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The
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INCLUDING
niromde
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
SATURDAY, DECEMBER 16 1916
VOL. 103
The Throuide.
1916.
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CmcAqo OFFICE-39 South La Salle Street, Telephone Randolp117390,
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'
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, See. Addresses of all, Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $6,598,251,498, against $6,434,278,445 last week
and $4,709,921,398 the corresponding week last year.
1916.
1915.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louts
Now Orleans
$3,427,747,393
235,683,293
249,815,553
40,657,592
419,052,700
117,682,069
45,202,344
$2,398,716,530
156,235,318
196,955,614
46,146,409
304,135,581
84,489,928
28,424,797
+42.9
+50.2
+26.8
-11.9
+37.8
+39.3
+59.0
Seven cities, five days
Other cities, five days
$4,535,840,944
969,942,417
$3,215,104,177
720,416,298
+41.1
+34.6
Total all cities, five days
All cities, one day
$5,505,783,361
1,092,468,137
83,935,520,415
774,400,983
+39.9
+41.1
Total all cities for week
$6,598,251,498
$4,709,921,398
+40.1
Clearings-Returns Of/ Telegraph.
Week ending Dec. 16.
I
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with,Saturday
noon, Dec. 9, for four years:
Week ending December 9.
Clearings at
1915.
$
4,028,614,270 2,525,915,329
New York
300,984,336 220,831,654
Philadelphia
72,460,769
55,452,276
Pittsburgh
40,822,144
49,186,565
Baltimore
13,764,778
20,559,479
Buffalo
5,153,067
5,087,801
Albany
8,001,476
11,438,641
Washington
5,314,411
7,408,677
Rochester
3,273,254
4,148,857
Scranton
2,801,061
3,802,265
Syracuse
2,470,361
3,245,915
Wilmington
2,414,431
2,628,538
Reading
1,919,016
2,054,031
Wilkeii-Barre_ _ _ _
2,329,974
Wheeling
3,613,782
Trenton
2,927,395
2,585,256
York
1,053,890
1,363,557
1,085,900
1,552,122
Erie
943,772
1,354,151
Chester
688,243
819,903
Greensburg
818,900
958,700
Binghamton _ _
600,000
493,571
Altoona
1,921,745
1,743,700
Lancaster
638,663
427,573
Montclair
Inc. or
Dec.
1914.
1913.
7
3
$
+59.9 1,361,502,169 1,676,038,319
+36.3 141,291,177 158,699,75:3
+30.7
44.404,619
51,196,726
+20.5
34,946,842
38,945,956
+49.4
10,247,736
11,832,458
--1.3
5,770,656
6,472,712
+28.5
7,516,780
8,229,799
+39.4
4,229,970
4,948,586
+26.7
3,059,540
3,230,7.17
+35.7
2,561,230
2,809,917
+30.9
1,561,079
2,093,171
+8.9
1,664,721
2,017,158
+7.0
1,683,129
1,579,840
+55.1
1,707,070
2,312,011
-11.7
2,284,873
2,381,562
+29.4
870,991
969,623
+43.0
993,338
1,034,521
+43.5
591,359
684,170
+19.0
647,248
818,800
+17.1
624,800
768,700
+21.6
525,071
605,331
+10.2
1,245,551
1,887,017
+49.4
428,533
520,679
Total Middle 4,527,028,023 2,901,555,176 +56.0 1,630,358,491 1,980,107,150
237,866,208 179,697,685 +32.4 128,016,126 158,596,511
10,044,100
9,497,300 +5.8
7,202,000
8,341,600
7,327,004 +18.3
8,671,147
4,414,786
5,053,487
3,480,021 +39.5
4,856,878
3,405,886
3,299,186
3,056,895 +36.5
4,172,889
2,382,271
2,784,904
2,730,496 +31.8
3,599,241
1,934,525
2,111,371
2,663,951 +50.2
3,999,922
2,198,240
2,567,907
1,520,811 +25.0
1,900,913
1,201,980
1,485,336
1,432,014 +15.1
1,648,553
1,072,264
1,293,426
879,887 +30.4
1,146,852
792,850
798,252
765,234 +18.0
903,472
647,638
706,325
459,297 +36.2
625,000
385,178
471,762
Boston
Providence
Hartford
New haven
Springfield
Portland
Worcester
Fall River
Now Bedford_ _ _
Lowell
Holyoke
Bangor
Tot. New Eng_ 279,435,175 213,511,4951 +30.9 153,653,744 187,510,067
-For Canadian clearings see "Commercial and Miscellaneous News."
Note.
*Report not available.
NO. 2686
Week ending December 9.
Clearings at
PUBLISHED WEEKLY.
1918.
Electric Railway Section
State and City Sectiov
1915.
Inc. or
I Dec. 1
1914.
1913 .
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids.. Dayton
Evansville
Springfield, Ill
Fort Wayne_ _ _ _
Youngstown
Akron
Canton
Rockford
Lexington
Bloomington_ _ _ _
Quincy
1)ecatur
Springfield, 0_ _ _
South Bend
Jackson
Mansfield
Danville
Lima
Lansing
Jacksonville, Ill_
Ann Arbor
Adrian
Owensboro
Tot.Mid.West.
$
$
-I 9.;
486,702,612 360,917,6571 +34.8
39,680,133
30,451,650 +30.3
70,621,144
33,309,665 +112.0
54,259,854
31,584,313 +71.8
26,915,984
17,425,183 +54.5
14,517,383
9,490,124 +53.0
10,122,200
7,808,100 +29.6
10,679,376
6,986,422 +52.9
6,500,000
4,894,099 +32.8
5,835,674
3,815,486 +52.9
4,183,976 ' 2,344,643 +78.4
2,325,437
1,902,926 +22.2
2,114,317
1,295,732 +62.4
1,716,632
1,287,059 +33.3
3,053,724
2,022,202 +50.5
4,949,000
2,469,000 +100.4
3,528,896
1,786,198 +97.5
1,158,818
1,200,883 -3.5
1,013,809
713,589 +42.0
1,028,778
762,032 +34.9
1,047,952
799,567 +1'1.0
861,516
566,836 +52.0
1,212,346
892,004 +35.9
1,050,000
808,512 +29.9
825,000
659,931 +24.2
935,235
543,663 +72.1
495,401 +36.4
675,948
804,556
600,000 +34.1
1,211,322
841,221 +44.0
725,682
301,959 +140.8
300,000
255,000 +17.6
72,051
45,131 +60.0
683,388
347,044 +96.8
761,312,643 529,623,232 +43.7
8
291,274,939
24,020,200
20,731,759
22,017,075
17,506,264
7,913,170
6,070,900
5,617,893
3,630,738
3,169,750
1,841,896
1,103,272
1,105,277
1,268,085
1,211,313
1,653,000
1,445,262
944,005
701,877
675,909
854,624
430,350
708,535
628,437
390,443
492,078
452,045
494,391
440,763
257,060
237,678
35,886
553,949
422,829,804
$
317,951,469
26,525.150
23,813,884
25,964,145
16,927,083
8,305,368
6,284,900
6,068,874
4,396,629
3,187,546
2,253,056
1,671,849
1,083,264
1,329,567
1,500,413
1,488,000
1,426,625
1,095,582
1,077,366
581,132
881,545
462,607
770,018
589,688
550,000
460,795
392,825
529,632
475,000
397,532
224,355
55,619
441,108
459,157,626
San Francisco
Los Angeles
Seattle
Spokane
Portland
Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
North Yakima
Reno
Long Beach
Total Pacific
83,746,937
30,799,000
18,198,445
7,126,852
14,512,032
14,957,650
2,377,130
5,866,035
3,647,894
2,584,007
3,150,365
2,464,045
1,055,433
1,181,829
839,481
477,693
723.223
193,708,051
61,069,620
22,642,000
12,137,649
4,423,600
10,733,885
10,679,336
2,079 218
4,342 025
2,654,718
2,426,088
1,519,615
1,429,827
804,320
934,715
440,000
327,224
557,712
139,201,552
+37.1
+36.0
+49.9
+61.1
+35.2
+40.1
+14.3
+35.1
+37.4
+6.5
+107.3
+72.4
+31.2
+26.4
+90.7
+46.0
+29.9
+39.2
50,951,739
19,892,361
11,847,809
4,069,669
10,400,000
7,027,990
2,212,064
3,412,215
2,197,185
2,088,595
1,203,238
1,147,329
760,199
800,857
412,501
287,160
602,987
119,313,898
50,989,570
23,850,854
13.538,131
4,958,464
12,402,146
7,501,407
2,430,736
3,610,312
2,236,147
2,304.558
1,202,156
975,328
713,746
946,221
450,000
299,700
Kansas City
Minneapolis
Omaha
St. Paul
Denver
Duluth
St. Joseph
130,482,227
39,902,911
32,312,924
16,912,937
16,627,822
10,746,314
85,023,860
44,610,234
20,617,649
16,653,274
11,675,123
11,453,958
71,889,411
32,691,648
18,849,161
12,905,336
9,264,297
5,503,197
8,621,703
55,531,329
30,170,893
17,859,269
11,334,744
7,880,274
5,804,324
,
A00 /111
+53.5
-10.6
+56.7
+1.6
+42.4
-6.2
8,685,427 +61.5
C Ada 79, 4- 111 n
.
A 21001A
A 7,11.2nm
Sioux City
5,854,556
Wichita
5,849,157
Topeka
2,428,636
Lincoln
3,746,303
Davenport
2,507,345
Cedar Itapids_ _ _
2,236,024
Fargo
2,700,479
Colorado Springs
1,273,573
Pueblo
703,478
Fremont
794,123
Waterloo
2,401,178
IIastings
429,148
Aberdeen
1,236,271
Helena
2,800,000
Billings
1,496,944
Tot.0th. West. 304,937,108
3,970,321
4,624,547 +26.5
1,804,951 +34.8
2,627,883 +42.6
1,589,169 +61.6
1,908,339 +22.4
3,078,866 --12.3
776,087 +64.0
433,250 +64.6
575,000 +38.1
1,096,678 +20.3
323,068 +32.9
1,197,794 +3.4
1,752,355 +59.8
737,351 +103.0
231,561,909 +31.7
Tloci 1i.4nIney
St. Louis
New Orleans___ _
Louisville
Houston
Galveston
Richmond
Memphis
Atlanta
Fort Worth
Savannah
Nashville
Norfolk
Birmingham _ _ _ _
Augusta
Jacksonville _ _
Chattanooga_ --Charleston
Mobile
Knoxville
Little Rock
Oklahoma
Austin
Macon
Vicksburg
Jackson
Muskogee
Tulsa
Meridian
14,025,442
127,849,344
41,927,963
21,453,852
12,226,689
8,337,419
21,000,000
16,445,806
32,277,790
14,498,960
7,266,271
11,593,046
8,140,204
3,432,397
3,232,424
3,831,515
3,208,429
1,426,715
2,542,496
4,794,780
7,085,174
3,500,000
2,847,122
414,585
638,114
1,938,841
5,583,609
363,900
91,037,188
25,034,575
17,585,460
12,284,834
5,756,765
15,346,665
11,523,851
21,413,125
11,228,449
6,832,507
8,286,354
8,117,369
2,780,307
2,866,144
128,409.470
7,650,912
3,121,097
3,686,877
4,350,641
3,471,917
1,646,498
1,615,741
2,486,382
1,964,443
1,312,742
1,552,124
1,627,836
1,639,631
1,749,433
714,024
654,649
565,488
732,434
695,267
599,390
278,162
1,430,290
J,454,718
233,1C
210,000
638,7401
482,795
1,836,645
1,239,905
490.503
552.527
187,435,376 161,125,516
+40.4
+67.5
+22.0
-0.5
+44.8
+36.8
+42.7
+50.7
+29.1
+6.3
+39.9
+33.1
+23.5
+12.8
76,459,204
18,838,493
14,014,954
8,135,099
4,145,769
10,158,110
8,359,114
15,164,946
9,962,884
5,304,663
6,719,903
4,381,426
2,783,380
1,930,702
82,867,852
23,943,484
17,550.655
7,991,011
3,516.000
9,756,787
12,172,450
19,882,804
8,524,515
7,647,361
8,674,256
5,094,505
4,293,374
2,588,341
2,979,816 +28.6
2,307,589 +39.0
1,028,306 +38.7
1,902,131 +33.6
4,040,436 +18.7
3,218,492 +120.2
3,438,590 +1.8
4,501,636 -36.7
2,477,695
1,953,216
1,217,192
1,742,784
2,443,904
3,167,170
3,108,563
3,913,147
352,546
480,025
1,021,893
1,583,492
2,523,878
2,597,047
1,454,165
1,751,645
3,462,569
1,904,550
3,500,000
5,787,942
552,407
487,805
1,044,790
1,489,428
404,313 +2.5
576,506 +10.7
1.538,673 +26.0
1,935,284 +188.5
323,800, +12.4
Total Southern 367,857,445 265,289,165 +38.7 209,820,274 241,059,621
Total all
6,434,278,445,4,281,842,529 +50.6 2,723,2617516 3,157,295,708
Outside N. Y_ 2,405,664,175 1,755,927,200 +37.0 1,361,759,347 1,481,257,389
2180
THE CHRONICLE
THE FINANCIAL SITUATION.
All the commercial and financial markets this
week have been under the spell of the peace proposal
of the Central Powers (Germany, Austria-Hungary,
Bulgaria and Turkey), and judging by its immediate
effects the announcement promises indeed to become
an occasion of "historical importance" as was proclaimed in Berlin dispatches the day before, when
the members of the Reichstag were summoned to
attend the special sitting of that body on Tuesday,
Dec. 12, to hear the announcement.
All the markets have responded in precisely the
way expected. It remains to be seen whether the
peace proposition will have any definite results in the
way of bringing about peace. The terms upon which
Germany is ready to lay down arms have not yet
been declared and upon that point, therefore, there
is nothing but mere conjecture, though, of course,
more or less tangible rumors have found currency
as to what Germany is prepared to offer, and these
rumors have been of such a nature that the whole
peace proposal has met with very cavalier treatment
on the part of all the responsible authorities connected with the Entente countries. But the mere
possibility that the peace negotiations might be
crowned with success has been sufficient to startle
all the markets to the realization of the tremendous
changes that would be involved in a return to a
normal state of affairs, from the abnormal conditions
that have prevailed since the beginning of August,
1914, when the great conflict had its advent.
On Tuesday morning, before it became known
what the event of "historical importance" which was
to convulse the world was to be, German and Austrian
exchange rates made new low records. The launching of the German peace proposal caused a sharp
upward reaction and the rise has made further
progress since then,so that the reichsmark was quoted
at 74 cents (the value of 4 marks being the basis of
quoting and the value on that basis when German
exchange is at par, being 95.28 cents), as against
65% on Tuesday morning, and the Austrian kronen
being quoted at the close yesterday at 13.25 cents
(the value of which when at par is 20.26 cents), as
against 10.98 cents Tuesday morning. The recovery here indicates that the financial markets
rather look for some measure of success from the peace
proposal. Another effect was an immediate rise
in the prices of foreign Government securities here,
these having suffered badly at the beginning of the
month as a result of the pronouncement of the
Federal Reserve Board cautioning the member banks
against purchasing foreign Government Treasury bills,
and warning investors generally against making too
ready investments in foreign securities of any kind.
In the grain markets a tremendous collapse in
prices occurred. This was on the theory that with
the ending of the war the urgency of the foreign demand for our cereals would abate. The May option
for wheat in Chicago dropped from $1 783'g on Monday to $1 64 on Tuesday and yesterday got down to
$1 5332. Other grains also suffered severe collapse,
the May option for corn, for instance, at Chicago,
dropping from 93% cents on Monday to 89 cents on
Tuesday and yesterday touching 88 cents. Sugar
prices also fell off. This depreciation in these articles of foodstuffs indicates plainly enough that the
problem of the high cost of living will be brought
measurably near a solution with the termination of
[VOL. 103.
the European conflict. Coffee prices, on the other
hand, which had been ruling very low because of
the cutting off of the German markets, developed
firmness on the supposition that these German markets, and the markets generally of the Central Powers,
would now again be opened up and a heavy demand
for coffee set in as a consequence.
Cotton, too, evinced a rising tendency, on the
theory that the German markets previously cut off
would now become free buyers, inasmuch as the Teutonic countries have been suffering from a dearth of
the staple for over two years. Here however the
advance was preceded by a serious break which
culminated the day before (Monday) when the
ginning report of the Census was made public and
it became manifest that this season's yield of cotton
in the United States would be considerably larger
than those who had engineered the recent great rise
had affected to believe. The cotton market had been
depressed last week, and on Monday (before there
was an inkling what was to come from Germany with
regard to peace negotiations) dropped wide open, middling upland spot cotton touching 18 cents against
20.30dentsDec. 1. On Tuesday there was a recovery to
18.35 centsand yesterday the price was 18.60 cents.
In the stock market there was the inevitable great
tumble in the prices of the industrial shares for
which everyone had been looking with the first intimation of a definite nature that peace might be
in prospect. Liquidation has been on a tremendous
scale, and the decline in prices has been of huge
dimensions, being naturally proportioned to the
previous phenomenal rise. After the sharp downward descent on Tuesday the market steadied
somewhat on Wednesday on the supposition that
there was little liklihood that the peace proffer would
find quick acceptance at the hands of the Entente
countries, but on Thurdsay and Friday the liquidation proceeded with renewed vigor. The shrinkage,
while of prodigious extent, has proceeded in an orderly
fashion. The way the bottom has dropped from
under the industrial shares furnishes a striking
commentary upon the extent to which the prosperity
and great profits of the industrial concerns have come
from war orders and also the extent to which the
great activity that has been prevailing in all lines
of industries has been due to the same circumstances.
Plainly the car shortage problem is not going to
trouble the country much after peace is declared
in Europe.
It is quite likely nevertheless that the decline in
the industriaL properties will be carried too far under
the pressure of liquidation forced by the banks and
the fear that many of these industrial concerns
which were moribund or in a state of semi-insolvency
or complete insolvency when the war broke out will
speedily return to the same unfortunate condition.
Such a conclusion would be wholly wrong. Not
only have most of these concerns orders on their
books that will keep their plants busy for a considerable time, but their financial condition is totally different from what it was before the war.
While they have made huge profits they have at
the same time (or at least most of them) pursued
a conservative policy in the distribution of these
profits, retaining large amounts in their treasuries
as a precaution against future adversity. The more
prominent of them are carrying enormous cash balances with their banks,sufficient to tide them over a
very long period of lean business and sparse profits.
DEC. 16 1916.]
THE CHRONICLE
2181
Thus the New York banks can hardly be claimed
The shares of these industrial corporations, thereto be in an over extended condition. What has hapfore, are worth a great deal more than they were
when the war broke out, and this advantage they pened is simply that they have lost heavily of rewill retain, according to present indications, for serve money and the reason for that is found in the
many a year. Consequently, those who are counting working of the Federal Reserve Law. The burden
upon the shrinkage in the values of these industrial of meeting the additional installment of reserves
properties to continue until the former low level of which the member banks were obliged to pay into the
quotations is reached, are basing expectations upon Reserve banks in November fell entirely upon them,
a mistaken assumption and have no true conception as we showed last week, and an installment of ITof the real status of the properties and their pros- serves also had to be transferred last May and that
in the same way proved a drain on the money holdings
pects for the immediate future.
Knowledge of these facts should quiet apprehen- of the New York City institutions, the interior banks
sions as to the possibility that a panicky situation ordering their reserve correspondents in this city to
may develop out of the decline in these industrial pay over the money. As a matter offact,theinstallproperties. For the immediate future the decline ment of reserves that had to be paid in by the memseems, in any event, likely to proceed in a more ber banks in November of last year also had to be met
leisurely fashion. For many weeks to come varying in considerable part by the New York City institudegrees of probability will attach to the prospects tions. Surplus reserve of our clearing house banks
of peace and there will be room for sharp differences were at their maximum Sept. 11 last year, at $224,of opinion as to the ultimate success of the move. This 122,990, but from this figure got down to $145,951,will furnish opportunity for sharp rallies and also 130 by Dec. 31 of that year.
It is a striking fact that the gold and money holdoccasion more or less confident buying with each
the immediate and urgent liquida- ings of the Federal Reserve Bank of New York have
downward dip after
tion now in progress has run its course. Should the also been reduced in the same interval, although its
negotiations be abruptly broken off, a new lease of deposits have been considerably added to. These
life, of course, will be given to the war order business. deposits last Saturday were $194,526,977, as against
There would seem little occasion, therefore, for $183,207,122 Dec. 30 1915, but the gold reserve of
anxiety. The banks, however, should prepare for the bank was only $148,678,120, as against $175,possible eventualities. They have been forcing 736,937 last year in December, and the legal tender
liquidation upon the Stock Exchange and in this they holdings of the Bank also diminished, being only
have been well advised. They must not let specula- $1,302,205, against $7,477,057. If we take into
tion get out of hand,for their position is not as strong consideration the net holdings of Federal Reserve
as could be wished, and they must remember that the notes (which in the hands of the *bank are the
Aldrich-Vreeland Law is no longer on the statute equivalent of gold, being secured by an equal amount
book to help them out in a possible emergency, of gold) the comparison is still more unfavorable,
and it remains to be seen how far the Federal Reserve the net holdings of notes last Saturday having been
$10,463,620, as against $15,876,710 Dec. 31 1915.
banks can be depended on as a substitute.
It is surprising how low the money holdings and We annex the figures in tabular form:
surplus reserves of our Clearing House banks are, con- CONDITION OF FEDERAL RESERVE BANK OF NEW YORK.
Dec.8 1916. Dec.30 1915.
sidering the enormous importations of gold that have
occurred. If we compare last Saturday's Clearing Reserve deposits_ _194,526,977 183,207,122 Gain 11,319,8.55
Gain 4,725,116
House return with the figures in the return for Dec. Govt. deposits ___ 4,725,116
311915, we find that the gold holdings now are only
Total
199,252,093 183,207,122 Gain 16,044,971
$296,641,000, as against $335,397,000, dnd total Money holdings—
Gold
148,678,120 175,736,937 Loss 27,058,817
money holdings only $413,337,000, as against $490,- Legal tenders and
1,302,205 7,477,057 Loss 6,174,852
049,000, and surplus reserves (even after last Satur- silver
day's improvement) no more than $73,790,840, as
Total reserve_ __149,980,325 183,213,994 Loss 33,233,669
against $145,951,130. It may be thought the banks Fed. Reserve notes 10,463,620 15,876,710 Loss 5,413,090
have weakened themselves by promoting speculating
Grand total_ _ _ _160,443,945 199,090,704 Loss 38,646,759
on the Stock Exchange, or making investments in
Thus the situation as far as monetary conditions
foreign government securities, but as a matter of fact
at this centre are concerned is that the New York
the loan account shows no inordinate increase, the
total of loans and investments last Saturday being City Clearing House institutions hold $76,712,000
$3,330,499,000, as against $3,257,606,000 Dec. 31 less cash than at the close of last December and the
1915. Deposits, too, show comparatively small Federal Reserve Bank of New York holds $38,646,759
changes, being $3,420,018,000 last Saturday as less, making togethera diminution ofno lessthan$115,against $3,466,720,000 at the end of December last 358,759. The further gold importations this week
should improve the position of both the Clearing
year. In tabular form the comparison is as follows:
CONDITION OF NEW YORK CLEARING HOUSE BANKS AND House institutions and the Reserve Bank. It seems
TRUST COMPANIES.
imperative nevertheless—in view of the possibility
Dec. 9 1916. Dec. 31 1915.
of danger involved in developments arising out of the
$
situation—that the New York City banks should
Loans
3,330,499,000 3,257,606,000 Inc. 72,893,000 war
considerably further recruit their strength. It has
Deposits
3,420,018,000 3,466,720,000 Dec. 46,702,000
Money holdings—
been made evident that they are still called upon to
Gold
296,641,000 335,397,000 Loss 38,756,000 bear the burden of unusual demands coming from the
51,085,000
Silver
77,857,000 Loss 26,772,000 interior while their control over the gold and the
Legal tenmoney currents has been measurably weakened, as
65,611,000
ders, &c
76,795,000 Loss 11,184,000
we showed last week, by the interposition of the reTotal
413,337,000 490,049,000 Loss 76,712,000 serve system. The situation is one calling for caution
Surplus reserve 73,790,840 145,951,130 Loss 72,160,290 as well as study.
2182
THE CHRONICLE
The cotton crop estimate of the Department of
Agriculture, made public on Monday, in pointing
to a yield somewhat in excess of what had been quite
generally expected, proved to be an element of
marked weakness in the markets for the staple,
assisting materially in forcing down prices from the
very high level recently ruling. In fact, at New
York,the decline immediatelyfollowing the announcement of the estimate was the greatest instantaneous
drop witnessed at any time since the Sully campaign
of a dozen years back. With the area under cotton
added to largely last spring, and involving an acreage
apparently the largest in the history of the country,
a yield close to or in excess of that of 1914-15 was
believed to be probable. But according to the
official reports, adverse weather conditions during
the growing season and insect ravages as well, and
finally early frosts were instrumental in greatly
curtailing production in Atlantic and Gulf sections
so that recently majority opinion seemed to have
centred around 11 to 1131 million bales (not including linters) as the season's outcome. Consequently, when a total in excess of that figure, even
though only moderately so, was announced,weakness
immediately supervened, and although prices recovered somewhat later on, quotations still exhibit
a substantial decline from those ruling a week
ago.
The Department's estimate foreshadows a yield
for 1916-17 (actual growth as distinguished from the
commercial crop, or amount marketed between
Aug. 1 and July 31—which may be swelled to a more
or less appreciable extent by cotton held back last
season) of 6,506,896,000 pounds of lint (not including
linters), equivalent to 11,511,000 bales of 500 pounds
gross weight each. To this must be added to cover
linters, close to 1 million bales, making the total
2
yield 123/ million bales, or about 400,000 bales more
than the actual growth of 1915-16, but some 4
million bales less than in 1914-15, and 23/ millions
smaller than in 1913-14. Analyzing the estimate
by States, we find that practically every Atlantic
and Gulf State records a loss, with the Alabama crop
.
little more than half that of a year ago. West of
the Mississippi, however, gains over last year
are general, with the yield in Arkansas a record
one.
The Census ginning report is ofinterestin connection
with the crop estimate, as it indicates that, unless
the Department's total is to be exceeded, a much
smaller amount of cotton than usual remains to be
put in merchantable shape hereafter. It showed
that 10,359,346 running bales (excluding linters)
of a greater average weight than 500 lbs. gross
(somewhere about 515 in fact) had been ginned to the
date mentioned, or 655,734 bales more than in the
same period of 1915. Waiving this difference in
weight, we find that to reach the Department's
total, as above, only 1,152,000 bales will have to be
ginned from Dec. 1 on, this comparing with 1,365,000 bales a year ago, 2,832,000 bales in 1914-15 and
nearly 2 million bales in 1913-14. Moreover, contrasting the details of this latest ginning statement
with those of the crop estimate we see that to reach
the totals the latter discloses for Alabama and
Louisiana, only 20,000 bales remain to be ginned in
each instance, and that in some other States also
the work is very unusually well forwarded.
It would seem to us that accepting the Department's estimate as correctly forecasting the size
108.
of the crop, there would still be no reason to fear a
dearth of cotton this season and especially with
prices ruling so relatively high as to hold consumption
in check to some extent. Naturally, however,
previously existing surplus stocks will have to be
drawn upon materially. The supply of American
cotton for the season, as we figure it, and not including stocks of American cotton at mills outside
the United States, is as follows: Crop, including
linters, 12,500,000 bales; visible supply Aug. 1,
2,088,000 bales; stock at mills North and South,
1,590,000 bales; stock in. public storage and compresses, less amount at ports and counted interior
towns, 285,000 bales, and stock in private warehouses
and on plantations, 500,000 bales, or a total of
16,963,000 bales. Against this we have 7,500,000
bales as the probable consumption in the United
States, leaving 9,493,000 bales as otherwise available—to cover exports during the season and the
carry over July 31. Under existing conditions this
would not appear to spell famine.
The first definite and official move in the direction
of peace has occurred this week. It has taken the
form of identical notes to the United States, Spain
and Switzerland as neutral Powers and also to the
Vatican declaring that the Governments of the Central Powers were ready to discuss peace. The neutral Powers were requested to make known the contents of the notes to the nations at war with the Teutonic Allies. Dr. von Bethmann-Hollweg, the German Imperial Chancellor, communicated these facts
on Tuesday to the Reichstag, which had been called
together in special session for the purpose. The
notes containing the peace offer were especially flambouyant, declaring that Germany and her allies had
given proof oftheir unconquerable strength by achieveing important successes with the adversaries superior
in numbers and in war material. Recent events had
demonstrated, the statement continued, that the
prolongation of the war would not be able to break
their power of resistance. On the other hand the
general situation justified them in hopingfor further
successes. "It was to defend their existence"the note
continued "and the freedom of their national development that the four allied Powers were forced
to take up arms. The achievements of their armies
have not altered this purpose. In not a single instance have they departed from the conviction that
respect for the rights of other nations was in no way
incompatible with legitimate interests. They do not
seek to shatter or annihilate their adversaries." The
notes,which we print in full on subsequent pages,
then conclude:
"Conscious of their military and economic power
and ready if necessary to continue to the very end the
struggle which has been forced upon them, but inspired at the same time with the desire to stop the
flow of blood and to put an end to the horrors of war,
the four allied Powers propose to enter forthwith
into negotiations for peace. They are convinced
that the proposals which they will submit and which
aim to insure the existence, the honor and the development of their peoples will be appropriate to
serve as a basis for the re-establishment ofa permanent peace.
"If, despite this offer of peace and reconciliation,
the struggle should go on the four allied Powers are
determined to continue it to the end, disclaiming
solemnly before humanity and history responsibility
herefor."
DEC. 16 1916.1
THE CHRONICLE
The first reception that this important news received in many quarters was not cordial. The tendency was to regard the move as an adroit but insincere attempt to divide the Entente Powers and also
an attempt to reinforce the position of the German
war machine at home, where the situation was believed to be becoming an unmanageable one. In the
latter-named circumstances, if the burden of continuing the war could be placed squarely upon the
shoulders of the enemy,a substantial moral advantage
would undoubtedly have been gained. Later, however, the peace offering seemed to receive consideration in a more serious light as marking the beginning
of negotiations that, if not immediately, would sooner
or later culminate in a suspension of hostilities.
The effect of the publication of the note was to
cause extreme excitement on the New York Stock
Exchange, where prices, especially of the so-called
war stocks, were forced down in a sensational way.
At Tokio the Stock Exchange was closed to protect
the market there from a threatening panic. Japan,
like our owni country, has derived enormous benefits
from war orders from the Entente Powers. New corporations in great numbers have been formed, their
securities being listed on the Tokio Exchange. When
the news of the peace overtures was received, liquidation of these securities ensued on such a large scale
that it was, as already noted, deemed necessary to
suspend business.
The attitude of the Entente Governments toward
the proposals, so far as it has been shown unofficially,
.has been one of doubting the genuineness of the motives behind the overtures. On the other hand, the
statements reflect the belief, already alluded to,that
Germany and her allies are in bad shape from an
economic and supply standpoint, and are willing to
offer attractive terms for a prompt ending of the embarrassing conditions. There have been no official
or even responsible semi-official statement of the
terms which the German Chancellor will propose if
invited to name them by the Entente Powers. It
is significant, however, that almost identical statements have been published in Switzerland, Holland
and in our own country, which seem to have emanated
from semi-official German circles. The statements
in brief are:
A restoration of the status quo existing before the
war. This includes the evacuation of Belgium and
the restoration of the occupied portions of northern
France, with the exception of Alsace and Lorraine.
All Germany's lost colonies to be returned. Her
possessions in the Pacific are not deemed important,
and the Berlin Government is understood to be ready
to relinquish the claim on Kiau Chau.
The security of Turkey in possession of Constantinople probably would be insisted upon by the Central Powers, as well as the restoration of Albania.
The establishment of independent kingdoms in
Lithuania and Poland Would be one of the factors in
the German proposal, although that part of Poland
possessed by Germany at the outbreak of the war
would not be included.
What adjustment would be made to cover the
Trentino region between Austria and Italy, or any
provisions affecting Egypt, the Suez Canal, Mesopotamia or the gateways of control to the Indian
Empire are not made clear in German quarters here.
The Balkan situation is considered so delicate it
would have to be untangled in the peace conference.
Our own State Department it is understood will
merely transmit the notes to the Entente Govern-
2183,
ments with no other statement than that the President is ready to forward any reply to the Central
Powers. In the absence of the official copies of the
notes and of the terms that Germany has decided
to offer there has been only a more or less general
instead of specific reference to the action in foreign
official circles. The position of Great Britain,
however, was very clearly stated by the new Chancellor of the Exchequer, Andrew Bonar Law in the
House of Commons on Thursday. In part he said:
"Something has happened of which I think it
necessary that I should say a word. Naturally
the newspapers are full of the peace proposals from
Berlin. Until now no proposal has reached His
Majesty's Government. It is obvious that in these
circumstances no member of the Government can
make any statement on the subject, and in my
view it would be better that very little should be
said in the House of Commons.
"There is one thing which even at this stage I
think it necessary to say. In moving the last vote
of credit the late Premier in a peroration which
moved the House and the nation, used these words:
'They [the Allies] require that there should be adequate reparation for the past and adequate security
for the future.'
"That is still the policy, still the determination,
of His Majesty's Government."
Another answer of a very practical character was
made by the Chancellor, namely that provision had
been made for an additional one million men of
all ranks for the army service during the present
financial year. The original estimate was for four
million men. The Chancellor moved a vote of
credit of £400,000,000 ($2,000,000,000), the motion being unanimously adopted.
In Paris the Premier, M. Briand, denounced the
German offer as a trap and declared in the House of
Deputies that he would ask for increased power with
which to carry on the war. The Premier referred to
the French success at Verdun and the gains Made on
the Somme. He derided Germany for her claim of
victory while at the same time it was taking such a
measure as what he termed the militarizing of the
entire population. The Chamber applauded unanimously when he affirmed that the war government of
France would not follow the policy of Germany. He
asked, however, for power to regulate all questions
concerning the national defense including the possibility of requisition, but said that if the latter step
was considered necesssry it would not be carried out
considerately. The Premier concluded by saying
that the German proposal was a manoeuvre to separate the Allies, disturb the conscience and demoralize
the people of the French Republic.
At Petrograd, to quote an Associated Press dispatch, the German proposal is regarded by the Russian Government as "an attempt to court pubic
opinion and encourage the people of Germany by
appearing to put the responsibility for a continuation
of the war upon the Entente Powers." An official
of the Russian Foreign Office concluded a long statement which was issued by the semi-official Petrograd
news agency as follows:
"We are sure that this new enterprise of the disturbers of peace will lead no one astray, that it is
condemned to failure, like the previous efforts.
"The Entente Powers would assume a terrible
responsibility before their peoples, before all humanity, if they suspended the struggle against
Germany's latest attempt to profit by the present
situation to implant her hegemony in Europe. All
2184
THE CHRONICLE
[VoL. 103.
the innumerablersacrifices of the Allies would be in-Chief and receiving the rank of Marshal. The
nulified by a premature peace with the enemy, who members of the War Council comprise:
is exhausted but not yet brought down.
Premier and Foreign Minister—Aristide Briand.
"The firm determination of the Entente Powers
Minister of Finance—Alexandre Ribot.
to continue theiwar to a final triumph can be weakMinister of War—General Hubert Lyautey.
ened by no illusory proposals of the enemy."
Minister of Marine—Rear Admiral Lacaze.
Minister of National Manufactures, including Munitions
Next in point-of interest to the peace proposals has and Transport—Albert Thomas.
been the changes that have taken place in foreign
Other members of the Cabinet are as follows:
Ministries. Official announcement was made last
Minister of Public Instruction—Paul Painleve.
Saturday night that a new British Government had
Minister of the Interior—Louis J. Malvy.
Minister of Commerce and Agriculture—Etienne Clemenbeen constituted;with a War Cabinet comprising the
tel.
following:
Minister of National Subsistence and Labor—M. Herriot.
David Lloyd George, Premier.
Minister of the Colonies—Gaston Doumergue.
Lord President of the Council (also GovernLordECurzon,
Minister of Justice and Public Works—Rene Viviani.
ment leader in the House of Lords).
Three Under Secretaries will also be members of the CabiArthur Henderson, Minister without portfolio.
net under M. Thomas, namely M. Loucheur, for Mu•
Lord Milner, Minister without portfolio.
itions; Albert Claveille, for Transportation, and Justin
Andrew Bonar Law, Chancellor of the Exchequer (also Godart, for Sanitary Service.
leader in the House of Commons).•
General Lyautey, the new Minister of War, has been
The othelmembers of the Ministry who are not Governor of Morocco for the last five years. M. Herriot is
Mayor of the City of Lyons.
in the War Cabinet are:
Lord High Chancellor, Sir Robert
Bannatyne Finlay.
Secretary of State for the Home Department, Sir George Cave.
Secretary of State for Foreign
Affairs, Arthur J. Balfour.
Secretary of State for the Colonies,
'Walter Hume Long.
Secretary of State for War, the Earl
of Derby.
Secretary of State for India, Austen
Chamberlain.
President of the Local Government
Board, Baron Rhondda.
President of the Board of Trade,
Sir Albert Stanley.
Minister of Labor, John Hodge.
First Lord of the Admiralty, Sir
Edward Carson.
Minister of Munitions, Dr. Christopher Addison.
Minister of Blockade, Lord Robert
Cecil.
Food Comptroller,Baron Davonport.
Shipping Comptroller, Sir Joseph
Paton Maclay.
President of the Board of Agriculture, Rowland E. Prothero.
President of the Board of Education, Herbert A. L. Fisher.
First Commissioner of Works, Sir
Alfred M. Mond.
Chancellor of the Duchy of Lancaster, Sir Frederick Cawley.
Postmaster-General, Albert Illingworth.
Minister of Pensions, George N.
Barnes.
Attorney-General, Sir Frederick E.
Smith.
Solicitor-General, Gordon Hewart.
Secretary for Scotland, Mr. Munro.
Lord Advocate, James A. Clyde.
Scotland
for
Solicitor-General
Thomas B. Morison.
Lord Lieutenant of Ireland, Baron
NVimborne.
Chief Secretary for Ireland, Henry
E. Duke.
Lord Chancellor for Ireland, Sir
Ignatius J. O'Brien.
Other members of the Cabinet who ordinarily
have been designated Cabinet Ministers now are
called heads of departments. The War Cabinet
will hold daily sessions, directing the prosecution
of the war. The freedom of its members from
departmental duties will permit them to devote all
their time to the war council. The work of the
Exchequer and the Government leadership in the
House of Commons will absorb most of Bonar
Law's time, necessatating his absence from the
Council frequently, so that the remaining four members will from now on be the chief directors of the
war. The most important of the new members
are the food and shipping controllers. The former,
Baron Devenport, has been Manager of the Port of
London, a post requiring first rate business ability,
and Sir Joseph Maclay, the shipping commissioner,
is onerpf the great Scottish shipowners. Business is
further represented by Baron Rhonda, who is a
coal mining magnate .at the Local Government
Board; by Sir Albert Stanley, at the Board of Trade;
by Sir Alfred Mond, a manufacturer, as First Commissioner of Works, and by Frederick Cawley and
Albert Illingworth.
In France, too, there has been a concentration
of war control. On Tuesday formal announcement
was made of the completion of a new Cabinet containing a special war council of five members. Gen.
Nivelle, commander of the French troops at Verdun,
has been appointed Commander-in-Chief of the
armies of the north and northeast. The official
announcement of this appointment says that it is
the first step toward the reorganization of the
higher commands. It is suggested that Gen.
Joffre may be appointed to head the military council of the Allies, retaining the title of Commander
The Austrian Ministry also has resigned, a fact
that is attributed in Vienna papers as due in part to
the opposition of a number of German speaking
deputies to the reopening of Pariament and in part to
a desire to reach a solution of the quesion of a compromise between Austria and Hungary on the lines
proposed by the Ministry of the late Count Karl
Stuergkh. Alexander Spitzmueller who has been
asked to form the new Austrian Ministry was a member of the Stuergkh cabinet, playing an important
part in the negotiations with Hungary on the compromise question.
Bonar Law, the British Chancellor, in moving for
the new British war credit on Thursday announced
that the daily average expenditure of Great Britain
in the war had risen to £5,710,000. The actual
expenditure had exceeded the estimate owing to the
increase in munitions and additional loans to Great
Britain's allies and to her Dominions. "Financially,"
he continued, "we cannot hope to go on indefinitely
on the present scale, but we can go on long enough
to make sure that it will not be from financial
causes if we fail to obtain victory." The Chancellor
said the total amount of votes of credit since the outbreak of the war was 0,852,000,000 ($19,260,000,000), including £32,000,000 ($160,000,000) for extra
Assuming the rate of
administration expenses.
expenditure was the same as at present, the vote
would carry them until Feb. 24. The budget estimate of the financial year, Mr. Law said, was exceeded by £350,000,000 ($1,750,000,000). Loans to
allied governments amounted to £400,000 ($2,000,000) daily. The enormous increase in output of
munitions was emphasized by the Chancellor, who
said that if he could give the figures of June 1915 and
those of to-day the difference would be almost incredible.
Reginald McKenna, the Chancellor under Mr.
Asquith, congratulated Bonar Law on his speech,
thus showing the entente cordiale existing between
the old and new Governments. He then made the
following interesting statement concerning operations through the medium of dollars:
"We are bound to supply munitions to the full
extent of our capacity, and we are bound likewise
to meet all the demands of our allies, so far as we
are able. The extent of our ability to meet those
demands is enormous, but there is one restriction;
DEo. 16 1916.]
THE CHRONICLE
2185
namely, that it will not be easy to convert sterling except that Bonar Law, the new Chancellor of the
wealth into dollar wealth. We must pay in dollars Exchequer, on Thursday, in asking a new credit,
for what we buy now all over the world, and that declared that the position of the new Government is
is the limit of our power to help our allies."
identical with that announced by the ex-Premier,
Touching on the large increase in the expenditure Mr. Asquith, when requesting the previous credit,
during the last two months, Mr. McKenna said:
namely, reparation for what has been done and a
"Mr. Bonar Law mentioned that our average guaranty for the future. Francis W. Hirst, cabling
daily expenditure for the last sixty-three days reached from London to the New York "Tribune," declares
£5,700,000 ($28,500,000), but in that period there that the approach of famine conditions everywhere
were brought into the account large sums expended has produced an atmosphere of sobriety throughout
in the United States, which ought to have been England. He hears that an official proposal will soon
brought into the charges of an earlier period. I be made to adopt the
Australian system of minimum
believe that the true daily expenditure now is about
or protected prices with minimum wages for agri£5,500,000 ($27,500,000). Therefore, we may hope
that the estimate of £1,950,000,000 ($9,750,000,- culture, thus uniting landlords with the labor interests. The London Stock Exchange and English
000) for the financial year will not be exceeded."
provincial stock exchanges will be closed on Dec. 23
As to the actual military operations this week to 26 inclusive and on Jan. 1. An Associated Press
there has been a distinct lull, which must in large correspondent at London declares that in financial
measure be ascribed to seasonal weather. Never- circles there is no inclination to view Germany's offer
theless, a German attack on Lassigny, that part of to open peace negotiations with any more enthusiasm
the front nearest to Paris, was made on Thursday than was displayed in the instance of previous sugin force, but was repulsed. It appears to have been gestions. Prominent bankers refused to express
concerted to coincide with von Bethmann-Hollweg's opinions in view of the absence of news regarding the
note, probably with a view of impressing the French actual terms of the offer. Little, however, seems to
be expected as a result of the offer at present, though
with a local success.
So far as the Rumanian campaign is concerned, the hope is expressed in many quarters in the money
while there have been numerous reports of "stands" market that the Entente Powers would not rush into
being made by the retreating Rumanians, it seems "an inconclusive peace."
settled that the Teuton forces have obtained virtually
In Lombard St. money rates were practically
complete control. Yesterday's reports stated that unaffected; but in the exchange market, which perthey had captured Buzeu, the great railway and pe- haps is the most sensitive to political movements,
troleum centre, located seventy miles northeast of the tone was a shade uncertain, though the only
Bucharest. Pressure is still being exerted upon movement of note on Wednesday—the day following
King Constantine of Greece to force a definite the announcement—was the decline of a point in
position and definite guarantees against attacks on Petrograd exchange. The absence of speculation
the Allied troops. It is understood that Constantine precluded any excited dealings or movements in
has again yielded to the demands of the Allies pre- prices such as were experienced in Wall Street. In
sented to the Greek Government yesterday. They New York demand bills on Berlin rose to 74, though
were in the nature of an ultimatum. All Greek the closing quotation was 73M, against 65% on
troops are to be withdrawn from Thessaly, according Tuesday. Austrian kronen reached 13.25, against
to the demands, and only a certain number nf sol- 10.98 early on Tuesday. Shipping shares in London
diers are to be concentrated in Peloponnesus. The have not been depressed as a result of the appointdemands for reparation for the events of Dec. 1 and ment of a new shipping Controller. Ship owners
2, when fighting took place between Entente landing hope that arrangements may be made to facilitate
forces and Greek troops, are to be formulated later. the unloading of cargoes and for more economical
Encounters are reported between Royalist troops and employment of tonnage. Shipping combinations
a French detachment near Esyterine, but no con- continue to develop.
The Cunard
Line
firmation has been received.
it is reported, is about to purchase the Canadian
Pacific Railway's Atlantic fleet. It is stated that the
The Plebiscite, held in Denmark, on the question Canadian Pacific intends to devote attention to
of the sale of the Danish West Indies to the United developing its Pacific trade,and that,for this purpose,
States resulted in 283,000 votes being cast in favor the purchase of control of the Union Steamship Co.
of the sale, and 157,000 votes against. This means of New Zealand is under consideration.
that the matter will now come up in the Riksdag,
There has been no change in the Bank of England
the Danish Parliament. A treaty for the sale of rate and no definite developments in connection with
the islands was concluded between the United States the proposed new long-term war loan. The change
and Denmark on Aug. 1, the purchase price being in Cabinet may, to a large extent, be charged with
fixed at $25,000,000. The treaty was ratified by responsibility for this• delay. The new Chancellor
the United States Senate on Sept. 7. Opposition of the Exchequer is credited with a desire to finance
developed in Denmark, but this apparently has the war more by taxes and less by loans. It is more
finally been overcome.
than likely, too, that action will be still further
delayed in view of the German peace proposals,
The financial markets in London. have ruled more however unlikely may be the view that these proor less idle, reflecting a widespread disposition to do posals will not be entertained seriously. There is,
nothing until time has been afforded for a calm ap- for instance, an apparent undercurrent of feeling
praisal of the two momentous events in the week's that despite their military victory in Rumania, the
news, namely, the change in the Cabinet and the Central Powers may be suffering internally to such
peace proposals from Berlin. The illness of Lloyd an extent as to name terms of peace sufficiently broad
George, the new Premier, has prevented definite to be acceptable to the Entente countries. At any
statement of the new Government's war program, rate it seems fair to assume that the new Government
ZiAs
tift dittorattiE
will not be inclined to announce a new long-term
loan whose automatic effect will be to raise at one
stroke the interest on former loans, until there is full
assurance that such a new large loan will be required
at all, and therefore that the necessity does in fact
exist for raising the interest on all long-term obligations. The strength that developed in money circles
in New York furnished additional incentive for the
delay that has taken place in offering the new war
loan. The revenue for the United Kingdom for the
week (as reported on Dec. 13), amounted to £9,827,000 and the expenditures, £16,455,000. The amount
of Treasury bills outstanding increased £583,000
for the week. Sales of Exchequer bonds were
£9,480,000.
In France, as in England, security markets have
attracted slight attention owing to the changes in
the Ministry and in the direction of the war. M.
Ribot, however, remains Minister of Finance. In
a statement issued during the Ministerial crisis he
said: "I put out two loans which passed expectations. I put out Treasury bonds for which the public subscribed by billions a month. •Still our,floatini
debt is only 25% of the funded debt, while the floating debt of England is 40% of her. funded debt.
Thus, you see, our situation is good." M. Ribot
gave new figures on the gold turned into the Bank
of France. On Nov. 28 it reached 1,043,066,000
francs, which exceed by two or three times all ,cal.
culations. A nearly equal sum has been expored .
gold to England to enable her to
France supplied
keep up her gold Standard.
Raoul Peret, former Minister of Commerce, discussing in. the Chamber of Deputies on Saturday
last on behalf of the ;Appropriations. Committee the
budget for the first three months of ,1917, pointed
out that France. would •have incurred expenditures
to the amount of 72,600,000,000 francs (Ii14,526,000,000).between the opening of hostilities and the end
of M,arch next, while Great Britain iii .the same
period would have made an outlay of 90,000,666,000
francs. This statement dre* exclamations from
the Deputies to the effect that Great Britain "is
thus proved to,have collaborated cordially and completely."' M. Peret contrasts the resources With the
expenditures made and authorized amounting approximately to 63,700,000,009 .francs; as "follpWs:
10,290,000,000, tax receipts; 38,760,000,000, short
and long term bonds of France;.5,600,000,000, loanS
from England and the United States; 9,000,000,600,
advanced by the Bank of France; 200,000,006, advanced by the Bank of Algeria. This leaves an
apparent deficit of 8,900,000,000 francs. M. Peret
said that this did not represent the actual expenditures, but the authorized outlay, and that of the
appropriations for 1914 included in the total 700,000,000 francs was annulled. He added that the
cancellations for 1915 would be proportionately
large, and before the total remaining net amount was
due several months would elapse. "France has paid
when due every debt incurred," he continued. "In
spite of the apparent discrepancy between the appropriations and the receipts we need have no
anxiety for the future."
Official rates at the leading European centres continue to be quoted at 5% in Paris, Vienna and Copenhagen;532% in Italy, Sweden, Portugal and Norway;
6% in London and Petrograd, and 43/2% in Switzer
[Vox.. 103.
land, Holland and Spain. In London the private
bank rate has remained at 532@5%% for sixty-day
and ninety-day bills. 'Cables from Berlin still give
4% as the nominal private bank rate at that cen47
l%
tre—an advance of W for the week. No reports
have been received by cable of open-market rates at
other European centres as far as we have been able to
learn. Money on call in London has not been
4
changed from 43 %.
The Bank of England in its weekly return
showed another loss in its gold item of £836,806 this
week. Notes in circulation were expanded £99,000;
consequently, the total reserve was decreased £936,000, and the proportion of reserve to liabilities declined to 21.70%, against 21.79% last week and
23.55% a year ago. Public deposits this, week
decreased £1,205,000 and other deposits £2,420,000.
Government securities continue without change.
Loans (other, securities) were reduced £2,690,000.
The English Bank's holdings of gold .aggregate L55,105,924; which compares with £50,281,182 6, year
ago and £72;414,101 in 1914.. Reserves now stand
at £35,599,000, aS against £34,464,372 in 1015 and
£55,272,166 the year previous. Loans total £104,059,000. ..A .y,ear ago the amount was 06,856,303
and in 1914 £116,481,844. The tank rePoits, as of
.
Dec 9 the amount of currency .notes outstanding as
£124,058,127, against £122,022,217 a week. Sic,.
The amount,of gold held for the redemption of such
notes remains iat 08,500,000. Our 'PeCi.,1 Corre1
.r
spondent is no longer able to 0. e details by cable of
the gold movement into and out of the lank for the
Bank week, inasmuch as the Bank has discontinued
such reports. We append a tabular stateinent of
comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1012.
1913.
1614.
1615.
1016.
Dec. 18.
Dec. 17.
Dec. 16.
Dec. 15.
0.
. .£
.1
3'7;057,000 34,266,810 35,591,035 28,795,595 28,753,945
CIrculatfon
_ _ 67,511,000 52,136,369 43,167,729 8,028,166 11,300,721
Public dePoslis__
106,526,000 91,160,276 122,736,426 37,464,317 40,240,894
Other deposits
Govt. securities_ _ _ _ 42,187,000 32,840,075 11,968,674 11,194,036 13,034,568
Other,securities_ _ _104,05p,000 96,865,303 116,481,844 27.018,013 34,157,320
Reserve notes & can 05,598,000 34,464;372 85,272,166 25,075,054 22,169,952
65,105,924 50,281,182 72,414,101 35,420,649 32,473,897
Coln and
.
Propoetion of reserve
43.00%
55.13%
93.38%
23.55%
21.70%
to liabilities
5%
5%
5%
5%
6%
Bank rate
The Bank of France in its weelcl'Y report shoWs the
further increase in its gold holdings Pt 11,240;660
francs, the gain this time being all in the amount held
by the Bank itself, the balance held abroad remaining
8
unchanged at 1,3- 5,1§5,950 francs. The total gold
holdings, both at home and abroad, aggregate 5,066,013,725 francs. Last year at this time the total
.
(all in vault) was 5,026,390,ith francs, and the Year
preceding 4,141,350,006 francs. In the silver item
.
there was a ,reduction for the Week Of 3,035,000
francs. Total silver on hand amounts to 313,638,000
francs, as compared with 357,721,603 francs in 1915
and 625,325,000 francs in 1014. Note circulation
showed further expansion to the extent of 85,946,600
francs. General deposits increased 68,897,000 francs
and bills discounted 17,448,000 francs, while Treasury deposits fell off 41,716,000 francs and the Bank's
advances decreased 2,030,000 francs. Note circulation is now 16,383,952,000 francs, against 13,449,502,520 'francs and 6,683,175,000 francs, one and two
years ago, respectively. General deposits total
2,021,810,000 francs. Last year the amount was
2,214,156,447 'francs and in 1914 047,575,000 francs.
Bills discounted amount to 575,431,000 frail-es, corn-
THE CHRONICLE
paring with 366,754,461 francs last year and advances
are 1,348,183,000 francs against 1,150,083,698 francs
in 1015. In 1914 bills diseounted and advances combined aggregated 3,202,975,000 francs. Treasury
deposits stand at 26,654,000 francs. A year ago they
amounted to 2,236,748,361 (having risen from 155,849,134 francs the week preceding as a result of subscriptions to the war loan), and in 1914 to 382,575,000 francs. The figures here given for 1914 are those
for the week ending July 30, the Bank having discontinued the publication of weekly returns with the
outbreak of the war.
The Imperial Bank of Germany in its weekly
statement, as of Dec. 7, shows the following changes:
Total coin and bullion increased 161,000 marks;
gold increased 271,000 marks; Treasury notes decreased 51,758,000 marks; notes of other banks
expanded 2,601,000 marks; bills discounted were
reduced 145,003,000 marks; advances decreased
905,000 marks; investments increased 14,779,000
.;
marks; other securities gained 689,000 marks notes
recorded an expansion of 68,230,000
in circulation
Marks; deposits registered the large reduction of
238,252,000 marks, and other liabilities declined
9,414,000 marks. The Bank's gold holdings aggregate 2,518,758,000 marks, Which compares with
2,436,107,000 marks a year akO and 2,018,931,060
marks in 1914. Combining loans and discounts the
total is 6,944,577,000 Marks, againSt 5,055,500,000
marks in 1015 and 2,081,320,000 marks the year
preceding. CirculatiOn is 0,940,274,000 marks. A
year ago it was 6,040,890,000 marks and in 1914
4,229,928,000 marks.
In local money circles there was again a temporary
flurry early in the week, call loan rates on the Stock
Exchange on MondaY reaching 10%, though on that
day 3%% ivas the ruling rate, while on Tuesday 6%
was both the highest and fen'eWal basis. As the week
advanced an basier tone became Obvious, ftirther
large importations of gold from Canada aiding materially in this reSpect, while active liquidation of
Stock Exchange securities had, too, the natural effect of increasing the floating supply of funds. Lenders are inclined to maintain previous rates for time
commitments. The demand may not be said to be
of an urgent character. In fact, the more general disposition seems to be to await the course of events
during the next two weeks or so, which will show
whether the preparations for the usual New Year
dividend and interest disbursements will pass without
effecting another temporary advance in rates. After
the turn of the year there seems a tendency to look
for a more settled feeling in money circles, especially
if liquidation of specUlative ac'counts in the stock market shall proceed with anything like the vigor that
has marked the week now closing.
Referring to money rates in detail, loans on call
did not get above 10% this week, and the range was
334@10%, against 3@15% a week ago. On Monday the maximum was advanced to 10%, although
the low was at 33/2% and renewals at 3%%. Tuesday's range was 4@6% and 6% the renewal basis.
On Wednesday 432% was the .high and ruling figure
and 33% the low. Thursday the range was 332@
4% with 4% the renewal rate. On Friday 6% was
the maximum, with 4% low and 0% the basis for
renewals. In time money, last Saturday's strong
bank statement induced a Sohiewhat easier tone dur
2187
ing the early part of the week; later, however, firmness again became eVident, more especially in the
'shorter maturities, and sixty arid ninety-day bills
3@
43/2%, against 4%, although
were advanced to 4
four, five and six months' money remained at 4@
43-%, unchanged. Trading was dull and fates more
or less nominal in character. Last year sikty'Aay
%
money Was quoted at 21 , ninety days at 23/2, four
0
months at 2@2%7 and five and six months at
2%7. Commercial paper rates were not changed
0
from 3%@4% for siXty and ninety days' 'endorsed
bills receivable and six months' names of 'choice
character, while names less well known still require
4@41
4%. The Federal Reserve Bank at New York
on Thursday advanced its Open market rate for prime
member bank acceptances from 2% to 2 3 for sixty
%
days and to 3% for ninety-day bills. In sympathy,
open market rates were advanced, banks' and bankers' acceptances at the close being quoted as follows:
Spot Delivery
Delivery
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days.
3(423‘
3@2)( qi0
3
334@254
354(4/234 354(§234 3340334
3340g3
43 ©3)( 43i(43334 434(41331 4)4033(
.
1
Eligible member banks
Eligible non-member bills
Ineligible bills
The Federal Bank of Boston announces that the
discount rate on 'commercial paper running to ten
days is now 3
against 3% Previously, While the
discount rate on Commercial paper for eleven to
ninety days is 4%;the rate from eleven to thirty days
had been qm%, while beyond that to ninety days the
rate Was 4%.. ,The dikonnt rates of the, different
Reserve banks for the varioli'S classes of paper are
shown in the following:
DISCOUNT RATES OF iliDEttiL RESERVE BANKS.
CLASSES
- OF , •
DISCOUNTS AND LOANS
1;
1
I
%
_ Commeictal Paper,
1 to 10 days maturity
Ai
t
a,
e
A
•
•
1
•
e si i
334
•
ii ai:i 3343
i
111030
15 too 3 "
0
11to0
(1
1 it4I:1i
' 3
51to90 " , "
434 4,
4 4 4 434 4 4
Agricultural and
Live-Stock Paperrr
.,,,.•
31 days to 6 Months maturiti 5 8 434 '5 434
5
Promissory Notes of Member
Banks
1 to 15 days maturity
4 3 334 334 335 334 334 3
San Francisco. I
Dna. 161916.1
1
ii i1t5
i iii1
434 434 4
44 a
4
i-434
14 iis
4
334
i
,Trade Acceptances—,
Ito 30 days maturity
i34 334 334 3 334 334 334 3 334 4
"
•
to60
to 90
,
.
-Commodity Paper—.
I to 30 days maturity
i --- 334 --- 334 3 --- 3 336 4
11 to 60
4 -__ 334 -- 334 8
"
___ 3 334 4
Si to 90 "
4 __ 334 -- 334 3
"
___ 3 334 4
11 daYs to6 months maturity ---- ---_________
it
i14 a
I1
34g PA 1" g Pg l L N 1 L Li
1
I
3
3
3
___
334
4:
434
5
OPEN MARKET DISCOUNT AND PUBCFIASE RATES OF FEDEBAL
RESERVE 13411103.
,
.
.
.
Bankers Acceptances—Authorized discount rite for all Federal Reserve banks:
ininimum, 2%; maximum, 4%.
2
'
Trade Acceptances.—Bills with maturities of 90 days or leis, purchased in open
nArket without member bank endorsement, by New Orleans branch of Atlanta
Federal Reserve Bank; 354 to 4%.
Commercial Paper
.—IMM purchased in open market by Dallas Federal Reserve
Bank; 3 to 5%.
•
Bills of Ezchanpe.—Bills puroha,sed in open market by Atlanta Federal Reserve
Bank; 334 to 53
5%.
. .
Bills With or Without Member Bank Endorsement —Bills with maturities of 99 days
or less puro as din open market by St. Louis Federal Reserve Bank; 2 to 4%.
-
The weekly statement of New York Clearing
House banks and trust companies, issued on last
Saturday, showed substantial improvement, and reflected in some measure the extensive calling in of
loans and the heavy gold imports of the week. Loans
were again reduced—$39,599,000. Net demand deposits decreased $28,597,000, although net time deposits registered a small increase, viz., $152,000. In
consequence of the reduced requirements, aggregate
reserves gained $27,364,000, now standing at $633,165,000, against $738,767,000 a year ago. The reduction in the required reserve was $5,425,530, and
2188
surplus reserves as a result were expanded $32,789,530, which brought the total of excess reserves up to
$73,790,840, which is still much below the large total
of $179,116,110 at the corresponding date in 1915.
Reserves in "own vaults" increased $23,744,000 to
$413,337,000, of which $347,726,000 is specie. A
year ago the total in own vaults was $526,363,000,
including $467,986,000 in specie. Reserves in Federal Reserve *vaults were also increased, $4,019,000,
to $166,078,000, as against $157,443,000 last year.
Reserves in other depositories declined $399,000,
to $53,750,000. This contrasts with $54,961,000
the year preceding. Note circulation is $28,787,000,
a reduction of $889,000. The bank statement is given
in fuller detail in a subsequent section of this
issue.
Conditions in sterling exchange circles have not
been spectacularly affected either by the German
peace proposals or the nervous conditions that have
developed in our own money situation. Rates for bills
on London continue to be maintained arbitrarily,
fluctuations being confined to the smallest fractions
for demand bills while other documents have scarcely
changed at all. This simply adds to previous testimony that the control of affairs is in the hands of the
British Treasury, which.is sending gold to this centre
in sufficient amounts to maintain quotations and to
spread ease in money rates at this centre. The gold
engagements for imports this week have included
$27,000,000, comprised of $8,000,000 to Philadelphia
and 1519,000,000 to New York. Exports have been
confined to $700,000 to Cuba.
Compared with Friday of last week sterling exchange on Saturday was firm and practically unchanged; demand was quoted at 4 7555, against the
previous range of 4 7532@4 75 9-16, while cable
transfers continued at 4 76 7-16 and sixty days at
4 71%. On Monday the opening was firm, but in the
late afternoon under the influence of a renewal of the
flurry in call money and a further substantial decline
in Anglo-French bonds, a somewhat easier tendency
became evident, with demand 5 points lower at 4 7550
@4 7555, although cable transfers and sixty days
remained at 4 76 7-16 and 4 71%, respectively.
Announcement on Tuesday of Germany's willingness
to discuss peace terms had little or no effect upon
sterling quotations, which ruled all day at 4 76 7-16
for cable transfers and 4 71% for sixty days, unchanged; demand bills were fractionally easier, at
4 75 7-16@4 7532. Wednesday's market was quiet
but steady; further gold imports and buying of cables
by J. P. Morgan Sr Co. were sustaining influences
and demand ranged at 4 7545@t4 7532, while cable
transfers were still pegged at 4 76 7-16 and sixty
days at 4 71%. Peace talk as well as additional gold
arrivals induced increased firmness on Thursday,
with a fractional advance in demand to 4 7532@
4 7555; cable transfers and sixty days, however,
ruled at the previous day's levels. On Friday the
market became strong. Closing quotations were
4 72 for sixty days, 4 7555 for demand and 4 7645
for cable transfers. Commercial sight finished at
4 753/2, sixty days at 4 713/2, ninety days at 4 69,
documents for payment (sixty days) at 4 71% and
seven-day grain bills at 4 743. Cotton and gram
for payment closed at 4 753/2@4 75 9-16.
The Continental exchanges have experienced an
other week of nervousness and irregularity, and in
some instances sensational advances. In German
[VOL. 103.
THE CHRONICLE
and Austrian exchange opening transactions were at
a new low level, with sight bills on Berlin nominally
at 65% and Austrian kronen at 11.00. But when
Germany's peace proposals were announced, both
reichsmarks and kronen at once responded by a sharp
rise, the former to 74 and the latter to 13.30. Francs
were well maintained, having in fact ruled at substantially higher levels, while rubles also were firm.
Lire early in the week were heavy, declining to as
low as 6 913/2 for sight bills, the lowest point on
record, attributed to reports of internal troubles and
the strained condition of Italian finances. Later
they participated in the firmness in other quarters.
The • sterling check rate on Paris closed without
change at 27.813/. In New York sight bills on the
2
French centre finished at 5 833/2, against 5 853/2;
cables at 5 823/2, against 5 85; commercial sight at
5 84, against 5 853/2, and commercial sixty days at
5 883/2, against 5 90 last week. Demand bills on
Berlin closed at 703/2, which compares with 66%,
and cables at 73%, against 66 7-16 a week ago.
Kronen finished at 13.30, against 11.25. Rubles closed at 30.25, compared with 29.35 on Friday of last week. Lire finished at 6 69 for bankers'
sight and 6 6834 for cables. A week ago the close
was 6 853/2 and 6 7932, respectively.
As regards the neutral exchanges a considerable
degree of excitement was also in evidence. Swiss
exchange, under the stimulus of extensive buying,
attributed to speculative interests, moved up to
4 98 for checks, which constitutes another new high
record and compares with a rate of 5 20 quoted
about a month ago. The close was 5 03. Pesetas
continue strong. Rates of Scandinavian exchange
were firmer, and guilders were stronger. Bankers' sight on Amsterdam closed at 40%, against
40 13-16; cables 40 15-16, against 404; commercial sight at 40 11-16, against 40 11-16, and commercial sixty days at 40%, against 40 9-16 last week.
Swiss exchange finished at 5 03 for bankers' sight
and 5 01 for cables, compared with 5 123/2 and 5 1134
a week ago. Greek exchange (which must still be regarded as neutral) has remained at 5 12 nominal for
sight bills. Copenhagen checks closed at 27.00,
against 27.05. Checks on Norway finished at 28.00,
comparing with 27.80 and checks on Sweden closed
at 28.90, against 28.90 the previous week. Spanish
pesetas finished at 20.60, as against 21.35 on Friday
of last week (inadvertently given as 20.35 in last
week's issue).
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost $1,425,000 net in cash as a result of the currency movements for the week ending Dec. 15.
Their receipts from the interior have aggregated
$7,252,000, while the shipments have reached
$8,677,000. Adding the Sub-Treasury and Federal Reserve operations and the gold imports,
which together occasioned a gain of $6,913,000,
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 $5,488,000, as follows:
Week ending Dec. 15.
Bunks' Interior movement
Sub-Treas.& Fed.Res.op.drgoldimpt.
Total
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
37,252,000
40,550,000
38,077,000 Loss $1,425,000
33,643,000 Gain 0,913,000
$47,808,000
$42,320,000 Gain 35,483,000
The following table indicates the amount of bullion
in the principal European banks:
THE CHRONICLE
DEo. 16 1916.j
Dec. 14 1916.
Banks of
Gold.
England_ 55,105,924
France a_ - 147,233,111
Germany _ 125,937,900
Russia
146,684,000
Aus-Hun.c 51,578,000
Spain
48,336,000
Italy
36,647,000
Netherl'ds 48,762,000
Nat.Bel_h 15,380,000
Switz'land 12,801,100
Sweden — 10,133,000
Denmark.. 8,340,000
Norway-- 6,065,000
Silver.
Dec. 16 1915.
Total.
Gold.
Silver.
Total.
50,281,182
55,105,924 50,281,182
12,318,960159,552,071 201,055,960 14,308,880215,364,840
816,355 126,754,255 121,888,400 1,860,150 123,748 550
10,501,000 157,185,000 160,829,000 2,855,000 163,684,000
12,140,000 63,718,000 51,578,000 12,140,000 63,718,000
29,811,000 78,147,000 34,197,000 30,010,000 64,207,000
2,908,000 39,555,000 45,251,000 4,427,000 49,678,000
552,200 49,314,200 34,756,000
291,200 35,047,200
600,000 15,980,000 15,380,000
600,000 15,980,000
9,899,300
12,801,100 9,899,300
6,297,000
10,133,000 6,297,000
168,000 8,508,000 5,917,00
247,000 6,164,000
3,659,000
6,065,000 3,659,00
Tot. week. 713,003,035 69.815,515 782,818,550740,988,842 66,739,230807,728,072
Prey.week 721,684,467 69,686,565 791,371,032 736,774,898 66,730,250803,505,438
a Gold holdings of the Bank of France this year are exclusive of £55,407,438
held abroad.
*The gold holdings of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold balance held abroad.
c July 30 1914 in both years. h Aug. 6 1914 in both years.
GERMANY'S MOVE FOR PEACE.
All other considerations bearing on the war were
necessarily superseded by last Tuesday's proposal
of the German Government for discussion of
terms of peace. The announcement to that effect
from Berlin appeared to take the markets and the
community at large entirely by surprise; yet reasons
already existed for expecting some such news. It
has been perfectly evident, for more than a year
past, that the German Government has been more
anxious for peace than the Allies. Whether this
was due to a very unfavorable economic situation
in Germany and Austria (a suggestion to which
the heavy break in Berlin and Vienna exchange,
at the very moment of the Teutonic victories in
Rumania, lends some plausibility), or to belief
at Berlin that time is working against the Central
Powers in a continued war, or to growing uneasiness
as to the longer results of Germany's continued
loss of her foreign trade, or merely to conviction
that the war as a whole is a deadlock and should,
therefore, be ended on the best terms obtainable—
all these theories are purely a matter of debate.
But actual events have left no doubt that the
German Government long ago resolved to use
every occasion of its own success in the field to press,
directly or indirectly, for termination of the war.
Russia's defeat in the Carpathians during the summer of 1915 is known to have been followed by
secret negotiations for a separate peace with Russia.
The victory over Serbia a year ago was followed by
the roundabout peace overtures of Buclow in Switzerland and through the Vatican. To-day the victory
over Rumania has manifestly been regarded as
providing a proper occasion for renewing similar
overtures, more publicly and directly. We suggested
our own belief, two weeks ago, that the fall of
Bucharest might logically be followed by precisely
such action from Berlin.
This week's German overtures take the form of a
note to the neutral Powers and the Vatican, outlining
in general terms the motives of Berlin in seeking
peace. This war, the note declares, is "a catastrophe . . . which injures the most precious achievements of humanity." "The spiritual and material
progress which were the pride of Europe at the beginning of the twentieth century are threatened with
ruin." Therefore, "prompted by the desire to avoid
further bloodshed and to make amends to the atrocities of war, the four allied Powers propose to enter
forthwith into peace negotiations." The victory
over Rumania is referred to and the claim asserted
that the Teutonic allies are unconquerable.
Further, it is declared that the Central Powers
were originally "obliged to take up arms to defend
2189
justice and the liberty of national evolution." The
purposes of the Central Powers, however, so the note
declares, "are not to shatter nor annihilate our adversaries." Finally, "if, in spite of this offer of
peace and reconciliation, the struggle should go on,
the four allied Powers . . . disclaim responsibility for this before humanity and history." A
similar declaration, though in different language,
is made in Germany's note to the Vatican, is repeated
in somewhat weaker form in a separate note from
Austria to the neutrals, and was stated on Tuesday
by Bethmann-Hollweg to the Reichstag, with particular and perhaps somewhat boastful reference
to the Rumanian campaign—evidently designed for
home consumption.
In the natural order of procedure, the neutral
Powers will merely transmit these communications
to the Entente Allies. It is to be observed that the
Central Powers do not name their terms of peace.
This course of action was probably due to a wish
to avoid any immediate rebuff;to.ascertain officially
whether or not England, France, Italy and Russia
are willing to consider any term. Of that there
can, to our mind, be no doubt whatever. The
English Premier and other public authorities of the
Allies have repeatedly stated their willingness at
least to consider any proposal of peace formally
made by Germany. These past declarations might,
doubtless, still be made the basis for a reply, stating
that Germany must name her terms of peace before
obtaining even a provisional assent by the Allies
to consider them. But in such a case the terms
would probably be immediately named. Rumor,
which in this case is perhaps nothing but conjecture,
has stated that the German proposals would include
restoration of the occupied provinces to Belgium
and France, erection of a new Polish kingdom, recovery of the Trentino by Austria from Italy, return
of her colonies to Germany and, very vaguely, a
conference of all the Powers to rearrange the Balkan
situation. Even the week's rumors say nothing
specifically regarding Serbia; which led to the supposition that Austria still demands incorporation
of Serbia in her Empire.
If these terms, or anything closely resembling
them, actually form the body of the German proposals, their rejection is an absolute certainty. But
that would not imply the closing of the door to
further negotiations. It may be taken for granted
that Germany, like all other diplomatic bargainers
in history, would ask originally for more than she
expected to get, leaving readjustment of the terms
to subsequent negotiation. To the Allied Powers,
therefore, after officially receiving the German note
and conferring on it, three possible recourses would
exist—first, outright rejection of the German proposals, without suggesting further consideration of
terms; second, rejection of the terms proposed, but
expression of willingness to consider terms more
admissible; third, counter-proposals by the Entente
Allies, embodying their own terms—presumably,
as in the case of Germany, demanding more than
they expected to obtain.
The first recourse is possible, but less probable
to-day than at any previous time--this notwithstanding the French Premier's declaration to the
Deputies on Wednesday regarding the German
move, that "it is a clumsy snare which they offer."
There can be no doubt of the cleverness of the German action, in so far as it is based primarily on
2190
THE CHRONICLE
grounds ofhumanity with a disclaimer of responsibility
to civilization if the offer should be refused outright.
Mere expression of willingness on the part of the
Allies to consider further terms, though rejecting
the first proposals, is also possible; but the conditions of the moment seem to us to point rather
strongly to the political necessity that the Allies
should now state plainly their own terms. For
such reply, indeed, the form of Germany's own note
imposes a certain necessity. This is not only because of the question of humanity raised in the German note, but because of the emphasis placed in
that note on Germany's victories and the advantageous position of the Teutonic Powers at this
stage of the conflict.
It would be altogether reasonable as well as wholly
dignified, if the English and French Governments,
or the Allies as a whole, should answer, while conceding the victories in Rumania, that the German
army was beaten in its great campaign against
Verdun, after having been defeated and driven back
a hundred miles in the earlier campaign against
Paris; that Germany has been cut off and is still cut
off from the trade of the world; that the German fleet
is shut up in protected harbors and as completely
removed as an active force in war as was the French
fleet after Trafalgar; and that all of Germany's
colonial empire is now in the hands of the Allies.
Attention has so exclusively converged of late on the
land campaign in Central Europe, and England's
naval supremacy in this war was so instantaneously
achieved, that the average man is not always disposed to give due weight to these considerations. But
history will do so, and so must all parties to the
peace negotiations. This might very naturally
mean, in the present case, insistence by the Entente
Allies, not only on return to the status quo, so
far as Germany's territorial acquisitions are concerned, but on some positive reparation; at least in
the case of Belgium.
The question, what will be the actual outcome of
this initiative by Germany, depends on many and
complex considerations. The Allied Powers are
pledged to consider no peace proposals except
jointly, and to act on them in unison. Such unison
may be difficult to obtain. What England might
accept, France might reject as wholly inadequate in
view of her own sacrifices; and even if France consented, Russia might easily object to relinquishing
her dreams of possessing Constantinople, or Italy to
surrendering her hope of retaining the Trentino.
It is impossible to deny that this aspect of the situation presents great difficulties.
It is not less so, when the controversy as a whole
will almost inevitably be complicated and embittered by the German note's reassertion that the
war was forced on the Central Powers—this despite
the perfectly convincing documentary evidence to
the contrary and the agreement among n eutral
communities,long ago,that the German Government
provoked the war and that England and France were
honestly laboring to avert it. It is difficult, also,
to believe that the manner in which Germany has
conducted the war in Belgium and on the sea will
not influence the disposition, on the part of even
half-willing allies, to consent to peace on terms of
mutual concession. There would remain the familiar and possibly weighty argument, that an inconclusive peace would leave Europe with the prospect of renewed war perpetually'overhanging.
[vol.. 103.
Yet if it were to be conceded by thoughtful men,
in Europe and elsewhere in the world, in their honest
private judgment, that the war as a whole is bound
to result in a drawn battle, no matter how long con:
tinued, then these impressions could not fail to be
modified by that conclusion. For if the military
situation, say, a year from now, were to be substantially what it is to-day, then the general problem
would remain unchanged, except for the vast infervening waste of life and treasure. Back of all other
considerations, meantime, is bound to arise the question of economic results, not only in the Teutonic
countries but in the countries of the Entente Alliance
if war is to be indefinitely continued.
THE BATTLE OF THE LABOR UNION COMBINATIONS.
With the unemployed at a minimum, and the
average wage of labor the highest in history, with
capital so abundant that it is able to finance foreign
loans, and in many lines receiving the highest price
for its products ever enjoyed, we witness labor and
capital fighting a pitched battle in the halls of
Congress. Why?
Does labor sense coming reductions after the war?
Does capital feel the goading of force, when by
virtue of large contracts it is powerless to resist?
Why should the old fear and jealousy over so-called
unequal conditions, the old protest against the
curse of Cain, the old cry of the unrequited, reach
a climax at this time?
Macaulay saw in the votes of the selfish and
ignorant, in the rule of the majority, in a democracy,
the engulfing sands of the seashore that would in
time swallow up the republic. To what have we
come when combinations of labor openly threaten
to resist the injunctions of courts? Why should
an appeal be made to a government of law for a law,
when open defiance is breathed against its adjudication by duly constituted and impartial courts?
What do these things signify to a representative
and republican form of government? How far
beyond this defiance lies anarchy and the denial of
law and government themselves?
When in many lines of employment there is more
work than labor can perform why should this eight
hour law disturb our industrialism now? Is it because the common toiler is misguided by his leaders
who are officers of an organization the life of which
depends upon getting all it can and keeping all it
gets, regardless of conditions? Is it because it has
become a fixed policy of labor organizations in this
country to demand an increase under favorable
conditions and never to willingly submit to a decrease
under unfavorable, and to appeal to law that their
increases may be fixed and permanent regardless
of industrial and commercial operations? Is it
sought seriously thus to fix an oligarchy of. labor
upon the country?
Capital is not trying to enslave labor to-day, if
it ever did. On the contrary voluntary increases
in wages that amount to millions of dollars annually
are almost a daily occurrence and cover a wide
range of industry. In view of this, has this eight
hour day a case in the court of public opinion at
this time? There does not seem to be a good and
sufficient cause for this activity to secure the bauble
of an eight hour day for all workmen, when more
nearly than ever before every man has his chance
and few are suffering for opportunity.
DEO. 16 HOW
THE CHRONICLE
Something deeper than current acts must be discovered and studied if we are to understand the
situation to which we have come. In true cooperation there is no compulsion. It is possible
to point out that this has been violated by the labor
unions as they are now constituted. It is possible
further to read in their present activities a secret
sense that they are slipping from power, that they
find themselves undermined by the closer unions
of individual workmen inside the plants they operate,
unions which are harmonious and beneficent between employers and employees, and which, disregarding outside influences and orders to strike, accomplish mutual good. In the one case there is a
union whose efforts are based on visionary theories
of human relations, and on the other unions to accomplish definite results in production, trade, and
profits through actual and practical association for
the common good. Looking at these voluntary acts
of capital in increasing wages it is reasonable to say
that it has sooner perceived the way to mutual
helpfulness than has labor.
Do we note in all the underlying facts of this
growing controversy that labor, as interpreted by
the leaders of these old labor unions, is conceding
anything at all? And are these men afraid of the
passing of their power? Do they read the doom
of the old form of unionism in these separate and
independent combinations of labor inside the organism of the corporation and industry, which,
while conserving individualism at the same time
exert a force which affects favorably the efforts of
all men in the field of world-wide competition? If
so, these recent attempts to capture the citadels
of government are fraught with swift doom to their
aspirations. The old unions must swiftly disintegrate before the power of the new and better way.
Capital will, as a consequence, by the conciliations
which it is making voluntarily, win this fight in the
court of public opinion, and republican institutions
will stand the test, and the rights of property and
of contract will be preserved.
A union of employers and employees within the
confines of a single integer in an industry for the
common good is as pure a democrcy as the old
original New England town meeting where .every
man's voice could be heard. It is local self-government in its highest form. For every man potentially may be his own employer if he chooses to own
a share of stock. Labor and capital unite upon a
common basis. The corporation is merely a skeleton
form for an association of spiritual as well as material
interests, and the rights of contract are free. The
individual workman loses none of his power, but is
enabled to openly express it, by treating directly
with the organism which represents capital, a part
of which may be his if he so chooses. Is there any
doubt, looking at the open and conscious efforts
of managers of industries to enable employees to
feel an interest in the success of the individual enterprise, that they have been the first to see and act
upon this underlying truth?
If beneath the surface of current events these
causes are at work, the theories of labor leaders are
even now driving their unions to destruction. The
fiasco of an eight hour law enacted by Congress,
which before it has had a test is discountenanced
everywhere as a miserable makeshift, impossible
of interpretation or application, is the worst blow
the old form of organized labor has ever received in
2191
the United States, and unionism as heretofore constituted is destined to be undone by its own act.
No eight hour day can ever be justly applied to all
forms of industry because it is contrary to the nature
of things. And this is the very reason why it may
be made to apply between the two elements within
an industry, by agreement, and thus tend to individual welfare and human happiness.
Every effort to fix an unjust, inoperative, inefficient law upon the statute books of the nation
serves to disclose the rights of all parties in interest,
and to demonstrate the binding force of natural
laws which cannot be abrogated, as binding on
capital as on labor. But the sooner attempts to
do the impossible cease, the sooner these natural
laws will have sway, and the sooner there may be
brought about harmonious relations between capital
and labor. For, in its last analysis, labor is the
chief capital of mankind, and is the magic touchstone which gives to every created thing from mush
to marble its intrinsic and enduring value.. Through
the continuous application of this labor to elemental
conditions all property is preserved and civilization
advanced.
And just as units of effort are brought into existence by need, purpose, and environment,so it is
possible for individual industries to combine and
co-operate. And only by his action as an employee
inside a single operating industry, being a part of
its ownership and power, can the individual workman project his personal force against the worldwide Conditions that control production and interchange. And he divests himself of this power when
he joins a union that is not a business, and whose
only purpose is to force concessions in wages regardless of these elemental conditions.
Thus,if a workman in United States Steel, through
a union of his fellow workers in that corporation,
have a voice in its affairs, that voice is heard in the
world's competition in which capital and labor must
live whether they will or not. But his voice in an
old-time labor union is merely a voice crying in the
wilderness, and has no power save to deny the usefulness of concerted and loyal effort inside a going
concern by the negative and disastrous resort to a
strike, or a futile declaration of a socialistic theory
of the proper human relations. If in the undercurrents of our affairs these things are true, then we
are progressing, and the right to unionize is being
brought into harmony with the general good.
Too much the workman has been forced in the
past to succumb to a power outside himself, made
to become a tool of theories that were not consonant
with his own interests, made to obey the leaders
of organizations whose only purpose was to demand,
regardless of inherent conditions and mutual benefits.
Industry is too complex, competition too vast, the
country too big, and the rights and the interests
of nonparticipating citizens too great, for a union
of all workmen to be the best thing for the individual
workman.
UNWISE POSTAL PROPOSITIONS.
There are two propositions in Washington concerning the postal.service which should be promptly
and emphatically condemned, one being in the
ostensible interest of economy and the other being
ostensibly for increase of revenue. The first is the
recommendation of Mr. •Burleson that auto trucks
be substituted for pneumatic tubes for mails-carry-
2192
THE CHRONICLE
ing in large cities, which would involve abandonment of a scheme now many years in operation and
the scrapping of an expensive plant. It is inconceivable that this could be offered as a step for
greater efficiency, in plain view of the fact that
subways are the great desideratum in great cities
and that the air itself is more and more deemed a
feasable and necessary medium for transmitting both
intelligence and material bodies. It is of course
possible that some defects and possibly some overcharges may have crept into the tube service, notwithstanding the clear proposition that when there
is only one possible customer for anything the vendor is quite as much dependent on the user as the
latter can be on the vendor. Whether there is or
is not any reasonable ground for complaint need
not be discussed now, for it is foreign to the question of abandoning the tube work, and any fair investigation of the possibility of correction or improvement .would always be in order.
With traffic on the surface already so congested
that its regulation is a serious problem, any increase
of it by transferring what is now and can be moved
underground seems preposterous. Such a change
would be away from efficiency, and if economy is
suggested,the answer is that,as to this city at least,
there has long been a disposition towards niggardliness of treatment of the post office, as though the
work done here were for local instead of general
benefit. As the Chamber of Commerce points
out, over 30 millions of postal revenue were contributed here, last year, and this post office in fact
carries a large burden on account of others. The
fact is not one for boasting or for complaint, and
neither is indulged in here; only it is neither for
efficiency nor for economy to resist improvement,
much more to apply a cheese-paring method, where
the most profitable portions of the postal service
begin.
The other of the two bad pending propositions is
condemned in advance by its being tagged, in the
old abominable manner, as a "rider" to an appropriation bill; it is out of place, not being germane
to the subject of the bill, and it confesses itself
wrong by seeking to escape full observation and to
be dragged along by the necessary measure to which
it is fastened. This is Mr. Randall's proposition
to change the long-maintained classification of publications as "second-class matter" and put them,
like merchandise per parcels post, on a "zone"
basis, by which the rates would progressively and
materially increase with distance, after the first
300 miles.
The Constitution is silent concerning the details
of mails-carrying and concerning the purpose of
maintaining a governmental work which is on the
balance sheet unprofitable. It grants to Congress,
inter alia, the power "to establish post offices and
post roads," that is all. We suppose nobody questions that the private express companies could
and would carry and deliver all mail matter with a
greater efficiency and less waste, if they did the
work at all, and the sole reason why they should
not do it is that they would necessarily do it on a
"zone" basis. Everybody sees at once that this
would make impossible the general• transmission
of intelligence for which the postal service, itself a
miserable failure if judged on the basis of income
and outgo, is conceded to exist. The country could
not be geographically large; its population could
[voL. 103.
not become homogeneous and cohesive, and national existence on any such scale and basis as we
now have in some degree, and confidently hope to
increase indefinitely in the future, would be beyond
possibility, except by maintaining an "unprofitable"
yet indispensable and profitable scheme of mails
communication. We have always had this; it has
grown with the country, tolerably well; with some
defects, it has served us well; we could not exist
without it, nor can we easily conceive the state to
which its loss would reduce us.
Any proposition to impair it, or even to put hindrances in its growth, must stand condemned upon
the mere presentation. At present, as all publishers do know well and all readers ought to be aware,
the entire publishing business is burdened by the
mounting costs of paper and other materials. Any
new load might have the effect of suppressing some
minor yet useful publications. If journals generally
passed the added tax on to the public (and they
would be compelled to do this, directly or indirectly, in some manner) the inevitable effect would
be a tax on the diffusion of intelligence. Are we
ready for such a tax, or can we afford it? Have
we already too much of general information and
understanding, or would not the country, on the
contrary, be the gainer by a greater intelligence?
Take this late election as an example in test: the
really ignorant vote, the stolid party vote, the
simply selfish vote which asked only what the voter
himself or the faction or class interest in which he
ranked was likely to gain by making or not making
a change on governmental control—did not this
low and undesirable vote largely determine the result? What right thing is not likely to gain, and
what wrong thing is not sure to weaken, under publicity and free discussion in the broad light?
It should be needless to spend space on arguing
that, since we cannot have a censorship, but the
gradual lifting of public taste and public sense of
both wisdom and justice can come only by gradual
education. A tax upon the increase and general
diffusion of intelligence is the last step which can
be safely hazarded, in democracy where the vote
is thrown wide open already, with very slender
restrictive conditions, and where the uncertain
factor of the female voter is coming in. The postal
service, notwithstanding all efforts to show the
contrary by defective accounting, is not self-supporting. We might even say that it ought not to
be, since in such a growing country all gains by
efficiency and economy are liable to be offset by
natural increase in work done.
Economy is valuable, and the country never
before had so much need of increased efficiency
and decreased waste; but the proper direction for
both is outside either of these propositions.
RAILROAD GROSS AND NET EARNINGS FOR
OCTOBER.
Rising operating expenses are now a conspicuous
feature of the revenue returns of United States railroads. In the case of many of the large Eastern
systems the augmentation in expenses even exceeds
the gains in gross receipts, though these gains are
by no means inconsiderable. For the country as a
whole, however, the improvement in gross earnings
runs larger than the additions to the expenditures,
thus leaving a moderate increase in net earnings, in
DEC. 16 1916.]
THE CHRONICLE
the main because of the very favorable returns made
by roads in the West and South.
Our observations have reference to the showing
for the month of October, as presented by our compilation further below. In brief, as compared with
the heavy totals in the corresponding month of
last- year, there is betterment. of $35,050,786, or
11.28% in the gross earnings, attended by an augmentation of $23,252,662, or 12.13% in the expenses,
leaving therefore an improvement of $11,798,124,
or 9.91% in the net earnings.
October (452 roads)—
Miles of road
Gross earnings
Operating expenses
Net earnings
1015.
1916.
246,000
246,683
$345,790,899 8310,740,113
191,677,089
214,929,751
Amount Increase %
+683 0.28
+$35,050,786 11.28
+23,252,662 12.13
$130,861,148 $119,063,024
+$11,798,124
9.91
2193
059, while at the same time there was a large increase
in expenses, and as a consequence net earnings fell
behind no less than $10,489,004. In October 1909,
of course, there were large gains in both gross and net,
$28,560,921 in the former and $15,360,538 in the
latter, the large improvement.at that timefollowing
mainly because of the poor statement for October
1908, when there was a decrease in gross in the large
sum of $18,196,132. In the net there was then no
loss, owing to the practice of the most rigid economy
and the cutting down of expenses in all directions,
so that the loss in gross was converted into a gain of
$5,176,453 in net. In October 1907, which was the
month when the panic occurred,there was considerable
improvement in the gross, but the net fell off, owing
to the great rise in expenses, which was a noteworthy
characteristic at that period. In the following
we furnish a summary of the October comparisons
of gross and net for each year back to 1896. For
1910, 1909 and 1908 we use the Inter-State Commerce totals, but for the preceding years we give the
results just as registered by our own tables each year
—a portion of the railroad mileage of the country
being always unrepresented in the totals, because of
the refusal at that time of some of the roads to give
'out monthly figures for publication.
What gives especial significance to these increases
in gross and net the present year is that they follow
very noteworthy improvement in the same month of
last year. As indicating the striking nature of that
improvement, we would recall that in reviewing the
results for October 1915 we pointed out that it was
a very long time since we had had such an extremely
favorable statement of railway gross and net earnings
as it was then our privilege to record. Doubtless,
too, we remarked, it would be many a day (after
the unusual conditions then prevailing had passed
away) before it would be again possible to present
Gross Earnings.
Net Earnings.
exhibits of the same extraordinarily auspicious char- Year.
Year
Year
Increase or
Year
Year
Increase or
acter. We were witnessing at that time tremendous
Given.
Preceding. Decrease.
Given.
Preceding. Decrease.
gains in gross earnings, while expenses were being Oct.
$
1898
62,589,2
6.5,982,61 —3,393,332 24.162,741 25,938,287
1897_ 72,051,957
+4,692,183
added to in only slight degree and on individual roads 1898_ 79,189451 67,359,774 +4,381.283 27,875,335 25,825,573 —1.775,548
+2,049,782
74,808,267
32,203,684 29,708.23 +2,495.447
1899.._ 93,439,839
36,761,61 32,652,
were actually being reduced. This uncommon com- 1900_ 101.185.248 82 648.011 +10,791.828 38,239,892 38,530,251 +4.108,928
97,613.383 +3.671.865
—290.359
1901_ 114,274.63 100,811,585
45,303,549 37.609,947
bination produced large absolute and huge ratios 1902...112.017.914105,740.749 +13,463.045 40,669.565 41.086.351 +7,693.602
+6,277,165
—416.786
1903_. 122,375,429 112,380,431 +9,994,999 43,341.694 40,934,029 +2.407,665
of gain in the net. In short, our October compila- 1904_ 130.07,5187125.423.583 +4,651.604 48,561.136 43,713,268 +4,847.868
1906..... 136,313.15 125,758.596 +10,554,554 49,824.783
+3.030,103
tion last year registered $37,087,941 gain in the gross, 1906 143,336,728128,494.525 +14,842.203 51,685,226 46,794,68 +4,858.869
46,826,357
1907__. 154,309,199 141,032,238 +13,276,961 46,983.608 50,847,903
or 13.57%, and no less than $30,079,562 gain in the 1908.__ 232,230,451 250,426,583 —18.196,88.534.465 83„ —3.864,295
+5,178,453
1909.....261,117.144 32.556,223
88.803.2361+15,360,538
net, or 33.70%. The further gain this year comes 1910_ 263,464,605260.821.546 +28,560,921 104,163,774 104.101,228}-10,439.004
+2,643,059 93,612,224
1911 ___ 260.482.221 59,111,859 +1,370,362 93,836,492 91,725.72 +2.110,787
on top of this improvement in 1915. It is true, how- 1912 293.738,091258.473,408 +35,264,683 108,046,8 93,224.77 +14,822.028
—1,281,0111 97,700,506
13,110.853
ever, that in considerable part these large gains last 1913 ___ 299,195,006 300,476,017-28.740.8561 87,660,694 110,811,859 —8,014.020
1914...2298,066.11:69,325,262
95,674.714
1915 __ 311,179,375274,091,434 +37,087,9411119,324,651 89,244,989,+30,079,562
year represented recovery of previous losses,the totals 1916 ___ 345,790,899310,740,113 +35.050,788180.861.148 119,063,0241+11,798.124
the month of October
of earnings having shown decreases in gross and net In Note.—In 1896 the number of roads included for131; in 1901. 111; in was 125:
1897, 125; in 1898, 121; In 1899, 126; In 1900,
1902. 105;
1904, 100; in
in 1906, 91; In 1907, 88; in 1908 the
alike in both the two years preceding. It was never- In 1903, 168; in231,721 miles;1905, 96;on 238,955 miles; in 1910 on 241,214returns
were based on
In 1909
miles;
in 1912 on 237,217 miles; In
theless a fact that the improvement in 1915 far sur- In 1911 on 236,291 miles;1915 on 248,072 miles; in 1916 1913 on 243.690 miles; In
1914 on 244,917 miles; in
on 246.683
passed the losses of 1914 and 1913 combined. For
As already stated, the tendency of expenses to
October 1914 our compilations registered $28,740,856 increase the present year is strongly indicated in the
decrease in gross, or 9.64%, and $8,014,020 decrease case of the large Eastern systems. The Pennsylvania
in net, or 8.38%. In October 1913 our table showed RR., the New York Central, the Erie, the
Baltimore
a shrinkage in the gross of $1,281,011. This was & Ohio, the New Haven and several others
show addihardly more than nominal, it is true, being but 0.48% tions to expenses far exceeding the
gains in gross
but it was attended by an augmentation in expenses earnings. In this the showing is
the reverse of that
of no less than $11,829,842, thus producing a loss in of the previous year,when the increases
in expenses
net in amount of $13,110,853, or 11.85%. Combin- were very light. The Pennsylvania RR.
on the lines
ing the losses for 1914 and 1913, the gross was re- directly operated the present year reports a
decrease
duced roughly $30,000,000 in two years, and net over of $250,754 in net in face of a gain of no less than
$21,000,000, the exact amount of decrease being $2,175,199 in gross. In 1915, however,
the Penn$21,124,873.
sylvania reported $4,707,286 increase in gross and
In October 1912, however, our figures showed $3,125,698 increase
in net, this following $3,048,162
a gain in gross in the magnificent sum of
decrease in gross and $398,671 decrease in net in
$35,264,683 (due in part to the circumstance that
October 1914.
there was an extra Forking day in the month, owing
The New York Central this time has $1,962,807
to there having been only four Sundays against the increase in
gross with $13,911 decrease in net. This
previous five Sundays), and a gain in net of $14,822,is for the Central proper after its recent merger with
028. For October 1911 our compilations recorded the Lake
Shore & Michigan Southern and some other
trifling gains, the increase in gross for the whole lines. Including
the various auxiliary and controlled
railroad system of the United States being only roads, like the Michigan Central,
the Big Four, &c.,
$1,370,362,or hardly more than one-half of 1%,while the whole going to form
the New York Central Systhe addition to the net was on the same slender basis, tem, the result is
better, there being then a gain of
being no more than $2,110,767, or 2.30%. In $3,834,300 in gross
and of $638,434 in net. In
October of the year preceding (1910), the addition to October last year there was
for the Central System
gross was also relatively insignificant, being $2,643,- $4,596,792
gain in gross and $4,017,381 gain in net.
2194
THE CHRONICLE
[VoL. 103.
Decreases.
Increases.:
$1,206,102
$159,109 Great Northern
The Baltimore & Ohio this time has $653,103 in- Pere Marquette
959,626
151,669 Erie
Boston & Maine
394,498
151,363 Minneap St P&SSM__
Central of Georgia
Crease in gross with $99,620 decrease in net. Last Chesapeake & Ohio
a250,754
143,575 Pennsylvania _
184,491
& Hudson_ __ _
year this company added $2,048,737 to gross and Nash Chatt & St Louis__ 141,517 Delaware Lack & West__ 162,737
131,318 Delaware
Western Maryland
155,460
130,013 Bessemer & Lake Erie......
Vandalia
$1,202,512 to net. The Erie for the present year Seaboard Air Line
140,021
128,644 Lehigh Valley
128,456
125,723 N Y Chic & St Louis......
Range__
reports only $97,388 gain in gross and no less than Duluth & IronGrande_
119,825
110,593 Central of New Jersey
Denver & Rio
114,799
102,172 NYNH& Hartford- _
$1,028,409 Western Pacific
$959,626 loss in net, this coming after
112,465
N Y Ontario & Western..
addition to gross and $1,210,592 to net in October Representing 41 roads 5,085,727 Representing 12 roads
In our compilation_$1
In our compilation__ $3,929,234
1915.
a This is the result for the Pennsylvania RR., together with the PennsylA few roads have losses this year in gross as well as vania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $239,023 decrease, the Pennsylvania Company
Including all lines
net. Conspicuous in this respect are the Great $15,938 loss and the P. C. C. & St. L. $4,207 gain.the Inter-State Comowned and controlled which make monthly returns to
Northern and the "Soo," where the reason for the merce Commission, the result is a gain of $50,696.
falling off in the gross is self-evident, it being found
When the roads are arranged in groups or geoin the great shortage of the spring wheat yield the graphical divisions according to locatioi;, it is found
present season. On the Great Northern the falling that every division records an improvement in gross,
off in gross amounted to $631,907 and in net to no but that the Eastern and Middle division registers a
less than $1,026,102. The "Soo" road falls behind decrease in net. Our summary by groups is as follows:
$354,721 in gross and $394,498 in net. SouthSUMMARY BY GROUPS.
Gross Earnings
western roads stand at the head of those distinguished
Inc.(+)orDec.(-)
1915.
1916.
Section or Group.
Thus the Atchison over- Octoberfor large improvements.
