103% Dec
8,200 Interboro Cons Corp, vtc
18% JulylO 25% N ov 4
3,300
100 70 JulylO
4,375 Kansas City Southern__ .100 20% Feb 24 35% N ov 1
20% July
600
Do pref...................... .100 54% Feb 24 65% N ov 5
49% Dec
100 Lake Erie <fc Western___ .100
5 Jan 5 1434 N ov 3
5% July
300
Do pref____________ .100
19 May27 33 N ov 1
17 Apr
9,800 Lehigh Valley__________ ..5 0
64% Feb 24 83% N ovl9 11S July
200 Long Island........ ............. ..5 0
15 Jan 11 27% Oct 11
28 Jan
1,150 Louisville A Nashville__ .109 104% July 8 130% N ov 4 125 Dec
100 Manhattan Elevated___ .100 125 June25 131 Dec 6 128 Jan
600 Minneapolis & St Louis.. .100
8 Sep 15 19% Feb 15
9% July
660
Do pref____________ .100 24 Sep 15 49 Feb 15
27% June
200 Minn St Paul & S S M _. . .100 106 Jan 4 126% N ov 1 101 Dec
200
Do pref____________ .100 123 June 8 132% N ov 3 130 June
3,600 Missouri Kansas & Texas .100
15% Apr 19
4 Sep 28
8% Dec
500
Do pref____________ .100
10% Sep 25 40 Apr 5
26 Dec
19,500 Missouri P acific__
18% Apr 19
1% July27
.100
7 Dec
1,600
7% N o v ll
_100 1412 Aug 31 28% Oct 30
600
Do 2d pref_________ 100
9% Oct 21
434 July28
45,125 N Y Central & Hud River .100 81% Mar 1 10^4 Dec 6
77 July
9,0 ) > N Y N H & Hartford___ .100
43 Feb 25 89 Oct 11
49% July
2,300 4 Y Ontario & Western.. .100
18*4 Dec
2l%Jau 6 35 Apr 20
25,300 Norfolk <fc Western______ .100
96% Dec
9912 Jan 4 1223g N ov 3
200 Do adjustment pref. .100
85 Jan
80% Sep 2 90 Junel5
18,576 Northern Pacific________ .100
96% Dec
99% Feb 24 11734 NovlO
21,644 Pennsylvania____ _____ - ..50 5 1 % Feb 24 61% N ov 3 102% Dec
86 N ov 5
1,200 Pitts Cln Chic & St Louis. .10 0
64% July
65 Mayl7
93% June 5
95 June
10(1
29,300 Reading_______________ —50 693s MaylO 85% N ov 3 137 July
87 July
300
1st preferred_________ —50 403gSep 20 45 Junel2
101 2d preferred__________ —50 40 Feb 23 44 Apr 29 *30 Dec
1% Apr 9
% Dec
% July 15
1,700 Rock Island Company__ .10 0
2% Apr 9
1 Dec
% June21
2,200
Do pref...... ............... .100
8 N ov 1
2 Apr
IJ4 Mar22
1,700 St Louis & San Francisco. .100
8 May
7 Aug 17 14% N ov 8
10 Do
1st preferred___ .10 0
2% Dec
3 Jan 18 1034 N ov 8
800
Do 2d preferred____ . 10 c
17% July
11 Sep 9 23 N ovl7
200 St Louis Southwestern__ .10 0
36 July
550 Do pref __________ .100 29 Sep 29 45% Dec 7
10% Dec
500 Seaboard Air Line_______ .100
11% July31 20% N ov 5
45*4 Jan
1,300
Do pref____________ .100 30% July24 4334 N ov 4
35,165 Southern Pacific C o_____ .100
81 Dec
81% Fob 5 103% NovlO
13,600 Southern Railway_______ .100
14 Dec
12% July23 26 N ov 1
2,825
Do pref____________ .109 42 July23 65 N ov 3
58 Dec
500 Texas & P a cific............ . .100
17% Apr 19
11% Dec
8% July23
3,175 Third Avenue (New York).100 35 Jan 2 64% Oct 14
33 July
100 Toledo St Louis & W est.. .100
8% Nov30
2 Dec
14% Nov30
100
650 Twin City Rapid Transit. .100 90 July 9 100 Apr 19
94% July
51,243 Union Pacific........ ........... .100 115% Jan 2 141% N ovl8 112 July
2,450
77% Dec
Do pref____ ______ .100 *79 Mar 1 84% Nov-22
1,800 United Railways Invest.. .100
7% Dec
8 Jan 5 27% Oct 1
1,600
22 July
47*4 Oct 1
Do pref____ ______ .100 21% Marl5
17i2 N ov 1
16,400
9,000
Go pref A do
do .
43% Oct 16 49% N ov 1
3212 N ov 1
11,10 0
10*4 Dec
1,000 Western Maryland______ .100
9% Jan 4 35% Oct 11
30 July
200
Do pref.................. .. .100 25 Jan 5 50% Oct 11
6% N ov 4
2% July
1,840 Wheeling & Lake Erie__ .100
% July28
100
2 Aug 2 19% Nov24
8% Nov23
3 Dec
950
Do 2d preferred____ .100
% Aug 10
29*4 July
45 N ov 1
600 Wisconsin Central_____ .100 23 Ju!yl4
Industrial & Miscellaneous
49,000 Alaska Gold Mines______ ..1 0
21% Dec 9 40% Apr 22 $19%July
22,600
6 July
16,000 Alll3-Chalmers Mfg v t c. .100
7% Jan 12 49% Oct 4
32% July
17,460 Do
preferred v t c __ .100 33 Feb 10 84% Dec 6
47*4 Jan
2,200 Amer Agricultural Chera. .100 48 Jan 4 74% Nov 8
90% Dec
ion 90 Mar27 101%Novl 9
19 July
25,300 American Beet Sugar___ .100 33% Jan 6 72% Dec 7
66 May
100
.100 83 Feb 1 95 Nov24
80 Apr
400 Amer Brake Sh & F ctfs d e p ..
87% Feb 25 109*4 Aug 9
200
132% Mar25 21934 Oct 28 129% Jan
Do pref ctfs deposit.
19% July
27,350 American Can__________ .100 25 Feb 24 68% Oct 4
80 July
2,124
Do pref____________ .100 9lisJan 5 113% Nov30
42% Dec
16,600 American Car & Foundry .100
40 Feb 23 93 Oct 4
100 Do pref........ ............. .100 111% May25 118 Aug 6 112 July
4,850 American Coal Products. .100 82 Jan 20 170% July 12 §S2 Jan
120 Sep 11 §102 Jan
100
32 July
800 American Cotton Oil___ .100 39 Jan 4 04 Oct 23
93% June
100 Do pref____________ .100 91 June25 102% N ov 5
3% July
3,100 American Hide & Leather.100
43S Feb 19 14% Oct 22
17 July
1,800
19% Jan 5 59% Oct 22
Do pref____ _____ _ .100
19% July
3,000 American Ice Securities.. .100 20% Jan 4 35 Apr 30
7% July
2,300 American Linseed_______ .100
7% Jan 2 31% Oct 25
2 1 Dec
2,100
.100 24 Jan 5 50% Oct 25
20% July
31,600 American Locomotive__ .100
19 Mar 2 74*4 Oct 2 i
95 Jan
1,280
Do pref.............. ....... 100 75 Mar 6 105 Nov22
13% Oct 28
4% Dec
3% Apr 14
8,010 American Malt Corp------ .100
30 Dec
21% May27 37% Dec 9
3,700
Do pref........ .......... . .100
79% July
100 Amer Smelters Sec pref B 100 78 Jan 19 88% May 5!
________
1,650 Do pref Ser A stamped..
86 Oct 6 9134 NovlO
50% July
41,600 Amer Smelting & Refining.100 56 Jan 2 101*8 N ovl2
97% Apr
700 Do pref_____ ______ .100 100 Jan 4 113 N ovl7
American S n u f f ..______ .100 144 Jan 16 165 Apr 22 143 Dec
99% Jan
100 103 Jan 19 110% N ov 5
27% July
7,950 Amer Steel Found (new). .100 24% Mar 5 74% Oct 19
97 Mar
99% Feb 24 119% N ov 5
10,100 American Sugar Refining. .100
200
Do pref____________ .100 109 Feb 5 119% Nov30 107% Mar
9,818 Amer Telephone & Teleg. .100 116 Jan 4 130% N ov 4 114 July
2,950 American T obacco______ .100 212 Nov29 252% Apr 22 215 Apr
324
Do pref (new)______ .100 103% Jan 4 111 Nov23 101*4 Jan
12 July
15% Mar 6 57% Oct 20
500 American Woolen_______ .100
72% Mar
Do
nref.___________ 100 77% Feb 27 100 Oct 4
110

• Bid and asked prices: no sales on this day. $ Ex-rights. $ Less than 100 shares,
per share, e First Installment paid, x Ex-dlvldend. s Full-paid.




STOCKS
NEW YORK STOCK
EXCHANGE

a

Ex-dlv. and rights. 6 New stock, e Par 525 per share,
.

q Quote

H ig h e s t

%
100% Jan
101*4 June
126 Jan
98% Jan
833g Jan
94% Mar
220% Feb
310 Jan
68 Jan
15% June
41% June
107% Feb
143 Feb
136% Feb
180 Jan
33 June
131% July
132 May
40 Jan
70 Feb
28% Jan
159% Feb
406% June
19% Jan
31% Feb
49*4 Jan
40% Jan
134*4 Feb
39% Jan
115 Jan
28% July
62 Jan
9 Jan
21% Jan
ISSU Jan
36 Feb
141% Jan
133 Feb
16% Jan
35% Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
96% Jan
78 Jan
31% Jan
105% July
90 Apr
118% Feb
115*2 Jan
91 Feb
101 Mar
172% Jan
89*8 June
93 Jane
16% Jan
25 Jan
5*8 Jan
17% Jan
9*4 Jan
26*4 Jan
65% Jan
22% Feb
58 Feb
99% Jan
28% Feb
85% Feb
17*4 Apr
45*4 Jan
12% Jan
23 Jan
108% Jan
164% Jan
86 Feb
23*4 Feb
49% Mar
________
35 Jan
53 Jan
6*8 Jan
21 Jan
11 Jan
48 Feb
$28% May
14% Feb
49 Jan
59% Mar
97% Jan
33% Deo
80 Dec
97% Feb
146% Feb
35% Jan
96 Jan
53% Feb
118% July
§86% Mar
107 July
46% Feb
97% Mar
5% Feb
25*4 Feb
32*4 Feb
11% Jan
31*4 Jan
37% Jan
102% Mar
9% Jan
50*8 Jan
85 Jan
_______ 71% Feb
105 Jan
172 Jan
106*4 July
• 37% Feb
109% Jan
115 Dec
124% Jan
250 Mar
109 June
20% Jan
83 Jan

dollars

New York Stock Record —Concluded -Page 0

1958

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

STO CKS— H IG H E S T
S a tu r d a y
D ee. 4

M on day
D ec. 6

AND

T u esd a y
D ec. 7

LOW EST
W ed n esd a y
D ec. 8

SALE

P R IC E S

T h ursd a y
D ec. 9

F rid a y
D e c . 10

S a lesfo r
th e
W eek
S h a r es.

STOCKS
NEW YO RK STOCK
EXCHANGE

R a n g e S in c e J a n . 1
O n b a sts o f 100-share lo ts
H ig h e s t

L o w e st

R a n g e f o r P r e v io u s
Y e a r 1914
L ow est

H ig h es t

Industrlal& M lsc.(Con). P a r % p er sh a r e
8 p e r sh a re
$ p e r s h a r e $ p er s h a ’ e $ p e r s h a r e
%
%
2,100 Am Woolen certirg of deposit.
48 NovlO
491? 4934 491* 50U 49
49
56 Oct 20
700
Do Dref certlfs of deposit.
9734 9734 *97
96 Oct 22
98 ” 98
98
*96
99
80,410 Anaconda C opper______ 50 c243.i Feb 24 90% Nov28 c $24% Dec c $38% Feb
86% 87% 86% 88% 85% 87
86ls 873* 87% 88% 87% 89
38% Jan
52% Mar
111% 115
111% 115% 107,330 Baldwin Locom otive____ 100 26% Mar 3 154% Oct 23
11434 117-% 116% 119% 11134 117% 113% 117
700 Do
pref_____________ 100 92 Mar 9 114 Sep 29 102% Jan
110 June
112 112 *1117* 114 rlOS 108
112 112
•110% 112 *111 112
2,660 Bethlehem Steel_________ 100 46% JaD 2 600 Oct 22
470 485 *460 480
468% 475
29% Jan
43% Dec
468% 470
465 470 *450 470
100 Do
pref_______ ____ 100 91 Jan 2 184 Oct 22
160 160 *155 160 *155 160
91% Deo
68 Jan
*155 160 *155 100 *155 160
Brooklyn Union Gas______ 100 US Jan 5 138*4 Oct 14 118 Deo 130 Jan
*134 136 *134 136 *134 136 *134 136 *134 136 *131 136
1,210 Burns Brothers__________ 100 79% Dec 10 94** Oct 19
81
81
82
81
81
♦SO
81
8912 80
72% 73
71% 73
70% 717* 13,300 Butte & Superior Copper.. . 10
71% 72
71ig 72** 72% 74
8 JulySO 28*4 Dec 7
30% Feb
26
15% Dec
26*2 26*4 28% 2734 2S34 27% 277* 267* 27% 26% 2734 21,600 California Petroleum, vte. 100
Do pref........................ 100 30 July23
57
56
57
57% 3,700
56
59
57
58% 57
56
56
58
59 Nov22
50 July 68 Mar
35,570 Central Leather_________ 100 32% Feb 20 61% Nov 1
54% 55
60% 61
60 >2 6078 59^8 00^2 *54% 56
38% Deo
gou 60-i4
840 Do pref_____________ 100 100% Jan 7 110% N ovl8
*1093l 110% 110 110% n o no% 1 1 0 % 1 1 0 % *1097* 110% 1109 109
104 July
247* 14,900 Chile Copper___________ 25 24 Dec 10 26% Nov 24
24% 247* 24
2510 257* 25% 25% 25% 25% 24% 2.5
Cnlno
Copper....................
..
5
26,726
54-3,
54
5334
55%
53%
52%
32*i
Jan
6
54%
55%
53% 54U 54% 5558
57% N ovi 7 <3H- Dec $44 Feb
28,110 Colorado Fuel & Iron____ 100 21%Jan 5 60% Sep 29
52
49% 5134 51% 52% 5134 53% 51
52% 51*2 53% 50
34% Feb
20% July
5,200 Consolidated Gas (N Y )._ 100 113*4 Jan 4 150% Oct 15 112% Dec 139% Jan
14312 143>2 14334 144
143% 144% 142% 143% 143 1437* 142% 143
100
2,140
Continental
Can_________
40% Jan 4 127 Oct 5
90
87
88%
90
88
*89
89
90% 90% 89
89% 88
45% July
120 Do
pref_____ _______ 100 88% Jan 5 10912 Dec 10
109% 109%
*108 110 §109% 109% *108 110 *103 110 *108 110
91*4 July
84 July
40,900 Corn Products Refining__ 100
8 Jan 2 21% Oct 25
I8I4 18*4 18% 19% 18% 19% 18% 1834 18% 19% 19% 20
13% Jan
7 July
917* 3,300
Do pref_____________ 100 65 Jan 5 91% Dec 10
8934 90
90
89% 90
8912 89% 89% 8934 89
90
58% July
72 Jan
7214
74
75% 74
72*4 74% 72% 74% 71% 73% 25,200 Crucible Steel of America. 100 18% MaylO 109% Sep 29
76
1,600
Do
pref........
...............
110
100
84
MaylO
rllO
112%
Sep
29
111 111
111% 111% 111% 111% 111% 11134 111% 111%
1,900 Cuban-Amertcan Sugar... 100 38 .Jan 25 177 Dec 1
168 16934 165 166
165 166% 1637* 1637*
*163 170
168 168
Do pref........................ 100 93 Marl 7 110 Sep 14
*102 107
*103 107 *102 107 *102 107 *102 108
90 Dec
90 Dec
5% Mar 2 50% Oct 22
48% 46% 47-34 40,710 Distillers' Securities Corp. 100
46'4 47
46% 47% 47% 48% 46
4S% 47
11 July 20%Mar
2011 34,900
-10
30% Dec 6
28
200 Electric Storage Battery.. 100 63 Nov20
*65
70
67 ** 6S-34 6834
*68
Federal Mining & Smelt__ 100
33
8 Mar24 60 Junel2
*26
33
32
7% May
*26
*26
33
15 Jan
*26
*28
33
*26
33
200
Do
pref_____________ 100 20 Marl3
65 Junel2
*48% 51
50
so
51
28% Dec
43 Jau
52
*48
*46
*48
51% *48
51
100 General Chemical________ 100 165 Jan 26 360 Oct 8 160 Apr 180 Jan
*315 325 §318 320 §315% 315% §315 315 *300 320 §315 315
200
Do pref.............. ......... 100 106 Mar 1 §116% Nov30 107% Feb 110 June
*114*2 11612 *115 116 *115 116% *115 116% *115% 117
116 116
175U 178*2 176% 178
176-% 1777* 175% 177
176% 177-34 175% 175-34 5,800 General Electric...... ......... 100 138 Mar 3 1S512 Oct 4 137% Dec 150% Feb
6,050 General Motors vot tr ctfs. 100 82 Jan 2 558 Dec 9
525 535
474 492*2 500 530
37** Jan
99 May
535 558
521 530
518 540
14,830 Do pref vot tr c t fs ... 100 90% Jan 4 136 Dec 9
125 131
95 Feb
115 116*4 118% 123% 122 1233* 123 128% 124 136
70 July
287* Apr
19% Jan
7234 7434 731.1 75% 72% 74% 54,785 Goodrich Co (B P) _______ 100 24% Jan 7 80% Oct 14
71*4 72% 72% 75% 73% 76
1,200
Do
p ref....................... 100 95 Jan 14 114% Oct 27
95 Dec
*111 112
113% 114%
79% Jan
112 112 ♦111 113
112% 112% 113 113
2,300 Greene Cananea Copper.. 100
44
44h 443* 44l£
41
43
47% Nov23
44
78 " 78% 777* 78% 78
7734 76% 77% 12,300 Guggenheim Exploration.. .25 45% Jan 7 80% Nov20 S40% July $57% Apr
77% 77
78% x 7 7
16% Jan 2 47% Oct 7 $14% July $19% July
45U 46
45&g 46% 4434 46
44% 453* 4434 45% 437* 41-34 44,100 Inspiration Cons Copper.. .20
700 Internal Agricul Corp----- 100
5% Mar31
*21
23% 25
24
29*4 Nov 1
2534 25
25% 24
10% July
*24
4 Jan
25
24
24
2,400
Do pref_____________ 100
8 Marl.5 67% Nov 1
60
59
36 Jan
61
13 May
59% 5934 59% 59% 55l2 59
60*4 61% 60
9,390 Intern Harvester of N J— 100 90 MaylO 114 June 4
*10Sl2 110
110 111% 110% 112% 110*4 112
110% 112% 1 1 0 % i n
82 July 113% Jan
m
100 Do pref------- --------— 100 110 July 13 120 Nov 4 113% Jan
118% ♦
1187* July
118% *___ 120 *___ 120 *
119% 118% 118%
55% N o v ll
84,200 Int Merc Marine pref ctfs dep.
6504 67
75*4 N ovie
68
63*4 66% 637* 66% 637. 6.8% 65% 69
12,875 Intern Nickel (The) v t e . . 100 179*4 Dec 3 223% Oct 5
187 189
1971- 201
193 198
197 202
189 19434 193% 198
100
8
Jan
6
2,150
International
Paper--------*11
11% 11% 11% 11% 11-% *11
12% Nov 5
1134 11% 11% 11% ll-34
10% Feb
6*4 July
*45
46
40-3.1 2,700
Do pref__________ — 100 33 Feb 24 48 Nov 5
*45
46
45% 47
41 Jan
45*2 46U 457* 46% 46
30 Dee
84
83
827* 84% 82% 84% 8134 82% 82% 84% 81% 83% 39,710 Lackawanna Steel------------ 100 28 Jan 7 94*4 Sep 29
40 Jan
252 252 *242 256
1,600 Liggett Sc Myers Tobacco 100 207 Jan 9 260 Dec 9 207% Dec 231 Mar
255 255% 254 260
254 259
*118 120 §120 120
325 Do
119% 120 *118
*118
pref_____________ 100 113*4 Jan 5 120 Dec 8 111%Jan
118% July
*25
26% *25
27
*25
27
*25
27% *25
27
*25
Loose-Wiles Blsc tr co ctfs. 100 16 Feb 17 31 Jan 11
27
26 Dec
38 Jan
100 86 Feb 20 105% Jan 13
98
*95
98
*91
98
*95
98
*95
98
*95
98
*
65 *
65 *___
05
100 60 Junel5 67 Oct 18
65 *___
65 *
65
189
N
ovlo
*182l2 190
1847*
187
*183
5
j
0
100
188
184% 184% 183 190 *183 187
165i2J&n 0
Lorlllard Co (P )------------160 July 190 Apr
*1157*
100 112 Sep 14 118 Jan 19
*1 1 5 % ___ *1151. *1151*11512
*1131$
1177* July
80
82% zSO
200 Mackay Companies.......... 100 72%Jan 11 84 Nov 5
61 July
80i2 80% *80% 81% *S0% 81% *80% 81% *79
87% Fob
69*4
Jan
19
*65
100 Do
07
07
*65i2 66
*66
05% Jan
p re f... _______ 100 0434 Oct 28
70 Jan
65% 65% *65% 67
*66
67
74
753* 757* 77% 76% 78% 73% 77% 7512 78*4 737* 76-34 37,338 Maxwell Motor Inc tr ctfs 100 15% Jan 6 92 Oct 20
14% Dec
15U IJ» c
99% 6,210
Do
1st pref stk tr ctfs 100 43% Jan 2 103 Oct 20
41% Dec
44 Dec
100 100% 100% 101
100% 1017* 100% 101% 10034 101% *99
59-3.1 55% 57% 13,216
(7% Dec
Do 2d pref stk tr ctfs 100 18 Jan 6 08% Oct 20
17 Dec
555* 55% 55% 58% 57% 597* 56
58% 57
917* 93’ i 91% 93% 56,3 40 Mexican Petroleum_____ 100 51 Jan 9 97 Apr 26
73% Feb
46% Jan
92% 94
9214 92% 92% 94% 93
95
95
Do p r e f.................... 100 67 Jan 15 95*4 Dec 10
07 May 87 Feb
*84
89
95% 95% 95
95*4 9534 2,500
94
95
90
94
33% 33-34 5,900 Miami Copper.............. .. ..5
17% Jan 6 35*4 Oct 30 $10% Dec $24% Feb
34% 3334 34
33% 34
337* 34% 34% 34% 34
76% 9,490 Montana P ow er.............. 100 42 Jan 4 79*4 Dec 4
75% 76% 75
527* Juno
41 Dec
73% 79% 76
75
76% 7434 76
78
700 Do pref.......... ........... 100 99 Jan 29 120 Dec 8 101 Apr 1037* June
113 114 *112 113 *111 114% 111% 111% 111 111 *106 108
300 National Biscuit________ 100 116 Apr 3 132 Jan 22 120 July 139 Feb
*124L 126
126 126 *124 127% *124 127% 125 125
126 126
200
Do pref____________ 100 119 May25 127% Dec 10 119% Jan
126 126 *126 128% * 1 2 6 % ___ *126% 128% *126 128% 127% 127%
128 Juno
29% 7,400 Nat Enam'g & Stam p'g.. 100
31% 29
9% Jan 4 30% Oct 25
29
30*4 30
31
9 July
14 Feb
29«4 30
30 Ig 311- 30
965 Do pref.... ......... ....... 100 79 Apr 1 97 Dec 8
98
*95
*95
95%
*94
96% 97
96
§96
96
80 June 86% Mar
94 U 96
6434
Z
02-3.1
1,800
64
10(1
National
Lead..................
65
64*2
44 Jan 4 70*4 May 1
657* 66U fifth 65% 65% 65
65
52 Jan
100 Do pref...... ......... .
112 112
100 104-% Jan 4 115 N 0 v 15 105 Jan
*110 114 ♦llOlo 114 *110% 114 *110 114 * 110 114
109 Feb
16% 167*
1634 167*
16% 16% 5,812 Nevada Consol Copper.. - .5
11*4 Feb 24
16% 1634
17 N ovl7 $10% July
lf>34 16% 16%
3,500 New York Air Brake........ 100 56% Feb 26 164*1 Sep 23
134 136
1351* 137
137 138
*136 139
69 Jan
136% 137*4 137 140
72% 74% 5,800 North American Co (new) 100 64 Jan 19 81 Apr 21
74
75
74
74
76% 74% 75
79% Mar
74 ' 75% 75
97* 10%
9% 10
10
11% 17,750 Pacific Mall____ _____ _ .100
r8% Dec 3 38 Aug 3
10 %
29 J;U1
17% July
834 934
9% 10% 10
1,900 Pacific Telep Sc Teleg----- 100 28% Feb 11 49% Oct 1
*42% 437* *425* 44% 44
44% 44% 45% 44% 44% 4234 43
31 Jun
20 July
300 People’s G U C (Chic). 100 112% MaylO 123% Apr 3 108 July 125 Jao
1173* 1 17 1 , 11734 11734 *117% 118% *117% 118% *117% 118% *117% 118%
43% 43% 43% 43% 1,500
35% Apr 7 49 Sep 30
443* 44%
.50
4434 441.1 447* *43% 45
34% 347* 34
34% 6,250 Pittsburgh C o a l________ 100
15%Jan 4 42% Oct 11
23% Feb
35% 36% 34% 35
15 I)flp
35i2 357*
36
1,200 Do pref........ ........... . ion
81% Jan 4 114 Oct ll
93% Feb
10Si2 10dl2 108% 108% 108% 10S% 10734 108% 107% 107% *106 109
79 Dec
6534 63-34 64% 5,800 Pressed Steel C ar............. 100 25 Mar 6 78% Oct 4
65
66% 64% 65*4 64
46 Feb
63?* 64% 037* 65
20*4 Jan
105 105 *10412 105 *104% 106
100 Do prof______ _____ 100 80 MarlO 10) Oct 28
105% Mar
97*i Jan
*105 106 *105 106 *105 106
1,000 Public Serv Corp of N J __ 100 100% Aug 24 119 Novl7
114 Apr
107 Jan
*110 116% 116 116% 116% 117 *116% 117% 11634 11634 117 118
166 166
1,100 Pullman Company______ 100 150% Marl2 170(4 Oct 23 150 Dec 159 Jan
1671a 168
167% 167% 167 167% *165 167% *105 167
4
4-3* 5*8 6,400 Quicksilver Mining............ 100
3% 4
5*8
«J78 4*2
27* Jan
5*4 Nov 1
4
4
7* June
% M arl5
*3% 4%
534
5
1,500 Do pref ____
4% 5%
5*2 512
*4
5
5
6% Nov 1
4 Jan
*4
100
*4 Mar29
1% June
447* 44'*
45
45
1,600 Railway Steel Spring
45
457* 46% 45% 46% 45
*45
34% Feb
46
100
19 Mar 6 54 Oct 1
19*4 July
*98 100% *98 l00i2 *98 101
Do p ref.............
*9914 101
*99 100% *99 102
88 Dec 101 Feb
100 87 Mar 3 102 Nov29
25-38
257*
18,022
2-->% 25%
253* 25% 25% 2534 25% 257* 25% 257*
Ray Consolidated Copper .10
27% N ovl7 $15 Dec $22% Apr
537* 55% 5714 53-g 56->8 146,600 Republic Iron & Steel
537* 53% 55% 53
53
50
53
100
27 Jan
19 Feb 1 57i.i Dec 9
110 110% 110 1 1 0 % IIOI4 110% 3,700
110 110
Do pref...... ...........
1090* 1093* 110 110
100 72 Jan 30 110% Dec 10
91% Mar
500 Rumely Co (M )_ .........
2% 3%
2% 2i2 *2i2 412
4% *3%
4% *3% 4%
100
*3h
14
Allg
13
18 Jan
h i*6% 11>2
*f)lo 111? *61- 11!41 Jan
20*4 Apr
700
*
*13
14
*13% 14%
Rumely Co (M) ctfs of deposit
UI4 147*
14% 14%
16
1 1*4 Dec 3
400 Do pref certlfs of deposit.
*
251-1 25%
26
26
27%
27% *26
7% Oct 23
178 180% 176% 178% 10,140 Sears, Roebuck & C o____ 100 *131*4 Marl7 209% Feb 1 170% July 197% July
179 182% 177% ISO"
174L 1767* 177 180
100 Do pref.............. ......... 100 121%Jan 4 120 Dec 10 120 Dec 121*4 June
126 128
___ *125
*126 126*4 *125
*126
___ *125
04
66% 61-34 64% 25,320 Sloss-Sheffleld Steel & Ir. 100 21 Jan 6 607* Dec 7
35 Jan
19% July
6OJ4 627* 62% 64-% 64% 667* 647* 66
910 South Porto Rico Sugar... 100 40 Feb 16 164 Dec 1
159
1^
§ 14934 149 34 1501- 1501- rl45 148%
410
100 89% Feb 4 110 Oct 14
109 109
200 Standard M illing.............. 100 43% Feb 23 89 Nov27
45 Dec
32 Jan
83% 83%
*83 " 85
*83
85
84
84
*83% 85% *83% 85
212
59(2 Doc
*80% 83%
Do pref.................... . too 66 Feb 17 85 Nov29
(5712 D©0
82
*81% 83
*8112 84
*82
84
§83% 83% 82
20 Jan
1507* 15234 152% 156% i55*4 163% 158 170% 166% 173% 1637* 170% 142,954 Studebaker Corp (T h e )... 100 35*4 Jan 2 195 Oct 22
36% Mar
70 Jan
92 May
Do pref...... ........... .. 100 91 Jan 2 119% Oct 27
112% 113
113% 114% 114% 114% 1,800
1 lllS 111% *111 113 *110 113
70 Sop 30 824*4 Jillv $3514 Feb
25 25% Feb 24
577* 7,400 Tennessee Copper---------5712 5734 5734 59
58
59
57% 58% 57-’4 57*4 57
211 212% 210% 217
212% 216% 211 215
211 215% 211% 216% 17,0.50 Texas Company (The)----- 100 120 May 14 220 Nov24 112 July 149% Mar
4% Jan 4
8*4 Nov 4
3% June
8*4 Fob
77*
7% 77*
7l2 7% *7%
7% 77*
77* 77*
7-3.1 77* 2,300 Union Bag & Paper------- 10(1
30's Apr 6
400
Do pref— ........ ....... 100 22% Julyl3
29% *27
2934 29
29
29
18% July
32% Feb
*27!2 2934 *27
29
30
*27
42
Jan 25 66*4 Oct 27
Kill
623* 62% 03% 64% 637* 64
*60
64
2,800 United Cigar Mfrs--------39 Dec
*00
61
50% Feb
63
63
1011 100 June10 110 Oct 1
*103 107
109 *105 109 *101 109
*105 109
99 June 103% Feb
.10
9% Dec 10
10% Oct 20
Qlo 9%
93*
9% 9%
9% 91*> 13,700
9% 9%
9^8 93S
.10
11% Oct 14 12% N ovll
*1114 12 ~ 111a 111* *11% l l 7* *11% 117* 115o 115o *1U4 117s
200
100 139 NovlO 16! N ovl7
114 ‘ 148l» 1437* 146
144% 146% 144% 149% 1453, 1483, 145% 145% 19,625
8 Jan 2 317s Oct 2!)
2534 25»4 25% 25% 2534 2534 25
25
25
700 U S Cast I Pipe & Fdy— 100
*23% 25
25
13% Jan
7*4 June
*49
52
151
51
51
51
51
*49
52
845
Do pref____________ 100 32% Mar 3 55*2 Nov 8
49 Feb
*49
53
51
30 July
49
49
1,100 U S Express........ ............. 100 43% Dec 2 73% Mar 9
*43
4734 477* 477* 4734 48
49
40
49%
87 Mar
46
46 Jon
100
15 Jan 27 129*4 Deo 1
11912 1213. 121 122% 122% 125% 119 122% 120 125
120% 123
20 Apr
19,200 U S Industrial A lcoh ol...
15 Dec
*103 105 *103 105
105 105 *103 100
85% Jan
103% 101 *103 105
600 Do pref...................... 10(1 70 Jan 26 107 Nov 1
75 Dec
G3 Mar
53% 553* 11,200 United States R u b ber... 100 44 Ju!y24
54*2 547a 55% 56% 55% 56% 54*4 55U 54% 55
74*i Apr 14
44% July
*107i2 103i2 108% 108% 103% 10.8% 108% 103% 108% 108% *103% 100
1,210
Do
1st preferred----- 10(1 101% Feb 21 110 Apr 9
95% July 104% Jan
67% Jan
80*4 86% 86% 87
.87% 462,400 United States Steel--------- 10(1 38 Feb 1 88% Nov 1
48 Deo
86% 88% 86% 87% 86% 87% 86
1157<? 116% 3,300
116 116% 116% 116% 116 116
115% 1157* 116 116
Do pref.................. . .10(1 /102 Feb 1 117 Oct 30 103% Dec 112*4 Jan
78% 797* 797* 81% 797* 81
79% 8034 79% 81
78% 797* 62,000 Utah Copper----------------- ..1C
48% Jan 0 81% N ovl7 $45** Dec $59% June
31% Mar
17 Dec
47
47
46
46
47
46% 48% 7,150 Vlrglnia-Carollna C hcm .. .100
15 Jan 4 52 Oct 26
46% 47% 47
47% 49
*112 114
90 May 107% Mar
113% 113% 113% 113% *112% 111 *112% 113 *112% 114
200
Do pref____________ . 10 c 80 Jan 6 113% Dec 3
35 July
52 Mar
61
02
63% 63% 65
62
02% 62
61
62
*60
02
l.ion Virginia Iron Coal Sc Coke .100 36 June 9 74 Oct 26
687* Fob
53% July
8734 88
877* 88
88
88% 88
89% 88% 88-3.1 88
8S-34 6,800 Western Union Telegraph .IOC
57 Jan 2 90 Nov 4
64 Jan
681* 69% 6834 69% 69
70% 68% 69% 68% 69% 07% 0S-3, 53,380 Westlnghou.se Elec & Mfg . -5C 32 Feb 21 74% Oct 26
79% July
*77
124%Juno
80
*77
so
*76
80
78% 78% *76
S5 Oct 21 115%Jan
SO
*70
Do
1st preferred----- --5C
78
100
58% Marl2
*230 240
2 40 249
1Of
235 230%
268 N ov 1
250 255
245 215
5,925
.100
* 113% 114
115 Doc 9
920
113% 113% 11334 1137* 1137* 114
114% 115 *114^8
*114 115
89 July 103% Feb
115 118%! 115 1177* 116 118
115 115% 114% 115
10,400 Woolworth (F W )............ -100! 90% Jan (1 118% Dec 6
*123l2 124 *123 124
124 124 *123 124 *123% 124 *122 124
500
Do
pref____________ IOC ! 115 Jan 8 124 Aug 14 112% Jan 11S% Mar
$ v e r sh are
503g 5Q3S

S p e r sh a r e

$ p er

sh are

* Bid and asked prices: no sales on this day. $ Less than 100 shares.
per share, s Ex-stock dividend, x Ex-dividend.




$ Ex-rlshts.

a

Ex-dlv. and rights.

6 New stock,

c

Par $25 per share,

q

Quoted dollars

New York Stock Exchange-Bond Record. Friday. Weexly and Yearly
Jan.

1909 th e

Price
Friday

BO N D S

N. y

1959

E x c h a n g e m eth od o f q u o tin g b o n d s w a s c h a n g e d , a n d p r ic e s a r e n o w a ll— " a n d I n te r e s t” — e x c e p t f o r I n c o m e a n d d e fa u lte d b o n d s . ______

STOCK EXCHANGE
•keek Ending Deo. 10.

D ec.

10.

Range
S in c e
J a n . 1.

W e e k 's
Fiance o r
L a st S a lt

at.

BONDS
STOCK EXCHANGE
Week Ending Dec. 10.

X

Price
Friday
Dec. 10.

W eek’s
R ange or
L a st S a le

_______
R ange
S in c e
Jan. 1

L ow
H ig h
H ig h
la
Ask
Chic Burl A Q (Cos.)—
Joint bonds. See Great North
94*4 97%
97% Sale. 9778
97
Nebraska Extension 4e__ 1927 M -N
95
95
95 Junc'15
Registered_____________1927 IS-N
99% 99%
99*8 June’ 15
Southwestern Dlv 4s_____ 1921 M S 99
88
95
944
General 4s_______________1958 M S 9414 Sale*
15
29
25 Nov'15
Ohio A E III ref & Imp 4s g._1955 J J 254 30
91 104
104
1st consol gold 6s________ 1934 A O 104 ____ 104
51% 84
84
General consol 1st 5s..........1937 M- N 84 Sale 82
71 June’ 15'
524 71
10034 102
Registered_____________1937 M- N ------ 82
97*4 Feb '13
Pur money let coal 5s____ 1942 F - A
100 100
17
20%
19
Chic A Ind C Ry 1st 5 s ... 1936
J 19 Sale 19
64
747g
744
Chic Great West 1st 4s..........1959 1 S 74 Sale 737*
F«r«lcn <io»*rnm#nt
110
117
98 182 S9434 984 Chic Ind A I.oulsv— Rel 6s. 1947 - J 112*4 114 1124 N ov’ 15
S95 Sale s91*4
Anglo-French 5-year 5s (wh iss).
101
101
9234
923
4
25
101
June'15
9
7
4
____
Refunding
gold
5s_______1947
80
994
t
9234
94
J
Argentine —Internal 5s of i9uu
95% Apr 'l l
Refunding 4s Series C ___ 1917
I ____ 86
t ------- 7434 88 July 14
hineae tHukuang R y)—osof 'l l
*81 934 98
86 Ju!y’ 12
98
Ind A Loulsv 1st gu is ___1956
97 98>4 974
J
"nha— External debt 5s of 1904
5
854
96
86
86
96
90
Chic
Ind
A
Sou
50-year
4
s..1956
____ 9 6 4
964
J
•'.Iter It 5s of '14 ser A __ 1949
0 SO 864 Chic 1 8 A East la t4 H s____ 1969 - D
Sale 96
92*4
81
96
S4 85U S84
Externa! loanlH s........ ... 1949
12 734 844 Chicago Milwaukee A St Paul—
S2
82
t 82
824
•«pants? Govt — i loan 4
1925
S5
934
Gen'l gold 4s Series A____*1989 J J 924 934 924
93%
l 79
Sale 784
794 50 714 82
Second series 1 ............ 192."
894 Apr '15
70*4
7534 191 70
894 894
Js75 Sale 744
Registered___________ *1989 Q - J
Do do “ German stamp” .
53 87
94% Sale 937g
95%
94%
78^4
June'15
Gen
A
ref
Ser
A
445*____u‘
2
014
A
O
____
69
t
Sterling loan 4s. . . _____ 1931
107% 221 0C% 107%
Gen ref oonv ser B 5s__ a2014 F - A 107 Sale 106*4
794 Apr '14
t ------79
vtexieo—Ex ter loan £ 5s oi 1399
1 76
82 Sale 82
82%
82
65 July 14
Gen'l
gold
3
4
s
Ser
B
____cl989
------85
J
J
Gold debt 4s of 1904 _ . 1951
8 97 1034
1024 Sale 102
General 4 4 s Ser C _____ *1989 J
1024
954 954
t ................ 954 far in
-rrov ol Viberta—deb 4 4 s . . 1924
33 844 93%
92% Sale S91%
9 2 7g
82
95-year deben 4 s . ...........1934 J
80 M ay'15
78
rokyo City— 5s loan of 1912.. . VI- S t------- 78*4
239 934 1024
101?8
Sale
1021
Convertible
4
4
3
_____
1932
1014
D
t T h s s f ir e p r ic e s «n th e b a s is or IF.to £
2 102% 1034
Ohio A L Sup Dlv g 5 s.. . 1921
1034
J 1 0 3 4 ____ 1034
2 i03 105
105
Chic A Mo Rlv Dtv 5s_ . 1920
J 1 0 1 4 ____ 105
I t i t i and City Stcurltlis.
39 (01*4 103*4
103% 103% 103
974 102
102
1014 102 10134
Chic A P W let g 5a...........1921
1034
J
f* y c it y —4148................... I960
6 85% 91%
9734 102
102
91%
C M A Puget 8d tst gu 4e. 1949
1014 102 102
J 91% 91% 91*4
4% h Corporate stock___ 193!
106*4 Sale 10034
107
100 1004
Dak A Grt Sou gold 5 s . .. 1916
1014 107
J 100 10 0 4 100 Dec '15
4 4 5 Corporate stock ___ 1965
106 I07*g
1074
____
1064
1014
1064
Dubuque
Dlv
1st
s
f
8s___1920
106*4
N
ov’
15
1064 Sale 1064
J
iH s Corporate stock----- 1963
99
94
99
Fargo A Sou aasuto g 6e..l924 J J 1 1 0 4 ____ 110 Junc'13
s984 Sale 984
k % Corporate stock____ 1959
102% 103 ’
944 9834
9834 Sale 984
La Crosse A D 1st 5s____ 1919 J J 10 2 4 ____ 103 N o v ’ 15
9834
1 % Corporate stock------- 1958 M
(01% 1034
98-4 9834 984
1034
Wls A Mlun Dlv g 58____ 1921 J J 1034 Sale 1034
94
984
984
1 % Corporate stock------- 1957 81 N
107 ____ 107 Dec '15
1064 07
974 974 974 Dec '15
94
974
Wls
Vail
Dlv
1st
8
s.........
1920
J
J
MN
4% Corporate stock------- 1956
1004
____
99 101
10534
Nov'15
1
0
14
10534
1064
1064
MU
A
No
1st
ext
4
4
s
___
1934
J
-D
1004
N
ov’
l
Maw 4 4 s . ........................ 1957 M N 1014 102 101 Dec '15
100 1004
Cone extended 4 4 s.......1934 J -D 101 ___ 100 Oct '15
1004 1014
Saw 4 4 s ..........................1917 M N IO6 4 1064 1064
95 ____ 94 Sep '15
924 944
1014
1064
F
A
1064
Chic
A
Nor
West
Ext4slsS6-192i
M
-N
4 4 % Corporate stock — 1957
944 944
Registered.......... .1886-1926 F A 94 ____ 944 N o v ’ 15
1004 1014
N 10 1 ____ 101 N ov’ 15
1 4 % Assessment bonds .1917
47 78
834 82%
83
83
88
84
89
General gold 3 4 s ________1987 M- N 83
N 8734 874 8734
8 4 % Corporate s to c k ...1954
784
Jan
'14
10
134
Nov'15
Registered__________
pl987
Q
F
1014
__
994
10l»4
8
if Y State—4s...... ............... 1961
96
864 964
‘ 1014 N ov’ 15
General 4a______________ 1987 M- N 96 Sale 95%
994 1014
J 102
Canal Improvement 4 s.-.1961
95*4____ 95%
95%
89
954
100 1014
Stamped i s ____ _______198 M
1014 Sep '15
J
Canal Improvement 4 s ... 1932
100 114%
10 134 N ov’ 15
994 10134
1134
General 5s stamped____ 1987 M- N 1134 Sale 1134
I 102
Canal Improvement 4s ..I960
11234 Dec '15
Sinking fund 6s___ 1879 1929 A - O 109*4____ 1084 Oct '1 5 ----- 108 1094
1084 11234
Canal Improvement 4 4 s . 1964 J - J 1124
106 Dec '15
104 108
Registered_______1879-1929 A - O 109 ____ 1054 Dec '13
Canal Improvement 4 4 * . 1965 J - J
102% 1044
1044
108 11234
11234
Sinking fund 5s_____1879-1929 A - O 1 0 4 4 ____ 1044
- 1124
Highway Improv't 4 4 s .1983 M - S 1124
1044 1054
Registered.............1879-1929 A - O 103% 108 102 Oct '13
Highway Improv't 4 ,4 s ._ 1965 IVt- ? 1054 ____ 1054 Nov'15
105 ___ 104 Nov'15
100%
104*
Debenture
5s___________
1921
884
Sale
A
O
81
884
884
884
Virginia funded debt 2-3s ..1991 J - J 55 sale 55
101 Dec '12
55
52
614
Registered____________ 1921 A - O
Hi deferred Brown Bros etfs
101
1044
1044
Blnking fund deb 5s______1933 M -N 104% 105 1044
99
1014
1014 M ay'15
Registered____________ 1933 M -N
Railroad
664
117 Aug '15
117
1194
654 . .
65
65
From Elk A Mo V 1st 6s. . 1933 A - O 1184
55
Ann Arbor 1st g 4s.......... *.1996 Q ­
9534
904
Sep
'09
94
94
Sale
J
Man
G
B
A
N
W
1st
3
4
*
.
1941
944
894
Atch Top A 8 Fe gen g 4s ..1995 A - O
934
93% N ov’ 15
Mllw A S L 1st gu 3 4 s . .1941 J
89
914
Registered........ ................ 1995 A -O
107*4____ 107*4 N ov’ 15
105
1084
Mil L S & West 1st g 8s. ..1921 IN
87 Sale 86%
87*8
804 884
Adjustment gold 4s........ *199? Nov
*0 24 104%
105*4____ S024 Aug '15
Ext A Imp s f gold 5 s .. . 1929 F
86 M ar'i3
Registered...................*1995 Nov
111*4____ 113% Feb '14
Ashland Dlv 1st g 8s__ 1925 IN
87%
804 884
87
874 87
Stamped.......................*1995 M -N
110%____ 1114 Aug 15
1114 1114
Mich Dlv 1st gold 8s. .1924 J
107%
924 HO
107i2 106*2
Oonv gold 4s....................... 1955 J -D 1064
____ 94
864 93
92*4
93
Mil Spar A N W 1st gu 4s 1947 IN
____
994 May’13
Conv 4a Issue of 1908 . ..1955 J -D
1034 ____ 107% Mav'14
M
Northw
Union
1st
7s
s
.
.1917
924
1104
1064
Sale
1074
1064
Oonv 4» Issue of 1910 ...1 96 0 j - n
105
1064
1 0 2 *4 1 0 6 %
106%
106%
J
St
L
Peo
A
N
W
1st
gu
5s.
194S
1
0
1%
Sale 1614
1004 102
16-year 5 s ......................... 1917 J -D 1014
1024 103 1034 May'15
1031* 1 0 3 %
Winona A St P 1st ext 78.1916 J
92
96
Dec '15
East Okla Dlv 1st g 4s
.1928 IN S 94% ____ 96
102%____ 102% Dec '15
101% 102%
Chicago Rock Isl A Pao 6 s ..1917 J
8834
8834
844 89
TraDS Con Short 1st 4s. 1958 J - J 884
102*8
Oct
'15
____
1024
1
0 1 4 102%
J
J
Registered____________
1917
96
98 >g 99 s94*4 Oct '15
93
Oal-ArU 1st A rel 4 4 s ' A" 1902 M- 8 102
84*4 854 84*4
85*4
79
864
____
Ry general gold 4s________ 1888 J - J
103is
8ep
'15
103
1034
M
S Fe Pres A Pb 1st g 5s. ..1942
83
85
80
824
814
Nov'15
J
•
J
77
Registered____________
1988
91
924
Sale
9
2
4
934
85
All Coast L 1st gold 4s . .*1052 M
67 Sale S66*4
61
71%
674
Refunding gold 4s............. 1934 A - O
924 July 14
SO-year unified 4s . ...1 95 9 J
39
67
47*4
105%
2 105 105%
20-year debenture 6s____ 1932 J J 46-4 474 47
105%
105%
Ala Mid 1st gu gold 5s . ; . 1928 M
79% ____ 94*4 J u n e 'll —
934 97 a-95
1 89
95
Coll trust Series P 4s____ 1918 M N
95
Bruns A W 1st gu gold 4s 1938 J
85 July’ 13
129 135 129% Aug '15 ___ 129% 120 %
R 1 Ark A Louie 1st 4 4 s . .1934 IN S ____ 74
Charles A Sav let gold 7s 1036 J
99 101%
38 80
87
89
Bur C R A N—1st g 5 s .. . 1934 A - O ____ 1014 101% N o v ’ 15
88
88
87*2
L A N ooll gold 4a_______ oI952 M - N
99
_
_
.
A
O
C
R
1
F
A
N
W
1st
gu
5*
..1921
11J4
1
18
118
1194
Oct '15
8av F A W let gold 0s . . . 1934 A - O
M A St L 1st gu g 7s___ 1927 J - D
105 July'15 ___ 105 105
-----1st gold 6s....................... 1934 A - O 1044
' 97"% ' 97%
97% July’ 15
98%
Choc Okla A G gen g 5s.ol9IP J - J *98 '
98 June’ 15
974 98
811 Sp Oca A O gu g 4s___ 1918 J - J
9 7 4 974
93 Sale 92%
97% July'15 —
Consol gold 5s________ 1952 M - N
93*8 171 88*4 93%
Balt A Ohio prior 3 4 s ____ 1925 J - J ____
75
49*4 Sep '15 —
49*4 84
90 June’ 15 ___
Keok A Des Moines 1st 6s 1923 A - O 65
884 90
Registered.....................*1926 Q . J
65
81
65 Apr '15 —
142
65
91*4
65
F
A
Sale
91%
St
Paul
A
FCCShL
ls
t4
4
s
'4
1
91*4
92%
85
A
O
tit 50-year gold «a____ *1948
114*4 117*4
89 N ov’ 15 ___
89
Chic St P M A O con 8a___ 1930 J - D 1 1 7 4 ____ 117 D ec '15 —
90
85
Registered __________ *1948 Q - J 874
87
90 Jan '15 . . . .
97% Sale 96*4
90
90
Cons 8s reduced to 3 4 s . .1930 J - D
97% 1478 8 24 97%
*0-yr conv 4 4 .1.........
1933
—
102% D ec '15 —
994 103
112 Jan '12 ___
Debenture 5a____ _____ .1930 M S 102k
Pitts Juno 1st gold Ss........ 1922 i*- j
1 115 1164
90*4 91*4 90*4
5 ^~844 90*4
1164
1164
Ch St P A Minn 1st g 6s. .1918 I N - N 116
90*4
P Juno A M Dlv 1st g 3 4 s 1925 M - N
120% M ay 09 —
87%
12
J - J
North
Wisconsin
1st
6
s...1930
Sale
891?
M
N
88%
874
77%
P L E A W Va Hya ref 4s .1941
91-8 Suie 91%
105% N o v ’ 15 —
104% 105*4
St P A 8 City 1st g 8s___ 1919 A - O
J
92*2 67 86
924
Southw Dlv 1st gold 3 4 s . 1925 J
...
Superior Short L 1st 5s g.?1930 M- 8
100 Apr '13 —
Cent Ohio R 1st c g 4 4 s . 1930 M - S
— !
85
Jan
'14
___
J
O
Chic
T
H
A
So-east
1st
6s__
1960
O
1044
Apr
15
A
1034 1044
Cl Lor A tV con let g 5s . 1933
105 106*4
106%
106*4
Ohio A West Ind gen g 6s .*1932 Q -M
Monon River let gu g 5 s.. 1919 F A 10 1 ____ 102% June’ 12 ___
60 74% 83%
81%
S2
82%
J
Consol 60-year 4s________ 1952 J
1024 Oct '15 __ - 1021? 1024
Ohio River RR 1st g 5S-- 1936 J D 104 _
96 M ar '14 —
98*4 Nov'15 __ _ 984 98*4 Cln H A D 2d gold 4 4 s . . . 1937 J - J
General gold 6s________ 1937 A O 10 0 % . .
....
1134 Feb '12
1st A refunding 4s ___
1959 J Pitts Clev A Tol lot g 6 s.. 1022 A O - - — _ _
_.
____ 87
86*4 June’ 12
96*4 alar 14 __ _
J 98 .
1959 J 1st guaranteed 4s..........
Pitts A West 1st g 4s........ 1917 J
25
July'15
25
25
274 ___
Cln D A I 1st gu g 5s___ 1911 M-N
8tat Isl lty 1st gu g 4 4 » -1943 J I)
8S
M a r 'l l
C Find A Ft YV 1st gu 4s g 1923 M- N
Bolivia Ry 1st 5s................... 1927 ; - J _____
65
J'ly
’
14
107
____
___
J
S
1044
Sep
'15
Cln
I
A
Y
V
1st
gu
g
4s___
1953
M
­
1024 106%
Buffalo R A P gen g 6s____ 1937
94% Dec '14
Day A Mich 1st cons 4 4 s 1931 J
Conaol 4 4 e ...................
1957 IV* N 101 103 100 N ov’ 15 ___ 991? 103
___
65 i'ly '14 —
92 Nov'15 __ _ 90
fnd Dec A YV 1st g 5s____ 1935 J
94%
All A West 1st g 4s gu ...1998 A - O 91% . .
103%
1074 Dec '02
J
1st guar gold 5s_____ 1035 J Clear A Mab 1st gu g 58.-1943 J 15 68
_____ 82
lb7 ____
83
804
81%
Oleve Cln C A St L geD 4s . 1993 J
Rooh A Pitts 1st gold 6S..1921 F 35 79% 874
------- 871
874
874
107 ” Sep '15
O 1094 . .
20-yr deb 4 4 s ................... 1931 J 107 107 '
Consol 1st s fls________ 1922
844 86 sS 5 4 N ov'1 5 . . . . SO SS54
104*4 20 10a 105*4
O 1044 Sale 1044
Cairo Dlv 1st gold 4s____ 1939 J
Canada Sou eons gu A 6s.-.1992
____
78 N o v ’ 15
70
78
Cln W A M Dlv 1st g 4s 1991 J Registered_____________1982
1 754 85
82
82
82
8 04 '97*4
St L Dlv 1st coll tr g 4 s ... 1990 M
D ------ 9 7
974
974
Car Clinch A Ohio 1st 30 yr 6» ’38
82% M a r '14 —
. -Registered____ ______ 1990 M- N
A 1064 108 107 Nov'15 ___ 1031? 1074
Central of Ga 1st gold 5s__ pl945
85 N ov'1 5 —
77
85
9 96 1024
101%
Spr A Col Dlv 1st g 4s___ 1940 M
N 101 Sale 101
Consol gold os...... ............ 1945
91 Apr '12 —
83
84
83 Nov'15 ___ 83
W YV Val Dlv 1st g 4s___ 1940
l)
10
Cbatt Dlv pur money it 4s 1951
105 N o v ’ 15 . . . . 105 105%
C I St I, A C consol 6s___ 1920 M - N
J 101%____ 101*4 Nov'15 ___ 101 104%
Mac A Nor Dlv 1st g 6s . 1948
90
91 N o v ’ 15 —
91
100% M a r'15 ___ 100% 1-;.'!%
1st gold 4s ................. *1936 Q F
J 100% __
Mid Ga A At! Dlv 5 s ... .1947
87
8 8 4 M ay’ 15 —
884
Registered.................*1936 Q F
103*4 May'15 —
J ____ 105
103*4 10.0*4
Mobile Dlv 1st g 6s .
1940
—
101 101
101
June'15
J
.
-----97
97
Dec
'15
Cln
S
A
Cl
con
1st
g
5s_
_
1923
97%
N
804
Oen RR A B of Ga eo! g 5s . 1937
105*4 July’ 14 —
117% 64 111% 117%
C C C A I gen eon g 6s. ..1934 J J
- J 117% Sale 115%
Cent of N J gen'l gold 5s . . 1987
115
1 1104 115
Registered____________1934 J J
J 115 Sale 115
Registered__________ *1987
94 July'OS
—
___
A
O
1034
Oct
'15
Inn
is
A
W
1st
pref
}s.
1940
103%
1034
101
102*4
J
Am Dock A Imp gu 5s . . 192
___
f ind A W 1st pref 5s __<fl938 G - J
J 100%____ 1.00 Juno'It
Leh A Hud Rlv gen gu g 531920
5 59 7 2 4
684 Sale ‘ 684
69
91*4 100 100's Jan '13 ___
Peo A East 1st con 4s___ 1940 A O
S
N Y A Long Br gen g 4s 1941
35
40
38
35 N o v ’ 15 ____ 20
1 68
80
Income 4s...... ................ 1990 Apr
80 Sale 80
SO
Dent Vermont 1st gu c 4« .<1820
F
994 99 Dec '15 ___ S3
99% Oleve Short L 1st gu 4 u a .. 1961 A - O 100 100! 100% 10 0 4 — 45 96*4 1014
besa A O fund A Impt 5a .1929
J -----8
14 S10 N o v ’ 15
slO
17
3 1 0 1 % 1064 Col Midland 1st g 4s_............194”
105%
1st eonaol gold 5 s ............. 1939
N 105^8 105'8 105*4
144 M a r '15 ____
15
____ 10
Trust Co certfs of deposit____
Registered . ________ 1939
N 103 1044 101 Sep '15 ___ 101 101
22 $5
924 Sale 91
93%
924
92% 65 82
Colorado A Sou 1st g 4a . . . 1929
Ganeral gold 4 4 s ___ __ .1992
S 914 Sale 91*2
5 78% 90
87
8S
87
88%
90 4 N ov’ 15 ___ 84
Refund A Ext 4 4 s _____ 193.=
s ------ 92*2
Registered------------1992
90%
106% N ov’ 15 —
100 106%
128 70
88
Ft YV A Den C 1st g 6 s.. 1921
A 87 4 Sale 87%
Convertible 4 4 s . . ___ .1930
90
6 80
834
D 834 Sale 8312
83% Conn A Pas Rivs 1st g 4s . 1943
Big Sandy 1st 4 s ............. 1944
.
.
.
.
100
M
a
y
'll
. .. . —
81%
_
_
81%
Nov'15
n
.
1952
81 S83
Cuba RR 1st 50 yr 5s g _
Coal River Ry 1st gu 4s ..1945
934 100
98 Nov'15 ___
i
Del Lack A Western—
95
Craig Valley 1st g 5s____ 1940
98
4 84
86%
86*8
864
-_
_
864
861
84*4
Jan
10
.
2000
J
Morris
A
Es
1st
gu
3
4
s
Potts Creek Br 1st 4s----- 1946
107*4 110 108 N ov’ 15 ____ 107 109
86
81 Nov'15
J 84
N Y Lack A W 1st 6s .. 1921
80% 84%
R A A Dlv 1st con g 4s . ..1939
101% May'15 ____ 1014 101*4
1923
82
80 Nov'15 ___
Construction 5s____
J
77
80
2d oonsol gold 4 s . . ------1989
»:.% 96
95% Sep ’ 15 —
ri 80 _
9J Apr ' l l ___
Term A Improve 4 s.. 1923
Greenbrier Ry 1st gu r is 1940
_
2 102% Feb 'OS
113% Feb '15
8 ____
YVarren 1st ref cu g 3 ’4 « 2000
War n Springs V 1st g 5s 1941
104% Aug '15 ____ 104% 105%
20 52
O 60% 62% 60%
604
604 Del A Hud 1st Pa Dlv 7S...1917
Olio A Alton RR ref g 3s. . . 1949
34
42%
44
44
44%
Registered___________ 191
J
38
474
f o i l w a t 1st lien 3 4 * ----- 1950
17 99 100*4
1004
1004 Sale 100%
2 98% 100
99%
10-yr conv deb 4s________ 1916
A 99% Sale 994
bio B A Q Denver Dlv 4 s.. 1922
1 99 100%
100*4
1004
1 100*4
1st lien equip g 4 4 s _____ 1922
J S854 Sale 854
S6% 17 81% 87%
Vlnols Dlv 3 4 s _____
19*9
16 894 974
934
2
96
964
96
28 91% 90
1st A ref 4s______________1943
J s93 Sale 954
Illinois Dlv 4s..................... 1849
1064
1067g 68 101*4 1084
1064
Sale
___
94
N
ov’
15
Conv
5s
sub
recta
94
94
J
*954
____
Registered____________ 1949
864 ! 26 804 87%
864 Sale 8 6 4
1 1014 1024
Alb A Sus conv 3 4 s _____ 1846
O 102*4____ 1024
1024
Iowa Dlv sink fund 6s - - 1919
113% Jan '15
1 12*8 113%
1114
Rens A Saratoga 1st 7s. 1921
O 99*8____ 99% N ov’ 15 ___ 96*4 991.
Sinking fund 4s____
1919
hDue
July,
k
Due
Aug.
0
Due
Oct.
p
Due
Nov
g
Due
Dec.
s Option sale.
hr
* No price Friday; latest tills week. d Due April. e Due May. g Due June

O S. GoFtjrnmeiu.
U S a* consol registered...il 1930
-• cS 2s consol coupon------- dl930
0 3 3s registered-------------- *1913
0 a 3s cou pon----------------- *1913
0 8 4s registered---------------- 1925
0 6 4s cou pon ------------------- 1925
a 8 Pan Cana! 10-S0-yr 2s.*1933
0 S V n Canal 10-30-yr 2s .1933
0 8 Panama Cana! 3s g ----- 1961
" ■? Philippine Island 43.1914-34




B id

G

J

Q J
Q F
Q- F
Q F
Q F
Q F
Q- N
Q -M
Q F

A s k Lose

High

No

994 1000
99% ____ 994
974 Oct '15
99 _
10134 Sale’ 101*4 10134
1014 Nov'15
1 10
110 Sale 1 10
110 ____ 1104 1104
93 ____ 984 Oct '15
97 July’ 15
102
1014 . . . . 102
100 Feb 1
____ 100

Low

H ig h

96*4
974
98
1004
109
1094
974

994
99
101»4
102
110
I 114
984

1960
BONDS
N. Y . 8TOCK EXCHANGE
Week Ending Dec. 10.

New Yorfc Boaa Record—Goatin aed—Page 2
P ric e
F r id a y
D e c . 10.
B id

W eek ’s
R ange or
L a st S a le

A tk L ow

H ig h

|2

R ange
S in c e
Jan. 1

N o . Low

H ig h

33 68
82
79
80
79
80
D e n v & R G r 1st con g 4 s . .. 1936
84*4 16 73*8 85*2
84
84*4 84
Consol gold 4H s............... 1936
66
85*4
8514 Dec T5 ___
i 83l2 85
Improvement gold 5s____ 1928
63
t 360 >4 Sale 860*8
61*2 24 38
1st A refunding 5s............. 1955
1 80
95 109 Dec 12 ____ __ _____
Rio Or Juno 1st gu g 5 s.. 1939
._ „ .
35 ------ 6Hs Apr 'll ___
Rio Gr So 1st gold 4s..........1940
| _________ 35 Nov'15
35
35
Guaranteed__________ 1940
9 89
1 75
841* 75
78
78
Rio Gr West 1st g 4s......... 1939
)
61
6514 62 Dec '15 —
53
651s
Mtge * col trust 4s A . . 1949
90 Apr ’ 14
Utah Cent 1st gu g 4s.al917
100 100
g 9912100 100 M a r'll
Des Mol Un Ry 1st g 5s___ 1917
90 8 87 Nov'15
717g 87
Det & M ac. 1st lien g 4 s . .. 1995 J 9 87
80 Nov'15
78
85
Gold 4 s .............
1995 J 9 80*4
g 94 i 94ij 9414
94*2
Det Rlv Tun-Ter Tun 4 U s. 1961
a 8978 95
J 1035s 104*4 105 N ov’ 15
Dul Mlssabe & Nor gen 5s. .1941
101*2 105*4
!> 103i2 ____ 103*2 N ov ’ 15
98*2 103*2
Dul A Iron Range 1st 5s____ 1937
j _________ 106 Mar'03
Registered______________1937
104 Feb 'l l
2d 6 s ............................... 1916
1 90 ioo’
J 91
93i2 94
94
Du So Shore & At g 5s......... 1937
I 101 ------ 104 N ov’ 15
103 105
Elgin Jo! & East 1st g 5s___ 1941
5 11012 IIII4 11012 Dec T5
Erie 1st consol gold 7s______ 1920
106*2 1 1 1
I
9 2 U ------ 97*2 June’ 14
N Y A Erie 1st ext g 4 s ... 1947
100 102*4
2d ext gold 5s................ 1919 M S 1013g------ 101*4 May’ 15
3d ext gold4W s............ 1923 51 3 9814 ------ 98*2 June' 15
98*4 99*4
j 100 102*4
102
4th ext gold 5s________1920 A 9 102 ____ 102
9 94 ____ 94 Nov'15 . . . . 93
94
5th ext gold 4s.............. 1928 J
10378 109
N Y L E A W 1st g fd 7s-. 1920 M 5 *____ 1111* 109 O ct' 15
87l4
86*2 6 / 77
Erls 1st con g 4s prior____ 1996 J j 883 Sale 86
80 Oct '15
79'8 80
Registered___________ 1996
j 376*2 Sale 75*4
77
76 h 180 65
1st consol gen lien g 4 s . .. 1996
j ____ 75
77 Apr ' 12
Registered___________ 1996
i. 87*4 90>2 8714
87**8 20 88
88*4
Penn coll tr g 4s_________1951
9 72
73
7334
73
73*2 32 59
50-yr conv 4s A _________ 1953
9 84*4 Sale 83*2
85i2 552 63*2 86*8
do
Series B .......... 1953
9 J01 103 s 10234 Juoe'16 . . - - 102*2 103*8
Buff N Y A Erie 1st 7 s ... 1916
2 10 H* 105*2
105*8
I 105*8____ 105*8
Chic A Erie 1st gold 5 s . .. 1982
101 Feb '15 ___ 10 1 101
Clev & Mahon Val g 5s__ 1938
* 122*12------ 122i2 N ov’ 15 ___ 119*4 12212
Long Dock consol g 8 s . .. 1935
J 997g 103 100*8 Oct T5 ___ 100*8 100*8
Coal A RR 1st cur gu 6 s.. 1922
1 102*2 103U
102*3
10 2 * 2 ___ 102*8
Dock A Imp 1st ext 5s__ 1943
J ..... ........... 10312 Aug 12
N Y A Green L gu g 5 s ... 1946
99
100
99
N
ov’
15
99
N Y Sus A W 1st ref 5s . . . 1937
— - 90
L .
. 11)0*4 Dec ’06
2d gold 444s................ 1937
82
90
75*4 N ov’ 15 . . . . 67*2 75*4
General gold 5s.................. 1940
100 _
102 Jaa *14
Terminal 1st gold 5s......... 1943
) 104 ____ 11Ilf May* 12
Mid of N J 1st ext os____ 19 40
85
90
80 Oct T5 . . . . 79
80
Wllk A Ea 1st gu g 5s____ 1942
103 May’ 12
Ev & Ind 1st con gu g 6a____1926
90l2 ____ 87lg Nov'15 . . . . 81
97_
Evans A T H 1st cons 6s____ 1921
47ig . . . . 99*8 Dec T3
1st genera? gold 5s_______1942
108 N ov ’ ll
Mt Vernon 1st gold 6s____ 1923
95 June’ 12
Sul! Co Branch 1st g 5 s ... 1930
____ 94*» 9412 Nov'15
88*2 95
Florida E Coast 1st 4 4 4 s ...1959
.............. - 92 Aug ' 10 ____
Fort St 6 D Co 1st g 444s.. 1941
5 50
6712 Sale 67*2
6712
70
Ft W A Rio Gr 1st g Is......... 1928
Great Northern—
98 Sale 98
98i4 400 947g 9812
O B A Q coll trust 4s_____ 1921
6 94*8 98
98
------ 98U 9734
Registered ft__________ 1921
3 94 101
99*4
99i2 1001s 9934
1st A refunding 444s ser A 1961
. . . ____ 93 June’ 13
Registered................ ..t9 6 1
96 ____ 957g N ov’ 15 ___
93*14 957g
St Paul M A Man 4s..........1933
1 116*4 120*4
119
11912 120*4 119
1st consol gold 6s......... .1933
.
.
.
.
.................
118*4
Apr
'15
118
118*4
Registered_________ 1933
10 99*4 10278
102 10 2 12 102*8
102*8
Reduced to gold 4 44s. 1933
_________ 109*4 Apr T5
Registered_______ 1933
96 ____ 96
96*8 10 911s 96*8
Mont ext 1st gold 4 s ... 1937
92*4 N ov’ 15
92i4 92U
Registered................. 1937
85i2 ____ 85*2 Nov'15 . . . . 85*2 85i2
Pacific ext guar 4s £____ 1940
><9.4 89*4
88 ____ 89 *4 Juae’ 15 —
E Minn Nor DIv 1st g 4 s.. 1948
109 ____ 109 N ov’ 15 . . . . 109 109
Minn Union 1st g 6s........ 1922
1 118*8 1 2 1
120*4____ 120*4
12014
M o n te 1st g u g e s ............. 1937
I30i4 May’06
Registered................... 1937
10 S U ____ 105*2 July’15
103*4 105l2
1st guar gold 5s......... 1937
Registered........ ...1 9 3 7
108*8------ 107U June'15 . . . . 107*4 1*17*4
Will A 8 Fist gold 5s . . 193S
77
Gr B A W deb ctfs “ A” (5100 par) Feb ____ 79*8 75 N ov’ 15 ___ 70
13
250 10*2 14»2
123g Sale 123g
oeben ctfs “ B " ($100 par)___ Feb
2 82
85
83is 8978 85
88
Gulf 4 3 I 1st ref A t g 5s 51952
registered..........
51952
3 8712 96*4
92*2 93i2 s93*4
9314
Hocking Val 1st cons g 444s. 1999
. . . . .
97*4 Jan 'l l
Registered........................... 1999
84 ____ 84 N ov’ 15 . . . . 83*2 85i2
Col A H V 1st ext g 4s__ 1948
83*4------ 86 N ov’ 15 —
Col A Tol 1st ext 4s
. 1955
86
86
93i8 Feb *15
Houston Belt A Term 1st os. 1937
94
gs
97*a N ov ’ 15 . . . . 91l2 97*8
Illinois Central 1st gold 4s . . 1951
Registered..
..1951
78*4 84
1st gold 3 44s....................... 1951 J - J 82i2 ____ 82 N ov’ 15 . —
83 Nov'15
Registered___ _________1951 J
80 . . .
83 Oct T5 . . . . 83
83
Extended 1st gold 3 4 4 s...1951
____
_
_
_
_
Registered____________ 4951
................. 80 J’ly ’09
1st gold 3s sterling_______ 1951
Registered_____________1951 M88*8 90
89i2
89 7s 18 81
90l4
Coll trust gold 4s________ 1952
95U Sep T2
Registered_____________1952
41 83
92
90
>2
91
89*2 90i2
1st refunding 4s_________ 1955
81 N ov’ 15 . . . . 79
81
81 *j 84
Purchased lines 344s_____ 1952
3 7U78 87*4
86*4 Sale 80>4
86 i2
L N O A Tex gold 4s.........1953
84 May’ 14 ___
____ 85
Registered___________ 1953
89
86*4 Oct T5 . . . . 86
Cairo Bridge gold 4s.........1950
88
90
74 Fob '14 . . . . . _ _ ____
Litchfield Dlv 1st g 3 s.. 1951
80 ____ 76'a Juno'15 . . •. 76ig 7712
Louisv Dlv A Term g 3448.1953
____ __
83 Aug '12 . . . . . . . . . . Registered........ .............. 1953
__ _
123 May’9 9 . . . .
Middle Dlv reg 5s. . .
1921
68
73
70*4____ 73 Mar’ 15 —
Omaha Dlv 1st gold 3 s ... 1951
68*2____ 68I2 Sep To
8t Louis Dlv A Term g 3s. 1951
68i2 68*2
81 . . .
78
80
Gold 344s....................... 1951
80 Apr '15 —
Registered................... 1951
81 N ov’ 15
81
81
78'* Mar* 14
Sprlngf Dlv 1st g 3 44s____ 1951
88
90*4 88*g Dec T5 — - 84i2 88*8
Western lines 1st g 4s___ 1951
Registered....................... 1951
Bellev A Car 1st 6s.......... 1923
................. 11712 May TO . . . . .................
94ij J’ ly T2
Carb A Shaw 1st gold 4 s.. 1932
107 ____ 107 Oct '15
Chic St L A N O gold 5s 1951
104i2 10978
114 Feb *11
Registered....................... 1951
Gold 344s.........
1951
90 Oct ’09
Registered................... 1951
11 9812 103*4
102 Sale 102
16214
Joint 1st ref os series A . 1963
2 86
Mempb Dlv 1st g 4 s . .. 1951
86*2 89
87*8
87*8
873g
Registered................... 1951
—
1777 98? 93 J’ ly ’08
3t Louis Sou 1st gu g 4s 1931
88=*8____ 90 N ov’ 15
Ind 111A Iowa 1st g 4s...........1950
82
90
9734 99
6 96 100
Int A Great Nor 1st g 6s___ 1919
97*8
98
Ja nes Fran A Clear 1st 4s. . 1959
9012 92*4 9D2 Dec T5 ___ 88
92
70>8 7034 70 ia
Kansas City Sou 1st gold 3a. 1950
70*8 11 66i2 72
Registered_______________1950
63 Oct ’0 )
Ref A impt 5s_______Apr 1950
94
94U 93*4
9412 60 s87
96
63 83*2 93
Kansas City Term 1st 4 s...I9 6 0
89i2 Sale 89<2
90
Lase Erie A West 1st g 58..1937
98i2 ____ 97*4 N ov’ 15 ___
89*4 9812
15 74
2d gold 5s................... 1941
83
88
83i2
88
88
98 Mar’ 14
North Ohio 1st guar g 5a.. 1945
2 98 1 0 112
LehlVall N Y 1st gu g 4 J4s.. 1940
103*4____ 10034
10**4
Registered...........................1940
JO) . . . . 10J N ov’ 15
99 100
Lehigh Vail (Pa) cons g 4 s ..2003
90 <2 92 891*4 N ov’ 15
80*4 91*4
General cons 444s_____2003
100 101l2 101*; Dec T5 . . . . 97*4 IOU2
Leh V Term Ry 1st gu g 5 s.. 1941
108 ____ 106*2 Oct T5 . . . 105*4 108
Registered........................... 1941
111*8 Dee ’ ll
Leh Val Coal Co 1st gu g 5s. 1933 J
1 10 11* 10514
105U____ 105*4
105*4
102t2 .
105 Oct T3
.. - —
V

Due Nov.

s Option sale.