$
$
13,504,905 +1,323,422
1
tops all others for amount of increase this time in Group 2(18 roads), New England......14,828,327 83,870,259 +5,091,876 9.80
6.07
88,962,135
Group (80 roads), East dc Middle__
11.83
both gross and net, the former being $2,207,096 and Group 3(60 roads), Middle West...... 41,600,999 37,200,934 +4,400,005 15.42
4 dc 5 (94 roads), Southern__ 42,303,540 36,650,485 +5,653,055
the latter $1,875,475, and this compares with $502,- Groups 6 dc 7(70 roads), Northwest__ 79,947,546 72,875,022 +7,072,524 9.70
Groups
Groups 8
526 gain in gross and $135,914 gain in net the previous Group 10& 0 (91 roads), Southwest.... 56,718,601 47,253,516 +0,465,085 20.03
(39 roads),Pacific Coast- _ 21,429,751 19,384,992 +2,044,759 10.55
year. The Missouri Kansas & Texas, however, Total (452 roads)
345,790,899310,740,113 +35,050,786 11.28
which this time reports $952,771 increase in gross and
Net Earnings
(-)
Inc.(+)or Dec.
1915.
1916.
1016. 1915.
$173,394 increase in net, last year IAA $183,183 loss'
5
$
loss in the net. And Group No. 1
+148,126 3.15
in the former and $132,832
7,818 7,831 4,840,110 4,691,984
29,271 29,241 28,695,585 30,765,714 -2,070,120 6.73
some other Southwestern roads had losses in net even Group No. 2
+944,263 6.91
23,048 23,391 14,616,970 13,672,716
Group No. 3
41,566 16,300,316 12,999,251
where there were no losses in the gross. Generally Groups Nos. 4 & 5._ 41,799 67,900 33,861,368 32,067,150 +3,301,065 25.39
+1,794,218 5.59
Groups Nos.6 & 7.... 68,334
speaking, Southwestern as well as Southern and Groups Nos.8 & 57,883 57,679 22,989,104 16,271,530 +6,717,574 41.29
+063,007 11.22
18,530 18,302 9,557,686 8,594,670
Western roads give exceedingly good accounts of Group No. 10
246,883 246,000 130,861,148 119,063,024 +11,798,124 9.91
from the Total
themselves the present time, as will appear
New England States.
-Group I.
NOTE.
following, showing all changes for the separate roads Group II. Includes includes all of theand Pennsylvania except that portion west
all of New York
in excess of $100,000, whether increases of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
for amounts
the extreme northern portion of West Virginia.
or decreases, in both gross and net:
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern
PRINCIPAL CHANGES IN GROSS EARNINGS IN OCTOBER.
Increases.
Increases.
&
Atch Topeka Sr S Fe_ ___ $2,207,096 Internat- Great North.. $288,122
282,828
_
a2,175,199 Chicago St P M &
257,145
b1,962,807 Yazoo & Miss Valley..___
ntral
PennsylvaniaeI
255,148
1,709,382 Chicago & Alton
Union Pacific
253,839
1,562,616 Chicago Great Western.._
Southern Pacific,.
239,884
Chic Rock Isl & Pac Lines 1,230,538 Colorado & Southern..
238,188
Chicago & North West__ 1,210,896 Western Maryland
228,505
Central of Georgia
1,126,812
Missouri Pacific
220,770
1,110,806 Now On Texas & Mexico
Southern
195,542
Burl & Quincy.... 1,092,388 Pitts & Lake Erie
Chicago
193,041
Chicago Milw & St Paul_ 1,059,469 N Y Chic & St Louis..
183,018
952,771 Maine Central
Missouri Kan & Texas....
169,051
836,290 Cinc New On & Tex Pac_
San Francisco
St Louis &
165,452
818,280 Elgin Joliet St Eastern..
Louisville & Nashville__ _
154,199
796,907 Long Island
Michigan Central
148,846
726,177 Duluth & Iron Range.._ Illinois Central
148,771
660,084 Nashv Chat & St Louis__
Clev Chic Chic & St L
147,051
653,103 Vendetta
Baltimore & Ohio
118,856
643,672 Kansas City Southern..__
Texas & Pacific
113,337
613,736 Western Pacific
Duluth Missabe & Nor
110,468
572,631 Los Angeles & Salt Lake..
Wabash
104.773
554,542 Buffalo Roth & Pittsb__
NYNH& Hartford
516,672
Northern Pacific
Representing 57 roads
516,390
Atlantic Coast Line
in our compilation_ _$33,289, 4
427,662
Boston & Maine
Decreases.
378,117
Norfolk & Western
$631,007
Great Northern
374,202
Philadelphia & Reading..
354,74
371,645 Minneap St P & S S M
El Paso & Southwestern..
204,506
355,901 Lehigh Valley
Florida East Coast
131,248
N Y Ontario & Western..
338,308
Chesapeake & Ohio
117,807
313,032 Pitts Shaw & Northern....
Seaboard Air Line
108,300
311,865 Cinc Ham & Dayton....__
St Louis Southwestern.._
308,187
Pere Marquette
Representing6 roads in
294,058
Virginian
our compilation........ $1,548,418
290.700
Phila Bait & Wash
-All the figures in the above are on the basis of the returns filed
Note.
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate roads so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting $1,213,391 increase, the Pennsylvania Company
$482,089 gain and the P. C. C. & St. L. $479,719 gain. Including all
lines owned and controlled which make monthly returns to the Inter-State
Commerce Commissiom, the result is a gain of $3,128,113. York Central
S These figures cover merely the operations of the New
like the
itself. Including the various auxiliary and controlled roads, the New
Michigan Central, the "Big Four," &c., the whole going to form a gain of
York Central System, the result is a gain of $3,834,300 in gross and
$638,434 in net.
PRINCIPAL CHANGES IN NET EARNINGS IN OCTOBER.
Increases.
Increases.
$302,520
Atch Topeka & S Fe____ $1,875,475 Atlantic Coast Line
295,134
1,156,360 Michigan Central
Union Pacific
289,487
Chic Rock Isl & Pac Lines 1,077,961 El Paso & Southwestern..
283,800
835,798 Florida East Coast
Pacific
Southern
225,423
780,106 Internet & Great Nor......
Missouri Pacific
218,639
655,229 Chic Now Orl & Tex Pac_
Chicago St North West
216,877
582,571 Virginian
Southern Railway
183,750
572,300 New On Texas & Mexico
Illinois Central
180,625
490,622 Chic Milw & St Paul..__ _
St Louis & San Fran_ _ _ _
177,917
Yazoo & Miss Valley- _ _ _
472,639
Louisville & Nashville...._
173,394
451,235 Missouri Kansas & Texas
Duluth Missabe & Nor....
167,111
434,717 Norfolk & Western
Texas & Pacific
164,229
355,179 Chicago Great Western...
Wabash
162,231
344,726 Chic St P Minn & Om.._
Clev Cinc Chic & St L
161,255
322,721 St Louis Southwestern._
Chicago Burl & Quincy_
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana. Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louts and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
J. P. MORGAN'S VISIT TO WASHINGTON.
Conferences with the British and French Ambassadors
in Washington were held by J. P. Morgan on the 14th inst.
The discussion is said to have been devoted chiefly to matters bearing on financial conditions abroad as observed by
Mr. Morgan during his European trip. Mr. Morgan, as
noted in these columns last week, returned from London
on the 8th inst.
With his arrival Mr. Morgan declined to comment on
his mission abroad, and had nothing to say concerning
financial conditions in England other than to state that
such conditions were very good. Concerning the war he
was quoted as saying:
is a certainty
"There is no doubt regarding the outcome of the war. It
that the Allies will win, but how long it will be before the signing of the
in England betreaty of peace is purely a matter of conjecture. People
lieve that it will be soon."
LOAN TO REPUBLIC OF ARGENTINA.
J. P. Morgan & Co., as head of the South American
Group, officially announced on Dec. 12 that pending completion of its plans foi permanent financing, the Argentine
Republic has sold to the South American Group, $16,800,000 of six months' notes dated Dec. 15 1916. There will
be no public offering of these notes.
The members of the Group, other than J. P. Morgan &
Co., are, The National City Co., Kuhn, Loeb & Co., Lee,
DEC. 16 1916.]
THE CHRONICLE
2195
Higginson & Co., the Guaranty Trust Co. and Harris,
CLOSING OF TOKIO STOCK EXCHANGE.
Forbes & Co.
The New York "Sun" in its issue of Dec. 13 gave the
The cables on the 13th inst. announced the closing of the
following explanation of the purpose of the new loan:
Tokio Stock Exchange on account of the great shrinkage in
Part of the proceeds will be used to refund a $5,000,00 Argentine
loan the values of stocks occasioned by Germany's peace
0
maturing Dec. 15, and a similar loan on Dec.
31. The remainder will overtures.
tako up short-term bank loans of the Argentine Government.
With regard to the closing of the Exchange the "Wall
Originally it was intended to refund all of Argentina's loans maturing
In the next year into a long-term loan amounting to
more than $75,000,000, Street Journal" of yesterday printed the following dispatch
but it was found that the legislation necessary by Argentina
to complete from Tokio:
the transaction could not be obtained
on such short notice. Officials
of the Argentine Government, however, have assured the American bankers
that such legislation will be passed by the latter part of January, in time
to include the February maturity of $18,500,000 in the new long-term
Argentine loan.
Speculators on the Tokio Japanese Stock Exchange
, who were hit hard
by the news of Germany's peace overtures, are
asid to have lost $15,000,000. It was announced that the Exchange will
reopen Monday. It was
closed Tuesday night after one of the most
riotous days in its history. The
rice and silk Exchanges also are closed temporari
ly.
It is stated that this is the third time during the present
war that the Exchange closed; its first suspens
ion was at
W. P. G. HARDING'S DISCLAIMER CONCERNING the outbreak of the war,
when it was closed for several
RESERVE BOARD'S WARNING ANENT FORmonths. It again temporarily suspended on Nov.30
1915.
EIGN TREASURY BILLS.
MARINE INSURANCE RATES REACH HIGH FIGURE
The declaration that there was no intention to reflect on
S
the credit of any nation in the recent issuance of the Federal
War risk marine insurance reached its highest level on
Reserve Board's warning to bankers against the locking up the 14th inst. since the war broke out. At that time
the
of their money in foreign treasury bills was reiterated by rate reached 20%. We quote the following from the New
W.P. G. Harding, Governor of the Federal Reserve Board York "Times" of Dec. 14 regarding the matter:
War-risk marine insurance yesterday reached a higher level
in a speech delivered at Boston on the 14th inst. Mr.
than at any
Harding's remarks were addressed to the Boston City Club. other time since Aug. 1914, when with the beginning of the war the rate
went to 20%. The usual peace rate is one-fourth of 1 per
cent,but yesterday
From the dispatches we learn that he said:
the lowest rates obtainable were 15% for Mediterra
nean shipments and
I know that there has been criticism of the Board's action in making this
statement, which has been given a significance neither justified nor intended
in its reference to investors. It was not the purpose of the Board to make
an attack, either open or covert, upon the credit of any Government, nor
did it seek in Its statement to reflect upon any particular obligations.
In my opinion, what the Board had in mind when it made Its brief reference to investors, was simply this: American investors have for many years
been accustomed to buying Industrial securities—railroad obligations to a
great extent. In dealing with these securities certain well established rules
have been developed. The investor has acquired the habit of requiring
specific information regarding gross earnings, fixed charges,
net earnings,
sinking funds, etc., and he insists upon knowing definitely
whether he is
offered a first mortgage bond, income bond, preferred
stock or common
stock.
It is the practice of every issuing house when offering
securities to state
all necessary details, either over its own signature
or that of the head of
the borrowing corporation. Nowhere is the importance
of authentic and
complete information more fully understood and appreciat
ed than in Europe, both in England and on the Continent, and prospectuses for
foreign
loans contain all the important facts relating thereto, in a statement signed
by an authorized representative of the foreign Government or by the issuing
house, or, in some cases, by both.
The Board sought merely to call attention to the fact that as this coun—
try has become an important market for foreign securities the same businesslike habits which are well established regarding domestic loans should
be
developed in marketing foreign flotations.
Mr. Harding is said to have denied that the stiffening of
call money rates in New York after the statement was issued,
was due to the Board's action, and said that any "flurry
"
at that time was confined entirely to loans secured by Stock
Exchange collateral. Discussing the inflow of gold into the
United States, he said the Board did not regard it as a danger
except "the inflowing gold should remain uncontrblled and
be permitted to become the basis of undesirable loan expansions and of inflation." He pointed out the Board had
suggested that a step toward control of this gold by cooperation by the banks would be an act of Congress authoriing the final immediate transfer of lawful reserves of banks
members of the Reserve system to the proper Federal
Reserve bank. He added:
There are now approximately $600,000,000 of
so-called reserves hold
by national bank reserve agents which, if the
amendment becomes a law,
and in any event in November 1917 will no longer be
counted as such and
will have the status simply of balance in bank. The
actual gold requirements will be increased by about $200,000,000, and
if we do not regard
profit as a first consideration, there are other moans by
which the continued
Inflow of gold into this country can be used to its lasting
benefits.
from 8 to 10% for transatlantic cargoes—rates based
on total valuation of
ship and cargo and not on the latter only, as heretofore
.
The great rise in rates dates back to Saturday when,
apparently,inklings
of German peace plan coupled with strong belief in its
eventual
reached insurance circles downtown. As was explained yesterday rejection
,Insurance
men are convinced that Berlin's parleys will come to naught
and that, with
her halt
-the-war scheme frustrated, she will send her submarine
s to sea with.
orders to sink all ships.
The action of the New York underwriters in putting up charges
followed
action taken in London, and, though downtown brokers
admitted they
thought the rates too high, they justified their move by saying
that English
underwriters admittedly were in closer touch with the shipping situation,
and that any action they took must be paralolled here.
Some idea of what 10% insurance means may be gathered from the fact
that the average valuation of a ship laden with munitions is between
$3,000.
000 and $4,000,000,entailing payment of$300,000 to $400,000 in premiums.
Despite the enormous costs it was said that business, far from falling
off.
continued to pile up faster than the insurance companies could expeditiou
sly
handle it.
It has been frequently reported during the past two
weeks
that a German raider is now in Atlantic waters. A
warning
received at Halifax on the 8th inst., from the British
naval
authorities read: A vessel was intercepted at 3 a.
m. on
Dec. 2 in latitude 59.36 north, longitude 12.42 west,
and was
allowed to proceed, under the impression that she
was a
vessel named Gamma. Latter was at Kirkwall at the
time,
clearing 11 a. m., Dec. 3. Identity of former not
yet established, but description is as follows: "About 1,200
tons,
black hull with red bottom, white upper works, one
funnel,
thought to be plain black; no Dutch flag on bow.
Ship
was apparently in ballast, steering a course
about wesV.
southwest. Vessel may be raider."
Another warning that a heavily armed steamship
fitted
with torpedo tubes had been sighted 500 miles north
of the
Azores in the middle of the Atlantic steamship
lane, was
received by merchant vessels of the Entente Powers,
by
wireless on the 11th inst., from either a British
or French
cruiser lying off Sandy Hook. The message which was
sent
first in English and which was repeated in Italian reads:
"Sighted 7 a. m., Dec. 4, latitude 48.45 north, longitud
e
27.57 west, a steamer of about 4,000 tons, 350 feet long
and
45 feet beam. Vessel well armed and fitted with
torpedo
tubes. Had one short, broad funnel and two masts. Steamer
probably high speed. Take all precautions."
Mr. Harding said this country has been handicapped for
many years by an inelastic currency, "particularly legal
tender notes or greenbacks and national banknotes." He
GERMANY'S PEACE PROPOSALS.
said the suggestion has been made that it might be well to
Germany's proposals to enter into peace negotiations,
comrequire retirement of $200,000,000 national bank notes municated through the neutral
nations to the countries with
within three years. Continuing he said:
which she and her allies are at war, has been the paramou
Treasury notes possessing legal tender
nt
qualificat
to the extent of $348,721,925, of which $346,681, ions are outstanding feature of the week's events. A forecast of this move was
016 are the old wartime
greenbacks and $2,040,909 are Treasury notes
given on Monday, when Berlin dispatches announced
of 1890,
that
on account of silver purchases, but which are payable which were issued the
following day's sitting of the Reichstag would be "the
in coin. The suggestion has been made frequently that advantage
should be taken of the most remarkable since the
plethora of gold to retire permanently those notes.
outbreak of the war and of worldNo doubt some opposition which manifested itself in the early seventies
against the retirement wide historical importance." It was stated that all the memof legal tender notes may spring up again should their
retirement be seriously bers of the Reichstag, even those at the front,
had been sural
considered. But if our currency is redundant, would
it
strengthen it by retaining gold, at the same time retiring not be wise to moned to Berlin by telegraph, and that Chancellor
von
the notes which
have caused so much controversy and disturbance in
Bethmann-Hollweg had during Monday received the
times past?
MinisThe principal objection will probably come from those
who may fear ters of all the Federal States of the German Empire
that the retirement of the legal tender notes will lead to
and dispermanent contrac- cussed with them
tion, but if they could be convinced that this is not the
the subjects which he would bring up in
case and that the
vacuum created could be filled at any time when necessary
by Federal Re- the Reichstag. The Chancellor's speech of Tuesday, anserve notes of a truly elastic character, their opposition
would have little to nouncing the willingness of Germany
rest upon.
and her allies to enter
If Congress should over decide upon the retiremen
nto peace negotiations, was listened to by thronged gallert of the greenback the
Federal Reserve banks could be utilized as a means of
ies. While declaring herself ready to entertain peace meas
tion without the slightest disturbance to interest rates effecting the operaor to credit facilities. ures, Germany announc
ed that if, in spite of its offer, the
2196
THE CHRONICLE
[VOL. 103.
The following is the text of the note addressed by Gerstruggle should go on, the four allied Powers (Germany,
to continue the many and her allies to the neutral Powers for transmission
Austria, Turkey and Bulgaria) "are resolved
Great Britain and her allies:
war to a victorious end." Its note to this effect, submitted toThe most terrific war experienced in history has been raging for the last
Spain and Switzerland, is identi- two years and a half over a large part of the world—a catastrophe which
through the United States,
to
cal with communications transmitted by the Governments thousands of years of common civilization was unable. prevent and which
precious achievements of humanity
the
Vienna, Constantinople and Sofia. At the same time a injuresaims mostnot to shatter nor annihilate our adversaries. In spite of
at
are
Our
note went forward to the Vatican soliciting the active inter- our consciousness of our military and economic strength and our readiness
bitter end, if
est of the Pope in the peace move. The Chancellor in ad- to continue the war (which has been forced upon us) to thefurther blooddesire to avoid
ag with regard to Germany's move to- necessary, at the same time, prompted by the the four allied Powers prodressing the Reichst
shed and make an end to the atrocities of war,
ward peace said:
pose to enter forthwith into peace negotiations.
The Reichstag had not been adjourned for a long period, but fortunately
it was left to the discretion of the President as to the day of the next meeting. This decision was caused by the hope that soon happy events in the
field would be recorded, a hope fulfilled more quickly almost than expected.
I shall be brief, for actions speak for themselves.
The Chancellor said Rumania had entered the war in order
to roll up the German positions in the east and those of
Germany's allies. At the same time, the grand offensive
on the Somme had as its object to pierce the German western
front, and the renewed Italian attacks were intended to paralyze Austria-Hungary. He continued:
The situation was serious. But with God's help our troops shaped conditions so as to give us security which not only is complete but still more so
than ever before. The western front stands. Not only does it stand, but
in spite of the Rumanian campaign, it is fitted out with larger reserves of
men and material than it had been formerly. The most effective precautions have been taken against all Italian diversions. And while on the
Somme and on the Carso the drum-fire resounded , while the Russians
launched troops against the eastern frontier of Transylvania, Field Marshal
von Hindenburg captured the whole of western Wallachia and the hostile
capital of Bucharest, leading with unparalleled genius the troops that in
competition with all the Allies made possible what hitherto was considered
impossible.
And Hindenburg does not rest. Military operations progress. By
strokes of the sword at the same time firm foundations for our economic
needs have been laid. Great stocks of grain, victuals, oil and other goods
fell into our hands in Rumania. Their transport has begun. In spite of
scarcity, wo could have lived on our own supplies, but now our safety is
beyond question.
To these great events on land heroic deeds of equal importance are added
by our submarines. The spectre of famine, which our enemies intended to
appear before us, now pursues them without mercy. When after the termination of the first year of the war the Emperor addressed the nation in
a public appeal, he said: "Having witnessed such great events, my heart
was filled with awe and determination."
Neither our Emperor nor our nation ever changed their minds in this respect. Neither have they now. The genius and heroic acts of our leaders
have fashioned these facts as firm as iron. If the enemy counted upon the
weariness of his enemy, then he was deceived.
The Reichstag, by means of a national auxiliary war service law, helped
strugCo build an offensive and defensive bulwark in the midst of the great
gle. Behind the fighting army stands the nation at work—the gigantic
aim.
force of the nation, working for the common
The Empire is not a besieged fortress, as our adversaries imagined, but
ble resources.
one gigantic and firmly disciplined camp with inexhausti
its
That is the German Empire, which is firmly and faithfully united with
in battle under the Austro-Hunbrothers in arms, who have been tested
garian, Turkish and Bulgarian flags.
Our enemies first ascribed to us a plan to conquer the whole world, and
by asseverathen desperate cries of anguish for peace. But not confused
our progress,
tions, we progressed with firm decision, and we thus continue
ourselves and fight for our nation's existence, for
• always ready to defend
out our hand for
Its free future, and always ready for this price to stretch
peace.
lity before God,
Our strength has not made our ears deaf to our responsibi
ns formerly
before our own nation and before humanity. The declaratio
by our advermade by us concerning our readiness for peace were evaded
in this direction. On
saries. Now we have advanced one step further
take the gravest decision which
Aug. 1 1914, the Emperor had personally to
ion—which he was
over fell to the lot of a German—the order for mobilizat
During these
compelled to give as a result of the Russian mobilization.
moved by a single
long and earnest years of the war, the Emperor has been
be restored to safeguard Germany after the
thought: How peace could
struggle in which she has fought victoriously.
lity for
Nobody can testify better to this than I, who bear the responsibi
sense of duty
all actions of the Government. In a deep moral and religious
now
towards his nation and, beyond it, towards humanity, the Emperor
His
considers that the moment has come for official action toward peace.
with our allies,
Majesty, therefore, in complete harmony and in common
hostile Powers to enter into peace negotiations.
decided to propose to the
the hostile Powers,
This morning I transmitted a note to this effect to all
over our
through the representatives of those Powers which are watching
I asked the representatives of
interests and rights in the hostile States.
and Switzerland to forward that note.
Spain, the United States
nople
The same procedure has been adopted to-day in Vienna, Constanti simiPope have been
and Sofia. Other neutral States and His Holiness the
larly informed.
After reading the note, the Chancellor said:
y of
Gentlemen, in August, 1914, our enemies challenged the superiorit
of peace, which is a
power in the world war. To-day we raise the question
our enemies with that serenequestion of humanity. We wait the answer of
and interior strength
ness of mind which is guaranteed to us by our exterior
our enemies decline to end the war, if they
and by our clear conscience. If
of all these terrors
wish to take upon themselves the world's heavy burden
smallest homes,
which hereafter will follow them, even in the least and
our enemies, who are
every German heart will burn in sacred wrath against
in order that their plans of conquest
unwilling to stop human slaughter,
and annihilation may continue.
saturated with
In a fateful hour we took a fateful decision. It has been
brothers, who gave their
the blood of hundreds of thousands of our sons and
Human wits and human understanding
lives for the safety of their home.
in this struggle of naare unable to reach to the extreme and last questions
also the grandeur
tions, which has unveiled all the terrors of earthly life, but
never seen before.
of human courage and human will in ways
Vire can proceed upon our way without fear and
God will be the judge.
peace.
unashamed. We are ready for fighting and we are ready for
ns, and
The propositions which they bring forward for such negotiatio
honor and
which have for their object a guaranty of the existence, of the
belief,
liberty of evolution for their nations, are, according to their firm
an appropriate basis for the establishment of a lasting peace.
to take up arms to defend jusThe four allied Powers have been obliged
our
tice and the liberty of national evolution. The glorious deeds of
armies have in no way altered their purpose. We always maintained the
in no way control the
firm belief that our own rights and justified claims
rights of these nations.
The spiritual and material progress which were the pride of Europe at
ruin. Gerthe beginning of the twentieth century are threatened with
gave proof
many and her allies, Austria-Hungary, Bulgaria and Turkey,
gigantic
of their unconquerable strength in this struggle. They gained
Our
advantages over adversaries superior in number and war material.
by armies.
lines stand unshaken against ever-repeated attempts made
been rapidly and victoriously overThe last attack in the Balkans has
continucome. The most recent events have demonstrated that further
forces, and
ance of the war will not result in breaking the resistance of our
on of
the whole situation with regard to our troops justifies our expectati
further successes.
should
If, in spite of this offer of peace and reconciliation, the struggle
to a victorious end,
go on, the four allied Powers are resolved to continue
and history. The
but they disclaim responsibility for this before humanity
y, asks the
Imperial Government, through the good offices of your Excellenc
Power addressed
Government of (here is inserted the name of the neutral
of the
hi each instance] to bring this communication to the knowledge
belligerents].
Government of[here are inserted the names of the
The note of the German Government, as presented by Dr.
von Muhlberg, German Minister to the Vatican, to Cardinal
Gasparri, Papal Secretary of State, reads as follows: Emihonor to send to your
According to instructions received, I have the
nence a copy bf the declaration of the Imperial Government to-day, which,
by the good offices of the Powers intrusted with the protection of German
of
interests in the countries with which the German Empire is in a state
dewar, transmits to these States, and in which the Imperial Government
negotiations. The Austro-Hungarian,
clares itself ready to enter into peace
similar notes.
Turkish and Bulgarian Governments also have sent
to take this step
The reasons which prompted Germany and her allies
a terrible war has been devastatare manifest. For two years and a half
. Unlimited treasures of civilization have
ing the European Continent
with blood. Millions
been destroyed. Extensive areas have been soaked
have returned home as
of brave soldiers have fallen in battle and millions
every house.
invalids. Grief and sorrow fill almost
upon neutrals, the deNot only upon the belligerent nations, but also
Trade and
structive consequences of the gigantic struggle weigh heavily.
been depressed. The
commerce, carefully built up in years of peace, have
withdrawn from the production of usebest forces of the nation have been
to the propagation of
ful objects. Europe, which formerly was devoted
solutions for social probreligion and civilization, which was trying to find
peaceful labor, now relems, and was the home of science and art and all
nts and works of
sembles an immense war camp, in which the achieveme
many decades are doomed to annihilation.
against her enemies, which aim
Germany is carrying on a war of defense
integrity of her frontiers and
at her destruction. She fights to assure the
for the right which she claims to develop
the liberty of the German nation,
energies in peaceful competition and
freely her intellectual and economic
the efforts of their enemies are
on an equal footing with other nations. All
) allies, which protect
tillable to shatter the heroic armies of the (Teutonic
ned by the certainty that the enemy
the frontiers of their countries,strengthe
shall never pierce the iron wall.
supported by the whole
Those fighting on the front know that they are is ready for the greatest
and
nation, which is inspired by love for its country
last extremity the inherited
sacrifices and determined to defend to the
the social organization and
treasure of intellectual and economic work and
sacred soil of the country.
realizing Europe's sad future if the war
Certain of our own strength, but
of the unspeakable misery of humancontinues; seized with pity in the face
her allies, solemnly repeats what
ity, the German Empire, in accord with
ago, that Germany is ready
the Chancellor already has declared, a year
before the whole world the question
to give peace to the world by setting
understanding.
whether or not it is possible to find a basis for an
Holiness the Pope has unSince the first day of the Pontifical reign, his fashion, his solicitude for
swervingly demonstrated, in the most generous
alleviated the sufferings and
the innumerable victims of this war. He has
injured by this catastrophe.
ameliorated the fate of thousands of men his Holiness has seized every
Inspired by the exalted ideas of his ministry,
to end so sanguinary a war.
opportunity in the interests of humanity
confident that the initiative of the
The Imperial Government is firmly
on the part of his Holiness, and that
four Powers will find friendly welcome
precious support of the Holy See.
work of peace can count upon the
the
peace offer,
An official Austrian statement referring to the
out at the same time, said:
given
the patience of Austria-Hungary was ex-
When, in the summer of 1914,
ally continued and ever increasing provohausted by a series of systematic
,after almost fifty years of unbroken
cations and menaces,and the Monarchy
the sword, this weighty decision was
peace, found itself compelled to draw
nor by designs of conquest, but
animated neither by aggressive purposes to defend its existence and safese,
solely by the bitter necessity of self-defen treacherous plots of hostile neighguard itself for the future against similar
bors.
Monarchy in the present war. In
That was the task and aim of the
loyal comradeship in arms, the
combination with its allies, well tried in
bleeding, but also assailing
Austro-Hungarian Army and Fleet, fighting,
that they frustrated the intentions
and conquering, gained such successes
not only has won an immense series
of the enemy. The quadruple alliance
extensive hostile territories. Unof victories, but also holds in its power
DEO. 16 1916.1
THE CHRONICLE
broken is its strength, as our latest treacherous enemy has just experienced.
Can our enemies hope to conquer or shatter this alliance of Powers?
They will never succeed in breaking it by blockade and starvation measures.
Their war aims, to the attainment of which they have come no nearer in
the third year of the war, will in the future be proved to have been completely unattainable. Useless and unavailing, therefore, is the prosecution
of the fighting on the part of the enemy.
The Powers of the Quadruple Alliance, on the other hand, have effectively pursued their aims, namely, defense against attacks on their existence
and integrity, which were planned in concert long since, and the achievement of real guarantees, and they will never allow themselves to be deprived
of the basis of their existence, which they have secured by advantages won.
The continuation of the murderous war, in which the enemy can destroy
much, but cannot—as the Quadruple Alliance is firmly confident—alter
fate, is over more seen to be an aimless destruction of human lives and
property, an act of inhumanity justified by no necessity and a crime against
civilization.
This'conviction, and the hope that similar views may also be begun to
be entertained in the enemy camp, has caused the idea to ripen in the Vienna
Cabinet—in full agreement with the Governments of the allied [Teutonic)
Powers—of making a candid and loyal endeavor to come to a discussion
with their enemies for the purpose of paving a way for peace.
The Governments of Austria-Hungary, Germany, Turkey and Bulgaria
have addressed to-day identical notes to the diplomatic representatives in
the capitals concerned who are intrusted with the promotion of enemy nationals, expressing an inclination to enter into peace negotiations and requesting them to transmit this overture to enemy States. This step was
simultaneously brought to the knowledge of the representatives of the
Holy See in a special note, and the active interest of the Pope for this offer
of peace was solicited. Likewise the accredited representatives of the remaining neutral States in the four capitals were acquainted with this proceeding for the purpose of informing their Governments.
Austria and her allies by this step have given new and decisive proof of
their love of peace. It is now for their enemies to make known their views
before the world.
Whatever the result of its proposal may be, no responsibility can fall on
the Quadruple Alliance, even before the judgment seat of its own peoples,
if it is eventually obliged to continue the war.
2197
warning to the United States to refrain from profferingtits
services toward effecting peace at this time, Sir George was
quoted in the New York "Times" as saying:
If I were an American I should say that it is time for America to do more
than talk—to do more than "resolute." It is time for America to know her
own mind and to let other people know it. What is the reply of Canada to
those who come to us with plans for a present peace? The reply of Canada
is, "Don't butt in."
Do not propose plans of peace to us until the vital issues of the war have
been fought out, until the crime that caused it has been blotted out, till the
evil influence which caused it has been restricted and restrained to the
maximum.
Wait till the war has been fought to a decisive victory and then come to us
with plans of peace, when a peace—a peace won by victory—will not again
be broken up into war.
To-day the cause of the Allies is not triumphant: the issues of the war are
still at stake. Do you realize that there are 800,000,000 people among the
nations engaged in this war? Seven hundred million of them are on the
side of the Allies. Are 700,000,000 people, with hearts so true, with souls
so pure, with ideals so high, going to lie down at this time and cry for peace.1
No neutral nation, not China, nor the United States, nor any other
nation, will have any part in making peace. Those who have given their
lives and treasure will make peace when the war has been fought to an end.
Does this mean that neutral nations shall have no part in insuring peace for
the future? Not in the least. Their part will be when the war is finally
ended, to stand by, to counsel, and then to support the guarantees of
peace in such a way as will prevent such a war from happening again.
The remarks, on the same occasion, of John W. Davis,
Solicitor General of the United States, were of like interest.
Mr. Davis, who was said by the toastmaster, James M.
Beck, to be in a position to "speak for the Administration,"
characterized proposals of peace at this time by a neutral as
"not only brutal, but impertinent." Mr. Davis let it be
known that the subject was one he had not intended to
discuss, but that his remarks were prompted by what Sir
All the Ambassadors and Ministers of foreign Governments George had to say, and his desire to endorse the Canadian's
were in the diplomatic box while the Chancellor spoke. The views. The "Times" quoted Mr. Davis as follows:
No nation, our own or any
has any
American Charge d'Affaires, Joseph C. Grew, and Mrs: which the belligerent nations other,compose right to dictate the terms on
shall
their differences. Plans for
Grew, were among those present, as were the Ministers of peace put forward at this time not only serve no good purpose, but they
are calculated to disturb the councils of those charged with responsibility.
Argentina, Brazil, Chili and the other States of Central and
It is noted by the "Times" that while Mr. Davis did not
South America. The Reichstag building was surrounded by
a great crowd, and the adjoining streets were thronged. The state that he spoke for the Administration, he did not dispeople were intensely interested, and the Imperial Chancel- avow Mr.Beck's statement. The "Times" in a Washington
lor on his arrival was cordially greeted in the usual fashion. dispatch on the 10th further said:
Mr. Davis said to-night that he was giving only his
The Reichstag adjourned to be reconvened at the call of the he said that proposals for peace at this time were notpersonal views when
only futile but imPresident. Prior to adjournment, the President of the pertinent, and that plans of peace put forward at this time would not only
serve
Chamber declared that the nation and its representatives from no good purpose, but that they might call forth expressions of opinion
the belligerent nations that might handicap the United States in
would always support the Chancellor in a policy which was future in its efforts to bring about an understanding when the chances the
for
peace might be brighter than they are now. He also said in his speech
farsighted and intelligent.
that "no
A Central News dispatch from Amsterdam to London on on which nation, our own or any other, has any right to dictate the terms
the belligerent nations shall compose their differences."
the 12th inst. stated that it was announced officially in BerIn expressing these opinions, Mr. Davis said, he was in no way commislin that Emperor William had notified his commanding Gen- sioned to speak for the Administration, and he added that his introduction
erals of Germany's peace offerjand had:informed them it was at the dinner as its spokesman was "purely complimentary."
Mr. Beck, President of the Society, made some laudable
still uncertain whether the offer will be accepted. Until
that uncertainty was ended, the message said, they were to comments on the question of peace at the gathering; a large
part of what he had to say dealt with the working principle
fight on. The message is quoted as follows:
Soldiers: In agreement with the sovereigns of my allies, and with the of peace enunciated by William Penn. During the course
consciousness of victory, I have made an offer of peace to the enemy. of his speech Mr. Beck stated that "the great objective of
Whether it will be accepted is still uncertain. Until that moment arrives human progress should undoubtedly be
to have peace with
you will fight on.
While there is nothing in the notes to indicate the terms on justice, but unless and until both are attainable it is infinitely
which Germany would be willing to agree to place, reports better to have justice with war than injustice through peace."
address
have it that these terms are expected to include provisions for: Mr. Beck's ourselves follows: theme
We address
to the serious
that has been selected for our
The restoration of Belgium.
The evacuation by Germany of all territory occupied in northern Prance,
In return for the restoration to Germany of her oclonies.
The establishment of Poland and Lithuania as independent kingdoms.
The restoration to Austria of territory captured by Italy in the neighborhood of the Adriatic Sea.
The retention of Constantinople by Turkey.
The retention of Serbia by Austria-Hungary and the restoration to Bulgaria of all territory lost in the second Balkan War.
Count von Bernstorff, the German Ambasador at Washington, was quoted to the following effect on the 12th inst. concerning the peace proposals of his country:
I am gratified by the steps taken by my Government and I think that
even if they should not result in peace they at least are proof that Germany, even in the height of a victorious campaign, has no desire to prolong
human woo and suffering. Germany wants peace and does not want conquest. I cannot say anything about terms for the reason that I do not
know what they may be.
CANADIAN MINISTER'S ADVICE TO UNITED STATES
ON PEACE PROPOSALS—JAMES M.BECK'S PEACE
VIEWS.
The peace proposals of Germany this week lend especial
interest to the utterances at the dinner of the Pennsylvania
Society at the Waldorf-Astoria last Saturday night. Setting
out the Allies' stand Sir George Eulas Foster, K. C. M. G.,
Canadian Minister of Trade and Commerce, offered the
query "Who in this war's woes does not sigh for peace?"
and added that "the Allies know that the time for peace
cannot come until the cause of the war has been scotched."
"Then," he said, "the question of maintaining thht peace
permanently will tax the great minds of the world." As a
deliberations to-night. It is one that is in every mind and rests heavily
upon every soul. It concerns not the causes of the world war or the respective merits of the different belligerents, but the great question as to how
human society can be reconstructed so that this most stupendous catastrophe that the world has ever known may not again overwhelm the world
with the crushing weight of an avalanche.
The Pennsylvania Society has in the past labored for the great cause of
peace. If it had not done so it would have been false to the memory of the
great founder of Pennsylvania, who was easily the most conspicuous
apostle of peace of his day and generation.
Nearly seven years ago we gave a dinner in honor of the foremost advocate in our day and nation of the cause of peace, the then President of the
United States, William Howard Taft. No American statesman has carried
the principle of international arbitration to a greater length. He sought
to apply it to every kind of controversy between nations.
In behalf of this country and its President, he extended the right hand
of friendship to every nation and expressed a willingness on the part of the
United States to agree to submit any controversy to arbitration, even
though it might seem to involve questions of international honor. And yet
it is obvious that President Taft had no illusions on the subject of peace,
for at this dinner of the Pennsylvania Society seven years ago he devoted
his entire speech to the proposition, that, notwithstanding pending arbitration treaties, we should not neglect to fortify the Panama Canal.
At the same dinner one of the greatest lawyers and noblest publicists
of our time, Joseph H. Choate, told us of the great progress that had been
made in the path of peace at the two Hague conferences, from the last of
which he had just returned as a delegate. He told us with evident gratification that the forty-four sovereign nations which assembled in this great
world conference had unanimously agreed that there ought to be an international tribunal, before which the grievances of nations could be argued and
decided in the light,of reason. He, however, significantly added that
while these nations had unanimously agreed to constitute an international
tribunal, they were unable to agree as to the mode of selecting the judges.
He added to this the rather disconcerting remark that while the delegates
found no difficulty in agreeing upon abstract ideas, they did find it exceedingly difficult to agree upon the phraseology in which these abstre ct ideashould be expressed. This led Mr. Choate to make the sagacious observes
tion that "it is one thing to favor an idea and quite another to carry it into
execution."
2198
THE CHRONICLE
' Having accomplished this great result, The Hague Convention, after
much dispute as to the time of its next meeting, finally agreed to meet
again in about ten years. In the meantime the leading nations feverishly
increased their armies and navies.
The Pennsylvania Society, not discouraged by the fact that its first
contribution to peace only resulted in the fortification of the Panama Canal,
next proceeded to London in 1911, to honor the memory of Penn by erecting
a tablet in the church on Tower Hill, where he was baptized. This was
made the occasion of a notable international dinner at Stafford House, and
the great privilege and high honor was assigned to your President to respond
to the toast of "Penn, the Apostle of Peace." Unfortunately the air at that
time was charged with the electricity of war, and was vibrant with the
excitement of the Moroccan crisis, and my oratorical chant in praise of
Penn was somewhat submerged in the more suggestive speeches of
Lord Kitchener, representing the English army; Admiral Lord Charles
Beresford and Admiral Crompton, speaking for the British navy,and RearAdmiral Chadwick, speaking for the navy of the United States. The
presence of these distinguished soldiers and sailors seemed to indicate that
Othello's occupation was not wholly gone.
To-night we again address ourselves to the great subject which William
Penn had so deeply at heart. I shall not attempt to discuss it, for that
task has been left to the three distinguished gentlemen who have honored
us with their presence and to whom we especially extend not only a hearty
welcome but our deep appreciation of their courtesy in accepting our invitation. And yet I may,in a very short introductory address, suggest to this
audience the true doctrine of William Penn with respect to peace.
Penn recognized, as we must recognize, that there are two kinds of peace.
The one is a natural peace, which requires no force to vindicate it. Such
peace is a spirit and has its own potency. Such peace always has existed
and always will exist between individuals and nations, when each desires
nothing that is not just, and where each is willing,in the event of a difference
of opinion as to what is just, to submit a disputed and justiciable question
to the processes of reason through an international tribunal or otherwise.
It is obvious, however, that such a peace must depend upon the pacific
purposes of both parties to a controversy, for while it takes two to make a
peace, it takes only one to make a quarrel, and the everlasting truth of the
last two years is that the peace of the world depends not upon the disposition
of the pacific, but upon that of the bellicose. As long as there is one nation
in the world that prefers might to right, the world will cry "Peace, peace,
and there is no peace."
Penn himself illustrated this natural peace in a manner that excited the
admiration of all posterity in his famous treaty with the Indians. The
peaceful and noble-minded Quakers desired nothing that was not just,
while the Delaware Indians were peaceful by disposition, and were not less
generous in their views than their white brethren.
Penn recognized this and in noble and never-to-be-forgotten words he
said to the denizens of the forest:
"We are met on the path of mutual respect and fair dealing. No advantage will be taken on either side, but all shall be openness and love. I
will not call you children, for even parents sometimes chide their children
too severely; nor brothers, for even brothers sometimes differ. Our
friendship I will not liken to a chain, for that the rain might rust or a fallen
tree might break. We are as if one man's body were divided into two
parts. We are all one flesh and blood."
To this noble appeal.to the spirit of generosity and justice the so-called
savages replied:
"While the sun shines and the river runs we will keep peace with William
Penn and his children."
In that'age of ever-recurring wars, nothing more deeply impressed the
imagination of the world than this treaty under the branching elms of
the Delaware. This treaty did not prove, like the treaty of London of
1839, which guaranteed the neutrality of Belgium a "scrap of paper." For
seventy-five years Penn's compact with the Indians was kept with scrupulous fidelity by both parties and evoked from the cynical Voltaire the sadly
truthful statement that it was the only treaty between nations which was
not reduced to parchment and ratified by an oath and yet was never
broken.
Penn, however, recognized that such a peace, the natural peace, could
only exist between nations or individuals all of whom were just in purpose
and pacific in spirit. He so clearly recognized this that in 1693 he wrote his
"Essay Toward the Present and Future Peace of Europe," in which he
advocated the formation of an international parliament, in which all
European nations should be represented and before whom all controversies
should be brought, and recognizing that such a tribunal could not work
in the world of fallible men and selfish nations except with the motive
power of force, he, notwithstanding his Quaker doctrine of non-resistance,
advocated that the judgment of the proposed international tribunal in
any case, to quote his exact language, "should be made so binding that,
If any Government offers its case for decision and does not then abide by
It, the other Governments parties to the tribunal shall compel it."
Thus was the working principle of peace, now advanced by the League to
Enforce Peace, enunciated by William Penn in the last years of the seventeenth century, and if that ideal has not yet been realized among men, it is
simply because there has not yet been developed a solidarity of humanity
which recognizes the obligation of every nation to vindicate the cause of
justice, and in this way, and in this way alone, maintain peace.
The great objective of human progress should undoubtedly be to have
peace with justice, but unless and until both are attainable it is infinitely
better to have justice with war than injustice through peace. Multiplied
death, horrible as it is, is infinitely better than multiplied disgrace. A
peace which would deliberately sacrifice justice and enthrone wanton
wrong would be a crime against God and man alike. A peace which would
even return to the unhappy people of Belgium their own country, but
without reparation or atonement, would be even a greater mischief than
the war that is now deluging half of the world with blood. Of the sorrows
of Belgium it can be truly said in the stern and terrible words of Abraham
Lincoln, in his last inaugural:
"Vainly do we hope,fervently do we pray, that this mighty scourge of war
may speedily pass away; yet if God wills it that it continue until all the
wealth piled by the bondmen's 250 years of unrequited toil shall be sunk
and until every drop of blood drawn with the lash shall be paid by another
drawn by the sword, as was said three thousand years ago, so still it must
be said,'The judgments of the Lord are true and righteous altogether,'"
The great need of our age is not to bring about peace at any price, but to
compel evey nation to recognize its share of a common responsibility.
I was deeply impressed with the statement that President Wilson made
during the recent campaign, to the effect that this was the last great war in
which America could remain a neutral.
Without accepting the literal truth of this statement, its substantial
meaning should find a favorable response in every American heart. It is
possible that the trembling balance of power in Europe, which has caused
between its nations so many bitter quarrels and bloody wars, may yet be
redressed when a new and puissant nation, the enemy of none and the friend
of all, comes forward and exerts its moral authority in behalf of international
justice. Thus the United States might be accorded the moral leadership
[Vox.. 103.
of the world. It cannot gain this proud position of world arbiter by tacit
acquiescence, in the supposed interests of peace, in every infamy that any
nation may perpetrate. If it is to become the great arbiter of civilization,
its voice must first be heard on the side of justice in no uncertain tones.
However dark the future is—and humanity has never passed through a
darker period since the Thirty Years' War—thoughtful men of every nation
must press on to the ultimate goal of peace with justice, with the faith and
sublime spirit of Penn, the noblest idealist of his time.
The night will pass away and the morning will break. Wise and noble
men of every nation, who tread the mountain ranges, believe they see the
first glimmer of the dawn, even when the valleys are still wrapped in night.
Enlightened publicists of other nations eagerly look to the United States,
not for present intervention, which is not desired, but for future guidance
when the war shall have ended and the reconstruction of society through
the processes of peace shall again be undertaken.
Among the noblest of these publicists is a true friend of America, who
has sent a message across the Atlantic to this gathering of Americans. His
message will come with added weight because for many years he most acceptably represented his great empire at Washington, and his words of
wisdom will have the greater force because they come from a publicist than
whom no other more completely understood our institutions or sympathized
more deeply with our country and its peculiar problems.
Nicholas Murray Butler, President of Columbia University, who also addressed the gathering said in part:
The important point for the American people to consider and to decide is
this: taking the world as it is in the twentieth century, what is to be the
attitude and what the policies of the American people and of the American
Government toward other nations and toward those problems and those
questions of principle which cannot be confined within national boundaries
or restricted by any barriers of race or religion or speech?
If the United States is to be an international power and to exert international influence, it must prepare itself for these severe and responsible tasks.
It must make sure that it enters into no international obligations that it cannot and will not keep, and it must scrupulously keep every international
obligation into which it enters. It is poor satisfaction to have to say to a
foreign Government, as more than one Secretary of State has had to say,
that the United States Government is without power to enforce in its own
courts the treaty rights of an alien. A nation that makes a treaty with
the United States expects it to be kept by the United States, and not to be
subject to the local veto of a State Legislature in obedience to some local
interest or local demand.
It has been pointed out that more than twenty commercial treaties, upon
which as many nations felt that they might rest secure, were in effect
abrogated by the so-called La Follette Shipping Dill, passed at the last
session of Congress. It is not a comforting thought that occurrences of
this sort increase in number, and that in consequence foreign nations are
coming to wonder whether the Government of the United States is, so to
speak, internationally competent or whether it is so constructed that, while
it may make engagements, it cannot be expected to keep them.
The time has come, indeed it has long passed, for the American people
earnestly and intelligently to consider their foreign relations and to formulate a foreign policy that is worthy of their best traditions and in consonance
with the language of the Declaration of Independence itself. Patriotism
cannot rest on prosperity; it must be based on principle.
PROPOSED CHANGE IN NEW YORK STOCK ECCHANGE
RULE REGARDING COMMISSIONS.
The Governors of the Stock Exchange at a meeting on
Wednesday approved an amendment to the constitution
regarding commissions on transactions in foreign and domestic short term notes and bonds. At present a commission of one-eighth of one per cent. is exacted from nonmembers by members for buying or selling securities having
five years or less to run. Under the change contemplated
the question of commission will it is understood be a matter
of mutual agreement and not subject to a fixed rule. In
the event that the resolution is not disapproved by the
members it will go into effect on the 20th inst.
CHICAGO CONFERENCE ON COLLECTION CHARGES OF
COUNTRY BANKS—RESULTS OF REFERENDUM.
A meeting to consider a plan of action to be taken with
regard to securing an amendment to Section 16,of the Federal
Reserve Act, which provides for the so-called par collection
of checks was held in Chicago this week by the Committee
of Twenty-five named at the annual meeting of the American
Bankers' Association to co-operate with the latter's Federal
Legislation Committee in bringing about remedial legislation.
Of the Committee of Twenty-five, 15 represent the country
bankers and 10 bankers in Reserve cities. The country
bankers, according to the Chicago "Post," are seeking to
obtain permission to charge 66 2-3 cents for every $1,000
remitted in the form of checks or drafts; last year, it is
stated 726,000,000 such items were handled, involving an
aggregate of $30,000,000,000. It is pointed out that the
Post Office Department, through its money order division,
charges $9 10 per 1,000 on similar business, and the country
bankers contend that if this charge is exacted by the Government, it is unreasonable to deprive them of a moderate
compensation for their services, which entail labor, risk and
expense. Jerome Thralls, Secretary of the Committee, and
Secretary of the Clearing House and National Bank Sections
of the American Bankers' Association, stated at this week's
conference that a referendum vote on the question, taken
throughout the United States among State and national
banks, showed that over 75% of the bankers were in favor
of action by the Committee looking to an amendment of the
the present situation.
provision to remedy .
DEC. 16 1916.j
THE CHRONICLE
The Chicago Conference named as permanent Chairman
of the Committee, Nathan Adams, Vice-President of the
American Exchange National Bank of Dallas; Mr. Thralls,
who had been acting Secretary, was named as Secretary.
The Committee will confer with the Congressional Committee
on Banking and Currency concerning the contemplated
amendment.
The results of the referendum on the check collection
plan of the Federal Reserve system conducted by Jerome
Thralls, Secretary of the Clearing House and National
Bank Sections of the American Bankers' Association, and
Secretary of the Committee of Twenty-five, which was
.named by the Association to assist in bringing about an
amendment to the collection provision of the Reserve law,
were printed in the "Journal of Commerce & Commercial
Bulletin" on Thursday. While the latter announces the
referendum as completed, Mr. Thralls advises us that
the complete results are not yet available. Concerning the
results the "Journal of Commerce" says that it shows that
about 77% of the bankers of the country find the present
plan unsatisfactory, while 17% find it satisfactory and 6%
are uncertain.
More than two-thirds of the banks, the "Journal of Commerce" further states, are in favor of amending the law so
as to eliminate the clearing and collection feature. A great
many of them feel that such action would have a decided
influence upon the attitude of State banks becoming members
of the Federal Reserve system. Twenty-six per cent of the
banks state that under the operation of the present plan they
are losing $500 a year or less, 31% are losing from $500 to
$1,000; 16% are losing from $1,000 to $2,000, and 12 0 are
losing more than $2,000 a year. Others are unable to
estimate their losses. A feature of the answers is that nearly
two-thirds of the banks believe it would be to their advantage
for the Federal Reserve banks to establish and maintain a
clearing and collection system which will be voluntary and
self-sustaining. We give below the list of questions and
the answers as published by the "Journal of Commerce,"
which states that the percentages are calculated only for
the national banks, but that approximately the same proportion, it is understood, is maintained in the replies of the
State banks and trust companies:
Question 1.
-Is the plan of clearing and check collection now operated
by the Federal Reserve banks satisfactory to you?
16.9% yes, 76.9% no, 6.5% indefinite.
Question 2.
-Do you think the law should be amended so as to eliminate
the clearing and collection features?
68% YOS, 25.5% no, 6.5% indefinite.
Question 3.
-Do you think the Federal Reserve banks should undertake
to maintain a comprehensive clearing or collection system?
32.2% yes, 57.6% no, 10.2% indefinite.
-Would tho elimination of the clearing and collection feature
Question 4.
from the law have any decided bearing upon State banks joining the
Federal Reserve system?
42.6% yes, 29.8% no, 27.6% indefinite.
-What rate of exchange per thousand dollars did you charge
Question 5.
for drafts sold over your counter prior to the inauguration of the Federal
Reserve clearing system?
16% no charge; 8% charged under 1-20; 11.9% charged 1-20; 54%
charged 1-10; 6.4% charged 1-8; 1.7% charged 1-4; 2% indefinite.
Question 6.
-What rate of exchange per thousand dollars do you now
charge for drafts mold over the counter?
18.6% no charge; 1.6% charged less than 1-20; 12.6% charged
1-20;
49.3% charged 1-10;5.6% charged 1-8; 1.6% charged 1-4; 10.7% indefinite.
Question 7.
-What rate of exchange per thousand dollars did you charge
for remitting to cover checks received through the mails prior to the
inauguration of the Federal Reserve clearing system?
.
11.6% no charge; 1.4% charged less than 1-20; 17.6% charged
1-20;
54.4% charged 1-10; 7.9% charged 1-8; 1.4% charged 1-4; 5.7% indefinite.
-What rate of exchange per thousand dollars do
Question 8.
you now
charge for remitting to cover checks received through the mails, from
sources other than the Federal Reserve system?
18.3% no charge; 2.1% charged less than 1-20%;
50% charged 1-10; 7,5% charged 1-8%; 1.2% charged 15.6% charged 1-20;
1-4; 5.3% indefinite.
-What percentage of your items are now coming to you
Question 9.
through the Federal Reserve bank?
45.4%,10% or less; 18%,25%; 15.2%,50%;6
.5%,75%;6%,over 75%;
8.9% cannot determine.
Question 10.
-What amount of net income or revenue do you figure your
bank will lose per annum on account of the influence and operations of the
present Federal Reserve clearing system?
26% show a loss of loss than $500;31.3% show a loss from $500 to $1,000:
16% show a loss of $1,000 to 32,000; 12.3% show a loss of $2,000 or over:
14.4% cannot determine.
-Do you think it would be of advantage to the banks and
Question 11.
the general business interests for the Federal Reserve banks to establish
and maintain a clearing and collection system which will be voluntary and
self-systaining? That is, a system: First
-Open for the use of those who
desire to use it (no bank being obliged to use it). Second-The expense
of its maintenance to be borne by those who use it on a pro rata basis, as is
the custom with regular clearing houses. Third-Allowing banks to make
a reasonable charge to cover expense of remitting and service. Fourth
The system to have no connection whatever with the reserve feature and
to be operated and developed on merit only-that is, its ability to render
the highest character of service along efficient and economical lines.
In event clearing feature is retained in the law: 62% yes, 24% no, 14%
indefinite.
Question 12.
-If you think a plan as described above should be instituted, what rate would fairly cover your expense of remitting and your
service and time costs?
2199
19.3% would cover at par; 2.5% charged less than 1-20; 15.6% charged
1-20; 33.2% charged 1-10, 2.9% charged 1-8; 1% charged 1-4; 25.5% indefinite.
Question 13.
-Do you think Section 19 of the Federal Reserve Act should
be amended so as to reduce the amount of reserves required for country
banks
-if so, to what per cent should the required reserve be reduced?
48% yes, 34.6% no, 17.4% indefinite.
Question 14.
-If the required reserves remain as now fixed, would you
favor an amendment permitting country banks to carry 3% of their required reserves with national banks in cities now designated as "reserve
cities" or in any national bank within a radius of 300 miles from the
home of the respective country banks?
88.6% yes, 4.8% no, 6.6% indefinite.
NEW YORK BANKERS URGE REDUCTION OF
COUNTRY BANK RESERVES.
Group VI of -the New York State Bankers' Association
at a meeting at the Hotel Martinique, this city on Tuesday,
adopted a resolution advocating legislation which would
reduce the amount of reserve which country banks are required, under the Federal Reserve Act, to carrry with the
Federal Reserve banks. The resolution was introduced by
Benjamin Smythe, President of the Gramatan National
Bank of Bronxville. The Group comprises bankers in
Westchester, Orange, Duchess, Rockland and Ulster
Counties. State Superintendent of Banking, Eugene Lamb
Richards, and F.C.Schwedtman of the National City Bank,
were speakers at the gathering. The following were elected
officers of the Group for the ensuing year: Chairman, T.
De Witt E. McKinstry, of Newburgh, N. Y.; Secretary
and Treasurer, F. E. Bridges, of Liberty, N. Y.; Chairman
of Executive Committee, H. E. Colwell of New Rochelle.
GEO. E. EDWARDS ARGUES IN FAVOR OF SAVINGS
BANKS AND LIFE INSURANCE COMPANIES.
"The Interests in Common of Savings Institutions and
Life Insurance Companies" was the theme of an address
delivered at the tenth annual meeting in New York yesterday
of the Association of Life Insurance Presidents by George
E. Edwards, President of the Savings Bank Section of the
American Bankers' Association and President of the Dollar
Savings Bank of New York. Mr. Edwards's remarks were
devoted to a discussion of savings bank life insurance and the
co-operative movement for the promotion by banks of life
insurance, which he described as "a healthy interest in
common of the two institutions;" he likewise had something
to say regarding their common interest in railway security
holdings, and urged in conclusion the necessity for co.
operation to further the interests of each community throughout the United States. We quote what he had to say below:
Every social and economic revolution has had its Peter the Hermit. So
it was in the movement for savings bank life insurance in Mass.rhusetts.
It was designed, primarily, as a charitable or benevolent enterprise, promoted and financed by officials of the Commonwealth at the expense of
taxpayers. It was instituted in England in 1864 with the result that
twenty-three and one-half thousand policies were issued in forty years.
In Massachusetts personal canvass was not essential. Such expense should
be saved, thus resulting in premiums being appreciably reduced and dividends being appreciably increased for the benefit of the wage earner.
Theoretically the plan was immensely successful. One hundred and
twelve thousand people joined the movement. Four banks, after four
years, agreed to operate savings insurance departments. In nine years
from 1907 to 1916 the number of policies issued was 14,418 for insurance
of $6,185,693, doubling itself in the past two years as the result of legislation increasing the limit of insurance for any individual from $500 to $1,000,
thus evidencing that much of the insurance placed was outside of the industrial class, an average of $429 02 per policyholder; whereas $140 is the
average per policyholder for industrial insurance in the regular insurance
companies. I hold no brief for the insurance companies nor for the State
of Massachusetts. The facts are self-explanatory. State aid is paternalism. Paternalism is undesirable. Such legislation lacks the personal
equation, the recognition of experience and the principle of the greatest
good to the greatest number. Chaos and confusion result where unfair
competition is promoted in place of co-operation. The average selfrespecting American wage earner does not wish charity. If rates for industrial insurance are fair and equitable experience evidences willingness of the
wage earner to pay them. State aid under the present social and economic
regime is not a welcome visitor. Private enterprise and ingenuity of the
American are not to be stifled by disturbing reformers. However, the
movement in Massachusetts, regardless of the attitude that may be assumed, has undoubtedly emphasized the urgent need of life insurance for
the individual. I dare say that the people of Massachusetts are to a greater
degree than ever before aware of the vital necessity of providing for the
future. It pays to advertise. Thus, in this manner the savings banks of
Massachusetts, which put into operation life insurance departments, unintentionally, perhaps, did more to give publicity to the existing life insurance
companies than any other medium-in some ways similar to the benefits
the savings banks derived from*the postal savings movement. The mind
of the public was forcibly brought to thrift and the desirability of providing
for the future. The savings of the country have grown to a greater extent
in the past five years since the inception of postal savings than at any other
like period in the history of the country. Over 6,000 post offices in the
United States are constantly bringing to the attention of the public the
necessity for saving. Director Keene appropriately characterized the
postal savings system as the moving platform to the savings institution.
So it is with savings bank life insurance in the larger sense; it is the moving
platform to life insurance companies. Hence, considering the subject from
such aspect proves there is no competition but the greatest co-operation.
It is indeed a healthy interest in common of the two institutions.
Savings institutions and life insurance companies naturally should be
n,separable; their interests are one. In 1862 a national savings bank with
2200
THE CHRONICLE
innumerable branches was proposed,in the main,to secure capital to finance
the government. An insurance department for the issuance of annuities
and endowments was to be added. It was substituted, however, by the
National Bank Act. The idea of the two institutions, therefore, being
closely associated, is not new. William F. Dix in 1910 stated: "If the
wage earner could be taught regularly to place his surplus earnings with a
savings bank which would not merely be kept there for him in trust, but
used as premiums to pay for insurance on his life, poverty stricken families
among the laboring classes would largely cease to exist. If the wage
earner could be persuaded to put a certain sum in the savings bank each
week and arrange to have the bank apply a portion of his funds to pay
premiums on his life insurance, still keeping a steadily growing residue in the
bank, this plan would be still better, because in the time of stress when his
wages stopped, temporarily for instance, his reserve fund in the bank would
prevent his policy from lapsing."
Not until six years after this speech, in February 1916, was the suggestion
of Mr. Dix apparently followed. The credit belongs to a large and growing
State bank of St. Louis, the St. Louis Union Bank, for conceiving a plan
for greater co-operation of savings institution and life insurance company,
whereby depositor-policyholders would save in order to promptly pay
premiums. The plan had its basis in newspaper advertising, boosting life
insurance and containing a series of twenty advertisements; the purpose
being to impress upon the insurance men of the city and country the value
of advertisements themselves as aids in selling insurance, and the further
value of the underlying idea of co-operation between savings institutions
and life insurance companies. A national effort was then made to bring
about the use of these advertisements by at least one bank in every large
city of the United States. Assistant Cashier Moser of the Union Bank
recently wrote me in explanation of their campaign that "the big idea of
this spirit of co-operation between banks and life insurance companies
has taken hold throughout the United States, as is evidenced by the fact
that two hundred banks have already used the advertisements we prepared. It stands to reason that the wealth of any community is increased
in proportion to the insurance carried in that community, and for this
reason, if for no other, we should be very glad indeed to promote the sale
of life insurance, as we have endeavored to do. The bank profits in this
connection from another angle, namely all life insurance men necessarily
feel most friendly to the bank, which helps them to sell insurance. The
main object of our campaign of advertisements was not only to help the
insurance men sell insurance, and in that way develop business which,
sooner or later, would come back to the bank, but, primarily, to obtain the
good-will and the influence of every life insurance man in the city." Some
altruists, perhaps, would ridicule the commendable efforts of this institution. It would doubtless be contended that selfish interest prevailed, and
hence credit should be summarily withheld. Such an attitude would be
manifestly erroneous. While the bank, the insurance company and the
salesman all materially profit, perhaps, onefold, the depositor or policyholder profits fourfold. That is the test. Too much has been said of the
selfish interest of legitimate business and not enough said of the constructive force of business in the life of the individual. In the final analysis,
how much more economical and profitable to the insured and insurer,
depositor and depository, is co-operation, the recognition of interests in
common. Under the hallucination that each interest is opposing or competing against the other, there has been positive retrogression in civilization
and enlightenment. Hence, it remains for us to secure that wider vision
of our interests, to see the advisability and the desirability of recognizing
our interests in common. If there is a social wrong to be righted as the
result of misunderstanding on our part with respect to our business, lot
us not leave it to the reformer, but investigate it ourselves and acknowledge
the need of a change. This is big-mindness; the very element so much
needed to-day in the management of our various concerns.
*
*
*
*
*
*
*
*
*
*
*
*
jE
The final interest we have in common, which I desire to call to your
attention, is regarding our railway security holdings. The savings banks
of the country hold $825,000,000 of their assets in railway securities. This
amount added to the railway security holdings of commercial banks and
trust companies totals $1,705,000,000, about 16% of the total bonded
Indebtedness of the railroads. 22 7-10% of the population of the United
States are depositors in savings banks or savings departments. The railway security holdings of life insurance companies would bring the above
total to more than $2,500,000,000. There are holders of 42,000,000 life
Insurance policies in the United States. What a tremendous aggregation
interested in this vital question! How essential it is that the investigation
of the railroad situation undertaken by the Newlands Committee be continued. Assuredly, there is required much assistance to aid such a committee in its deliberations. Referring to this question, President Wilson
recently stated: "The interest of the producer, the shipper, the merchant,
the investor, the financier and the whole public in the proper maintenance
and complete efficiency of the railroads is too manifest. They are indispensable to our whole economic life, and railway securities are at the very
heart of most investments large or small, public or private, by individual
and by institution." At the Kansas City convention of the American
Bankers' Association a resolution was unanimously adopted which "favored
a system of railroad regulation, which will eliminate the costly conflicts
between Federal and State authority, and enable Congress exclusively to
exercise in behalf of all the States its constitutional power to control interState commerce in the general interest and to call the attention of Congress
to the vital importance of upholding railroad credit." We are preparing
a monograph in pursuance of the aforementioned resolution as our part in
the investigation and study of this great ecomonic problem.
In conclusion, my thought is that we should all recognize our interests
in common; we should see the necessity for co-operation; we should at all
times endeavor to further the interests of each community throughout the
United States by getting in touch with the individual through selling him
life insurance and encouraging hint to open a savings account, thus teaching
him to conserve, thus materially furthering economic preparedness and
national progress—the theme of this excellent meeting—in the next decade.
[VoL. 103.
a firm believer in the middle way for banking—the middle way between
absolute Government control and private ownership. I believe that the
solution for most of our difficulties lies in a system of complete co-operation
between banks and the State—a co-operation between the State and every
officer or director of banks under its supervision, with like co-operation
between the banks and their depositors.
I believe that the present system of finance or banking should be developed and improved, but not substantially changed. But there are
necessary elements in which all must do their part: The Apostles of Buncombe have pictured all bankers as selfish, greedy, and honest only by
force.
And what can you bankers do? You must meet these attacks both by
word and by deed—by word, through frank publicity in full and open
detailed information to your depositors and to people generally; by deed,
in not borrowing money from your own banks yourselves and by keeping
your banks clean of slow and dangerous loans made either to friends or to
selfish interests. The man on the street must be made to believe not only
that your financial statements are true, but that your business dealings
are square.
Certainly the problems that we are to face are becoming tremendous.
A leading financial authority has recently said that in the past two years
there has been an increase in the gold currency of the world of over $1,600,000,000 and an inflation of total currency, including gold, of over
seven billions of dollars; and that this process of inflation is going on with
uniformly accelerated motion. Given a continuance of such money conditions and then given a sudden stoppage of at least part of the foreign
trade with Europe which we are now enjoying, and it does not require much
imagination for banks to see that a condition will arise demanding preparedness along the highest lines of co-operation.
With this condition confronting us, and with this ever-pressing menace,
what must the bankers of this State and the bankers of any other State
do? My answer is that they must combine. They must co-operate.
It is doubly important that we should face these problems here and now,
and not to put off the day of solution. With the constantly increasing
wealth of this country, and with the continuing importance of its banking
position in the world, we should take stock now of our banking conditions
and methods, and prepare to meet the responsibilities which both the
present continuance and the future discontinuance of the war will necessarily involve.
1ECONFERENCE OF FEDERAL RESERVE GOVERNORS.
A report on the question of the establishment of branches
of the Federal Reserve banks was laid before the Federal
Reserve Board at Washington by the Governors of the
Reserve banks on the 14th inst. Thus far but one branch
has been established—the New Orleans branch of the Atlanta Federal Reserve Bank. It is stated that no conclusion
was reached on this subject, or any other discussed at the
conference in Washington, which had been in progress from
Monday until Thursday. The deliberations also dealt
with the following:
Reserve and central reserve cities, disposition of Government bonds,
reserve banks as fiscal agents of the Government, uniformity in reports
of reserves and enforcement of reserve penalties, report of tne transit
managers' conference neld at Chicago, report of the auditors' meeting
held at Chicago, handling of gold settlement fund, retirement of national
bank notes, vault reserves, purchase of domestic and foreign acceptances.
-year 3% bonds, treatment of
conversion of 3% Treasury notes into 30
organization expenses, collections and clearances, loans on farm land and
banks as insurance agencies, the accumulation
other real estate, national
of gold by Federal Reserve banks, and the establishment of branches or
agencies of Federal Reserve banks.
NEW DIRECTORS OF FEDERAL RESERVE BANK OF
ST. LOUIS.
Sanf_A. Ziegler of Albion, Ill., has been elected a Class"A"
riector of the Federal Reserve Bank of St. Louis for a threeyear term,to succeed Oscar Fenley of Evansville, Ind., whose
term expires Dec.31.
W. B. Plunkett of Little Rock, Ark., has been re-elected
a Class 41B" director of the tialikTare, three-year term beginning Jan. 1.
ELECTION IN RICHMOND FEDERAL RESERVE
DISTRICT.
The Federal Reserve Bank of Richmond announces that
at the election just [held, Col. John F. Bruton, of Wilson,
N. C., was elected Class A Director to succeed himself, and
Capt. James F. Oyster, of Washington, D. C., was elected
Class B Director to succeed himself. The newly-elected
directors will serve for three years from Jan. 1 1917.
Through Caldwell Hardy, Chairman of the Board of Directors, the bank says:
Of 170 banks in Group No. 2 entitled to vote for a Class A director this
year, only a limited number advised the appointment of electors. Tho
same was the case among the 178 banks in Group No. 3 entitled to vote
for a class B director this year. A number of banks, however, still reE. L. RICHARDS AGAIN URGES CO-OPERATION
mained as they were originally in these two groups, and had originally
OF GOVERNMENT AND BUSINESS.
appointed electors for the first election. Under a ruling of the Federal
elector has once bean elected, he may
Reserve Board "that when
Eugene Lamb Richards, Superintendent of Banks of the continue to serve as such untilsuchmember bank properly elects a successor,"
the
State of New York, was the guest of honor at the annual these original electors were entered as the representatives of their respective
meeting and dinner given by the Bankers' Association of the member banks and ballots sent them accordingly. This gave the largest
number of banks in these groups the opportunity to vote.
State of Delaware in Wilmington on the 14th inst. Superin- possible names were placed in nomination for Class A director. Out of
Four
tendent Richards dwelt upon the need of preparation to meet 108 ballots cast, 100 were first choice for Col. John F Bruton as Class A
present and future financial problems and emphasized in the director.
nomination for Class B director. Out of 77
Four names were placed
solution of these problems the importance of co-operation ballots cast, 68 were first in
choice for Capt. James F. Oyster as Class B
between Government agencies and business interests. He director.
The Class A and Class B directors whose terms expired this year were
said:
2 and banks in Group No. 3,
After two years of supervising the State banks and trust companies of elected respectively by banks in Group No.
this election.
New York,with between five and six billions of resources,I have come to be as only these groups were entitled to participate.in
DEC. 16 1916.]
THE CHRONICLE
SENATE PASSES IMMIGRATION BILL
The immigration bill, with the literacy test, was passed
by the Senate on the 14th inst. by a vote of 64 to 7. The bill
passed the House at the last session—on March 30. On the
11th inst., when the bill came up in the Senate,Senator Works
of California blocked action on it by giving notice that he
reserved the right to demand a separate vote on a Senate
Committee amendment providing for the exclusion of Hindus
and other Asiatics by prescribing geographical areas from
which the immigrants shall not be admitted without enumerating races. The amendment, recommended by the State
Department after inquiries had been made by the Japanese
Government respecting provisions of the bill as it passed the
House, eliminated all references to the Root-Takahira passport agreement regulating Japanese immigration. Senator
Works insisted that this would leave the United States at the
mercy of Japansese dictation as to immigration from that
country.
, Senator Works's attack caused the Senate to consider the
I
subject behind closed doors, since treaty rights were involved
in the issue. Senator Works in opposing the amendment said:
The amendment leaves the United States with absolutely nothing but
the so-called gentlemen's agreement on which to depend. Whenever that
agreement is abrogated, the entry of Japanese into this country would be
unrestricted. We will be absolutely at the mercy of Japan in the future if
we have no other safeguard or restrictions except this agreement.
The proposed bill makes conditions much worse than they are now. We
leave it absolutely to Japan to determine in the future what of her citizens
should come into this country.
Senators Chamberlain and Reed also voiced their disapproval of the amendment, while Senators Smith, Pomerene,
Lodge and others defended it.
Senator Lodge said that the amendment was "awkward,"
but left the United States in "no worse or no better" position
than at the present time. The effect, he said, was to exclude
all Asiatic immigration not already excluded by the gentlemen's agreement with Japan.
After another day of debate over the exclusion of aliens on
account of race, the Senate on the 12th inst., adopted the
Committee amendment barring Hindus and certain other
Asiatics without mentioning them by name, with an added
provision stipulating that nothing in the Act shall be construed to repeal any existing law, treaty or agreement which
serves to prohibit or restrict immigration. This added
stipulation, proposed by Senator Phelan, of California, was
designed to replace the direct reference to the so-called "gentleman's agreement" with Japan, which was stricken out
of the House bill by the Senate Committee. During the
debate Senator Lodge and Senator Phelan engaged in a lively
argument, the former insisting that it was needless to insert
in the bill any reference to agreements because they would not
strengthen the position of the United States. The Phelan
provision prevailed without a roll call and the committee
amendment as modified was adopted by a vote of 42 to 14,
Western Senators voting against it. An amendment
of Senator Reed's to exclude African negroes from
the United States was defeated by a vote of 32
to 37. When the Senate adjourned on the 12th
there was pending another amendment by Senator Reed
to exclude all persons who came to the United States for
temporary employment as laborers, intending to return to
their native land. This was adopted on the 13th inst.
An amendment offered by Senator Phelan to exclude
women not married according to American law where men
of the same race are excluded was defeated on the 13th inst.
without a record vote. The Senator explained that it was
intended'to prevent admission of so-called "picture brides,"
who come from Japan when their photographs bring requests
for them as wives for Japanese residents of the United States.
Senator Poindexter offered an amendment to exclude from
admission to the United States all immigrants incapable of
becoming naturalized American citizens; this failed by a
vote of 41 to 24. Another amendment offered by the
Immigration Committee and adopted by the Senate excludes
persons who have come to the United States and later returned to their native land to take up arms against a country
with which the United States is at peace. This amendment
is aimed at the reservists and others who returned to Europe
during the present war to enlist for service.
Final action on the bill was deferred on the 13th to permit consideration of an amendment proposed by Senator
La Follette designed to eliminate a clause excluding persons
who advocate or teach the destruction of property. With
its reconsideration of the clause on the 14th the Senate
adopted an amendment by Senator Hardwick for the Committee, permitting entry of persons who advocate or teach
2201
destruction of property "in war, insurrection or revolution"
but not otherwise.
Senator Phelan of California made a final attempt on the
14th to secure reconsideration of his amendment prohibiting the entrance of "picture brides," but the attempt was
defeated. On the bill's final passage three Republicans—
Brandegee, Colt and du Pont—and four Democrats—Husting, Martine, Phelan and Reed—voted against it. The bill
now goes to conference. Representative Burnett's immigration bill, carrying a literacy test provision, was vetoed
by President Wilson in 1915, and it is expected that the present bill will meet a like fate.
PROPOSED INCREASE IN SECOND CLASS MAIL
MATTER—POSTMASTER GENERAL'S REPORT
The House Committee on Post Offices and Post Roads is
reported to have approved on the 9th inst. a rider to the
Post Office appropriation bill providing for the application
to second class mail matter of increased rates in accordance
with the parcel post zone system. The rider, which was
offered by Representative Randall of California, provides:
That all newspapers, magazines and other publications, regularly admitted to the mails as matter of the second class, shall hereafter be subject
to the following rates of postage, the zone system now applying to parcel
post matter to be adapted also to second class matter:
Local, first, second and third zone (under 300 miles), 1 cent per pound.
Fourth zone,300 to 600 miles, 2 cents per pound.
Fifth zone,600 to 1,000 miles,3 cents per pound.
Sixth zone, 1,000 to 1,400 miles,4 cents per pound.
Seventh zone, 1,400 to 1,800 miles, 5 cents per pound.
Eighth zone, over 1,800 miles,6 cents per pound.
Provided, that free country circulation provided by law shall continue
as at present; and provided,further, that no discrimination in rates of postage on account of the frequency of issue shall be permitted in the city or
town where a publication is mailed or otherwise.
The Committee also, on motion of Representative Steenerson, added a provision increasing the rate on mail order e,atalogues from 2 to 8 cents a pound, making them third class
matter instead of parcel post. Concerning the Randall proposal the New York Times says:
In defense of his amendment, to which there was little opposition in the
House Committee,Mr.Randall said he estimated the average postage under
the terms of the proposed law would be 2% cents a pound. He argued that
ordinarily the circulation radius of a newspaper was 300 to 600 miles, or
under 300 miles, and the increased postage would not be excessive. He
admitted that the rates for the remaining zones were far in excess of the flat
one-cent rate now prevailing, but insisted that the Government should not
carry newspapers at a loss.
If the Randall amendment is approved, it will require six or more cents to
mail a Sunday edition of the average newspaper from New York to the Pacific Coast. Magazines also would be hard hit by the legislation.
The change in second class rates was voted at an executive session of the
Committee, and members were reluctant to discuss it or admit an agreement had been reached. It was learned that comparatively few votes were
cast against it in Committee,and the rider would be carried in thePost Office
budget.
The Committee also approved a one cent postage for "drop
letters" for delivery on a local rural mail route, or within the
city wherein the letters are mailed.
Post Master General Burleson in his annual report issued
on the 8th inst. recommended that second class postal rates be
revised to make such matter pay more of its share of transportation expense, and that the one cent rate be applied to socalled "drop" letters. Coincident with the issuance of his
report there was made public a letter which he addressed to
Representative Moon,Chairman of the House Committee on
Post Offices and Post Roads in which he advised the Committee to give heed to the representations of the publishers
concerning the inexpediency of increasing rates at this time.
In this letter Mr. Burleson said:
Since writing my annual report for the fiscal year ended June 30 1916
there has appeared before me a Committee representing the Agricultural
Publishers' Association, also other representatives of periodicals and magazines, all of whom earnestly urged that no steps be taken at this tine to
increase the rates of postage on second class matter. These representatives
claim that the war and other unusual conditions have recently caused an
abnormal increase in the price of paper, and such increases, coming as they
did after the contracts had been entered into for the advertising matter.
seriously threaten thefinancial stability of these periodicals and publications.
Because of these facts, which were not available at the time my report
was written, I feel constrained to write you this letter and state that while
I still adhere to the recommendations on this subject contained in my'annual
report, I feel that most serious consideration should be given to the repreations of these publishers. If conditions are as stated by them, it
might be well to consider whether the increase in rates of postage on second
class matter should be made at this time.
In his recommendations bearing on second class matter,
the Postmaster General said:
Despite the material increa.se in the cost of print paper, mailings of
newspapers and periodicals as second class matter at the cent-a-pound
rate and free of postage in the county of publication showed no sign of
diminution during the fiscal year 1916. On the contrary, such mailings
were greater than ever before, aggregating 1,202,470,676 pounds, an increase of 93.184.891 pounds, or 8.4% over those of the fiscal year 1915,
the postage derived from such mailings amounting to 311,383,530.02.
The cost of handling and transporting second class matter is several times
the revenue received therefrom, and as the volume of such matter is constantly increasing the necessity of taking some step to readjust the rates
thereon becomes more and more apparent.
2202
THE CHRONICLE
Now that Congress has provided a solution of the railway mail pay
problem, if a moderate step should be taken toward requiring those using
the second class mall privileges to pay a fair part of the cost of that service,
it would then be possible to revise the rates on first class mail and provide
for penny drop-letter postage at all post offices. In any event, the De-cent rate of
partment recommends that as early as practicable the one
postage be applied to all drop letters. In January 1914 the Department
recommended as the initial stop in the direction of a readjustment of the
postage rates on second class matter on the basis of tho cost of handling
and transporting it that the rate on publications issued less frequently
than weekly and on weekly publications other than newspapers be increased
from one cent to two cents a pound, leaving for future determination an
additional increase if the same should be found necessary or desirable.
As an alternative to this plan it is recommended that a flat rate of one
and ono-third cents a pound on all second class mail matter subject to the
one cent a pound rate be considered, if such plan be regarded as more just
and equitable.
If it is thought that there should be a distinction between advertising
and other matter carried in any of such publications,it is then recommended
that the rate of postage on publications entered as second-class matter
issued less frequently than weekly and on weekly publications other than
newspapers shall be one cent a pound, except for such part of the publication as is composed of sheets devoted in whole or in part to advertising
matter, the rates of postage upon which shall be the same as the rates
which are applicable to third and fourth class matter, respectively. This
would not change the rate on newspapers and would continue the one-centa-pound rate on all matter other than advertising contained in other
periodicals, but would apply higher rates to advertising matter carried in
periodicals other than newspapers. Such higher rates would conform
to the rates on third-class matter where applicable and to the zone rates
applicable to fourth-class matter in other cases.
[VOL. 103.
Unless, when the time comes, our country exerts great power to assis
these other nations, and if necessary becomes a party to some undertaking
which will insure the peace of the world, there will not be a possibility of
assuring world peace in the future.
And I like to feel that the American people are considering the great
questions of the future not wholly from the materialistic standpoint, but
from the earnest desire to use their groat power and groat resources for
the benefit as far as it is practicable for us to transmute thorn to our suffering
brothers on the other side of the water.
SECRETARY OF TREASURY McADOO DENIES THAT
HE IS TO RESIGN.
A persistent rumor that Secretary of the Treasury, William
G.McAdoo would resign from the Cabinet, was denied by the
Secretary on the 11th inst. at Washington, when he took
occasion to state in reply to inquiries that "I have no intention of resigning from the Cabinet." The belief that Secretary McAdoo would resign has been based on reports that
he had received an offer to become President of a leading
New York trust company, and that he felt it incumbent
upon him to retire from public life so that he might give
more attention to his personal affairs.
WELDING RING IN DEVELOPMENT OF AMERICAN
SHIPPING AND INDUSTRIAL PROBLEMS.
Discussing the "American Merchant Marine" before the
That early action be taken by Congress declaring a Government monop- Brooklyn Engineers Club on the 7th inst., Welding Ring,
oly over all utilities for the public transmission of intelligence and that as Chairman of the Executive Committee of the New York
soon as practicable the telephone and telegraph facilities of the United
Chamber of Commerce, alluded to the rapid development
States be incorporated into the postal establishment.
That$300,000 be appropriated now for acquiring telegraph and telephone of our ship tonnage during the past two years, and noted that
utilities in Alaska, Porto Rico and Hawaii.
at the present time every ship yard on both the Atlantic and
That changes be made in the present building policy which imposes a
Pacific coast, as well as our Great Lakes, is full of orders
fixed charge on the department that has grown burdensome.
That the classified service be extended to include the position of Post- and unable to accept any new contracts for delivery in less
master at offices of the first, second and third classes.
than eighteen months to two years. Prices of AmericanThat the department be authorized to bond its employees, so that the
but there
Government may be protected more adequately and that relief may be built ships, said Mr. Ring, have also advanced,
afforded officials and employees of the service.
still seems to be a very large demand, particularly for,our
That the pay of rural carriers be equalized by fixing salaries on the basis own shipping interests, as well as for Norway, Sweden and
of the number of pieces and weight of mail transported,length of routes and
time required to serve them,instead of solely on length of routes as at pres- Holland, and the amount of tonnage now under construction
ent.
and contracted for is greater than ever before in the history
That $100,000 bo appropriated for experiments in aerial transportation
of the United States. Should these conditions continue
of mail.
Growth of the parcel post will cut the cost of living to the city dweller, for a further period of one or two years, Mr. Ring observed,
the report declares. The service Is now handling 90,000,000 packages a the United States will reach the position of the second
month. Liberal changes in its regulations have done much to bring about
maritime nation of the world, and if for a longer period, very
its extensions it is declared.
The discontinuance of the pneumatic mail service in Bos- closely compare with that of Great Britain. He further said:
one could have anticipated any such conditions as
Three years ago
ton, Philadelphia, Chicago and St. Louis and a curtailment exist at the presentno
time, and it would be a rash prophet who would try
of the service in New York is also recommended in the report. to indicate what they will be two, three or four years ahead. Our own
providing for a very
Mr. Burleson's recommendations as to the New York Service Government has recently passed its naval program the yards can supply
large amount of war tonnage to be built as soon as
are: That the tubes from Brooklyn to the Flatbush postal It, but it has developed that with so much tonnage already contracted for,
station be discontinued, that separate bids for tube service there is not sufficient building capacity to care for all that the Government
has to offer and there will undoubtedly be
below and above 42d Street in New York be asked, and that tonnage far beyond what is now anticipated.delays in the delivery of war
any contract entered into may be terminated by the Post
This combination of various demands, has placed the ship building inOffice authorities at six months' notice. Vigorous protest terest on a very active basis, and undoubtedly a very prosperous one, and
long period of
by commercial and civic organizations representing the cities those interested can without doubt count upon a fairly
prosperity.
concerned have been lodged with the Post Office Committee
It will not do for us to close our eyes to the fact that competition in shipbuilding will be extremely keen when the war ends. The men who are now
as a result of this recommendation.
and various capacities in Europe will then be reserving in
The report announces that the United States now has leased and the trenchesnecessity for returning to their positions or securing
will feel the
post conventions with 53 countries and colonies. In new ones, and the incentive of necessity will make them keen in their
parcel
reporting a surplus of $5,200,000 for the Department as a endeavors to push forward the developments of Groat Britain and without
question the same conditions will apply 'to Germany, France and Italy.
result of the year's operations, the report says:
Just how far this will affect the question of wages cannot now be determined,
The other recommendations of the Postmaster include
the following:
The Department lays especial emphasis upon the fact that it is no longer
a tax on the general revenue, having produced surpluses for three out of
four years of the present Administration; however, that its policy has been,
and shall continue to be, not to permit the postal service to become a rovenue producer for the Government, but that all surplus postal revenues
should be used for the enlargement of the service, to increase postal efficiency and, when justified, to reduce the rates of postage.
Surpluses of $3,800,000 for the year 1913, $3,500,000 for the year 1914
and $5,200,000 for the year 1916 were paid into the general fund of the
Treasury, making a total during the past four years of $12,500,000.
But for the business depression occasioned by the European war the
Department would have undoubtedly secured a surplus of not less than
$18,000,000 during the four years ended June 30 1916. This is in marked
contrast with the deficits for the eight years of the two preceding administrations, which drained the Treasury of $48,739,639 34 and $24,927,657 40,
respectively.
SECRETARY McADOO COUNSELS NATION
TO REMAIN NEUTRAL.
The duty of this country to civilization to continue its
policy of neutrality during the war was impressed upon the
members of the Southern Society by Secretary of the Treasury
William G. McAdoo at the annual dinner of the organization
at the Waldorf-Astoria on the 13th inst. The "Tribune"
quotes him as saying:
In this time of chaos to civilization throughout the world, we owe one
duty. This, in my judgment, means that this nation continue to preserve,
as far as possible to do so with honor, the policy of neutrality which has
characterized its actions throughout the last two years.
By effective organization we must preserve our own prosperity and make
ourselves as efficient as possible, so that we may, when the time comes, be
able to render some service in settlement of the great issues that must
arise whonlpeace is restored to stricken Europe.
but we can reasonably count on their being on a higher basis than before
the war commenced. They have been accustomed to higher payments
in all manufacturing lines and when wages are once advanced, it is rarely
they are reduced.
* * *
This brings to mind a question that is now confronting the United States
seriously, and will be one of the most difficult problems to solve that we
shall have in the future. The demand for labor at the present time is in
excess of the supply and this condition always tends to advanctng prices.
Wages in every direction have rapidly advanced on the plea that the wageearner should participate in the prosperity of the country and to also meet
increased cost of living. Both of these are fair reasons for advances
and no one will dispute them. There is, however, great danger that the
demands of labor may go too far. The reduction in the hours of labor to an
eight-hour day means not only that there will be two hours daily of reduced production, but that costly machinery, the investment value of
which is very largo, becomes idle for the same period, and the result is that
this decrease adds immediately to the cost of the article produced. It will be
wise for our legislators, our merchants, manufacturers and bankers to give
most careful consideration to the question of labor; the industrial problems
looms large now,and still larger for the future, and it will only be by careful
study and fair treatment on the part of both parties, that will bring about
conditions most favorable for developments in this country, and particularly so in the shipping trade.
GROWTH OF AMERICAN SHIPPING.
American merchant shipping registered for the foreign
trade and enrolled or licensed for the coasting trade and
fisheries on June 30 1916 comprised 26,444 vessels of 8,470,946 gross tons, according to the report of Secretary William
C. Redfield of the Department of Commerce. On the subject of American shipbuilding the report says:
DEC. 16 1916)
THE CHRONICLE
During the fiscal year ended June 30 1916 all American shipyards built
937 merchant vessels of 325,414 gross tons, compared with 1,157 vessels
of 225,122 gross tons for the previous year. These figures cover vessels
completed and documented for trade at the custom houses. It does not
include vessels launched but not documented up to the end of the fiscal
year. In my report last year it was estimated that this year's output
doubtless would be 400,000 gross tons. The conditions which obtained
In our larger shipyards, and, indeed, through our steel industries in the
spring and early summer of 1916 aro generally known. The demands upon
such plants taxed them to their maximum capacity, and the demand for
skilled labor, especially in shipyards, often exceeded the available supply.
Wages generally were increased and strikes occurred in some shipyards.
Delays in construction involving about 80,000 tons of ship construction
were thus inevitable, and the finished product of our yards, accordingly, is
less than was estimated a year ago. The total volume of construction
under way or undertaken during the year greatly exceeds, however, the
most sanguine expectations of our shipbuilders a year ago.
Since my last annual report the shipbuilding industry of the United
States has ceased to hold the position merely of a domestic industry, and
through the skill and enterprise of our builders, naval architects and capitalists has become a matter of prime international interest and concern, as,
for the time at least, it must be a main source of supply of new ships for
the prosecution of the world's foreign trade. During the first six months
of 1916 American shipyards completed and the Bureau of Navigation
officially numbered 524 vessels of 240,055 gross tons, while during the same
period British shipyards, according to Lloyds's returns, launched 160 vessels of 238,255 gross tons. In June. however, British yards more actively
resumed merchant shipbuilding, and during the nine months up to Oct. 1
they had launched 246 vessels of 430,522 gross tons. In the same period
American yards had completed 846 vessels of 361,113 gross tons for American owners and 5 vessels of 17,203 gross tons for foreign owners, a total of
851 vessels of 378,316 gross tons. Some of the British ships launched
await engines and machinery, the output of which is still delayed by the
demands of the munitions department.
The current fiscal year opened, accordingly, with the promise of the
largest output of American shipyards in our history. On July 1 1916 work
had actually begun, according to the returns of shipbuilders, on 186 steel
vessels of 699,658 gross tons, and under normal industrial conditions all
this tonnage should be completed during the current fiscal year. During
the calendar year 1915 British yards launched 650,919 gross tons. In
addition American shipbuilders were under contract to build 199 other steel
merchant vessels aggregating 526,126 gross tons, a portion of which will be
completed during the current fiscal year, but the greater part of which will
not be completed before the fiscal year ending June 30 1918.
On Oct. 1 1916 American shipyards were building or under contract to
build 417 steel merchant ships of 1,454,270 gross tons. Of this tonnage the
builders at that date expected to launch 326 ships of 098,035 gross tons
before the end of the current fiscal year. Some yards are working the full
24 hours with three shifts of men, and in some instances bonuses have been
offered to builders and by builders to their employees for delivery in advance of the contract date. This does not include the wooden shipbuilding
In many smaller yards. This product is usually about 100,000 gross tons
annually and will be greater during the current year.
On the subject of our merchant marine Mr. Redfield sayss
The American merchant marine has never before Inc reased so fast a
during the past two years. In that time we have doubled our shipping
In the foreign trade—from 1,076,152 gross tons to 2,191,715 tons. No
other nation ever in so short a time increased its shipping in foreign trade.
Under the Ship Registry Act admitting foreign-built ships to American
registry for foreign trade 182 vessels of 616,033 gross tons have been added
to our merchant marine. On July 1 1915 our shipyards were building or
had under contract 76 steel vessels of 310,089 gross tons. On Oct. 1 1916
this had grown to 417 steel merchant vessels of 1,454,270 gross tons. This
does not include work in progress or under contract on wooden ships in
many yards. The merchant shipbuilding thus in progress is not only the
greatest in our own history, but greater than any corresponding construction in the history of any other nation except Great Britain. It includes
195 ocean steel steamers of over 1,000 gross tons each, aggregating 1,037.103
gross tons.
SECRETARY REDFIELD'S COMMENTS ON THE
EXPANSION IN OUR FOREIGN TRADE.
With regard to our unprecedented foreign trade, Secretary
of Commerce William C. Redfield, in his annual report
made public on the 9th inst., points out that the balance of
trade in favor of the United States on merchandise transactions for the fiscal year ended June 30 1916 was $2,135,775,355. The total of our merchandise export trade was
$4,333,658,865 and our import trade $2,197,883,510. In
essaying that we must maintain our export trade and must
continue and increase loans and investments abroad to
protect our reserve of gold, Mr. Redfield says:
Our foreign indebtedness has been reduced possibly three billions. We
have loaned abroad a total sum since the war began on Aug. 1 1914 estimated
at $1,500,000,000 and increasing. We are the wealthiest nation in the
world and the most prosperous one. We haye not wasted our men or means
In war. Relatively to our fiscal power to-day our debts are trifling. Nations less wealthy than some of our individual States bear a heavier burden
of debt and interest than we. We are the only one of the great industrial
peoples that is at peace. Nations turn to us for goods and for means with
which to pay us for the goods. None of us, in our wildest financial fancies,
would five years ago have dreamed that things could be as now they are.
To protect our reserve of gold, which is the ultimate base on which our
domestic credits rests, we must maintain our export trade and must continue to increase loans and investments abroad. The work of the Bureau
of Foreign and Domestic Commerce is devoted to these important duties.
The report of the Chief of that service shows its extraordinary expansion
and effectiveness. In thowsands of business offices its aid is acknowledged
and welcomed. Never has our Government put at the disposal of our
business and industry the helpful facilities that are now provided.
It is of national importance that the great service, which shows such
practical results, should be given the men and money necessary to carry
on its great work even more efficiently. The force of commercial attaches
should be enlarged. Further sums should be provided for the foreign
traveling service, and the supervising and clerical staff should be made
adequate to meet the demands of commerce. The department acknowledges with keen appreciation the aid which Congress has given. The funds
for promoting the foreign trade of the country are now five times larger
than they were four years ago. The results are many times greater than
the increase in funds.
2203
SECRETARY REDFIELD DISCUSSES WAGE INCREASE
AND HIGHER LIVING COST.
Secretary William C. Redfield of the Department of Commerce in his annual report made public on the 9th inst.
refers to the embarrassment at times of the service by the
number of declinations of appointments received and resignations in the lower grade positions, and expresses the belief
that, among other things, the establishment of a minimum
rate of compensation for all clerical positions would have a
beneficial effect upon the service. He points out that
material increases in the wage scale have been made in
recent years in practically all lines of work in the commercial
world, this rendering it more difficult for the Government
to obtain persons of the type and qualifications desired for
certain classes of positions. Leading up to the wage increases and increase in cost of living witnessed since 1854,
Mr. Redfield says:
While increases in many cases are desirable, it is not believed that a
horizontal increase all along the line would solve the problem. It certainly
would not be equitable,for the salaries of some positions are relatively much
less than in others. Before there is any general increase in salaries there
should be a thorough reclassification of positions and readjustment of salaries so that existing inequalities would be eliminated.
The following compilation has interest in connection with the facts relating to the cost of living of Government employees in Washington. The
present scale of wages for clerks in the Government service, grouping them
into four classes and fixing a salary of $1,800, $1,600, $1,400 and $1,200
respectively per annum for each of these classes, was fixed by the Act of
Congress approved April 22 1854, and has not been changed since that time.
For the subclerical grades the rates of compensation were fixed by the Acts
of Congress approved July 23 1866 and July 12 1870.
For 60 years the rates of compensation to clerks have remained stationary,
and for about 46 years to the subclerical grades. The available figures on
file in the Bureau of Labor Statistics, based upon wages in selected industries, all of which, however, were not uniform for the entire period covered,
but which can be accepted as typical, show an increase, in daily average
wage of 137.4% from 1854 to 1915. In other words, daily wages in 1915
were 2 1-3 times as much as in 1854. The reports on cost of living show
that for the same period, 1854 to 1915, the increase has been 14.1%.
These figures are based on wholesale prices and it is a fair assumption that
the retail price increases will very closely approximate those of the wholesale price increases. Bringing the price figures up to the latest date for
which they are available, the month of September 1916, by using figures
relating to retail prices of food, the increase over 1854 is 32.4%. In other
words, the increase from the average for 1915 to September 15 1916 in
price of food commodities as a group is greater than the increase of the
average price for the whole period from 1854 to 1915. The increase during
the nine months ended Sept. 15 1916 over the average price for the year
1915 is approximately 16%. For the last few years the figures showing
wage increases are based on the union wage scale. It is a well-known fact
that in many industries to-day wages in excess of the union scale are being
paid.
ADVANCESIN WAGES.
Further announcements have come this weekrof);stek•s
taken by large corporations and companies to assisttheir
employees in meeting the highIcost of living. ThelStanglaTia
Oil Company of New Jersey, which lately increased the
wages of its laborers, issued the following statement on the
1.:th inst.:
In order to aid the employees of this company, who have not been included in the general wage advance already made and to meet the unusual
living conditions that now exist, the board of directors has authorized a
bonus payment to all such employees within the United States receiving
loss than $3.000 per annum as follows:
Twenty per cent, to employees receiving up to and including $1,000 per
annum, 15% to employees receiving from $1,001 to $2,000 per annum and
10% for employees receiving $2,001 to $2,999 per annum.
Although the date of distribution of the bonus was not
announced, it was expected that it would be included in the
current month's pay, being in the nature of a Christmas
present.
At Schenectady on the 11th inst., it was announced that
the General Electric Co. would increase the wages of 60,000
of its employees, earning less than $2,500 yearly, 105.•
This increase is to be discontinued at the Company's pleasure. It will add about $6,000,000 to the Company's annual payroll. The first payment will be made Jah. 15.
It was announced at Wilmington, Del., on the 10th inst.,
that the 20% extra pay or war bonus granted during the
past year to payroll employees in the operating department of the Du Pont Company has been made a part of
the total regular wages beginning Jan. 1. This action does
not apply to or affect the salaried employees. It is estimated that between 35,000 to 40,000 men will be affected.
The National Surety Company of New York City announced on the 8th inst., that all employees earning $200 a
month or less who have been in the service of the company
more than six months are to receive 15% increased pay to
cover the increased cost of living. It is provided that those
who have been in the service of the company less than six
months will receive 10% additional compensation. Payments are to be made monthly, in addition to the regular
salaries and'are to be retroactive to cover the months of
October and November. This additional compensation•
is a temporary measure. The company has nearly 600
2204
ME CHRONICLE
salaried employees More than 20,000 Overland employees
will receive an increase in wages. Jan. 18 it was announced
by the Willys-Overland Co., in Toledo on the 8th inst.
The increase will range from 5 to 10% and will add $1,250,000 to the annual payroll. Notice of the increase, signed
by H. L. Shepler, Vice-President, was posted in the Overland shops and reads:
The Willys-Overland Co., realizing that the problem that the employees
are compelled to face in meeting the increased cost of practically all necessities of life is getting to be a serious one, and desiring to assist in such
manner meeting this problem, the company, effective Jan. 18, 1917, will
increase hourly rates as follows:
All rates up to and including 30 cents an hour, will be increased 10% •
All rates over 30 cents and up to and including 40 cents, will be increased
734%•
'
All rates over 40 cents will be increased 5%.
All piece work will be increased 5% •
This advance will also increase the annual payroll of the Auto-Lite Co.,
Toledo, by $225,000; the Elmira plant,$350,000,and the Elyria plant,
$100,000.
1V0L. 103.
junctions restraining Federal and railroad officers from
enforcing the Adamson act, pending the Supreme Court's
decision of the test case, now before it.
TWO RAILROAD MEASURES EMBRACED IN PRESIDENT WILSON'S PROGRAM IN COMMITTEE.
Two bills designed to carry out President Wilson's railway
program set out in his message to Congress last week, were
presented to the Senate Inter-State Commerce Committee
on the 14th inst. by Senator Newlands, chairman of the
committee. One of these bills provides for the compulsory investigation of industrial disputes, and the other
authorizes the President to take over railway, telegraph
and telephone lines in case of national emergency. Public
hearings on the bills will be held beginning Jan. 2.
It was made known that 17 shoe factories in Lynn, Mass.,
LABOR'S EFFORTS TO AVERT ADOPTION OF PRESIreadjusted the wages of their employees. A change in trade
DENT WILSON'S PROGRAM FOR COMPULSORY
conditions, by which the shoo cutters contended that they
ARBITRATION OF DISPUTES.
were unable to earn as much as formerly, was said to be reIntimations that Congressional action on President Wilsponsible for the increase in wages.
program might await the result of
The Corn Products Company, of Chicago announced a son's railway legislation
determined efforts of labor leaders to draft as a substitute
raise in wages of 17% on the 8th inst. This action affects
all forms of compulsory arbitration a plan for dealing
1,300 employees. Earlier in the year the company advanced for
with strikes, actual and threatened, which will be agreeable
the wages of its employees 10%.
and the Administration, were
It was announced on the 11th inst., by the Champion to their followers, employers
dispatches from Washington on
International Company, paper manufacturers at Lawrence, contained in newspaper
These dispatches said :
Mass., that a 10% increase in wages would be given to its the 8th inst. alliance between the American Federation of Labor and
The unofficial
600 employees. The Union Bag and Paper Company an- the four railway brotherhoods arranged recently at Baltimore for the purnounced a bonus on the same date to its employees, amount- pose among other things of opposing "dangerous" legislation, is bearing
fruit in conferences between representatives of both organizations
its
ing to 10% of their annual salaries and payable in quarterly for firstpurpose of drafting a plan that will shelve all compulsory arbitration
the
Installments beginning Dec. 15. It was stated on the 10th bills.
Congressional leaders, aware of this activity, are inclined to go slowly
Inst., that the Windsor Paper Company of Windsor Locks,
on the President's program pending announcement of labor's proposals,
Conn., a branch of the American Writing Paper Company provided, of course, they are revealed during the present session of Congress.
would grant a temporary bonus to its employees of 10% of A delay even of sixty days, a House leader said to-day, would still leave
the present monthly wage. This bonus is not a steady ad- Congress time to take any action it might deem necessary. of Labor, said
Samuel Gompers, President of the American Federation
vance in wages and is subject to discontinuance by the com- to-night (the 8th) that conferences already had taken place between
pany, with the return of normal conditions. It is estimated Brotherhood and Federation leaders, but that no concrete plan had been
that the granting of the bonus will affect about 4,000 em- worked out. Hope exists, he said, that some plan can be drawn which
will be agreeable to all concerned and make Congressional action unployees. The order is effective Dec. 15. The International necessary.
Paper Company at Watertown, N. Y., on the 6th inst., "I can't give any details of what has been accomplished," he said, "behelp all I can in this movement. This, though, I will say,
granted a 10% increase in wages to its 11,000 employees. cause I want to always will oppose any form of compulsory arbitration."
organized labor
The increase, which will continue until further notice, will
If a scheme satisfactory to the workers is drafted, it is understood, it
then will be submitted to representatives of the railroads and other employbe added to the monthly wages each month.
of it probably would mean that
the
On the same date it was announced at Houghton, Mich., ers and to leastPresident. Approvalcompulsory arbitration feature from
would eliminate the
Congress at
that approximately 17,000 of the 25,000 employees of Copper any legislation enacted.
If no substitute plan can be agreed upon the Congressional machinery
Mines in the Lake Superior district will participate in a bonus
ready for pushing the President's program in whatever form he
to be distributed on the first pay day of 1917. This bonus will be
may desire, to a speedy vote. If it should include a compulsory arbitraIs an increase of 25 cents over the regular wages for every day tion feature, organized labor is expected to make the fight of its life against
to all employees who have worked steadily from July 1 to it.
Dec. 31.
SAMUEL GOMPERS WARNS AGAINST GOVERNMENTIt is understood that the Lucey Manufacturing CorporaAL REGULATION OF INDUSTRIAL RELATIONS.
tion, the oil well supply company, with offices in many cities
A warning againstgovernmentalregulation of the normalacof this country and in the oil centres of Europe, will pay a
relationships of the people was uttered by
Christmas bonus of 15% of their year's salary to employees. tivities and personal
Samuel Gompers, President of the American Federation of
Labor, at the Conference on Social Insurance held at WashPROCEEDINGS IN EIGHT HOUR SUITS.
ington on the 8th inst. under the auspices of the International
The determination by the U. S. Supreme Court of the Association of Industrial Accident Boards and Commissions.
constitutionality of the Adamson law in time for Congress At the same conference President Wilson argued in favor of a
to enact any supplementary legislation at this session was better "social understanding;" in welcoming the delegates
regarded as assured on the 11th instant, when the Court President Wilson declared that the nation was turning its
advanced the test case for argument on Jan. 8. The Court attention "more and more to those things which affect the
grpnted the Government's motion, submitted by John W. daily life and fortunes of the rank and file" and was getting
Davis, Solicitor General of the United States, to expedite into closer touch with the daily lives of the men and women
the Missouri Oklahoma & Gulf Railroad case in which in it. The President in part said:
Federal 'Judge Hook held the Adamson law void. Mr.
We are living in an extremely interesting time. We have drifted away
fortunately enough, ceased to
Davis's motion was referred to in our issue of Dec. 9. There from purely political questions. We have, discussion and are turning our
the centre of
make constitutional
some hope of having the case heard before Christ- attention more and questionsthose things which affect the daily life and
had been
more to
mas, as the Adamson Act becomes effective Jan. 1. All fortune of the rank and file of great nations. We are studying the people
than we
Interests are believed to be conserved pending the who long ago ought to have been served better the dailyhave served them,
lives of men and
closer and closer touch with
of wages due and as we get in how to conduct our own individual lives better, with a
Court's decision, however. Special accounts
women we know
employees under the law will be kept, and all other liti- deeper insight and a truer sympathy.
A conference such as this, to discuss social insurance, gives evidence of
gation will be held in abeyance by agreement between the
the dominant interest of our own time, and one of the best elements of
Government and the railroads until the decision is given.
social insurance is social understanding—an interchange of views and a
At Amory, Miss., on the 9th instant, a bill of injunction comprehension of interests which for a long time was only too rare. It
restricted to what
were supposed
used to be
was filed in the Federal Court of Aberdeen, Miss., by the the general confined to those who useless precinctsto be university. Now
of the
public regarded as the
St. Louis & San Francisco Railroad Company against the it has spread to the ranks of practical men and has come to be regarded as a
Brotherhood of Engineers, the Order of Railway Conduc- practical study.
Referring directly to the recently threatened nation-wide
tors, the Brotherhood of Locomotive Firemen and the
Order of Railway Trainmen, all of the Amory division of railroad strike, Mr. Gompers said that its discussion in Consaid orders. Process orde served on a, member of each gress had led to an effort to enforce "conscription" on the
Order are returnable a .A berdeen on Dec. 22, answers workers. In passing, he mentioned the suggestion that
t e 10th inst., Judge Ray strikes and lockouts be prohibited, pending the outcome of
being required. At Syracuse
of the United States District Court issued temporary in- an investigation. He continued:
DEC. 16 1916.]
THE CHRONICLE
Giving governmental control over industrial relations gives
great power
to an unknown force. I beg you to have a care in attempting
to regulate
the personal relationships and normal activities of the people.
I hope the
nation will be warned in time. No matter how sympathetic
or humanitarian may be the gloss over the plan, I beg you to be aware.
We do not
know what the effect will be of the war in Europe, but the people
of the
United States should hold their liberties in their own hands.
Mr. Gompers opposed compulsory social insurance, and
praised the work of trade unions in promoting the welfare of the workers and in encouraging voluntary social
insurance. Secretary Wilson of the Department of Labor,
declared the next step would be old-age pensions. George
Pope, President of the National Association of Manufacturers, told of the efforts of manufacturing companies and
organizations to promote the welfare of their employees and
opposed too much government "interference." Secretary
Redfield of the Commerce Department, presided.
2205
"If the railroads had the intention of making all public regulati
on in
effective, they could not do it in any way better than that which
they now
suggest: first, take away the powers from the States, which are
on the job,
and secondly, overload the Federal Government in such a way
that the
Federal Government's regulation will break down."
Mr. Thelen concluded his argument by insisting that thia
railroads have made an entirely wrong analysis of the causes
of impaired credit and that they "propose to cut off the
good right arm of State railroad regulation on the plea that
State railroad regulation has injured their credit, when the
real trouble with them is acute gastritis resulting from an
overdose of securities which they have not been able
to digest."
Mr. Brookhart, who appeared as representing the Iowa
State Railway Commission, read a lengthy statement
advocating government ownership of railroads.
INQUIRY BY ,NEWLANDS COMMITTEE INTO RAIL- THE INDEFINITENESS OF THE EIGHT
-HOUR LAW.
ROAD REGULATION.
Speaking in New York before the Forum of the Free SynaThe Congressional Joint Committee on Interstate Com- gogue last Sunday night, Ivy L. Lee, formerly Assistant to
merce, of which Senator Newlands is Chairman, suspended the President of the Pennsylvania RR., stated, that
it is
on Dec. 9 its hearings on the subject of Government regula- in the highest public interest that an agreement should
be
tion and control of transportation, because of the pressur reached between the railroads and their employ
ees with
e
of other work before Congress. It was announced on Thurs- reference to the Adamson Eight-Hour Law.
What he had
day by the Chairman that the hearings would be resume to say on the subject is quoted in part below:
d
Eminent lawyers regard the law as invalid, and yet
on Jan. 2. Under the resolution creating the Committee
it would be unfortunate if the Supreme
should
it is required to submit a report by Jan. 8. It is understood law unconstitutionalCourt that actually be called on to pronounce the
. In
event the employees would feel that
they
that before that time the Committee will ask for an extension had been deprived by the Courts of something the President, the
Congress,
even the people indirectly, had said they were
of time.
entitled to. Indeed, the
men would probably feel
Max Thelen, President of the National Association of ever contemplated giving themselves deprived of even more than the law
them.
Whatever one's view may be of the law,
Railway Commissioners, who was examined by the Committherefore, one cannot escape a
feeling that an unfortunate impression is
likely to be created by a Court
tee on the 6th, completed his statement in opposition to decision invalida
ting the law.
exclusive Federal regulation on Dec. 9 and was followed by
If the law is declared constitutional, nobody
knows
S. W. Brookhart, of Washington, Ia. Mr. Thelon put into Its face it gives ten hours' pay for eight hours' work what it means On
to those principally
freight train operatives who have heretofo
the record some newspaper clippings showing the increases in But
re been paid on an hourly basis.
the bill also specifies that the one basis
of a day's pay shall be eight
the earnings of railroads for 1916 and told the Committee hours, thus eliminating the mileage
basis
a large
that, in his judgment, "the railroads are now suffering from men, principally those handling passenger upon which worked. number of
trains, had
The mileage basis means that if an employe
the hysteria of pessimism," and that although their earnings have a
e runs for 100 miles, he shall
day's pay even though it requires much less than
eight hours to perare greater than at any other time in their history they "are form it.
Thus the literal interpretation of the Adamson
engaged in the absurd task of trying to ruin their own
Law would reward with
credit." He opposed the plan of the Federal incorporation, a 25% wage increase the younger and less responsible employees who run
the freight trains and would penalize those
saying that under decisions of the Supreme Court the Fed- have obtained the more desirable passengerwho after many years of service
runs.
To apply the law as it stands would in fact
Government would have the power to take from the
eral
work such injustice upon a
large number of deserving men that no responsi
ble railroad manager would
States even their police powers in so far as railroads engage seriously consider
d
doing it.
to any extent in interstate commerce are concerned, if they
Yet there the law stands, effective Jan. 1.
It is a situation which calls
for conference and agreement. Surely there
were incorporated with Federal charters, and that
must be
this upon which managers and men can agree, and go to some workable basis
conclusion probably follows as to state rates,
with
State service tion to substitute their practical plan in place of theCongress ble a petiunworka
and unand State facilities. He objected that the railroa
ds desire constitutional Adamson Law.
Such an agreement is not only necessary to
to retain the advantages which they now enjoy under
clear up the fog surroundState ing the Adamson Law, but it is of the greatest importa
charters while destroying the powers which the
nce for these two
States may reasons:
possess under the present charters. Under a plan
1.
of com- gress The atmosphere should be cleared of misunderstanding so that Conshall be able to consider dispassionately
pulsory Federal incorporation he thought that if the
pres- program recommended by the President: and the comprehensive railroad
ent capitalization were left unchanged the railroads
2. The railroads should be able to adjust their wage
would
schedules as a whole
to accord with
have an opportunity to claim that their securities were
out- uncertainties of the rapidly changing conditions. As matters stand, the
the Adamson Law, threats of strike, &c., make
standing under the compulsion of the Federal Govern
any wise
ment. and confident treatment of the situation impossible.
He did not agree with William J. Bryan that capital
Railroad
iza- railroad managers are quite generally of opinion that a large number of
tion should be based on cost of reproduction on the
employees are underpaid and ought to have an increase
in wages.
ground
Adjustments that ought to have been made in the past
that many railroads, because they were unwisely
were
constructed because the funds available for such purposes were absorbed by not made
or because their traffic has diminished, are not
award
now worth arbitration boards to a minority and already the best paid of the men. of
the cost of reproducing them. He referred to
Something of this
manifest
the Western Atchison Railroad a feeling wasago, to in the bonus announced by the
few days
Pacific, which he said cost over 1,000,000 to
its employees not working
under
contracts or arbitration award.
build
ly and would cost more to reproduce to-day, but originalThe industrie
which was cost of living s of the country are making large increases in wages, the
is going up steadily, and the
sold at a receiver's sale for $18,000,000. On
the basis of for energetic and unremitting service weredemands upon railroad employees
never so great.
present and prospective earnings, Mr. Thelon
Railroad managers, desiring to do everything possible
said, that is
for their men,
all the road is worth. He did not believe that the
already
suggestion living issee the turn in their own tide of prosperity. The cost of railroad
curtailing the ability of the railroad to enable
that stock be issued without a par value would
its own employees
meet
problem. The entire plan of Federal incorpo solve the toIn thethe cost of individual living.
presence of that dilemma, the railroad
Thelen insisted, is unnecessary because it is ration, Mr. fronted with a law conferring special favors upon s also find themselves con20% of their
Congress to do everything under the commerce possible for every railroad manager feels that the interests of 100% of themen, whereas
men deserve
clause of the attention.
Constitution without it which it could do
And a more fundamental difficulty of the railroad
with it.
in meeting a situation
If the States make rates that discriminate
the manager knows ought to be met is this:
Whereas an industry may raise its prices
state commerce, he said, the condition ought against interto be remedied, railroad must likewise pay its increased costs to pay its increased costs, a
but is quite effectually stopped
but he thought the Supreme Court had done so
in the Shreve- from raising its rates to pay the bill.
port case decision.
Mr. Thelen described at some length the
Work of the W. H. TAFT CHARACTERIZES THREAT
California Railroad Commizsion to show
OF FEDERAthat it had coTION OF LABOR AS AN ACT OF REBELLION.
operated with the roads on many occasions
which had been
The danger to American economic strength
appreciated by the railroads, and said that
because of
over
of the Commission's decisions in formal cases had 99% the tendency of union labor to place itself above law and
gone into order is characterized by former
effect without any court action. He opposed
President William H. Taft
the proposed as "one big cloud on our
horizon when we look to the days
plan of regional commissions subordinate to
the Interstate to follow this world conflic
t." Mr. Taft made this declaraCommerce Commission on the ground that
they would tion in delivering a broadshot
• merely supplant the state commissions with
at the American Federation of
holders who would be strangers to local Federal office- Labor while addressing the Chamber of Commerce Comconditions. He mittee of One Hundred in
&sled:
Providence on the 1st inst. Describing as "an act of rebellion" the threatened action
of the
2206
THE CHRONICLE
Federation to strike if the Adamson law is not upheld,
Mr. Taft insisted that all forces of public opinion be called
on to prevent any such usurpation of power. In part he said:
We cannot get away from this European war. We must consider it, and
the two questions that rise most prominently in our minds are: "When is It
going to end?" and "What can we do to meet the conditions bound to arise
when it does end?"
The danger to American economic strength through the tendency of
union labor to place itself above law and order is one big cloud on our
horizon when we look to the days to follow this world conflict.
Now, gentlemen, hero is the issue. We tolerate these things, as is the
nature of the American public. But some one must protest, and if no one
else will, I willl
The American Federation of Labor wishes to deny to the unorganized
laborer his right to labor. What the Federation seeks is the right to dictate
who shall and shall not labor.
This amounts to an act of rebellion. And, more, the highest tribunal
in the nation has been notified that unless the Adamson law is upheld the
threatened railroad strike will be enforced.
It is a threat to starve the nation into submission. The decision resulting may be the proper one, but the means contemplated are wholly wrong.
The American Federation of Labor needs to be told that we cannot have a
republic without obedience to organized restraint. The trouble is that
our politicians don't tell them this. If we have a railroad strike, all forces
of public opinion and public action must be called into play to force obedience.
The prospect for our nation's safety in the economic conflict which will
follow the war is indeed gloomy if we are going to have this threatened
disregard of law and order by the four railroad unions and other unions
which may follow their example.
ELISHA LEE URGES NEED OF COMPULSORY SETTLEMENT OF RAILROAD DISPUTES.
That the wage structure is just as complex as the rate
structure, and wage problems present ever greater difficulties than rate problems, was the observation made by
Elisha Lee, Chairman of the National Conference Committee
of the Railways in an address before the Economic Club of
New York on the 11th inst. When it is considered, he said,
that nearly two-thirds of the cost of railroad operation is the
wage bill, it is seen how closely related are rates and wages.
A 10% flat increase in the wages of all railroad employees is,
he pointed out, equivalent to a 70% increase in all freight
rates. The demands for higher wages made by the train
organizations (only one-sixth of the employees) were, he
added, equivalent to a 5% advance in freight rates. While
he is not prepared to say that all railroad wage problems
'should be placed unreservedly in the control of a public
'commission, it is Mr. Lee's belief that when a controversy
between the managements and the men reach a stage where
the interests of the public are imperilled, there should be a
•compulsory peaceful settlement, a judicial settlement, that
will conserve the public interest as well as the rights of the
parties to the controversy. We quote what he had to say
below:
would
The threat of a nation-wide stoppage of railroad traffic, that
strike at the very heart of our national existence, found the country un,
prepared to defend itself.
of
The mandate of the people, through acts of Congress and decisions
continuously operated in the
le courts, is that the railroads must be
is greater than that of the indipublic interest—that the public interest
individuals who earn their
viduals who own these properties, or of the
livelihood in the operation of them.
have come into conflict with
When the private rights of the railroads
courts, has declared that public
their public duties, the public, through the
the railroads the public says:
duties are greater than private rights. To
such regulations as we provide,
"You must operate continuously, under
and under such tariffs as we approve."
brought vividly before
The unfortunate controversy of last August
regulation of railroads,
the country the weakness of a system of public
of the internal comwhich fails to provide insurance against a paralysis
merce of the nation.
their posts on every mile of
The employees have a legal right to leave
right of the railroad
railroad in this country. Is not this unrestricted
the public welfare? Does
employees to quit work in a body a menace to
livelihood in the public service
not the individual who chooses to earn his
keep open these vital arteries of
of transportation assume a duty to help
the right to strike?
commerce, a duty greater than
Commission, Judge Clements,
A member of the Inter-State Commerce
are affected with a
recently expressed the opinion that railroad employees
ignore than can the carriers, and
public interest that they can no more
legally established obligation upon
he suggested that there should be a
by strike until the justice of
these employees not to interrupt the service
some public tribunal.
their demands had been determined by
duties of railroad employees must
Such a definition by law of the public
he told a gathering of business
have been in the mind of the President when
is to see that no other
men recently that "the business of government
or group of men, no
organization is as strong as itself; to see that no body
may come into competition with
matter what their Individual interest is,
the authority of society."
the necessity of translating
Tile President has since urged upon Congress
no organization of persons shall
this idea into the law of the land—that
the Government.
interrupt the national life without consulting
wage controversy with the
Several years ago when we had to adjust a
board of arbitrators,
engineers on our Eastern roads, a very distinguished
dangers inherent in attempting
in settling our differences, pointed out the
to the strike. The Chairman
to settle railroad industrial disputes by resort
of Wisconsin.
of that board was Dr. Van Elise of the University
public it is an intolerable
This board said:"From the point of view of the
or employers, whether
situation when any group of men, whether employees
that a great section of the country
large or small, have the power to decide
suffering and loss of property
shall undergo a great loss of life, unspeakable
stoppage of a necessary public
beyond the power of description through the
us as a nation."
service. This, however, is the situation that confronts
EVoL. 103.
That situation, so vividly portrayed, still confronts us as a nation. It
confronted us in that crucial week in August when the President told the
country "This situation must never be allowed to arise again."
During the recent wage controversy, when it became apparent that the
problem could not be settled across the conference table, we asked the
train organizations to join with us in laying the whole dispute before the
Inter-State Commerce Commission.
It may be that this will be the ultimate solution of the railroad wage
problem—regulation of wages by the same government commission that
regulates rates. When it is considered that nearly two-thirds of the cost
of railroad operation is the wage bill, it is seen how closely related are rates
and wages. A 10% flat increase in the wages of all railroad employees
is equivalent to a 7% increase in all freight rates. The demands for
higher wages made by the train organizations (only one-sixth of the employees) were equivalent to a 5% advance in freight rates.
If the all-embracing commerce power , under the Constitution covers
the way will be open for
railroad wages as well as railroad rates,
Congress to turn the whole problem of railroad wages over to the InterState Commerce Commission, or, as has been proposed by eminent publicists, to an Inter-State Wage Commission, working in co-operation with
the Commerce Commission.
No matter what remedy is finally adopted by Congress for safeguarding
the nation against the sudden interruption of inter-State commerce, will
it not fail of its purpose if it does not provide for a continuous oversight
of railroad labor conditions by a permanent body of expert commissioners
—men of the same high attainments and integrity as the members of the
Inter-State Commerce Commission?
There would undoubtedly be serious confusion in the railroad rate structure if each new rate case were brought before a new board of investigators
with no previous experience in • adjusting rates. The public would not
tolerate such a system—or lack of system—in rate regulation. But the
wage structure is just as complex as the rate structure, and wage problems
present even greater difficulties than rate problems, because the human
element is so large a factor in the determination of just and reasonable
wages, hours and working conditions.
We are at the parting of the ways. One road before us is a continuation
of the system of unrestricted private wage bargaining that eventually leads
to settlement by force.
The other road is a restriction and regulation of private wage bargaining
for the protection of the rights of the public—trial by jury instead of trial
by brute force.
I am not prepared to say that all wage problems on the railroads should
be placed unreservedly in the control of a public commission, but I do believe that when a controversy between the managements and the men
reaches a stage where the interests of the public are imperilled—that then
there should be a compulsory peaceful settlement, a judicial settlement,
that will conserve the public interest as well as the rights of the parties to
the controversy, and that if any body of men are required in the public
interest to subordinate their private rights to their public duties it should
be with the full understanding that their rights must be in every way safeguarded by the public.
FISCAL YEAR OF RAILROADS CHANGED TO
CALENDAR YEAR.
A change in the reporting year of the railroads so as to
make it correspond with the calendar year is provided for in
an order issued by the Inter-State Commerce Commission
on the 11th inst. This change, as noted in these columns
Dec. 2, was recently under consideration at a hearing before
the Commission. The following is the order of the Commission calling for returns on Dec. 31, instead of on June 30,
as heretofore:
That all common carriers subject to the provisions of the Act to regulate
commerce, as amended, and the owners of all railroads engaged in interState commerce as therein defined, be and they are hereby required hereafter to file in the office of the Commission on or before the 31st day of
March in each year, reports covering the period of twelve months ending
with the 31st day of December preceding said date, giving the particulars
heretofore called for in the annual reports required by the Commission
A
PI
•Noi
of said carriers and owners of railroads.
N. Y. CHAMBER OF COMMERCE DECLARES AGAINST
GOVERNMENT OWNERSHIP OF RAILROADS.
That public ownership of railroads is neither advisable
nor necessary to work out the transportation system best
adapted to the present needs and future development of the
country is the view expressed in a resolution adopted by the
New York Chamber of Commerce on the 7th inst. The
Chamber endorses the movement to co-ordinate the control
of railway and water facilities of an inter-State character
under the Inter-State Commerce Commission, and approves
the establishment of regional sub-commissions. We give
the resolution below as offered by the Committee on Internal
Trade and Improvements (of which Samuel W. Fairchild
is President) and adopted by the Chamber:
In view of the paramount importance to this city, State and nation of
condition
adequate and efficient transportation facilities at all times—a
widespread
which does not prevail at present, as is shown in the existing
the pending
car shortage, freight congestion and embargoes—and in view of
investigation of the conditions relating to Inter-State and foreign commerce
consideration of the imby a joint committee of Congress; and, further, in
government ownership
portant questions of government regulation and
the timeliness of
raised thereby, the Chamber of Commerce recognizes
the transportation system
expressing itself on questions of policy affecting
of the country as a whole; therefore, be it
Resolved, First, That it is the confirmed and well-grounded conviction
as expressed by
of the Chamber of Commerce of the State of New York,
advisable
vote of its members, that public ownership of railroads is neither
adapted to the
nor necessary to work out the transportation system best
whole, and of
present needs and future development of the country as a
its several component sections.
endorses the movement to co-ordinate
Second, That this Chamber heartily
the control of railway and water facilities of an Inter-State character under
Comthe common guidance and direction of the Inter-State Commerce
of the
mission, in opposition to the conditions arising from the attempt
DEC. 16 1916.)
THE CHRONICLE
several States, each in its own individual capacity, to regulate the com,
merce of the colintry on State lines.
Third, That in order to relieve the Inter-State Commerce Commission
of a portion of its burdens, to expedite the transaction of business, and to
assure protection of local interests, we favor the establishment of regional
sub-commissions, assigned to definite traffic areas, for the consideration
and disposition of questions arising therein, subject to review by the
central coMmission.
Fourth, That inasmuch as the function of providing for adequate transportation in this country has been left to private capital, in order to attract
such capital and to provide for the development of transportation facilities
to meet the rapidly growing commercial needs of the country,and to develop
its resources, Congress should enact such legislation as will restore the
confidence of the investing public and guarantee the transportation service
required to meet the needs of the business community.
2207
Third—Enactment of legislation to remedy the present situation and to
prevent its recurrence.
Department officials are understood to be considering the
advisability of investigating such organizations as the Chicago
Board of Trade, the Chicago Butter and Egg Exchange,
the Elgin Board of Trade and the New York Produce, Sugar
and Coffee Exchanges with a view of ascertaining by what
practices the market values of certain foodstuffs dealt in
by the bodies are determined. An inquiry into the amount
of foodstuffs held in all the cold storage establishments of
the country and possibly as to the volume of grain stored in
elevators also is said to be under consideration.
Complaints have reached the Department that coal prices
N. Y. CHAMBER OF COMMERCE NAMES COMMITTEE were
advanced recently because, in large measure, of the
TO STUDY INDUSTRIAL PROBLEMS.
activities of certain independent dealers not heretofore in
recommendation contained in a the business who are reported to have contracted with
In accordance with a
the
report adopted by the New York Chamber of Commerce chief coal companies for virtually their entire unsold output
,
on the 7th inst., a Committee on Industrial Problems and for the winter. It was charged that these dealers, scenting
Relations has been named by President Eugene H. Outer- fat profits, had tried to corner the available supply and thus
bridge. The resolution drew attention to the serious incon- force up prices.
venience and material losses suffered by the community in
These and other complaints under investigation will be
New York because of strikes and lockouts, and the need for considered with a view to prosecution, if warranted, under
a study of the effect of constantly changing economic con- Federal laws, which require that the supplies in question
ditions upon the relations between capital and labor. The must have been in or for inter-State commerce.
committee named by Mr. Outerbridge to carry out the
The Federal Grand Jury began its investigation into the
recommendations of the resolutions are Edward D. Page, increased cost of living on the 13th inst., and it was underGeorge W.Perkins, William H. Childs, Otto M. Eidlitz and stood at that time that the coal situation would be the first
William L. Saunders. In naming the committee Mr. matter looked into. Assistant United States AttorneyOuterbridge said:
General Frank M. Swacker, in personal charge of the
I think that that is one of the most important committees which this Government's
investigation in New York City, issued subever appointed. I think the function which it can fulfill
Chamber has
may be of vast value to the industrial and business community here. I poena's for witnesses on the 12th inst. Though the identity
would like to say that there are specific trades and great organizations of the witnesses was not made known, it is
believed that
which are now waiting and anxious to be able to have the conference and
advice of such a committee as this, as to what in its judgment constitutes they are the representatives of coal companies and coal
sound public policy in relation to these great industrial questions which they carrying railroads. It is expected that these will testify
feel they themselves are concentrating with so much necessary introspec- that while
panic prices prevailed in New York, there was
tion into their own affairs, and perhaps miss the larger perspective of the
really no shortage, normal tonnage being supplied from the
public point of view.
The following is the resolution offered on behalf of the mines. Criminal prosecutions, if they develop, will be
Executive Committee by Welding Ring, Chairman of the merely incidental to the Grand Jury's investigation, the
purpose of the inquiry being to obtain information for the
latter, calling for the appointment of the new committee:
Whereas, The citizens of New York during the past year have been guidance of President Wilson and Congress in their attempt
seriously inconvenienced and have suffered very material losses because of to formulate legislation affecting coal and food.
strikes and lockouts which have occurred both in the field of transportation
General approval of the investigation into the increased
and manufacture, and the country at large has recently been threatened
cost of living by the Department of Justice was given by
with a suspension of transportation facilities by means of a strike; and
Whereas, In all enterprises employing such largo numbers of people there President
Wilson at a conference held with District Attorney
is a real public interest in the maintenance of stable and uninterrupted
Anderson of Boston on the 11th inst. Mr. Anderson is in
service and production; and
Whereas, There is constant need among the people intimately concerned charge of the nation-wide inquiry. The President will
make
in the conduct of large aggregations of capital or labor as to what sound
a personal examination of the facts collected by various
public policy may be in relation to these questions; and
Whereas, With the constantly changing economic conditions there is departments before deciding whether any remedial legislation
need for a constant study of their effect upon the relations between capital shall be recommended to Congress.
and labor, it is the opinion of the Executive Committee that the Chamber
Proposals introduced at the opening of Congress looking
of Commerce should have a special committee to deal with industrial
problems and relations and to advise in reference thereto with employers to a remedy for the problem ranged from a discussion of the
and wage earners when requested; now, therefore, be it
Omnibus Hatcheries Bill, which would provide for fish
Resolved, That the President of the Chamber be, and he hereby is, requested to appoint a special committee offive to be known as the Committee hatcheries in twenty States, to a declaration by Chairman
Henry of the Rules Committee, after a conference with the
on Industrial Problems and Relations.
President, that he thought Congress would conduct an
FEDERAL INVESTIGATION INTO HIGH COST OF
investigation of the high cost of living. They embraced
resolutions by Representatives Borland and Dill providing
LIVING.
The Federal investigation into the high cost of living for general investigations. The resolution made by Reprebegan on the 6th inst. to take definite form with indications sentative Borland of Missouri to direct the Federal Trade
that it would be one of the most comprehensive ever under- Commission to make an investigation was sent to the House
taken, and would extend to every section of the United on the 14th inst. by the Judiciary Committee with a unaniStates. Not only is a sweeping inquiry into the causes of mous recommendation in favor of its passage. A resolution
the rising cost of foodstuffs contemplated, but the recent by Representative Campbell of Kansas would provide for
pinch in the coal supply and its resultant price advances also an embargo on boots, shoes and manufactured leather goods
will, in all probability, be made the subject of investigation. and a bill by Representative Sabath of Illinois is designed to
Department of Justice officials on the 6th inst. held all aid Federal employees to meet the situation by increasing
day conferences with members of the Federal Trade Com- from 10 to 20% the salaries of those earning up to $1,800
mission and District Attorney Anderson of Boston, in charge annually.
Four bills were introduced by Representative John J.
of the Department's investigation, to formulate a definite Fitzgerald of Brooklyn, New York, who will in all probability
plan of conducting the nation-wide inquiry. About fifty lead the fight for a food embargo in Congress. His bills
investigators of the Department's Bureau of Investigation provide:
That for one year there shall be an absolute embargo on exports of farm
were reported to be at work throughout the country gathering
products or manufactured foodstuffs.
data which will determffie the Attorney-General's course of
That the parcel post law shall be so amended that farm products not
action. The Inter-State Commerce Commission probably exceeding 150 pounds in weight may be shipped at the rate of 3 cents a
pound for the
will be called upon to aid by furnishing data relative to These rates offirst pound and 1 cent for each additional pound or fraction.
postage shall apply without regard to existing zone restricshipments of foodstuffs.
tions.
That inter-State shipment of foodstuffs, excepting butter, which have
With the program still in process of formation there were
been stored longer
increasing indications that officials were considering the articles of food are than ten months shall be prohibited. All cold-stored
to be branded with full information showing how long
situation from three angles, namely:
they have been in cold storage.
First—Determination of the actual causes of the rapid rise in foodstuffs
and coal, whether it was due to natural economic laws, to the unwarranted
action of individual dealers and producers in advancing prices, or whether
there exist agreements among groups of dealers or producers to boost
prices.
MA Second—Vigorous prosecution of persons or firms, if any, who by violation of existing laws, in making agreements to raise prices or otherwise,
have contributed to the upward trend of prices.
That the President at any time within two years after the passage of the
proposed law shall be empowered. "whenever in his opinion, because of
excessive prices, the public interests shall so require, to prohibit by Proclamation the exportation from the United States of all farm products,
fish, game, and manufactured foodstuffs, or such of them as he shall
specifically designate." The President may revoke such inhibition in
his discretion; otherwise it shall continue for one year following the proclamation.
•
2208
[VOL. 103.
THE CHRONICLE
Representative MoLemore of Texas introduced a resolution
to prohibit inter-State transportation of food products
except meats and fruits, that have been kept in cold storage,
over ninety days. A bill introduced by Representative
Sabath of Illinois would require cold storage warehouses to
file annual reports with the Department of Agriculture,
for publication on July 1, showing food products stored for
inter-State commerce. Representative Sabath introduced
another bill which *would direct the Attorney-General to
investigate the causes of unreasonable advance in prices of
foodstuffs, cotton goods or fabrics, wood-pulp, all kinds of
paper and coal, in so far as they are claimed to be affected
by any combination or conspiracy and report to Congress
what remedies should be advocated. Representative McKellar of Tennessee reintroduced his bill to regulate cold
storage of food. Representative Steenerson of Minnesota
proposed free admission of seed wheat to help the Minnesota
and North Dakota farmers. John R. Farr, Representative
from Pennsylvania, reintroduced his bill to provide for the
proclamation of an embargo upon wheat and its products
the moment the supply of the country on hand falls below
the ten year.average. The anti-embargo side of the controversy was represented by a resolution introduced by Representative Charles A. Lindbergh of Minnesota, saying that all
the trouble has been caused by "various subterfuges employed
by parasite speculators" who have made use of expanding
bank conditions to manipulate food prices.
Representative Emerson introduced a bill providing:
That It shall be unlawful for any person, persons, firms or corporations
whose business is to store eggs, moats or other perishable food products,
to hold said stored eggs, meats or perishable food products for a longer
period than three months.
Sec. 2. That when said goods are stored in such warehouse the date of
receiving shall be stamped upon the article or container and a report in
writing of the receiving of said goods and the quantity shall be made to the
Department of Agriculture.
Sec. 3. That if the person, persons, firm or corporation placing said
goods in said warehouse refuses to remove same and place the same upon
the market at the expiration of three months, or if said warehouse keeper
retains said goods in his warehouse longer than three months, then it
shall be unlawful for said warehouse keeper, or the said bailee, to ship
said goods out of said State in which they are stored, and said goods cannot be used in inter-State commerce, and, further, said warehouse keeper
and said bailee shall be further punished by being refused of using any
of their goods in inter-State commerce or shipping same out of said States
in which said goods are stored.
While it is understood that no attempt at legislation
designed to force the prices of foodstuffs or to control dealings
In foods will be made by Congress this year, various members
of both Houses are apparently intent upon continuing their
propaganda. Two resolutions were introduced in the
House on the 12th inst., calling upon Cabinet officials for
special information regarding the supply of wheat and sugar.
The resolution regarding sugar was sponsored by Representative Sabath of Illinois, and reads:
Whereas, The price of sugar, to the consumer, has increased nearly 100%
within the past twelve months;
And, whereas, The board of directors of the Groat Western Sugar Co.
announced that on Dec. 1 1916 a 42% stock dividend would be declared,
which dividend approximately represents $20,000,000;
And, whereas. An additional 50% cash dividend Is to be declared;
Be it resolved, That the Secretary of Commerce be, and he is hereby
directed to report to the House of Representatives at the earliest possible
moment, the amount of sugar produced in this country, the amount imported from other countries, the cost of production, the price paid by the
consumer and the number and names of the large sugar companies, refiners and importers.
The Secretary of Commerce is further directed to investigate and report
concerning any agreements or arrangements found to exist between the
various sugar concerns as to the production, importation and sale of sugar.
mittee. The general question of imposing an embargo on
outgoing foodstuffs is receiving close attention from those
vitally interested. The New Jersey State Grange meeting
at Atlantic City on the 7th •inst., placed itself on
record as unqualifiedly opposed to an embargo on foodstuffs
and disclaimed any responsibility on the part of the farmers
for the high cost of living.
In an address made on the 12th inst. before the convention of the Michigan State Grange, being held at Lansing,
Mich., Master of the Grange Ketcham attacked the food
embargo movement. He denounced any measure of this
kind which did not include an embargo on munitions. Resolutions of the Grange against a food embargo are expected
shortly.
•••••.1.
STATE MEASURES DIRECTED AT HIGH COST OF
LIVING.
Not only is the Federal Government taking means to investigate the abnormal prices of foodstuffs, but the different States are taking an active interest in food conditions.
In New York State Governor Whitman appointed on the
3d inst. a committee of five to investigate the causes of the
high cost of living and to recommend remedial legislation.
George W. Perkins heads the committee. The other members of the committee are State Senator Charles W. Wicks,
George W. Ward, S. J. Lowell and Clifford S. Sims. Another move was by Commissioner John J. Dillon of the State
Department of Foods and Markets, who on Dec. 1 ordered
the labelling of cold storage eggs plainly on each egg; this
order went into effect Dec. 12. At first resistance was made
by all egg dealers, but it was said that later approximately
90% of them began stamping their eggs. Commissioner
Dillon argued that by the stamping of the eggs the eggs
would go down in price, while the dealers insisted they would
go up in price because more help would have to be employed
for the stamping. An attempt was made on the 11th inst.
by two attorneys of the Mercantile Exchange to have the
order modified so that, instead of having to stamp the eggs
separately, the individual cartons containing the eggs be
stamped; this request was refused by Commissioner Dillon.
Previous to these developments Commissioner of Weights
and Measures Joseph Hartigan on Nov. 28 encouraged the
housewives of New York City in inaugurating a city-wide
boycott on eggs. Up to date it is claimed by the inspectors
of Commissioner Hartigan and Mrs. Heath of the Housewives' League that the price of eggs has been decreased ten
cents as a result of the boycott. It is claimed by them that
storage eggs are selling from 35 to 37 cents a dozen, which,
according to experts who have advised Commissioner Hartigan, is the price that the best quality storage eggs should sel
at normally. Plans were made to make the boycott nationwide, and reports from States out West show that boycotts are in effect.
At the Monarch warehouse Nov. 25 last John Dill Robertson, Health Commissioner of Chicago, with a corps of fifty
assistants, investigated the eggs held there to determine
whether the city ordinance providing against the holding of
eggs in cold storage longer than ten months was being violated. It was claimed, however, that of the 13,000,000
eggs held there by James E. Wetz, its owner, the earliest
consignment of eggs was put in cold storage by Wetz last
The resolution regarding wheat was introduced by Repre- March. Health Commissioner Robertson said that he would
sentative Farr. It provides:
hold for further investigation all eggs deemed suspicious;
That the Secretary of Agriculture be and he is hereby directed to inform
but the Monarch warehouse was given a tentative clean
the House of Representatives:
First, the actual supply of wheat, of wheat flour and of wheat products bill of health by him on Nov. 25. Other plants investigated
available on the first day of July 1916.
to and including Nov. 27 were the Chicago Cold Storage,
Second, the quantity of wheat or wheat flour and of wheat products up
the North American and the Western Cold Storage compaexported since July 11916.
Third, the quantity of wheat, of wheat flour and of wheat products for nies. The report submitted by Dr. A. J. Stokes, the chief
which contracts for export have been made for shipment during the four
food inspector, stated that from 16 to 25% of the egg stock
months succeeding Dec. 15 1916; and
in possession of the Department of the quantity of examined was suspicious.
Fourth. estimates
wheat, of wheat flour and of wheat products required for consumption in
the 'United States, including seed wheat and for all other purposes.
It is not expected that immediate action will be taken by
Congress, but that ample opportunity will be given to the
Department of Justice to do what it can in the meantime
toward palliating the situation. It was announced by
Representative Adamson, Chairman of the House Committee on Inter-State and Foreign Commerce, which has
been holding hearings on some of the food bills introduced
In Congress and referred to it, that after two hearings
scheduled for the 14th and 15th instant, the Committee
would adjourn until after the holidays. On the 5th inst.
Senator Martine of New Jersey, introduced an embargo
resolution which was referred to the Foreign Relations Com
UNITED STATES FACTORIES IN CANADA.
The "Monetary Times" of Toronto in its issue of Dec.9
contained an article under this caption showing an investment of $150,000,000 in that way. Our contemporary finds
that about 50 branch establishments of United States firms
have been established in Canada since the outbreak of war.
Most of these have come to Ontario, several to Quebec
Province and a few to Western cities. With an average
investment conservatively estimated at $300,000, these 50
plants represent a new investment of $15,000,000 in that
country. Prior to the war there were about 450 such companies in Canada, the "Monetary Times" says. With a
DEC. 16 1916.1
THE CHRONICLE
similar average investment, the total is $135,000,000, and
with the companies which have come here since the war, the
grand total of American investment in Canada is
$150,000,000.
Among the United States companies which have established branches since the war commenced, are makers of
the following: Railway accessories, overalls, chemicals,
silverware and flatware, automobiles, horse-shoes, steel
goods, patent medicines, spices, soaps, perfumes, glue, beet
sugar, pumps, greenhouses, railway signals, fuses, boxes,
spreaders, silk gloves, stockings, tires, steel, steel products,
canned goods, automobile varnishes, belting, store counters,
explosives, pulp and paper, sewing machines, aloxite and
other abrasives and electric furnace products, grain and
elevator machinery, silk and chamoisette gloves, refined
nickel and cottonseed oil products.
Of the total of United States investments of $978,000,000
in the Dominion, $150,000,000 is represented by branch
plants. Until 1914, this was the largest item in the list of
United States investments here. Since then, Canadian
securities have been sold in the United States in far greater
volume than hitherto, and consequently that item now represents the largest United States investment in Canada, branch
establishments coming second.
The largest number of branch plants of United States
companies in Canada is located, it is stated, in Ontario,
although there is a tendency to utilize Western Canadian
points to a greater extent. At least twelve United States
manufacturers of agricultural and farm implements have
branches in the Dominion and about as many makers of automobiles. In the latter case, the parts are usually imported
separately and assembled in the Dominion. Several United
States manufacturers of chemicals, drugs, patent foods and
cereals have factories or distributing houses on the Canadian
side of the international line. A large number of firms manufacturing and supplying various machinery,fittings and plant
are also doing business in Canada in a similar way.
Since informal discussion in various quarters has been
heard as to the possibility of favorable tariffs among the
Allies and the Dominions after the war, there has been an
impetus given to the movement of United States branch
plants to Canada, and a number of inquiries continue to be
made by United States firms with a view to their establishment in the Dominion. In the event of favorable tariff treatment as between the Allies and the Dominions, these United
States manufacturers in Canada, the "Monetary Times'
asserts, expect to be regarded as Canadian manufacturers
and thus entitled to the benefits of any such favorable tariff
legislation. These firms are now in a position to cater at
close range to the demands of the Canadian market and hope
also to be in a position to handle some or all of their export
trade from their Canadian factories, under present or revised
tariffs of various countries.
-WAR PROBLEMS AS VIEWED BY DR.
AFTER-THE
EDWARD EWING PRATT.
In 'discussing "After-the-War Problems" before the
Southern Commercial Congress at Norfolk on Wednesday,
Dr. Edward Ewing Pratt, Chief of the Bureau of Foreign
and Domestic Commerce, of the Department of Commerce,
alluded to the violent readjustments in the social, political
and economic life of the nations of Europe now in progress.
Pointing out that on the economic side these adjustments
offer us opportunities for profitable service, he urged that
we be prepared as a nation to take advantage of these opportunities. In seeking to show first what these needs are as
regards physical construction; and second, that the United
States is the one nation best able to satisfy these physical
needs, Dr. Pratt stated that Europe's most serious needs
after the war may be grouped under four heads: First, capital;
second, capital equipment, such as buildings, railways,
ships, &c.; third, raw materials with' which to commence
manufacturing; and fourth, growing out of the higher costs
of production, a need for time- and labor-saving machinery.
He added:
We shall in all probability be called upon to let the nations of Europe—
certainly Russia, France and Belgium—have the use of our capital, if they
are to purchase our products. In other words, if Russia is to buy from us
the rails, locomotives, cars and other equipment needed to extend her
transportation system; if France and Belgium are to import from us the
iron and steel, wood and timber, machinery and raw materials necessary
to enable them to resume their normal industrial life, we must be prepared
to continue making loans and advances to those countries. We shall
probably have to give purchasers in Europe one or two years' time in which
to realize a turn-over out of which our invoices are to be paid. But these
loans will be for purposes of peace instead of war; for reconstruction rather
than destruction. Our loans will be against gradually increasing securities
2209
rather than as at present against slowly diminishingresources.national and
rndividual.
i In England, Germany and Italy, on the other hand, we must remember
that there has been no great destruction of such capital as is represented
by factories, railways, telegraph and telephone lines; that fixed capital
and manufacturing plants are unimpaired except for the deterioration
caused by the straining of capacity to the utmost and the inability to make
repairs at proper intervals. In England there has been an almost complete
cessation of building activity except in the construction of temporary
wooden structures for the housing of workmen in busy munition centres.
We may reasonably expect, therefore, that when the war ends there will
be a demand in the United Kingdom for such construction woods as southern pine and for hard woods.
In England,. also, as occasion arises, for the replacement of worn-out
or antiquated machinery and equipment, we shall probably see a demand
for the most up-to-date time- and labor-saving machinery. The war
has shown England the need for scrapping a large part of her present industrial equipment. In many cases it was old-fashioned and,from a scientific
point of view, altogether uneconomical in operation. The withdrawal
of skilled men from the factories and shops has compelled the substitution
of"fool-proof" machinery,since it had to be operated by unskilled men, and
in many cases by women and young men who had not served in apprenticeship. The generally increased costs of production in Great Britain,
due to higher wages, higher taxes, higher interest rates, and currency
inflation, will also have the effect of creating a demand for the labor-saving
machinery in which the United States leads the world.
As to the position of Germany, we do not have the information to enable
us to say in advance just what her needs will be, but we know that there
has been no destruction of her manufacturing plant. It SOCrils safe to
say, however, that the stocks of material are low in Germany and that as
soon as the war is over that country will call upon neutral nations for such
articles as she does not produce at home. It seems also safe to say that
her most serious loss in industrial efficiency is her loss of man power, which
must be replaced by labor-saving machinery.
In spite of statements to the contrary, and in spite of fundamental
economic laws, the belligerent nations will not, I believe, for sometime after
the war, trade with one another except in so far as they can not obtain
elsewhere the articles which they need. In such cases it is more than
likely that the business will be handled for a time at least through neutrals.
The United States is the one nation which will be able to sell to all the
belligerents alike, since we are the only nation which is likely to have any
surplus of capital and because we are likely to be the only nation which
can extend credit to the extent required. We are the only nation which
is sufficiently developed as a manufacturing nation to supply the modern
time- and labor-saving machinery for which we anticipate a demand from
England, France, Belgium and Russia. We have the raw materials.
Dr. Pratt then went on to emphasize certain responsibilities and certain dangers that will accompany these
after-the-war opportunities, and the necessity for improved
banking facilities in carrying on foreign trade. He also
emphasized the necessity of buying from Europe if we
expect to sell to them. The history of this war, it was held,
has shown the American business men that foreign trade is,
after all, only an exchange of goods. As soon as normal
conditions are restored there will be a drive directed upon
the purchasing power of this country in the shape of increased
exports from Europe and decreased imports into Europe in
an effort to turn back the stream of gold which has been
flowing towards the United States for the last two years.
This, the speaker held, is absolutely necessary in order that
Europe may regain control of the basis for its own retarded
commercial expansion. In conclusion Dr. Pratt said:
On the whole I am optimistic as to the outcome of this commercial
conflict which will follow the war. I believe that individual manufacutuers
of the United States will be better able to compete with individual manufacturers of Europe than ever before, and that our costs and prices will
more nearly approximate European costs and prices than ever before.
I am also optimistic because I believe that the United States as a nation
will take effective measures and will make the necessary provisions to
enable us, as a nation, to compete effectively with whatever methodsand
alliances may be developed in Europe.
JOHN CLAUSEN ON FOREIGN TRADE PROBLEMS
AFTER WAR.
"The Influence of Banking Upon Foreign Trade" was
discussed this week (Dec. 11-14) by John Clausen, Manager
of the foreign department of the Crocker National Bank of
San Francisco before the Southern Commercial Congress
at its annual convention in Norfolk. "Every year of peace"
said Mr. Clausen,"means increasing power and strength and
there can be no doubt that our prosperity—although accelerated by the gigantic war among the peoples of the old world—
is real and great and has its origin at home in this land
of immense wealth and natural resources." In spite of our
augmented wealth and expansion in trade, Mr. Clausen
contended, we are peculiarly liable to suffer unless our business men and bankers begin to realize some of the economic
difficulties which are now and will become even more pressing
at the conclusion of the war, necessitating firm and original
methods of treatment. In part, he continued:
We must be in position to adequately finance and carry on our greatly
extended system of home industry and foreign commerce. No one can
doubt the value of international trade and finance. While the United
States is perhaps best able to fashion itself to meet with equanimity the
great readjustment which is bound to come—if, to preserve our prosperity,
we do not accept the present unexampled opportunity, and apply ourselves
wisely and properly to the new order of things that loom beyond the day
of peace, we shall be guilty of great neglect.
There has been much discussion regarding the financial assistance available for American traders in their relations with foreign countries and to
those who take a farsighted view of the situation with the power of perception and intellect, it appears that we as a nation are still inclined to
2210
THE CHRONICLE
[VOL. 103.
pride ourselves upon our isolation and ability for self-sufficiency in thought. you please, equalization of world's wealth—it is with a comfortable foolNo measure has been of greater importance, as affecting not merely the ing of assured strength that the United States may face the situation not
local financial conditions in the United States but the entire situation alone because of any stock of gold, but especially on accountofthe powerful
from an international standpoint, than the Federal Reserve Act. Its advantage which its possession accords and enabling our exercising same
facilities for branch banking in foreign countries especially, and the privi- even after the war ends—at least for the time it may take Europe to reduce
leges granted for bank acceptances, accord a great improvement of system our gold holdings—in reaching out and retaining the plane of vantage
in our local and international relations, likely to give the United States which rightfully is ours in world commerce.
greater power in foreign trade. One of the difficulties of intelligently following the various provisions of the new Bank Act unquestionably lies in the BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Imperfect comprehension which exists—even in banking circles—with
regard to what the Act is intended to supersede and improve.
The sales of bank stocks at the Stock Exchange this week
The banking element in our country should deal with these problems aggregate 42 shares. No sales of bank or trust company
may be given to make the
as seriously as is deserving and seek what help
purpose of the law concrete facts by the scientific employment of capital stocks were made at auction.
Low. High. Close.
Last previous sale.
In the shape of organized facilities, which in turn react to the benefit of Shares. BANK—New York.
193M 193ji Dec. 1916— 193M
the public from the operation of a well regulated and uniform banking 42 Nat. Bank of Commerce_ .._ - 190
system.
Just now we are living in an epoch of great prosperity—in a way artiAt a meeting of the Board of Managers of the New York
ficially stimulated by the demand for materials from the nations at war—
and our present position is acclaimed one of great strength and possi- Cotton Exchange on Dec. 13 it was decided to pay to the
bilities. Whether the advance will be maintained depends largely on the employees of the exchange bonuses ranging from 5% to 15%
skill and acumen of our bankers to wisely use their money power, and upon
the foresightedness of our merchants to strive for a greater diversifica- of the yearly salary, in recognition of the prevailing high
tion of exports and markets.
cost of living. The bonuses are to be added to the emIf we can so develop our foreign trade—lend capital to needy countries ployees salary until the end of May, 1917, when the life
and make them prosperous by producing more largely—we are notmerely
forwarding our own interest, but contributing to the welfare of mankind of the present board of managers ends. The bonuses have
at large. Every consideration and self-interest urges us to comply with been so arranged that all employees receiving yearly a salary
the invitation.
15%; those having a yearly
The real object towards which we in common with other nations should of $1,000 and under will get
aim, is to make ourselves more efficient and with increasing knowledge salary of more than $1,000 and not more than $1,999 will
and skill, train all classes to intelligent labor.
receive a bonus of 10%, while those whose annual salary
Our commercial and financial organizations have grown up without
is over $1,999 and not more than $2,499 will be paid a bonus
much system and it is time that we departfrom the old practice in adopting real activities along new and improved lines. Everything that will of 5%.
add to the ability of this country to hold its rightful position in foreign
trade should be encouraged and developed to the utmost of human enThe employees of the National Bank of Commerce in New
deavor.
A study of the commercial organizations in European countries suggests York have just issued the first number of "Commerce Monththe desirability of manufacturers and producers here enjoying the right ly," a magazine edited and published by them and devoted to
of participating in possible export combinations. Co-operative associations, organized to increase the scopo of American export business would, their interests. It is the purpose of "Commerce Monthly',
as well, facilitate a helpful and necessary growth of our home industries. to develop co-operation among the several hundred clerks of
Such influences have very largely moulded the economic developents of
the institution, to encourage thrift, to establish the foundaother nations.
The more successful countries— and in this may be included the indi- tion for an educational impetus and especially to provide a
vidual—are those at pains to apply scientific study and knowledge to the medium for the exchange of ideas among the clerks as well as
problems with which they are most intimately associated.
their mutual welfare. Following these precepts
It is requisite that there should be adequate banking accommodations to promote
If we are to take over the increased trade with all parts of the world. It the first issue includes in its dozen pages a review of the career
would be well to study the objects of the proposed new "British Trade of James S. Alexander, President of the National Bank of
Bank" as also the Banco Espanol de Comercio Exterior (Spanish Bank for
Foreign Trade), now in process of formation for the purpose, as their Commerce, in New York, an instructive article by John E.
names imply, of fostering the commerce of their respective countries, and Rovensky,foreigh exchange expert and Vice-President of the
these institutions when organized and operated under effective manage- bank, and numerous other write-ups and comments upon the
ment and with the power to base on their capital forceful systems of credit
in the shape of acceptances, should soon have the nucleus of a large foreign activities of the bank, of the clerks, and of the Commerce
business. These plans afford a striking example of the necessity for early Club, an organization of the bank's employees.
and adequate preparation to advance our international trade relations.
Investment and trade are closely associated with the well-being of
The Chase Bank Club (the membership of which includes
commerce and it is of the greatest importance to recognize that British
oversea banks alone have capital exceeding 500 million dollars, as against officers and clerks of the Chase National Bank) will dine at
only 5 or 6 million dollars so invested by North American interests.
the Hotel Astor this evening. A. Barton Hepburn, ChairOver and above all, we have the need to build up and retain a favorable
trade balance with Europe especially, because of an accumulated gold man of the Bank's Board of Directors, and Albert H. Wiggin,
supply such as has never been experienced before, and this in itself may President of the Bank, will address the gathering. After
throw obstacles in the path of our commercial prosperity with theoutsido
the dinner the Club will attend the performance at the Hipworld.
From statistics we learn that since the beginning of the European war podrome.
•
the gain in our supply of gold approximates 850 million dollars,which, with
the normal production has brought our gold stock to the stupendous figures
Many more financial institutions in addition to those
of 2,700 million dollars.
The first step taken by our European contemporaries after the war heretofore mentioned by us, continue to announce their
will no doubt be that of attracting gold to re-establish their financial intention of paying to their employees bonuses to aid them
prestige. This can, of course, best be accomplished by again building in meeting the high cost of living.
The National City Bank
up the commerce which they have temporarily neglected and so endeavoring to create an increase of exports over imports with the United States, of New York on Dec. 12, announced its decision to pay to
if it should be that the bulk of the world's gold supply is still held here.
employees who have been in the employ of the bank for a
Support of the most effective nature should be lent in the recommendathan $4,000 per annum,
tion for more intelligent application of credit. Our problems do not seem year, and who are not receiving more
so much that of retaining the presentstock of gold and gaining the remainder a bonus equal to 20% of their year's salary. The bonus is
of the world's supply, but rather that of creating and maintaing after the to be distributed in three installments, the employees
war a favorable trade balance—and in our ability to solve thatproblem lies
and will receive 5% on April 1 and
the solution whether the European war will leave this country richer or received 10% yesterday,
5% on July 1. More than 1,000 employees, it is said, will
poorer.
Since the war began the United States has loaned to foreign nations share in the distribution, including the employees of the
over 1% billion dollars—repurchasing our securities at the rate of 100
million dollars in market value a month, and it is estimated that at this International Banking Corporation, an affiliated institurate it would take but another year or two for complete liquidation of our tion of the city bank.
indebtedness to Europe.
The directors of the First National Bank of this city have
Whatever the motive, a large part of the neutral population are almost
as much employed for warlike purposes as the belligerent peoples, and the set aside a sum from which will be paid to employees an
financial obligations incurred as a result of the present war have increased amount equal to 20% of their yearly salary.
enormously.
The Harriman National Bank of this city, in view of the
An appreciable portion of these expenditures will necessarily result in
a destruction of capital and this will in future have a very important bear- prevailing high cost of living, will distribute a percentage
ing on many of the world's problems. There will be general liquidation of its year's earnings—to its old employees 16% of their
—I may say world-wide liquidation—which might necessitate Europe's
salaries for the year, and to the junior clerks from 11% to
• selling—not pledging—her foreign-held securities, of which Great Britain
Is estimated to hold in Latin-American investments more than 5 billion 14% of their year's salary, based upon term of service.
dollars and in Canadian obligations, exclusive of mortgages, 236 billion
,
Employees of the National Bank of Commerce in New
dollars. While such securities may not come into immediate consideration because of the uncertain and presumably rising income tax, the York will receive a percentage of their yearly salary to help
obligations of this country held abroad—of which in railways it is esti- defray the high cost of living. Those receiving up to $2,000
mated that Great Britain alone owns more than 2Y.6 billion dollars, will as per annum will receive 16% and those from $2,000 to
far as we are concerned, be the first problem presented to our investing
$4,000 12%. Disbursements are to be made in five equal bielement for solution.
This country produces more than it consumes and for this reason prin- monthly installments, beginning Jan. 31 next.
cipally—with a consequent large and favorable trade balance resulting
The Seaboard National Bank of this city yesterday distherefrom—are we able to draw and retain the gold that Europe isnow
forced to relinquish for carrying on its war, which if continued, would tributed to its employees 10% of their annual salary, and
no doubt eventually cause London to retire from its enviable position as the an insurance policy equal to a full year's salary.
great free gold market of the world.
The Mechanics & Metals ,National Bank, of this city,
However, with all the uncertainties in conditions prevailing at present
and likely to continue—admitting a state of universal liquidatin, and if yesterday announced that it will give its employees a bonus
DEC. 16 1916.]
THE CHRONICLE
ranging from 5% to 15% of their salaries, determined by
the amount of the yearly salary and length of service.
The directors of the Citizens Cental National Bank, of
this city, have voted, in addition to substantial increases
in the salaries of its employees, a 10% bonus on their yearly
salaries,5% of which is to be paid at the present time, and
5% the middle of 1917.
The Corn Exchange Bank, of this city, yesterday distributed by checks its usual 10% bonus to employees.
About 600 employees benefited by the distribution, which
was determined on their yearly salary.
The directors of the United States Mortgage & Trust Co.
of this city have authorized the payment of a bonus of 10%
of the yearly salaries to its employees. The Board has also
authorized the further payment of 123/2% of the annual
salary of employees receiving $1,800 or less, and 10% to
those getting more than $1,800 a year. This will mean a
distribution of 20% to the higher paid employees of the
company and 223/2% to those receiving less than $1,800
a year.
The Liberty National Bank of this city has announced
that its employees will receive an additional 10% of their
yearly salary to offset the high cost of living.
The Broadway Trust Co., of this City, announced through
its President Frederic G. Lee on Dec. 14, that the Directors
of the company have authorized the distribution to employees
of a bonus of 10%, the amount in each case being governed
by the length of service and salary of the employees. The
Board has also arranged to insure the lives of all employees
who have been on the pay-roll for one year or longer, the
premium to be paid by the company. Employees who have
served from one to five years will be insured for $500 each:
those who have served from five to ten years will be insured
for $1,000, and employees who have been with the company
for 10 years or more will be insured for $1,500. As the period
of employment increases it is planned to increase the insurance. The company reserves the right to terminate the
insurance plan at any time. A savings fund has been provided by the company, from which employees who havebecome financially embarrassed may confidentially receive assistance in the form of loans, re-payable in installments out
of their salary.
The Broadway Trust Co. has also given an increase in
salary to all employees.
The New York Title and Mortgage Co., of this City, has
announced that it will distribute a bonus to all its employees
and junior officers, on a sliding scale, based on the length of
service and the salary received. The bonus ranges from
1 to 10% of the annual salaries, and will be given to all who
have been in the company's service for six months or more.
The Empire Trust Co. of this city has voted a•special
bonus to its employees, which with the profit sharing plan
2
inaugurated several years ago, will total about 123/% of
their annual salaries.
The Transatlantic Trust Co. of this city has announced
its intention of giving to its officers and employees a bonus
of 10% of their yearly salaries. The directors at a meeting
on Dec. 12, also voted to stockholders the regular semiannual dividend of 3% and an extra dividend of 2%.
The Franklin Trust Co. of Brooklyn has announced a
profit sharing plan in which all of its employees will participate. The distribution is based on a percentage of the net
earnings for the year, and it is understood will amount to
about 15% of each employees yearly salary.
The Bank of Flatbush of Brooklyn Borough, has decided
to pay a banns to its employees, the amount to be distributed
in each case being proportionate to length of service.
The directors of the Mechanics' Bank of Brooklyn have
declared a substantial cash bonus to each of the bank's
employees. The bonus will be graduated in amount according to length of service. A general advance in the
salary of each member of its staff, effective Jan. 11917, has
also been provided for by'the directors of the bank.
The Union Trust Co. of Baltimore, Md., on Dec. 13,
distributed to its employees 20% of their annual salary.
Every employee of the institution participated in the gift
of the company.
The directors of the Potter Title & Trust Co.of Pittsburgh,
Pa., have declared a bonus to be paid to the officers and
employees of the company in recognition of the faithful and
efficient services rendered during the past year.
The Citizens National Bank of Louisville, Ky., has decided to award to its employees a full month's salary, in
view of the advancing prices in the necessaries of life.
2211
The employees of the Mercantile Trust Co. and the Mercantile National Bank of St. Louis, Mo., will receive a
month's salary as a Christmas bonus, instead of one week's
salary which has heretofore been distributed, according to an
announcement made on Dec. 11 by Festus J. Wade, President of both institutions. The bonus is said to have been
decided upon "in recognition of the faithfulness of all employees."
Justices Edgar W. Cullen and George L. Ingraham were
elected to the directorate of the Equitable Life Assurance
Society of America at a special stockholders' meeting on
Dec. 6, to succeed William C. Redfield and Henry W. De
Forest, whose terms expired. The following were re-elected
to the directorate for a period of four years: Abraham Brit
tin, Edwin W. Robertson, Richard MacLaurin, Charles H.
Zehnder, Victor J. Dowling, Jacob G. Schmidlapp, Alfonso
De Navarro, George T. Wilson, Bradish Johnson, Richard
H. Williams, John B. Lunger, Sir Edmund Walker and
Evans S. Pillsbury.
The National City Bank of New York announced on Dec.
12 that it had decided to adopt a system of management
similar to that under which many of the large European
financial institutions are conducted, that is, to designate
a board of managers whose duty it will be to co-operate with
the President in the management of the bank. Under the
plan, which has been tentatively in effect during the past
year, Vice-Presidents W. A. Simonson, Samuel McRoberts,
James A. Stillman, Charles V. Rich and James H. Perkins
have been chosen as a Board of Managers of the bank. One
of the five will be known as the General Manager of the bank,
a rotating office. Mr. Simonson has been chosen to hold
that office first, for a period of one year. He will be followed
in turn by each of the other managers, one of his functions
will be to act as President of the bank, during Mr. Vanderlip's absence, assisted by his associates. The five managers
will relinquish their positions as Vive-Presidents, but no
successors have as yet been chosen
John E. Gardin, Vice-President of the National City
Bank of New York was chosen chairman of the board of
directors of the International Banking Corporation at a
meeting on Dec. 14. The new directorate of the International consists of the following: William T. Hicks, Guy
Cary, D. S. Iglehart, Arthur Kavanagh, William S. Kies,
Samuel McRoberts, Willard D. Straight, R. L. Farnham,
John E. Gardin, H. T. S. Green, Lionel H. Hagenaers,
E. W. Harden.
The retiring directors are George H. Church, Jules S.
Bache, Oliver Carter Macy, Valentine P. Snyder and M.C.
Kieth. The other officers of the International Banking
Corporation are as follows: H. T. S. Green, President and
General Manager; Lawrence M. Jacobs, Vice-President and
Treasurer; B. Duis, Manager of the Foreign Exchange
Department; L. I. Sharp, Cashier; M. D. Curry, Assistant
Cashier, and P. W. Jones, Secretary.
William L. McKee formerly Assistant Cashier of the National City Bank, has been elected Vice-President of the National City Co. Mr. McKee's broad experience in the bond
business, which includes his former connections with Harris,
Forbes & Co. and Harrison Williams, in addition to his association with the bond department of the National City Bank
particularly equips him for this important position.
John J. Lewis, heretofore Assistant Secretary of the
Guaranty Trust Co. of New York, and Harold Stanley of
the bond department, have been chosen Vice-Presidents of
the company. William Bradley, Assistant Treasurer, has
been appointed Manager of the bond department. He will
retain the title of Assistant Treasurer.
The Fifth Avenue office of the company,and the Guaranty
Safe Deposit Co., beginning Monday next, will be located
in the new Postal Life Building at the southeast corner of
Fifth Avenue and 43d Street. The Guaranty Trust has
purchased the property at the northwest corner of Madison
Avenue and Sixtieth Street, valued at $500,000, as a site
for another uptown branch office. The present dwelling
is to be demolished and a two-story banking structure,
costing approximately $100,000, will be erected by the
company. The Guaranty Trust, it is said, has had a 21
year leaselon]the property.
to.;4
2212
THE CHRONICLE
James M. Rhett has been chosen Manager of the bond
department of the Equitable Trust Co. of this city, to succeed
Morris K. Parker, who, as noted in our issue of Dec. 2,
has been elected a Vice-President of the company, in charge
of the bond and investment departments. Mr. Rhett has
long been connected with the investment business, having
previous to his connection with the Equitable Trust, been
associated with R. L. Day & Co. and Kean, Taylor 84, Co.
The Farmers Loan & Trust Co. of New York, Paris, London and Berlin, Edwin S. Marston President, is to-day publishing its bank call statement as of Nov. 29 on another page.
On this date the deposits of this international company were
$170,956,346. Surplus and profits $8,628,127 in addition
to $1,000,000 capital and aggregate resources $191,310,402.
The market value of its bonds and stocks was $16,137,766.
Other investments (short term) had a market value of $32,086,096; bills purchased $43,906,478, loans $41,659,995,
bonds and mortgages $1,818,140, real estate $3,615,000,
cash on hand and in bank $43,127,566, liability of customers
for acceptances $8,097,942 and accrued interest $861,419.
The New Netherland Bank, 41 West 34th St., this city,
3. Adams Brown, President, reports $5,500,000 deposits for
the last bank call as of Nov. 29, an increase of three quarters
of a million dollars over a year ago. The institution pays
dividends of 8% upon its capital stock.
[voL. 103.
delivered to the trust company. The total amount which
the International Trust sought to recover was $172,000.
Justice Callaghan of the Supreme Court on Nov. 28 asked
Superintendent of Banks Richards, with a view to repaying
the depositors of the Borough Bank as early as possible,
to compile a list of the defunct banks assets, in order that
appraisers may be selected by the Court to determine the
minimum price at which the properties should be sold at
auction. The lawyers in court, who represented the Depositors' Association and the State Banking Department,
it is said, approved of Justice Callaghan's plan and announced
their intention to co-operate with him in bringing the prolonged affairs of the Borough Bank to a close.
Edward M. Grout, ex-Comptroller and a former President
of the defunct Union Bank of Brooklyn Borough, against
whom a conviction for perjury was reversed by the Appellate
Division of the Supreme Court in Brooklyn on Nov. 18,
as reported in our issue of Nov. 25, was reinstated by the
Appellate Division on Dec. 8 as a practicing attorney, with
the privilege of resuming his practice at once. Grout was
dismissed from the roll of attorneys in December 1915,
following his conviction on a charge of pejury, in swearing
to Union Bank statements alleged to be false. The Court
also signed an order submitted by Mr. Grout which puts
into effect the reversal of the conviction ordered on Nov.
18. A brief, submitted by the District Attorney's office,
for the purpose of obtaining permission to take the Grout
case to the Court of Appeals was not signed by the Court.
The Corn Exchange Bank, of this City, has decided to
open a branch at 166th Street and Broadway. The new
branch will be known as the "Audubon Branch," and will be, At the annual meeting of the stockholders of the Oyster
the thirty-eighth of its kind to be operated by the Corn Ex- Bay Bank of Oyster Bay, L. I., to be hold on Jan. 9, a
resolution, it is said, is to be offered to increase the capital of
change Bank.
the bank from $50,000 to $100,000, and to change the par
John Kelly Cilley, a former President of the old Ninth value of the stock from $50 to $100 per share. The directors
National Bank of this city, died on Dec. 5. Mr. Cilley was it is stated, have declared a dividend of 4% on capital stock,
President of the Ninth National from 1893 to 1901. The free from tax, payable on and after Jan. 1 1917.
Ninth National Bank was merged with the Citizens, now the
Citizens Central National Bank, in the latter year.
The new Southside Safe Deposit & Trust Co. of Paterson,
N. J., it is said, expects to open for business the first of
Jacques S. Halle, senior membel• of the Stock Exchange the new year. At a meeting of the stockholders of the
firm of Halle & Stieglitz of this city, died on Dec. 1. Mr. institution on Nov. 23 the following officers were elected:
Halle was in his fifty-second year; he had been a member President, Thomas F. McCran; Vice-Presidents, John
of the Exchange since 1887. He served as a member of its Hollbach, Thomas J.Arnold and George H.Burke; Secretary
Governing and Arbitration committees, but was forced, and Treasurer, Charles A. Bergen. The company will begin
because of illness, to resign from the former committee on business with a capital of $100,000, and surplus of $50,000.
Approval by the State Banking Department of its application
Nov. 22.
to organize was noted in our issue of March. 11.
The First National Bank of this city has declared an extra
dividend of 20% in addition to the usual quarterly distriStockholders of the Manufacturers' & Traders' National
bution of 7%, both payable Jan. 2, to holders of record Bank of Buffalo, N. Y., at a meeting on Dec. 5 voted to individend of 3% on the stock of
Dec. 31. The quarterly
crease the capital from $1,000,000 to $2,000,000. The inthe First Security Co. as payable at the same time.
crease follows the absorption of the Third National Bank of
Buffalo, which went into effect Oct. 28, as noted in our issue
The Mutual Bank of this city has declared an extra divi- of Nov. 4. The Manufacturers' & Traders' National is now
dend of 6% in addition to the regular semi-annual dividend one of the largest banks in Buffalo, having surplus and profits
of 7%, both payable Jan. 2, 1917, to holders of record Dec. of over $1,850,000 and deposits of over 0,000,000. Harry
18. This is the first extra distribution made on the stock T. Ramsdell is President.
of the bank.
William Crawford Barry, President of the Rochester
The Transatlantic Trust Co. of N. Y. has declared a
dividend of 3%, and an extra dividend of 2%, Trust and Safe Deposit Co., of Rochester, N. Y., died on
semi-annual
of the firm of Ellwanger & Barry,
both payable Jan. 1, 1917. The previous dividend was Dec. 12. He was head
Inc., and the Ellwanger & Barry Realty Company. He
3%, paid June 30, 1916.
was a Vice-President of the Lincoln National Bank of
of this city has Rochester, and a director of the Monroe County Savings
The Chatham & Phenix National Bank
declared a quarterly dividend of 3%, payable Jan. 1, 1917, Bank.
to holders of record Dec. 19. This places the stock on a
At a meeting of the trustees of the Middletown Savings
12% per annum basis as against 10% paid previously.
Bank of Middletown, Conn., on the 4th inst., Frank H.
Frissell was elected a trustee in place of the late George A.
The International Trust Co. of this city has been awarded
Coles; ex-Governor Frank B. Weeks was elected President;
a verdict by a jury before Justice Platzek in the Supreme Frank C. Smith, a Vice-President; and Frank A. Coles a
Court, this city, for $25,120 against William Gow, and for director. The directorate now consists of Frank B. Weeks,
$5,000 against John S. Jenkins, who as directors of the President; Heman C. Whittlesey and Frank C. Smith, Vicenow defunct Borough Bank of Brooklyn are alleged to have Presidents; Henry L. Mansfield, Frank D. Haines,Earle C.
sold to the International Trust, which they then controlled, Butler and Frank A. Coles.
3,000 shares of the stock of the bank for $200 a share, which
was then selling in the open market for $130. The other
defendants, Nelson B.Burr, Stanley E. Garrison, William
At a meeting of the directors of the Exchange Trust Co.
Maxwell and Fred Doolittle, in the suit were exonerated by of Boston on the 12th inst., the regular quarterly dividend of
the jury. Evidence. presented at the trial is said to have 1M% was declared, payable Jan. 2 1917 to stockholders of
shown that of the 3,000 shares of Borough Bank stock pur- record Dec. 26 1916.
chased by the International Trust but 2,552 shares were
DEC. 16 1916.]
THE CHRONICLE
At the annual meeting of the stockholders of the First National Bank of Boston, Mass., to be held on Jan.9, the proposition to increase the bank's capital will be acted upon. The
plan recommended by the directors calls for an addition of
$2,500,000 to the capital, raising it from $5,000,000 to $7,500,000; the new stock (25,000 shares) will be offered to the
present shareholders at $300 a share. It is to be payable
April 2 1917. The surplus of the bank will be increased as a
result from $10,000,000 to $15,000,000. The action of the
directors, it is pointed out, is in furtherance of the bank's
policy to maintain a ratio between capital and liabilities
which would make the bank one of the strongest financial
institutions of the country. The First National has deposits
of over $124,000,000. The enlarged capital, it is said, will
not necessitate a reduction in the bank's dividend rate, the
purpose being, it is reported, to maintain present dividends
of $16 per share. The bank is headed by Daniel G. Wing as
President.
Charles R. Batt, President of the National Security Bank
of Boston, Mass., and a well-known figure in the city's financial circles, died on Dec. 9. He was seventy-four years of
age.
Josiah Quincy Bennett, prominent banker and President of
the Cambridge Electric Light Co., died on Nov. 29, in his
sixty-second year. Mr. Bennett entered the banking field
as a messenger and later became Cashier of the Market
Bank of Boston. Subsequently, he became President of the
Mercantile Trust Co. He had always been interested in
electrical industries, and later founded the Cambridge
Electric Light Co., of which he was President. He was
also President of the Commonwealth Gas & Electric Co., the
Commonwealth Light & Power Co., the Athol Gas & Electric
Co., the Marlboro-Hudson Gas Co., and the Marlboro
Electric Co. He was also Treasurer of the Boston Brick
Co., besides being connected with many other business
organizations.
2213
Frank T. Williard, heretofore in charge of the trust department of the Citizens' Trust & Savings Bank of Columbus,
Ohio, has been chosen Assistant Cashier, Secretary and
Treasurer of the institution to succeed Herbert B. Halliday, who has resigned to become associated with Charles
H. Neil, in the management of the Ironsides Company.
Mr. Williard has been connected with the Citizens' Trust
& Savings Bank for the past nine years.
The defunct Paisley banks of Chicago, Ill., have assets
of $102,000 and liabilities of approximately $500,000,
according to a report recently made by referee in bankruptcy Eastman to Charles H. Wells, representing the Chicago Title & Trust Co., as trustee. The W. H. Paisley &
Sons' three banks, one known as the North Shore Savings
Bank, of 5545 Broadway, another as the Grace Street
branch of the North Shore Savings Bank at Halsted and
Grace streets, and the third, the Summerdale Savings Bank
of 5203 North Clark Street, were closed in September, as
reported in our issue of Sept. 30, as a result of an investigation instituted into private banking concerns by State
Attorney Hoyne.
The Central Trust Co. of Illinois in Chicago was appointed
trustee to represent creditors of the defunct bank of Harry
A. Dubia, known as the Industrial Savings Bank, at a
meeting of the creditors on Dec. 4. The bank conducted
business at 2007 Blue Island Avenue, Chicago. It is said
to have assets of about $350,000 as against liabilities of
$750,000.
At a meeting of the directors of Greenebaum Sons Bank
and Trust Company of Chicago, Ill., held on the 11th inst.,
the regular quarterly dividend of 2M% was declared and an
extra dividend of 4% payable on Dec. 30, to stockholders
of record at that date.
The Union Trust Company of Chicago announces the
election of Charles K. Foster, Vice-President of the American Radiator Company, as a director of that bank to fill
J. Harper Dripps, heretofore Cashier of the National Sef
ti vacancy caused by the death of James Longley of Boston.
curity Bank of Philadelphia, Pa., was elected to the Presiof the directors on Dec. 12, to succeed
dency at a meeting
Frank I. Dugan has been chosen to the newly created
the late Philip Doerr. William H. McKee, formerly AsNational Bank of
sistant Cashier, has been, chosen to take the place of Mr. office of Assistant Cashier of the Citizens
Dripps in the Cashiership, and F. William Doerr has been Louisville, Ky. Mr. Dugan has heretofore served as note
elected a director of the bank. The National Security teller of the Citizens National, which is headed by S. B.
Bank has a capital of $250,000, surplus and profits of over Lynd as President, and has a capital of $500,000, surplus and
profits of over $700,000 and deposits of over $5,400,000.
$1,100,000 and deposits of over $4,800,000.
The directors voted a bonus of a month's salary to all emEdwin B. Malone has been chosen a director of the Tenth ployees, as noted elsewhere.
National Bank of Philadelphia, Pa., to succeed Samuel B.
The stockholders of the American National Bank of Macon,
Vrooman, who has resigned because of the requirements of
Ga., on Dec.8 surrendered the charter of the institution and
the Clayton Act.
the succeeding day began business as the Citizens & Southern
has been chosen a director of the Fidelity Bank of Macon with a capital of $1,000,000 and surplus of
Sidney F. Tyler
Trust Co. of Philadelphia, Pa., to succeed the late George $1,000,000. The change in the bank's charter follows the
purchase of a controlling interest in the bank's stock by
Philler.
Mills B. Lane, President of the Citizens & Southern Bank
Edgar M.Yarnell has been elected a director of the Belmont of Savannah, Ga., and associates. The sale of the stock,
as noted in our issue of Oct. 28, was consummated by Joel
Trust Co. of Philadelphia, Pa., to fill a vacancy.
Hurt of Atlanta, President of the Continental Trust Co.
The Third National Bank of Pittsburgh, Pa., opened for Mr. Hurt owned a large block of the stock and represented
business on Dec. 4 in its new quarters in the Henry W. other large holding interests. The stockholders of the CitiOliver Building, Pittsburgh. The Third National, as noted zens & Southern Bank have chosen the following directors;
in our issue of Nov.25, has been located in the Oliver Avenue Judge W. H. Felton, Dr. Max Jackson, Dr. W. G. Lee,
district for the past fifty-three years. The rapid increase Dr. W. J. Little, R. C. Hazlehurst, E. T. Comer, J. D.
in the bank's business is said to have made necessary its Comer, Mills B. Lane, George B. Clark and 0. A. Park.
removal from its old home at Oliver Avenue and Wood Mills B. Lane is President of the Citizens & Southern of
Street. The bank is headed by W.McK. Reed as President. Macon, George B. Clark is Vice-President, while E. C. Scott
will serve as Cashier. The Citizens & Southern Bank of
Landis, Treasurer of the City of Pittsburgh, Savannah has a capital of $1,000,000, surplus and profits
Harry Milton
Pa., and a former bank official, died on Dec.8. Mr. Landis of over $1,200,000 and deposits of over $11,800,000.
had been City Treasurer since January 1914, and was also
A condensed statement of the banks of Richmond, Vira director and Treasurer of the Pittsburgh Chamber of Commerce. Mr. Landis previpus to accepting the office of City ginia, has been compiled by the First National Bank of that
Treasurer was prominent in Pittsburgh banking affairs. As city showing the standing of the various institutions at the
a young man he entered the employ of the old Tradesman's date of the last bank call. The combined resources of all
National Bank and by successive steps rose to the Cashier- the Richmond institutions totaled $107,803,515, deposits
2,088,043, capital $9,822,150 and surplus and profits
ship of that institution. When the Tradesman's National
was taken over by the Columbia National Bank he was $10,238,049 A copy of this interesting record may be had
chosen Cashier of the continuing bank. He later resigned on application to W. P. Shelton Assistant Cashier of the
that position to become Cashier and Vice-President of the First National Bank of that city.
Federal National, which office he occupied up until its closThe Bankers' Loan & Securities Co. of New Orleans, La.,
ing in 1912.
through its President, James L. Wright, and his associates,
2214
THE CHRONICLE
{VOL. 103.
has acquired the stock control of the Rural Credit Co. of
New Orleans, and as soon as practical will absorb the loan
assets of the latter and merge them into the investments of the
Bankers' Loan & Securities Co. The Rural Credit Co. was
organized in 1913 as the Banking Trust Co., with authorized capital of $1,000,000 and its corporate title was later
changed when the company began business with a capital
of $130,000 and a paid-in surplus of $30,000. At a meeting of the directors on Dec. 1 the resignations of all former
officers and directors of the company were offered and accepted. The following new officers and directors have been
chosen pending the liquidation of the institution: Chairman of the board, James L. Wright; President, Peter M.
Joachim; Vice-President arid General Manager, F. Prevost
Breckinridge; Vice-President, Roberts C. Milling; Secretary and Treasurer, N. H. Lewis. These officers, with
Frank J. Mangham, R. E. Milling, 0. W. McNeese, S.
Ross Yancey, John W. Woolfolk and H. S. Armstrong, constitute the new directorate.
this representing an increase of $62,334,987 over last year's•
figures. Profits for the year just closed, after deducting
charges of management and making full provision for all
bad and doubtful debts, amounted to $2,200,471, an increase
of $91,840 over those reported for the period ending Oct. 30
1915, which were $2,108,631. The total amount available
for distribution, including a balance of $1,293,952 brought
forward from the previous year, was $3,494,423. Of this
sum $1,920,000 was distributed in four quarterly dividends
and two bonuses, $160,000 was paid out in war tax on bank
note circulation, and $1,414,423 was carried forward as balance of profit and loss. As usual, dividends of 10% were
paid during the year,and two bonuses of 1% were distributed.
The interest bearing deposits of the bank increased from
$160,277,083 a year ago to $210,439,032 on Oct. 31 1916.
Deposits not bearing interest were $88,767,018 on the latter
date, as compared with $75,745,729 last year. The bank has
a capital of $16,000,000.
At the annual meeting, Sir Vincent Meredith, Bart.,
President, in referring to the principal developments of the
T. R. Watson, President of the defunct Farmers' & Mer- year and the plans that should be laid to cope with them,
chants' State Bank of Teague, Texas, was found guilty in said in part:
The year has again been one of considerable anxiety to all those engaged
the Fifty-fourth District Court of Texas on Dec. 1 of murder in financial affairs. Our profits have been curtailed by payments of Govin connection with the fatal shooting of John S. Patterson, ernment taxes at home and abroad, while earnings on loans in Canada have
been affected
reduced borrowings on the part of our customers. It is
late Texas State Commissioner of Banking and Insurance, not, however,by unfavorable feature that the prosperity of largo manufacan
and was sentenced to ninety-nine years in the State Peni- turing industries and business in general has produced a curtailment of bank
tentiary. Commissioner Patterson, as noted in our issue of - loans and converted borrowers into depositors. The low rates of interest
our reserves carried
Sept. 2, died on Aug. 30 as the result of bullet wounds re- on that portion of to diminished earningsin New York have also been a
compared with those antecedent
contributing factor
ceived at the hands of President Watson. The shooting to the war. But despite these disabilities, we have been able, after making
took place in the Farmers' & Merchants' State Bank while what we believe to be full provision for bad and doubtful debts, to pay our
the Commissioner was conducting an examination of the af- usual dividends with the customary bonus and to carry a balance to credit
of profit and loss account.
fairs of the institution and was about to post a notice formally
At the shareholders' meeting the vacancies on the board of
closing the bank.
directors were filled by the election of Captain Herbert MolOn the 8th inst. the Security Trust & Savings Bank of
Los Angeles, Cal., passed the 100,000 mark in number of
open accounts upon its ledgers. This is rather a noteworthy
event, since it is claimed that it is the only bank outside of
New York, Chicago, Philadelphia, Boston and Cleveland
that has more than 100,000 depositors' accounts. It is
an interesting fact that during the entire history of the Security Trust & Savings Bank, which is now rounding out its
twenty-eighth year of existence, the bank has been under
the same management, and it must be with a large degree
of satisfaction that J. F. Sartori, who organized the bank,
M.S. Hellman and W.D. Longyear, who became associated
with it soon afterwards, and Chas. H. Toll and W.H.Booth,
look back over the years and compare the ending of the bank's
first year in a little store on Main Street, which showed resources of $300,000 and 1,050 accounts, with the $50,000,000
of resources and 100,000 accounts of to-day, which requires
the handsome banking room at Fifth and Spring, now known
as "Security Corner," and the branch at First and Spring
to accommodate them. Undoubtedly an important factor
in encouraging the confidence'of that army of people which
deposits in the Security is the fact that each of the directors
of this bank has been a resident of its community from twenty
to fifty years. The stockholders of the Security Trust &
Savings Bank also own the entire stock of the Security
National Bank, which is now located at Fourth and Broadway and is rapidly coming to the front as a commercial bank.
A strikingly handsome building for the Security National is
now nearing completion, immediately adjoining that of the
Security Trust & Savings Bank on Spring Street, and will
probably be occupied shortly after Jan. 1. The combined
resources of these banks are now approximately $55,000,000.
"That thrift is a blessing not only because of the accumulation of wealth, but because of the foundation and strengthening of character" is the lesson being taught school children
of Spokane, Wash., in the encouragement of the school
"savings bank" system in that city. The "savings bank"
system is in operation in 35 schools of the city and has been
successful since its inception. Savings amounting to $90,000
have been deposited to date by 5,280 school children. The
idea of a "savings bank" system among the school children
of Spokane was conceived in 1901 by R. L. Rutter, President
of the Spokane & Eastern Trust Co. The plan is in vogue
in other cities throughout the country, with the result that
many children are being taught the value of forming habits
of economy and savings.
Total resources of $365,215,542 at the close of the fiscal
year on Oct. 31 last are reported by the Bank of Montreal,
son of Montreal and Harold Kennedy of Quebec. At the
first meeting of the new board of directors Sir Vincent Meredith,Bart.,was re-elected President and the Vice-Presidency,
which had been vacant for the past few years, was re-established by the appointment of C. B. Gordon, President of the
Dominion Textile Co.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
November 23 1916:
GOLD.
The Bank of England reserve of gold against its note issues shows a
slight increase of £42,955 as compared with last week's return.
SILVER.
During the preceding week the market had been swept more or less clear
of supplies. A further advance in rates became unavoidable owing to the
continued strength of the China exchanges which led to purchases in America
and also in London. The quotation advanced daily from 34d. the price
on Nov. 17 recording successive rises of 31,-3-3-16-X and Ad.
Inquiry was not confined to mintage alone, but embraced orders for
general purposes homo and Continental, and also for the Indian Bazaars.
The unfavorable views taken in India have caused a "bear" position to be
opened in the London market—a state of affairs, in view of the statistical
position not without danger.
It cannot be challenged that the present condition of the market is more
sound than when the spectacular movements in May last carried the quotation to 3734. During the intervening period the Chinese stock has been
greatly reduced, America has been relieved of certain accumulations she
then hold, and the Indian Currency figures, notwithstanding very large
continuous purchases for the Indian Mints, show a declining tendency.
The silver market has often lived up to its reputation of doing the unexpected, but the situation is such that further advances may be expected
before the close of the year, provided no now factor intervenes.
The last three Indian Currency returns received by cable give details
in lacs of rupees as follow:
Oct. 31. Nov. 7. Nov. 15.
Notes in circulation
74,60
73,65
73,30
Reserve in silver coin and bullion
24,23
23,54
25,63
12,48
Gold coin and bullion
12,55
12,30
11,92
11,92
11,92
Gold in England
The stock in Bombay consists of 6,000 bars, as compared with 4,000
bars last week.
The stock in Shanghai on Nov. 18 1916, consisted of about 20,000,000
ounces in sycee and 16,400,000 dollars, as compared with about 20,000,000
ounces in sycee and 16,500,000 dollars on Nov. 111910. ,
The following shipments were made from San Francisco during the week:
1,365,000 ounces to Bombay
700,000 ounces to Shanghai
It is announced that the copper output of the Anaconda Co. for October
amounted to 31,500,000 lbs., as compared with 24,900,000 lbs. and 1,800,000 lbs., respectively, in the corresponding months of 1915 and 1914. As
silver is a by-product in tho operation of this great mining corporation, It
Is quite likely that the output of silver has also greatly increased.
Quotations for bar silver per ounce standard:
No
Bank rate
cash
Nov. 17-34
6%
" 18-3454
" quotation Bar gold per ounce standard_ _ _ _77-9
11
fixed
" 20-34%
for
" 21-34 9-16
"
forward
" 22-34 13-16 "
delivery
" 23-34 15-16 "
Average for the week 34.687.
The quotation to-day for cash delivery is 15-16d. above that fixed a
week ago.
THE CHRONICLE
DEc. 16 1016.j
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Dec. 9. Dec. 11. Dec. 12. Dec. 13. Dec. 14. Dec. 15.
London.
Wed.
Tues.
Thurs. Fri.
Mon.
Sat
Week ending Dec. 15.
364
364
36%
37
364
d 36
Silver, per ounce
54
544
544
544
54
534
Consols, 24 per cents
95
954
95
954 954
9554
British 44 per cents
61.10
61.10
61.10
61.10
French Rentes (in Paris)_ _ fr. 61.10
French War Loan (old), 5%
88.10
88.10
88.05
88.05
fr- 88.05
(in Paris)
The price of silver in New York on the same days has been:
Silver in N. Y., per oz_ _cis- 754
7534
76
76
754
764
2215
-Jan. 1 to Nov. 30November
1915.
1916.
1915.
1916.
Philadelphia & Reading
tons_1,200,814 1,163,851 11,802,088 10,358,940
Lehigh Valley
1,082,453 1,190,103 11,092,071 11,904,105
Central RR. of New Jersey
621,584 762,140 6,535,290 7,294,834
9,684,935 8,651,189
Delaware Lackawanna & Western
979,607 971,389
6,503,423 7,365.989
Delaware & Hudson
628,239 694,386
Pennsylvania
438,869 616,190 5,392,423 5,487,151
1,798,023 1,898,453
New York Ontario & Western
162,257 202,266
7,083,899 7,221,557
Erie
674,261 696,890
*204,913 197,227 *1,901,465 1,552,171
Lehigh & New England
5,992,997 6,494,442 61,793,617 61,734,389
Total
*After deducting (to avoid duplication) tonnage delivered to the Central RR. of
N.J. at Hauto by the Lehigh & New England RR. and included as part of the tonnage of the latter. This amounted to 75,236 tons in November 1916 and to 477,170
tons for the six months ending Nov. 30.
New York City Banks and Trust Companies
Banks.
Ask
Bid
Ask
Banks-N.Y. Bid
__ Manhattan* 335
345
America*___
280
Mark & Fult 265
245
Amer Exch. 565240
320
Atlantic
185 Medi & Met 310
180
260
Merchants _ 250
185
Battery Park 175
____ Metropolis*. 290
Bowery* -__ 400
_
1giBronx Boro* 200
_- Metroporn * 182
Bronx Nat__ ---- ISO Mutual* _ _ _ 375
215
7170 New Neth... 215
BryantPark* 160
725
115 Yew
Butch & Dr_ 105
York__ ilk;375 New YorkCo415
365
Chase
242 Pacific *__ _ _ 270
Chat & Phen 238
iiii550
125 Park
Chelsea Ex*
235
220
Chemical... iii- 402 People's*
198
Prod Exch*_
CitizensCent 187
iiii- Public •____ ii6"
520
City
Coal & Iron_ 190 200 Seaboard... 420 idiSecond
395 416
Colonial*___ 45()
137
Columbia* _ 310 fig - Sherman __ 120
115
100
Commerce__ 1'190 119312 State •
135
345 23d Ward*. 100
Corn Exch*.. 338
165
100lUrlon ates 160
i syxeh.
Cosmopol'n* 85
_ ___
* 500
75
____ Unit
East River__
_- 1Wash Ins*. 275
Fidelity *_ 150
Fifth Ave.__ 4300 4800 Westch Av* 190
275 West Side*. •____ iiii
250
Yitth
1050 1100 ;Yorkville*.... 525
First
190 I Brooklyn
180
Garfield.
140
.
145 Coney Isl & 130
Germ-Amer* 135
270
255
•
German Ex 390First
170
idd" Fiatbush
Germania •.. 475
leg ____ Greenpoint _ 150
Gotham.__ _ 200
120
110
___ Hillside *
Greenwich*. 315
__
115
725 Homestead *
Hanover_ _ _ 700
425 Mechanics*. 128 - 138
Harriman. _ 415
105
515 Montauk*.- 90
Imp & Trod_ 505
200
205
225 Nassau
217
Irving
275
Liberty_-_ 875Nation'lCity 265
ii6" NorthSide*_ 175 200
Lincoln. __ - 330
People 8._
130
140
Trust Co's. Bid
New York
475
Astor
Bankers Tr_ 480
B'way Trust 157
CentralTrust 775
Columbiat _ 1300
Commercial_ 110
285
Equitable-Tr 555
EmpireFarm L de Tr 1800
Fidelity ..
, 208
Fulton
I 285
Guaranty Tr, 485
Hudson
! 140
Law Tit &Tr, 135
_Lincoln Tr_ _ I 110
Metropolitan 418
Mut'l(Westchester) _ _ 125
N Y Life Ins
de Trust
975
N Y Trust
605
Title Gu&Tr. 395
Transatlan'e I
-Union Trust 42S
US Mtg& Tr 450
UnitedStates 1015
Westchester. 130
Brooklyn
Brooklyn Tr
Franklin
Hamilton.._
Kings Co...
Manufact'm
People's _ _
Queens Co__
600
255
265
640
150
285
70
Ask
490
485
165
785
305
300
565
1875
215
300
495
150
140
115
425
1000
615
402
155
458
1035
140
615
265
275
660
155
•Banks marked with a (a) are State banks. t Sale at auction or at Stock Exchange this week. t New stock. y Ex-rights.
New York City Realty and Surety Companies
Bid
Alliance HU 70
Amer Surety 150
Bond & M G 285
Casualty Co
City Invest g 18
Preferred__
60
Ask
80
155
295
22
67
Bid
Lawyers Mtg 160
Mtge Bond_ 108
Nat Surety_
N Y Title &
90
Mtge
Ask
170
112
260
97
Bid
Realty Assoc
(Brooklyn) 100
US Casualty 200
USTitleG&I 65
Wes& Bronx
Title &M 0 175
Ask
103
16"
180
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Saturday, Dec. 9,
issued its regular monthly statement, showing the unfilled
orders on the books of the subsidiary corporations at the close
of November. Once again all previous records were broken,
the aggregate of unfilled orders on Nov. 30 having- reached
11,058,542 tons, an increase of 1,043,282 tons over last
month, when the amount of outstanding orders was 10,015,260 tons.
In the following we give the comparisons with the previous
months:
Tons.
Tons.
Tons.
Nov. 30 1916_11,058,542 Sept. 30 1914...3.787,667 July 31 1912_5.957.079
Oct. 31 1916.-10,015,260 Aug. 31 1914_4,213.3311.1une 30 1912-5.807.346
Sept. 30 1916_9,522,584 July 41 1914_4.158.589,May 31 1912...5,750.983
Aug. 31 1916_9,660,357 tune 30 1914_4.032,8571Apr. 30 1912__a,664,885
July 31 1016...9,593,592 May 31 1.914_3,998,160,Mar. 31 1912_5,304,841
June 30 1916-9,640,458 Apr. 30 1914_4,277.068 Feb. 29 1912_5.454.201
May 31 1916_9,937,798 Mar. 31 1914-4,653,825 Jan. 31 1912.-5,379,721
April 30 1916...9,829,551 Feb. 28 1914_5,026,440,Deo. 31 1911_5,084,765
Mar. 31 1916_9,331,001 Jan. 31 1914__4,613,6331Nov. 30 1911_4.141,958
Feb. 29 1918-8,568,966 Dec. 31 1913_4,282308 Oct. 31 1911-3,694.327
Jan. 31 1916-7.922,767 Nov. 30 1913.-4496,347 Sept. 30 1911_....3,611.315
Deo. 31 1915-.7,806.220 Oct. 31 la14_4.513./67 Aug. 31 1911-3.695,985
Nov. 30 1915-7,189,489 Sept. 30 1913_5,003,7851July 31 1411_3,584.088
Oct. 31 1915-6365.452 Aug. 31 1913_5.223,4681June 30 1911-3,361,087
Sept. 30 1915-5.317,618 July 31 1913_5,399,356,May 31 1911_3,113,154
Aug. 31 1915_4.908,455 June 30 1913 5,807.3171April 30 1911...3.218,700
July 31 1015_4,928.540 May 31 1913_13,324,322:4ar. 31 1911_3,447.301
June 30 1915_4.678,196 Ayr. 30 1913_6,978,7621Feb. 28 1911-.3.400.543
May 31 1915- 4.20e,59S Mar. 31 1913_7,468.956 Jan. 31 011_3310,919
Apr. 80 1915_4,162.244 Feb. 28 1913_7,656,7143Dec. 31 1910_2,674,7r0
Mar. 31 1915...4,255.749 Jan. 31 191.1___/.827,368Nov. 30 1910-2,760.413
Feb. 28 1915-4.315.471 Dec. 31 1912-7,932,164'Oct. 31 1910_2.871,949
Jan. 31 1915_4.248,571 Nov. 30 19l2...7.852483 Sept. 30 1010-3,158.106
Dec. 31 1914_3,836.643 Oct. 31 1012_7,594,381!Aug. 31 1910_3,537,128
Nov. 30 1914_3.324,592 Sept. 30 1912_6,551,a071July 31 1910-3,970.931
Oct. 31 1914-3,461.097 Aug 31 1912-6.163,375!