BONDS
W. Y. STOCK EXCHANGE
Week Ending Deo. 10.

a.

iVol.

P r ic e
F r id a y
D e c . 10.
B id

W e e k 's
R ange or
L a st S a le

A sk L ou

H ig h

03 "

101.
Range
S in c e
Jan. 1
L ow

H ig h

Leh A N Y 1st guar g 4 a __ 1945 M - S 89
91
84
88I2 Nov’15
88I2
Registered___________
1945 M- S
Long Isld 1st cous gold 5 i_.A 1931 Q - J 1037g____ 103i2 N o v ’ 15
102 104ii
1st consol gold 4s_______ A1931 Q - J 94 ____ 894 Oct 15
s94 3 94
General gold 4s.................. 1938 J -D
86
87
87i4
87U
83
871*8
Ferry gold 444s................ 1922 HI - S 95 ____ 95>4 May’ H
Gold 4s________________ 1932 J -D
9914 Oct ’06
Unified gold 4a................... 1919 M- S ------ 86lj 87 N ov’ 15
82i3 89*4
Debenture gold 5s......... ..1934 J -D
9 5 i8 9 9 78
9834 ____ 9978 N o v '15
Guar refunding gold 4 s ... 1949 (VI - 9 87*2 Sale 87i2
8234 88ls
87i2
Roglatered____ ________1949 M- 9
95 Jan 'l l
N Y B A M B let con g 5a. 1935 A - O 98 ____ 100 Feb *15
10*0*' 1*00*18
N Y A R B lat gold 5 a ... 1927 M- S 100*2 102 100 N ov’ 15
100 100
Nor 3b B lat con g gu 5s.01932 Q - J lOO^s____ 101 Aug To
1007s 101
Louisiana A Ark 1st g 5s____ 1927 M- S 85 _____ 9U* Feb '14
Louisv A Nashv gen 63_____ 1930 J -D 1 1 2 i2 11334 U2i2 11212
110* 115 *
Gold 5s________________ 1937 M -N 1 0 7 3 s_____ 107 N ov’ 15
106ig 107
Unlflod gold 4s................... 1040 J - J 93)4 9434 94U
95
8912 95
Registered_____________1949 J - J
94 June'14
Collateral trust gold 5 s ... 1931 M- N 10412 105 105
105
997s 1051s
E H A Nash l3t g 6a_____ 1919 J - D 107U 109l2 10712 N o v’ 15
107l2 1071s
LCln A Lex gold 444s____ 1931 M - N 1 0 0 's____ 101 Nov'15
98>4 101
N O A M 1st gold 6s......... 193) J - J 115's 110U 11512 N ov’ 15
113U 11512
2d gold 6s....................... 1930 J - J 107i2 110 1097* May'15
103
10978
Paducah A Mem Dlv 4S..1946 F - A 8 6 1 4 _____ 86I2 Oct '15
86
86I2
St Louis Dlv 1st gold 6S-.1921 M- S 107 ____ 107
107
10578 1071s
2d gold 3s____________ 1980 ill- 3 60*4 62
62 Dec T5
5838 65
8 7 i2 8834 88 N ov’ 15
Atl Knox A Cln Dlv 4 s ... 1955 M -N
83
90
Atl Knox A Nor 1st g 5 s.. 1948 J -D 1 ) 2 6 8 ______ 111 Jan ‘ 13
Header Bdge 1st s f g 6 s.. 1931 M- S 1 0 5 1 2 ______ 105 Juun'l
105 105
Kentucky Central gold 4s. 19S7 J - J ------ 8878 88
88
80
88
L A N A M A M 1st g 444s 1915 M- S 99 100 8 9 8 * 4
9834
98 101
7934
L A N-South M Joint 4 s.. 1952 J - J 7978 ____ 7934
75*2 81
Registered___________ A1952 Q - J
95 Feb ’05
N Fla A S 1st gu g 5s____1937 F - A i d * . ; " " 106 J’ ly '14
N A C Bdgo gen gu g 4 44s. 1945 J - J
97 Dec T4
Pens A Atl 1st gu g 6s___ 1921 F - A
109*2 N ov’ 15
107>2 1091s
S A N Ala cous gu g 5 s . .. 1936 F - A 1 0 5 ?8 _____ 105i8 Feb '15
105*8 105*8
Gen cons gu 50-year 5a. 1963 A - O 10012 10234 103i4 Doc T5
99*2 IOH4
L A Jeff Bdge Co gu g I s...1945 M- 8 81 ?2 82
82?2 N ov’ 15
74
82is
Manila R R —Sou lines 4 s ... 1936 M -N
Mex Internat 1st cons g 4 s.. 1977 M- S
77 Mar’ 10
Stamped guaranteed........ 1977 M- S
79 N ov’ 10
Midland Term— 1st s f 5s g.1925 J - D
101 Oct ’09
Minn A St L 1st gold 7s____1927 J -D 108i2 116 105 Sep T5
105 111*2
Pacific Ext 1st gold 0 s...1921 A - O
10278 N ov’ 15
102 10278
8858 . . .
1st consol gold 5s________1934 M-N
8S?2
88i2
92*4
81
1st A refunding gold 4s__ 1949 M- S ------ 54
5212
5212
60
40
Dos M A Ft D 1st gu 4 s..1935 J - J 55 <2 65
60 Feb ’ 15
60
69
Iowa Central 1st gold 5a.. 1938 J -D
8734 8978 90
90
80
H
Refundlug gold 4s.........1951 M- S 51
53
5U2
5U2
68
35
M StPASSM con g 4s lnt gu 1938 J - J 93 9314 93
93i4
933g
8612
1st Ch'c Term s f 4s.......... 1911 M- N -------95
9714 Juno' 12
M S S A A 1st g 4s Int gu.1926 J - J 97>2____ 97's
97is
93ij 97*8
Mississippi Coatral 1st 5a___1919 J - J
91 J'ly '14
Mo Kan A Tex 1st gold 4S..199I) J -D
79U Safe 7834
80
72i4 83
2d gold 4 s................
1/1990 F - A 55 Sale 855
58
49ig 63
1st ext gold 5s.................. io n M- N ------ 68
68
66I2
89
05
1st A refund 4s...... ............2001 M- S 52
55
52 Dec T5
56*8
40
Gen sinking fund 444s____1936 J - J
46
Sale 34534
421s 74
St Louis Dlv Is ref g 4s ..2001 AAO
51 Sale 51
51
60*8
51
Dal A Waco 1st gu g 5 s ... 1940 VI- N
0 j*4 Deo 13
Kau C A Pac 1st g 4s.........1990 F - A
78' 7s J'ly ' l l
8 6 I4 93
M o K A E 1st gu g 5s____ 1942 A -O
93
93
961s
82
85
M K A Ok 1st guar 5s----- 1942 M -N
85*2 Mar' 15
85*2 88
M K A T o l T 1st gu g 5 s .. 1912 M- S 68?2 70
O8I4
71
6578 89
95
96 May’ 13
Sher Sh A So 1st gu g 5 s.. 1912 J - D
Texas A Okla 1st gu g 5 s.. 1913 M- S ---------- 6 8 1 2 09 N o v ’ 15
68
6912
Missouri Pac 1st cons g 6s___1920 M- N 100'S 101 100U
100?2
92i2 IOH2
88>2 88
Trust gold 03 stamped___ul917 M- S 88
88*s
78»2 96**8
Registered----------------al917 M- S
82 Oct To
80
88i2
1st collateral gold 5s____ 1920 F - A *82?; Sale' 82 iS
10 72
8214
92ig
Registered..................... 1920 F - A
40 year gold loan 4s_____ 1945 M- S 44 1 Halo 41?4
29
5334
45?2
lstA ref conv 5s..................1959 M- S 45>2 Sale 45*2
46*4
29
4978
3d 7s extended at 4 % ____ 1938 M N 81i2 ____ 80 N ov’ 15
78
80
Boouv St L A S 1st 5s gu. 1951 F - A
10 1 Feb T3
Cent Br Ry 1st gu g 4s__ 1919 F - A 01 >2 Sale 61
01i2
60* *85
Cent Br U P 1st g 4s____ 1948 J -D
7712 Dec 13
Leroy A C V A L 1st g 5s.. 1926 J - J
110 Mar’05
90
90 N ov’ 15
Pac R of Mo 1st ext g 4 s.. 1938 F - A 8Si2 90
99 ____ 09 Dec '15
99
2d extended gold 5s___ 1938 J - J
102
102
St L lr M A S gen con g 5s 1931 A - O 100>2 Sale 100U
102 J’ ly 'l l
Gen con stamp gu g 5 s.. 1931 A - O
61
78
76
74
75*2
Unified A ref gold 4 s . .. 1929 J - J 73
8078 Oct '12
Registered_________ 1929 J - J
73
71*4
Rlv A G Dlv 1st g 4 s ... 1933 M -N *7*1 ' "7134 71
87
77’s ____ 87 Sep ’ 15
Verdi V 1 A W 1st g 5s___ 1926 M- 9
11434
Mob A Ohio new gold 6s___ 1927 J -D llOU 112 111 N ov’ 15
114
1st extension gold 6s___ A1927 Q - J 107 10812 107 N ov’ 15
General gold 4 s . .............. .1938 M- S 75 ____ 75
75
75
Montgoin Div 1st g 5s___ 19 47 F - A 100 ____ 100 June'15
lOUg
St Louis Dlv 5s__________ 1927 J - D 89 ____ 89
89
89
St L A Cairo guar g4 s___ 1931 J - J 88*8____ 88U Dee T5
SOts 88U
Nashville Ch A St L 1st 5 s .. 1928 A - O 106 . .
106
100
102*4 1003g
Ja3per Branch 1st g 6s___ 1923 J - J 100 ..
111 Jan '13
McM M W A A1 1st 6 s...1917 J - J
10.134 Jan T4
T A P Branch 1st 6s______1317 J - J
113 J’ l y ’ 01
Nat Rys of Mex pr lien 4 44s. 1957 J - J ------ 5234 5'234 N ov’ 15
52*4 57*4
Guaranteed general 4s___ 1977 A - O
08
68 Oct '15
08
Nat of Mex prior lieu 444s.. 1926 J - J 55 ____ 967s Feb T3
1st consol 4s____________ 1951 A - O
30 Aug T5
30
30
41
N O Mob A Chic 1st ref 5 s.. 1980 J - J
40 May'15
31<4
N O A N E prior Hen g 6s..pl915 A - O
101 June’ 14
New Orleans Terra 1st 4 s ... 1953 J - J * ------ 75
701* May’ 13
l l l* 8 1059 OS's 112
N Y Con RR deb 6s wh las.. 1935 M -N 111 Sale 11034
9334 176 86
943g
Ref A Imp 4 44s “ A " ------2013 A •O 93U Sale 93
8 U2 83
89 76
82*4
8314
84
7 Y Central A H R g 344»— 1997 J - J
81*8 Dec T5
Registered------------------ 1997 J - J 81*s 85
751* 82«2
925# *70 84
Debonture gold 4s----------- 1931 M- N 92>s Sale 92
93U
____
917
8
917
8
917
s
MN
9
Registered____________1934
9 1 78
78i2
42
Lake Shore coll g 3 44s------ 1998 F - A 78*2 Sale 78i4
80is
7812 Dec T5
Registered ____________1998 F - A 77>2 80
78i2
84
853g 85i2
80
114
J P M A Co ctfs of dop.........
87
78
Mich Cent coll gold 3 44s.. 199s F - A 78 Sale 78
7
791s
76
77
F
A
76'g Dec T5
Registered____________1998
70 ig
Battle Cr A Stur 1st gu 3s. 1989 - O
Beech Creek 1 st gu g 4 s.. . 1936 J - J *98* " I I 9578 Nov'15
92is 00
J
Registered____________1936
99 May’ l l
2d guar gold 5s---------------- 1936 J - J *98* I I I I
J
Registered ............. 1936
Beech Cr Ext lstg 3t4s. .51951 A -O
86
83
Cart A Ad lstgu g 43......... 1981 J -D
88)2 Nov~T5
88I2 881s
Oouv A 03we 1st gu g 5s.. 1942 J -D
Mob A Mai 1st gu g 4s— 1991 M- S *90* I I I I 889* * No'v’ i 5
87 * 889
F
A
N J Juno R guar 1st 4 s ...1986
80
86
86 Jan '15
7 9 ls____ 85 Juno’ 15
85
85
N Y A Harlem g 3 44s____2000 M -N
N Y A Northern ls t g 5 s.. 1927 A -O 10234 ____ 101*8 Mar’ 15
10H2 10178
A
O
«83
92
N Y A Pit 1st cons gu g 48.1993
92 N o v ’ 15
Nor A Mont ls t g u g o s — 1916 A - O 99 ____
113 113
Pine Creek reg guar 6s----- 1932 J - D 11234 ____ 113 Mav’ 15
101*4 1037g
R VV A O con 1st ext 5S..A1922 A - O 103<2____ 1033g 10338
Oswe A R 2d gu g 5s___ «1915 F - A
lOOis 100i8
100's Mar’ lS
ino’ 10
R W A O T R 1st gu g 53.. 1918 M -N io<*>2 I I I . 104
85
Rutland 1st con g 4 44s...1941 .1 - J 8134 82
80 N ov’ 15
75
79
75
Og A L Cham 1st gu 4s gl94S J - J 73
75
Rut-Canada 1st gu g 4s. 1949 J - J 70 ____ 92 June’00
St Lawr A Adlr 1st g 5s__ 1996 J - J *100 ____ 109 Oct T5
100 101
.19901A - O
3d gold 6s.
119t2 Mar’ 12
0 Due Oct.
April, e Due May. g Due June, h Due July. * Due Aug.

ioo'ii IIII

91 4

^5
OCQ

R ange
S in c e
Jan. 1

N

B id
A sk L cte
H ig h NO Lose
H ig h
N Y Cen * H RR ( C o n .)
9 7% ____ 95% Nov'15 __ - 96
97
Utica A Blk Riv gUg 4S— 1922 - j
4 81
84%
84%
-D
84
84%
86%
Lake Shore gold 3 'A b ____ 1997
—
8 3% ____ 81% Oct 15
82
81
Registered___________ 1997 -D
94% 95
94 %
94% 32 90
s
95%
Debenture gold 4s------- 1928
94% Sale 93%
94% 69 88S4 94%
25-year gold 4a-------------1931 -N
91 Oct ’ 15 —
-N
91
91
Registered_________ 1931
- J
Ka A & G R 1st gu c 58...193S
- J 103% ____ 107% Apr 14 —
Mahon C’l RR 1st os........ 1934
103 103
■O
104%____ 103 Jan '15 —
Pitts A L Erie 2d g os— al92S
104 104
Pitts McK A Y 1st gu 6S..1932 - J 115 ____ 130% Jan '09 —
- J 1 1 2 % ____ 123% Mar 12
2d guaranteed 6s---------1934
___
____
- J 10 1
M cK ees* B V 1st g 63.1918
2 102% 104%
104%
- s 104%____ •04%
Michigan Central os------- 1931
104 104
Registered___________ 1931 -IH 104 ____ 104 Dec ’15
1940 - J 90 ____ 98 Apt ’ 12
87 Feb '14
Registered................. 1940 - J
90 June'OS
J L A S 1st gold 3tjs___ 1951 - S
81 ____ 83% N ov’ 15 —
79% 83%
1st gold 3 K b__________ 1952 -N
-O
88% 89% 88% N ov ’15 —
78% 88%
20-year debenture 4s__ 1929
7 88
94%
94 Sale, S93%
94%
N Y Chic & St L 1st g 43. .1937 - o
92% J’ly '14
Registered___________ 1937 - o
—
80
83
82 N ov’ 15
75
83%
Debenture 4s_________ 1931 -N
91% 90%
91
SO 92%
West Shore 1st 4s guar__ 2361 J - J 91
7 85% 90
88%
Registered___________ 2361 J - J 88% Sale 88%
100 100
N Y C Lines eq tr 53. .1915-22 MI- N 100% ____ 100 M a r'15 —
Equip trust 43^8.-1916-1925 J - J 99% ____ 98 J’iy ’ 14 - - - - ____ _ . .
5 91% 9S
97% s97%
97%
N ¥ Connect 1st gu 4 ^ 8 A . .1953 F -■ A 97
N Y N H & Hartford—
81%
82
—
78
Oct
'15
78
78
e
M­
Non conv deben 4s______1947
71 . . . . 63 Feb '15 — - 63
63
Non-conv deben 31Ss___ 1947 M­- s
72 ____ 72 Nov'15 —
64
72
•\on-conv deben 33-jS____ 1951 A - o
—
71
80
Non-conv deben 4s______1955 J - J 80% ____ 80 N ov’ 15 —
80% 82% 82 Dec ’ 15
82%
70
Non-ecnv deben 4s______1956 M--N
72% 28 61% 73
Conv debenture 34is____ 1956 J - J 72% 73% 72
115% 35 101 117%
Conv debenture 6s_______ 1948 J - J 115% Sale 115
76 ____
Cons Ry non-conv 4s____ 1930 F
91% Ji n ’ 12
Non-conv deben 4s____1954 J - J
Non- onv deben 4s____ 1955 J
_
—
____ ____
-O ____
Non-ecnv deben 4s____1955 A ■
—
____
Non-conv deben 4s____ 1956 J - J ____ 79% ____ _ _ _ —
. . . . ____
Harlem R-Pt Cbes 1st 4s. 1954 IYI--N ____ _____ 99'4 Nov'12 —
99% June'12
- A
B & N Y Air Line 1st 4 s . .1955 F •
81
Cent New Eng 1st gu 4 s .. 1961 J - J 75% 82% 81 Nov'15 — - 71
Hartford St Ry 1st 4s___ 1930 M­
105 105%
Housatonlc R com g 5s__ 1937 M­-N 105% ____ 105% May‘ 15 —
____
91
87 J’ly ’ l l
Naugatuck HR 1st 4s___ 1954 M­-N
8 9 % ____ 88 Aug ’ 13
-O
N Y Prov & Boston 4s__ 1942 A ■
91 06% 84
83% 83
84
NYW'ches&B 1st ser I 4 Ha '46 .1 - J 83
____
N H & Derby cons cy 5 s.. 1918 IV1- N 100% ____ 107 Aug '09 —
Boston Terminal 1st 4s__ 1939 A - O
.......
—
____ . . . .
New England cons 5s___ 1945 J - j
Consol 4s_____________ 1945 J
53 ____ 56 Apr ’ 15 —
55
58%
Providence Secur deb 4 s.. 1957 M--N
____
_____
99% Dec ’ 14
Prov * Springfield 1st 5s. 1922 J - J
Providence Term 1st 4 s.. 1956 M - s ____ _____ 83% Feb ’ 14
___ ____ ____
W & Con East 1st 4 ^ 8 . . . 1943 J -- J 91 ____ ____
81% Sale Sl%
82%
:- s
74% 82%
N Y O * W ref 1st g 4s___ pl992
Registered 85,000 on!y._<?1992 ;- s ____ _ _
78
80
80 N ov’ 15 —
70
80
General 4s__________ . 1955 -D
83
80 D e c '15 —
79
80
Norfolk Sou 1st * ref A 5 s.. 1961 - A 79
91
98
95% N ov ’ 15 —
95% 102
-N
Norf A Sou 1st gold 5s........ 1941
115 1187*
-A 118% 120 118% Dec ’ 15 —
Norf A West gen gold 6s__ 1931
2 11034 119
118
Improvement A ext g Gs.. 1934 - A 119%____ 118
119% 10 119 119%
-O 119% Sale 119%
New River 1st gold 6s___ 1932
93% 00 80% 94%
N A W Ry 1st eons g 4 s.. 1996 - O 93% 93% 93%
94 May’14
Registered....................... 1996 - o
90%
90% 1 1 85% 92
Dlv'l 1st lien A gen g 4s. 1914 - J 89% 91
1 1 9$7n 1201?
120
-D 119 120% 119%
10-25-year conv 4s____ 1932
6
120 %
s 119 120% 120
10-20-year conv 4s____ 1932
121% 153 101 121%
10-25-year conv 4 1$8___ 1938 !- S 120% Sale 117%
- D 89% 90% 90
90% 15 86% 91%
Pocab C A C Joint 4s__ 1941
105% Jan ’ 13
O C A T 1st guar gold 5s. .1922 J - J 10 2% . .
4 84% 92%
92%
Sdo V A N E l s t g u g 4s. . 1989 M-- N 91% 92% 92
Nor Pacific prior lien g 4 s . .. 1997 Q -■ J 93% Sale 93%
93% 338 8834 94%
Registered____________ 1997 Q-- J
93 N o v ’15 —
8834 93
General lien gold 3s_____a2047 Q -■ F S66 Sale 66
66% 206, 62
607*
3 61% 65%
64%
Registered___________ a2047 Q-- F 64^2 65>2 64%
9t Paul-Duluth Dlv g 4 s.. 1996 J - D 9 0% ___
90% N ov ’15 —
90% 90%
100 Oct ’ 15 —
Dul Short Line 1st gu 5 s.. 1916 M-- S 100% . .
100 100
8t P A N P gen gold Gs__ 1923 F - A 109% 110% 109% Dec '15 —
109% 111%
109% Oct ’ 15 —
Registered certificates. . 1923 Q-- A
109% 109%
3t Paul A Duluth 1st 5s .. 1931 F -• F 104%____ 102 Feb '15 —
102 102
2d 5s...............................1917 A -• O 1 0 1 % 102 102 Dec ’ 15 ----- 100% 102
90 .
90 N ov’ 15 —
1st consol gold 4s_____ 1968 J -D
ss
90
91% 91% N ov ’ 15 ___
Wash Cent 1st gold 4s__ 194S Q-- M 88
88
91 lo_|
5 110 113
110 %
110 %
Not Pac Term Co 1st g 6 s.. 1933 J - J 1 1 0 % 1 1 1
89U 62 79% 90
Oregon-Wash 1st A ref 4s__ 1961 J - J 89% Sale S87%
95 Dec ’ 15 —
Pacific Coast Co 1st g 5s__ 1946 J -D ------ 94
94
98%
98% . .
­
S99%
99%
Pennsylvania RR 1st g 4s__ 1923 M -N
96
99%
Consol gold 5s__________ 1919 M-- S 103 110 103 Oct '15
102 1037*
99%
____
ftl
-N
6
99%
99%
Consol gold 4 s ...........
1943
95
99%
Convertible gold 3% s___ol915 J -D ------ -------- 100 Sep ’ lo
99% 100
Consol gold 4s__________ 1948 51--N
15 96% 1005$
98%
100
105%
Sale
A
Consol 4 } $ s _________
1980 F ■
105%
105% 45 101% 103%
100%
General 4Hs when issued 1965 J - D 100-% Sale 10034
97 IOH4
Alleg Val gen guar g 4s__ 1942 M-- S 96% 98
96 Nov'15 —
93% 90
94
D R RR AB ’ge 1st gu 4s g 1936 F - A
Phlla Balt A W 1st g 4 s.. 1943 M-- N 9 7% ____ 99% N o v ’ 15 —
96% 99%
J
J
Sodus Bay A Sou 1st g 5s. 2924
102 Jan '03
90 ____
Sunbury A Lewis 1st g 4s. 1936 J - i
99% 99%
991,
U N J RR * Can gen 4 s.. 1944 IVS- S 99
10 98% 100
Pennsylvania Co—
1 0 1 ** 13 99% 102%
Guar 1st gold 4 ^ 8 _______ 1921 J - J 10 1 ____ 1 0 1 %
10 1
Registered____________ 1921 J - J lUOig . . . . 10 1
1 99% 101
85% N ov’ 15 —
Guar 3 ^ 8 coll trust reg A . 1937 M-- s 85 _
85% 85%
Guar 3>3s coll trust ser B.1941 F -■ A 85 . . . . 86 July’ 15 —
84
86
Trust Co ctfs gu g 3Ms__ 1916 M - N 9984____ 99% Oct ’ 15 —
99%
99
85
___
83 Feb ’ 15 —
Guar 3Hs trust ctfs C___ 1912 J - D
S3
83
Guar.3 ijs trust ctfs D ___ 1944 J - D S 4% ____ 81 Aug ’ 15 — 81
81
93%
____
-O
94%
94%
2 89% 94%
Guar 15-25-year gold 4s .. 1931 A ■
90 . . . .
92% May’ l l
40 year guar 4s ctfs Ser E. 1952 M­-N
90 Dec ’ 15 —
Cln Leb A Nor gu 4s g__ 1942 M­ r;
89% 90
99 ____ 97% Aug '15 ___
Cl A Mar 1st gu g 4 %'s___1935 M--N
97% 97%
Cl A P gen gu g 4 ^ 8 ser A.1942 J - J 10358 . . . . 10 138 N ov ’ 13
10
2%
____
O
A
■
109%
J'ly
’09
Series B _______________1942
8 4 % ____ 91% Feb ’ 12
Int reduced to 3 H s..l9 4 ? A - c
Series C 3Ms______
1918 M-- N 8 4 % ____ 90% Oct ’ 12
8334 June’ 15 —
Series D 3 4 * 3 . . ......... 1950 F -■ A 84% _
83% 83%
89% 86% May’ 14
t£rlo A Pitts gu g 3M» B..1940 J - J 86
86
89% 90% J’ly '12
Series C ...........................1940 J • J
99
G r R A I e s 1st gu g 4>$s.. 1941 J - J 98
97% N ov’ 15 —
95 100
Ohio Connect 1st gu 4s__ 1913 [- S 9Z *4____ 93 May’ 14
Pitts Y * Ash 1st cons 5s. 1927 M-- N 102% ____ 109 May'10 —
To! W V A O gu 4 ^ s A ..1931 J - J 99 _
98% Oct '15 —
9634 98%
Series B 4>js_________ 1933 J - J 99 ____ 98% June’ 15
98% 98%
98
93% J’ly ’ 14 ___
Series C 4s___________ 1942 M­- S 90
P C C A St L gu i i i s A .. 1940 A - o 101% 101% 10134
10134
2 98 101%
101%
Sale
o
A
•
101%
101%
19 97% ION*
Series B guar................. 1942
Series C guar---------------1942 M­- N 101%____ 97% July'15 —
97% 101%
Series D 4s guar............. 1945 M-- N 91 ____ 92% Sep '15 —
92% 93%
91
.
Series E 3 Hsguar gold-1949 F - A
91 Oct *15 —
90
91%
’’cries F guar 4s gold__ 1953 J - D 94 ____ 95% Jan ’ 14
94
.
.
.
N
92%
Aug
’
15
M­
—
* Series G 4s guar_______ 1957
92% 93%
O St L A P 1st cons g 58..1932 A -■ O 104%____ 104 N ov’ 15 —
104 104
Peoria * Pekin Un 1st g 6 s.. 1921 Q-- F 101 104 102 N ov’ 15 —
101% 102
85
85
1 85
>d gold 4>45--.........
81921 M--N ____ 89
85
Pere Marquette— Ref 4s___ 1955 J - J ------ 19% 1 1 % June’ 15 —
11% n %
40 D e c ’ 13 - Refunding guar 4s_____ .1955 J - J
76 ____ 75
10 72
75
J -D
r'hi" w WpRtMIchgg.........1921_______________________________
75

M­

* No price Friday; latest bid and asked.
Option sale.




In te rn i

W e e k 's
K a n g e or
L a s ! S a le

BONDS
Y. STOCK EXCHANGE
Week Ending Dec. 10.

a Due Jan.

6 Due Feb

t

Due

May

.

g

Pere Marquette (C o n .)
Flint A P M gold 6a__ 1920
1st consol gold 5s______1939
Pt Huron Dlv 1st g os. 1939
Sag Tus A H 1st gu g 4 s.. 1931
Philippine Ry 1st 30-yr s f 4s 1937
Pitts Sh A L E 1st g 5s.........1940

| P e r io d

P e r io d

P ric e
F r id a y
D e c . 10.

j

BONDS
N , Y . STOCK EXCHANGE
Week Ending Deo. 10.

1961

New York Bond Record—Continued—Page 3

D ec . 11 1915.]

P ric e
F r id a y
D e c . 10.
B id

A sk Low

H ig h

A O 100% ____ 100% N o v ’15
7 2% ____ 73 N o v ’15
rn-N
A O ------ 64% 68 July'15
F-A
55
J - J 50
65 May’ 14
A - O 105 ____ 105% N o v ’ 15

Reading Co gen gold 4s___ 1997 J - J
Registered____ _______ 1997 f - J
Jersey Central coll g Is__ 1951 A O

95

Sale

K O Ft S A M cons g 6s.. 192-i
K . C Ft »S
M Tty ref g 4s. 1936
K C A M R A B 1st gu 5s. 1929
St L 8 W 1st g 4s bond ctfs.. 19SS
2d g 4s Income bond ctfs.pl989
Consol gold 4s__________ 1932
Gray’s Pt Ter 1st gu g 5a.. 1947
8 A A A Pass 1st gu g 4s___ 1943
S F A N P 1st sk fd g 5s____ 1919
Seaboard Air Line g 4s____ 1950
Gold 4s stamped________1950
Registered______________ 1950

Car Cent 1st con g 4s___ 1949
f l a Cent A Pen 1st g 5 s.. 1918
1st land gr ext g 5s___ 1930
Ga A Ala Ry 1st con 5s...ol945
1926

57
54%
____
80

73% 75

frt-N 109 111%
A - O 77% Sale
A - G 91%
M- N 79% Sale
62
63
J - .!
67% 68
i -D
J - D ____
70% 717*
J - J
I - J 101% Sale
8 3 % ____
A -O
83% 84
A -O
A- O
F- A
\ - O
73 Sale
j

- j

j
j

-

j

j

-

j

j

J - J

Scab A Roa 1st 5s____
Southern Pacific Co—

54
52
90
73

j

-

j

99% ____
87%

R ange
S in c e
Jan. 1
Low m g ls

90 100%
65% 73
65
68

__ _ 105% 105%
91
95*4
90
94
90% 95%

2 "do _7 3 _
61
Dec ’15 ___ 1057* 110
103% 10 93% 103%

47
17
5SU
5634
53%
5434 53
90 Nov'15 ___
6
73
73

32%
32%
90
63%

56*4
56%
90
73

72 N o v ’ 15
60% 72 "
66%
68% 109
4 10434 n o
109
109 '
7734
78% 68 66% 80%
95 Ma r ' i t
79%
80% 31 67*4 81
11 52 s65
61
62
C6
G7% 17 517* 68
9834 Jan '14
13 65
72
72
81
1 99*4 101%
101%
101%
85 N ov’ 15
sS3
85 '
1 78
84
84
84*4
72%

7334

72
37

83%
80% M ar'15
100 ____ 9934 Sep ’ 15 ___
101 ___ 101 Nov ’ 12
102 .
10312____ 102% M ar’ 15 . . . .

86

J -D
20 year conv 4a________gl929 M- S
J -D
Cent Pac 1st ref gu g 4 s..1949 F - A
F- A
Mort guar gold 3WS..A1929 J - D

N o.

___
____
___

947*
95% 83
94 N o v ’ 15 . .
95% Dec ’ 15 ___

9 5% ____
94
St Jos A Gr Isl 1st g 4s____ 1947 I - J 60 Sale 60
St Louis A San Fran gen (is. 1931 J - 1 108% 110 110
General gold 5s________ 1931 J - J 103 1037* 103
Trust Co eertlls of deposit..
do
Stamped..
Southw Dlv 1st g 5s__ 1947 A - 6
Refunding gold 4s........ 1951 J - J
J - }
Trust Co ctfs of deposit,.

••_
Cto
o
O
33

W eek ’s
R ange or
L a st S a le

99% Aug '15 —

00

- 70T
74%

8*i 2 S5U
9934100%
100% 102%
99% 10D2

17

90% Sale

79*4 87*4
90 Feb ’ 14
745! 79*4 90*s
89%
90
363
214 83% 91%
90%
91

89% Sale

89%

897* Hale

89%

2!3

102*4 Apr ’ 14
IOUI4 N o v ’ 15 —

84% 90%
1w

101

100

103%

Gila V G A N 1st gu g 5s. . 1924 M-N
Hous E A W T lstg 5 a ... 1933 M- N

------ 166%
10012 102

11 A T C 1st g 5s lnt gu__ 1937 j - j
Gen gold 4s lnt guar__ 1921 A - O
Waco A N W dlv lstg 6s 1930 r.i-N
A A N W 1st gu g 5s_____1941 J - j
j - i
Morgan’s La A T 1st 7s_.1918 A -O
J - J
A-O
Ore A Cal 1st guar g 5s__ 1927 J - J
M- N
J - J
Sau FraD Terml 1st 4s__ 1950 A - O
Tex A N O con gold 5s— 1943 J - J

106% . .
2 102% 107
106%
106%
9 3% ____ 94 Oct '15 ___
93
95%
------ I l l
109% N ov’ 15 ____ 109% 109%
100 .
. 103 N o v ’ 15 ___ 100 103%

j - J

Southern— 1st cons g 5s___ 1994
Registered____________ 1994
Develop A gen 4s Ser A .. 1956
Mob A Ohio coll tr g 4 s.. 1938
Mem Dlv 1st g 4.4 5 s . .. 1996
St Louis dlv 1st g 4s____ 1951
Ala Cen 1st g 6s_________ 1918
Ala Gt Sou 1st cons A 5 s.. 1943
Atl A Char A L 1st A 4 4sl944
Atl A Danv 1st g 4s______1948
2d 4s____ _____ ______ 1948
E T Va A Ga Div g 5s___ 1930
C o n lstg o ld S s......... ..1956
E Ten reor lieu g 5s______1938
Ga Midland 1st 3s______ 1946
Ga Pac Ry 1st g 6s.......... 1922
Knox A Ohio 1st g 68___ 1925

J - J
J - J
A -O
M- S
J - J
J - J
J - J
J - D

J J J AJ j MIttAJ J -

J
J
J

O
J
j

N
S
O
J

J
J - J

104% July'15 ___
106% J’ly ’ 14
105 Oct ’ 15
Sale 102
23
103
____
____ 91% Sep ’ 12
8534 12
85% 85
96 Apr '14 - - 90% Sale 897*
90*4 231
103 Sale 102*4
103% 100
____ 102
98 June'15 ___
70% Sale 70
71*4 163
. . . . 77os 77%
2
77%
101% 103% 103% N o v ’15 ___
8334 84% SS4
1
84
100%
104*4 June’ 14 « . . .
98 _
9834 Oct ’ 15 ___
96% N o v ’15 ____
-------98%
1
84
85
84
84
74% . .
75% Aug ’ 15 __ -------81
100*8 J’ ly ’ 14
103 .
102*4 Sep ’ 15 ___
105
3
105 105% 104*4
100 100% 100 N o v ’ 15 ____
------ 60
2
60
60
10612__
1067* Oct ’ 15 ____
105% July’ 15 —

104
101%
lu5
102%
106
92
------

108
106

79 M ar’ 13
J - J ------ 72
102 May'15 ___
Rich A Dan deb 5s stmpd. 1927 A - O ------ 105
73 Rep ’ 12
M N
So Car A Ga 1st g 5s____ 1919 M -N 100% 103 100% N ov’ 15 ___
100% ____
103*4 Nov'12
Series D 4-5s___ l . I I I 1921 M- S
•Series K 5s__
1926 M- S 101% ____ 102 D e c '13
M- S 102
104 M ar’ 13
General 5s.................. ..1936 M -N 102%____ 102% Oct ’ 15 ___
Va A So’w'n 1st gu 5s. .2003 J - J 102%____ 102*4 Nov'15 ___
92% 89% Dec ’ 15 ___
1st cons 50-year 5s..1958 A - O 90
W O A W 1st cy gu 4s___ 1924 F - A 90 ____ 91 N ov’ 15 . . . .
90
95
6
90
92
Spokane Internat 1st g 5s__ 1955 J - J
99
99% 98
5
98
Ter A of St L 1st g 4H s___ 1939 A -O
104%
6
1st con gold 5s__ 1894-1944 F - A 10334 104% 104
8634 86 N o v ’ 15 ___
Gen refund s 1 g 4s_______1953 J - J 8 6
99 N o v ’ 15 ___
St L M Bridge Ter gu g 5s 1930 A - O
97% 99
15
97%
98
Tex A Puc 1st gold 5s______2000 J -D
30
35
35 N o v ’ 15
92
90 N ov’ 15
La Div B L lstg 5s_____ 1931 J - J 90
IC6I2 N ov’04
W Min W A N W 1st gu 5s 1930 F - A ------ 95
____ 103 Dec ’ 15
J - J 103
A - O 102%
102*4
10234
5
J - D ------ 100
A-O
86 M a r'15
98% Sale 98%
i
98%
2d 20-year os............ .. 1927 j - j
63
64
63
63
3
Tol P A W 1st gold 4s______1917 j - j
83
85
J - J
12
85
85
15
58
50-year gold 4s.................. 1950 A - O 56% 67% 57%
F- A
87*4 N o v ’15
Tor Ham A Buff 1st g 4s. . h 1940 J - D 83% 85
Ulster A Del 1st con g 5 s.. 1928 J -D 100% 102 102 Dec ’ 15
A -O
74 Mar* 15
J - J
97%
9734 133
9434 Oct ’ 15
Registered............ ......... 1947 J - J 97 .
93% 150
20-year conv 4s_________1927 J - J 93% Sale 93%
52
91
1st A ref 4s.......... ........... ff200S M- S 90% Sale 89%
92
92% 92
92
23
Ore RR A Nav con g 4s__ 1946 J -I )
6
Ore Short Line 1st g 6s__ 1922 F - A 108% Sale 108%
108%
J ~ J 10534 107 105*4
105*4
2
93% 24
Guar refund 4s.............. 1929 J - D 93% Sale 9234
Utah A Nor gold 5s___ 1926 J - J 102% 103% 102% N o v ’15
93% 99
93% Oct '15 ___
1st extended 4s_____1933 J - J
8 7 % ____ 93 A p r ’ 13
F- A
Consol 4s Series B _______1957 M N 8 7 % ____ 86 Sep ’ 15
42% Aug ’ 15 ___
Vera Cru* A P 1st gu 444s._1934 J - J ____ 87
98% 98% 98%
98% 30
Virginian 1st 5s Series A ___ 1962 M -N
Due June,

h

Due July,

t Due Aug.

o

Due

Oct.

v

Due

Nov.

t

102

104%

9934 163
77*4 86*4
_______
83% 907*
96% 103%
98
98
58% 72%
68
77%
Sft J* 03 80% 85%
98
93
83%
75%

99
96
85*i
76%

102a*
100*4
977*
60
105
105%

10234
105
100
60
187
105%

102

102*4

100

fo i

102
98%
81
91
88
935*
100%
79%
S987*
91%

103%
10234
89%
91
92
991*
104%
86
10.)
98%

89% 90
100 ' 103
92
98%
6212 68
42% 58
82% 87*4
98% 102
921?
s92
88
84%
87
107%

98
95%
94
92%
93%
109%

87% 94%
102 103%
93% 93%
86
86
42% 42%
92
997*
Due Dec.

[Vol 101

New York 8 oq(1 Record—Concluded— Page 4

1963

Prict

BONOS
N . V. STOCK EXCHANGE
Week Eudlug Dec. 10.

r*idat

Dec. 10.

fyi tk’t
Sang* or
T.iut Sa'l

Xano*
Sine*
Jan. 1

High No i Lor Hloh
Bi'i
< Low
10334 64 97 104*8
103 % Sale 103
Wabaah 1st gold 5s________193# M
9914 20 86 100
99 % Bale 99
3d gold .is..........................193 ) F
90 June’ 12
Debenture Series B .. __ 1939 J - J
897S 93*2
9312 - - - - 931, Nov'15
1st lien equip s fd g 5a__ 19*21 M- 8
65
65
65 Mar’ 15
1st Hen 50-yr g term i s . . . 195-i J - J 65
12
34
22
Oct
*15
1st ref and ext g 4a.. .
.1955 J - J
9934 10314
102 Dec ’ 15
Cent Tr ctfs asst paid
Do asst part paid
102*2 10212
102% N ov’ 15
Cent Tr stpd ett- asat paid .
Do asst part paid.
93*2 109
103*4 10334 lO’Ha 106
Eqult Tr ctfa asst paid
34
50
44*2
44*2
4414 45
Do asst part paid—
91 106
101 102 IOU4
IOU2
Eqult Tr stpd ctfs asst paid
41
41
31*2
4834
41
Sale
Do asst part paid
99 101
o e t ft Ob Ext 1st g r>s. _ . 1941 J i I O D 4 ______ 101 N ov’ 15
80 Aug *12
Oe?. ivloln Dlv 1st g 4a____ 1939 J - J
6 OI4
55
6 OI4 July’ 15
Om Dtv a tg S H s .......... . 1941 A O *75 ” "77
7234
66)2 J'ilv’ 15
Tol & Ch Dlv 1st g 4a____ 1941M 834
4 N ov’ 15
2
3
Wab Pitts erra 1st g 4s___ 1954 J
1
134
9*2
Ha Sale
Cent and Old Col Tr Co certs
1 Dec ’ 15
8*2
134 3
Columbia Tr Co certfa____
8
1
2
U
2
1*2
Col Tr ctfs for Cent Tr ctfs .
% N ov ’ ir
1%
%
l4
2d gold 4s_____ _______195 J - D
% Sale
>8
1*4
*8
Trust o certfa.............. ..
80*8 85
83*4____ 85 N ov’ 15
Wash Terml 1st gu 3 His___ 1945 F - ’ a
91*2 91*2
1st 40-yr guar 4s .......... 191 F - A 9 1 % ___ 91*2 Aug ‘ 15
7578
54
76
West Maryland 1st g 4s___ 1952 A O 74% Sale 7478
100% 102*4
West N Y ft Pa 1st y 5s____ 19rr J - J IO3 3 4 ____ 104 Dec ’ 15
741* 82*2
82*2
82*2
83
Gen goid 4 s .. . . . . . . . __1043 A - O 81
17*8 20
20
20
30
Income 5 s.___ . ..
.41943 Ncv
96 101
O 100 102 101 N o v ’ 15
heeling & L E 1st g 5s _ .1925
95 ____ 95*2 N ov’ 13
Wheel Dlv 1st gold 5 s __ 192v J 9034
9478
94% ____ 94%
Exten ft linpt goid 5s __ 1930
73
72
72*2
71
73
RR 1st consol 4s___ _____ 1949
90 Apr ’ 14
20-year equip a f 5 s.. __ 1922
82
89
88
88
87
88
Winston-Salem 8 B 1st 4s .I960
81
88
8778
873s 87% 873s
Wig Cent 50-yr 1st gen 4s . . 1940
8278 8934
89%
0up A Dul div ft term 1st 4s ’ 36
89% 8934 895s
Street Railway
100l8 103*8
urookiyn Rapid Tran g 5s 1945 A - Q 102*2 103 *s 103 N ov’ 15
7934 85*2
80's
1st refund conv goid 4s 2002 J - J 80>8 Sale 80*8
987s 101
1005s
J 100*2 Sale 100*2
5-7ear secured notes 5s.. 1918
100*4 102
Bk City 1st con 58..J916 i941 J J 100% 102 100*2 Oct ’ 15
98 Apr ’ 14
Uk Q Co A S cor. gu g 5s.. 1941 m - n
101 M h.v*13
Bfciyn Q Co A 8 1st 5s___ 1941 j • J 98
98*4 101*2
100*4
100*2
100*2
Sale
F
A
Oklyn Un El 1st g 4-5a.. 1950
98 101*4
100*4
100*4
Stamped guar 4-5a.
1950 P A 100*4
79
831*
82*2
83*2
Kings County El 1st g 4s. 1949 F A 82*2
82 Nov'15
79
82%
Stamped guar £g_......... 1949 F - A 82*2
75*2
73
78
Nassau Elec guar gold 4s. 1951 J J 75 Sale 75
9234 9753
97%
Chicago Rys 1st 5s________ 1927 F A 97*8 Sale 97*a
10178 June’ 12
Conn Ky A L 1st ft ref g 4 Ha 1951 J 2
96*4 June’ 14
Stamped guar 4H* ......... 1951 J J 90's
05*4 79
78*8
Oet United 1st cons g 4 H r .. 1932 J J 77*2 Sale 77*2
84 Jan ’ 14
ift Smith Lt A Tr 1st g 5s . 1930 W 6
100 June’ 14
Grand Rapids Ry 1st g 5 s.. . 1910 J - D 100
87 .Dec '15
87
87
87
Havana Elec consol g 5s___ 1952 r - A
7978
76*4 55 70
75*2 75*8
Hu<l A Manhat 5a Ser A...... 1967 F A 75
3034
31*2 417 24*2 33*4
30*2 31
Adjust income 6a ............. 1957 ___
100 100*4
100*4 Dec ’ 15
N Y * Jersey 1st 6a........ 1932 f
77*2 114 73*4 79*2
77 Sale 7634
loterboro-Metrop coil 4H«.J96« A C
99*2 2132 96*4 99*2
In terboro Rap Tran 1st 5s 1900 3 J 99*2 Bale 98%
92*8
92*4 44 82
*iaohat Ry (N Y) cone g 48.1990 A - O 92 Sale 91*2
10 85
93
9234
92
92*2 92*2
Stamped tax-exempt____ 1990 A
Metropolitan Street Ry—
100
97l2 101
Bway A 7tb Av 1st e g 6s. 1943 J * o 1 0 0 Sale
N ov’ 15
94 100
100
Col A 9tb Av 1st gu g 5fl.. 1993 M s
Dec ’ 15
981a 99*4
99 7s
Lex Av A P F 1st gu g 5s. 1993 M- s —
M ar'14
Met W 8 El (Chic) 1st g 4s . . 1938 F A
101U Aug *15
101*8 101*8
5A11W Elec Ry A Lt cons g 6s 1920 F A
925* Feb >5
925* 927
94
Refunding A exten 4 H « -1931 J
J
100*2 Nov*15
100*2 100*2
Minneap at 1st cons g 6s . . . 1919 J J 1 0 0 —
Montreal Tramways 1st A ref
91*2 N ov’ 15
94*4
86
94
30-year 5s Ser A ____
1941 J J
78 Feb *15
78
78
78
New Orl Ry A Lt gen 4 Ha 1935 J - J
48 08
74*8
74*s
J 73*2 Sale 73*2
* V Rye 1st R E A ref 4s. 1942 J
481 47
55
55*8
30-year adj Inc 5s_______a 1942 A o 55 Sale 53
8578 8 6 Apr *15
8.3
84
83
N Y State Rys 1st cons 4 Ha. 1962 M- N
90!
96*4 S95% 595*2
95
Portland Ry 1st A ref 5s___ 1930 M- N
80 Sep *15
80
80
80
Portld Ry Lt A P 1st ref 5s. 1942 F A
100 May’ 15
100 100
____
Portland Gen Elec 1st 53.1935 J
98 N ov’OS
at Jos Ry. L, H A P 1st g 5s. 1937 M
100
Sep ’ 15
100
1 00
at Paul City Cab cona g 5 s.. 1937 J
83 * Sale SO
83*4 82 78
85*8
Third Ave 1st ref 4s............... 1960 J
8 U4 204 75
82
Adj Inc o s ............. ..........a I960 A - O 803i Sale 79
6 I04i2 1 0 ; %
107*2
107i2
Third Ave Ry 1st g 5s______ 1937 J - J 107*2
9fl3
4
21) 94-*4 99*8
Sale 9834
Tri-City Ry A Lt 1st a f 5s. .1923 A - O
94
____
95*2 J’ly ’ 14
J
Undergr of London 4H s____ 1933 J
70*4 32 ' 7 6 " 70*4
70 Sale 70
Income 6 a . . . ..................... 1948
S4 Oct. ’08
Union Elcv (Chic) 1st g 5s. . 1949 A O
74 Oct *15 II "05 ’ ’ 75
United Rys Inv 5s Pitta Iss. 1926 IV!-N
63*2
60*2 N ov’ 15
70
60
United Rys St L 1st g 4s----- 1931 J - J 63
59* Mar’ l *
593* 59*V,
59
60
St Louis Transit gu 5s___ 1924 A - O
37
5,r.%
413.i
46
40
413
4
Sale
United RRa San Fr s f 4 8 ... 1927 A -O
8 82
91
91
Ry A Pow 1st A ref 5s
1934 J - J 90*8 9034 90U
Ga» and Electric Light
103 Sep *15
103 103
Atlanta Q L Co 1st g 5s___ 1947 J -D 103
104*2
104*2 "2 103 105
Bklyn Un Gas 1st cons g 6s. 1945 M -N 104*2 —
54
June’
13
Buffalo City Gas Istg 5s____ 1947 A - O
97’ *0*7" ’
Columbus Gas 1st gold os . . 1932 J - J l o “ " o s ' 97 Feb ’ 15
120*2 45 1109*8 120l2
Consol Gas conv deb6s ..1920 Q - F 120*2 Sale 120
99** 101
Detroit City Gas gold 5s____ 1923 J - J 100*8 102
9S*2 98*2
Detroit Gas Co cons 1st g 5a. 1918 F - A 99
3
1023
4
103*2
____ 103*4
101*4 1(3*2
Detroit Edison 1st coll tr 5s. 1933 J - J
100*2 May’ 15
Eq G L N Y 1st cons g 5s. . 1932 M- 8
— 100*1 100*2
100 Feb ’ 13
Qas A Elec Berg Co c g 5 s.. 1949 J - D 100 H
102*2
102*2 *2 1*61 " 103*2
Hudson Co Gas 1st g 5 s .. . 1949 M -N 102
92 Mar* 14
91
Kan City (Mo) Gas 1st g 5a. 1922 A - O
1023s
102 N ov’ 15 II io2\ 104*4
Kings Co El L A P g 5s........ 1937 A
113 N ov’ 15
Purchase money 6 s ...........1997
113 115
113*2 —
122*2 Dec 12
Convertible deb 6s..............1922
125 130 12534
12534 ‘ 4 115 120*
Convertible deb 6s........... 1925
__ 8 6 I4 88
86*4
86*4 Oct ’ 15
Ed El 111 Bkn 1st con g 4s. 1939
101
101*2 Dec ’ 16
Lac Gas L Of St L 1st g 5s. .#-1919
100*4 101*2
3 97 101*2
100%
101
100*2 102
Ref and ext 1st g 5s............1934
5 90
9178
9178 92*2 91%
Milwaukee Gas L 1st 4s____ 1927
92*4
1033s Aug *15
103 103*8
103*2
Newark Con Gas g 5s______ 1948
101*2 11 101*8 105
104U Sale 104
N Y O E L H A P g 5s........ 1948
85*2 16 HO 857b
85
853s 85
Purchase money g 4a_____ 1949
107 Oct ’ 15
106** 107*2
Ed El 111 1st cons g 5s___ 1996
107*8
10034 — - 101 Dec ’ 15
99 101
YAQ El L A. P 1st con g 5s. 1930
92*2 July’ 09
N V A Rich Gas 1st g 5a____ 1921
Pacific G A El Co Cal G A E
97
9G34 Sale 96*2
01
97
Corp unifying A ref 5s____ 1937 M- N
Pac Pow A Lt 1st A ref 20-yr
9 i Feb ’ 16
38>? 91
5s Internat Series........... ..1930 F A 91
99*2 99*4
Pat ft Passaic G A El 5s____ 1949 M- 8 1 0 0
99*a Oct *15
114 Dec ’ 15
110
15
P*op Gas A C let cons g 6?. _ 1943 A - O 114*8
Refunding gold 5s_______ 1947 M S 102*2 1 0 2 7« 102U N ov’ 15
997s 102*8
09 Sep ’ 13
Registered................
1947 M- S
101 103
Ch O-I. A Cke 1st gu g 5s. 1937 J J 102*8 103 102*2 Dec ’ 15
Con G Co of Chi 1st gug 5s 1936 J D 101 —
100*2 N ov’ 15
99% 1011*
93 Mar* 12
lad Nm Gas A OH 30-yr 5s 1936 M- N
Mu Fuel Gas 1st gu g 5e._194~ M- N 100*4
100*8 N ov’ 15
99*2 100*8
96
95 Oct ’ 15
95 S9G
Ffcdadelpbla Co conv 5s____ 1919 F A
88
9634 June'!*
91
Conv deben gold 5a......... .1922 M- N
9434 95
S8% 05
95 Dec ’ 15
itwnd Gas A El conv a ? 6a. .1926 J
9934
Syracuse Lighting 1st g 5 s .. 1951 J - D
9978
9978
99*2 997s
80 —
vracuse Light A Power 5 8.. 1954 J
85*2 June'12

o

N

BONDS
Y STOCK EXCHANGE
Week Ending Dec. 10

8 ?
S '?

Prict
Fridat
Dec. 10.

Week'*
Hinge or
Last Silt

l0 leg
35

Rang*
Since
Jan. 1

High NO. Low High
Rid
Aik Low
Trenton G A El 1st g 5s...... 1949 M- 8 100*4 ____ 1 0 1 ** lurin' 14
Union Elec Lt A P 1st g 5 s .. 1932 M- S
100
97*8 101
Sep '15
- J
Utica Gas A Elec ref 5s___ 1957
- J
O
Westcbester Ltg gold 5s___ 1950
iViisceilanoou?
Adams Ex coll tr g 4 s..........1948 ft*- 8
Alaska Gold M deb 6 s A ...... 1925
Armour A Co 1st real esl 4 Ha ’ 39 J -D
Bush Terminal 1st 4s_____ 1952 A -O
Consol 5s______ _______ 1955 J - J
Bldgs os guar tax cx ___
1960 A - O
Chile Conner 10-year conv 7s 1923 fW-N
Computing Tab-Rec s f 6s . _1941 J - J
Grant*vi nnsM SAP ci.nOsA ’2^ M- N
Stam ped............................1928 !W N
Great Falls Pow 1st s f 5s. .1910 M -N
Insplr Cons Cop 1st conv 6 s. 1922 M - S
5-year conv deb 6 s______ 1919 J J
rnt Mercan Marine 4 4 s ___1922 A O
CertIflcates of deposit..........
Int Navigation 1st s f 5s. . 192‘ f ~ A
Montana Tower 1st 5s A .. 1943 1 - J
Morris A Co 1st 8 f 4*^8 . 1939 J - J
Mtge Bond (N Y) 4s ser 2 . . . I960 A - O
10-20-yr 5s series 3 . _____ 1932 T J
N Y Do< k 50-yr 1st g 4s.
1951 F - A
Nlag Falla Pow 1st 5s . . .
1932 J - J
A-o
Nlag Lock A O Pow 1st 5a. 1951 M - M
Ontario Power N F 1st 6 b
1943 F - A
Ontario Transmission 5 s . . . . 1945 M-N
Pub Serv Corp N J gen 5s
1959 A - O
l
Ray Cons Cop 1st conv 6 s 1921 J
Sierra A S ? Power 1st 5s
104Q F A
Tennessee Cop 1st conv 6s .. 1925 M -N
J
Wash Wafer Pow 1st 5 s .. 1939 J
Manufact -ring & industrial
Am Air Chem 1st c 5a____ _ 1928 A O
Conv deben 5s.
. 1924 F - A
Am Co* Oil debenture 5s .1931 M-N
Am Hide A L 1st s f g 6 s___ 1919 M- S
Amer Ice Secur deb c 6 s _ 1925 A - O
Am Hmclt Securities s f 6 s . . 1926 F - A
Am Thread 1st coll tr 4s___in id J - J
Am Tobacco 40-year « r.g
1941 A - O
Registered......................... 1944 A - O
Gold is..............................1951 F - A
F A
Am Writ Paper 1st s f 5 s.. .1 9 1 9 J - J
Baldw Loco Works 1st 5 s ... 1940 M-N
Beth Steel 1st ext s f 5s____ 1926 J - J
1st A ref 5s oar A............19 42 M-N
Cent Leafh 20-ycar g 5s.. 1925 A -O
Consol Tdbacco g 4s........ .1951 F - A
Corn Prod Ref s f g 5s____ 1931 M-N
1st 25-year a f 5s . . .
1934 M-N
Cuban-A in Sugar coll tr 0s. 1918 A - <)
Distil Sec Cor conv 1st g 5s. 1927 A - O
E I du Pont Powder 4H*s. 1936 J -I)
General Baking 1st 25-yr fls. 1936 J -D
Gen Electric deb g 3 V$s........ 1942 F - A
Debenture 5s-----------------1952 M- P
III Steel deb 4 He................ .. 1940 A - O
Indiana Steel 1st 5s
____ 1952 M -N
Ingersoll-Rand 1st 5s........ q 1935 J - J
Int Paper Co ’ st con g 6 3 . . .1918 F - A
Consol conv s f g 5 s ___ 1935 J J
Int St Pump 1st s f 5a___
1929 M S
Certfs of deposit ............
Lack aw Steel 1st g 5s___
1923 A - O
1st con5s Series \
1950 !Y
1- S
L!«gett * Myers Tobac 7 ».. 154 ( A O
5 s ____________ ________ 1!>51 F A
Lorlllard Co (P) 7s........
1944 A O
•5s--------------------------------- 1A51 F A
Mexican Petrol Ltd con fis A 1921 A O
1st Hen A ref 6 s aeries C
1921 A O
Nat Enaru A Stpg 1st 5a
1929 J -D
Nat Starch 20-yr deb 5s. . 1939 J J
National Tube 1st 5s
1952 M -N
N Y Air Brake 1st conv 6 g 1928 M-N
Railway Steel Spring—
J J
Interocean P 1st s f 5a
1931 A O
Repub I ,V s 10-30-yr5asl. .1940 A - O
M N
The Texas Co conv deb 6 a .. 1931 J - J
Union Bag A Paper 1st 5 s.. 1930 J J
Stamped............................1930 J J
U 8 RealtyA Tconv deb g 5s 1924 j - ;
j
U S tied A Itefg 1st g 6 s___ 1931 j
U S Rubber 10-yrcoll trds.. 1918 J D
US Steel Corp— /coup . _tfl963 M-N
S f 10-60-yr 5s\r e g ........d 196.1 M-N
Va Car Chem 1st 15-yr 5s. 192.1 J D
Conv deb 6 s . ................ .. el924 A -O
West Electric 1st 5s D e c __ 1922 J - J
Westlnghouse E A M s f.p»s 1931 J J
Cony s f ,5s (l*a o( 1915) .1631
10-year coll tr notes 5g ...I Q 17 A - O

Cons Ind Coal Me 1st 5s. 1935
Cons Coal of Md IstAref 5s 195(
Kan & IJ r * C 1at s 1 s ,5s. 1951
S« L Rock Mt A P 5s Stmpd. I95r
Birm Dlv Isf consol

6 s—

1917

J D
M- 8
F- A
F A
I -D
J D
F-A
A •O
j
i
J J
J J
J J
J - J
A G
J o
J J
M- S

9S Aug *15
____ 99
103^8 103*2 L03% N ov’ 15
82%
825s Sale 82
Sale 112*4
118
93 Sale 923*
93
88*2 89
88*4
88%
87
90
89 Nov’ 15
8 6 I4 8 8
87*2
88
132 gale 131*8
136*2
82*4____ 80*2
81
101*2 103*2 10334 104
101 I03ia 103
103
599*8 Bale
99%
99*8
177 Sale 170*2
184
176r*8 Sale 176%
177%
94*4 Sale
94%
9412
92*4 Sale 92
94
80
86
86*4
86*4
95 Sale 94%
9589 N ov’ 15
------ 90
... .
83 Apr ’ 14
------ 9 4s4 100 July'14
73 ____ 74
74
101
1003s - Nov'15
104*4____
89 ____ 90 N ov’ 15
------ 9434 95 N ov’ 15
------ 90
89 Dec ’ 15
89=3 Sale 89%
90*4
125 12978 127
129
90
92* i Feb ’ 14
120
Sale 118
120*2
____
103*2 Jan '14
112*4

3 70
26 118
90 90*t
3 84
8 -1*2
3
288 111
18 81%
3 98
2 102%
6
97
185 97
28 94%
69 30%
1143 33*2
1 36
106 8 8 %
89
3

9612 97
96 >s Sale

9ti->8
96%
103%

20

9034 92 >s
- - - -------------- 94**.
—
88*4 89
84
86*2
1013.! 1023
101*3 10214
1 0 1 % ____

------106
-75
88*2 Sale

90

82%
150
93*5
88*2
90
141
83*2
HI
105
100
190
186
96*2
94*2
90%
95%
89

71

75

100

101

89** 01%
92*2 95%
86*8 90
28 HG% 91
42 103 137

30 117
___

102%

97
97
10334

997s 1 00 1 0 0 N ov’ 15 — . 7
95*2
95
95*2 95
97*4 73
97 sale 0 0 %
97
97
2
9534 97
94
105
10418 Sale 104%
79 Dec *15 —
u i‘4 Jan ’ 13 —
75
75*2 75*2
75*2 13
25% NOV’ 15 ___
-------25
103*4 103*2 103*4
103*? 74
104 Sale 103%
104*2 421
------ -------- 104
1
104*2
98% Sale 98
98% 0 0
103 Sale 102*2
103% 46
1 0 2 's 102>2 111214
17
102*2
105 105b 105
6
105*8
137 Sale 130%
139
21
1 01 %
101%
1
85
88
93*2 95
74*2 Sale

98
I03*s

__
___

9
27
18
103121033.1
5!
88
5
88
8 8 l2 8 8
114
113*2 Sale 113
402
97*4 Sale
97%
98*i
5;
119*2
2
11912
- - - ___ 121 &« May’ 14
94 N ov’ 15
------ 93
98
66
Sale 6 6
67
4
Kifi'i Sale 106%
106%
2
102i2 SalB 102*2
103
131
HR's Sale 101
101*2 256
loots Sale 1003b
1 0 0 % 129
98 >2 97% Jan ’ 15
98*4 __
98% Dec ’ 15
96 sale 96
6
9G*4
101%
1013 s ioisa 101*4
59
142
71*2 Sale 71*2
72
101*4 Sale 101*4
15
101*2
9612 87*2 July 14
7ki4 70
78-%
79
6
103l2 10512 105
105% 2 0
91 >8 Sale 91*8
92
113
10134 60
101*2 Sale 101*2
103 .
100
Oct ’ 13 ___
102%
3
102>8 1023g 102*8
82
82
1
823S S3
74 _
70 N ov’ 15 ___
75 Sale 74
75
17
98% saie 98
98*2 223
93 Sale 93
94% 225
124*2 Sale 124*4
25
126
102
101*2 Sale 101*2
17
124 gale 124
124% 13
101
1011 ? lo l
13
10134
110
12
108*2 111 109
16
107 U0l 2 108
110*4
9534 9 7
96%
6
96*4
84
83 June’ 15
n
101
1003s 1011 s 1U0 %
104
18
104 Sale 103%
1 0 1 78 102

Va Iron CoalftCoVe 1st s Sa. 194'
Telegraph Si Toleptioti
Am Telep & Tel coll tr 4a...l92< J J 90% Sale
M- S S100*4 20-yr convertible 4
— . 1933 M- H IO7 I3 Sale
J
Cent Dlst Tel 1st 30-yr 5 s .. 1943 - D 101*2 Sale
. . . . ..
Commercial Cable 1st g 4s. 239 < Q
Q J ------ 84
J 97% 99*:
Keystone Telephone 1*1 5s 1935 J J ------ 94*j
Metropol Tel A Tel 1st s f 5s 1918 M -> 101*4 - F - A 1 0 0 IOU4
3 1 4 ) 1 1 Tele-.bone 5a g . 192( M-N 100*2 . . _
98% Sale
N V Telep 1st * lien a 144<e 193! M- *!
99% Sale
Par Tel * Tel 1st 5a___ - 1937 •I - ,
9934 Sale
Sooth Hell Tel A T 1st « I 5a. lot J
1 - .
101
101*
Fd and real est g 4 Hs----- 105( M N 94 Sale
Northwest Tel gu 4 H s g .. 1934 J

101 %

98
SOI

125

99% 102*2
92
97%
91*8 98
100*2 104%
SO 89i2
103% 115*2
93*2 98*4
115 121%
94

98*8

51%
100%
98*2
85%
96%
97%
94%
92
95
40%
84

70
106*2
103
102%
IO|78
97%
98*b
97
*01%
75
104%

74

79

101*2 1 00

82% 92*a
99 102%
99%
78%
38
52
89
65
121 %
99*5
119
95%
95%
95
92
S3
95
90
95%
90
90**
88%
97*2
75

102%
82%
70
77
98%
97
126
102%
124%
102
no
110%
90%
86

102
104
100
95*2
97%
97
106
80

05
77*2
20
30
101% 103%
99% 105
89% 105
89
99
90*2 103%
100% 102%
89% 106%
109% 149%
98% 101%

July’ 14 —
Oct ’ 15
75
86
N o v ’ lf
87
95
7634 10 70
80
Ma- '14
92% NOV’ 15
83% 92*8
99*8 Feb ’ 14 —
102% Apr 'Gfi
July’ i f
90
00
893.
9 36*4 99*4
»-t«2 NOV’ If
82
84*2
1027s Dec '15
100 1(3%
102
102
15 99% 102%
102
102
10 100*4 102
101
Dec ’ 1
73 Apr ’ l l
88
88*2
13 82* 90*4
85
95

907*
100*4
107

91% 85
100%
t
107*2 291

102
101*2
8 8 % June’ 14

22

___

86*2 91%
0 1 % 101

96 *09*4
98% 102%
_____ _ . _
....
Q«
99%
95
95
100
*0 1 %
fl7U 100
1 0 1 % 101 %
91
99
94% 100
96*4 100
95 10Ua
W a 961,

79 Apr 1
98*2
99*.
9
N ov’ l . . . .
95
101*2 N o v 'lf ____
12
99
100
101*2 June 1 —
9812
987 i«5H
78
100
99%
92
100
99%
101*
101
«
94
ia
94
104 June 1
om , got,
____ 90*2 M ar’ l

• No price Friday; latest bid and asked, a Due Jan. d Due ADrll. e Due M ay. g Due June, h Due July. * Due Aug. 0 Due Oct. v Due N ov. 0 Due Deo. * Option sale.




D eo . 111915
SHAKE
S a tu r d a y
D ec. 4

]

80ST 0N STOCK EXCHANGE-

P R IC E S — N O T P E R C E N T U M
W ed n esd a y
D ec. 8

T u esd a y
D ec. 7

M on day
D ec. 6

S a les
o f th e

P R IC E S .
T h u rsd a y
D ec. 9

F r id a y
D e c . 10

1 W eek
I S h a res

IO6I2 107 *10612 107
107*8 107*8 *10612 107
*106K 107
L a s t S a le 101'2Nov’ 15
*101K 102 *10U2 102 *101l2 102 *10U2 102
188l2 190
188K 1S812 188l2 190
♦187 ___ 187 187
82
82
8U2 8U2
82
~8i~ ”81*4 82
81
81
81
81
130 130
132 *___ 130
___ 133
* ___ 133 *___ 133
3312 34
34
33l2 34
34l2 34l2 34
34
34
*34
35
232 *230 232
230 230
230 230
*230 235 *___ 233
L
a
s
t
S
a
le
6
Dec’ 15
6
*5
712
*5
712
*5
7l2
L a s t S a le 40
Nov’ 15
*40 ___ *40
*40 ___ *40
L a s t S a le 5
Dec’ 15
*5 ____
*5 ___
►5K
* 5 K ----L a s t S a le 45
N ov’ 15
*45
47
*45
47
47
*45
*45
47
L a s t S a le 160 Sept’ 15
1573* ___ 1573* ‘___ 157*4
*___ 15734
L a s t S a le 10412 D ec'15
* 1 0 4 K ----- '10412___
* 1 0 4 K ----- ‘ 1041.
L a s t S a le 160 Nov’ 15
*157 16‘ *157 162"" 157 162 *157 162
73
74
74
74
73
73
74
*73
72
72
120 120 *119
119
*119
*119
86*4
86
86
8634 *S6
8634 *86
863* *86
*86
101
___ 101
10U2 101l2
101
101
*100 102
7
7
7
7
714 *6>l2 7i2
*7'i
7>2 *71*4 734
37
37
*3512 38
3714 3714
3712 38
7412 75
74l2 76
75U 7514 75i2 76l4 75K
L a s t S a le 95
Nov’ 15
*96 ___
*97 ------ *9412
____1 151
151
151 151 *151
1501* 1501* 150'4 150"i4
*23
29 ! ............_.
*23
29
30
*26
32l2 30
*13712
138
I
___
___
*13814
138*4
13812 13812
*13712 138
*118
63
*83

120
63
84

*117
63
*83

20
63
84

*117
64
84

20
64
84

*117
64
83

120
64
S3

*U6K 120
64
64
82
S3

116
___
81

116
___
8U.

7U. 7U. 72
*7134 73
72
73
73
73
♦71
100 100
997g 997g
*99*4 100
00
100
100 100
99 100
2
21,8
2i4 2l4
21*
2K
2-38 238
2'4
2>4 2*8
14
15>8 13K 13 1.
15U 15K
15
15
1514
15
K)
117K 117*4 116*4 117 Ig 1153* 117
117
117 11712 116 116
118 118K 118 119
1IS 11.8 *118 1181. 118 .181. 118 119
128*4 129K 12SK 129K 1283* 129ls 128*8 129'g
1281* 12S*4 128K 129
49
__ *4914 50
___ ___
49
50
50
50
50
*97K 98
98
98
9814 97*4 98
98
98
97lo 98
97
*65
67
*06
67
60
66
66
66
*64l2
06
*641* 66
IOOI4 10012 100U 101
00
1001. 1001. 100
*100 “ 101 *100 101
30K 311* 30*8 31ti
31
32
32 '4 30
30*4 30*4 31'2 32
453* *44*2 45
4412 45
46l2 46K 46>l2 45
46
46
46
9
9
9
91.
9
*8K 9
9*8
914
912 *9
*9
*24D2 2421. 242 242K 242K 242K 242 242K 242 24212 242 242
170 176
17514 17514 *176l2 177l2 176*4 176*4 176 176 *176 177
*98'2 99
99
99
98U 99
98
*98K 99
98l2 9S'2 98
85K 8534 85
80
85*4 8534 85
86
86
85K
86
86
84*4 84K 85
8412 S478 84*4 8434 84
84K 847g
*84K 85
170 170
168*4 108*4
170 170
169K 169K 169 169
170 170
2*4
2K 2>2 *2
2*4 *2
2*4 *2
*2l2 3
L a s t Sale 12
Oct'15
*1412
*14l2
*14K
*1412
L a st S a le 40
Dec’ 15
*42
*42
*42
*42
L a s t S a le 30
¥
N ov’ 15
30
30" *
30 ♦
30 *
*51
60
___ ___
70
*50
51
51
50
50
132 132
132 132U 131*4 132
132K 13212 132 133
13212 133
166 166
167 167
166 107 *165 167
167 107
167 168
10K 10K
I6I4 10K
16
16.12 16
lOK IOP4 16K 10'4
*16
126U 127
126U 126*8 126K 127K 127 127K 126K 12734 126 127tt
341. 34K 35
35K
35
35
35
*3412
35
*3412
___ ___
*29
30
30
*2934 31
31
*29
2934 30
*29
L a st S ale U8
Oct'15
*1
*1
*1
IK
IK *1
IK
IK
146 147K
144K 149K 146 149
144l2 148l2 143K 146U 1441* 146
51K 5133 52
51*2 52*8
50*4 51
50*4 5278 51>4 5314 51
287g 29
2S-*4 29
29
29
29
29
29
28*4 29
29
S7K
867g 88I4 86's 87K 86K 87K 86
80
86K 86K 87
116 116K 115*4 115*4 *115*4 11<>>4 115*4 116
115*2 115*2 *115*4 116
12K 127S 117g 12K 1134 12's
12*8 13
12*8 13<2 12i2 13
2
2
*2
21?
90
96
95
*94
24*8 25*4 235S 25U
1*4
1’ 2 U?
* 1*8
5514 551.1 55l2 56
70*8
63*4 69*4 69
♦71,
77S
7l2 7‘5<<i
311
3>4
314 3*8
71U 7214 721« 737S
673* 68
68
68
550 550
545 545
*1614 101= 16l2 16l2
53*4 5378 5412 55
5634 57t| 573s 581.1
*3
3*8
3*8 *3
16U
15*4 1578 16
91.
9' 2 912
9'4
82
801* 80*4 8012
441* 44K 44U 45
16K 1612 16*2 17
*29>2 30
*2812 30
5*4
5*4 *5
*514
481.
46
46
45
8912 8912 90
-89
27
28
-*20*4 27
43* 4*4
4*8 4*4
*23* 3
*234 3
15l2 15*1 15-*4 10
512 *5-*8 512
*112 2
* 119 2
1212
12
11*4 12
*3*4 4
*334 4
3312 3312 337g 34
2>.
*21s 2'4 *2
8634 87K 87
87
167g 1678 16*2 17
9*2 10
9*8 97s
*1U2 12
in 2 lll2
7>2 7*8
7*8 734
31 14 3112 31's 31*4
2
2
1*8 17S
*112 2
*112 2
*3
3U 3'4
312
*5812 59*4 59
59ti
841. 8-U.
*84>8 86
151* 161s 16's 161*
85
84
85
85
25<s 25ti
25*8 255g
59
59
59
59
31. 31.
3*8 3*8
8
8
7*4 812
35*8
3434 35U 35
5>2 578
*512 6
*25i2 26K
20
26
2*8
23S
2'4
214
49*8 4934 49*4 50
11
OK
11
9>2
.38
.35
.35
.30
47
4612 47
49
4834 49
48*8
3<4 3*8
314
3>4
IU4 12*4
12>s 1214
80
81
78*8 7914
*212 234
2*4 2*4
312
*3
3*8 37g
5714 57U
57U 58
*1J% 1»4 MK
2
• B id a n d a sk e d p ric e ,




* ll2
*94
23*4
1*8
56
68*g
7K
314
71*4
67*4
550
*16ti
5514
57K
*3
16

*1K
90
*94
96
237g
24*8 23
IK
1*8
IK
56'2 56*2 56K
70'4 68
68*4
7K
7
7>4
3<8 3>s
3K
7314 717g 72K
69>4 68K 70
550 *545 550
16K I6I4 161*
54*8
55*8 54
58 K 56*4 57K
3*8
3K
3>4
16K 1534 16
___
9K 9K
80
80
S012 SI
44i2 443* 44
44K
163* 1634 16K 16K
*28K 30
*2SK 30
51.
5K
5l2 5K
49
501r
49
47
___ *S97g 90
___
26
27K
412 4 %
4 % 4*8
2*4 23* *23* 2'8
16
16
15K 16K
5*8 53g *5K 6%
2
*11.
*U2 2
12
12i4 12K 12
334 3*4
*334 4
34
34
2's
*2
2's
2K
857S 8612
S6K 87
1678 1078 16% 17
10K
10
9*8 10
UK 12
7*4 7*1 *7*8 77«
31
31*4 311* 31'4
*11.
3
5S
8412
10
85
25*8
59
312
Sl4
35
___
20
2>s
481S
97S
.35
46>4
48*4
3'4
111.
797g

2

2

*112
3
*3
58
58
85
84i4
16*4 16K
85K 85
2534 2512
59
*57
31.
3l2
8U
734
35K 35
___
512
26
25K
21.1
2'4
49K 48
10>1
9*8
.35 *.33
457g
47
49
48*2
3M»
3K
liK
UK
8034 79*8
2K
3*8 31 ? *3*8
57
58
58
*1K
•1*8 2

2

2
3K
58
85
16K
85
2534
58
3K
8
351?
51.
25K
214
48IS
10
.35
46K
49
3=8
12
80K
2K
4
58
1»4

Record

STOCKS
BOSTON STOCK
EXCHANGE

R a n g e S in c e J a n .

L o w e s t.

Railroads
100
5 Atch T op eka* Santa Fe--100
100
Do pref_______
54 Boston <fc Albany________ 100
211 Boston Elevated_________ 100
100
5 Boston & Lowell_________ 100
200 Boston & M aine_________ 10)
10 1
70 Boston & Providence_____ 100
100
Boston Suburban Elec Cos.__
.
Do pref_______
0S_.
Boston & Wore Electric Cos.
Do pref_______
Chic June Ry & U S Y ...1 100
00
Do pref_______
Connecticut River_______ 100
100
178 Fitchburg pref_____
100
20 Georgia Ry & Elec stampdlOO
100
5 Do pref_______
100
150 Maine Centra!___________ 100
225 Mass Electric Cos________ 100
80
Do pref stamped_____ 100
1,535 N Y N H & Hartford_____.10
0
100
Northern New Hampshire. 100
Old Colony_____________ 100
Rutland, pref___________ 100
Union Pacific____________.100
100
100
Do pref_______
5
.100
287 ’
50
193 Do pref.
50
73
294
1,735
1,217
40.8
197
3,381
140
384
75
56
1,182
713
370
257
76
134
1,015
273
83
125
..........
2
352
129
93
1,045
240
26
10,157
10,975
433
9,892
106
12,477

BONDS
S«a Naxt Pan*

Miscellaneous.

92*4 Feb 23
97 Jan 15
170 Mar 5
73 Junel6
109 Feb 26
20 Feb 13
225 Jan 5
6 Dec 2
40 Sep 21
39 Jan 20
157 Feb 13
lOU? July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 Mar 4
4?s June 7
33 July21
43 Feb 25
89 Oct 1
140 Aug 3
15 M arl 7
116)2 Jan 4
7934 M arl 1
105 Feb 9
61 M ayl5
80 July 1

.10 0
.100
50
50
.100
.100
.100
___
___
___

48 Jan 5
S7K Mar25
134 M arl 7
13i4!Dec 10
100 Feb 24
Do pref.
109 Feb 5
116 Jan 4
16K Apr 6
Do preferred
77 Feb 5
moskeag Manufi
59K Jan 20
Do pref_____
9712 May25
.100
4 Feb 24
Do pref.
.100
97* Marl2
10
8I2 Dec 2
.100 230 MaylO
.100 13SU Feb 26
.100 96l2 Aug 25
.100 .78 Apr 8
.100 84 N ovl6
Do pref.
.100 154 Feb 8
. 10
14 Apr 20
.100
10 June 4
Do pref.
.100 35 Feb 23
.100
20 Apr 15
.100
Do pref_______
25 July 1
New England Telephone..100
.100 zl27i4 JunelO
“ in Company______100
.100 150 Feb 24
. 10 15 Sep 27
.100 104** Jan 4
. 25 28 Mar 8
Do pref.
. 25 26 Mar25
.95 Jan 18
. 25
101 110 Feb 25
United F ru it____________ 10)
United Shoe Mach C orp ... 25 48 Aug 17
Do pref............
. 25 28 Mar27
U S Steel Corporation___.1(M)
100
38 Feb 1
.100 102K Jan 27
Do pref........ ..
Ventura Consol Oil Fields. 5 10?8 NovlO
Do pref.
mer Pneum
Do pref.

1963

1.

R a n g e f o r P re v io u s
Y e a r 1914.

H ig h e s t .

L o w est,

100 July
101*8 Feb
195 Jan
101*4 July
179 Feb
55 Jan
255 Jan
7)2 Feb
60 Jan

375 July
160 M ar
103 Dec
162 N ov
75 July
115i2 Dec
83 Jan
9078 Jan
9 Apr
54 Dec
4978 July
100 May
140 July
19 May
110*4 Nov
82 Apr
115 Jan
65 Nov
82 Dec

40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
887s Apr
99 Mar
14 Jan
66)2 Jan
7778 Jan
112 Feb
165 Jan
30 Jan
103*4 Jan
85 Jan
130 Feb
75 Jan
95 Mar

7334 N ov 8
4714 Jan
10 K2 N ov20
89 Dec
412 Oct 25
2 Dec
19i2 Jan 9
17 Jan
11912 N ov 5
97U Mar
119 Dec 8 108 Mar
13012 Nov 4 112 N ov
5714 Oct 20
14 Mar
7234 Mar
9912 Oct 4
67 Apr 23
57i 2 Dec
101 Feb 6
97*4 June
36 N ov 4
5 Feb
49 N ov 4
I3t= May
13G Apr 5
9i2 Dec
260 Jan 22 234 N ov
184l2 Oct 4 137 Dec
104 Mar29
9SK Nov
94 Aug 5
76!4 Nov
921? Jan 2S
S5 Nov
200 Jan 4 200 Dec
3 Sep 10
2'4 May
121* Feb 8
18 July
46'z Jan 26
55 June
30 Nov26
20 Apr
55 Dec 2
38 Dec
143 Jan 29 128 Nov
170 Oct 23 14S Dec
lSi* Jan 2
16 Jan
128 N ovl6
1011= N ov
35*4 Oct 29
27 Feb
301* Sep 8
27 Mar
134 Apr 21
.95 Dec
163 N ovl7 r ll3 Dec
65 May24
52hi Dec
30 Aug 31
28 Jan
S8I2 N0V 1
48 Dec
117U Oct 30 103)4 Dec
14*8 N ovl7

59L. Mar
98 June
4 Jan
22 Jan
llOi* Jan
315 Dec
124 Jan
15 Mar
83 Jan
67 Feb
100)2 June
9 Jan
16*4 Jan
14i2 Feb
265 Mar
150'2 Feb
102 Jan
94% Feb
96 Mar
216*4 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20's July
107*4 Mar
31 May
29'2 Jan
2 Feb
173 Feb
61*4 June
30ig July
67'4 Jan
112*8 Jan

Mining
200 Adventure Con___________
1 Jan 22
. 25
47S Apr 22
*U2 2
93
41 Ahmeek__________________2£
. 26 93 NovlO 103 Aug 27
93K
22K 23K 25,470 Alaska Gold_____________. 10
1(J 21t2Dec 9 40*4 Apr 22
*1
1,850 Algomah Mining__________
434 Apr 22
l's
. 25
45 Feb 10
55
331 Allouez___________________
55K
- 25 35>2Jan 5 60 N ovl6
63l2 66*4 23,656 Amer Zinc, Lead & Smelt.. 25
16*4 Jan 4 721* Nov26
7
734 2,100 Arizona Commercial______. 5
9’*2 Apr 22
3’* Jan 4
33g
695 Butte-Balaklava C opper... 10
3K
43* Apr 22
2 Jan 16
701* 7 Dr 9,835 Butte & Sup Cop (Ltd)__. 1010 35^4 Jan 4 80 June 4
66U 671. 5,332 Calumet & Arizona_______. 10 51i2 Feb 23 78*4 Apr 26
538 540
595 Calumet & Hecla_________
. 25 350 Jan 4 630 Apr 22
*16
17
50 Centennial________________25
. 25
15 Jan 12 25 Apr 22
*525g 53
548 Chino Copper___________- 5 327g Jan 6 57 N ovi 7
55ig 56ti
2,297 Copper Range Cons C o__.100
100
30 Jan 13 63*4 N ovl7
4
4l2 4,285
5*4 Apr 22
. 20
178 Jan 21
14*4 1512 5,743
. 10
8i2Jan 5 16i2Dec 7
9
330 Franklin__________________25
9*8
. 25
412 Feb 5 HI4 Apr 22
75
76
2,303 Granby Consolidated____.100
100
58 Jan 7 94l2 Apr 27
520 Greene Cananea_________.lo
*43K 433*
100
t
23i4 Feb 1 47<2Nov23
1534 16
364 Hancock Consolidated__ . 25
11 Jan 18 24i2 Apr 29
L a s t S ale 29K Dec’ 15
Hedley G o ld ____ _______. 10
It
26K Oct 27 29*4 Jan 19
5K *5
*5
5 '.
25 Indiana Mining_____ ;___. 2525
10i2 Apr 22
21* Jan 21
49
483* 7,354 Island Creek Coal..
491. 48
52 Aug 17 2
. 1 41 MarlS
90
90
89
89
177
. 1 8512 Jan 5 91>s Apr 27
Do pref______
24K 25
25
20
627 Isle Royale Copper________
1712 Jan 11 34 Apr 26
. 25
*4K 4*4
45g 47r 1,653 Kerr L ake______________. 5
5's Apr 20
3 Aug 3
*234 27S
27S 27«
250 Keweenaw Copper________
4l2 Apr 26
. 25
1J2 Aug 23
16
16*4 1534 IOI4 3,428 Lake Copper Co__________
5i2Jan 27
18 Apr 22
. 25
5%, 5*X6 *514
150 La Salle Copper__________
5K
9 Apr 23
. 25
3'sJan 7
L a s t Sale 1 34 Nov’ 15
1 M arll
412 Apr 27
Mason Valley Mine______. 5
12
12
i n . 1134
630 Mass Consol_____________
. 25
17 Apr 22
3 Jan 11
*3*4 4
*3i2 4
30 Mayflower_______________
. 25
8 Apr 22
3 Aug 16
33*4 33*4 33i2 3334
92 Miami Copper.............
. 5
16*4 Jan 2 3534 Oct 30
*2
2*2 *2
400 Michigan..............................
3 Apr 22
2K
. 25
.60 Mar 1
823* 85
85
86
2,357 M ohaw k...............................25
. 25 46>4 Jan 15 89*8 Nov29
16*4 16*4 1610 16*4
181 Nevada Consolidated____- 5
17 Apr 27
llts Feb 21
97
8
9i2
0i2
9*8
1,143 New Arcadian Copper___. 2525
1414 June 7
4l2 Feb 24
11*4 l l s4 1 1
11*4
680 New Idria Quicksilver__ . 5
4 Julylt
1312 Aug 7
8
734 8*4
8's
1,513 Nipissing Mines--------------. 5
87S Nov29
518 Aug S
900 North Butte....................... 15 221* Jan 25 3878 Apr 26
30K 31 >8 30K 30i2
2
2
134 2
440 North Lake______________
. 25
1 Jan 28
418 Apr 23
L a st Sale U.
D e c l5
OJibway Mining___ _______25
. 25
.50 Mar 1
3i2 Apr 29
3
270 Old C olony-----------------------25
3*8 *3'4 3i2
. 25
2l4 Nov29
718 Apr 22
58
56*4 67K
58
437 Old Dominion Co_________
. 25 3812 Mar 8 61 Nov29
82
85
S3K S4
365 Osceola___________________25
. 25 64 Jan 2S 93l2 Apr 22
1634 16
16
16
6,937 Pond Creek Coal--------------. 10
It
12 Jan 7 195s Aug 13
84
S2
85
201 Quincy___________________
85
. 25 50 Jan 16 95 Apr 22
460 Ray Consolidated Copper . It
25*4 25*8 253g 253g
'
1534 Jan 7 27*8 N ovl7
56K 57
131 St Mary’s Mineral Land... 25 28 Jan 4 65 Apr 23
57
57
3
3*8 1,140 Santa Fe Gold & Copper... 10
It
5 Oct 22
3K 3*8
1 M arl7
7K
8
8
656 Shannon-------------------------. 10
It
7K
4 Jan 15 III4 Apr 26
34lg 34*i
7,745 Shattuck-Arlzona________- 10
It
18*4 Jan 5 38 N ovl7
34*8 3514
385 South Lake--------------------. 25
5K
51?
5K 5 '2
5>4 Nov 3
7*4 July27
24
24
25
23
25 22l2Jan 6 41i2 Apr 26
380 Superior__________________25
2
214
815 Superior & Boston Copper - '10
‘
2K
2<4
1 Mar 3
4K Apr 29
48
48
665 Tamarack________________25
. 25 25 Jan 1 58*8 Aug 18
47K 47K
9*4 97,
9
9*4 4.438 Trinity___________________25
- 25
1512 Oct 13
2*8 Feb 11
.35 .35 *.33
.35
800 Tuolumne Copper----------- . 1
.63 Apr 14
.20 Jan 2
4514 457* 44
45K 3,203 U S Smelt, Refin & M in ... 50 20 Feb 25 49i2 Junel5
48^2 49
1,359 Do p r e f ...___
- 5f
4SK 49
28 Jan 15 49 Nov29
3U
3K
31.1 1,805 Utah-Apex Mining_______- 6
5
3K
2 Jan 2
5*8 Junel6
i n . 1134 1U. 12
1,868 Utah Consolidated_______. 55
16*8 Junel4 ■
9U Feb 2(
79*8 805s 79K 79*8 1,075 Utah Copper C o--------------. 10
1( 48*4 J a n f
8Us Nov26
*2K 3
*2K
3
55 Victoria__________________25
. 25
1 Feb 26
4i2 Apr 22
37g 37g *31.
37g
460 W inona__________________25
. 25
1*4 J a n 18
5is May 1
56
56
5714
56'g
261 W olverine________________25
. 25 32 Jan l
70 Apr 26
Last S a le 1*4 Dec 15
. 26
W yandott________________25
.50 M ar 3
2 '4 Apr 23
b E x - s t o c k d iv id e n d ,

e A s se ss m e n t p a id ,

ft E x - rig h tss .

c U n sta m p ed .

H ig h est,

8Si4 N ov
97*8 Jan
175 Nov
77 May
150 Dec
30i2 July
225 May?
7 Mar.
50 July.

1093s N ov if
101i2 NovlO
198 Jan 12
96 Jan 5
13812 Oct 27
37i2 Oct 11
240 June28
10 Mar24
56 Mar23i
9 Sep 1
47 Julyl5
160 Sep 9
110 Apr 21
165 Jan 12
76 N ov 5
120 Feb 6
88 Mar 3
103l2 N o v l6
10 Sen 24
56 Jan 6
87*4 Oct 11
98 Apr 29‘
157 Apr 9
30 Nov23
141*8 N o v l9 r
817s Oct 26
125 Apr 20
72l2 Jan 25
93>2 Feb 4

2
*1K
*93
95
21>2 23K
IK
IK
56*4
56
66*8 683*
7K
7ti
*3lg
3K
71ig 72*4
68*4 70
545 545
*16
16K
*53*4 54
55*4 57
4*8
314
1512 1534
9K
914
76
79*i
43K 431.
16
16

a E x - d lv ld e n d a n d r ig h t s ,

j

x 2s p a id ,

2 Jan
1 Apr
239*4 Apr 300 Mar
28*4 May
19 July
1*4 Jan
)2 Dec
43*4 Feb
34i2 Jan
1214 Nov
2 Jan
6 '/,M a r
2i2 Nov
1 Nov
4K Feb
24 N ov
40*4 May
53 Dec
70K Mar
350 Dec 460 Feb
14 Jan
19 Feb
43i2 Feb
30>4 Dec
40*4 Feb
29 Dec
3 Feb
li2 Nov
13 Jan
8 Dec
2 Nov
77g Apr
91 Feb
60 Dec
423$ Feb
2 U4 Apr
22 Feb
11 Dec
30 Mar
28 July
3 Apr
6)2 Feb
50*4 June
44i2 Dec
81 June 89)2 June
24 Feb
16 Dec
37* Mar
6's July
4 % Feb
2is May
4*4 Nov
10)2 Jan
3 M^Dee
5)2 Feb
4 Jan
U4 Dec
2 Mar
c5K May
9 Jan
3*4 June
16*4 Dec
24’s Feb
U4 Feb
.50 July
491-1 Dec
39 Apr
10 Dec
16*8 Dec
7)2 Jan
Dg Jan
4 June
4 June
5 July
8's Feb
30*4 Feb
19*4 Dec
25s Jan
.95 Apr
2 Jan
s4 Apr
5 7Y, Feb
25s N ov
54 Feb
44 Dec
84 Feb
64 Dee
2078 Jan
12*1 Dec
517r Dec
68 Feb
22)2 Apr
15 Dec
40 Feb
28 Dec
214 Jan
1 Jan
7 '2 Feb
4 N ov
29*4 Feb
18 Dec
22 N ov
1)4 Now
24'2 Dec
2*4 N ov
.23 Dec
24l4 Dec
40'* Apr
U4 N ov
8*4 Jan
45K N ov
1 Mar
l 7s Dec
30 Dec
30 June

w H a lf - p a id

32

Feb

43 Feb
5*2 J&D
.85 Mar
43)j Feb
4878 Feb
2*8 Feb
14 Feb
59

June

e2%May
4*8 Feb

47*4 F e b

1*4 Jan

THE CHRONICLE

Outside Exchanges— Record Transactions
Stocks

F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o to .

Bonds—
Am Agric Chem 5s. . .1924
Amer Tel & Tel 4s__ .1929
Convertible 4 !* s .. .1933
Atl G & W I SS L 5s. .1959

90}*
77}*

Gt Nor-C B & Q 4s. . .1921
1934
.1929
N E Cotton Yarn 5s. .1929
N E Telephone 5s__ .1932
.1934
Pond Creek Coal 63. .1923
Swift & C o5 s---------- .1944
United Fruit 4}*s__ .1923
4 ^ s ____________ .1925
.1917
Western Tel & Tel 5s.1932

101%

98}*
98}*

S a les
fo r
W eek.
S h a res.

96}* 96}* $3,000
19,000
90}* 91
5,000
107}* 107}*
77}* 78}* 20,500
1,000
88}* 88}*
4,000
98}*
98
84}* 84}*
5,000
2,000
97}* 97}*
74
5,000
74
11,000
101}* 102
6,000
76
75
16,000
92}* 94
98}* 98}* 51,500
3,000
97}* 9SM
96}* 96}* 10,000
1,000
99}* 99}*
99
99}* 30,500

R a n g e s in c e J a n .

H ig h .

L o to .

91
86}*
95}*
60
86
95
82
95
70
99}*
05
91
94}*
93
90
99
94}*

1.

Nov
Jan 97
Jan 91}* Nov
Jan 108}* Nov
Nov
Jan 79
Nov
88}* Dec
Jan 9S % Nov
84!* Nov
May
Jan 97}* Nov
Jan
Apr
76
Jan 102
Nov
Mar 78
Aug
Nov
98}* Aug
Feb
98}* Nov
Feb 99
May
Jan 965* Dec
Mar 99}* Oct
Mar 99}* Nov

Chicago Stock Exchange.— C om p lete record of transac­
tions a t Chicago Stock Exchange from D o c .4 to D e c . 10, both
inclusive, com piled from the official sales lists, is as follow s:

Stocks—

F r id a y
W eek ’s Range
L a st
o f P r ic e s .
S a le.
H ig h .
P a r. P r ic e . L ow .

369}*
37
82
35
73
74
3
15
78
79
78
18 %
4}*
I}*
235
145 % 144 %
96}*
97
107}* 107
115}*
82}*
83
346
25
54}*
26
55
6}*
160
165
121
117)* 117
108
100J*
305
174
177
126
126
86
88
126
126
170
170
129
113

380
37}*
82}*
35
74!*
3
15
80
78
19 %
4}*
1?*
235
145}*
97
111}*
115}*
83}*
355
25
56
26
55
7
165
121}*
118
108}*
101}*
305
182
126
91
128
172
129
114

93
98 Vs
97}*
97}*
90}*
72
65
48
102
102}*
101}*
106
89}*
100
95}*

93
98}*
97}*
97}*
90}*
75
68
48
102}*
102}*
101}*
110

American Radiator___ 100 380
Amer Shipbuilding. . 100 37 %
Booth Fisheries, com .. 100
Preferred__________ 100
Chic Clty&C Ry pt sh com
Chic Pneumatic T o o l.. 100

Chicago Title & Trust. 100
Comm’wealth-Edlson.. 100
Deere & Co pref______100
Diamond Match_____ 100
Hart. Shaft &Marx pf.100
Illinois Brick.............. .100
Kansas City Ry & Lt . . 100
Kan City Ry & Lt com ctf
National Carbon---------100
People’s G L & Coke. .100
Pub Serv of N 111 com. 100

Swift

& C o ___________ 100

Chicago City Ry 5 s..1927
97}*
Chicago Rys 5s---------1927
Chic Rys 5s..series “ A”
75
Chic Rys 4s. .series “ B”
Chic R y pr m g 4S..1927
Chic Ry Adj Inc 4s. 1927 48
Chicago Telephone 5s 1923 102
Commonw-Edison 5s. 1943
Commonw Elec 5s. 1943
Dia Match con deb 6s. 1920 106}*
Morris & Co 4 !*s----- 1939
N W G L & Coke 5 s.. 1928
People’s Gas L & C—
Refunding gold 5s. .1947
Chic Gas L & C 1st 5s'37
Pub Serv Co 1st ref g 5s ’56
Swift & Co 1st g 5 s ... 1944
x

R a n g e s in c e J a n .

7,000
1,000
18,000
35,000

June 390
Apr 48 }*
Apr 82)*
Feb 44
Mar 81
Dec
8
Dec
32
Feb 93}*
Sept 93
Oct 31}*
Oct
5}*
Feb
3
Aug 235
June 146}*
Jan 99
Mar 121}*
Jan 116
Feb S3}*
Jan 355
June 30
May
58
Apr 30}*
July 60
Feb
7
Jan 165
Mar 125
Mar 123)*
Jan 110
May 102
Sept1 330
Mar 215
Jan 126
Jan 92}*
Jan 128
Jan 172}*
Mar 130
Jan 114}*

99}*
100}*
87)*
94}*

1.

H ig h .

L ow .

68 345
265 26
15C 67!*
200 30
188 68}*
3
100
15
56
485 45}*
10 70
1,034
16
12
3
1
5
35 204
356 132)*
39 88
1,122 90
100 105
747 60
60 159}*
10 19
135 37}*
250 20
106 40
3}*
355
123 119)*
80 1 1 8 %
241 113
75
81
61
93}*
25 225
3,696 al31}*
68 121
4,950 48}*
1,300 104)*
621 144}*
50 95
632 110}*

Jan
$10,000 91
6,000 96
June
94
2,000
Feb
23,000
93
June
2,000
86
Sept
20,000
69
Sept
8,000 60
Nov
5,000 35
July
6,000 99 % Jan
34,000 100
Jan
2,000 99 J* May
33,000 101}* Feb
80%
1,000 86)* Jan
100
2,000 99 % Feb
95}*
Jan
6,000 92

102!* 102}*
102}* 102}*
95
95
98}* 98 %

a Ex 50% stock dividend,

S a les
fo r
W eek.
S h a r es.

93}*
99
98
97}*
90}*
77}*
68
48
102 %
102)*
101}*
116
89}*
100
95}*

Jan
Aug
Dec
Aug
Aug
Apr
Apr
Aug
Jan
Jan
Feb
Jan
Nov
Nov
Sept
Nov
Nov
Dec
Dec
Feb
Oct
Sept
Dec
Oct
Sept
Apr
Nov
Nov
Nov
Jan
Mar
Nov
Dec
Dec
Oct
Nov
Nov
Feb
Mar
Dec
Nov
Mar
Dec
Dec
Nov
Nov
Dec
Dec
Dec
Dec
Dec

Jan 102)* Dec
Oct 103
Nov
Jan 95
Nov
Jan 98}* Nov

Ex dividend.

Philadelphia Stock Exchange.— R ecord of transactions
at the Philadelphia Stock Exchange from D e c . 4 to D e c . 10,
both inclusive, com piled from the official sales lists:

Stocks—

P a r.

F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o to .

American Gas of N. J .. 100
.10
American Railways__ .50
Preferred__________ 100 95
Baldwin Locomotive.. 100 114}*
too
Buff & Susq Corp v t c. 100 25
100
.50
73}*
Cambria Steel________ .50
.50
Elec Storage Battery.. 100 69
General Asphalt______ 100 34)*
Preferred .............. .. 100 72}*
25
Insurance Co of N A __ .10
100
J G Brill Co
14}*
Keystone Telephone__ .50
fiO
Lake Superior Corp__ 100
9}*
Lehigh Navigation___ .50
78}*
80}*
Lehigh Valley________ .50
18
Lehigh Val Transit___ .50
Preferred__________ .50
38
.50
Minehill & S H ____
.50
.50
North Pennsylvania__ .50
.50
Pennsylvania_________ .50 59
Pennsylvania Steel___ 100
Preferred__________ 100 82
43
Philadelphia Co (Pitts) .50
.50
Pref (cumulative 6%) .50




122
6}*
30
95
114}*
111
24}*
54
44
73}*
54
68}*
34}*
72}*
24 J*
54
14}*
67!*
9}*
78J*
80)*
18
38
55
57
86}*
93
98 J*
59
64
81}*
43
37
42 X

Sa les
fo r
W eek.
S h a res.

R ange s in ce J a n .
L ow .

1.

H ig h .

Jan 123}*
44 100
123}*
Apr
6}*
5
32
6}*
Sept 36
941 24
31
Oct 101
79 94
95
Feb 154
10 30
114}*
Mar 115
13 90
112 %
25}*
May
11
570
25
May 55
427 36
55
May 45}*
60 41
44}*
Feb
79}*
79}* 114,103 41
1 50 J* Sept 54
54
769 47 % Jan 78}*
70
Mar 37}*
869 24
35}*
74}*
Mar
75 60
73}*
Jan 25 J*
414 21
25
July 72}*
56
45 29
Augl 16
13
14}*
210
Jan 69
361
61
68
Apr
13}*
739
5
9}*
80
79}*
791
71}* May
Jan 82}*
82}*
408 65
19}*
IH)*
806
13}* June
39
378 26)* Mar 39}*
55
July 55
22 52
57
10 54}* July 57}*
87
Sept 87
440 82
93
29 90
Feb 93
Mar 108
99 %
346 80
60
3,001
51 % Feb 61}*
64
5 34
Aug 100
82}*
279 49}* May
98
44}*
55 29}* Mar 48}*
60 31
Mar 40
37
43
Mar 46
35 32

Dec
Feb
Jan
Jan
Oct
Sept
Nov
Oct
Nov
Dec
Jan
Sept
Nov
Nov
Nov
Oct
Apr
Apr
June
Oct
Dec
Nov
Nov
Nov
May
Dec
Dec
Oct
Nov
Oct
Oct
Oct
Aug
Sept

Philadelphia Electric.22H
Phila Rapid Transit___ 50
Voting trust rects___ 50
Philadelphia Traction..50
Reading______________ 50
First preferred.............50
Tono-Belmont Devel___ 1
Tonopah Mining________ 1
Union Traction________ 50
United Gas Impt_____ 50
U S Steel Corporation. 100
Warwick Iron & S_____ 10
Welsbach Co_________ 100
Western N Y & Pa____ 50
West Jersey & Sea Shore 50
Westmoreland Coal___ 50
Wm Cramp & Sons___ 100
Scrii»—
Cambria Steel scrip.. 1916
do do ____ Feb 1917
do do ____ May 1917
Bonds—
Allegheny Vail gen 4s. 1942
Amer Gas & Elec 5S..2007
Small ______ ______ 2007
Baldwin Locom Is 5s. 1940
Bethlehem Steel p m 6s ’98
Elec & Peoples tr ctfs 4s '45
Sm all..................... .1945
Harwood Electric 6s. .1942
Inter-State Uys coll 4s 1943
Small ...............
1943
Keystone Tel 1st 5 s.. 1935
Lehigh C & N con 4%s ’54
Lehigh Valley cons 4}*s ’23
Lehigh Val gen con 4s.2003
Gen consol 4 % s ____2003
Lehigh Val Coal 1st 5s 1933
Loll Val Transit 1st 5s 1935
Ref & Impt 5s____ 1960
1st 4 s ____________ 1935
Market St Elev 1st 4s. 1955
Pennsyl R R consol 4s. 1948
Consol 4 % s _______ 1960
General 4}*s........... 1965
Pa & Md Steel cons 6s 1925
Peoples Pass tr ctfs 4s. 1943
Philadelphia Co 1st 5s 1949
Cons & coll tr 5s__ 1951
Phil Electric tr ctfs 5s. 1948
Sm all...............
1948
Trust certfs 4s____ 1950
Pub Serv Corp N J 53.1959
Reading Gen 4s_____ 1997
J C collat 4s_______ 1951
Spanish Am Iron 63.. 1927
Standard G & E 6s__ 1926
United New Jersey 4s____
United Rys Invest 5s. 1926
Va Ry & Power 1st 5s___
Welsbach Co 5s______1930
West N Y & Pa gen 4s 1943
York Railways 1st 5s. 1937
x

27 )*

27%

2 8 )*

20%
20 %
70%
80%

2 0 }*
19}*
78
80
4 1 }*
4 }*
6 }*

20%
21%

4%
7%

47M
85 %
86
10%

07%

81
82 %
50%

96
102
101%

101}*
103'
93}*
105}*
100 %
83
100}*
104}*

99}*
73 J*

89
8 8 }*
10}*
45
10
5 0 !*
675*
8 8)*

9,792
470
37,6 85
218
1,165
6
5,481
2,511
6 ,202
1,615
29,5 58
510
5
70
70
120
669

98
1 01}*
102

51
3,173
179

% 79 %
83
4 1 }*
4%

7%
47%

x45
88%

8 5 }*
1 0!*
45
10
5 0 )*
6 7 }*
85
97
101
101

88
106

S a les
fo r
W eek.
S h a r es.

97
89
8/%

100
1 19}*
80
80
100
5 8 )*
5 9 }*
9 5 }*
101%

97
S IS ,000
8 9 }*
9 ,000
88
3,4 0 0
106
46,000
120
4 ,000
81
11,000
8 2 }*
3,3 0 0
100
3,0 0 0
5 9 }*
3 ,000
5 9 !*
1,000
96
11,000
102
21,000
1015*
3,0 0 0
92
31,0 00
1 0 1 )* 2 3,0 00
105)*
1,000
103
2 ,0 0 0
8 9 }*
5,5 0 0
91
5,0 0 0
93 %
1,000
100
5,0 0 0
1 05 )* 32,0 00
101
155,000
104
12,000
83
3 ,0 0 0
101
7 ,0 0 0
8 8 }*
5 ,0 0 0
1 0 4 }* 3 2,0 00
1 04 }*
1,500
8 2 }*
15,000
9 0 }*
1,000
9 5 }* 35,0 00

1015*
9 1 }*
101
1 05)*
1 02 )*
8 9 }*
91
9 3 }*
100
1 05 }*
1 00 )*
1 03 }*
83
1 00 )*
8 8 )*
1 04}*
1 02 }*
8 2 }*
90 }*
9 4 }*
9 5 )* 95 %
102
102
95
95

%

99}*

73 )*
9 0 }*
95 <4
8 2 }*
93

99}*
73)*
9 0 )*
9 5 )*
83

93

R a n g e s in c e J a n . 1.
L o to .

H ig h .

Jan
7
May
7 % May
70
July
70
May
May
41
3 % July
5
July
30
May
8 0 )* Jan
Feb
38
0 % July
Mar
35
0 % Nov
47
Aug
Jan
58
Jan
18
23%

%

%

Feb
Feb
Feb

95
95
95

Nov
Jan
Jan
1 0 0 % Mar
115%
Jan
73
Aug
73
July
9 1 )* Sept1
57
July
58
Mar
90
Jan
9 7 )* Jan
100 }* Mar
8 6 )* Aug
97
Feb
103
Jan
102
Jan
86
May
8 8 }* June
91
Aug
97
Sept
102%
Aug
97
May
98
Jan
75%
Oct
05
Mar
70
Mar
100%
Jan
101
Jan
Jan
7 7 )*
8 6 }* Aug
91
An?
10,000 0 0 % Jan
1,000 1 0 0 % Jan
1,000
8 8 !* Apr
2 0,0 00
99}* Dec
3 ,0 0 0
Mar
55
5,0 0 0
88 J* Nov
4 ,0 0 0
89 i Jan
1 4,000
74%
Oct
5,000
90
Nov
9 5 }*
85
85

Nov
Dec
Dec
80
Nov
85%
Nov
42%
Jan
5 % t Nov
Jan
7%
47%
Dec
8 9 }* Nov
8 8 )* Nov
Aug
11%
45
Oct
10
May
5 0 % Nov
57%
Dec
91
Sept
28%
20%
21%

102

Oct
Oct
Deo

97
89

% Dec

102%
101%

Dec

Nov
Nov
Dec
Nov
Nov
Nov
Apr

88%
107%

120
83
82%
100%

60
00
97
102
101%

92
102%
105%

103
90
91
9 3 }*
100
105%
101%

104
83
101
89
105
104%

S3
9 0 )*
95

%

05%
102%

05

993*

75
9 0 }*
05%

83

93

Nov
Dec
Dec
Sept
Nov
Dec
Jan
Dec
Nov
Nov
Dec
Jan
Nov
Nov
Dec
Dec
Nov
Nov
Nov
Dec
Aug
May
Dec
Oct
Deo
Dec
Deo
May

Ex-dlvldend

Pittsburgh Stock Exchange.— T h e com plete record of
transactions at the Pittsburgh Stock Exchango from D e c . 4
to D e c . 1 0 , both inclusive, com piled from the official sales
lists, is given below . Prices for stocks are all dollars per
share, not per cen t. For bonds the quotations are per cent
of par value.

Stocks—

F rid a y
L a st
W e e k 's R a n g e
Sale
P a r. P ric e. L ow .
H ig h .

Am Wind Glass Mach. 100
Preferred .......... ....... 100 126
Am Wind Glass pref__ 100
Caney River G a s ______25
32)*
Columbia Gas & Elec .100
16
Consolidated Ice pref__ 50
Harb-Walk Rcfrac com 100
Independent Brewing__ 50
Preferred___________ 50
La Belle Iron Wks com. 100

3%
17%

53

Mfrs Light & Heat........ 50
52
Nat Fireproofing co m ..50
ID*
Preferred___________ 50
24
Ohio Fuel Oil__________1
17
Ohio Fuel Supply_____ 25
39
Oklahoma Natural Gas.100
Pittsb Brewing com___ 50
5%
Preferred . _________50
18%
Pittsburgh Coal co m .. 100 34
Pittsburgh Oil & G as.. 100
8
Pittsburgh Plate Glass. 100 115)*
Pure Oil common_______5
17)*
San Toy Mining________1
Union Switch & Signal..50 128!*
21)*
U S Glass...................... 100
U S Steel Corp com__ 100
West'houso Air B rake..50 139
58%
Wcst’house Elec & Mfg.50
Preferred___________ 50
W Penn Tr & Wat Pow.100
Bonds—
Columbia Gas & El 5s.1927 7 5 %
67
Pittsb Brewing 6s----- 1949
West Penn Rys 5s----- 1931

29
29 %
126
127
99
98
31}* 3 2 %
15)* 1 5 %
34%

70
90
3%
17%

49

123%

52
11
23%
15%

39
71
5%
17%

34
8
115

17%

34%
70

99
3%

17!*
53
123%
52%

12)*
243*
17
40
72%
5%
18%
35%
8%
115%
18%

18c. 18c.
128%
128
10%
85%

139
08%
70
17
70%

67
100

22%
88

139 %
70
70

17
76)*
67
100

S a les
fo r
W eek.
S h a res.

R ange s in ce J a n .
L ow .

260
15%
435
75)4
80 8 0 %
740 2 3
3,955
8%
75 3 4
100 4 5
260 0 7 %
520
2%
185
13%
905 2 7
100 103
425 46
3,810
4%
400
16
500
12
190 38
70 57
3
160
12
145
840
16}*
750
4%
80 104
2,462
13%
300
80.
330 92
1,490
13
165 38
808 116!*
840 3 2 %
140 5 8
50
10
$2,000
12,000
1,000

1.

H ig h .

31
Oct
July
May 1303* Nov
Oct 123
Jan
July 32)* Dec
Jan
1 5 % Nov
Nov
40
Feb
Feb 70
Nov
Mar 99
Aug
6
Apr
Aug 2 2 % Jan
Jan 5 0 % Nov
124
May
5 3 % Nov
Feb
13%
Oct
Feb 26
Nov
May
Dec
17
Nov
45
May
Feb 72!* Dec
8 % Nov
Feb
July 2 4 % Jan
Jan 4 2 % Oct
Aug
8%
Dec
Apr 119
Nov
May
18}* Oct
Apr 24c.
Apr 1303* Oct
Aug 28
Felt 88 %
Mar 144
Feb
Oct
Feb
Oct
Oct 20
Nov
£

Boston Bond Record.— Transactions in bonds a t B o s­
ton Stock E xchange D e c . 4 to D e c . 10 , both inclusive:

( C o n .)—

[Vol. 101
F rid a y
W eek ’s R ange
L a st
o f P r ic e s .
Sale
P a r . P r ic e . L o w .
H ig h .

00

1964

71
Mar
70%
50 X Apr 67
0 5 % July 100

Dec
Dec
Dec

Baltimore Stock Exchange.— C om p lete record of the
transactions at the Baltim ore Stock Exchange from D e c . 4
to D e c . 10, both inclusive,, compiled from the official sales
lists, is given below . Prices for stocks aro all dollars per
share, not per cent. For bonds the quotations are per cent
of par valu e.

Stocks—

Par.

Alabama Co 1st p r e f... 100
2nd preferred---------- 100
Arundel Sand & Grav------Balt Electric pref-------- 50
Commercial Credit----- 100
Consol Gas E L & Pow. 100
Preferred__________ 100

F rid a y
L a st W e e k ’ s R a n g e
S a le.
o f P r ic e s .
P ric e. L ow .
H ig h .

25

39
44
115%

116

44
25
35
44
433*
115
116

44
25
39
45
46
115%
110%

S a les
fo r
W eek.
S h a r es.

R ange s in ce J a n .
L ow .

10 35
10 20
1,460 35
22 42
127 3 5 %
510 102 %
640 1 0 5 %

1.

H ig h .

Nov 4 4
Nov
25
Dec 67
Sept 45
May 168
May 116
Jam 1 1 0 %

Dec
Dec
Dec
Deo
Apr
Dec
Deo

i >ec .

Stocks—

l i 1915.]

THE CHRONICLE

F rid a y
L a st W e e k ’ s R a n g e
S a le.
P a r. P ric e. L ow .
H ig h .

£
00
CO

99
98
Consolidation Coal___ 100
Cosden A Co____________
12 H
11
m
Preferred_____________
12 H
1 2 M ii
175
Davison Chemical pref. 10C 165
19
19
19
Elkhorn Fuel_________100
Houston Oil trust ctfs.. 10C 21 M 21M 22 %
Preferred trust ctfs..100
65 M
65 M 65
75
75
Indus Bldg C orp.. _____
4S
48
Mer A Miners Trans__ 100
Norfolk Ry A Light. __ 100 24 M 24 M 24 M
86
Northern Central_____ 50
87 M
87M
73
75
Pennsyl Wat A Power. 100
96
95
Poole Eng A Machine----4
Sapulpa "Refining-----------7
6M
Preferred.......... ..........
7
4%
6M
Symington, pref______
110
110
110
24 % 25K
United Ry A Elec_____ 50
25
Wayland Oil A Gas_____ 5
5
5
4M
Bonds—
53
53
50
50
92
92
Atl Coast L RR con 4s 1939
Balt Dry Dock A S B 6s ..
97 M 97 M
Balt Electric stpd 5s_ .1947
99M 99M
Balt Spar P A C 4 M s.1953
95 % 96
CharlesConRyGAE 5s 1999
93 M 93 M
102
102
CharlesAWCarlst 5s. 1946
95
Consol Gas gen 4 Ms 1954 95
95
Cons Gas E L A P 4Ms '35
89MI 90
Notes . . . __________ 10 0 M 10 0 M 100M
100
100
Consol
6s. Coal
.1923conv
103M 104
1 0 1 % 102
Davison Chemical 6s 1932
97 M
97H
99 % 10 0 M
99H
99 %
Fair A Clarks Trac 5s. 1938 99M
103
103
Ga Car A Nor 1st 5 s.. 1929
107M 107M
Georgia Pacific 1st 6s .1922
103
103 %
Ga Sou A Florida 5s. .1945 103
Hagerstown A Fred 6s 1944
98 M 98 M
Houston Oil dlv ctfs.'23-25
81M 81M
86
86
Lexington (Ky) St 5s. 1949
96
%
97
Md Electric Ry 1st 5s_1931
N O G t North 5s
_1955
58 M 58 M
N O Mobile A C 1st 5s 1960 53 M 52 M 53 Vi
Norf A Ports Trac 5 s.1936
82 M 83
97
97
Norf Ry A Lt 5s____ 1949
90 % 90 M
Pennsy W A P 5s___ 1940
102
102
St Paul Cable 5s. ----- . . 102
Seaboard Air L 4s stpd.’50
83 % 83 %
United Ry A E 4s----- 1949
82 M 82 M 83
Income 4s_. ____ 1949
61 % 61 M
61%
Funding 5s------------1936
85 % 85 M
85
86
S m all__________1936
Wash B A A 5s_____ 1941
79
79
79

S a les
fo r
W eek.
S h a res

R an ge s in ce J a n .
Low .

1.

H ig h .

Jan 100
8 92
28,321
Jan
5
12 X
20C
5 % Mar
12 M
287 100M May 175
4f
16
May
22
Mar 25
195
10
246 54
Jan 67
1C 65
Mar
75
10C 24
May 55
30 23 % Oct 25
607 82
Aug 87 M
740 63 M Aug 75
525 95
Dec
96
1,548
2
July
7
6,826
7
4M Oct
100
80 |Sept 110
1,170 20M June 27
5,700
5 [
2M May

Nov
Dec
Dec
Dec
June
Nov
Dec
Dec
Nov
Jan
Dec
Dec
Dec
Dec
Dec
Nov
Mar
Dec

T ob a cco Stocks —

1965
P e r Sha r e .
P a r B id .

American Cigar commonlOO
loo
Preferred..............
Amer Machine A Fdry__i00
Brltlsh-Amer Tobac o r d ..£ l
Ordinary, bearer______£i
Conley Foil_____________loo
Johnson Tin Foil * M et. 100
MacAndrews A Forbes.. 100
Preferred_____________loo
Porto Rlcan-Amer T ob_ .10 0
Reynolds (R J) Tobacco. 100
Preferred_____________100
Tobacco Products co m ..100
United Cigar Stores com . 100
Preferred____________ loo
Young (J S) C o............... 100
Preferred____________ loo

A sk

I l l 115
99 101
90 98
■14i2 15l2
*15i2 16
350
140
140
99
200
480
120
33l2
95
110
155
105

Railroads—
1B i d .
West Pac 1st 5s 1933...M -S f 36
Street Railways— P a r'
Com’w’lth Pow R y A L--10oj
Preferred_____________ 100
Federal Light A Traction 100
Preferred_____________IOO;
Republic Ry A Light____ 100j
Preferred................ ..... 1 00
Tennessee R y L A P com 100'
Preferred_____________ 100
United Lt A Rys com____100
1st preferred__________ 100
Wash Ry A El Co............. 100
Preferred______________100
4s 1951.........................J-D

A sk.

39

59i2 61
85
86
9>2 l l l 2
48
19i2 211*
68
70i2
10
11
44
46
46
50
74
75
81
81U
82U
8 3"
82

Elec. Gas & Power Cos—
Am Gas A Elec com______50*126 130
Ordnance Stocks — P e r & h a r e .
52
Preferred____ ________ 50 *49
Aetna Explosives com__ 100 145 150 Am Lt A Trac com m on.. 100 380 385
Preferred............ ....... ioo
91
89
Preferred................... ..10 0 109 1 1 1
30
$1,000
50
Dec
53
Dec Amer A British M fg___ 100 20
711 73
Preferred.................... ioo
50
80
200 50
50
Dec
86
87
5,000 82 M Aug
92 M Nov Atlas Powder com m on.. 100 250 260
38
40
Preferred____________ ioo
97 100
15,000 97M Dec
97 M Dec
72
74i«
8,000
96 % Jan 9 9 % June Babcock & Wilcox_____ ioo 125 135
i 93
95
4,000 93
Aug 97
Jan Bliss (E W) Co com m on..50 *340 355
Preferred____________ 1
79
80
Preferred.................... .. 5 0 *75
85
10,000
93
Jan 95
Jan
Consumers Power (Minn)
1,000 101
July 102
Apr Canada Fdys A ForglngslOO 230 238
96
98
98
1,000
92
Aug 95
June Canadian Car A Fdry__ 100 94
100
Preferred____ _______ 100 108 111
53,000 85 M Sept
90
Dec
82
84
5,500 98M Mar 101
Dec Canadian Explosives comlOO 380 415
85
Preferred............. ....... 100 100 110
100 98 %
71
100M Sept
76
74
Carbon
Steel
common_
_
100
78
16,000 99 a Jan 104
Dec
45
46
1st preferred................ IOO 75
82
26,000 97
Jan 102
Nov
94
95
2d preferred................. 100 60
64
29,000 97M
97H
571. 5S12
54,500 92 %
Colt’s Patent Fire Arms
88
100M
90
M f g ............................... 100 910 930
2,000 98 M July 100
Feb
89
91l2
8,000 101 1 Jan 103
Dec Drlggs-Seabury Ord Corp 100 170 173
79
81
2,000 106M Jan 107M Feb duPont (E I) de Nemours
96
99
Powder com (new)__ 100 390 405
6,000 100
Aug 103M Dec
971; 100
104
Preferred_________
100
100
3,000
98 M Jan 98 M Jan
*81; 9
. 3,000
72 % Apr 82 M Dec Electric Boat__________ 100 435 450
Preferred____________ ___ •30
31
Preferred____ _______ 100 435 450
1,000
85
June S9M Mar
United Gas A Elec Corp. 100 20
25
7.000 94 1 July 9 8 % Jan Hercules Powder com__ 100 395 410
1st preferred_________ 100 73
Preferred____________ 100 112 116
1.000
48M; Oct 58 M Dec
2d preferred_________ 100 22
25
63
16,000 33
Feb 53 M Dec Hopkins A AUen A rm s.. 100 57
Utah Securities Corp____ 100 I8I4 1914
97
Preferred_____________100 94
13,000
75 fAug
84 M Jan
6% notes—See Short-Term Notes
3,000 94
Sept 9 7 % Apr Lake Torpedo Boat co m ..10 *14i2 15l2 Western Power common. 100 17i2 1812
16,000 88
Jan 9 2
Apr Midvale Steel* Ordnance . . *74i8 74i2
Preferred_____________100 52
52U
1,000 102
Dec 102
Dec Nlles-Bement-Pond com . 100 185 190
Preferred____________ 100 100 104
1,000
Nov
77M Jan 84
Industrial
475
490
23,000 7 9 % June S3
Nov Savage Arms___________ IOO
and Miscellaneous
27,000 55
June 64 1 Nov ScovllI M f g __________ .100 415 425
Adams Exp col tr g 4s'47 -D /80
81
*44U 44l2 Alliance R e a lty________ 100 75
3,000 81
June 87 ‘ Jan Submarine Boat __ ""
85
1,10 0
80 M July 87M] Jan Winchester Repeat Arms 100 2400 2 600 Amer Bank Note c o m ... 50 *44
47
Short Term Notes. P er C e n t.
1,000
73 M Octl 81M Feb
Preferred______________50 *49
51
AmerLocom 5s July 1916 J-J 100i2 I O U 4 American Brass______
256 260
5s. July 1917_________ j - j 100i2 101U American Chicle com ...1 0 0 90
92
Am T & T Sub Cos 5s. .1916 100*8 100?8
90
Preferred____________ 1001 85
Anaconda Copper 5s '17 M-S 10114 10U2
144 146
Balt & Ohio 4Hs 1917.JAD 101 Ig 101*8
Preferred.
.100 152
4H s, 1918................. JAD 101*s 101?8
123 126
Canadian Pac 6s 1924.MAS2 1027g 103 >8
118 123
9812 98*4 Amer Typefounders com.100 40
Ches & Ohio 5s 1919...J -D
41!2
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
9614 97L
Chic Elev Ry 5s 1916___ J-J
91
Preferred____________ loo
93
DA ILY. W EEKLY AND YEARLY.
C h ic* West Ind 5s ’ 17.MAS 100 IOOI4
283 293
Consum Pow 6s 1917..MAN 9914 IOOI4
113 115
Erie RR5s, April 1916. AAO 100*8 1007g
105 107
W e e k e n d in g
51o c k s .
R a ilr o a d ,
S ta le, M u n .
102
5Ms
April
1
1917___
A-O
IOD4
Braden
Copper
Mines____
6
*15*4
16
D e c . 10 1915.
<Scc.,
V . S.
<fc F o r e ig n
•2
General Rubber 5s 1918 JAD 100l2 100*4 Canada Copper__________ 5
2 ’s
S h a r es.
P a r V a lu e .
B onds.
B onds.
B onds.
Hocking Valley 5s 1917.M-N lOlig 101*8 Casualty Co of America. 100
105
10U2 101*4
160 165
S aturday.......... .......
2 2 0 ,111 $18,701,600 $2,070,500
$116,500 S400.000 Int Harv 5s Feb 15 ’ 18.F-A 101 10114
Lackawanna Steel 6s’ 17 M-S
19
City Investing Co______KKf 16
Monday____________
526,317 46,147,550
4.506.000
380.000
1,000 Minn
Gen El 6s 1 9 1 7 ...JAD 101 10U2
80
Preferred____________ 100 70
Tuesday........ ........... .
720,758 65,861,730
5.684.000
226.500
New Eng Nav 6s 1917.M-N 99l2 99*4 Cramp Ship A E B ld g ...100, 84
88
Wednesday_________
546,679 48,857,750
4,365,500
234.500
Thursday............. .....
654,972 53,873,680
4.096.000
825.000 600,000 N Y N H A H 5s.May 1 1916 100*8 1007g Emerson-Brantlngham ..10 0 16 20
Friday...... ............... .
581,733 50,581,050
100 51
Preferred...................
55
4.147.000
12,000 Pub SerCorp N J 5s ’ 16 MAS 100% 100*4
1,260,500
100*8 1007g Goldfield Consol Mines__ 10
•1 <8 1*4
100*8 100*4 Havana Tobacco Co____ 100
2
T o ta l.................. .
4
3,250,57ft $284,023,360 $24,869,000 $3,043,000 S1013000
100 <4 100i2
Preferred_____________100
6
8
5s Mar 2 1917........ M-S2 1 00 i2 100*4
W e e k e n d i n g D e c . 10.
1st g 5s June 1 1922..J -D /5 2 55
S a les at
J a n . 1 to D e c . 10.
8ulzASonsCo6sJ’ne 1 ’ 16M-S 100*8 1007g Intercontlnen Rub co m .. 100 12 12 1312
N e w Y o r k S tock
UnTypew 5s Janl5’ 16 J-JI5 9Sl4 9 9 14 Internat Banking ( o ____ 100 160 !63
1914.
E xch a n ge.
1915.
1914.
United Frult6sMay 1’ 17M-N 102 102U Internat Merc Marine. ..10 0 15
1512
Gold notes 5s 1918..M-N 100*4 101
3,250,570
Preferred....................... 100 68
68l2
Stocks— No. shares—
164,294,306
45,990,575
U
S Pub Service 6s ’ 18 A AO 99 100 International Salt______ 100 39
$284,023,360
42
Par value........ .......
$14,105,207,450 $4,023,321,369
101 1101*2
SI 1,000
1st g 5s 1951.............. A-O /64
Bank shares, par------68
$242,900
$265,800 Utah Co 6s 1917............. A-O 94>2! 95i2
UtahSecurCorp 6s ’22 M-S15
B on d s.
02
International SUver pref.100 100
$1,013,000
York C ity Notes—
SI 1,000
Government bonds__
1st 6s 1948.............
J-D
108l2 109l2
$3,022,000
$678,600 6s New
IO214IO2I2
Sept
1916.............
3,043,000
86,000
Deb
6s
1933...................
J-J
State bonds................
28,341,500
32,913,500
103<2 103*4 Kelly-Springfield Tire___ 100 298 100
24,869,000
8,146,000
R R . and mlsc. bonds.
851,716,700
406,846,500 6s Sept 1 1917.................
Canadian G ovt. Notes—
99
1st preferred.......... ...... 100 98
100l2 100*4
5s
Aug
1
1916.................
FAA
$28,925,0001 SS.243,000
75
Total bonds.
New stock when Iss.
76
$883,080,200
$440,438,600 5s Aug 1 1917................. FAA 100*4 100i2
•52*8 53
Kennecott Copper___
PerCt. B a sis Lanston Monotype____ 100
75*8 76*8
B id . A s k
R R. Equipments—
La Rose Consol Mines___ 5
*8
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
a4
4.38 4.25 Lawyers' Mortgage C o ..100 178 183
Baltimore A Ohio 4 Ms____
BALTIMORE EXCHANGES.
Buff Roch A Pittsburgh 4 He 4.45 4 .3 0 Lehigh Valley Coal Sales.50 •80
82
4.45 4.30 Marconi Wireless of Amer.5 *3*8 37g
Equipment 4s______
4.60 4.45 Mortgage Bono Co.........100 114 119
B o s to n .
Canadian Pacific 4Ms.
P h ila d e lp h ia .
B a ltim o r e .
4.90 4.60 National Surety............... 100 192 196
Caro Clinch! A Ohio 5s____
W e e e n d in g
4.40 N Y Mtge A Security__ 100 98 103
4.50
S
h
a
r
es.
Central
of
Georgia
5s_______
B
on
d
S
a
les.
D e c . 10 1915.
S h a r e s . B o n d S a les. S h a r e s .
B o n d S a les.
4.50 4.40 N Y Title Insurance C o .100 35
Equipment 4 Ms___
45
6.00 Nlpissing Mines................... 5 *77g 8
7.0U
19,839
Chicago
A
Alton
4s
.
$29,500
Saturday -----------41,120
$50,500
2,423
$41,500 Chicago A Eastern 111 5s ”
47,043
6.20 5.10 Otis Elevator com______100 70
44.500
40,799
Monday-------------72
91,233
2,922
84,200
6.20 5.10
35,271
39.000
Equipment 4Ms___
94
41,077
T uesday..............
Preferred____________ IOO 92
51,635
7,882
49,800 Chic
34,975
4.70 4.50 Realty Assoc (Brooklyn) .100 98 103
Ind A Loulsv 4 Ms
26.500
Wednesday______
40,473
56,335
7,127
87.100
44,704
41.000
4.50 4.30 Remington Typewriter
33,797
Thursday --------124,800
15,365
116,600 Chic St L A N O 5s
35,863
4.35 4.20
12.000
Common_____________100 13l2 1412
25,601
Friday__________
164,700
14.380
25.100 Chicago A N W 4Ms ......... 6.35
5.60
Chicago R I A Pac 4H s” III
1st preferred_________ 100 62 65
4.75 4.40
217,695 $192,5001 222,867 $539,203
A Southern 5s
T o ta l........ .......
2d preferred_________ 100 40
4212
50,099! $404,300 Colorado
Erie 58____________________ 4.75 4.50 RIker A Hege'n (Corp for stk) •5l2 5*8
4.75
4.50
Equipment 4 M s IIIIIIIII
Royal Baking Powd com. 100 135 ,142
Equipment 4s___________ 4.75 4.50
Preferred...................... 100 99 101
Hocking Valley 4s_________ 4.65 4.45 Safety Car Heat A Light. 100 117 122
Equipment 5s___________ 4.65 4.45 Singer Mfg Co_________ 100 208 212
Illinois Central 5s_________ 4.35 4.20 Standard Coupler co m ..100 25 | 35
All bond prices are “ and Interest” except where marked “ f.*
4Ug
4.35 4.20
Preferred_____________100 100
Kanawha A Michigan 4 M s.. 4.55 4.40 Sterling Gum____________ 5
2*8 2*s
P er sh a r e.
4.35 4.20 Texas A Pacific Coal____ 100 130 160
Loulsvllle A Nashville 5s___
Standard Oil Stocks P e rS h a re
B
id
.
A
s
k
.
4.25
4.50
Tonopah Extension Min__ 1 •3% ' 4 Mi
P a r B id .
A*t. Pierce Oil C orp ..
25 •17U 17*4 Minn S t P A 8 S M 4 M s ___
Missouri Kansas A Texas 5s. 5.75 5.25 Triangle Film____________ 5
•18*i 19l4 Prairie OH A Gas._” I ” ioo
57g
Anglo-Amer OH new.
430 |435
6.50 5.50 United Profit Sharing..___
Missouri Pacific 5s____
.100 650 675
1*8
Prairie Pipe Line_______ loo 227 230
4 75 4.50 U S Casualty___________100 190 210
Mobile A Ohio 5s_____
.10 0 285 295 Solar Refining___
jqq 305 315
Equipment 4Ms___ _____ 4.75 4.50 U S Envelope com______ 100 128 138
50 •115 118 Southern Pipe Line CoITlOO 234
238
4.45
4.55
New York Central Lines 5 s..
Preferred..____________100 104l2 107
.100 735 750 South Penn Oil__
100 370
4.55 4.45 U S Finishing__________ 100 11
Equipment 4Ms________
15
.100 160 180 Southwest Pa Pipe Lines'100 136 375
140
N Y Ontario A West 4 Ms__ 4.65 4.45
Preferred____________ 100 •35 40
100 270 275 Standard Oil (California) 100 355 360
4.35 4.20
Norfolk A Western 4Ms___
1st g 5s 1919.............. J-J 92
51
.50 ♦49
Standard Oil (Indiana)..100 510 515
4.35 4.20
Equipment 4s............
Cons g 5s 1929_______ J-J 68
65 Standard Oil (Kansas) . 100 455 465
60
.100
4.25 4>2 U S Title Gu A Indem___100 35
Pennsylvania RR 4M»100 260 265 Standard Oil of KentuckylOO 350 360
Equipment 4s___________ 4.25 4>2 Westchester A Bronx Title
.100 165 168 Standard Oil of NebraskalOO 350 360
St Louis Iron Mt A 8ou 5 s.. 5 60 4.90
A Mortgage Guar_____ 100 165 ISO
100 135 140 Standard Oil of New Jer.100 510 515
St Louis A San Francisco 5s. 6.75; 5.75 World F ilm _____________ 5 •3’s 4>g
100 189 192 Standard Oil of New Y'rklOO 217 219
4.70
4.50
Seaboard
Air
Line
5s_______
Worthington
(H R) Com'
114
Standard OH of Ohio___ 100 530 540
.50 • 1 1 1
Equipment 4 Ms_________ 4.70 4.50
pany pref____________ 100 97 102
13*2
.£ 1 •13
130 140
Southern Pacific Co 4 Ms__ 4.40 4.25 Yukon Gold_____________ 5 *2*4 3
37 Union Tank Line Co___ 100
.25 *35
88 90
4.65 4.45
Southern Railway 4Ms____
Vacuum OH.............. ...1 0 0 228 230
100 230 235
Toledo A Ohio Central 4s__ 4.75 4.50
Washington OH_________ io •46 50
100 1 1 1 114
177
Bonds.
•175
69
*66
•Per share. 6 Basis, d Purchaser also pays accrued dividend, e New stock.
86 88
/F la t price. » Nominal, x Ex-dlvldend. y Ex-rlghts

Volume of Business at Stock Exchanges

Inactive and Unlisted Securities




|VOL. HU

THE CHRONICLE

19B6

g ttixesim jetxi < m d g ta x lr a a x l I t t M l i p t i c e .
"r a i l r o a d
g r o s s
e a r n i n g s .
Thfi following table shows the gross earnings of every S T E A M railroad from which regular weekly or monthly returns
lu u u w iu g

. .

r _____

7.

1« ♦

:

m on th

anH t.hrt In.at. t w o

statement to show the fiscal year
,
period. TAe returns o f the electric railways are brought together separately on a subsequent page.
L a test G ro ss E a r n in g s .
ROADS.

W eek or
M o n th .

C u rren t
Y ea r.

J u ly 1

P r e v io u s
Y ear.

W eek or
M o n th .

P r e v io u s
Y ear.

$
S
Ala N O & T ex P a c1,230.117
255,998
377,372 287,705 I ,
N O & N or E a s t. O ctob er—
550,896
537,669
140.403
1.50.341
Ala & V icksburg. October —
527,704
532.826
127.677
153,629
V icks Shrev & P ac O ctober . . .
1,044,845
1,067,683
59,259
78,345
A nn A rb or_________4th w kN ov
A tch T op & San F e . O ctober . . 11384903 10882377 43,506,916 41,297,401
928,627
985.413
269,663 214,727
A tlanta Birm & A tl O ctober . .
410,370
430,819
104,285
121,080
A tlanta & W est P t . O c t o b e r ...
A tlantic Coast Line O ctob er— 2,572,335 2.453,087 9,126,689 9,392,150
590,203
552,587
164,969
167,701
Chariest & W C ar O ctober---517,630
508,200
127,438
134.899
L ou H end & St L O c to b e r .. .
aBaltim ore & O h io .lO c t o b e r ... 10004431 7,955.694 37,641,860 33.5S5.090
590,526
569,520
153,083
164,445
B & O Ch Ter R R O ctober . .
348.990 1,083,220 1,112,633
352,071
Bangor & A roostook October
922,582 4,852,343 4,371,557
Bessemer & L E rie . O ctober . . 1,152,951
323,415
290,055
71,194
81,455
Birmingham S ou th . O ctober . .
B oston & M a i n e .. . O ctober . . 4,429,911 4,327,533 17,164,169 17,268,861
5,058,424
4,382,425
224,941
333,676
B u ff Koch & P itts b . 4th w kN ov
519.949
516.273
134,610
140,006
B uffalo & Susq R R . O c t o b e r ...
Canadian Northern. 4 th w k N o v 1.139.000 657,000 I I , 627,300 9,878,200
48,259,804
53,527,207
2,308,000
4.104.000
Canadian P a c ific .. 4th w kN ov
Central o f G eorgia. O ctober . . 1,183,276 1,055,5S7 4,164,859 4,228,908
3,129,140 2,863,580 11,829,456 11,401,819
C ent o f N ew Jersey October
478,580 355,643 1,577,202 1,280,248
C ent N ew E ngland. O ctober .
366,919 343,875 1,387,904 1,393,228
Central V e rm o n t.. O ctober—
652,261 20,211,920 17,235,504
Ches & Ohio Lines. 1st wk D ec 763,19“
C hicago & A l t o n . .. 3d w k N ov 312,609 269,419 6,390,058 6,024,128
C hic Burl & Quincy O c to b e r .. . 9.493,928 8.978.521 33,922,566 34,161,781
1,564,060 1,242.885 5,539,550 5,221,516
b C hicago & East 111 October
315,709 294,934 6,232,888 6,203,261
c Chic Great W e s t .. 4th w kN ov
143,948 3,197,744 2,933,383
182,296
C hic Ind & L ou isv. 4th w kN ov
8.873.521 35,281,668 34,127,916
9,515.771
C hic M ilw & St P . \ O ctober
C hic M il & Pug SI
8,616,350 7,884,096 32,150,192 31,723,306
d C hic& N orth W est October
616,831
142,543
592,939
160,332
C h ic Peoria & St L . October
1.S45.334 1,751,180 6,511,876 6,762,070
dChic St P M & Om October
793,907
198,589
756,395
223,271
O
ctober___
C hic Terre H &S E .
Cin H am & D ayton O ctober . . 1,048,716 887,210 4,022,184 3,743,306
542.178
924.833
165,735 205.467
C olorado M idlan d. September
485,814 425,865 6,695,510 6,386.494
e C olorado & South. 4th w kN ov
46,278
41,394,
11,263
12,148
O ctober___
C om w all
115,691
148,479!
37,184
26,958
Cornwall & Lebanon O ctober___
.
391,108 277,148 1,639,755 1,317,855
C uba R a ilr o a d ------ October . .
Delaware & Hudson September 2,072.983 2.068.596 6,248,435! 6,169.416
D el Lack & W estern O ctober . . 4,446,482 4.023,331 15,641,064 15,348,078
D en v & R io Grnade 4th w kN ov 656,000 520,700 11,454.841110,536,754
687,194 554,177 2,792,8041 2,266,208
W estern P acific. . O ctob er—
766,350
859.761
33,732
40.200
D enver & Salt Lake 3d wk N ov
734,776
704,997
210,064 201,711
D etroit T ol & Iront O ctob er___
484,029
470.703
22,134
26,458
4th
w
kN
ov
D etroit & M ackina
472,726
467,027
136,021
136.518
D et & T ol Shore L O ctob er___
D ul & Iron R an ge. O ctober . _ 732,835 495,643 3,356,682 2,577,228
49,568 1,472,401 1,294,343
71,793
D uluth So Sh & A tl 4th wk N ov
451,755
450,052
115,900
122,503
D uluth W inn & Pac O ctob er___
4,023,867 3,233,661
738,098
,116,962
O
ctober—
Elgin Joliet & E a st.
2,595,861
3,220,299
576,690
837,010
El Paso & Sou W est O ctober .
6,566,943 5,538,534 24,439,503 21,953.240
Erie________________ O ctober
Florida East C oast. O ctober----- 403,893 387,343 1,438,791 1,292,907
330,838
322,736
72,727
76,586
Fonds Johns & Glo O ctober . .
995,779 1,019,147
271,413
291,867
Georgia R a ilro a d .. O ctob er___
2,448,264
1,961,195
204,918
93,830
3d
wk
N
ov
Grand Trunk I’ a c . .
Grand Trunk S yst. 4th w kN ov 1,296,507 1,161,182 22,546,430 22,424,141
671,231
649,332 16,628,229 17,214,806
Grand T rk W est- 3d wk N ov
197.594
135,897 3,343,736 2,948,173
Grand T rk W est- 3d w k N ov
67,026
56,349 1,272,775 1,097.671
D ot G r H & M il- 3d wk N ov
Great N orth System N ovem ber 8.725.676 6,056,762 37,594,044 35,684,397
196,337
635,362
580,413
G u lf & Ship Island. O ctober . .
144,281
698,619 684,311 2,571,545 2,597,705
H ocking Valley____ O ctober ..
Illinois Central____ INovem ber 5,910,253 5,077,115 28,168.511 27,368,362
920,779 908,572 3,050,425 3,136,112
Internat & Grt N or,O ctober ..
332.184 259.810 1,203,822 1,173,459
Kanawha & M i c h .. O ctober .
977.184 880.044 3,486.676 3,570,118
Kansas C ity S ou th . O c t o b e r ...
Lehigh V alley..........O c t o b e r ... 4,639,358 4,110,503 16,096,355 15.378,758
692,126
625,851
169,154
215,750
Lehigh & Hud R iv . O c to b e r ..
975,163
309,792 270,126 1,183,393
Lehigh & N ew E n g . O ctober .
589,846
598,371
130,005
163,523
Louisiana & A rk___O c to b e r..
656.577
765,77“
15S.983
209,634
Louisiana R y & N av O c to b e r..
22,707,356
/L o u is v ille & Nashv 4th w kN ov 1,559,385 1,158,605 24,085,954
53,590
49,390
13,276
15,198
M a con & Birm ’ham O ctober___
4,179,382
M aine Central_____ O ctober . . 1.021.676 1,041,514 4,102.596
172,2741
198,839
55,764
47,759
M aryland & Penna. October .
507,328
573,411
139,586
162,694
M idlan d V alley____ O ctober . .
341,455
455,002
17,462
28,673
M ineral R ange____ 4 th w k N o v
M inn & St L ouis. . 1 1st wk D ec 220,526 208,828 4,735,876 4,652,919
Iow a C ontral— j
M inn S t P & S S M . 4th w kN ov 1,025,460 595.145 15,350,010 13,418,626
283,357
270,922
65,361
75,355
M ississippi C entral. O ctober—
j M o Kan & T exa s. 4th w kN ov 969,225 900,950 13,777,591 14,271,148
h M issouri P a c ific .. 3d wk N ov 1,329,000 1,157,000 24.710,000125,023.000
N ashv C hatt & St L O ctober . . 1,121,133 958,688 4.043,824 3,925,396
202,781
206,865
9,645
8,547
N evada-Cal-O regon 4 th w k N o v
16140580 13009051 59,803,683 54,396,782
j N ew Y ork Central O ctober .
B oston & A lbany O ctober . 1,625,090 1,419,892 6,266,575 5,860,998
599,542 486,514 2,280,601 2,098,905
n Lake Erie & VV. O ctober .
M ichigan Central O ctober . . 3,464,282 3,019,610 13,099,869 12,019,993
Cleve C C & St L O ctober . 3.652,627 3,238,046 13,992,709 13.121,473
588,938
600,664
149.734
156,360
Cincinnati N orth. O ctober .
Pitts & Lake Erie O ctober . 1,989,801 1,281,928 7,368,723 5,662,914
N Y Chic & St L . O ctober . . 1,232.820 1,022,836 4,393,175 3,839,436
486!466 i 578,382 1,730,744 2,057,614
T ol & Ohio C e n t. October
29347568*24805990 109536743 99,647,052
T o t all lines above October

J ul y 1

L a te s t G r o ss E a r n i n g s .

to L a tts t D a te .

C u rren t
Y ea r.

C u rren t
Y ea r.

P r e v io u s
Y ea r.

to L a tes t D a te .

C u rren t
Y ear.

P re v io u s
Y ea r.