The figures prior to July 31 1910 were issued quarterly
only. These, extending back to 1901, were given in the
"Chronicle" of March 13 1915, page 876.
ANTHRACITE COAL SHIPMENTS.
-The shipments
of anthracite coal for November 1916 as reported by the AnBureau of Information at Wilkes-Barre amounted
thracite
to 5,992,997 tons, a decrease of 561,445 tons as compared
with November last year, but an increase of 122,793 tons
over October 1916. For the eleven months to Nov. 30 the
movement aggregated 61,793,617 tons, against 61,734,389
tons for the corresponding period in 1915. Below we give
the shipments by the different curlers for November 1916
and 1915 and for the 11 months ending Nov. 30:
Cournvercial anapAiscell=eons
ZWO
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, ordinary
24 Dec. 29 Holders of rec. Dec. 2a
Ordinary (extra)
1
Dec. 29 Holders of rec. Dec. 2a
Preferred
3
Feb. 23 Holders of rec. Jan. 22a
Preferred (extra)
31 Feb. 23 Holders of rec. Jan. 220
Albany Se Susquehanna
44' Jan, 2 Dec. 16 to Jan.
Albany et Susquehanna (special)
34 Jan. 6 Holders of rec. Jan. 2a
Allegheny et Western (guaranteed)
3
Jan. 2 Dec. 23 to Jan. 1
Ashland Coal db Iron Fig. (qua?.)
1
Dec. 24 Holders of tee. Dec. 240
Atchison Topeka & Santa Fe, preferred... 24 Feb. 1 Holders of rec. Dec. 29a
AtlanticCoast Line RR., common
334 Jan. 10 Holders of reo. Dec. 19a
Beech Creek, guaranteed (guar.)
500. Jan. 2 Holders of roe. Dec. 20a
Boston dr Albany (guar.)
Dec. 30 Holders of roe. Nov. 30a
Boston Revere Beach & Lynn (quar.)
14 Jan. 1 Holders of reo. Dec. I5a
Buffalo & Susquehanna, common
3
Dec. 30 Holders of tee. Deo. 120
Preferred
2
Dec. 30 Holders of tee. Dec. 12a
Canada Southern
154 Feb. 1 Holders of rec. Dec. 30a
Canadian Pacific, corn.(guar.)(No.82)_
234 Jan. 2 Holders of tea. Dec. la
Chesapeake de Ohio
2
Dec. 30 Holders of roe. Dec. 8a
Chicago Burlington & Quincy (quar.)-- 2
Deo. 26 Holders of rec. Dec. 19a
Chicago Indlanap. & Loulav., common- 14 Dec. 29 Holders of reo. Dec. 19a
Prefened
2
Dec. 29 Holders of rec. Dec. 100
Chicago & North Western. corn. (quar.). 14 Jan. 2 Holders of sea. Dec. la
Preferred (guar.)
Jan. 2 Holders of tea. Deo. la
2
Cleve. Ctn. Chic. et St. L., pref. (auar.)
131 Jan. 20 Holders of rec. Dec. 29a
Delaware & Hudson Co.(guar.)
24, Dec. 20 Holders of tea. Nov.27a
Delaware Lackawanna de Western (extra) $5 Deo. 20 Holders of rec. Dec. 26
Detroit Hillsdale et Southwestern
2
Jan. 5 Dec. 21 to Jan. 5
Detroit & Mackinac, corn, and pref
24 Jan. 2 Holders of reo. Dec. 154
Detroit River Tunnel
Jan. 15 Holders of rec. Jan. 80
3
Elmira et Williamsport, preferred
3.16 Jan. 2 Holders of tee. Dec. 20a
Greene RR
3
Deo. 19 Holders of roe. Dec. 14a
:looking Valley
2
Dec. 30 Holders of reo. Deo. 15a
Illinois Central leased lines
2
Jan. 2 Dec. 12 to Jan. 4
Interboro. Consolidated Corp., pf. (qu.) 114 Jan. 2 Holders of rec. Dec. lla
Interborough Rapid Transit (quar.)._ _
5
Jan. 2 Holders of rec. Dec. 20a
Joliet et Chicago (quar.)
131 Jan. 2 Holders of rec. Dec. 22a
Kanawha et Michigan (fuar.)
14, Dee. 27 Holders of rec. Dec. 180
K.C.Ft. Scott et Mem. pref. tr. elf's. (qu.). 1
Jan. 1 Dec. 17 to Jan. 1
Kansas City Southern, pref. (guar.).
Jan. 15 Holders of rec. Dec. 30a
- 1
Lackawanna RR. of N. J. (guar.)
Jan. 2 Holders of rec. Dec. 7a
Little Schuylkill Nay., RR. de Coal
St 25 Jan. 15 reo. 12 to Jan. 15
Mahoning Coal RR..common
Feb. 1 Holders of rec. Jan. 80
$5
Preferred
$1.25 Jan. 2 Holders of roe. Dec. 20a
Maine Central, common (quar.)
1;•6 Jan. 1 Holders of rec. Dec. 150
Manhattan RY.(guar.)
14 Jan. 1 Holders of rec. Dec. 15a
Michigan Central
2
Jan. 29 Holders of rec. Dec. 30a
Mobile & Birmingham, preferred
2
Jan. 1 Dec. 2 to Jan. 1
Morris & Essex
$I 75 Jan. 2 Holders of rec. Deo. 90
New York Central RR. (guar.)
81.25 Feb. 1 Jan. 3 to Jan. 24
N. Y. Chicago et St. Louis, 1st preferred.. p254 Jan. 2 Holders of rec. Dec. 21
Second preferred
24 Jan. 2 Holders of rec. Dec. 21
New York et Harlem, common and pref_ _ _ $2.50 Jan. 2 Holders of reo. Dec. 150
New York Lackawanna & West. (quar.) 131 Jan. 2 Holders of roe. Dec. 15a
New York Phila.& Norfolk,corn.(qu.)_ _
14 Deo. 19 Holders of rec. Nov.30a
Northern Central
32 Jan. 15 Holders of rec. Dec. 304
Northern RR. of N.H.(filer.)...
131 Jan. 2 Holders of rec. Deo. 40
Northern Securities
354 Jan. 10 Holders of rec. Dec. 30a
Philadelphia Baltimore et Washington.... $2
Dec. 30 Holdeis of roe. Deo. 180
Pittab. Ft. Wayne & Chic. reg.311.(quar.) 131 Jan. 2 Holders of roe. Deo. Ila
Special guaranteed (guar.)
131 Jan. 2 Holders of reo. Deo. lie
Portland Terminal Co
$1.25 Jan. 1 Holders of rec. Dec. 15
Reading Company, 2d preferred (guar.).
500. Jan. 11 Holders of rec. Dec. 194
Renasel aer & Saratoga
4
Jan. 2 Dec. 16 to Jan. 1
Rome et Clinton
34 Jan. 1 Dec. 22. to Jan. 1
Southern Pacific) Co. (guar.) (No. 41)...
Jan. 2 Holders of reo. Nov.29a
TorontoHamilton et Metal°
14 Jan. 2 Holders of roe. Dec. 26
Union Pacific. common (guar.)
2
Jan. 2 Holders of rec. Dec. la
Valley RR.(N. Y.)
231 Jan. 2 Holders of roe. Dec. 18a
Street and Electric Railways.
American Cities Co., preferred (No. 11).. 154 Jan. 1 Holders of rec. Deo. 26
AshevillePow. et L., pref.(eu.)(No. 19)
14 Jan. 2 Holders of roe. Dec. 16
Bangor Fig. db Elec., pref.(guar.)(No.21). 14 Jan. 2 Holders of rec. Dec. 20
Brazilian Trac., L. et Pow., pref. (qua?.). 14 Jan. 1 Holders of rec. Dec. 15
Brooklyn Rapid Transit (altar.)
134 Jan. 2 Holders of reo. Dec. 90
Carolina Power ct Light, corn.(No. 1)4 Feb. 1 Holders of roe. Jan. 16
Preferred (guar.) (No. 31)
14 Jan. 2 Holders of roe. Dec. 18
Cities Service. common (monthly)
4 Jan. 1 Holders of rec. Dec. 15
Preferred (monthly)
31 Jan. 1 Holders of reo. Deo. lb
Cleveland fly.(quar.)
14 Jan. 1 Holders of rec. Dec. 130
Columbus Fig., Pow. et L., pref. A (quar.). 14 Jan. 2 Holders of rec. Dec. 15
Duluth-Superior Traction, pref. (quar.)_ _ - 1
Jan. 2 Holders of rec. Dec. 15a
Eastern Texas Electric Co., corn.(No. 2)
24 Jan. 2 Holders of roe. Dec. 20.2
Preferred (No. 10)
3
Jan. 2 Holders of rec. Deo. 200
Elmira Water, L. et RR., 1st pref. (quar.) _
14 Dec. 31 Holders of rec. Dec. 15
28 preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 15
El Paso Elec. Co., pref. (No. 29)
3
Jan. 8 Holders of rec. Dec. 180
Fmnkford Se Southwark, Phlla. (guar.). 34.50 Jan. 1 Holders of rec. Dec. la
Illinois Traction, pref. (guar.) (No. 48)
14 Jan. 1 Holders of roe. Dec. 15a
Indianapolis Street fly
3
Jan. 1 Dec. 23 to Jan. 1
Iowa Railway & Light. preferred (guar.). 14 Dec. 31 Dec. 21 to Dee. 31
Louisville Traction, common (quar.).... 1
Jan. 1 Deo. 11 to Deo. 15
Manila Elec. RR. dr Ltg. Corp.(quarj_ _
154 Dec. 30 Holders of rec. Deo. 130
New Orleans R. et Light, common
31 Deo. 30 Dec. 21 to Jan. 1
Preferred (quar.)
14 Dec. 30 Dec. 21 to Jan. 1
New York Stale Rig.,common (guar.)
1
Jan. 2 Holders of rec. Dec. 226
Preferred (Guar.)
14 Jan. 2 Holders of roe. Dec. 220
Reading Traction
750. Jan. 1 Dec. 21 to Dec. 311
Second & Third Streets Phila. (guar.).
33 Jan. 1 Holders of rec. Deo. la
spralgaeid(%10.)Ry.&L..pf.(qu a(No.8). 14 Jan. 2 Holders of roe. Dec. 15a
Toronto fly. (guar-)
2
Jan. 2 Holders of rec. Dec. 15a
Tr -City fly. & Light, common (guar.).1
Jan. 2 Dec. 21 to Jan. 1
14 Jan. 2 Dec. 21 to Jan. 1
Preferred (guar.)
Twin City Rap. Tr., Minneap..com.(qu.). d154 Jan. 2 Holders of rec. Deo. 15a
(114 Jan. 2 Holders of rec. Dec. 15a
Preferred (quar.)
Union Passenger Fig., Philadelphia
$4.75 Jan. 1 Holders of rec. Dec. 154
Union Traction, Philadelphia
31 50 Jan. 1 Holders of rec. Dec. 9a
United Light & Rye.,001n.(W.)(No.8 1
Jan, 2 Holders of rec. Deo. 15
)
First preferred (guar.) (No. 25)
131 Jan. 2 Holders of rec. Dec. 15
THE CHRONICLE
2216
Name of Company.
Street and Electric Rys. (Concluded).
United Traction & Elec., Prov. (guar.)._
Utah Power & Light, pref. (guar.)
Virginia Ry. & Power, preferred
Wash. Ball. & Annap. Elec. RR., pl. (qu.)
West End St., Boston, preferred
West India Elec. Co., Ltd. (quar.)(No. 36)
West Philadelphia Passenger By
Wisconsin Edison
Extra
Yadkin River Power, pref. (guar.) (No.
3).Banks
Chatham & Phenix National (altar.)
First National (quar.)
Extra
First Security
Metropolitan (quar.)
Mutual Bank
Extra
North Side (Brooklyn)(No. 45)
Stale
Yorkville (guar.)
Trust Companies.
Franklin, Brooklyn (guar.)
Guaranty (guar.)
Special
Lawyers Title & Trust (guar.)(No.73)._ N. V. Life Insurance & Trust
Transatlantic
Extra
Union (guar.)
United States
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
131 Jan. 2 Dee. 13 to Dec. 17
14 Jan. 2 Holders of rec. Dec. 16a
Jan. 20 Holders of reo. Dec. 30a
3
750. Dec. 30 Holders of rec. Dec. 16a
$2
Jan. 2 Dee. 21 to Jan. 2
Jan. 1
1 g Jan. 2 Dec. 24 to
Jan. 1 Holders of rec. Dec. 15a
$5
$1.75 Dee. 30 Holders of reo. Dee. 15a
75e. Dee. 30 Holders of rec. Dec. 15a
14 Jan. 2 Holders of reo. Dec. 16
3
3
3
6
Jan. 1 Dec. 20 to Jan. 1
Jan. 2 Holders of reo. Dee. 31a
Jan. 2 Holders of reo. Dec. 31a
Jan. 2 Holders of reo. Dec. 31a
Jan. 2 Dec. 17 to Jan. 1
Jan. 2 Holders of rec. Dec. 18
Jan. 2 Holders of rec. Dec. 18
Jan. 2 Dec. 14 to Jan. 2
Jan. 2 Dec. 9 to Jan. 1
Dee. 30 Dee. 22 to Jan. 1
3
5
1255
1g
25
3
2
4
25
Dec. 30 Holders of rec. Dec. 27a
Dec. 30 Holders of reo. Dec. 22a
Dee. 30 Holders of reo. Dec. 22a
Jan. 2 Dec. 16 to Jan. 2
Dec. 11 Dec. 6 to Dec. 10
Jan. 1
Jan. 1
Jan. I Holders of rec. Dec. 23a
Jan. 2 Holders of reo. Dec. 22a
20
3
2
Miscellaneous
Adirondack Electric Power, pref. (quar.)_ _
155 Jan. 1 Holders of rec. Dec. 14
Allis-Chalmers Mfg., pref. (quar.)
155 Jan. 15 Holders of reo. Dec. 30a
Pref.(on account of accumulated clivs.)_ _ h155 Jan. 15 Holders of rec. Deo. 30a
Allouez Mining (quar.)
$3 Jan. 3 Holders of reo. Dee. 13
Amer. Agric. Chem., corn. (qu.)(No. 21)_ _
1j Jan. 15 Holders of reo. Dec. 20a
Preferred (quar.) (No. 46)
155 Jan. 15 Holders of reo. Dec. 20a
American Bank Note, pref. (guar.)
75c Jan. 2 Holders of rec. Dee. 15a
American Beet Sugar, pref. (qu.)
(No. 70
) 155 Dec. 30 Holders of reo. Dec. 16a
Amer. Brake Shoe & Fdy., corn. (quar.)._
n1
Dec. 30 Holders of reo. Dee. 22a
Preferred (guar.)
Dec. 30 Holders of reo. Dec. 22a
n2
Preferred (extra)
Dec. 301Holders of rec. Dec. 22a
2
American Brass (extra)
8
Dee. 20 Holders of reo. Nov. 30
American Can, preferred (guar.)
14 Jan. 2 Holders of reo. Dee. 15a
Amer. Car & Fdy., corn. (qua..)(No. 57) 1
Jan. 1 Holders of reo. Dee. 13a
Common (extra)
1
Jan. 1 Holders of rec. Dec. 13a
14 Jan. 1 Holders of reo. Dec. 13a
Preferred (guar.) (No. 71)
American Chicle, preferred (guar.)
155 Jan. 2 Holders of rec. Dec. 22
American Cigar, preferred (guar.)
155 Jan. 2 Holders of reo. Dee. 15a
Amerioan Express (guar.)
$1.50 Jan. 2 Holders of rec. Nov. 29a
Special dividend
$2
Jan. 2 Holders of rec. Nov. 29a
Amer. Graphophone, corn.(qu.)(No. 47) 13 Jan. 2 Holders of rec. Dee. 15a
Amer. Gas & Elec., cont.(qu.)(No. 27)_... 255 Jan. 2 Holders of rec. Dec. 18
Common (payable in common stock)
f2
Jan. 2 Holders of rec. Dec. 18
Preferred (quar.) (No. 40)
155 Feb. 1 Holders of rec. Jan. 18
American International Corp.,common
75e. Dec. 30 Holders of reo. Dec. 15
Amer. Iron & Steel Mfg., com.drpf.(011.)1 g Jan. 1 Holders of rec. Dee. 20a
Amer. Laundry Machinery, pref. (quar.)_ _
14 Jan. 15 Holders of reo. Jan. 5
American Linseed, preferred (No. 7)k135 Jan. 1 Holders of rec. Dee. 15a
Amerioan Locomotive, common (quar.)-- 13( Jan. 3 Holders of rec. Dec. 18a
Preferred (guar.)
14 Jan. 22 Holders of rec. Jan. 5a
American Manufacturing, coin. (quar.)._
155 Dec. 31 Dee. 16 to
Jan. 1
Preferred (guar.)
i3 Dec. 31 Dee. Id to Jan. 1
Amer.Power & Lt., pref.(qu.)(No. 29)_ _ _
155 Jan. 2 Holders of rec. Dec. 22
American Public Utilities, pref. (quar.)
155 Jan. 1 Holders of reo. Dee. 20a
American Radiator, common (quar.)_ _ _ _
Dee. 30 Dec. 22 to Dee. 30
4
American Rolling Mill, common (quar.)_ _
2
Jan. 15
Common (extra)
1
Jan. 151
Preferred (guar.)
155 Jan. 151
Amer. Seeding Machine, corn. (quar.)
1
Jan. 15 Holders of rec. Dec. 30a
Preferred (quar.)
155 Jan. 15 Holders of reo. Dee. 30a
American Sewer Pipe
to Dec. 19
455 Dec. 20 Deo.10
American Smelters Secur., pref. A (qu.). 155 Jan. 2 Dee. 10 to Dec. 25
Preferred B (guar.)
151 Jan. 2 Dec. 16 to Dec. 25
American Snuff, common (guar.)
Jan. 2 Holders of rec. Dee. 15a
3
Preferred (guar.)
155 Jan. 2 Holders of rec. Dec. 15a
American Steel Foundries
1) Dec.d30 Holders of rec. Dec. 16a
Amer. Sugar Refg., corn. dr pref.
14 Jan. 2 Holders of reo. Dec. la
(quar.)Ameicn
Thread, preferred
255 Jan. 1 Nov. 15 to
Nov.30
American Tobacco, pref. (guar.)
155 Jan. 2 Holders of rec. Dee. 15a
Amer. Type Founders, common (quar.)
1
Jan. 15 Holders of rec. Jan. 10a
Preferred (guar.)
14 Jan. 15 Holders of reo. Jan. 103
American Woolen, common (guar.)
13( Jan. 15 Dec. 12 to Dec. 27
Preferred (guar.)
14 Jan. 15 Dec. 12 to Dec. 27
Ansco Company (guar.)
255 Jan. 1 Dec. 19 to Jan. 1
Associated Oil (quar.)
1% Jan. 15 Holders of reo. Deo.d30a
Atlantic Gulf & W.I. S. S. Lines, corn— _
5
Feb. 1 Ifolders of rec. Dec. 29a
131 Jan. 2 Holders of reo. Dee. 15a
Preferred (guar.)
355 Jan. 1 Holders of reo. Dee. 9a
Baldwin Locomotive Works, pref
$1.25 Jan. 2 Holders of rec. Dec. 15
Baltimore Electric
14 Jan. 2 Holders of reo. Dee. 20
Baltimore Tube, Inc.,com.&pref.(quar.)Barnhart Bros. & Spindler, lot de 2d pf.(qu) 14 Feb. 1 Holders of reo. Jan. 27a
Barrett Company, common (guar.)
PA Jan. 2 Holders of reo. Dee. 20a
Jan. 25 Holders of rec. Dec. 20a
Common (extra)
10
14 Jan. 15 Holders of rec. Jan. 5a
Preferred (guar.)
Bell Telephone of Canada (guar.)
2
Jan. 15 Holders of reo. Dec. 31
755 Jan. 2 Holders of rec. Dec. 15a
Bethlehem Steel, common (quar.)
Preferred (guar.)
14 Jan. 2 Holders of rec. I)ec. 15a
Bliss (E. W.) Co., common (guar.)
1.51 Dec. 23 Dee. 16 to Dee. 23
Common (extra)
100
Dec. 23 Dec. 16 to Dec. 23
Preferred (guar.)
2
Dec. 23 Dec. 16 to
Deo. 23
Booth Fisheries, pref. (guar.)
14 Jan. 2 Holders of reo. Dec. 21a
Brier Hill Steel, common (quar.)
155 Jan. — Holders of rec. Dec. 20
Common (extra)
2
Jan. — Holders of rec. Dec. 20
Brooklyn Union Gas (quar.) (No. 63)
155 Jan. 2 Holders of reo. Dec. 143
Extra
1
Jan. 2 Holders of reo. Dec. 14a
14 Jan. 1 Holders of rec. Dee. 103
Brunswick-Balke-Collender, pref. (quar.)—
Buffalo General Elec. (quar.) (No. 89)
1Y Dec. 30 Holders of rec. Dec. 20
Butte-Superior Mining (guar.)
$1.25 Dec. 30 Holders of rec. Dec. 15a
Extra
$5 Dee. 30 Holders of rec. Dec. 15a
California Packing Corp., pref
$1.38 Jan. 1 Holders of rec. Dee. 18
California Petroleum Corp., pref. (quar.)_ _
1
Jan. 1 holders of rec. Dec. 206
Calumet de Heels Mining (guar.)
$25 Dee. 20 Holders of rec. Dee. 20
Calumet & Arizona Mining
$2 Dec. 20 Dec. 7 to Dec. 10
$1
Deo. 20 Dec. 7 to Dec. 10
Extra
Canadian Consol. Rubber, pref. (guar. 14 Dec. 30 Holders of rec. Dec. 22
Canadian Cottons, Ltd., common (guar.
1
Jan. 4 Dec. 23 to
).
Jan. 3
Preferred (quar.)
155 Jan. 4 Dec. 23 to Jan. 3
Canadian Crocker-Wheeler, Ltd., corn.(qu.) 14 Dec. 31 Dec. 15 to
Dec. 31
Preferred (quay.)
14 Dec. 31 Dec. 15 to Dec. 31
Canadian Gen.EI., Ltd.,com.(qu.)(No.70) 24 Jan. 1 Holders of reo. Dec. 15a
Canadian Locomotive, preferred (guar.) _
14 Jan. 1 Holders of rec. Dec. 203
Case (J. 1.) Threshing Mach., pref. (guar.)
3
, Jan. 1 Holders of rec. Dec. ha
Celluloid Company (guar.)
Doe. 30 Holders of reo. Dec. 15a
2
Extra
2
Dec. 30 Holders of reo. Dee. 15a
Central Aguirre Sugar Cos., common
255 Jan. 2 Holders of reo. Dec. 26
Central Coal & Coke, pref. (guar.)
1g Jan. 15 Dee. 31 to Jan. 15
Central Leather, common (extra)
2
Dec. 30 Holders of reo. Deo. la
Preferred (ouar.)
14 Jan. 2 Holders of reo. Dee. 9a
Central States EI.Corp.,pf.(gu.)(No. 18) 14 Dec. 30 Holders of reo. Dec. 9
2
Chandler Motor Car (guar.)
Jan. 2 Holders of rec. Dec. 18a
1
Jan. 2 Holders of rec. Dee. 18a
Extra
Charcoal Iron Co. of America
20c. Jan. 31 Holders of reo. Jan. 15
Charcoal Iron Co. of Am., preferred
.10o. Dec. 30 Holders of rec. Dee. 15
3
Deo, 20 Holders of reo. Nov. 29a
Chesebrough Manufacturing (quar.)_
Extra
50o. Dec. 20 Holders of rec. Nov. 29a
2
Dec. 30 Holders of reo. Dec. 29a
Chicago Telephone (guar.)
Chino Copper (guar.)
$1.50 Dec. 30 Holders of reo. Dec. 15a
Extra
$I
Dee. 30 Holders of roe. Dec. 15a
Name of Company.
WoL. 103.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Con inued).
Cincinnati Gas Transportation
10
Jan. 2
Cincinnati de Suburban Telephone (quar.)_
255 Jan. 2 Dec. 25 to Jan. 1
Dec. 29 Holders of ma. Dec. 15a
Cleve. & Sandusky brewing, common_ __
2
Clev. & Sandusky Brew., pref. (quar.)._
2
Dec. 29 Holders of reo. Dec. 15a
Cluett, Peabody & Co., Inc., pref. (qu.) 14 Jan. 2 Holders of rec. Dec. 20a
Colorado Fuel & Iron, preferred
Dec. 22 Holders of rec. Dec. 12a
h30
Colorado Power, common (quar.)
34 Jan. 15 Holders of rec. Dec. 303
Colt Patent Fire Arms Mfg. (quar.)
4
Deo, 30 Holders of rec. Dec. 16a
Extra
16
Dec. 30 Holders of rec. Dec. 10a
1
Computing-Tabulating-Recording (quari_ _
Jan. 10 Holders of reo. Dee. 23a
Cons. Gas,El. L.& P., Balt., corn.(qu.). 14 Jan. 2 Holders of rec. Dee. 15a
Consol. Interstate-Callahan Mining (guar.) $1.50 Dec. 30 Holders of reo. Dee. 23a
Consumers' Elec. Lt. do Pow., N.0.,com_ _
1
Dec. 27 Holders of rec. Dec. 27a
Preferred
14 Dec. 31 Dec. 10 to
Dee. 31
Consumers' Power (Mich.), pref.(quar.).
155 Jan. 2 Smolders of rec. Dec. 18a
Continental Can,Inc., common (guar.)_ _
154 Jan. 1 Holders of reo. Dee. 203
Preferred (guar.)
14 Jan. 1 Holders of reo. Dec. 20a
3
Deo, 16 Nov. 26 to Dec. 16
Continental 011 (guar.)
1255o. Dec. 20 Holders of rec. Dec. 11
Cosden Oil & Gas, corn. (quay.)
Dee. 20 Holders of reo. Dee. 11
Sc
Common (extra)
14 Dec. 21 Holders of rec. Dec. 73
Crucible Steel, pref. (guar.)(No. 50)-Preferred (account accumulated dlys.)- hlg Dec. 21 Holders of reo. Deo. 7a
Cuba Cane Sugar, preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15a
255 Jan. 2 Holders of rec. Dee, 15a
Cuban-American Sugar, corn. (guar.).—
14 Jan. 2 Holders of reo. Dee. 15a
Preferred (guar.)
5
Dec. 18 Holders of rec. Dec. 1
Cumberland Pipe Line
155 Jan. 2 Holders of reo. Dec. 20a
Dayton Power & Light, pref. (quar.).--Detroit Edison (guar.)
Jan. 15 Holders of reo. Dec. 30a
2
Distillers' Securities Corporation (guar.) 155 Jan. 15 Holders of rec. Dec. 18a
14 Jan. 1 Holders of reo. Dee. 12
Dominion Glass, Ltd., pref. (quar.)___
Dominion Textile, Ltd.. corn. (quar.)._
155 Jan. 2 Holders of reo. Dec. 15
Duluth Edison Elec., pref. (guar.)(No.43) 155 Jan, 2 Holders of reo. Dec. 19
15i Feb. 1 Holders of reo. Jan. 22a
du Pont(E. I.) de Nem.Powd.,com.
(qu.)
Preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 22a
Eastern Light & Fuel (guar.)
2
Jan. 2 Holders of rec. Dee. 23a
254 Jan, 1 Holders of rec. Nov. 303
Eastman Kodak, common (guar.)
155 Jan. 1 Holders of reo. Nov. 30a
Preferred (guar.)
Jan. 2 Holders of roe. Dec. 20
Edmunds de Jones Corp., common (guar.). $1
14 Jan. 2 Holders of reo. Dee. 20
Preferred (guar.)
Eisenlohr (Otto) & Bros., Inc., pref.(guar.) 14 Jan. 1 Holders of rec. Dec. 20
Deo. 29
Electric Boat,common & preferred (extra)... 15
1
Jan. 2 Holders of reo. Dec. 18a
Elec. Stor. Batt., corn. & pref. (guar.)._
3
Jan. 1 Dec. 21 to Jan. 1
Empire Steel & Iron, preferred
Federal Oil, preferred (No. 1)
100. Jan, 1 Holders of reo. Dec. 20
Dec. 30 Holders of reo. Nov. 293
3
Galena-Signal 011, corn.(guar.)
2
Dec. 30 Holders of reo. Nov. 29a
Preferred (quar.)
1
Jan. 1 Holders of reo. Dec. 16a
Gerteral Baking, pref. (quar.) (No. 20)_ _ _ _
Mar. 1 Holders of reo. Feb. 21a
2
General Chemical, common (guar.)
5
Feb. 1 Holders of rec. Dec. 300
Common (extra)
Feb. 1 Holders of rec. Dec. 303
15
Common (special)
Preferred (guar.)
155 Jan. 2 Holders of rec. Dec. 180
Jan. 15 Holders of re°. Deo. 16a
General Electric (guar.)
2
General Fireproofing, common (qua,
.)_
14 Jan. 1 Holders of roe. Dec. 20
14 Jan. 1 Holders of reo. Dec. 20
Preferred (guar.) (No. 39)
155 Jan. 2 Holders of rec. Dee. 19
General Ry. Signal, com. dr pf. (quay.)...
Goodrich (B. F.) Co., common (guar.)._
Feb. 15 Holders of reo. Feb. 23
1
Preferred (quar.)
14 Jan. 2 Ilolders of rec. Deo. 213
2
Dec. 22 Dec. 12 to Dec. 22
Great Lakes Steamship (guar.)
2
Dec. 22 Dec. 12 to Dec. 22
Extra
14 Jan. 2 Deo. 16
Great Lakes Towing, Pref. ((Mar.)
to Jan. 2
750. Dec. 20 Dee. 3 to Dec. 20
Great Northern Iron Ore Properties
Gulf States Steel, common (No. 1)
2
Jan. 2 Holders of reo. Dee. 15a
14 Jan. 1 Holders of reo. Dec. Ida
Gulf States Steel, let preferred (guar.)._
155 Feb. 1 Holders of reo.dDee. 153
Gulf States Steel, 2(1 pref. (quar.)
155 Jan. 20 Holders of rec. Jan. 10a
Harbison-Walker Refrac., pref. (quar.)_ _
14 Dec. 30 Holders of rec. Dec. 20a
Hart, Schaffner & Marx, pref. (quar.)
750 Jan. 2 Holders of reo. Dec. 15a
Ifaskell & Barker Car (No. 1)
$11255 Jan. 2 Holders of rec. Dec. 16a
Haverhill Gas Light (guar.) (No. 84)
Heime (George NV.) Co., common (quar.) 255 Jan. 2 Holders of rec. Dec. 10a
Jan. 2 Holders of reo. Dee. 16a
Common (extra)
4
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. Ina
Hercules Powder, common (guar.)
2
Dec. 23 Dec. 16 to Dec. 22
555 Dec. 23 Dec. 16 to Dec. 22
Common (extra)
Common (pay.in Anglo-French bonds) m4755 Dec. 23 Deo. 16 to Dec. 22
Homestake Ifintug (moruhly) (No. 507)
65o. Dec. 26 Holders of reo. Dec. 203
Extra (No. 508)
$1
Dee. 26 Holders of reo. Dee. 20a
2
Illinois Brick (extra)
Dec. 20 Dee. 10 to Dee. 20
12
Illinois Plpe Line
Dec. 18 Holders of rec. Nov. 20
S1.50 Dec. 30 Holders of reo. Dee. 9
Indianapolis Gas
20
Dec. 28 Holders of reo. Dec. 22
Ingersoll-Rand, common (extra)
Jan. 2 Holders of reo. Dec. 15a
3
Ingersoll-Rand, preferred
Inter. Harvester of N.J. corn.(qu.)(No.28) 14 Jan. 15 Holders of rec. Dec. 233
Dec. 30 Dec. 16 to Jan. 1
1
International Salt (quar.)
to Jan. 1
1
Dec. 30 Dec. le
Extra
134 Jan. 2 Dec. 17 to Jan. 1
International Silver. preferred (quar.).__
14 Jan. 2 Holders of reo. Dec. 20a
Jewell Tea, Inc., pref. (quar.)
Kaufmann Dept. Stores, Inc., pref. (guar.) 14 Jan. 2 Holders of rec. Dee. 20
Kayser (Julius) & Co., common (quar.)
155 Jan. 2 Holders of rec. Dec. 203
Jan. 2 Holders of rec. Dee. 203
1
Common (extra)
14 Feb. 1 holders of rec. Jan. 206
1st and 2d preferred (guar.)
155 Jan. 2 Holders of rec. Dec. 163
Kelly-Springfield Tire, 6% pref. (guar.)Kennecott Copper Corp.(guar.)(No.4)- $1.50 Dec. 30 Dec. 16 to Dec. 25
h2
Feb. 1 Holders of rec. Jan. 206
Keystone Telephone, preferred
.Kolb Bakery, preferred (quar.) (No. 20L.. 14 Jan. 1 Holders of rec. Dec. 16a
150. Jan. 2 Holders of rec. Deo. 22a
Kresge (S. S.) Co., common
Preferred (quar.)
1755o. Jan. 2 holders of rec. Dee. 223
Kress (S. H.) dr Co.. pref. (quar.)
14 Jan. 2 Holders of rec. Dec. 203
Jan. 31 Holders of rec. Jan. 20
La Belle Iron Works, common
1
Dec. 21 Holders of rec. Dec. 9
2
Preferred (quar.)
Preferred (account accumulated (iivs.)- h25i Dee. 21 Holders of rec. Dec. 9
155 Dec. 30 Holders of reo. Dec. 15a
Lackawanna Steel, common (guar.)
3
Dec. 30 Holders of reo. Dec. 150
Common (extra)
35e. Dec. 30 Dec. 22 to
Jan. 1
Lake Torpedo Boat,first preferred
14 Jan. 1 Holders of rec. Dee. 15a
Liggett & Meyers Tobacco, pref. (quar.)_
155 Dec. 30 Holders of rec. Dec. 23
Lone Star Gas (guar.)
55 Dec. 30 Holders of reo. Dec. 23
Extra
Loose-Wiles Biscuit, 1st pf. (qu.)(No. 19) 14 Jan. 1 Holders of rec. Dec.18a
Lorillard (P.) Co., common (guar.)
3
Jan. 2 Holders of rec. Dec. 15a
Preferred (quar.)
2 Holders of rec. Dec. 15a
134 Jan
Mackay Companies, corn.(qu.)(No.46)..
151 Jan. 2 Holders of rec. Deo. 9a
Jan. 2 Holders of rec. Dee. 9a
Preferred(quay.)(No. 52)
1
Magma Copper Co. (guar.)
500. Dec. 30 Holders of reo. Dee. 8
14 Jan. 2 Holders of reo. Dec. 23
Manati Sugar, pref. (guar.)
In Jan. 2 Dee. 21 to Jan. 2
Manhattan Elec. Supply 1st & 2d pf. (qu.)_
14 Jan. 2 Holders of reo. Dec. 18a
Manhattan Shirt, pref. (guar.)
She. Jan. 5 Holders of reo. Jan. 1
Marlin Arms, pref
255 Jan, 2 Holders of rec. Dec. ha
Maxwell Motor, Ino., corn. (guar.)
14 Jan. 2 Holders of rec. Dec. 110
First preferred (guar.)
2 Holders of rec. Dec. ha
Second preferred (guar.)
154 Jan
14 Jan. 2 Holders of rec. Dec. 18a
May Department Stores, preferred (quar.)_
255 Dec. 30 Holders of rec. Dec. 23
Merchants' Despatch Transportation
255 Dec. 30 Holders of rec. Dec. 23
Mergenthaler Linotype (guar.)
255 Dec. 30 Holders of rec. Boo. 2a
Extra
Jan. 2 Holders of ree. Dee. 16a
Mexican Petroleum, Ltd., pref. (quar.).. 2
155 Jan. 2 Holders of rec. Dec. 15
Michigan Light. preferred (guar.)
2a, Jan. 20 Holders of rec. Jan. 1
Midwest 011, pref.
1
Jan. 2 Holders of reo. Dec. 153
Montana Power, corn. ((Mar.)(No. 17)...
134 Jan. 2 Holders of rec. Dec. 15a
Preferred (quar.) (No. 17)
14 Jan. 1 Holders of rec. Dee. 20a
Montgomery 'Ward & Co., pref. (guar.) 155 Jan. 2 Holders of rec. Deo. 22
Morris Plan Co. of New York
National Biscuit, corn. (guar.) (No. 74). 14 Jan, 15 Holders of rec. Dec. 286
2
Jan. 15
National Carbon, common (guar.)
2
Jan. 15
Common (extra)
14 Dee. 31 Dec. 12 to Dec. 31
Nat. Enamel. & Stamping, pref. (quar.)_ _
Jan. 1
1
Jan. 1 Dec. 23 to
Nat. Gas, Elec. L. dr Pow., corn. (guar.).
Jan. 1
155 Jan. 1 Dec. 23 to
Preferred (guar.)
Dee. 30 Holders of reo. Dec. 83
1
National Lead. common ((mar.)
National Licorice, pref. (guar.)(No. 58)- 134 Dec. 30 Holders of rec. Dec. 23
Jan. 1 Holders of rec. Dec. 15
2
National Refining. pref. (guar.)
155 Jan. 2 Holders of reo. Deo. 11
National Sugar Refining (quay.)
3
Jan. 2 Holders of rec. Dec. 15a
National Surety (quar.)
DEC. 16 1916.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Nevada Consolidated Copper (quar.)_ _ _ 50e. Dec. 30 Holders of reo. Deo. 15a
$1
Dec. 30 Holders of reo. Dec. 15a
Extra
New England Oil & Pipe Line, pref. (qu.)_
13 Jan. 1 Holders of reo. Dec. 23
New York Air Brake (quay.)(No.56)---- 12N Dec. 22 Holders of reo. Dec. la
12N Dec. 22 Holders of roe. Dec. la
Extra
1N Jan. 2 Holders of rec. Dec. 22
New York Title & Mortgage (guar.)
4
Jan. 15 Holders of reo. Dec. 23
New York Transit (guar.)
•2
Jan, 15 Holders of reo. Dec. 23
Extra
-Bement
-Pond,corn.(qu.)(No.58)- 2N Dec. 20 Dec. 7 to Dec. 20
Niles
2
Jan. 15 Holders of reo. Dec. 23a
Nipe Bay Co., common (quar.)
North American Co. (quar.) (No. 51)...._
14 Jan. 2 Holders of rec. Dec. 16a
5
Jan. 3 Holders of rec. Dec. 13
Northern Pipe Line
1N Jan. 15 Holders of reo. Dec. 30
Northern States Power, common (guar.)._ _
Preferred (quar.)
13 Jan. 20 Holders of reo. Dec. 30
2% Jan. 2 Holders of reo. Dec. 20a
Ogilvie Flour Mills, common (guar.)
to Dee. 25
50o. Dec. 23 Dec. 16
Ohio Fuel Oil (quar.)
50o. Jan. 15 Dec. 31 to Jan. 14
Ohio Fuel Supply (guar.)
$1.25 Deo. 20 Nov. 28 to Deo. 13
Ohio Oil (guar.)
Extra
83.75 Dec. 20 Nov. 28 to Dec. 13
12)c. Dec. 23 Holders of reo. Dec. 11
Oklahoma Prod. & Refg. (quar.)
$3.50 Deo 29 Dec. 15 to Dec. 21
Old Dominion Co. of Maine (quar.)
Old Dominion Cop. Min.& Smelt. (qu.) $3.50 Dec. 28 Dec. 15 to Dec. 21
1% Jan. 1 Holders of rec. Deo. 20a
Ottawa Light, Heat & Power (qu.)(No.42)_
Owens Bottle Maonine, common (quar.). 750. Jan. 1 Holders of rec. Dec. 22a
50o. Jan. 1 Holders of rec. Dec. 22a
Common (extra)
151 Jan. 1 Holders of rec. Dee. 22
Preferred (quar.)
Feb. 1
2
Packard Motor Car,common (quar.)
Pan-Amer. Petrol. & Tran.sp., pref. (qu.) 151 Jan. 2 Holders of rec. Dec. 15a
Pennsylvania Water & Pow.(qu.)(No.12) 151 Jan. 2 Holders of rec. Dec. 19
50c. Dec. 23 Holders of reo. Dec. 16a
People's Nat.thts & Pipeage (guar.)
151 Jan. 2 Holders of rec. Dec. 20a
Pettibone-Mulliken Co.,first pref.(quar.) _
Second preferred (quar.)
151 Jan. 2 Holders of reo. Dec. 20a
2N Deo. 29 Holders of reo. Dec. 18a
Phelps, Dodge & Co. (guar.)
Extra
10
Dec. 29 Holders of reo. Deo. 18a
Pierce-Arrow Motor Car, preferred
(o) Jan. 2 Holders of reo. Dec. 20
Pittsburgh Plate Glass, common (quar.)._ _ _
151 Dee. 30 Deo. 17 to Jan. 1
Prairie Oil & Gas (guar.)
3
Jan. 31 Holders of reo. Dec. 30
Extra
2
Jan. 31 Holders of reo. Dec. 30
Prairie Pipe Line (guar.)
Jan. 31 Holders of reo. Dec. 30
5
Extra
Jan. 31 Holders of reo. Dec. 30
5
Producers Oil (quar.)
251 Dec. 31 Holders of reo. Nov. 29
Quaker Oats, common (quar.)
251 Jan. 15 Holders of roe. Dec. 30a
Preferred (quar.)
151 Feb. 28 Holders of rec. Feb. la
Deo. 18 Holders of rec. Nov. 27a
Quincy Mining (quar.)
$5
151 Dec. 30 Holders of reo. Dec. 15a
Railway Steel Spring, corn.(quar.)
151 Dec. 20 Holders of reo. Dec. 50
Preferred (quar.)
750. Dec. 30 Holders of rec. Dec. 15a
Ray Consolidated Copper (quar.)
25o. Deo. 30 Holders of reo. Dec. 15a
Extra
Jan. 15 Holders of reo. Jan. 5
3
Realty Associates (No. 28)
251 Jan. 2 Holders of reo. Dec. 15
Reo Motor Car, common (guar.)
Republic Iron & Steel, pref (qu.)(No.53) 151 Jan. 1 Holders of reo. Deo. 16a
Jan. 1 Holders of reo. Deo. 16a
Pref. (account accumulated dividends) h4
3
Jan. 1 Holders of rec. Dec. 21
Reynolds (R. J.) Tobacco, corn. (quar.)
5
Jan. 1 Holders of reo. Dec. 21
Common (extra)
Jan. 1 Holders of roe. Dec. 21
Preferred (guar.)
Dec. 30 Holders of reo. Dec. 15a
Royal Baking Powder, common (guar.)._ 2
2
Deo. 30 Holders of reo. Dec. 15a
Common (extra)
Dec. 30 Holders of reo. Dec. 15a
Preferred (guar.)
2
Deo. 23 Holders of reo. Dec. 12a
Safety Car Heat. & Ltg. (quar.)
25o. Dec. 20 Deo. 10 to Dec. 20
gt. Josepn Lead Co.(quar.)
- $1
Dec. 20 Dec. 10 to Dec. 20
Extra (from reserve for amortization)
Jan. 10 Dec. 31 to Jan. 9
.RockyMt.&Pac.Co ,com.(qu.)(No.11) 1
St.I,
Dec. 30 Dee. 21 to Dec. 29
St. L. Rky. Mtn.& Pao. Co., pref.(qu.).
2
Jan. 1
Seovill Manufacturing (qua'.)
10
Jan. 1
Extra
Jan. 5
Special(payable in Anglo-French bonds)_ 25
151 Jan. 1 Holders of reo. Dec. 15a
Sears, Roebuck & Co., pref. (quar.)
500. Jan. 20 Holders of reo. Dec. 30a
Shattuck, Arizona Copper (quar.)
75o. Jan. 20 Holders of reo. Dec. 30a
Extra
Shawinigan Water & Power (quar.)
15j Jan. 10 Holders of reo. Dec. 29a
Sloss-Sheffield Steel & Iron, pref. (quar.) 1N Jan, 2 Holders of rec. Dee, 18a
5
Dec. 20 Nov. 30 to Dec. 20
Solar Refining
151 Dec. 30 Holders of rec. Deo. 18
Southern Utilities, preferred (quar.)
5
South Penn Oil (quar.)
Dec. 30 Dec. 14 to Jan. 1
6
Extra
Dec. 30 Deo. 14 to Jan. 1
South Pelt° Rico Sugar, common (quar.) 5
Jan. 2 Holders of rec. Dec. 15a
2
Preferred (quar.)
Jan. 2 Holders of rec. Deo. 15a
3
South West Pa. Pipe Lines (quar.)
Dec. 30 Holders of rec. Deo. 15
Standard Coupler, common
151 Dec. 23 Deo. 17 to Jan. 9
4
Preferred
Dec. 23 Dec. 17 to Jan
9
Standard Gas Light(N. Y.), common
151 Dec. 30 Deo. 20 to Jan. 1
Preferred
3
Dec. 30 Dec. 20 to Jan. 1
4
Standard 011 (Kentucky) (quar.)
Jan. 2 Dec. 16 to Jan. 2d
1
Jan. 2 Dec. 16 to Jan. 24
Extra
10
Dec. 20 Holders of rec. Nov.20a
Standard 011 (Nebraska)
Standard 011 (Ohio)(quar.)
3
Jan, 1 Dec. 2 to Deo. 20
Extra
1
Jan. 1 Dec. 2 to Dec. 20
Dec. 23 Holders of reo. Dec. 16
1
Standard Sanitary Mfg., common (extra)._
Jan. 1 Holders of rec. Dec. 16
4
Steel Co. of Canada, Ltd., common
Steel Co. of Canada,Ltd., preferred (quar.).. 151 Feb. 1 Holders of reo. Jan. 13
$1.25 Jan. 2 Holders of reo. Dec. 15
Stutz Motor Car of America
$1.50 Jan. 15 Holders of reo. Dec. 29
Submarine Boat Corporation (guar.)
13i Jan. 2 Holders of me. Dec. 20a
Subway Realty (quar.)
Jan. 1 Dec. 10 to Jan. 3
2
Swift Si Co.(quar.)(No. 122)
Texas Company (quar.)
251 Dec. 31 Holders of rec. Nov. 29a
2
Tide Water Oil (quar.)
Jan. 2 Holders of reo. Deo. 15a
Jan, 2 Holders of rec. Dec. 15a
1
Extra
Tobacco Prod. Corp., pref. (qu.)(No. 16) 151 Jan. 2 Holders of reo. Dec. 18a
Todd Shipyards Corporation (quar.)-$1.75 Deo. 22 Holders of rec. Dec. 9a
1251c. Jan. 1 Dec. 16 to Dec. 21
Tonopah Belmont Develop. (quar.)
dlOc. Jan. I Dec. 12 to Dec. 21
Tonopah Extension Mining (quar.)
d5c. Jan. I Deo. 12 to Dec 21
Extra
750. Jan. 3 Holders of rec. Dec. 20
Torrington Co., common
25o. Jan. 3 Holden of reo. Dec. 20
Common (extra)
8751o. Jan, 1 Holders of reo. Dec. 22
Torrington Co., preferred
Jan. 11 Holders of rec. Deo. 29
Transue db Williams Steel Forg.(No. 1).... $1
Underwood Typewriter, common (quar.) 151 Jan, 1 Holders of rec. Dec. 20a
151 Jan. 1 Holders of reo. Deo. 20a
Preferred (quar.)
2
Jan. 3 Dec 17 to Jan. 2
Union Carbide (quar.)
251 Jan. - Holders of reo. Deo. 30
Union Natural Gas Corp. (guar.)
151 Dec. 20 Dec. 6 to Dec. 20
Union Oil Co. of California (extra)
Union Switch clb Signal, com. dc pref. (qu.) $1.50 Jan. 15 Holders of reo. Deo. 30
Jan. 10 Holders of reo. Dec. 28
United Alloy Steel Corp. (quar.) (No. 1)._ $1
United Dyewood Corp., pref.(No. 1)-- - 1 1-6 Jan. 2 Holders of ree. Dec. 14a
2
united Fruit (quar.) (No. 70)
Jan. is Holders of reo. Dec. 23a
31
United Gas Improvement (guar.)
Jan. 15 Holders of reo. Dec. 30a
$22 Deo. 28 Dec. 15 to Deo. 21
United Globe Mines
United Paper Board. Inc., pref. (quar.)... 151 Jan. is Dec. 31 to Jan. 14
Shoe Machinery, common (guar.).- 3751 Jan. 5 Holders of reo. Deo. 19
United
Preferred (guar.)
500. Jan, 5 Holders of roe. Dec. 19
154 Dec. 30 Dec. 15 to Dec. 22
U.S. Gypsum. preferred (quar.)
U. S. Industrial Alcohol,pf.(qu.) (No.41) IN Jan, 15 Holders of rec. Dec. 30a
10o. Deo. 30 Holders of reo. Dec. 18
U. S. Steamship
U. S. Steel Corporation, coin. (quaf.)--- 151 Deo. 30 Deo. 2 to Dec. 10
1
Deo. 30 Dec. 2 to Dec. 10
Common (extra)
$1.50 Dec. 20 Holders of rec. Nov. 25
Utah Consolidated Mining (quite.)
$2.50 Deo. 30 Holders of roe. Deo. 15a
Utah Copper (quar.)(No. 34)
$1 Dec. 30 Holders of reo. Deo. 15a
Extra (Na. 4)
5
Jan. 15 Holders of reo. Deo. 30
Victor Talking Machine, common (quar.)
IN Jan. 15 Holders of reo. Dec. 30
Preferred (guar.)
Western Electric, Inc., common (guar.)._ $2 Dee. 30 Holders of reo. Dec. 23a
151 Dec. 30 Holders of reo. Deo. 23a
Preferred (guar.)
Western Union Telegraph (guar.)(No.191) 151 Jan. 15 Holders of reo. Dec. 20a
1
Jan. 15 Holders of roe. Dec. 20a
Extra
Jan, 2 Holders of recs. Deo. 16a
Weyman-Bruton Co., common (guar.)._ 3
4
Jan. 2 Holders of roe. Dec. 16a
Common (extra)
154 Jan. 2 Holders of reo. Dec. 16a
Preferred (quar.)
$2
Jan. 20 Holders of me. Deo. 30
Westinghouse Air Brake (guar.)
$1
Dec. 31 Holders of rec. Dec. 15a
White Motor (guar.)
151 Jan. 2 Holders of reo. Dec. 20a
Willys-Overland, pref. (quar.)
Wilson db Co., Inc., preferred (quar.)---- 134 Jan. 2 Holders of reo. Dee. 20
2217
THE CHRONICLE
151
151
151
When
Per
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
Woolworth (F. W.) Co., pref. (quer.) _ _
Worthington Pump & Mach.,pref.A.(qu.)
Yale dc Towne Mfg Co.(guar.)(No. 87)..
Yukon-Alaska Trust (guar.)
Yukon Gold. (quar.)
Books Closed.
Days Inclusive.
154 Jan. 2 Holders of rec. Dec. 13a
151 Jan. 2 Holders of me. Deo. 210
154 Jan. 2 Holders of rec. Dec. 22
31 Dec. 30 Dec. 9 to Deo. 10
751e. Dec. 30 Dec. 9 to Dec. 13
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock.
Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. I Declared 1%, payable one-half Dec.
20 and one-half March 20 1917. k Declared 3%,151% payable as above and 154%
July 1 1917 to holders of record June 15 1917. !Declared 1251% regular and 1251%
extra, payable in quarterly installments of 5% each on Dec. 22 1916, Mar. 23,
June 22,Sept. 21 and Deo.21 1917, to holders of record Dec. 1 1916, Mar. 1, June 1,
Sept. 4 and Dec. 4 1917, respectively. m Payable in Anglo-French 5% bonds at
95 flat. n Declared 7% on corn. stook and 8% on pref., payable in quar. installments of 151% and 2%, respectively, as follows: Deo. 30 to holders of roe. Deo. 22;
Mar.31 1917 to holders of reo. Mar. 23 1917; June 30 1917 to holders of rec. June 22
1917; Sept. 29 1917 to holders of rec. Sept.21. o At rate of8% per annum for period
from Dec. 6 to Dec. 31. p Declared 5% on 1st pref., payable 251% as above
and 251% July 2 1917.
Canadian Bank Clearings.
-The clearings for the week
ending Dec. 9 at Canadian cities, in comparison with the
same week in 1915, shows an increase in the aggregate of
22.7%.
Week ending December 9.
Clearings at
1916.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
London
Fit. John
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
NewWestm1nster
Medicine Hat._Peterborough
Sherbrooke
Kitchener
Total Canada.
1915.
inc. Or
Dec.
8
$
%
65.841,716 +37.3
90,396,773
60,336.754
44,519.857 +35.5
66,008,603
68,209,521 -3.2
7,456,352
6,208,540 +20.1
6,942,569
4,939.773 +40.6
6.361,467
3,739,217 +43.4
2.848,724
2,647,738 +7.6
4.908,538
3,666,128 +33.9
7,908,791
5,120,656 +54.3
2,506,408
2,083,569 +20.3
2,500,355
1,777,511 +40.7
1,925,031
1,937,335 -0.6
3,772,384
2,882,865 +30.9
4,095,854
3,291,397 +24.4
800,167
1,018,703 -21.5
1,142,782
764,277 +49.4
2,473,714
1,727,644 +42.0
1,691,361
1,566,642 +8.0
786,606
678,110 +15.9
767,275
1,250,291 -38.6
286,199
243,149 +17.7
788,762
469,457 +68.0
563,422
550,789 +2.3
639,146 Not included in total
634,764 Not included in total
276.268.891
225.134.885 +22.7
1914.
1913.
$
48,184,646
33,4.54,815
30,172,834
6,006,906
4,970,977
3,144,987
1,942,763
2,358,108
3,167,222
1,819,137
1,593,617
1,953.747
2.918,470
2,050,178
616,113
292,675
1,065,993
977,565
539.325
622,298
288,686
292,136
406,260
$
61,237,092
48,352,029
43,590,305
10,993,437
4,061,397
3,367,808
2,519,193
3,346,722
5,720,564
1,817,325
1,626,873
2,989,824
4,154,006
3,180.891
839,765
705,414
1,988,201
1,479,216
750,541
1,088,022
528,857
574,951
148.839.458
204.912,433
-The following information regarding
National Banks.
national banks is from the office of the ComptroIler of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For organizations of national banks:
The American National Bank of Three Forks, Mont. Capital-The Farmers National Bank of Cedarville, Ohio. Capital
The First National Bank of Blytheville, Ark. Capital
To succeed the Farmers Bank of Blytheville, Ark.
The First National Bank of Fairfield, Cal
The First National Bank of Plains, Kens
The Milton National Bank, Milton, Mass
The Farmers National Bank of Brockton, Mont
The Opheim National Bank, Opheim, Mont
The First National Bank of Nashua, Mont
Knickerbocker National Bank of New York, N Y
The First National Bank of Covington, Okla
.
For conversion of State banks:
The First National Bank of Channing, Texas. Capital
Conversion of the First State Bank of Channing, Texas,
The First National Bank of Faulkton, S. D. Capital
Conversion of the Faulk County State Bank, Faulkton.
The First National Bank of Colfax, Wis
Conversion of the Bank of Colfax, Wis.
The First National Bank of Schwertner, Tex
Conversion of the Farmers'State Bank,Schwertner, Tex.
Total capital
CHARTERS ISSUED.
Original organization:
The Roxbury National Bank of Boston, Mass. Capital
The Sidney National Bank, Sidney, Mont, Capital
The First National Bank of Moab, Utah. Capital
The First National Bank of Intake, Mont. Capital
The First National Bank of Purdon,Tex.
Capital
Succeeds the Bank of Purdon, Tex.
Total capital
CHARTERS EXTENDED.
The First National Bank of McAlester, Okla. Capital
Until close of business on Dec. 2 1936.
The Charlotte National Bank, Charlotte, N. C. Capital
Until close of business on Dec. 71936.
$40,000
25,000
50,000
25,000
25,000
100,000
25,000
25.000
25,000
500,000
25,000
25,000
25,000
40,000
25,000
$115,000
$200,000
30,000
50,000
25,000
25,000
$330,000
$100,000
250,000
Total capital
$350,000
INCREASE OF CAPITAL APPROVED.
The First National Bank of Sheridan, Ind. Capital increased
from $60,000 to $75,000. Increase
15,000
The First National Bank of Atkinson, Nebr. Capital increased
from $25,000 to $50,000. Increase
25,000
Total increase
$40,000
REDUCTION OF CAPITAL APPROVED.
The National Kittanning Bank, Kittanning, Pa. Capital reduced from $200,000 to $100,000. ,Reduction
$100,000
BANKS LIQUIDATING TO CONSOLIDATE WITH OTHER NATIONAL BANKS.
The American National Bank of Atlanta, Ga. Capital
$600,000
p• Liquidating agent: W. L.-Pool, Atlanta, Ga. Business taken
over by the Atlanta National Bank, Atlanta, Ga.
I OTHER LIQUIDATIONS.
• i• •
Capital
The Stoneham National Bank, Stoneham, Mass
$50,000
Liquidating committee: all or a majority of the directors of the
National Bank.
The Central National Bank of Buffalo, N. Y. Capital__ _
1,000,000
LiqUidating committee: G. F. Rand, W.P. Cooke and Clifford
Hubbell, Buffalo, N. Y. Absorbed by the Bankers' rrust
Co. of Buffalo, N.Y.
The Farmers National Bank of Sidney, Mont. Capital
25,000
Liquidating agent: R. S. Nutt, Sidney, Mont. Succeeded by
Yellowstone Valley Bank & Trust Co. of Sidney, Mont.
The First National Bank of Parkersburg, Iowa. Capital
Liquidating agent: H. W. Wilhelms. Parkersburg, Iowa.
Absorbed by the Beaver Valley State Bank ofParkersburg,Is.
60.000
THE CHRONICLE
2218
The City National Bank of Dublin, Ga. Capital
100,000
Succeeded by the Citizens' Bank of Dublin, which is acting as
liquidating agent.
The American Natienal Bank of Macon, Ga. Capital
500,000
Absorbed by the Citizens' & Southern Bank of Savannah, Ga.
Liquidating Agent: Joel Hurt, Atlanta, Ga.
The East Worcester National Bank,East Worcester, N. Y. Capital
25,000
Bank discontinued business. Liquidating committee: J. B.
Aney and M.J. Preston, Worcester, N. Y., and J. E. Dante,
N. S. Wright and G. B. Lincoln, East Worcester, N. Y.
The First National Bank of Omaha, Tex. Capital
25,000
Bank discontinued business. Liquidating agent: Ira B. Forsyth, Omaha, Tex.
The City National Bank of Texarkana, Tex. Capital
100,000
Succeeded by the Guaranty State Bank, Texarkana, Tex.
Liquidating committee: J. W. Orr, R. W. Rodgers, J. P.
McShane, N. A. Shaw, Geo. Webber and W. A. Nelson,
Texarkana, Tex. •
•
Total capital
$1,885,000
(Vot. 103.
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
10 Merchants Nat. Bank
3 Adirondack El. Pow. Corp.,
285
20 Taunton Nat. Bank
120
prof
84
2 Dartmouth Mfg., pref
13 Plymouth Cordage
99
192
5 Continental Mills
102 N. Bedford Gas & Edis. Lt.
83
10 Bigelow-Hartf. Carpet, pref. 106A
rights
6%
1 Richard Borden Mfg
Bonds.
170
Per cent.
40 Arlington Mills
$1,000 Pennsy. RR. gen. freight
115
3 Wamsutta Mills
equip. trust 4%s,ser. M,1923..101%
113
5 Puget Sound Tr., L.& P.,corn. 29% $300 Rockport Granite Co.6s, 1934 100
Imports and Exports for the Week.
-The following are
the reported imports of merchandise at New York for the
week ending Dec.9 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
Auction Sales.
-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
For Week.
Total 49 weeks
Shares. Stocks.
Percent.
5 People's Surety Co
54
1 Andrews Holding Co
25
87.65 U. S. Lithograph Co., com-$9 lot
38.60 U.S. Lithograph Co., pref__ 21 lot
17 Summit Branch RR., 50 each. 3 lot
100 Wander-Heinemann Hat Co-- 20 lot
Bonds.
Per cent.
$50,000 Hudson Nay. Co.6s, 1938_ 25
$3,000 Sultepeo Eleo. Lt. & Pow.1
1st cons. 6s, 1958, May '16 coup. I
on
?$150
4 sh. Sultepeo Elec. L.& P., pref. I lot
30 sh. Sultepeo El. L.& P., corn
J
1916.
1915.
$29,843,694
For the week
Previously reported- 1,162,553,083
$1.192.397.377
1914.
$23,937,000
911,485,342
$935.422,342
1913.
$15,924,781
898,974,085
$22,748,785
911,433,999
5914.897.8661 5934.182.784
EXPORTS FROM NEW YORK FOR THE WEEK.
1916.
1914.
1915.
1913.
For the week
370,371,484
863,043,799
Previously reported. 2,670,396,028 1,701,058,247
$22,655,340
802,020,436
$15,023,992
802,875,029
Total49 weeks... $2,733,439,827 $1,771,429,731
$824,675,782
$817,899,021
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
per sh.
20 Federal Trust Co
120
450 Cino Camera Co.,$50 each._5120 lot
58 Lancaster Ave. Theatre
25
52 Central Nat. Bank
413-415
55 Central Trust & Say., $50 each 62
10 Amer. Pipe & Construction_ _ _ 31%
Pa. Acad. of Fine Arts
28%
3 Standard lee Mfg.. corn
41
3 Standard Ice Mfg., pref
71
40 German Theatre Realty
38 West Jersey Trust Co
225
9 Bank of North America.
.258-259J50 Pratt Food,$1 each
2Ji
2 Girard Nat. Bank
376
2 Nat. Bank of Delaware
220
17 Commercial Trust
416
41 Commonwealth T. I. dr Trust
2333(-235
10 Girard Trust
00034,
1 Pennsy. Co. for Insur., &o._ _ _724
20 People's Trust Co., $50 each
373
50 Chic. Burl. dc Quincy RR--304X
34 Frank. dr So'wark Pass. Ry.,
36(ni-36ou
5 Am. Pipe & Constr. Securities,
pref
94
29 Keystone Watch Case
80
Shares. Stocks.
$ per sh.
5 Bergner & Engel Brew., pref__ 75
5 Bergner & Engel Brew., coin- 20
5 Haddington Trust
110
Bonds.
Per cent.
$1,000 Philadelphia, City, 4s, 1941 103%
$1,000 Schuylkill Co. Lt.& Fuel let
5s, 1933
60%
$1,000 Wildwood Eleo. & Trac. 55,
1958
70
$3,100 Wildwood dr Del. Bay Short
Line 1st 5s, 1940
69
$1,000 Springfield Cons. Water 1st
55, 1958
80
$2,000 Stony Creek RR.1st 4s, 195792%
$1,000 Northern Cent. Ry. ser. E
4%s, 1925
103%
$400 Union Pass. Ry. 2d 4s, 1960 87
$4,000 Springfield Water 5s, 1928.. 89)i
$5,000 No. Springfield Wat. 58,
1928
84
$1,000 N. Y. & Interurban Water
1st 5s, 1931
60
$44,300 Pocono Pines Assembly
Hotels Co. 1st ref. 6s, 1936_ _ -1-3
$1,000 Ches. & Del. Canal 1st 48,
1926
60%
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
15 Charlton Mills
15 Hoosao Cotton Mills, pref
14 Lawrence Mfg
$ per sh. Shares. Stocks.
$ per sh.
8 Union Street Ry., N. Bedford _158
120
103
15 Merrimack Chemical rights...9X
112X
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Dec. 9.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1916
Total 1915
Total 1914
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1916
Total 1915
Total 1914
Since
Jan. 1.
Imports.
Week.
$93,923 $6,094,059
33,400
28,070,691
11,000
762,500
3,628,415 23,400,068
203,000 15,466,825
Since
Jan. 1.
337,131,627
40,795
$12,128
178,475
304,042
5,834
9,856,868
3,590,182
9,369,213
2,484,570
$3,930,388 $74,727,543 $500,470 $62,473,255
104,860 16,451,611 14,283,771 129,424,097
400 128,325,283
780,798 9,969,795
$1,093,767 $48,174,103
24,000
503,600
105,000
857,305
29,517
1,639,603
10,300
$47,152
12,828
$3,325
239,214
713,980
6,445
210,851
8,563,787
6,523,346
1,561,037
51,222,767 $51,274,548 $962,964 $18,919,001
955,740 40,733,927 1,048,943 11,099,964
983,470' 41,221,532
149,117 10,067,098
Of the above exports for the week In 1918 83,399,000 were American gold coin.
The Federal Reserve Banks.
-Following is the
weekly statement issued by the Federal Reserve Board on Dec. 9:
Large rediscount operations of toe Eastern banks during the past week, as well as considerable purchases of paper in the open market, are indicated
by the weekly bank statement issued by the Federal Reserve Board as at close of business on Dec. 8 1916. Federal Reserve notes in circulation increased by over 10 millions, all the banks except St. Louis and Dallas reporting additions to their outstanding circulation. Aggregate gold reserves
show a decrease for the week of 11.2 millions, while total cash reserves declined 17.4 millions. Total net deposits increased about 7 millions, while earning assets went up about 23.3 millions, the difference between these two items representing approximately the decrease in total casn reserve.
New York reports an increase of 9.3 millions in discounts and of 4.7 millions in acceptances held, also a total of about 4 millions of gold transferred
to the Agent against Federal Reserve notes. On the other hand, the bank liquidated during the week about 6.4 millions not of warrants, issued almost
the entire amount of notes received from the Agent, and reduced oy about M million its favorable balance in account with other Federal Reserve banks.
The bank's total cash reserve shows a decrease of 6.4 millions, mainly in the amounts of silver and legals on hand.
Philadelphia shows a decrease of 6.7 millions in reserve, together with an increase of 3.3 in earning assets, a total of 1.8 millions of gold transferred
to the Agents, a reduction of over $700,000 in total deposits, and a substantial decrease in the amounts due to other Federal Reserve banks. Decreases
In reserves shown by the other banks may be traced chiefly to investment operations for the week; in part, also, to the building up of favorable balances in account with other Federal Reserve ba iks, and to transfers of gold to Agents against notes issued by the latter.
Discounts on hand-$38,345,000
-exceed by nearly 5 millions the previous high record total shown about a year ago. Over 60% of the total discounts is held at present by the three Eastern banks, and only 15% by the *three Southern banks. Tao total includes $9,750,000 of member banks'
collateral notes repoeted by eleven Reserve banks.
An increase of 13.4 millions is shown in the aggregate of acceptances held, all the banks except Boston showing substantially larger holdings of this
class of paper than tiie week before. Of tiae total oills--including acceptances
-on hand, 46.8% mature within 30 days and 31.4% after 30 but within
60 days. Liquidation of New York City notes accounts largely for the decrease of over 8 millions in the total holdings of municipal warrants. Transactions in U. S. bonds are reported by eight banks, resulting in an increase of $1,333,000 in the total held. There has been no change during tho week
in the amount of Treasury notes on hand. Total elrning assets show a gain of 23 1-3 millions, constituting 402% of the banks' paid-in capital, as against
360% shown the week before. Of the total, 53.5% is represented by acceptances. 18.5% by U. S. bonds, 17.1% by discounts, 5.9% by warrants, and
5% by Treasury notes.
Government deposits increased about 1.9 millions, the New York, Boston and San Francisco banks reporting the largest net gains in Government
funds. Bank deposits show a net gain of 5.1 millions, resulting from a decrease in the amount of transit items, which are treated as deductions from
gross deposits.
No cha_ige is shown in tne net amount of Federal Reserve bank notes outstanding. Federal Reserve Agents report a total of $279,462,000 net of
Federal Reserve notes issued, against which they hold $264,639,000 of gold and 815.454,000 of paper. The banks show a total of $257,302,000 of Federal
Reserve notes in circulation and aggregate liabilities of $11,423,000 on notes issued to them by the Agents.
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. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 8, 1916,
Dec. 8 1916. Dec. 1 1916.!Nor. 241916. Nov.171916. Nov. 10 1016 Nov. 3 1916. Oct. 27 1916. Oct. 20 1916. Oct. 13 1918.
RESOURCES.
Gold coin and certificates in vault
Gold settlement fund
Gold redemption fund with U. S. Treasurer
I
$245,335,000 $261,917,000$283,730,000 3293,441,000 265,897,000 $278,157,000 $274,001,000 $261,515,000 $267,400,000
181,101,000 175,781,000 174,801,000 140,821,000 139,571,000 127,641,000 122,587,000 121,351.000 125,201,000
1,391,000
1.391.000
1,383,000
1,533,000
1,404,000
1,418,000
1,368,000
1,476,000
1
1,687,000
Total gold reserve
Legal tender notes, silver, dre
$427,959,000 $439,174,000$459,935,000 $435,645,000 406,836,000 $407,102,000 $397,979,000 $384,284,000 5194,348,000
6,884,000
9,978,000 10.561,000 11,377,000
4,644,000 10,836,0001 17,974,000 16,580,000
7,312,000
Total reserve
8432,603,000 5450,010,0005477,909,000 $452,225,000 3414,148,000 $414,076,000 $407,955,000 $394,845,000 $405,725,000
5% redemption fund ag'st F.R.bank notes
420,000
420,000
370,000
420,000
450,000
420,000
410,000
470,000
420,000
t
Bills discounted and bought
Maturities within 10 days
$28,654,000 $19,724,0001, $17,465,000 $11,180,000 $11,807,000 $12,030,000 $18,808,000 514.311.000 $13,543,000
Maturities from 11 to 30 days
45,310,000 28,526,000 27,472,000 29,242,000 23,315,000 23,278,000 20,513,000 24,461,000 27,175,000
Maturities from 31 to 60 days
49,705,000 50,346,000 50,751,000 45.982.000 45,511,000 41.473,000 39,062,000 35,928,000 33,591,000
Maturities from 61 to 90 days
33,366,000 28,342,000, 25.373,000 29,566.000 28,073,000 26,719,000 29,020,000 28,147,000 23,988,000
Maturities over 90 days
1,092,000
1,191,000
1,203,000
1,587,000
1,213,000
1,210,000
1,173,0001
1,532,000
1,523.000
Total
*Acceptances (included in above)
Investments: U. S. bonds
One-year U.8. Treasury notes
Municipal warrants
Total anrning fuvw§tot
$158,127,000 $128,111,0008122,593,000 $117,493,000 110,293,000 $104,763,000 $107,216,000 $104,057,000 $99,438.000
'
5119,782.000 $108.379.000,3102,092,000 $97,789,000 90,913,000 $85,081,000 $86,085,000 $82,692,000 $77,387,000
$41,548.000 $40,215,000' $39,427.000 $39,115,000 38,853,000 $40,540,000 $40,469,000 $41,335,000 $42,642,000
11,167,000 11,167,000 11,167,000 11,107,000 11,347,000 11,367,000 11,435,000 11,697,000
10,444,000
13,235,000 21,254,000, 22,166,000 18,597,000 • 20,694,000 24,100,000 29,890,000 32,543,000 31.542,000
5224 077.000 2200.747
nnn21051h3 nnn siRe.:472.(00 181.187.000 5180.770.000 $180.010.000 8180.632.000 $184.114.000
THE CHRONICLE
DEC. 16 1916.1
_
2219
Dec. 8 1916. Dec. 1 1916. Nov.241916. Nov.I71916. Nov. 10 1916 Nov. 3 1916. Oct. 27 1916. Oct. 20 1916. Oct. 13 1916.
RESOURCES (Concluded).
Brought forward (total reserve & earn'g assets) $657,110,000 $651,177,000 $573,732,000 $639,067,000 6595,785,000 3595,266,000 $597,385,000 $584,897,000 3590,209,000
818,760,000 $18,301,000 $15,414,000 314,256,000
36,565,000 38,188,000 43,263,000 59,773,000
6,121,000
2,651,000
2,881,000
2,495,000
-Net
Federal Reserve notes
-Net
Duo from Federal Reserve banks
All other resources
17,613,000 $17,749,000 $16,846,000 $15,181,000 315,280,000
35,065,000 34,778,000 33,197,000 30,604,000 30,089,000
2,483,000
3,071,000
2,675,000
3,708,000
2,630,000
$715,316,000 $710,161,000 $735,060,000 $719,217,000 8650,946,000 8650,864,000 5651,136,000 $633,312,000 $638,253,000
Total resources
LIABILITIES.
855,746,000 855,737,000 $55,711,000 $55,704,000 $55,710,000 $55,709,000 $55,703,000 $55,682,000 $55,682,000
28,668,000 26,777,000 26,319,000 25,171,000 23,339,000 28,686,000 29,982,000,1 26,116,000 t26,515,000
1
618,643,000 613,530,000 637,072,000 622,254,000 556,462,000 552,386,000 651,918,000, 538,102,000 t542243000
11323,000 13,383,000 14,296,000 14,468,000 13,880,000 12,627,000 11.966,000' 11,896,000 12,316,000
1,031,000
28,000
1,030,000
1,031,000
1,033,000
1,032,000
1,028,000
1,030,000
28,000
425,000
536,000
706,000
519,000
464,000
484,000
808,000
634,000
590,000
Capital paid In
Government deposits
-Net
Member bank deposits
-Net
Federal Reserve notes
Federal Reserve bank notes in circulation
All other liabilities
$715,316,000 $710,161.000 $735,060,000 $719,217,000 8650,946,0001 $650,864,000 $651,136,000 6633.312,000 $638,253,000
Total liabilities
68.8%
69.5%
71.4%
73.1%
72.5%
75.3%
72.3%
75.1%
72.8%
74.1%
72.9%
74.1%
71.0°7
72.8%;
70.4%,
72.4%
71.6%
73.6%
70.1%
Gold reserve ag'st net dep. & note liabilities (a)
Cash reserve ag'st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting wide 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation (a)
73.8%
76.1%
76.0%
75.0%
74.9%
73.5%
73.1%
73.4%
(a) Less items in transit between Federal Re836,565,000 $33,188,000 843,263 000 859,773,000 335,065,000 $34,778,000 $33,197,000 $30,604,000 $30,089,000
serve banks, viz
Federal Reserve Notes
Issued to the banks
In hands of banks
$279,462,000 $268,270,000 $258,081,000 $255,702,000 $247,873,000 $240,534,000 3234,876,000 $230,803,000 $225,882,000
22,160,000 21,131,000 17,633,000 17,032,000 20.261,000 20,596,000 20,254,000 18,759,000 18.758,000
$257,302,000 8247,139,000 8240,448,000 $238,670,000 $227,612,000 $219,938,006 8214,622,000 8212,044,000 8207,124,000
In circulation
Gold and lawful money with Agent
Carried to net assets
Carried to net liabilities
$264,639,000 $252,057,000 $241,566,000 8238,458,000 $231,339,000 $225,060,000 $219,502,000 $215,329,000 $210,088,000
18,760,000 18,301,000 15,414,000 14,256,000 17,613,000 17,749,000 16,846,000 15,181,000 15,280,000
14,296,000 14,468,000 13,886,000 12,627,000 11,966,000 11,896,000 12,310,000
11,423,000 13,383,000
Federal Reserve Notes (Agents' Accounts)
Received from the Comptroller
Returned to the Comptroller
$422,720,000 $412,280,000 $400,320,000 8393,220,000 8389,580.000 $380,260,000 $378,760.000 8374,600,000 8368,100,000
91,297,000 90,300,000 89,169,000 84,938,000 83,937,000 82,736,000 81,194,000 79.838,000 78.716,000
Amount chargeable to Agent
In hands of Agent
$331,423,000 8321,980,000 $311,151,000 $308,282,000 $305,643,000 $297,524,000 3297,566.000 $294,762,000$289,334.000
51,961,000 53,710,000 53,070,000 52,580,000 57,770,000 56,990,000 62,690,000 63,959,000 63,502,000
Issued to Federal Reserve banks
$279,462,000 8268,270,000 S258,081,000 8255.702.00016247,873,000 8240,534,000 $234,876,000 $230,803,000 $225,882,000
How Secured
8149,318,000 $145,318,000 $144,777,000 8146,157,000 5143,439,000 $140,740,000 $137,980,000 6134.850,000 $132,248,000
By gold coin and certificates
By lawful money
14,823,000 16,213,000 16,515,000 17,244,000 16,534,000
By commercial paper
15,474,000 15,374,000 15,474,000 15.794,000
14,921,000 14,369,000 10,739,000
Credit balances In gold redemption fund_ _
9,891,000 10,350,000 10,730,000 10,392,000 11,289,000 11,880,000
Credit balances with Federal Reserve 1301_ 100,400,000 92,370,000 86,050,000 82,410,000 77,550,000 73,590,000 71,130,000 69,100.000 65,960,000
Total
8279,462,000 $268,270,000 $258,081,000 8255,702,00013247,873,000 $240,534,000 3234,876,000 $230.803,000 $225,882,000
1
Commercial paper delivered to F. R Agent__ 815,454,000 $16,555,000 $16,848.000 $17.833.000! 816.735.000 816.065.000 $15.817.000 616.338.000 316,296,000
*Including bankers and trade acceptances bought in the open market. t Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.8 1916.
Boston.
New York. Philadera. Cleveland. Richmond. Atlanta.
Chicago. St. Louis. MinneaP. Kan. City. Dallas. San Fran.
Total.
$
$
1
$
$
RESOURCES.
$
Gold coin & ars. In vault 14,478,000:127,187,000 16,429,000 16,074,000 4,512,000 4,988,000 26,193,000! 8,623,000 7,727,000 4,977,000 4,638,000 9,509,000245,335,000
Gold settlement fund _ _ _ 13,080,000; 21,241,000 9,448.00020,321,000 23,017,000 6,850,000 31,044,000 6,110,000 9,391,000 17.770,000 15,594,000 7,235,000 181,101,000
263,000
53,000
50,000
262,000
30,000
113,000
250,000
74,000
10,000 1,533,000
50.0001
200,0001 178,000
Gold redemption fund__
4
Total gold reserve_ _ _ _ 27,608,000,148,678,000 25,927,00036,448,000 27,792,000 12,100,000 57, 37,000114,911,000 17,148,000 22,860,00029,306,000 16.754,000427.969,000
223,000
779,000
22,000
279,0001 1,302,000
136,000
Legal-ten.notes,silv.,&c
36,000
201,000
227,000 1,163,000
174,000
102,000' 4,644,000
Total reserve
27,887,0001149,980,000 26,150,000 37,227,000 27,814,000112,236,000 57,604,000 16,074,000 17,322,000 22,896,000 20,507,000 16,856,000 432,613,000
5% redemp. fund--P.R
bank notes
320,000
100,000
420,000
Bills:
Discounted-Members 8,747,000 9,942,000 4,628,000 1,525,000 2,244,000 2,610,000 3,490.000 1,996,000 1,259,000
666,000
944,000
294,000 38,345,000
Bought in open mkt 11,873,000 41,386,00014,816,000 8,449,000 1,660,000 5,271,000 8,687,000 6,385,000 4,605,000 2,365,000 1,635,000 12,650,000 119,782,000
Total bills on hand_ __ 20,620,000 51,328,000 19,444,000 0,974,000 3,904,000 7,881,00012.177,000 8,381,000 5,864,000 3,031,000 2,579,000 12,944,000 158,127,000
Investments: U. S. bds_ 1,332,000
Ono-yr. U.S. Tr. notes 1,000,000
Municipal warrants__ 1,157,000
195,000 1,651,000 7,361,000
426,000 1,710,000 8,158,000 2,203,0001 2,442,000 9,166,000 4,270,000 2,634,000 41,548,000
891,000
963,000
1,205,000 1,174,000
618,000 1,070,000 824,000 1,517,000
705,000
700,000
500,000 11,167,000
404,000 1,485,000
006,000 2,728,000
789.0001 692,000
334,000
61,000
3,526,000
127,000 1,026,000 13,235,000
Total earning assets_ _124,109,000 56,254,000123,175,000 20,681,000 5,461,00010,819,00023,337,000 12,264,0001 9,698,000 13,494,000 7,681,000 17,104,000224.077.000
Fed. Res've notes
-Net
Duo from other Federal
Reserve Banks-Net.
All other resources
751,000 10,464,000 1,839,000
049,000
30,000
5,906,000
138,000
481,000
1,009,000
2,199,000
1,672,000 1,076,000 1,754,000 13,247,000 6,942,000 1,101,000 2,853,000
483,000
91,000
171,000
240,000
32,000
244,000
39,000
229,000
2,017,000 18,760,000
4,886,000 a36,565,000
615,000 2,881,000
569,000
Total resources
53,726,000222,742,000 51,255,000160,232,000 34,383,000,25,292,000 95,497,000 35,524,000 30,359,000 39,792,000 28,857,000 41,478,000 715,316,000
'
LIABILITIES.
1t
1
Capital paid In
1 11,914,000 5,228,000 5,988,000 3,346,000, 2,480,000 6,685,000, 2,798,000, 2,609,000 3,065,000 2,695,000 3,924,000 55,746,000
5,014_
Government deposits_ 3,168,000; 4,725,000 2,903,000 1,213,000 2,569,000 3,7:39.000 2,153,000 2,361,0001 820,000
453,000 1,553,000 3,011,000 28,663,000
Member bk deposits-Net45,289.000205.950,000 39,247,00053,031,000 25.997,00015.409,000 86,610,000 26,833,000 26,011,000 35,238,000 23,555,000 34,483,000 618,643,000
Fed. Res've notes-Not_
2,434,000 3,518,000
1,008,000
931.000
11,423,000
3,532,000
P.R.bank notes in circ'n
28,000
28,000
3,698,000
Due to F.R.banks-Net
123,000
255,000
153,000
All other liabilities
179,000
56,000
37,000
49,000
19,000
808,000
60,0001
53,726,000 222,742,000 51,255,000 60,232,000 34,383,000 25,292,000.95,497,000 35,524,000 30,359,000 30.792,00028,857,000 41,478,000 715,316,000
Total liabilities
' Federal Reserve Notes
12,147,000 94.764,000 15,964,000 9,420,000 19,694,000 25,448,000 4,137,000 17,166,000 20,380,000 21.399,00024.725,000 14,218,000 279,462,000
Issued to banks
751,000 10.464.000 1,839,000
815,000 2,199,000
In hands of banks_ _ _ _
766,0001 1,003,000 1,009,000
632,000
184,000 2,017,000 22,160,000
481,000
1
P.R. notes in circulation 11,396,000 84,300,00014,125,000 8,939,000 18,928,00024,445.000 3,128,000 16,351,000,18,181,000 20,767,000124,541,000 12,201,000 57,302,000
- !
Gold and lawful money
12,147,000 94,764,000 15, 14,000 0 4`0 000 16,494,00020.927,00 4,137,000 12,819,000 20,380,000 19,759,000,23,610,000 14,218,000264,639.000
91
with agent
,
,
751,000 10,464,0001 1,839,0001 '
1 2,199,000,
Carried to net assets_ _
481:000,
1,009.000
2,017,000 18,760,000
Carried to net liabilities_
3.532.000
' 1.008.000
' 2,434.000 3,518.000
931.000
11.423.000
a Items in transit,
---
__.
total amounts due from, less total amounts due to, other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS DEC. 8 1916.
Boston. New York. Phtladel'a. Cleveland. Richmond. Atlanta. Chicago. 1 St. LOuis. Minneap. Kan. City. Dallas. San Fran.
Total.
s
$
Federal Reserve Notes$
$
$
$
I
$
I
$
$
$
$
$
$
from Comptrolr 24,880,000 163,400,000 21,920,000 15,160,000 28,000,000 33,780,000 10,380,000 22,540,000 24,500,000 25,120.000 25,320,000 17,720,000 422.720.000
Reed
Returned to ComPtrOl 6,953,000 52,516,000 5,056,000 3,540,000 6,306,000 3,
800,000 1,968,000 4,254,000 1,602,000 91,297,000
706,000 1.362,01 2,334.000
nargeable to Agent_ __ 17,927,000110,884,000 15,964,000 11,620,000 21,694,000 30,074,000 0,018,00020,206,000 23,700,000 23,152,000 31,066,000 10,118,000 331,423,000
In hands of F.R.Agent 5,780,000 16,120,000
2,200,000 2,000,000 4,620,000 4,881,000 3,040,000 3,320,000 1,753,000 6,341,000 1,900,000 51,961,000
_
91,764,000 15,064,000 9,420,000 19,694,00025.448,000 4,137,000 17.166,000 20,380,00021,399,00024,725,000 14,218,000279,462,000
Twined to F. It. bank_ 12,147,000 _
Held by F. R. AgentGold coin & cents- 11,100,000 89,253.000 3,820,000 8,880,000
3,460,000
6,165,00013,030,000 4,270,000 10,340,000
149,318,000
Clredi t balances:
1,047,000 5,511,000
764,000
187,000
In gold redemption I'd
844,000 1,100,000 1,229,000 1,340,000
540,000
744,000 1,097,000
518,000 14,921,000
11,380,000
With F. R. Board_ _15,750,000 16,370,000 3,950,000 6,810,000 6,250,000 14,260,00011,930,000 13,700,000 100,400,000
3Notes secured by commercial paper
3,200,000 4,521,000
4,347,000
1,640,000 1,115,000
14,823,000
!
112,147,000 94,761,000 15,064,000 9,420,000 19,694,000 25448,000 4,137,000 17,166,00020,380,000 21,399,00024,725,000 14,218,000279,462,000
Total
Amount of comm0
delivered to F.Rte
paper
3.352.000 4.529.000
4.351.000
1.640.000 1 532 nnn
15 454 mu
.Ati
2220
THE CHRONICLE
[VoL. 108.
Statement of New York City Clearing House Banks and Trust Companies.
-The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Dec. 9. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Capital.
Net
Profits.
Loans,
Discounts,
Investrn'ts,
f Nat. B'ks Nov.171
&c.
1StateB'ks Sept.20f
Week Ending
Dec. 9 1916.
(003 omitted.)
Members of Federal
Reserve Bank.
Bank of N. Y., NBA.
Merchants' Nat. Bank
Mech. & Metals Nat..
NationalCity Bank__ _
Chemical Nat. Bank__ _
Atlantic National Bank
Nat. Butchers' & Drov.
Amer. Exch. Nat. Bank
National Bank of Cora..
Chetham & Phenix Nat.
Hanover National Bank
Citizens' Central Nat
Market & Fulton Nat-Corn Exchange Bank.._
Importers'& Traders'__
National Park Bank.
East River Nat. Bank..
Second National Bank_
First National Bank_ __
Irving National Bank.._
N. Y. County Nat. BkChase National Bank__
Lincoln National Bank_
Garfield National Ban
Fifth National Bank__ _
Seaboard Nat. Bank....
Liberty National Bank_
Coal & Iron Nat. Bank_
Union Exchange Nat..
NassauNat. Bank_ _ _ _
Broadway Trust Co---
Gold.
Legal
Tenders.
Silver.
•
Nat.Bank Nat.Bank Federal
Notes
Notes
Reserve
(Reserve
(Not
Bank
for State Counted
Notes
Instituas
[Not
lions]. Reserve). Reserve).
;
1
1
i
National
Net
Bank
Time
CirculaDeposits. lion.
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average, Average. Average.
$
$
$
$
$
$
$
$
$
3
$
$
$
$
33,376,0 2,740,0
2,000,0 5,007,2
905,0
278,0
4,0
4,0 2,271,0
29,803,0 1,824,0
779,0
23,578,0 1,688,0
2,000,0 2,477,9
348,0
456,0
33,0
46,0 1,598,0
21,561,0
1,802,0
6,000,0 9,694,5 115,919,0 13,417,0 4,228,0 5,673,0
81,0
153,0 9,438,0
124,389,0 5,057,0 4,094,0
25,000,0 a42,319,7 404,725,0 47,128,0 5,181,0 2,674.0
82.0
896,0 34,541,0
419,150,0 5,989,0 1,788,0
36,205,0 2,361,0
3,000,0 8,352,9
813,0
901,0
46,0
33,0 2,308,0
30,823,0
450,0
1,000,0
824,7
13,007,0
866,0
177,0
171,0
14,0
13,0 1,056,0
12,895,0
570,0
150,0
300,0
70,9
2.754,0
73,0
45,0
93,0
4,0
206,0
2,492,0
48,0
5,000,0 5,106,6
80,702,0 7,440,0 1,380,0 1,443,0
70,0
113,0 6,325,0
78.055,0 4,098,0
4,762,0
25,000,0 18,565,8 222,134,0 15,905,0 5,354,0 3,691,0
45,0 18,799,0
220,018,0 1,095,0
155,0
3,500,0 2,090,5
66,612,0 3,720,0 1,019,0
1,890,0
413.0
237,0 5,501,0
66,383,0 5,616,0 1,755,0
3,000,0 16,147,4 125,821,0 19,627,0 1,304,0
584,0
21,0
89,0 12,024,0
140,197,0
130,0
2,550,0 2,363,7
28,051,0 1,222,0
207,0 1,150,0
38,0
10,0 2,310,0
25,749,0 1,173,0 1,009,0
1,000,0 2,046,7
10,864,0
951,0
519,0
220,0
85,0
15,0
904,0
10,381,0
130,0
3,500,0 7,086,8
93,008,0 8,857,0 1,673,0 4,280,0
540,0
9,240,0
104,150,0
1,500,0 7,743,7
35,334,0 1,615,0 1,440,0
177,0
117,0
2,433,0
31,788,0
51,0
5,000,0 16,006,4 139,911,0 11,818,0 1,647,0 2,113,0
81,0
174,0 11,486,0
140,696,0 1,985,0 3,538,0
250,0
79,2
2,050,0
120,0
35,0
269,0
8.0
15,0
242,0
2,754,0
50,0
1,000,0 3,456,3
18,012,0 1,108,0
206,0
447,0
25.0
54,0 1,132,0
15,211,0
746,0
10,000,0 25,301,4 161,743,0 13,517,0 1,400,0 1,279,0
19.0
12,772,0
152,627,0
768,0 3,885,0
4,000,0 4,208,6
75,368,0 6,213,0 2,055,0
2,283,0
19,0
110,0 6,315,0
81,169,0 2,654,0
640.0
500,0 1,211,7
10,946,0
316,0
564,0
278,0
149.0
23,0
827,0
11,002,0
198,0
10,000,0 11,814,1 196,958,0 19,260,0 7,401,0 2,836,0
79,0
119,0 15,742,0
204,693,0 14,907,0
450,0
1,000,0 1,973,7
18,669,0 1,500,0
504,0
133,0
102,0
78,0 1,360,0
18,755,0
37,0
882,0
1,000,0
9,508,0
1,280,0
921,0
258,0
468,0
13,0
77,0
735,0
9,518,0
398,0
250,0
418,2
5,643,0
.100,0
116,0
392,0
5,607,0
10,0
416,0
239,0
246,0
42,321,0 3,700,0 2,181,0 1,104,0
1,000,0 3,053,5
26,0
49,289,0
38,0 4,007,0
70,0
1,000,0 3,599,1
46,868,0 2,101,0 1,987,0
351,0
26,0
48.164,0 3,119,0
65,0 4,893,0
500,0
1,000,0
765,8
10,033,0
723,0
182,0
129,0
8,0
10,307,0
84,0
224,0
898,0
413,0
1,000,0 1,150,9
11,854,0
334,0
241,0
594,0
17,0
16,0
977,0
11,571,0
27,0
396,0
1,000,0 1,132,4
9,882,0
359,0
290,0
383,0
28.0
647,0
6,0
18,0
9,425,0
50,0
1,500,0
957,8
22,068,0 1,989,0
169,0
74,0
525,0
45,0 1,979,0
23,822,0
439,0
Totals,avge.for wee .123,850,0 206,308,1 2,073,924,0 191,689,0 43,829,0 37,265,0
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
Addit'al
Reserve Deposits
with
with
Net
Legal
Demand
Legal
Deposi- Deposi- Deposits.
taries.
kyles.
Deo.
Dec.
Nov.
Nov.
2,067,893,0 196,563,0
2,106,197.0 175,898,0
2,124,988,0 179,253,0
2,164,413,0 218,637,0
9
2
25
18
2,232,0
2,558,0 173,382,0
2,118,434,0 49,845,0 29,565,0
2,224,0
2.134,0
2,388,0
1,911,0
2,674,0 166,078,0
1,794,0 162,059,0
2,615,0 181,411,0
2,592,0 179,879,0
2,100,287.0
2,136,979,0
2,188,261,0
2,253,266,0
42,032,0
44,530,0
42,864,0
41,397,0
35,115,0
38,941,0
42,457,0
40,603,0
5,208,0
4,357,0
993,0
289,0
226,0
1,280,0
336,0
850,0
1,994,0
438,0
657,0
874,0
272,0
1,412,0
2,254,0
1,088,0
1,507,0
205,0
672,0
76,0
912,0
55,0
211,0
339,0
94,0
66,0
468,0
209,0
404,0
750,0
994,0
568,0
725,0
95,0
170,0
840,0
70,0
56,0
1,267,0
124,0
216,0
265,0
114,0
483,0
562,0
96,0
76.0
188,0
158,0
3,0
49,0
40,0
10,0
67,0
142,0
90,0
47,0
33,0
89,0
187,0
212,109,0 21,440,0
7,056,0
6,549,0
1,275,0
211,562,0
214,788,0
211,956,0
214,008,0
7,200,0
7,445,0
7,431,0
8,981,0
7,250,0
5,858,0
5,802,0
6,889,0
1,197,0
1,176,0
1,197,0
1.272,0
331,0
1,340,0
68,0
10,0
198,0
4,011,0
84,0
232,0
269,0
102,0
840,0
275,0
108,0
1,045,0
568,0
365,0
284,0
182,0
140,0
2,604,0
79,0
59,0
749,0
307,0
69,0
239,0
332,0
106,0
209,0
21,0
169,0
16,0
142,0
1,138,0
50,0
28,0
168,0
113,0
23,0
104,0
57,0
367,0
8,913,0
6,083,0
2,605,0
553,0 45,704,0 9,184,0
916,758,0 119,532,0
8,720,0
3,946,0
3,733,0
5,421,0
2,663,0
2,422,0
2,646,0
2,506,0
45,593,0 10,398,0
45,524,0 13,033,0
47,598,0 15.895,0
47,288,0 16,592,0
929,111,0 119,989.0
916.077,0 122,136,0
951,828,0 122,182,0
944,325,0 117,867,0
Grand Aggregate, avge 190,550,0 339,845,0 3,331,484,0 289,794,0 59,798,0 49,897,0
.
Comparison prey. wee k
-62,622,0 +159480 +1,919,0 -2,254.0
3,880,0
+194,0
2,232,0
+46,0
3,177,0 227,151,0 12,448,0 3,253,424,0 170,343,0 29,565,0
+303,0 +3,007,0 -1,589,0 -49,905,0 -456,0
+22,0
Grand Aggregate,actu il condition Deo.
Comparison prey. wee k
9 3,330,499,0 296,641,0 61,751,0 51,085,0
-39,599,0 +189560 +2,186,0 +2,340,0
3,860,0
+262,0
2,224,0
+90,0
3,322,0 219,828,0 13,453,0 3,248,418,0 171,600,0 28,787,0
+854,0 +3,620,0 -2,925,0 -28,597,0 +152,0 -889,0
Grand Aggregate actu il condition Dec. 2 3,370,098,0 277,685,0 59,565,0 48,745,0
Grand Aggregate actu Ll condition Nov. 25 3,415,522,0 285,133,0 57,119,0 51,992,0
Grand Aggregate actu a condition Nov. 18 3.448.121.0 321.200.0 56.051.0 52.913.0
a Includes capital set aside for Foreign Branches, 33,000,000.
3,598,0
3,843,0
3,778,0
2,134,0
2,388,0
1,911,0
2,468,0216,208.0 16,378,0 3,277,015,0 171.448,0 29,676,0
3,290,0;237,649,0 21,010,0 3,351.975,0 108,995,0 30,152,0
3,199.0 235,412,0 21,864.0 3,419,599,0 164.095,0 30,056,0
State Banks.
Not Members 01
Federal Reserve Bank.
Bank of Manhattan Co
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank
Bowery Bank
German-American Ban
Fifth Avenue Bank_
German Exchange Ban
Germania Bank
Bank of MetropolisWest Side Bank
N. Y. Produce Ex. Bk ,
State Bank
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
5,165,5
6.383,9
1,244,3
1,019,6
457,5
2,035,7
799,0
797,1
2,267,6
858,9
1,082,5
2,184,9
529,9
1,123,6
695,7
40,000,0
31,828,0
12,263,0
7,026,0
2,408,0
17,375,0
4,474,0
6,114,0
17,376,0
5,200,0
6,560,0
14,623,0
4,470,0
16,677,0
25,715,0
Totals, avge. for week . 11,950,0 26,645,7
Totals, actual conditio I
Totals, actual conditio 1
Totals, actual conditio 1
Totals, actual conditio 1
Dec.
Dec.
Nov.
Nov.
9
2
25
18
22,123,0
24,596.0
23,150,0
20,758,0
Trust Companies.
Not Members of
Federal Reserve Bank.
.
Brooklyn Trust Co... 1,500,0 4,031,4
36,142,0 1,974,0
Bankers' Trust Co_ _ _ _ . 10,000,0 16,403,0 187,723,0 14,860,0
U.S. Mtge. dv Trust Co• 2,000,0 4,547,1
66,555,0 4,239,0
• 1,250,0 1,692,9
Astor Trust Co
30,991,0 2,366,0
Title Guar.& Trust Co , 5,000,0 12,542,4
44,013,0 2,417,0
Guaranty Trust Co_ _ , 20,000,0 32,149,4 368,830,0 29,534,0
Fidelity Trust Co..... 1,000,0 1,250,4
10,619,0
673,0
Lawyers'Title & Trust. 4,000,0 5,571,0
26,364,0 1,541,0
.
Columbia Trust CO..... 2,000,0 8,266,9
85,036,0 6,553,0
People's Trust Co_ - _ . 1,000,0 1,690,4
22,969,0 1,775,0
New York Trust Co_ _. 3,000,0 11,406,9
73,211,0 5,697,0
. 1,000,0 1,337,1
Franklin Trust Co
20,626,0 1,403,0
Lincoln Trust Co_ _ _ _. 1,000,0
548.113,702,0
896,0
. 2,000,0, 6,454,2
Metropolitan Trust Co
58,670,0 3,737,0
1
Totals, avge. for week _ 54,750,0 106,891,2 1,045,451,0 76,665,0
Totals, actual conditto a
Totals, actual conditio
Totals, actual conditio a
Totals, actual conditioa
Dec.