S
f
S
8
572,051
N ew Orl Great N or O ctober . .
144,014 142,928
576,775
638,346
N O M o b ile & C h ic. O ctober . .
190.353
146,360
627,308
October
._
6,532,914 5,639,521 25,357,788 22,954,442
N Y N II & H a r t f..
N Y Ont & W estern O ctober . .
765,457 756,315 3,366,569 3,571.575
N Y Susq & W e s t .. October . .
360,191 331,386' 1,351,986 1,260,091
N orfolk S ou th ern .. O ctober . .
392,293 333,295; 1,421,030 1,334,416
N orfolk & W estern. O ctober___ 1,88S. 127 3,525,889' 18,874,591 15,374,943
Northern P a cific___ N ovem ber 7,030,000 5,648,72 7.32,390,697 30,900,085
Northwestern P a c. O ctober___
420,948 341,020, 1,756,345 1,544,620
617,937 585,520 2,605,735 2.496,380
Pacific Coast C o . . O ctober . .
p Pennsylvania R k . O ctober . . 19098095 16482466 71,6H0,085 66,320.663
92,135 106,340
579,858
Balt Chas & A tl. . O ctober . .
502,758
304,361 271,965 1,125,391 I , 007,696
Cum berland Vail. O ctober . .
O ctober . . 1,115,754 1,074,952 5.461,701 5,399,964
Long Islands
75,028
79,296
383,699
410,675
M a ry l’d Del & Va O ctober . .
365,495 294,218 1,572,926 1,400,920
N Y Phila & N orf October . .
Phil Balt & W ash October _ . 1,957,089 1,743,155 7,707.307 7,313,189
525,176 472,385 3,179,879 2.978,666
W Jersey & Seash October . .
Pennsylvania C o — O ctober . . 6,344,042 4,862,089 24,097,466 20,828,156
453,807 464,730 1,912,894 2,035,764
Grand R ap & Ind O ctober _ .
Pitts C C & St L . O ctober . . 4,071,180 3.461,475 15,097,827 14,242,032
V a n d a lia _______ O ctober . . 1,092,066 1,004,612 4,052,239 3,996,685
T otal lines—
E ast Pitts & Erie O ctober . . 24089740121024094 93,902,706 87,758,531
AVest Pitts & Erie October . . 12115163 9,932,618 45,739.718 41,663,625
A ll East & AVest October . . 36204904 30956713 139642125 129122159
Pore M arquette---- O ctober___ 1,812,922 1,697,190 6,748,529 6,444,587
Reading C o—
Phila & R eading. O ctober___ 5,230,272 4,253,268 18,005,450 16,495,605
C oal & Iron C o . . O ctober___ 3,598,807 2,951,883 9,515,258 10,049,559
T o ta l both c o s — O ctober___ 8,829,079 7,205,151 27,520,708 26,545,164
902,281
224,921
R ich Fred & Potom O ctober___
218,238
908,734
311,892
109,426
R io Grande J u n e ... September
135,611
271,158
257,770
R io Grande S outh. 4th w kN ov
15,248i
14,306
256,254
R ock Island Lines. September 6,573,509 6,881,092 18,625.918 19.584.880
R u tla n d ................ - O ctober___
346,019 334,291 1,331,179 1,302,512
614.636
St Jos & Grand Isl O ctober___
137,238
558.491
170,857
820,216
St L Brownsv & M . October . .
183,822
951,703
237,754
St L Iron M tn & So O ctober___ 2,823,270 2,714,785 10,379,130 10,755,505
336.308
St Louis & San Fran September 3.899.922 3.675.369'11.203.230 I I ,
St Louis Southwest. 4th wk N ov
352,000 280,000 6,141,771 4,749,9 6
San Ped L A & S L . O ctober _ .
838,718 815,440 3,710,842 3,250,196
Seaboard A ir L ine. . October . . 1,896,410 1,712.207 6,795,615 6.811,242
Southern P a cific— O ctober___ 14133363 12005046 53.586.141 47,251,123
Southern R a ilw a y .. 4th w kN ov 1,800,736 1,464,691 28,058,150 27,482,327
316,491
237,121 4,813,083 4.762,014
M ob ilo & O h io— 4th w kN ov
284,860 232,799 4.187,389 4,008,447
Cin N O & T ex P 4th w kN ov
129,611 2,178,571 2,011,857
153,657
A la Great S outh. itti w k N o v
985,219
978,197
56.227
64.211
Georgia Sou & Fla 4th w k N ov
823,360
826,859
38,826
52,833
Vi r & So W est— 4th w kN ov
483,405 420,471 1,842,933 1,832,749
Spok P ort & Seattle O ctob er___
32.539
33,292
1,487
2,042
Tenn Ala & Georgia 4th wk N ov
546,290
550,830
121,460
140,164
Tennessee Central. O ctober.
7,879,825
8,074,732
506,989
4th
w
kN
ov
547,3321
Texas & P a cific___
544,740
535,665
36,447
T oled o Peo & AVest 4tli w kN ov
36,880
77,305 2,242,519 1,947,507
97,705
T oledo St L & AVest 4th w kN ov
397,047
300,305
110,6011 116,760
T rinity & Brazos V O ctob er___
Union P acific S yst. October . . 10275188 9,201,934 35.720.881 31.392,196
V irgin ia n __________ O ctober . .
563,059 524,797 2,419.863 2,164,125
AVabash___________ O ctober___ 2,984,778 2,578.539 11,096,314 10,068,355
198,243
147,352 4,639,160 3,706,711
AVestern M a rylan d. 1st wk D ec
435,165
424,126
121,769; 115,180
AVestern R y o f A la . O ctober___
862.813 532,265 2,841,912 2.149,627
AVheel & Lake E rie. O ctob er___
90,412
96,813
35,758
27,371
O
ctober
.
.
AVrightsville & Tenn
Y a z o o & M iss V ail. N ovem ber 1,287,413 1,124,273 5,630.623 4,887,872
V a r io u s F is c a l

C u rren t
Y ea r.

P er io d .

Y ea rs.

B uffalo Si Susquehanna R R ------ Jan 1
Delaware & Hudson____________ Jan 1
E r ie _____________________________ Jan 1
N ew Y ork Centra j _____________ Jan 1
B oston & A lb a n y_____________ Jan 1
Lake Erio & W estern _n_____ Jan 1
M ichigan C o n tra l____________ Jan 1
C leve Cine Chic & St L o u is .. Jan 1
Cincinnati N orthern_________ Jan 1
Pittsburgh & Lake E rio_____ Jan 1
N ew Y ork Chicago & St Louis Jan 1
T oled o & Ohio C entral______ IJan 1
T otal all lines______________|Jan 1
Y Susquehanna & AVestern.. iJan 1
Pennsylvania R a i l r o a d . ............. Jan 1
B altim ore Chesap & A tla n tic’Jan 1
Jan
C um berland Valley
L ong I s l a n d ..- - - - - - - - - - - - - Jan
M arylan d Delaw & V irginia. Jan
N Y Philadelphia & N o rfo lk . Jan
ph ila Baltim ore & AVashing n Jan
AVest Jersey & Seashoro-------- Jan
Pennsylvania C o m p a n y ............ Jan
G rand R apids & In d ia n a .— Jan
P itts Cine C hic & St L o u is .. Jan
Jan
T1 otal
lines— East Pitts
JcE
riejJan
otal lines—
pl Ug&
Krle
Jan 1
l
— All Lines E & AVjJan 1
R io Grande J unction.................... jD ec 1
Rutland

Oct
Sept
O ct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
O ct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Sept
Oct

P r e v io u s
Y ear.

31 $1,104,474 $1,192,096
30 17.029,736 16.917.460
31 54,053.512 50.396,756
31 135356666 127549084
31 14.386,082 13,919,446
31 5,046,741 4,784,167
31 29,657,923 28.282.282
31 31,034,971 29,705.318
31 1,308,144 1,226,539
31 14,406,667 13,658,491
31 10,017,881 9,402,339
31 3.802.808 4,113,563
31 245074882 232611230
31 3.355.016 3,246,157
31 159839089 158107212
989,515 1,081,200
31
31 2,505,592! 2,776.158
31 11,514.702 11,417,812
762,373
803,051
31
31 3,439,176 3,193,982
31 17,423,924 17,132,115
31 5,958,101 5,094,997
31 49,313,687 47,089,772
31 4,379,420 4,574,433
31 33,537,437 33,409,013
31 9,209,237; 9,194,097
31 2066644381204436317
31 97,757,696 95,618,056
31 304422133,300054371
733,933
796,872
30
31 2,961.523' 2,982,568

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
•W

e e k ly S u m m a r ie s .

C u rren t
Y ea r.

P r ev io u s
Y ea r.

In crea se or
D ecrea se.

%

M o n th ly

S u m m a r ies .

C u rren t
Y ea r.

P r ev io u s
Y ea r.

In crea se or
D ecrea se.

M ile a g e .
C u r . Yr
P rev, Y r
Fe br uar y—
2 42,837 210.860,681 212,163.967 — 1,303.286 0.61
— 17.212 0.13
5.99
week Sept (35 roads)------ 13.332.571 13,349.783
M a r c h _____ 246.848 243,598 238.157.881 253.352.099 —15.194,218
+692.211 3.86
week Sept (37 roads)____ 18,614.775 17,922,504
245,170 237,696.378 241,090.842 — 3.394,461 1.41
A
p
r
i
l
______
2
4
7
,H)1
8.03
+
1,143,643
+ 1,324,785 0.54
week Oct (37 road s)------ 14,393.591 13.249.948
243.367.953
245.207
244.602.738
M
a
y
______..2
4
7
.7
4
7
1,313,837 0.53
week Oct (32 roa d s)____ 14,406,155 12,873.769 + 1,532.386 11.93
J u n e.............. 240.219 235,828 248.849,716 247,535.879 +
week Oct (32 roads)____ 14.372.120 12.225.873 +2,146,247 17.49
J u ly ___- ____243.042 241,796 262.948,115 260,624.000 + 2,324,115 0 8 f
21,305.141 17.501.687 + 3.803,454 21.73„
week Oct (36 roads)._
+
5,272,843
1.93
274.618,381
245.751
279,801,224
A u g u s t .------ 247.809
14.911.501 12,010,570 + 2,900.931 24.15
week N ov (36 roads).
S eptem D er.-245.132 243,463 294,241,340 276,458.199 + 17.783.141 6.43
15,219,672 12,176,733 + 3,042,939 25.07
week N ov (36 roa d s)___
72,264.870 + 10,806,253 14.95
83,071,129
85,976
O
c
to
b
e
r
-----87,083
15,124.179 11,801,719 + 3 .3 2 2 ,4 0 0 28.16
week N ov (37 roa d s)..
94,328 86,734.797 07.100,044 + 19,544,753 29.07
N ovem ber . . 95,639
week N ov (35 roa d s)____ 17,801,984 12,838,457 + 4.913.527 38.06
c Includes de
M ason
C ity &CFort
a Includes Cleveland Lorain & AVheeling R y .
b Includes Evansvillo & T e r r e I ^ u t e an d ^ E van svd^ e^ c^ ru lia n a R R . ^
earnlngs'of
o lo !
Dodge anT the W isconsin M innesota & P a cific, d ln cln d 08 n ot only operating revenue, bU f
Cincinnati
a Includes the Texas Central and the
rado Springs & Cripple Creek District Ry. / Includes Louisville & A tlantic and the Frankfort &^ tn e m n a t i. <7
of operation or the New
W ichita Falls lines, h Includes the St. Louis Iron M ountain &
c ompar i sons hero given aro w i m u j ^ AUegheny Valley & Pittsburgh
York C e n tr a l* Hudson River R R . , Lake Shore & M ichigan Southern R y ., Chicago India !»
.
q u . q ,, V> „ includes the N orthorn Contral.
*W e
R R . , which have been com bined for such com parative purposes on ly , n Includes the N ortnern u n io m b . P inciuuus
oa longer include the M exican roads in any o f our totals.

3d
4th
1st
2d
3d
4th
1st
2d
3d
4th




*>EC. 11 1915.1

THE CHRONICLE

Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the fourth
week of November. The table covers 35 roads and shows
38.06% increase in the aggregate over the same week last
year.
1915.

Fourth week, of November.

Alabama Great Southern.
Ann Arbor_____________
Canadian Northern.
Chicago Great Western__
Chicago Ind & Louisville.
Denver & Rio Grande.
Detroit & M ackinac..

S

.
.
l
.

153,657
78,345
333,676
1,139,000
4,104,000
. 1,324,570
315,709
.
182,296
.
284,860
.
485,814
656,000
.
26,458
.
71,793
.
64,211

■Grand Trunk of Canada______
Grand Trunk Western_____ |
Detroit Gr 11av & M ilw___
_ Canada Atlantic_____
.
.
Mineral Range. _
j
Minneapolis & St Louis.
Iowa Central________
1
Missouri Kansas & Texas.
_|
Mobilo Sc Ohio__________
Nevada-Cal-Oregon_____
.
Rio Grande Southern___
St Louis Southwestern__
.
Southern Railway_______
Texas & Pacific_________
Toledo Peoria Sc Western.
Toledo St Louis & Wester
Virginia & Southwestern.
Western Maryland______

1914.

Increase.

S
S
24,046
129,611
19.0S6
59,255
224,941' 108,735
657,000! 482,000
2.308.000 1,796,000
879,721 444,849
20,775
294,934
38.348
143,948
52,061
232,799
59,949
425,865
520,700 135,300
4,324
22,134
22,225
49,568
7,984
56,227

1,296,507 1,161,182

135,325

1,559,385 1,158,605
17,462
28,673
205,101
217,611

400,780

595,145
1,025,460
900.950
969,225
237,121
316,491
8,547
9,645
14,306
15,248
280,000
352,000
1,806,736 1,464,691
1,487
2,042
506,989
547,332
36,880
36,447
77.305
97,705
38,826
52,833
247,822
179,586

430,315
68,275
79,370
1,098
942
72.000
342,045
555
40,343
433
20,400
14,007
68,236

11,2 11

12,510

17,801,984 12,888,457 4,913,527j

19 67
— Int., Rentals, & c . --------- Bal. of N e t E a r n s .—
Current
Previous
Curent
Previous
Year.
Year.
Year.
Year.

Roads.

Delaware Lack & Western—
July 1 to Sept 30______
_________
Jan 1 to Sept 30______
—
Denver & "Rio Grande__
Oct
--O
ct
July 1 to Oct 31______
Greenw & Johnsonville—
0--July 1 to Sept 30
Jan 1 to Sept 30
Louisiana & Arkansas_
_ Oct
...O
ct
July 1 to Oct 31
Missouri Kan & T exas..O
ct
5 ..Oct
July 1 to Oct 31______
—
Nevada-Cal-Oregon__...O
Octc t
July 1 to Oct 31
Norfolk & Western_____Oct
July 1 to Oct 31...........
Rio Grande Junction__ Sept
Dec 1 to Sept 30______
Rio Grande Southern___Oct
July 1 to Oct 31______
St Louis Southwestern..Oct
July 1 to Oct 31______

$

2.420,597
7,749,068
607,119
2,379,857

-

July 1 to Oc* 31_
463,283
Beliefonto Central___ Nov
Jan 1 to Nov 30.
2,959




269

444,435 *def68,924 *def57,670
235
2,124
2,189
2,585
10,895
13,598

$

$

9,091
8,961
*3,537
*4,354
28,422
31,440
*16.580
*12,259
28,183
27,236
34,167
7,179
108,854
112,692
75,612
65,290
738,699
685,728
310,696
496,499
2,959,278 2,742,990
238,063
717,820
7,447
6,573
*8,414 ' *10,937
28,886
26,337
*19,109
*21,263
548,713
539,110 *1,756,662
*757,315
2,206,524 2,154,296 *6,271,427 *3.724,878
8,333
8,333
24,495
32,350
83,333
83,333
136,847
155,728
20,436
20,242
*1,803
*496
80,972
(9,540 *def23,778 *def25,S40
269,605
251,520
*321,210
*56,038
1,075,169 1.061,851
*447,032 *def24,478

INDUSTRIAL COM PANIES.
Adirond El Pow Corp__ Oct
21,464
21,050
Jan 1 to Oct 31______
211,349
211,587
Huntington Dev & G as..O ct
2,783
1,894
Jan 1 to Oct 31______
28,309
15,216
St L Rocky M tn & P a c.-O ct
21,696
31,496
July 1 to Oct 31______
98,483
133,049

34,316
226,930
18,133
112,198
47.914
169,522

7,572
109,021
5,524
32,514
53,730
167,511

* After allowing for other income received.

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name o
Road.

Latest Gross Earnings.
W e e k or
Month.

American Rys C o__ October__
Atlantic Shore R y__ October__
cAur Elgin & Chic Ry October__
Bangor Ry & Electric October__
Rouge Elec Co October__
------ G ross E a r n in g s -------------- N e t E a r n in g s ------ Baton
BeltLRyCorp (NYC) A u gu st__
C u rr e n t
P re v io u s
C u rr e n t
P re v io u s
Berkshire Street R y . October__
R o ad s.
Y ear.
Y ear.
Y ear.
Y ear.
Brazilian Trac, L & P October . .
$
$
$
S
Brock & Plym St R y . October__
Bangor Sc Aroostook______Oct 352.071
348,990
155,616
132,712 Bklyn Rap Tran Syst A u g u st__
July 1 to Oct 3 1 .. 1,083,220
1,112,633
331,691
313,715 Cape Breton Elec Co October__
Chattanooga R y & Lt October__
8,213
8,317
2,393
2,424
Bellofonte Central b ____ Nov
Jan 1 to Nov 30..
76,293
86,774
13,854
16,183 Clev Painesv & East. October__
Cleve Southw & C ol. October . .
Chicago Burl & Quincy b Oct 9,493,928 8,978,521 4,382,900 3,659,177 Columbus (Ga) El Co October__
July 1 to Oct 31............33,922,566 34,161,781 13,498,944 13,312,889
Colum (O) Ry P & L . October__
g Com'w'th P Ry & L October__
Del Lack & West b—
July 1 to Sept 30_11,194,582
11,324,747 4,279,310 4,141,964 Connecticut C o_____ October__
Jan 1 to Sept 30-31,574,900
31,206,339 11,306,112 10.224,455 Consum Pow (M ich). October__
Cumb Co (Me) P & L October__
Denver & Rio Grando a.O ct 2,553,892 2,309,007
977,418
828,210 Dallas Electric C o__
_
July 1 to Oct 31_ 9,243,141
8,690,754 3,258,615 2,482,897 Detroit United Lines October_
October__
Western Pacific b ____Oct
687,194
554,177
241,186
98,269 D D E B & Bat (Roc) A u gu st__
July 1 to Oct 31.. 2,792,864
2,266,208 1,067,099
509,633
Duluth-Superior Trac October__
5,276,015 4,526,854 East St Louis & Sub. October__
Groat Northern b ------------- Oct 8,985,580 7,789.500
Eastern Texas E le c.. October__
July 1 to Oct 31............28,868,368 29,627,635 15,506,926 16,161,427
El Paso Electric C o. . October__
Groonw & Johnsonv b—
St M & St N Avo A u g u st__
July 1 to Sept 3025,103
25,330
11,925
12 653 42d
g Georgia R y & Pow. O ctob er...
Jan 1 to Sept 30..
84,617
81,173
42.802
41,560 Galv-Hous
Elec C o_. October__
Louisiana & Arkansas b-Oct
163,528
130,005
62 350
34415Grand Rapids R y Co October__
589,846
598,371
1841466
177i972
July 1 to Oct 31______
Harrisburg Railways. October__
Minn St P & S S M a ___Oct 2,587,762 2,177,970 1,305,746
960 043 Havana El R y L & P . October__
Honolulu R T & Land A ugu st__
July 1 to Oct 31............ 7,715,873 7,316,995 3,110,196 2,632;i25
Houghton Co Tr C o. October__
Chicago Division a — Oct 1,016,818
942,098
389,513
297,057
Hudson & Manhat. October__
July 1 to Oct 31.......... - 3,916,015 3,678,732
1,435,703 1,131,033 bIllinois
Traction____ October__
Missouri Kan & Tex b .-O c t 2,946,147 3,129,330 1,049,395 1,182,227 Interboro Rap Tran. October__
July 1 to Oct 31............ 10,743,593 11,238,104 3,197,342 3,460,809 Jacksonville Trac Co October__
October__
Missouri Pacific Syst a .-O c t 5,705,268 5,463,994 1,355,079 1,454,675 Keokuk E lectric..
July 1 to Oct 31............ 20,807,632 21,498,381 4,664,496 5,842,564 Key West Electric__ October__
Lake
Shore
Elec
R
y
.
_
N evada-Cal-O rogon b ..O c t
46,469
51,648
15,721
17,188 Lehigh Valley Transit October_
October . .
July 1 to Oct 31---------171,442
171,936
47,308
46,264 Lewist Aug & Waterv October__
Norfolk & Western b ------ Oct 4,888,127 3,525,889 2,213,967
1 147 0 9 9
Long Island Electric. A u g u st__
July 1 to Oct 31_______18,874,591 15,374,943 8.116.264 5:3l4:249
Louisville Railw ay.. September
Milw El Ry & Lt C o. October__
Pacific Coast___________ Oct
617,937
585,520
91.S37
49 9 * 19
July 1 to Oct 31---------- 2,605,735 2,496,380
467,870
369*386 Milw Lt H t& Tr C o. October__
Nashville Ry & Light October__
Pero Marquette a ----------- Oct 1,812,922 1,697,190
596,482
500 513 N Y City Interboro.. A
u gu st__
July 1 to Oct 31............ 6,748,529 0.444,587 2,070,578 1,809.317 N Y & Long Island.. A ugu st__
Rio Grande Junction— Sept
109,426
135,611
M32.828
«40 683
N Y & North Slioro.. A ugu st__
Dec 1 to Sept 30---------733,933
796,872
U220.180
u239,*061 N Y & Queens C o__ A u g u st__
Rio Grande Southern b .-O c t
57,287
61,010
22,133
20 626 New York Railways. October__
July 1 to Oct 31---------200,825
205,555
56,315
52|780 N Y & Stamford R y . October__
N Y Wastches & Bost October__
St Louis Iron M tn &_So a Oct 2,823,270 2,714,785
742,1.32
832,220 Northampton Trac n September
July 1 to Oct 31---------- 10,3(9,130 10,755,500 2,600,369 3,077,458 Nor Ohio Trac & L t. October__
St Louis Southwost a — Oct 1.221,816 1,018,505
513,144
209,668 North Texas Eelctric. October__
July 1 to Oct 31............ 3,954,771 3,779,976 1,226,497
674,438 Northw Pennsyl R y . A ugu st__
Ocean Electric (L I ) . u g u st__
Texas & Pacific b ------------- Oct
635,407
594,810 Paducah Tr Sc Lt C o. A
October__
July 1 to Oct 31______ 6,195,549 0,094,902 1,747,604 1,636,972
Pensacola Electric Co October__
Tidowator & Western b -.O c t
7,884
5,830
1,920
def 346 Phila Rapid Transit. October__
July 1 to Oct 31............
30,577
29,094
6,141
3,896 Phila & Western____ October__
Wabash b _______________ Oct 2,984.778 2,578,539 993,550
683624Port (Ore) Ry,L&P Co October__
Portland (Me) R R .. October__
July 1 to Oct 31............11.096,314 10.66S.355 3,339,804 3,043,442
Puget Sound Tr,L&P September
IN D U ST R IA L COM PANIES.
^Republic Ry Sc L t .. October__
Rhode Island C o___ October__
Adlrond El Pow Corp a.O ct
118,737
130,025
55 780
9 8 aoo
Jan 1 to Oct 31. 1,056,230
1,007,962
438*.279
320*.608 Richmond Lt & R R . A ugu st__
St Jos Ry Lt II & P Co November
Huntington Dev & Gas a Oct
30,788
12,458
20,916
7 418 Santiago
El Lt & T r. October__
Jan 1 to Oct 31............
223,282
84.865
14o!507
47 730 Savannah Electric Co October__
St Louis Rocky M t & P a Oct
241.834
239,560
69,610
85 226 Second Avenue (Roc) A ugu st__
July 1 to Oct 31.
958,737
928,522
2681007
30(L559 Southern Boulevard. A u gu st__
Utah Securities C o rp ..-N o v
434,379
379,192
239,236
18L059 Staten Isl M idland.. A u gu st__
Jan 1 to Nov 3 0 4,368,661
4,210,294 2,289,460 2,044,313 Tampa Electric C o .. October__
Third Avenue--------- A u gu st__
Toronto Street R y .. September
a Not earnings hero given are after deducting taxes,
Twin City Rap Tran. 3d wk Nov
b Not earnings hero given are beforo deducting taxes.
Union Ry Co of NYC A u gu st__
u Theso figures represent 30% of gross earnings.
Virginia Ry & Power. October__
Wash Balt & Annap. October . .
In terest Charges an d Su rplu s.
Westchester Electric. A u gu st__
— I n t ., R e n ta ls. & c . ------- B a l. o f N e t E a r n s
Westchestor St R R .. October__
C u rre n t
P re v io u s
C u rre n t
P re v io u s
Yonkers Railroad__ A u g u st__
R o ad s.
Y ear.
Y ear.
Y ear.
Y ear.
York Railways........... October__
s
s
s
$
Youngstown & Ohio. October__
Bangor & Aroostook____Oct
116,439
114,062
*52,864
*33,907 Youngstown & South A ugu st__

N et Earn in gs M o n th ly to L a te st D a tes.— The table
following shows the gross and net earnings of S T E A M
railroads and industrial companies reported this week:

$

2,417.013 *3,064,767 *2,991,985
7,590,478 *7,064,852 *7,110,893
618,359
*454,869
*294,607
2,397,579 *1,244,135
*465,105

Current
Year.

Previous
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

S
$
465,261 464.220 4.429.242 4.604.112
24.486 27.184
303.527
312.150
167,521 172,580 1.598,541 1,759,685
71,610 69,422
655,816
647,673
18,096
15,608
155,123
145,991
63,953
63,679
506,432
489,610
81,179 89,999
779.959
828,448
/6793000 /6241170 /64250,110/61411,258
9.406
9,825
99.18L
105,626
2464,77412536,506 18,284,603 18,311,834
34,1521 30,751
287,934
290,055
98,1531 m
88,261
883,189
911,189
34.360; 33,346
341,456
349.419
109,962! 107,610 1,030.095 1.05S.200
67.214! 63.890
583.699
558.393
272,152! 262,685 2,535,853 2,526,081
1245.866 1184.386 11.650.884 11.479.781
711.185 654,584 6.836,404 6,763.009
342,666 291,849 3.095,803 2,776,210
226,793 214,808 2,198,905 2,1 3,859
185.200 200,503 1,498,797 1,842.160
1188,900 1042,679 10,896.005 10.310,871
41,08
42,992
320,011
343,969
947,865 1,085.240
101,900 109,474
222,456 216,801 2.008.706 2,202,116
71,665 56,352
582.231
560,571
84.808 8S.976
786,936
861,693
157,783 161,029 1,281,190 1,220,007
566,685 551,688 5,260,142 5,215,736
174,259 189,703 1,604.757 2.036.595
97,125 102,963
965,420 1,062.445
76.356
83.955
777.532
814.243
463,385 464,438 4,572,321 4,477,642
47,745 49.967
384,465
402.669
23,034
21,226
226,928
235,558
477,723 468,022 4,537,244 4,608,456
980,071 944,904 8,971,423 8,954,384
3071,291 2936,21 27,708,144 27,952,369
51,338 56,744
508,701
606,230
20,224 21,665
191,398
207,352
9,736
11,392
93,311
111,608
118,315 113,778 1.150,649 1,212.704
196,650 158.790 1.717.566 1.562.875
63,932
57,309
622,693
577,413
29,855 29,978
174,859
170,070
251,593 272.245 2.192.296 2.393.886
515,984 498,745 4,844.901 4,969,126
128,531 118.365 1,233,605 1,264.319
189,636 191,814 1,767,011 1,868,992
55,506 56,590
455,202
435,612
41,951
286,691
44,390
270,107
15,792
17,362
108,991
111.552
125,843 130,884
915,218
912,355
1221,592 1204,395 11,249,362 11,304,252
28,216 27,142
322,842
326.704
45.191
39,075
394,828
344.717
16.859
17.074
133,149
140.658
339.599 304,413 3,168,959 3.032.972
181,515 184,027 1,410,580 1,750,967
36.139
40.508
236.251
241.806
33,090 37,088
114,993
125,663
25,313
26,099
235,180
249,215
22.386
19,819
210,591
225.874
2219.105 2097.099 19.965,234 19 927.048
44,922 34.861
383.912
317,514
453,225 510,812 4,573,243 5,264,053
92,502
87,095
898,403
887,716
609,782 683.557 5.574.642 6.335.603
276,355 251,893 2.511.276 2.500.002
439,590 440.696 4,194,269 4,524,969
45,839 46,887
269.700
268,019
108,819 108,481 1.150.706 1,174,232
41,744 38.539
388.644
386.476
67,962
67,529
658,863
701,091
83,523
89,144
578,070
615,679
20,590 21,632
151,199
148,896
44,138 45,647
234,144
224 ,89s
84,803
83,008
811,582
814,576
327,058 336,173 2,547,518 2.640,827
489,573 525.254 4,173,872 4,583.860
186,689 177,031 8,353,578 8,260,425
251,422 363,265 1,854,357 1.949.221
473,073 446,705 4.293.546 4.298.627
71.696
77.937
684,161
690.336
57,293
67,042
391,795
410.420
22,249
22,995
212,726
218,810
61,127
63,765
481,077
476,154
70.172
81.169
678.273
659,487
24,517
26,319
238,897
230,573
17.1351 16.490
112.143
119.302

b Represents Income from all sources, c These figures are for consoli­
dated company f Earnings now given In mllreis. g Includes constituent
companies.

Electric Railway Net Earnings.—The following table
gives the return of ELECTRIC railway gross and net
earnings reported this week:
------ G ro ss E a r n in g s -------------- N e t E a r n in g s -----C u rre n t
Y ear.

R o ad s.

$

P re v io u s
Y ear.

$

Bangor Ry & Elect-a___Oct
71,610
69,422
Jan 1 to Oct 31______
655,816
647,673
British Colum Elec R y .-O c t
538,826
661,000
2,676,351
July 1 to Oct 31______ 2,073,697
Chattanooga Ry & L t.a .O c t
98,155
88,261
Jan 1 to Oct 31______
883,189
911,189
Columbus (O) Ry P&L.a.Oct
272,152
262,685
Jan 1 to Oct 31______ 2,535,853
2,526,081
Consumers Pow (Mich)a.Oct
342,666
291,849
2,776,210
Jan 1 to Oct 3 1______ 3,095,803
Cumberland (M e)P& L.aOct
226,793
214,808
Jan 1 to Oct 31______ 2,198,905
2,113,859
Detroit United Linos.b-Oct 1,188,900
1,042,679
Jan 1 to Oct 31_______10,896.005
10,310,871
East St L & Su b .a______ Oct
222,456
216,801
Jan 1 to Oct 31............- 2,008,706 2,202,116
Grand Rapids R y .a ------- Oct
97,125
102,963
Jan 1 to Oct 3 1______
965,420
1,062,445
Havana El Ry Lt & P -.O c t
463,385
464,438
Jan 1 to Oct 31______ 4,572,321 4.477.642
Lewiston Aug & W a t.a .O c t
63,932
57,309
Jan 1 to Oct 31______
622,693
577,413
189,636
191,814
Nashville Ry & L t-a _____Oct
Jan 1 to Oct 31............- 1,767,011 1,868,992
New York Railways_a--Oct 1,221,592 1,204,395
July 1 to Oct 31............ 4,661,057 4,618,569
Portland (Ore) R yL & P aO ct
453,225
510,812
Jan 1 to Oct 31............ 4,573,243 5,264,053
Portland (Me) R R -a ---O c t
92,502
87,095
Jan 1 to Oct 31______
898,403
887,716
St J o s e p h R y L H & P .a Nov
108,819
108,481
Jan 1 to Nov 30______ 1,150.706
1,174,232

C u rr e n t
Y ear.

$

36,023
323,136
58,775
145,168
35,620
280,831
116,238
1,008,902
200,449
1,844,833
96,420
962,425
349,306
3,214,558
97,184
803,940
25,533
272,961
274,565
2,699.662
23,863
228,828
68,548
678,546
401,030
1,466,819
195,979
2,005.574
35,763
345,990
48,767
514,375

P re v io u s
Y ear.

$

38,889
332,50l
149,123
615,670
332,981
115,982
941,219
158,115
1,567,520
90,658
902,573
253,691
3,011,239
86,406
817,860
32,520
366,377
267,137
2,375,042
19,803
185,511
83,610
740,794
370,448
1,391,955
253,106
2,513,292
33,472
346,036
51,921
509,968

a Net earnings here given are after deducting taxes,
b Net earnings here given aro before deducting taxes.

Interest Charges and Surplus.
’

[Vol. 101

THE CHRONICLE

1968

— Int., Rentals, A c . --------- Bal. of Net E a r n s .—
C u rr e n t
P re v io u s
P re v io u s
C u rre n t
Y ear.
Y ear.
Y ear.
Y ear

R o a d s.

Bangor R y & Elect___ Oct
Jan 1 to Oct 31----- --Chattanooga R y & L t.-O ct
Jan 1 to O ct3 1._ —
Columbus (O) R y P & L .O ct
Jan 1 to Oct 31______
Consumers Pow (M ich )..O ct
Jan 1 to O c t 3 1 . . __
Cumberld Co (M e P & P.Oct
Jan 1 to Oct 31______
Detroit United Lines__ Oct
Jan 1 to Oct 31______
East St Louis & Sub___ Oct
Jan 1 to Oct 31 . . Grand Rapids R y ______Oct
Jan 1 to Oct 3 1 _____
Havana Elect R y Lt & P.Oct
Jan 1 to Oct 31- - Lewistn Aug & W aterv.Oct
Jan 1 to Oct 3 1 - - __
Nashville R y & Light__ Oct
Jan 1 to Oct 31______
New York Railways____Oct
July 1 to Oct 31--------Portland (Ore) R y L & P Oct
Jan 1 to Oct 31--------Portland (Me) R R ------- Oct
Jan 1 to Oct 31--------St Joseph Ry L H & P --N o v
Jan 1 to N ov 30---------

$
17,613
177,261
30,240
298,356
40,189
393,897
72,011
721,659
65,507
660,544
180.725
1,859,979
63,051
630,656
14,061
138,489
107.168
1,084,335
15,951
157,940
43,141
413,799
286,824
1,145,933
182,766
1,843,165
21,115
221,351
20,833
229,166

$
$
$
21,519
17,370
18,410
158.330
145,874
174.171
1,539
28,655
5,380
52,032
280,949 defl7,825
76,049
77,048
38,934
615,005
540,977
400,242
128,438
85,637
72,478
852,979
714,540 1,123,174
30,913
28,608
62,050
268,621
301,881
633,952
Z92.527
181,206
Z189.440
1,806,491 z l , 586,396 z l ,434,491
62,175
34,133
24,231
572.135
173,284
245,725
13,990
11,472
18,530
135,915
134,472
230,462
107,367
Z166.131
zl82,480
1,069,046 z l ,707,328 z l , 399,361
15,569
7,912
4,234
155,113
70,888
30,398
41,921
25,407
41,689
416,976
264,747
323,818
282,320
Z158.412
Z128.199
1,123,793
Z499.371
Z424.736
183,914
13,213
69,192
1,806,641
162,409
706,651
19,193
14,648
14,279
208,838
124,639
137,198
20,833
27,933
31,088
227,467
285,207
282,498

x After allowing for other income received.

New York Street Railways.
------ G ross E a r n in g s -------------- N e t E a r n in g s -----R o ad s.

C u rr e n t
Y ear.

P re v io u s
Y ear.

C u rr e n t
Y ear.

P re v io u s
Y ear.

S
$
$
$
Hudson & Manhattan a-Aug
279,059
275,915
C140.027
C141.702
Jan 1 to Aug 31.........- 2,422,666 2,501,102 1,279,841 1,357,158
Interboro R T (Sub) a--A u g 1,239,424 1,199,805
685,370
700,751
Jan 1 to Aug 31______ 11,790,258 11,858,379 7.182,127 7,4o8,281
Interboro R T (Elev) a--A u g 1,206,425 1,229,551
503,111
539,630
Jan 1 to Aug 31........... 10,267,415 10,598,091 4,679,878 5,003,148
Total Interboro R T a Aug 2,445.849 2,429,356 1,188,481 1,240,381
Jan 1 to Aug 31______ 22,057.675 22,456,468 11,862,005 12,461,430
Bklyn Rapid Trans a -.-A u g 2,464,774 2,536,506
929,178
999,092
Jan 1 to Aug 31______ 18,284,603 18,311,834 6.233.607 6,55-1,009
New York Rys a _______ Aug 1,136.931 1.146,037
342,070
347,583
Jan 1 to Aug 31______ 8,852,329 8,966,191 2,519,988 2,367,912
Belt Line a ___________ Aug
63,953
63,679
20,417
17,404
Jan 1 to Aug 31...........
506,432
489,610
96,430
89,294
Second Ave a .................... Aug
83,523
89,144
30,965
29,670
Jan 1 to Aug 31______
578,070
615,679
150,335
130,863
Third Ave a ...................... Aug 327,058
336,173
132.329
119,810
Jan 1 to Aug 31______ 2,547,518 2,640,827
919.555 1,023,714
Dry Dock E Bway & B a Aug
41,087
42,992
10,223
10,030
Jan 1 to Aug 31...........
320,011
343.968
38,593
29,946
42d St M & St N Ave a --A u g
157,783
161,029
71,026
74,055
Jan 1 to Aug 31........... 1,281,190 1,220,007
522,584
456.490
N Y C Interboro a _____ Aug
55,506
56,590
18,194
18,332
Jan 1 to Aug 31______
455,202
435,612
141,255
124,321
Southern Boulevard a --A u g
20,590
21,632
8,067
8,349
Jan 1 to Aug 31______
151,199
148,896
49,158
33,813
Union a .............
Aug
251,422
363,265
66,732
83,999
Jan 1 to Aug 31______ 1,854,357 1,949,221
454,910
348,491
Westchester Elect a ____ Aug
57,293
67,042
6,055
22,147
Jan 1 to Aug
31_
391,795
410,420
73,906
75,134
Yonkers a _____________ Aug
61,127
63,765
16,951
20,163
Jan 1 to Aug 3 1 -.........
481,077
476,154
72.669
73,521
Long Island Elect a ____ Aug
29,855
29,978
9,092
8,639
Jan 1 to Aug 31______
174,849
170,070
23,607
9.333
N Y & Long Isl Trac a --A u g
41,951
44,390
11,897
14,379
Jan 1 to Aug
31.
286,691
270,107
61,095
42,098




— Int., Rentals, A c .— — Bal. of N e t E a r n s .—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

Roads.

N Y & North Shoro a . . -Aug
Jan 1 to Aug 31..
N Y & Queens Co a __ -Aug
Jan 1 to Aug 31
Ocoan Elec (L I) a ___ -Aug
Jan 1 to Aug 31 .
Richmond Lt & RR a . -Aug
Jan 1 to Aug 31 .
Staten Isl Midland a . . -Aug
Jan 1 to Aug 31..

$
15,792
108,991
125,843
915,218
33,090
114,993
45,839
269,700
44,138
234,144

$
S
17,362
4,892
111.552
29,512
130,885
77
912,355 def21,449
37,068
22,338
125,663
56,773
46,887
21,007
268,019
65,595
13,920
45,647
224,898
25,878

$
6,208
25,585
3,311
76,249
25,743
64,392
5.676
dof6,237
18,902
50,847

a Net earnings hero given are after deducting taxes.
, c Other income amounted to $82,565 in August 1915, against $84,715
in 1914.

ANNUAL REPORTS

Annual Reports.

— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This indox will
not includo reports in the issuo of the “ Chronicle” in which
it is published. The latest index will bo found in the issue
of N o v . 27. The next will appear in that of D ec. 25.

Northern Pacific Railway.
{Report for Fiscal Year ending June 30 1915.)

On subsequent pages will bo found tho romarks in the
report signed by Chairman W . P . Clough and President
Julo M . Hannaford, togothor with tho incomo account for
tho year ending June 30 1915 and balance sheet as of Juno 30
1915. The comparative incomo account for threo years,
balance sheet for two years, and statistics for four years, wore
published in tho “ Chronicle” on Oct. 30 1915
V 101 n
1457.— V . 101, p. 1457, 1180.
’

Chicago Elevated Railways Collateral Trust.
{Report fo r Cal. Year 1914— Oper. Cos. to June 30 1915.)

Samuel Insull, Chairman Executive Committee, as of
Doc. 1 1915, wrote :
Tho $30,000,000 J-yoar 5% notes of tho trustees issued under dato of
July 1 1911 matured and wore paid on July 1 1 9 1 4 .
Securities Sold to Raise F u n d s to P a g Aforesaid Notes.

First Mortgage 5% bonds of Northwestern Elevated itlt. Co.
due In 1941, part of the total Issue of $25,000,000 held by the
trustees (V. 100, p. 1079, 1350)__________________________ $12,500,000
Two-year 5% notes Issued by tho trustees under dato of July 1
1914, secured by a pledgo of substantially all of tho capital
stocks of Northwestern Elevated R R . C o., Metropolitan
West Side Elevated Ry. Co. and South Side Elovated RR. Co.
(V. 98, p. 1992)--------- --------- -------- ------------ ----------------------- 14,000,000
Ten-year 6 % debentures issued by tho trustees under dato of
July 1 1914 (V. 99, p. 195)........................................................
7,000,000
In connection with tho sale of $12,500,000 of bonds of tho Northwestern
Elevated RR. Co. above mentioned, tho remainder of that issuo ($12,­
500,000 in amount) woro deposited in escrow with Central Trust Co. o f
N. Y. under an arrangement whereby they can bo reloasod only against
permanent improvements upon tho property of the Northwestern Co. and
whereby that co. is relieved from paying interest on thorn until released.
The re-financing of July 1 1914, together with tho decroaso in not earnings
of the subsidiary companies (due largely to decreased traffic and Increased
operating expenses) resulted in a diminished incomo to tho trustees and they
felt obliged to discontinue payment of dividends on tho preferred partici­
pation shares until conditions should improve. No dividends have been
paid on those shares since Juno 1 1914.
During the year tho trustees acquired the following securities (exclusive
of bills receivable of the subsidiary companies), which aro ineludod among
the current assetsof thofinancialstatement disignated “ other investments :
$16,000 Chicago & Oak Bark Elovated R R . Co. Equipment 6 % notos.
504.000 Chicago & Oak Park Elevated RR. Co. receiver's certificates.
174.000 Metropolitan West Side, Northwestern and South Side Elovated
R R . Companies 5% Equipment Trust certificates
_____ dated Aug. 1 1914, Series “ B .”
1,000 South Side Elovatod RR. Co. 4 )4 % bond.
Tho incomo statement of tho trust herowith submitted does not of course
indicate the full amount of tho net earnings of the subsidiary companies
but only that portion which was received by tho trustees by way o f divi­
dends from those companies.
For your information there Is cnclosod with this a separato pamphlet
showing the combined earnings for the year ending Juno 30 1915 and tho
combined balance sheet as of June 30 1915 of the Metropolitan West Side
Elevated Ry. tho Northwestern Elev. RR. and South Side Elovatod R R .
Tiie Chicago & Oak Park Elovated RR. Co. continues to bo operated
by tho writer as receiver of tho U. S. District Court.
C H I C . E L E V . R Y S . C O L L . T R U S T — I N C O M E A C C T . F O R C A L . Y R . 1914.

Dividends_______________$*’ 109,798 Int. on notes an 1 deb___ $1,310,000
33 351
Interest_________________
718,251 General expense_________
Divs. (Mar. & Juno 1914)
on prof, partic’n shares.
480,000
Gross incomo-------------- $1,828,049

Surplus Income

$4,698

C H I C A G O E L E V . R Y S . C O L L . T R U S T B A L A N C E S H E E T D E C . 31 1914
A ssets —•
Capital stock, bonds, &c..
pledged--------- ----------(See x below)
C a sh _____________________ $744,535
Bills receivable-------- 683,000
Other investments(cost)..1,239,942
Accounts receivable--------19,897
Accrued interest-------------32,903

Liabilities—

$14,000,000 2-yoar 5% secured notes.
7,000,000 1 0 -year 6 % debentures.
160.000 prof, partic. shares.
250.000 com. partic. sharas.
Accounts payable________ $80,037
Accrued interest payable.. 560,000
Reserves_________________
83,510
Excess current assets over
current liabilities_______ 1,996,729
x Capital stock, bonds, &c., pledged (see text) aro as follows:
zOutzUn­

N a m e of C o m p a n y —

standing, pledged.

Pledged.

Metropolitan West Side Elev. R y .,p re f____ $8,707,500 $900 $8,706,600
Common ___________________ ________________ . . . 7 ,4 6 2 , 8 0 0
100
7,462,800
Northwestern Elevated ItR., preferred_____ 4,944,400
--4,944,400
C o m m o n -.-......................................
4,946,400---------4,946,400
First Mortgage 5s-----------------------------------12,500,000
--- 12,500,000
South Side Elevated RIt. stock____________10,231,400 600
10,230,800
Investment in securities of and claims against Chic. & Oak Park
Elev. R R . (not incl. $592,000 face val. of receiver s certfs. &
equip, notes which are carried among current assets in “ other
investments” ) ------------------------------------------------------------- - — - 1,709,372
z These amounts supppllod by Editor.

Dec. 11 1915.]

THE CHRONICLE

(Incl. Met. West Side Elev. R y., Northwestern Elev. R R . and South Side
Elev. R R .), as filed with the Illinois Public Utilities Commission.
Gross operating revenue..$8.045,265 Net operating revenue__ $4,174,959
Way and structures______
163,679 Taxes, city comp'sa’ns,&c.
700,243
Equipment.........................
334,928
P ow er__________________
911,093 Operating income______ $3,474,716
Conducting transportation 2,042,388 Non-operating income
*117,905.
Traffic.....................
6,480
General and miscellaneous 411,737
Gross incom e................ $3,592,621
Interest and rents______ *$2,188,410
Dividends______________ 1,105,373
Total oper. expenses__ $3,870,305
Net operating revenue__ $4,174,959
Surplus______________ $298,838
* Inter-company rentals deducted.
C O M B I N E D B A L A N C E S H E E T J U N E 30 1915.

(Incl M et. West Side Elev. R y., N .
A s s ets ($96,350,169)—
Investments:
Road and equipm ent..$94,776,909
Other, bonds, &c_____
573,459
953,042
Current assets___
Unadjusted debits______
46,759
— V. 101, p. 1885.

W . Elev. R R . and S. S. Elev. R R .
L ia b ilit ie s ($96,350,169)—
Capital stock__________ $36,292,500
Funded debt___________ 54,789,000
Acct. with Chic. El. Rys.
473,592
Current liabilities__
1,694,271
Accrued liabilities____
486,541
Unadjusted credits___
322,150
Corporate surplus____
2,292,115

Ferrocarriles Nacionales de Mexico.
(7th An n u al Report— Year Ended June 30 1915.)

Chairman C . Basave Y . C . N ., Mexico, Oct. 6 , wrote
in substance:
The abnormal situation of the Mexico property throughout the past two
years is well known to all parties in interest. As it has not been possible
to effect any payment whatsoever of the amounts which were falling due
and which we owe, both as to principal as well as interest, our debt, pend­
ing arrangement, up to June 30 1915 amounts to $41,289,610, as per
statement inserted herein, we were compelled to advise the Assistant Sec­
retary at New York City to explain to enquirers that as the company was
not receiving any revenue whatsoever, its properties being interfered with,
we requested consideration and that they should wait until our situation
should become normal, to which the bankers and trust companies always
showed themselves as agreeable.
Extracts from R eport o f C hief Clerk J. W. T ogno, Mexico City, Sept. 30.
The following report, although corresponding to the fiscal year ended on
June 30 1915, comprises, in so far as operation is concerned, only the first
1H months of said year, because when the forces of the Citizen First Chief
o f the "Constitutionalist Army” took possession o f the capital of the Re­
public on Aug. 14 1914 this company’s property was totally seized by the
occupation of its general offices in this city by the revolutionary authorities.
At the time we lost control of our archives we were even prevented from
entering the offices, and therefore the difficulty of gathering necessary data
for the reports will be readily understood.
As will be noted, the gross earnings for the year 1914-15 show a consider­
able falling off; this is due to confiscation o f all our lines by the Constitu­
tionalist Administration on Aug. 16 1914, there being, therefore, since then
no earnings for account of operation of the lines of the National Railways
of Mexico. It has, however, been necessary to keep a very reduced num­
ber of employees to attend to urgent matters.
The damages suffered by the company through the wholesale destruction
of the equipment, as well as of its other appurtenances of all kinds, caused
by the armed conflicts that have taken place in our country in these past
years, have been of a considerable magnitude. [Something like two-thirds
of the cars and over half of the locomotives of the system were recently
reported to have been destroyed, and a considerable part of the remainder
was said to bo in military service or in repair shops, leaving in commercial
conrctly stated, only about 4.125 cars and 214 locomotives,
including both broad and narrow gauge. Tho restoration o f throug 1 traffic
via Soutnern Pacific lines is mentioned on a subsequent page.__Ed.]
R E S U L T S F O R Y E A R E N D I N G J U N E 30 1915 B U T I N C L U D I N G
O N L Y A B O U T 1 ^ M O N T H S ' E A R N I N G S (M e x ic a n C u rren t,)

$45,487

760.648
Gross income_____________________________________________
$715 161
D e d u c t — Taxes and rentals, $219,409; exchange, $306,142; total',
’
$525,551; less oper. profit Texas Mexican R y., $12,531____
513,020
Interest on funded debt, equipt. and coll. tr. & notes payable 23 707 284
Adjustment of material accounts, $1,000,000, and reserve for
’
’
doubtful accounts, $130,000
1,130,000
Replacement funds, rolling stock, $2,000,000; roadwav bridges
&c.. $2,000,000...... ................................... ..................
* ’ 4,000,000
Amounts paid to Vera Cruz Term. Co. acct. o f V.C. to Isth.RR’.
274,186
Net loss at June 30 1915_____________________
_ cog 909 399
For report for years 1913-14 see “ Chronicle” issuo of N ov. 27 1915,p. 1800
B A L A N C E S H E E T J U N E 30 (M E X I C A N C U R R E N C Y ) .
1914.
1915
1915.
1914
Assets—
S
L ia bilities—
s
g
$
Road, equipm't,
Common stock. 149,606,933 149,606 933
land conces­
1 st pref. stock.. 57,662,000 57,662 000
sions, Ac___ 879,422,056 879,437,307 2d pref. stock..240,756,783 240,745’7S3
Construe, new
Nat. Rys. bds..271,105,380 271,105 380
lines, Ac....... 22,340,619 22,034,363 Nat. RR. bds._b95,4S0,000 b95,480 000
Bds.&stks.own’d 17,539,432 17,698,557 Mex. I. RR.bds. 20,113,000 20,113,000
Mater. & supp. 11,203,480 10.830.9S4 Vera Cr.RR.bds 14,000,000 14,000,000
—
Agts., cond., Ac 1,579,673
1,529,735 Pan.Am.RR.bds 6,974,000
6,974,000
Traffic balances
30S.960 Secure, not held c3,817,495 c3,833,495
Indlv., cos., Ac. 4,336,812 6,111,879 M.C.Ry.eq.,&c.
902,000
902,000
Bills collectlble. 1,909,161
1,357,587 do car,&c.,note. 1,324,913
1,324,913
I’urch.of subsld.
Acer.bd.,&c.,int.d29,647,168
7,879,250
rightsofHIdalUnclaim.divs.,&c.
25,558
25,878
goAN.E.RR...
27,935
27,935 Vouch.&pay-r'ls 4,889,074
5,442,514
Acer, interest on
68,662
Traffic balances
276,391
secure, owned
690,105
251,710 IndIv.,cos.,&c_. 8,866,999 8.098,374
Cash.............. a l,009,712
2,212,867 Notes payable.. 67,324,366 67,364,823
Insur. premiums
76,000
99,347 Mich.A Pac.Ry.
25,270
25,270
Int.,Ac.,ln susp.
10,000
1.859,687 Rental in susp..
495,185
247,593
Profit and loss.. 57,645,990 2S,736,661 Accrued taxes..
252,518
66,405
Res. mat'l adj.. 3,911,617 2,911,699
Res. repairs, Ac. 15,128,768 12,997,993
Equip.,Ac.,fund. 4,920,400 4,920,400
Reserve fund...
493,486
493,486
T ota l.......... 997,791,574 972,497,580
Total........... 997.791,574 972,497,580
a Includes $233,415 cash deposits for payment of principal and interest
on bonds or as guaranty, b Does not include $5,080,000 ($2,540,000 U. S.
curr.) bonds deposited with Central Trust Co. as collateral under prior
lion 4 H % M . of National Railways of Mexico, c Denotes bonds and
stocks o f Mexican Central R y., Ltd., and stocks o f tho National R R . of
Mexico and tho Mexican International R R . still in hands of public, d In­
cludes in 1915 accrued bond interest payable July 1 1915, $5,574 801Sept. 1 1915, $287,673; Sept. 22 1915. $4,410; Oct. 1 1915, $1,521,022’
and Dec. 1 1915, $267,300; accrued interest on 3 months 6% notes extended
to Juno 1 1915, $8,100; accrued interest on notes Series “ B ” and “ C ”
payable Jan. 1 1917; $332,164, and coupons due bot not presented, $21 651,698, after deducting $4,633,384 for coupon reduction fund.
N o t e . — Tho company guarantees, jointly with the St. Louis Brownsville
& Mexico Ry., the $666,000 Brownsville & Matamoros Bridge Co. 1st M .
5s and $200,000 2d M . 4s.— V. 101. p. 1800, 1553, 774.




(Report fo r Fiscal Year ending Sept. 30 1915.)

The fuil text of the remarks of President Andrew W . Pres­
ton, affording many particulars regarding the property and
its business, and also comparative income account and bal­
ance sheets for two years and many other comparative tables,
will be found on subsequent pages. Further facts compiled
from the report and the usual comparative tables for several
years follow:
L O C A T IO N A N D BO O K V A L U E O F P R O P E R T Y O W N E D .
Total Acreago- — —— — Plants and Equipm ent, Book Cost—
1915.

Costa Rica__
Cuba.............
Guatemala ._
Jamaica____
Republic of
Colombia..
Republic of
Panama__
Honduras__
Nicaragua__
Canary Islds.

1914.
241,553 251,963
127,140 127,470
141,189 141,189
36,504
36,505

84,626
123,700
105,886
170,882

84,642
111,300
61,606
193,000

Total — -xl.031,480 1,007,675

(N ational Railways o f M exico.)

Gross earnings (all sources), $1,776,982; oper. expenses $1,­
822,469; net deficit_____________________________
Other In c o m e — Interest and dividends on securities'owned"
$438,394; adjustment to market value of Federal Govt, bonds
owned, $38,025; profit in sale of Federal Govt, bonds, $13,­
595; sundry interests, $270,634________________________

1969

United Fruit Company.

C O M B I N E D I N C O M E A C C O U N T F O R Y E A R E N D E D J U N E 30 1915

1913.
1915.
1914.
1913.
249.779 516,374,968 519,313,372 $18,717,045
127,470 8,385,748 8,473,789 8,481,449
126,189 4,949,041
4,970,325 3,884,807
34,816
3,276,281
3,369,845 3,122,093
82,003 3,744,454 3,843,432 4,399,159

109,196
48,753
193,000

8,011,813
6,686,646

8,439,582
5,358,906

7,532,240
1,894,746

616,392
322,694
277,100
971,206 $52,045,344 $54,091,945 848,308.639

x Also leases 5,281 acres in Costa Rica, 21,004 acres in Jamaica 6 7 3 Q9
PanamaG“
s mt1
“ Q? ° ndUraS and 157 a c r ^ K p u b l 'i c o f
a’
n t o 9 1 5 ’ 110-942 acres- against 110 ,785 acres in 1914
and 111,448
acres in i1913.
B O O K C O S T O F C O M P A N Y 'S L A N D S , & C .

1913.
Live s t o c k . : : : : : : : : : ; ; : : ; ; ; ; ; ; ; ; ; { 0 90 4 1 6
Tools and machinery_______________
732 355
Railways _ _
n
'oin
862 450
T r a m w a y s . . . . ; ; ; ; ; ; --------------------T elephones________ ; ; ; ” ; ------------202583
Wharves, lighters, &c____________ i,003’ 592
Merchandise (stores)_______ _
1 215 814
Material on hand---------------------I "
1,'689.’480
Sugar mill------- ------1,436,691
_ T o t a l --------------------

$52,045,344

9,873,180
9.314,708
1,053,303
1.078,134
516,419
*372,584
12,289,182 *10,254.773
1,193,531 *1.540,795
165,920
*144,031
1,143,426
*566,605
1,286,392
1,100.980
1,952,452
1,413,565
1.455,107
1,455,107
$54,091,945$48,308,639

♦Comparison with years 1915 and 1914 is slightly inaccurate.
2n I5 Q4 linh iQCi3°n S ittl0 S<y5t' 3,° 1915. 19,450. against 19,789 in 1914 and
igiSi mi^elianepus ^ r f g T n ^ 297 in
* “ o p e S ' c S ’K s

a 2 « r ,i» ■»«=

IN C O M E A C C O U N T .

1914-15.
Net earns, from tropical
fruits and other oper. $7,470,042
Miscellaneous incom e..
144,528

$3,508,994
233,253

1913-14.

$6,148,4761 $5,332,113
49,400/

Total income_________ $7,614,570
D ed u ct—
Interest on bonds______$1,714,048
Dividends (8 % )----------- 2,927,544

$3,742,247

$6,197,876

$5,332,113

$1,477,336
2,927,544

$882,245
2,927,544

$424,583
2,395,788

1912-13.

1911-12.

Total dedu ctions... $4,641,592 $4,404,880 $3,809,789 $2 ,8 2 0 , 3 7 1
Bal. sur., or def. for yr.sr.$2,972,978 def$662,633sr.$2,388,087sr.$2.511.741
Surplus previous years.. 13,592,405 16,284,212 16.645,853 13,762,998
______
______
______
3,780,100
Hrcm. on salt) of stock. _
F v T ^ H SUrplus------------$16,565,383 $15,621,578 $19,033,940 $20,054,839
Extra div-------------- . . . . ------- ---------- (2)731,886
...........(10)2.705,890
D S X v S r p ^ f T t 816'565’383 S14'889'692 S19’°33-940 $17,348,949
and loss------------------- a2,525,696
al ,297.287 a2,749,728
703,096
Surp^as per bal. sheet..$14,039,687 $13,592,405 $16,284,212 $16,645,853
^ n cc?fcrg^
Pro/-,talJdlos?.ln -9l4-15 and 1913-14 include special allownnn
i
cultivations in the tropics, and discount in full
of) l i M ? § '0 0 0 4-yr. 5% notes issued and sold during the year in 1912-13,
i prcmiu!?s on 1?XK?£ment,s m subsid. companies and depreciation
ccnnrt°)),1<f-a iiproi^e,ro 1)S«a) ) ^ P 99’379 investment in wireless telegraph, dism -ftU 1on4-yr. 6 % notes sold during the year and miscel­
laneous items m 1912-13.— V . 100, p. 1598.

The Cuban-American Sugar Co., New York.
(Report fo r Fiscal Year ending Sept. 30 1915.)

The report will be found at length on a subsequent page,
including the remarks of President Hawley, the consolidated
balance sheet and consolidated profit and loss account.
All the accrued dividends on the $7,893,800 7 % preferred
stock having been paid to Sept. 30 1915, an initial quarterly
dividend of 2 ) ^ % on the $7,135,600 common stock was
recently declared, payable Jan. 3 1916. See V . 101, p. 1716.
616.
A N N U A L R E P O R T (x Total number of barrels).
1914-15.
1913-14.
1912-13.
Tota b a g s .................... -.1,477.507
1,654,658
1,363,292
Total in tons
236,401
264,745
218,127
Cardenas Ref. (1,000 lbs.)
14,713
13.043
7 746
GramercyRef (1,000 lbs.) 154.954
134,404
123,058
C O N S O L ID A T E D

1911-12.
1,143,596
182.975
826
361,364

IN C O M E A C C O U N T .

_
, „
„ 1914-15.
1913-14.
1912-13.
1911-12.
Sugar sales * . ...........— .$22,502,285 $14,808,378 $15,045,573 $16,318,836
Molasses s a l e s . . . ------511,803
455,011
303,451
313,643
Profit on stores, &c-----352,537
296,709
812,189
609,712
T o ta l. ----- - - — - —$23,366,625 $15,560,098 $16,161,213 $17,242,191
Prod. & mfg. costs, sell­
ing & general expenses 16,156,102 11,113,387 14,120.103 14.851,470
Not earnings................. $7,210,523 $4,446,711 $2,041,110 $2,390,721
D e d u c t—
Depreciation---------------$788,497
$764,015
$707,173
$579,449
Discount on bonds_____
62,352
63,507
69,087
65,000
Interest on bonds______
548,860
556,834
569.869
552,643
Int. on bills payable, &c.
216.766
356,632
338,093
324,742
Bond sinking fund_____
276,283
138,141
138,141
138.141
Preferred dividends.(1 4 % )1,105,132(7%)552',566(7%)552.566(7%)552,566
B alan ce................ sur. $1,212,633 sr$2,015,016def.$333,819sur. $178,180
* Denotes raw and refined sugars produced, less commissions, Ac.
From the total accumulated surylus there was appropriated during the
late year$2,000,000 for depreciation of buildings, machinery andequipm’t.

C O N S O L I D A T E D B A L A N C E S H E E T S E P T E M B E R 30.
1914.
1915.
1914.
I
1915S
iabilities
—
Assets
S
$
LL
iabilities
—
S
s t o c k .. 7,135,600 7,135,600
Property, plant &
_ ICom m on stock—
fix tu re s _______ 25,529,665 24,354,175 Preferred s t o c k .. 7,893,800 7,893,800
G ood-w ill________ 3,929,340 3,929,340 Colonial Sug. stock
3,100
3,100
not ow ned_____
Securities in trust3,100
3,100
Coll, trust bonds. 9,116,000 9,295,000
Advances to C olo469,114
574,111
nos, & c .a ______ 1,168,295 1,441,204 Real est. M s., & c.
427,539 2,323,903
Plant.& grow.cane 1,172,283 1,262,817 Rills payable_____
700.915 Bankers' loans__ 1,264,501 1,291,913
Live stock & equip
751,506
601,692
829,319
Accounts payable.
M a t'l, supp., raw
25,836
11,772
Salaries and wages
& ref. sug.,mdse.
294,333
290,546
Interest
accru
ed
..
2,703,637
in stores, & c__ b 3 ,869,185
C138.142
754,785 Pref. dividends___ c552,566
Cash...................... 1,466,145
34,535
138,142
628,570 Sinking fund_____
a Accts. & bills rec 1,617,161
208,208 D cprec’n reserve. 5,370,310 2,751,444
Bond discount---145,856
165,818 S u rp lu s__________ 6,285,790 3,894,157
Other def. charges.
240,559
T o t a l .................. 39,893,095 36,152,569

T o t a l .................. 39,893,095 36,152,569

a After deducting reserve for bad and doubtful accounts,
b Includes in 1915 inventory of raw materials, supplies and merchandise
in stores, $1,718,240, and stocks of raw and refined sugar, $2,150,944.
c For year ending dept. 30 1915, payable Oct. 1 1915.— V . 101, p.1716,616.

The Goodyear Tire & Rubber Co., Akron, Ohio.

(,Report fo r Fiscal Year ending Oct. 31 1915.)
The Audit C o. of N ew York, N o v . 19, wrote in substance:
Increases to "plant” have been carefully reviewed. The reserve for
depreciation, amounting to $1,717,230, is equivalent to 25.20% o f the plant
value of $6,814,644 as o f Oct. 31 1914. The inventory was taken by actual
count weight or measurement under the supervision of the company s
factory superintendent, and is priced at cost or under, including crudo
rubber, which latter commodity is priced both under cost and under the
PrThe^current^ assets have been carefully reviowed and any o f doubtful
collection are separately shown under the caption of “ suspended assets,”
with full provision for non-collection in reserve for doubtful accounts.
During the year, by vote of the stockholders at a meeting held Juno 1
1915 the authorized common capital stock was increased from $8,000,000
to $25,000,000, and $350,000 of the pref. capital stock was retired in ac­
cordance with the articles of incorporation as amended March 3 1914.
During the year there was declared and paid 21% cash dividends on the
common capital stock, amounting to $1,686,151, embracing the regular
12% annual dividend on N ov. 1 1914, and 9% the aggregate o f three quar­
terly dividends, paid by reason of a change in dividend-paying policy from
yearly to quarterly disbursements. Also a 7% cash dividend on the pref.
stock, amounting to $469,583. (See V. 100, p. 736.)
. . . . . .
The net income for the year amounted to $5,137,08.3. Additional credits
not applicable to the operations for the current year amounted to $15,197.
Additional charges not applicable to the current year amounted to $17,000.
There remains an unappropriated surplus of $7,031,940.
R E S U L T S F O R Y E A R E N D I N G O C T . 31.
1914-15.
1913-14.
1912-13.
1911-12.
Gross business (about)_$36,490,652 $31,056,129 $32,998,827 $25,232,207
N e t'in c o m e !A . . - . . . . . $51137,083 $3,391,165 $2,041,268 $3,001,295
Preferred dividends (7% ) $469,583
$431,667
$350,000
Cash common d iv s ..(2 1 % )l,686,1512(12)604,056 (12)603,192
2,289,100
Balance, surplus_____$2,981,349
$2,355,442 $1,088,076
$572,591
x There was also a stock dividend o f 20% paid on common stock about
March 1 1914, calling for $1,006,620. V. 98, p. 389.
BA LA N C E SH EET.
Assets —

[Vol. 101.

THE CHRONICLE

1970

1915.

$

S

Real est. & bldgs. 3,883,946 3,606,537
Mach. & fixtures. 3,962,261 3,208,107
Pats.,tr.marks,&c.
1
1
Securities owned..
809,327
777,650
Pref. stk. in treas. *258,459
343,594
Notes rec. for co.’s
805,283
cap. stk. secured 1,045,816
Inventory_______ 7,763,189 4,567,460
885,316
Advances________ 1,047,662
Current assets___ a6,803,669 6.472,055
Prepaid rentals,
352,894
insur., int., &c.
371,529
440,438
Suspended assets.
334,068
T otaI.................26,279,927 21,459.335

1914.

1915.

1914.
Liabilities—

S

Preferred stock __ 6 650,000
Com m on stock__ 8 ,377,200
Purch. acc’ ts p a y . 1 ,565,706
Sundry other ac­
378,894
counts ________
Reserves—
D oubtful acc'ts
231,445
(cu rren t)____
327,512
Suspended ac'ts
D eprec. of plant 1 .717,230
S u rp lu s..... ............ b7, ,031,940

S

7,000,000
7,991,110
410,575
257,510

taken in computing ore, averages about 840 ft. Its groat extont and value
have only been proved in the last year or two, and no stqping has yet been
carried on. Wo are now, howover, opening up tho ore body and shall
begin extraction within tho next four or five months.
M i n i n g .— The ore extracted up to Oct. 31 1915 has been 3,204,484 dry
tons, averaging 2.25% copper. For tho last year the grado has been lower
than tho average, the ore coming largely from tho fringes of tho deposit.
Next yoar wo should deliver ore of about 2.25% copper, and later, from the
Teniente ore body, an average of 2.50% copper. Tho average tonnage o f
ore treated will, within tho next four months, bo increased from, say, 3,200
tons per day to 4,500 dry tons. The total footage to Aug. 1 1915 in tunnels,
crosscuts, raises and stope preparation, has amounted to 198,970 ft., or
nearly 38 miles. The configuration of tho country is such that ore can be
taken out through adits by “ caving.” No hoisting through shafts is neces­
sary, and though portions of tho mino are very wet, it is not necessary to
do any pumping.
C o n c e n tra tio n .— Originally by wot crushing an extraction of 65% was
all that was expected. With tho improved methods in use for nearly threo
yoars, the extraction is now over 77%, and should presently exceed 80% .
We are employing wet concentration on Wilfloy tables for tho coarse materialfine crushing of tailings and middlings in Hardingo mills, separation by oil
flotation units and final treatment in air colls, with retreated concentrates.
S m e lt in g .— Tho smelting operations have given us moro care and thought
than any other of the processes, on account of tho difficulty of treating the
fine concentrates received from tho mill. During tho past yoar nodulizing
furnaces have boon introduced, and have provod their value in making a
product well adapted for blast furnace smelting, giving a low fuel consump­
tion and high duty. Sintoring has also boon successfully used for treatment
of a portion of tho concentrates.
R a ilw a y .—-Great improvements havo been mado on the railway by bal­
lasting, taking out curves, more and larger locomotives and cars, and
better terminal facilities at Rancagua and Sowell.
P o w e r P la n t .— The hydro-olcctric plant on tho Cachapoal River has been
added to by one 2,000 k. w. I’ olton wheel and generator, making four in
all, of 8,000 k. w. capacity.
P ro d u c tio n .— For tho yoar 1914 thero woro treatod 900,299 tons o f 2.123%
copper, and blister copper produced amounted to 28,304,092 lbs. In the
year 915 up to Oct. 31 thoro havo boon 934,395 tons of ore treatod, aver­
aging 2.091% coppor, and tho production to Oct. 31 was 28,022,918 lbs.
of blister copper.
T o n s o f S ta n d a rd C o p p e r P ro d u c e d 12 M o s . to Oct. 31 1915— T o ta l 16,366.788.
Y e a r 1914----------------------------------- Y e a r 1915N o v em b e r.

1,203.777
I,

M ay.

D ecem b er.

1,151.552

Ja n u a ry .

1,316.385

Ju n e .

-Y ea r
Ju ly .

Feb ru a ry .

1,386.416
1915A u g u st.

M a rch .

1,294.676
S ep tem b e r.

A p r il.

1,232.069
October.

168.605
1,271.688 1,438.658 1,429.456 1,610.506 1,863.000
This production of 16,366.788 tons of standard coppor rosultod from
operations as follows: Tons of dry ore milled, 1,106,420; average copper
assay, 2.09%; percentage saved in mill, 74.92%; ratio of concentration,
I I . 29%; percentage of copper in concentrates, 17.68%; saved in smelter,
94.49%.
C o sts .— Tho average cost per pound of standard coppor for tho year was
about 8.78 cts., which includes all oxponses in Chilo, freight, soiling exponse
and Now York overhead oxpensos. For Oct. 1915 tho cost is figured at
7.36 cts. per lb. Several years honco, on larger tonnago, tho cost should
bo reduced to tho low figure of 6.50 cts. This ostimato is based on ore
grading 2.50% copper, mill recovery 80% , smolter rocovory 95% , affording
a recovery of 38 lbs. of copper por ton ore, tho ratio of concentration being
10 to 1. Such estimate is divided as follows: Mining, milling and smelting,
4.868 cts per lb. of coppor; converting. 0.400 ct.; freight to Rancagua,
0.186 ct.; freight to Valparaiso, O.lOO ct.; embarking and insurance,
0.120 ct.; freight Valparaiso to Liverpool, 0.600 ct.; soiling commission,
0-140ct.; total, 6.414 cts., or, say, 6 'A cts. por lb. of coppor. Tho above
estimate does not includo interest- on bonds or loan,a mattor of financing.
In c r e a s e o f P la n t a n d P r o fit s .— The tonnago of ore developed is so large,
tho grado so high, and tho profits indicated so groat, that I strongly recom­
mend that the plant bo increased from its present ratod capacity of 4,500
tons of dry oro per day, to a production of 10,000 tons per day. It is esti­
mated that to develop tho mino .and for increasing tho concentrating,
smelting and powor plants, railway, &c., will requiro $7,500,000. With
tho average grado of oro, namely 2.50% coppor, selling price of 14 cts. per
lb., costs as estimated above, and with tho proposed increase of plant, an
annual profit of $10,250,000 should bo obtained.
G E N E R A L P R O F I T A N D L O S S A C C O U N T F O R Y E A R E N D . A U G .31 ’ 15.

131,445
432,882
1,183,418
4,052,395

T o ta l................. 26,279,927 21,459,335

There is also a contingent liability for notes receivable discounted
amounting to $1,431,212 and guaranty of loans by Canadian bankers to
the Goodyear Tire & Rubber Co. of Canada, Ltd., amounting to $300,000.
a Current assets consist o f accounts and notes receivable (provision in
reserve for doubtful items— see contra), $4,759,246 in 1915, against $3,­
1 9 8 K95 in 1914, advances to agents, salosmon and companies, $278,070,
and cash on deposit and on hand, $1,766,352 in 1915, against $280,655,
and $2 862,706, respectively, in 1914.
b After crediting amounts not
annlicable to the operations for the current year, $15,197, and amounts
not applicable to current earnings, $17.000.— V. 101, p. 373.

B raden Copper M ines C om pan y, New Y o rk .
(Special Report on Property.— Balance Sheet A u g . 31 1915).