Dec.
Nov.
Nov.
9
2
25
18
1,051,044,0
1,049,113,0
1,078,578,0
1,069,700,0
77,955,0 12,519,0
77,191,0 7,590,0
82,730,0 6,824,0
81,805,0 5,673,0
50.645,0
48,386,0
45,762,0
45,177,0
311,0
467,0
306,0
836,0 1,678,0
243,0
1,015,0
168,0
1,458,0
•
43,151,0
30,395,0
13,108,0
0,464,0
2,854,0
16,330,0
4,096,0
6,280,0
18,433,0
5,190,0
6,649,0
13,929,0
4,662,0
18,132,0
28,559,0
66,0
8,065,0 3,264,0
218,232,0
966,0
61,0
85,0
56,0
56,0
8,157,0
8,625,0
8,640,0
8,245,0
3,055,0
3,345,0
5,115,0
5,272,0
219,020,0
223,959,0
219,886,0
222,008,0
966,0
926,0
1,051,0
1,051,0
1,469,0 1,485,0
8,250,0 1,687,0
2,364,0 3,046,0
1,154,0
607,0
1,442,0
247,0
17,521,0
444,0
178,0
951,0
248,0
3,517,0
146,0
1,137,0
280,0
3,153,0
170,0
549,0
925,0
190,0
679,0
345,0
2,698,0
29,369,0
104,995,0
47,287,0
24,931,0
28,841,0
351,593,0
8,728,0
19.016,0
70,512,0
22,745,0
62,699,0
18,499,0
13,586,0
53,957,0
5,866,0
24,032,0
19,462,0
6,077,0
1,325,0
26,978,0
890,0
784,0
18,108,0
975,0
5,625,0
2,787,0
695,0
5,232,0
14,0
2,687,0
743,0
579,0
171,0
3,0
29,0
208,0
233,0
226,0
20,0
1
28,787,0
29,676,0
30,152,0
30,056,0
26,0
42,0
24,0
34,0
33,0
200,0
46,0
84,0
4,0
14,0
46,0
587,0
589,0
619,0
551,0
900,0
16,0
25,0
25,0
_
-
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Inc. or Dec.
Surplus
Cash Reserve Reserve in
from
Reserve. PTeVIOU3Week in Vault. Depositaries
Total
Reserve.
b Reserve
Required,
Surplus
Reserve.
Inc. or Dec.
from
Previous Week
Members Federal
$
$
$
t
$
$
$
$
$
$
$
I
Reserve Bank-- _ 272,783,000 173,382,000 446,165,000 383,810,370 62,354,630 +20,175,450;273,710,000 166,078,000 439,788,000 380,583,910 59,204,090 +24,851,610
36,320,000 8,065,0001 41,385,000 39,281,760 5,103,241 -507,1801 37.770,000 8,157,000 45,927,000 39,423,600 6,503,400 -883,980
State Banks*
Trust Companies._ 94,266,000 45,704,000,139,970,000 137,513,700 2,456,300 +7,711,4001101,857,000 45.593,000 147,460,000139,366,650 8,083,350 +8,821,900
;
Total Dec. 0..... 403,369,000 227,151,000 630,520,000560,605.830 69,914,170 +27,379,670 1413,337,000 219,828,000 633,165,000 559,374,160 73,790,840 +32,789,530
Total Deo. 2
387,562,000 224,144,000611,706,000569,171,500 42,834,500-14,435,640389,593,000 216,208.000605,801,000 564,799,690 41,001,310-17,645,930
406,397,000 234,171,000640,568,000583,597,860 56,970. - . .
Total Nov. 25
,398,087,000 237.649,000;
1
, , )577,088,760 58,647,240 21.249,840
Total Nov. 18
440.206,000 236,413.000 676,619,000591.851,120 84,767,8801-24.961,4301433.942.000 235.412.0001669,354,0001589,456.920 70,897.080-19,971,170
'I. Not members of Federal Reserve Bank.
a This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: Deo.9,$2,492,250; Dec. 2,$2,391,100; Nov.25,$2,267,850; Nov. 18, $2,121,050.
b This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Banks
neludes also the amount of reserve required on Net Time Deposits, which was as follows: Dec.9, 32,532,250; Deo.2,$2,410,300; Nov. 25, $2,288,100; Nov. 18, 32,258,850.
2221
THE CHRONICLE
DEC. 16 1916.1
In addition to the returns of "State banks and trust corn
The State Banking Department reports weekly figures,
showing the condition of State banks and trust companies panics in New York City not in the Clearing House," furnished
in New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Stale Banking Department.) Differences from guish between the results for New York City (Greater New
Dec. 9.
previous week.
$768,914,200 Inc. $6,735,800 York)and those for the rest of the State, as per the following:
Loans and investments
62,738,000 Inc. 1,034,600
Gold
For definitions and rules under which the various items
10,822,700 Ino.
Currency and bank notes
339,900
926,332,100 Dec. 10,701,400 are made up, see "Chronicle," V.98, p.1661.
Total deposits
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust comThe provisions of the law governing the reserve require810,861,300 Deo,
panies in New York City, and exchanges
217,000
183,629,200 Dee. 10,408,800 ments of State banking institutions were published in the
Reserve on deposits
Percentage of reserve. 24.7%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
- -Trust Companies
-State Banks
- tions relating to calculating the amount of deposits and what
$59,472,800
9.66%
$14,087,900 11.24%
Cash in vaults
95,038,700 15.44% deductions are permitted in the computation of the reserves
Deposits in banks and trust cos_ __ _ 15,029,800 12.00%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$154,511,500 25.10%
529,117,700 23.24%
Total
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York qty outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
- Loans and
Week ended
Investments
Sept. 16
Sept.23
Sept.30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov.25
Dee. 2
Dec. 9
4,028,996,0
4,028.792,5
4,059,932,9
4,068,917,6
4,070,418,5
4,052,003,8
4,038,408,1
4,080,815,3
4,138,203,5
4,203,603,3
4,197,251,1
4,156,281,4
4,100,398,2
Demand
Deposits.
Specie.
Other
Money.
Total
Entire
Money Reserve on
Holdings. Deposits.
4,005,139,9
4,038.274,9
4,067,109,0
4,068,969,4
4,055,441,7
4,041,662.1
4,056,792,1
4,115,131,8
4,182,989,7
4,229,468,0
4,190,946,5
4,114,410,3
4,064,288,3
411,874,2
431,116,6
433,820,9
426,466,6
414,560,1
409,552,6
436,941,7
453,886,5
464,025,3
442,854,6
410,973,3
387,700,4
402,429,0
69,334,1
75,822,4
72,725,7
72,038,9
71,244,9
75,817,3
78,566,6
78,019,6
74,591,0
68,277,9
67,383,8
72,047,8
74,500,7
481,208,3
506,939,0
506,546,6
498,505,5
485,805,0
485,369,9
515,508,3
531,906,1
538,616,3
511,132,5
478,357.1
459,748,2
476,929,7
833,730,4
875,570,3
877,445,1
855,865,7
840,263,4
835,547,5
877,385,6
910,437,9
918,457,7
896,342,0
848,605,1
805,744,0
814,149,2
State Banks
Trust Cos.
Trust Cos.
Stale Banks
outside of
outside of
in
in
Greater N. F. Greater N. F. Greater N. F. Greater N. Y.
Week ended Dec. 9.
Capital as of June 30.....
23,450,000
75,550,000
11,783,000
14,900.000
Surplus as of June 30_ _ _ _
40,068,500
173,239,300
'14,654.000
14,381,690
413,393,400 1,704,153,400
+325,900 --9,213,000
165,023,700
+1,172,600
269,407,800
+7,974,000
178,456,900
+614,900
283,666,700
+8,269,300
Loans and Investments__
Change from last week_
Gold
Change from last week_
43,673,600
+120,100
135,170,200
+1,957,100
Currency and bank notes_
Change from last Week.
22,082,900
+2,072,100
21,439,600
+5,462,100
Deposits
563,375,000 1,991,442,800
Change from last week. --12,991,500 -40,080,100
Reserve on deposits
Change from last week_
106,923,500
--1,507,700
316,998,900
-6,293,600
31,355,200
-367,100
37,823,600
+119,900
P.c. of reserve to deposits
Percentage last week
25.2%
25.4%
20.3%
20.5%
20.6%
t20.9%
16.6%
17.1%
+ Increase over last week. -Decrease from last week.
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS. Capital.
Week Ending
Dec. 9 1916.
Net
Profits.
Loans,
Discounts,
'Nat. bks. Nov. 171 Invest1State bks. Sept. 20f ments, Ac.
Average.
Members of
Fed'l Reserve Bank
Battery Park Nat..
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N.,J.C.
First Nat., Hoboken
Second Nat., Hobok.
353,800 5,220,000
400,000
684,400 5,401,000
300,000
600,300 5,972,000
300,000
400,000 1,287,900 4,915,000
770,100 5,016,000
250,000
220,000
622,200 6,191,000
316,900 4,952,000
125,000
Gold.
State Banks.
embers of the
Not A!
Federal Reserve Bank.
Bank of Wash.Ins- 100,000
400,000
Colonial Bank
Columbia Bank_ _ _ _ 300,000
200,000
Fidelity Bank
International Bank_ 500,000
200,000
Mutual Bank
New Netherland.... 200,000
100,000
Yorkville Bank
1,600,000
Mechanics', 131tlyn
200,000
North Side, Bklyn
420,600 2,273,000
895,000 8,762,000
682,300 8,810,000
191,900 1,655,000
126,900 3,997,000
487,100 7,600,000
233,900 4,229,000
589,400 6,594,000
874,000 20,733,000
195,200 4,700,000
126,000
672,000
726,000
98,000
450,000
677,000
270,000
513,000
851,000
311,000
3.800,000 4,696,300 69,443,000 4,694,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,Bkin.
Mechanics',Bayonne
500,000 1,118,100 8,932,000
200,000
298,700 6,492,000
Silver.
Nat.Bank Nat.Bank
Notes[Re- Notts[Not
serve for Counted
State Inas
stitutions] Reserve.]
Federal
Reserve Additional
Reserve
with
Deposits
Bank
Net
Legal with Legal
Votes[Not DeposDepotDemand
Reserve] itaries.
Varies.
Deposits.
Average. Average. Average. Average. Average. Average. Average. Average.
$
$
388,000
80,000
90,000
3,000
3,000 392,000
171,000
44,000 142,000
13,000
59.000 482,000
316,000
156,000
65,000 141,000
7,000
8,000 936,000
192,000 455,000
92,000
11,000
20,000 1,289,000 2,955,000
160,000
19,000
82,000
114,000
3,000 1,126,000
183,000
16,000
53,000
20,000
533,000
17,000 444,000
47,000
38,000 135,000
5,000
4,000 377,000
298,000
1,995,000 4,641,600 37,667,000 1,297,000
Total
Legal
Tenders.
598,000
94,000
717,000
735,000
r2,00o
72,000
464,000
326,000
31,000
26,000
249,000
199,000
301,000
832,000
103,000
23,000
100,000
112,000
14,000
691,000 2,603,000
657,000
180,000
31,000
12,000
6.000
83,000
59,000
85,000
161.000
62,000
60,000
54,000
30,000
67,000
173,000
62,000
32,000
115,000
179,000
20,000
51,000
37,000
Net
Time
Deposits.
Average.
Average.
4,687,000
223,000
5,036,000
48,000
5,980,000
47,000
4,501,000
4,194,000
2,843,000 3,085,000
2,676,000 2,196,000
National
Bank
Circutattoo.
Average.
$
190.000
291,000
119,000
392,000
195,000
214,000
96,000
114,000 5,046,000 4,102,000 29,917,000 5,599,000 1,497,000
109,000
85,000 1,822,000
578,000
336,000 9,633,000
572,000
443,000 9,536,000
30,000 1,543,000
93,000
485,000 3,990,000
9,000 239,000
40,000 7,999,000
453,000
7,000 277,000
4,622,000
380,000 7,257,000
435,000
1,320,000 1,162,000 22,003,000
285,000
243,000 4,751,000
33,000
188,000
188,000
118,000
404,000
79,000
65,000
400,000
49,000 4,361,000 3,204,000 73,156,000 1,066,000
14,000
16,000
308,000
170,000
428,000 7,380,000
982,000
461,000 3,394,000 2,983,000
700,000 1,414,800 15,424,000 692,000 114,000
Total
97,000
88,000
30,000 538,000
889,000 10,774,000 3,965,000
Grand aggregate.... 6,495,000 10,752,700 122534000 6,683,000 1,522,000 3,435,000 745,000
361,000 193,000 9,945,000 8,195,000 113847000 10,630,000 1,497,000
Comparison,prey.wk
+1010000 +85,000 +199000 +99,000 +97,000 +89,000 -59,000 +1808000 +143,000 +24,000 -219,000 +3,000
Excess reserve, 2,319,070 Increase
Grand aggr'teDec. 2 6,495,000 10,752,700 121524 000 6,598,000 1,323,000 3,33(1,000 648,000 272,000 252,000 8,137,000 8,052,000 113823000 10,849,000 1,494,000
Grand aggr'teNov.25 6,495,000 10,691,00(1 1188(31000 6,554,000 1,462,000 3,463,000 668,000 372,000 135,000 8,362,000 7,685,000 112455000 10,733,000 1,479,000
Grand aggr'toNov.18 6,495,000 10,691.000 119221000 6,549.000 1,341,000 3,201,000 788,000 226,000 121,000,394,000 8,978,000 111398000 10,685,000 1.477,000
Grand aggr'teNov.11 8,495,000 10,691,000 118323000 6,387.000 1,444,000 3,253,000 740,000 298,000 113.000 8,435,000 9,269,000 110068000 10,872,000 1,492.000
Grand aggr'teNov. 4 6,495,000 10,691.000 117092 000 6.354,000 1,339,000 3,120,000 702,000 239,000 104,0008,220,000 9,368,000 109410000 10,906.000 1,508,000
-Summary of weekly totals of
Philadelphia Banks.
Boston Clearing House Banks.
-We give below a
Clearing House banks and trust companies of Philadelphia:
summary showing the totals for all the items in the Boston
We omit two ciphers (00) in all these figures.
Clearing House weekly statement for a series of weeks:
Loans,
Due
Deposits,
DiSei3
Invest'ts.
from
Bar ks.
Bank.
Total,
Reserve
Held.
Excess
Reserve.
Dec. 9.
$
Nat. bank_ 393,447,0 73,213,0 169,161,0 319,208,0 488,369,0 70,570,0 11,173,0
Trust cos-- 158,325,0 4,993,0 3,586,0 143,556,0 147,142,0 22,784,0 1,843,0
Total --- 551,772,0 78,200,0 172,747,0 462,764,0 635,511,0 93,354,0 13,016,0
Deo. 2-- 546,473,0 87,172,0 178,078,0 473,960,0 652,038,0 99,653.0 18,906,0
Nov. 25... 547,195,0 85,324,0 178,702,0 477,617,0 656,319,0 106,705,0 24,600,0
Nov. 18... 541,896,0 90,601,0 184,682,0 479,469,0 664,151,0 114,854,0 31,986,0
_ 540,172.0 87,160,0 185,328,0 477,681,0 663.009.0 113,843.0 31,388,0
Nov.
Nov. 4... 538,433.0 83,158,0 182,548,0 465,748,0 648,294,0 107,561,0 20,147,0
0q 28... 538,069,0 81,260,0 180,877,0 457,923,0 638,800,0 104,684,0 23,918.0
.
.
21.... 537,802,0 88,470,0 188,211,0 464,473,0 652,684.0 109,720,0 28,482,0
" 14___ 532,230,0 87,624,0 188,904,0 469,480.0 658,384,0 120,019,0 37,978,0
526,818,0 81,270,0 183,118,0 460,022,0 643,140,0 119,456,0 38,405,0
-National bank note circulation Dee. 9, $9,080,000: exchanges for ClearNote.
ing House (Included in "Bank Deposits"), banks, 519,170,000; trust companies,
$2,539,000; total, $21,709,000. Capital and surplus at latest dates: Banks, 564,175,600; trust companies, $41,295,200; total, $105,470,800,
BOSTON CLEARING HOUSE MEMBERS.
Dec. 9
1916.
Change from
previous week.
Dec. 2
1916.
Nov. 25
1916.
Circulation
$6,350,000 Dee.
$23,000 $6,373,000 56,426.000
Loans, disc'ts & investments_ 438,336,000 Dee, 10,958,000 449,294,000 448,407,000
Individual deposits, incl.U.S. 342,444,000 Deo, 16,397,000 358,841,000 358,609.000
Due to banks
126,613,000 Dec. 7,095,000 133,708,000 134,199.000
Time deposits
1,000 30,169,000 29,264,000
30,170,000 Ino.
Exchanges for Clear. House. 18,610,000 Dee. 6,199,000 22,809,000 19,830,000
Due from other banks
793,000 40,734,000 41,476,000
39,941,000 Dee.
Cash reserve
23,448,000 Dec.
116,000 23,564,000 25,729,000
Reserve in Fed. Res've Banks 28,981,000 Dec.
637,000 29,618,000 29.681,000
Reserve with other banks._ _ 27,607,000 Dec. 4,189,000 31,796,000 33,494.000
Reserve excess in bank
5ef982,000 Dec.
646,000 df1,628,000
507,000
Excess with Reserve Agent _ _ 15,392,000 Dec. 3,808,000 19,200,000 20,883,000
Excess with Fed. Res've Bk. 4,551,000 Ino.
125,000 4,426,000 4,459,000
Imports and Exports for the Week.
-See third page
preceding.
2222
THE CHRONICLE
Vaulting and financial.
BANK OF MONTREAL
ANNUAL GENERAL MEETING HELD 4TH DEC.1916.
The 99th Annual General Meeting of the Shareholders of the Bank
of Montreal was held on Monday December 4th at the Bank's
Headquarters.
On motion of Mr. R. B. Angus, Sir Vincent Meredith was requested
to take the chair.
Mr. C. J. Fleet, K.C., moved, and Mr. Alfred Piddington seconded,
that Messrs. George R. Hooper and A. E. Ogilvie be appointed to act as
Scrutineers, and that Mr. 0. R. Sharp be the Secretary of the Meeting.
This was carried unanimously.
The Chairman then called upon the General Manager, Sir Frederick
Williams-Taylor, to read the annual report of the Directors to the Shareholders at their 99th Annual General Meeting, held Monday, 4th, De..
cember 1916.
THE ANNUAL REPORT.
The Directors have pleasure in presenting the Report, showing the
result of the Bank's business for the year ended 31st October 1916:
Balance of Profit and Loss Account, 30th October 1915_ _ _$1,293,952 95
Profits for the year ended 31st October 1916, after deducting charges of management,and making full provision for
all bad and doubtful debts
2,200,471 04
$3,494,423 99
Quarterly Dividend 23% paid 1st Mar.1916 $400,000 00
Quarterly Dividend 2% paid 1st June 1916 400,000 00
Bonus 1% paid 1st June 1916
160,000 00
Quarterly Dividend 2% paid 1st Sept.1916 400,000 00
Quarterly Dividend 23% payable 1st Dec.
1916
400,000 00
Bonus 1% payable 1st Dec. 1916
160,000 00
$1,920,000 00
on Bank Note Circulation to 31st
October 1916
160,000 00
War Tax
2,080,000 00
Balance of Profit and Loss carried forward
$1,414,423 99
[VoL. 103.
Brought forward
$194,237,353 94
Dominion and Provincial Government
Securities not exceeding market value_
419,736 71
Railway and other Bonds, Debentures
and Stocks not exceeding market balue 13,947,120 84
Canadian Municipal Securities, and British, Foreign and Colonial Public Securities other than Canadian
21,796,159 26
Notes of other Banks
1,749,441 00
Cheques on other Banks
14,832,868 53
$246,082,680 28
Current Loans and Discounts in Canada
(less rebate of interest)
$93,729,065 43
Loans to Cities, Towns, Municipalities
and School Districts
11,255,571 96
Current Loans and Discounts elsewhere
than in Canada (less rebate of interest) 6,478,263 23
Overdue debts, estimated loss provided
for
350,954 24
111,813,854 86
Bank Premises at not more than cost (less amounts written off)
4,000,000 00
Liabilities of Customers under Letters of;Credit (as per
contra)
2,179,360 30
Other Assets not included in the foregoing
239,646 41
$365,215,541 85
H. V. MEREDITH,
President.
FREDERICK WILLIAMS-TAYLOR,
General Manager.
THE PRESIDENT'S ADDRESS.
Sir Vincent Meredith, in moving that the report of the Directors, as
read, be adopted and the same be printed for distribution among the
shareholders, said in part:
I hoped when I last had the pleasure of addressing you that before
this Annual Meeting the end of the cruel and devastating war which has
convulsed Europe would be, if not reached, at least within measurable
distance. In this expectation we have been disappointed. No one can
yet fix the day of its termination, but I am sure I express your feelings
when I say we hold an unshaken confidence of the ultimate victory of
Britain and her Allies.
Canada, inspired by a deep-rooted loyalty to the Empire, has given
and is still prepared to give freely her gallant youth and monetary means
to the great cause, upon the success of which her liberties and national
existence so greatly depend.
The year has again been one of considerable anxiety to all those engaged in financial affairs. Our profits have been curtail ed by payments
of Government taxes at home and abroad, while earnings on loans in
Canada have been affected by reduced borrowings on the part of our
customers. It is not, however, an unfavorable feature that the prosperity of large manufacturing industries, and business in general, has
produced a curtailment of bank loans and converted borrowers into
depositors. The low rates of interest on that portion of our reserves
carried in New York have also been a contributing factor to diminished
earnings compared with those antecedent to the war. But despite these
disabilities, we have been able, after making what we believe to be full
provision for bad and doubtful debts, to pay our usual dividends with
the customary bonus and to carry a balance to credit of Profit and Loss
Account. I trust, therefore, that under the circumstances you will
consider the results of the Banking year satisfactory.
Since the last Annual Meeting, Branches were opened at West Toronto
and Renfrew, Ont., and the Sub-Agency at East End, Calgary, was
closed.
Also temporary offices were opened for the payment of the Troops
while in Camp as follows:
In Ontario —Camp Borden.
Exhibition Camp, Toronto.
Petawawa Camp.
In Quebec —Valcartier Camp.
In Manitoba—Camp Hughes.
All of these, with the exception of the Branch at the Exhibition Camp
in Toronto, have now been closed.
The name of Berlin (Ont.) Branch has been changed to Kitchener.
All the Offices of the Bank, including the Head Office, have been inspected during the year.
(Signed) H. V. MEREDITH,
President.
Bank of Montreal,
RELATIONS OF UNITED STATES AND ALLIED COUNTRIES.
4th December, 1916.
The wide ramifications of the business of the Bank make us necessarily
THE GENERAL STATEMENT.
deeply concerned with commercial conditions in other countries. In
The General Statement of the position of the Bank on 30th October Great Britain, general trade has been spurred to great activity by the
1916 was read as follows:
war's demands. There has been no lack of employment, wages have
LIABILITIES.
risen, money has been circulated freely, returning to the Banks in the
Capital Stock
$16,000,000 00 form of increased deposits, and for the time being, at least, prosperity
Rest
$16,000,000 00
has prevailed, despite the displacement of labor by the war.
Balance of Profits carried forward
1,414,423 99
In the United States, also as a result of the war, there is an activity in
business unexampled in its history. The shipments of gold to that
$17,414,423 99
country in payment of munitions, grain and other commodities have
Unclaimed Dividends
3,433 00
reached a sum in excess of $700,000,000 since the outbreak of the war.
Quarterly Dividend, payThis huge inflow of the precious metal, together with the fact that under
able 1st December 1916
$400,000 00
the new Federal Reserve Act the proportion of reserves required to be
Bonus of 1% payable 1st
carried by the Banks has been reduced, is causing concern to many
December 1916
160,000 00
financial men, who fear that it will bring about a period of inflation to
560,000 00
$17,9'77,856 99 be followed by a serious financial reaction.
At present these conditions are serving a useful purposd to the Allied
$33,977,856 99 Countries by causing
a plethora of money, thereby enabling them to
Notes of the Bank in circulation
$21,779,134 00
borrow at comparatively reasonable rates of interest. If the United
Deposits not bearing interest
88,767,018 22
States market will continue to look with favor on further Allied loans,
Deposits bearing interest, including inany menace to the financial situation to that extent will be removed.
terest accrued to date of statement_ _ _ 210,439,031 57
The recent action of the Federal Reserve Board in counselling caution
Deposits made by and Balances due to
in the investment of American Bank funds in Treasury Bills of Entente
other Banks in Canada
5,663,390 91
Powers it is thought may be intended as a warning to imprudent or
Balances due to Banks and Banking
inexperienced bankers. It is hoped, however, that ,it will not bring
Correspondents elsewhere than in Canabout a diminution in Allied borrowings in the United States, with the
ada
545,282 46
possibility of a check in the volume of trade with Europe.
Bills Payable
1,225,935 75
The Allied loans so far issued in]New York aggregate $1,585,000,000,
328,419,79291
Acceptances under Letters of Credit
2,179,360 30 of which sum Great Britain has borrowed $860,000,000, Franco $570,Liabilities not included in the foregoing
638,531 65 000,000, Russia $130,000,000, and Italy $25,000,000.
ASSETS.
$365,216,541 85
Gold and Silver coin current
$21,040,803 21
Dominion notes
20,273,216 00
Deposit in the Central Gold Reserves_
7,500,000 00
Deposit with the Minister for the purposes of the Circulation Fund
790,000 00
Balances due by Banks
and Banking Correspondents
elsewhere
than in Canada
$31,631,237 46
Call and Short (not exceeding thirty days)
Loans in Great Britain
and United States
113,002,097 27
144,633,334 73
BUSINESS CONDITIONS IN CANADA.
The sudden reversal in the position of Canada from a debtor to a
creditor nation, as respects foreign trade, has been very remarkable. In
the seven months of the fiscal year to October 31st the excess of imports
over domestic exports of merchandise was, as recently as 1913, no less
than $145,000,000 and in the like period of 1014 the adverse balance of
trade amounted to $60,000,000. Then the gap began rapidly to close.
The production of munitions of war of every description, together with
the bountiful harvest of last year, carried the exports to an unprecedentedly high figure. In the seven months to October 31st, 1915, the
value of domestic exports exceeded imports by $73,300,000 and in the
corresponding period of this year the excess of exports over imports has
reached the large sum of $160,000,000.
Nor has this reversal of the balance of trade been accomplished by
contraction of imports; in the present year the value of imports has outstripped all previous records. The change has been effected entirely by
DEC. 16
1916.]
THE CHRONICLE
shipments abroad of the huge crop of 1915, and the large output of war
supplies, the export of agricultural products in the seven months' period
to October 31st having risen from $75,500,000 in 1914, to $233,500,000.
It is scarcely necessary to add that this striking change in foreign trade
balance has greatly ameliorated the financial situation and is at once a
cause and reflex of the existing commercial activities of the country.
SUCCESS OF DOMESTIC LOANS.
In a little more than a year, Canada has issued two Domestic Loans
amounting to $200,000,000, and the Canadian Government has borrowed
In New York $95,000,000. The success of our internal loans is a matter
of pride and congratulation. It is due largely to the spirit of loyalty of
our people and a determination to do all within them to bring the war to
an early and successful conclusion.
The Minister of Finance, to whom the country owes much for his wise
and far-seeing administration of our financial affairs, will doubtless keep
In view these conditions when making further calls on our resources,
which of necessity he must do from time to time.
The net debt of Canada on October 31st last was $696,000,000, an
Increase within the year of upwards of $200,000,000. The war expenditure has now reached $23,000,000 a month and is increasing. Ere long
the public debt of Canada will reach a billion dollars and involve an interest charge of not less than $45,000,000 annually. While it is true
that through adventitious circumstances public revenue has increased
during the last year or two, no dependence can be placed on the continuance of this buoyancy, so that we will have to face a heavy interest
charge on account of public debt, and a resulting taxation.
POMCY CANADA SHOULD 'FOLLOW.
There are three objects to which every effort must be bent:
Economy—that we may be enabled to provide the Government with
funds to do our part to win the war and to make provision for taxes
which we shall undoubtedly be called upon to pay.
Production—that we may increase our exports and furnish more
plentifully our home markets; and above all
Immigration—(which will bring about increased production so necessary to our well-being) to be promoted at all times and under all circumstances, more particularly of settlers who seek the land.
The railway situation in Canada has been a matter of some anxiety
to those connected with financial affairs. The Dominion Government
has, as you are aware, appointed a Commission of capable and experienced men to thoroughly investigate the situation in respect of the newer
transcontinental railways, and while I cannot, of course, anticipate the
findings and recommendations of this Commission, I may be allowed
to express the hope that neither Government ownership nor Government
operation will ensue, either of which, I am convinced, would prove detrimental to the best interest of Canada.
And now, as my remarks draw to a close, I am tempted, contrary to
my usual practice, and unrestrained by the old adage, "Never prophesy
unless you know," to look into the future. The thoughts of many men
are turned towards the problems that will confront us after the war.
Government commissions are dealing with them; the press devotes
much space to their discussion; international conferences have met, but
our first, obvious and imperative duty is to WIN THE WAR.
When that is done, new conditions will unquestionably supervene. It
.
seems probable that for some months to come orders for munitions and
war supplies will continue to keep our industrial plants actively employed.
OUTLOOK FOR POST-BELLUM PERIOD.
A temporary check in business generally may be looked for when peace
Is in sight, but I do not anticipate that any lengthened cessation of our
commercial and industrial activities will immediately ensue. The period
of reconstruction will probably not be accomplished for several months,
and during this time Europe should provide a market for all we can
produce, and now markets, perhaps, will be opened to us which we have
never yet been able to reach.
Canada is bearing up magnificently under the strain of this world-wide
war, and her sacrifices will be amply repaid by the engendering of a spirit
of self-reliance, and she will emerge, a comparatively little-known country, to take her rightful position in the affairs of the nations.
The future, as I have said, is beset with new problems and is not
entirely free from financial anxieties, but by a young people possessing
great national spirit, a territorial empire and unrivalled natural resources,
the future can be looked forward to with hope and confidence.
THE GENERAL MANAGER'S ADDRESS.
Sir Frederick Williams-Taylor, the General Manager of the Bank, in
making his annual address, said in part:
Gentlemen.—In this, the twenty-ninth month of the war, it is my duty
to present for your approval the ninety-ninth annual statement of the
Bank of Montreal.
Also it is my combined duty and privilege to explain the chief changes
In the balance sheet now before you. First, however, let me comment
briefly upon the factors that bear most importantly upon the future
course of our affairs and that have influenced our banking position in the
year under review.
The outstanding business feature in Canada is an industrial condition
more abnormal in character than ever before in the history of this Bank,
or of this country.
The same statement applies in a greater or lesser degree to several
belligerent and neutral countries, but in Canada economic conditions as
well are in an unnatural state. This is partly duo to the war, also a
result of suspended immigration and of a lengthy period of an extravagance of which we are now feeling the cumulative effect.
Canada sold her record crop of last year at high prices, as in the years
of the American Civil War, while this year we are disposing of a moderate
crop at such steadily mounting prices that we again reap a golden harvest
about equal in amount to that of 1915. The total value of last year's
crop was $799,000,000.
Our much criticised adverse trade balance has disappeared as though
by magic, and our exports are now vastly in excess of our imports.
1914.
1915.
1916.
Exports for year ended Oct.31$459,300,000 $550,500,000 $1,172,700,000
Imports for year ended Oct.31 514,600,000 421,700,000
716,900,000
Total trade for year ended
$973,900,000 $972,200,000 $1,889,600,000
Oct. 1st
Many of our great industries have converted big floating debts, a cause
of anxiety, into cash surpluses. As a natural outcome, our stock marke t
2223
are booming. Not only is unemployment unknown, but unskilled labor
commands wages two and a half times greater than the pay of our volunteer citizen soldiers, who so splendidly risk their livse for their country,
while men engaged in "factory piece work" can earn as much as a college
professor. It is, therefore, not surprising that the unanalytical minded,
or those preoccupied with their own affairs, or those who have not contributed in flesh and blood to the Cause, should complacently say "Times
are good."
Among those who do not join in this refrain are the men and women of
the salaried class and those with small fixed incomes. These have been
hard hit by war prices and are indeed finding it difficult to make both ends
meet.
The present buoyant industrial conditions are obviously the direct
outcome of a steadily increasing demand by the Allies for food, clothing
and other munitions of war at rapidly rising prices, yielding large profits
to the producers.
Payment for these war exports and for our surplus crops, coupled with
loans of $275,000,000 effected in New York since the outbreak of hostilities, have brought money into the country at a rate not only unprecedented, even in the days of our heavy borrowing in London, but so undreamed of that we can advantageously ponder on what might have been
our condition had there been no war.
An American authority has said: "The war has saved the United States
from a great industrial and financial calamity."
In many respects conditions in Canada are comparable with those in
the United States. In two notable respects they differ. Our neighbors
across the border are adding to their wealth at a pace without precedent
In history, but, unlike the Dominion, unpenalized by increasing national
debt and loss of human life.
There is another side to this picture on which it is not well to dwell
unduly, but which should be kept clearly before us. Post bellum conditions will surely weigh upon us more heavily or less heavily in proportion
to our present indifference or our foresight, and in direct ratio to the steps
we take to provide for inevitable problems and difficulties. Our agricultural production brings not only prospertiy but stability; apart therefrom, though the cost of these alleged good times will not fall equally
upon individuals, Canada as a whole will pay, and is paying already, in
hard cash, reflected in a formidable national debt and in a great public
debt per capita. We are also paying in that most priceless of all treasures,
the blood of the manhood of our country. So far the cost to us of the war
Is 14,000 lives plus 45,000 casualities, and in money $354,000,000.
The transient nature of our increased exports alone is a simple index
to a situation that commands the attention of all thinking people.
These views may not be acceptable to all, but they are common sense
and based upon arithmetical facts. To be forewarned is to be forearmed.
These are the main factors that have influenced and will influence the
banking position—the movement in deposits and loans and the safety of
both. Therefore, in my opinion, the business of this bank should be
conducted with such views plainly before us until the situation clears.
LONDON.
Throughout the year under review, the trend of money rates in London has been steadily upwards, and, therefore, notwithstanding heavy
Income tax, the substantial reserves we carry at that reserve point have
been employed with profit to ourselves, also with advantage to the
Empire, as the chief securities in which we deal, either by way of loan or
purchase, are British Government securities.
It is not out of place to mention here that this Bank is among the important and appreciated lenders of short money in the London market, and
though it is not for us to take praise for this, yet the fact is not to be
lost sight of when weighing Canada's assistance to the Empirein this war.
In this connection I may say that as a borrowing centre London remains closed to the Dominions except for such loans as our Government
effect from the Imperial Government for war purposes. On the other
hand, some of our Provincial Governments and several municipalities
have re-purchased largely their outstanding long-dated London loans
and refunded them in New York, thus helping the sterling exchange
situation. The obligant also has profited through reduction in capital
debt.
The help that can in this way be rendered to Great Britain in maintaining the value of the pound sterling is in itself sufficient reason why
all our public bodies with loans afloat in London should give this matter
their loyal and early attention.
UNITED STATES.
With the exception of one brief spasm, both call and time money in
New York have remained abundant and therefore cheap.
The call rate averaged 2.30% throughout the year, as compared with
2.39% the preceding year. It will be obvious to you that it is not very
profitable to lend money at such rates, but our policy remains unchanged
of carrying important reserves in New York, no matter what the earning
power may be.
During the Bank's year Canada borrowed in New York by way of
public loans $153,000,000. This sum includes the Dominion Government loan of $75,000,000, borrowed naturally on terms dictated by the
lender, terms that should have been better but might have been worse
had our credit not stood so high. Of the latter sum,$25,000,000 was for
refunding purposes.
In the previous year Canada borrowed in New York about $142,000,000, and in 1914 $25,000,000.
The interest on Canada's indebtedness abroad—mainly to Great
Britain and the United States—now amounts to about $175,000,000 a
year.
It is worthy of special mention that since August, 1914, New York has
loaned no less than $2,000,000,000 to foreign countries, thus extablishing
itself in an important position among the great loaning centres of the world.
BOARD OF DIRECTORS.
The Scrutineers appointed for the purpose reported the following
gentlemen duly elected Directors: D. Forbes Angus, R. B. Angus,
A. Baumgarten, II. R. Drummond, C. B. Gordon, E. B.Greenshields,
C. R. Hosmer, Harold Kennedy, Sir William Macdonald, Hon. Robt,
Mackay, Wm. McMaster, Sir Vincent Meredith, Bart., Capt. Herbert
Molson and Lord Shaughnessy, K.C.V.O.
At a subsequent meeting of the Directors Sir Vincent Meredith,
Bart., was re-elected President and Mr. C. B. Gordon was elected
Vice-President.
THE CHRONICLE
2224
[VOL. 103.
prominent. New York, New Haven & Hartford fell away
from 5738 to 51% and Canadian Pacific from 167 to 165X.
The volume of business on Thursday reached 2,450,296
Wall Street, Friday Night, Dec. 15 1916.
shares, the largest day's trading since March 1907.
The Money Market and Financial Situation.
-The
For daily volume of business see page 2233.
most important event of the week has, of course, been GerThe following sales have occurred this week of shares not
many's official announcement of her readiness to consider represented in our detailed list on the pages which follow:
terms of peace. We give below, somewhat in detail, the
STOCKS.
Sales
Range for Week.
effect of this announcement on the security markets. The
Range since Jan. 1.
Week ending Dec. 15.
for
cotton and grain markets were similarly affected. Cotton
Lowest.
Week.
Highest.
Lowest.
Highest.
advanced on the prospect, however slight, of an open, unPar.
share.
share.
per
trammeled market. Wheat immediately declined eight Acme Tea tern otfs__100 Shares S per Dec 12 $ per Dec 9 $51 share.8 per share.
600 65
67
Aug 6931 Nov
cents per bushel and more later in the week, a matter of Adams Express
100 900140 Dec 14 144 Dec 12 13234 Mar 15434 Jan
Bank
pref_ -50
100 5151 Dec 14
14 5154
importance to every family and household in the country. Am Brake NoteF ctf-100 100107 Dec 12 5151 Dec 12 100 Oct 53 July
Am
S&
107 Deo
Apr 10994 Oct
Otherwise the incident passed almost without a jar and
Preferred Ms
100 300195 Dec 13200 Dec 13 165
Feb 209
Nov
American Coal
25 600 31 Dec 12 31 Dec 12 31
Dec 35
Sept
financial and industrial affairs are generally undisturbed.
American Express---100
Deo 12 130 Dec 12 123 June 14035 Jan
100130
The Steel Corporation's report of unfilled orders shows Am Malt an dep
300 934 Dec 14 994 Dec 14 934 Dec 1031 Dec
Preferred ctfs dep....
100 51 Dec 11 51 Deo 11 51
an unusual if not an unprecedented increase, the total now Am
Dec 51
Dec
Tel & Cable____100
Dec
210
Dec
Apr
aggregating more than 11,000,000 tons. An estimate by Am Tel & Tel rights.-- 16.100263 Dec 11 63 Dec 11 16054 July 8951 Nov
1-32
11 254
9 15-16Nov 234
the Government of this year's cotton crop places it at about Assets Realization__100 100 3 Dec 15 3 Dec 15 234 Oct 8 Jan
A13800 Dry Goods..
.100
100 28 Dec 9 28 Dec 9 21
Oct 28
Dec
11,500,000 bales, or half a million more than some sup1st preferred
100
100 68 Dec 12 68 Dec 12 68
Dec 75
Nov
2d preferred
posedly reliable private estimates. This is, however, with
100
100 4934 Dec 12 4934 Dec 12 4934 Dec 4934 Nov
Associated 011
100 1,210 68 Deo 13 71 Dec 9 62
Jan 77
Jan
one or two exceptions the smallest yield since 1910.
Atl Birm & Atl
100
300
11
14
Sept
Saturday's bank statementshowed a surplus reserve of over Batopilas Mining_ ___20 2,000 15 Dec 15 1631 Dec 11 1154 June 1851 Dec
154 Dec
194 Dec
194
394 Jan
liklyn Union Gas 100 200132 Dec 1313235 Dec 12 126
Apr 13335 Oct
$73,000,000, a large addition to that of the previous week, Brown Shoe
100 300
Dec
Jan
and again large amounts of gold have been received for Brunswick Terminal-100 700 70 Dec 15 7054 Dec 13 5034 July 76 Nov
8 Dec 12 10
15 (I
14
Jan
Buffalo Roch
foreign credit. The logical result is an easier money mar- Burns Bros & Pitts100 390 95 Dec 14 9754 Deo 14 92 May 100 July
100 1,300 86 Dec 13 88 Dec 15 66
Aug 88
Dec
ket and the probability that sufficient funds will be availa- Car Clinch &0 pref..100 300 50 Dec 12 50 Dec 12 50 Nov 50 Nov
Case (J I), pref
100
150 8931 Dec 9 8934 Dec 9 82
ble for all legitimate year-end demands.
Oct 90 May
Chicago & Alton_ _ 100 500 1835 Dec 14 21 Dec 15 8
Feb 2351 Dec
Foreign Exchange.
-Sterling exchange improved fracPreferred
100 200 2831 Dec 14 3251 Dec 11 18
Sept 33
Dec
E
pfd
9
tionally during the week, though being such an arbitrary Ch &R IIll P trtr reo_100 500 7 Dec 12 10 Dec 14 1 Dec 10 Dec
&
Dec
recta--35
3835
market at the present time there is not the same latitude for Chic Peab'y & Co_100 5,000 35 Dec 15 383-4 Dec 15 68 Dec 76 Dec
Cluett,
600 71 Dec
11
7194
Apr
Jan
Preferred
100
advances as shown in the exchanges of the Central Powers. Con
10011334 Dec 1111334 Dec 11 108 June 11334 Dec
Dec
Marks advanced to 74 for demand bills, while Austrian ConsG E L & P(Balt) 100 2,200125 Dec 12 128 Dec 1110831 Mar 130 Nov
Interstate Call__10 1,000 2135 Dec 1.5 25 Dec 11 18
Aug 2834
Consolidation Coal- _100
kronen reached 13.30.
30011134 Dec 14 112 Dec 12 11135 Dec 11834 Nov
Vanh,ers' Oztztitt.
To-day's (Friday's) actual rates for sterling exchange were 4 7174 44 72
3
for sixty days, 4 75%(:)4 75% for cheques and 4 764544 7634 for cables.
Commercial on banks, sight, 4 7554 ©4.75 9-16, sixty days 4 7144 71 54,
ninety days 4 683464 69 and documents for payment (sixty days) 4 714
4 71 54. Cotton for payment 4 7534 @475 9-16 and grain for payment
4 7554 44 75 9-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 8834
5 89 for long and 5 8445 8434 for short. Germany bankers' marks were
73474 for short, nominal for long and nominal for short. Amsterdam
bankers' guilders were 40 11-16 for short.
Exchange at Paris on London, 27.8154 francs; week's range, 27.8154
francs high and also 27.8154 francs low. Exchange at Berlin on London
not quotable.
The range for foreign exchange for the week follows:
Sterling, Actual- Sixty Days.
Cables.
Cheques.
4753%
High for the week_ _ _4 72
47654
Low for the week_4 71%
4 75 7-16
4 76 7-16
Paris Bankers' Francs
High for the week__.5 8854
5 8351
5 8234
Low for the week__ _5 90
5 8531
5 8431
Germany Bankers' Marks
High for the week_ __
74
7434
Low for the week__ _
• 65 13-16
6531
Amsterdam Bankers' Guilders
High for the week__ _ 40%
40 15-16
4034
Low for the week_ _ _ 40 9-16
40 13-16
$0%
-Chicago, 5c. per $1,000 discount. Boston, par.
Domestic Exchange.
St. Louis, 15c. per $1,000 discount bid and 10c. asked. San Francisco,
100. per $1,000 premium. Montreal, .625c. per $1,000 premium. Minneapolis, 30c. per $1,000 premium. Cincinnati, par.
State and Railroad Bonds.
-Sales of State bonds at the
Board are limited to $56,000 Va.6s tr.co.rects. at 57 to 59.
For reasons mentioned above and in sympathy with other
security markets, railroad and industrial bonds have been
decidedly weak. American Smelters Securities 6s dropped
from 116 to 1073 ,and Atchison Topeka & Santa Fe gen. 4s
%
fell away slightly. Chile Copper 7s, always spectacular, lost
73% points, the final figure being 1293/2. Lackawanna Steel
5s, 1950, declined from 1033% to 98, while St. Louis & San
Francisco adj. 6s fell away from 813 to 79 and losses of
%
one or more points were common. From a list of 25 most
active issues only two,Bal.& Ohio g.48 and ref.5s,advanced.
The issues of foreign governments, such as Anglo-French
5s, American Foreign Securities 5s, Great Britain and Ireland
5s and the various Dominion of Canada issues, have been very
active. Sales of State and United States Government bonds
have been small, with New York City securities in demand.
No sales of bonds were reported on an s-20-f basis this week.
-Sales of Government bonds at
United States Bonds.
the Board this week include $15,000 Panama 3s, coup., at
102A, and $3,000 4s, coup., at 111. For to-day's prices of
all the different issues and for the week's range see third page
following.
Railroad and Miscellaneous Stocks.
-The inevitable,
a formal proposal of peace in Europe, took the security markets by surprise early this week. The liquidation of industrial shares, following this news, carried values down six to
ten or more points throughout the list, some of the high-priced
issues losing as much as 35 points. Railway stocks, although
little dealt in, declined in sympathy.
American Can fell from 623/ to 49, American Locomotive
8
from 933% to 78, while United States Industrial Alcohol lost
23 points for the we*, the final quotation being 1133/2.
The various steel issues fell away sharply, United States
Steel reaching 1093/i as a low figure. American Writing
Paper pref., reversing its movement noted for several weeks
past, fell from 643% to 43. The Copper issues were also
weak and the high, low and last prices for Anaconda Copper,
Baldwin Locomotive, Colorado Fuel & Iron, Lackawanna
Steel and Mexican Petroleum were 98,83A, 863%; 813%,65,
673%; 563/2, 44A,46A;104,84 ex div., 88, and 108A,96,
98. Among the railroad issues declines of from % to. 5
points were common.. Norfolk & Western, Reading, Atchison Topeka & Santa Fe and Lehigh being among the most
Continental Insur____25'1,900 56 Dec 14 6135 Dec 13 54 June 68
Nov
Deere & Co, pref
100 800 9834 Dec 9 9951 Dec 12 89 May 9951 Dec
Detroit Edison
100
40 140 Dec 15 14934 Deo 12 131
Mar 149
Nov
Detroit United
100 353 121 Dec 11 122 Dec 11 70
Jan 122
Dec
Duluth S S & AU_ _ _ _100 600 651 Dec 9 734 Deo 9 454 Mar 9
Dec
Preferred
100
100 1335 Dec 9 135 Dec 9 10
Jan 16
Dec
Electric Stor Batt__ 100 500 6735 Dec 13 71 Deo 9 58
Apr 7234 Nov
Gaston W & Wig_no par 7,543 35 Dec 13 4094 Dec 9 35
Dec 5134 Oct
Hartman Corpn
100
100 78 Deo 14 78 Dec 14 78
Dec 78
Dec
Heime(OW)
100 100 185 Dec 14 185 Dec 14 17934 July iosn July
Homestake Mining_100 100134 Dec 12 134 Dec 12 126
Jan 13534 Oct
Int Harvest Corp_ _100 1,100 79 Dec 12 83 Dec 13 6834 Mar 87
Nov
Preferred
100 300 114 Dec 911454 Deo 11 10434 Apr 11454 Dec
Int Hart N J, pref_ _100
100 120 Dec 11 120 Dec 11 114
Feb 122
Oct
Jut Mere Marine otfs--- 16,700 4594 Dec 9 4794 Dec 9 1394 Feb 5051 Sept
Preferred ctfs
18,500 11654 Dec 911834 Deo 9 6134 Mar 125% Sept
Int Nickel, pref y t 0-100 41510634 Dec 1510834 Deo 11 105
Aug 111X Feb
Iowa Central
100 300 734 Dec 15 8 Deo 9 2
July 954 Dec
Jewel Tea, pref
10010951 Dec 12 10951 Dec 12 104
100
July 113
Apr
Kayser (Julius) & Co 100 40010951 Dec 9 114 Deo 15 sog Mar 114
Dec
Keokuk & Des M__ -100
100 594 Dec 14 594 Deo 14 3
Mar 6
Dec
Kings Co E L & P__ _100
245122 Dec 9 1223.4 Dec 1112151 Deo 131
Feb
Laclede Gas
100 1,500 110% Dec 13 113 Dec 1510334 Mar 118% Nov
Liggett & Myers pref 100 250126 Dec 14 128 Dec 14 118
Mar 126
Dec
Loose-Wiles Bisoult_100 2,800 22 Dec 11 2554 Deo 12 14
Sept 34
Oct
1st preferred
100 200 89 Dec 14 89 Dec 14 78
Mar 9135 Jan
Manhattan Shirt
100 500 7335 Dec 14 7434 Deo 11 55
Feb 7494 Dec
May Dept Stores
100 1,800 63 Dec 15 66 Deo 12 5034 Jan 7234 Nov
Michigan Central-100
13 135 Dec 12 135 Deo 12 105
Dec
Apr 135
National Surety_ _ _100
Dec
4028834 Dec 12272 Deo 9 26854 Dec272
N 0 Tex & Mex v t o__ 400 22 Dec 14 24 Dec 15 22
Dec
Dec 24
N Y C & St L 26 prof 100 200 60 Dec 14 62 Dec 13 50
Apr 67 June
N Y Dock
100 300 15 Dec 15 17 Dec 15 954 May 2434 Nov
Preferred
100
100 47 Dec 13 47 Dec 13 25
Apr 5034 Nov
Norfolk Southern
100 1,600 29 Dec 15 3035 Dec 12 20
Apr 3135 Dec
Nova Scotia S & C.._100 3,200 126 Dec 15 14834 Dec 9 126
Dec 156
Nov
Dwerus Bottle-Mach. 25 3,800 9894 Dec 1510434 Dec 9 83 Sept 105
Dec
Pacific Mall, pref
200 96 Deo 9 9834 Deo 11 90 June 9934 July
Paolflo Tel & Tel__ _100 500 34 Dec 14 3534 Dec 11 3254 Apr 44
Jan
Pan-Am Pet & T pfd 100 3,700x9734 Dec 15 101 Dec 919734 Deo 10135 Deo
Pitts Ft W & Chio__I00 200i5634 Dec 14159 Dec 915551 July 159
Dec
Pitts Steel, pref
100 1,000102% Dec 14104 Dec 11 9334 Feb 108
Oct
Quicksilver Mining_ _100 700 2 Dec 13 291 Dec 11 2
Nov 634 Jan
Rensselaer & Sara_ _ _100
1217434 Dec 13176 Deo 917434 Dec 176
Dec
Dec 14 12894 Dec 14 125 June 12734 Dec
Sears, Roebuck, pref 100
10012851
Sloss-Sheff S & I pref 100 200 100 Dec 12 100 Deo 13 9135 Apr 103% Nov
Standard Milling
100 434 98 Dec 15 10034 Dec 12 88
Mar 1073.4 Oct
Texas Co rights
25.020 2394 Dec 12 2534 Dec 9 2394 Dec 27
Nov
Toledo St L & West_100 800 10 Dec 12 12 Deo 14 5
Apr 1334 Dec
Trust receipts
100 11 Dec 14 11 Dec 14 5 May 12
Dec
Preferred tr recta
Feb 1935 Dec
100 log Dec 12 1934 Deo 12 8
United Drug
100 200 73 Dec 14 73 Deo 14 73
Dec 80
Nov
1st preferred
100 53 Dec 12 53 Dec 12 5234 Nov 5334 Nov
51
2d preferred
100 100 9234 Dec 9 9234 Dec 9 9234 Dec 9534 Nov
CT 5 Express
100 100 223.4 Deo 12 2235 Dec 12 2234 Deo 4994 Apr
(7 S Realty dr Impt 100 1,200 30 Deo 15 3435 Deo 9 25 June 49
Feb
U S Reduc & Bete__ _100 3,100 1 Dec 14 I% Dec 13 1 June 351 Jan
100 3,500 1 Deo 14 154 Dec 9
Jan
Preferred
X Aug 4
Wells, Fargo Express 100 87513834 Deo 15138 Dec 1512334 May 14231 Dec
WhdcLE lstptfulipdrots 1,000 33 Dec 9 35 Deo 15 33
Dec
Dec 35
White Motors (new)_10010.600x45 Dec 15 5314 Deo 9 x45
Dec 5934 Oct
Outside Securities.
-Prices of securities on the Broad
Street "curb" have declined, as has been the case in other
security markets. Aetna Explosives fell from 9/ to 63i
and Butterworth-Judson lost 103 points for the week.
%
Carwen Steel and Central Foundry lost 4A and 53/ points,
respectively, the last prices being 123/ and 233/2. General
Motors w.i. fell from 151 to 117, while the high, low and last
figures for Haskell & Barker Car Co., arlin Arms, Midvale
Steel, Submarine Boat and United ilotors were 44-393%-41,
59-42-43, 69-57 A-58N, 38-24-29% and 603'g-45-46 M.
Standard Oil subsidiaries were active during the first part of
the week, but few sales were noted the last two days. Prairie
Pipe Line moved between 345 and 352. South Penn Oil
covered a range of 40 points, the high mark being 620 and,
Standard Oil of New York fluctuated between 250 and 285;
other oil issues, most of which sell at"cents per share,"active.
Among the bonds sold at the curb were $1,900,000 American Tel. & Tel. new 5s at 99 and 99A;$195,000 French Municipal 6s at 963/ to 96;$1,240,000 Sinclair Oil 6s at 111
-year
to 122, and $1,265,000 Great Britain & Ireland 3 and 5
/
bonds at 98-973% and 9838-97Y respectively.
8,
A complete record of "curb" transactions for the week will
be found on page 2233.
New York Stock Exchange-Stocic Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
2225
For record of sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday 1
Dec.9
Monday
Dec. 11
Tuesday
Dec. 12
Wednesday
Dec. 13
Thursday
Dec. 14
Friday
Dec. 15
Sales(or
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100
-share Iota
PER SHARE
Range for Previous
Year 1915
Lowest
Highest
Lowest
$ per share $ per share $ per share $ per share $ per share $ per share
Railroads
Par $ per share
per share
1043 1051 104 1043 1023 10412 10312 10412 10272 10478 1027 10414 24,300 Atoh Topeka & Santa Fe-7100 10014 Apr 22 $ per share $ per share $ 1114
4
/
4
4
4
8
10878 Oct 5
9212 Feb 1
Nov
10034 10034 10012 1003 10038 10034 10034 1003 10012 10034 1003 1003
4
4
4
100 9852 Aug 30 102 Feb 24
4 3,707 Do pref
96 Jan 10218 Nov
1217 1217 12012 12012 120 12012 11912 120
8
121 121
5
120 121
1,100 Atlantic Coast Line RR
100 10612 Apr 19 126 N ov22
98 Mar 116 Nov
853 853
4
4 8533 854 84
851 833 88
/
4
4
84
8512 8312 8412 17,400 Baltimore & Ohio
100 827 Apr 24 96 Jan 4
4
833 Feb 96 Dec
5
74 2 7453 .74
4 7433 7452 741 7433 744 7452 74
743
/
4
/
1
1,600 Do pref
74
100 7212 Aug 30 80 Jan 15
67 Feb 79% Nov
*8312 84
83
831 84
8314 *83
2,600 Brooklyn Rapid Transit-100 8112 Dec 15 887 June 6
84
8212 8314 8112 83
a
8314 Aug 93 Apr
16614 167
16518 166
16412 187
16414 16614 1647 16712 1654 187
12,500 Canadian Pacific
2
100 216212 Mar 1 1833
4Jan 3 138 July 194 Nov
67
4 631s 8615 84
/
4
6753 661 673
6553 6434 6634 644 865 35,900 Chesapeake & Ohio
8
100 58 Apr 24 71 Oct 19
5July 6434 Nov
355
1414 1433 15
1512 14
143
4 14
1412 14
1458 137 14
8
6,500 Chicago Great Weetem
100 113 Apr 24 184 Deo 7
4
1014 Jan 171% Nov
433
4314 4035 42
431
42
/
4
4014 4153 4033 42
40
41
10,500 Do pref
100 33 Apr 24 4712 Oct 27
2513 May 41% Nov
935 935
2
2 917 9314 91
92
91
9114 92
9212 9112 93
9,600 Chicago Milw & St Pau1 100 91 Apr 22 10212 Jan 3
778 July 101% Deo
4
125 125
2
1247 125
123 123
12434 125
12434 1243 12312 12434 1,700 Do pref
4
100 123 Dec 12 136's Jan 5 1207 Sep 135 Dec
8
12412 12412 1241 12412 1234 124
/
4
4
12312 12414 12314 1243 123 12312 4,400 Chicago & Northwestern-100 123 Dec 15 13475 Jan 3 11812July 13518 Nov
*175 185
176 176
*170 180 .170 180 *170 185
200 Do pref
a
100 *165 • Apr 13 176 Dec 11 183 July 1180 Nov
3814 3033 3734 39
- ii- -iiis 3634 3952 3734 393
3934 81,600 Chicago Rook Isl & Pac.--100 1512 Apr 22 4034 Dec 7
4 38
1013 July 38% Apr
*5612 585
8 50
56
55
5414 5414 54
1,100 Cloy Cin Chic & St Louis--100 38 Apr 27 6233001 27 121 Jan 52 Oct
5412 .5313 5612 55
.
83
8412 *83
83
8412 83
200 Do pref
8412 .83
*83
83
8412 83
6312 Feb 77 Oct
100 70 Feb 2 86 June14
*3334 3414 3373 3378 .33
34 .__
34
100 Colorado & Southern
34 .3212 34 .32
100 243 Apr 24 37 Oct 27
4
24 Mar 3812 Nov
60 60
60 .58
60
100 Do 1st pref
.60
61 .58
61
*5912 60
*59
100 48 Apr 1 8212 Oct 18
45 Jan 60 Nov
*45
55
50 .40
50
*45
55
50 .40
*
Do 2d pref.
55 .40
100 40 Mar13 573
4Junel0
85 Sep 52 Nov
*150 152
700 Delaware & Hudson
150 150
--------15018 15018 14912 150 *149 151
100 149 Apr 20 156
/
1
4
4 13812 Aug 15418 Nov
19
4,27
19
*229 240 .229 240 gii
10 *227
10
*227
Delaware Lack & Weetern_50 216 Mar18 242 Oct 8
40 ' 249 ' 23934 *219 2383
1914
2
Nov
199% Jan 238 Nov
1,100 Denver & Rio Grande----100
*1912 2012 1812 1812 17
17
8% Mar30
4 Jan 1612 Nov
4034 42
4018 4334 3934 4178 6,300 Do pref
4432 44% 4214 4438 404 43
100 15 Mar 8 52 20 2
612 Jan 2938 Nov
2 14 Og 5
3
2
8
s
37
3734 363 3712 3518 3658 353 3678 353 3718 3514 3612 90,100 Erie
4
100 32 Apr 22 435
sJan 3
1978 Feb 4558 Nov
4912 5134 4912 5034 9,900 Do 1st pref
51
50
8 5012
515,
52
5212 5158 52
100 48 Apr 22 594 Jan 3
/
1
3214 Feb 5912 Nov
413
4 4014 4114 41
1,700 Do 26 pref
4112 4034 41
4212 4212 4212 4252 .40
100 4014 Dec 13 5412Jan 3
27 Feb 5414 Dec
8
116 11712 8,000 Great Northern pref
4
117 11714 1163 11718 1164 1167 11612 1167 11633 117
100 116 Dec 15 12712Jan 4 112% Jan 12838 Nov
7
57,700 Iron Ore properties_No par 335
3914 417
5
5 3912 4214 383 4214 3834 403
427 43
8
5
4112 4312
2June28 503
4Jan 3
2514 Jan 54 Oct
10458 10612 4,000 Illinois Central
*108 10714 10612 10034 104 10612 10514 10534 106 106
100 993 Apr 17 109720ot 5
4
99 July 113 Apr
173 18
173 177
8 1712 1753 1718 1712 163 1712 1612 1714 12,200 Interbor Con Corp, vtc No par 1534 Feb 15 2112Jan 3
4
4
187g July 25% No
•
7512 £7234 7312 72
75
7212 72
7212 7312 72
73
4 2,700 Do Met
723
100 71 Feb 15 7712Jan 3
70 July 82 Nov
2672 27
2012 27
2518 2014 2512 2632 2512 2612 2455 2612 9,600 Kansas City Bouthern
109 234 Apr 28 3214Jan 4
/
1
20% Feb 35% Nov
*584 61
*5812 61
/
1
300 Do pref
.5812 60
*5712 60
5872 59 .5612 60
100 58 Aug 18 647k Jan 3
54% Feb 6512 Nov
27
2734 2512 26
23
2512 .23
2432 2,100 Lake Erie & Western
2414 2414 24
26
100 10 May 2 30 Dec 7
1838 Dec
5 Jan
*49
5412 .49
4814 49
51
54
52
4
/ 1,700 Do pref
1
4
48
4934 493 50
100 32 Apr 20 5512N ov 2
19 May 4112 Dec
8114 813
4 803 8132 7912 8012 7912 807
5
2
5 7813 8114 7814 807 16,300000
Island
50 7412Jan 31 87 Oct 5
h Yalley
/
1
4
6452 Feb 83 Nov
/
1
4
.32
3453 3453 .32
35 .32
35
35 .30
35 .30
35
Long
50 20 Jan 31 4112June12
15 Jan
700 Louisville & Nashville____100 12112 Mar 1 140 Oct 5 10412 July 2758 Oct
132 132
132 132
13112 13112 130 130 _ 130 130 .130 132
130% Nov
322 Manhattan Elevated
*130 130 .130 132
_ *130 132 *130 132 £12912 12934
100
Apr
Oot 27
2912 3014 2934 3032 .29 31 4,200 Minneap & St L (new) 100 128 Oct 28 132 Oct 27 125 June 132 Dec
31
3114 -iii- io
•
32.2 30
28
5 36
/
4
2,300 Minn St Paul & B 8 M
'
1183 11834 118 11833'117 1181 11834 11934 120 120
4
11833120
100 11814 Apr 24 130 Oct 4 106 Jan 12612 Nov
134 .128 135 .128 134
_ *128
-- Do pref
100
Bept26
912 1012 --5i4 "iii4- "2-3
2,iioo Missouri Kansas & Texas_100 12812Sept 6 137 4Jan 15 123 June 1381 Dec
94 10 2
4
9
93
-lois --1 4 --15i4 104
1 -13
/
1
4
123 Dec 7
4 Sep 15 Apr
/
4
1918 2012 207 21
1814 20
20
2
3,300 Do pref
2012 2114 19
100 10 Apr 3 24 Oct 26
1018 Sep 40 Apr
1653 1712 1614 173
4 173 1814 17
17
"1812 16 1734 19
6,200 Missouri Pacific
4
100
314
2
18 Apr
134 July
/
1
4
7
1634 1814 17
2
1918 165 18
18
1814 163 1714 16,900 Trust co MSeptMs of deposit.--314Sept 1 2214 Dec 7
3
4
183 19
1
3 Dec
Dec
7% Nov
335 3412 88,200 Missouri Pacific(new
4 3314 3533 3312 35
35
3578 345 361 3314 343
/
4
8
)when 1E0. 221a Bent 6 3812Deo 0
63
63
61
6112 60
6112 61
6112 603 63
4
go
01
3,900 Do pref(or Inc bonds) do___
4734 Sept 5 6475 Dec 7
/
4
10612 10712 10613 10733 1041 10612 10452 10614 1047 10612 104 1053 47,300 NY Central & Hud River-1
s
4
00 10014 Apr 22 11414 Oct 5
8112 Mar 11612 Dec
42 .38
41
42 .40
.40
3814 3814 384 3812 *36
/
1
38
200 N Y Chio & St LOUIS
100 83 Apr 17 453 NOv11
57. 5714 55
567
4
8 5112 5812 5212 54
30 June 4858 Dec
5253 547
5252 5312 18,200 NY N H & Hartford
100 5112 Dec 12 777 Jan 10
s
43 Feb 89 Oct
3034 29
3112 3012 3212 293 31
8
313 323
8 307 3134 29
4
4
18,300 N Y Ontario & Western_100 28 May 5 3438 Deo
2
213 Jan 35 Apr
4
/
4
1371 1391 13414 1363 13514 137
/
4
4
140
138
1343 13814 13414
4
28,200 Norfolk & Western
100 114 Mat 1 1471 Oct 16
*85
9912 Jan 122% Dec
8512 8512 8512 8512 8512 8515 8512 8512 8512 .85 13612
85'2
500 Do adjustment pref
100 8418 Feb 25 891 May22
/
4
8012 Sep 90 June
4
1093 110
/ 1093 111
1
4
111 11112 11012 111
4
11015 111
109 11034 13,800 Northern Pacific
100 10814 Sept 2 11878Jan 4
9918 Feb 118% Dec
668 567
8
8 5612 5678 56
583
4 56
5632 56
56.2 58
5612 20,411 Pennsylvania
50 55 Sept12 80 Oct 4 51% Feb 6112 Nov
82 .8013 85 .8012 85 .8012 85
8 82
857
8
857 *83
*83
100 Pitts Cin Chic & St Louis...100 78 Feb 17 88 June 5
85 May 86 Nov
93 1 . 93 *---- 94 .92
-7
93 .92
.92
03
100 88 Jan 28 983
4Jan 13
90 June 9812June
105 10833 106 10772 1057 10834 10812 10812 200,950 Do pref
4
1094 1103 108 110
2
Reading
50 7518Jan 31 11512Sept27
2
6958 May 855 Nov
4518 454 4514 4513 4512 .44
451 4414 444 44
.
/
44
4
44
600 1st preferred
50 417 Feb 19 46 Feb 29
2
40% Sep 45 June
____ _ _ _ _ .45
46
46
46 .45
46
46
46
4512 4512
350 2d preferred
_50 4114Feb 21
40 Feb 44 Apr
2612 26
4 20
27
2612 273
27
283
4 26
2712 2634 2712 8,000 St Louts & San Fran new (w 1).. 1512 May18 52 May19
30 Dec 6
____ ___ 29
*29
29
2912
2912 3014 291 2912 1,400 St Louis Southwestern
/
4
100 16 May 4 3014 Dec 14
11 Sep 23 Nov
55
ES-8:1i2 55
*50
56
554 56
50
504 1,600 Do pref
100 3712 Sept 7 56 Dec 13
29 Sep 4512 Dec
163 1634
4
10
163
161 1612 2,800 Seaboard Air Line
4 161s 17
/
4
100 14 Apr 22 187
5Jan 13
1114 July 20 Nov
/
1
4
3614 3914 -5- . - 2 38
38
3712 3812 3814 39
812 3813714 383
4 2,400 Do pref
100 3418 Apr 24 42% oot 10
3014 July 4334 Nov
/
4
8
5
987 9914 9812 991 967 9812 971 9812 97
/
4
9813 9612 9733 37,400 Southern Pacific Co
100 944 Apr 22 1041 Jan 4
/
1
/
4
8114 Feb 10418 Dec
a 2818 2933 2852 32
30
313
5
8 297 307
/ 31
1
4
3234 313 3412 243,450 Southern Railway
4
100 18 Apr 24 3412 Deo 15
1212 July 26 Nov
4
674 6912 684 70
683
2
693 693
4 68
4 673 68
69
70
6,000 Do pref
100 56 Apr 24 72 Oct 10
42 July 65 Nov
18
19
19
18
20
1814 18
18
1752 1932 1814 1912 11,000 Texas & Pacifi
612Feb 14 211 DecDeo 7
c100
/
4
8 July 1172 Apr
/
1
4
/
1
5152 5153 507 5114 504 5012 5018 5012 503 503
4
4 483 493
4 3,100 Third Avenue(New York) 100 48 Nov22 6812June22
35 Jan 8412 Oct
4
*943 953 *94
4
9512 7777 77 7.,
_-_ .95
95
/ ____
1
4
Twin City Rapid Tranalt 100 94 Mar 24 99 June 8
90 July 100 Apr
1443 14553 14212 1441- 14314 14538 14314 14512 14314 1451- 126,600 Union Pacific
s
145 146
- 2
s
100 12934 Apr 22 1533 Oct 24 1153 Jan 141% Nov
8
4
8312 8312 83
/ 84
1
4
8314 84
833 84
4
833 84
4
*8312 84
1,440 Do prof
100
/Sept29 279 Mar 8412 Nov
4
1
124 127
1212 1114 117
8 12
,g
11ii 113
4 117 1238 1114 1132 4,800 United Railways Invest-100 280 Sept 9 841Jan
8
21'4
734May
4
8 Jan 27 Oct
/
1
4
*24
25 .24
2512 *24
2512 24
2412 23
25
22
2212 1,600 Do prof
2114 Mar 47% Oct
157 1012 154 1612 1514 1533 151 16
5
/
4
15
15
16
101 tils
1258 Oct 1712 Nov
581 581 573 5834 5512 5712 557 57
/
4
/
4
4
5614 571 5514 5714 27,900 WDosh
/
4
.15' 19 2
4
50 aba Pref A
100 4112Mar 1 6012 Deo 4
43% Oct 494 Nov
3114 3153 31
30
317
31
30
307
8 30
3118 297 3034 24,100 Do pref B do
8
100 25 Apr 22 327 Dec 4
8
25% Oct 3212 Nov
297 30
27
2833 2912 267 28
29
2714 2814 2612 2714 7,500 Western Maryland
100 2413 Feb 28 3412 Mar27
914 Jan 3512 Oct
*42
47 .42
*42
48
48 .42
48
Do pref
100 40 Mar 7 2538 Oct 17
57 Deo 6
25 Jan 50 5 Oct
5
2312 245
8 2213 2434 21
2238 21
2234 -iiFs ii3- -His - -1- -65 .665 Wheeling & Lake E Ry w 1__ 21 Dec 12
4
,
i3 4 -54
55
5113 5212 5012 5212 50
53
54
52
50
8,600 Do preferred when issued_ 50 Dec 14 5812 Dec 7
52
52
52
5112 .48
5112 48
49
5012
51
49
8 48
517
Censi
ac tr
33 Apr 19 5813 July 2(,
28 July 65 Nov
4,150 IWnbruansitrinal
Miscellaneous
19
1912 18
18
19
17
18
1814 17
18
17
1912 4,300 Advance Rumely
100 14 Aug 22 2134 Dec 5
38
3812 3812 *3712 3912 36
36
36
36
37
1,000 Do pref
3513 387
100 30320ot 10 43 Apr 28
7912 83
82
/
4
83
4 8534 891 791 8612 80
843
/
4
75
40,660 Ajax Rubber Inc
79
2 V13jui ) m18 Reo 11
31
ol
2 n
-71212 12
123 13
12
121 123
13
/
4
4
4 12
1253 127
1212 18,100 Alaska Gold Mines
2114 Dec 4012 Apr
77
*77
8 8
734 77
8
75
78 733
8 8
3,900 Alaska Juneau Gold Min'g_10
712 7'2
4
63 Oct 9 1014 Jan7
4
33
/ 3434 32
1
4
10 Dec 1312 Nov
2053 3212 2852 31
34
285 32
2
20
2912 46,300 Allis-Chalmers Mfg v t 2_100 19 July19 38 Nov25
/
1
734 Jan 494 Oct
893a 87
9012 9012 8912 90
88
8812 8818 89
7,300 Do preferred v t o_ _ _ _100 7012Ju1y 18 92 Nov 9
8533 88
33 Feb 8574 Dec
9012 93
92
*9312 95
934 933
9218 9014 9234 8912 91
3,100 Amer Agricultural Chem_100 63 Apr 22 102 N ov25
48 Jan 7412 Nov
•10212 10318 103 103
103 103 .102 104 *10234 103 *102
/
1
4
200 Do pref
103
100 96 Mar23 10314 Deo 1
90 Mar 101% Nov
10412 1064 10312 10614 9814 10414 9812 1011 96 102
/
4
z95
9834 48,200 American Beet Sugar
100 6134Feb 1 10812N ov22
3314 Jan 72% Dec
*100 10014 *993 10014 *997 10018 --wia
4
8
10018 10018 *9838 101
100 Do pref
100 93 Apr 24 102 June22
6112 62
83 Feb 95 Nov
593 017
8 5
5
59
5
5714 5012 574 49
/
1
53 81,000 American Can
100 49 Dec 15 6812Sept29
114 11418 113 114
25 Feb 6812 Oct
*114 1143 *114 115
4
11234 11278 £10914 11014 1,400 Do prof
100 10814Ju1y 13 115112Sept30
711 7512 £7014 724 8814
9112 Jan 113% Nov
/
4
7512 7714 747 77
723
4 6512 693 69,800 American Car & Foundry_100 52 July 8 7812 Deo 4
4
119 11914 119 119 .1161 11812 11714 11714 116
40 Feb 98 Oct
/
4
700 Do pref
11633
100 11532Aug 9 11912Mar11 11113 May 118 Aug
;ai - - .5252 53
l 54
5113 52
511 52
/
4
51
5134 50
2,550 American Cotton Oil
100 50 Dec 15 5818 Oct 23
.98 10112 *9814 10134 _ _ _ 5012
39
Jan 64 Oct
.0814 10112 10112 10112
100 Do pref
164 -ii. - - 1434 153
100 98 Jan 6 102 Mar 15
12 1E3
4
91 June 1[214 Nov
1614 1612 10
8 1312 1512 1212 -- -1- 0,300 American Hide
13 2
& Leather..100
4June 3 2012 Oct 17
83
72
765
4% Feb
2 7014 7312 68
1414 Oct
79
7714 784 77
74
6712 71
26,400 Do prof
100 45 Mar 1 847 Dec 4
193 Jan 5912 Oct
3034 2818 304 2858 294 28
4
/
1
2933 3014 30
2938 2814
12,700 American Ice Securities-100 25 Jan 20 3113 Feb 19
20% Jan 35 Apr
2018 2112 2012 2114 1912 2112 1858 29
2158 22
22
22
1914 5,500 American Linseed
100 1714July 14 277 N ov10
2
534 52
/
1
714 Jan 31% Oct
52
5312 5112 534 £4912 50
54 • 54
5312 54
8,200 Do Prof
100 3814 Mar 1 6234 N ovi3
24 Jan 50% Oct
85
8734 7012 8734 78
9234 8414 90
4
903 9312 90
8238 107,400 American Locomotive_
100 9 12j 13 10814 N ov 9
5 Joi 49 Nov 9 19 Mar 74 4 Oct
8 til:
9
9
3
106 10614 .10512 10612 *108 107
8
1067 107
*107 108
107 107
900 Do prof
100
75 Mar 105 Nov
104 11
*913 11
*94 11
912 10
.912 11
812 9
2,300 American Malt Corp
512June 3 121s Oct 19
100
3% Apr 13% Oct
.4913 5034 50
4714 4718 4714 50
51
4718 4812 47
2,400 Do pref
48
100 23158Jan 14 513
4Deo 1
2115 May 8712 Deo
*96
9612 ---96
_
*954 96 .93
9412 95
x9314 9314
300 Amer Smelters Bee prof 13_100 8412July 13 9714 N ov27
.
9912 100
78 Jan 883s May
9818 983 .98
9912 191; 9834 99
4
99
99
800 Do
8
113 11553 1123 11514 107 11314 1085 11034 10512 11033 z99 10932 235,500 Amer pref f3er A stamped__ 9134July 11 102 N ov18
88 Oct 92 Dec
4
10538
Smelting & Refining_100 8812 Apr 22 1227 Nov22
2
.11512 117
11612 1161 11513 11558 11512 11512 115 115 .114
58 Jan 10878 Dec
/
4
900 Do pref
116
Apr
100 Jan 113 Nov
.140 150 .140 150 .140 150 .140 150
14214 14214 .130
100 American Snuff
lgo 1214
°
21 14 Zea 2
1 18 t 1 144 Jan 165 Apr
*105 109 .105 109 .105 109 .105 109 .105 109 .103 147
109
Do pref
100 10612Mar 22 110 Jan 27 103 Jan 110% Nov
704 7138 6812 8972 67
7052 723
6834 6612 094 z03
0412 23,000 Am Steel Foundry
100 44 Apr 24 73 Dec 7
24% Mar 74% Oct
11112 11472 11314 115
115 11512 11433118
110 114
10918 111
13,600 American Sugar Refining_100 10512Apr 22 125520ct 25
9912 Feb 119% Nov
121 121 .120 121
*12014 1211'120 122 .120 122
121 121
200 Do pref
. 100 11515May 5 12312 Oct 24 109 Feb 11912
8
8
12778 128 /1257 12618 12512 1257 12534 126
1257 126
7,100 Amer Telephone & Teleg-100 125 Dec 15 £13412 Sept29 118 Jan 130 Nov
4
1254 1253
/
1
4
/ Nov
218 2197 218 218
1
217 21712 21518 216
4
220 222
215 215
1,600 American Tobacco
100 188 Feb 16 2297 Nov 3 19512 Dec 25212 Apr
10812 10812 109 109
/
4
109 109 *1081 110
109 109 .107 109
Do pref (new)
100 10514 Apr 24 113 Sept23 10314 Jan 111 Nov
5414 4612 5212 471 4912 46
/
4
5514 5612 x53
5034 45
4634 28,900 Am Woolen of Maas
100 42 Jan 11 587 Nov 8
5
48 Nov 58 Oct
2
9512 965 *9518 97
9912 9912 .9612 98
9614 9614 96
1,200 Do pref
100 92 Jan 10 102 Mar 10
593 6412 587 6012 525 6073 4212 96
95 Dec 98 Nov
/
1
4
644 67
2
634 65
5312 48,500 Am Writing Paper pref.-100 11 Jan 8 7614 N ov20
56
50
/ 53
1
4
5 July 15 Apr
594 50
4812 54
573 604 56
4
4514 50
31,300 Am Zinc Lead & S
25 293
5July 10 977 Apr 10
78
2
75
781 72
/
4
8714 Dec 7112 Dec
73
78% 79
73
74
78
72
72
1,600 Do pref
25 5912July 11 87 Nov 1
9312 8812 9134 8514 9152 833 8714 470,000 Anaconda Copper
0618 9734 933 97.2 87
4
4
50 77 Apr 22 105 5 N ov20
3
4
133 139
129 139
14134 146
2
1414 1453 135 143
120 129
81,400 Atl Gulf & W I f3S Line ctfs 100 56 July12 14'734 Deo 8 e243 Feb 91% Nov
70.2 70
/
1
7134 718 713 7212 704 714 70
8
7012 £67
2,600 Do pref certfs
687
100 61 July 12 733 N ov10
4
7812 8114 7812 8114 7313 7818 7414 7614 683 753
4
4 65
6912 133,700 Baldwin Locomotive
100 65 Deo 15 11852Jan 3
26% Mar 15412 Oct
1041210412 103 103 *10212 104 .1024 104
/
1
--- 300 Do pref
_
100 103 Dec 12 117 Deo 5
, 112 May24
(
3
92 Mar 114 Sep
4
156 162
1653 1583 16412 161 162
4
15052 1557
- -- 6,200 Barrett Co (The) ----- _ _100 1504 t3ept25
4
644 644
585 595
530 580 x525 550
026 020
599 610
2,515 Bethlehem Steel
100 415 Jan 11 700 Nov18
4814 Jan 600 Oct
•155 165
150 155 *145 155 *145 105 2145 147
500 Do pref
100 126 July21 188 Nov17
91 Jan 184 Oct
•Bid and asked prices; no sales on thle ay.
Ex-rights. i Less than 100 shares. a Ex-div. and rights.
b New stock. a Par $25 per share. e First installment
Paid. x Ex-dividend. •Full paid.
... -ia- -iii.2
Seelli: 1r4ktann
Jai- fie,i 184%
New York Stock Record-Concluded-Page 2
see second page preceding.
For record of sales during the week of stocks usually inactive,
17116 all AK.
.
-PER SHARE. NOT PER CENT.
HIGH AND LOW BALI PRICES
Friday
Wednesday i Thursday
Tuesday
Saturday 1 Monday
Dec. 15
Dec. 13 1 Dec. 14
Dec. 12
Dec. 11
Dec. 9
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
-share tots
On basis of 100
Lowest
Highest
,GIS 011.116
Range for Precious
Year 1915
Lowest
Highest
Industrial&Misc.(Con.) Par 3 per share $ per share $ per share 3 per share
per share $ per share
6612 Aug 7978June
S Per share $ per share $ per share $ per share $ 8 63 z5418 5812 65,300 Butte & Superior Copper_ 10 z5413 Deo 15 10514 Mar 9
6553 6818 633
6412 68
3
7212 6878 72
71
8 July 385 Dec
8
235 18,900 California Petroleum, vto_100 15 June27 4253 Jan 3
23
2413 234 25
2614 23
22
2612 27
27
26
30 July 81 Deo
100 40 June29 8033 Jan 3
6,100 Do pref
53
5534 51
5534 53
5712 5312
4 53
4
8
325 Feb 6114 Nov
5812 6012 573 583
100 49 Apr 22 123 N ov10
Central Leather
8
95 10614 9012 977 269,500
10112 11112 10214 106
110 113
109 111
3
8Jan 3 11712 N ov10 1003 Jan 11012 Nov
100 1087
300 Do prof
115 115 *114 _ _ _ _ 11414 11414
115 115
100 8812 Apr 24 131 June 5
4,200
8
2338 Dec 263 Nov
ill ffi- -_-_-__ __ 107 11012 108 108 106 10712 104 106 8 158,080 Chandler Motor Car
8July 14 3914 Nov18
25 195
Chile Copper
2338 255
2312 2678 2458 2618 2358 26
8
2838 27 28
27
4
323 Jan 573 Nov
5 484July 11 74 Nov18
8
6014 645 35312 5778 86,700 Chino Copper
64
6612 67.3 5912 6553 61
68
2134 Jab 6613 Sep
67
100 3818 Apr 22 6314 Sept30
69,400 Colorado Fuel & Iron
4
8
8 4913 5418 4918 5138 4618 5212 447 473
.. ----- ,8
8 Deo 5 __
8
547 5618 543 557
100 3014 Sept28 537
8
4978 425 4534 93,300 Columbia Gas & Elea _
8
447 4818 4338 4714 45
Dee
8
485 50
Nov 4953 411; 48.18 51
8
100 405 July24 5238Jan 22
1,300 Computing-Tab-Record
4
463 47
4812 48 48
4712 4813 48
49
49
50
*49
4Jan 8 11334 Jan 15013 Oct
8 5,100 Consolidated Gas (N Y) 100 13012 Mar 1 1443
132 1323
13212 134
13212 134
4
4
1343 1343 13218 134
*13414 136
4014 Jan 127 Oct
100 7514 Jan 31 3111 Sept20
4 7,100 Continental Can
4 8814 893
9014 933
9714 9214 95
8
975 984 92 •
99 100
8812 Jan 10912 Dec
100 106 Feb 1 114 Nov27
Do pref
___ __ ___
____
___ *112 115 *100 115
____
*112 115 *11212 115
8 Jan 2113 Oct
4
100 1314 Aug 8 293 Deo 8
2518 2258 2512 2214 24 138.320 Corn Products HeBning
2618 24
4
4 2614 2814 2314 8
273 283
65 Jan 963 Dec
100 85 June26 11312Deo 8
8,700 Do prof
10718 109
108 111
110
107 10912 10812
3
11012 11318 110 110
1814 May 1097 Set)
4Jan 12 9913 Mar 16
Steel of America-100 523
4
6512 7714 633 6938 198,560 Crucible
8234 7514 78
75
8214 88
8414 86
84 May 11212 84l)
Dec 5
100 10814Jan 11 12478
1,900 Do pref
12178 12178 1204 12018 11912 11978 11878 11918 111 113 151,600 Cuba Cane Sugar
4
*1213 124
No par 4914 Deo 15 7638 Oct 30
5913 4914 53
51
6413 5558 59
3
6618 6714 643 6634 55
100 93 July14 100120ot 28
954 10,800 Do pref
97
9712 x93
9713 9812 974 98
Dec
4
994 983 99
99
38 Jan 177 100 Cuban-American Sugar___100 152 Jan 5 26978 Sept26
*200
223 223 *216 230 *210 230 *210 240 *210 240 *100 250
93 Mar 110 Sep
0 043
0
.10 130 4Feb 1 110 June 8
Do pref
110
112 *100 110
512 Mar 5013 Oct
*104 112 *104 112 *104 112 *100
Dec 15 5412 Apr 29
Corp
3513 40,500 Distillers' Securities
4012 30
36
3912 42
42
4212 4414 38
44
43
10 20 Dec 14 2912 Feb 8 116 June 3014 Deo
4,900 Dome Mines, Ltd
20 20
21
2012 2078 20
2013 21
1 2
21
----- 21
100 60 Dec 15 11934 Sept18
900 Driggs-Seabury Ord
60 60
70
8 69
697
69
_
---- ----7014 74
80
*75
8 Mar 60 June
3July 13 35 Jan 7
& Smelt__ _100 125
Federal Mining
*16
*17
23
2212
23
2212 *17
*17
22
*17
23
*17
20 Mar 65 June
100 3518 Apr 24 5712Jan 7
300 Do pref
8
8
4 417 417
4
413 413
45
*40
46
*42
48
*42
360
*4412 48
100 1265 Jan 5 350 Mar 18 165 Jan p11613 Oct
200 General Chemical
*300 320
Nov
310 311 *305 320 *305 320 *300 320 *300 320 *116 118
100 1113 Jan 5 117 Dec 8 106 Mar
Do prof
Oct
*11613 118 *116 118 *116 118 *116 118 *116 118 316813 17212 17,500 General Electric
100 159 Apr 22 18714 Oct 20 138 Mar 18512 Dec
17212 17612
17014 174 17812 174 177
8
1787 18013 17818
82 Jan 558
100 405 Apr 24 850 Oct 25
General Motors
*520 800
*650 800 *700 800 *600 680 *650 800 *600 900 *115 118
9058 Jan 136 Dec
July14 12812Sept 6
100 108
700 Do prof
120 120 *115 120
120 120 *119 120
120 120
100 6514 Deo 15 80 Aor 10 . 2412 Jan 8014 Oct
8
6878 6514 673 29,900 Goodrich Co (B F)
66
4
8
4 663 6813 663 70
6814 683
8
687 69
95 Jan 11414 Oct
4
100 1103 Feb 1 11(334 Mar 16
Do pref
- -_ _
_
- -_ _ -___
11338 *110 11334 --„ ___ *
7914 Apr 91 J111113
100 80 July12 120 Nov18
957- ------- Granby Cons MS & P
89 -- 8 90 100
97 10178 9952 100
8
104 10434 10214 105
37 Oct 523 Deo
5,900 Greene Cananea Copper_100 34 June26 5612Nov20
4934 4412 47
4834 48
48
50
3
507 5112 5014 5034 49
71 May 4 193 Nov16
8,800 Gulf States Steel tr otts_100
129 159 z120 140
144 155
141 150
163
160 16
----- ---100 87 May 4 115 Nov25
-___ __ *106 1101 --------100 Do istpref trctfs
-- ---- - 108 108
100 72 May 5 190 Nov10 -----------------Do 2d prof tr otta
__ ____• _ 140 140 - ------ -20_
__
_
_
_
12 c
1658 :Ian
5914 192,900 Inspiration Cons Copper-__20 42513 Apr 22 7434N ov18
6412 55
58
4 64
667
(fil2 6114 - g 613 4
3
(i - i
674 Wit;
512 Mar 293 Nov
100 11 Aug 30 2978Jan 5
2034 1,800 Internet Agricul Corp
20
21
21
4
2114 2114 204 2113 203 22
21
21
8 Mar 7134 Deo
100 3818July 14 74 Jan 5
Do pref
4712 5078 4014 4434 2,700
52
48
50
49
51
5018 5018 51
90 May 114 June
14 ov29
8
11813 119
1,500 Intern Harvester of N J_100 10812Jan 7 12137
12014 12014 120 121
120 121
*121 123
100 2912 Deo 15 475 Dec 11
8
8 2912 3634 173,600 Int Mere Marine
427
8
395 4312 36
4
8 393 45
4
4718 443 475
47 4
100 973 Deo 15 11914 Dec 9
225,850 Do prof
4
8
8
4
11914 11914 1153 11813 11012 1163 11118 1145 104 11414 973 106
68,800 Intern Nickel (The) v t 0-25 395 Aug 22 56% Jan 17 17934 Dec 22312 Oct
8
454 4012 44
454 42
44
4313 47
8
4612 477
8
48
47
8 Jan 127 Dec
7512 N ov10
913 Mar 1
100
4
463 114,100 International Paper
39
58
46
58
4 55
633
8 55
8
6314 667
65
63
33 Feb 50 4 Deo
100 4212Feb 1 10912 Dec 11
33,650 Do pref
10212 10614 9918 104
1024 106
10614 10734 10612 10912 102 107
--NO 67 Mar 9 96 Apr 4
8 7614 7978 2,500 Jewel Tea, Inc
784 817
8014 82
84
80
84
84
-86
*84
25 66 July18 854 Sept 6
3,700 Kelly-Springfield Tire
68
2 67
695
4 69
6913 7018 69513 693
7314 7334 7213 74
--- - --Nov20
5318 x45
60
4838 264,400 Kennecott CoPper-LNo par 4412 Aug 2 6414
5612 5014 5434 5014 53
4
4
553 5638 55
28 Jan 943 Sep
100 64 May 5 107 Nov17
924 123,805 Lackawanna Steel
964 10214 x84
4 98 10314 9813 102
10313 10433 103 1043
3012 32
7,300 Lee Rubber dc Tire_No par 3013 Dec 15 5612June 5
3114 3134 3114 32
Dec
3118 3112 3112 3212 3114 32
150 Liggett & Myers Tobacco_100 240 Apr 14 305 Nov 2 207 Jan 260 Nov
29
297 278 *255 290 *256 289 *
*280 297 *280 297
100 17914 Jan 19 23978 Aug 19 16512 Jan 189 Nov
-200 Lorillard Co (P)
---- -*
__
---- ------------225 235
230 230 *225 235
7238 Jan 84
Apr 14 91 Feb 10
100 78
200 Mackay Companies
8 8358
4
*823 8312 835 84
8314 8314 *82
4
*8314 84
84
*83
6434 Oct 693 Jan
8
100 647 Dec 11 6834June 7
900 Do pref
65 18 654
65 65
8
647 65
8
8
647 647 *6412 65
65
1514 Jan 92 Oct
*64
4
8
623 653 35,500 Maxwell Motor Inc tr otts_100 5714 Mar 3 99 Sept25
4 6214 66
663
4
7478 z7058 7214 6213 7012 64
74
4314 Jan 1033 Dec
Dec 15 93 Jan 3
73
6,250 Do 1st pref stk tr otts_100 70
7512 70
7612 73
4 7612 7938 75
8112 8112 37913 793
18 Jan 6812 Oct
8
3
8
4512 4218 4414 417 4218 4,500 Do 2d pref stk tr otts_100 417 Dec 15 607 June 6
4413 4412 42
49
*47
Jan 12412 Deo
4912 50
61
100 8853June28 12958Jan 3
96 10012 65,000 Mexican Petroleum
9814 10418
8
107 1085 10614 10814 101 10634 101 104
87 Jan 10413 Dec
8Jan 3
100 8912June28 1055
700 Do pref
95
z95
99
*97
--98
98
99
99
99
99
174 Jan 3618 Dec
5 33 Aug 3 4938 Nov20
4
4
423
4534 4112 4478 4114 ---- 393 4314 3612* 3912 50,350 Miami Copper
4
8 45
457
45
42 Jan 793 Dec
8
100 6814 Mar 1 1147 Deo 1
8 4,500 Montana Power
310112 1027
8
1037 1044 103 10558
104 108
10618 108
108 108
99 Jan 120 Dec
11714 N ov27
100 109 Jan 3
100 Do prof
____ ____ *117 11712 *117 11712 x11514 11514
Jan
*117 11712 *117 118
100 118 Sept 9 1311200t 19 116 Apr 132 Dec
_
__
1300 National Biscuit
____ --7- -_ *121 125
-__
12434 127
124 124
100 124 June30 12958 May12 119 May 12713
200 Do pref
__
----- --4
_ _ *1243 128
___ ---__-_
4
12514 12512 *1243 126
88 Mar 90 Ault
8478 Sept12
100 71 May 9
80
1,100 Nat Cloak & Suit
80
80
80
81
8014 - 83
82 83
4 83
913 Jan 3618 Oct
3
83 4 833
4
30
32
27,700 Nat Enam'g & Stamp'g_100 193 Apr 22 3612 Deo 8
3412 3112 3378 3014 34
3612 30
3514 3614 34
79 Apr 97 Dec
100 92 Jan 19 100 Nov21
250 Do pref
*97 102
4
4
1993 993 *97 102
4
4
110012 10012 29834 983 *98 101
44 Jan 703 May
100 6014 Deo 15 7458 Sept21
7,400 National Lead
6414 6014 62
61
64
4
623 6534 63
6612 6612 66 . 87
100 112 Feb 9 11718 Oct 3 10434 Jan 115 Nov
4
100 Do pref
*1103 11412
*111 11418 *111 11413 *111 11412 *112 11412 112 4 112 8 32334 255 99,600 Nevada Consol Copper
17 Nov
1134 Feb
Jan 31 3418 Nov20
5 15
8
4 273 295
4
8
8
305 3112 285 3012 273 293
4
3118 32
5613 Feb 1643 Set.
100 118 July14 186 Nov20
149 153
13,000 New York Air Brake
15214 159
15514 160
16914 16914 16514 16814 155.2 165
Jan 81 Apr
8
100 6512 Apr 26 757 Deo 4
3,800 North American Co
69
7213 z69
7014 7218 71
7018 71
73
12 71
724 73
12414 Deo 4 -----------_
95 104
101 112
25,300 Ohio Cities Gas (The).- 25 75 OctOot 9
108 112
38 Doc
11214 1134 1144 11814 10912 112
2 Feb
4
53 Nov27 1138Jan 7
614
578 618 4,700 Ontario Silver Mining_100
0
614
6
618 64
8
8 63
63
8
614 63
x814 Dec 38 Aug
4Jan 3 31 Aug 21
5 113
2534 2038 224 17,800 Pacific Mall
23
4
2718 29
263 2814 2434 2634 2414 2534 10358 10612
10613 Dec 12312 Apr
-100 10018 May 5 118 Oot 10
4 1.110 People's 0 L & C (Chic)
10413 1053
10514 106
*10512 10612 *10512 108 *10512 108
3512 Apr 49 Se1)
4018 4312 4014 4212 12.000 Philadelphia Co (Pittsb)___50 38 Juno15 43 Dec. 4
4113 44
42
41
45
8 44
455
45
4
4514 79,950 Pittsburgh Coal etfs dep_100 2514 July28 583 Dec 2
3
4878 4258 50 3 43
5278 46
5478 45
5412 53
53
110 110
1,200 Do pref otfs depoeit_100 10014 Aug 25 11514 Deo 5
111 112
112 112
.110 114
*114 11434 114 114
25 Mar 7814 Oct
100 4212July 14 8814 N ov20
77
30.100 Presaed Steel Car
7514 8034 74
81
77
7712 83
8
Oct.
815 83
8112 83
86 Mar 106
100 97 July18 108 Nov21
102 105
400 Do pref
106
Deo
8
8
1067 1067 *106 107 *106 107 *105 107 *105 13414 *129 13414
100 114 an 31 137 Sept27 10013 Aug 120
300 Public Serv Corr. of N J
*129 13413 *129
131 131
___ 133 133
s
100 1597 May10 177 Sept30 15018 Mar 170 , Oct
1,550 Pullman Company
16112 163
163
Oct
165 165 *163 16514 164 16418 163 16312 163
19 Mar 54
2
100 32 Apr 22 6134 Nov27
554 52.2 5612 z503 5212 20,100 Railway Steel Spring
4 5612 5914 5313 5738 5312
5818 583
87 Mar 102 Nov
100 9514 Mar 9 10314 N ov28
300 Do pref
101 101
*9814 105 *100 101
*98 10012 9912 9912 101 101
1514 Jan 2712 Nov
20 June23 37 Nov20
8 2812 314 32612 28 107,600 Ray Consolidated Copper10
3138 284 307
4
313 3252 29
33
32
19 Feb 5714 Dee
8 75
7978 284,090 Republic Iron & Steel
100 42 June26 93 Nov20
8414 7758 843
3
8
8613 8812 8513 8812 797 8534 8012 115
72 Jan 1125 Dec
100z105 Deo 15 117 Nov20
1,900 Do pref
11412 115 z105 105
4
--------11512-11512 116 11618 1143 11434 11414 7712 75
4
843 Sept 19
*7412 76
500 Saxon Motor Car Corp-100 75 N ov10
75
*7314
76
76
77
7814 7814 77
4
100 1684 Mar 1 233 Nov 9 31313 Mar 20913 Feb
2184 22313 2,400 Sears. Roebuck & Co
225 228
22978 22978 230 23214 228 230 227 227
2712 22,400 Shattuck Ariz Copper
10 24 July 11 4014 Feb 14
3 26
2612 297
29
28
3
285 32
3218 33
8
8
323 33
24 Jan 667 Dec
6434 16,400 Sloss-Sheffield Steel & Ir__100 37 July14 9314 N ov16
60
7313 6813 75
71
79
8212 73
80
82
81
40 Feb 164 Dec
459 South Porto Rico Sugar__100 146 Jan 29 240 JUnel0
185 185
202 205
*205 215
212 212
*212 222 *212 225
3534 Jan 195 Oct
4
11712 110.2 115. 72,100 Studebaker Corp (The)_100 11012Deo 15 167 Jan 3
3 11218
8
2
4
8
4
1193 1207 119 1203 11614 1195 1157 1187 _
91 Jan 11913 Oct
100 108l4 509t28 114 Mar 14
Do Prof
_ - _
_ .10914 110 *10914 110
79128ept25---4Deo
3
igi2 -6-612 2:iiii4 "ii14 - ;iOE'
. ii
1/Eli8 63
Sep
2
;iI5 -di 6314 6312 --------------------------- ---200 Stutz Motor of Am Ino_No par x563 Oct 15 6612Jan 6 2512 Feb 70 Dec
11
25 21's
Copper
Tennessee
-02018 2434 2414 2434
.
10413 10914
104 200
- ...100
550 Texas Company (The)_. _100 17714 June27 24112 Nov21 120 May 237
196 200
196 200
20014 203
20212 204
---_ • - - -- --- __ _
5334 23,200 Tobacco Products Corp_ _100 484 Sept 7 594 Oct 5 4 53
553
5514 53
53
5512
5658 53
56
57
56
95 May 103 llov
100 99 July14 10912 Mar16
200 Do pref
10314 *10013 10312
.102 10312.100 10314 101 102 *100 1034 *10012 10414 103 10412
55 Feb 97 Oct
700 Underwood Typewriter_.100 86 Jan 12 110 Oct 24
10418
105 105 *103 106 '103 106
94 Dec
106 106
438 Jan
414 May 9 1813001 19
100
1112 (3,400 Union Bag & Paper
1314 1178 1258 11
•1412 1434 144 1412 1313 1412 1214
2278 July 3113 Dec
Jan 27 92 Nov15
100 28
100 Do pref
__
___ ---__
90
*75
90
80 .75
80
--_ _ __
90
*80
100 10413 90 - 8 7,900 Union Bag & Paper (new).100 87130ot 16 129 Nov15
987100 103
*111 11312 111 11313 105 111
59 Deo b1012 Oct
100 59 Feb 9 10534 Aug 9
4,900 United Cigar Stores
9614 97
98
97
99
73
9 4 98
4 984 9914 97
4
993 993
100 81112Feb 10 120 Aug 9 51113 Oct b1218 Nov
100 Do pref
4
___ .118 120 *11814 1193 *118 11912
11914 11914 ____
*118 120
100 130's Jan 31 16913June 8 139 Nov 163 Nov
151 155
15,200 United Fruit
8
1585 155 15812 154 159
3
1547 4
4
161 1613 1583 161
8 Jan 3178 Oct
100 1518Jan 31 2818 Nov17
4 8,200 US Cast I Pine & Fdy
213
244 21
21
2512 2534 2272 2514 234 24
2513 26
3212 Mar 5513 Nov
100 4812Feb 5 6712 Nov17
66
Do prof
*62
66
*62
66
062
68
*63
66
*63
4
66
*63
15 Jan 1313 Dec
100 97 July13 17012 Apr 6
4
1133 12512 104 116 148,600 US Industrial Alcohol
12213 13514 121 126
4
135 13712 136 1373
70 Jan 107 Nov
400 Do pref
100 9912July 11 114 Jan 13
1034 10318
_
10" 105 *102 105
4
July 743 Apr
106 106 *105 108
44
4
63
6434 88,000 United States Rubber
67
100 4734 Mar 1 703 Deo 7
6334 6513 67
683
8 6612 694 65
673
66
8
100 10618 Feb 5 11514Deo 8 1013 Feb 110 Apr
11034 112
2,270 Do 1st preferred
811333 *112 114
_
-- 1133
---_
11312 11312 11312 114
50 6212 June27 8113 Nov21
4 654 6778 15,000 17 S Smelting Ref at M
,3
4 675 713
i313 7118 713
711 3
735 7518 7314 74
-5212
50 50 June20 5312June 9
650 Do pref
4
4
2 513 513 *51
8
---- ---1523 523
4
5214 *513 52
52
38 Feb--- 8913 Deo
4
100 3793 Mar 1 12934 Nov27
4 12038 10918 114 2694:120 United States Steel
118 12014 1123
4
3
Oct
8
1233 12553 1234 1253 1163 123
100 115 May 3 123 Nov 2 x102 Feb 117 Deo
9,037 Do prof
12118 119 120
4
8
4
1213 1217 12112 1213 121 12112 1211s 12138 12073 117 210412 109 246,300 Utah Copper
4812 Jan 8134
4July 14 130 Nov18
10 743
11058
12014 1234 11952 12312 11312 11934 11253 11612 224 2414 2112 2338 19,100 Utah Securities v t c
164 Juno 9 2733 Deo 2
100
2438
2518 23
8 23
247
c
2418 2518 24
15 Jan 82- -O-i
61 Jan 17
4612 437 45
36
Virginia-Carolina
4734 4934 47 4818 45 4618 45 46 44 114 112 8 11212 12,300 Virginia-Colina Cbem---100 108 Apr 24 11412Deo 6 80 Jan 11378 Deo
Apr 22
100
600 Do pref
Oct
113 113 *112 115 *112 114 *112 114 *113
4
30 June 74
July27 723 N ov20
5312 4,770 Virginia Iron C & C
49
100 41
55
52
57
56
624 5514 60
61
6112 64
57 Jan 90 Nov
10014 10114 9,300 Western Union Telegrapb_100 87 Mar 1 10513 Oct 18
10134 103
3
4
102 10212 10113 1023 10013 10113 1003 103
2
32 Feb 747 Oct
140 Westinghouse me & bug_ _50 5114 Deo 15 7158 Mar 15
3
4
5613 584 844 881
4 5614 59
6178 5914 613
Oct
61
5812 Mar 85
79 Mar 15
-------300 Do 1st referred
50 70 Apr 19
75 - ----- _
*70
75
*70
71
71
71
71
n288 Nov
371
7
1,150,Willys-Overland (The)... _25 354 Dec 5 n325 June 5 n87 Feb
3638 3738 38
38
3 3614
4
4
373 3814 373 383
9712N ov21 117 June 5 - - - -- -7-- -- - - _..
----1,100 DO pref Sub recta full pd
-100
99 - ----99
98
98
99
Deo
--- __-- ---- ---- 98
9014 Jan 12012 - 100 118 Jan 5 14154001 5
137 17
1,433 Woolworth (F W)
*137 140
4
139.3 13912 1374 13912 13712 1373 13713 138 _ .124
100 123 June29 126 Nov15 115 Jan 124 Aug
__
150 'Do pref
__ *124
_ _ ____
____
__ 124 124
*124
3638 Sept14
3012 1,000 Worthington P & M v t 0_100 25 July13
304 -33
33 - - - *32 23
33
33 - 3378 1418 3312 34
---100 95 July13 100 flopt16
110 Do pref A vto
*9012 100
97 97
__ -___ *9612 100
*97 100
-100 523. July14 6612 Sept14
58
58
57
58
500 Do pref 11 v t 13
60
5812 5812 __-- ____ 058
share. a Ex-stock dividend.
0 Par $25 per
•Bid and apked prices: no sales on this day. g Less than 100 shares. II Ex-rights. a Ex-div. and rights. b New stock.
s Ex-dividend. n Par $100 per share.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
224'
In Ian. 1909 the Exchange method of quoting bonds was changed, and prices are now all— and interest"—escept for inconso and defaulted bond/.
,
BONDS
X. Y. STOCK EXCHANGE
Week Ending Den. 15.
Price
Friday
Dec. 15.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE,
Week Ending Dec. 15.
Price
Friday
Dec. 15,
Week's
Range or
Last Sale
Rance
Sine.
Jan. 1
U. S. Government.
Bid
Ask Low
High No. Low HIgh Chic Burl & Q (con.)—
Bid
Ask Low
High No. Low High
U 8 23 (+onset regIstered___d1930 Q 2 9934
Illinois Div 4s
_ 9934 Oct '16
99
998
96
1949 J - J
9612 955
8
97
13 9373 97
U 8 2s consol coupon
Iowa Div sink fund 5s
dI930 Q - J 093 _ _
4
9978 Dec '16
9912 10013
1919 A - 0 10212 _
10212 Nov'18
10214 10318
U El 313 registered
Sinking fund 45
k1918 Q - F 1007
8
10114 Dee '16
10234
4
1919 A - 0 997 100
993
8
997
8
997
9938 99%
8
U S 3s coupon
10078
/1918 Q - F
_ _ 10078 Oct '16
Joint bonds. See Great North
8
100 1027
U 8 4s registered
Nebraska Extension 4s
1925 Q - F 110
11034 Oct '16
1093 11118
4
9812 Sale 9812
1927 M -N
087
8
4 9734 100
U 8 4s coupon
Registered
1925 Q - F 111 Sale 111
111
110 11212
97 ____ 98 July'16 -- 96
1927 M-N
98
U S Pan Canal 10-30-yr 2a_k1930 Q - F 993 --- - 9814 Oct '15
Southwestern Div 4s
4
1921 M- S 9918 _
9918 June'15 -U 8 Pan Canal 10-30-yr 2s__1938 Q -N 993 _ - 97 July'15
4
1958 M- S 9,312 Sale 03
943
4
937
8 81 92
U S Panama Canal 35 g___19131 Q -M 1027 Salo 1027
4eref & imp 46 g195 J - J
11
8
8
1027
15 101s 103's
13
5
35
_ 3613 Dec '10 -- 2114 3613
U 8 Philippine Island 48_1914-34 Q - F 100
G
100 Feb '15
3212 3212
31
__-- • -- C11UieeSn'tel:ElatigI & Tr Co ctfs of dep_ _
32131
2 20
3518
Foreign Government.
1st consol gold 63
10418 _ _ _ _ 10713 Aug '16 -- 104 10712
1934
Amor Foreign Occur 58 (w 1) _'19 — _
General consol 1st 5s
073 Sale 97
4
977 395 97
8
99%
9t114 9112 9012 Nov'16
1937 M- N
93
75
Anglo-French 5-yr 53 Exter loan_ A -0 0314 Sale 9234
Registered
937 7191 923 9618
8
4
1937 M- N ---- -- 82 May'16
82
82
Argentine—Internal 55 of 1909__ MUS Mtg dr Tr Co ctfs of dep
9012 92
3 89% 953
8
92
92
8913 93
91 Nov'16
91
75
Chinese (Hukuang Ry)-58 of'11 J -D
Guar Tr Co ctfs of dep
7112 7214 71
69
7814
71
85
9118 91 Nov'16 -- 74
91
Pur money 1st coal 5s
Cuba—External debt 5s of 1904_ M 9812 991 9812
9814 1003
4
9812
1942 F A
--9734 Feb '13 -Exter (It 5s of '14 ser A___1940 F - A
Chic dr Ind C Ry 1st 5s_1936 J - J
9618 963 9614
3 9418 97
9612
25
2512 Nov'10
26
- 21
Chic Great West 1st 45
External loan 434s
8612 Nov'16
8112 87
1949 F - A 8812
1959 M- S 7314 733 73
4
7418 34 69
75
Dominion of Canada g 5s w 11921 A 8 Chic Ind & Loulsv—Ref 68_1947 J - J 114
993
9953 Sale 9912
4 80 9838 1003
114
114
2 11112 115
Refunding gold 5s
Do
10114
993 Sale 9918
8
do
991 88 9718
1926 A 1947 J - J 1003 _
4
_1003 Oct '16 ---- 100 101
4
Do
Refunding 45 Series C
8
s
4
997 152 963 10238
8
do
85
1931 A -0 903 Sale 993
1917 J - J
85 Oct '16 ---- 83
85
883
Japanese Govt—£ loan 4%0_ 1 921 F - A O 8813 Salo 8812
Ind & Loulsv 1st gu 4s
4 22 8214 883
4
70
1956 J - J
35
75
70 Nov'10 -70
70
6 7813 885
885
8
88 2 8814
,
Second series 4%s
8 Chic Ind & Sou 50-yr 4s
89
1925 J - J 88
1956 J - J
8912 Dec '16 -- 88
9112
793 Sale 793
4
4
8414 Chic LB dr East lot 43s
8012 175 73
Do do "German stamp"92
1909 J -D
-96
965 N ove16,---- 965 973
8
8
4
75
73
73
2 83
Chicago Milwaukee & St Paul—
J - J 73
73
Sterling loan 4s
1931
47 Nov'16
927
Gen'l gold 4s Series A
8
45
60
Mexico—Exter loan £ 5s of 1899 - J ;___. 50
e1989 J - J
9258 IG 8912 94
9258
40
39 Aug '16
2712 50
Registered
Gold debt 4s of 1904
_
1954 J -D 35
81989 Q - J
9258 Feb 'Id -- 9253 9253
4
4
957 601 9534 9918
8
Paris, City of, 5-year Os_ __ _1921 A -0 953 Sale 943
Permanent 4s
4
1925 J -13 943 Sale 9434
9514 13 92
957
s
_ _ 9512 Jan '15
Pros of Alberta—dot)4%B 1924 F - A 2---Gen & ref Ser A 43s__a2014 A -0 9514 Sale 9518
,
- _
9512 40 9111 9618
787
8 i; 74
Tokyo City-5s loan of 1912____ M- S 2 7612 781s 78
Gen ref cony ser B Os. _a2014 F - A 10514 Sale 104
8012
10514 101 105 110
93K, Salo, 983 6
X
287 AS 101
K of Gt Brit Sc t 2-yr 53_1918
98%
Gen'l gold 33i8 Ser B_e1989 J - J
80
805 8014 Dec '18 -- 78
8
8112
-i
:These are prices on the basis of i:5fo
General 434s Ser C
8
81989 J - J 1005 Sale 10012
10058 12 10012 104
State and City Securities.
25
-year deben 48
9212 93
1934 J - J
18 90
9212
93
10338 43 101
9313
10314 Salo 10314
X Y Clty-43s Corp stock_1960 M10414
Convertible 43s
4
1932 J -I) 993 Sale 9934
10018 103 997 10334
8
8
8
2 101 105
Aqs Corporate stock
105
1•131 M- S 1045 1047 105
Chic & L Sup Div g 5s____1921 J -2 103 _
103 July'18 ---_ 103 1037
3
4
4
1047
8 70 10418 10518
43(5 Corporate stock__ _1960 A- 0 1013 Sale 1013
Chic & Mo RIv Div 58_1928 J 10512 iG-(1 83 10558
105 3
5
1 10412 1057
8
43is Serial corp stock_1917-31 A- 0
—.Chic & P W 1st g 5s
1921 J - J 104 Sale 104
104
27 102 10418
434s Corporate stock
1093
4 21 11;61- 'jiff;
1905 J -D 109:14 Sale 10912
8
C
dr Puget Sd 1st gu 4s_1949 J - J
93 Sale 92
9 8912 9318
93
93 10578 11013
43s Corporate stock
110
1963 M- 8 10914 Sale 10914
Dubuque Div lot s f Os. 1920 J - J 1053 - - 196 Nov'16
4
8
10278 21 977g 10214
4% Corporate stock
1959 M -N 10112 1015 10112
Fargo dr Sou swum g 6s 1924 2 - J 110
_ 110 J one'13 -- 106 10733
10112
8 98 10214
1017
8
4% Corporate stock
La Crosse dr D 1st 5s
1958 • N 100
1919 J - J 10114
10212 Oct '18 -- 102 10233
4
4% Corporate stock
1 9758 102.2
1013
4
Wis dr Minn 131v g 5s
1957 M -N 10114 10178 1013
8
1921 J -2 1033
10:378 Nov'16
10234 105
9714 Jan '16
4% Corporate stock
WM Vali Div 1st (is
1950 M-N
9714 9714
1920 J - J 107 __ _ _ 107 Sept'16 -- 10612 10714
103 Sale1093
4 4:3 1053 11014
New 434s
1957 M- N io.p8- 109
Mil & No lot ext 43s
4
_ 10212 Nov'16 -1934 J -D 10213
10114 1017
8
M- N ___. 1003 1003 Nov'16
4
4
New 438
101
1917
10014
Cons extended 4 As
8
1934 J -D 10212 1025 10258
10258
4 101 1025
8
4
110
4 108 110
1957 M-N 10914 1093 110
Chic & Nor WestExt 481886-1926 F - A
44% Corporate stock
9614 -- 9814 Nov'16
9518 9814
10012 10013 June'16
8
10078 1007
Registered
9618
434% Assessment bonds_ _19i7 M-N
1836-1926 F - A
97 Apr '16
97
97
- 8313 94 Dee '16
1954 M -N
33(% Corporate stock
General gold 3%s
8833 94
84
8414 84
1987 M- N
84
84
80
1053 100 10512 Nov'16
8
X Y State
1901 M -48
10212 10518
Registered
p1987 Q - F
8114 Oct '18 -- 8114 8114
10514 Oct '16
Canal Improvement 48_1961 J - J •10514
102 10512
General 4s
8
1987 M- N 047 Sale 9412
8 23 93 8 955
947
3
8
Canal Improvement 4s
1902 J - J *10514 -- 10413 Nov'16
10214 10414
943 Sale 043
4
Stamped 4s
1987 M- N
4
943
6 938 96
4
3
Canal Improvement 4s
10553 Oct '18
1960 J - J
General 59 stamped
- 116 115 Nov'16
10212 106
1987 M- N
114 1153 1155 Nov'16
11214 1163
Canal Improvement 43(8_1904 j
4
4
8
113 117
Sinking fund 613---._1879-1929 A - 0 110
111 Dec '16 -- Ill 11212
Canal Improvement 4318-1965 J - J •10912 11012 1093 Sept'16
4
10012 10934
Registered
1879-1929 A -0 109 _ _ _ _ 10912 Apr '18 -- 10912 10912
Highway Improv't 4358_1983 M- S 114 115t2 116 Dee '16
Sinking fund 5s
11213 116
1879-1929 A -0 104% 10512 10412 Dec '16
104 10514
Highway Improv't 43(8
-1065 M- S ---- 11012 10912 Nov'16
Registered
107 10984
1879-1929 A 0 104
1 1 :
10:312 Apr '16
10312 104
Virginia funded debt 2-3s
35 Aug '16
1991 J -J ---- 88
10214 la7 103 Nov'16
Debenture 5s
8434 8833
10112 10313
57 Salo 57
OS deferred Brown Bros ctfs_
63 50
59
Registered
59
1921 A -0
10212 Oct '16
10212 10212
Railroad
Sinking fund deb 5s
1933 M-N lO37 10412 1033 Oct '16
4
103U 105
Ann Arbor lot a 4s
Q - J 7312 Sale 73
7312 21 03
Registered
7312
1933 M-N 102 1(1358 10414 Julie 16
10414 104%
943 Sale 04
ttoll Top dc 8 Fe gen g 48._41995 A 8
9458 113 9218 9513
Frem Elk de Mo V 1st 6s _1933 A - 0 121 122 12114 Nov'16
2 05
9
12012 1214
Registered
2 9114 935
92
1995 A - 0 92 Sale 92
Man GB & N \V 1st 3348_1941 J - J ..--.. -- 9012 Sept'09
8
843 86
4
Adjustment gold 4s
1 8312 8812
Mliw & S L 1st gu 3%B
813
4
843
4
1941 J - J
1i1995 Nov
81
847 8512 Nov'16
8
Registered
;
7
Mil LB dr West 1st g 6s
hl995 Nov
81 8612
1921 M- 5 163
10738 Oct '16
19733 109
Stamped
853 -1E 8314 8814
4
Ext & Imp s f gold 5s1929 F -A 107.4 - --- 10612 Oct '16 -- 108 10712
h1995 M- N 8412 Sale 8412
8
5 1003 10813
Cony gold 4s
10514
Ashland Div 1st g 6s
1955 J -D 1037 10812 10514
4
1925 M- S 11218 -- 11178 Dee '15 -4
155 10134 10838
J -D 1033 105 1033
Cony 4s issue of 1910
4
10412
Mich Div 1st gold 0s
1960
1924 J - J 11138 ____ 11112 Nov'16 -- 111 11213
5 10014 1013
10
-year 5s
s
10013
9213 9312 9313 Dec '10 -- 01
1917 J -D 10012 1007 10013
N0 Spartin
M1irth w &
4
9412
East Okla Div 1st g 4s___ _1928 M- S 9614 ---- 975 Dee '10
8
953 9714
8
N W 1et g g_ _ 9 1 M S
ion lst 7s n 45 1947 IV1 S 101343
:
:
10738 May'14 --J - J 8512 Sale 8513
Rocky Mtn DIv 1st 4s
13 84
853
4
89
St L Peo dr N W 1st gu 5s_1948 J - J 10712 1083 10714 Dec '16 ---1965
-4
log" idsi
Trans Con Short L 1st 45_1958 J - J 893 9112 92 Nov'16
4
9218
Winona dr St P lot ext 78_1918 J - D
89
10212 Dec '15 -973 9814 9812
Cal-Art' let & ref 430"A"1902 M4
985
8
96% 99
Chicago Rock Isl & Pac 0s...1917 J - J 115(1134
1017
4
1003
4 101 10273
8
13 Fe Pres dr Ph let 5s__ _1942 M- S 10518_ _ 1063 Nov'16
8
Registered
10278 1063
8
101 Sept'16 -- 101 102
1917 J - J
AU Coast L 1st gold 4s__ __h1953 M- S 935s Sale 935
8
933
4 19 91
Ry general gold 48
5(114 81312 8613
91313
1988 J - J
8818
8713 17 82
Gen unified 43(s
4
1904 J -D 935s 933 9312
3 89
9358
94
Registered
1988 J - J
86 Nov'16---- 83
Ala Mid 1st gu gold .5s
4
86
1928 M- N 1063 Sale 1063
4
2 10014 10738
10634
Refunding gold 45
1934 A -0 76 bale 7012
358 833 793
77
Bruns dc W 1st gu gold 48_1938 J - J 9412
4
4
9373 Oct '16
30
-year debenture 58
9312 95
7513 77
1932 J - J
102 4111 80
78
77
Charles & Say 1st gold 78_1936 J - J 13434 _
1297 Aug '15
s
Coll trust Series P 4s
1918 M-N 9714 98
97%
L & N coil gold 4s
3 95
98
M- N
t3712 18 83'2 8812
867
3
RI Ark & Louis 1st 43's....1934 FA- 5 71 Sale 9714
71
715
3 15 54
753
Say & W 1st gold Os __ 1934 A -0
4
11918 July'16
o1 952
Bur C R& N—Ist g 5s
licd2 t122
1015 103 102 Nov'16
8
1934 A gm 102
181 gold 5s
1934 A-0 10714
105 July 15
CR IF&N W 1st gu 58_1921 A-0 lt1U ---- 1007 Mar'14
8
51189 Oca & 0gu g 4s__1018 J -j 9914
-6618 "9919913 Feb '18
& St L 1st gu g 7s
____
8
1927 J -D
Bait dr Ohio prior 330
938 Sale 9:35
1925 J - J
8
97 9214 9414
Choc Okla & G gen g 5s01919 J - J 993 -- 9934 Oct '18 -94
4
923 9518 033 Nov'16
4
Registered
-6634
h1925 Q- J
4
Consol gold 55
9112 94
50
. 9758 July'15
1952 M-N 92
let 50-year gold 4s
0153 Sale 9112
h1948 A Kook 6c Des Moines 1st 55 1923 A -0 59
9134 42 893 923
6212 63 Nov'16---- 55
4
4
85
_ 9018 Nov'10
Registered
St Paul dr K C Sh L 1st 4%8'41 F -A
h1948 Q723 Sale 7233
8
8012 9112
7238
5 65
763
4
10-yr cony 434s
1933 -- -- 95 Sale 943
96 -5;i1 937 98 8 Chic St P M & 0 con 6s
4
8
,
1930 J -D 118 11818 11818
119
3 11714 119
Refund & gen 5s Series A_ 1995
101
741 9978 10184
101
Cons (3s reduced to 3301930 J -D 9114
-1 108 Salo 100
?
873 Feb '18 -- 8734 873
4
4
Pitts Juno let gold Os_
109 112 Jan '12
1922 J .
Debenture 5s
1930 al- S 101 152 10112
10112
I 100 103
P June & M Div let g 334s 1925 M- N 9212_ _ 93
10 "ii
93
Ch SIP & Minn let g 8s_1918 M-N
03
173 -- 118 Dec '16
4
1171g 11814
863 Sale 80
4
PLE&W Va Sys ref 48_1941 M- N
303
4 40 8518 90
North Wisconsin 1st 6s
4-- 118 Nov'16
1930 J - J 1173
118 118
SOUtiavi Div 1St gold
913 913 915s
8
4
6 89% 927s
9158
10312 1057 10412 Nov'16
St P & S City 1st g 6s1919 A 3%8-,925
,
;
8
104 1053
Cent Ohio R Isle g 4%s 1‘ „,„
100 __ _ _ 10118 Nov'16
Superior Short List 5s g_p1930 M10513
10118 10153
- 10512 Nov'16
10412 1051t
Cl Lor& W con 1st g 5s___ 1933 A - 0 1073 _ - - - 1063 Oct '18
4
4
_ -O
10654 1077
8 Chin T H & So-east 1st 5s__ _1960 J - D
83 Nov'16
Monon River 1st gu g 5s__1919 F -A 1003 _
4
_ 10114 Nov'16
88
85
D:if 108 107 Dec '16
Q & I es- e
1003 1013
4
8 Ch1 ns0W5ot I
g 6841932 Q -M
Ohio River RR 1st g 58_--1936 -D 10638
106 108
107 July'16
7612 77
10012 1073
ar 4gsen
8
7612
5 753 815
7612
107 _ _ _ _ 10712 Nov'10
General gold 5s
3
8
1937 A 91
Cln H & D 2d gold 4;01 57 jr:
105 108
932 J
8012 91
Pitts Cloy & To! 1st g 3s 1922 A -0 107
11313 Feb '12
60
1st & refunding 4s
'fa: 91 Nov'16
1959 J
Pitts & West 1st g 4s
1917 J -j 9953 ____ 993 Sept'16
-(•3
8
80 ____ 78
1st guaranteed 45
9938 9912
Buffalo It & P gen g 5s
1937 M- S 10953 -- 1093 N ov•ir
3
43
10712 11012
25 July'lo
Consol 43s
1957 M-N 101 14 1011; 10112 Nov'16
Ct gu 4-- - 1959 M- N 29
C Find I1eNV n g te- s g 923 M_ 88 Mar'll
r D
Ft tgls N
10114 103
4
91
All & West 1st g 48 gu_
1098 A - 0 9312
---97 Nov'10
Cln I & W 1st gu g 48_
-- 85 July'14
9258 97
1953 J - J
____
8
Clear & Mah lot gu g 5s 1943 J - J 1005
_ 10318 Feb '16
94
Day & Mich let cons 4%6_1031 210318 10310
8
943 Deo '14
Roch Ac Pitts 1st gold 68_1921 F - A 100 107 10818 Nov'16
---Ind Dec & W Iota 5s
10758 10914
- ---- 05 July'14
1935 2 - J
1922 J -D 1083 --- 109 Oct '10
4
Consol 1st g Os
---lot guar gold 5s
10734 11014
1935 J - J --- - - - - 10712 Dec '02
8
Canada Sou cons gu A 59_1962 A - 0 1033 Sale 1033
8
1033
8
10113 10434 Cleve Cln C & St L gen 4s1993 J -D 7913 793 7914
4
77l 81
7914
02
Oar Clinch & Ohio 1st 30-yr 58 38 J -13 00
92 Nov'16
'
8412 863 8712 Oct '16
20-yr deb 434s
4
92
9512
1931 J - J
8312 9014
(3
Central of Ga 1st gold 5s.. p1045 F - A 1075 -- 10813 Nov'16
Gen Os Series B
10713 10812
1993 .1 -D 99 10014 10034 Nov'16
99% 101
8
8
1915 M- N 1017 1023 1013
Consol gold 5s
4
4 100 103
10238
84
85
Cairo Div 1st gold 4s
8612 Nov•18
1939 J - J
87
82
8712 8413 May'10
Chatt 13Iv pun money g 4s 1951 J -D 84
77
Cln W dr M Div 1st g 48_1991
8311 8412
787 79 Nov'16
8
7513 80
s
Mao & Nor Div 1st g 55 1916 .1 - J 1035 _--- 1037 Oct '10
11
81
84
St L Div let coil tr g 4s
10134 1037
8
1990 M- N
8012 Nov'10
79
8413
4
Mid Oa & All Div 58
1947 - J 1033
10014 Mar'15
__-- -- 8214 Mar'14
Registered
1990 M- N
Mobile Div 1st g Os
104 Oct '16
1946 j J 1034
10214 104
Spr dr Col Div let g 4s
1940 M- S 8318 8414 83 Sept'16
Can RR & 13 of Ga col g 5s 1937 M-N 0512 97
83 -g8 3
719018 Nov'16
W W Val Div 1st g 4s
97
94
84 N ov 18
1940 J -2 8312
4
84
Cent of NJ gen'l gold 5s1987 J - J 11712 Sale 11712
843
5 11584 11814
11734
'5
C 1St L & C consol Os_ _ _ _1920 M-N 10518 108 105 June'16
105 1053
Registered
1163 11712 117
4
4
h1987 Q 117
_ 9234 Oct '18
1st gold 48
7 115 11714
9112 923
/1936 Q F 9212
Am Dock & Imp gu
4
4
3
58-- — 1921 J - J 1033 104 1033 Nov'16
R
Registered
10314 1033
4
8811 MaY'15
Leh& IludRivgen gu g
58_1920 J - J *100 -- 100 June'13
4
S dr Ci con 1st g 5s_ __1933 J - J 1E3 1E12 10278 Dec '16
- - - -- - _
2
k1 9 9
N Y & Long Br gen g 43_1941 M- S 903 - jai" lid%
8
10012 Jan '13
CCC&I gen con g 8s1934 2 J 11618 120 11818 June'16
Cent Vermont 1st gu g 4s e1020
1161s 11613
- 777 793
8
4
Q- F
7034
Ind B & W let pref 4s____1940 A -0 8212
94 July•08
Chesa & 0 fund &'mot Os.,. 1029 J - J 04
95
95
95
1 9412 95
0 Ind & W Ist pref 5s
d1938 Q - J
1st consol gold 58
1053 Sale 1053
4
1939 M-N
4
106
8 10484 107%
Peo com est 8 con 4s____1940 A -0 72.2 7312 727 Dee '16
ln& Ea 4 1st
3
77
Registered
83
1939 (11-N _ - 105 10412 N ov'16
36
40
103 10412
3613
3 23
Apr
3613
General gold 45ie
40
5i12 Sale 9214
1993 M0:3
54 89
9314 Cleve Short L 1st gu 434s___ 1999 A -0 10012 1111 10012
961
7 9934 10213
10012
Registered
1992 M _ 91 Oct '10
18
Col Midland let g 4s
20
9013 91
31
20
21
1947 J
7
21
20
-year convertible 4%s 1930 F - A
8512 Sale 8514
8512 36 8318 89
18
20
Trust Co certfs of deposit _
22
60 6
20
22
30-year cony secured 53 1940 A -0 9412 Sale 94
9512 818 9'218
935 933 935
8
4
3 90
1929
995
s Colorado & Sou 1st g 4s
3
94
935
8
Big Sandy let 4s
1944 J -D 8412 85
85 Deo '16
8414 85
Refund & Ext 4%s
8314 85
8412
1935 J -N
M- D
847
8 25 8218 871s
Coal River Ry 1st gu 4s 1945 J -D 833 847 8512 N ov'16
4
8
10514 10512 10514
Ft W & Den C 1st g 691921
8213 8512
4 10434 1084
10514
1940 J - J 923 100
Craig Valley 1st g 55
4
9034 Feb '16
9884 963
4 Conn A Pas Rive 1st g 4s_1943 J :0 ____ 95
A 2
Potts Creek Br 1st 4s
1940 J - J *8753 88
843 Jan '13
4
95
Cuba RR 1st 50-yr 5s g1952
94 Fob '16
-1;1 - 94
R & A Div 1st con g 4s
8
1989 J - J 875 8812 85
5 - 2 -5812 Del Lack & Western—
88
841- .
24 consol gold 4s
1989 J - J 8218 8213 8213 Oct '18
Morris & Es Ist gu 3%s_ _2000 J -0 883 87
R113 8313
4
867
8
8534 87
867
8
• Greenbrier Ry let gu g 48_1940 M- N *8
812 -- 8813 Sept'18
N Y Lack dr W 1st 8s
8813 8812
1921 J - J 10712 108 10712 Nov'18
10658 10913
S 9218
Warm Springs V lot g 511_1941
11314 Feb '15
Construction 55
1923 rAN 10314 -- -- 1038A Oct '18
F -A
10234 104
00 Sale 00
Chic & Alton RR ref a 3_1949 A 00
99
98
67
Term & Improve 4s
82
4
983 Oct '18
1923
98
983
4
Railway 1st lien 33(s
1950 J - J 54 Salo 54
54
88 10218 Feb '03
43
Warren let ref gn g 3348-2000 F - A 84
5718
Chit) B & Q Denver Div 4(3._1922 F - A
997 10218 997 Nov'10
8
8
---- 99 100
Del & Had 1st Pa Div 78_1917 M- S 10112 ---_ 102 Dec '16
101 jail;
Illinois Div 34q
1949 .1 - J 85% 8612 88
8(114
17 13314 87
Registered
102 Dec '16
1917 M- S
10412 10412
•No price Friday; lateet this Week. d Duo ADM. a Duo May.
g Due Juno. h Duo July. k Due Aug. o Due Oct. p Due Nov.
Due Doz. 8 Option sale
a
1
2228
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 15.
[VOL. 103.
New York Bond Record—Continued—Page 2
Price
FriciaV
Dec. 15.
Week's
Range or
Last Sale
C4
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE,
Week Ending Dec. 15.
it
Pries
Friday
Dec. 15.
Week's
Range or
Last Sale
Range
13
Sind
.7cis. 1
Bid
High No Low High
High No. Low High
Ask Low
Did
Ask Low
Delaware & Hudson (Cont)5 1003 102
104 10614
Lob Val Coal Co let gu g 58_1933 J - J
5 ---- 108 Nov'16
101
101
8
1st lien equip g 4e
1922 J - J 10012
23 9614 9912
8
99
4 987
Registered
1933 J - J --------106 Oct '13 -------let & ref 45
1943 M-N 973 ___- 988
---let lot reduced to 43
1933 J - J 92
105 4 15 105 108
20
3
-year cony 5s
1935 A -0 10412 105 105
3 8514 8838 Leh & N Y 1st guar g 4s__....1945 M- S 8812 ---- - 1- July'16 ---- 8914 00
8712
874
8712 8814 8712
Mb & Susq cony 3%s
1946 A 11218 113
Registered
Renss & Saratoga let 7s 1921 111-N 11218 11212 1123s Nov'16
2 1047 1063*
1081*
4
.
8114 33 76 8318 Long Isld 1st cons gold 5s_ _h1945 Q - .1 iddi; :::: idir4
1931 M S
Deny & R Or let con g 48_1936 J - J 80 Sale 80
let consol gold 45
83 89
h1931 Q- J 9414 --_- 9414 June'16 --- 9414 9614
Consol gold 44s
1936 J - J 8812 8914 89 Nov'16
2 85
8 783 90
90
General gold 4s
89
88
1938 J -D 85
8812
88
4
8812
1928 J -D 88
Improvement gold 5s
Ferry gold 4;is
9934
d
9834
1922 M- S 97 ___- 97 Oct '16 ---- 97
8
677
8 43 5512 731
:
let & refunding 5s
1955 F - A 667 Sale 667
9914 Oct '06 ---4
873 Nov'16 -- 86% 88
4
Rio Or Juno let gu g 58_1939 J -D 873 95
Unified gold 4s
8412 Nov'16 ---- 8412 88
19 5 -S
949 51
4433 -D 8 12 85
Rio Or Sou let gold 4s
1940 J -J 3412 ---- 6112 Apr '11 -5 98
35 June'16
9712
1934 J -D 96 Sale 96
96
Debenture gold 5s
50
- -E14
Guaranteed
1940 J - J
1 8614 9014
21 73 8013
1949 IN- 8 8818 8914 8812
8812
Guar refunding gold 4s
8
80
Rio Or West let g 4s
1939 J - J 765 Sale 768
88
2 61
Registered
.
88 Sale 68
72
mi - iiii 95 Jan '11
-14
Mtge & coil trust 45 A 1949 A 95 __ 90 Apr '14 ---idfii Mg
"
N Y B&MB1stcong 58.19 9 M - OS
93 A
45
102% 102%
Utah Cent let gu g 4&a1917 A 9812
1 9813 99
Des Moines Un Ry let g 58_1917 M- N 9812 _-__ 9812
1927 1VI- S *103 ____ 103 Deo '16 :7;2 10214 103
N Y & R B lat gold 5s
99% 102
8
100 Aug '16
Nor Sh B let eon g gu 5s_o1932 Q - J 1003 _
90 Jan '16 -- 90 90
85
Dot & Mack—let lien g 4s 1995 J -D 81
88
Louisiana & Ark 1st g 5s
9712
75 July'16 --- 75 85
1927 M- S
- 61 1- 95 Dec '16
i2
Gold 45
1995 J -D 8018 85
4
93
7 90% 94
113 Deo 'lb ------- 1113 11318
Loulsv dr Nashv gen 6s
Dot Rlv Tun—Ter Tun 4301961 111-N 93 Bale 93
3
Gold Ss
109 Aug '16 -- 1083 11012
Dul MIssabe & Nor gen 5s 1941 J - J 104 ---- 10414 Nov'16 -- 104 10514
4 10112 10314
4
Unified gold 4.3
1940 J - J 953 bale 9512
96% 60 9238 9618
Dul dc Iron Range let &L.-1937 A -0 10112 10212 10112 10112
93
9514
1940 J - J ____ 96
9514 Dec '16
--- 106 Mar'08
Registered
Registered
1937 A -0
103% 10612
9812 Nov'16 -- -4121- -0413
95
Collateral trust gold 5s......1931 M- N 10538 10614 10618 Dec '16
3
Dul So Shore & Atl g 5s..
1937 J - J 93
1073 10734
4
Nov'16
E H dc Nash 1st g Os
Elgin Joliet & East let g 58_1941 111-N 10314 104 10414 Oct '16 -- 103 10414
1003 102
4
L Cm & Lex gold 4%s__ _1911 5 - 0 102% ---: 1°73
'
01 4
8 22 108 11138
1083
1 39 M- N ° 4
Erie let consol gold 7s
1920 M- $ 10814 Sale 108
11334 116%
1930 j - j 11412 lig% 11478
8
11478
N 0& M let gold 613
N Y& Erie let ext g 4s
1947 ▪-N 96 ____ 957 Sept'16 -- 9512 9612
2d gold 613
101 June'16 -- 101% 10214
1930 J - J 107 10914 109% May'15
4
2d ext gold 5s
1919 M- S 1013 _
8812 90'.
Paducah dr Mein Div 43_1946 F - A 89 ____ 894 Nov'16
3d ext gold 434s
1923 M- S 10018 _-_- 10018 Aug '16 -- 100 100
107 10814
St2 g is d ly let gold 6s 1921 IN- 8 108 -- - 108 Apr '16
LouoI Du
d
10112 10218
4
4th ext gold Se
1920 A - 0 1013 103 1013 Nov'16
61
84
4
94 Noi'15-1980 IN- S 6214 623 6214 Dec '16
5th ext gold 45
1928 J -D 91
8512 90
15 108 111
Atl Knox & On Div 4s_1955 111-N 8814 8812 88
8814
4
108
NYLE& W Istgfd 78_1920 M- S 1073 108 108
107% 110
Atl Knox & Nor let g 54_1946 J - D 1085 ---. 10812
10812
8
8514 26 83
Erie let con g 4s prior
8
8612
1996 J - J 8514 Sale 847
1053 107
4
Ilender Bdge lets f g 68_1931 M- S 106 -- 10614 June'16
Registered
1996 J- J 83 84 80 Oct '15
87% 8918
73% 39 71 Kentucky Central gold 48_1987 J - J 89
ff
let consol gen lien g 48
1996 J - J 73 Sale 7213
100 103
J -J
Lex & East let 50-yr 5a gu.1965 A -0 10214 -- 4 1021 SeP' 4
10i3- 881
: lO2
- _- 73 4 June'16
3
7212 7612
t 116
Registered
1996
99% 101
4
21 883 9012
90
L&N&M&M lett/4501945 M- 5 1003 ____ 101 Oct '16
Penn coil trust gold 4s
4
1951 F - A 90 ___90
7712 82
L &eg-Sored M joint 4s 1952 J - J 81
Nisteuth
81
8112 81
68
50
681 68
8
4
-year cony 4s Series A-1953 A 6818 12 673 723
4
Registered
69 Sale 684
do
h1952 Q - J ---- ---- 95 Feb '05
70% 36 6834 84
1953 A Series B
1653- 10714
4
N Fla & 8 lst gu g 5s_ _1937 F - A 106 ---- 1054 Sept'16
8858
85
Gen cony 48 Series D
85% 8414
8514 155 84
1952 A 97% 97%
N di C Bdge gen gu g 4348_1945 J - J 99% _-__ 9738 Mar 16
Chic & Erie let gold 5s
1053 10712
4
1982 M-N 10712 Sale 10712 10712
10818 1083
Pensae & Atl 1st gu g 6s_1921 F - A 10818 10912 1083 Nov'16
4
4
Clev & Mahon Vail g 5s-193 J - J 1063 ____ 101 Feb '15 -8
8
S & N Ala eons 811 g 58_1936 F - A 1073 ---- 1073 Nov'16 -- 10514 108%
4
4
12318 ---- 1223 Oct '16 -- jiff; 12314
4
Long Dock consol g 6s.--1935 A Gen cons gu 50
4
Coal & RR let cur gu 68.._1922 ▪-N 1013 104 102 Mar'16 -- 102 102
-year 56_1963 A -0 1013 10212 1023* Dec '16 — 100 103%
801s 8212
L & Jeff Bdge Co gu g 4s___1945 M- S 8018 ____ 8118 Apr '16
8
Dock dr Imp let ext 56-1943 J -J 10614 _-__ 106 Aug '16
1025 106
Manila RR—Sou lines 4s _1936 M-N
N Y & Green L gu g 58_1946 IA - N
- __
10312 Aug '12 -m;;
;
16
Mex Internat let cons g 413_1977 M- S ---- ---- -77N Y Susq & W 1st ref 5s 1937 J - J _-__ 100
98 Dec '16 -- 981 99
-Nov'10
---- ----79Stamped
10014 Dec '06 -guaranteed
2d gold 4348
1934 F - A
101 Oct '09 -Midland Term—lets f g 5,3_1927 J - DS
19 5 M
7
- 7314 74 Nov'16
72 81
General gold 5s
1940 F A
"
dr St L let gold 7s
1927 J -D i-i.i-y8 _Min --- 11318 Dec '16 --__ 113 jig
—_- 10512 Nov'16
10512 10518
Terminal let gold Se
1943 M-N
10212 103%
8
oEr le u 6s
o gold
let
1921 A -0 10212 103% 1033 Oct '16
Mid of NJ 1st ext 1513
* 8114
104 104
10412 -"iv 104 Sept'16
1940 A 18 86
92
let
Pa consol
01
90
8934
Dec '16 -- 81% 90
1934 M- N 88
Wilk & Eas 1st gu g 5:3_1942 J -D
let & refunding gold 4s__ _1949 M- 5 593 60
4
6212
6212 16 5234 66
fly & Ind let con gu g 6s
35 106 May'12 -1926 J - J 25
2 50
66
62
' Ref & ext 50-yr Se Ser A 1962 Q - F --.- 62 62
Evansv & T H let cons 6s 1921 J -J 100 101 100 Dec '16 -- "
id" jai
Des M & Ft D let gu 4s_ _1935 J - J *60 ____ 60 Feb '15 -Alet general gold 5s
61 ---- 63 May116 -- 63 63
1942
6 86 9114
Iowa Central let gold 5s 1938 J -D 9018 91
91
91
108 Nov'll ::— —
Mt Vernon let gold 6s
____
1923 A 9 5112 6334
60
Refunding gold 4s
587 59
8
1951 IN- 8 56
95 June'12
Sull Co Branch let g 5s
1930 A 943
61 9114 94%
Florida E Coast let 434s
- 1- M StP&SSM eon g 4s int gu_1938 J -5 94% 943* 9414
(31 4
4
4
943
4
1959 J -D 6313 -1743- 943
let Chic Term s f 4s
1941 M- N 92 ---- 9714 June'12
Fort St U D Co let g 4348_1941 J - J 823 ____ 92 Aug '10
4
97
9912
MS S & A let g 45 lot gu_1926 .1 - J 9818 99
983 Nov'16
4
Ft W & Rio Or let g 4s
0114 fas
1928 J -J 70 ---- 7018 Oct '16
3 Do
05
95
Mississippi Central let 5s
1949 J - J 95 Sale 95
Great Northern-38 70% 79%
8
o
Tex
9838 317 9758 9914 M2Kendr44 let gold 413_1990 J -D 7612 Sale 7612
77
0 B & Q coil trust 4s
1921 J - J 9818 Sale 98
57
8
gold
g1990 F - A 523 Sale 52
9734 98 9814 Dec '16 -- 9712 983
5238 19 40
4
QRegistered h
1921
2 37% 521s
let ext gold 5s
45
1944 M- N 42 48 44%
4
8 10012 22 983 1003
let & ref 43gs Series A
4
1961 J - J 10018 10034 1003
20 51
67
let & refunding 4s 344_2936 j - S 67 Sale 6614
1004 51..
67
Registered
1961 J - J -6f4;
la- 9
36
97613 June'16Deo 6
49
Gen sinking fund 4
:
437878 49 Dec '16
S
id" "ail;
St PaulM & Man 48
1933 J - J
37
46
St Lo
i514
. .
Louis Div 1st ref g 4e....2001 A&O ----- 8514 40 Nov'16
8
let consol gold (Is
1933 J - J 120 122 12118 Dec '16 ---- 12014 1237
69
80
Dall & Waco 1st gu g 5s 1940 M- N
11934 Aug 16 ---- 11934 12112
_
Registered
1933 J - J
60
8°
72
72
Kan City & Pao lat g 4s_1990 F - A 70 _--- 8° July'16
10312 Nov'16 ---- 10138 10334
J -J 1037;
Reduced to gold 4348.1933
2 74
8914
le 80
83
Mo K & E let gu g Ss....._1942 A -0 8 18 Sale 85
0
5
1942
10218 10212
__ 10212 May'16
1933 J - J
Registered
4 50
8518
M K & Okla let guar 5s_ _1042 51-N
87
85
95% 9714
4
Mont ext let gold 48_ 1937 J -D 9614 -983- 9618 Deo '16
6 48
81
M K & T of T 1st gu g 56_1942 M- S 7
81
11 80
9512 Mar'16
9612 9618
Registered
1937 J -D
50
51
Sher Sh &So let gu g 5s 1942 J - D -------- 61 Dec '16
-_--- 851* Nov'15 -Pacific ext guar 441 £
1940 J -J
49
63
Texas & Okla let gu g Ss 1943 M- $ 50 51
50 Dec '16
E Minn Nor Div let g 4s_1948 A 94% ---- 9412 Nov'16 -- 9214 941k
.
3
8 Missouri Pacific (reorg Cu)
10918 1093
Minn Union let g 613
1922 J - J 10814 1093 109 June'16
let & refunding Se wh iss 11)23 -- -- 9858 Sale 9858
98% 10 94 99
120% 124
Mont C let gu g Se
e
1937 J -J 124 1245 124 Nov'16
6734 Sale 6712
6814 884 6312 69
General 4s when Issued ------ 13614 May'06
Registered
1937 J - J
5 100 104
104
4 _104_
5 1 4 11034 Missouri Pao let cons g 6s
1920 ii-li 1033 . _ 104
4 1104
let guar gold 5s
1937 J - J 11034 Sale 1103
-64110618 Dec '16 -- 89% 10618
Trust istld lstamped_a1917 M. S 106is
Reggoere
1937 -J
Registered
82 Oct '15 ---5
s
J -D ifjor
10984 1l07
160 - Aug '16
-3
4
a1917 M- 8
s
Will & S F let gold 5s...1938
1038
4
let collateral gold 5s
4
1033
4
Feb
1920 F - A 10138 ---. 1033
74
Green Bay & W deb ctfs"A".
793
4
78
80
793 Dec '16
4
____
4
140 11
Feb
Registered
1920 F - A 1033 Sale
1512 Sale 143
4
17
Debenture ctfs"B"
1814
1117
2 8418 8812
40-year gold loan 4s
1945 51- 5 60 62 633* Dec '16 ---4
Gulf & S I 1st ref & t g 5s__61952 J - J 863 Sale 863
4
863
4
93
let dr ref cony Ss
60 62 637 Dec '16 ---- 40 63%
9312 Dec '16 ---- 9014 96
Hooking Val let cons g 44s-1999 J - J 91
3d 7s extended at 4%__ 195 M- N --------82 Nov'16 --- 82 85
3 M.. S
8
9
9734 Jan '14 -Registered
1999 J -j ---cent v St L & Sgu g 44
Boon Br Ry let lst 5 g_u 1951 F ..- A 61
100 Feb '13 ---919
87 88
s
Col & 11 V let ext g 4s
8838 9214 875 Sept'16
1948 A 50
67
Col dr Tol let ext 4s
86 88
1955 F - A 88 --__ 88 Nov'16
6
Cent Br U P let g 4s
7
7 A eg 13 -- J 87
1948 J -D 61 ...... 5718 Dco 1 7.---- 9418 Feb '15
Houston Belt & Term let 58.1937
Leron dr m0A t e st g 5: 19 ..- A 9 14 .......:.: 110 Mar'05 - —
pao y ofC V leL lx t 4 : 032 : J 42
8
J
p
96% 98%
Illinois Central let gold 48..1951 J - J 983 ---- 9838 Dec '16
8
89
93
9212 Dec '16
_ 92 Aug '15
Registered
1951 j- J
2d extended gold 5s
1938 J - J 101- 100% July'16 --__ 100 100
83 86
let gold 334s
8618 87 86 Nov'16
1951 J - J 30 993 10312
4
St L Ir M & S gen eon g 50.1931 A -0 1013 _...... 1013
___ 4ge
. i
4 102
Registered
1951 J - J 84 ____ 83 Nov'16
102 rly '14 -Gen eon stamp gu g 5s_ _1931 A -0
8512 Dec '16
84'* 8838
8512 87
Extended let gold 3yis
1951 A 8 741 85
84%
Unified & ref gold 45_ ,.1929 J - J 8418 84% 84
8318
Registered
1951 A -1929 J - J
Registered
let gold 38 sterling
1951 M- S
Riv &0 Div let g 4s
ii
-r.
Oct793 -- 08 82
'12
1933 rd-N " "-go
M- 8
4
4
Registered
1951
Verdi V I & W 1st g 56_1926 IN- S 9012 ---- 87 Sept'15 -1
"ii "ail;
"
Coll trust gold 4s
88 -17+012 76 De73-.
1952 A , 2 11184 116
Mob & Ohlo new gold 6s
114
4
1927 J -D 1133 „.._.- 114
9514 Sep '12
91
Registered
1952 A let extension gold 6s___h1927 Q- S -,..=- 116 109 Feb '16 -- 102 109
8734 -9112
let refunding 4s
913
4 44 "
1955 M- N 9112 Sale
77%
- 77 Oct '16 -- — 75
Genetg4go ry4 iv let g 54_947 M- S 77
m on raimeld D
8
s
193
4
Purchased lines 33
-is
1952 J - J 8118 8412 82 Nov'16 — _ 803 83
F - A 9912 Iii 101 Oct '16 ---- 9914 102
53 843 8814
87
L N 0& Texas gold 48_1953 M- N 87 Sale 87
4
4
St Louis Div 5s
1927 J - D 913 _--- 89 Dec '15 —
84 May'14
Registered
1953 M- N 8212
90
88
i 88
88
883*
St L & Cairo guar g 4s
1931 J - J 88
90 9312
Cairo Bridge gold 45
1950 J -D 9012 --- _ 9313 N ov'16
,
--_- 74 Feb '14
_- Nash" Chatt & St L let 5s_ 1928 A -0 107 108 107 Nov'16 -- 10334 10712
Litchfield Div let g 3s____1951 J - J
Jasper Branch let g 6s
1923 J - J 1073* ---- 11014 Mar'16 -- 11014 11014
82 Nov'16
78% 82
80
Lousy Div & Term g 3348 1953 J -J
4
MOM M W & Al 1st 6s
1917 J - J 100 ---- 10034 July'16 ---- 1003 10112
83 Aug '12
Registered
1953 J -J
T & P Branch 1st 64
1917 J - J 100 -__- 113 July'04 ---10114 fed"
Middle Div reg 5s
1921 F - A 1(5(112:--- 102 June'16
30
30¼
6
u
Nat Rye of Mex pr lien 430_1957 J - J .0...52 38518 Febg :163
3
..
.
.... 93074 Aug 4
71
7212 70 Aug '16
70
Omaha Div let gold 3s
1951 F - A
35
35
Guaranteed general 4s_
1977 A -0
6812 Sep '15
St Louis Div & Term g 38_1951 J -J 62 75
- - -J -J 82 83 8118 Jan '16
811e 8118 Nat of Mex prior lien 4Hs 1926 J - J
Gold 3348
1951
30
--_--------80 Oct '16 --- 30
let consol 423
80 June'16
80 80
Registered
1951 J - J 79
59
59
59
2 59
0
95 A
7834 80% N 0 Mob & Chic let ref 50_1961 J -- 05 _ _ 59
Springf Div let g 3548_1951 J - J 79 _-__ 8038 Nov'16
743
4
7313
2 69
i212 7312 7312
.
1953 J - J
89 91% New Orleans Term let 45
Western lines let g 4s
1951 F - A 90 _-_- 9118 Dec '16
4
s
N Y Cent RR cony deb 6s 1935 111-N 1113 Sale 11112 1127 530 110% 1177
92 Nov'10
92
92
Registered
1951 F - A
8
108
861: 445 8111 867
96
1998 F - A 8512 Sale 8512
Consol 4s Series A
2
Bellev & Car let 6s
1923 J -D ---- 1081- 11712 May'10
91% 9612
Ref dr imp 4As "A"
2013 A -0 9614 Sale 96
9418 J'iy '12
Carb & Shaw let gold 48_1932 M- S
90
__
8912 27 8112 86%
N Y Central & H R g 3;0_1997 J - J 85 Sale 85
Chic St L & N 0 gold 50_1951 J -D 07- ---- 107% Oct '16
i 3
4
1064 109
8
1997 J - J 84 -- - 8414 Nov'16 -- 807 8414
Registered
114 Feb '11
Registered
1951 J -D
4 37 89% 93%
923
1934 111-N 9212 Sale 9214
Debenture gold 4s
90 00109
Gold 3348
1951 J -D
90 90
7838
Registered
9
. 94
75 93
Registered
1951 J -D
3Hs._ 1938 IVi- N ___ 7918 90 June'16
7712
7712
3 74
793
4
F - A -. _
Lake Shore coil g
29 100 103%
Joint let ref Se Series A_1963 -D 10112 Sale 10112 102
7612 Oct '10 -- 7314 78
' 79
d
Registered
9
19 8 F -. A
98
8914 86% Deo '15 --Memph Div let g 45_1951 -D 88
--4
773 Dec '16 --__ 75 803
4
Mich Cent coil gold 3;41;------Registered
1951 5 -D
78
74 ---- 78 Oct '18 -- 74
Registered
Juiy-'0;
St Louis Sou 1st gu g 4E1_1931 M- S :--:
Battle Cr & Stur let gu 382199 ./ -- D 6314 ---989 F A
8
9218
Ind III dr Iowa let g 4s
1950 J -J 92 ____ 92 Nov'10 ____ 90
iC erad let gu g 411-1936 S - 5 9658 ---- -5E" iiiiiiii :::: 94'* 9812
streek
N 99 gale 99
100
6 95 10014
Int & Great Nor let g 6s
1919
1936 j - j 94 ---. 953 Nov'113 -- 9334 95%
4
Reg
Becch
93 Nov'16 ---- 8912 93
James Frank dr Clear let 4s_1959 J -D 9112 94
2d guar gold 58
1936 J - J 103 ---- 104 May'16 ---- 104 104
693
4
4 663 71
4
4
6914 693 6914
Kansas City Sou let gold 3s..1950 A Registered
63 Oct '00 -Registered
1950 A _
---- -Beech Cr Ext 1st g 3;0_ _51931 j -- O -- ---- ---5
1 5 A j ---- ___ _
8
Ref & impt 511
Apr 1950 J -J 90 Sale 8938
9038 15 893 94
89
-1981 5 -D 89 ___ -i6- Noviii -_-_-:_-___-_ 88
Cart & Ad lst gu g 4s
877
8814 28 853 8913
4
Kansas City Term let 46_1960 J - J 8758 88
Gouv & Oswe 1st gu g 5s 1942 J -D 104
9812
3 9614 1013
9813
Lake Erie & West let g Se.
.1937 j - J 9812 99
4
:3
1
94
:
7
89514 u 1 - - 94
Mob & Mal let gu g 48-1991 M- $ 9012 __-- -6%1- M :
8312
1941 803 8212 8212
4
2d gold Ss
8238 19 75
8914
Feb 6
10
986
N J unearlem r 3 t 4
yJA H R guag 1si4_6:::2 00 F - A 8 8 _
2 92
92
02
A89'4
*02 ____ 92
North Ohio let guar g 5s-1945
June'15 ---M-N 8118 .___ 8
1017
8
2 10018 103
8
Leh Vail N Y let gu g 43is 1940 J - J 1017 Sale 101%
.
1
o114
01
.
4
N Y de Northern 1st g 5s_1923 A -0 1063 --- 10614 Sept'16 .....i 10518 15812 •
1940 J - J 99 10118 101 Deo '16 ---- 100 102
Registered
88
92
9112 9118 Deo '16 ___ 89
9214
N Y & Pu let cons gu g 4s 1993 A -0
Lehigh Vali( Pa) cons g 46_2003 - N 91
17
1932 J -D 191'4 _9-211.1 113 May'15
Pine Creek reg guar 6s
10038
3 9914 10114
4
General cons 43-48
2003 M -N 10038 1003 10058
-1033* 16412
04
2
02
R W &0 con let ext 5s 51922 A -0 104 105 10 14 10414
1123 ---- 11212 Nov'16 ---- 110 113
4
Leh V Term Ry let gu a 58_1941 A 5 102 102
R War OT R lstgu a 56_1918111-N 101 102
11112 June'16
11118 111%
1111*
Registered
1941 A Due April. •Due May. 0 Due June. h Due July. k Due Aug. o Due Oct.
• No prim Friday; latest bid and asked this week. a Due Jan. 0 Due Feb. 4
g Due Nov. s Option sale.
MATT
il-.;11,38,--_-:
_
89
7
New York Bond Record—Continued—Page 3
DEC. 16 1916.J_
•
-
2229
•
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 15.
172
1
44
Price
Erlday
Dec. 15.
Week's
Range or
Last Sale
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 15.
Price
Friday
Dec. 15.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
N Y Cent AL H R RR (Con.)—
Ask Low
High No Low High
Bid
Ask Low
High No. Low High
Rutland let con g 4129 ___1941 J - J
853 ---- 813 Dee '15 - - -4
4
Peoria dr Pekin Un let g 69-1921 Q- F 100 ____ 102 Nov'15
Og & L Chain let gu 49 g1948 J - J
7018 ____ 70 Nov'16
8713
2d gold 43.4s
68
70
81921 M- N
87 Mar'16
-if - -if
Rut
-Canada let gu g 49_1949 J- J
67 _-_- 92 June'09
Pere Marquette—Ref 49____1955 2-2
31 Dec '16 -- 14
31
St Lawr & Adir let g 59.-1996 J - J
98 ____ 101 Nov'16
Refunding guar 4s
-9712 101
40
5 14
1955 2-2
40
40
2d gold 69
103 Nov'16
1996 A Chic & West Mich 5s
103 103
10612 Dec '16
1921 J -0
83 10612
Utica & Illk Riv gu g 48_1922 J - J
9858 _--- 9712 July'16 -- 9712 9712
Flint dr P M gold 65
1920 A-0 ---- ---- 11513 Dec '16 ---- 101 11512
Lake Shore gold 31,8
8614 10 8312 8612
1097 J -1) 8512 8618 8614
let consol gold Ss
78 Oct '16 -- 74
1939 M-N ---78
Registered
1997 J -D 85 ____ 8112 Deo '16 ---- 83
Pt Huron Div 1st g 5s_ _1939 A - 0
86
533 Nov'16
4
40
53 4
,
Debenture gold 48
9 94% 9612 Philippine Ry 1st 30 yr s f 4s 1937 J - .1 ;id - 49
8
9578
1928 M- S 057 96
0618
50 Apr '16 -- 50
51
M-N
25-year gold 49
1931
958 Sale 05
955
8 61 9314 94
Pitts Sh & L E 1st g 53
10618 Aug '16 -- 1061a 1061s
1940 A-0 10812
Registered
Sale_ _ 11314 Nov'll
95 Nov'16
1031 M-N
94
1st consol gold .5s
95
1943 J - J
Ka A & R Ist gu 59___1938 - J
95t, 64
2
Reading Co gen gold 4s
95
1997 2- J -6E1-6J18
Mahon C'l RR let 5s
10113 Dcc '15
1934 J .J
Registered
945 Dec '16 ---- 9254 9514
05
8
1997 J - J 93
Pitts & L Erie 2d g 5s_ __a1928 A 103 July'16 ---- 102 101
Jersey Central coil g 4s_ 1951 A -0 9512 Sale 9512
9512
3 9412 9714
Pitts McK & Y let gu 68..1932 J - J
1301s Jan '09 -93 _ _ _ _
Atlantic City guar 4s g
1951 J - J
2d guaranteed 8s
12314 Mar'12
St Jos & Gr Isl 1st g 4s
1934 - J
78% 80
798
1947 2- J
" 7 ---i 59 "N"
i68
McKees dr 13 V let g 69_1918 J - J
St Louis A San Fran (reorg Co,—
Michigan Central Se
10614 Aug '18 -------- 10814 i68169% Sale 69%
Prior Lien ser A 4s
4
1931 M- 5
70% 565 6712 7312
1950
105 July'16 ---- 105 105
Registered
311! 837, 90%
Prior lien ser II 55
1931 4
8612 Sale 853
88
1950
49
98 Apt '12 ---78 Sale 78
Cum adjust ser A 6s
1940 J - J
1955
81% 139; 74
89 3
,
87 Feb '14 ---Registered
5514 Sale 54%
Income series A Os
1940 .; - J
65
5814 333 39
1960
90 June'08
S
JLAS let gold 310
St Louis & San Fran gen 69_1931
1951
109 113
111
_ 11112 Nov'16
8212 Sept'16
4
m -N 823 Sit
lst gold 3149
8212 85
8
10314 Sale 10314
General gold 55
1931
1033
8j 11, 1007 103%
893 8812
88
9014 11202 8614 90
4
20
-year debenture 4s__ _19512 A St LASF RR cons g 48.-1990
,2
8012 _ _ _ _ 78 May'161----t 6812 78
192
4 91
94
953 91 12
9112
4
N,Y Chic & St L let g 4s 1937 A 9513
General 15-20-yr 5s__ _ _1927
77
45% 8218
80 Noy'161
91
9414 903 Aug '16 -. -- 903 9314
A4
Registered
7912
1937
4
Trust Co ctfs of deposit....
791,
7612 79
4 46
82
8112 10 7713 848
M-N 8012 8112 8112
Debenture 49
4
do
76, 78
4
Stamped_ _
7712 Dec '16
4314 79
8
9238 40 8714 93 ;
West Shore let 49 guar_2361 J- J 923 ____ 92
1931
Southw Div 1st g 5s
9313
2 89
9518
1947
951s
954
J - J 9012 ____ 9012
9012
3 8678 91
2361
Registered
Refunding gold 48
671, 8314
1951 J - J 83 --_- 833 Oct '16
4
,
NYC Lines eq tr 5s_ _1916-22 M- N 10014 ____ 100 4
1004
21 1001, 102
Registered
803 NI aril
4
1951 J - J ____
Equip trust 43O__1017-192.5 J- J 9914 ____ 993 July'16 ---- 9934 1005
8!
_ 8412 Dec '16
Trust Co ctfs of deposIt__
-64 8658
N Y Connect let gu4ls A 1953 F - A
98 4 9812 98'2
,
-77
do
OS% 11 9712 10018
Stamped_ _
7912 7414 Sept'16
61146114 7512
N Y N /I dr Hartford—
K C Ft S & M cons g 6s_ _1928
1107 111 11012
8
16 10914 111 14
111
Non-cony deben 49
K C Ft S & NI Ry ref g 48_1936 A 7958 8114
77 Sale 76 2
1947 M- s 7912 ---- 795 Sept'16
19 75
7918
,
77
Non-cony deben 31v3
K C Sr NI It A B 1st gu 59_1929 A-0 90
73 '
71
1947 M- S
---- 71 Nov'16
90 June'16
90
90
2 68
____ 68
uS
Non-cony deben
68
St L S W 1st g 48 bond ctfs..19119 M- N
A72
7814 Sale 7814
7812 10 7578 8012
7714 811,
Non-cony deben 49
7712 Deo '16
____ 76
2d g 48 income bond ctfs_p1989 2- J 6412 683 64 Nov'16
1055 J 4
70
62
is 7612 82 , Consol gold 45
77
Non-cony deben 45
763 7612
4
1956 M-N
1932 J -D 68 Sale 68
6512 15 6012 72
6912 Nov'16
_ 61)
1st term! & unit .5s
Cony debenture 3149
683 7712 1
4
68
1956 .1 - J
3 60
1952 2- J
683 687
8
4
72
687
8
1113
4 12 110 116 I
Cony debenture 69
Gray's Pt Ter let gu g 51
J - J 11112 Sale 11112
1948
---- 98% Jan '14
1-1947 J -D
7912
_
SA& A Pass 1st gu g 48
Cons Ity non-cony 48
1930 F - A
---- 657 653
8
1943 4
65%
627 704
Non-cony deben 49_1951 .1 - J ____ 8018 9112 Jan '12
-- SFANP1stakfdg 5s
101% Oct '16 ---- 10118 10118
1919 J - J
7912 Apr '16
7914 7913 Seaboard Air Line g 4s
Non-cony deben 49
1955 J - J ___- 80
813 8113 Nov'16 -- 74
4
1950 A - 0 81
8412
---Gold is stamped
Non-cony deben 4s
1955 A 1950 A - 0 8112 Sale 81,
8112 12 7814 8314
4
Non-cony deben 49
Adjustment 59
6512
6512 66
1956 .1 - J ___- 80
o1949 F - A
6658 84 64
70
9212 9112 Nov'16
01
M-N
Harlem R-Pt Chcs let 49_1954
9112 93
Refunding 48
69 Sale 69
69
11 6.512 72
_ _ 89 Nov'16
BANY Air Line let 4s 1955 F - A 894
89
All sBt lirna 30-yrlet5s 49_31953 A 5 0 854 87% 86
l
89
a
gre
xta it
9 82
193 M:
9
87
8712
2 7913 83
Cent New Eng 181 gu 4s 1961 J - J 8012 Sale 8012
801
Car Cent lst con g 4s
83%
88 June'16
88
88
Hartford St Ry 1st 4e
1930 M- S
Fla Cent & Pen let g 5s
991g Sep '15 -- -19492- .1
9 18 2 - 2
Housatonic It cons g 5s_1937 M- N 107
_ _ 10512 May'15
land
10
-i%
101 Dec '15 -1930J Naugatuck RR let 4s
1954 M-N 91, -- 87 Fly '14
4
Consol gold 5s
10334
1O22 10358
- 102% Oct '16 -N Y Prov A Boston 48_
9013 _ - - - 88 Aug '13
I942 A Ga &Ala Ely let con 59_ 01943 22 10218
1024 Nov'16
5
194. 2 2
10218 103%
NYW'clies&13 let ser I 4
74
75% 75
'46 J - J
75
Ga Car & No let gu g 5s 1929 J - J 102 103 1023 Nov'16 -- 10178 103
82
4 72
%
s
N H dr Derby cons cy Ss 1918 M -N 10014
107 Aug '09
Scab & Roan 1st 58
9914 Aug '15 ---- --__ -1026 J - J 102
Boston Terminal let 49
1939 A Southern Pacific Co—
New England cons 5s_ __ _1915 J 108 -_-_-_-_
8514 Sale 8.514
Gold 48 (Cent Pac coll)._k1949 J 10 8312 89
8514
Consol 4s
9912 Mar'12,---1945 J - J 88
Registered
8712 90 Feb 14 -g1919 NI- s
k 1929 J - D
Providence Secur deb 4s 1957 M-N ---- 60% 6914 Sept'16
20
871- Sale 8612
-year cony 49
4
6914 70
1 3
-865
8712 118
Prov & Springfield let 50_1922 J -.1
997 Dec'141-20
1033 Sale 103,
-year cony 58
4
10412 297 10212 107%
2
Providence Term 1st 4s.__19.56 M 835 Feb '14 ---Cent Poe let ref gu g 48_ _ 1939 2 D
905 Sale 9012
8
94 F A
4
90% 59 8758 91
W & Con East let 434s
J
J 86 __
Registered
1943
_ 8712 Sept'16 -8634 89
N Y 0 dr W ref 1st g 4s _ g1992 M- S 80 Sale 80
8 12
Mort guar gold 334s_ _k192 2 D
90
905 9114 Dec '16 -- 844 9112
8
19 9 F A
4
•
Through St L 1st gu 45_1954 A -0
Registered $5,000 only_g1992 M- S
_
9212 June'12
84
8512 Oct '16 -- 84
8614
II &SA MAP lst 59_1931 M-N 102 10413 10113 Oct '16 ---- 102 102
General 49
79 Apr '16 ---- 76
79
70
J -D 77
%
Norfolk Sou let dc ref A 58_ _1961 F - A 83
1 78
2(1 exten 5s guar
85
85
85
85
991/ _ _ _ _ 100 Oct '16 -- 99 100
1 55
Norf dr Sou 1st gold 59 _
_ 101 Nov'16 ---- 97 101
M-N 0918
Gila VGAN 1st gu g 5s 1931 2 ,
924 61112
1
100 4 Jan '18 ---- 10014 10014
,
Norf
Weet gen gold 69____1941 rd-A 11912 12012 120 Oct '16 --- 11878 120
Hous EA WT let g Se__ _1933 M-N 10118 ioi 101 Dec '16 ---- 101 10214
193
Improvement & est g 09-1934 F - A 12158 122 122 Nov'16 ---- 12012 122
1st guar 55 red
1933 M-N 101 1s 102 12 100 Oct '16 -- 100 10311
New River lst gold 69
110 - - 12012 Nov'16 ..-__ 119 122
1932 A HATC let g 5s int gu__ _1937 J - .1 10612 -106 2 Dec '16 ---- 106 10714
,
N & IV 1ty 1st cons g 4s
1996 A - 0 9412 9514 9514
9312
0. 0112 90
Gen gold 45 int guar__ _1921 A -0 9612 __ -- 96 Oct '16 -- 9414 96
Registered
_ - 9314 Dec '15 ---1096 A - 0
Waco dr N W div 1st g (Ts '30 M-N
10913 N ov'15
Div'l let lien dc gen g 49_1944 J - J
917 ____ 9%1 Deo '16 ---8
A dr N W 1st gu g 58
10112
•
10112 Dec '16
10112 10112
I0-25-year cony 49
13014
1932 J -D
13614
10 11312 14618
Louisiana West let 6s
-1
e'14
1941
921 -2 10518 ____ 109
10
-20-year cony 49
M- S
141 Nov'16 ---- 114 143
Niorgan's La A T 1st 7s 1918 A -0
104% July'16
141- 16134
2
10-25-year cony 448 _ 1932 M- S
13 12 Nov'16
,
0
8
,034
3
1938
18;; 45
1812; 1669, 5:1,8:
5
let gold 6s
;
105 Jan '16
1920 J - J
105 105
Pocah C & C joint 48 _1941 J -D 905 Salo
.1
12
No of Cal guar g 59
105 Oct '16
CC& T let guar gold 59..1922 J - J 10414 ____ 103 Sept'16
Ore Ac Cal 1st guar g
103 10312
7
6 -1-11600-125;3838---- 102
0
1 1007 10258
_1927 J.1 1:9
1 38A 0 1 0
8
102
Seto V & N 1.1 1st gu g 49._1989 M- N
9338 Sale 93%
93%
So Pac of Cal—Cu g 5s__ _1937 M- N
10712 Sept'16 ---- 10712 107113
NM'Pacific prior lien g 49___1997 Q- 2 94 Salo 9338
943 1521 9118 9434
4
So Pac Coast let gu 4s g_1937 J - J
96 Sale 96
06
8 9413 97
Registered
923 Nov'16
4
1997 Q San Fran Term! 1st 4s. _1950 A -0 85% 8612 8614
9012 93'1
8612 11 8212 925
General lien gold 39
a2047 Q- F 6612 Sale 6612
6714
Tex A N 0 con gold 59_ _1943 J - J ---- 96
22
95 Nov'16
95
95
Registered
8
8
So Pac RR let ref is
Q - F 657 -- 657 Nov 16 ---9212 Sale 91%
9212 125 8912 92%
St Patil-Duluth Div g 49..a 194171 J -D 9158 ____ 9112 Sept'16
Boutitegiste st cons g 5s _ _ _ _ 1954 2-2 10114 Sale 101
her n — lre(
_299
995 J - 2
10112 18 100 10312
1095 ' 81-11109Z 193
8
F - A 109%
_
1095
81 P & N P gen gold 68___1923
1021 10014 Aug '16 __
91
1112
1004 1004
2
Registered certificates_ _1923 Q-A
10912 Oct
Develop A gen 4s Ser A.._ 1956 2 -0 7458 Sale 745
_ __
8
755 273 69
8
19 4 A 9
77%
St Paul dr Daluth let 53_ _1931
107 Oct '18
-F
Mob dr Ohio coil tr g 4s
,
107 107
,
1938 M- S 76 4 7712 76 4
3 75
7712
78
2d 5s
10014 101 10012 Nov'16 ----' 10012 101,
Mem Div 1st g 434s-59_1996 J - J
1917 A _ 10018 10018 Nov'16
8
100 104
let consol gold 45
St Louis div let g is
1088 J - D 88 2 -- 01 12 Bovril) ---- 90
,
9112
4
84
2 80
1951 J - J 823 81
84
84%
Wash Cent let gold 49
,
8612 8812 901 Feb '16 ---- 90
1918 Q -M
Ala Cen 1st g 6s
1025 104 10258 Sept'16
8
90,
2
10218 10314
Nor Pac Term Co 1st g 69_1933 J - J 11058 11212 11112 Sept'18
Ala Gt Sou let cons A 5s_ _1943 -2
111 11112
- 99
9812 9958
995 Oct '16
8
1918 -D
Oregon-Wash 1st & ref 4s
8534 86
853
1061 2- J
86
Atl & Char A L lst A 4
31 8314 88
9312 9434 9412 Oct '16
1944 J -J
9414 96
Pacific Coast Co 1st g 5s_ ..._1946 2 -D 99
908
'16 ---- 03 101
AtiAst ). -yr ste ee B._.1944 J• J 1013 102 103 Dec '16
l i 30 I 5 g84r
,v
4
10034 103%
Paducah & 1114 1st s 1 412s_1955 J. J
997
8 20 98
093 997
4
8 958
817 8212 818 Dec '16 ----' 8112 851s
997
8
Pennsylvania RR let g 4s
1923 M-N
9912 -2d 48
6 --__ 98
---- 82
8112 Merit,
7912 8113
99
'2
Consol gold Ss
1919 M- $ 10158 ____ 03 Nov'16
All Yad 1st g guar 4s
9488 A 2.1
10211 103.4
199449 jj 0 75 _--- 7534 Dee '14 _
Consol gold 4s
1943 M- N
9914 — _E T0 al&
e , et
V
1 9 :: 99'4
8
; -1g 58_ __ _1930 J - .1 103 __-- 10512 Dec '16
1031 1155 2
Consol gold 48
1948 M- N
9913 9978 098
905
8 20 98 10014
8
GgraddDSive
1956 NI- N 1075 ____ 1074
10514 1073
1073
4
4
Consol
1980 F - A 10614 Sale 100
10612 146 10412 10612
E Ten reor lien g 5s__.
1938 M S 10014 10112 101 12 Oct '16
9912 10112
General 450 when Issued_1965 -D 10212 Sale 102
Ga Midland let 3s
10212 82 1005 1034
1946 A - 0 60
66
60 Nov'16
80
57
Aileg Vol gen guar g 4s_ 1942 M- S 97%
_ 978
Ga Pac Ry 1st g 68
978
1 9814 9734
4
1922 - J 1063 10714 106% Oct '18 -- -. 1067 1075
s
D It RItAll'go let gu 4s g_1936 F - A
954
_ _ 9112 Sept'16
Knox r r ogrfoost14ies. i 58:1945 2 j 10858 Sale 10858
94i2 96
MobA
hlo l rd g 6s _ _12 .1
1925
1098 15 108 11012
Phil Bait dc W let g 4s_ _1943 M- N
9912
_ _ 9812
2 9812 9911
9812
10312 -- -- 106 Sept'16 ---- 10512 106
Sodas Bay & Sou let g 59_2924 J - J
102 Jan '03 ---7214 76
Mortgage
7731%
. 71% 713
4
Sunbury & Lewis 1st g 49_1936 J Rich dr 1)an deb 5sstmpd_1 9 5 2:0 1033 ---- 10414 Nov'16 ---- 1034 10458
4
2
1947 A 2 1i0o3c:11 i61_12
N J lilt dr Can gen 4s 1044 M- 8 0978
-651;
Rich A Mock 1st gu 4s_ _ _1948 M- N
io6Sep '12
Pennsylvania Co-So Car & Ga let g 5s
2 10012 102
101
1919 Im-N
101
Guar 1st gold 4345
1921 J - J 10218 Sale 10213
2 10012 10212
Virginia
1024
10212 June'16 ---- 102 10212
D 4-5s__ _19211M - 8 10112
Registered
1921 J - .1 10038 1003 100 Aug '16
4
Series
100 10118
3
1926 m : S
1, 0 M
1034 Aug '16 ____ 102 1031s
Guar 3148 coil trust reg A1937
8612 89
8012 Jan Ii
Series F 5s
10,4
1 041 2
1
8612 8612
104 Mar'13
Guar 3148 coil trust ser 13_1941 F - A
855 8812 8718 Dec '16
8
85
General 58
8718
--__ 10714 Nov'16
iOil4
Trust Co ctf8 go g 3118
10018 Jan '14
Va So'w'n 1st
1916 • N
9934 10018
8
1933 2 J
58_ _200 M:N 104 10612 104% Dec '16
10212 10514
Guar 314s trust ctfs C._ 1942 J - 1) 85
87% 8tilg July 16
1st cons 5(T
8618 884
-year 58._ _1958 A - 0 9012 907 91 Nov'16
8
91
89
Guar 314s trust ctfs D
8712 863 Dec '16
1914 • - D 85
4
W 0 & W 1st
93 ____ 94 Dec '16
83
215
9412
gu 4s_ _ _1924 F - A
91
Guar 15-25-year gold 4s_ _1931 A - 0 9512 9658 957 N ov'111
8
Spokane Internet 1st g
9412 96
..1955J - J 03 100
9158 Oct '16
91% 93
40
-year guar is ctfs Ser E.,1952 MI
9.112 ---- 9314 Deo '10,-- 42
9314 Ter A of St L 1st g 430
. A
1939 J
- 1003 1003 Nov'16
4
4
9813 10
0%
Cie Leb dr Nor gu 48 g
91
91
1942 NI- N
1st con gold Ss
1894-1944 F - A 1037 105 104 Dec '16 ____ 10312 107 4
,
Cl A Mar 1st gii g 4148_1935 M - N 993 100 100 Noy'1131---- 9014 91
4
Nov'16
Gen refund s f g 4s
8512 86
99 100
8512
8
8512 10 845 88
-CIA P gen gu 434s ser
104
1037 Get '16 ---- 103% 10512
942 J 8
St L M Bridge Ter gu g 58- 1930 A
101 104 10014 Nov'16 -- -. 9912 10114
Series 11
104 Dec '15
1942 A- 0 104 __
Tex & Poe 1st gold Is
2000 .1 -D 10018 101 100
—
19 95 10114
10014
Int reduced to 3148_1912 A- 0 8914
0114 Feb '12 _2d gold Inc 5s _
q2000 Mar 70
- 80
70 Dec '16 ---- 35
70
Series C 3 .
1948 M- N 8914
_ 9018 Oct '12 _La Dly B L 1st g 5s
193112 - 2 ---- 8914 88 Oct '16
- •
88
90
Series D 3344.
1950 F - A
8914
8913 Sept'16 -- 891, 8912
-W Min W & N W 1st gu 581930 F - A
Erie dr Pitts gu g 314s 13_1940 J 88
_ _ 8818 Oct '10
Tol A 0 C 1st g 5s
-- 8818 90
1935 J - J 10454 _9 _ _ 24 4 117:94
_5
634
103 10514
16
Series C
1940 J 88
_ 90, J'ly '12
8
Western Div let g 58
99 100 101 Nov'16
1935 A 101 10212
9914 100% 100 Nov'16
Or R & I ex 1st gu g 41481941 J General gold .58
1935 J -D
851s 93
95'2 100
90 Nov'16
90
94
Ohio Connect 1st gil 4e... _1913 M9418
_ 93 May'14
Kan &
1990IA - 0 8212 84
Ist gu g 48
2 82
8212
8414
8212
Pitts Y & Ash 1st cons 59_1927 NI- N 104%
109 May•I0
2d 20-year Ss
07
98
3 97
1927 J - J
97
99
97
gu 41•3e A _ _1931 J 9913
Tol W V &0
10014 Oct '18 -- toole loot., Tol PA W let gold 48
55
60
19172 - J
55 Nov'16
61
50
9912
1933 J Series 0 4 qs
10014 Oct '16 -- i00' 10014 Tol Sit. & w pr lien g 3149_1925 J - J 8312 Sale 8312
2 7812 8312
8312
1912 NISeries C 49
9 4 -- 94 Apr '18
0,
9312 94
50
-year gold 4s
2 54
19571 F O 6112 sale 6113
19 10 A A
6112
83
A1910
10212 _
CCASt Lgu 414s A
10212
1023
2, 101 1023
Coll tr 4s g Ser A
4
24
59
1858 Mar'16
8
185 1858
1942 A 10212 - - -- 1025 Deo '16 ---1 10114 102% Tor Ham tii Buff let g 49.J:19481J - D 80
Series 13 guar
8
87
83 Apr '16
86
83
1942 M- N 10212
Series C guar
_ _ 9714 July'15 -Ulster & Del let con g 58__ _1928,1 .D 10012 1003 1003 Nov'16
8
4
9912 10118
9618
1945 M- N
Series n 48 guar
9514 Oct '18 - -5451st refund g 45
4
74 '.1ar'15
Series E 31.4s guar gold_1919,F - A 9512 _ _ _ _ 9514 Oct '16 — -- 92
0514 Union Pacific let g 48
9314 Sale 981s
1957 1 J CI
1942 A J
98% 83 9558 100
Series F guar 45 gold _ _ _1953 J - D 9578
951, Jan '14 __-Registered
1947 J - J _ 63 3 s ie 93 Nov'16
_1_ r
9
,31
99
95
Series 0 49 guar
-. 951 Oct '16 -- 955 957
1957 M- N 957 ..
20
-year cony 4s
19272 - J
37 9212 96
Series I cons gu 4149
1963 F - A 10231 __103
103
6 101 103
let & ref 48
!V l! Sq4e
,
91
a, al
178
8912 925s
C St I. A P Icr efinq R Pin 1932 A - 0 10713
10713 Sept'16 -_
10712 1071 2
Ore RR
9 014 94
Nay 'nn 44 g29 ,M- n
1T J
(
8
• No price Friday; latest bid and asked. a Due Jan. b Due Feb. •Due May.
Due June. h Due July. k Due Aug. o Due Oct. p Due Nov. c Due Dec.
Option sale.
1999a
--
New York Bond riecord-Coneluded-Page 4
2236
Pries
Friday
Dec. 15.
BONDS
1. 17, STOCK EXCHANGE
Week Ending Dee. 15.
Week's
Range or
Last Sale
Range
Since
Jan, 1
BONDS
•
N. 17, STOCK EXCHANGE
Week Ending Deo. 15.
TV"
h 4.
3
1h
, .
-.13
-
Price
Friday
Dec. 15.
[Voia. 103.
Week's
Range pr
Last Sale
12
4
Rasps
Bina
Jan, 1
Ask Low
Bid
Ask Low
High No Low Higk
Bid
High No. Low High
Union Paeine(Con)1 1074 109
3yracuse Light & Power 5e__1954 J - J 86 ____ 8512 June'12 ---_ _ _...._
Ore Short Line let g 6s___1922 F - A 10812 ---- 1084 10818
1 106 1077
.„_„_.
10112 June'14
107
8 Trenton G dr El 1st g 5s........1949 M- 5 10113 __
let consol g 55
1948 j - J 107 10712 107
9314 25 91
9418 union Rico L4 & p 1st g 58_1032 M- S
101% Dec '16 ---- 1003 101%
4
Guar refund 48
1929 j - II 9314 Sale 93
Rebinding & exten.sion 5s..1933 M-N --------1015 Nov'16 --„ 1013810138
102 102
Utah dr Nor gold 5s
1926 j - J 1011a _-__ 102 Mar'16
90
90 Apr '16
8
95% United Fuel Gas isle f 68_ 1936 .1 - J 101 ____ 10012 10118 34 997 10114
9312 100
. .
1st extended 4s
1933 J - J
9614 77 9312 9614
9034 91% Utah Power & Lt 1st Se,.,_1944 F - A 96 Sale 9512
8
Vendalia cons g 45 Ser A
1955 F - A 914 ---- 913 Oct '16
Nov'16
9112 Utica Elee Lt &P 1st g 5s__1950 J - j 10018 ____ 10214 Mar'15 -- --- -91
Como'43 Series B
1957 ail- N 913 ---- 9112
4
Utica Gas & Elec ref Se
4212 Aug '15
1957 J - J 1004 ____ 98 Aug '15 --„ --..„
Vera Crus & P 1st gu 4%8_1934 j - J --_- 87
38 9714 -59% Westchester Ltg gold 5s
10 10414 10538
4
99
105
1950 J - D 105 10614 105
Virginian lst 5s Series A_ __1982 m-N 99 Sale 983
Miscellaneous
1939 as-N 1054 10538 10512 10512 10 103 108
Wabash 1st gold 58
1 98 10012 Adams Ex coll tr g 4s
1948 111- S 8378 8612 85
85
10 82 864
8
100
2d gold 58
4
1939 F - A 993 997 100
1925 NI- S 86
Alaska Gold M deb 6s A
88
8512
86
8 85 117
105 105
Debenture Series B,,
1939 j - j 80 ____ 105 Oct '16
1926 111- S 86
6 85 108
Cony deb 6s series B
88
8512
88
9618 100
1st lien equip s fd g Ss__ __1921 m. S 97 ____ 100 May'16
94
132 93
95
Armour & Co 1st real est 4;Is'39 .1 -D 9378 Sale 9354
1st lien 50-yr g term 45_1954 i - J
82 -__ 65 Dec '13
5 103
8
Booth Fisheries deb s f 6e _1926 A - 0 9278 937 923 Nov'16 -_ -- 90 924
105
Det dy Ch Ext 1st g 5s____1941 J - J 105 ---- 105
9812 Sale 9812 • 9834 .
2 9712 994
.5
Braden Cop al coil tr 51 613_1931 F -A
Des Mobs Div 1st g 4s____1939 .1 - J 8212 ---- 80 Aug '12
8
1952 A - 0 887 ____ 88 Dee '16 --- 8612 89
fail72 74 Bush Terminal 1st 4s
Om Div 1st4 31s
1941 A - 0 7212 7612 74 Nov'16
9214
3 8678 9278
88 June'16
Consol5s
1o55 -I - J 9112 9212 9214
82 87
1941 m.. S 821s 86
Tol & C1a Div 1st g 4s
893
4 27 86
1960 A - 0 8712 Sale 8712
Bldgs 55 guar tax ex
91
4
414
3
Wab Pitts Term let g 4s___ _1954 j -D ---- 314 112 Oct '16
10014 44 093810238
4 Chic UnStat'n 1st gu 414s A 1963.9 - J 100 Sale 997
Contend Old Col Tr Co certs--1% 24 lts Dee '16
12 33
-12 312 Chile Copper 10-yr cony 78_1923 M-N 130 Sale 12818
13614 1419 12012 154
2 Oct '16
3
Columbia Tr Co cents
4 37
2 Computing Tab-flees f 6s_ _1941 J - J 8714 Sale 87
8714
3 81
88
14 Nov'16
Col Tr ate for Cent Tr etre_ _
7
5 Granby Cons M Sdy Peon 63 A'28 111-N 10638 10812 10612
14 14 Aug '16
14
10712 43 10138 117
2d gold 4s
1954 i--15
82 103 115
14 July'16
Stamped
1928 PA-N 107 Sale 10612 100
14
Trust Co certfs
3
4
18
10112
9 994 1014
853 Deo '16
4
5318 853
Wash Terml 1st gu 3%e_....-1945 "1-- - 8512 86
i
4 Great Falls Pow 1st s f 5s....1940 M- N 1C1012 101 101
Int Mercan Marine 4%s_
9412 9512 914 Aug '15
1st 40-yr guar 451945 F - A
1922 A -0 --__ ____ Ill Oct '16---- 95 111
10934 N ov'16 ---_ 9518 111
7478 13 71 -7612
7434 7412
Certificates of deposit
West Maryland 1st g 4s--1952 A - 0 74
4 10334 10b la
957 325 9314 994
8
8
105
New 1st & coll tr 5 f 8s_1941 A -0 947 Sale 9314
West N Y& Pa 1st g 5s
1987 .1 - j 105 10514 105
Int Navigation 181 s f 5s____1929 F -A ---_ -__ 11012 Nov'16 --..- 913 11012
86 Dee '16
814 86
4
Gen gold 4s
1943 A -0 8512 86
Montana Power 1st 55 A.....1e43 J - J 100 Sale 983
37
4
100
55 954 10018
37
Income 5s
- - 37 Oct '18
37
1/1943 Nov
933 9278
9278
Morris & Co 1st s f 4 As_ _1939 J - J
2 9214 93%
98 102
. 100
Wheeling & L E let g 53......_1926 A -0 100 Bale 100
Apr '14 ---. ____ _
98 994 Mtge Bond(NY)4s ser 2-.1966 A-0 -------- 83_
Wheel Div 1st gold 5s____1928 j - J 9812 ---- 9911 Oct '16
991s ____ 991s Dee '16
10-29-yr 55 series 3
1932 J - J -------- 94 Juno'16 ---- 94
97 991s
Extea & Inlet gold &L.-1930 F - A
9412
754
33 68
8
76
737 Dee '16 ---_ 71
79
N Y Dock 50-yr 1st g 4s.._1951 F - A 74
80
RR. 1st consol 43
1949 M- S 7812 Sale 788
Niagara Falls Power 1st 5s_1932 J - J 101 102 102 Dee '16 ---- 10034 1024
80
80 Sept'16
80
20
-year equip s f 5s
1922 .1 - j 9814
Ref & gen 6s _ ___ _„,_ _ _a1932 A -0 10512 108 10512 Oct '16 ---- 1054 1054
,
8413 88
Winston-Salem 8 B 1st 4s-1900 J - J 8614 8814 8612 Nov'16
8812
5 84
06
8812 Nlag Lock &0 Pow let 5e,1954 M- N 9214 9412 95 Dee '16 -___ 02
Wig Cent 50-yr 1st gen 4s... _1949 .1, - J --_- 87 8612
9512
5 92
9314
2 85
90% Ontario Power NF 1st 5s...1943 F - A
9314 Sale 9314
87
Sup & Dul div &,term lst 4s'36 111-N ---- 8812 87
Ontario Transailesion 5s___ _1945 M-N ---- 95
88 Sept'16 ---- 86• 9012
.
Street Railway
Pub Serv Corp N J 'gen 5s 1959 A -0 92 Sale 92
9212 40 894 9338
101 102 101 Dee '16
1003 1033
8
4
Brooklyn Rapid Tran g 5s 1945 A - 0
21) 88 125
92
744 81
Tennessee Cop lstconv 63._1925 M- N 9( Sale 90
8
7438 Deo '16
1st refund conv.gold 4s
2002 .1 - J 747 .77
,
55 100 10118 Wash Water Power let 51-.1939 J - J --------1011 Jan '14 ---- ____
1003
6
-year secured notes Ss_.,1918 J - .1 10014 Sale 10018
26 10012 10214 Manufacturing & Indusirlal
10178
s
Bk City 1st con 5s_1916-1941 .j, - J 1017 - - 1017
s
1044 50 li178 1041g
1928 A - 0 10212 103 103
9312 9413 Am Ag Chem 1st c 5s
Bk Q Co & S con gu g 5s 1941 M-N _-__ fig12 9412 Nov'16
-----101
.1101 May'13 •••••••
634 10811
1044 31
, Cony deben 5s
1924 ,F - A 103 Sale 102
Bklyn Q bo dr S 1st 5s_ _1941 j 97
3 512 9734
Am Coat 011 debenture 53_1931 PA - N 97
7 100 102
101
974 97
Bklyn tin El 1st g 4-5s
1950 F - A i6i- Sal 10034
. 1 1033 10412
104
8
1919 al- S 104 10412 104
Stamped guar 4-5s
1950 F 7 A 10012 10114 10114 Nov'16 ---- 1001g 10215 Agl HIcie & J., 1st s t g (34
965
5 8212 8012 Amer Ice Secur deb g 6s_ _ 1925 A -0 9518 97
95
9638 14 94
8518
Kings County•E 1St 14 4s_1949 F - A 85 Sale 85
1 8212 8612 Am Smelt Securities s f 68_1926 F - A 109 Sale 1073
4
85
11612 355 10614 12212
86
85
Stamped guar 44._ _
1949 F - A 85
99 N ov'18 --_ 9778 9914
4
1919 J - J 983 99
7714 Am Thread 1st cell tr 4s
74 Nov'16 ---- 73
, Nassau Mee guar gold 48_1951 J - ji 735 71
4 Am Tobacco 40
-year g 6s
1944 A - Q -„- 12012 120 N ov'16 --._ 118 120
8 95 4 983
3
Chicago Rye Ist.5s.
1927 F - A
_ ! 96%
Gold 43_,.
823 N oy'10 -___ 824 8914
4
'16
1951 F - A 83 85
Conn Ry & List & ref g 43451951) - J 16/4 -963 10112 Oct9"---- 9912 102
. 1013 10112 1014 Dee '16 ---- 10118 1011s Am Writ Paper 1st a f 541_1919 3 - .1 • 8612 Sale 8013
1
61 6512 94
87
Stamped guar.4;44
1951 J 3 1044 105
10318
Det United 1st cons g 4;49_1932 J - J 8112 Sale 8114
824 41 7418 8538 Baldw Loco Works 1st 5s__ _1940 M-N 1034 10412,1034
1031
4 213 10212 1044
Beth Steel let ext a f 5s
84 Jan '14
1926 J - J 10314 103121 103
Ft Smith Lt de Tr 1st g 5s---1936 M- 13
1023
8 ,3 .997 1034
let & net Se guar A
9414 Sept'16 _--87 -0414
1942 M-N 101 Sale 101
Havana Elec consol g 50_-__1952'F - A
48 10034 1034
103
-year g 5s 1925 A -0 10112 Sale 10112
Hud & Manhat 5a Ser A ----1957.F - A
9 Sale 69
6914 65 6812 7514 Cent Leather 20
8
1951 F - A 811 _-__ 844 Oct '16 ---- 8278 8414
48 2512 3114 Censol Tobacco g 48
26
4
Adjust income 513
19571._ _,.. 253 Sale 2512
99
99
Corn Prod Ref s f g 58
2 9884 1004
1931 111-N _ _ 100
N Y &Jersey 1st 5s__ ... _1932 F -A 10012 __ _ 10012 Dec '16 __-- 10012 102
1st 25
-year s f 5s
1934 111-N 0 - 9812 .9814
-77
3
9812 • 8 0578 994
734 227 7112 7012
Itterboro-aletrop,co11.4%s-1956 A -0 7214 Sale 7112
s
74 10112 103
s
1017
Interbero Rap Tran,lat 5s,_1966 .1 - J 98 8 Sale 984
985 177 9713 9912 Cuban-Am Sukar,eoll tr 6s,_1918 A -0 1017 Sale 1017
3
17 8812 9312 Distil Sec Con cony 1st g 58_1927 A -0 70 Sale 70
73
15 0938 .78
92
ManhatRy(N y)cones 441_1990 'A -0 9112 9212 92
2 101 10712
10112
2 89
9338
933 Ejdu Pont Powder 4;0_1938 J -D 101 102 10112
4
- Stamped tax-exempt
1990 A -0 924 9314 934
85 Mar'16 __-_ 85 85
General haktnis 1st 25-yr 68_1936 1 -1? ........ 95
Metropolitan Street
Dee '16 __,.. 78. , 834
804
3 934 10014 Gen Electric deb g 3348
1942 F - A 79 ..80
99
Bway &,7th Av 1st c g 55_1943 J - D 9914 9912 99
106
4
43 10318 108%
Debenture 54
1932 3.1- fa 1053 1041 10514
98 10038
4
Col & 9th Av 1st gu g 5s_ _1993 M- S 98. 991 993 Nov'16
935
31 8912 944
93
Ill Steel deb 4%s
2 09 101
1940 A -0 9212 93
. Lex Av & P F lit gug 544._1993 M- S 9914 993 9914
4
9914
4 10214 11 1017 105
8
Indiana Steel lit 5s
130 0 tr:14
0214 1,1
044
1952 M-11 1013 Sale 1013
Mat W.13 El(Chic) lets 4s 1938 le A
___
101 16i1- Ingersoll-Itand 1st 5s
2
.1935.9 - J ---- ----100 Oct '13
Mllw Elec Ry & 14 eons g 5s 1928 F - A i(ii1; -_ -_ -_ _
15 7478
77 ---__- 811s
hit Agricul Corp let 21:17yr 5s 1932 M-N 75 Sale 75
Refunding & exten 4%9_1931 J -J 9214 __ _ 93 Nov'16 ___ 93 93
10134 51 10118 10214
tot Paper Co It Con g 63_1918 F - A 10114 Sale 1014
10014 __-__ 101 Aug '16 ---- 10014 101
Kinnetto St 1st one k B8
1919
100
51 81 1001s
ponsol gq111, ro f 5 51
3 92
95
1935 J - J 100. Sale 100
. 93
Montreal Tram let & ref 56_1941 .:
.j i 9512 9814 95
1017
4 49 974 10112
Laekaw Steel 1st g '55
801 86
4
4
1923 A -0 1003 Sale 100
8412 833 Aug '16
Now On Ry1 LtIzea.434s.._1935 J - J
1034 583 90 109
1 99 10014
let cons 54 Series 41.
1950 NI- S 984 Sate 98
10014
N 17 Municip Ry 1st e f 5s A 1966 J - J 100 ____ 10014
9 12312 128
Llggett & Mkers Tobac 7s_1944 A -0 12712 ____ 12712 12712
7412 121 7312 79
N Y Rys 1st R E.& ref 4s_ -1942 J - .1
74 Sale 74
58
19 10014 10312
102
.1951 F - A 102 Sale 101
493 301 49 6378
4
.._ 30
-year ad) Inc 5s
a1942 A - t) 4912 Sale 49
12712 16 12238 1274
5 83 8812 Lorillard Co (P) 7s1944 A -0 12813 ____ 12714
87
8633
87
N Y State Rys Ist cons 4344_1962 M- N 86
55
8812 N0g'113 ---- 884 9412
41004 10214
.1951 V- A 101 10112 10112 10112
Pertland Ry 1st & ref 5s...„ _1930 M- N ____ 90
MexicanPetrolLtdeon as A 1921 A -0 110 11512 11212 Doe '16 _, '106118 128
7838 ,Julp'18 --- 784 80
Portld Ry Lt & P 1st ref 58.1912 F - A--- 78
110 --29 105 12512
, 1st lien &ref 6s serfeti C__1921 A -0 103 Salo 108
Portland Gen Eiec 1st 54_1935 - J _ --._too Mity'15
-46 Nat Enam & StP$ Ist_58-1920 J -p loo 101 101 Nov'16 --_ 9612 102
_ 96 MaY'16
4
El J08 RV.L.Il & P,1st g 58_1937 M- N 953
2 851y 91
et
1024 1024 Nat Starch 20-yr deh a____1930 .1- ,1 91. Sale 91
St.Paul Oft Cab cons g 513_1937 1 - a 10112 ___ 1021s Oct '18
9 998 10238
4 81
833
8 National Tube 1st 50
8112
3
8
.