The plan by which it is proposed that the control of this
property shall pass to tho Kennecott Copper Corporation
was given in V . 101, p. 1888. President S. R.Guggenheim ,
N . Y . , Dec. 1, wrote in substanco :

Copper produced (30,292,044 lbs. at 13.6203 cts.)...................... $4,126,040
Oper. costs, f. o. b. plant yards, $2,473,934; doliv. & sell, $393,935 2,867,869
Net operating profit________________________________________ $1,258,171
Miscellaneous income________________________________________
86,040
Total profits______________________________________________ $1,344,211
806,676

D e d u c t — Interest on bonds and loans__________________________

Balance, undivided profits for year__________________________
Earned surplus, deficit as of Aug. 31 1914_____________________

^37,535
6,810

Balance, earned surplus, Aug. 31 1915----------------- ------- -------- $530,725
The above is statement of tho latost available actual results roceivod from
Chilo. Mr. Yeatman includes in his report operations up to Nov. 1 1915.
The estimated profit for September is $226,042. and for October $531,004;
making the estimated net earned surplus to Nov. 1 1915, $1,287,771.
B R A D E N C O P P E R M I N E S C O ., B A L . S H E E T A U G . 31 (“ x" S ec b elo w ).
1915.
S
0,000,000
4,000,000
4,000,000
Misccllaneous.
118,333
Treas. stock (par).
40,970
Cash_______
10,013

Assets—

1914.
S
0,000,000
4,000,000
4,000,000
118,335
40,970
9,101

14,169,310 14,168,409

1915.
Liabilities—
S
Stock outstan(llng.x0,052,500
Bonds outstandlngx7,947,500
Accounts payable .^
117,354
Bond int. accr'd
35,357
Braden C op .C o.
16,605
S u rp lu s__________

1914.
$
6,044,000
7,956,000
117,502
28,849
22,058

T o t a l ......... ........ 14,169,316 14,168,409

Pope Yoatman, Consulting Engineer, having remainod in
1914 until July 1915, reports as below on (a) tho increased tonnage or ore B A L . S H E E T S A U G . 31 O F O P E R . C O . ( B R A D E N C O P P E R C O .) A L O N E
A N D C O M B I N E D W I T H H O L D I N G C O . . . ( B R A D E N C O P . M . C O .)
reserves; (b ) tho importance of increasing ou£_cai)*'\cV^r \ ° \ '
o f /m / ?»
— B r a d e n C o p p e r C o . ------- C o m b in ed C o m p a n ie s —
ore per day, at an estimated cost o f $7,500.000: (c) 1l i e oHSnr?.f/tV'ori
1914.
1915.
1915.
per lb. of copper estimated with larger plant; (d) the estimated profits on
1914.
A ssets—
$
$
$
$
the 10,000-ton daily basis.
,
,_
Cost of mines__________ 5,878,945
5,875,603\ 15,783,568 14.738,974
I rocommend that the proposed enlargement o f tho plant bo undortalm
8.863,371/
and pushed to a speedy conclusion, provided satisfactory arrangem ent C o n s tr u c tio n & o q u ip n i't . 9,904,623
1,000,000
can bo made to finance both tho present indebtedness aggregating a>< >OOU,- Investments___________ 1,000,000
2.162,078 y2,285,455
2,162,078
000. and the $7,500,000 which Mr. Yoatman estimates will be the cost or Def. chargos to oper’n __ y2,285,455
187,091
189,171
198,275
197,105
increasing the capacity up to 10,000 tons of ore per day. It will also do Cash and cash itoms___
98,926
81,503
necessary to provide for interest in connection with such financing, ana ior A c c o u n t s colloctiblo_____
110,350
63.571
Treas. stk. (U .C .M .C o.).................. _
40,970
40,970
working capital as well.
M a te ria ls and s u p p lie s — 1,006,501
1,249,960
1.083",045 \ 1,204,899
Digest o f R eport by Expert Pope Yeatm an, N. Y ., Nov. 15 1915.
St-oros merchandise------258,398
166,916/
963,552
1,189,703
963,552
P ro p e r ty . — Tho first plans wero to handlo 2,000 tons of ore a day, but tho C o p p o r on hand, &c------- 1,189,703
276.819
481,863
481.863
276,819
rapid development of ore called for increases to capacities o f 3,000, 3,500 Def. p a y m e ’ts to sk . fd ._
U
n
d
is
trib
u
te
d
ito
m
s
.........
223,738
143,393
223,738
143,393
and 4,500 dry tons per day, which latter tho plant is now ready to handle, t-v r__nnr>Aimta
25 216
95,029
25,246
95.029
and within the next four months tho mine will supply. All earnings from Deferrod accounts.
copper have been usod to pay interest on bonds and loans, amounting to
T o ta l.............................22,540.489
20,929,326 21,556.11819.950,553
from $450,000 to $835,000 per annum, and for tho construction of an en­
L i a b i li t i e s —
larged plant, and tho development o f the mine.
6.044.000
2,332,030 x6.052,500
The mining area has been increased to 174 claims, of an area of 2*ot>^ Capital s to c k .......... 2,332,030
6.956.000
B onds..............
4,000,000
4,000,000 x0.947.500
acres, and at Rancagua the holdings for railroad yards, shops and officials
6,547,924
7,418,877
residences amount to about 16 acres. In tho crater, two miles in circum­ Bills & accounts payablo. 7,419,854 0,548,754
ference, around which the ore occurs, there have boon proved five distinct Bills payable (notes to
B . C . M . C o . ) - ... 4,000,000
4,000,000
ore bodies.
99,938
97,421
Unpaid exp. on copp er..
97,421
99,938
T o n n a g e J a n . 1 1915— Total 113.694,880, A v e r . 2.84%. (A c t. S a y . 2.50% .)
276,819
481,864
Unpaid sinking fund-----481,863
276,819
— D e velo p ed O re ---------P ro b ab le O ie ----- ---- P o ssib le Ore ----10.625
10.625
Surplus (bondssale)------10,625
10,625
O re B o d y —
D r y T o n s . G r a d e . D r y T o n s . G ra d e. D r y T o n s . G ra d e.
Susplus from p rop erty ... 3,667,970 3.067,970
Fortuna.............14,318,730-2.42% 2,770,000-2.20%
.........
■'15*248
547,331
Earned surplus---------. . .
530,725
dof6,810
Bornito .
_ ________ _____
121,800—
2.64%
------------ - - —
Teniente________ 45,320,232-3.14% 13,817.436-2.87% 24,197.323-2.68%
T o ta l............................22,540,489 20,929,326 21,556,118 19,950,553
Regim iento_____ 6,586,628—2.76% 3,406,490—2.58%
3,051,941 2.6< /o
x $7 947,500 of the $14,000,000 stock of the Bradon Copper Mines Co. is
Centinela_______ ________ _____
104,300-2.20%
------------ ------resorvod for conversion of $7,947,500 bonds, whereof $1,000,000, owned by
Braden Coppor Co., aro omitted from both sides of the combined bal. sheet.
Total.................66,225,590-2.91% 20,220,026-2.72% 27,249,264-2.68%
y Denotos cost of dovolopmont and interest and commissions on bonds
The Teniente oro body is tho largest and most important, with a length
on No. 1 lovol of 4,800 ft. and an average width o f 300 ft. Tho depth, as to beginning of operations.— V. 101, p. 1888.




Dec i i mft.i

THE CHRONICLE

Harbison-Walker Refractories Co., Pittsburgh, Pa.
{Report fo r Fiscal Year ending Sept. 30 1915.)

President H . W . Croft, N o v . 11, says:
The Increased profits over last year are due largely to the rapid revival
o f the steel business during the last half o f the fiscal year.
P R O F IT

A N D

LO SS

A C C O U N T

1914-15.
Net prqfits___________ SI.673.791
D ed u ct—

Extraor. exn.,impts.,&c.
Charged off for depreci­
ation o f mining, & c._
Charged off for depletion
o f clay, coal and ganister properties______

FO R

S E P T . 30.
1912-13.
1911-12.
$1,723,464- $1,395,933

Y E A R

E N D IN G

1913-14.
$1,376,130

$108,334

$176,962

$118,155

$3,859

37,118

40,846

47,592

37,850

29,450

33,334

$174,902
Total deductions___
Net profits------------------- $1,498,889
Interest on bonds______
_
_
Divs. on pref. stk. (6%)
576,000
Divs. on com. stk. (2%)
360,000

$251,142
$1,124,988

31,752
$19 7 ,4 9 9

$1,525,965
39,375
576.000
350.000

576.000
350.000

__ 32,534
$74,243
$1,321,690
60,563
576.000
360.000

Surphis for year
_ _ $562,889
$188,988
$550,589
$325,127
•et. p»?,-1^sr?!;0 .shown afte;l deducting expenses ($286,330 in 1914-15
against $3oS,564 in 1913-14) for all ordinary repairs and maintenance
which covers depreciation o f plants. On Dec. 1 1915 the company in
creased its rate on common stock from 2% to 4% ann. See V. 101, p. 1631
B A L A N C E

1915.
$

S H E E T

1914.
§

S E P T .

30.

1915.
1914.
S
$
of
Com m on stock___ 18,000,000 18,000,000
constituent cos-28,490,325 28,523,S61 Preferred stock___ 9,600,000 9,600,000
Bett’ ts com plete i . 1,644,155 1,644,829 Accrued bond tax
not yet due____
B et'ts uncompleted 120,418
69,331
4,528
Depletion fund___
Deferred chges. to
200,104
200,171
future oper’n s .. x398,202
348,444 P a y -ro lls........... ....
109,315
74,121
Inventory at co s t. 1,396,524 1,251,004 Accounts payable. Z219.196
z662,257
Cash_____________
472,936
452,837 Bills payable_____
450,000
300,000
A ccts. receivable-y2,335,597 y 2 ,151,941 Sundry reserves..
469,908
495,195
Bills r e c e iv a b le ...
18,168
104,928 S u rp lu s__________ 6,842,653 6,279,765
Invest, of reserves
372,034
372,034
Other securities..
642,818
696,828
Assets—
Prop. & franch,

T o t a l ......... ........ 35,891,176 35,616,037
______

Liabilities—

Total------------ 35,891,176 35,616,037

x Includes clay and ganister outfits, $195,155, advanced royalties
stripping, prospecting, uncompleted extraordinary repairs, &c. y Accounts
of constituent cos. against each other omitted, z Accounts o f constituent
cos. due each other omitted.— V. 101. d . 1631.

N atom as C om pany o f C aliforn ia, San F ran cisco.
{Statement by President— Balance Sheet July 31 1915.)
This company was incorporated in California on D ec. 24
1914 with $16,500,000 of auth. capital stock in $100 shares
(of which $7,250,000 is non-cum. pref.), as successor per
plan in V . 99, p. 52, 273, of Natomas Consolidated, fore­
closed, and, having taken over the property on June 15
made a General & Ref. 6 % m tge., dated Jan. 1 1915, for
$16,500,000 to Mercantile Trust Co. of San F ran .,as trustee,
and an issue of $3,000,000 5-year 6 % collateral notes dated
Jan. 1 1915, Anglo-Calif. Trust C o ., trustee. Pres. Frank
B . Anderson, San Fracisco, says in substance:

1971

ioT!SLCOm? a Fo owns 12'300 acres of land- extending from a point about
19 “ dos east o f Sacramento to near the town of Folsom . About 5,000 acres
” f * h‘^ ar"d b a .SKa,l;ead ybee“ partiaUy piaced under irrigation with water
p
^ „ th Amencan River, and about 600 or 700 acres have been
UcuIaHy aydaptedToPtWs p u r p le *
° raDgeS’ Pr° VlDg th&t they
par'
C o - Y o u r company owns the entire capital stock o f
whiph
onS
wbpse principal assets is the Natomas canal,
R^vc^nt| V-, mpint Pan:0nd fo<$ of water from tho s °uth fork of the American
’ suppbe? water to the town of Folsom, to the gold
dredges and to lands for irrigation under a water right which extends back
£?„n8il3,LioT *}, ^ at.er W1,u provide for the irrigation of a large acreage of
fruit lands when it is no longer required for the gold dredges.
B A L A N C E
Assets (Total,

S H E E T

J U L Y

829,397,487)__

31 1915.

Liabilities (Total

$29,397,487)—

Gold dredg., dredge const.,&c.$8,494,612 Preferred stock.......................... $6,786,000
Water department properties. 204,023 Com m on stock______ _____ _ 9,249,500
Natomas W ater C o. stock____ 1,000,000
American River properties__ 1,028,314
Sacramento River properties.. 6,555,241
Feather River properties_____
565,244
Bear R iver properties________ 1,357,783
W est Sacramento p roperties..
3,315
General com pany equipm ent.
166,969
Property suspense a c c o u n t ... 6,329,500
Reclamation D ist. 6% bonds.al,781,300
Sac. & W oodl. R R . 5% bonds. bl35,000
Stocks and bonds in treasury.
276,190
Warrants o f reclamation dist.
460,030
Land sale contracts__________
26,454
Accounts and notes receivable
378,281
Materials and supplies_______
288,532
Cash in banks________________
329,152
17,546
Taxes, insurance, & c________

Natomas D ev. C o. 6% bonds.
300,000
Natomas L . & M . C o. 6 % bds.
325,000
Clarke & Cox Farms C o. 6%
b o n d s ------------------------ --------97,000
Deferred land payments_____
373,391
General & Refunding M . 6 s .. 9,098,900
6% 5-year notes_____________ 2,475,000
Acer. int. on gen. & ref. M . 6s,
payable in scrip _____
c 45 913
N otes payable.................
8,000
227,104
Vouchers and pay-rolls______
Accrued Interest on notes, &c_
33,151
Accident insurance, & c., fu n d.
16,446
Miscellaneous reserves_______
21,751
Contingent reserve___________
50,’000
Oper. surplus to July 31 1915.
290,331

a Denotes reclamation district N o. 1000
s k

k

s m

z

bonds fnlodo-ndi at -no*

* Co-’ trusfee-

deed dated Jan. 1 1915, securing General & Refunding Mortgage 6s.
c Payable in scrip.
S e c u r itie s o f N e w

C o .—

A u th .

Preferred stock_______
$7,250 000
Common stock------------------- 9,250,000
Gen. & Ref. M . 20-yr. g. 6s. 16,500,000
5-year
------- 6% collateral n otes.. 3,000,000

U n issu ed .

In

T rea s.

O u t s t a n d 'g .

$412,100
$51,900 $6,786,000
500 ________ 9,249.500
2,828,500-------------------------------------------------------525,000 2,475,000

— V Il100dr I f ' 500,000 PledE®d as part collateral for the 5-year 6% notes.

Laconia Car Co., Boston, Mass.
{Report fo r Fiscal Year ended Sept. 30 1915.)

Prasident Cornell S. Hawley is quoted as saying:
frnhlht^?^'110 ?.asfc ye^r l bo New England railroads ordered practically no
rai w it
Very few.Passenger cars, and the orders placed by electric
« r lw w ,CCVmpa,lieswero also much below normal. As a consequence, sevf ald e^ rt^ entsJ)f our works were closed during a considerable part o f the
have- however, during the past few weeks secured several orders
for miscellaneous types of cars, and have estimates pending for a special
car. a sample of which has been shipped to a foreign government.
.W o have on hand a large order for the forging and machining of 3-inch
sbeU» at afa lr Profit. [Press reports state the order as for
"60,000 shells at about $3 per shell.] A considerable number of these
shells have been forged and partially machined, and we are now at work on
the finishing of the shells, and expect to begin deliveries in December.
Other orders for high-explosive and shrapnel shells are pending, and we are
equipping for forging 4.5-inch and 6-inch shells. The inventory has been
materially reduced during the past year. Additional reductions have been
made since tho date of the balance sheet, as we have taken advantage o f
increasing prices and disposed of raw material not required. We cannot
expect to resume dividends until the receipts from shell manufacture become
available.
,
,
di vi dends have been paid since Jan. 1914, the accumulated
unpaid tlivMends aggregating $122,500. The board has been reduced from
Endicott1? embCrS by reslgnatlons of Louis A. Frothingham and Wm. C .
B A L A N C E S H E E T S E P T . 30.

N a to m a s L a u d A D re d g in g T r u s t, L t d .— Common stock o f Natomas Co.
o f Calif, o f a par value o f $9,249,500 was issued as a part o f the purchase
price o f tho property. This stock was issued to the Natomas Land &
1)F n n Tru,st , Ltd., o f England, which, in turn, issued against this asset
£600,000 o f Its capital stock. A portion o f this last-named stock was de­
livered to socurity holders o f Natomas Consolidated under the plan o f r t organization. I h e item in tho balance sheet headed “ Property suspense
account inciudes the difference, between tho par value o f the common
stock o f Natomas Co. o f California and the stock issue o f tho English com
Pany. Your company holds as a treasury asset stock o f the Natomas
Land & Dredging trust. Ltd., o f a nominal value equivalent to $265 590
N o te I s s u e .— Owing largely to the fact that tho returns from gold’dredo­
1915.
1914.
ing during 1914 exceeded anticipation, only $2,475,000 o f the authorized
1915.
1914.
Assets—
$
$
Liabilities—
$
$
$3,000,000 5-year gold notes were sold. Until these are paid o ff 80<7nf
R ea lest.. m a ch .,& c.1,286,368 1,170,465 7% cum . pfd. s t o c k .1,000,000 1,000,000
the proceeds o f all land sales must be used by the trustee to redeem them
G ood-w ill........... ........ 370,000
370,000 Com m on stock......... 1,000,000 1,000,000
B o n d s , A c .— Since July 31 1915 the company has retired $100 000 bonds
C a s h ,a c c 'ts r e c .,& c . 198,891
226,480 A cc'ts & notes p a y . .
o f Natomas Development Co., leaving outstanding $200,000 aiid has an
87,967
70,910
propriated $49,000 to retire bonds o f Clark & Fox Farms Co., leaving out- Inventories................ 279,729 354,547 Special cash deposit. 40,000

At Jan. 1 1914 the amount due on deferred land payments was $533 751
secured by a prior lien on about 54,000 acres o f land. At Julv 3 1
amount had been reducod to $373,391, and by Dec. 31 1915 it will ha1™:
duced to $280,000, and senior liens on about 12,000 acres will have been
extinguished. Accounts and notes payable in January 1914 « « 5 i non
were on July 31 1915 $268,255.
January 1914, $651,000,
G o ld D e p o s its .— 'Tho tested dredging lands on Jan. 1 1 9 1 5 contained
about 190,000,000 cu. yds. o f gold-bearing material. Further prosowting
indicates that tho company has considerable additional yardage which win
increase the net recovery from our gold-dredging operations. Twe veVo d
dredges are operating, and Natomas No. 4 is now under reconstruction
About 2,000,000 cubic yards a month are being dredged. For 1914 the
gross recoveries amountod to $2,650,579, o f which $1,520,946 was not over
cost of operation. During the first seven months o f the year 1915 tho trrnsa
gold recovery was $1,377,159, o f which $655,115 was net. During this
latter period large expenditures for dredge repairs and replacements were
charged to operating oxpenso.
R ock C r u s h in g .— The company owns and operates two rock-crushing
plants, one at Fair Oaks Bridge, Sacramento County, and the other at
Oroville, Butte County, with a combined capacity o f 3,000 tons a day
There has boon a good demand for this material, and the profits in this din
partment have boon very satsifactory during tho last 18 months.
R e c la im e d L a n d s .— Our 58,380 acres lie immediately north o f Sacramento
and extend for 36 miles along tho Sacramento, Feather and Boar rivers
,1914t when the reorganization committee took charge, about $ 1 sou.uou had boon expended for reclamation work in tho two districts
1 1 ,)V!is estimated that $1,680,000 would be required to complete it ’
the lands being thon subject to annual flooding. As the Natomas Co. owns
85 /o o f the lands in District 1,000, it was necossary to take district warrants
and bonds in payment to insure the completion of the reclamation work.
^T^*cossary to assist in financing the work in District 1,001, in
which the Natomas owns about 40% o f the acreago. Tho satisfactory net
P.rT Vfr S.,f r u re(18 ,nK operations during 1914 permitted the appropriaKU,y .Si to,comPlete this reclamation work before the close
last winter s'easoti * tb° ovoes successfully withstood the flood waters of
About 35,000 acres o f the company’s lands in these districts were farmed
during 1915 on <a 0F°,P'"'Tar° r 6 ntal, and the net returns to the company
amount approximately to $112,000. This realization would have been
largely-increased had it been possible to provide adequate drainage earlier;
soa koc/'! 1 ntil* June" of'this year
S C° Uld n0t be c^ tIvated. being water­
- Jbe drainago systom comprises 31 miles o f main drainage canals, 74 miles
tfJSSEK ditches, 2 pumping plants, 1 containing four 50-inch pumps (now
installed) and the othor to contain two 38-inch pumps. It is expected that
the drainage systom will be entirely completed before the heavy rains of
tills S(*«IS()I1 .
L a n d S e c u r it ie s , A c .— The company has on hand as o f Nov 15 1915 tn\
$1,791,000 in bonds and $366,500 in warrants o f District 1,000. The land
o f tho company in said district, when sold, will bo suhioct to tho lien of
those bonds. (6 ) $2 1 0 , 0 0 0 in warrants o f District 1 0 (H wMch are suf
ficient to pay In full the assessments to be levied for improvements on the
company s lands in this district.




S u rp lu s......................
T o t a l . ..................2,1 3 4 ,9 8 8 2,121,492

7,021

50,582

T o t a l ...................... 2,134,988 2,121,492

— V. 100, p. 639.

West Kootenay Power & Light Co., Ltd., Montreal.
{18th A nnu al Report— Year Ended A u g . 31 1915.)

President C . R . Hosmer, Montreal, N o v . 5 , wrote in subst:
Out of the net earnings have been paid the interest and sinking fund
on the bonds, and dividends at the rate of 7% on the pref. stock and 5%
^ m m o n for 1914-15 and 1913-14 [the latter contrasting with 4% in
1913 ] We have also written off $1,327 for bad debts. After making the
above payments, there remains a surplus of $29,573, which increases the
total credit to profit and loss to $331,640 on Aug. 31 1915.
A contract has been made to supply tho Consolidated Mining & Smelting
!.Lor Canada, Ltd., with 7,500 extra horse-power for use in connection
w-ith a plant they aro erecting to treat zinc oros and which should be com­
plete by January 1916.
Data from R eport o f General Manager L. A. Campbell.
In my report for 1913-14 I mentioned that the producing mines in the
Boundary Country were compelled to shut down on account of the demor­
alized copper market caused by war being declared. The Granby Company
did not resume operations to exceed their minimum charge until June 1915
and the British Columbia Copper Co. did not start up until July 1915.
The Le Roi No. 2, Ltd., closed down about Aug. 15 1914 and did not re­
sume operations until Dec. 1914, and this accounts for tho falling o ff in
revenue. For the year ending Aug. 31 1914 our revenue producing load
was 8,029.97 h.p.; for year 1914-15 it was 8.C00.7 h.p.
The producing mines in the Boundary Country are now working up to
full output with the exception of the B. C. Copper C o., which is operating
but one furnaco, but on account of tho very favorable condition of the
metal markot it is reasonable to expect that our revenuo-producing load
in the Boundary Country will show a slight increase during coming year.
IN C O M E

A C C O U N T

Y E A R

E N D IN G

1914-15.
8.000.70
$388,193
106.296

1913-14.
8.029.97
$424,262
119,718

- $281,897
Int. and sinking fund__ . $104,400
Int. & s. f. on Case. bds..
17,564
Miscellaneous_________ .
1,028
)
28,000
[5%) 100.000

$304,544
$104,400
17,564
1,220
24,500
(5)100,000

Rov.-produc. load, h .-p..
Gross receipts_________ .
Operating expenses___ .

Total deductions____
Balance, surplus............

$250,992
$30,905

$247,684
$56,860

A U G .

31.

7.984.73
$415,414
115,280

6,705.90
$332,864
110,257

$300,134
$222,607
$104,400
$121,964
17,564
2,251
1.913
21,000
14.000
(4)80,000 (2 >4)50,000
$225,215
$74,919

$187,877
$34,730

[Vol. 101.

THE CHRONICLE

1972
BALANCE SHEET AUG. 31
1915.

1914.

1915.

S

S

L ia b ilit ie s —

bond s, Charles H . Sabin, C hairm an, in circular dated at
N ow Y o r k on D e c . 1, says in substance:

1914.

Under the agreement o f July 1 1909, tho B altim ore & Ohio R R . C o. has
tho option , in respect o f General M ortgage G old Bonds iw * e n te d to it
during July 1916, either (1) to p ay therefor 8 5% o f tho face am ount thereof,
or (2) to give in exchange therefor a General M ortgage G old Bond o f tho
jresent T he Cincinnati Hamilton & D ayton R y . C o . issued under Its ex­
sting General M ortgage, carrying interest from July 1 1916
4 % , and maturing July 1 1939, guaranteed b y the Baltim ore & Ohio R R .C o .
In view o f tho receivership o f the C . H . & D . R y. C o . and its defaults
under prior m ortgages, it is unlikely that thero will be any equity in that
property for tho General M ortgage gold bonds after provision is m ade for
the bonds secured b y mortgages constituting prior liens upon the property.
Under these circumstances, if the Baltimore & Ohio R R . C o. In com pli­
ance with its agreement should deliver tho guaranteed 4 % bonds or tne
T o U l .................... 4,459,006 4,436,179
T o ta l....................4,459,006 4,436,179
C . II. & D . R y . C o . above referred to , these obligations would in effect
am ount to unsecured guaranteed obligations bearing but 4 % interest and
— V. 100, p. 640.
not maturing until 1939.
After protracted negotiations, the com m ittee has concluded an arrange­
m ent with Kuhn, Loeb & C o ., acting as managers for the reorganization o f
GENERAL INVESTMENT NEWS
the C . II. & D . R y . C o ., providing, if a satisfactory am ount o f these bonds
shall be deposited with tne com m ittee on or before D ec. 31 1915. for the
sale o f said General M ortgage gold bonds for $700 net in cash for each $1,000
bond, together with Interest on such purchase price at the rate o f 4 % per
R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
annum from Jan. 1 1916, such price to bo paid on Jan. 17 1916 without d e­
A m e r ic a n R a ilw a y s , P h i la .— Right to Subscribe for duction for com pensation or expenses.
T he com m ittee is clearly o f the opinion that It Is In tho Interests o f tho
$ 2 ,0 0 0 ,0 0 0 Pref. Stock.— A circular, dated N o v . Id , said:
holders o f bonds to accept this settlement, as it believes that cash at 70 as
T h « rnmnanv desires to provide the sum o f $500,000 for its corporate o f Jan. 1 1916 is better for the bondholders than the Guaranteed General
M ortgage G old Bonds above referred to. I f the proposed sale Is consum ­
m ated, the bondholders w 111 be relieved o f expenses and tho possibility o f
delay which would arise in case o f litigation; and m oreover, any General
M ortgage G old Bond not presented during July 1916, In accordance with
the agreement with the Baltimore & Ohio R R . C o ., would cease to havo any
offers to the holders o f its p ref. a n d co m m o n ca p ita lsto ck ©rrecoKCN
interest under that agreement. All holders o f certificates o f deposit issued
1915 the right to subscribe, on or before N ov . 30. t o r u i _ t
under the deposit agreement o f F eb. 1 1915 who d o not withdraw their
present authorized 7 % pref. stock o f tho
1^
All subscriptions
bonds on or before D ec. 16 1915 will bo deemed to have assented to the
portion of 23% o f their respective holdings o f
stock. IU1 sudso P) 1 ,
proposition as em bodied In the amended agreement.
shall be conditional upon the agreement for the purchase or w o c k w t
Over 4 0% o f the outstanding General M ortgago G old Bonds havo already
N ational Properties <5o. becom ing operative. In case the ^ u s c n p u o n
becom es effective, paym ent o f the amount thereof in full m casn . nan oe been deposited under the deposit agreement, and the holders o f the unde­
posited bonds are urged to act prom ptly In making tlieir deposits so that
m ade at the office o f the com pany, W itherspoon Building,
on
sufficient bonds will be on deposit on D oc. 31 to enable tho consum m ation
before 3 p. m . D ec. 20 1915. See also V . 101. P- 1464. 1712, i»o& , is b 'i .
o f the proposed sale. See also V . 101, p . 1885. 1548.

S
S
Assets—
Com m on stock --------2 ,000,000 2 ,000,000
Property account— 3 ,567,216 3,562,053 Preferred stock-------- 400,000
400,000
395,370
Invest's other co’s - . 396,570
1,500,000
54,524
53,719 Funded debt----------- 1 ,500,000
M erch ., suppl., & c.
Cascade
W
ater
Power
123,220
R edem pt'n bds., s.f. 146,580
14,486
12,523
& L t. C o ., L t d . . .
27,908
118,096
54,073
26,995
120,867 Accounts payable—
So. K oot. W at. P .C o. 204,333
36,411
36,761 Reserve for sink, fd .,
Other bills & a c c t s ..
40,840
40,840
premium & d lv —
C ap. exp. Rossland
124,718
20.904 Sinking fund----------- 147,008
21,336
W .& L t. C o ., Ltd.
302,062
Profit and loss-------- 331,640
3,691
3,701
Unexplred Ins., & c ..
1,498
428
R oyal Trust C o ------

A t l a n t a B ir m in g h a m & A t l a n t i c R R .

carter

A plan now in contem plation provides
'ooo 000 the $10 so as to reduce the capital stock from $40,.000,000 to $30.006^00((;
000,000 pref. stock to be replaced b y $5,200,000 o f Income Donus.
100, p. 2166, 1751.

B a r c e lo n a T r a c t io n , L i g h t & P o w e r C o .—

Coupons.—

C oupon N o. 8 , in respect o f the half-yearly Interest due D ec. 1 1915 on
the 1st M . 50-year 5s, are now exchangeable under the P%n (V . ]
P;
1830) at the offices o f the com p any, 19 M anning A rcade, roron to , or 34
Bishopsgate, London, for interim certificates representing 5 ^ 10-year
notes.— V. 101, p. 129, 1712.

B r a z il R a ilw a y .—

Possible Lease.

.

N egotiations are said to be almost com pleted between the Latin-Am erican Public W orks C orporation, a subsidiary o f the J. G . W hite C orporation ,
and the Brazilian G overnm ent, with a view to leasing the system to Ameri­
can interests, provided the foreign bondholders consent.— V . 1 0 0 , p . 2166

B r o o k ly n R a p id T r a n s i t C o ., N . Y . —

Listing.—

T he N Y Stock Excnange has listed the $20,000,000 6-year 5 % secured
gold notes sold last October (V 101 p. 1188), making the total amount
listed $59,999,000. C om pare V . 101, p. 1884.

B u f f a l o & S u s q u e h a n n a R a ilw a y .—

Successor Co.

See W ellsville & B uffalo R R . below .— V . 101, p. 923, 772.

C a n a d a S o u t h e r n R y .— Meeting Dec. 3 0 .— T h o share­
holders will vote D e c . 3 0 on approving agreem ents—
bulldim?°sr oCfat S irLondo°n &f^ ou th -E a ltera R y . C o ^ a t'L o n d o n ! O m ! and
^ V '^ V ^ lr ^ ^ e 'lm u H n ^ b v ^ ^ ^ o n d o ^ C o m m i.^ o ^ ^ f^ h c r fr e ig lv t'tr a ffic o f

R ^ 3 )^ B S w e e n ^ h e °T o ro n to ‘'H ^ l l t c m '& B uffalo R y . C o ., T ho M ichigan
the Canada Southern R y . C o ., The New Y ork Contra
p p
and the Canadian P acific R y . C o ., in relation to the proposed
issue o f the Consolidated First M ortgage bonds o f
B u ffa lo R v C o and the guarantee o f the interest thereon and providing
fo r staking fund b y to e other com panies, parties to said agreement, in pro­
portion to their respective interests therein.— V . 101, p . Xo»4 .

Central R R . C o.

C h ic a g o & E a s te r n I ll in o is R R .—

Deposits Ctfs.Listed.—

T he N . Y . Stock Exchango has listed $1,336,000 G u a ^ t y T rust C o . o
N ew York certificates o f deposit for General C onsol. & First M tge . os,
due 1937 with authority to add $20,007,000 on official notico o f issuance
in exchange for printed certificates o f deposit or f o r registered certificates
for deposited bonds "sta m p ed ” or for outstanding undoposited bonds,
making the total to be listed $21,343,000. Seo V . 101, p . 188,i.

C h ic a g o M ilw a u k e e & S t . P a u l R y .— 113 Miles Elec­
T h e successful electrification o f tho first 113 miles
(D eer L o d g e , M o n t ., to Three Forks) o f the 4 4 0 miles of
m ain line included in present plans for electric operation, was
celebrated at B u tte on D e c . 8 .
C . A . G ood n ow , A ssistant
to President A . J . E arling, is quoted as saying:

trified —

Our new electric locom otives have a capacity for haul1
3.209t<>ns on a
1 % grade, while the m aximum capacity for one o f <
°tliLnt^ n « li r a T b o lm
on a 1 % grade is 1,900 tons. In other w ords, our train-loads can do in
creased about 6 8 % by electrical operation. A M allet
1
15 to 25 cents per mile for repairs, while repairs to our electrical engmes,
so far as we can judge, will approxim ate 4 cents per mile. [Regular elec
trie operation o f the present 113 miles will, it is understood, begin on D ec.
15-]— V. 101, p. 1552, 1369.

C h ic a g o R o c k I s la n d & P a c ific R y .— Notice to Debenture
Holders.— T h e com m ittee for the 20 -year 5 % gold deben­
tures, Seward Prosser, C h airm an , in urging the im m ediate
deposit o f the debentures under the deposit agreem ent of
July 19 1 9 15 , say in substance:
M r. Kendrick has com pleted the physical examination o f the system
(V . 101, p. 1713), and the accountants have examined the books. W itn
both their reports already in hand, the consideration o f a plan for dealing
with the system ought to be taken up at once b y tho interests affected.
A pparently in anticipation o f such action, the protective com m ittee for
the R efunding M ortgage bonds has called for imm ediate deposits. T he
R efunding M ortgage is substantially a general lien on the entire system .
T he debentures are unsecured.
,
, ,
__
A large am ount o f the debentures has already been deposited with your
com m ittee, but in order to obtain adequate recognition under any plan,
it is necessary that this com m ittee represent substantially the entire Issue.
Deposits m ay be m ade with the Bankers’ Trust C o ., 16 Wall S t., N . x . ,
or with the sub-depositary. First Trust & Savings Hank, C hicago.

Suit Against Former Directors— Arguments Begun.—

T he suit o f (D irector) N . L. Amster and nine other shareholders against
form er directors for the recovery o f $7,500,000 alleged to have been lent
to the now defunct C . R . I. & P. R a i l r o a d , cam e up before Justice I enuleton
in the Supreme C ourt in this city on D ec. 3. Tho defendants contend that
the suit should be thrown out because a similar action begun b y Receiver
Dickinson was already pending.
See R ock Island C om pany below .— V . 101, p. 1710, 1713. 1806.

C in c in n a t i H a m ilt o n &
of General Mortgage Bonds.—

D a y t o n R y .—Offer to Holders
A s to the offer m entioned last
w eek, the com m ittee o f holders of General M o rtg ag e gold




C la r k s v ille (T e n n .) & D u n b a r C ave R y .—

Receivership.

Pres. A . C . M urray was recently appointed rocoiver, due, lt is statod,
to autom obile com petition.

D e t r o it U n it e d R y .— Notes.— T h o M ich igan R R . C om ­
m ission held a hearing D o c . 10 on tho application o f tho
com p any for authority to issue $ 3 ,5 0 0 ,0 0 0 collateral notes,
which were sold subject to tho Com m ission’s ap proval.
A
portion o f the proceeds is to bo used to re tiro $ 2 ,0 0 0 ,0 0 0
coll, trust notes issued in 1 9 14 , due F o b. 5 1 9 10 , and for
betterm ents and extensions.
T he now notes, which will be dated Feb. 5 1916 and m aturo M a y 5
io iu i,*,v'*> been sold to W m . A . Read A t o.
19T he collateral for the notes is as follows: $2,565,000 Detroit United
cimsol m tgo. bonds, due 1935; $520,000 Ilotrolt Jackson &
Chicago itRC.0TOnsol!mtgo. 5 % bonds due 1927; $100 000 D etroit & Lake
Qf (^A.ir R R 1st M 5% bonds, duo 1920, $2,5* 1,000 Detroit M onroe &
T oled o Shore Ltao R y ' capital stock; $1.890 000 com and $100 0 M pref.
cap. stock o f D ot. & Pt. Iluron Shore Lino R y .— V . 101, p. 1627, 1553.

E a s t e r n T e x a s E le c tr ic C o ., B e a u m o n t a n d P o rt
A r t h u r , T e x .— Notes Called— New Notes.— T h e $ 5 0 0 ,0 0 0
3-y ear 6 % n otes, due July 1 19 16 , havo been called for pay­
m ent on Jan. 1 1916 a t par and in t. at State Stroet T ru st C o .,
B o sto n . T h e holders have taken tho greaterjpartof present
issue o f $ 5 0 0 ,0 0 0 3-year 6 % gold coupon notos dated D oc. 1
1915 and due D e c . 1 1918, b u t callablo as a wholo a t 100 and
in t. upon 3 0 d a y s’ notice.
Interest payablo J . & D . at offico
o f State Street T ru st C o ., B o sto n , trustee. Par $ 1 0 0 , $500
and $ 1 ,0 0 0 c * .
Stone & W e b ste r , who offer tho now notes
a t 9 9 and in t., to yiold 6 .3 7 % , report in substance:
Owns all tho securities, bonds, notos and stocks o f the com panies doing
tho ontiro electric lighting and power business In Beaumont, "o x ., and
the entire electric lighting and power business and an ice-m anufacturing
and refrigerating business in P ort A rthur. T e x .; also owns all tho securi­
ties, bonds and stocks o f tho com pany (Jefferson C ounty rra c. C o . ) co n ­
structing an intorurban electric railway between Beaumont and I ort Arthur,
about 20 m .: and has acquired all the stock and $300,000 «>f t.lio S<>00.000 bonds o f tho Boaumont T rac. C o ., doing the ontiro electric railway busi­
ness in Beaumont (V . 96, p. 1627.) Population served approxim ates 4.,,,000.
C a p i t a l i z a t i o n J a n . 1 1916—
,r
AuJhr^zcd. Outotond.
First m tgo. collateral trust 5s, duo 19 4 2 --[S o o V . 9o, p . 174o[*$ 1,040,000
Beaum ont T rac. C o . 1st M . 5 s (closed; balance,
qoo non
$300,000 hold by Eastern Texas Eloctric C o .) . . . $600,000
300,000
Throe-year 6 % gold coupon notes, duo D e c - 1 1 9 1 8 .- 1.000.000
^nn’nnn
Prof, stock, 6 % cum ulative (treasury holds $50,000) - 2,000,000 1.400,000
C om m on s to ck ....... .......... ........ ........................................... 2,000,000 1,400,000
* Further $160,000 first 5s o f 1942 in treasury and additional bonds aro
issuable under carefully guarded restrictions.
G r o s s E a r n i n g s o f th e C o m p a n i e s n o t e c o m p r i s i n g

E a stern

T exa s

E le c tr ic C o .

1007
1008
1900
1910
1911.
1912.
1913.
1914.
$346,221 $357,866 $362,520 $407,787 $433,901 $470,686 $502,225 $673.09o
Earnings for Twelve Months ending Oct. 31 1915.
Gross earnings-------------------- *694,755 In t., excl. this issue------------ S7.>,0.).>
Nnt, (after taxes)___________$814,6481ILalanco----------------------------- -,.),M
in t on those $500,000 6 % coupon notes requires $30,000. Compares
V . 97*. I). 49. 1822. *

E m p ire U n it e d R a ilw a y s .— New Committee.— T h o fo l"
lowin'* com m ittee of holdors o f bonds o f the Rochester Syra­
cuse & Eastern has boon organized to further tho plan of
reorganization proposed b y the m anagem ent (V . 101, p . 18 85 ):
Com m ittee- W ilbert L . Smith, Arthur N . Ellis. D . Raym ond C obb and
E d g ^ F Brown, with the Central C ity Trust C o. o f Syracuso and the
Fauitablo Trust C o. o f New Y ork as dopositarias for tho bonds. Seo plan,
V .4 101, P- 1885, 1627.

F o r t D o d g e D es M o in e s & S o u t h e r n R R .— Bonds Of­
W . H alsey & C o .
ore offering b y advertisem ent on another page tho unsold
portion o f their block o f $ 5 ,5 0 0 ,0 0 0 1st M . 5 % gold bonds
fu lly described in V . 101, p . 1189, 1272.
G e o r g ia S o u t h e r n & F lo r id a R R .— Deferred Dividends
Paid.— A sem i-annual dividend o f 2 H % bas been declared
on tlio 1st and 2d prof, stock, payablo D e c . 2 0 to holdors of
record D e c . 11.
T h is is the N o v . paym ont which was doferred.— V . 10 1, p . 14 64 , 1459.
I n t e r b o r o u g h R a p id T r a n s it C o ., N . Y .— Botuls OfferedLee H igginson & C o ., B o sto n , N . W . H arris & C o ., Boston*
a n d ’ K issel, K innicutt & C o ., N o w Y o r k , are offering at
9 9 u: and in t. $ 2 5 ,0 0 0 ,0 0 0 First and Refunding M ortgago
5 % gold bonds o f 1913, duo Jan. 1 1 9 66 , but callablo a t 110
and in t. on a ny interest date in a ny am ount for tho sinking
fu n d , or a t tho option o f the com p any either as a whole or

fered Covering Electrified Steam Road.— N .

THE CHRONICLE

DEC. 11 1915.]

in blocks of n ot less than $ 5 0 0 ,0 0 0 .
T ru stee, GuarantyT ru st C o . o f N e w Y o r k .
T a x-ex em p t in N e w Y o rk Sta te.
D ig est o f S ta te m e n t by P res id en t T h e o d o re P. S h o n ts D e c., 1915.
(See m ap on page 63 o f “ Railway & Industrial Section” and annual re­
p ort in “ C nronieie,” V . 101, P- 841, 918, 941.)
P r o p e r t i e s O p e r a t e d — T h e com pany operates (1) under lease extending
until at least Jan. 1 1966, the m unicipally-owned underground railroad in
N ew Y ork C ity popularly known as “ the subw ay,” com prising 85.34 miles
o f single track; and (2) under 999-year lease, the M anhattan (Elevated)
R ailw ay, com prising the entire elevated railroad system in the Boroughs o f
M anhattan and the Bronx, 118 miles o f single track. It has also contracted
with the city to operate until at least Jan. 1 1966 147 miles o f additional
subw ay track and for 85 years from initial operation 2 1 miles o f additional
elevated track, said lines being either under construction or about to be
con structed , making a grand total o f 371.34 miles o f track. The real estate,
power-houses, sub-stations, rolling stock and other equipment em ployed
on the existing subways are owned b y the com pany, subject to the rights
o f the city under the leases. T o the cost o f constructing and equipping
these new subways, tho city will contribute over 566,000,000. Large por­
tions o f tho new subway lines are practically com pleted, while tho thirdtracking o f the elevated will be com pleted b y Jan. 15 1916 (see below ).
D iv id e n d s P a id o n

C o m p a n y 's C a p it a l S to c k

(A m o u n t A u th o r iz e d

and

O u t­

s ta n d in g
$35,000,000)— P e r C e n t .
1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914. 1915.
5
7>A
8*A
9
9
9
9
10M
15
12
20
20
B o n d I s s u e . — T o retire the $33,959,000 45-year Gold M ortgage 5 % bonds
which were called for paym ent on N ov. 1 1913, to retire then existing
floating debt (since paid) and to provide the com pany’s share o f the cost
o f construction and equipment o f the new lines, the P. S. Comm ission in
1913 approved tho issuance o f $160,957,000 First & Ref. M ortgage bonds.
O f these bonds there have been issued to date $128,658,000. O f the bonds
so included $76,043,000 have been issued against new subways and ex­
tensions and third-tracking o f elevated lines, none o f which increased fa ­
cilities is yet in operation. It is estimated that not m ore than $32,299,000
additional bonds will be issued to provide for the com pletion o f the co n ­
struction authorized under the contract between the com pany and the city
referred to above; and o f these additional bonds $5,000,000 are included in
tho $25,000,000 now being offered.
^
,
.
Secured b y a first lien (subject to rights o f city under the leases) upon
real estate, power-houses, sub-stations, equipment and other property now
owned directlv b y the com pany, and also b y a first lien upon all leasehold
and other rights o f the com pany in the existing and proposed subway and
elevated lines. For possible future financial requirements, the authorized
bond issue has been made $300,000,000, but in addition to tho aforesaid
$160,957,000 bonds, bonds m ay be issued only under the careful restric­
tions for further additions, improvements and equipm ent, with tho approval
o f the I’ . S. Commission.
As a sinking fund, the com pany must pay to the trustee semi-annually, be­
ginning July 1 1918, in cash or bonds, not less than H o f 1% o f ail bonds
issuod and outstanding (including bonds held in the sinking fu n d), plus
interest on bonds (alive) in sinking fund. This, it is estimated, will retire
at least $ 1 ,479,000 o f these bonds in year 1918-9, and m ore than suffice to
retire tho said $160,957,000 bonds before m aturity and before the expira­
tion o f tho leases or franchises.
E a r n i n g s f o r Y e a r E n d e d J u n e 30, w i t h N o P a r t o f t h e N e u ' L i n e s i n O p e r a t i o n .
1912-13.
1913-14.
1914-15.
T otal gross incom e........... ........................$32,985,361 $34,128,248 $34,057,374
N et earnings (after taxes)------------------- $17,607,737 $19,144,246 $18,982,079
R entals.......................................
8,204,639
8,244,521
8,243,522

N et applicable to interest and d lvs___$9,403,098 $10,899,725 $10,738,557
Interest and sinking fund on the entire $160,957,000 bonds
authorized to be issued to Jan . 1 1917 for construction and
equipment o f the now lines (which will add 170% to tho miles
o f track now in operation in the subway and 2 0 % to the
elevated lines) will am ount t o _______________________________ $9,657,420
It is estim ated that during the first five years after the com pletion o f the
p roperty, tho annual net incom o available for interest will average $13,088,­
0 0 0 , and beginning with the fifth year tho annual net incom e should amount
to $15,490,000.
N u m b e r o f P a s s e n g e r s C a r r i e d a n d G r o s s O p e r a t i n g R e v e n u e s ( i n M i l l i o n s )—
J u n e 30 Y e a r s .
1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915
P a ssen g ers-. 339
395 449 483 514 562 578 607 634
651 647
G r o s s ---------------$16 $19 $22 $24 $26 $28 $29 $31 $32
$33 $33
C o n t r a c t s W i t h t h e C i t y . — Before the city receives
any return upon its
investm ent o f $6 6 ,000,000 in tho new subways, tho com pany is entitled to
take out o f tho net incom e from the operations o f the elevated and subway
lines about $14,416,000 per year for its own use. This, when com bined
w ith $400,000, the estimated annual incom e o f tho com pany from other
sources, constitutes a sum o f $5,158,580 in excess o f the full 5 % interest
and 1% sinking fund upon $160,957,000 o f the bonds now authorized,
which is all that the com pany will bo required to issue, after arranging to
apply to construction and equipment purposes other available funds.
T his preferential right o f the com pany to earnings is cumulative.
After the Interborough has deducted this sum from net incom e, the city
is entitled to 8.7 6 % on the m oney invested b y it in tho new subways. A n y
earnings above these sums will then be divided equally between the com ­
pany and tho city. The city can at any tim e after 10 years from date o f
initial operation terminate the lease, upon all or certain specified groups
o f tho new subways, upon paym ent o f a sum which, with the sinking fund
accruals, will retiro at 1 1 0 all outstanding bonds issued in respect thereto.
T ho city contributes $66,000,000 for half tho cost o f tho new subways and
for real estate, and subordinates its claim for interest on this m oney, which
insures the security o f the bonds and the paym ent o f tho interest thereon.
P ro g re ss o f S u b w a y an d Elevated C o n s t r u c tio n A b ov e M e n tio n e d
E x ten t C om p leted as o f N ov. 1 1915.
Third-tracking o f M anhat. El. l i y . will be com pleted b y Jan. 15 1916 99%
7th A v . Subway, Tim es Sq. to Chambers St. & W est B roadw ay____ 65%
T w o-track extension, Chambers St. via Greenwich St. to South F 'ry 50.7%
Park Place, W illiam and Clark St. Subway, from Chambers St. to
Borough Hall, B rooklyn --------------------------------- ------------ ------------------ 30.4%
Eastern Parkway lino, B rooklyn, from A tlantic A ve. terminus o f
present subway to Prospect Park-------------------------------------------------- 30%
Lexington A ve. Subway, (1) from prosent subway at Park A ve. and
l i s t St. to Lexington A ve. and 53d St
- -------- - —
3 7%
(2) From 53d St. and Lexington A v. to 138th St. and M o tt A v e . 9 7%
W estern Branch, from 138th St. to W oodlawn, ov er------ ------------------ 96%
Southern B oulevard and W estchester A ve. Extension, from M ott^
A ve. to B ancroft S t_____________________________________ _________77.6%
W hito Plains Road Extension, from present subway at 179th St.
and B oston R oad to East 241st S t___________ _______------------ -------- 89.8%
Queensboro Subway— From Grand Central Station to Jackson A v e — 100%
do
Jackson A ve. Long Island C ity to Queensboro Bridge Plaza 93%
C orona Elevated Line, from Queensboro Bridge Plaza to \ andam St. 71%
do
Vandam St. via Queens Boulevard and R oosevelt A ve. to
Sycam ore S t_____________________________________________________ 99%
Astoria Elovatod Line, from Queensboro Bridge Plaza via 2d A ve. to
D ltm ars A v e __________________
_ ________________________ Com pleted
“ Tho olevatod railway portions o f tho’ Astoria and Corona lines in Queens
and tho W hite Plains R oad and Jerome A ve. lines in tho Bronx will be
available for use in connection with tho present systems in advance o f the
subway portions o f these linos. This will encourage the growth o f tho
outlying districts and secure to the now subways and elevated lines a per­
manent tra ffic.” — V. 101, p. 1885, 941.

.

K a n a w h a & M ic h ig a n R y .—

Dividends Resumed.—

A dividend o f 1 'A % has been declarod on the $9,000,000 stock, payable
D ec. 27 to holders o f record D ec. 17. This is the first paym ent since
A pril, when a liko amount was paid.— V . 101, p. 47.

L o u is v ille & N a s h v ille R R .—

Bonds Called.—

T w elvo ($12,000) 1st M . 6 % gold bonds o f the Pensacola & A tlantic
R R . C o ., dated 1881, have peon called for paym ent for the sinking fund at
110 and int. on Feb. 1 1916 at tho com pany's office, 71 B roadw ay.— V.
101. p. 1553, 1370.

M a r y la n d & P e n n s y lv a n ia R R .—

New Director.—

T . M urray M aynadlor has been elected a director to succeed George C .
Jenkins, resigned.— V . 101, p. 1092.

M is s o u r i K a n s a s & T e x a s R y .— Foreclosure Suit.— T h e
Central T ru st C o . o f N e w Y o r k , as m ortgage trustee, has




1973

filed suit in the U . S . D is t. C ourt a t S t. Louis to foreclose the
Consolidated M o rtg ag e o f 1910 for failure to m eet the inter­
est due O ct. 1 last.
In view o f the sim ilarity o f the allegations o f the three petitions filed
against tho road, Judge A dam s ordered that the case o f the Central Trust
C o. be consolidated with the original receivership suits o f the R ailw ay Steel
Springs C o. and D . B . H ussey, and that tha receiver be clothed with the
same jurisdiction in all three cases.
On June 30 1915 $30,292,000 o f the consolidated bonds had been issued,
o f which $25,825,000 were pledged to secure the $19,000,000 tw o-year
notes due as extended M a y 1 1916, and $1,467,000 were pledged as security
for bills payable.

Notice to Holders of Two-Year Secured Gold ATotes (Extended
and Unextended).— T h e com m ittee for these n otes, W illard
V . K in g , Chairm an (V . 1 0 1 , p . 10 92 , 1 5 5 3 ), gives notice:
T he only security for y o u r notes are the Consolidated M ortgage bonds
which have been deposited with the trustee for the noteholders. A suit
has now been begun to foreclose the Consolidated M ortgage securing these
bonds. It thus becom es im perative that this com m ittee should know
p rom ptly to what extent it m ay count upon the noteholders' support upon
a sale or a reorganization o f the prop erty. Deposits will be received to
and including D ec. 10 1915, w ithout penalty. A fter that date deposits
will on ly be received upon such term s as the com m ittee m ay im pose.—
V . 101, p. 1886, 1815, 1799.

N a t i o n a l R a ilw a y s o f M e x ic o .—

Operations— Report.—

See “ Annual R eports” on a previous page and Southern P acific R R . be­
low .— V. 101, p. 1800, 1553.

N . Y . N e w H a v e n & H a r t fo r d R R .—
See R utland R R . below .— V . 101, p . 1714, 1629.

Favorable Decision.

Y o r k R a ilw a y s . — Five New Directors to Represent
T h e follow ing, w h o , under the leadership o f John
C . C o b b o f B o sto n , have been dem anding the p aym en t o f full
interest on the adju stm en t incom es, have been elected to the
board o f directors, b y v o te o f som e $ 9 ,7 9 2 ,0 0 0 bon d s, to
represent the holders of the incom es:
N ew

Incomes.—

N e w D i r e c t o r s . — Charles P. H owland, a N ew Y ork attorney: George B .
Leighton o f Boston; W illiam II. R em ick, o f the N ew Y ork Stock Exchange
firm o f R em ick, Hodges & C o .; and R ichard H . Swartwout. o f the Stock
Exchango firm o f Swartwout & A pponzellar. [The other six directors aro
elected b y tho com pany's shareholders. O f the $30,626,977 adjustment
incom es, only about $2 1 ,000,000 are registered for votin g purposes, and o f
these the Kingsley interests, it is stated, voted about $5,500,000.]
R e t i r e d . — Darwin P. K ingsley, Pres, o f the N . Y . Life Insur. C o .; Henry
Ollesheimer, Pres, o f the M etropolitan Bank and director o f the M etrop oli­
tan Life Insur. C o .: Frank S. W itherboe, Pres, o f W itherbee, Sherman &
C o ., and director o f the E quitable Life Assurance Society; and Francis L.
Leland, Pres, o f tho N . Y . C ounty N ational Bank and director o f the U . S.
Life Insur. C o .; Frank Presbrey, head o f the Frank Presbrey C o.

Digest of Statements M a d e by Successful Proxy C o m m i t t e e Oct. 2.
A t the request o f m any o f the bondholders for whom we have been act­
ing since last M a y as bondholders’ com m ittee, we have consented to act
also as a proxy com m ittee on D ec. 6 .
Our suit for the recovery o f the $1,500,000 shortage from the full interest
on the bonds up to April 1 1915 is now in shape to lie actively pressed at
the com ing fall term o f the courts. Our investigation has strongly con­
vinced us that if the com pany’s system o f accounting were in accordance
with the deed o f trust, our bonds would be assured o f their full interest.
T he com pany during the three years to D ec. 31 1914 expended over $4,­
500,000 for ordinary renewals and repairs and nearly $2,000,000 additional
for extraordinary im provem ents, extensions, & c.. not properly chargeable
against incom e under the deed o f trust, and it has further transferred about
$1,700,000 to “ accrued amortization o f capital.” The excessive reserve
for accident and damage claims amounted on D ec. 31 1914 to over $ 1 ,100,­
0 0 0 , no part o f which was properly taken from incom e unless it is a “ prop­
erly chargeable” reserve.
.
[Signed b y Frank L. Hall, Charles P . H owland and George B . Leighton
as proxy com m ittee, with Ernest P . H oes, Sec. and T reas., 30 Broad S t.,
N . Y . C ity.] C om pare President’s rem arks, V . 101, p. 1367, 1093.

O a k la n d A n t io c h & E a s t e r n (E le c tr ic ) R y .— Plan .—
T h e C a l. R R . C om m ission has approved the plan o f the
com p any offering (a) $ 8 6 7 ,0 0 0 o f 1st M . bonds o f 1911 at
8 0 to tho bondholders in exchange for the coupons due during
19 15 , 1916 and 1917 on the $ 2 ,5 0 0 ,0 0 0 outstanding 1st 5s of
19 11 , on $ 2 ,0 0 0 ,0 0 0 Oakland & A n tioch 1st 5s and on $ 1 0 0 ,­
0 0 0 San R a m o n V a lley 1st 6 s. T h e bondholders asked
to deposit the coupons in question w ith the U nion T ru st C o .
o f San Francisco.
T h e $ 8 6 7 ,0 0 0 bonds to be distributed
to the depositors on Jan. 1 19 18 , and in the m eantim e 6 %
interest to be paid on the deposited coupons.
(6) $ 2 6 2 ,2 0 0
o f 6 % n otes, due Jan. 1 1918, secured b y a further
$ 3 2 8 ,0 0 0 o f 1st M . bonds o f 1911, to be sold a t par to the
stockholders to provide for capital expenditures.
A San Francisco paper says:
T he stockholders' agreement calls upon the stockholders to lend the
Oakland Antioch & Eastern R y . $3 a share, payable at different periods
before July 1 1916. The railway agreed to deposit with the trustee promis­
sory notes equal to the stockholders’ paym ents and first m ortgage bonds
double tho face value o f the notes. T he stockholders are to be obligated
in case o f non-payment o f principal or interest o f notes, to accept the
pledged bonds in full com pensation at 8 0% o f face value.
T he stockholders have paid assessments amounting to $1,215,000. and,
after tw o years o f operation, find the com pany’s indebtedness and interest
obligations beyond their ability to pay. Shares to the extent o f 12,600.
or over one-eighth o f the capital stock, has been forfeited for non-paym ent
o f assessments. The com pany told the Commission that another assess­
ment would bring still greater forfeiture with a possibility o f a general re­
fusal to support longer tho growing burden o f debts. On June 30 1915
there was due $ 1 ,027,657, secured b y $1,493,000 o f pledged bonds. There
was duo on July 31 1915 accounts payable o f $219,643. or a total o f $1,247,­
300 o f prossing obligations. In addition $317,500 gold notes will bo due
F eb. 1 1918.

Earnings .—

F or June 3 0 years and periods ending O ct. 3 1 :
30­
1913-14.
$454,305
$133,380
______

- Y e a r en d . J u n e

1914-15.
G r o s s ______ $530,249
N e t................. $*28,915
Other incom o
340

- M o n t h o f O c to b er—

1915.
$61,240
$26,201
1.480

4 M o s . e n d . O c t . 31­
1914.
1915.
1914.
$50,142 $245,324 $215,427
$15,845 $105,034
$75,518
1,402
5,259
3,361

Gross incom e$129,255 $133,380 $27,681 $17,247 $110,293
$78,879
In t.,ta x.,& c_ 329,650 *213,460
2,240
1,067
8,960
4,682
B a la n c e ..-d f$ 2 0 0 ,395 df$80,080 sr$25,441 sr$16,180sr$101.333 sr $74,197
* Charges in 1913-14 include those reported by com pany only.

A ssets—

Road & equipm’t.
Investments____
Cash & deposits. Mlsc. acets. recciv.
Oth. work'g assets
Disc, on secur.,&c.
Unadjusted debits
Profit and loss__

B A L A N C E S H E E T J U N E 30.
1914.
1915.
$
L ia b ilitie s —
$
3.780,796 3,633,789 Capital s to ck ___
6,652,453 7,872,600 Funded debt........
12,888
14,454 Loans* notes pay.
146,5981
320,319 Misc. accts. pay’le
31,790/
Current accounts.
3,450,432 3,000,000 Deferred liabilities
17,652
385,290 San Ramon V.
leasehold p rlv..
286,850
102,226
Levy assessment-.

T o t a l........... -.14,379,387 15,328,678
— V . 101, p . 288. 132.

1914.
1915.
S
$
8,740,000 10 ,000,000
2,854,592 2 ,794.000
1,036,1091
189,887) 1,169,117
20S,905J
22,961
3,814
______
1,346,080

242,600
1 ,100,000

T o ta l................ 14,379,387 15,328,678

THE CHRONICLE

1974

[Vol . 101.

Authorized, $300,000,000, o f which the present issue o f Series A is $ 2 5 ,­
644,000; deduct $2,750,000 held in com pany's treasury; outstanding,
$22,894,000. Denom inations, c* $100, $500 and $1,000: r* $1,000, $5,000,
$10,000 and authorized m ultiples. A pplication will bo m ade to list these
bonds on the N . Y . Stock Exchango. Guaranty Trust C o. o f N . Y ., cor­
porate trustee. T h e syndicate allotm ents were m aterially reduced duo to
oversubscription.
Ca&taFstock—
mAOAt^trnnS M
l f eo f S ta te m e n t b y C h a irm a n S. D avies W a r fie ld , D ec. 6 1915.
D ig est
(Com pare map on page 116 o f “ Railway and Industrial S ection .")
Preferred 5% stock..........................
2,033.400
2,033.400
S e c u r i t y .— These bonds are secured b y a m ortgage upon about 416 miles
6 % cumulative preferred stock----------------y25,000,000
6,171.600
x An additional SI ,957,000 capital stock is reserved for the conversion o f railroad, including the line extending from H am let, N . O ., to Charles­
ton, S. C ., other lines in South Carolina and a lino under construction,
of the SI ,957,000 Convertible 5% gold debentures of 1919y Of the authorized 6% cum. pref. stock, $2.033,400 ispreserved to be o f about 86 miles, from Charleston to Savannah, G a. D efinite provision
exchanged for outstanding preferred 5% stock, and S9.795,000 for tho con­ has boon m ade to retire all prior m ortgages on this mileage, so that this new
version of the Convertible 5% gold debentures of 1912; the remainder, m ortgage will prom ptly becom e a first lion thereon. T h ey are further socured b y pledge o f certain securities, including $22,361,000 Refunding
$7,000,000, unissued, is reserved for future general corporate purposes.
Income Account of the Philadelphia Co. for Six Months ended Sept. 30 1915. M ortgago 4 % bonds (being a m ajority o f those outstanding), including
Gross earnings. S461,360; net, after oper. exp. and taxes------$198,784 the portion pledged under the 5 % notes, which are due and will be paid o ff
on M arch 1 1916 (see b e lo w ). Theso Refunding M ortgago bonds are a first
Other income: Allegheny Heating Co., $53,280; Duquesno Lt.
Cm, $6327292; other dfvs., $50,634; int. on bonds. $63,375.—
799,581 lien on about 230 miles and a general lien, subjoct to $49,830,000 bonds,
on about 2,817 miles o f railroad, being prior in lien to the $25,000,000 A d ­
Int. & (lisct., $240,725; rentals from lease of plant, &c.,
$1,134,431.........
1,375,156 justm ent M ortgago (income) bonds.
P u r p o s e s t o W h i c h T h e s e $25,644,000 S e r i e s A B o n d s H a v e B e e n o r A r e t o B e

P h ila d e lp h ia C o m p a n y , P it t s b u r g h .—

New Stock.—

The N. Y. Stock Exchange has authorized the listing of an additional
$1,400,000 common stock whenever issued and paid for in full, making the
total amount listed $39,900,000. The stock in question has been sold for
general purposes, the notes for the conversion of which it was reserved hav-

Total income.---------------------------------------------------------------- $2,373>521
Deduct; Interest on bonds, &c_____________________________ $969,503
Rents, &c., $10,881; interest & discount, $130,973--------------141,854
Improvements, &c., on new producing gas wells, $20,122, and
_____
on oil wells, $106............................................. - ....................
20,229

Balance, surplus, for 6months____________________________ $1,241,936
—Y. 101, p. 1465. 1273.
P i t t s b u r g h & S h a w m u t R R .—

Investigation.—

See Pittsburgh Shawmut Sc Northern RR. below, and compare V. 98,
p. 1538.

S h a w m u t & N o r t h e r n R a ilr o a d .— Expert
T h e com m ittee n am ed below has om ployed
W . H . C overdale o f N . Y . as engineer to investigate on w hat
basis, if a t all, th ey should undertake to reorganize the com ­
p a n y , and also to consider whether tho long-contem plated
consolidation w ith tho allied Pittsburgh & Shaw m ut R R .
(V . 9 8 , p . 1538) should be consum m ated as part o f the plan.
P itts b u r g h

Investigation.—

Committee: Samuel Puller of Kissel, Kinnicutt & Co.; R. Walter Leigh
of Maitland, Coppell & Co.: Charles Sargent of Kidder, Peabody & Co.;
Theodore P. Shonts, Prank H. Davis and John Hubbard (acting Secretary).
— V. 101, p. 449, 213, 208.
P u b lic S erv ice C o r p . o f N . J .—

Turnpike Sold.—

The Bergen County Board of Freeholders on Nov. 22 voted to take over
tho Bergon Turnpiko, 7 Y miles long, between Hackensack and tho Hudson
County line, south of Fairview, thus doing away with tho four toll gates.
The Public Service Corporation, which of late years had owned control,
turns over the same to tho county for the sum of $1 and given a bond to
assure the payment of the $1,000,000 5% bonds sisued in 1901 (V. 73, p.
238) by tho Bergen Turnpike Co. See that company in page 71 of “ Elec­
tric Railway Section.”—V. 101, p. 1807, 1371.
R a p id T r a n s it in N e w Y o r k C it y .— Contracts.— T h e
P . S . Com m ission has recently awarded contracts as follow s:

(1) Tracklaying on tho extension of the Queensboro subway from its
present terminus at Jackson and Van Alst avenuos, in Queens, to the
Queensboro Bridgo Plaza; the elevated railroad from the Quoonsboro
Bridge Plaza northward to Ditmars Ave., Astoria, and tho elevated rail­
road from tho Queensboro Bridgo Plaza northeastorly to Corona, to the
Thomas Crimmins Contracting Co., the lowest bidders, for $204,89S.
(2) Second section of the now elevated railroad in Jamaica Avo., includ­
ing tho erection of tho steel work between Walnut St. and Cliffslde Avo.,
awarded to Connors Brothers Co., Inc., at $726,168, the lowest of seven
(3) All the steel work contracts of the Municipal Railway Corporation,
recently pending, including tho third-tracking of the Pulton St. elevated
line from Nostrand Avo. to the Brooklyn Bridgo; for tho Coney Island Term­
inal- for the East New York Torminal (to cost, it is said, nearly $3,000,000),
and for the Brighton Boach Lino from Church Ave. to Malbone St. Com­
pare Brooklyn Rapid Transit Co. in V. 101. p. 1369.
[The Commission rejected the bids submlttod for tho West Farms sub­
way connection, the Webster Ave. extension of the Third Ave. elevated
and tho connection at Eighth Ave. and 162d St., between tho Jerome Avo.
branch of tho Lexington Avo. subway and tho existing elevated linos, and
ordered that the contracts be submitted to public bidding.—V. 101, p.
1554, 1189, 1014.
R o c k I s la n d C o . (o f N . J .) .—

Status— Prospects.—

The Governing Committee of the N. Y. Stock Exchango on Dec. 1 voted
to serve notice on this denuded holding company that unless a transfer
office is established in N. Y. City within three months tho stock will be
stricken from the trading list.
The shares, both common and preferred, having recently shown some
life at between 1 and 2%, Director Amster was quoted as saying: "It is
too early to talk with definiteness regarding the means which may be em­
ployed to finance the Ch. R. I. & Pacific, but personally, I have never
heard the suggestion that tho holding company should be considered in the
reorganization. Rather I believe the feeling is general that the operating
company is well rid of the holding company. Speaking for myself, I be­
lieve it would be the height of folly to finance the property on any basis
except that presented by the present operating company. There is not a
dollar of value in the holding company shares, and it is unfortunate that
rumors to the contrary should be given credence.”—V. 101, p. 371.
R u t l a n d R R .— Decisions— Directors Free of Fraud , &c .—
Judge Charles H . H ou gh in the U . S . D istrict C ou rt on D e c . 7
handed dow n an opinion dismissing for lack o f evidence tho
suit brought b y m inority stockholders against certain direc­
tors for alleged m isapplication o f fu n d s. (V . 101, p . 2 1 3 .)

The Court of Appeals at Albany on Dec. 7 dismissed tho appeal of
Tompkins C. Delavan and other minority shareholders from tho decision
of Justice Gavegan dismissing the suit brought to prevent the N. Y. N. II.
& Hartford RR., as a competing lino, from securing control of tho property
because the Appellate Division had held that the complaint did not state
facts sufficient to constitute a cause of action.— V. 101, p. 1629, 695.
F r a n c is c o — O a k la n d T e r m in a l R a ilw a y s .— Cou­
F u n ds for the p aym en t o f tho July 2 1915 coupons
o f the $ 2 ,1 3 4 ,0 0 0 “ Oakland T raction C onsolidated” General
C onsol. M o rtg a g e 5 % bonds due Jan. 2 1933 have been
deposited w ith the W e lls Fargo N e v a d a N a t . B a n k , San
F r a n ., a n d the N a t . P ark B a n k , N . Y . C ity .
A San
Francisco paper says:
San

pons.—

Those holding bonds of this system who have not yet cashed their coupons
are advised that funds for the payment of all matured coupons are now on
deposit with the regular paying agents of the company, except tho Oakland
Traction Co. General Consolidated 5s [$3,177,000 5s of 1907 duo Jan. 18
1935] and San Francisco Oakland & San Jose Consolidated General Con­
solidated 5s [$1,587,0005s of 1908 due May 19 1938). Tho company will
continue the accumulation of funds available for interest by dall / deposits
as heretofore. Compare V. 101, p. 1372, 1886.
S e a b o a r d A ir L in e R y .— New Bonds Offered.— T h e
G u aran ty T ru st C o . and the N ation a l C ity B a n k , both o f N .
Y . , are offering a t 9 9 a nd in t. the initial block of
$ 1 4 ,5 0 0 ,0 0 0 First and Consolidated M o rtg a g e gold bond s,
Series A , 6 % , dated S ep t. 1 1915 and due S e p t. 1 19 45 , but
redeem able as a w hole, or in lots o f n ot less than $ 1 ,0 0 0 ,0 0 0 ,
a t 107
and interest on a n y interest date after GO d a y s’
notice.
I n t . M . & S . See a d v . on another page.




Charleston-Savannah line, retirem ent o f
’900 u % n?Jes due M arch 1 1916, purchase o f $ 1 ,700,­
000 Refunding M ortgago bonds (part o f the $22,361,000
bonds pledged under tho m ortgago), retirement o f equipment
and other obligations, for im provem ents, acquisitions, & c. .817,169,000
Retirem ent o f an equal am ount o f various issues o f 1st M 0 %
bonds o f Carolina A tlantic & W estern R y
.
5 725 000
For treasury, being reimbursement for bottormonts "and" Ini’- ' ’
’
provem ents prior to date o f m ortgage____ ________ __________
2,750,000
R e s t r i c t i o n s . — A pproxim ately $75,453,000 o f tho remaining b o n d s ’ are
reserved for refunding practically tho entire debt o f tho system (except
A djustm ent M ortgage b on d s), and the balanco is rosorvod for improvem ents
additions and extensions m ade after Juno 30 1915, refunding or paym ent
or liens on after-acquired property and retirement o f equipment obliga­
tions, all under careful restrictions in the m ortgage. For additions bet­
terments, & c., on linos subject to the Refunding M ortgago, tho now bonds
will, until thoy becom o a direct m ortgage lien on said lines, bo available
fo r such purpose only upon pledge with the trusteo o f an am ount o f addi­
tional Refunding bonds which, at thoir fair markot value, shall equal
said expenditures. When all Refunding bonds so Issuablo liavo boen
pledged under tho now m ortgago, then bonds secured b y tho m ortgage
m ay be issued for further betterments, im provem ents, & c., up to tho face
am ount o f all Refunding bonds then deposited under tho m ortgago. less
t h o $22,361,000 now pledged (see a bov e), and less also tho face amount
o f new bonds issued in respect o f tho deposit o f Refunding bonds under
tho refunding provisions o f t ie now m ortgage All amounts o f Refunding
4 % bonds hereafter issued or acquired will bo pledged under the new
m ortgago, thus giving to those now bonds an ever-fneroasing equity in tho
m iloago covered thereby, prior to tho Adjustm ent M ortgage bonds.
The miloago upon which those bonds are to bo sosurod b y a first m ortgago includes tho new througn low-grado main lino from Hamlet, N . C .,
via Charleston, S. C ., to Savannah, G a ., which in effect provides tho sys, a* ° ~ 5 S track betwoon Hamlet and Savannah. T ho now lino
via Charleston will have a ruling grade o f 0 .3 % between Savannah and
Charleston and 0 .5 % between Charleston and llam lot, as com pared with
the ruling grado on tho other main line, via C olum bia, equal to 1 .5 % beand Savannah. This will make possiblo an increase o f
127.5% in the train-load between theso points, resulting in large savings
in operating costs, as well as enabling us to roach a territory that will alone
originate sufficient traffic to justify tho acquisition o f this lino. Tho freight
terminals at Charleston on which thoso bonds are to havo a first lion are
adm irably located and are adequate to take care o f largely-increased busi­
ness. M ain lines o f the Seaboard roach tho capitals o f oach o f tho six
States it traverses.
T he outstanding m ortgago d eb t (excluding A djustm ent bonds) after
giving effect to the present issue will bo at the rato o f $27,413 per milo or
road ow ned.
E a r n i n g s f o r Y e a r s E n d i n g J u n e 30 (.N o t I n c l u d i n g t h e N e w L i n e s o n W h i c h
T h ese

B onds A r e
G ross

a

F ir s t L ie n ).
In co m e
* In te rest,

B a la n ce,

Rerenuc.
(a fte r T a x .). R e n ta ls ,A c .
S u r p lu s .
1915...........
$21,280,463
$5,720,623 $4,128,991 $1,591,632
1 9 }4 .................. - ............ - 25,291,757
7,259,999
4,335,783
2.924,216
1913..................................... 24,527,865
7,040,002
4,054,148
2,985,854
1910...............
20,068,772
6,257,953
3,690,268
2,567,685
1909 - 17,634.496
4.819.570
4.383,435
436,135
♦ E xclusive o f interest on A djustm ent (incom e) bonds.
T he increase in interest charges for the year 1916 ovor the com bined
fixed interest charges o f the consolidating com panies in 1915 is estimated
at only $229,000 (offset in part b y resulting econ om ies), since tho present
Issue is to be used for refunding, construction and other purposes, as out­
lined above, during the ensuing year.
In view o f the effect o f tho European war upon co tto n , lum ber, fertilizer
and other Southern exports and im ports, the gross incom o for tho fiscal
year 1915 was greater than m ight havo been expectod. For tho 4 m onths
ended O ct. 31 1915, incom e available for Interest and other chargos shows
an increase o f over 14% as com pared with tho corresponding period in 1914.
T he revenue per mile increased from $5,891 In 1909 to $8,200 in 1914, or
abou t 4 0 % . with an increase in the operatod mileage o f only 3 % . In tho
same interval tho numbor o f ton-m iles increased 4 4 .4 % , while tno freighttrain miles increased only 1 3 .1 % , traffic donslty incroasod about 40% and
freight-train loan increased from 206 tons to 263 tons, or abou t 2 7 % .
A s a result o f thoso favorable factors, tho freight rovonuo per train-mile
increased from $2 30 in 1909 to $2 89 in 1914.
V
T ho So aboard servos a liighly-productivo cot on section from which large
revenues are derived, but the diversity o f tho agricultural products along
its lines makes the system loss dependent upon rovonuos from this source
than is generally supposed. On the linos o f tho com pany and its various
dependent connections there are 234 cotton mills, estimated to represent
4 4% o f tho total spindles and 3 9.5 % o f tho total loom s operated In tho en­
tire South. Our facilities for handling Import and export traffic are un­
surpassed in the South. (C om pare plan, now consum m ated, V. 101. n.
528, 1189, 1273.)— V . 101, p. 1886. 1808.