1952 111-N 100 4 1011 10012 101
Third Aire let ref 4s
1960 J - J 81 ,8114 811
7612 67 754 843
4 13 101 10612
4 14 Y Air Brake let.conv 63_1928 111-N 10512 Sale 10512 1053
Adj Inc Ss al960 A Co 7512 gale 7512
3 106 3084 Railway Steel Spring,
10714
Third Ave Ry let it Ss
e
1937 J - .1 107 108 107
k
1 993 10112
4 1003
4
Latrebe Plant 1st e 15s-1921 J - J -„- 101 1003
82 983 101
4
8
101
'in -City Ry & Ltast s f Se_1923 A -0 101 Sale 1003
98
11 9412 98
9512 July'14 _
.Interoceall P 1st s f 5s__ _1931 A - 0 98
984 98
Undergr of London 4%s
1933 J - J -..... 93
908 22 9534 1024
Repub I &S 10-30-yr 5s s L1910 A -0 997 Sale 998
72 Nov'16
3
194589 80
,
Income fis
9912 12 951 100
Standard Milling 1st 5s
1930 M- N 99 Sale 99
84 Oct '08
Union Elev (Chic) 1st g 5s,_1949 A. -IS 62 85
01 104 106
106
The Texas Co cony deb 64_1981 J -3 100 Sale 1054
77
76 Dee '16 __ 67
United ;Rye Inv tia Pitts 188_1920 M-N ___ 78
9312
1 804 94
9312 9312
Union llag & Paper 1st 5s_ _1930 J 90
6114 6114 Nov'16 ____ 5912 62
United Rys St L 1st g 4s. _ _1934 4 -.0 60
A94 Nov'16 --. 8218 944
Stam,ped
91
597
8
1930 J -; 88
53 Nov'16 ____ 53
St Louis TransitgU 58-1924
0 5112 61
69
11 68
73
37
137 30
4634 1,78 Realty & I conv deb
g 5s 1924 J - .; 68 Sle 68
United RRs San Fr s f 4s_.J927 'A -0 37 Sale 36
9234 US Red & Refg 1st k .64_ - _1931 .1 -..1 ----- - -2538 Nov'16 -_ 1072 2514
,..,_
Va ay & Pow 1st & ref 5s,....1934 J - J 90
9112 904 Dee '16 --- 87
8 10214 42 10178 10312
(JO Rn er 10-yr,col tr 6s...1918 J -D 10214 Sale 017
bb
Gas and Electric Light
11012 71 109 1154
U S Smelt Ref & M,conv'6s_1928 F - A 10914 Sale 109
Atlanta0LCo let g 5s
1947 J -D 104 ____ 103 Sept'15
s
10654 323 1033 107%
l 1057
7
U S Steel Cerp-icoup-_d1963 M-N
107
1 105 107
4
Blayn 1.141 Gas 1st cons g 5s_1945 111-N 107 ____ 107
-1054 Dec '16 ..„ 10338 10738
.9 f 10410-a r 5sfreg
,
d1963 M-Ig ------54 June'13
Buffalo City Gas loot g 5s_ _ _1947 A - 0 1914
097
8 26 9634 100
VA-bar Chem 1st 15-yr 5s_ __1923 J - D 993- Sale 9914
4
Clncia Gas & Elea lstAref Se 1956 A- 0 100 _ _-_ _ 101 Oct '18 ---- 101 101
_Conv.deb 88
10314 36 100 1034
41924 A -0 102 Salo 102
Columbus Gas 1st gold 5s_1932 J. - .1 .89 ,....,_ 97 Feb '15
i6 1i West Electric 1st 53 Dee__ 1922 J - .1 _.... _ 10214 1028 10218 11 1014 10338
124 Sale 124
12538
Consol,Gas cony deb 65.. _1920 Q 10014 10812 Westing/Yee E & M notes 5s_1917 A -0 100 101 10012 Dee '16 ____ 10014 10154
Con4GEL&P of Bait 5-yr 5s'21 M- N 10412 10712 1064 Dee '10
-Coal & Iron
1 191 1024
10112
Detroit City Ga. geld :ie....1923 J - J 10112 102 10112
1932 J -D 9614 ____ 9614 Dee '16 ---- 964 99
1014 101 12 Buff & Susq Irons f Ss
10112 Oat 'le
Detroit Gal Co cons lat g 5s 1918 F - A 101 ,
Debenture 53
o1926 M- El 9318 9512 99 Nov'16 --- 90, ,99
10412
4 10234 10478
Detroit Edison 1st coil tr 5s.1933 J - J 10412 Sale 10412
4
97 Dee '10 ---- 923 984
9512 97
4
1st dr ref 5s ser A
51940 M- S ____ 10134 1013 Dec '18 ---- 10014 10218 Col F & I Co gen 8 f 5s_ _ 1943 F - A
79
23 '7418 82
Col ludas 1st & coil 5s gu _1934 F - A 78 Sale 78
10013 May'15
Eq 0 L N Y 1st cons g 5s__1932 MI- S ____ .
Cons Ind Coal Me 1st 58-.1935 .1 -13 20 _„- 73 Mar'14 __ ..i56 _ Gas & Elec Berg Co et S 5s__1949 J -D 109 ____ 100 Feb '13
93
64l8
i
10378 cons Coal of Md Ist&ret 5s_1950 J - 0 9112 94 93
1037 Nov'16
8
Hudson Co Gas 1st g 5s
_1949 M-N 10318 __
992* Feb '14 .....- -. 35 ___
Continental Coal 1st g 5s_ _1932 F - A
907 Nov'16
8
Kan City(Mo)Gas,Ist g 5s_1922 A -0 907 ,
8
4
4
4
94is 943 Marla ____ -943- 943Gm lay Coal & C 1st g Os_ _h1919 A -0 _-_
10514 Dee '16
Kings Co El L & P g 5s_-__1937 A -0 11054 1053
8
4
114 8 19 4 Kan & II C & C lets( g 53_1951 J - 1 463- ____ 99 July'15 --- -„,..- - •
10: 1183
1.°400 s 0
058 :
Purchase money Os
1
5
1997 A -0 116 117 117 Dee '16
9412
Pocah Con Collier 1st a f 55_1957 J - J 9412 9438 9414 Nov'16 _ _ - 89
120 128
28
Convertible deb (is
1923 M- S 120 12012 18 ,, Oct '18
884
-5 84
85
8834 St I. Rock Mt & P58 stmpd_1955 J - J 85 Sale 83
____ $8
. ,Ed El III Bkn 1st con 448_1939 J - J
6 1001 10338
4
8
Tenn coal gen 5s
1951 J - J 1017 Sale 1017 • 102
8
Lao Gas Lot St I. 1st g 5s_e191.9 Q - F 10113 iOi- 1013 Dec '16
18
Birm Div 1st consol 63_,.1917 1 -.J _-__ 100 100 Dee '16 ---- 100 102
s
4
Ref and ,ext 1st g 53
4
1934 A -0 1024 1023 10214 Dee '16 __ 1007 1023
Tenn Div 1st g Gs
2 9114 93%
al917 A- 0 --- 101 100 Nov'16,,,, 100 102
Milwaukee Gas L 1st 4s__1927 M-N
935 ---- 935
8
935
8
Cali C M Co 1st gu 6s____1922 J - D ___ 108 101 Dee '14 ____
10312 10 10312 10354
Newark Con Gee g 5s
1948 J - D 10312 ____ 10312
80
80
1 80
80
80
1953 .7 - J 70
4
5 103 10534 Victor Fuel Isle f 58
N Y G E L LI & P g 5s
1948 J -D 104130510 10414 1043
8712
1 8274 9012
874 8712
Va Iron Cost&Coke 1st g 58.1949 NI- S 86
8614 88 . 8612 17 83% 87
Purchase money g 4s
1949 F - A 86
Telegraph & Telephone
Ed El a 1st cons g 5s
1995 J - J 10812 ____ 10814 Dee '16 -__ 108 109
9114 91
9112 306 904 9348
1004 10114 ,tin Telep & Tel coll In 4s......1929 J - .1 91
4
NY&Q El L & P 1st con g 58 1930 F - A 10018 ____ 1003 Aug '16
4
Convertib e 4s
1936 MI- S __- 100 1004 Dee '16 __ 100 1058
Pacific0& El Co Cal G & E
26 105 1133
106
20-yr convertible 4%s
4
1933 M-.8 105 Sale 105
9912 51 97% 100
Corp unifying & ref 5s
8
1937 M- N 093 Sale 9914
45 91% 93% Cent Dist Tel 1st 30-yr Se_ 1943 J -0, 10212 10312 1024 Nov 16 ___ 10112 1014
Palitio GI & E gen & net 6s...1942 J - J 917 Slae 917
8
927
73
'
73 Nov'16 __-- 73
Commercial Cable 1st g 48_2397 Q - J '
Pac Pow & Lt 1st & ref 20-yr
Registered
71
„
2397 Q- J --------71 MaY'16 --„ 71
92 934
9218 Sept'16
95
5s Internet Series
1930 F - A
10018 13 9914 10114
Cumb T & T 1st &.en 54-1937 J - J 10018 10014 100
Pat & Passaic GI & El 5s
1949 M- S 10012 ____ 9912 Oct '15
98
98 Apr '16 ---_ 98
Keystone Telephone 1st 5s_1935 J - .1
100
Peon Gas & C let cons g 68_1943 'A - 0 11478 115 115 Sept'16
11438 1151
___10038 10234 Metropol Tel & Tel let s f 5s 1918 M-N 10034 101 10034 10034 1 10034 10112
102
Refunding gold 5s
1947 M- S 102 Salo 102
4 1003
4
1 9912 10112
Mich State Telep 1st 5s_ _._ 1924 F - A 100% ____ 1003
8
RegIsteted
1947 M-S _--- 997 99 Sept'13
4
1 104 op,
10112
IO07 10314 N Y dyNJ Telephone 5s g 1920 M-N 1014 ____ 10112
ChG-L& Coke lstgug 58-1937 J - J 10114 ____ 10314 Nov'16
s
9914 104 9712 99;
Telep 1st & gen s f 4 A s_1939 51-N 99 /ale 983
101 10113 N Y
Con G Co of Chi 1st gu g 5s 1936 J -0 10014 --_- 10114 Nov'16
10078 105 9912 102
3
Pac Tel & Tel 1st Ss
1937 J - J 100 4 Salo 1004
91
86
91 Dec '16
Ind Nat Gas & 01130-yr 5e 1936 lvt- N 88
90
4 1007
8 25 9938 10214
8
4
Mu Fuel Gas 191 got g 58 1947 M- N 1007 --- 1003 Mar'16
4
10038 1003 South Bell Tel & T 1st. s I 5s.1941 J - J 1007 Sale 1003
8
4 100 10211
10112
_ s9614 993
4 Wpst Union coil tr cur 5s-1938 .1 - J 1004 ____ 10112
Philadelphia Co cony 5s___ _1919 F - A 983 ____ 994 Nov'16
4
07
4 9438 973o
9614 Salo 96
Fd and real est e 4%s
1950 111-N
1 88
94
Cony deben gold 5s
1922 M- N 923 93 935
4
935
4
1941 M-N 1023 ---_ 10114 Apr '16 ---- 10114 1011;
Mut Un Tel op; ext 5s
Stand Gas & El cony s f 6s....1926 J - D 10118 Sale 1014
10114
95
l•rorth,kest Tel ize 4 um if IOU J - J 933y
_ _ 94 Nov'16 ---- 94
98 3 1.027
.
Syracuse Lighting 1st g 5s, _1951 J -D 102 10314 10214 Nov'16 13 9914 1024
*No price Friday;latest bid and asked. a Due Jan 4 Dtre April. e Due May. g Due June. 1 Due July. k Due Aug. o bue Oct. p buo Nog. g Due Deo. s Option sale.
84 95
_ay-
4
r
DEc. 16 1916.1
BOSTON STOCK EXCHANGE-Stock Record
-NOT PER CENTUM PRICES.
Sll Alta PRICES
Saturday I Monday
Dec. 9.
Dec. 11.
Tuesday
Dec. 12.
Wednesday I Thursday
Dec. 13.
Dec. 14
Friday
Dec. 15
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
a
See ... i)
d N .age
at
Banos SOICI Jan. 1
Lowest
Highest
2231
leases for Punta*.
Year 1915
Lowest
mouse
Railroads
21 Boston & Albany
100 17412Sept25 198 Feb 18 170 Mar 198 Jan
17812 1764 *1723 178
•170 17712 177 177
4
175 1763 175 175
4
257 Boston Elevated
8012 8012 7912 80
100 6512 Apr 24 8812Jan 19
7912 79
73 June 98 Jan
79
79
784 79
Boston & Lowell
i
100 122 Sept14 145 Feb 11 109 Feb 138120ct
*121 125 *120 122 *120 122 *119 122
Last Sale 121
261 Boston & Maine
44
100 34 Aug 29 52 Feb 14
37120c$
4512 45.2 4478 4512 43
20 Feb
44
*43
48
44
4412 44
Boston & Providence
100 200 Aug 4 23512 May29 225 Jan 240 June
Last Sale 215 Dec'16
*215
_
*218 ____ *215 ____ *215
_
Boston Suburban Eleo Cos__
44Feb 29
4
5 Jan 8
*____
Last Sale 412 May'16
10 Mar
4 *____
5 Dec
40 Do pref
30 Deo 11 4081 Feb 29
30
39
30
30 *---_ 30 *40 Bey
58 Mar
30
Boston dr Wore Electric Cos__
NOV i
4 Mar18
512 Jan 5
*413 5
Last Sale 4
*412 5
5 Nov
• ;:413 5
9 Ben
:li2 5
;
Do peel
42 Feb 28 4518 July18
Last Sale 45 Sept'16
*4412 47
*4412 47
39 Jan
47 July
*4412 47
*4412 47
Chic Juno Ety & U El Y__..100 150 Oct 25 154 Ju1y26 157 Feb 160 Sep
Last Sale 150 Oct'18
*150 154 *150 154 *150 154 *150 154
47 Do pref
105 105
10212 Apr 26 110 July14 10112July 110 Apr
--,
*108 108.2 *106 10613 108 1061/ 108 108 *108
Conneetteut River
100 128 Sept 1 162 Feb 19 140 Feb 165 Jan
Last Sale 150 Novq8
*148 153 *148 153 *148 153 *148 153
98 Fitchburg pref
100 8914 Sept27 87 Feb 14
75
75
75
51 Feb
76 Nov
75 *- -_ 75
- - 75
7412 75 *
235 Georgia Ry & Eleo stampd100 122 Jan 3 13134 Dec 12 114 Apr 120 Feb
'
13113 13112
f
*75- - *131 132
13112 13112
1313 1313 *130 132 *- ili2
4
4
Do pref
100 z88 Jan 10 93 Nov 3
Last Sale 93 Dec'16
___
84 Aug
192
88 Mar
-*92 ____ .
*9214 48 Maine Central
100 98 Sept19 102 Jan 17
*9712 - 92 Mar 10312 Nov
*99 fool
90
*99 foo
90 - 99 100
205 Mass Electrio Cos
413 434
100
412 Dec 15
834 Aug 30
5 478.1une 10 Sep
*412_
4 *412 43
4 43
*412 5
*4
5
121 Do pref stamped
28
28
29
100 2712 Dec 13 44 Aug 9
33 July 56 Jan
2733 274 *27
*274 29
28
28
28 1$
.
4
525 N Y N H & Hartford
53
5434 53
53
100 53 Deo 14 778 Jan 3
43 Feb
5313 5312
56
5512 5634 55
57
57
87340e1
70 Northern New Hampshire-100 97 Jan 3 107 Sept14
89 Oct
__ 103 103 *102
98 APT
102 102 *102
*100 105
Sle
Old Colony
Last- - 140 Dec'16
100 135 Sept21 157 Feb 28 140 Aug 157 Apr
140
*___ 140 *138 14() *136 140 *
33
150 Rutland, pref
35
30
30
_
TrH)
_
_ _
100 20 May 1 3513 Dec 2
15 Mar 30 Nov
_ 3212 *29
*
16
40 Vermont & Massaohusette_100 10012 Aug 29 125 Mar 1 105 Feb 125 Apr
16
-1 .115 1 -2 *110 112 *15013 15212 - er4 -6(11:1
112
*iii 115
42 West End Street
57
5712 *56
50 z55 Sept21 8712Jan 19
61 May 7212Jan
585 565
8
8 5813 5612 *58
100 Do pref
76
76
76
70
100 69 July13 88 Feb 25
*78 ____
78
80 July 9312 Feb
76
78
70
Miscellaneous
9212 9212 0013 9013
9213 90
90
22 Amer Agrioul Chemical-100 84 Apr 24 102 N ov25
48 Jan
*0313 95 .91
733 Noli
*93
4
96
,
10214 103
102 103
347 Do pref
100 9513 Mar23 105 Dec 1
8712 Mar 10113 Nov
10318 10318 10212 10212 103 10314 10212 103
825 Amer Pneumatic Service... 50
112 112
112July 8
4
314 Apr 12
4 13
13
134 Mar
8 14
13
412 Oet
112 112
112 1/2
1 if* 15
8
310 Do pref
4
n
11
103 1034 •__ 11
11
---11
11
50 1034 Dec 13 16 May 4
.
11
13 Dec
1912Jaa
11214 113
85 Amer Sugar Refining
113 11412 115 115
100 106 Apr 22 12514 Oct 25 100 Feb 11911 Nov
---4
1153 11534 116 116
•
29 Do pref
12174 12134 12012 12012 *119 121 *120 121
100 1144 Mar 1 124 Oct 25 109 Feb 119 Dec
2518
121 121
12514 11S3
- 5,703 Amer Telep & Teleg
4
1253 126
4
126
8
1255
100 12514 Dec 15 13413 Sept30 116 Jan 1304 Nov
128
12512 126
1273 128
4
5 American Woolen of Mass.100 42 Aug 5 5834 Nov 8
504 *4712 4812 *48
4714
47
*49
54
*46
54
*5514 56
1612 Apr
5714 Oct
95
95.2 98
379 Do pref
9514
96
100 92 Jan 11 10158 Mar14
9514 9634 98
4
984 99
983 97
991100t
77 Feb
15 Amoskeag Manufacturing -__ 66 Jan 3 79 Nov 8
74
'4
7
5918 Jan
77
*--67 Apr
98--. De la
Do pref
9712 may 101 Feb
98 July24 10114 Feb 10
*9812 9913 -------------------Last
9
402 %o
reW
f
14112 146 141 1454 134 14112 13434 13913 7082 141 121 129 17,460 ALI Gultpref I 5 13 Lines 100 27 Jan 14 14734 Deo 8 4 Feb 36 Nov
7012
702
100 42 Jan 15 7213N ov 1
70
71
7214 71
94Mar 49 Nov
72
73
*72
2112 19
2218 22
20
20
1,200 Cuban Port Cement-315 pd w8118 Apr 28 257 July20 .....
22
8
2218 2238 2218 2212 22
814 812
885 East Boston Land
10
9
814 Dec 15 1338Jan 19
9
812 813 *8
1314 Apr
8 Dee
812 812 *8
12
812 813
226 226
22512 226 226
159 Edison Electric Illum
225
100 225 Dec 11 250 Mar 7 230 May 260 Jan
225 225 *220 225
.227 228
7 General Electric
100 15914 Apr 22 188 Oct 20 13814 Feb 1844 Oct
*1783 17914 17912 17912 *175 170. *176 177 *17212 17312
4
101 101
2, 27 McElwain(W H) 1st pref_100 95 June 8 10213 Sept 8
295772
4
4
9612 Aug 104 Mar
*101 1013 *101 10134 *101 1013 *101 1013 101 101
4
93
9514 9313 9414 9312 9412 93
usetts
chpref Gas Cos- _100 79 Sept21 1003
9814 94
4N ov17
78 Apr
94 Aug
.9811 9713 913
8012 80
80
80
80
80
80
80
M awa
Do
8
100 78 Sept14 89 Feb 14
*81
8112 805 .81
84 Nov 9212 Jan
170 170
170 170
29 Mergenthaler Linritype......100 155 May .4 181 Nov20 154 Feb 200 Jan
170 170 *185 170
170, 170
Last Sale 1-- NQV 16
112 *.99
112
.
Mexican Telephone
.
3
%99 112 .'.99 112 *.99
10
14 N ov22
214Jan 15
3 See
14 Apr.
*1114 __ *1114 ____ *1,114 ____
Last Sale 10 Dec'18
*1114 - Mississippi River Power-100 10 Dec 5 19 Apr 10
10 June 163 Dec
8
___
Last Sale 35 Nov'18
*40 ____ *40 ___
*40
4612Jan
Do pref
100 35 Nov 9 44 Feb 8
35 Feb
*40.
32
*30 _ _ _
32
30
32
32
*30
30
43 Newo prefCetton Yarn-AO° 2312July 18 3214 Deo 1
25 D Eng
20 Apr
30 Nov
05
85
84
84
64
*64
65
60
.64
80
100 50 Jan 24 85 Nev14
25 July 55 Dec
12412 125
1247 1247 125 125
125 125
125 12513 125 125
8
8
517 New England Telephone_ _100 124 Dec 8 140 Mar17 31274 June 143 Jan
158 159 *155 159 *155 158
• 160 161
100 10218 Jan 11 185 Nov10
•158
535 Nipe Bay Company
143 141 *136 140 *130 140
146 146 *141 148
80 Nova Scotia Steel & C-_ _100 117 May10 15514 Nov17
134 Pullman Company
164 18412 164 185 , 184 164
100 1584 Apr 28 175 Oct 5 150 Feb 170 Oct
103 164
780 Pinta Allegre Sugar
45
48
52
52
44
44
50 44 Dec 15 590 . 2
50.. 46
1644 8
47
514 514 50
1 y 3
2, 57 8wiffea
33 Reo Button-Hole
5 ,e
*15
- Ili 15 Feb 3
*15
15
153 *1513 155 *15
4
15 Sep
155
8
8 15
184 Jan
15588
100 125 Feb .5 177 Oct 9 10454 Jan 128 Nov
Co
139 143
147 148
146 149
152 1553 152 153
1497 152
8
8
841 Torrington.
25 35 Jan 14 70 Nov 8
65.
28 Mar 3812 Dec
67
8613 6613 8512 6312 .84
.664 874 07
1
674 •67
- Do peel
25 28 Jan 14 33. Mar 2
28 Mar 3014 Sep
*32
*32
_
4
323 *3118 323 *32Last Sale 32 . Noy'18
4
100 1361gJan 31 16834 Aug 21 110 Feb 163 Nov
156 168 4 155 169'2 153 155 "3,575 United Fruit
1604 18112 159 1613 155 159
4
1
287 Dod Shoe Mach Corp
9
57 . 5714 ,5, 27 Unite pref
25 50 June23 8313 May12
5812 57
53
48 Aug
5813 5812 5813 584 574 58.2 57
85 May
25 2812Jan 3 31. Sept18
207 2978 2978 2978 294 30
8
28 Mar BO Aug
30
2978 294 ,30
30
30.
87 S Steelref
3
4
38 Feb
8912 Dec
.12334 1254 12313 12518 11812 12238 11314 12014 11312 12038 1095 11312 15,345 U Do p Corporation _--100 793 Mar 1 1294 N ov27
4
100 11514Feb 5 12234 Nov 3 10214Jan 11714 Oct
12078 12078 12118 12118 1203 1203
4
122 122
01214 122
812 9
7,335 Ventura Consol Oil Fields_ 5
94
9
8
9
93
4
934 1013
87
s 93
93 10
4
105 Dec
8
858 Sept18 13 Jan 3
1432 Nov
.
,
•
. . inning
.
,
• 5
5
.512
4/3 5
.5
, 414 412 ..412 5 *412 , 5 1,160 Adventure Con
25
•134 Feb 17
4 Jan
578 Dec 7
478 Apr
11412 11413 110 110
108 11014 107 107
422 Ahmeek
117 117 . 118 118
25 91. Aug I 1254 N ov18
9213 Dec 103 Aug
1214 1234 1214 1214 114 1218 3,495 Alaska Gold
4 1214 1212
1212 1318 1213 123.
2111 Dec
10 114 Sept 2 284Jan 7
4084 Alw
112 *114
112 , 14
114
*114 • 138 *138
158 *13
8 15
• 100 Aigomah Mining
8 *.114
54 May 3 .213 Nov20
25
.45 Feb
484 Apr
74
7712 7734 76
78
71
3,034 Alloues
36612 68
65
673
4 6212 65
3512 Jan
25 58 July17 834 N ov21
86 Dec
58
604 56
33,683 Amer Zino, Lead & Smelt_ 25 294,July1 1 9738 Apr. 10
59
5014 56.2 5014 5313 48
4 4512 50
533
4Jan
163
724 Nov
79
605 Do pref
73
73
783 7834 79
73
73
4
7512 773
4 7312 75
25 60 Julyll 8818 Nov 1
8,771 Arizona Commercial
15
1312 14
8 14
154 1558 1518 154 1414 1518 1414 147
314 Jan
74 July29 18 Nov20
5
94 Apr
214
2
2
2,040 Butte-Oalaklai4 Copber
24 212
2.(, 238 , 214 2, • 214
212 2%
10
513 Feb 5
14 Aug .2
2 Jan
4144pr
6614 68
68
554 5812 .1,243 Butte & Sup Cop (Ltd)
68
63
72
3514 Jan
4 8912 72
723
68
10 554 Dec 15 10514 Mar 9
80 June
12,605 Calumet & Arizona
81
82
7$
823 27512 7813
4
87
8813 88
8813 8713 . 83
10 66 June28 101 Nov20
5112 Feb
7834 Apr
226 Calumet & Heola
550 588 *540 544
570 585
585 570
594 594
585 585
25 515 July14 640 Nov20 350 Jan 830 Apr
220 Centennial
21
22 22
21
*19
23
23
23
23
22
22
25 14 July17 27 Nov20
15 Jan
2014
25 Apr
8
67
327 Jan
$
6718 *60
/554 5712 . , 885 Chino copper
61
87. 6
625 *60
8
5 48 Julyll 734 N ov20
60 4 61
57 Nov
3
31,151 Copper Range Cons Co
77
6933 7414
4
873 Nov21
743 774 75
4
30 Jan
25 5412 July 11
65 Dee
2
3
3
43
, % 63 .
8
34 312
312 312
0
314 6034 7214 1. 73., Z05
950 Daly-West
37 Mar17
8
.
20
2 July13
14 Jan
534 Apr
4
17
1814 1738 1814 1618 1714 1612 1713 1614 1718 153 j.6,2 13,366 East Butte Copper Min__ 10 1112 July12 20 Nov18
812Jan
1612 Dee
83 , 912 2,675 Franklin
4
4
103
94 10
9
413 Feb
25
6 June23 1314 Nov20
1414 Apr
4 1012 11
9
• 1012 ,103
912
100 100
275 Granby Consolidated
*95 100
10434 1044
*103 105
94
99
58 Jan
100 79 July14 120 Nov20
9014 ;14
9412 Apr
4913 5912 48. 48, *47. 4812 47
385 Oreene Cananea
*51
62
51
51
4714
2314 Feb
4
100 343 June28 5514 N ov18
5238 Dee
1934 20 .
193 20
4
2,095'Hancoek Censolidated
1712 1912 1734 1813 1634 19
16
17
11 Jan
25 1012June28 2312 Nov20
2412 Apr
*412 514
4
41: 412 *4
4
200,Indiana Mining
*4
413
.413 . 4.
214 Jan
812 Nov21
4
25
1012 Apr
2 July10
• 8813 7113 68
71
66
09
80 . 67
85
6812 *6213 65 . 1,9051s1and Creek Coal
41 Mar 52 Aug
I 42 Sept27 7334 Dec 6
*0213 9313 *92
*93
93
9314 93
*91
93
93
6 ,Do pref
*9212 9913
8512Jan
1 88 Jan 29 9312 Dec 2
9118 Apr
38. 39
38.., 3812 35
38
4,295 Isle Royale Copper
3
3812 35
5
37
3434 3,
5 i f lr 3
25 2313J‘uoy 14 43 Nov20: 1712Jan
5
34 Apr
*43
*43
*43
4 6
*434 5
4 5
4 5
43
4 47
400 Kerr Lake
538May 3
3 *413 478
3 Aug
54 Apr
5
5
514 514
513 53
512 • 54
4
434 478 *4
4
23 Feb 11
8 Apr 8
25
,413 1,060 Keweeriaw .Copper
183 Aug
411 Apr
141g 15
1312 14
13
15
15
1413 1318 14
513 Jan
1314 2,009 Lake Copper Co
914July14
25
1912 Feb 10
1972 Dec
513
5
513 513 *5
5
5
514
4
1 2 5
1
4
305 Lagalle Conner
2
812 N ov20
314 July15
5
318Jan
9 Apr
7
723
714 714
814 64 .,6 •
014 04 2,075 Mason Valley Mine
112 Aug 3
5
9 Nov181
64 612
6
1 Mar
5 Dee
1714 1812 1714 1513 164 15
17
•154 16
1514 14
1413 3,355 Mass Consol
25 10 July13 1912 Nov20
3 Jan
17 Apr
*3
3i2
3
3
*278 312
3
3
325 Mayflower
5 Feb 10
3
25
2 July 5
3
3 Aug
8 Apr
8
37
8 37
414
4
.4
4
Vs 37
8 *314 4
880 Miohigin
112 Jan 5
_.__
_
43
4N ov 6
25
.60 M ar
3 Apr
99. 10012 94 101.
103 10412 09 103
10313 105
92 - - 5,115 Mohawk
95
25 7712Julyll 108 Nov20
4614 Jan
98 Dec
8 30 8 314 304 304 2814 2914 2838 2914 24
7
*3118 315
280 Nevada Consolidated
15 Jan 28 3312 Nov20
24
118 Feb
8
17 Abe
512 8
484 July14
512 6
8
518 512 1,400 New Arcadian Copper_ _ _ _ 25
6
813 08
812 812
10t4 Jan 4
5
412 Feb
1414 June
16
15
1512 1512 *15
1514
1612 1513 16
*15
16
'16
000 New Idris Quicksilver
9 July19 2434 Jan 19
5
4 July 1312 Aug
2712 254 2534 2412 28
4
273 2734 26
28
28
572 New River Company
..2_,
100 2212 Nov 9 313 Nov20
L 24:3
8
85
84
8812 85
84
89
8812 89
89
84
485 Do pref
100 79 Nov 9 9314 Nov20
0
9
934 934
0
94
9
913
87
8 9
6 Mar 1
84 -- 4 1,270 Nipfssing Mines
835
51g Aug
878 Nov
914 Nov21
24
2634 21
23
253
285 2714 20
4 23
8
2434 223 2312 8,345 North Butte
4
2214 Jan
15 20 July13 324 Nov20
384 Apr
2
214 *2
*214
212
214 *2
2
214
213 .2
410 North Lake
.50 June 2
2
25
44Jan 3
1 Jan
418 Apr
2
2
21s 21s
*214 24 *214 213
2
*113 2
255 01113way Mining
July15
25
14
278 Apr 6
.50 Mar
34 Apr
234 234
4
234 234
2
233 *214 23
214 214
2
780 Old Colony
218
25
14 July14
4 Jan 3
214 Nov
718 Apr
7713 78
7412 76
77
7938 7411 77
z87
73
65
6758 3,535 Old Dominion Co
25 60 July14 83 Nov21
3812 Mar 64 Dec
100 101
9813 100
07
92
90
98.2 94
96 . 83
1,629 Osceola
9012
25 70 * July14 105 Nov20
64 Jan
934 Apr
22
2212 223 2334 2112 234 21
4
223
4 20
2212 1918 21
26,968 Pond Creek Coal
10 1112 Mar 7 2334 Dec 11
12 Jan
194 Aug
9914 9914 9.813 9813 0412 9812 04
0514922581 July12 10912Nov21
9514 89
92
1,305 Quincy.
50 Jan
95 Apr
8
4 323 3238 3018 • 30 8 30
3014 2934 31
4
323 323
,
3274 2714
485 Ray Consolidated Copper.. 10 2034 June22 3(13
4Jan
153
2758 Nov
4N ov20
101 102
05 100
94
103
97
101
93
9712 8812 9212 1,600 St Mary's Mineral Land
25 8112Jan 31 110 Nov20
28 Jan
8513 Deo
2
218 214
218
24 214
2
218
2
. 218
2
1,730 Santa Fe Gold & Copper
114 JulY28
10
2
1 Mar
378 Jan 8
5 Qt
9
1014 1014 1012
1014
914 10
912 10
10
.878 913 7,465 Shannon
10
7 July13 1212Feb 14
4 Jan
1112 Apr
32
31
28
3212
2818 2812 2812 285 265
3234 *32
•32
260 Shattuck-Arizona
10 243
8
8
183
4July11 403
8Feb 14
4Jan
38.. Nov
6.
6
513 6
5
5
614 AA/ '
1,125 South Lake
6
611
25
6
6
84Jan 4
4 Aug 4
514 Nov
7 4.11117
3
145 145
8
8
8 15
1513 1334 1414
360 Superior
1613 1812 1812 1812 145 18
2283 Jan
25 1212 July15 281g Jan 3
414 Apr
8
8
614 67
814
834 7I
8 718
67
57
a 612
514 534 8,510 Superior & Boston Copper- 10
112Jan 13
1 Mar
834 Oct 31
412 Apr
45
42
43
47
43
4412 46
4413 47
4813 42
43
4,858 Tamarack.
25 35 Aug 5 56'* Jan 14
25 Jan
58 s Aug
3
64 7
814 812
7
7
818 614
738
*7
6
614 1,800 Trinity.
25
414 July12 1234Jan 3
232 Feb
154008
14 2
14 214
218 2if4
24 238
182 1%
113 178 33,290 Tuolumne Copper,1
.15Jan 28
212 Deo 7
.20Jan
.63 Apr
73
70
70
7218 6714 724 66
75
7312 754 73
6813 7,315 U S Smelt Retin & Min
50 5418Jan 3 8138 Nov21
20 Feb
54. Dee
513 52
4
5113 5134 5113 5134
52
5218 52
5214 514 52
/
848 Do pref
11 534 Apr 11
28 Jan
50 4
5 3%
5012 Dec
34 4
34 37
334 378
8
378 4
314 312 2,700 Utah-Apex Mining
4
4
FebFeb
518 Apr 10
2 Jan
5 1,111110
3
1734 19
2114 18
203
18
4
20/4 2134 2034
19
17
914 Feb
1838 9,411 Utah Consolidated
5 124Jan 15 3013 Nov21
163 June
s
11823 1163 11312 11812 11134 117 x108 108
8
•1223 12278 120 120
8
424 Utah Copper Co
10 75 June27 12738 N ov20
4Jan
483
81580
00
71:
87
, 718
64 7
7
74
7
618 67
8
68
4 612 6.607 Utah Metal & Tunnel
53 Dec 16 1112 Mar13
1
4
612 7/2
6
6
7
714
85
83
8 73
8
4 84
4
1,115 Victoria 4
25
53
23 Jan 3
4 8
412 Apr
813 N ov18
1 Feb
*512 614
43
4 514
5
53
53
4
5
5
4 8
412 518 1,300 Winona ...
334 M ar27
25
Nov20
134Jan
814
54 Mai
53
55
493
4 47 • 49
49
5214 53
5212 47
45
47
885 Wolverine
25 65 Oct 9 6712 Feb 10
32 Jan
70 A.pr
*214 2.i',
13
4 2
274 27
,(,, • 2
13
4 2
134
24
184 1,870 Wyandott
25
284 Feb 14
14 Aug 12
.50 M ar
24 Apr
*Bid and asked prices. a Ex-dividend and rights b Ex-etook dividend. c Assessment paid. b Ex-rights. z Rx-dIvidend. s Ex-Tamaraok stock.
- o Half-paid.
t
iVoL. 103.
THE CHRONICLE
2232
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Dec. 9 to Dec. 15, both inclusive:
Bonds
-
Friday
Last Week's Range Sales
for
ofPrices.
Sale.
Price. Low. High. Week.
Range since Jan. 1.
High.
Low.
91% 91% $72,000 90%
Am Tel & Tel coil 4s....1929
100% 100% 1,000 100%
1936
Convertible 45
1,000 103%
103% 103%
Cons ertible 414s_ _ _1933
9934 98% 99% 266,000 9874
55 temporary recta
94% 9411 4,000 9234
Atch Top & S Fe 4s..1995
57,000 74
88
86
AtlG&WISSL55..1959 86
100% 100%, 3,000 100%
Burl & Mo River 65_1918
101% 101% 3,000 100%
Chic Juno & US Y 58_1940
2,000 85
87
87
1940
45
98% 98% 6,000 9734
Gt Nor-C B & Q 43._ _1921
9814 9814 12,000 96%
1929
Mass Gas 411s
95% 95% 6,000 93
1931
4%s
10111 101% 4,000 101
N E Telephone 55_ _ _ _1932
81% 18,000 75
80
1934
New River 55
Pond Creek Coal 6s._1923 1064 104% 106% 15,000 87
2,000 96
98
98
Punta Alegre Sugar 65 1931
1044 101% 10131 101% 30,500 98,4
Swift & Co 58
9834 084 7,000 97%
United Fruit 44s_ _1923
1925 9734 97% 9734 11,000 97
4%s
6,000 109%
110 110
U S Smelt R & M cony 6s_
9,000 99
9914 100
Western Tel & Tel 5s..1932
Nov 93
Dec 102
Dec 113%
Dec 9934
Aug 954
Jan 89%
Dec 100%
May, 102
Mar • 91
July 99
Mar 9911
Mar 96
Nov 104
Jan 81%
Feb 107
Dec 102
Jan 10231
Jan 1004
Jan 98
Apr, 115
Jan 102%
Apr
Mar
Oct
Dec
Feb
Nov
Nov
Aug
Jan
Feb
Jan
Jan
May
Nov
Dec
Nov
Oct
July
Nov
June
Oct
-(Con.)
Stocks
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price, Low. High. Shares.
_ _ _1
10c
Pittsb Con M M
Pittsb-Idaho Co, Ltd_ _..1
1.05
Pittsb Jerome Copper_..1
100
9X
Pitts Oil & Gas
Pittsb Plate Glass_ _ _ _100
5 21
Pure Oil, common
ROSS Mining & Milling__ _1 27e
1
San Toy Mining
Union Natural Gas.._ _100
Union Switch & Signal_ _50 110
50
Preferred
United Coal corn v t c _
Preferred v t c
100 39
U S Glass
US Steel Corp, corn_..100 110%
West'house Air Brake_ _50 159
West•house El & Mf - _ _50 54%
;
West'hou.e Machine -50 32
Bonds
Amer Sewer Pipe 63..1920
Indep Brewing 6s_ _ _ _1955 51
Pittsb Coal deb 5s_ _ _1931
Range since Jan. 1
Low.
Sc Sept
90 12c 19,600
1.10 Sept
254
1.75 1.75
1.05 Dec
1.05 1.20 40,750
611 Mar
,
490
9
, 11
Jan
991 115
13034 138
22% 8,693 z17% May
21
Sc Apr
260 32c 29,090
2,800 14c June
170 17c
130 141% Apr
185 185
May
750 109
104 115
Oct
240 118
130 132 .
Dec
40 118
118 118
Dec
31 70
70
70
820 2531 June
3834 41
110% 1244
165 80% Jan
4,664 13311 Apr
15611 16714
4,840 51% Dec
514 62
Mar
500 30
32
31
$1,000
97
97
10,000
52
51
9931 994 6,500
High.
15c
1.75
1.45
13%
138
22%
45c
250
18.5
126
132
118
70
4611
1294
1674
71%
35
Oct
Dec
Dec
Oct
Dec
Dec
Oct
Jan
Dec
Jan
Dec
Dec
Dec
Oct
Nov
Dec
Mar
Oct
Apr 97
91
Mar 62
49
96% May 100
Dec
Aug
Nov
z Ex-dividend.
-The complete record
Philadelphia Stock Exchange.
of transactions at the Philadelphia Stock Exchange from
Dec. 9 to Dec. 15, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
-Complete record of transac- dollars per share, not per cent. For bonds the quotations
Chicago Stock Exchange.
tions at Chicago Stock Exchange from Dec. 9 to Dec.15,both are per cent of par value.
inclusive, compiled from the official sales lists, is as follows:
Sales
Friday
Stocks-
Sales
FridaY
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
American Shipbuilding_100 62
100 9534
Preferred
American Straw Board_100
Booth Fisheries, com_ A00
Preferred
100 85
5
Chic City &C Ry pt sh corn
39
Preferred
Chicago Elev Ry common
Chic Pneumatic Tool_ _100 73
204
Chic Rys part ctf
__
Chic Rys part ctf "3"...._..
--- Chic Rys part ctf "4"
Commonwealth-Edison 100 141
100 98
Deere dr Co, pref
Diamond Match
100 129%
76
Hartman Corp
Hart Shaft & Marx corn 100
Illinois Brick
100 90
Linde Air Products corn_ _ _
18%
Lindsay Light
National Carbon
100 305
9
No Amer Pulp & Paper corn
Page Woven Wire Fence 20
People's Gas Lt Sr Coke 100 105
128
Prest-O-Lite Co Inc
Pub Ser of No III corn_ _100 114
Preferred
100 102
Quaker Oats Co
100
Preferred
100 111
Sears-Roebuck corn__ A00 221
Stewart War Speed cons 100 100
Stover Mfg & Engine Co pf
Swift & Co
100 141%
Union Carbide Co
100 199
United Paper Bd com_100 2911
Preferred
160 75
Ward, Montg dr Co, pref..
Bonds
Armour & Co 411s_ _ _1939 93%
Booth Fisheries s fd 6s 1926
Chicago CityRys 5s_.1927 98%
ChloCity&ConRys5s_1927 81
Cala Rys 5s series "A"_ _ _ _ -----Chic Rys 4s series "B".._ _
Chicago Telephone 58_1923 101X
Commonw-Edison 5s_1943 10211
Metr W Side El 1st 43_1938
Morris & Co 431s_ _ _ _1939
NorShoreEl 1st& refg5s'40
NW G L dr Coke Co 58'28
Ogden Gas 5s
1945
Paducah & Ill RR 410255
Peo Gas L dr C ref g 5s.'47
ChicGssL&CIst5s_ 1937
Pub ServCo 1st ref g 59-'56
South Side Elev 411s_1924
Swift & Co 1st g 58.. _ _1944
Wilson & Co 1st 6s__ _1941 102
Range since Jan. 1
Low.
High.
Nov
Jan 72
375 33
62
6634
9534 9634 1,010 75% Jan 9634 Dec
Dec
May 53
225 12
53
51
Jan 63% Dec
574 25
594 62
Oct
Jan 88
316 66
88
85
6% Nov
24 July
4% 5% 1,875
July 41
Nov
10,050 15
41
36
5 May 13
Nov
100
10
10
Mar
71% 78% 3,668 66% Mar 79
Apr 2734 Oct
625 13
2031 21
4% Oct
211 July
250
234 3
1% Oct
1
June
25
1
1
Sept
281 139% June 147
141 143
Dec
1,180 89 May 100
98 100
Mar 142% Dec
803 102
128 136
Sept 8711 Dec
1,035 72
76
80%
Sept
Aug 91
25 86
88
88
Nov
135 7634 Jan 100
90 z94
Nov
Dec 315
25 298
298 301
Aug
(3% Jan 25
1,523
1811 23
Dec
July 306
658 167
300 306
8% Dec 164 Nov
990
8% 13
Nov
Oct 18
6
300
13
11
Oct
Dec 118
190 104
104 107
Nov
1,454 114% Get 147
127 141
Jan 118% Sept
113% 11534
258 107
Feb
Apr 104
55 100
102 102
Jan
Jan 363
190 309
335 345
Oct
Jan 115
45 107
111 111
Mar 234% Nov
7,445 169
220 232
Aug
97 10914 9,749 8211 Apr 119
Nov
Dec 102
100 100
101% 101%
Oct
137 155% 17,535 126% Jan 175
Sett
Sept 215
197 2104 4,174 al55
Nov
27% 36% 4,954 13% June 40
Dec
252 51% June 78
77
75
51 112% June 1174 Oct
116% 11634
93%
93
9834
81
88
71
101%
102%
70
93
9931
101
9734
99%
102
103%
9614
00
10131
102
93%
93%
994
81%
8934
7134
102%
102%
70
93
99X
101
9714
99%
102
103%
96%
90
101%
102%
$2,000
15,000
15,000
71,000
12,000
6,000
3,000
34,000
10,000
13,000
3,000
500
1,000
35,000
5,000
1,000
2,000
2,000
38,500
8,000
92%
83
98%
69%
86%
65%
10134
101%
70
89%
98%
101
95%
9831
10134
102
94
88%
08%
102
Sept
Mar
Apr
Sept
Aug
July
Apr
July
Dec
Jan
Jan
Dec
Jan
Aug
July
May
Jan
Jan
Jan
Dec
94%
93%
100
82%
9234
75
102%
103
73%
9931
100%
101%
98
99%
102%
103%
9634
92%
10234
103
Feb
Nov
Feb
Nov
Feb
Jan
Nov
Nov
Jan
July
June
Dec
Nov
Dec
Nov
Dec
Sept
Apr
Oct
Oct
z Ex-dividend. a Ex-dividend 2%,stock dividend 40%. b Ex-div., ex-rights.
piPittsburgh
-The complete record of
Stock Exchange.
transactions at the Pittsburgh Stock Exchange from Dec. 9
to Dec. 15, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
ofipar value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale.
of Paces.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
485 15
100 17 I 17
1'8%
Amer Sewer Pipe
3,710 34%
65
Am Wind Glass Mach_100 59% 58
2,150 116
119 125
100 120
Preferred
10 100
' 105 105
Am Wind Glass, pref._100
3c
90 40,100
70
8e
Cable Consol Mining_ ..1
853 14%
46
50
25 46
Caney River Gas
140 14%
'
49
46
Columbia Gas & Elec._100
3
4% 4%
100
Consolidated Ice, corn__ 50
30 7134
125 125
Harb-Walker Refract_ _100
825 100
107 107
100
Preferred
3% 3% 334 1,900 234
Independent Brewing- _50
750 15
15
50 16
Itin
Preferred
934 1,501 49
78
La Belle Iron Works_..100 78
98
98
115 87
100 98
Lone Star Gas
3,485 4934
50 64% 62% 65
Mfrs Light & Heat
1.03 99e 1.20 133,550 87c
Mt Shasta
6%
734 814 1,305
Nat Fiteproofing, corn_.50
734,
585 1534
50 17% 17% 18
Preferred
175 14
18
18%
1
Ohio Fuel Oil
25 56
56
5834 3,506 38
Ohio Fuel Supply
290 70
95 101
Oklahoma Natural Gas 100 95
125 98
125 128
Osage & Oklahoma Co_100
4
235
4%
411!
4
Pittsburgh Brew'g Com.50
520 16
18
50 1711 16
Preferred
June.
June:
Nov,
Feb
Apr j
Mari
Mar
July I
Jan,
Jan
Mari
Deci
Juno
Aug
Apr
Nov
July
July
Aug
Feb
Jan
Mar
Dec
Dec
High.
2034 Oct
66
Oct
Apr
155
Aug
107
13c
Oct
50
Dec
Dec
53
5
Mar
127
Nov
Dec
107
7
Sept
Sept
23
944 Nov
Nov
99
Nov
68
1.30 Dec
12
Jan
24% Jan
Jan
10
59% Nov
101
Dec
128
Dec
614 Aug
26
Oct
Stocks--
Last Week's Range for
Week.
of Prices.
Sale.
Par, Price. Low. High, Shares.
Alliance Insurance Co_ _10 20
American Gas of NJ._100
10
American Milling
American Rys pref._..i00 9711
Baldwin Locomotive_ _100 68
Buff & Susq Corp v t c_100
50 120
Cambria Steel
50
Catawissa 2d pref
Elec Storage Battery_ _100 68
General Asphalt pref_.100
Insurance Co of N A._ _ _10 27
G Brill Co
100
Keystone Telephone_ _ _50 13
50
Preferred
Lake Superior Corp- _100 20%
50 85%
Lehigh Navigation
50 80
Lehigh Valley
Lehigh Val Trans pref-50 42%
50
Minehill & S H
50 97%
PennitY1 Salt M18
50 5634
Pennsylvania
Philadelphia Co (Pitts)_50 40%
Pref(cumulative 6%).50 4211
Philadelphia Electric-224 32
Phila Rapid Transit_ _50
Voting trust receipts..50 2834
Philadelphia Traction_ _50 81
50 107%
Reading
50 45%
2d preferred
Tono-Belmont Devel_ -- -1 z4%
6
1
Tonopah Mining
50 454
Union Traction
50 89%
United Gas Impt
U S Steel Corporation-100 1124
Warwick Iron & Steel_ _10
9%
West Jersey & Sea Sh- _50
Wm Cramp dr Sons-- _100 89
50
York Railways
Preferred
50 86
Bonds
Allegheny Vail gen 48_1942
Amer Gas dr Elec 5s_ _2007
2007
Small
Choc Ok & Gulf gen 5s 1919
Elec & Peo tr ctfs 4s_ _1945 83
Small
1945
1928
Equit I Gas L 58
Harwood Electric 6s..1942
Inter-State Rys coil 4s 1943
1943
Small
Keystone Tel 1st 55. _1935 9734
Lake Superior Corp 5s 1924
Lehigh C & N con 411s.'54 102%
1954
Lehigh & N E 58
Lehigh Val annuity 434s
1923
Consol regis 63
Gen consol 4s
2003
Gen con.sol 411s_ _ _2003 100%
Lehigh Val Coal 1st 58 1933
LehVal Tran ref 53 _1960
National Properties 4-613.... -----Small bonds
Penn RR gen 411s_ _1965 102%
1960
Consol 411s
1921
P W &B ctts 4s
Pa Steel 1st 58
People's Pass tr ctfs 45.'43
Phil B & Wash 1st 48_1943
Phlia Co con dr coil tr 5s'51 924
Phil Elec tr otis 53......1948
Trust certfs 43
1950
Reading gen 43
1997 9554
1951
J-C collat 4s
Spanish Am Iron 60_1927
United Rys g tr ctf 43_1949
United Rys Invest 55_1926 711
1930 99
Weisbach Co 5s
1930
Small
York Railways 1st 53_1937
Range since Jan. 1;
Low.
20
20
120 120
811
9711
07
80
68
V38 z68
120 130
54
54
66X 7011
71
71
27
27
34
34
1314
13
67% 68
18
27%
85
8915
81%
79
42% 43
57% 58
974 99
57
56
40% 45%
42%
42
2931 32
28
28
2534 28%
8034 81
106 10934
4534 45%
44 51-16
6%
6
454 46%
89% 9134
109% 125%
9% 011
5014 50%
964
87
14
14
3611
38
7 17%
5 118
6
70
111 9331
380 68
5 38
170 70%
10 52%
3,335 5814
19 69
118 25
3 34
275 1211
16 67
84
58,136
2,791 74
1,020 74%
80 38
22 56
292 97
10,666 55%
1,250 38%
136 394
6,464 27
15 17
49,483 17
106 75
880 7531
200 42%
4
5,998
5%
1,775
2,010 4114
2,728 87%
69,062 79%
9%
31
63 48%
3,370 70
814
50
410 3434
97% 9734
9634 97
9611 97
101
101
82% 83
8214 84
105% 106
103% 10331
56
55
55
55
974 9711
49
50
102% 103
10411 1044
107 107
109% 109%
91
91
100% 100%
106 106
92% 93
67% 68
68
68
19234 102%
106 106%
99% 99%
100% 100%
85
85
99% 9934
92% 92%
10634 10634
90
90
9531 9534
95% 9534
10134 102
72
71
75
75
09
99%
99
99
98% 9811
$3,000
8,000
2,500
2,000
5,000
1,530
8,000
1,000
57,000
200
6,000
12,000
20,000
1,000
1,000
1,000
1,000
57,000
4,000
4,000
3,009
900
10,000
30,000
5,000
2,000
1,000
2,000
4,008
3,000
4,000
37,000
2,000
2,000
10,000
6,000
2,000
200
1,000
High,
May 2011
Dec 123
8%
July
Feb 100
Dec 11534
Jan 72
Jan 145
Nov 55
Apr 72
Aug 73%
Jan 27%
Apr 484
Oct 15
Nov 70%
Jan 3311
May 90%
Jan 87
Jan 44%
Feb 5834
July 10211
Aug 60
Sept 4734
July 45
Mar 32
May 28
May 28%
May 81
Jan 115%
Jan 51%
Mar 5 7-16
7
Aug
Jan 4834
May 93%
Mar 129%
Aug 1131
Sept 51
Mar 9711
Feb 16%
Jan 39
Sept 074
Jan 97%
Jan 97
Apr 101
83
84
7C5 1064
Jan 10354
Dec 58
Dec 59
Jan 100
Jan 55
Aug 103%
Jan 1044
Apr 107
Sept 111
Sept 94
Aug 103%
Au
:
04
6
7
199
106
91
Aug 93
,
July 7031
June 704
65
100% Jan 103
1044 July 106%
Jan 09%
09
10011 Dec 10015
82
May 85
98% Feb 99%
Aug 94
89
10334 Jan 10611
8134 May 98%
9334 May 964
Jan 97
95
101% May 102%
Aug 7511
70
6734 Apr 764
94% Jan 99%
964 Jan 99%
0234 Jan 98%
9614
894
89%
99X
7934
76
10534
101
55
55
06
2014
101
103
107
10914
89
Oct
Feb
Dec
Mar
Feb
Dec
Oct
Apr
Apr
Mar
Oct
Jan
Mar
Apr
Nov
Dec
Oct
Mar
June
Feb
Oct
Dec
Apr
Dec
Dec
Dec
Dec
Sept
May
May
Jan
Dec
Oct
Nov
June
Jan
Dec
Juno
Mar
Dec
Nov
Nov
Dec
Dec
Dec
Jan
Oct
Jan
Mar
Feb
Nov
Feb
Dec
Apr
July
Feb
Feb
Jan
Feb
Apr
Apr
Feb
Feb
Feb
May
Nov
Feb
Feb
Nov
Nov
Jan
June
Oct
Jan
Nov
Sept
Oct
Dec
-Complete record of the
Baltimore Stock Exchange.
transactions at the Baltimore Stock Exchange from Doc. 9
to Dec. 15, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales
Last lVeek's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Arundel Sand & Gravel 100 3911
Atlan Coast L (Conn)..100
Baltimore Electric prof _50
Baltimore Tube
100 120
100 10834
Preferred
Com'l Credit pref "IV.._25 2634
Consol Gas E L & Pow_100 123
30%
39
117 11731
46% 4634
1284
120
1084 110
28% 265-5
121 127%
Range since Jan. 1
Low.
High.
Feb
717 3531 Aug 42
Nov
65 110% May 124
Nov
July 48
10 41
Jan 1334 Nov
573 63
Dec
46, 82% Jan 110
30 26% June 264 June
Mar 130
Nov
2,265 107
DEc. 16 1916.]
Stocks-(Concl.)
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Consolidation Coal__ - _100 111
111 113%
1,993
Cosden & Co
15% 1734 7,602
5 16
Cosden Gas
5 13% 13% 15% 10,775
Preferred
4%
5
4% 5% 13,705
DavisonChemical_ _Nopar
45
44
48
1,883
Elkhorn Coal Corp
22
23% 5,324
50 22
Preferred
46
46
1,011
Houston Oil trust cas_100 20
20
24
827
Preferred trust ctfs- -100
65
66%
150
Monon Vail Trac
100 6556 65% 66
23
Preferred
76
100
76
10
18
20
M t V-Woodb Mills v t r_ 100 18
329
Preferred v t r
100 70
70
73
342
Pennsyl Wat & Power_100 82% 82% 85% 1,523
Sapulpa Producing
15
20
15
Sapulpa Refining
160
5
9%
9% 10
United fly & lice
1,734
50 32
31% 35
Virginia Lead & Zinc
5% 534 2,304
Wayland Oil & Gas
1,870
5
4%
4%
551
THE CHRONICLE
Range since Jan. 1.
Low.
96
13%
6
454
35%
15
31
13%
57
57
69
10
69
72
3%
734
25%
454
334
High.
Stocks--(Cond.)
2233
Friday
Sales
Last Week's Range for
ofPrices.
Sale.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Cramp(Wm)& Sons Ship
& Eng Bldg r
100
90
95
900 73
Feb 98
Deo
Curtiss Aerop & M (no par)
23
600 18
27
Aug 60
Jan
Emerson Phonograph----5
9
9
10%
825
834 Oct 1454 Jan
Falls Motor Corp r
10
734 8
1,000
73-4
Nov
73-4 Dec 13
Fed Dyes & Chem w
45
2,400 45
55
Dec 55
Dec
Regls.tered
53
5134 56
22,500 513.4 Dec 56
Dec
Receipts
14
14% 2,100 14
15
Dec 14% Dec
General Motors _r____100 128
117 *150
4,650 117
Dec 172
Oct
Preferred r
100
88
90
300 88
Dec 98
Sept
-Bell r
Hart
3% 3%
5
1,000
33-4 Oct
43.4 Nov
1Hartman Corporation.100
79
80
200 6854 July 83
Dec
Haskell & Barkuar(no oar) 41
3934 4534 8,075 3334 July 5434 Jan
Holly Sugar Corp_(no par)
375 41
56
54
Apr 61
Oct
Preferred
100 102
100 100
180 93% July 103
Dec
Imp Carbon Chaser.r_ 1
3i
34 4,770 250 Aug 530 Sept
Intercontinental Rubb_100
14% 1434
500 10 June .19
Sept
lot Arms & Fuze Sec_ _25
22% 24
1,100
July 2634 Jan
7
Joplin Ore & Speiter_r_o_l 320
30c 48c 25,400 0300 Dec o6lo Aug
Keystone Tire & Rubb_ _10 16
14% 16% 9,600 12
Sept 193.4 Oct
Bonds
Kress (S H), pref
100
105 105
100 101
July 105
May
Ala Co gen 6s small._ -1933
Jan 87
$400 58
Dec Lake Torpedo Boat_r_ _10
87
86
8
10% 7,500
856
634 July 1434 Oct
Dec 55
5,000 55
Bait de Annap S L 58.._ 1946
Dec Lima Locomotive r__..l00 47
55
55
45% 47
2,350 33
July 47
Dec
11,000 99
Aug 100% Nov Manhattan Elea Supply100
Bait Electric stpd 5s-1947
100 100%
36
36
100 32
Oct 40
Oct
Preferred
Bait Spar P & C 4 Ms _1953
9731 9
100
97% 97%
1% 5,000 95% Jan 98% Mar
100 9434 Nov 98
Dec
1,000 104
July 104% May Marconi W1rel Tel of Am-6
104% 10454
Bait Traction 1st 5s_ _1929
3
331
1,350
351
a
Apr
434 Jan
5,000 99% Apr 101
Dec Marlin Arms v to(no par)- 43
101 101
Canton Co 5s
42
59
3,500 23 June 83
Oot
12,000 06
May 09% Feb
Pref vtc ene-third pd 100 62% 62
Chicago fly 1st 55._ _ _1927 96% 96% 97
6456 6,900 48
Dec 643-4 Dec
9,000 85
91
Jan 91% Dec Maxim MunItions_r____10
91
Coal & Coke 1st 55_1919
4% 554 5,100
4
Mar 13
Jan
1,000 105
106 106
Oct 107
Feb Midvale Steel & Ord_r--50 58% 57% 68% 75,500 57
Consolidated Gas 53-1939
Apr 773-4 Jan
35,000 92% May 954 Nov NIIIIIken Bros, Pre r
1954 94% 9434 95
General 4%s
32
40
870 32
Dec 40
Dec
ConsolGasEL&P454b-'
93
9334 53,000 86% • Aug 94
Nov Mitchell Motorsa trio par) 52
35
52 *5554
1,500 52
Dec 7354 Sept
Nov Nat Mot Car & Veihr__(t)
10554 105 106 361,700 10231 Oct 109
Notes
33
36
1,515 33
Dec 4454 Nov
1,000 91
July 94% Nov N Y Shipbuilding r
9356 93%
Consol Coal ref 55..._1950
4431 44% 48
8,500 44% Dec 483-4 Dec
Convertible 68
108 109% 54,000 10254 Sett 112 •Nov N Y Transportation... 10
1923 108
1454 15%
330 1214 Feb 1634 Mar
Cosden dc Co 68
103% 102% 10751 256,500 101% Oct 107% Deo North Am Pulp & Paper(t)
7
9%
13% 41,800
7
Dec 1531 Nov
Aug 120 June Pierce-Arrow Mot Car r(t) 55
Cosden Gas 68
103% 102% 107% 380,000 100
55
55% 2,600 42
Nov 65
Nov
38,000 96% Aug 100
Elkhorn Coal Corp 65.1925 100
99% 100
Preferred r
Nov
104 10654
(t)
600 101
Nov .109
Nov
Elkhorn Fuel 58
105% 107% 8,000 99% Aug 111% Nov Poole Eng dc Mach r_ _ _100
1918
90
95
150 8654 Sept 150
Jan
2,000 106% Sept107% Apr Republic Mot Truck r (t) 68
Georgia Pacific 1st 68_1922
107 107
68
72
500 54
Aug 77
Sept
1,000 101
July 103
Jan St Joseph Lead r
103 103
Ga Sou & Florida 513_1945
10
18
19
900 14
July 22
Nov
8,000
% Apr
2% 2%
4
Nov St L Rky M & Pao r_ _100
G-B-S Brew 2d Inc 53_1951
32% 34
700 30
Sept40
Mar
11,000 98% Jan 100
100 100
Nov Scripps-Booth r_ _ _ (no par) 40
Kirby Lumber Cont 6s '23
40
44%
310 40
Dec 62
Sept
10331 103% 2,000 102% May 104
Mar Smith (A 0) Corp (no par)
Knoxville Trac 5s_ _ _ _1938
40% 41% 1,105 4034 Dec 45
Nov
9951 99% 7,000 96% Jan 100
Oct
Preferred
MCI Electric Ry 1st 58_1931
lf0 03% 93% 9654 1,025 9354 Dec 98
Oct
103% 103% 6,000 101
Jan 104
Nov Smith Motor Truck _r--10
Merch & Miners' Trans 68_
434 6
9,100
og Nov
454 Dec
Apr Smith &Terry Transp pf It
Milw El Ry dr Lt 4348 1931 92% 92% 92% 16,000 9054 Jan 94
,
9% 10% 1,100
9%
93.4 Aug 1114 Sept
102% 102% 4,000 101
Aug 102% Nav Spicer Mfg-r
Minn St & St P C it 581928
100
46
800 46
4654
Dec 4834 Noy
100% 100% 3,000 98
MtV-Woodb.notes 68_1918
Mar 102% Oct
1st preferred r
100
101 101
100 10034 Oct 104
Oct
Norfolk Ry & Lt 5s_ _ _1949 9951 9931 99% 6,000 95
Feb 100
Nov Springfield Body Corp_100
80
87
280 51
Apr 1013.4 Nov
Ponnsy Vat dr P 5s... _1940 9554 95% 95% 10,000 90
Jan 96% Oct
Preferred
100
120 122
95 101
Apr 139
Oct
United Ry & Elea 48._1949 83% 83% 84M 13,000 82
July 8556 Oct Standard Mot Constr r_10
6
6
300
5% Aug 103-4 Feb
Income 4s
1949 65
65
66% 27,000 60% June 69% Nov Steel Alloys Corp_r
5
6% 734 10,300
634
234 Sept
734 Dec
Funding 55, small_ _1936
89% 90
3,200 83% May 90% Nov
24
38
Dec 4534 Oct
-Va Mid 5ta series 58..1926
mg mg 2,500 10354 Feb 104% July Submarine Boat--(no Pan 2956 85 91 67,000 24 July 95 Nov
Todd ShIpyards_r(no par)
920 7334
Wash B & A 5s
1941
85
85
19,000 84
Jan 87
Jan Transue & Williams Steel
Wash fly & E cons 48_1951 82
2,000 81% Nov 82
82
82
Aug
Forging Corp r.
(nopar) 44
44
4851 7,200 42)4 Nov 48% Dec
Triangle Film Corp v t 0.5
• 3
3% 2,550
1% Nov
6% Jan
United Alloys Steel Corp rt 49% 48% 56
61,000 47
Nov 56
Dec
United Dyewood r....100
64
66
Nov 73% Dec
600 50
United Motors-IF-(ut) Par) 46% 45
60% 38,700 45
Dec 94 June
United Profit Sharing- -I
15-16 1
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
2,700
34 May 2 1-16 Jan
U S Lt & Ht Corp_r- -10
2
2% 1,400
1% Nov
DAILY, WEEKLY AND YEARLY.
4% Jan
U 8 Steamship
10
5% 6% 9,200
4
Apr
8 Sept
Voca Phone Corp_r
1
154 1% 7,250
154
1% Nov
1% Nov
Week ending
Railroad, State, Mun.
Stocks.
Wilson & Co Inc w(no par)
56
5834 5.500 *55
Nov 60% Nov •
Dec. 15 1916.
World Film v t o
ctc.,
U. S.
ck Foreign
5
3,300
1
1
% July
3
Jan
Shares. I Par Value.
Wright
Bonds.
Bonds.
-Martin Air_ r--(t) 17% 1654 2454 53,200 16% Dec 36
Bonds.
Sept
Preferred .r
88
72% 2,200 68
100
Dec 80
Nov
Saturday
659,091 $55,806,475 $1,918,500
Zinc Coneentratina_r_ _ _10
$586,500
4
5% 13,500
3% Aux
69( Apr
1,018,581 87,146,550
Monday
2,886,500 1,156,500
Railroads
Tuesday
2,352,469 199,669,400
3,574,500 2,055,500
Pere Marquette r
100 31% 3054 3134 46,500 29
Dec 33
Dec
Wednesday
1,715,506 146,082,600
3,269,000 1,032,000
Prior preferred ___r_ 100 70
71
98 70
70
Dec 72
Dec
Thursday
2,450,296 215,357,100
3,654,500
Pitts & West Va r
595,500
24
23
100 23
900 23
Dec 24
Dec
Friday
2,308,188 200,488.550
3,117,000
Prefeired r
835,500 $18,000
55
55
600 55
100 55
Dec 55
Dec
Rook Island w 1.r _ _ 100 44% 4154 44
10,100 36% Nov 45% Dec
Total
10,504,131 $904,550,6751 18,420,000 id,261,500 $18,000
Preferred A w 1-r- -100
90
93
200 83
Nov 94% Dec
Preferred B w hr..-100 77
76% 78
2,360 68
Nov 80
Nov
Wab Pitts Term fly r--100
23%
23
700 17% Feb 25
Week ending Dec. 15.
Salts at
Dec
Jan. 1 to Dec. 15.
Preferred rwi
55
100
200 46
55
Jan *58
New York Stock
Dec
Western Pacific RR r_ ..100 22
24
1,350 12
22
Sept 2534 Dec
Exchange.
1915.
1916.
1916.
1915.
Preferred r
47% 49
100
850 36
Sept 51
Dec
Rights
2,953,972
Stocks
-No.shares.10 504,131
219,541,839
167,248,278
2
200
2
2
2
Dec
$904,550,675 265,360,375 $18,906,932,600 $14,370,567,825 Chicago & North West_ r_ _
2
Dec
Par value
N Y Central_r
31 3,000
3-1
$4,200
54 Oct 1 1-16 Nov
$13,500
Bank shares, par
$278,700
$256,400 Tennessee Copper
23( 336 11,100
1
3
Oct
3% Oct
Bonds.
West'house El dr Mfg .r.. -----1% 1% 8,600
1% Dec
$18,000
$10,000
1% Dec
Government bonds.._
$790,450
$3,032,000
Former Standard 011
6,261,500
6,626,500
State, mun.,&c.,bonds
293,082,500
33,968,000
Subsidiaries
RR. and misc. bonds. 18,420,000 19,041,000
818,409,500
870,757,700 Buckeye Pipe Line
30 90 June 119
50
117 119
Dec
Illinois Pipe Line
355 155
100
234 255
$24,699,500 $24,677,500 $1,112,282,450
June 255
Totalbonds
Dec
$907,757,700 Ohio 011
373 400
140 189
25
Jan 400
Dec
Prairie Pipe Line
345 352
200 205
100
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Apr 352
Dec
Southern Pipe Line_. 100
BALTIMORE EXCHANGES.
140 180
223 225
July 226
Jan
South Penn 011
580 620
255 325
100
Mar 620
Dec
Standard Oil (Ky)_
750 750
5 428
100
Aug 750
Dec
Boston.
Standard Oil of N J__ -100 660
Philadelphia.
660 700
190 495
Apr 700
Baltimore.
Nov
Week ending
Standard Oil of N. Y__100 257
250 285
1,600 200
Mar 285
Dec
Shares. 'Bond Sales. Shares. Bond Sales Shares,
Dec. 15 1916.
385 399
100
.
80 216
Bond Sales. Vacuum Oil
Feb 399
Deo
Other Oil Stocks
Saturday
41,6061
$28,500
15,209
2% 3% 7,250
$22,830
2% Jan
4,072 $226,200 Barnett 011 &
454 May
61,6641
Monday
61,000
22,890
151
154 3,400
76,000
143,200 Cons'd Me:MCorp 1. _1
5,206
1
Nov
1% Nov
88,235
Tuesday
185,000
58,002
33,000
388,500 Continental Refining r_ _10 10% 10% 10% 6,700 10% Dec 10% Deo
10,149
70,594
Wednesday
157,500
37,410
16
17% 2,650 13
5 16
87,300
204,300 Carden & Co_r
7,854
Aug 27 June
72,069;
72,500
Thursday
54,032
56,200
1334 13 *1556 14,500
255,800 Coaden Oil & Gaa_r
Apr 18;i June
9,387
68,0811
31,000
Friday..
Preferred r
48,449
4% 556 3,300
434
5
45,000
226,000
20,043
334 July
6% Feb
Federal 011.r
554 7% 122,500
5
6%
734 Dec
34 Feb
402,249 $535,500 235,992 $320,330
Total
54
56,711 $1,444,000 Gen Ref dr Prod r
% 13,350
Aug 1 1-16 Sept
Houston 011-r
19
24
20
100
4,600 12
Aug 243.4 Dec
Internat Petroleum r___
11% 4,700
New York "Curb" Market.
-Below we give a record of Kenova 011 (prospect)_ £1 log 10% 9-16 82,000 3-16 June 13% Jan
_1
Sept 930 June
the transactions in the outside security market from Dec. 9 Merritt Oil Corp r
10 13% 12
14% 38,000 12
Dec 14% Dec
Metropolitan Petroleum-5
4
7
2,000
434 Dec 25 May
to Dec. 15, both inclusive. It covers the week ending Fri- Midwest 011 com_r
44o 480 25,500 38o Aug 850 Feb
1 460
day afternoon.
Monongah 011.r
70c 76c 30,800 70c Dec 760 Dec
1 720
Oklahoma 011 com_r
110 14o 115,000
1
70 Mar 210 June
Friday
Sales
Preferred r
1
1% 8,280
1
1% Nov
51 Aug
Week ending Dec. 15.,
Last Week's Range for
Range since Jan. 1.
Oklahoma Prod & Refg 5 11%
9% 13
30,000
Awl 13% Dec
Week
of Prices
Sale
Omar Oil & Gas_r.
300 50c 23,500 300 Dec 95e Aug
300
Stock.Par. Price. Low. High. Shares.
Low
High.
Pennsylvania Gasoline 1 1 3-16
1% 1% 30,000
Aug
1% Dec
Royal Dutch Co r
66% 66
72
26,600 66
Dec 74
Dee
Aetna Explos.r._ -(no par)
6%
554 9% 27,500
5% Deo 25
Feb Sapulpa Refining
r
954 11
9%
6,750
73.4 Aug 16% Feb
Am Int Corp $50 pd.- -100
58
61
1.300 012% Jan 161
Sept Savoy 011
11
11
5
100
93.4 Mar 14% May
Liner Sumatra'fob-...100 21
21
26% 8,700 19% Oct 26% Dec Sequoyah Oil & Ref
1 115-16
1% 2 5-16 96,600
134 Sept
2% Dec
Am Writ Paper Oonl
334 651
334
7,100
2
Mar 1131 Oct Sinclair Oil & Ref r(no par) 59
59
67% 72,000 35% Aug 67% Dec
-Amer Tab
20% 2034 20%
Brit
500 16
Jan 20% Nov Southern 011 & Trausp't 10
100
7% 7%
7
Dec
9% Nov
Ordinary bearer
El 2031 20
21
3,000 15% May 2151 Nov United Western 011_r-/
56
% 5,700 540 Mar
2% June
3% 3% 3,600
Butler Chemical r
234 Mar
46e 65c 22,500 350 Sept 740 Dec
73.4 Apr Utah Petrol (prospect) 1
Butterworth-Judson r (t). 61
60
73% 5,100 fl) Sept 76
Oct Vacuum Gas&O.Ltd c.f.' 11-16 7-16 1 5-16 153,300 28c Sept
1% Nov
30
32% 2,900 30
CalifPacking Corp.r_ (t)
Dec 38
Oct Victoria 011.r
134 1 7-16 1% 32,100
1
Mar
234 Jan
1431 6,100 13
California Shipbuilding r10 1334 13
Oct 20% Nov Wayland Oil & Gas,com.5
5
700
551
314 Aug
914 Feb
Canadian Natural Gas- _1
100
36
31
% Nov
1 950
234 Jan West End Oil & Gas r
1.05 121,700 30o
600
Oct 1.05 Dec
97
97 122
Carbon Steel, oom.r-_100
710 55
Feb 133
Nov Wyoming Petroleum r.- _1
1% 2% 4,500
114 Dec
134
3% Nov
2% 3
Car Ltg & Power r
700
25
2% Dec
Mining Stocks
7% Apr
16% 16,500 tv754 Jan 18% Dec Alaska-Brit Col Metals 11
Carwen Steel Tool
10 12% 12
14,000 25e
Oct
%
31
2
Nov
32
Central Foundry corn r 100 2356 23
9,600 11
Jan 32
Dec Alaska Mines Corp
1 910
900 930 47,050 690 Sept 930 Dec
Preferred
39
49
3,900 20
r 100 39
Jan 49
Dec Alaska Standard Cop r..1 25c
240 30c 87,000 240 Dec 310 Dec
3454 35
Chalmers Mot Corp r w 1(t)
200 33
Nov 39)4 Nov
American Commander_ r_l
6
8% 37,300
6
8c
Jan 140
Jan
Charcoal Iron Co of Am_10
756 851 3,900
5)4 Aug
834 Nov Arizona Chloride_ r _ _ _10e 390
38c 50c 53,750 36o
Oct 530 Dec
Preferred
7% 754
1,300
10
5)4 June
734 Nov Arizona Copperflelds _r_ _1
24,350 360 July
31
34
1
1
334 Dec
Chevrolet Motor
132 *173
10,500 115
100 145
Jan 278 June Atlanta Mines.r
90
90 110 83,200
70 Nov 2314o Jan
Feb 118% Nov
Aug 26% June
Apr 18% June
Apr
6% June
Aug 71% Jan
Aug 24% Nov
Aug 48
Nov
Aug 24
Dec
July 68
Jan
June 66
Dec
Nov 76% Nov
Mar 21% Nov
Nov 76
Nov
Mar 86% Nov
Jan 18
Feb
Aug 16% Feb
Jan 3634 Nov
Dec
556 Dec
Aug
9% Feb
Volume of Business at Stock Exchanges
Mining Stocks
(Cond.)
[VOL. 108.
TECE PIPIONICLE
2234
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
ready for free distribution. The loading article on "Grasp" should be of
interest to our readers.
-The firm of Childs & Woods, Union Bank Building, Pittsburgh, Pa.,
has been dissolved, as of Dec.8 1916, and a new firm formed under the name
of Childs, Kay & Woods. Mr. Kay is a member of the New York Stock
Exchange.
-E. T. Konsberg & Co. of Chicago announce that they have negotiated
the sale of a block of stock of the Chicago National Ball League Club (the
"Cubs") to William Wrigley Jr. of Chicago.
2,500 550 Deo 56c Dec
550 560
1 56o
Azurite Copper r
1% Oct
134 Feb
1
1% 13,450
1%
100
Big Jim
Oct
8
2% 4% 59,600 1 7-16 Feb
4
Big Ledge Copper Co_ _ _ _1
Nov
2
% Deo
%
% 1 7-16 49,400
Bisbee Cop M & Dev_ r__1
% Nov
31 Nov
34 29,000
5-16
1 5-16
Bitter Creek Cop r
Jan
70 Nov 44o
100 14o 12,650
100
1
Booth .r
850 94o 43,000 850 Dec 94o Dec
1 920
Boston Creek r
2% June
650 75o 46,600 50c Mar
Boston & Montana Dev 5 66o
134 Dec 1 5-10 Dec
131
1
131 1 5-16 13,675
Bradshaw Copper M r
1% May
y, Feb
1,500
1% 1%
134
1
Buffalo Mines, Ltd
All bond veices are "and interest" except where marked "f"
Nov
434 June 20
1031 1831 38,500
1131
Butte Copper & Zinc___ _1
1% Dec
910 Oct
134 1% 38,300
Butte-Detroit Cop& Zino.1 15-16
RR. Equipments-PerCt Basis
4% Mar
Standard 011 Stocks Pe rShare
131 Oct
1% 2% 3,550
1%
1
Butte & N Y Copper_
Bid. Ask.
Par Bid. Ask.
47o 55c 19,400 40c Nov 1 5-32 Apr
1 470
Caledonia Mining
1812 Ba timore &,Ohio 43-4e_ _ . 4.45 4.25
Nov Anglo-Amer 011 new... /1 *16
1% Aug
1% 2% 75,900
2
Calumet & Jerome Cop r_1
100 910 930 Buff Roch & Pittsburgh 434e 4.50 4.25
2% May Atlantic Refining
13,600 1 3-10 Mar
1%
5
131 2 1-16
Canada Copper
440 4.20
Equipment 4s
100 500 527
Feb 9340 May Borne-Scrymser Co
534c 7c 44,000 334o
6o
1
Cash Boy
16,000 3231 July 47% Nov Buckeye Pipe Line Co.- 50 *110 115 Canadian Pacific 434154 55 4.30
Cerro de Pasco Cop(no par) 3631 3531 43
2% Dec Chesebrough Mfg new......100 470 490 Caro Clinch! & Ohio 5s..-. 5.00 4 50
1% Dec
1 15-16 1 15-16 27-16 26,400
Cerro Gordo Mines
4.60 4.00
100 50 70 Central of Georgia 58
Nov
3
134 July
Colonial 011
131
131 2 5-16 45,500
5
Consol Ariz Smelt
4.75 4 50
Equipment 434s
100 540 560
5 Nov
Continental 011
1H Feb
3% 4% 14,200
4%
5
Consol Copper Mines
5.25 4.75
_50 •42 45 Chicago & Alton 4a
Nov Crescent Pipe Line Co
July
%
131
5,800
1
A
%
Consol-Homestead_ r1
5.50 5.00
8% Nov Cumberland Pipe Line_ _100 140 150 Chicago & Eastern Ill 5%s_
Oct
6
15,000
8
7
7%
Cresson Con Gold M & M 1
5.50 5.00
Equipment 434s
.100 220 230
Oct Eureka Pipe Line Co....
3
131 June
134 231 3,660
1%
Dundee Arizona CoPD-1-1
. 4.70 4.45
Deo Galena-Signal Oil corn.....100 188 192 Chic Ind & Loulev 434e
34 Dec 9-16
34 9-16 7,400
1 9-16
Ely Giroux
_
4.55 4.25
100 140 145 Chic St L & N 05s
3% Oct
Preferred
1
134 131 2 11-16 63,350 1731c Jan
Emma Copper_r
4.25 4.12
100 230 235 Chicago & N W 4348
July
8% Jan Illinois Pipe Line
3
334 4% 4,000
First National Copper.. _5
. 5.00 4.50
Jan Indiana Pipe Line Co ____50 108 113 Chicago R 1 & Pao 4%s
1 3-16
500 *70o 20,600 480 Nov
10 55c
Goldfield Cone'd
4.70 4.45
Colorado & Southern 5s.....
Jan Internal Petroleum
£1 *1012 11
5o Nov 210
5340 734c 22,400
60
1
Goldfield Merger r
4.60 4.90
Oct 200 Dec National Transit Co. 12.50 •18 20 Erie 5s
140 20o 26,050 100
1 140
Grand Canyon Gold r
4.60 4 40
Equipment 4345
1
Aug
6% Nov New York Transit Co__ _100 220 230
1% 3% 68,600
234
Green Monster Mining_r_l
4.60 4.40
Equipment 40
131 Deo
Oct
Northern Pipe Line Co__100 110 115
1% 5,000 510
1
1
Grizzly Flats Gold M__
4 55 .35
Hocking Valley 4s
Dec Ohio Oil Co
25•350 360
Dec 21
29,500 15
21
15
19
1
Hargraves Mining
4.55 .35
Equipment 5s
25 •60 65
3% Dec
934 Oct Penn-Mex Fuel Co
8% 10,758
6%
6%
25o
Hecht Mining
4.35 4.15
25 •133 1414 Illinois Central 5s
4
8% 6,400
7
93-4 Nov Pierce Oil Corp
43.4 June
1
Howe Sound
4.35 4.15
Equipment 434s
100 545 555
Oct Prairie 011 & Gas
Oct 28o
100
17o 23o 157,000
Independence Lead_r_ 1
4.60 4.37
100 325 330 Kanawha & Michigan 434e_
1% Oct Prairie Pipe Line
23,000 500 July
34
1
InspirationNeedlesCoDrt 1 9-16
4.30 4.15
Louisville & Nashville 58
10C 380 380
Jan
1
950
231 Apr Solar Refining
1 7-16 1 7-16
10c
Iron Blossom.r
4.40 4.20
Minn SIP&SSM 434s......
2% May Southern Pipe Line Co...100 215 220
1% 1% 36,500
1%
134 July
Jerome Verde Copper_i--1
5.50 1.00
Missouri Kansas & Texas be
100 540 550
3% Sept South Penn 011
1% June
3,600
17-16 2
Jerome Victor Exten_r-I-1
5.50 t..00
Missouri Pacific 5s
3,750 810 July 1 3-16 Jan Southwest Pa Pipe Lines 104) 110 115
790 87e
1 790
Jim Butler _r
4.70 4.45
Mobile & Ohio 5s
134 Jan Standard 011 (Californla)100 340 350
25o 34o 21,200 210 Nov
1 250
Jumbo Extension
4.70 4 45
Equipment 434s
180 27o 39,000 8340 July 28o Dec Standard Oil (Indiana)_ _100 700 810
1 180
Kewanus _r
4.60 4.30
134 Nov Standard 011 (Kansas). _100 540 550 New York Central Lines 5e_
Nov
1
8,500
1% 1%
Loma Prieto Cons Mines_ 5
4.50 4 30
Equipment 434e _
42o 48o 33,700 400 Dec 48c Dec Standard 011 (Kentucky)100 750 775
250 48o
Loon Lake r
Nov Standard Oil (Nebraska).100 570 580 N Y Ontario & West 430 . 4.55 4.35
1
40,300 120 May
1
800
900
Louisiana Consolidated 100
Nov Standard 011 of New Jer_100 675 685 Norfolk dr Western 434s..... 4.30 4.15
July 69
10,000 13
5 4031 3834 49
Magma Copper
4.30 4.15
Equipment 48
34 Apr 1 15-16 Jan Standard 011 of New Y'rk100 250 260
% 6,000
if, 9-16
5
Majestic Mines
4.30 4.10
100 450 460 Pennsylvania RR
70 Nov 410 Mar Standard Oil (Ohio)
100 12o 19,400
1 110
Marsh Mining r
4.30 4.10
Equipment 48
130
100 120
*234 Dec Swan & Finch
Aug
1
7,380
1% 2
Marysville Gold Mining.1
July
8% Nov
2
Union Tank Line Co........100 94 98 St Louis Iron Mt & Sou 55.. 5.90 5.00
7% 19,100
6
6%
5
Valley
Mason
100 350 360 St Louts & San Francisco 5s. 5.30 5.00
8,300 380 Mar 72o May Vacuum Oil
520 570
McKinley-Darragh-Say -1
4.60 4 40
Nov Washington 011
10 *40 45 Seaboard Air Line 511
1
250 410 22,500 25o Deo
270
1
Miami Consol Mines
4 60 4.40
Equipment 434e
Jan
4
Per Cent.
800
1% Oct
Bonds.
23.4
2
Mines Co of America_ _10
May Pierce Oil Corp cony 88_1924 84 87 'Southern Pacific Co 434e_. 4.40 4.15
8
1,800
254 Nov
2% 234
2
Mojave Tungsten_ r
4.50 4.30
Southern Railway 434e
2% May
% Apr
1% 4,350
1
1
Monitor Sil L&ZM&M1
Toledo & Ohio Central 4s._. 4.75 4.50
y, Deo
Ordnance Stocks-Per Share.
31 Nov
A 51,210
31
31
1
Monster Chief r
Aug Aetna Explosives pref-_100 ____ 50
3,800 64e June
84c 890
Montana Gold Mines_r_ _1 86o
re,
Tobacco Stocks-Per Sha
Jan 540 Dec Amer & British Mfg
160 10 20
390 540 182,000 200
400
Mother Lode_ r
Par Bid. Ask.
100 30 40
Preferred
850 930 13,600 800 Nov 050 Dec
Nancy Hanks Montana r 1 85c
5% Jan Atlas Powder common 100 :65 168 American Cigar common100 110 115
% Nov
Nevada Utah Bingh'm 2.50 15-16 15-16 15-16 2,100
100 98 100
Preferred
1% Dec
100 99 102
1% 62,000 340 June
Preferred
134
131
1
Newray Mines, Ltd_r
100 115 120 Amer Machine & Fdry--10080 00
975 14% Oct 18 Nov Babcock & Wilcox
17
16
N.Y.&Honduras Rosario.10 16
2012
:20 21
6% Feb
935 Dec Bliss (E W)Co common....50 *2/575 650 British-Amer Tobac ord.
8% 9% 3,700
5
Nipissing
21
Ordinary, bearer
)4 June
50 *78 85
35 Feb
Preferred
31 5-16 1,500
1
North Butte Devel r
100 300 350
131 Dec Canada Fdys & Forgings100 190 210 Conley Foil
134 131 15,000 3-16 Feb
r 5
Ohio Copper
2% Dec
100 90 100 Johnson Tin Foil & Met_100 100 150
1)4 Nov
Preferred
1% 1% 7,000
01110 Copper new w l_r_ _1
Oct Canadian Car & FdrY-100 40 50 'MacAndrews & Forbes...100 200 210
420 800 90,800 120 Aug 83c
Old Emma Leasing r_10o 480
100 100 102
Preferred
Oct
Oct 770
100 75 85
800 750
Preferred
770 770
1
Peerless Jennie_ r
131 Dec Canadian Explosives com100 450 525 Porto Rican-Amer Tob_ _100 250 260
131 10,800 1 1-10 Sept
I%
Pittsburgh-Idaho Co,Ltd 1 111-16
2% Nov
100 105 115 Reynolds(R J) Tobacco-100 600 630
Preferred
% 1 5-16 10,000 85e July
1
Copper_i_ I
Pittsb Jerome
100 123 126
Preferred
34 Oct
34 Nov Carbon Steel common.. 100 105 112
3-16 11-16 34,400
M
Progress Mining & Mill_ _1
100 145 150
6% Nov
2% Mar
100 100 105 Young( J 5) Co
4% 5% 21,500
1st preferred
a 4%
Ray Hercules_ r
100 105 110
Preferred
100 70 80
410 650 100,000 10o Aug 750 Nov
410
2d preferred
1
Rex Consolidated_r
550 77c 23,000 50o Sept 84o Nov Colt's Patent Fire Arms
1 600
Rochester Mime
Short Term Notes. Per Cent,
100 870 900
300 340 Sept 780 May
380 380
Mfg_
1
Round Mountain r
Nov Crocker-Wheeler Co com.100 94 98
2
Sacramento Val Cop __r_1 1 7-16 1 5-16 13-4 11,600 1 1-16 Sept
,3
0 s
Am Cot Oil 5s 1917---M&N 10058
31 Sept 960 Sept duPont(E I) de Nemours
3.4 32,300
%
1 7-16
St Nioholas Zino r
Oct
2
% Deo
100 270 275 Amer Locom 5s, July '17-J-J 100 10012
2,150
& Co, common
%
%
%
1
Santa Rita Develop_r
1°°:
00
77
Jan
100 103 105 Am T & T 434s 1918
160 11,400 I3o Aug 2043
13c
Debenture stock
1 13o
San Toy Mining
I% Mar Electric Boat
100 250 270 Anaconda Copper 56'17 M-S 100 10014
% June
Scratch Gravel Gold M 1 9-16 9-16 750 15,250
1,485 11
Dec 15% Nov
100 250 270 Canadian Pac (is 1924_ M&S2 102 10212
11% 11
13%
Preferred
Section 30 Mining
10
8
131 Dec Hercules Powder corn...._100 0310 325 Chic & West Ind 58'17_M&S 10018 1003
34 Deo
3115-18 13,000
'A
Silver King of Arizona_ _ _1
5% Dec
100 118 119 Erie RR 534e 1917____A-0 100121005s
4% 4% 5% 11,000 4% Nov
Preferred
Silver King Cons of Utah 1
2
81007
30 Feb 370 Dec Hopkins & Allen Arms...100 15 25 General Rubber 58 1918 J&D 1003
260 37c 24,300
260
1
Sliver Pick Consol_r
s
81007
Jan
2
July
1
100 40 60 Hocking Valley 55 1917..M-N 1003
Preferred
Standard Sliver-Lead-._1 1 1-16 1 1-10 1 5-16 6,600
21013
4
25 .
22 26 let Han, 6s Feb 15 '18_F-A 1013
430 550 28,000 30e Aug 950 Feb International Arms
460
Mining_ r
1
Success
410113
15
9_ 170 K C Rys 53is 1918_ _ J&J 1003
Oct 720 Nov Lake Torpedo Boat corn-10
300 35e 52,100 220
Superstition Mining_f_ ..1 300
410012
830 960 26,000 400 Sept 960 Dec Midvale Steel & Ordnance 50 *58 59 K C Term Ry 434e'18.M&N 993
Teok Hughes r (prospect) 1
430 1021
4,100 340 Dec 360 Dec Nilee-Bernent-Pond corn..100
340 360
1 350
Thompson Rest r
1 j- 0094
1% Deo
100 105 110 Laclede Gas L 5e 19192AA 10 2 101
134 104,600 62o Sept
I
Preferred
Tommy Burns Gold M of 1 11-16
Morgan&Wright 5e Dec.1.18 9912 100
534 May Scovill Mfg
490
4 June
100 780 800
43.4 431 4 13-16
1
Tonopah Belmont_r
4
7% May Submarine
28 28 New Eng Nay 613 1917_M-N 9914 993
_(no par.) .
434 4% 4,100 8 15-16 Jan
4%
1
Tonopah Extension
,
514 Aug
7% May Winchester Boat..- Arms 100 1000 1200 N Y N I1 & 114349 May 1917 9912100
300
Repeat
6% *5% 6%
1
Tonopah Mining
21011s
4
Penn Co 434e 1921_ _J&D16 1007
Nov
Deo
2
2,100
3
2
3
Tortillita r.
8
Apr
1
Pub Ser Corp NJ 5e'19 M&S 100121007
31 Aug
Public Utilities
31 10,000
%
5
Tr -Bullion S & D
50 *160 155 Rem Arne U.M.C.5819F&A 8612 88
550 82o 49,700 550 Dec 94c Dec Am Gas dt Elee corn
Troy Ariz Copper Co r_ _ _1 600
,
34 Jan
50 *50 51 Southern Ry 5s 1917- -M-S2 100 10014
235 Dec
1% 2% 28,000
I%
Preferred
1
r
Tuolumne
5% Nov Am Lt & Trao common_ _100 376 379 United Fruit 5s 1918.- M-N 10012 101
3% July
4% 5% 7,875
4%
5
United Eastern
2% Dec
100 112 113 UtahSecurCorp 6522 M-S15 06 964
% 23.4 114,900 550 Nov
Preferred
134
United Mines of Arizona rl
Winches RepArms511113M&8 0512 07
100 78 80
4o Aug 180 Mar Amer Power & Lt com
6o 1134o 36,500
70
1
U S Continental_r
New York City Notes
131 Nov
....100 80 88
% Dec
9,000
Preferred
34 80o
%
United Verde Con Cop r _ _
10114 10112
Sept Amer Public Utilities com100 40 41 6s Sept 1 1917
634 Jan 45
23,200
41
34
United Verde Exten.r.50e 36
Canadian Govt. Notes
534 Deo
100 70 74
1% Apr
534 9,090
4%
Preferred
4%
Mines
5
Unity Gold
F&A 100 10014
434 Dec
534 Dec Cities Service Co corn.....100 315 320 5e Aug 1 1917
5% 5% 4,000
Virginia Lead & Zinc r_10o
Oct
100 02 9312
30o 370 17,200 2234°June 52o
Preferred__
WhiteCaps Mining_ _10o 330
Industrial
Oct Com'w*Ith Pow Ry & L.
1
% Dec
31 8,050
%
31
White Cross Copper r___ _1
and Miscellaneous
800
3% Dec 1634 May
4%
3%
63 91%
09 8-1
3%
100 84 66
Preferred
White Oaks Mines Cons r 5
28o 430 169,700 180 Nov 440 Dec Dayton Pow & Lt pref.. 100
1 28o
Yerrington Mt Cop
100 ____ 360
5( July
134 May Elec Bond & Share pref. 100 100 102 American Braes
31
31 2,800
%
5
Yuscaran Consol_r
Federal Light & Traction100 16 18 American Chicle com..-- _100 55 60
Bonds
100 75 80
Preferred
100 55 58
Preferred
993-4 9814 0934 2400 000 98% Nov 100 Nov
Amer Tel de Tel new 55 r__
Am Graphophone corn...1120 175 180
Great West Pow fie 1946.J&J 9012 91
Brit Govt (Unit'd King Gt
100 175 180
Preferred
Brit & Irel'd) 5345_1919 cos% 9731 9834 900,000 9734 Dec 9934 Nov Indiana Lighting Co_ _100 85
100 136 138
Dec
F-A 80 82 American Hardware
4s 1958
1921 973.4 9731 9834 515,000 9734 Dec 99
_r
5345
6
4
41
1
Nov North'n States Pow com_100 10712 109 Amer Typefounders com_100 92 94
Mar 70
1,000 25
55
55
Consol Ariz Smelt 5s_1939
Preferred
Dec
Sept 107
30,000 100
100 99 101
104 107
Preferred
Cosden & Co 6s.._r..1920
10000 11005 1 101
my, 107 87,000 9931 Aug 125 Juno
let & ref 5s 1941____A&O 97 98 Borden's Coral Milk com.110 19091211 09651 :
Cosden 011 & Gas 65 r_ _ -.
Preferred
Nov Pacific Gas & Else com 100 63 64
French Municipal 534e '19 9631 96% 96% 195,000 9631 Dec 98
Feb
July 100
90,000 94
100 91 92 Celluloid Company
1st preferred
Midvale St & Ord 5s.r.1936 95% 95% 97
1
4
2
6
99% 107,000 983-4 Dec 10234 Sept Republic Ry & Light......100 51 53 Havana Tobacco Co.....100
98%
Russian Govt(334e _r
Preferred
Nov 9434 Nov
94% 94% 70,000 94
100 75 78
Preferred
New 5345 ______ r__1921
Dec South Calif Edison corn..
let g 5e June 1 1922 J-D 152 57
111 122 1 640000 9414 Sept 122
.100 93 95
011.& Ref 0e.r.1926 111
Sinclair
1312
Aug 10231 Nov
5,000 99
100 107 109 Intercontinen Rub com_100 100 1414
102 102%
Preferred
Sulzberger &Sons 6s r 1941
100
Sept 9034 Nov Southwest Pow & L pref 100 0712 100 Internat blanking Co
100,000 81
90
90
Western Pao new 5e 1946 90
58
100 55
Standard Gas ds El (Del)._ 56 *15 16 International Salt
A-0 /79 8012
1st g 55 1951
• Odd lots. t No par value. I Listed as a prospect. I Listed on the Stock Ex50 *42 43
Preferred
change this week, where additional transactions will be found. m New stock, par Tennessee Ry L & P com100 10 1012 International Silver pref_100 103 108
0 9
5
5 98
value $12 50. n Old stock, par value 325. o New stock. r Unlisted. s Ex-100%
100 45 48 Lehigh Valley Coal Sales..100 *60 65
Preferred
corn
stock dividend. t $50 paid. a Ex-cash and stock dividends. o $10 paid. w When United Gas & Else Corp_100 10 13 Otis Elevator co
100 92 94
Preferred
issued. z Ex-dividend. y Ex-rights. tEx-stock dividend.
100 7412 78
1st preferred
100 12 15 Remington Typewriter 100 1812 1712
2d preferred
Common
United Lt & Rys corn......100 47 50
101) 82 85
let preferred
100 76 78
1st preferred
100 48 48
2d preferred
Western Power common 100 1812 1914
And Realty and Surety Companies usually given here, see page 2115.
100 67 69 Royal Baking Powd com_100 185 173
Preferred
100 1023
410313
Preferred
CURRENT NOTICE.
•Per share. b Basis. d Purchaser a so pays accrued dividend. e New stock.
Flat price. n Nominal. tt Ex-dividend of 101 %. o Ex-dividend of 734%.
-The December issue of "Development," the little Journal published
y Ex-rights:
by Day & Zimmerman, engineers, 611 Chestnut St.. Philadelphia. is z Ex-dividend.
Quotations for Sundry Securities
fl
:
New York City Banks and Trust Companies
DEC. 16 1916.1
THE CHRONICLE
%nitestuvent an
2235
ailmati btelligaut.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala N 0& Tex Pac$
N 0& Nor East_ November
390,244 317,345 1,740,868 1,573,343
Ala & Vicksburg.. November
178.428 152,049
797,564
689,718
Vicks Shrev & P.. November
196,166 156,458
1st wk Dec
Ann Arbor
56,875
57,974 1,305,157 1,134,536
Atch Topeka & S Fe October..__ 13591999 11384903 51,304,543 43,506,916
Atlanta Birm & Atl 4th wkNov 100,060
79,636 1,486.902 1,254.642
Atlanta & West Pt.. October...... 140,545 121,080
492040
430,819
Atlantic Coast Line October__ 3,088,725 2,572,335 11,045:229 9,126,619
Charlest & W Car October__ 218,874 167,701
652,119
552,587
Lou Hand & St L October___ 151,754 134,899
588,213
508,200
aBaltimore & Ohio_ October__ 10657 534 10004431 41,877,521 37,641.860
Per RR October__ 167,996 164,445
B &0Ch
630,643
569,520
Bangor & Aroostook October...._ 399,883 355,043 1,224,991 1,093,735
Bessemer & L Erie_ October...... 1,092,752 1,152,951 4,999,044 4,852.343
Birmingham South.. October___
93,109
81,455
290,055
368,642
Boston & Maine__ _ October... 4,857,573 4,429,911 19,070,481 17,164.169
Buff Roch & Pittsb_ 1st wk Dec 243,780 251,181 6,066,936 5,313,364
Buffalo & susq RR October.. _ _ 142,807 140,007
519 950
• ,.