S o u t h e r n P a c ific R R . —Operations

Resumed.—

This com pany announced on D o c. 8 that passenger and freight sorvico
had been resumed in connection with tho N ational Railways o f M exico to
M ex ico C ity , & c., via Eagle Bass and Saltillo.— V . 101, p. 528.

T o r o n t o R a il w a y .— Gold Notes.— W m . A . Road & C o .,
N e w Y o r k , & c ., recently purchased and liavo sold on a
A% % basis, $ 7 5 0 ,0 0 0 6 % gold notos of 19 14 , duo $ 5 0 0 ,­
0 0 0 D e c . 1 19 16 , and on a 5 V2% basis $ 2 5 0 ,0 0 0 D o c. 1
19 17 , b u t redeem able a t 1 0 2 y2 and intorost on a n y interost
date on 3 0 d a y s’ notice.
Principal and intorost (J. & D .)
payablo in N . Y . , T o ro n to , M o n trea l and L ondon.
D on o m . $ 1 ,0 0 0 (c ).
A circular says in substanco:
These notes are a direct obligation o f the T oron to Railw ay C o ., which
owns and operates 127 miles o f electric street railway iines in tho C ity o f
T oron to. T h oy are part o f an authorized issue limited to $2,000,000 and
are issued to refund a like amount due D oc. 1 1915, w hich, together with
$750,000 due in 1916, were originally issued in 1914 for financing extensions
and im provem ents o f tho business and properties o f tho T oron to Bower C o .,
L td ., which endorses them . T h o com pany covenants not to issue any
bonds or other funded debt while any or theso notes remain unpaid, w ith­
out applying the proccods to their redem ption (V . 99, p. 1675).
T h e com pany has outstanding capitalization: 1st M tgo. sinking fund
414% bonds o f 1921, $3,412,067; capital stock paid up (div. rato 8 % ) ,
$12,000,000. A 5 % annual sinking fund has already retired over $1,137,000
o f tho bonds and should retire $455,000 additional during life o f notes.
E a rn in g s, Showing Surplus over A l l C harges, W hich A verages A p p ro x im a tely
15 T im es the In terest on the N o tes.
Cal. Y ea r —
1914.
1913.
1912.
1911.
1910.

Grass earnings..$6,127,097 $6,049,019 $5,448,050 $4,851,541 $4,377,116
N et incom o_____ 1,450,160 1,829,619 1,639,452 1,375,947 1,412,448
Interest charges. 182,500
195,807
190,993
198,554
201,288
B a l .,su rp lu s..$1,267,660 $1,633,812 $1,448,459 $1,177,393 $1,211,160

dec.

THE CHRONICLE

11 1915.]

F or the 10 m onths ended O ct. 31 1915. the gross earnings were $4,656,350
and surplus over all charges S I,002,356. Dividends have been paid regu­
larly since 1898, present rate 8 % per annum.
Franchise expires Sept. 1 1921. In 1913 independent experts valued the
physical assets alone at about $10,000,000. C om pany controls all the capi­
tal stock o f the T oron to Power C o ., which owns the entire capital stock o f
the T oron to E lectric Light C o ., doing an electric light and power business
in T oron to and controlling a hydro-electric pow er plant at Niagara F a llsof
125.000 h. p. cap acity, with transmission linos to T oron to.— V . 101, p. 528.

T o r o n t o H a m ilt o n & B u ff a l o R y

— Guaranty, &c.—

See Canada Southern R y. abov e.— V . 101, p . 924, 528.

T r e n t o n B r is t o l & P h ila d e lp h ia S t r e e t R y .— Plan for
Distribution of ls f M . Bonds and Capital Stock.— T h e bond­
holders’ protective com m ittee as o f P h ila ., D e c . 1, say in su b .:
Y ou r com m ittee has concluded that the tim e has arrived to distribute
the securities o f tlio com pany am ong the holders o f certificates o f deposit
representing bonds o f the prodecassor com pany. In August 1909 tho prop­
erty and franchises o f the Phila. Bristol & Trenton St. R y . C o. were pur­
chased at public sale for tho bondholders’ com m ittee. The com m ittee
then organized tho Trenton Bristol & Philadelphia St. R y . C o ., which took
over the p roperty, the members o f the com m ittee, with one or tw o excep­
tions, being tho directors. Extensive repairs were necessary to keep the
road going, and as tho com pany had little or no credit o f its own it was
necessary to use all o f the earnings for upkeep, now construction ana per­
m anent im provem ents. During tho past fivo years the roadbed has been
largely rebuilt with new ties and rail, tho overhead line overhauled and
addition to power house built and now engine and generator instauea.
Practically ovory bridgo has been rebuilt, either b y the com pany alone or
in conjunction with tho public authorities. T he break in the line at the
B orough o f Bristol which required the operation o f tw o separate lines was
connected about tw o years ago, and has resulted in increased traffic and a
decrease in operating expenses. The co. now owns 9 cars o f approved typ e.
In Octobor 1911 a striko o f all the em ployees, lasted about three m onths,
but was ultim ately satisfactorily settled. The earnings for the five years
how ever, show gratifying results.
. . . . ____ ,
nnn
W hon the present com pany acquired the ]property it. Issued_ $350,000
notes to the com m ittee, to bo later refunded b y bonds. On M arch 11413
an issuo o f $750,000 1st M . bonds having been aiR hon zed, $406,000 bonds
wore issued in tornoorary form to tho com m ittee, to refund the abovem entioned notes, together with $56,000
Iifm itho
Tan 1 iq it
T he comDany further issued its note for $4,200 to refund the
l n t e r i t o n the $ 3 5 0 . o X f notes from Jan 1 1913 to M arch 1 1913
Since
that dato no interest has been paid on the bonds or note, the earnings being
required for im provem ents, but tho interest has sim ply been carried on the
com p a n y’s books as a liability. It is proposed now to cancel this liability,
exchange the $406,000 tem porary bonds for permanent engraved bonds, and
issuo $4 800 additional bonds to refund the above-m entioned note and a c­
crued Interest to M arch 1 1915. This will give your com m ittee $410,800
1st M bonds for distribution am ong the holders o f certificates o f deposit.
T ho now bonds will bo in denom inations o f $1,000, $500 and $100, and bear
the semi-annual cou pon , due Sept. 1 1915. Funds to m eet this coupon
are now on deposit with tho Union Trust C o. o f M arylan d. Baltimore.
T he present stock is $325,000 in $50 shares. N early $90,000 o f earnings
havo been spent for now construction and permanent im provem ents. It is
proposod to incroaso tho authorized stock to $500,000 and to forthw ith
issuo $85,800 o f additional stock to capitalize a like am ount expended for
permanent im provem ents. This will give your com m ittee $410,800 o f
stock for distribution am ong the holders o f certificates o f deposit.
There are outstanding $632,000 certificates o f deposit. The foregoing
plan o f distribution will entitle the holder o f each $ 1,0 0 0 face am ount o f
certificates o f deposit to receive $650 in 1st M . bonds and $650 in stock o f
tho present com pany. T ho now securities will be exchanged for the certifi­
cates o f deposit on tho said basis at the Union Trust C o. o f M aryland,
„
Baltim ore, on and after D ec. 15 1915.
_
.
, .......
Com m ittee: John R edw ood, Grier Horsh, Samuel C . R ow land, W ilbur F .
Sadler Jr., Carl N . M artin, W illiam A . H ouse, Charles T . Crane and R o b ­
ert T ola n d .— V . 100, p . 1594.

U t a h S e c u r itie s C o r p o r a t io n .—

Proposals for Notes.—

T he com pany having sold $3,000,000 1st prof, stock o f tho Utah Power
& L t. C o. (see “ Industrials” b elow ), has deposited $3,000,000 cash with the
Guaranty Trust C o. o f N . Y . for tho retirement o f 10-year 6 % gold notes,
tenders o f which will be received at not exceeding 1 0 1 and int. at said trust
com pany until noon D ec. 2 2 . T he tenders in tho case o f tho $1,000,000
cash recently deposited, it is stated, ran as high as 9314 and int.
See Utah Power & Light C o . under “ Industrials” below . — V .101, p
1812. 1556.

W a b a s h R a ilw a y .— New Securities Ready on or About
1 5 .— T in s now Indiana corporation having taken o ver
tho property, follow ing foreclosure sale (per plan in V . 100.
p . 1599, 1594, 1 5 1 1 ), notice is given th at the new securities
will bo roady for dolivory on or abou t D e c . 15 1915 to hold­
ers o f certificates o f deposit representing preferred and com ­
m on stock of tho old W a b a sh R R . C o ., who have m ade the
paym en t roquired o f thorn under the plan, and also to hold­
ers o f certificates o f doposit representing First R efunding
and Extensions M ortg ag e bonds w ho have discharged their
underwriting obligations in fu ll. A n a d v . on another page
says in substance:

Dec.

In order to facilitate the delivery o f tho new securities, holders o f certifi­
cates o f doposit m ay surrender tho same at tho E quitable Trust C o ., 27
Wall St... N . Y . C ity , at any tim e after the date o f this notice, and deliver­
ies o f said new securities will be made on or about D oc. 15 1915. Holders
o f full-paid certificates o f doposit representing First R efunding and Exten­
sions M ortgage bonds will also then receive, if not already advanced, the
sum o f $24 75 in cash, being tho am ount o f the coupon from said bonds duo
Jan. 1 1912, including interest thereon to D ec. 15 1915 at the rate o f 6 %
per annum. Holders o f certificates o f deposit representing bonds who have
only paid 1 0 % o f their underwriting will not bo entitled to receive said new
securities until they havo discharged the full am ount o f their deferred p ay­
m ents within tho tim e heretofore fixed.— V . 101, p. 1887. 1552.
W e lls v illo & B u f f a l o R R .— Successor Company.— T his
com p an y w as incorporated a t A lb a n y on D e c . 10 with
$ 8 5 0 ,0 0 0 of authorized capital stock as successor, no d ou bt,
o f tho Buffalo & Susquehanna Railway, it being authorized
to operato tho 85-m ile line from W ellsvillo [to B lasdell,
w ith trackage] into B u ffa lo , b y either stea m , gasoline or
electricity.

1-75

Babb, Vico-Pres. Allis-Chalmers Mfg. Co., Milwaukee; Schuyler C. Hubbell. South Bend, Ind., with Pam & Hurd, Chicago, as counsel, and II. H.
Phillips, 209 South La Salle St., Chicago, as Secretary. Compare plan,
V. 101, p. 1093, 1190.
W i s c o n s i n & N o r t h e r n R R .— New

Line .—

This company has just completed 30 miles of additional lino between
Van Ostrand, Wis., and Cranaon, Wis., connecting the two parts of road
heretofore shown as the Shawano district and the Crandon dist.—V.86,p.l09
IN D U S T R IA L ,

GAS

AND

A llis -C h a lm e r s M fg . C o .—

M IS C E L L A N E O U S .

Initial Dividend.—

A dividend o f W i %
has been declared for the quarter ending D oc. 31
1915 on tho $16,422,500 outstanding p ref. stock, along with 1 H % on a c­
count o f accum ulations (which am ount to 1 4 M % ) , payable Jan. 15 to
holders o f record D ec. 31. This is tho first paym ent since 1913, when the
com pany was reincorporated.— V . 1 0 1 , p . 1554, 450.

A m e r ic a n C h ic le C o .— Dividend Status.— T h e follow ing
from tho “ W a ll Street Journal” is understood to be substan­
tially correct:
The directors will meet the latter part o f the m onth for action on the
com m on dividend. W hile nothing can be learned regarding its future
dividend policy, it seems likely that the rate m aintained in recent years
will not be continued. Taxes on b oth the raw material entering into its
product and the finished product itself have affected earnings o f the co m ­
pany. T ho M exican G overnm ent’s tax on chicle gum hits the source o f
supply, while tho im port tax into the United States o f 10% adds to the cost
o f the gum here. But m ore than either o f these, profits are affected by
the war revenue tax o f 4 cents a box on the m anufactured gum. As the
com pany sells a box o f gum for about 50 cents, tnis tax amounts to 8 % on
its gross output.
In tho past tho com pany has been in the habit o f paying m onthly d ivi­
dends o f 1 % , with extra dividends at different times during the year. For
several years distributions on the com m on have been at the rate o f 18%
a year, while 2 0% was disbursed in 1914. T o Septem ber this year a total
o f \ l Y t % was distributed, and at that tim e the directors announced their
intention o f m aking the declarations quarterly instead o f m onthly. There
seems to be no reason to fear the reduction o f the preferred dividend, as,
although earnings havo been affected b y the causes referred to , those close
to the com p any’s affairs say that profits are well above the am ount required
to m eet the preferred paym ents. C om pare V . 101, p . 1015.

A m e r ic a n

G as

C o .,

P h ila d e lp h ia .—

Sale of Bonds.—

Soe R ock ford Gas Light & C oke C o. below .— V . 101, p. 1191.

A m e r ic a n I n t e r n a t i o n a l C o r p o r a t io n .—
See editorial pages and V . 101, p. 1857, 1762.

A m e r ic a n I r o n & S te e l M fg . C o .—

New Enterprise

Com. Div. Resumed.—

A dividend o f I X % has been declared on the $2,550,000 com m on sto ck ,
payable Jan. 31 to holders o f record D ec. 18. This is the first paym ent
since last M a rch , when a like am ount was paid. See V . 100, p . 2012.

A m e r ic a n M a lt in g C o ., N . Y . — Stock Reduction.— T h e
shareholders will v ote D e c . 13 on reducing the authorized
preferred stock from $ 1 5 ,0 0 0 ,0 0 0 to $ 9 ,0 0 0 ,0 0 0 and the com ­
m on from $ 1 5 ,0 0 0 ,0 0 0 to $ 6 ,0 0 0 ,0 0 0 , w ith a v iew , it is sup­
posed , o f doing a w ay w ith the A m erican M a lt Corporation,
which is the holding com p an y , b y an exchange o f stock of
the sam e class, dollar for dollar.
m o u n ts

of

P resen t
S to c k .

S lo c k

--------- A m
A u th .

I s s u e d — A m o u n t o f A m e r ic a n M a ltin g
A m e r ic a n M a lt C o r p o r a tio n .
e r ic a n M a ltin g
Issu ed .

C o.

O w n ed

by

C o . ------------------ A m e r i c a n M a l t C o r p .
O w n ed .
A u th .
Issu ed .
U n is s ’d .

S
S
S
S
S
S
C om m on .15,000,000 13,400,000 13,082,400 6,000,000 5,756,256 243,744
P referred . 15,000,000 14,440,000 14,265.000 9,000,000 8.844,300 155,700

T h e “ N e w Y o r k Sun” on D e c . 5 said:
A fter tho cutting o ff o f the supply o f German beers from the w orld m ar­
kets when tho war began, the business o f the com pany showed a substantial
increase. T he com pany has sent large consignments o f m alt to Central
and South Am erica, England and South A frica. I f has been estim ated
that the com p a n y’s business shows an increase o f 3 0 % over last year.
C om pare V. 101, p . 1368, 1630, 1888.

A m e r ic a n S h ip b u ild in g C o .— President .— President E d "
ward Sm ith died on D e c . 5 after a brief illness.
On D ec. 10 M . E . Farr, o f D etroit, was elected President, and O . J.
Fish, Sec. & Treas., was made Vice-President to succeed M r. Farr. Four
vacancies on the board wore filled as follows: K ellogg Fairbanks and
Charles L. Strobel, o f Chicago; M . D elano, o f N ew Y ork , and A . G . Sm ith,
o f Cleveland.— V . 101, p . 1462, 127.

A m e r ic a n T e le p h o n e & T e le g r a p h C o .— Relations with
and Obligations toward Wireless Communication.— A n article
on this subject b y President Theodore N . V a il has been
printed in pam phlet fo rm .
M r . V ail says:
Wireless telephony can be com pared to an attem pt to carry on all tele­
phone exchange business over one great conductior connecting every on e,
and over which all telegraph, all artificial electrical disturbance caused b y
transmission or power lines, and all the natural electrical disturba ces were
in full play at the same tim e. These are the conditions that govern ra d io­
graph a ctiv ity and limit its p ossibilities There are, how ever, uses, m any
and im portant. Distant com m unication will be possible som e o f the tim e.
Short-distance com m unication will be possible sufficiently for com m uni­
cation with isolated places or things not otherwise to bo reached.
Our com pany will, so soon as the necessary construction and equipm ent
can be assembled, extend the universality o f its system b y wireless stations
at solectod points on the C oast so located as to enable persons and places
not .able to be connected in any other w ay to maintain com m unication with
tho world through tho Bell System. So far nothing in the way o f actual
public com m unication has been done in wireless telephony except through
tho instrumentalities o f this com pany, and the probable future o f what can
be done is subject to the conditions outlined in this article.— V . 101,
p . 1715, 1630.

A n s c o C o ., B i n g h a m t o n , N . Y . — 2 %

Extra Dividend.—

An extra dividend o f 2 % has been declared on the stock, in addition to
the regular quarterly 2 ' A % , both payable D ec. 27 to holders o f record
D ec. 10.— V . 99, p. 1530.

A u t o c a r C o ., A r d m o r e , P a .—

Stock Increased— Directors.

T he directors includo Charles A . Finnegan o f Depew . N . Y .; Abraham
W eber o f Louisvillo, ivy ., and Thoodoro Hofelier o f B uffalo, to whom the
bondholders’ com niittoo o f tho B uffalo & Susquehanna were recently re­
ported to havo sold tho property for $800,000. T he com pany has track­
age rights only from Blasdell into B uffalo, 4
miles, but owns 2,000 ft. o f
dock fron t and about 22 acres on the lake front.

T he com pany has increased the authorized capital stock from $1,000,000
to $2,000,000 to take care o f its rapidly increasing business. James S.
Austin and Frank C . Lewin, A sst. Sec. & T reas., have been added to the
board, making seven in all.

W i n o n a I n t e r u r b a n R y ., W a r s a w , I n d .— Deposit of
Bonds.— T h e protective com m ittee nam ed below invites
deposits of the $ 7 5 0 ,0 0 0 20-y ea r 1st M . 5 % gold bonds,
datod July 1 1905, on or before Jan . 15, w ith the Central
T ru st C o . o f Illinois, C h icago, as depositary under deposit
agreem ent datod D eo . 4 1 9 15 . A n advertisem ent says:

Notes.—

D efault having been mado as to tho interest duo O ct. 1 1915 on the
1S1 593 7001 Peru Division bonds, and officers o f tho com pany having
statod to holders o f tho [$750,000] 20-year 5 % 1st M . gold bonds o f 1905
that default will bo made as to tho interest duo thereon Jan. 1 1916, and the
railway boing unable to earn its interest and other fixed charges, tho holders
o f a largo number o f tho 1st M . 5s o f 1905, secured upon the Goshen D iv i­
sion, havo requested the undersigned to act as a com m ittee for tho protec­
tion o f their interests and o f tho property.
Com niittoo: J. D . M ortim er, Pres. N orth Am erican C o ., N . \ ..C h a ir ­
man; Simon J. Straus, Pres. Tho Straus Bros. C o ., Ligonier, Ind.; M ax W .




A r u n d e l S a n d & G ra v e l C o ., B a ltim o r e .— Convertible
T h e F id elity T ru st C o . of B altim ore, the trustee
for tho issuo, offered and sold in a few hours on N o v . 23 at
par and in t. $ 5 5 0 ,0 0 0 10-year 1st M . 6 % convertible gold
n otes, dated D e e . 1 1915 and due D e c . 1 19 25 .
D igest o f L e tte r fro m P re s id e n t F ra n k A. F u r s t , N ov. 25 1915.
N o t e s . —-Part o f an authorized issue o f $750,000, o f which $200,000 w ill
be held in tho treasury to be issued for betterm ents and im provem ents at
80% o f tho cost o f same, and only when earnings are equal to three tim es
interest upon notes outstanding. Dated Dec. 1 1915, due D e c. 1 1925.
C oupon form ; denom inations $1,000, $500 and $100. Interest p a ya b le
J. & D . Convertible at option o f holder at any tim e into com m on stock
at par. Callable at 105 and int. at any interest period on 60 d a y s ’ n otice.
W ill be a first and only m ortgage upon the entire property, p lan t, eq u ip ­
m ent, rights and franchises, with an appraised valuation o f $1,800,000, as
well as upon after acquired property, real or personal (including the p rop ­
erty under option o f purchase from the Frank A . Furst R e a lty C o .), but
subject to any restrictions in the deeds o f said property to the realty co .

1976

THE CHRONICLE

C a p ita liz a tio n a fte r P r o p o s e d I n c r e a s e —
A u th o r iz e d . O u ts ta n d in g •
C om m on stock (4 5,0 00 shares, p a r $ 50 ).....................**2,250,000 S I .500,000
N on-cum ulative pref. 7 % stock (10,000 sti., par.jlOO) 1,000,000
1 .OOO.OOO
Ten-year 1st M . 6 % gold notes, D ec. 1 1925---------750,000
550,000
*$750,000 o f com m on stock reserved in the treasury against con version
o f 6 % notes, due D ec. 1 1925.
T he plan provides for the retirem ent o f the existing 1st M . 6 % bonds,
[at 105 and int.) and the purchase o f abou t 450 acres o f valuable w ater
front p roperty, believed to be o f enhancing value, necessary for our op er­
ations. The com pany is free from floating d eb t, and will have am ple
working capital. F or the past 12 m onths it has earned m ore than 8 times
the interest charg s pon these bonds. C om pare V . 96, p . 489; V . 97, p .888‘

B e r g e n (N . J .) T u r n p ik e C o .—

Sale to County.—

See Public Service C orp . o f N . J . a b ov e.— V . 73, p . 238.

B o o t h F is h e r ie s C o ., C h ic a g o .—

Purchase.—

T he com pany has purchased the plant o f the Mississippi V alley W are­
house C o . o f St. Louis. T he new operating com pany will be know n as
“ B ooth -St. Louis C old Storage C o . , ’1 and will have 2,000,000 cu . ft . o f
cold storage cap acity and 750,000 cu. ft. o f dry storage, which can easily
be changed into cold storage space at some future date. T he plant will
be fully equipped and ready for operation b y April 1 1916, w ith loadin g and
unloading facilities for between 15 and 20 cars at one tim e.— V . 101, p .
1191, 616.

B u s h T e r m in a l C o .—

Common Stock Listed .—

T he N . Y . Stock Exchange has listed the $5,000,000 com m on stock.
T here is also outstanding $2,300,000 6 % pref. stock.

Earnings.—

R esu lts for 8 m on th s ended A u g . 31 1915:

T otal gross earnings, &CN et earns, after t a x e s ..
D e d u c t — Int. b ond, d ebt
Interest on loans-------Sinking fu n d ..............

B. T . C o . B . T . B l g . C o . B . T . H R .
T o ta l.
$656,908
■ $25,026 $1,775,993
$1,094,059
$431,786 d ef.$52,302 $1,230,307
$850,823
$231,472
$534,732
$303,260
7,532
10.944
18,476
---------______
71,448
50,875
20,573 _______________________________________

Balance, surplus____sur.$526,990sur. $141,907 d ef .$63,246sur.$605,651
— V . 101, p. 49.

B u t t e & S u p e r io r C o p p e r C o ., L t d .— $ 7 5 0

Extra.—

In addition to the regular quarterly dividend o f 75 cts. a share ( 7 A % ) ,
the rate in effect since June 1914, an extra disbursement o f $7 50 a share
(7 5 % ) has been declared, both payable D ec. 31 to holders o f record D ec. 16.
In Sept. 1915 $5 (5 0 % ) and in June $2 50 (2 5 % ) extra was p a id — V . 101,
p. 848 . 530.

C a lu m e t & A r iz o n a M in in g C o .—

Dividend Increased.—

A quarterly dividend o f $1 25 has been declared on the stock, payable
D ec. 20 to holders o f record D ec. 10. This com pares with $1 in Sept, and
50 cts. in M arch and June last. T he Superior & Pittsburgh C o ., m ost o f
whoso stock is ow ned, has declared a dividend o f 38 cts. per share, payable
D ec. 20 to holders o f record D ec. 10.
D iv id e n d R e c o r d o f C a lu m e t A A r iz o n a ( D o lla r s p e r S h a r e ) .

1903. 1904. 1905. 1906. 1907. 1 9 0 8 -li. 1912.
$2 00 $ 6 50 $8 50 $13 00 $16 60 $4 y rly. $4 25
— V . 101, p . 215.

C a m b r ia S te e l C o .—

1913.
$3 75

1914.
$3 00

1915.
$3 25

Control, &c .—

T h e interests represented b y J. Leonard Replogle having acquired, it is
reported, a considerable additional amount o f the stock In the open m arket,
are understood to be seeking options on further amounts until Jan. 30 1916
at $80 per share, the stockholders to be given the privilege o f subscribing
for stock o f a proposed holding com pany to the extent o f 50% o f the value
o f their C am bria stock.
Talk o f a proposed merger o f large dimensions is
still rife, current talk connecting therewith Lackawanna Steel C o ., Buffalo;
N ew port News Shipbuilding C o ., N ewport News, V a.; Youngstown Sheet
& T u b e C o ., Y oungstow n, Ohio; Inland Steel C o . and Iroquois Steel C o .,
both located near C hicago.— V . 101, p . 1809, 1715.

C a n a d ia n C a r & F o u n d r y C o ., L t d .—

Stock.—

T he com pany has applied to the London Stock Exchange for authority
to list $725,000 additional com m on and $2,250,000 7 % cum . pref. stock,
m aking the total $4,225,000 and $7,250,000 listed, respectively, out o f
auth. am ounts o f $5,000,000 and $7,500,000. See V . 101, p. 1274, 1466.

C a n a d ia n W e s t e r n N a t u r a l G a s , L ig h t , H e a t & P o w e r
C o ., L t d .— Earnings .—

S e p t . 30.
Y ear—

G ross
M a in t. A
E a rn in g s.
E xp.

P r o p ’n o f D e p r c c ’n ,
D eb . In t.
A c.

D iv id e n d s
P a id .

B a la n c e ,
S ur. or D e f.

1 9 1 4 -1 5 .--$ 72 5 ,8 7 2 $169,679 $175,000 $147,252 (2)$160,000 sur.$73,941
1 9 L 3 -1 4 --. 757,091 140,228 175,000 204,410 (1) 80,000 sur.157,453
C a l g a r y G a s C o . , L t d .—
1914-15---$806,801 $753,947 $50,000 $49,923
d ef .$47,069
1 9 1 3 -1 4.-_ 825,806 772,386
50,000
65,228
def. 61,809
— V . 1 0 0 , p . 1081.

C a n a d ia n W e s t in g h o u s e C o ., L t d .—

Dividend Increased

A dividend o f 6 % has been declared on the $4,376,600 stock, payable
Jan. 10 to holders o f record D ec. 31. This com pares with 1% three and
six m onths ago and 1 3A % from A pril 1912 to Jan. 1915.— V . 100, p . 1170.

C a p ita l C it y G a s C o ., M o n tp e lie r , V t .—

Stock.—

T ho com pany has been authorized to increase its capital stock from
$50,000 to $100,000 (par $50) to provide for $46,500 outstanding notes
and supply w orking capital.

C erro de P a s c o C o p p e r C o r p o r a t io n , N . Y . —

Bonds.—

T he 10-year 6 % Convertible gold bonds, due N ov. 1 1925, are authori­
tatively described as follow s: A m ou nt authorized and issued, $10,000,000.
D ated N ov . 1 1915. D enom . $1,000. Interest M . & N . in N . Y . C ity
C onvertible after N ov. 1 1917 into stock o f the com pany at 30, i. e ., each
$1,000 bond becom es convertible into 33 1-3 shares o f stock. Callable,
in whole or in part, after N ov . 1 1917 at 105 upon 90 days’ notice, subject
to the conversion privilege, which m ay be exercised within the 90-day
period. Trustee, Colum bia Trust C o ., New Y ork. Sinking fund to retire
the bonds is one-third the net earnings after paying interest charges, with
a minimum o f $ 1,500,000 per annum . Should the stock sell at 35, the bonds
should sell at 116.66, ana if at 60 should bring 200. See also V. 101, p.
1467, 1716.

C h in o C o p p e r C o .—

Dividend Increased.—

A dividend o f $ 1 has been declared on the stock, payable D ec. 31 to hold ­
ers o f record D ec. 16. This com pares with 75c. Sept. last.— V . 101, p.
1630, 450.

C le v e la n d -C lif fs I r o n C o .—

Oversubscribed.—

The $1,050.000 collateral trust 6s described in V. 101, p. 1809, have been
largely oversubscribed b y the shareholders at par and int.— V. 101, p. 1888.

C o l t ’s P a t e n t F ire A r m s M fg . C o .— 1 0 %

Extra Dividend.

A n extra dividend o f 10% has been declared on the $2,500,000 stock in
addition to a regular quarterly distribution o f 2 H % . both payable D ec. .31
to holders o f record D ec. 15. Regular distributions at the rate o f 6 % p .a .
have been m ade for several years quar. Jan. 1.
In O ct. 2 % and in .July and
April 1915 2 A Vo extra disbursements were m ade, also in D ec. 1914; from
Jan. 1 1913 to Sept. 1914, 1% extra was disbursed quarterly, and in July
and Oct. 1912 'A o f 1 % .— V . 101, p. 925.

C o n s o lid a te d E le c tr ic C o .—
W ilso n is quoted as saying:

Guaranteed Bonds.—

E. W .

The Consolidated Electric C o. bonds are secured b y a first m ortgage on
the physical properties o f what were form erly Central Oakland Light &
Power C o ., Consum ers’ Light & Power C o ., Equitable Light & Power C o .,
South Side Light & Power C o. and Yerba Buena Station leaso. There
are $143,000 underlying bonds o f the Central Oakland Light & Power C o.
and $100,000 underlying bonds o f the Consumers’ Light & Power C o .
H owever, a similar number o f the bonds o f the new com pany has been set
aside to take them u p. In addition to the first m ortgage above referred to,
there is also a valuable 10-year contract to furnish power to the San Francisco-Oakland Terminal R ys.
T he new com pany is a going concern with good incom e, with good physi­
cal properties and with good prospects. In addition, these bonds are guar­
anteed by the Great Western Power C o ., both principal and interest, and
that com pany joined in the execution o f the trust deed. A sinking fund
will begin in 1920. Interest Is payable J. & D .— V . 101, p . 698, 52.




[Vol. 101

C o n s o lid a te d G a s E le c tr ic L i g h t & P o w e r C o ., B a l t i­
m o r e .— Notes Called— Stock Underwritten.— A ll the $ 2 ,5 0 0 ,­
0 0 0 5 % 2-y ea r C onvertible N o te s o f M a r c h 1915 have been
called for p aym ent a t par and interest on Jan. 7 a t Alexander
B row n & Sons, B altim ore.
See a d v . on another page.
Tho
right to convert these notes into com m on stock a t $1 1 5 a
share term inates on Jan. 3 .
A n underwriting syndicate com posed o f Alexander B row n & Sons o f B alti­
m ore, Jackson & Curtis o f B oston and A ldred & C o . o f N ew Y o rk , has been
form ed to take care o f the stock provided to m est the notes w hich m ay
n ot be taken by the noteholders.
Dividends at the rate o f 7% per annum are paid on the com m on s to ck ,
and it is understood that earnings available fo r dividends am ount to ap­
proxim ately 13% on the com m on stock.— V . 101, p . 1630, 1191.

C o r n P r o d u c ts R e f in in g C o .—

Suit Ends .—

The long-pending stockholders’ suit attacking tho merger o f 1906 with
xr6 9,orn I rotiucts C o . , S e e . , came to an end on D ec. 9 , when George F .
i i aTrd ;ng . w h ° ason e o f the original plaintiffs had appealed from the decision
o f Judge Geiger, dismissing the bill, agreed to accept the terms o f the plan.
Disposition o f this suit, it is stated, does not affect tho status o f the F edP™ !G overnm ent s suit, alleging violations o f the A nti-T rust laws, which
7S18?

M 4i.^996)<:— v f

<V- 9 6 ’ P '

C r a w fo r d L o c o m o tiv e & C a r C o ., S t r e a to r , 111.—

Sold.

T ho com pany s plant at Streator, 1 1 1 ., was sold at foreclosure sale on
N o v . 25 to Receiver J. E . Sanders and E. II. Bailey and II W Lukins
2
non L ‘ s,,sta^ d ' *95.000. H aving defaulted paym ent o f inter|s*i°a $300,000 bonds, the com pany was placed in receivership on Sept. 25

D e t r o it Ic e C o .— Guaranteed Bonds.— T h e T illotson
&
W o lc o tt C o . is offering a t par and in t. $ 1 9 0 ,0 0 0 1st M . 6 %
gold bond s, guaranteed principal and interest b y tho People’s
Ice C o . (V . 9 8 , p . 2 4 1 ) .
D en om in ation $ 1 ,0 0 0 .
Dated N o v . 1 1915, due $25,000 each N o v . 1 from 1916 to 1920 incl.,
but red. on any interest date at 102. Principal and interest (M . & N .)
payable at Security Trust C o ., D etroit, trustee. Tax-free in M ichigan.

Data fF?m P a,vld A- Brown, Pres. People’s Ice Co., Nov. 15 1915.

The D etroit Ice G o. was organized in 1915 in M ichigan to acquire tho
p roperty o f the M u rphy C old Storago C o ., D etroit. Its capital stock is
owned by the 1 eople s Ice C o ., which com pany has unconditionally guar­
anteed, by endorsement on each bond, tho principal and interest o f the
bonds. T h e property consists o f a modern four-story, steel and concrete,
stone-front building, fronting 110 ft. on Congress S t.. D etroit, with an
average depth o f 138 ft.; capacity 200 tons o f artificial ice a da y, which we
S S 2 2 * b e in g T o rth $7525000°nS- Investm ent over *300.000. the real estate
T he P eople’s Ice C o . is supplying about 60% o f the ice consum ed in
D etroit, operating over 225 wagons and serving 60,000 familes and business
houses. Our total producing capacity, o f both natural and artificial ice,
is over 200.000 tons per year. The com pany’s total assets on O ct. 1 1915
were $ !,0 3 3 ,1 9 2 , and its annual net earnings have increased from $64,175
in 1911 to $15 7 ,<5o last year. W e anticipate earnings in 1915 o f $175,000
(2 m onths estim ated). Securities outstanding, 1st M . bonds $.355 000
less retired $75,000, $280,000; capital s to c k f com m on, $389 360 pref
$ 1 0 0 ,00 0 , incl. $ 1 0 in treasury.
’ v
’

D e t r o it P r e sse d S te e l C o .— Pref. Stock.— G . G . C . F lin term ann, Philadelphia, is offering at 101 and divs. $ 2 5 0 ,0 0 0
7 % sinking fund cum ulative preferred (p. & d .) stock (par
$ 1 0 0 , dividends Q .-J .) , due in fu ll, w ithout option, Jan. 1
1931 a t par and divs. A circular shows:
A M ichigan corporation m anufacturing a miscellaneous line o f heavy
teel stampings fo r dom estic consum ption, wholly independent o f the war.
C a p ita liz a tio n .

,
A u th o r iz ed . I s su ed .
, _____
1st M . 6 % bonds, $8,000 due yearly beginning A pril 1
1916, balance A pril 1 1924........... ............................ .......... $75,000 $75,000
Preferred stock____________________ ______ _______________ 400,000 390,900
C om . stock, representing 100 cts. on the $, paid In ca sh --2 50 ,0 0 0 209,100
Beginning July 11916 there must be paid to tho Union Trust C o ., D etroit,
as sinking fund trustee, sums equal each year to 5 % o f the outstanding pref.
stock for redem ption o f same (If not purchasable b y tender) b y lot, or as a
whole, at the following prices: Prior to and on July 1 1923 at 105; year
1923-24 at 106; year 1924-25 at 107; year 1925-26 at 108; year 1926-27 at
109; July 2 1927 to D ec. 31 1930 at 110. All outstanding pref. stock must
be paid o ff, without option , Jan. 1 1931, at par and dividends. T he pref.
stock shall not bo increased beyond the authorized $400,000, nor its rights
altered; nor the bonded d ebt exceed $150,000 without the concurrence o f at
least two-thirds o f the pref. and com m on stock. In case o f 60 days' default
on the p ref. dividend the pref. stockholders have voting power until default is
cured. T he current assets must at all times equal 50% o f the pref. stock
outstanding. Fixed depreciation charge on building A o f 1% m onthly
and on equipment 1 % m onthly.
E a r n i n g s f o r 12 M o n t h s e n d i n g S e p t . 30 1915.
(A fter establishing reserves for bond Interest, patents and depreciation.)
Earnings available for pref. stock dividends, after a bove charges- .$130,788
D ividend requirement for year on entire $390,900 pref. stock
issued (o f which $250,000 is now offe re d )_______________ . . . . 27,363
S urplus----------------------------------------------------------------------------------------- $103,425
D irectors. -H. B . H oyt (President), V .-P rcs. Union Trust C o ., D otroit;
fe.’,Flinterm ann (Vice-President), Do W itt H . T a ylor. K . B . W h ite,
R . F. Flintermann, E . B . Caulkins. J. W alter D rake, Pros. H upp M otor
C ar C o ., all o f D etroit.

S’ y-

D o n n e r S te e l C o ., B u f f a l o .—

Successor Co.—

This com pany was incorporated under New York laws on D ec. 8 with a
capital o f $5,000.000. h alf o f which will be preferred and half com m on stock,
to take over the business and property o f the Now Y ork State Steel C o .,
B uffalo, N . Y . (V . 83, p . 1595), recently acquired b y W illiam H. Donner,
President o f the Cam bria Steel C o ., for $2,750,000 (V . 101, p. 1811). It
is said that $2,500,000 1st M . bonds willl also be authorized. It is thought
in somo quarters that M r. Donner Intends to develop this property and
leave the Cam bria Steel C o. to the new controlling interests. See that
com pany above.

E le c tr ic B o a t C o ., N . Y . —

Extra Dividend .—

See Submarine B oat C orp. below .— V . 101, p. 530, 451.

E q u it a b le I liu m . G a s L i g h t C o . o f P h i l a .— Bonds Called
— T w o hundred and sixty-four ($ 2 6 4 ,0 0 0 ) 1st M . bonds
dated F e b . 1 18 9 8 , for paym ent a t 105 and in t. on J an . 1
1916 a t N e w Y o rk T rust C o ., 2 6 Broad S t .
T ho num bers
will be found in our advertising colum ns.— V . 9 7 , p . 1736.
(H . H .) F r a n k lin M fg . C o ., S y r a c u s e , N . Y

.— Stock Inc.

T he stockholders were to voto D ec. 8 on increasing tho com pany’s com ­
mon capital stock from $1,500,000 to $2,600,000. T ho $130,450 outstand­
ing preferred stock was retired last July at S1 10 and dividends, so that all
preferred stock is now in tho treasury. T ho proceeds o f tho new s to c k .it
is said, will bo used for betterments, &c. T ho “ Syracuse P ost” says:
“ W ith its plant capacity m ore than doubled b y additions recently com pleted
or now in courso o f erection, tho com pany plans to produco approxim ately
10,000 autom obiles during the m anufacturing year beginning about July 1
1916, com pared with about 3,800 during the preceding twelve m onths.
During tho com ing calendar year 8,200 Franklin autom obiles are to bo
built, according to a definite schedule o f operations already prepared.”
— V . 100. p . 2089.

G r e a t W e s t e r n P o w e r C o .—

Guaranteed Bonds.—

See Consolidated Electric C o. abovo.— V. 101, p. 1888, 1555.

G u lf S t a te s S te e l C o .— Status— Stock.— Charles H . Jonos
& C o ., N e w Y o r k , specialists in this c om p an y ’s sharos, both

Dec. 11 1915.1

THE CHRONICLE

com m on and preferred, call attention b y advertisem ent on
another page to the com p an y’s im proving prospects, the
property being unbonded except for $ 2 8 9 ,0 0 0 1st 6s on its
ore deposits.
T h e firm say:
The company’s properties include blast furnaces, open-hearth steel plant,
blooming mill, rod mill, merchant mill, wire mills, machine shop, &c., at
Alabama City, Ala., and also coal mines at Altoona and Virginia, Ala.,
and iron ore mines at Shannon, Ala. Its products are barbed wire, gal­
vanized wire, wire fencing, bar steel, billets, rods and wire nails.
The capitalization embraces: ( a ) Capital stock issued <1) 7% cumu­
lative first preferred stock, $1,260,000: (2 ) 6 % non-cumulativo second
preferred stock, 53,107,069, and (3) common stock, $3,284,308; total,
$7,651,377, in $100 shares, all held in a voting trust expiring Dec. 1 1918.
(b )
Bonded debt, $289,000 Self Fluxing Ore & Iron Co. 1st M . 6 % bonds of
1913, duo Jan. 1 1943, covering the ore property only. There is no float­
ing debt, the above bond issue being the only debt.
The management is capable and conservative [the President being
James Bowron, formerly Vice-President and Treasurer of the Tennessee
Coal Iron & RR. Co.]. The earnings have been invested in improvements
in plants and properties in ways to insure increased future net earnings.
The net earnings for 1915 are in an amount sufficient to cover dividends
on all three classes of stock. Prospects for the future are exceedingly
bright. Additional new equipment insures augmented output. It is un­
derstood that the company is completely booked up with orders for a iong
time ahead and the indications are that net earnings for the coming year
will be at least double those at present. The first pref. stock has dividends
accumulated since Nov. 1 1913. The 2d pref. stock is convertible into
common, share for share, at the option o f the holder. See full particulars
in V. 101, p. 128. 776.
H e r c u le s P o w d e r C o .— 4 % Extra Common Dividend .—
An extra dividend of 4% has been declared on the $7,150,000 common
stock in addition to the rogular quarterly 2% , payable Dec. 24 to holders
of record Dec. 15.
— 1913— ----------- 1914----- --— ----------- 1915------------Dtp. R e c o r d —

S e p t. D e c .

M a r . J u n e . S e p t. D e c . M a r . J u n e . S e p t.

I K IK
R e g u la r ..............I K
E x tr a __________ ____ ___ —
— V. 101, p. 171, 1467.

IK
—

IK 3K
---- ----

2

--

2

-.

2

4

D ec.

2
4

H o m e s ta k e M in in g C o .— Extra Dividend .—
An extra dividend of $1 has been declared on the stock in addition to
(he regular monthly 65c., both payable Dec. 27 to holders of record Dec. 10.
The same amount was paid in Dec. 1913 and 1914.— V. 100, p. 1346.
H o u s t o n O il C o . o f T e x a s .— Called for Payment.—
One hundred and twenty Now Series Timber certificates issued under the
Kirby Lumber Co. contract dated Aug. 1 1911, will be paid on Feb. 1 1916
at par and int. at Maryland Trust C o., Baltimore, or the Chase National
Bank of New York.— V. 101, p. 1889, 1710.
H u p p M o to r C a r C o r p o r a t io n .— Plan Approved .—
The stockholders of the old company on Dec. 2 approved the plan of re­
financing under which the assets and business will bo transferred to this
corporation. The officers will remain tho same. See V. 101,p. 1810, 1717.
I n d ia n a L i g h t in g C o .— Change in Control.—
, c ,9 eist
Philadelphia has purchased control o f the company and
its subsidiary. General Service Co. Ho already was President and held
control of tho Northern Indiana Gas & Electric Co. (V. 95 n 484- V 98
p. 1541). Compare V. 95, p. 542.
’ v
'
'
’
I n g e r s o ll -R a n d C o ., N . Y . — Extra Common Dividend.—
An extra dividend of 10% has been declared on the $8,469,400 common
stock, payable Dec. 29 to holders o f record Dec. 17. The company has
boon paying 5% annually on Apr. 30 since 1910 and both in N ov. 1911 and
M ay 1913 paid 25% in stock.— V. 100, p. 1352.
I n t e r n a t i o n a l M e r c a n tile M a r in e C o .— Deposits.—
The pref. stockholders’ committee, James N. Wallace, Chairman,
announced on Dec. 6 that 343,994 shares (more than 6 6 % ) of pref. stock
had been deposited under agreement of Sept. 21 1915. The time for de­
posits expires on Jan. 3. See V. 101, p. 1889, 1811.
Notice to Common Shareholders.— T h e P latten com m ittee
gives notice th at an investigation o f the affairs o f the com ­
pany is now in progress, and in view o f the urgency of the
situation tho com m ittee urges th at holders im m ediately de­
posit their com m on shares w ith the U . S . M o rtg a g e & T rust
C o ., 5 5 Cedar S t ., N . \ ., as depositary. N o deposits will
bo accepted after D e c . 15 1915 except b y consent o f the
com m ittee and on such terms as it m a y im pose.
Com pare
V . 101, p . 1889, 1 8 11 , 1717.
I n t e r n a t i o n a l N ic k e l C o .— To Decrease Par .—
Tho stockholders will shortly bo asked to vote on decreasing the nar
value of the com. stock from $100 to $25 per share.— V. 101, p. 1473, 1462.
I n t e r n a t i o n a l S te a m P u m p C o .— Plan Upheld __
Judge Julius Mayer in the Federal Court, N . Y. Citv on Doc 9 con
firmed tho report of Special Master Abraham S. Gilbert as to the nronriotv
of the foreclosure suit, in effect upholding thereorganizationPrJq»n
mitteo.1' ^ 53V.’ lOL)paS17?7I.nSt ^ cr‘ ticisms ° f & p r e y e d ttock cP0 m[Business, it is said, continuas heavy, indirectly duo in nart no Honht to
p K - V i0 m i Up Uf88n9° atl(litlonal war orderysa H lss tPa ^ ° h l v e bbktn
K e n n e c o t t C o p p e r C o r p o r a t io n , N . Y . __ Report __
Seo report of Braden Copper Co. on provious pago.__V. 101,p. 1889, 1811.
(S . S .) K r e s g e C o .— Sales.—
1915— N o v e m b e r — 1914. I n c r e a s e A 1915— 11 M o s
iq i4
T n rren sr
$1,912,862
*1.409,210
$503,6521$17,599,396 $13,497,513 $4,101,883
— V. lui* p * io 8 y»
d .
L e e T ire & R u b b e r C o r p o r a t io n , C o n s h o h o c k e n , P a .
— Stock Offered.— Hornblow er & W e ek s and W h ite , W e ld &
C o . are oifering stock o f this now com p an y for subscription
a t $ 5 0 per sharo subject to allo tm en t.
Tho company is to bo formed under tho laws o f (probablv) N Y State
to take over tho property, assets and business of the Leo Tire & Rubber Co
of Pa., with plants located at Conshohocken, Pa. The New York comnanv’
will havo 150,000 shares of stock authorized and 100 000 o u tsta n d in g £ p hy
out par value, and it will bo controlled and m a n a g T b y ^
including Pres. Albert A. Garthwaite, V.-Pres. John J° Watson n f N V ’
City, Sec. Samuel Wright, Treasurer II. C. Coleman
' Vatson o f
YO u tp u t o f T ir e s — N u m b e r o f T ires

1 1* 9 4 3
59 746
1 j'i'ji'n i
(10610
M o s .)
T o ta l.
11,343
59,74b
113,410
135,863 1915162
484
484
R e s u l t s f o r 10 M o n t h s e n d i n g O c t . 31 1915 a n d E s t i m a t e f o r Y e a r 19i5
Net sales, $2,794,025; net profit------- ------------- -------3
S457 914
Doduct: Net interest paid------------------------ ------------- ------IIIZZIZI 4 5 * 4 3 9
T^rnd
1,503

Net profits, ten m o n t h s ...... ------- -----------------------------$412 475
Tho estimated income for tho full year is $592,952 before interest charges
while within the next two years it is believed the company will earn at least
$ 1 ,0 0 0 ,0 0 0 net, due to incroaso in output.
B a l a n c e S h e e t f o r P r o p o s e d N e w C o m p a n y ( T o t a l E a c h S i d e $2,939 5241
Current assets: Cash, $127,247; accounts and notes receivable, ’
$344,436; inventories, $963,702-------------------------------------------$1,435,379
Doforred debit items--------------------------- ---------------------------------8 858
Fixed Assets: Old mill, $40,000; now mill, $372,807; tools, ma’
chinery and equipment, $674,209; furniture, &c.. $7,971_____ 1,094 988
Patents, trade-marks, & c ._________ ______ ________ ___________
400,300
O f f s e t s . — Accounts payable and accruals------------------------------117,758
Reserves: Depreciation, $142,178; adjustment o f tire claims.
$45,997 ...........
188,175
Capital stock, 100,000 shares o f no par value.......................... ...... 2,633,591




1977

La B elle Ir o n W o rk s.— Bond Sale.— T h e com p an y has
sold to L ee, H igginson & C o . $ 3 ,5 0 0 ,0 0 0 1st M . sinking fund
5 % bond s, due 1940.
, The company, it. is stated, has arranged to retire the existing 1 st M $1,580,000 6 % bonds, making the new bonds a first mortgage on the entire
property. See V. 101. p. 1373. 1631.

M cC rory S tores C o r p o r a t io n .— Sales for November.—

1 9 1 5 - p r em ^ - 1 9 1 4 .
— V4 ’ l01 p 127S 850

In c rea seA
1915— 11 M o s .— 1914.
$ 8 3 ’ 1 1 6 I’S 4 ’6 8 7 -24 9
$4,137,211

In crea se.

$550.03S

M a rq u ette C em en t M fg. C o., La Salle, 111.— Stock.—
AonPkh3 ^ririf on
23 voted to increase the capital stock to
vo,UUU,UUU' V • 95, p« 1476»

M en om in ee (M ich .) W a ter C o .— City's Offer Accepted.—
See “ Menominee, M ich .," in “ Stateand City” Dept., also V. 101 ,p. 1717
M idvale S teel & O rd n a n ce C o.— Improvements, &c .—
Cuban Ore Deposits.— A n official statem ent pu t out on N o v . 8
regarding the im provem ents and additions now in nroeress
to cost over $ 6 ,0 0 0 ,0 0 0 , follow s:
M a n u fa c t u r in g F a c ilit ie s . — A month ago extensive additions and improve­
ments were authorized by the subsidiary companies, chiefly as followsA t Worth Brothers Co. plant, Coatesville, Pa.:
( 1 ) Six 50-ton open-hearth furnaces, capacity 180,000 tons of
ingots per year, to cost_____________________________________ 250 0 00
(2) Blooming mill, capacity 200,000 tons per year, to cost.H Z
500 000
. (4 i.Two 750-k. w. turbo-generators, to furnish power for above
200 000
At Nicetown Steel C o.. Nicetown. Phila.: Additions to equip.
430i000
Within the past week further extensive additions and improvements
have been authorized, the principal items being: ( 1 ) At Worth Brothers
Co. plant: One 500-ton blast furnace, with a capacity of 175,000 tons of
pig per year, together with yard and gas engine equipment sufficient for
an additional blast furnace, which will probably be authorized early next
year; a machine shop forging department, consisting of one 2,500-ton and
one 1,500-ton hydraulic press and two draw benches; and installation of
8 -inch, 12-inch and 15-inch bar mills, a steel tire department and a rolled
steel wheel department. (2) At Midvale, important additions to the ma­
chine shop equipment to increase capacity, so as to enable us to handle
orders recently taken from the U. S. Government for heavy ordnance
such as 14-incli and 16-inch guns, 70 feet in length.
The total expenditures will be in excess of $6,000,000.
C u b a Ore D e p o s its . — It is also announced that the Midvale Steel & Ord­
nance Co. has acquired all of the capital stock of Buena Vista Iron Co a
corporation owning extensive ore deposits in Cuba, adjoining properties
owned by the U. S. Steel Corporation and the Pennsylvania Steel Co.
It is estimated that this property contains 300,000,000 tons of merchantable
‘A011 oro- This acquisition will place the steel-making subsidiaries, i. e.,
the Midvale Steel Co. and Worth Brothers Co., in a strong position, and
will enable the company to proceed with the extensive additions contem­
plated at Coatesville, with full assurance of a supply of raw materials on
a basis which will enable them to compete on even terms with any producer.
Stock Holding.— R ecent stock list is reported to show the
leading stockholders as follow s:
Marcellus Hartley Dodge___ 93,800 Chas. D. Smith______________ 37,500
Ambrose Monell_____________93,906 T. L. Chadbourne Jr________ 37,810
Filor Bullard & Smith_______ 56,900 William Rockefeller_________ 35,000
W. E. Cory_________________ 42,084 S. M . Vandain_______________ 31,906
P. A. Rockefeller____________39,006 John D. Ryan-----------------------29,900
II. B. Robeson______________38,600 J. Watts...............
29,000
A comparison with the stock list of Oct. 15 is said to show that Mr. Dodge
had reduced his holdings from 439,000 to 93,800 shares.— V. 101, p. 1192.

Nevada Consolidated Copper Co.— Extra Dividend.—

In connection with the regular dividend of 37K c. an extra 12Kc. has
been declared on tho stock, payable Dec. 31 to holders of record Dec. 16
— V. 101, p. 452. 1632.

New York State Steel Co.— Successor.—

See Donner Steel Co. above.— V. 101, p. 1811.

Northern Indiana Gas & Electric Co.— Alliance.—

See Indiana Lighting Co. above.— V. 98, p. 1541.

Northwestern Elec. Co., Portland, Ore.— Earns., &c .—

Period—

Gross.

E xp.

Taxes. Net Prof. Int. (N et). Bal

Sur

Month of Oct. 1915 $57,591
125.863
$31,728
$15,801
$15 927
Yr.end.Oct.31T5.587,200
260.769
326,431
200,573
125 858
E. H. Rollins & Sons and Harris Trust & Savings Bank have bought an
additional $260,000 of the bonds, making tho total amount outstanding
$3,260,000. Seo V. 100, p. 2090, 2014, 1083.— V. 101, p. 776.
B

Nyanza Mills of Woonsocket, R. I.— Stock Increase.—

The company has increased its capital stock from $600,000 to $1 000 000
and offers stockholders of record Nov. 22 the right to subscribe until
Dec. 16 for the additional shares at par on a basis of one share for every 1 K
shares held. Subscriptions are payable in full Dec. 16 or 20% Doc 16
40% March 26 and 20% Aug. 16.
’

Ohio State Power Co., Fremont, O.— Bonds.— Clarke &
Co., Chicago, are offering at par and int. $700,000 1st M .
6s of 1915, due June 1 1935, but callable at 105 and int.
Penn Central Light & Power Co.— Bonds, &c.— Robt.
Glendinning & Co., Phila., recently offered, at par and int.
$100,000 First & Consol. Mtge. 50-year 6s of 1913.
Authorized issue, $7,500,000; now outstanding, Sl,910,000; reserved to
retire first mtge. 5s, now closed mtge., $2,609,500; reserved for better­
ments, improvements. extensions, &c., at 85% of actual cost o f same and
only when net earnings applicable to this issue are in excess of 150% of al
nt. charges on bonds outstanding and to be issued, $2,980,500.

Earnings.— For year ending Oct. 31 1915:
Y e a r e n d in g —

G ro ss.

N et.

I s t M .B d .I n t . O t h .In t.

Oc t- §1 1915----------$841,235 $384,472 $143,525
Doc. 31 1913---------- 763,901 322,898
144,225
Compare V. 96, p. 493.— V. 100. p. 1516.

B a l.,S u r .

$112,649 $128,298
55,227
123 446
’

Penn Marine & Ordnance Castings Co., Inc.— Pro­
posed Merger.— This company, whose 200,000 shares, of no

par value, are dealt in on the New York curb “ when as and
if issued,” was incorporated at Albany, N. Y ., on Dec. 6.
Circulars issued by Frazier & Co. and Crawford, Patton
& Cannon, N. Y . and Phila., say in substance :
Is being formed to acquire the stock of tho Penn Steel Casting & Machine
Co. of Chester, Pa., and the Baldt Steel Co. of New Castle, Del., which
a general castings business, including gun mounts and sundry gun carriages
cylinders, gears
locomotives and
general railway and other castings, &c.
Authorized stock issue, 200,000 shares; present issue, 40,000 shares.
No other securities are outstanding either in bonds or preferred stock and
none can be issued without the consent of two-thirds of the stockholders
Transfer office. Guaranty Trust C o., N. Y . Registrar Bankers Tr. Co.,N.Y.
Tho subsidiary companies were able to show, after depreciation for this
year and the past ten years, very satisfactory net earnings on the capital
presently to be issued, and are now earning at the rate of about $300 000
per annum on the new capital (which represents about $2,000,000 of’ net
assets), or about 15%. According to tne engineers’ report, the actual
replacement value plus net quick assets, but exclusive of patents trade­
marks, good-will, &c., is in excess of $2,075,000.
marine castings, propeller wheels, anchors, &c.,
Earts,
ydraulic machinery for shrapnel and powder presses,

1 9 78

The directors will include, among others: Harvey D. Gibson, Vice-Pres.
Liberty Nat. Bank, N. Y . City, director Hale & Kilburn Co.: Henry J.
Fuller: J. E. Richards, Vice-Pres. West End Trust C o., Phila.; Rodney
Thayer (Pres.); Walter S. Bickley; Ivors S. Adams; C. Ferris Jameson;
F. Wilson Prichett, Frazier & C o., Phila.; L. L. Dunham; Alan L. Corey;
Ernest du Pont; Charles Day (Day & Zimmermann, engineers, Phila.).
People’s lee Co., Detroit.— Guaranty, &c .—
See Detroit Ice Co. above.— V. 98, p. 241.
Phelps, Dodge & Co., N. Y . — Extra Dividend.— A n extra
dividend o f 3 % has been declared on the $ 4 5 ,0 0 0 ,0 0 0 stock,
in addition to the regular quarterly 2 3 ^ % , payable D e c . 3 0
to holders o f record D e c . 18.
E x tr a D iv id e n d s (A d d it io n a l to 10% p e r a n n u m ) (2H % Q .- M .)
1909. 1910. 1911. 1912. 1913. 1914.
1915.
2
2
2
5
6H
4
M ar., 1; June, Sept. & Dec., 3
— V. 101, p. 850.
Pierce Oil Corporation.— Stock— Convertible Notes.—
The company having contracted to sell 82,000,000 5-year 6 % converti­
ble notes (V. 101, p. 1812), has called a meeting of its shareholders for Dec.
23 at Richmond, Va., to vote on (a) increasing the maximum authorized
capital stock from $30,000,000 to $33,000,000, in shares of $25 each, all
common stock; (6 ) on reserving $2,500,000 of the new stock to provide as
far as necessary for the conversion of $2,000,000 5-year 6 % convertible
gold notes; (c) authorizing the sale, &c., of the remaining $500,000 new
stock at such times and upon such terms and conditions as the board of
directors may determine.
Earnings.— A n official circular is quoted as saying in su b st.:
The recent rapid growth o f the business has created the need for enlarged
facilities and it is believed that those will result in increased earnings equal
to many times the interest on the new notes.
_
It is estimated that net earnings for the current fiscal year ending Dec.
31 will exceed $1,500,000. After deducting $600,000 interest on the $10,­
0 0 0 ,0 0 0 6 % convertible debentures outstanding, there would remain over
$900,000 available for dividends on the $13,857,500 stock outstanding.
Interest charges aro figured on $ 1 0 ,0 0 0 ,0 0 0 notes for this year, as no inter­
est will be due on the $ 2 ,0 0 0 ,0 0 0 additional issue beforo next year, when
total interest charges will bo increased to $720,000. Compare V. 101,
1812, 45.
Pocahontas Navigation Co.— Bonds Called.—
Fivo hundred and fifty-four ($554,000) 1st M . 6 % bonds dated March
1915 have been drawn for redemption on Jan. 8 1916 at 102M and interest
at Commercial Trust C o., Philadelphia, trusteo.— V. 100, p. 906.

Poole Engineering & Machine Co. (of Del.), Baltimore.

— Stock Offered.—

M id d en d orf, W illiam s & C o . and Poe &
D a v ie s , syndicate m anagers for a group o f N e w Y o rk and
B altim ore bankers, offered last week at 9 5 $ 1 ,0 0 0 ,0 0 0 o f the
$ 3 ,0 0 0 ,0 0 0 “ full paid” stock , par value $ 1 0 0 . Circular shows:
C a p it a liz a tio n . — $3,000,000 (30,000 shares) full paid and non-assessable
capital stock. Owns all of the capital stock o f the Poole Engineering &
Machine Co., of Maryland, subject to $500,000 First Mortgage bonds
(V. 99, p. 541).
Digest of Statem ent by Pres. S. Proctor Brady, Balt., Nov. 16 1915.
Businoss established in 1843 and has been in successful and continuous
operation to date, having over 1,600 customers, many of whom aro among
the largest organizations in this country. The business is in the hands of
experienced and capable men, some o f whom have boon with the company
for more than 35 years, and also o f expert ordnance men, among whom aro
A. S. Baldwin and Frederick Millhouse. Ono of the largest customers is
tho U. S. Government, for which wo have made mortars, guns, gun car­
riages (having built tho first 25 disappearing carriages for 10-inch coast
defense guns— tho contracts for which amounted to over $ 1 ,0 0 0 ,0 0 0 ),
turret racks, paths, machinery for coast defenso and naval guns. Wo have
at the present time contracts for a large quantity of spocial machinery for
battleships now building.
.
„ ■
r,- .
.
*
Plant is located at Woodberry, a portion of Baltimore City, on a tract
of land o f about 20 acres on tho Pennsylvania RR. Tho proving ground
and loading station, occupying about 350 acres, is located at Texas, M d.,
about 15 miles from Baltimore,on the Pennsylvania RR. We areoquipped
at the present timo to turn out in large quantities 3-inch, 6 -inch and 12-inch
shells also one-pounder semi-automatic guns and shells. Tho general
equipment has been greatly improved and 95% o f all machines which we
are now installing will bo useful to us in our regular work, after wo have
completed our war contracts, and tho general capacity of tho plant will bo
about four times greater than formerly.
Our largest contract, which amounts to over $12,000,000, is for onopounder shells, for which our plant is particularly well equipped. Our gun
contract is for one-pounder semi-automatic guns, and now well under way,
somo of the guns having already been tested and accepted by tho buyers.
Our other contracts aro for 3-inch and 6 -inch high explosive and 12-inch
shrapnel. Wo have now in hand contracts aggregating $17,785,000, on
which we estimate a net profit of over 83,OO0,OO0, and in addition out
company is running at 1 0 0 % capacity on its regular orders, with excellent
prospects for a long time to come. Tho net profits of $3,000,000 aro figured
by us after entire cost o f new machinery and additional plant (which we
estimate at $500,000) have been cared for.— V. 101, p. 1890; V. 99, p. 541.
Ray Consolidated Copper Co.— Dividend Increased.—
A regular quarterly dividend o f 50c. has been declared on tho stock,
payable Dec. 31 to holders o f record Dec. 16. This compares with 37 'A
cts. last September.— V. 101, p, 1632, 1718.
Reed & Prentice Co., Worcester, Mass — Control.—
A syndicate headed by Robert F. Herrick has, it is stated, purchased
all or most of the common stock (par value $750,000) at a prico said to be
about $100 a share. The following directors have been elected: Robert
F. Herrick, Malcolm Donald, Robert C. Morse, Henry P. Kendall and
George C. Lee o f Boston; Frank A . Drury, Homer Gage and Albert E.
Newton o f Worcester. The new officers are: President, Robert F . Herrick;
Vice-Pres., and Gen. Man., Albert E. Newton; Treas., Jeremiah J. Mackin.
There is said to be $3 50 of accumulated dividends on each o f the ($1,250,000)
7% cum. pref. shares.— V. 98, p. 917.
Riker-Hegeman Co., N. Y .— Meeting Postponed.—
The stockholders’ meeting called for Dec. 6 lias been postponed until
Dec. 14. Vice-Pres. H. S. Collins is quoted as saying that ‘ 'o f tho 49%
of common shares in the operating company (which aro not owned by the
Corporation o f Riker & Hegeman Stock, tho pref. shares having no voting
power], between 85% and 9(3% have handed in proxios in favor of tho con­
solidation plan. T o my mind this does not look liko any big protest
against a consolidation.” See V. 101, p. 1718, 1632.

Rockford (111.) Gas Light & Coke Co.— Sale of Guaran­

teed Bonds.—

Bioren & C o ., Philadelphia, togethor w ith
E . B . Sm ith & C o ., this week purchased from the Amorican
G as C o . $ 1 ,0 2 1 ,0 0 0 o f this com p an y ’s First R o f. & C onsol.
M . gold 5 s, due 1 9 59 , and havo re-sold a t 9G j^ and in t.
A circular shows:
Dated March 1 1909 and due March 1 1959, but callablo at 105 and int.
Interest M . & S. Denom. $1,000c*. Tax refundable in Penna. Trusteo,
Central Trust Co. of 111., Chicago. Unconditionally guaranteed as to
principal and interest by endorsement by tho Amorican Gas Co., which
owns entire cap. stock and has managed property for past 2 2 yoars.
These bonds are authorized in amount o f $2,500,000, of which $600,000
are reserved to retire an equal amount of underlying bonds; $ 1 ,0 2 1 ,0 0 0 aro
utstanding and the balance of $879,000 aro reserved for futuro extensions
at 90% o f the actual cost and when the net earnings aro equal to 1 times
all interest charges, including the bonds proposed to be issued. A direct
mortgage on tho entire property, subject to only $600,000 of company’s
1st 5s, to pay which $600,000 of these bonds aro reserved.
For the cal. year 1915 (Nov. and Dec. estimated) the net earnings (after
taxes) amounted to $153,383; interest on the $600,000 underlying bonds
calls for $30,000 and the interest charges on thoso $1,021,000 bonds to
$51,050; balance, surplus, $72,333.
Company operates under perpetual charter and franchises granted by a
special Act of the Illinois Legislature Feb. 22 1861, and supplies gas with­




[Vol. 101.

THE CHRONICLE

out competition in city of Rockford, 111. Rockford, with a population of
over 50,000, is a substantial manufacturing city and the only large trading
center available for a rich agricultural community aggrogating a greater
population than its own.— V. 97, p. 1206.

Rocky Mountain

Fuel

Co.- -Proposed Merger.— The

D onver (Colorado) “ N e w s” says:
Plans for a merger of 41 coal-producing companies, with $25 000 000
capital stock, including all tho coal minas of the State, excopt those belong­
ing to tho Colorado Fuol & Iron C o., were proposed Nov. 29 by Charlos T
Brown of Henry L. Dohorty & Co. of New York, and submitted to all tho
operators for their approval. Tho proposed morgor depends for its success
on such coal-producing companias as the Rocky Mountain Fuel C o., tho
Victor-Amorican Fuel Co., tho National, M offat, Oakdale and Huerfano
Coal companies and others. All tho companies which dcsiro to enter tho
merger may do so on oven terms. In order to place all on tho samo basis,
those who have no funded debt will bo requested to issue bonds in tho same
ratio of value as those which have availed themselves of this form of financ­
ing. It is estimated that the saving in overhead expenses in tho 73 mines,
under tho proposed plan, will approximate from $2 ,0 0 0 ,0 0 0 to $2,500 0 00
a year over and abovo the present margin of profit and without advancing
tho price to tho consumer. The aggregate yearly production from tho 7 3
as against^fyOM^OOO tons^for°1913’. WOU‘ d b° aPPr°*i™ tely 7,000,000 tons,
John C. Osgood, President of tho Victor-Amorican Fuel Co
saidI have returned from the East and liavo not had the opportunity’ to go
thoroughly into the proposed merger. I will say, however, that I boliovo
n a merger such as I advocated more than a year ago. The present plan
is .worthy of consideration by every ono interested ”
It is understood that the Rocky Mountain Fuol Co. and several of the
smaller companies favor the plan of centralizing their efforts in ro-establishing tho coal industry of the State.
Of the $25,000,000 capital stock, $5,000,000 will bo preferred
A com­
prehensive plan of valuation is being propared, which will assist in fixine
tho relative values of all tho plants. Tho merger company will nav cash
for all stocks of goods in company stores and other supplies on hand
For the first year the following operators and bankers aro suggested as
possiblo members of tho board of directors: M . D. Thatcher, A. V. Hunter
John Mitchell, H. J. Alexander, Lawrence Phipps, Gerald Hughes Ilenrv
M . Porter, Frod O. Roof. C. C. Parks, T. B. Stoarns, John C. Osgood
David W. Brown, Samuel M . Porry, II. Van Mater, G. W. Harris S. S
Murphy, W. B. Lewis, Frank Bulkloy and George Fruth.
Forty-ono companies, with a total issued capital of $28,238,000 and a
total bonded debt of $17,000,000, aro included in the proposed morgor
These companies own 92,000 acres of land and loaso 24,000 acres more
— V. 99, p. 605.
(M.) Rumely Co.— Sale .—
At receiver’s sale on Dec. 9, Chauncey H. Murphey, representing tho
reorganization committee, turned in a certified check for $2,500 0 0 0 for
tho assets of tho M . Rumely Co. and ono for $1,500,000 for tho assets of tho
Rumely Products Co. and tho properties wero declarod sold. The Advance
Rumely Co. will bo organized per plan in V. 101, p. 777, 851, 1276, 1632.

Sharp Mfg. Co., New Bedford, Mass.— New Stock.—

The stockholders will vote at tho office, 77 Franklin St., Boston, on
Dec. 14 on ( 1 ) increasing tho capital stock by authorizing not over $600,000
additional cum. prof, stock and $ 10 0 ,0 0 0 common stock, so as to make tho
authorized capital stock not exceeding $ 1 ,2 0 0 ,0 0 0 prof, and $1,300,000
common; (2 ) on determining tho terms and manner of disposition of tho
new stock, and whether or not tho timo for oxchanging existing prof, stock
for common shall be extended. Tho company is planning the construction
of a new spinning mill of 10 0 .0 0 0 (not 1 0 ,0 0 0 ) spindlos, duplicating the
present plant.— V. 1 0 1 , p. 532.
Sloss-Sheffield Steel & Iron Co.— Extra Dividend.—
In connection with the regular quarterly divided of 1 % % , an oxtra 1 %
has been declared on the $6,700,000 pref. stock, payablo Jan. 3 to holders
of record Doc. 18. In Jan. and Oct. 1915 dividends wero paid in scrip,
and this scrip, it is stated, will bo redeemed at par and int. after Jan. 3­
In April and July 1915 dividends were paid.— V. 101, p. 928.

Spring Valley Water Co., San Francisco.— Resolution
to Issue Large Block of Water Bonds Vetoed— Sale Small Block.—

Seo “ San Francisco” in “ State & City Department” on another pago
and also in V. 101, p. 1906, 1573.

standard uas a Electric Uo., Chicago.— Notes.— H M
B y llesb y & C o .a r e offering, a t 91 and in t ., to y i o i d 6 ^ % ,"
$ 5 0 0 ,0 0 0 20-yoar 6 % gold notes dated O e t. 1 1915, duo O ct 1
19 35 , but redeem able on any interest date on 9 0 d a ys’ notice
a t 103 and in t.
I n t. A . & 0 . , w ithout deduction for norm al
Federal incom e ta x .
D e n o m . $ 1 ,0 0 0 , $ 5 0 0 , $ 1 0 0 and $5 0 c * .
G u aran ty T ru st C o ., N e w Y o r k , trusteo.
Tho company owns stocks, bonds and other securities of public sorvlco
companies operating electric, gas and other utilities in M inn., K y „ Wash.,
Okla., Ala., Colo., Cal., Ark., Iowa., N. Dak., S. Dak., Ore., M ont..
Ida., 111. and Wise.
Secured by a trust agreement which authorizes a present issue of $3,750,­
000 notes and a total issuo of not exceeding $15,000,000. Additional 20year 6 % gold notes, boyond tho present $3,750,000, may bo issuod only
provided tho not earnings, after doducting tho annual intorost charges other
than noto and scrip intorost, are 2 X
A timos tho annual intorost charges on
outstanding notos, Including those about to bo issuod and tho then outs^;.ull, n^ SCI’U>- Tho proceeds of $2,500,000 notes will rotiro approximately
all tho company s short maturity obligations, including tho $1,778,300
serial 6 % notos duo June 1 1916.
C a p ita liz a tio n o n S a le o f T h ese $2,500,000 20- Y e a r 6 % G o ld N o te s a n d
„
C a n c ella tio n o f N o te s D u e J u n e 1 1916.
C la s s o f S e c u r ity —
A u th o r iz e d . O u ls la n d 'g .
Convertible 6 % bonds duo Doc. 1 1926...................$30,000,000 $9,793,000
2 0 -yoar 6 % gold notes (Incl. notos now offered )..15,000,000
2,500,000
6 % scrip duo Sept. 1 1923.......................
.....
1,649 893
Preferred s t o c k ............................. .......................... 30^)00,000 *11,784.950
Common stock.................................... ....................... 15,000,000
9,343,150
* Includes $750,000 prof, stock, which has tho right of oxchango for
S716.406 5 -ycar 6 % notes of tho company.
Tho company guarantees prin. and int. on $5,000,000 Miss. Valloy Gas
& Elec. Co. 5% bonds duo M ay 1 1922.
E a r n in g s f o r Y e a r s e n d ed Oct. 31. a fte r D e d u c tin g f o r A n n u a l In t e r e s t on
F u n d e d D ebt a s A b o v e.

1913-14.
1914-15.
Gross earnings---------------------- - - -------------------------- -81.456,231 $1,513,114
Not earnings (after expenses and taxes)__________ -$1,419,368 $1,474,259
Annual interest charge on $9,793,000 bonds___
.....................
587,580
Annual int. chargos on thoso $2,500,000 notes, $150 ,0 0 0 , and on
$1,649,893 scrip, $98,994; total.................... .. .....................
248,993
Balance, after present financing------Comparo V. 101, p. 928, 1719, 1890.

$637,686

Standard Varnish Works, Inc., N. Y . — Bonds.— S . W .
Straus & C o ., N . Y . , aro offering, at par and in t ., $ 5 0 0 ,0 0 0
(closed) 1st M . G % serial bonds, dated N o v . 15 1 9 15 . A
circular says:
Duo serially each Nov. 15 from 1916 to 1925, installments Nos. 1 & 2
$25,000 each. Nos. 3 to 5 $50,000, Nos. 6 to 10 $60,000. Principal and
interest (M . & N. 15) payablo at offico of S. W. Straus & Co., Chicago and
Now York. Mortgagor will pay normal Federal incomo tax of 1%.
Denom. $1,000 and $500. A closed first mortgage on all the land, buildings
and equipment of tho company, whoso three plants aro located in Now
York City, Chicago and Toronto, Canada. Mtgo. trusteo. S. W. Straus.
The New York plant covers about 10 acres, improved with a total of 33
buildings and 13 sheds, and is located in Staton Island. Tho Chicago plants
aro located on Fedoral St. from 26th to 27th Sts., 400x97 ft., and on Shields
Avo., 37th to 38th sts., 600x165 ft. Total valuo of land, buildings and
equipment pledged under the mortgage is $997,698. Tho company agroos
to maintain not quick assots during tho lifo of tho bonds amounting to at
east 1
times all liabilities, except tho bonded debt.

Dec . 11 1915.J

THE CHRONICLE

A New York corporation with capital stock o f $2,700,000, divided up
$1,100,000 preferred, $1,600,000 common. $755,200 o f the preferred and
$1,318,400 o f tho common have been issued, making the total capital stock
issued and outstanding $2,073,600. Founded in 1870 in Long Island City,
N. Y ., as a co-partnership. Chicago branch inauguarted in 1880. Aver­
age not annual earnings o f the company for the last ten years, $273,701.
S t u d e b a k e r C o r p ., N . Y . — New Stock Taken.—
Common stockholders, it is stated, have taken at 110 all except 46 shares
of the entire issue o f $2,068,000 new common stock recently offered for
subscription. See V. 101, p. 1812, 1803, 1482.
S u b m a r in e B o a t C o r p ., N . Y . — Initial Dividend.—
An initial dividend o f $1 50 has been declared on the 753,440 shares of
stock, payable Jan. 15 to holders o f record Dec. 31.
The Electric Boat C o ., nearly all of whoso stock is owned by the Sub­
marine Boat Corp., has declared an extra dividend o f 15% on its 76,721
shares o f stock, payable Dec. 31 to holders o f record the same day.— V.
101, P. 1890. 851.
T h o m a s I r o n C o .— To Vote on Sale .—
Tho stockholders will vote Doc. 30 on selling the property to N. C .
Kackelmacker, whose option o f $55 per share expires Feb. 1916.— See
V. 101, p. 1482, 1276.
T h o m p s o n -S t a r r e t t C o ., N . Y . — Pref. Stock Called.—
Tho company has called for payment on or before Dec. 31 at 110 and a
proportionate amount o f the dividend at 8 % per annum from Nov. 15 1915,
at office of the Title Guarantee & Trust Co., N. Y ., the entire issue ($500.­
000) o f 8 % pref. stock.— V. 101, p- 1890. 1719.
U n it e d F r u it C o ., B o s t o n .— Report.—
See ‘ ‘Annual Reports” on a preceding page.
New Stock.— T h e shareholders will be asked to v ote J an .
14 on increasing the authorized capital stock, now $ 4 5 ,0 0 0 ,­
0 0 0 ($ 3 6 ,5 9 4 ,3 0 0 outstan din g), to some am ou n t n ot stated ,
preparatory to offering to the shareholders $ 1 2 ,1 9 8 ,1 0 0 o f
new stock a t $ 1 2 0 per share in am ounts equal to One share for
every three shares already held. T h e underwriting o f the
issue, undertaken b y a syndicate headed b y L ee, H igginson
& C o ., w a s, we understand, rapidly subscribed and has been
fully com p leted .— V . 1 0 0, p . 15 98 , 9 0 6 .
U n it e d S t a t e s P r in t in g & L it h o g r a p h C o .— Mtge.—
Tho company filod at Cincinnati on Nov. 26 a mortgage mado to the
Union Savings Bank & Trust Co. o f Cin. as trustee, securing an issue of
6 % gold bonds maturing at various times between 1920 and 1925. Pross
reports speak of tho mortgage as if limited to $2,000,000. Tho plan, in
V. 100, p. 404. contemplated a $2,500,000 mtge.— V. 101, p. 1719.
U n it e d S t a te s S te e l C o r p o r a t io n .— Orders Nov. 3 0 .—
See "Trade and Traffic” on a previous page.
English Sale of Carnegie 5s.— C able reports stated th at the
trustees o f the four Carnegie trust funds in G reat Britain
havo decided to sell the $ 2 5 ,0 0 0 ,0 0 0 50-year 5 % bonds of
1951 held b y th em .
The sale is made in conformity with the wish of the British Government,
in order that tho proceeds may bo reinvested in English securities. These
bonds, boing part of an outstanding issue o f $257,300,000, wero held as
follows: $10,000,000 in tho Carnegie United Kingdom’s fund, $10,000,000
in tho Carnegie Trust for the Universities of Scotland, $3,250,000 in the
Carnogio Dunfermline fund, and $1,250,000 in the Carnegie Hero fund.
— V. 101, p. 1890, 1719.
U t a h C o p p e r C o .— Dividend Increased.—
A quarterly dividend of $1 50 has been declared on tho $16,244,900 stock,
payable Doc. 31 to holders o f record Dec. 16. This compares with $1 in
June and Sept, and 75c. in March last.— V. 101. p. 1812, 1633.
U t a h P o w e r & L ig h t C o .— Offering of Preferred Stock.—
A num ber o f in vestm en t houses are participating in the offer­
ing o f the initial issue o f $ 3 ,0 0 0 ,0 0 0 7 % cum ulative preferred
stock (pref. as to prin. and d iv s .).
D ividend s Q .-J .
R e­
deem able a t option of com p an y a t 1 1 5 % .
Transfer agents,
G u aran ty T ru st C o . of N . Y . ; R egistrar, Bankers T ru st C o .,
N e w Y o r k . A circular shows:
The company owns and operates extensivo electric-light and power
properties in Utah and Southeastern Idaho, and in addition owns (a) all
the bonds and all the capital stock, except directors’ shares, o f the Westorn
Colorado Power Co., which company owns and operates electric light and
power properties in Southwestern Colorado; (6 ) all tho capital stock, except
directors’ shares, of the Utah Light & Traction Co., which owns tho elec­
tric light and power and street railway properties in Salt Lake City and the
eloctric light and power and gas properties in Ogdon, formerly owned by
tho Utah Light & Railway Co. Tho Utah Light & Traction Co. operates
its own electric railways, but its othor properties are operated under 9 9 year lease by tho Utah Power & Light Co.
The company and its controlled companies operate in an extensive terri­
tory in Utah, Southeastern Idaho and Southwestern Colorado servin''
moro than 100 communities, including Salt Lake City, Ogdon, Provo and
Logan, Utah; Idaho Falls, Rexburg, Preston and Montnolier, Idaho and
Durango, Telluride, Montroso and Delta, Colorado. Has many impor­
tant long-term contracts for tho salo of power to diversified industries in­
cluding street and intorurban railways, copper, load, silver and other mines
cement plants and irrigation works. Approximately 51,500 customers
are served. Franchises are satisfactory. The Salt Lake City franchise
extends to 1955 and the Ogden franchise to 1965.
The oroporty operated includes electric stations having a combined in­
stalled generating capacity of 130,600 k. w., 1,538 miles o f high-voltage
transmission tower and pole lines, and more than 1 ,0 0 0 miles o f electric
distributing lines.
,
„
Offering houses: Hayden, Stone & Co., Boston; Chas. W . 8 cranton Co., New Haven; Richardson, Hill & Co., Boston; Miller & George,
Providence; Georgo F. Bissell, Wilmington, Del.; Wm. P. Bonbright &
Co., New York; Hornblower & Weeks, Boston; Hayden, Miller & Co.,
Cleveland; John Nickerson cc Co., St. Louis; Ames, Emerich & Co., Chic.

1979

C o n t r a c t s . — Among the large power customers under contract are the
Salt Lake & Ogden (electric) Ry. Co., 67 miles o f track; the Salt Lake &
Utah (electric) RR. C o., 64 miles of track (V. 101, p. 1371); the Ogden Lo­
gan & Idaho (electric) R R ., 151 miles of track in operation; Utah Copper
C o., Union Portland Cement Co., Ogden Portland Cement Co., Portland
Cement Co. of Utah, the U. S. Smelting, Refining & Mining Co., American
Smelting & Refining Co., Salt Lako Pressed Brick C o., Utah Lake Irriga­
tion Co., Mosida Irrigation Co. and Board of Canal Presidents.
C a p ita liza tio n —

A u th o r iz e d .

O u ts ta n d in g .

Preferred stock, 7% cumulative_________________ $5,000,000 $3,000,000
Second preferred stock ..................................... ....... 10,000,000
7,837,000
Common stock_________________________________ 30,000,000 30,000,000
First mortgage 5s (V. 101, p. 1374).___________ 100,000,000 15,219,000
N o t e . —-The 2d pref. stock as a whole or in part may cease to be subor­
dinated to the preferred stock upon vote of the directors, whenever net
earnings for 12 consecutive months within the 14 months immediately
preceding any application are 2 Vi times the dividend requirements on the
preferred stock then outstanding, and tho additional preferred stock to
be issued in exchange for the 2d pref. stock. [The Utah Securities Corpora­
tion has control through ownership of the entire outstanding 2 d pref.
and common stocks, except directors’ shares. See V. 100, p. 1924, 1916.]
E a r n i n g s f o r 12 M o n t h s e n d e d O c t . 31 1915.
Gross earnings--------------- $3,244,266) Interest charges___________$881,503
Net (after t a x e s )............$1,538.476[Divs. on $3,000,000 p f.stk . 210,000
Balance, surplus (over twice the preferred dividend)__________ $446,973
The above statement shows the earnings for the entire period of all prop­
erties now owned by the company and the Western Colorado Power Co.,
and the earnings since Jan. 1 1915 of the electric light and power and gas
properties owned by Utah L. & Traction Co. and operated under lease.
[Tho preferred stock in question is the block recentlv reported as pur­
chased by the Electric Bond & Share Co. from the Utah Securities Co.l
— V. 101, p. 1374.

W a g n er E le ctric M fg. C o., St. L o u is .— Extra Dividend.—

An extra cash dividend of 2% and a stock dividend o f 10% have been de­
clared on the $1,800,000 stock, in addition to the regular quarterly 2 % paya­
ble Jan. 1.— V. 95, p. 1549.

W estern U n io n T e le g ra p h C o .— Extra Dividend.—

An extra dividend of Vi o f 1% has been declared on the $99,786,759 stock
In addition to the regular quarterly l V i % , payable Jan. 15 to holders of
record Dec. 20.
D i v i d e n d R e c o r d S i n c e 1893 (Per C e n t ) .
1893 to 1907.
1908.
1909 to 1913. 1914. 1915. Jan. 1916.
5 yearly.
3 Vi (incl.stk.)
3 yearly
3%
4 Vi 1 Vi & Vi extra
— V. 101, p. 1276, 851.
W illy s-O v erla n d C o., T o le d o .— New Stock.—
The shareholders will vote Jan. 14 on (1) increasing the authorized capita 1
stock to $75,000,000, consisting o f $50,000,000 common and $25,000,000
new pref. stock; (2 ) making said preferred stock or any thereof redeemable
and convertible into common stock, &c. See plan, V. 101, p. 1633, 1817.
(F. W .) W o o lw o r th C o., N ew Y o r k .— Total Sales.—
1915-Norem6er-1914.
I n c r e a s e . | 1915-11 Months-1914.
In crea se.
$6,746,194
$5,914,454
$931,740 $63,795,736 $59,113,393 $4,682,343
— V. 101, p. 1633, 1276.

C U R R E N T N O T IC E .

— N . W . Halsey & Co. are offering for investment on another page
$5,500,000 Fort Dodge Des Moines & Southern R R . Co. 1st M . 5% gold
bonds, dated Dec. 1 1913. due Dec. 1 1916-38. full particulars of which
were given in our columns. (See V. 101, p. 1189.) As previously noted,
the “ Fort Dodge Line” is an electrified railroad extending from Des Moines
to Fort Dodge, and handles both passengers and freight. According to its
last annual report, its net earnings were moro than 2 Vi times its annual
bond interest. The unsold portion is being offered at 95 and interest,
yielding the investor 5.38% . A large two-page descriptive circular will be
mailed upon request mado to the firm’s main office, 49 Wall St., New York,
or to any of their branches in this country or Europe.
— Edward N. Lake, formerly in charge of the Chicago office of the Stone
& Webster Engineering Corporation, has become a partner in the Krehbiel
Company, engineers and constructors, with offices in the Marquette
Building, Chicago. The business will be continued under the present firm
name. M r. Lake will be Treasurer and Manager and M r. Krehbiel will
continue as President. The Krehbiel Company is doing in smaller units
the same kind of work that Stone & Webster, H. M . Byllesby & Co. and
J. G. White Companies have done in terms o f millions.
— Wm. P. Bonbright & Co., Inc., 14 Wall St., this city, have issued an
illustrated pamphlet on their “ Investors’ Service Department,” which has
been organized for the information of private investors. The new depart­
ment is an evolution of the firm’s statistical department, all its records,
files and the personal services o f twenty statisticians being placed at the
convenience of investors desiring detailed facts o f securities.
— “ The Premier Investment,” a booklet descriptive o f the bonds that
afford the greatest degree of security, is now being distributed among in­
vestors and financial institutions by William R. Compton Co., Pine St.
cor. William , this city, and St. Louis, Chicago and Cincinnati. The
booklet is intended for private and public investors, who can secure a copy
upon request to the bankers.
— Richard II. Portsmore, for twenty years manager o f the bond depart­
ment of Henry Clews & Co., has formed a partnership with John Davenport,
formerly with Parmaloe & Co., under the name of Davenport & Portsmore,
to do business at 31 Nassau St. In unlistod and other bonds and securities.
They make a specialty o f all local public service securities.
— An attractive list of corporation bonds yielding 4.20 to 5.80% is adver­
tised on tho page opposite our weekly statement of clearings by A.B.Loach
& Co. of this city, Chicago, Boston, Philadelphia, Buffalo and Baltimore.
These bonds are offered to investors and financial institutions subject to
Digest of Statement by President D. C. Jackling. Dec. 8 1915.
sale and change in price. See advertisement for particulars.
O r g a n iz a tio n .— Incorporated Sept.
1912 in Maine and has electric
— Chas. H. Jones & C o., 20 Broad St., this city, is advertising In this issu
of the “ Chronicle" the stock o f the Gulf States Steel Co. A general de­
scription of the property Is featured in the advertisement, and further par­
Light & Traction Co. 13,800 k. w. hydro-electric and 16,000 k. w. steam- ticulars appear to-day in our “ General Investment News” Department.
(C) under anothor long-term lease 8,500 k. w. steam. Total owned and
leased, 130,600 k. w., o f which 104,100 is hydro-electric and 26 500 is Address “ Dept. S” for price.
steam. The properties operated are in three distinct groups, not yet inter­
— William Beresford, who has retired from the firm of Bodell & C o.,
connected. The principal group serves the entire territory in Utah in
which the company operatos and tho southeastern section o f Idaho
An­ Providence, R. I ., will transact a general investment business under the
other group servos that section of Southeastern Idaho extending north firm name of Beresford & Co., with offices at 707 Industrial Trust Build­
from Idaho Falls to Ashton. The third group o f properties is operated ing, Providence.
by the Western Colorado Power Co. and serves an extensive territory in
— The New York Stock Exchange house of Schmidt & Gallatin, 111
Southwestern Colorado, it is expected that these throe groups will bo
Broadway, this city, publish every Saturday a letter reviewing important
ultimately connected.
..
.
Tho largor portion of tho power from the generating stations located on events of the week and their bearing on the market. Free copy on request.
Bear River (equalized by Bear Lake reservoir, area 110 sq. miles) is carried
— The New York office of Weil, Roth & Co. o f Cincinnati has been
over a 133-mfle double-circuit stoel-tower transmission lino, operating at
130,000 volts, to the company s terminal and sub-station located near moved from 20 Broad St. to the United States Realty Building, 115 Broad­
Salt Lako City. This steel-tower transmission line is constructed on a way. The office is under the management of Powhatan Bolling.
privato right-of-way of sufficient width to permit tho construction of a
— H. L. Bennet, for the past three and a half years Advertising Manager
duplicate ilno, and is ono of the longest and most modern high-voltage lines
in tho country. This line is supplemented by two 44,000-volt transmission o f Wm. P. Bonbright & C o., Inc., 14 Wall St., is now associated with the
lines from the Grace station and ono 44,000-volt transmission line from tho bond department of Estabrook & C o., 24 Broad St., this city.
Wheelon station. Tho company operatos 1,538 miles o f high-voltage
— O. H. Hensel, 111 Broadway, this city, will buy, sell and quote Amer­
transmission tower and polo lines, irrespective of the number o f circuits
carried, and moro than 1 ,0 0 0 miles o f eloctric distributing pole lines, irre­ ican International Corporation when issued. Telephones, Rector 3672­
3-4-5.
spective o f tho number of circuits carried.
Approximately 51,500 customers are served and the population o f the
— Schulz & Ruckgaber desire to announce that on and after December 13
territory served is steadily increasing.
they will occupy offices at 27 Pine St.




|Vol . 101

THE CHRONICLE

1980

Im ports and
NORTHERN
N IN E T E E N T H

ANNUAL

PACIFIC

REPORT— FOR

F IS C A L Y E A R

E N D IN G

JUNE

3 0 19 1 5 .

E A R N IN G S .

IN C O M E A C C O U N T .
(See Note Below.)

Railway operating revenues.

(Transportation and incidents
thereof, other than those mentioned below).................... -Sb3.171.b5J bU
Railway operating expenses...................................................3 7 , 1 U8 ,U4 »
Net revenue--------- --------------------------------- Vn ckr 70

COMPANY

FREIGHT BUSINESS.

T h e follow in g, being the N in eteen th A n n u al R ep ort,
show s the result o f the operation o f your property for the
fiscal year ending June 3 0 19 15 .

Railway tax accruals------------------------ --------- $4 ,4 7 9’?ti
4,151 ™
33
Uncollectible railway revenues.

RAILW AY

THE

Office of the Northern Pacific Railway Company,
3 4 Nassau Street, New York, Sept. 15 19 1 5 .
To the Stockholders of the Northern Pacific Railway Company

I — OPERATING IN COM E.

IQ o tm n m ts .

$26,063,603 72

Freight revenue was $ 4 3 ,8 3 3 ,6 3 6 9 0 , a decrease o f $ 4 ,3 2 2 ,­
195 8 9 , or 8 .9 8 per cen t, com pared w ith the previous year.
5 ,1 6 4 ,5 7 1 ,4 3 2 tons o f revenue freight were m oved one
m ile, a decrease o f 4 6 4 ,7 7 9 ,9 9 5 tons one m ile, or 8 .2 6 per
cent less than the previous year.
T h e average earnings per ton m ile decreased from .0 0 8 5 5
to .0 0 8 4 9 .
T h e revenue train load increased from 5 6 6 .9 1 to 5 7 3 .0 6
ton s. T h e total train load , including com p an y freight,
increased from 6 6 5 .7 6 to 6 6 8 .4 5 tons.
T h e num ber o f miles run b y revenue freight trains w as
8 ,1 0 7 ,5 6 0 , a decrease o f 1 ,0 8 1 ,8 1 2 , or 1 1 .7 7 per cen t.

PASSENGER BUSINESS.
4,475,110 03

Passenger revenue was $ 1 3 ,6 1 9 ,1 1 3 8 0 , a decrease o f
$ 2 ,0 8 7 ,8 8 6 6 0 , or 1 3 .2 9 per cen t, com pared w ith the pre­
operating
income.......................
—
.............
-$21,588,493
69
Total
vious year.
M a il revenue w as $ 1 ,1 1 6 ,5 2 5 3 9 , an increase of $ 7 2 ,8 0 4 9 3 ,
II.—NON-OPERATING INCOME. (See Note Below.)
or 6 .9 8 per cent.
,197
20
Express revenue w as $ 1 ,2 2 5 ,1 9 2 8 8 , a decrease o f $ 8 6 ,­
Hire of freight cars—credit balance. ......................- .............
$512
31
Rent from locomotives and cars-------------------------------------- 1 goA ,787
,275 32 9 8 4 3 4 , or 6 .6 3 per cent.
Joint facility rent income--------------- --------------- -----------2 7 ?
352
51
Sleeping car, parlor and chair car, excess baggage and
Income from lease of road---------------------------------------------njn 970 61
Miscellaneous rent income-------~ V “ 7 :-----------------------------0oV ,748
miscellaneous passenger revenue w as $ 8 0 3 ,4 8 0 2 8 , a do88
Miscellaneous non-operating physical property—rents----35
Separately operated properties—prorit.............. .................^ ,194 81 crease o f $ 2 3 6 ,0 0 9 9 2 , or 2 2 .7 0 per cen t.
innnmo
U'^UO,932 00
Dividend income.
T o ta l revenue for persons and property carried on passen­
235 004 75
Income from funded securities
440 713 01 ger trains w as $ 1 6 ,7 6 4 ,3 1 2 3 5 , a decrease o f $ 2 ,3 3 8 ,0 7 5 9 3 ,
Income from unfunded securities and accounts.......................
440
245
99
1U» 536 94 or 1 2 .2 4 per cen t, com pared w ith the provious year.
Income from sinking and other reserve funds------------ -------Miscellaneous income-----------------------------------------------------T h e num ber o f passengers carried w as 8 ,7 5 6 ,7 8 4 , a de­
T otal non-operating in com e..........................
$10,442,959 33 crease o f 1 ,1 0 3 ,4 3 9 from the previous year, and the num ber
Gross incom e_______________________________________________ $32,031,453 02 o f passengers carried one m ile was 6 0 0 ,2 7 3 ,1 5 3 , a decrease
o f 8 1 ,9 9 8 ,2 7 7 , or 1 2 .0 2 per cent.
XU.__ D E D U C T IO N S F R O M GROSS IN C O M E .
T h e num ber o f m iles run b y revenue passenger trains w as
(See N ote B elow .)
1 0 ,3 5 6 ,7 0 5 , a decrease o f 1 ,6 5 8 ,4 3 3 , or 1 3 .8 0 per cen t.
$ U § -, In on
Rent for locom otives and cars....... .......... - ..................................
T h e average earnings per passenger per m ile w as .02 269
4® ? d 2 ?
Joint faculty rents. .......................................... ..........................Rent for lease o f roads......... ............................................. .............
55 and .02 302 last year.
O P E R A T IN G E X P E N S E S .
Interest on unfunded d e b t...............................................- - - ...........
M iscellaneous incom e charges-----------------------------------------------

g 4 ,380 43

i u i . us?

CONDUCTING TRANSPORTATION.

T h e charges for transportation expenses were $ 1 8 ,9 8 7 ,­
0 5 5 7 6 , a decrease o f $ 2 ,7 8 0 ,1 4 5 5 6 , or 1 2 .7 7 per cen t, as
N et in com e........................................................................................ $18,822,820 33 against a decrease o f total operating revenue was 1 0 .3 3 per
cen t.
IV .__ D IS P O S IT IO N O F N E T IN C O M E .

T ota l deductions from gross in c o m e ..------------

$13,208,632 69

MAINTENANCE OF EQUIPMENT.

D ividend appropriation o f incom e............- ...........- ................. . $17,360,000 00
Incom e balance for year— transferred to p rofit and loss. $1,462,820 33

T h e charges for m aintenance o f equipm ent were $ 7 ,3 1 7 ,­
0 7 4 4 2 , a decrease o f $ 1 ,1 2 1 ,2 0 1 2 4 , or 1 3 .2 9 per cen t.

i\rnte __ R adical changes have been m ade in the Classifications o f the
Inter-State C om m erce Comm ission as o f July 1 1914. T h e form o f
In com e A ccou n t here used is that prescribed b y the C om m ission. T he
C om pany does not, how ever, adm it the correctness o f the groupings o f

LOCOMOTIVES.
Total number locomotives on active list June 30th 1914.................1,357
Additions:
Engines acquired with roads purchased . .
6

SO™fimludesitdMd°endsCOon stock o f C hicago Burlington & Quincy R R .

1,362
.
1
.
Total locomotives on active list June 30 1915____________1,361
In addition to the engines on active list thero were:
Withdrawn from service and on hand from previous year__ 123
Dismantled during year.......... ...................... ....... .................... 1

° T ni^ lu d e s h interestPpaid on this C om pany’s P ™ ^ rt|?nu ®f
issued b y this C om pany and the Great N orthern R ailw ay C om pany,
secured b y C . B . & Q. RR* capital stock as collateral.

M IL E A G E

OPERATED.

C hanges h ave taken place in the m ileage operated during
the year as follow s:
There were added:
July

1 1914

July

1 1914

July
A u g.
A u g.
N ov.
D e c.

1 1914
23
23
23
12

1914
1914
1914
1914

D e c. 15 1914
D e c. I 1914
F eb. 19 1915
M ay

1 1915

M ay

1 1915

M ay

I 1915

June

I 1915

June 30 1915

M iles .

N orth Yakim a & Valley Lines in W ashington, ac­
q u i r e d _________________________________________ P ort Townsend Southern Railroad— Southern D lvision in W ashington, acquired------------—
Oregon-W ashington R R . & N avigation C o . in
W ashington, leased-------------------------------------------Sim coe Branch, W ashington, a c q u ir e d ........... ........
C ow iche Branch, W ashington, acquired------ Spring Creek Branch in N orth D akota, e x te n d e d ..
E d gecom b-K ruse Branch in W ashington, con ­
stru cted ----------------------------------------------------------P oint D efiance Line in W ashington, co n stru cte d ..
Seattle Southeastern R ailw ay in W ashington,
leased-------------------------------- ---------------- - .................
M a in Line in W ashington (second track construet e d ) .................. - ________ _________________ _____ C onnection with “ S oo” Line in M innesota, con­
s tr u c t e d ........................... . . . ----- - - -------- ------------Cuyuna N orthern Branch in M innesota, con­
structed
___________________________
M inn eapolis'S t’."Paul & Sau'lt Ste. M ario R y . in
M innesota, leased----------------- ---------- - - -------- C onnection with G reat N orthern R ailw ay in
W ashington, con structed--------------- -------------------Sundry p etty changes and corrections.................... ..

Total additions-------- ------- ------------ -----------Deductions:
__, ,
.
„ ,
Dec. 15 1914 Tacoma-Tenino Line in Washington, track ^

o\).oZ
lo .u u
■ ■■>'>
3.74
33.80
3.8U
42.95
-27
3.44
-80
.09
.74
.59
14.97

169.59

Olympia^ranch'in' Washington, track taken
3.55
up
Dec. 15 1914 Port Townsend Southern RR. (Tumwater
Branch), track taken up------------------------ 5.00
Feb. 19 1915 Main Line in Washington, track taken up
5.74
June 11915 Monte Cristo Branch in Washington, leased.42.12
57.02

Net additions...... .................................. ......... „ 112.57
Mileage operated June 30th 1914-------------------------------------------6,353.60
Mileage operated June 30th 1915------------------------------------------ 6,466.17
Average mileage operated during year_____ 6,460.67




Leaving on hand engines withdrawn from service which may
be sold.......... .................... ....... ................................................. 1 2 2
PASSENGER EQUIPMENT.
On June 3 0 1915 the com pany owned 1 ,2 8 7 passenger-train
cars, including 129 sleeping cars owned jo in tly w ith the P ull­
m an C o m p a n y , an increase o f 127 cars.
T h e num ber and
kind o f cars owned is shown in table on page 4 0 [pam phlet
r° ( ) f the 1 ,2 8 7 cars ow ned, 9 6 9 were n ot due in shops for
tw o m onths or m ore.

FREIGHT EQUIPMENT.
C om p arative num ber and cap acity o f freight cars:

1914.

1915.

In c . or D ec.

C a p a c ity .
C a p a c ity .
IC a p a c .
N u m b er *T on s. N u m ber *T o n s. N u m ber *T o n s.

26,358
B o x ------------- - - - ­
Furniture and Auto­
747
mobile—
4,080
Refrigerator-........
2,702
Stock----------------8,654
Flat......................
62
O i l .........................
5,336
Coal______ _____
1,035
Ballast and Ore...

994,930 25,936

983,150

422 11,780

26.850
130,320
65,285
305,195
2,555
255,990
43,105

24,895
129,855
57,435
301,085
2,555
252,065
54,290

75 1,955
465
28
229 7,850
147 4,110
130 3,925
217 11,186

672
4,052
2,473
8,507
62
5,206
1,252

814 18,900
48,974 1.824,230 48,160 1,805,330
Total.
1.66%
1.04%
Percentage — - - Average capacity per
37.5
37.3
car___________
* 2 , 0 0 0 pounds.
N o t e .— Figures in bold face denote increase.

Dec. 15 1914

Total deductions_________________________

Deductions:
Engine sold during the year, from active list___________

O f the total num ber o f freight cars on June 3 0 19 15 , 2 ,1 1 9 ,
or 4 . 4 0 % , were in need o f ropairs costing $ 5 0 0 or m ore per
car #
N o additional passenger or freight equipm ent is under
contract for construction or is building a t the C om p an y s
S hops.

D eo . l l 1915.]

THE CHRONICLE

M A IN T E N A N C E OF W A Y A N D ST R U C T U R E S.
T h e charges for M ain tenan ce o f W a y and Structures
were $ 8 ,5 2 3 ,6 5 7 4 5 , a decrease o f $ 8 4 0 ,1 6 6 4 6 , or 8 .9 7 per
cent.
BLOCK SIGNALS.
B lo ck signals havo been installed and placed in service
a t the follow ing points:
Minnesota: Brainerd d ep o t.
Montana: L ivin g sto n -T o ston .
Idaho: Paradise-Sand P oint and A th ol-H a u se r.
Washington: P asco-A lfalfa and Cle E lu m -E aston .
On Juno 3 0 1915 on 2 ,4 8 5 m iles o f im portant m ain line
there were 1 ,1 8 4 3 0 m iles protected b y autom atic block
signals and 3 3 7 .5 0 m iles protected b y m anual block.
IN TERLOCKIN G PLANTS.
. Interlocking plants have been installed and placed in ser­
vice at M cG re go r, M in n eso ta , and a t Ballard and Steilacoo m , W ash in gton .
C H A R G E S T O C A P IT A L A C C O U N T .
U p o n requisition o f the E xecu tive Officers, approved b y
the B oard of D irectors, expenditures for additions to and
betterm ents o f the property-have been m ad e during the past
fiscal year for :
Real Estate, Right o f Way and Terminals—
88,224 49
Superior, Wisconsin, real estate___________
St. Paul, Minnesota, reai estate___________
21,879 33
Minneapolis, Minnesota, real estate_______
42,746 41
Tacoma, Washington, real estate__________
2,866 40
Aberdeen, Washington, real ostate_________ C r .
10 00
$75,706 63
Branches, Lino Changes, Grado Revision and
Second Main Track—
Superior, Wisconsin, right o f way and track
to oro dock_____________________________
$201 95
Cuyuna Northern Branch, Minnesota (ex­
tension) _______________________________
57,335 57
Duluth Transfer Railway, Minnesota (re­
24,923 55
construction) ___________________________
Minneapolis, Minnesota, grade separation
1,263 78
and change of line______________________
Rico’s to Littlo Falls, Minnesota (second
12,753 81
main track)____________________________
Golden Valley Branch, Nor. Dak., and
M ont, (construction)___________________
134,729 96
Spring Creek Line, North Dakota (con­
592,849 15
struction)______________________________
Western Dakota Branch and Extension,
North Dakota__________________________
23,318 24
Bitter Root Branch, Montana (extension).
1,513 00
Camp Crook Branch, Montana (construc­
tion) __________________________________
2,390 12
Elkhorn Branch, Montana (removal o f line
in prior years)__________________________ Cr.239,389 56
Huntley to Billings, Montana (second main
track)--------------------------------------------------4,740 38
Edgecomb to Kruse, Washington (construc­
tion) _____________________
55 3 13 12
Freomont-Ballard Lino andDraw" Bridge",
’
Washington (construction)_____________
34,062 59
Gray’s Harbor & Columbia River Railway,
Washington (right o f way).........................
1,320 84
Lostcr to Easton, Wash, (grade revision and
double track)_________
664,744 91
M . P. 73 to Yardley (Spokane), Washington
3,610 46
(second main track)____________________
North Yakima & Valley Branches and Ex­
tensions, Washington___________________
13,626 29
Spokane, Washington (gradoseparation)..
453.605 26
Point Defiance Line, Tacoma to Tenino
(construction).........................................
2,287 181 7 7
Port Townsend Southern Branch, removal of
lino between Tenino and Plumb_________ Cr.63,290 29
Tenino to Vancouver, Washington (grade
revision and doublo track)_______________
13,086 4 7
Sundry expenditures and adjustments______
983 52
$4,156,581 52

1981

C A P IT A L S T O C K A N D

DEBT.

There has been no change in the am ount o f capital stock
outstanding during the y ear, v iz .: $ 2 4 8 ,0 0 0 ,0 0 0 .
Changes in bonded debt were as follows :
Refunding and Improvement bonds issuod
under Article four, Section 2 of m ortgage..
20 000 000 00
Prior Lien bonds issued in this calendar year
uu
under Article ono. Section 4 of mortgage
SI,500,COO 00
Deduct Prior Lien bonds purchased and can­
celed under Article eight, Section 2 of
m ortgage...........................................................
537,000 00
$963,000 00
Deduct :
St. Paul & Northern Pacific Railway Company
mortgage bonds purchased by trustee and
canceled.............................................................
72.000 00— 891,000 00
Net increase in mortgage debt..........................................$20,891,000 00

GENERAL.
C H A N G E S IN A C C O U N T IN G F O R M S P R E S C R IB E D
B Y IN T E R -S T A T E C O M M E R C E C O M M IS S IO N
Readers o f this report will observe th at the Incom e A c ­
count for the business year 1 9 1 5 , appearing on page 5
[pamphlet report] differs m uch in form from that heretofore
used m these reports; also, th at com parison w ith figures for
the next prior year have been o m itted.
T h e fo n n herein used is th at a t present prescribed b y the
C om m ission. W h ile the correctness o f to ta ls, and o f re­
sulting surpluses appearing in this fo rm , is a d m itted , th at o f
som e ot the groupings o f revenues from the several sources is not
Radical differences in the two form s o f Incom e A ccou n t
nave m ade im practicable the usual com parisons between
figures for the year covered b y this R eport and those fo r
tlie year 19 1 4 .
C on sequ en tly, no a ttem p t a t such a com ­
parison has been m ade herein. Should present regulations
continue in force, com parison can be resum ed another y ear.
IM P R O V E M E N T IN O P E R A T IO N .
C om pared w ith 19 14 , Freight R evenue decreased $ 4 ,3 2 2 195, or 8 .9 8 per cen t, while R evenue Freight train m iles
decreased 1 ,0 8 1 ,8 1 2 , or 1 1 .7 7 per cent.
C om pared w ith 19 1 4 , R evenues from transportation o f
persons and property in passenger trains decreased $ 2 ,3 3 8 ,0 7 o , or 1 2 .2 4 per cen t, while R evenue Passenger train miles
decreased 1 ,6 5 8 ,4 3 3 , or 1 3 .8 0 per cent.
Com pared w ith 19 1 4 , cost o f conducting transportation
decreased $ 2 ,7 8 0 ,1 4 5 , largely through the decreases in train
m ileage m entioned a b o v e .
M A IN T E N A N C E

OF W A Y .

. T h e settled policy o f the com pany to m aintain its railways:
in a high condition o f safety and efficiency was again fol­
lowed in 1915.
Expenditures under this head per mile o f road operated,
in each o f the ten years up to and including 1 9 1 5 , have been,
as follow s:
A verage

Y ear.

M ile s .

19 06..
. ............... 5,401.14
1907-------------------------5,443.67
1 9 0 8 ..
......
5,633.33
5,671.29
1909
1910
---------------5,764.83
5.950.43
] 0 } 1 ~ ---------- ....................- ..6 ,0 2 5 .0 9
6,259.85
[013......................
[014---------6.325.26
1915---------6,460.67

T o ta l
E x p e n d it u r e s .

Per
M ile .

P e r cent o f
E a r n in g s
P e r M ile .




.

$7,493,729 90
$1,387 43
12.22'
9,145,546 92
1,680 03
13.34
8,762,297 33
1,555 44
12.84
7,847,050 35
1,383 64
11.46
10,842,955 20
1,880 88
14.55
8.065,462 47
1,355 44
12.42­
7,861,490 57
1,304 79
12.40
10,188,053 94
1,627 52
14.00
A dditions and Betterments—
9,363,823 91
1,480 39
13.29
R ight o f way and station grounds___________ $158,786 82
8,523.657
45
1,319
31
13.49
W idening cuts and fills______________________
159,643 00
Protection o f banks and drainage___________
139,545 44
Som e o f the details o f m aintenance work in 1915 appear on
Grado reductions and changes o f lino______
312,974 82
pages 10 and 11 [of the pam phlet report], on which the re­
Tunnel im provem ents______________________
91,083 01
Bridges, trestles and culverts_______________
354,087 33
spective weights o f rail sections now in the tracks o f the sys­
Increased weight o f rail_____________________
296,380 29
tem are also stated.
Im proved frogs and switches________________
24,160 98
Track fastenings and appurtenances_______
504,720 47
L. A m o n g the renewal item s of the year were 3 ,0 1 7 ,4 9 9 cross­
B a lla s t...........................................
266,611 51
ties, or sufficient, a t the rate o f 3 ,0 0 0 cross-ties per m ile,
Additional main tracks_____________________
1,579 10
Sidings and spur tracks_____________________
311,704 35
for relaying 1 ,0 0 5 .8 miles o f track.
Term inal yards_____________________________
332,639 63
Som e years back the com pany began the use in its tracks
Fencing right o f w a y_______________________
“ 27,145
73
Im provem ent o f crossings— under and over
or ties treated to resist decay, and installed for this purpose
37,097
68
g r a d e ____________________________________
tie-treating plants; one near Brainerd, M in n eso ta , and an­
42,223 82
Elim ination o f grado crossings--------------------other near Paradise, M o n ta n a .
4,349 10
Interlocking apparatus-------------------------------.
B lock and other signal apparatus----------------357,920 31
Since these plants have boon in operation, the com pany
Tolograpli and telephone lines_____________
57,946 76
has boon laying their output in its tracks, so th at on June 3 0
Station Buildings anil fixturos----------------------982,148 11
Shops, englnehouses and turntables-----------349,668 66
1915 the total num bor o f treated ties in track was about
Shop machinery and tools__________________ „ 32,917 50
7 ,4 0 0 ,0 0 0 , or the q u an tity required for 2 ,4 6 6 m iles on the
W ater and fuel stations_____________________C r.37,682 00
basis o f 3 ,0 0 0 tios per m ile.
D ock and wharf property__________________
9,003 37
Snow and sand fences and snow sheds______
1.892 24
In the year 1915 treated ties pu t into track num bered a p ­
Other additions and bottorm onts___________ C r.14,725 02
Assessments for public im provem ents______
175,722 51
proxim ately 1 ,4 5 6 ,6 7 6 , o ut o f a total o f 3 ,0 1 7 ,4 9 9 ties o f all
P a v in g ..................................
1,337 63
kinds laid in renewals. Treated ties are considerably m ore
R oadw ay machinery and tools_____________
241 31
$4,981,124 46 costly than those n ot treated, but it is considered that in­
crease in initial cost is m uch m ore than overcom e b y increased
RESERVE
FOR
ACCRUED
D E P R E C IA T IO N
O F life in track. A s the proportion o f treated ties in the tracks
E Q U IP M E N T .
increases, annual renewal requirements will correspondingly
Credit balance, rosorvo for accrued depreciation July 1 1914.$13,49i 811 76 decrease. T h a t tendency m anifested itself appreciably in
Credits during the year ending June 30th 1915—
the year 1915; the total tie renewals having decreased 1 1 3 ,9 5 9
From charges to Operating Expenses :
Maintenance o f equipment depreciation $709,569 36
ties com pared with those o f 1914.
Locomotives________________ $207,532
11
On Juno 3 0 1915 there were in the com p an y ’ s tracks—
Freight cars. . ...................... 398,073 40
Passenger cars______________
90,124
02
m ostly in m ain lino—4 ,5 6 4 .4 6 miles o f 8 5 -lb ., 2 ,0 9 2 .7 2 miles
Floating equipment-------------- .A ’SSg
o f 9 0 -lb . and 4 7 .2 0 m iles o f 10 0 -lb . steel rails; or in the aggre­
Work equipment_________ , 12.777 51
Maintenance of equipment, retirements..
39,411 01
gate 3 ./0 4 .5 8 miles laid with rail o f 8 5 -lb . section or heavier.
From salvage_____________ ____ _____ . . .
218,613 39
From equipment sold___________________
33,206 64— 1,000,800 40 In track laid with 9 0 -lb . section, there was an increase dur­
ing the j^ear o f 2 5 5 .8 9 m iles.
.
$14,492,612 16
Loss equipment rctirod—
E X P E N D IT U R E S O N C A P IT A L A C C O U N T .
L ocom otives_____________________________
7,394 00
Passengor cars___
74,707 59
T h e aggregate o f those charged up during the year w as
Freight cars.............................
259,647 55
$ 1 1 ,3 6 2 ,2 3 7 27 ; the details o f w hich, as well as the contra
Miscellaneous equipment.................
37,196 91— 378,946 05
thereto, required for accounting purposes, appear on pages
Credit balance Juno 30 1915.............................................. $14,113,666 11
13 and 14 [of pam phlet report].

[Vol. 101

THE CHRONICLE

1982
Some of the largest outlays were as follows:

Grade revision and double-tracking o f the main line, at the
Cascade Mountain crossing, State o f Washington------------ $664,744 91
Construction o f Spring Creek line, in North Dakota----------592,849 15
Spokane, Washington, grade separation------- - - - ----4o3,b05 26
Construction Point Defiance line, Tacoma to Tonmo, \\ ashington__________________________________________________ 2,287,181 77
Station and other buildings and fixtures----------------------------982,148 11
New steel passenger-train cars____________________________ 1,182,20b ID

M ost of the company’s large construction work herotoforo
undertaken having been finished, outlays on capital account
will likely be smaller hereafter.
B O N D SA L E S.
A s mentioned in the last annual report, §20,000,000
of the company’s Refunding and Improvement bonds
were sold in the month of July 1914, and from tho pro­
ceeds the company’s one-year notes, maturing in that
month, were paid off; the remainder being used to reim­
burse the company’s treasury for previous advances of
its free moneys for investments on Capital Account.
In the forepart of the present calendar year $ l,5 0 0 ,0 0 iof the company’s Prior Lien bonds, available for addO
tions to property, were issued and sold. B ut §1,000,000
of bonds of that class remain issuable.

The company is without floating dobt at this time, save
such as results in the ordinary way from the operation of
its properties and the conduct of its business.
F O R M OF B A L A N C E S H E E T .
Attention is called to tho difference in form of Balance
Sheet contained in this roport from that herotoforo used in
tho company’s reports.
Such changes have been made to conform with present
regulations of tho Inter-State Commerce Commission on
tho subject.
The roport of the Comptroller gives further details of the
company’s transactions.
The Board of Directors especially desires to extend to
the company’s officers and employees, as a body, its con­
sideration and thanks for the fidelity and intelligence
with which their respective duties have boon performed
throughout tho year.
B y order of the Board of Directors,
W . P . C L O U G H , Chairman.
JULE M . H A N N A F O R D , President.

N O R T H E R N P A C IF IC R A I L W A Y C O M P A N Y G E N E R A L B A L A N C E S H E E T JU N E 30 1915.

LIABILITIES.

* CCCT5

INVESTM ENTS :
'
Road and Equipment (Northern Pacific Estate) June 30 1914.
Road, lands, &c____ $412,263,747 51
E qu ipm ent_________ 60,409,442 46
----------------------- $472,673,189 97
Charges since June 30 1914 (see above)
8,977,504 15
Land Department cur­
rent assets________ $9,645,368 38
Less— LandDepartment
net receipts(see below) 3,437,845 34— 6,207,523 04
$487,858,217
972
Sinking Funds___________________________________
Deposits in lieu of mortgaged proporty (net moneys in
2,553,898
hands of Trustees from sale o f land grant lands, & c .)-2,218,114
Miscellaneous physical property---------------------------------INVESTM ENTS IN A FFILIATED COM PANIES :
Stocks______________
*$140,689,640 30
Bonds_______________________________ 25,431,875 00
N o te s_______________________________
5,533,1 i9 45
Advances___________________________
1,090,038 86— 172,744,673
OTHER INVESTM ENTS :
Bonds________________________________________________
25,000

Total Capital Assets---------------------

CU RREN T ASSETS :
Cash__________________________________
Special deposits________________________
Loans and bills receivable--------------------Traffic and car service balances receiv­
able------------------- ---------------------------- Net balance receivable from agents and
conductors______________- - - - ----------Miscellaneous accounts receivable--------Material and supplies .
Interest, dividends an
and rents receivable
D E FERRED ASSETS :
Working fund advances------------ - - - -----Cash and securities in insurance fund—

UNADJUSTED D E B ITS.............................

STOCK:
Capital Stock— Common______________ $248,000,000 00
54 ,000 00
Less— Held in Treasury________________
Actually outstanding--------------------------- ------------------- $247,946,000 00
LONG T E R M DEBT :
Funded Debt (see below)______________$323,242,000 00
Less— held in Treasury________________
9,149,500 00
16
52
95
10

61
00

.$665,400,876 34
$8,140,008 32
1,693,176 77
30,403 97
1,118,112 86
688,201 78
3,721,724 06
6,986,625 83
296,019 68—22,674,273 27
$27,864 94
5,803,205 98

5,831.070 92
136,566 29

Actually outstanding........................................................ 314,092,500 00

Total Capital Liabilities________
CURRENT LIABILITIES :
Traffic and car service balances payable.
Audited accounts and wages unpaid____
Miscellaneous accounts payablo
Interest matured unpaid______
Dividends matured unpaid
Unmatured dividends declared
Unmatured intorest accrued_________ II
Unmaturod rents accrued__________
DEFERRED LIABILITIES :
Other deferred liabilities__________
UNADJUSTED CREDITS :
Accrued depreciation of equipment.
Other unadjusted credits__________
Insurance and casualty reserves___
Taxes accrued— partly estimated__

.$562,038,500 00
$705,592
4,810,988
75,301
1,736,030
1,854
4,340,000
510,015
10.518

55
32
98
00
50
00
83
97

$14,113,666
13,838,261
5,803,205
2,327,277

11
24
98
35

12,190,30

15

185,754 30

CORPORATE S U R PLU S:
Appropriated surplus not specifically in­
vested ______________________________
Profit and loss balance_______________

36,082,410 68

$369,578 54
83,176,241 15
83,545,819 69

$694,042,786 82

$694,042,786 82

* Includes this Company’s one-half o f $107,613,500 stock of the Chicago Burlington & Quincy Railroad Company to secure $215,227,000 joint
bonds made and issued by this Company and the Groat Northern Railway Company to pay for said stock, costing $109,114,809 76.
Note.— This Balance Sheet has been made in accordance with the Revised Form prescribed by the Inter-State Commerce Commission as of July 1 1914.

F U N D E D D E B T J U N E 30 1915.
NAM E.

M a­
tures.

Amount
Outstanding.

ISSUED.
$112,615,500 00
Northern Pacific R y. Co. prior lien mortgage----------------------60,000,000 00
Northern Pacific R y. Co. general lien m ortg a g o--------- - - - - ­
8,080,000 00
Northern Pacific R y. Co. St. Paul-Duluth Division mortgage
20,000,000 00
Northern Pacific R y. Co. refunding and improvement m ortgage..
Northern Pacific-Great Northern joint collateral bonds Northern
107,613,500 00
Pacific one-half________________________________________
ASSUMED.
7,813,000 00
St. Paul & Northern Pacific R y. mortgage-------------------------1,000.000 00
St. Paul & Duluth R R . first mortgago-------------------------------2.000.000 00
St. Paul & Duluth R R . second m ortgage-------------- -------- —
1,000,000 00
St. Paul & Duluth R R . first consolidated mortgage-----------500,000 00
St. Paul & Duluth R R ., Duluth Short Lino mortgage...........
2.620,000
00
Washington & Columbia River R y. first mortgage-------------$323,242,000 00
Total

INTEREST.
Rale.

Amount Charged
Income for
Fiscal Year. *

When Payable.

18971897
1900
1914

1997
2047
1996
2047

4><S%

1901

1921

4%

January, Ju ly.x__

1883
1881
1887
1898
1886
1895

1923
1931
1917
1968
1916
1935

6%
5%
5%
4%
5%
4%

February, August.x February, August_____
April, October________
Juno, December_______
March, Septem ber___
January, July_________

4%
3%

Jan., April, July, O c t..
Feb., M ay, Aug., N ov .
Juno, December__
January, July.

$4,486,570 00
1.638,045 00
323,200 no
900,000 00

.

4,253,700 00
472,285
50,000
100,000
40,000
25,000
5,600

16
00
00
00
00
00

$12,294,400 10

* Interest on bonds In treasury not included above, viz.: General Lien Bonds, $5,398,500; Washington & Columbia River Railway Bonds’
$2,480,000; Northern Pacific-Great Northern Joint Bonds, $1,271,000.
x Registered Interest payablo quarterly,___________________

N O R T H E R N P A C IF IC R A I L W A Y C O M P A N Y .
LAND DEPARTM ENT.
The total N et Sales for the year of all lands aggregate
1,004,017.77 acres, and the consideration received therefor
was $4,124,579 89.
<
Of this amount $1,005,433 76 was in cash
and 3,119,146 13 in contracts for deferred
payments.
T o ta l__________ $4,124,579 89

The N et Proceeds credited to the Northorn Pacific Estate
were made up as follows :
Total net salos as above----------------------------------------$4,124,579 89
Intorest collected.........................................................................
309,927 72
Loss exponsos and taxos.

$4,434,507 61
996,662 27

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

$3,437,845 34

BALANCE

OF

LAND
DEPARTMENT
A S SE T S .

CURRENT

Contracts for sale of lands--------------------------------------------------- $9,916,556 53

Bills receivable_______________________________________

The Cash Transactions of the Department were as follows:
Received from sales as above_____________________________ $1,005,433 76
Received from payments on contracts____________________
781,225 25
Interest collected on deferred payments___________________
309,927 72
Total........................................................................................... $2,096,586 73
Less, for expenses___________________________ $430,974 12
Less, for taxes______________________________
565,688 15
-----------------—
996,662 27
Net cash receipts for year______________________________ $1,099,924 46




Accounts receivable---------------------------------------------------------Less, accounts payable-------------------------------- $263,875 77
Loss, suspense account (collections not taken
to account by land agonts)_________________
116,986 98
--------------------

805 86

108,868 74

$10,026,231 13
380,862 75

Balance Land Department current assets________________ $9,645,368 38
In addition to which thero is in tho hands of tho Treasurer
cash turned over by tho Land Department_______________
$266,961 92

T H O M A S C O O P E R , Land Commissioner.

Dec. 11 1915.]

THE CHRONICLE

1983

U NI TE D F R U I T C O M P A N Y
S I X T E E N T H A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R E N D E D S E P T E M B E R 30 1915.

Office of the United Fruit Company,
,
131 State Street, Boston, Mass.,_
To the Stockholders:
December 3 , 1915.

that the net results for the past fiscal year from the European
business as a whole compare favorably with previous years.
In the United States the business has shown a constantly
Y o u r Board o f Directors subm its the follow ing report of improving tendency throughout the year.
the businoss o f tho U n ited Fruit C om p an y and its subsidi­
Special provision for depreciation of tropical banana proper­
aries for the fiscal yoar ended Septem ber 3 0 19 15 :
ties, resulting in the reduction of the book values of cultiva­
tions and equipment in Honduras, Costa Rica and Panama
INCOM E ACCOUNT FOR THE Y EA R .
to conservative inventory values, has been made by direct
Total net earnings for tho year were:
From bananas and miscellaneous tropical fruits, including
charges to past incomo aggregating $3,445,247 84. This is
profits from transportation and merchandise business____S4.993.165 96
From the sugar business____________________________________
2,476,87612 additional to the $2,801,375 91 absorbed in operating ex­
ponses for depreciation of the tropical properties and steam­
Not earnings_______ _____________ ______________________S7,470,042 08
Miscellaneous Income_______________________________________
144,52758 ships, and makes the total amount of depreciation written
Total income______________________________________________ 57,614,56966 off during the year $6,246,623 75.

Doduct interest charges_____________________________________
1,714,04796
SUGAR IN V E STM E N T.
Balance, not income for the year____________________________$5,900,52170
Against income there have been charged the four regular
The crops at both Banes and Preston, Cuba, were some­
dividends of 2% each, aggregating______________________
2,927,544 00
what smaller than in the previous year, as a consequence of
Balance surplus for fiscal year_________________________ S2,972,977 70
climatic conditions, but tho exceptionally high prices re­
Brought forward from the close of tho previous year a surplus
of_________
13,592,404 90 sulted in larger net earnings than in any previous year.
Making a total at credit of income account------------------------------ 516,565,38260
The sugar mill at Banes produced 126,103,080 pounds of
Spocial allowance for depreciation of property
sugar and 3,460,063 gallons of molasses, and the Nipe B ay
in Central America_______________________ $3,445,247 84
Loss amount of the net resources o f the Insur­
Com pany’s sugar mill at Preston produced 110,224,000
ance Fund taken up in the Company’s ac­
919,552 28— 2,525,695 56 pounds of sugar and 2,403,829 gallons of molasses.
counts and credi tod Income Account----------The output for the previous year was 147,713,320 pounds
Surplus September 30 1915--------------------------------------------- $14,039,68704
Before arriving a t the net earnings there had been deducted of sugar and 3,108,485 gallons of molasses at Banes, and
and charged out as a reserve for depreciation on steam ships 157,864,040 pounds of sugar and 3,8 11,2 38 gallons of mo­
and tropical properties the sum o f $ 2 ,8 0 1 ,3 7 5 9 1 .
Corre­ lasses at Preston.
The Nipe B ay Company issued $3,500,000 ten-year 5 %
sponding charge for tho previous year w as $ 2 ,4 7 0 ,7 6 1 8 2 .
bonds, and applied a part of the proceeds to the extinction
DIVIDEN DS.
Four regular quarterly dividends o f 2 % were paid during of its indebtedness to the United Fruit Company.
STEAMSHIPS.
the yoar.
FUNDED DEBT.
Our American Fleet comprises twenty-three ships in active
N o additions were m ade during the year to tho funded dobt service. One new ship was added to the fleet during the
o f the U n ited Fruit C o m p an y , b u t issues aggregating $ 1 ,7 7 8 ,­ year, two should be ready for service in a short time’, and four
120 wore m ado b y the subsidiary com pan ies, m ain ly to p a y others are in process of construction. Two were sold within
for now steam ships.
the year, and one was lost at sea, for which insurance has
R E TIR E M E N T OF D E B T.
been recovered in full.
B on d s and D ebentures were retired during the year through
Three newly-built ships were added to our British Fleet,
and a fourth is duo for delivery in 1916. Of the ships com­
the operations o f sinking funds and redem ptions as follow s:
United Fruit Company Sinking Fund 4>*% Debentures
prising our British Fleet, the Admiralty has taken seven un­
(1923)----------------------------------------------------------------------S4°5 000 00 der charter on favorable terms.
One of the ships engaged in
United Fruit Company Serial 5% Debentures, due Juno 1
’
160 000 00 the Admiralty service was lost, presumably by the explosion
1 9 15-----------------------------------------------------Northern Railway Company First Mortgage 5% Bonds (com’
of a mine, and full value for the same has been received.
pleting tho retirement o f this issue)_______________________
129,000 00
TR AFFIC .
Tropical Fruit Steamship Company, Ltd., 6% Debentures _
136,150 00
Eldors & Fyffes, Ltd., Debentures__________________________
848,757 85
Tho additions to the fleet of steamships have been made not
T ota ! ........................................... - ..............................................$1,698,907 85 merely with the object of providing vessels with the special
FRUIT IN V E STM E N T.
equipment necessary for tho handling of fruit, but also to
A s stated in tho roport su bm itted last y ear, the w ar in provide for the very heavy growth in the Company’s general
Europo seriously interfered w ith the distribution o f bananas freight and passenger traffic with the W est Indies and with
in tho C ontinental m arkets, and this condition still continues, Central and South American points.
so far as the Central Em pires are concerned, b u t since m id­
Respectfully submitted by order of the Board of Directors,
winter the English business has been highly satisfactory, so
A N D R E W W . P R E S T O N , President.
COM PARATIVE CONSOLIDATED BALANCE SHEET SEPTEM BER 30 1915 AND 1914.
ASSETS.
Plantations and Equipment:
Tropical Divisions_____
(See exhibits “ A ” to “ E ” on pages 10 to 15.)
Domestic and Foreign Divisions________________
Investments:
Agricultural (Bananas)_________________
Agricultural and Manufacturing (Sugar).
Tropical Railways_____________________
M iscellaneous______________________________

Steamships________________
Insurance Fund Net Assots.
Current Assets:
Cash__________________
Accounts Collectible__
Sugar Stock on hand—
Loans to Planters______________________________
Notes Receivable______________________________
Coupon, Dividend and Trustee Accounts---------Advance Payments:
Charters, Wharfage and Steamship Supplies.

1915.

1914.

$52,045,344 17

$54,091,945 39

622,259 59 $52,667,603 76
$643,584
2.484,538
1,733,186
332.737

68
77
50
93

Increase.

5,194,047 88

d$2,046,601 22

556,459 27 $54,648,404 66
$937,826
5,757,884
1,651,662
184,023

54
28
50
03

16,146,173 14
919,552 28

65,800 32 d $l.980,800 90

dS294,241
§d3,273,345
81,524
148,714
8,531.396 35

86
51
00
90 d3,337,348 47

15.999,631 73

$8,006,863 48
$3,069,746 59
3,936,113 60
3,904,876 14
739,932 65 12.682,909 73
561,205 20

7,535,827 93

146,541 41
919,552 28
$4,937,116 89
31.237 46
178,727 45

5.147.081 80

947,449 32
17.190 80
690.649 18

920,239 10
17,190 80
708,271 70

id

650,745 33

506.446 00

144,299 33

$89,916,321 42
_
ti
L IA B IL IT IE S .
Capital Stock:
United Fruit Company.
___________ $36,594,300 00
Subsidiary Company Stock no't held’ by United Fruit Co.
25,000 00 $36,619 300 00
Funded Debt:
Sinking Fund 44*% Debentures (1923)........................... $3,400,000 00
Sinking I und 44*% Debentures (1925)...........................
4,000,000 00
Serial 5% Debentures, due June 1 1916 to 1918______
480,000 00
Four-Year 6% Coupon Notes (1917)
12,000,000 00
Four-Year 5% Coupon Notes (1918)
10,000,000 00
Bonds and Debentures o f Subsidiary Com paniesIIIIII
3,479,168 00 33,359,168 00
Bonds Matured or Drawn for Redemption
*11,000 00
Property Purchase Obligations________
7,070 59
Unclaimed Dividends and Coupons___ II
21,657 00
Costa Rica Railway Material Account____I I I I I
243,125
00
Current Liabilities:
Accounts Payable---------------------------------$3,023,914 11
Notes Payable (Subsidiary C om pan ies)...
600.000 00
Dividend Payable in October----------------------- ZZZZZZ'.
731,886 00
Drafts Payable__________________________ I I I 1 1 I I I I I I
576,398 75 4,932,198 86
Interest Accrued on Funded Debt (not yet due).
625.086 53
Rentals Accrued (not yet duo)......................... ........I
58,028 40
Income Account (Surplus) (See Statement o f Income)
14,039,687 04

$88,867,408 27

$1,048,913 15

27,210 22
17,622*52

25,000 00 $36,619,300 00
$3,825,000
4,000,000
640,000
12,000.000
10,000,000
2,814,955

00
00
00
00
00
85 33,279.955 85
26,000
301.557
20,481
243,125

$1,875,931
958,611
731,886
517,087

28
90
00
73

d$425,000 00
d160.000 00
” 664',212* 15

00
50
75
00

$79,212 15
dl5,000 00
d294,486 91
1,175 25

$1,147,982 83
d358,611 90
4.083.516 91
643,944 15
57,122 21
13,592,404 90

59,311 02

848,681 95
dl8,857 62
906 19
447,282 14

$89,916,321 42
$88,867,408 27
51,048.913 15
Tho £ on>pany's Insurance Fund Net Assets o f $919,552 28 are included In the above balance sheet.
i\/otCm 1 nose bonds hud not been presented for DuvniGnt
5 The doorejiRfl in Riiimr i n m p n t - ic mainly
main
Company o f the $3,060,500 00 loaned to that Company t o 1914. d DrcreTso
S investment is mam due to the repayment by the Nipe Bay




1984

THE CHRONICLE

[Vol. 101

COMPARATIVE CONSOLIDATED STATEMENT OF INCOME FOR TIIE FISCAL YEARS ENDED SEPTEMBER 30 1915 AND 1914.
Net income arising from the production and importation of tropical products, including profits
Miscellaneous income_______________________________________________________
Total Income________________________________________________________
_.

1914.

$7,470,042 08
144,527 58
$7,614,569 66
1,714,047 96
$5,900,521 70
2,927,544 00
$2,972,977 70
13,592,404 90
$16,565,382 60

$3,508,993 99
233,253 03
$3,742,247 02
1,477,336 46
$2,264,910 56
2,927,544 00
*$662,633 44
16,284,211 77
$15,621,578 33
731,886 00
$14,889,692 33
1,297,287 43
$13,592,404 90

$16,565,382 60
2,525,695 56
$14,039,687 04

Less: Direct Charges to Profit and Loss (see foot-note)________________________________
DIVIDENDS.
Four quarterly dividends were declared and charged to Income Account
during the years 1915 and 1914, respectively, viz.:
1915.
1914.
Dividend paid January 15, 2 % ___________ $731,886 00
$731,886 00
“
“ April
15,2% ___________
731,886 00
731,886 00
“
“ July
15 ,2% .........
731,886 00
731,886 00
“
“ October 15, 2% . . .................
731,886 00
731,886 00
$2,927,544 00 $2,927,544 00

1915.

Increase.

$3,961,048 09
d88,725 45$3,872,322 64
236,711 50
$3,635,611 14
$3,635,611 14
d2,691,806 87
$943,804 27
<1731,886 00
$1,675,690 27
1,228,408 13
$447,282 14

DIRECT CHARGES TO PROFIT AND LOSS.
This item includes special charges for
of properties in
Central America, less the Insurance Fund depreciation
net resources taken into the
Company’s accounts.
d Decrease.

* Deficit.

EXHIBIT "A ”— COMPARATIVE CONSOLIDATED STATEMENT SHOWING THE BOOK COST OF THE TROPICAL PLANTATIONS

AND EQUIPMENT ON SEPTEMBER 30 1915 AND 1914.
Republic of Colombia.

Lands_____________________________________________
Houses and Buildings_____________________________
Cultivations_______________________________________
Live Stock________________________________________
Tools and Machinery_____________________________
Railways______ . __________________________________
Tramways________________________________________
Telephones________________________________________
Wharves, Lighters, &c____________________________
Merchandise (S tores)_____________________________
Material on Hand_________________________________

$1,721,108
334,088
1,343,983
114,055
16.715
58,310
12.909
18,091
400
70,168
54,624

Costa Rica.

1914.

1915.
90
78
89
00
32
00
25
00
00
01
34

$3,744,454 49

$1,725,890
289,385
1,494,434
101,905
11,867
9,837
80,538
8,208
647
61,391
59,325

1915.
44
75
38
00
79
47
59
56
15
69
17

$8,562,611
792,161
1,392,608
209,944
156,554
4,103,490
391.980
78,345
196,859
181,097
309,313

Telephones________________________________________
Wharves, Lighters, &c____________________________
Merchandise (S tores)_____________________________
Material on Hand_________________________________

$624,125
1,102,895
1,175,214
31,452
52,903
1,116,065
398,081
31,740
25,486
147,843
243,232

50
03
45
50
40
09
44
61
99
71
50

78 S10,327,841 71
55
772,676 54
50
2,161,841 98
18
235,486 51
40
142,684 14
12
4,063,894 37
73
668,062 05
83
69,307 74
71
227,304 09
84
193,819 66
52
450.453 20

$624,125
1,092,381
1,195,714
39,461
25,465
1,177,569
378,559
40,613
27,082
216,595
152,755

1915.

L ands____________________________
Houses and B uildings____________
C ultivation s_____________________
Live Stock________________________
Tools and Machinery--------------------R ailw ays_________________________
Tram ways________________________
T eleph ones_______________________
Wharves, Lighters, & c------------------Merchandise (Stores)--------------------Material on H a n d ________________
Sugar M ill________________________

50
75
21
17
40
96
53
26
90
90
71

1915.

$1,470,912 23
803,346 51
1,189,165 00
127.835 00
110,885 28
3,685.494 54
24,381 00
48,637 70
166,238 00
143,008 84
241,909 07

$1,377,303
523,463
1,976.154
90,205
13,257
3,732,184
49,921
469
132,418
201,272
342,931

95
56
66
00
06
55
33
18
91
10
91

$8,011,813 17

$8,439,582 21 1

$2,416,130
487,409
1,712,261
262,600
171.562
1,524,097

84
83
39
00
61
76

18,160
125,836
142,028
169,548
1,436,691

28
75
94
98
35

18,560
134,644
167,911
123,502
1.455,107

69
31
41
28
45

$8,385,747 92

$1,142,374
731,677
450,675
61,761
80,856
3,100,924
14,649
80,327
359,199
106,301
557,898

62
51
00
63
57
86
49
20
19
33
91

1,028,641 19
546,169 07
748.811 16
70.124 99
32,098 69
1,685.269 63
16,449,06
11,726 08
337,982 37
133,854 33
747,779 72

07
79
99
22
03

61
265
49,218
208,646

86
09
54
52

$616,392 11

$1,184,551
605,723
591,549
251,605
120,315
75.107
20,385
17,014
80,353
216,719
112,952

1914.
93
81
57
84
60
88
91
96
14
25
90

$3,276,280 79

$1,161,618
524.568
583,324
251,615
117,759
96,328

91
23
18
57
48
53

17,034
230,345
311,546
75,703

40
59
62
63

$3,369,845 14

Grand Totals.

1914.

$279,694
12,243
5,709
31.529
29,023

$8,473,788 47

Jamaica.
1915.

Canary Islands.

1914.

94
14
66
00
27
61

1914.

$4,949,041 22 1 $4,970.325 29 1 $6,686.646 31 1 $5,358.906 29
Republic o f Panama.
1915.

$2,409,062
465,796
1,679,431
262,233
165,101
1,511,856

Honduras.
1914.

1915.

1914.

1915.

$3,843,431 99 $16,374,968 16 $19,313,371 99

Guatemala.

Lands_________________________ ___________________
Houses and Buildings_____________________________
Cultivations_______________________________________
Live Stock________________________________________
Tools and Machinery_____________________________
Railways__________________________________________

Cuba.
1914.

1915.

1914.

Increase.

$264,994
431
638
1,904
1.724

40 $17,394,441 97 $18,926,546 94 dec$l,532,104 97
07
4.847,933 12
4,236,485 80
611,447 32:
31
7,828,338 06
9,873,180 27 dec2.044.842 21
70
1,053,302 94
1,090,416 37
37,113 43
28
732,354 87
516,419 35
215,935 52
13.651,249 10
12,289,182 27
1,362,066 83
862,449 68
1,193,530 56 doc 331,080 88
292,582 67
165,919 91
126,662 76.
53,001 25
1,003,592 32
1,143,426 57 dec 139,834 23
1,215,814 44
1,286,391 71 dec
70,577 27
1,689,480 22
1,952,451 62 dec 262,971 401,436,691 35
1,455,107 45 dec
18.416 10

$322,694 01 l$52,045,344 17 I$54.091,945 39 dec$2,046,601 22'

EXHIBIT “ B.”—COMPARATIVE CONSOLIDATED STATEMENT OF LANDS OWNED AND LANDS LEASED ON SEPT. 30 1915
LANDS LEASED.

LANDS OWNED.

Acreage.

Acreage.
Location.

Improved.

1914'

&

Improved.

Location.

Total.

Unimproved.

1914.
1915.
1915. 1914. 1915. 1914.
84,642
84,626
Republic of Colombia 27,917 28,304 56.709 56,338
Costa Rica________ 54,524 64,150 187,029 187.813 241,553 251.963
Cuba__ ________ 66,062 64.953 61,078 62.517 127,110 127,470
Guatemala________ 29.787 31,496 111,402 109,693 141,189 141,189
61.606
Honduras_________ 14,584 16,839 91,302 44,767 105,886
36,505
36,504
Jamaica__________ 18,289 19,172 18,215 17,333
170,882 193,000 170,882 193,000
Nicaragua_________
Republic of Panama. 32,773 38,913 90,927 72,387 123.700 111,300
Total___________ 243,936 263,827 787,544 743,848 1,031.480 1,007,675

Unimproved.

Total.

1915. 1914. 1915. 1914.
1915.
1914.
5,281
Costa Rica________ 2,296 2.689 2,985 2,592
5.281
67,392
67,392
67,392
Guatemala________
67,392
'183 "216 16,925 16.892
17,108
Honduras_________
17,108
9,003 10,089 12,001 10,915 21,004
21,004
Jamaica__________
157
Republic of Panama157
Total ___________ 11,639 12,994 99,303 97,791 110,942 110,785
Total Acreage, Lands
Owned and Leasod 255,575 276.821 886,847 841,639 1.142,422 1,118,460

EXHIBIT “ C.”—COMPARATIVE CONSOLIDATED STATEMENT SHOWING THE LOCATION AND ACREAGE OF CULTIVATIONS ON

_____________________SEPTEMBER 30 1915 AND 1 9 1 4 .__________________________ __________________
LOCATION A N D ACREAGE.

Republic of
Colombia.
Description.
Fruit:

Bananas________
Oranges_________

Sugar Cane
Miscellaneous:

C ocoa n u ts______
C o c o a ___________
R u b ber __________
Pastures:
Para Grass—
Guinea G rass..
Natural Grass.
Roads, Lots, &c_
T ota l __________

Costa Rica.

1914.

1915.

1914.

17,432

18,334 33.740 46.273]
93
93

32
33

10,018
402

32
33

1915.

2,707
67

982
4,018
9,699 14,499
714
206

Cuba.

1915.

1914.

Guatemala.

1915.

88 28,550 30,311
694
604
34,247 33.864
150
846
_____

____

957
2,937
15.645 23,311 21,906
242 7,369
7.405

1,044
193

625
67

1914.

169
362

Honduras.

1915.

1914.

12,387
__

15,117

____

97
____
21

_____
.....

97

_____

21

_____

994
191

1,464
798

27,917 28.304 56,820 66,839 66,062 64.953 29,787 31,496 14,767




Jamaica.

1,056
764

1915.
8,109
88
____

4,462
77
15

1914.

1915.

1914.

Total.

1915.

1914.

10,521 28,609 34,552 128,827 155,196
785
_____
875
88
_____ 34,247 33,864
_____
_____

4,177
77
15

1,313

4,610
9,653
120

2,083
925

____

4.732
9,705
104

Republic o f
Panama .

1,195

____

.....

....
____

.....
_____

4,760
4,492
103

4,456
2,776
103

982
957
8,750 7,547
2,298 62,124 61,251
868 10,505 9,796

17.055 27,292 29,261 32,930 38.913 255.573 276,821

L>EC. 11 1915.]

THE CHRONICLE
THE CUBAN-AMERICAN

1985

SUGAR COMPANY

ANNUAL REPORT FOR THE FISCAL YEAR ENDING SEPTEMBER 30 1915.
New York, December 8 1915.
To the Stockholders of The Cuban-American Sugar Company:

Your Board of Directors submit the following report
for the fiscal year ending September 30 1915:
The total output of Raw Sugar was 236,401 tons (of 2,000
lbs.) as compared to 264,745 tons (of 2,000 lbs.) for the
year ending September 30 1914. The yield of sugar from
a ton of cane was approximately 10 per cent less this year
than the previous year due to the unseasonable weather
conditions during the grinding season, especially in the East­
ern Provinces.
The following table presents a detailed comparison of the
tons of cane ground and the year’s output of Raw and Re­
fined Sugar for the last two years:
^
„
1914-15.
1913-14.
Cane Ground................................................ 2.218,168 Tons 2,213,723 Tons
Raw Sugar Production:
(Bags 320 Lbs.)
(Bags 320 Lbs.)
C haparra------------------------------525,088Bags
616,179 Bags
Delicias— ................................
315,872
"
492,662
“
Tinguaro_________ ______ . . ________ 236,956
197,240 “
U nidad__________ _______________ 84,472
66,606 “
93,617
Mercedlta......... ..................... _............. __
88,447 “
Constancia____________________
196,055 162,861 “
Gramercy, L a _______________________
25,447
30,663 “

the relative Profit and Loss Account correctly shows the resu“ s of the operations for the period.
Ine Stock of Raw Sugars on hand has been valued at the
net pneo subsequently realized and the Refined Sugars at
cost or at market price at September 30 1915, whichever
was the lower.
LOVEJOY, M A TH ER & HOUGH,

55 Liberty Street,

P“ W<C

CONSOLIDATED BALANCE SHEET, SEPTEM BER 30 1915.

Property, Plant and Fixtures?45^ 1'5'

As at October 1 1914
#94 oc^ ita a -i
Additions during y e « ir _ I I I I I II I I I I I I H I I $21 175 I490 95

Advances to Colonos and Contractors (after
deducting Reserve for Bad and Doubtful
A cco u n ts)------------------------------Inventory of Raw Materials, Supplies'and
Merchandise in Stores_________________
Stock of Raw and Refined Sugar_________
Accounts and Bills Receivable (after d ^
ducting Reserve for Bad and Doubtful
A cco u n ts)_________________
Cash in Banks and on Hand_______ 11111

Deferred Charges to Operations:

R. B. HAWLEY,
President.
C ERTIFICATE OF ACCOUNTANTS.

To the President and Directors of
The Cuban-American Sugar Company:

•

Good-will
-----’-----’---------$25,529,665 59
............ ........... 3 ,9 2 o'?nn no
Securities iii hands of Trustees 111
Work Animals, Live Stock and Equipmentl 1111............
751 505 7 9
Current Assets and Growing Cane:
---------------toi.tMO tv
1 lanted and Growing Can©.
si 179 2 R9 77

T otal.......................................................1.477,507 Bags 1,654,658 Bags
or
or
236,401 Tons
264,745 Tons
Refined Sugar Production:
Cardenas Refinery, Cuba____________ 14,713 144 lbs
13,043,392 lbs.
Gramercy Refinery, La......................... -154,954’,482
134.404,783 “

The net profit of the Company for the fiscal year was
$5,594,047 97 after charging $788,496 95 for depreciation on
buildings, machinery and equipment.
Wo have continued our policy of amply providing for
doubtful Colonos’ accounts and have written off the yearly
proportion of tho cost of plantings and all expenses in the
cane fields where renewed plantings were required.
Your Directors have under consideration a readjustment of
physical values of all buildings, machinery and equipment
by a detailed appraisal, and to provide against every con­
tingency the sum of $2,000,000 has been appropriated and
transferred from the Surplus Account to the “ Reserve for
Depreciation.”
Regular quarterly dividends were paid on the Preferred
Stock, completing tho dividends to September 30 1914;
further, on July 1 1915 1 % per cent and on October 1 1915
5 \ 4 per cent were paid, being the dividend of 7 per cent
accumulated to September 30 1915.
On November 17 1915 a quarterly dividend of
per cent
was declared on the Common Stock to stockholders of record
on December 15 1915, payable January 3 1916.
$179,000 of tho Cuban-American Sugar Company’s Six
Pbr Cent (6%) Collateral Trust Gold Bonds were retired by
Hie operation of the Sinking Fund Provision of tho Collateral
Trust Indenture, making a total of $884,000 of these Bonds
retired m this manner, and leaving outstanding on Septem­
ber 30 1915 $9,116,000.
b
P
Tho capital outlay during the year amounted to $1,175,­
490 95. These expenditures were made to provide the most
approvod and nocossary devices that may be employed to
increase the yield of sugar and lower the cost of production;
to acqmro about 35,000 acres of virgin land adjacent to our
holdings m the extensive area of the Chaparra properties,
and additional railway lines and equipment in order to care
for the increased tonnage of cane and its products. New
warehouses for the storage of sugar have been constructed,
and suitable buildings for the conduct of our commercial
business have added largely to the convenience and profit
of this important department.
Tho improvements and additions stated in the foregoing
servo to maintain and strengthen your property in all its
parts, and offors our best guarantee for an increased output
and continued progress.
Extensive new plantings have been made and a large
acreago brought under a system of irrigation.
Our fiolds to-day indicate a tonnage for the ensuing season
ot unequaled proportions, assuring a record production and
a
outlook for a prosperous year.
The accounts of tho year have been examined by Messrs.
Lovejoy, Mather & Hough, Public Accountants, and their
certificate is mado part of this report.
Respestfully submitted by order of the Board.

& Auditors.

New York City, December 2 1915.

Bond Discount_______________________
Improvements on Leased Lands_______ II
Unexpired Insurance, Taxes, &c_______ II

1 i ac OQ4 QO
i 7 18 040 40
2,’l5 0 ’944 31

1 fi, 7 i fii r.
1,466,144 65
9,293.068 54
*145 S5R 0(1
91 122 41
1491436 76

386,415 17
$39,893,095 37
„

.. ,

,

Capital Stock:

LIABILITIES.

Common (authorized $10,000,000), 71,356
shares of $100 each..................................... $7,135,600 00
Seven Per Cent Cumulative Preferred
Stock (authorized $10,000,000), 78,938
shares of $100 each.................................. .. 7,893,800 00

Common Stock of Colonial SugarsICompany in hands**0’**” ^’4^ ****
or the Public__________________________________
3 ion on
Collateral Trust Bonds Outstanding, six per cent, due
April 1 1918--------------------------------- _
q iir o(1(1 flfl
C urrent^LiaM °it&sf 68 “ d CenS° S
-----------^ . ’llO 63
Bills Payable...................................................
Bankers Loans----------------- ----------- ---------Accounts Payable
_________________
Salaries and Wages Accrued__________
.
Interest Accrued_________________________
Dividends declared on Preferred Stock at
Seven Per Cent per annum for year end­
ing September 30, 1915...........................

$427,539
1,264,501
829,319
11,771
290,545

13
35
17
76
93

552,566 00

Sinking Fund for Redemption of Bonds_____ ________
Reserve for Depreciation_____________________________
Surplus per Annexed Statement__________________ 1111111

3,376,243 34

138,141 51

5 370 309 7 5

6i285i790 14
$39,893,095 37

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE Y E A R
EN DED S E P T E M B E R S 1915.
Raw and Refined Sugars Produced, Less
Commissions, & c ................ ......................... $22,502,285 31
Molasses Produced__________________
5 11 bo2 55
Profit on Stores, Cattle, &c.......................... ..
352,537 16
U ss.
--------------------- $23,366,625 02
Expenses of Producing, Manufacturing, Selling, &c., of
Raw and Refined Sugars
............................................... 16,156,102 44
Deduct:
Provisions for Depreciation..
Discount on Bonds__________
Interest on Bonds___________
Interest on Bills Payable, &c.

$7,210,522 58
88.496
62.352
548,859
216,766

95
00
37
29

1.616,474 61

Net Profit for the year.................................................................$5,594,047 97
CONSOLIDATED SURPLUS ACCOUNT FOR THE1YEAR EN DIN G
SEPTEM BER 30 1915.
As at October 1 1914.................................................................... $3,894,157 17
Add:
♦Collateral Trust Bonds canceled through
the Sinking Fund (see below).................
$179,000 00
Profit for the year ending September 30
1915, per annexed a c c o u n t.................... 5,594,047 97
5,773,047 97
$9,667,205 14
Deduct:
Dividends on 7 per cent Preferred Stock:
Paid January 2 1915 for three months
w J? nU? IT U ? 14- ...........................—
$138,141 50
Paid April 1 1915 for three months to
April 1 1914________________________
138,141 50
Paid July 1 1915 for six months to
„ October 1 1914...................................
276,283 00
Paid October 1 1915 for twelve months
to October 1 1915.......................... .......
552,566 00
$1,105,132 00
Sinking Fund Provisions for the cancella­
tion of Collateral Trust Bonds (see above)
276,283 00
Special Appropriation for Depreciation of
Buildings, Machinery and E<quipm ent.. 2 ,000,000 00

We havo examined tho books and accounts of The Cuban3,381,415 00
Amorican Sugar Company and its subsidiary companies for
the your ending September 30 1915, and hereby certify that Surplus at September 30 1915.................................................... $6,285,790 14
the annexed Consolidated Balance Sheet has been correctly
♦ In October 1915 bonds o f the par value of $138,000 were retired out of
prepared therefrom and, in our opinion, sets forth the true
the Sinking Fund for redemption of Bonds which are not included in the
financial position of the companies as at that date, and that figure
o f $179,000.



[Vol. 101.

THE CHRONICLE

1986

The Commercial Times.
COMMERCIAL EPITOME
F r id a y N ig h t, D e c . 10 1915.
It is still a gratifying record of large transactions and
strong prices. Expanding sales are swelled by an excellent
holiday trade. It looks as though retail and jobbing stocks
over the country had become small. The urgent need of
replenishing them has sent a thrill of new life into very
many branches of trade. Railroad tonnage is large. An
enormous gain in unfilled orders for steel gives added inter­
est to the steel situation. In many industries the op­
eratives are working overtime. Even the sales of jewelry,
which always suffer the first in hard times, have now
markedly increased. The trade in boots and shoes, leather,
wool and coal is excellent. Lumber mills are more propperous. Furniture factories are very busy. All textiles
are in brisk demand. Reports are persistent that even real
estate is in better demand. Wheat exports are large— about
23,000,000 bushels in two weeks— and the total thus far
this season now for the first time overtops that of the
same period last year. The South is getting a good price for
its cotton, even if its exports of the staple are disappointing.
On the other hand, peace in Europe seems to some more
remote. Our relations with Austria may become strained.
Ocean freights are still scarce and high. Freight conges­
tion still exists at Eastern railroad terminals. Textile
trades are threatened with a scarcity of dyestuffs that may
curtail production if not close some of the mills. Yet
taking the business situation as a whole it is very promising.
LARD again higher; prime Western 10c.; later 9.95c.;
refined to the Continent 10.85c.; South America 11c.;
Brazil 12c. Futures advanced on higher prices for hogs,
buying by leading packers, and reports of buying by Ger­
many. The hog. packing since Nov. 1 is 3,526,000, against
3,198,000 in the same time last year. To-day prices de­
clined.
D A IL Y CLOSING PRICES OP LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues. Wed.
Thurs.
Fri.
Dec. delivery cts______ 9.22)4
9.22)4
9.60
9.50
9.50
9.40
January delivery_______9.50
9.47)4
9.82)4 9.70
9.70
9.55
M ay delivery__________ 9.77)4
9.77)4 10.15
9.97)4 9.97)4
9.82

necticut, but Pennsylvania and Ohio filler are also selling
with a fair degree of freedom.
COPPER in moderate demand; Lake 193^@19%c., elec­
trolytic 19 H @19 Me- London has been firmer of late.
Tin declined on the spot to 37}^e.; later 37.35c., with Lon­
don up after a decline earlier in the week. Spelter declined
to 15c. here, with a fair demand. London advanced but
later declined. Lead on the spot here dull at 5.20c. Lon­
don declined and then rallied. Pig iron in brisk demand.
No. 2 Phila. $18 25@$18 75, No. 2 Southern $14@$14 50
Birmingham. Manufactures steel is in good demand.
Railroads have been buying cars after having held aloof for
a time, owing to the high prices. Europe is also renewing its
purchases of steel for the manufacture of munitions, though
buyers will have to wait in some cases for deliveries after
July 1. The daily output of pig iron on Dec. 1 was 103,033
tons, against 101,819 Nov. 1. Production is now at the
rate of 38,000,000 tons a year, allowing 400,000 tons for
charcoal pig iron. The total for November was 3,037,308
tons, against 3,125,491 in October. With the exception of
October the production in November was the largest on
record. It was nearly double that of November last year,
when the total was 1,518,316 tons.

COTTON
F rid a y N ig h t, D e c . 10 1915.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
265,737 bales, against 208,884 bales last week and 171,948
bales the previous week, making the total receipts since
Aug. 1 1915 3,402,627 bales, against 3,391,817 bales for the
same period of 1914, showing an increase since Aug. 1 1915
of 10,810 bales.
Sat.

Mon.

Tues.

Wed.

Galveston--------- 13,924
Texas C ity_____
___
Port Arthur___
____
____
Aransas Pass,&c.
New Orleans___
6,331
M obile-------------252
____
Pensacola______
Jacksonville, &c.
Savannah ______
5,317
Brunswick_____
Charleston_____
907
____
Georgetown___
Wilming o n ____
974
Norfolk-----------3,175
N ’port News, &c
New York______
78
Boston_________
265
____
Baltimore______
Philadelphia___
—

9,563 30,907 14,711
____
7.487
____

Now Orleans___ 54,372
M ob ile _________
3,813
Pensacola_______
4,757
Jacksonville, &c_
1,140
Savannah_______ 33,919
Brunswick______
3,000
Charleston______
7,856
Georgetown_____
Wilmington_____
5,196
Norfolk................ 25,283
N ’port News, &c. 11,645
272
New York______
2,070
B oston _________
1,182
Baltimore----------8
Philadelphia____

624.828
50,041
27.407
24,715
593.854
44,000
174,795
45
132,782
282,974
22,475
3,712
7,760
15.705
718

Thurs.

Fri.

Total.

15,350 10,359 94,814
7,487
8*666 8,000
923
923
13",087 3,388 54,372
116
1,998 3,813
4,757
4,757
1,140
1,140
4*555 5,172 33,919
3,000 3,000
1~,212 2,058 7,856

PORK dull; mess $20©.$21; clear $20@$22.
Beef,
7,403 13', 789 1O',374
mess, $16@$17; extra India mess $27@$28. Cut meats
315
638
494
____
steady; pickled hams, 10 to 20 lbs., 14^ @ 15c.; pickled
bellies, 12@ 13K C* Butter, creamery, 24@36c. Cheese,
8,188 5',853 4 ,834
State, 13@17c. Eggs, fresh, 24@40c.
‘ 965
l",575
f,139
____
COFFEE dull; Rio No. 7, 7% c.; No. 4 Santos, 9 ^ @
. -1,814
283
"932
'730
"463
5",196
9Mc.; fair to good Cucuta, l l @ l l K e . Futures advanced
6,185 2,537 4,994 3,267 5,125 25,283
____
somewhat on covering of shorts and scattered buying by
11,645 11,645
_
25
'50
'i i o
272
commission houses. But warehouse stocks are larger than
495
229
298
453
*330 2,070
____
a year ago, heavy deliveries are partly due to direst importa­
1,182 1,182
—
—
—
—
8
8
tions, spot coffee is slow and speculation lags. To-day
futures were dull and generally lower, with sales of 19,000 Totals this week 31,223 34,928 63,323 37,624 43,848 54,791 £65,737
bags. Closing prices were as follows:
December cts6.70@6.72 April___ cts.6.82 @6.84 August. . cts.6.97@6.99
The following shows the week’s total receipts, the total
January------6.73 @6.75 M a y _______ 6.85 @6.87 September . . 7.00@7.02
February__ 6.76 @6.78 J u n e _______ 6-89@6.91 October------- 7.05@7.07 since Aug. 1 1915 and the stocks to-night, compared with
M arch_____ 6.80@6.82 July________ 6.94 @6.96
SUGAR dull; centrifugal, 96-degrees test,
5.01c.; last year :
molasses, 89-degrees test, 4.24c.; granulated 6.15c. Futures
Stock.
1914.
1915.
declined. Grinding in Cuba is more astive. Refiners show
Receipts to
no great inclination to buy. And Western beet granulated
December 10.
This Since Aug\ This |Since Aug
1915.
1914.
Week. 1 1915. | Week. 1 1914.
has been selling here at 40 points under local refiners’ list
quotations. To-day futures were active at a decline of 3 to Galveston_______ 94,814 1.158.324 126.679 1,513,412 317,381 401,703
Texas C ity______
21,035
27,466
7,487 166,692 9,665 135,419
7 points, with sales of 17,600 tons.
Port Arthur__ __
400
8,000
16.543
Closing quotations follow:
Aransas Pass, &c_
923
5,327
7,323
11,750
55,257
l",348
December cts 3.80@ 3.87
January____3.52@3.53
F ebruary__ 3.22@3.24
M arch______3.22@3.24

April____cts.3.22@3.24 August, .c t s .3.35 @3.36
M a y ______ 3.24@3.26 September . . 3.39@3.40
J u n e ______ 3.26@3.28 October------- 3.43 @3.44
July_______ 3.31 @3.33

OILS.— Linseed in fair demand and firm; city, raw,
American seed, 62@65c.; city boiled, American seed, 63@
66c.; Calcutta, 80c. Lard, prime, 92@96c. Cocoanut,
Cochin, 15@16c.; Ceylon, 14@14)^c. Corn 7.85@7.90c.
Palm, Lagos, 8 ^ @ 9 c . Cod, domestic, 58@59c. Cotton­
seed, winter, 8.50@9.50c.; summer, white, 8.50@9.50c.
Spirits of turpentine, 56-ktc.; strained rosin, common to
good, $6 10. Prices were as follows :
PETROLEUM in good demand, and higher; refined in
barrels, $8 40@$9 40; bulk $4 75@$5 75; cases $10 50©
$11 50. Naptha, 73 to 76 degrees, in 106-gallon drums,
36}^c.; drums $8 50 extra. Gasoline, 86 degrees, 33c.;
73 to 76 degrees, 28 @31e.; 68 to 70 degrees, 25@28c.
Crude firm. It is argued that in Ohio there is a large area
that may produce small wells. Near the Ohio-Indiana
line there is an area that has shown paying territory. In
Indiana much may yet be done. But during November
some 250 old wells were abandoned. The supply of oil is
certainly not crowding the demand.
Pennsylvania dark S2 10
Cabell--------------------1 65
Mercer black_____1 60
New Castle______ 1 60
C om in g _________ 160
W ooster___________1 45

North Lima______ $1 28 Illinois, above 30
degrees________ SI 37
South Lima----------- 1 28
Indian a_________ 1 13 Kansas and Okla­
Princeton________ 1 42
homa _________ 10 0
Somerset, 32 d e g ._ 150 Caddo, 38 deg. and
Ragland_________ 70c.
a b ove_________ 100

68,854
7,328

1,4,39
84,528
9,000
19,549
....

6.857
19.955
9,468
150
2,034
3,428
176

495,015
70,215
4,066
21,081
602,528
46,308
165,463

374,714
24,395

282,114
39,658

962
227,589
9,500
100,034

"Y.557
230,395
8,000
106,617

75',812
160,286
55,901
2,250
7,155
23,934
822

47,510
124,028

42',665
63,479

303", 162
10,483
7,433
2.596

76,580
7,162
6,508
5,143

Totals________ 265,737 3,402,627' 370,458 3,391,817 1,578,149 1,305,705

In order that comparison may be made with other years,
we give below the totals at loading ports for six seasons :
1915.

| 1914.

1913.

1912.

1911.

1910.

Galveston —
TexasCity,&c
New Orleans.
M obile...........
Savannah ---Brunswick__
Charleston.&c
W ilm ington..
Norfolk ____
N ’port N.,&c.
All others------

94,814'
16.410
54.372
3,813
33,919
3,000
7,856
5,196
25.283
11,645
9.429

126,679
11,013
68,854
7,328
84,528
9,000
19,549
6,857
19,955
9,468
7.227

36,418
15,362
81,171
19,103
52,983
4,500
16,424
14,802
28,808
4,589
17,170

155,494
36,671
64,780
6,992
41,210
8,500
9,257
9,945
19,879
4,923
22.551

126,569
35,510
76,248
17,966
75,719
750
16,872
28,633
29,515
3,104
24.271

109,787
45,185
97,590
18,288
08,861
14,700
9,335
5,063
26,691

Total this wk.

265,737

370,458

291,330

380,202

435,157

417,201

Receipts at—

24,201

TOBACCO.— Manufacturers are buying on a fair scale Since Aug. 1- 3,402,627 2t,391,817 6.195,323 6,429,429 6,512,73315,505,364
and prices are firm. Binder is in fact quite firm as supplies
are quite moderate. Filler also sells to a moderate extent.
The exports for the week ending this evening roach a total
There is no real activity anywhere, however. Cuban leaf of 103,507 bales, of which 45,620 were to Great Britain,
has been in pretty good demand and firm. Sumatra is
moving steadily into consumption. Domestic tobacco has 14,326 to France and 43,561 to the rest of the Continent.
the most attention. Sales are chiefly of Wisconsin and Con­ Exports for the week and since Aug. 1 1915 are as follows:



Dec. 11 1915.)

THE CHRONICLE

W e e k e n d in g D e c . 10
E x p o r te d to —
E x p o rts
fr o m —

G rea t
B r ita in

C o n ti­
F ra n ce. nent & c

1915.

T o ta l.

Galveston.. 28,568
14,798 43,366
Texas City.
.
12,956
12,950
Pt. Arthur.
—
—
—
-------Ar. Pass, &c
NewOrleans 9,497
14,192 23,689
___
M obile___
___
___
Pensacola.. 4,757
4,757
___
___
___
Savannah..
___
___
__ z
Brunswick .
Charleston.
___
___
___
___
Wilmington
___
___
___
___
N orfolk __
New York. 2,798 1,370 2,003 6,171
B oston___
72
72
___
___
Baltimore..
Phlladel'a..
___
San Fran..
7,634 7,634
Seattle___
___
___
3,912 3,912
T acom a__
950
950
Los Angeles
Pembina__
—
—
—
....
T o t a l__

45,620 14,326 43,561 103,507

F rom A u g .

G rea t
B r ita in .

359,389
100,146
163
156,882
5.41S
19,745
44,607
17,620
22,400
_____
1,550
18,489
2,687
31,629
5,000

1 1915 to D e c .
E x p o r te d to —

10 1915.

|

C o n ti\n e n t & c .

|F r a n c e .
93,523
44,162

226,670
7,322

13,873
34,131

' 9 ,7 2 2
140,646

7,000
46,581
4,800

1,338
74,765

40,201

17,050
67,912

35,474
11,400

..........

..........

785,726

331,145

163,501
1,959
500
700
37,016
57,170
36,405
50
1,761

T o ta l.

679,582
15li630
163
331,659
5,419
28,083
165,953
22*420
39'450
108,113
1,550
217,464
4,646
43,529
5,700
37,016
57,170
36,405
50
1,761

844,487 1,961,358

Total 1914. 128,949 5,809 129,586 264,344 829,274
81,956! 827,9871,739,217
Total 1913. 103,297 45,1801167,1611315,6381,675,917! 702,559 2,235,380 4,613,856
N o t e .— New York exports since Aug. 1 include 1,048 bales Peruvian and 285
West Indian to Liverpool and 1.010 bales Peruvian to Genoa.

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.
O n S h ip b o a r d , N o t C le a r e d f o r —

D ec.

10

a t—

N ow O rleans..
G a lv e s to n ____
Savannah ____
C h a rle sto n ___
M o b ilo _______
N o r fo lk ______
N ew Y o r k ____
Other p orts___

G rea t
B r ita in . F r a n c e .

8,358
28,348
7.000

G er­
m any.

7,970

2 , 292

T oo

"800
2.000

2^656

Total 1 9 1 5 .. 48,798
Total 1914. . 114,142
Total 1 91 3 .. 94,552

9,970
34,781
11,398

* Including 6,500 for Japan

O th er
C o n i.

C oa st
w is e.

T o ta l.

22,915
498 39,741
20,727 *21,298 70,373
1,450
8,450
3‘ 666
3.000
'8 6 9
3,261
828
828
3P00
5,800
6,000
8.000

100 55.642
11,268 130,903
83,774 59,242

L e a v in g
S lo ck .

334,973
247,008
219,139
97,034
21,134
123,200
297,362
98.846

24,943 139,453 1,438,696
31,860 322,954 982,751
33,701 282,667 702,053

1987

and ease of money. Bulls still predict a large consumption
and a future scarcity, -with very much higher prices on the
first plain and unmistakable intimations of coming peace.
Also, it is said that Germany now owns half a million bales
in this country. On the other hand, comment was made
at the time that so little effect should have been produced
the ginning up to D ec. 1st was only 9 ,/ ll ,4 o 3 bales, against 10,139,712 in 1910-11, when the
crop was about 12,000,000 bales. Although it was asserted
that the ginning of 9 ,7 11,4 53 bales meant 8 8 % of the crop
and, therefore, a yield of 11,035,000 bales, exclusive
ot linters, it left the market comparatively cold. One
reason given for this was that the market, as already in­
timated, had got heavily long while the short interest had
b.eenj J frgely weeded out with the exception of Liverpool’s
straddles and Southern hedges. To-d ay, as we have seen,
Pr i o SCnndedi.lo^ er- ^diddling uplands on the spot closed
a tm r,50« . ’ ?h °win£ a rise for the week of 5 points.
1 he official quotation for middling upland cotton in the
JNew York market each day for the past week has been :
^
S at.
M iddling uplands---------------------12.50

M12.60
o n . Tues.
W e d . T h u r s Fri
12.75 12 70 12 65 12.50

N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
The quotations for middling upland at New York on
December 10for each of the past 32 years have been as follows1915-C ---------- 12.50 1907------ c . . . ..1 1 .9 5 189 9 .c ___

1914-------------- 7.40
1913------------ 13.40
1912------------ 12.95
1911-------------- 9.20
9 1 0 ..............15.05
1909------------ 15.20
1908.............. 9.15

1906_____
1905_____
1904_____
1903_____
1902_____
1901_____
1900.

-.1 1 .0 0
-.1 2 .6 0
. . 8.00
..1 2 .2 5
. . 8.50
. . 8.50
. 9.88

1898_____
1897_____
1896_____
1895_____
1894_____
1893_____
1892_____

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

7.69
5.81
5.88
7.38
8.56
5.75
7.81
9.75

1 8 9 1 .c _______8.06
1890_________ 9.38
18S9________ 10.25
1888_________ 9.88
1887________ 10.50
1886_________ 9.56
1885_________ 9.31
1884-------------10.94

M A R K E T A N D SA LE S A T N E W Y O R K ,
u he total sales of cotton on the spot each day during the
week at New York are indicated in the following statement,
r or the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on^same days.

Saturday___
M o n d a y ___
T u e s d a y ___
W ednesday.
Thursday . .

S pot M a rk et
C lo s e d .

F u tu res
M arket
C osed .

Steady, 5 pts. adv__
Steady, 10 pts. a d v .
Steady, 15 pts. a d v .
Quiet, 5 pts. d e c____
Quiet, 5 pts. d ec____
Quiet, 1 5 pts. d e c___

Steady_________
Steady_________
Barely stea d y. .
Steady_________
Steady_________
Barely s te a d y ..

SALES.
S p o t.

25

C o n t r ’ ct

T o ta l.
25

'i o o

100

f.2 0 0
1,200
Speculation in cotton for future delivery has been fairly
'8 0 0
800
active at higher prices. This was mainly owing to an
300
300
expectation of bullish ginning and crop reports by the
Government this week. W hen January touched 12.70c., " T o t a l____
1,225
1,200
2,425
however, it meant a rise since N o v . 9th of 130 points.
T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
A nd, in the meanwhile, the market had got heavily long.
Therefore, although the ginning report on D ec. 8th was up by cable and telegraph, is as follows. Foreign stocks,
bullish, it was attended by pretty general selling, so that as well as tho afloat, are this week’s returns, and consequently
an early advance on that day was soon lost. In other all foreign figures are brought down to Thursday evening.
words, the market acted as though both the ginning and the But to make the total tho complete figures for to-night
crop reports had been discounted. To-day the Govern­ (Friday), wo add tho item of exports from the United States,
ment crop estimate was received. The guesses of the including in it the exports of Friday only.
Decem ber 10.
1915
1914.
19’ 3.
1912.
79 members of the New York Cotton Exchange on Thursdav Stock
at L iverpool--------------bales. 859.000
694,000
808,000 1,081,000
had averaged 11,209,000 bales.
The actual crop estimate Stock at L o n d o n ___________
66,000
20,000
5,000
5,000
Stock
at
M
anchester_________
87,000
63,000
92,000
46,000
of the Government received at 2 o’clock, turned out to be
11,161,000
bales, exclusive of linters, against 16,134,930
..1 012.000
777,000
905,000 1,132,000
..
*1,000
in 1914, and a five: year average of 13,033,235 bales. A t Stock at H am burg.
*8,000
15,000
9.000
..
*1,000 *105,000
345,000
397,000
first there was considerable liquidation on this report. It
-- 265,000
175,000
370,000
300,000
looked as though the market had discounted it. In fact, Stock at Marseilles
-2.000
2,000
2,000
2,000
..
37,000
18,000
14.000
19,000
at one time prices were 20 to 25 points lower than at the
. . 225,000
25.000
34,000
26,000
closing on the previous day. A sharp rally followed, how­
*1,000
*10,000
14,000
ever, owing to large buying by Liverpool firms and spot
.. 532,000
343,000
794,000
753,000
houses. Also, Waldorf-Astoria
operators bought and
.1,544,000 1,120,000 1,699,000 1.885,000
shorts generally covered to a certain extent. The tone at
..
53,000
81,000
119,000
36,000
the closing, however, was barely steady at a decline of about
. 362,987
695,169
947,251 1,195,481
»e
70,000
10 points for the day. In other words, the market did not
50,000
95,000
108.000
_ 234.000 *165,000
369,000
293,000
respond adequately to a bullish Government crop report
. 459,000
445,000
526,000
353,000
on D ec. 10th, any more thanit did to bullish ginning figures
.1,578,149 1,305,705
984,720 1,239,865
.1,353,053 1,258,039
941,508
804,204
on D ec. 8th. It looked as though the long interest had
.
32,530
27,133
60,224
65.791
grown to rather large, if not decidedly large, proportions.
.5,686,719 5,147,046 5,741,703 5.980.341
Earlier in the week the cardinal factors were not only an
O f the above, totals o f American and other descriptions are as follow s:
expectation of bullish ginning and crop reports on Wednes­
A m er ica n —
Liverr
- 618,000
day and Friday— Dec. 8th and D ec. 10th— respectively, Liverpoc
423,000
616,000
933,000
.
68,000
38,000
56,600
28,000
but Liverpool’s strength and activity also counted. And Mancnes
. *433,000 *248,000
743,000
726,000
Manchester was firm, with a good demand. The recent
. 362,987
695,169
947,251 1,195,481
.1,578,149 1,305,705
984,720 1,239,865
big rise in silver helps Manchester’s trade with the Far U. S. port stocks________
.1,353,053 1,258,039
941,508
804,204
East. Moreover, cotton goods markets on this side of the
32,530
27,133
60,224
65,791
water were reported active and rising. Fall River’s sales
-4,445,719 3,995,046 4,348.703 4,992,341
of print cloths last week wero the largest for some time past.
E a s t I n d i a n , B r a z i l , & c .~
- 241,000
271,000
192,000
M ore seasonable weather has favored the drygoods trade
148,000
66,000
20,000
5,000
5,000
throughout the country. Peace talk has also been fre­
.
19,000
25,000
36,000
18.000
quently heard. Somo thought it significant when Prime
- *99.000
*95,000
51.000
27.000
.
53,000
81.000
119,000
36,000
Minister Asquith, replying to a question in the House of E gy p t. Brazil, & c..
.
70,000
50,000
95.000
108,000
Commons, stated that the British Government will not Stock in Alexandria,
. 234,000 *165,000
369,000
293,000
. 459,000
445,000
526,000
353,000
refuse to lay beforo Parliament any peace proposition that
may bo made. Also, the German Chancellor replied to an
.1.241,000 1,152,000 1.393,000
988,000
.4,445,719 3,995,046 4,348,703 4,992,341
interpolation on the part of the German Socialists as to the
question of the terms of peace. It has been considered more
T otal visible supply-------- ---------5,686,719 5,147.046 5,741,703 5,980,341
7.66d.
4.2Sd.
7.26d.
7.06d.
or .less significant, too, that the censorship should have M iddling Upland, L iverpool-----M iddlin g U pland, N ew Y ork ____ 12.50c.
-----*.25c.
13.40c.
13.10c
permitted the German press to discuss the question of E gy pt, G ood Brown, L iv e r p o o l.. 10.20d.
7.15d.
10.55d.
10.50d.
peace, as it has latterly. Meanwhile spot markets in this Peruvian, R ough G ood , Liverpool 11,25d.
8.75d.
9.00d.
10.25d.
B roach, Fine, L iverpool___________
7.25d.
4.15d. 6 13-16d.
6^d.
country have been firm and spot business at N ew York has Tinnevelly,
G ood , L iverpool____
7.37d.
4.00d.
6 J id .
6 9-16d.
noticeably increased. Ocean freights here are not so high
* Estim ated.
as at some of the Southern ports. Besides, the quality of
Continental imports for past week have been 77,000 bales,
cotton
is excellent. It is, therefore, hard to see why
I The above figures for 1915 show an increase over last week
y
v „here
i
j |
Now York should not get a good share of the spot business, I of 195,702 bales, a gain of 539,673 balesover 1914 a decrease
not only for homo account, but also with Europe. The of 54,984 bales from 1913 and a loss of 293,622 bales from
bouth still holds confidently, buttressed by the abundance 1912.




[Vol. 101

THE CHRONICLE

1988

A T T H E IN T E R IO R T O W N S 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 forthe
corresponding period of the previous year— is set out in de­
tail below.
M o v e m e n t to D e c .
R e c e i p ts .
W eek.

S ea son .

13,733
601
Ala., Eufaula..
85,581
Montgomery - 4,720
46,604
2,185
Selma___
38,445
Ark., Helena-. 3,115
91,610
Little R ock .. 11,969
442
18,328
G a., Albany__
76,324
5,029
Athens__
77,294
Atlanta__
6,030
19,268 278,010
Augusta . .
1,064
39,488
Columbus___
35,742
1,531
M a con __
44,529
4,311
R om e ___
90,887
La., Shreveport 5,284
9,364
Miss.,Columbus 1,494
53,206
3,000
Greenville__
78,861
7,931
Greenwood__
20,368
2,035
M eridian___
20,704
500
Natchez . .
19,743
Vicksburg------ 1,168
23,802
Yazoo C ity .. 2,039
M o ., St. Louis. 24,683 208,836
7,653
776
N . C ., Raleigh
83,482
7,687
O.
, Cincinnati
8,556
1,010
O kla..H ugo-.
14,595
725
S.C., Greenw'd
Tenn.,Memphis 43,824 530,567
5,303
1,388
Nashville . .
13,528
T ex., Brenham
507
21,010
2,440
Clarksville__
50,178
Dallas_______ 2,737
21,174
Honey Grove. 2,078
Houston____ 89,611 1,217,740
6,712
59,879
Paris________

10 1915.

M o v e m e n t to

S h ip -

S tocks

W eek.

10.

R e c e ip t s .
W eek.

11 1915.

D ec.

S ea son .

S h ip ­
m en ts.
W eek.

S tocks
D ec.

11.

592 11,067
,842 85,618
,800 52,471
23,023
52,515
18,920
29,791
19,105
809156,856
,600 48,700
677 23,401
,151 10,727
,225 76,996
577 12,364
,778 31,608
.509 41,524
111 14,582
11,498
174 17,209
107 22,946
,167 36,257
285
475
567 4,025
,408 3,209
10,455
,656255,872
430 1,115
693 3,193
,537 6,031
,497 5,654
,036 6,261
,501 158,686
,797 6,066

17,052
605 12,318 1,117
4,104 82,202 8,835 133,119
89,238
3,236 33,176 6,800
41,532
1,836 23,487 2,643
98,201
5,871 43.53S 10,723
26,476
1.568 9,374 1,138
65,651
2,148 44,888 4,155
89,601
4,115 29,960 13,046
11,081 200,571 15,092 269,459
64,795
1,000 49,211 5,752
30,321
731
2,852 14,540
39,878
3,337 15,597 3,560
2,176 53,476 5,447 100,525
18,621
996 7,998 2,437
55,872
2,500 29,108 4,099
87,573
6,041 34,988 11,324
16,587
614 13,238 2,428
14,878
374 13,600 1,098
23,424
900 11,618 3,315
30,364
755 17,809 2,548
24,459 13,888 19,628 210,775
3,400
514
543
750
71,117
4,183 16,613 8,314
11,668
1,103 2,688 2,092
11,405
1,305
599 12,260
22,653 316,860 45,420 527,805
275
1,687
134 2,921
10,722
191
1,034 3,766
25,270
1,689 9,180 2,054
62,789
2,556 5,893 4,566
17,863
1,317
2,070 2,914
76,308 217,464 122,494 1,406,131
54,005
6,025 7,328 5,044

F U T U R E S .— The highest, lowest and closing prices at
New York for the past week have been as follows :
S a tu rd a y , M o n d a y , T u e s d a y , W e d 'd a y , T h u r s d 'y , F r id a y ,
8. D e c . 9. D e c . 10.
7. D e c .
D ec.
4. D e c .
6. D e c .

Range_____ 12.27 .32 12.35 .45 12.50 .57 12.48 .61 12.41 .53 12.30-.41 12.27-.61
Closing____ 12.30 .32 12.43 .46 12.51 .54 12.49 .50 12.44 .46 12.37-.39 —

J a n u a ry —

Range_____ 12.39 .43 12.45 .56 12.59 .68 12.55 .72 12.52 .65 12.37-.52 12.37-.72
Closing____ 12.39 .40 12.52 .53 12.60 .63 12.60 .61 12.55 .56 12.46-.48 --------------

F ebru a ry—

Range_____
Closing____ 12.52 — 12.65 — 12.73 — 12.73 — 12.68 — 12.59 — —o --- ---

M arch —

R ange_____ 12.66 .71 12.74 .85 12.87 .95 12.83 .00 12.80 .91 12.63-.81 12.63-.00
Closing____ 12.69 .70 12.80 .82 12.89 .91 12.88 .89 12.84~.85 12.74-.76 -------- -----

A p r il—

Closing____ 12.77 — 12.88 — 12.97 — 12.96 — 12.92 — 12.82 — --- --- —

M ay—

Range_____ 12.87-.92 12.95-.04 12.0S-.18 13.04-.21 13.01-.13 12.80-.02 12.80-.21
Closing____ 12.90-.91 13.01-.02 1 3 .0 9 -.il 13.09-.10 13.06-.07 12.96-.97 --- —. ---

J u n e—

R ange_____
Closing____ 12.91 — 13.02 — 13.10 — 13.10 — 13.07 — 12.97 — --- ----------

J u ly —

Range_____ 12.95-.99 13.04-.13 13.16-.26 13.14-.30 13.11-.21 12.93-.12 12.93-.30
Closing------ 12.97-.99 13.09-.10 13.18-.19 13.18-.19 13.14-.1C 13.06-.07 —

A u g u st—

Range......... 12.85- .86 12.93-.00 13.08-.12 13.0 7 -.il 13.06-.0S 13.00 — 12.85-.12
Closing------ 12.85-.89 12.97-.99 13.06-.08 13.0S-.09 13.02-.06 12.93-.95 —

S ep tem b er —

—
— --------- —
R ange_____ 12.56 — 12.70 — —
12.5G-.70
Closing------ 12.56-.58 12.68-.70 12.73-.75 12.72-.74 12.70-.73 12.61-.64 --------------

O ctob er —

Range......... 12.54-.57 12.61-.69 12.74-.79 12.72-.80 12.68-.76 12.56-.64 12.54-.80
Closing____ 12.57-.58 12.68-.70 12.73-.75 12.72-.74 12.70-.72 12.61-.62 —

Q U O T A T IO N S FO R M I D D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.

Total, 33 towns267,8943,405,124499,672 1353043 319,502 3.727,804268,2211258039

The above totals show that the interior stocks have in­
creased during the week 68,222 bales and are to-night 95,004
bales more than at the same timelast year. The receiptsat
all towns have been 51,608 bales less than the same week
last year.
O V E R L A N D M O V E M E N T FOR TH E W E E K A N D
S IN C E A U G . 1.— W o give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results forthe
week and since Aug. 1 in the last two years are as follows :
-1914-

-1915D ecem ber
S h ip p e d —

10—

S in c e
A u g . 1.

W eek.

W eek.

S in c e
A u g . 1.

..2 4 ,4 5 9
..1 7 ,8 5 9
25
. . 4,287
4,000
Via Virginian points___________ . . 5,984
15,214
Via other routes, & c___________

212,792
160,513
736
49,572
47,173
37,244
138,871

19,167
11,307
50
5,628
3,148
5,427
6,093

191,643
105,091
1,440
46,139
27,145
51,650
129.300

Total gross overland_________ ..7 1 ,8 2 8

646,901

50,820

552,408

27,895
36,181
79,087

5,788
8,497
676

34,161
58,519
55,973

D e d u c t S h ip m e n ts —

. . 3,532
Between interior tow ns_____ . ..1 0 ,4 1 3
Inland, & c., from South______ . . 8,519
T otal to bo deducted_______ ..2 2 ,4 6 4

143,163

14,961

148,653

L eaving total net overland*_____ -.4 9 ,3 6 4

503,738

35,859

403,755

* Including m ovem ent b y rail to Canada.

The foregoing shows the week’s not overland movemont
has been 49,364 bales, against 35,859 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 99,983 bales.
-1914-

-1915I n Sight a n d Spinners'
Takings.

S in c e
A u g . 1.

S in c e

.265,737
49,364
1 70,000

3,402,627
503,738
1,251.000

370,458
35,859
60,000

A u g . 1.
3,391,817
403,755
1,110,000

.385,101
. 68,222

5,157,365
907,081

466,317
51,281

4,905,572
1,137,900

Cam o into sight during w o o k ..453,323
Total in sight D e c . 10_________ _____

---------6,064,446

517,598

N o r. spinners' takings to D ec. 10.105,078

1,124,734

97.465

W eek.

W eek.

6,043.472
1.011,494

M ovem ent into sight in previous years
W eek —
B a les.
1913— D ec. 12.......................... 450,984
1912— D ec. 13.......................... 519,488
1911— D ec. 15.......................... 594,804

S i n c e A u g . 1—
1913— Dec. 12.......................
1912— D ec. 13.......................8,725,339
1911— D ec. 1 5 . . . . ............. 8.700.266

N E W O R L E A N S C O N T R A C T M A R K E T .— The high­
est, lowest and closing quotations for leading contracts in the
N ew Orleans cotton market for the past week have been as
follows :
S a tu r d a y ,
D e c . 4.

M onday,
D e c . 6.

T u e s d a y , W e d ' d a y , T h u r s d 'y ,
D e c . 7.
D e c . 8.
D e c . 9.

F r id a y ,
D e c . 10.

D ecem b er—

Range ______ 12.17 — 12.22-.29 12.33-.39 12.29-.38 12.29-.31 12.21-.31
Closing______ 12.16-.18 12.27-.30 12.29-.31 12.33-.35 12.29-.31 12.28-.29

J a n u a ry—

R ange ______ 12.27-.34 12.36-.44 12.43-.55 12.40-.60 12.40-.50 12.28-.50
Closing____ __ 12.29-.31 12.41-.43 12.44-.45 12.47-.49 12.41-.43 1 2 .3 6 .3 7

M arch —

Range
____ 12.51-.53 12.65-.73 12.75-.86 12.71-.88 12.73-.82 12.58-.81
Closing______ 12.59-.60 12.71-.72 12.75-.76 12.79-.80 12.74-.75 12.69-.70

M ay—

Rango _____ 12.80-.84 12.88-.95 12.97-.07 1 2 .9 3 -.il 12.96-.04 12.80-.03
Closing______ 12.80-.81 12.93-.94 12.97-.98 13.01-.02 12.96-. 98 12.92-.93

J u ly —

R a n g e ......... .. 12.89-.94 13.00-.05 13.09-.16 13.08-.21 13.09-.17 12.09-.07
Closing______ 12.91-.92 13.03-.05 13.09-.10 13.14-.15 13.09-. 10 13.05-.06

O c to b er—

Range ______ 12.51-.52 12.59-.61 12.68-.70 12.67-.78 12.63.-70 12.48-.58
Closing______ 12.51-.53 12.61-.63 12.65-.67 12.68-.69 12.60-.61 12.55-.57

T on e—

O p tio n s _____

Quiet.
Steady.




Firm.
Steady.

Steady.
Steady.

Firm .
Steady.

Steady.
Steady.

Quiet.
Steady.

W eek.

D e cem b er —

C lo s in g Q u o ta tio n s f o r M id d lin g C o tto n o n —
D ecem ber

10.

G a lv e s to n _____
N ow Orleans___
M o b i l e .. -------Savannah . .
Charleston_____
W ilm ington____
N o r fo lk _______
B a ltim o r e _____
P hiladelph ia___
A ugu sta_______
M em phis______
St. L ouis______
H o u s t o n ._____
Little Itock ____

S a tu r d a y . M o n d a y .

12.50
12.00
11.75
12 *
12
11*
12.13
12 *
12.75
11.94
12.00
12 *
12.40
12.00

12.50
12.00
11.88
12*
12
11*
12.13
12*
12.85
12.00
12.13
12*
12.50
12.00

T u esd a y.

12.60
12.13
12.00
12*
12
11*
12.25
12*
13.00
12.13
12.25
12*
12.60
12.12

W e d 'd a y . T h u r s d ’ y.

12.60
12.13
12.13
12*
12
11*
12.19
12*
12.95
12.13
12.25
12*
12.60
12.27

12.60
12.13
12.13
12*
12
11*
12.13
12*
12.90
12.13
12.25
12*
12.60
12.25

F r id a y .

12.60
12.13
12.00
12*
12
11*
12.25
12*
12.75
11.88
12.25
12*
12.60
12.25

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our ad­
vices from the South this evening by telegraph denote that
while rain has been quite general during the week, the pre­
cipitation has been light except at some points in the South­
west.
Picking has been completed in most sections.
Galveston, Tex.— Rain has fallon on | two days during
week, the precipitation reaching throe inchos and forty-eight
hundredths. The thermometer has ranged from 56 to 74,
averaging 65.
Abilene, Tex.— W e have had rain on two days during the
week, the rainfall boing sixty-six hundredths of an inch.
Average thermometer 57, highest 70, lowest 44.
Dallas, Tex.—Wo have had rain on ono day during the
week, tho procipitation reaching twenty hundredths of an
inch. Minimum temperaturo 46.
Fort Worth, Tex.— There has been rain on threo days of the
week, the precipitation reaching ono inch and eight hun­
dredths. Tho thermometer has averagod 60, tho highest
being 74 and the lowest 46.
Palestine, Tex.—Wo have had rain on threo days during
the weok, tho rainfall being ono inch and forty-fivo hun­
dredths. Averago thermometor 59, highest 68, lowest 50.
San Antonio, Tex.— W o havo had rain on two days during
tho weok, to tho extent of ono inch and fourteen hundredths.
The thermomoter has averaged 62, ranging from 46 to 78.
Taylor, Tex.— W o have had rain on two days during the
week, to tho extent of two inches and twenty-two hundredths.
Minimum thermometer 48.
New Orleans, La.— Thoro has boon rain on two days of tho
weok, tho rainfall being tlireo hundredths of an inch. Tho
thermometer has averagod 60.
Shreveport, La.— There has been rain on two days during
the week, the rainfall being six hundredths of an inch.
The thermometer has ranged from 30 to 71.
Vicksburg, M iss .— W e liavo had rain on two days during
the week, tho rainfall being twenty-seven hundredths of an
inch. Average thermometer 52, highest 69, lowest 30.
Mobile, Ala. — It has rained on two days of tho week, the
rainfall reaching thirty-four hundredths of an inch. M ini­
mum thermometer 35, maximum 71, mean 55.
|
Selma, A la .— W eek’s rainfall twenty-fivo hundredths of an
inch on two days. Average thermometer 46, highest 62,
lowest 28.
.
Madison, Fla.— W e have had no rain during the week.
M inim um thermometer 39, maximum 65, mean, 52.
S a v a n n a h , Ga.— W o have had rain on one day during the
week, the rainfall being ono h u n d r e d t h of an inch. Averago
thermometer 50, highest 63, lowest 34.
Charleston, S. C.— SNo have had rain on two days of the
past week, tho rainfall being seventeen hundredths of an inch.
The thermometer has averaged 47, tho highest being 60 and
tho lowest 34.

Dec. l l 1915.1

THE CHRONICLE

Charlotte, N . C .— D ry all the week. Average thermom­
eter 42 , highest 57, lowest 28.
M em p h is, Term .— There has been rain on one day of the
week, the rainfall being nine hundredths of an inch. The
thermometer has averaged .48, ranging from 33 to 00.

W O R L D S SU P P L Y A N D T A K I N G S OF C O T T O N .
1914.

1915.

C o t t o n T a k in g s .
W eek a n d S ea son .

W eek.

W eek.

S ea son .

S eason .

4,896,547
Visible supply D oc. 3 --------------- 5,491,017
4,633,210
Visible supply A ug. 1--------------45*3,323 6,064,446 517,598
Am erican in sight to D oc. 10—
620,000
571.000
24.000
B om bay receipts to D ec. 9 -------78.000
65.000
9.000
Other India ship’ts to D ec. 9 —
626,000
372.000
43.000
Alexandria receipts to D ec. 8 ---39.000
63.000
2.000
Other supply to D ec. 8 *------------

3,1^6,816
6,043.472
137.000
59.000
275.000
66.000

T otal su p p ly_________________ 5,998,340 11.757,656 5,492,145
D e d u ct—
Visible supply D oc. 1 0 _______ 5,686,719 5,686,719 5,147,046

5,147,046

311.621
293.621
18,000

T otal takings to D ec. 10a______
O f which A m erican__________
O f which other_______________

6.070.937
4.841.937
1,229,000

9,757.288

345.099
287.099
58,000

4.610.242
3.728.242
882,000

♦Embraces receipts in Europe from Brazil, Smyrna, W est Indies, &c.
a This total embraces the total estimated consum ption b y Southern
m ills, 1,251,000 bales in 1915 and 1,110.000 bales in 1914— takings not being
available— and aggregate amounts taken b y N orthern and foreign spinners.
5,819,937 bales in 1915 and 3,500,242 bales in 1914, o f which 3,590,937
bales and 2,618,242 bales American.

IN D IA CO TTON
M O V E M E N T — The receipts of
India cotton at Bombay and the shipments for the week
endingNovember 18 and for the seasonfrom A u g. 1 for three
years have been as follows :
1914.

1915.
N o t . 18.
R e c e ip ts at —
W eek.

Bombay_________________

| S in c e
| A u g . 1.

22,000

W eek.

8,000

455,000

S in c e A u g u s t

G reat
C o n ti- J a p a n
B r ita in , n e n l . tk C h in a

Bombay—
1915 . . .
1914 . . .
1913 . . .

T o ta l.

G rea t
B r it a in .

11,000 6,000 17.000
4.000 5,000 36.000 45.000
1.000 11,000 15.000 27.000

S in c e
A u g . 1.

W eek.

68,000 61,000

F o r th e W e e k .
E x p o r ts
fr o m —

1913.

S in c e
A u g . 1.

C o n t iru n t.

364,000

1.

Japan
& C h in a

6,000
10,000
5.000

71.000
43.000
233,000

302.000
128.000
172,000

379.000
181.000
410,000

2.000

4.000
2.000
10.000

1,000
1,000
1,000

7.000
3.000
13.000

C a lc u t t a —

1915 . . .
1914 . . .
1913 . . .
Madras—
1915 . . . .
1914
1913 .

1,000

1,000
1,000

2,000
1,000

’ 2*666
1,000

____________

2,000

3.000

1*3*666

i3’ 666

A ll o t h e r s —

2,000
____________
2,000
1,000
1,000 2,000

1715 .
1914
1913 .
Total all—
1915___
1914___
1913___

4.000
3.000
3.000

7.000
10,000
6.000

15.000
27.000
40.000

32.000
2,000
12.000

54.000
39.000
58.000

13.000 8,000 21,000
6,000 7,000 37.000 50,000
2,000 14.000 15.000 31,000!

16,000
20,000
13,000

92.000
72.000
296,000

335.000
131.000
185.000

443.000
223.000
494.000

2,000

According to tlio foregoing, Bom bay appears to show an in­
crease, compared with last year, in the week’s receipts of
14.000 bales. Exports from all India ports record a loss of
29.000 balos during the week and since A u g. 1 show an in­
crease of 220,000 bales.
A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S OF
C O T T O N .— The following are the receipts and shipments for
the week ending N o v . 17 and for the corresponding week
of the two previous years :
1915.

1914.

1913.

261,867
2,000.816

277,820
1,101,906

330,000
3,845,433

A 7e x a n d r i a . E g y p t .
N o v . 17.

To
To
To
To

T h is
S in c e
W e e k . A u g . 1.

(bales)—

L iv e r p o o l___________
M anchester__________
Continent and In d ia .
A m erica_____________

1

T h is
S in c e
W eek. A u g . 1

58,410 11.525
34,230 14,365
2*075 47,386 3,622
4,250 47,258 5,262
5,742

.

T h is
S in c e
W e e k . A u g . 1.

26,212 11,750 83,340
23,631 10 .0 0 0 69,426
30,293 10 ,0 0 0 118,823
20,982 2.000
8,074

T otal exports_________ 12,067 187.284 34.774 1 0 1 , 1 1 8 1 33,750 279,663
N o t e .— A

cantar is 99 lbs.

E gyptian bales weigh about 750 lbs.

The statement shows that tho receipts for the week end­
ing N o v . 17 wero 201,867 cantars and tho foreign ship­
ments were 12,007 bales.
M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester stafes that yarns and cloth
are strong in sympathy with cotton. Sales are checked.
W o give prices for to-day below and leave those for previous
weeks of this and last year for comparison.
1915.

1914.

8*

tb s. S h in in g s , co m m o n
to f i n e s t .

32s

C op
T w is t

Oct. d.
22 1 0 *
29 1 0 *
5
12
19
26
Dec.
3
10

10 *
10 4
10 H
10 *
11*
11*

©

d. s. d.
11* 7 3
UK 7 6

©8

fe8

s. d.
9
7*
3
3
3
44

©
©

UK 7 3
n* 6 3
11 * 6 3
11* 6 3

(as
@8

©
©

12 R 6
12 * 6

©8 7
@8 10

©

— The “ Chronicle” is indebted to the General Drafting C o .,
In c., 9 Church S t., this city for a very useful and instructive
cotton map of the United States. The map not only shows
the counties in the various States, but very complete statis­
tics of production, ginning, & c., compiled from official
Government reports by M r . Thomas Sinclair.
— W e have received this week a complimentary copy of
“ Cotton F acts,” issued by the Shepperson Publishing C o .,
of this city. The present edition contains not only the es­
sential features of previous issues, but several additional
tables are presented in the section devoted to ginning
statistics. Grade characteristics of American cotton are
treated in detail, and a comparison of the U . S. standard
grades "with the Liverpool grades is given.
A G R IC U L T U R A L D E P A R T M E N T ’S C O T T O N C R O P
E S T IA IA T E .— The report on cotton, issued by the Agricul­
tural Department on D ec. 10, is as follows:
T ho C rop Reporting Board o f tho Bureau o f Statistics o f the United
States Departm ent o f Agriculture estimates, from the reports o f the co r­
respondents and agents o f the Bureau, that tho total production o f cotton
in tho United States for the season o f 1915-16 will am ount to 5.338.588,000
lbs. (not including linters), equivalent to 11,161,000 bales o f 500 lb s.
gross weight.
T ho estimated production, with com parisons, b y States, follows:
— D a l e s o f 500 l b s . . G r o s s W e i g h t —
Pounds
A v e r . 5 Y r s ., P ric e p e r
L in t.
1914.
1909-13.
Lb. D ec. 1 .
S ta te s—
1915.
1915.
(C e n s u s .)
(C e n s u s .)
1915. 1914.
V irgin ia ____
7,629,000
16.000
25,222
20,538 11.4
7.3
N orth C a ro . 337.504.000
708,000
930,631
808,154 1 1 . 2
6.9
South C a ro . 553.784.000 1,160,000 1.533,810 1.294,422 11.3
6.9
G e o r g ia ____ 908.010.000 1,900,000 2,718,037 2,086,598 11.4
6.9
F lorida_____
24,050,000
50,000
81,255
61,561 14.8 19 9
A la b a m a ---- 502,110,000 1,050,000 1.751.375 1,354,580 1 1 . 1
6.7
Mississippi . 450,072,000
940,000 1,248,535 1,181,320 11.5
6.8
Louisiana---- 172,224,000
360,000
449,458
340,715 1 1 . 2
6.9
T exa s______ 1,520,825,000
3.175,000 4,592,112 3,730,765 1 1 . 1
6.8
A r k a n s a s ... 375,780,000
785.000 1,016,170
867,778 1 1 . 6
6 .6
T e n n e s s e e .. 141,216,000
295,000
383,517
336,866 11.3
6.4
M is s o u r i__
24.913.000
52.000
81,752
64,876 1 1 . 0
6 .5
Oklahoma . . 301,329,000
630,000 1,262,176
870.349 11.3
6.5
California . .
16.272.000
34,000
49,835
11.2
7.0
A ll others__
2,870.000
6,000
14,045
14,713
. . .
11,161,000 16,134,930 13,033,235 11.3
6 .8
T otal production was 14,156,486 bales (500 lbs. gross) in 1913, 13,703.421
balos in 1912, 15,692,701 in 1911, 11,608,616 in 1910 and 10.004.949 in 1909.
The price per pound to producers D ec. 1 in 1913 was 12.2c., 11.9c. in
1912, 8 .8c . in 1911, 14.1c. in 1910 and 13.9c. in 1909.

C E N S U S B U R E A U ’S R E P O R T O N C O T T O N G IN ­
N I N G .— The Division of Manufactures in the Census B u­
reau completed and issued on Doc. 8 its report on the amount
of cotton ginned up to D ec. 1 the present season, and we
give it below, comparison being made with the returns for
the like period of the two preceding years and 1910:
----------- C o u n t i n g R o u n d
1914.
1915.
A la b a m a _____________ _____
940,046 1,439.556
A rkansas______________ _____
655,304
840,295
72.962
Florida________________ _____
50,230
G e o r g ia _______________ _____ 1,768,366 2,285.924
382.093
L o u is ia n a __________ . _____
319,849
987.031
802,010
M is siss ip p i___________ .........
674,340
N orth Ca’rolina_______ _____
612,117
O kla h om a ____________ .........
445,680 1,018,796
South C a r o l i n a . . ____ .......... 1,032,435 1,230,168
291,183
T enn essee____________ ..........
238,824
T exas_________________ ......... 2,777.581 3,746,578
A ll others_____________ ..........
104,460
69,011

6
9




©S
(a. 8

C o t'n
M id .
U p l's

8*

lb s . S h irtin g s , c o m m o n
to f i n e s t .

32s

C op
T w is t .

C o t 'n
M id .
U p l's

d. d.
7.12
7.02

d s. d.
No quo tatlons
No quo tatlons

6.91
7.01
7.06
7.28

No
No
No
No

tatlons
tatlons
tatlons
tatlons

4.64
4.5S
3.44
4.46

7.50
7.66

No quo tatlons
No quo tatlons

4.35
4.28

quo
quo
quo
quo

a. d.

d.
5.05
4 85

as

H a lf

1913.
1,365,246
789,937
58,485
2,066,109
342.3S3
955,808
622,369
764,295
1,160,725
304,467
3,572,105
86.483

B a l e s -----------

1910.
1,063,498
625,226
54,396
1,625,573
217,956
970,626
615,637
829,387
1,036,889
249,927
2,794,125
56,472

United States______ -------- 9,711,453
13,073.386 12,088,412 1 » .139,712
Included in the ginnings were 93,361 round bales, com pared with 39,682
last year, 86,878 in 1913 and 73,030 in 1912. Sea Island cotton included
numbered 77,161 bales, com pared with 63,024 last year, S I ,#49 is 1913
and 51,275 in 1912.

C O T T O N C O N S U M P T IO N A N D O V E R L A N D M O V E ­
M E N T TO D E C . 1.— Below we present a synopsis of the
crop movement for the month of November and the four
months ended N o v . 30 for three years:
1915.

(cantars)T his w eek_____
Since A ug. 1__

R ece ip ts

E x p o rts

1989

1913.

1914.

313,866
258,334
Gross overland for N ovem ber_____ bales
278,310
601,531
Gross overland for 4 m onths___________
453,716
546,781
251,954
202,614
N et overland for N ovem ber____________
224,569
N et overland for 4 m onths_____________
469,270
332,025
428,197
890,874 1,445,293 1,945,916
Port receipts in N ovem ber______________
Port receipts in 4 m onths_______________ 3,050,875 2,801,306 5,623,301
745,295 1,539,893
486,237
E xports in N ovem ber____________________
E xports in 4 m onths-------------------------------- 1,796,161 1,311,777 4,066,923
Port stocks on N o v . 30--------------------------- 1,477,058 1,211,903 1,029,045
864,685 1,138,465
N orthern spinners’ takings to D ec. 1___
967,478
Southern consum ption to D ec. 1_______
1,146,000 1,010,000 1,036,000
Overland to Canada for 4 m onths (in­
49,472
47,178
cluded in net overlan d)_______________
43,609
292
1
Burnt N orth and South in 4 m onths____
1,003
16,744
Stock at Northern interior markets D ec. 1
2,416
13,109
Cam e in sight during N ovem ber_______
1,729,443 2,240,907 2,725,325
A m ount in crop in sight D ec. 1_________ 5,435,072 5,201,331 7,826,571
9,865,916 6,783,397
Cam e in sight balance o f season_______
15,067,247 14,609,968
T otal crop _______________________________
518.53
515.29
Average g r o s s weight o f bales___________
513.02
493.53
490.29
Average n e t weight o f bales--------------------488.02

M E M P H IS C O T T O N C R O P E S T I M A T E .— The usua 1
annual estimate of the cotton crop was made by members*
147 in number, of tho Momphis Cotton Exchange on N o v .
29th. The highest was 12,800,000 bales, the lowest 10,­
163,000 bales and tho average 11,526,504 bales.
S H IP P IN G N E W S .— As shown on a
exports of cotton from the United States
reached 103,507 bales. The shipments
up from mail and telegraphic returns,

previous page, the
the past week have
in detail, as made
are as follows :
T o ta l b a le s •

N E W Y O R K — T o L iverpool— D e c. 4— G eorgic, 1,973___D e c. 8—
A driatic, 825--------------------------------------------------------------------------T o Havre— D ec. 6— N orthern, 1,370__________________________
T o R otterdam — D ec. 6— Polynesia, 593_______________________
T o Genoa— D ec. 4— Italia, 2 50________________________________
T o V ladivostock— D ec. 3— T okai M aru, 850__________________
T o Buenos Aires— D ec. 4— M aasdyk, 260_____________________
T o Venezuela— D ec. 4— Burstad, 5 0 ___________________________

2,798
1,370
593
250
850
260
50

THE CHRONICLE

1990

T o ta l b a les.

G A L V E S T O N — T o Liverpool— D ec. 3— Defender, 16,364_________ 16,364
T o M anchester— D ec. 4— Gloria de Larrinaga, 12,204_________ 12,204
T o Genoa— D ec. 9— A tlantide, 14,798-------------------------------------- 14,798
T E X A S C I T Y — T o H avre— D ec. 9— N ikolaos, 12,956....... ............... 12,956
N E W O R L E A N S — T o L iverpool— D ec. 3— N icosian, 1 ,7 6 8 ...
6.544
D ec. 9— Ernesto, 5,7 76________________ __________ __________
T o M anchester— D ec. 9-— K elvinia, 2,953_____________________ 2,953
T o R otterdam — D ec. 6— Sloterdyk, 4,387_____________________ 4,387
T o Barcelona— D ec. 3— Catalina, 2,404------------------------------------ 2,404
T o Genoa— D ec. 4— M ongineoro, 2,899___D ec. 7— Rossia,
4 .3 0 2 __________ _________ ________ ___________ ________________ 7.201
T o C olom bia— D ec. 7— Parismina, 200________________________
200
P E N S A C O L A — T o Liverpool— D ec. 9— Gracia, 4,757____________
4,757
B O S T O N — T o Y arm ou th— D ec. 4— Prince George, 72____________
72
S A N F R A N C IS C O — T o Japan— D ec. 8— Seattle M aru, 7,534____ 7.534
T o M exico— D ec. 9 — Pennsylvania. 100_______________________
100
S E A T T L E — T o Japan— D ec. 4— Sado M aru, 2,658__________ ______ 2,658
T o V ladivostock— D ec. 9— Shintsu M aru. 1,254----------------------- 1,254
T A C O M A — T o Japan— D e c. 3— Tosan M aru, 950________________
950
T o ta l................................................................................................... 103,507

C O T T O N F R E IG H T S .— Current rates for cotton from
N ew Y ork are as follows, quotations being in cents per pound:
L iverpool, 1.75c.; M anchester, 1.75c.; H avre, 2 .2 5 c.; R otterd a m , 2 .2 5 c.;
Genoa, 1 .2 5 @ i.5 0 c . nom .; N aples, 1 .2 5 @ 1.50c. nom ; Leghorn, 1.50c.;
Marseilles, 2.75c.; Piraeus, 3 .00c. nom .; Japan, 2 c. asked; Shanghai, 2 c.;
B om b a y, 2 c.; V ladivostock, 2c.

L IV E R P O O L .— B y cable from Liverpool we have the
following statement of the week’s sales, stocks, & c., at
that p o r t :
~
—
--------D e C ' 1Q>
3.
56,000
4,000
1,000
48.0G0
11.000
84,000
875,000
647,000
86,000
54,000
192.000
135,000

26.
62,000
5,000
5,000
53,000
1,000
90,000
885,000
663,000
83,000
46,000
186,000
125,000

19.
56,000
3,000
7,000
46,000
9,000
89,000
892,000
686,000
119,000
104,000
212,000
135,000

D ec.

N ov.

N ov.

Sales o f the w eek____
____
O f which speculators t o o k .
O f which exporters to o k ______
Sales, A m erican_________________
A ctual exp ort_______________
Forw arded__________________
T o ta l s to ck ______________________
O f w hich A m erican___________
T otal im ports o f the w eek..............
O f which A m erican...............
A m ount a floa t__________________
O f which A m erican___________

1,000
79.000
859.000
618.000
63.000
31.000

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

Market,
12:15
P. M .

(
\

1

S a tu r d a y .

M onday.

T u esd ay.

W ed n esd a y.

T h u rsd a y.

F r id a y .

Quiet.

Good
demand.

Good
demand.

Good
demand.

Good
demand.

Quieter.

Mid.Upl’ds

7.51

7.56

7.66

7.77

7.77

7.66

Spec.&exp.

8,000
800

10,000
1,000

14,000
1,000

15,000
1,000

10,000
1,000

7,000
700

F u tu res.

Market
opened

Steady at Very st’dy, Steady at
2 @ 4 pts.
1 2 points
5% @ 7
advance.
J advance. pts. adv.

( Steady at Steady at
% @ 2 pts. 5% @ 8%
4
P .M . 1 pts. adv. pts. adv.

Market,

Steady at
2 points
advance.

Steady at
Quiet,
3% @4% unch. to 1
pts. adv.
pt. dec.

Unsettled, Easy at
Quiet at
7% @12 % ptdec.to
1% ©3
pts. adv. % pt. adv. pss. adv.

Quiet.
5% @ 7
pts. dec.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
T h e p r i c e s a r e g iv e n i n p e n c e a n d lO O th s.

T h u s:

7 32

m ean s 7

32-100d.

F r id a y .
T u e s d a y . W e d 'd a y . T h u r s d a y .
Dec. 4
S a t u r d a y . 1M o n d a y .
to
Dec. 10. 12 yA 12H 12% 4 12 Ya. 4 12K 4 12X 4 12% 7
p .m .

December
Jan .-Feb.
Mar .-Apr.
May-June
July-Aug.
Oct.-Nov.

p .m

d.

___
___
___
___
___

.

p .m . p .m . p .m . p .m . p .m . p .m

1 d.
3 2% 38
3 0 ^ i 36
26%1 32
2 2% 27
16 ;21
84 '87%
d.

7
7
7
7
7
6

.

p .m . p .m . p .m . p .m .

d.

d.

d.

d.

d.

d.

41
39
35
30
23%
89%

4 7%
4 5%
41
36
29
9 5%

53
51
47
40
33%
97

59
57
52%
14 5%
39
02

5 3%
51%
47
40
33%
96%

59%
57%
I53
4 6%
39%
01

d.

d.

4 7%
4 5%
41
35
28%
190

4 9%
47%
43%
37
30%
!91

d.

55
53
49
43
3 6%
198

E X P O R T S OF B R E A D S T U F F S , P R O V IS IO N S , C O T ­
T O N A N D P E T R O L E U M .— The exports of those articles
during the month of October and the ten months for the
past three years have been as follows :
1914.

1915.

E x p o rts
fro m U . S
O c to b e r .

|10

M o n th s.

O c to b e r .

|10

1913.
M o n th s .

O c to b e r .

10

M o n th s.

Q u a n titie s

Wheat _bu 17,986,611 179,213,962 19,532,380 ■125,189,486
Flour, bbls 1,263,834 12,448,746 1,340,907 9,321,794

7,424,548 89,785,859
1,254,642 9,864,152

Wheat *bu 23,673,864 235,233,319 25,566,461 167,137,559 13,070,437 134,174,543
C o m ...b u 1,019,421 41,320,065 1,034,614 8,403,635
343,899 43,538,952
Total bush 24,693,285 276,553,384
V a lu e s .
$
S
Breadst’ffs 36,515,107 446,925,888
Provisions 18,532,316 207,794,759
C'tle&hogs
48,915 2,595,449
Cotton__ 42,663,395 349,975,904
Petrol.,&c. 11,425,058 116,564,727
Cot’s'd oil 1,430,484 21,384,099

26,601,075 175,541,194 13,414,336 177,713,495
S
S
s
S
38,247,570 204,216,478 13,326,748 170,220,519
11,778,391 102,296,376 11,109,001 115,425,783
50,064
845,576
80,835
754,234
20,415,413 262,624,050 107,375,197 389,809,428
12,176,416 119,395,450 15,053,990 121,760,483
1,041,552 j 10,620,990
887,245 14,158,854

[Vol . 101

are inclined to proceed rather cautiously, as they find it
hard to believe that it is going to be maintained in the teeth
of a high record crop. Some export business has been done
at Minneapolis. The total output last week at Minneapolis,
Duluth and Milwaukee was 537,970 barrels, against 524,­
295 in the previous week and 433,375 barrels last year.
W heat advanced on very heavy trading, the largest, in
fact, for many weeks past. N o t that there has been much
export trade. As a rule that has been very moderate.
But winter-wheat crop reports have been rather unfavorable.
They have told. They lay stress on the decreased acreage
of winter wheat in this country. Also, there have been re­
ports of good sales of flour for export at Minneapolis and of
export business in wheat at the Gulf with Holland. M r .
Patten predicts SI 50 for wheat if the outlook seems to
threaten a small spring-wheat crop in 1910. Apart from
this, a great many people believe that the exports of American
wheat this year are going to be very large. They do not
believe that war-ridden Europe will be able to raise anything
like the •necessary quantity of wheat. Liverpool prices
have been strong and higher. Argentine freights have fur­
ther advanced, thereby endangering supplies from that
quarter. Argentine freights are now up to 115s. In Russia
the crop movement is small, as the roads in the interior are
blocked with snow. Russian prices have hardened since
there is a possibility of exporting via northern ports. Arch­
angel will be kept open by means of powerful icebreakers
ordered from Canada b y the Russian Government. On
the other hand, stocks at Russian ports are exhausted and
the outlook for replenishing them looks dubious, as the rail­
roads are being monopolized by the Government for the
transportation of troops and coal. The amount to be ex­
ported from Vladivostok during the winter will be small.
Moreover, the weather in Russia has been very cold, and a
scarcity of snow covering in parts threatens the wintor wheat.
In Italy the acreage has been reduced 10 to 2 0 % . The
weather there, too, has been bad; that is, heavy rains have
fallen. Moreover, Italian stocks, notwithstanding the na­
tive supplies on hand, are small. The Italian demand, there­
fore, for foreign wheat is good, and importations aro regu­
lated only by the scarcity of ocean tonnage, which is espe­
cially marked since the Italian Government has been requi­
sitioning steamers. Australian clearances during January
will be small. As for France, private reports state that there
is a scarcity of labor and that with this and bad weathor the
planted area is turning out to be smaller than was expected.
India needs rain. On the other hand, a large Chicago house
states the millable