Canadian Nor Syst_ 1st wk Dec 917,900 830,600 19,064.000 14,746,600
Canadian Pacific 1st wk Dec 3,139,000 3,046,000 67,185,154 56,573,207
Central of Georgia_ October_ 1,411,781 1,183,276 4,887,9551 4.164,859
Cent of New Jersey October..... 2,958,207 2,939,937 12,045,486 11,144,759
Cent New England_ October..__ 460,474 478,580 1,928,890 1.577,202
Central Vermont October__ 394,900 366,919 1,534,568 1,387,904
Ches & Ohio Lines_ 1st wk Dec 889,846 778,468 21,866,369 20,411,156
Chicago & Alton.. _ _ October__ 1,717,163 1,462,015 6,471,016 5,440,983
Chic Burl & Quincy October...... 10586 316 0,493.928 39,455,112 33,922.566
b Chicago & East Ill October... 1,533,760 1,522.354 5,731,936 5,393,774
c Chic Great West_ 1st wk Dec 325.124 284,990 7,501,078 6,542,157
Chic Ind & Louisv_ 1st wk Dec 164,836 143,876 3.784,155 3,342.438
Chic Milw & St PI October__ 10575240 9,515,771 39,980,101 35,281.667
Chic Mil& Pug SI
dehic & North West October__ 9,788,202 8,583,214 36,916,009 32,188,950
Chic Peoria & St L.. October..__ 171,169 160,332
635,744
592,939
, Chic Rock Is! & Pac October.- 7,526,793 6,330,758 28,342,203 24,230,932
Chic It I & Gulf_ October..__ 328,438 293,935 1,240,399 1,019,680
d Chic St P M & Om October_ 2,129,026 1,845,334 7,649,960 6,511,876
Chic Terre 11 & S E October__ 268,493 223,271
971,464
756,395
Cin Ham & Dayton October__ 940,347 1,048,716 3,866,161 4.022,184
Colorado Midland- October___ 179,177 146,637
674,298
571,471
e Colorado & South. 1st wk Dec 352,213 336,589 7,715,426 7,091,060
Cornwall
October__
22,351
12,148
91.136
41,394
Cornwall & Lebanon October- __
42,465
148,479
37,184
188,607
Cuba Railroad_ _ _ October..__ 504,337 391,108 2,156,599 1,639,755
Delaware & Hudson October...... 2,323,814 2,275,557 9,212,342 8,523,992
Delaw Lack & West October.- 4,537,218 4,446.482 17,806.484 15.641.064
Deny & Rio Grande 1st wk Dec 533,400 462,000 12,395.919 11,916,841
Western Pacific.. _ October.... _ 800,532 687,194 3,213.680 2,792,864
938,686
912,113
Denver & Salt Lake 4th wkNov
57,100
60,117
701.497
821.923
Detroit Tol & trout October..._ 216,090 216,064
566,530
488,656
17,954
Detroit & Mackinac 1st wk Dec
19,465
142,898 115,185
390.490
330,509
Pet & Tol Shore L._ September
Dul & Iron Range_ _ October..... 881,681 732,835 3,792.914 3,356,682
Dul Missabe & Nor October... 1,985.543 1,371,806 8,126.772 5,938.181
Dui Sou Shore & Atl 1st wk Dec
69,622
58,525 1,782,046 1,530,926
Duluth Winn & Pac October...... 147,268 122,503
562,591
450,052
Elgin Joliet & East_ October __ 1.282,414 116,962 4.768,133 4,023,867
El Paso & Sou West October __ 1,208,655 837,010 4,614,621 3,220,299
October __ 6,664,331 6,566,943 26.063.283 24,439,501
Erie
Florida East Coast.. October.._ _ 759.794 403,893 2,438,737 1,438,791
Fonda Johns & Glov October..__
84,070
76,586
361,025
322,736
Georgia Railroad_ _ October_ _ .. 350,037 291.867 1.235,433
995.779
Grand Trunk Pac_ _ 3d wk Nov 128,480 204,918 2,078,930 2,509,961
Grand Trunk Syst_ 1st wk Dec 1,151,306 1,012,326 28,859,843 23,558,756
Grand Trunk By 3d wk Nov 977,455 671.231 20,773,270 16.628,230
• Grand Trk West_ 3d wk Nov 170,196 197,594 3.713,274 3,329,001
54,597
Dot Gr H & Milw 3d wk Nov
67,026 1,328,068 1,275,382
Great North System November 8,187,235 9.045,636 40.246.448 37,914,004
Gulf & Ship Island_ October__ 171,463 196,337
678,279
035.362
October..- 791,069 698,619 3,199,057 2.571,545
Hocking Valley
Illinois Central_ _ _ _ November 6,435,805 5,981.2.10 32,052,591 23,239,538
Internat & Grt Nor October__ 1,208,901 920,779 4,003,418 3,050,425
KanSas City South_ October_ _ _ 1,096,040 977.184 3,956.415 3,486,676
Lehigh & Ilud River October__ 194,425 215,750
794.416
692,126
Lehigh & New Eng.. October__ 286,143 309,792 1,021,122 1,183,392
October__ 4,434,852 4,639,358 17,486,956 16,096,355
Lehigh Valley
Los Angeles & S L October..__ 949,186 838,718 3,934,107 3.710,842
Louisiana & Arkan_ October__ 129,294 163,528
589,847
512,043
Louisiana Ry & Nay October.... 199.981 209,634
736,538
765,777
f Louisville & Nash_ 1st wk Dec 1,441,200 1,194,865 29,342,313 25,305,370
October__ 1,204,694 1.021.676 4,661,506 4.102.596
Maine Central
Maryland & Penn.... October......
50,621
47.759
180.472
172,275
october- - - 222.022 162,691
Midland Valley..
772,254
573,411
Mineral Range..... 1st wk Dec
21,017
21,372
503,552
476,374
Minneap & St Louis 1st wk Dec 243,143 226,780 5,120,411 4,776,956
Minn St P & 55 M.. 1st wk Dec 665,160 733,010 16,121,602 16,083,021
Mississippi Central.. October.....77,430
75,355
270,922
303,151
g Mo Kan & Texas.. 1st wk Dec 802,220 641,348 17,956,586 14,411,279
h Missouri Pacific October__ 6,832,081 5,705,268 24,925,733 20,807,632
Nashv Chatt & St L October _ 1,269,904 1,121.133 4,682,751 4,043,824
I New York Central October__ 17851688 16219443 70,946,123 60,118,876
Boston & Albany October__ 1,935,437 1,625,090 7,536,435 6,266,575
nLake Erie & W. October__ 687.711 599.542 2,671,378 2,280,601
Michigan Central October- 4,261.189 3,464.282 16,288,721 13,099,870
Cleve 00 & St L October__ 4,312,711 3,652,627 16,541,082 13,992,710
Cincinnati North. October-- 181,838 156,360
712,084
600.664
Pitts & Lake Erie October__ 2,185,343 1.989.801 8,602,846 7,368,723
Tol & Ohio Cent_ October__ 581,334 486,466 2,343,543 1,730,744
Kanawha & Mich October__ 266,804 332,184 1.179,483 1,203,822
Tot all linos above October._ _ 32264055 28525795 126821 696 106662590
July 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
Nevada-Cal- Oregon 4th wkNov
204,815
12,210
10,012
224,503
New On Great Nor.. October-- 136,284 144.044
576.775
600.545
N 0 Mobile & Chic.. October...... 164,149 190,353
62'7,308
668.115
N Y Chic & St Louis October___ 1,425,861 1,233,820 5,304,146 4,393,175
NYNH& Hartf_ _ October_ 7,087,456 6,532.914 28.310,169 25,357.788
N Y Ont & Western October
634,209 765,457 3.362,613 3.366,569
N Y Susq & West_.. October
275,235 360.191 1,161.616 1.351.986
Norfolk Southern__ October...._ 456.369 392,293 1,688,206 1.421.030
Norfolk & Western_ October...... 5,266,244 4.888,127 20.576.560 18.874,591
Northern Pacific _ _ _ October
7.683,068 7.166,395 29.032,834 25.360.698
Northwestern Pac_ October_ _ _ 407,409 420,948 1,909.812 1,756,345
Pacific Coast Co_ _ _ September
756,737 669,008 2,265,792 1.987,798
p Pennsylvania RR_ October..__ 20311 486 19098095 80,585,771 71.680,084
Bait Ches &
502.758
588.940
October___ 118,892
92,135
Cumberland Vall. October...... 366,882 304,361 1,271,964 1,125,391
Long Island
October_ _ _ 1.269.953 1,115,755 6,016.020 5.461.702
Mary'd Del & Va October......
383,699
411.920
75,028
94.571
N Y Phila & Norf October..__ 463,075 365,495 1.886,868 1,572.926
Phil Bait & Wash October__ 2,247.789 1.957,089 8.966,061 7.707,307
W Jersey & Seash October___ 570,2241 525.176 3.462.860 3.179.879
Pennsylvania Co
October__ 6.826,131 6.344,042 27,974.104 24.097.466
Grand Rap & Ind October...._ 516.8251 453,808 2,152.779 1.912.895
Pitts C C & St L_ October___ 4,550,899 4.071,180 17.797,439 15.098.827
Vandalia
October..__ 1.239.1171 1,092,066 4.627.973 4,052,240
Total lines
East Pitts & Erie October...._ 25806480 23856611 104678591 92.891,269
West Pitts & Erie October_.... 13285 224 12115 162 53.180.585 45,739,716
All East 8: West.. October...._ 39091 704 35971 773 157859 176 138630985
Pere Marquette..... 1st wk Dec 512,4411 424,259 10,461,381 9.078,529
Reading Co-Phila & Reading_ October __ 5.600,760 5,230,272 20.755,686 18.005,450
Coal & Iron Co.. October
4,788,750 3,598,807 14,118,040 9,515,258
Total both cos.. _ _ October
10389510 8,829,079 34.873,726 27,520,708
Rich Fred & Potom October..... 295.675 224,921 1.177,402
908.734
Rio Grande June_ _ _ September
271,158
302,708
120,173 109,426
Rio Grande South.... 1st wk Dec
266,419
14,072
11,165
283,808
Rutland
October_ .. _ 352,235 346,019 1.403,552 1,331,179
St Jos & Grand Isl_ October...._ 222,131 170,856
558.491
801,749
St L Brownsv & M. October...... 452.383 237,754 1,872.404
951,703
St L Iron Mtn & So October..... 3,670,149 2.823,270 12,844.963 10,379.130
St Louis & San Fran October__ 5,160,340 4,224,050 19,131,953 15,427,283
St Louis Southwest.. 1st wk Dec 334,000 266.000 6,783.880 5,405.771
Seaboard Air Line October..... 2,292,797 1,974,095 7.992,949 7,057,784
Southern Pacific.. October _ _ _ 15692153 14133363 60.299.173 53,586.141
Southern Railway_ _ 1st wk Dec 1,672,680 1.386.614 34,402.708 30,073.382
Mobile & Ohio...... 1st wk Dec 240,018 249,822 5.326.985 5,094,330
Cin N 0& Tex P.. 1st wk Dec 268.859 208,642 5,268,527 4,416,031
Ala Great South_ 1st wk Dec 114.580
95,987 2.607.083 2,274.558
Georgia So & Fla.. 1st wk Dec
56,428
52,745 1.183,461 1,034,835
Spok Port & Seattle October..... 512,448 483.405 2.003.354 1.842.933
Tenn Ala & Georgia 1st wk Dec
2.681
2.026
35.450
53,158
Tennessee Central.. October
606,402
158,135 140,164
550.830
Texas & Pacific_ _ _ _ 1st wk Dec 517,886 422,084 10,058,567 8.564.283
Toledo Poor & West November
635,740
536,942
102,520 102,726
Toledo St L & West 1st wk Dec 116,686 123,825 2,718,533 2,402,960
Trinity & Brazos V.. October...._ 141,048
300,305
387.99
Union Pacific Syst_ October
11984870 10276489 42,991,267 35,720.882
Virginian
October...._ 877,310 563.059 3,114,623 2.419.863
Wabash
October.... 3,557,409 2,984.779 13.141.972 11.096.315
Western Maryland.. 1st wk Dec 228,336 227,033 5,621,828 4,679.624
Western By of Ala.. October..... 135,875 121.769
424,126
454,697
Wheel & Lake Erie_ October
913,509 862,814 3,764,176 2.841,912
Yazoo & Miss Vail.. November 1,672.372 1,340,688 6,911,198 5.683.898
Various Fiscal Years.
Current
Year.
Period.
Buffalo & Susquehanna REL.__ Jan
Delaware & Hudson
Jan
Erie
Jan
New York Central./
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Michigan Central
Jan
Cleve eine Chic & St Louis Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Toledo & Ohio Central
Jan
Kanawha & Michigan
Jan
Total all lines
Jan
New York Chicago & St Louis_ Jan
N Y Susquehanna & Western Jan
p Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Deiaw & Virginia_ Jan
N I' Philadelphia & Norfolk_ Jan
Phila Baltimore & Washing'n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pittsb Cinc Chic & St Louis_ Jan
Vandal's
Jan
Total lines-East Pitts & Erie Jan
West Pitts &Erie Jan
- lines E & W_ Jan
Ali
Rio Grande Junction
Dec
Rutland
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
to Oct
to
to
to
to
to
to
to
to
to
to
to
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Sept
Oct
Previous
Year.
31 $1,401,154 $1,194,474
31 22,182.944 19.305.289
31 62,176.833 54.053.542
31 168628982 136077865
31 17,899.337,14,386.082
31 6,139,225' 5.046.741
31 38,190,702 29.657.923
31 38,697,258 31,034.970
31 1,607,2941 1,308.144
31 20,079,879,14,406.667
31 5.097,1741 3,802,808
31 3,002,5961 2,529.640
31 299342447,238250840
31 12.828,084 10.075.880
31 3,350.5261 3.355.016
31 192229964 159839089
31 1,049.2011 989.515
31 3.050.915 2.517,379
31 12,723,360 11,514.702
31
776.617
762,373
31 4.362.870 3.439.177
31 21.052,411 17.423.924
31 6.802.556 6,958,101
31 63.588,314 49.313.688
31 4,920.386 4.379,425
31 42.160.513 33.537.437
3110,845.344 9.209.237
31 245436 123 205163060
31 12302810497,757.696
31 368464 2271302920755
30, 826,633
733.933
311 3.362.402 2,964.521
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
* Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
'Decrease.
* Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mileage.
Cur. Yr. Prey. Yr.
S
$
$
Sept (35 roads)._ 19,509,961 17,444,023 +2.065,938 11.27 February-__245,541 244.809 267.579,814 209.573,963
4th week
+58.005.851 27.68
1st week Oct (35 roads) _ _ _ 14.736,262 13,401,187 +1,335,075 9.96 March
247.363 246.548 296,830.406 238,098.843 +58.731.563 20.47
15.149,575 13.697,795 +1.451,780 a
2d week Oct (34 road/ _
ll
246.615 245,773 288,453.700 237.512.648 +50.941.052 21.45
roads ____ 14.681,626 13.566,014 +1,115,612 10.60 ti
3d week Oct (33
248.006 247,189 308.029.096 244,580.685 +63.448.411 25.
4th week Oct (33 roads __ 20,900.322 19,576.954 +1,323,368 6.74 June
226.752 225.803 285.149,746 237.612,967 +47.536.779 20.81
1st week Nov (34 roads)._ _ _ _ 14,980,342 13,953,871 +1,026,471 7.36 July
244,249 243,563 308.040.791 263.944,649 +44.096.142 16.7
15,284.527 14,186.330 +1,098,197 7.04 August
2ct week Nov 33 roads!.
245.518 244.7651333.460,457 278,787,021 +54.673,436 19.61
14,430,383 13,451,824
34 week Nov 29 roads _
+978,559 7.27 September.
247,466 332,888,990 294.333.449+38,555.541
19,651.127 18,420,477 +1.230.650 6.73 October _ _ _ ..248,i56 246,000 345.790,899 310,740,113 +35,050,786 13.10
4th week Nov 3() roads
_246,683
11.28
1st week Dec (32 roads __-- 1.3,114,954 13,568,040 +1.546,914 11.46 November.. 84.452 82,5831 81.367,951 77.063,789 +4.304.162 5.59
a Includes Cleveland Lorain & Wheeling By. b Includes Evansville & Terre Haute. c Includes Mason City & Fort Dodge and tae Wisconsin
Minnesota & Pacific. d Includes not only operating revenue, but also all otner receipts. e Does not include earnings of Colorado Springs & Cripple
Creek District fly. f Includes Louisville & Atlaatic aid the Frankfort & Cincinnati. g
Falls lines. h Includes the St Louis Iron Mountain & Southern. j Includes the Lake Shore & Michigan Includes the Texas Central and the Wicaita RR. and Dunkirk
Southern By., Chicago Indiana & Southern
Allegheny Valley & Pittsburgh RR. n Includes the Northern Ohio RR. p Includes the Northern Central. • We no longer include the Mexican roads
in any of our totals.
[VoL. 103.
THE CHRONICLE
2236
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first
week of December. The table covers 32 roads and shows
11.46% increase in the aggregate over the same week last year.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
Galv-Hous Elec Co__ October...... 171.761 174.259 1,598,199 1,604,756
Grand Rapids Ry Co October__ 103,659 97,125 1,075,481
965,420
Great West Pow Syst October__ 320,252 295,472 3,052.059 2,424.117
747,887
686.369
Harrisburg Railways. September
83.038 74.248
18.593
95,987
Havana El Ry,L & P October__ 532,358 463,385 4,939,812 4,572,321
114,580
Alabama Great Southern
1,099 Honolulu R T & Land October___ 57,450 53,353
57,974
540,181
56,875
Ann Arbor
484,274
7,401 Houghton Co Tr Co.. October__
251,181
N3,780
270.531
226,928
Buffalo Rochester & Pittsburgh.
25,956 23.034
87,300
830,600
b Hudson & Manhat_ October___ 513,465 477,723 4,845,318 4,537,244
917,900
Canadian Northern
93,000
3,139,000 3,046,000
Illinois Traction...._.. October..__ 1073,370 980,071 9.873.150 8.971,423
Canadian Pacific
778,468 111,378
889,846
Chesapeake & Ohio
Interboro Rap Tran_ October.... 3546,933 3071,291 31,005,513 27,708,146
40,134
284,990
457,359
466.870
325,124
Jacksonville Trac Co_ September
Chicago Great Western
50.147 46,942
20,960
143,876
191,398
164,836
Chicago Ind & Louisville
Keokuk Electric....__ October__
198,729
20.591 20,224
60,217
208,642
93,312
268,859
Cinc New Or!& Texas Pacific,_
Key West Electric...... October__
6,712
15,644
336,569
352,213
Colorado & Southern
Lake Shore Elec Ry_ October...... 136,113 118,315 1,343,126 1,150,649
71,400
462,000
533,400
Lehigh Valley Transit October__ 218,346 196,651 2.078,887 1,717.569
Denver & Rio Grande
1,691
17,954
19,645
Detroit & Mackinac
72,302 63,932
Lewist Aug & Watery October__
678,519
622.693
58,525
11,097
69,622
24,568 26,107
Duluth South Shore & Atlantic..
200,966
Long Island Electric_ September
192.340
52,745
3,683
56.428
260,558 252,669 2.557,993 2,444,965
Geargia Southern & Florida_ __ _
Louisville Railway__ October
Grand Trunk of Canada
Milw El Ry & Lt Co_ October __ 599,992 515,984 5,673.804 4,844.901
1,151,306 1,012,326 138,980
160,691 128.531 1.520.919 1.233,605
Grand Trunk Western
Milw Lt, Ht & Tr Co October
Dot Gr Hay & Milwaukee.._
708.792
Monongahela Vail Tr September 123,673 87.812 1.100,121
Canada Atlantic
Nashville By & Light October__ 205,999 189,636 1,966,146 1,754,279
1,441,200 1,194,865 246.335
Louisville & Nashville
868.077
761,538
Newp N&II RyG&E_ October__ 87,252 80,890
355 N Y City Interboro.._ September
21,372
21,017
Mineral Range
491,496
515,523
24,028 60,321
16,363
243,143
226,780
313,327
328,967
Minneapolis & St Louis
41,043 42,276
N Y & Long Island__ September
Iowa Central
121,367
125,296
14,947 16305
N V & North Shore__ September
67,850 N Y & Queens Co...... September 103,809 123.082 1,070,800 1,038,300
733,010
665,160
Minn St Paul & S S M
641,348 160,872
802,220
Missouri Kansas & Texas
New York Railways_ September 564,502 1175,441 9,598.490 10,027,770
9,804 N Y & Stamford By.. October__
249,822
322,842
240,018
Mobile & Ohio
309,868
24.461 28,216
88,182
424,259
512,441
Pere Marquette
N Y State Railways.. October__ 692.841 631.802 6,910.119 6.066,317
2,907
11,165
394,837
14,072
Rio Grande Southern
463.082
60,133 45,191
N Y NVestches & Bos_ October
68,000
266,000
133,149
334,000
St Louis Southwestern
149,642
17,394 16,859
Northampton Trae__ September
1,672,680 1,386,614 286,066
Southern Railway
Nor Ohio Trac & Lt_ September 446.667 340.918 3.780.743 2.829.360
655
2,026
2,681
Tennessee Alabama & Georgia_ _
North Texas Electric October__ 205,491 181,515 1,584,034 1,410,581
95,802
422,084
517,886
Texas & Pacific
19.207 18,121
133,114
133.790
Ocean Electric (L I).. September
7,139 Pacific Gas & Elec__ _ September 1563.418 1558.689 13,791.628 13.723 761
123,825
116,686
Toledo St Louis & Western_ _ _ _
1,303
227,033
228.336
Western Maryland
Pac Lt & Pow Corp.._ October__ 270.382 256.523 2,703.013 2.417,658
235,180
256,578
gPaducah Tr & Lt Co October...... 26,437 25,313
93,648 Pensacola Electric Co October.... _
15,114,95413,568,640 1,640,562
Total (32 roads)
232,105
21,440 22,386
210,590
1,546,914
Net increase (11.46%)
2417,096 2219.105 22,430.289 19,965,233
Phlla Rapid Transit._ October
427,718
383.911
47,434 44.922
Phila & Western By.. October
October......
-In our "Rail- Port(Ore)Ry, L&PCo September 459,720 453,225 4,491,148 4,573,243
Net Earnings Monthly to Latest Dates.
690.475 609,782 5,871.027 5,574,642
g Puget Sd Tr, L & P
way Earnings' Section or Supplement, which accompanies g Republic By & Lt.._ October__ _ 338,613 276.355 3,269,262 2,511,277
Co____ October......
to-day's issue of the "Chronicle, we give the Oct. figures of Rhode Island & RR_ September 478,522 439,590 4,879,604 4,194,269
308.872
310,159
36,873 39,172
Richmond Lt
earnings of all steam railroads which make it a practice to issue St Jos By. L, H & P_ October
113,247 108,123 1,110.853 1,041,883
307,718
356,513
Santiago Elec Lt & Tr August...... 45,199 39,182
monthly returns or are required to do so by the Inter-State Savannah Electric Co October__ 72,246 67,962 671,203 • 658,864
Commerce Commission. The reader is referred to that Supple-. Second Avenue (Rec) September 43.956 83,075 626.565 661,145
171,364
148.166
6.553 20,166
Boulevard_
ment for full details regarding the Oct. results for all the Southern Cal Edison.. September 389,190 415.793 4.089,042 3.985.762
October...._
Southern
separate companies.
268,082
32.527 33,939
258.329
Staten Isl'd Midland.. September
October...._
In the following we give all statements that have come Tampa Electric Co__ September 82,458 84,803 794,863 811,582
Avenue
in the present week covering a later or a different period Third City Rap Tran_ 4th wkNov 167.852 328.190 2,839.764 2.875.708
248,362 236,461 9,278,961 8,609,511
Twin
2,018.249 2,099,655
106,109
from that to which the issue of the "Railway Earnings" Union By Co of NYC September_ 502,261 245.296 4,828.787 4,293.549
Virginia By & Power_ October.. _
Section is devoted. We also add the returns of the indus- Wash Balt & Annap_ November 112,763 473.072 869,462 780,635
96,474
374.106
444,312
17,416 62.519
Westchester Electric.. September
trial companies received this week.
212,726
196,906
15,799 22,249
- Westchester St RR October___
-Gross Earnings- -Net Earnings
a West Penn Trac Co October __ 555,787 457.523 5,137,359 4,144,409
Previous
Current
Previous
Current
544,997
509.490
20,782 63,921
Yonkers Railroad...... September
Year.
Year.
Year.
Year.
Roads.
678,563
799,508
89,351 81,170
October___
York Railways
'
$
$
$
238,900
279,909
28,825 24,517
Youngstown Sc Ohio.. October
$'
Grand Trunk of Canada112.143
126,937
17.534 17.135
Oct 4,617,822 3,590,991 1,348,030 1,063,827 Youngstown & South August
Grand Trunk Ry
39,098,918 33,019,842 11,291,234 9,575,551
Jan 1 to Oct 31
b Represents income from all sources. c These f gures are for consoli219,479 dated company. f Earnings now given in milreis. g Includes constituent
117,039
782,046
Grand Trunk Western__Oct 767,203
856,747 companies.
7.775,693 6,236,174 1,869,462
Jan 1 to Oct 31
80,541
294.449 def20,682
Dot Gr Hay & Milw__ Oct 275.957
178,358
Electric Railway and Other Public Utility Net Earn151,348
2,760,445 2,270,876
Jan 1 to Oct 31
-The following table gives the returns of ELECTRIC
ings.
Fixed Chas. Balance,
Net
Gross
Earnings. Earnings. 04 Taxes. Surplus.
railway and other public utility gross and net earnings with
$
$
$
$
588 charges and surplus reported this week:
256
844
6,990
..Nov '16
Bellefonte Central..
2,124
269
2,393
8,213
-Gross Earnings- -Net Earnings
'15
7,835
Previous
2,816
Current
Previous
10,651
Current
75,163
11 mos '16
Year.
10,895
Year.
Year.
2,959
Year.
'15
13,854
76,293
Roads.
$
Balance,
Fixed
Gross
Other
Net after
Gross
American Power & LightEarnings.Taxes.Income.Income.Charges. Surplus.
332,293
374,668
694,901
Subsidiary cos only......Nov 782,940
$
$
$
$
$
$
8,416,623 7,792,298 3,931,216 3,552,554
Dec 1 to Nov 30
Cuba RrtTelep
-Bell
59,740 Amer Tel & Tel
87,092
146,832
933
145,899
504,337
Oct '16
Oct23,214,142 20,314,117 6,374,705 5,701,184
System in U S_a
69,942
72,013
141,955
391,108
'15
217,531,853 193738,340 60,239,142 52,765,226
Jan 1 to Oct 31
506,255
348,623
3,480
854,878
851,398
4 mcs 16 2,156,599
58,774
430,129 British Col El By
93,419
288,307
538,826
Oct 573,545
718,436
15 1,639,755
145,167
293,803
2,202,571 2,073,697
1 to Oct 31
Jan
Balance,
Charges
Total
Other
Net
Gross
189,899
214,594
664,539
Cumberland Tel & Tel....Oct 762,317
Income. & Taxes. Surplus.
Earnings. Income.
Earnings.
6,966,015 6,546.648 1,889,977 1,650,123
Jan 1 to Oct 31
367,786
374,172
Oct 1,764,002 1,625,208
Pacific Tel & Tel
Toledo Peoria & Western
26,529 det5,159
21,370
12,000
16,758,108 15,822,242 3,739,012 3,703,757
9,370
102,520
Jan 1 to Oct 31
Nov 16
det 266 Southern Bell Tel & Tel_Oct 660.146
24,006
23,740
10,089
13,651
102,726
184,397
15
212,908
599,713
132,778
148,368
15,590
61,058
87,310
536,942
5 mos 16
6,038,988 5,535,180 1,558.797 1,488,773
Jan 1 to Oct 31
130,376 (10519,301
111,075
23,762
87,313
535,740
'15
-Subsidiary
Securities
Utah
239,236
288,668
434.379
504,423
ELECTRIC RAILWAY AND PUBLIC UTILITY COS. companies only 30 Nov 5,061,213 4,368,661 2,803,561 2,289,460
Jan 1 to Nov
Balance,
Fixed
Net, after
Gross
Jan. 1 to latest date.
Latest Gross Earnings.
&illus.
Taxes.
Earnings.
Charges.
Name of
3
Previous
Current Precious Current
Week or
Road.
304,650
90,883
395,533
993,087
Detroit Edison.._....Nov '16
Year.
Year.
Year.
Year.
Month.
218,678
100,285
'15
318,963
764,228
985,906 2,324.198
11 mos '16 8,954,352 3,310,104
$
$
$
$
999.894 1,538,260
'15 6,878.075 2.538.160
•
303,527
306,438
25,367 24,486
Atlantic Shore Ry___ October __
31,235
48,708
79,943
201,809
& Trac__Oct '16
cAur 101 In & Chic By Octobtr __ 173,987 167,521 1,711,658 1,598,541 Federal Lt
16,430
48,693
65,123
194,227
'15
655,814
682,948
77,173 71,610
Bangor Ry & Electric October___
201,632
487,233
688,865
10 mos '16 2,062,032
155,123
172,807
18,509 18,097
Baton Rouge Elec Co October___
154,163
492,292
646,455
'15 1,917,058
570,812
546,027
65,380
29,405
Belt LRyCorp(NYC)September
34.190
27,683
61,873
125,634
779,950 Keystone TelephoneNov '16
832,271
Berkshire Street By.. October..__ 84,965 81.179
28,846
27,536
56,382
116,148
'15
Brazilian Trac, L ac P October__ _ 1703700016793000 168286,000164250,110
359,410
302,229
661,639
11 mos '16 1,337,152
99,180
105,318
9,406
9,964
Brock & Plym St By.. October..__
329,168
293,860
623,028
'15 1,245,419
Bkiyn Rap 'rran Syst September 2474,878 2349,654 21,998.158 20.534,257
Fixed Chas. Balance,
Net
Gross
287.934
318,476
Cape Breton Elec Co October...... 36,466 34,152
Surplus.
Earnings. Earnings. & Taxes.
231,062
242.717
25,438 24,724
Cent Miss V El Prop.. October__
$
883,180
Chattanooga Ry & Lt October__ 109.024 98,155 1,021,328
x35,434
27,046
60,255
112.763
Cities Service Co_ ___ October...._ 1122.910 411,504 7,211,133 3,456,981 Wash Balt & Annap Nov '16
x28,723
26,193
52,500
96.474
358,405
'15
390.147
38,571 36,284
Cleve Painesv & East October___
286,203 x138,918
400,286
869,462
11 mos '16
Cleve Southw & Col_ October...._ 113,461 109,962 1,107.461 1,030,094
019
z95,523
276,210
geolumbia Gas&Elec. October __ 712.715 611,308 7.219.362 6,501.031
583,700
709,949
Columbus(Ga) El Co October...._ 84.786 67,215
a Net earnings here given are after deducting taxes.
Colum (0) Ry,P & L October...._ 307,437 272,152 2,883,975 2,535,853
b Net earnings here given are before deducting taxes.
g Com'w'th I',Ry & L October__ 1458,380 1245,866 13.718,661 11,660.115
x After allowing for other income received.
October__ 812,161 711,185 7,998,520 6,836,404
Connecticut Co
Consum Pow (Mich)_ October__ 418,910 342,666 3,791,594 3,095,804
Cumb Co(Me)P & L October__ 251,683 226,793 2,391,105 2,198,904
Dallas Electric Corp_ September 157,978 148,154 1,398.130 1.313,59f
855.3fri
Dayton Pow & Light October __ 146.084 99,239 1,284,469
-An index to annual reports of steam
Annual Reports.
g Detroit Edison__ _ _ November 993,087 764,228 8,954,352 6,878,075
railroads, street railways and miscellaneous companies which
lDetrolt United 1 'nee t ct Mer __ 1416,987 1188,000 13,272,8:13 10,816,00:
359,59( have been published during the preceding month will be
342,224
20,989 39,579
DDEB& Battflt ,c) September
947,861
Duluth-guperior Trac October___ 121,229 101.900 1.144,675
each month. This index will
East St Louis & Sub_ October.._ 271.636 222,456 2,452,655 2.008,70( given on the last Saturday of
582,231
676,982
72,131 71,665
Eastern Texas Elec October___
not include reports in the issue of the "Chronicle" in which
786,93(
893,491
104,990 84,808
gEl Paso Electric Co_
latest index will be found in the issue
October...- 77,855 167,708 1,345,393 1.448.801 it is published. The
42d St M & St N Ave September
201 800 104227 2 069 AR9 1 017 OR5 of Nov. 25. The next will appear in that of Dec. 30.
Cletnhcir
nPalpral It fix True
First week of December
1916.
1915.
Increase. Decrease.
ANNUAL REPORTS
DEC 16 1916.)
THE CHRONICLE
The Cuban-American Sugar Co., New York.
(Report for Fiscal Year ending Sept. 30 1916.)
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.
During the year the company paid the regular 7% (quarterly) on the preferred stock, and 10% (quarterly) on the
common stock; also an extra cash dividend of 10% on the
common stock, 'and a common stock dividend of 40%
(payable in stock), both paid Oct. 2 1916 (V. 103, p. 667.)
ANNUAL REPORT.
1912-13.
1913-14.
1915-16.
1914-15.
1,363,292
1,654,658
Total bags
1,477,507
1,676,940
218,127
264.745
Total in tons
236,401
268,310
7,746
13,043
Cardenas Ref.(1,000 lbs.)
14,713
24,997
123,058
134.404
Gramercy Ref.(1,000 lbs.)
154.954
117,513
CONSOL. INCOME ACCOUNT FOR YEARS ENDING SEPT. 36.
1912-13.
1913-14.
1915-16. 1914-15.
$26,320,943 $22,502,285 $14,808,378 $15,045,573
Sugar sales *
455,011
303,451
511,803
492,334
Molasses sales
352,537
812,189
296,709
530,851
Profit on stores, &c
$27,344,128 $23,366,625 $15,560,098 $16,161,213
Total
Prod. & mfg. costs, selling & general expenses 17,718,657 16,156,102 11,113,387 14,120,103
$9,625.471 $7,210,523 $4,446,711 $2,041,110
Net earnings
Deduct
Depreciation
$729,339
$788,497
$707,173
$764,015
Discount on bonds
,
,
69,087
63,507
Interest on bonds
529,530
548,860
556,834
569,869
Int. on bills payable, &c.
69,624
338,093
356,632
216,766
Bond sinking fund
494,921
138.141
138,141
276%283
Preferred dividends_ __ _ (7)552,566(14)1,105,132 (7)552,566 (7)552,566
Corn. (cash) divs (20).... 1,427,120
Corn. (stock) diva. pay.
Oct. 2 1916
( 0)2,854,240
4
Total deductions
$6,719,206 $2,997,890 $2,431,695 $2.374,929
Balance,surplus_ ___sr.$2,906,265sr.$4,212,633sr.$2,015,016 def.$333,819
-* Denotes raw and refined sugars produced, less commissions, &c.
CONSOLIDATED BALANCE SHEET, SEPTEMBER 30.
1916.
1915.
1915.
1918.
Liabilities
$
$
$
AssetsCommon stock__ 7,135,600 7,135,600
Lands. ',1dgs, machinery, &I:L-26,372,644 25,529,665 Preferred stock__ - 7,893,800 7,893,800
3,929,340 3,929,340 Corn. stk. distill).
Good-will
Securities in trust_
Oct. 2 1918....._ 2,854,240
3,100
2,600
Advances to Cola
Colonial Sug.stook
1,400,649 1,168,295
nos, &c _ a
not owned
3,100
2,600
Plant.& grow.cane. 1,429,466 1,172,283 Coll, trust bonds.. 8,749,000 9,118,000
Live stook & equip. 951,450
751,506 Real est. Ms., dro_ 472,125
574,111
Invent, of raw
Bills payable
567,958
427,539
material, &c...... 2,415,281 1,718,240 Bankers' loans_ _ 1,313,717 1,284,501
Stock of raw, Arc.,
829,319
Accounts payable.. 1,156,096
sugar
1,417,564 2,150,944 Salaries and wages.
11,772
52,215
290,546
Cash
5,772,129 1,488,145 Interest accrued.._ 282,965
552,566
a Mots.& bills rec. 1,335.810 1,617,161 Prof. diva. Oct. 2_ 138,142
145,856 Corn. diva. Oct. 2_ 891,950
Bond discount_
83.990
138,142
240,559 Sinking fund
257,523
Other def. charges. 148,704
Deprec'n reserve_ 3,932,641 5,370,310
Surplus
b9,559,055 6,285.790
45,259,628 39.893,095
Total •
Total
45,259,628 39,893,095
a After deducting reserve for bad and doubtful accounts.
b After crediting $367,000 collateral trust bonds cancelled through the
sinking fund. In Oct. 1916 $253,000 bonds were retired out of the sinking
fund for redemption of bonds and not included in the aforesaid amount.
-V. 103, p. 1213, 667.
Julius Kayser & Co. (Glove Mfrs.), New York.
(Report for Eight Months ending Aug. 31 1916.)
Pres. Julius Kayser, N. Y., Sept. 1 wrote in substance:
At the meeting hold July 21 the directors decided to change the company's
fiscal year so that it shall run from Sept. 1 to Aug. 31.
The net operating profit, after the regular deduction for depreciation,
amounted to $1,467,658. The result of the operations for the 8 months
In 1916 shows a very healthy growth over the corresponding period in 1915.
There were purchased and canceled during the 8 months, 1,387 shares
first preferred/% stock at a cost of $159,508, the amount proscribed for
such period being $100,000.
GENERAL RESULTS.
8 Mos. to
Years ending Dec. 31
Aug. 31 '16.
1915.
1914.
1913.
Profits (afte deprec.)--_ $1.467,657 $1,444.847 $1,250,870 $1.203,828
Redemp. of prof. stock_
$100.000
$150.000
$157,930
$158,493
Special reserve acct_ _
• 254,138
Miscellaneous
20.808
6,092
First pref. diva
(4 2-3)104,606 (7)169.990 (7)180,250 (7)190,750
Second pref. diva
(4 2-3)32,433
(7)48,650
(7)48,650
(7)48,650
Common dividends..___ (3)180,000 (6)360,000 (6)360,000 (6)360,000
Total deductions..___
$437,847
$988,870
$757.893
$746,830
Balance, surplus
$1,029,810
$455,977
$445,935
$504,040
BALANCE SHEET.
Aug. 31 '18. Dee.3116.
1916.
1915.
$
$
AssetsLiabi/Ufes$
Land, bldge, &a- _ x2,103,685 2,133,597 bat pref. stock__ 2,181,900 2,320.800
2r1 pref. steck____ 695,000
Real estate other
895,000
32,750 Common stock__ _ 6,000,000 6,000,000
than plant
32,750
Sur. appl. in rePatents,
tradedem.of Pl. stk. 800,000
marks, &o
5,664,000 5,664,000
700,000
Other investments. 322,207
390,090 Bills payable
1,050,000
Mavis & supplies. 3,238,347 4,308,530 Pay-rolls & mdse.
accounts
Marketable stooks
174,995
210,748
and bonds
0th. accts. pay'le.
64,348
40,275
289,980
Accounts receivDivs, accrued on
able (net)
pref. stock
1,664,343
953,729
35,182
16,782
Call loans
Reserve for change
275,000
Cash
287,994
In pekes
350,354
300.000
500,000
Interest and insurSpecial res. acct.._ 500.000
500,000
ance prepaid-- 48.571
2,792,294 1,762,484
25.184 Profit and loss_
Total
13,701,245 13.863,974
Total
13,701,245 13,863,974
x After deducting $618,742 reserve for depreciation.
-V. 103. p. 2159.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central & Hudson Bay Ry.-Trust Deed.
-
This company has filed supplemental deeds of trust dated Oct. 1 1916,
affecting thp 1st Mtge. of 1910 and the 2nd Mtgo.of 1914, as proposed by the
plan of roorganization.-V. 103, P. 2078, 238.
Ashland (Wis.) Light, Power & St. Ry.-Bonds Offered.
P. W. Brooks & Co. are cffering an additional amount of 1st Mtge. 5%
gold bonds of this company, making $761,000 outstanding.
-V.103. p.1887.
2237
Atlantic Coast Line RR.
-Bonds Listed.
The New York Stock Exchange has isted $3,000,000 additional General
Unified Mtge., Series A,43% bonds, due 1964, making the total amount
listed $17,667,000.-V. 103, p. 1980, 1992.
Bay State Street By., Boston.
-Notes.
The Mass. P. U. Commission has authorized the company to issue for
new construction, rolling stock, &c., $2,500.000 6% coupon notes, due
$357,000 annually on Dec. 1 1917 to 1922, and $358,000 Dec. 1 1923.
-V. 103, p. 2155, 1209.
Bingham Central Ry.-Reorganization.- •
See Ohio Copper Mining Co. under "Industrials" below.
-V.98.P. 1607.
Boise & Arrowrock RR,.
-Sale.
-The Department of the
Interior, Washington, D. C., gives notice by advertisement
on another page that this company's property will be sold
at auction at Boise, Idaho, on Jan. 2. •
The road extends from Barberton, Idaho, on the Oregon Short Line RR.
to a junction with the Intermountain By. near Moore's Creek, Idaho,
about 11.75 miles. Track material has been distributed for an extension
from the aforesaid junction to the Arrowrock Dam, Idaho, about 5.25
miles. The equipment consists of two locomotives, one passenger and
baggage car, two flat cars and 26 gondola dump cars. This property, it is
understood, is appraised at about $153,140.
-Receivers Appointed.
Bristol (Va.) Traction Co.
Fred Dulaney and Joe A. Caldwell were on Dec. 9 appointed receivers
of the property on complaint of the bondholders,as a result of the company's
failure to meet interest on bonds aggregating about $163,500.
A press dispatch from Bristol says: There recently has been friction between the traction company and the authorities of Bristol, Va., and the
company some weeks ago served notice of its purpose to abanrion its Virginia lines unless certain measures of relief were offered. "We will not
operato further," said the management, "unless the city complies with the
franchise agreements."
-V. 93, p. 1323.
Carolina Power & Light Co.
-Initial Dividend.
An initial dividend of 3.6 of 1% has been declared on the common stock,
payable Feb. 1 to holders of record Jan. 16. The regular quarterly 1%%
on the pref. stock has also been declared, payable Jan. 2 to holders of record
Dec. 16.-V. 102, P. 1058.
Chicago & North Western Ry.-New Stock-Official
Announcement.
-At a meeting of the directors on Dec. 12
resolutions were adopted providing that necessary action be
taken to procure from the various State commissions having
jurisdiction in the matter authority for a 10% increase of the
outstanding capital stock, amounting to the sum of $15,250,950, and providing that upon such authority being obtained, the right to subscribe to this stock at par be given to
the stockholders in due course.
-V. 103, p. 2078, 1124.
Chicago Rapid Transit Co.
-Commission's Plan for
Extensive Transit System.
-The City Commission, consisting
of William Barclay Parsons, Robert Ridgway and Bion
Arnold, has prepared a plan, which as reported by the
Chicago "Tribune" provides in substance:
1. Unified operation under one management (a company to be called
the "Chicago Rapid Transit Co." or some similar title) of all of Chicago's
local transportation facilities-surface lines, elevated lines and subways.
2. The control of the unified traction system to be vested in the City
Council. but giving to a board of supervision and control the broadest possible powers as to improvement and regulation of service, development of
the property, extension of facilities and other administrative matters.
3. An initial nine-year construction program which will increase the rapid
transit facilities of the city to two and one-half times the present rush hour
schedule, calling for the construction of 11.1 single-track miles of doubletrack subway, of which six miles are for rapid transit (use by elevated
trains), and 5.1 miles for surface cars; 64.5 single-track miles of elevated:
150 miles of new surface lines, and 1 1 1 miles of rehabilitated surface lines.
4. A general plan, including this immediate construction program and
being the logical development of the same, but without definite recommendation as to the order of construction, involving a total expenditure
of $260.000,000, for which the following new single-track mileage can be
built: Subways, 58.1 miles, of which 53 miles are for rapid transit and 5.1
miles for surface cars; surface lines, 525 miles.
5. Existing companies, controlling both surface and elevated lines, to
surrender their present franchises and receive in lieu thereof a franchise to
the new corporation, terminable at any time by purchase by the city, by
amortization, or by forfeiture if the corporation fails to comply with the
provisions of the ordinance.
6. Provision whereby the city's present traction fund will be used for the
construction of subways, which shall be owned by the city from the start,
and provision for the application of its share of the future divisible net receipts in such a way as to facilitate acquisition of the properties by the city.
7. A system of transfers to be arranged between all surface and rapid
transit lines upon payment of a 2
-cent charge. This charge will be necessary at first in order to help carry the heavy capital expenditures of the construction period, but shall gradually be eliminated thereafter if and as the
earnings of the corporation will permit. Free transfer privileges between
all surface lines and between elevated lines where transfers are now given on
the present systems are to be retained.
8. A financial plan whereby the city and the corporation owning and
operating the consolidated companies will each receive the current rate of
interest upon the traction fund and new capital, as furnished by them from
time to time to develop the system, and the corporation will receive 6%
upon the total valuation of the existing properties at the time of the consolidation. A suitable sinking fund (amortization) provision to be mad) and
thereafter a division on the present basis between the city and the corporation of the divisible net receipts, i. e., 55% to the city and 45% to the corporation, provided that the corporation shall receive for its snare at least
1% oft le gross receipts.
9. Enabling legislation necessary to carry out the recommenc'stions.
The "immediate" program for the next nine years calls for a total outlay
of $96,371,300. And the "general plan" calls for the expenditure or at
least $260,000.000 by 1950, when the Commission estimates Chicago should
have a population of 5,000,000.
The "immediate" construction includes these as its largest single items:
(1) A north and south two-track subway under State St., receiving
elevated trains at 18th St. and discharging them at Chicago Abe. (2)
A horseshoe loop subway for the west side surface cars which would carry
them under Jackson Boulevard, Michigan Ave. and Washington St. (3)
A new north and soutn elevated line in Ashland Ave. (4) An enlargement
of present elevated loop.
Subject to final checking the Commission has adopted the following
valuations for the existing properties as of June 30 1916: Elevated railways about $70,500,000, as against $80,000,000 claimed as a minimum
by the elevated interests; surface lines, $147,475,501, plus items aggregating $1,695.907, tentatively counted, but not yet approved by the Board
of Supervising Engineers: total valuation, $219,671,408. The Commission's financial report is not yet completed.)
Chicago Rock Island & Pacific Ry.-Deposits.-Up to
Wednesday night 437,884 shares of Rock Island stock, or
58.7% of the total amount, and $15,438,000, or over 75%,
of the $20,000,000 debentures had been deposited under plan.
The N. Y. Stock Exchange has been asked to list the certificates of deposit for the stock. The debenture certificates are already on the list.
Mortgage Status.
-The following published statement
stands approved:
The reorganization will be carried through without any change in the
status of the Refunding mortgage. The proposal that a new open mortgage
be authorized and an issue of 4%% bonds be exchanged for the outstanding
.
2238
THE CHRONICLE[VOL.103
Refunding 4s has been passed by. The differences between the two parties
on that question were not eliminated, and the proposal has been dropped.
Final action by the Refundng committee in regard to the plan will be
determined at a meeting next week. Unofficially it may be stated that an
understanding has been reached by which the petition of the refunding
committee for foreclosure of that mortgage will not be pressed.
On the part of this committee the feeling is that while a more scientific
readjustment plan might have been worked out, the position of the Refunding 4s is not jeopardized, since $30,000,000 new money is being raised, but
rather their position is that much better. Doubtless there is appreciation
of the fact that with earnings such as they are, it is extremely uncertain
that any court would sustain the foreclosure petition, especially since there
has been no interest default so far as these bonds are concerned.
The only change in the bonded debt will be the transposition of the 320,000,000 debentures to an equal amount of 6% preferred stock, but the
balance sheet will show further the elimination of several millions of floating debt, while to the capital liabilities will be added $30.000,000 7% preferred stock. Otherwise the financial structure will remain unchanged.
-V. 103, p. 2155, 2078.
Earnings for the Twelve Months ending Oct. 31 1916-1915.
1915.
1916.
1915.
1916.
Gross earnings_ _ _$979,717 $868,893 Balance
3383,314 $320,731
Net, aft. taxes__ 424,164 361,581 Interest on Ref. &
Ext. 5s, due '46 *166,700 *166,700
Interest on 1st 5s,
Balance
$216,614 $154,031
due 1938
40,850
*Computed on total Ref. & gxt. 5$ now outstanding.
Ownership A. Management -controlled through stock ownership byithe
American Cities Co., which in turn is controlled by the United Gas & Electric Corp. [The company has elected to redeem (a) its $325,000 outstanding 2
-year 6% collateral notes on Jan. 3 1917 at 100%% at the New. York
Trust Co., N. Y.; (b) all the outstanding consolidated mtge. 5s (Nos. 1 to
926 incl. and 1751 to 3000 incl.) on March 1 at l07 at the Guaranty Trust
Co., N. Y.] See previous offering. V. 88. p. 405; V. 102, p. 1163.
-Sub. Co. Notes.
Massachusetts Electric Cos.
-Status.
I(See State Street Ry. of Boston above.
-V. 103, p. 1301.
Massachusetts Northeastern Ry.-Bonds.-
-Stock Sold.
Cities Service Co.
The Mass. P. S. Commission has authorized the company to issue $100.-V. 103, p. 2078.
000 20-year 5% bonds on account of improvements.
-Plan Advanced.
Dallas Electric Corporation.
A press report states that the Michigan RR. Commission has sanctioned
the issue of $1,500,000 4%% short-term notes for the purpose of buying
-V.'
equipment needed to handle larger shipments of copper and iron ore.
103, p. 1981, 1888.
The syndicate which recently underwrote this company's offering of
$8,000,000 6% pref. stock announces that the entire block has been sold.
-V. 103, p. 2078, 1592, 1412.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Notes.-
The "straw vote" of the poll taxpayers in Dallas having showed 9,896
in favor, and only 578 opposed to the proposed separate lighting and tracMissouri Kansas & Eastern Ry.-Deposits.tion franchises, it has been decided to refer the matter to the voters of
The protective committee, John W.Stedman, Chairman, now represents
Dallas at a regular city election, to be held probably about April 1.
The franchises contemplate the elimination of the Dallas Electric Corpora- more than a majority of the outstanding 1st M.5s of 1892 and has accordtion and the transfer of its electric railway properties at a valuation of ingly decided that after Jan. 20 1917 no deposits of bonds will be received
$4.100,000, to a new Texas corporation to be headed by Charles W.Hobson. except on such terms and conditions as it shall prescribe. Depositaries,
This new company would also take a lease of the Oak Cliff property and, Columbia Trust Co., N. Y.; Connecticut Trust & Safe Deposit Co. of Hartalong with numerous improvements, would undertake to build two inter- ford, sub-depositary, Hartford, Conn. Bonds must be accompanied by
urban extensions aggregating 30 miles. The lighting properties of the coupons maturing Oct. 11916. (See M.K.& T., V. 103,p. 1210.) ComDallas Electric Corporation would pass at a valuation of $4,400,000 to a pare V. 102, p. 886.
new Texas lighting company, in which J. F. Strickland would be actively
Missouri Kansas & Texas Ry.-Deposits.interested. Lower lighting rates are proposed, also street car tickets at
-V. 103, p. 2079, i0 vi..8d
r0 e
See Missouri Kansas & Eastern Ry. above.
the rate of 22 for a dollar at once, and six for 25cts. whenever the earnings
are 8% on the investment. Compare V. 102, p. 1896.
-Sale Postponed.
Denver Laramie & Northwestern RR.
The foreclosure sale has again been adjourned until Jan. 24. There were
no bidders at the proposed sale Nov. 20.-V. 101, p. 773.
-Payment on Notes.
Empire United Rys., Inc.
Holders of the 1-year6% guaranteed gold notes issued under the indenture
of Feb. 16.1915 with the Bankers Trust Co. N. Y., as trustee, are called
'
upon by the trustee to present their notes for endorsement and to receive
a further $65.867 per $1,000 of notes from funds received from certain of the
guarantors. Compare V. 103, p. 1210, 1118.
Fitchburg & Leominster St. Ry.-Bonds.-
1
-Plan A73
New Orleans Mobile & Chicago RR.
A press dispatch from Jackson, Miss., on Dec. (I says: The ississippl
RR. Commission to-day approved the consolidation of the three charters
secured in the States of Mississippi, Alabama and Tennessee of the
New Orleans Mobile & Chicago RR.,and the reorganization under which it
becomes the Gulf Mobile & Northern RR. The "Chronicle" understands
that the new company will take possession of the property on or about
Jan. 1.-V. 103, p. 1687, 1119.
-Earns. Div.-Bertron,
New Orleans Ry. & Light Co.
Griscom & Co. report for the 9 months ending Sept. 30:
Balance.
0 Mos.end. Gross Net (after Misc. Bd., &c., Renew. & Surplus.
Taxes.) Deduc'ns. Interest. Replace'ls.
Sept. 30. Earnings.
85,327,217 32,045,299 852,786 $1,364,704 $174,822 $452,987
1916
5,147.362 1.959,582 29.574 1,309,756 103,315 516,937
1915
he
19 5 above surplus ($452,987) for 9 mos. ending Sept. 30 1916 is stated
before deducting the monthly charge of $16,667 for additional reserve for
-Successor Co.
repairs, maintenance and renewals and replacements, beginning June 1
Gulf Mobile & Northern RR.
-V. 101, p. 2071.
1916 and ending June 11918.
See New Orleans Mobile & Chicago RR. below.
A dividend of % of 1% has been declared on the 320,000,000 common
-Earnings.
Intermountain Ry., Light & Power Co.
stock, along with the regular 1%% on the pref. stock, both payable Dec. 30
Balance, to holders of record Dec. 21. la Dec. 1915 A of 1% was paid on the comInterest
Net
Operating
Gross
Oct. 31
Surplus. mon stock.
Expenses. Earnings. Charges.
-V. 103, p. 939.
Earnings.
Year$61,055
$31,073
$92,128
$225,759 $133,632
1915-16
32,348
25,964
New Orleans Texas & Mexico Ry.-Securities Listed.
58,312
99,716
158,028
1914-15
The Mass. P. S. Commission has been asked to sanction the issue of an
additional $150,000 4%% bonds of 1901, due Feb. 11921. to refund $150,000 1st M. 5s, due April 11917. This will make $300,000 of the 4 As outstanding; total auth., 3350,000.-V. 87, p. 812.
listed the following new
Stock Exchange
Interstate Rys. of Phila.-New Tripartite Agreement The New York authority to add hasthe list further amounts
to
with
-President John A. Rigg in a circular letter on securities below when duly issued, making the total amounts
Proposed.
as shown
Dec. 11 says in substance:
There was mailed to-day by The Real Estate Title Insurance & Trust Co. to be listed as here indicated:
of Phila.,trustee, to the holders of United Railways 4% gold trust certificates
and Interstate Railway Co. 4% collateral trust gold bonds, a circular letter
notifying such holders of a proceeding in equity to have the tripartite agreement of Dec. 20 1902 declared terminated and ended and of the right of
such holders to intervene in the equity suit and defend the same, enclosed
being copies of the bill in equity and of the answers of Interstate Railways
Co. and said Trust Co.
The bill was filed more than six years ago,and'was a part of the refinancing
ut because of the rehabilitation of the company
of Interstate Railways
Co.,ft
by issuing preferred stock was not pressed to a conclusion at that time.
United Power & Transportation Co., believing that a more flexible tripartite agreement would avoid a recurrence of the difficulties encountered
by Interstate Railways in 1908 and 1909. but being confronted by the unwillingness of the trustees (said Trust Co.) to declare the existing tripartite
void except upon a judicial finding to that effect, has concluded that the
existing tripartite agreement should be removed.
This result, it believes, can be accomplished by showing the court that
tripartite
the Interstate Railways Co. has not complied with its part of the void. It
agreement and for this reason the agreement should be declared for
is proposed to follow the entering of the decree which the bill prays are with
now
another tripartite agreement whereby the same securities which
in the hands of the trustee will again be deposited for the benefit and security
of the holders of United Railways 4s and Interstate 4s, with, however, more
flexibility and with the right to substitute other securities issued by the
companies for those deposited.
The holders of United Railways 4s and Interstate 4s, we are assured by
United Power & Transportation Co., need have no apprehension concerning
value
their securities for the purpose of the proceeding is not to impair theirwhich
in the least but really to prevent a recurrence of the difficulties through
Co. passed from 1907 to 1910.
Interstate Railways
[President Rigg further says: "There is no question at this time of the
the tripartite
ability of the Interstate Railways Co.to live up to the terms ofsecurities deagreement. Nor is it desired to have withdrawn any of the
posited with the trustee under that agreement. It is simply a question of
putting our house in order. By a more flexible agreement,it would be possible in the future to replace some of the securities by others in a way that
would not impair the value of the security."1-V. 102, p. 976.
-Bonds OfKnoxville (Tenn.) Railway & Lipt Co.
fered.-Bertron, Griscom & Co. and Reilly, Brock & Co. are
offering, by advertisement on another page, at 92% and
interest $1,556,000 Refunding and Extension Mortgage
5% gold bonds.
The bonds are dated June 1 1911, due June 11946, but callable, in whole
notice.
but not in part, on any interest date at 105 and int. on 60 days'$1,000,
Int. J. & D.at the Guaranty Trust Co.of N. Y., trustee. Denom.
$500 c*. Normal Federal income tax paid by co. Tax refund in Penna.
Knoxville, as of Jan. 2 1917.
Data from Letter of Pres. C. H. Harvey,as a consolidation. Owns and
-Incorporated Aug. 5 1905
Organization.
Does
all the street railways in Knoxville, with 55 miles of track. adjaoperates
the municipal and commercial electric-light business of that city and
cent territory, serving a population of about 85,000. Property substantially reconstructed since 1903. All franchises unlimited in time except
on 1% miles of unimportant track.
Authorized. Outstand'g.
Capitalization$817,000
Knoxville Traction Co. 1st 5s, due 1938_ _ _ _ (closed mortgage) 3,334,000
$10,000,000
Refunding and Extension 5s
Trac. Co. 1st
Reserved to retire Knoxville
5$, due 1938, $817,000; reserved for additions, extensions & improvements_ ...$5,849,000
2,050,000 2,050,000
Capital stock (divs. paid regularly since 1907)
These bonds are a direct mortgage on all property and franchises now
to $817,000 Knoxville Traction
owned or hereafter acquired, subject only
of this
Co. 1st 5s, due 1938, to retire which an equal amount of bonds
issue has been reserved. The $5,849,000 Ref. & Ext. M. 5s reserved may
be issued for 80% of the cost of extensions, &c., but only when net earnings
are 1% times the interest charge, including bonds.sought to be issued.
Annual sinking fund an amount equal to A of 1% of all bonds issued for
their retirement at a price netting not less than 43' %, otherwise for improvements and additions; bonds acquired to be kept alive in sinking fund.
Additional.
Total.
Listed.
Security34,857,000 $1,143,000 36,000,000First mtge.6% bonds, due 1925
4,940,000 15,158,000
Non-cum. 5% income bonds, Ser. A...10,218,000
2,919,700 14,998,500
Voting trust certs. for capital stock_ _12,078,800
See annual report and bond offering in V. 103, p. 2156, 1787, 1593.
-Dividend Resumed.
New York Chicago & St. Louis RR.
-A dividend of 23/2% has been declared on the $11,000,000
2d pref. stock, payable Jan. 2 to holders of record Dec.21.
1914, when a like
This is the first payment on this stock since Mar.
amount was paid. A dividend of 5% was declared on the 1st pref. stock,
payable 2%% Jan. 2 to holders of record Dec. 21, and 2%% on July 2.
In March 1916 a dividend of 5% was paid on the 1st prof. (See Nickel
-V.103, p. 2156. 2079.
Plate Securities Corp. below.)
-Guaranteed Bonds Listed.
New York Connecting RR.
The New York Stock Exchange has listed $8,000,000 additional guaranteed 4% First Mtge. bonds, Series A, making the total amount listed
324,000,000. These bonds are guaranteed, p. & I., by the Penna. RR. and
the N. Y. N. H. & Hartford RR., and are issued to reimburse the com-V. 103, p. 407.
pany for general expenses of construction, &c.
-Dividend Decreased.
New York State Railways.
A dividend of 1% has been declared on the $19,952,400 common stock,
paid
payable Jan. 2 to holders of record Doc. 22. In Oct. last 1%% was dewas also
on the common. The regular quarterly 1%% on the pref.
1032.
clared payable the same dato.-V. 103, p.
Nickel Plate Securities Corporation.-Successor Co.
The Cleveland "Plain Dealer" on Dec. 13, (confirming our item of last
week), says: "The Nickel Plate Securities Corp. has been formed in Delaware as a holding company for the interest of the syndicate that recently
purchased control of the New York Chicago & St. Louis RR. Co. No
change in management is contemplated. The corporation has a capital
of $15,000,000-$12,500,000 common and $2,500,000 first preferred. The
new company's directors are 0. P. Van Sweringen, M. J. Van Sweringen,
J. R. Nutt,0. L. Bradley, F. H. Girua, 0. W.Fuller, all of Cleveland, and
F. E. Myers of Ashland, 0."
-V. 103, p. 2156.
See New York Chicago & St. Louis RR. above.
-Sub. Co. New Stock.
Northern Ohio Electric Corp.
of the
The Northern Ohio Traction & Light Co., the operating subsidiary
Northern Ohio Electric Corp., has applied to the Ohio P. U. Commission
$1,000,000 common stock at par, the proceeds to be
for authority to issue
by the
used for construction work and extension. This stock will be taken1981.
-V. 103. p.
Northern Ohio Elec. Corp., when, as and if issued.
-Dividend-New President.
Northern Securities Co.
A dividend of 3%% has been declared on the $3,954,000 stock, payable
per annum has been
Jan. 10 to holders of record Dec. 30. Since 1913 2%
paid each January.
-V. 102,
has been elected President to fill the vacancy.
E. T. Nichols
p. 251.
-Assessment.
Ocean Shore RR.,San Francisco, Cal.
stock delinquent
An assessment of$3 per share has been levied on the
Jan. 5, sale day Feb. 16.-V. 102, p. 67.
Kentucky Ry.-Receiver Dismissed.
Ohio &
M. L. Conley, L.P.
This rod having passed out of the hands of receiverp. 1695.
-V.98,
Yandell of N. Y. has been elected President.
-Subsidiary Company Dividend.
Pennsylvania RR.
-V. 103, p. 1033, 844.
See Phila. Bait. & Wash. RR. below.
,
RR.-Plr.. Approved.
Pere Marquette
plan of reThe Michigan Railroad Commia,.... on Dec. 9 approved the
2156.
organization dated Oct. 30 1916. Soo V. 103, p. 1687, 188e
Philadelphia Baltimore & Washington ,
-A semi-annual 'illvidend of 4% .as been.
Increased.
DEC. 16 1916.i
THE CHRONICLE
2239
declared on the $26,438,000 stock (of which on Oct. 1 1916
Western Pacific RR.—Increased Earnings.—An authorithe Penn. RR. owned $25,435,475), payable Dec. 30 to tative statement shows the increasing earnings, &c.,as follows:
holders of record Dec. 13. Dividends of 2% semi-annually Earnings for the Twelve Months ending Respectively on Dates Mentioned.
Years ending— Oct.31'15. Jan.30'16.
Juk31'16. Sept.30'16.
(4% p. a.) have been declared on the stock since the com- Gross earnings—$6,321,045 $6,792,906 Apr.30'16. $7,651,876 $7,938,15(1
$7,401,816
pany's consolidation in 1902.—V. 103, p. 1033, 407.
Net earnings- -- 1,187,530 1,524,998 1,885,695 2,052,847 2,236,200
Operating ratio_
81.2,a
73.2%
75.5%
77.5%
71.8%
Pittsburgh & West Virginia Ry.—Stock Increase.—
The recent sale of 1st M. bonds and the funds now in the treasury give
working capital, (2)
This proposed successor of the Wabash-Pittsburgh Terminal the company about $19,000,000 cash for use as (1)betterments,
purchase of $3,500,000 equipment, (3) $2,500,000 for
(4) the
Ry. has increased its authorized capital stock to $39,600,000. balance for construction or acquisitions of branch lines.
The company has ordered 2,000 steel box cars and 150 stock cars at a
See plan on p. 132, "Railway & Industrial Section."
total cost of $2,500,000, and of these cars 884 have already been delivered.
The following officers have been elected: President. Park J. Alexander;
Vice-President, W. G. Lowe; Secretary, F. J. Brunner; Treasurer, G. V.
Early, all of Pittsburgh. . Pending, however, the settlement of certain
legal matters, the new company, we are informed, will not take possession
of the property.—V. 103, p. 2157, 2080.
Public Service Corp. of N. J.—Capital Stock Listed.—
The New York Stock Exchange has authorized the listing on and after
Jan. 1 1917 of the $5,000,000 additional capital stock offered at par to
shareholders of Oct. 2, making the total amount authorized to be listed
$30,000,000. See V. 103, p. 1593, 1211, 1119.
Quakertown & Bethlehem RR.—Successor Co.—
See Quakertown & Delaware River RR. below.
Quakertown & Delaware River RR.—Reorganization.—
This company, recently sold under foreclosure sale, has been reorganized
as the Quakertown & Bethlehem RR. and is now operating as a freight
line.—V. 103, p. 239.
St. Louis Rocky Mountain & Pacific Co.—Div. Inc.—
A dividend of 1% has been declared on the $10,000,000 common stock,
payable Jan. 10 to holders of record Dec. 30. In 1916 % of 1% was paid
quarterly.—V. 101, p. 1186.
Salt Lake Garfield & Western Ry.—New Name.—
See Salt Lake & Los Angeles Ry. below.
Salt Lake & Los Angeles Ry.—New Name.—
On Oct. 28 1916 the name of this 15-mile road was changed to the Salt
Lake Garfield & Western Ry.—V.83, p. 1472; V. 65, p. 824.
Southern Pacific Co.—Bonus to Employees.—
The company has authorized the payment of a 10% bonus to all employees not affiliated with the brotherhoods, 5% payable Jan. 1 1917 and
5% on July 1 1917.—V. 103, p. 2157, 1217.
The company is also constructing 100 stock cars in its own shops in Sacramento.—V. 103, p. 2156, 2080.
Wheeling & Lake Erie RR.—Successor Co.—A press report on Sept. 15 announces the incorporation at Columbus,
0., of the new company, which will take over the property
ender the terms of the reorganization plan in V.103,P.1211.
The name of the new company, it appears, will be closely similar to the
old name.—V. 103, p. 2081, 1890.
INDUSTRIAL AND MISCELLANEOUS.
Adirondack Electric Power Corp.—Initial Dividend.—
An initial dividend of 134% has been declared on the preferred stock,
payable Jan. 1 to holders of record Dec. 14.—V. 101, p. 2073.
Ajax Rubber Co., Inc., N. Y.—Purchase.—New Stock.—
The stockholders will vote Dec. 26 1916 on authorizing an increase in the
capital stock from $5.000,000 ($4,000,000 now outstanding) to $10,000,000.
the par value to remain $50 per share. The increase will enable the company to carry out a contract for the purchase of the business and undertaking of the Racine Rubber Co. of Racine, Wis., as a going concern in
exchange for shares of the capital stock of the Ajax Rubber Co., Inc.
—V. 101, p. 2073.
Allis-Chalmers Mfg. Co.—Extra Dividend.—An extra
dividend of 13/2% has been declared on the $16,500,000 pref.
stock on account of accumulations along with the regular
quarterly 13/2%, payable Jan. 15 to holders of record Dec.
30. This reduces the accumulations to 10%.—V. 103, P.
1594, 1303.
Tennessee Central RR.—Foreclosure Sale.—This propAmerican Brake Shoe & Foundry
erty is advertised for sale at Nashville, Tenn., on Feb. 15 —An extra dividend of 2% has been Co.—Extra Dividend.
declared on the $5,000,1917. Upset price, $1,350,000.—V. 103, p. 1413, 1119.
000 pref. stock, along with the regular quarterly 2%, both
Pacific RR.—Attachment Vacated.—
Texas &
payable Dec.30 to holders of record at 3 p. m. Dec.22. The
Supreme Court Justice Shearn in N. Y. City on Dec. 14 vacated the attachment for $1.741,000 obtained Jan. 4 1916 by the trustees of the Jay regular quarterly 1 % on the common stock was also deGould estate against the company, being the amount due on 35 notes made clared payable the same date.—V. 103, P. 2155, 1793.
to the order of the St. Louis Iron Mountain & Southern Ry. on Mar. 1 1914
American Gas & Electric Co.—Stock Dividend.—
and assigned to the Gould estate in Aug. 1915 (V. 102, p. 154). Justice
Shearn ruled that since the road has a Federal charter and holds its directors' meetings in New York it must be regarded as a domestic corporation,
notwithstanding its traffic is all outside the State. V. 103, p. 1688. 1505.
Toledo St. Louis & Western RR.
-85% Deposited—
Penalty After Jan. 9.—More than 85% of the outstanding
stock (both preferred and common) having been deposited
with the stockholders' protective committee, holders who
have not already deposited their stock with the Empire Trust
Co., N. Y. City, under agreement of Dec. 15 1914 are notified that they may deposit to and incl.Jan.9without penalty.
No deposits will be accepted after Jan.9,except on payment
of $2 per share for each share and on such terms as the committee may determine, with the right to refuse any deposits.
—V.103, p. 1594, 1589.
United Power & Transportation Co., Phila.—Circular.
See Interstate
Railways above.—V. 102, p. 523.
United Railways of St. Louis.—Proxies Sought by Preferred Stockholders' Committee.—The committee named below
representing a large amount of the preferred stock, has
organized "for the purpose of investigating various matters
vitally affecting the interests of this stock" and is asking
for proxies to enable it to vote at the next annual meeting
of the stockholders in February for the election of directors
and to represent the pref. stockholders in connection with
its investigation of the company's affairs. The matters
which it is proposed to investigate are such as—
(a) The possibility of securing some payment on account
of the accrued
dividends now over 30%;
(b) Suitable representation of the pref. stockholders
on
(c) Whether the amounts expended in connection with the board;
claims for personal injuries are excessive;
(d) The "mill-per-passenger tax" and the
possibility'of securing its
reduction or adjustment
(e) The power contracts, and whether the cost of its power is reasonable;
(f) The legality and duration of the franchises, and tho possibility of
their reasonable extension;
(g) The passible readjustment of the company's capitalization, in view
of the necessity of providing for (1) the Payment of the large amount of
underlying bonds maturing during the next few years (to meet which the
company is apparently without available means); and (2) the future financing of the company's requirements.
Inquiry into some of these matters has already been
is made, from time to time, it is intended to inform begun. As progress
holders who co-operate. For the present, at least, the preferred stockthe committee will
pay its own expenses.
Committee—L. H. McHenryChairman, United States Trust Bldg.,
Louisville, Ky.; J. A. Cheek, D'anville; George E. Dieckman
317 North
Fourth se. St. Louis; J. B. Downing Jr.,
Middleport, Ohio" and H. 1'.
Wilson, 50 Broad St., N. Y.
A.
Trust Bldg., Louisville K with 103J. Scharf, as Secretary, United States
V
p 2080, 839.
Virginian Railway.—Director.—
C. W. Huntington was on Dec. 11 elected a member
and Chairman of
the board of directors, to succeed C. W. Hotchkiss,
deceased.—V• 103 P.
1880, 1785.
Wabash-Pittsburgh Terminal RR.—New Company.—
See Pittsburgh & West Virginia RR.above.—V. 103, p. 2157.
Waycross &.Western RR.—Officers.—
L. S. Price. Jr., has been elected Auditor, Secretary &,,Treasurer.
Western Maryland Ry.—New Equipment Trusts.—
Arrangements are being made to place a new issue of approximately $6,000,000 equipment trusts to bear date of Jan. 1
1917. The issue will be grIld to banking interests as an entirety, and will cover egurihnent consisthag of 5,000 55
-tom
steel h4Y3per cars (some of which are already in use), certain
pass:, 4er equipment '1 nd ten locomotives.—V. 103, p.2156.
,
An extra dividend of 2%. playable in common stock, and the regular
quarterly 234% have been declared on the $3,864,250 common stock, both
payable Jan. 2 to holders of rec. Dec. 18. Stock diva, of 2% each were paid
in Jan. and July 1916, Jan. and July '15 and July '14. V.102, p. 2344.
American Milling Co.—Dividend.—
A dividend of 7% has been declared on the stock, payable Jan. 15 to
holders of record Dec. 31. Holders of Marsden Co. and the old American
Milling Co. stock must deposit same to participate in the distribution.—
V. 102. p. 1061.
American Rolling Mill Co.—Extra Dividend.—
An extra dividend of 1% has been declared on the common stock, Edens;
with the regular quarterly 2%, both payable Jan. 15 to holders of record
the same date. -V. 103, p. 1890, 1886.
-
Associated Oil Co.—Tenders.—
Tenders of the First Ref. Mtge. 5% bonds will be received at the Union
Trust Co San. Fran., until Jan. 15 to exhaust the sum of $873,285, held
in the sinking fund.—V. 103, p. 2157, 495.
Atlantic(Ga.)Steel Co.—Earns.-11 mos.end. Nov.30'16.
11 Mos. to
Nov. 30—
Gross
Earnings.
Reserve for Reserve for Pref. Divs.
Bal._for
Interest. Replacements. (6 5-12%) Corn. Dies.
$58.000
$95,000
$48,125
$691,212
191692337nnual rate of 6% are being paid on the $1.000.000
Dividends$ tthe a
a
8
common stock.—V. 103, p. 1120, 756.
From the present outlook the company will earn for December between
$85,000 and $100,000. The company has pig iron for its 1917 requirements
at $15 per ton.—V. 103, p. 1890, 1509.
Austin (Tex.) Gas Light Co.—Stock Increase.—
A certificate was filed in Austin, Tex., on Dec. 2 increasing the capital
stock 9 p.$676
—v frm 1 00,.000 ($250,000 pref. and $250,000 common) to $550,000.
.
5
(E. W.) Bliss Co.
-100% Extra Dividend.—
An extra dividend of 100% has been declared on the common stock
with the regular quarterly 134% on the common and 2% on the along
pref.
stocks, payable Dec. 23 to holders of record Dec. 15. These dividends will
be paid from accumulated net earnings. An extra of
in July and October last.—V. 103, p. 1212, 495, 146. 100% was also paid
Braden Copper Co.—Production.—(in lbs.)[000 omitted.]
6 Mos. to June 30— July.
1916
23,110
2,760
1915
15,238
2,890
—V. 103. p. 1414, 581.
Aug.
2,616
2,858
Sept.
2,970
3,222
Oct.
4,048
3,726
Nov. 11 Mos.
4,419 39,923
3.684 31,618
Brier Hill Steel Co.—Extra Dividend.—Acquisition.—
An extra dividend of 2% has been declared on the common stock, along
with the regular quarterly 134% , both payable to holders of record Dec. 20.
This company has purchased the property of the Western Reserve Steel
Co.at a price reported to be about $1,000,000.
The acquired company operates a sheet mill plant near Warren.
and also six hot mills, and has two under construction. Its original Ohio,
plant
was comoleted in Fee. 1915. The Western Reserve Co. is capitalized for
$600.000 and nas $150,000 outstanding oonds. [These bonds, we are informed, are to be retired.—Ed. "Chronicle.")
The purpose of the acquisition, it is stated, was to diversify the sheet
output of the Brier Hill Company, now operating 20 hot mills.
of the Western Reserve consists of sizes and highly finished The output
sheets. It
produces about 600,000 tons a year. The purchaser will take possession
Jan. 11 1917.—V. 103, P. 846, 667.
Brompton Pulp & Paper Co. Ltd.—Common Stock Sold.
—Greenshields & Co. Montreal, and associates have sold
'
this company's $7,00d,000 common stock, the subscription
price being $59 per share. Trustee, National Trust Co.,
Montreal. A circular shows:
Organization.—Incorporated under Dominion Co.'s Act
1916 as
successor of a close corporation of like name incorporated inNov. 8 in 1901.
Maine
Capitalization—
Authorized. Outstanding.
6 First Consol. M. sinking fund bonds
$2,000,000 $1,700,000
7% cumulative preferred shares
2,000,000
2,000,000
Common shares
7,000,000
7,000,000
Property, &c.—One of the largest producers in Canada of ground wood
pulp, kraft pulp and kraft paper. Also manufactures newsprint paper,
box board and lumber. Present annual output 30,000 tons groundwood
pulp, 16 500 tons newsprint paper, 12,000 tons kraft pulp, 9,000 tons kraft
and fibre paper. 10,500 tons boxboard, 15,000,000 ft. b.m. merchantaebl
ivoL. 143
THE CHRONICLE
2244)
electric lighting and industrial
lumber. Owns in fee simple 179,392 acres of freehold timber lands and ' The company does the entire commercial an
extensive adjacent territory
controls by lease 107,477 acres of Crown lands in Quebec, adjacent to the power business of the city of Detroit and of
St. Francis River. After deducting all current liabilities, bonds and new in Michigan, serving a total population estimated to exceed 850,000. The
preferred shares, net assets of the new company as at Nov. 1 1916 should company also does a large steam heating business in the city. The replacetotal not less than $7,025,000, against $7,000,000 common shares out- ment value of the mortgaged property is conservatively estimated to be
approximately twice the par value of all mortgage bonds outstanding, instanding.
Earntngs.-The old company's earnings for the year ending Oct. 31 1916 eluding this issue. On the basis of present market values, the junior
were about $650,000, after deducting Interest but before deducting war securities represent an equity over mtge. debt of more than $32,000,000
Authorized. Outstanding.
tax, or equal to about 5% on the new common stock. It is estimated that 1
Capitalization$25,000,000 $19,710,300
earnings for 1917 available for common shares, but before deducting war Capital stock (paying 8% dividends)
75,000,000
should total
First & Refunding Mtge. 5s, due 1940
7,000,000
Closed
litirectors.-F. N. McCrea, M.P. (Pres.), and E. W. Tobin, M. P., both First Mtge. 5s, due 1933
10,000,000
K.C, Pres. Wayagamack Pulp Eastern Michigan Edison Co. 1st M.55, due 1931- Closed
4,000.000
of Sherbrooke, Que.; J. N. Greenshields,
2,765,000
& Paper Co. and H. W. Beauclerk, both of Montreal; W. N. Munroe, Convertible debenture 6s (4 issues) aggregatingOdell Paper 'Co., Auburn, Me., and J. A. Bothwell, Gen. Mgr., East Earnings for the Year ended Oct. 31 1916 and for Cal. Years 1912 to 1915.
Angus, Que.-V. 103, p. 1982.
1915-16.
1912.
1915.
1913.
1914.
- Gross earnings_ _$4,385,615 $5,546,587 $6,495,814 $7,759,932 $9,607,350
-Initial Dividend.
California Packing Corporation.
3,644,087
Net earnings, after operating expenses, taxes
An initial dividend of $1 38 per share has been declared on Annual interest on $21,000,000 M. bonds and depreciation_ 1,050,000
9
0
•
the pref. stock (for the period from Oct. 19 to Dec. 31 at
the rate of 7% per annum), payable Jan. 1 to holders of
record Dec. 18.-V. 103, p. 2157, 1982.
-Extra Dividend.
Cleveland-Akron Bag Co.
An extra dividend of 1%% has been declared on the stock along with
the regular quarterly 1% %, both payable Dec. 30 to holders of record
Dec. 20.-V. 102, p• 347.
Balance _______________________________________________ $2,594,087
Net earnings are over three times the amount of the total bond interest
charges; the company is paying dividends at the rate of 8% per annum on
$19,710,300 capital stock now outstanding. For detailed description of
issue see V. 100. p. 2169; V. 102, p. 1990. 1715.
-Earnings, &c.Federal Mining & Smelting Co.
mos.in '16: Tons shipped. Net Profit. Mos.in '16: Tons shipped. Net Profit.
11,890 $57,'h9
July
11,325 $143, 54
October
-Extra Dividend.
-An
Colt Patent Fire Arms Mfg. Co.
99,640
13,375
June
116,208
10,815
September
174,935
13,707
May
149,844
13,164
August
extra dividend of 16% has been declared on the $2,500,000
stock, along with the regular quarterly 4%, both payable
38,972 $332,294
Total
35,304 $410,007
Total
Dec. 30 to holders of record Dec. 16. In Oct. last 12
Estimated depreciation_ _ 64.363 Estimated depreciation_ _ _ _ 64,007
-V. 103, p. 1034, 241.
was paid.
8
i2
8,ns
Balance
Balance
$345,644
Consolidated Gas, Electric Light & Power Co. of
ag
156
Net profits for the year to Oct. 31 1916 amounted to $976,475,2 a
1%
1915. In 1913
-Bonds Offered.-Alexander Brown & Sons, $449,569'for year ending Oct. 31paid, amountingthree dividends of one
Baltimore.
to $359,583, and
each on the pref. stock have been
Brown Brothers & Co., Jackson & Curtis and Lee, Higgin- dividend of1%% on Dec. 15.-V. 103,P. 1891.
are offering by adv. on another page at 93 & int.,
son & Co.
-Equipment Trust
General American Tank Car Corp.
yielding about 5.10%, the unsold portion of their block of Certificates.
-Drexel & Co. are offering an issue of $1,200,General (closed) Mortgage 4M% gold bonds of 000 5% Equipment Trust Certificates, Series 1, dated
$4,800,000
1905, due Feb. 14 1935.
Nov. 1 1916. The bankers report:
Outstanding issue, including those now offered, $13,845,000; deposited
as collateral security under Baltimore Electric Co. 5% bonds, 1947, $1,155,000; total authorized issue (closed mortgage). $15,000,000.
Data from Letter by Pres. Hert•ert A. Wagner, Baltimore, Dec. 7.
The company does the entire gas, electric light and power business in
Baltimore and vicinity, serving a population of about 700,000. All franchises are unlimited in time.
These bonds are a first mortgage on the principal steam-electric plant
of the company, with capacity, installed or in process of installation, of
80,000 h. p., and is further secured by lien (subject in part to underlying
securities) upon all the other electric, gas and other properties, real and
personal, now owned or hereafter acquired by the company. It is the only
mortgage covering the entire property. It is followed by $8,500,000 5%
convertible notes, and $14,385,734 com. stock, now paying 7% dividends.
At present market prices for the notes and stock (106 and 127, respectively)
the equity behind these bonds has a value of more than 327,000,000.
The proceeds of the [34,800,000 bonds now sold will be used in part to
reimburse the company for the purchase and retirement of the 5% debenture
stock formerly held abroad, and to provide the company with additional
funds for extensions and other corporate purposes." [Some $4,406,000 of
these $4,800,000 bonds have heretofore been pledged as part security for
-Ed.]
the debenture issue.
The net earnings for the fiscal year ended June 30 1916 (see repor.,
V. 102, p. 753, 763) were substantially more than twice the fixed charges.
Since the consolidation in 1906, the company has shown an increase in gross
earnings each and every year. In this ten-year period the gain in gross was
10%. in net 117%, while fixed charges increased only 34%.
Th P. S. Commission of Maryland has supervision of all issues of securities by this company, and has authority to fix its rates. Thepresent maximum charges fixed by the Commission are 75 cents per 1,000 cu. ft. for gas
and 8% cts. per k. w. hour for electricity.
-For the four months ended Oct. 31 1916:
Earnings.
1915.
1916.
1915.
1916.
Gross income_32,552,946 $2,264,406 Fixed charges $494,824 $551,190
349,763
417,969
Net, after tax.$1,192,555 $1,064,480 Dividends __
18,227 Bal., surplus_ $267,950 $181,754
Other income_ deb11,811
Thompson, Shonnard & Co., N. Y., are recommending the company's
common stock. Compare V. 103, p. 2158, 1794.
-Sale Postponed.
Continental Coal Co.
Dividends are payable M. & N. at the Philadelphia Trust Co.. trustee,
without deduction cf the normal Federal income tax as now interpreted.
Certificates are issued by the Phila. Trust Co., as trustee and lessor.
.9
Denom. $1.000, dividend warrants attached, registorable 11 to principal
only. Callable all or part on dividend dates, at 101%. Par value and
dividends guaranteed by the corporation.
1922.
1921.
1920.
1919.
1918.
.
Maturities(Nov.1) 1917.
Amount
$150,000 $170,000 3180,000 8200,000 3240,080 $260,000
Security.
-Will be secured by 1,000 steel tank cars, to cost $1,800,000.
Of this $600,000 Is to be paid in cash, and the balance by this issue.
-Exclusively engaged in the manufacture and rental of
The Company.
railroad tank cars. The plants at Warren, 0., Calumet, Ind., and Sand
Springs, Okla., now produce about 16 cars daily. Not earnings applicable
to dividends on all Equipment Certificates issued, are about ten times the
-V. 103, p. 1414, 1121.
requirements.
-Stock-Stock Dividend.
General Fireproofing Co.
This company, it is stated, has directed the issue of $194,700 preferred
and $250,000 of common stock, the proceeds of the issue to be used for the
plant, and for additional working capital.
A stock dividend of 50% has been declared on the $500.000 common
stock, payable in common stock at once to holders of record Nov. 30.
Compare V. 102, p. 979.
-Dividends on Second Preferred Stk.
Gulf States Steel Co.
As some confusion seams to exist regarding tho dividends on the second
preferred stock of the company, the following has been prepared from official statements. In order to declare a dividend on the common stock, it
was necessary to pay or declare in 1916 6% on the 2nd pref. This has been
done by the following payments and declarations: 1st payment, 1%%,
Aug. 1; 3% Nov. 1 and 134% declared to holders of record Dec. 15-1916
and payable Feb. 11917.
The dividend record on all stocks is as follows:
Common-1st dividend, 2%, payable Jan. 2 1917 to holders of record
Dec. 15 1916.
First Preferred-lst dividend, 15 1-6% (being accumulations to Jan. 11916),
% each Apr., July, Oct. I 1916 and Jan. 11917.
Feb. 15 1916;
%, Aug. 1 1916; 3% Nov. 1 1916 and
Second Preferred-lst dividend,
134% Feb. 1 1917.-V. 103, p. 1891, 1510.
-Stock Listed-Earnings.
(The) Hartman Corporation.
The foreclosure sale of this company's property which was to have taken
Tile New York Stock Exchange has admitted to list this company's
place on Doc. 9 was postponed until Dec. 23. Upset price $500,000.-V. $12,000,000 capital stock.
103. p. 846
Net Sales and Earnings of the Corporation and Subsidiary Companies for
30 1916.
Four Years and Six Months
-Dividend Reduced.
Continental Zinc Co.
1915. '16(6 mos.)
1914.
1913.
1912.
A dividend of 50 cents per share has been declared on the stock, payable Yr.end.Dec.31.
$6,649,388 $7,874,992 35,288,825
sales
Jan. 20 to holders of record Dec. 20. In July last $1 per share was paid. Net earnings_ _ _ _$6,038,390 $7,104,636
854,500 1,256,775 1,075.060
1,168,757 1,180,023
Net
-V. 102, p. 347.
555,235
115,000
166,000
118,000
Dividends paid
-A syndicate -V. 103, p. 847. 668.
-Bonds Offered.
Cuban Sugar Mills Corp.
headed by Bertron, Griscom & Co. and Millett, Roe &
Hagen are offering at 97M and int. with 20% bonus in common stock $1,500,000 First Mortgage 6% sinking fund gold
bonds of this new enterprise incorporated in Delaware early
in the year. A circular shows in brief:
Bonds dated Jan. 1 1917 and due Jan. 1 1932, but callable, all or part,
on any int. date on 30 days' notice at 1023 and int. up to and including
Jan. 1 1919,• thereafter at 105 and int. Int. J. & J. in N. Y. Denom.
$1,000 and 3500 c*. Trustee, The Trust Co. of Cuba, Havana. Exempt
from normal Federal income tax. Sinking fund $75,000 annually and no
$750,000 bonds shall
dividend can be paid on the common shares un
have been retired, and then only 5% until this entire issue has been paid.
-First M. 15
-year 6s, $1,500,Capitalization Authorized and Outstanding.
000; cumulative 6% pref. stock (non-voting), $600,000; common stock
(par value $100), $3,000,000.
The company owns over 36.000 acres of virgin sugar land in the Province
of Pinar del Rio, Cuba, in the cent: of which tract a modern sugar mill
Is being erected, to be completed (under forfeiture) by April 11917. This
mill will have a guaranteed capacity of 1,500 tons of cane or a little over
1,000 bags of sugar per day. Estimated net earnings $440,000 on basis
of an output of 120,000 bags and with sugar at 2% cents.
-Murray W.Dodge, Bertron, Griscom & Co., N. Y.; A. Hagen
Directors.
Millett, Roe & Hagen, N. Y.• 01. A. Hornsby W.-Pres.), Trust Co. of Cuba,
Havana; G. H.Saylor, ChaseNational Bank, N. Y.; Jerre J. Warren (Pres.)
-Bonds Sold.
-The
Cudahy Packing Co., Chicago.
company has sold to Lee, Higginson & Co., bankers, an issue
-year 1st M. 5% sinking fund bonds. A
of $9,000,000 30
public offering will be made next week.
See annual report in V. 103, p. 2075.
-New Capital Stock.
Detroit Edison Co.
The company is said to have under consideration a plan to increase authorized capital stock from $25,000,000 to $35,000,000, the stockholders
to be given the right to subscribe for a part of the new stock to the extent
of 10% or more of present holdings.
-The bankers named below
Additional Bonds Offered.
are offering at 101M and int. a block of $1,500,000
5% First & Refunding Mtge. gold bonds, due July 1 1940,
making the amount now outstanding $7,000,000. 1nt.M&S.
The bankers making the offering are: Coffin dc Burr, Inc., Spencer Trask
& Co.. Harris, Forbes & Co. and the Harris Trust & Savings Bank. Their
circular reports:
-Extra Dividend.
Homestake Mining Co.
An extra dividend of $1 has been declared on the stock, in addition to
the regular monthly 65c., both payable Dec. 26 to holders of record Dec. 20.
The same amount has been paid each Doc. since 1913.-V. 102, p. 1057.
-Extra Dividend.
Icy-Hot Bottle Co.
An extra dividend of 334% has been declared on the pref. stock along
with the regular quarterly I%% on the prof. and 5% common stock.
V. 102, p. 1439,803.
-Earnings.Imperial Tobacco Co. of Canada, Ltd.
Total
Balance,
Common
Pref. Divs.
Net
Sept. 30
Surplus.
Surplus.
Dividends.
(6%)
Profits.
Year1915-16-.-._$2,756,619 $481,800 (71')$1,890,175 $384,644 $1,245,455
860,811
211,475
481.000 (6%) 1,620,150
1914-15__ 2,313,425
-V. 102, p. 1894, 1814.
-Earnings.
-Common Stock Listed.
Ingersoll-Rand Co.
The New York Stock Exchange has authorized that the $750,000 additional common stock to be offered to employees at $200 per share (payable
In installments out of wages) be added to the list on and after Dec. 14 1916,
making the total amount authorized to be listed $10,981,000.
-For nine months ending Sept. 30 1916:
Earnings.
Prof. dividends (4%%)__ $113,638
Earnings of all properties
35,614,143 Corn. divs. in cash (.i0%)- 2,540,250
and other income
$461,773 Corn. divs. in stock (20%) 1,693,880
Depreciation
3767,102
Balance, surplus
37,500
Bond interest
$6,100,425.
The profit and loss surplus Sept. 0 1916 was declared on the common
An extra dividend of 20% per share has been 22. In April
last 30%
stock, payable Dec. 28 to holders of record Dec.
-V. 102, P. 1345.
in cash and 20% in common stock was paid.
-Initial Dividend.
Intertype Corporation, N. Y.
An initial dividend of $2 per share has been declared on the 2d pref. stock
along with the regular quarterly $2 per share on the 1st pref., both payable
Jan. 2 to holders of record Dec. 12.-V. 103, p. 842, 761.
Inter-State Electric Corp., N. Y.-Consol. Earnings
of Subsidiary Companies.-Month of October
1915.
1916.
$47,847
Gross income__$59,587
28,683
Oper. expenses_ 35,673
-12 Months ending Oct. 31Increase
1915.
1916.
$90,196
$575,099
$665,295
60,660
339.110
399,770
$29.536
$235,989
$265,525
$19,164
Net earnings _323.914
A. E. Fitkin & Co. of N. Y. are specializing in the bonds and stocks of
this company and at any time if you have an inquiry in connection with the
-V. 103, p. 1891. 1795.
same we will thank you to command us.
DEC. 16 1916.)
THE CHRONICLE
Jones Brothers Tea Co., Inc. (Proprietors of Grand
Union Tea Co.).
-Stock Offered.
-Merrill, Lynch & Co.
are receiving advance subscriptions at $48 a share for a block
of the company's common stock.
Total Capitalization ("No funded debt of any kind").
$4,000,000
7:% cumulative preferred stock, par value $100
10,000.000
Common stock, par value $100
The company, which operates in Brooklyn, one of the largest plants in
the world devoted to the business of a tea company, also two coffee plants,
soap factories, &c., has recently (in 1915) taken over the Globe Grocery
Stores, Inc., which operates a chain of 60 stores in Pennsylvania and New
York. With the acquisition of the Grand Union Tea Co. and Anchor Pottery Co., provided for by the issue of the $4,000,000 preferred stock, the
Jones Brothers Tea Co. will, it is stated, have in operation 256 retail stores
covering practically every section of the United States.
The net profits are reported for the combined companies as follows:
Average profits for cal. years 1901-1913, incl., $774,361; 12 months ending
June 30 1914, $892,281; 1914-15, $985,796; 1915-16, $862,309. Harry L.
Jones is President.
-V. 103, p. 2159.
-An extra divi(Julius) Kayser & Co.
-Extra Dividend.
dend of 1% has been declared on the $6,000,000 common
stock along with the regular quarterly 13/2%, both payable
Jan. 2 to holders of record Dec. 20. The regular quarterly
4
13 % on the 1st pref. was also declared, payable Feb. 1.
to holders of record. Jan. 20. See "Annual Reports" on pre-V. 103, p. 2159.
vious page.
-Production (in lbs.) [000 omitted].
Kennecott Copper.
-
Jan. Feb. Mar. April. May. June. July. Aug. Sept. Oct. Nov.
10,000 9,75010,15010,50010,50010,50010,75010,200 8,000 7,300 7,080
The total production for the 11 months to Nov. 30 1916 amounted to
104,730,000 lbs. of copper.
-V. 103, p. 1985, 1690.
Keokuk Water Works Co., N. Y.
-Stock Increase.
This company filed at Dover, Del., on Doc. 11 an amendment to its
charter increasing its authorized capital stock from $600,000 to $750,000.
-V. 95, p. 1545.
-Accumulations.
Keystone Telephone Co.
The company has declared a dividend of $1 (2%) on the pref. stock on
account of accumulations, payable Feb. 1 to holders of record Jan. 21.
Payments on this account of 2% each have been made on July 15 1915 and
-V. 103,
February and Aug. 1 1916. This leaves about 55% accumulated.
p. 2159, 1035.
Kings County Electric Light & Power Co., Brooklyn,
-The P. S. Commission on
-Convertible Debentures.
N. Y.
Dec. 4 authorized this company to issue $2,500,000 of convertible debentures, in order to reimburse its treasury for
$600,000 expenditures from income for improvements in
1912 to 1914, and to acquire $1,900,000 demand notes of the
Edison Electric Illuminating Co.
2241
sion engineer at approximately $1,305.000, as the cost less depreciation
accrued. The decision adds: 'This station is but little used relative to the
investment involved. Certain additions made to the Gold Street station
at a cost of about $500,000 have provided a greater generating capacity
than the total capacity of the 66th St. station."
Intangibles.
-Other differences between the amount allowed and the
company,claims relate mainly to overhead and intangible charges. These
items, as shown in the table, aggregate $4,033,359. The conclusion is:
,
"It may in fairness be contended that, no matter what are the amounts to
be included in the capital accounts under the company's theory, the moneys
for the items discussed under this head have been collected from consumers
in the rates imposed; and that, therefore, the consumers should not be
taxed a second time, for a return on capital which they have contributed."
In regard to franchise value, the Commission calls attention to the decision of the New Jersey Court of Errors & Appeals in the Public Service Gas
Co. case, "the reasoning of which should dispose fully of the claims and
arguments in this case.
Claims under the head of "cost of unifying the system" are defined as
"the cost of establishing monopoly." One result of the combination was
plant duplications, and, in taking into the valuation both the 66th St. and
the Gold St. plants, the Commission holds that it made an allowance for
what might be regarded as a development expense incident to the unification of the system. The additional amounts claimed were not allowed.
Determining Values.
-As the Commission holds that on Jan. 1, 1916
the original capital investment for electrical operation was approximately
$22,000,000,and the average annual return thereon was nearly9 .it decides
%
that these conclusions effectively dispose of the claims for going "value."
,
"Thus," the Commission concludes,"whether the basis for valuation be the
actual capital invested or the present value of the property, the company
will be fairly dealt with if ratesare based on a valuation of its property of
approximately $22,000.000.
Under the circumstances the Commission concludes that "it is a question
whether a return of 6% would not be adequate. A return of7% is certainly
generous." [This return on a valuation of $22,000,000 would yield about
$1,540,000. Deducting, say, $700,000 for interest on indebtedness would
leave $840,000,or about 5 %,on present capital stock.
-Ed."Chronicle"
Order (in Part)
.-The order of the Commission is that on and after Dec.
and for 12 months thereafter, the maximum rate, exclusive of installation
and renewals of lamps, shall be 8 cents per kilowatt hour. Rates are declared to be unjust, unreasonable, unjustly discriminatory and unduly
preferential, and therefore for the same period they shall be 8 cents for the
first two hours' average daily use of the maximum demand; 6 cents for the
second two hours' average daily use of the maximum demand, and 4 cents
or the excess over four hours' average daily use of the maximum demand.
[The present maximum rate is 11 cents per k. w. hour. After Dec. 1 1917
the Commission would consider the effect of the ordered decrease in
rates, with a view to a possible increase or a further reduction in case
reason therefor should be found.
-Ed.]
-V. 193, p. 1596, 2082.
Lake Superior Corp.
-New Directors.
-
Sydney Mason and Horace C. Coleman of Philadelphia, were recently
chosen directors of this company.
-V. 103, P. 2075, lns.
Lord & Taylor,N.Y.
-Plan for Securing Additional Capital Progressing Satisfactorily.
-The plan of Oct. 31 1916, to
which the shareholders were asked to assent by mail, is, we
are informed, receiving good support, although owing to the
usual delays it has not as yet been declared operative.
Outline of Financial Plan Dated Oct. 31 1916.
1. That the first preferred stockholders agree to cancel their claim for
accumulated dividends up to Dec. 1 1916.
2. That the second preferred stockholders agree to cancel
Basis of Rate Order.
-The heavy reduction in rates, which accumulated dividends up to Nov. 1 1916, and waive their their claim for
rights to diviNov. 1 1917.
this company and its subsidiary, the Edison Electric Illum. dends up tothe common stockholders agree to exchange their
3. That
present cerCo., declined to put in effect on Dec. 1, notwithstanding the tificates of stock of $100 par value for an equal number of shares of non-par
common stock.
order of the Public Service Commission (and for which they valueThat the common stockholders agree to waive dividend
4.
ask a rehearing) is justified in the opinion of the Commis- permanent reserve of $1,000,000 has been accumulated out ofrights until a
net earnings,
be considered as additional capital
sion by the result of an inventory and appraisal of physical this amount to stock and its permanency being and not to be distributed
to any class of
insured by proper legal acproperty that has been in progress since early in 1913, and. tion. This addition to the capital will guarantee the continued financial
,
their analysis of the same. In the work of appraisalthe Com- stability of the company and add value to every class of stock.
5. That the common stockholders
mission's engineer, Clifton W. Wilder, had the co-operation tion to one-half of the earnings afterfurther waive their rights to distributhe $1,000,000 reserve is set up until
of the company's engineers, Sanderson & Porter.
a special reserve of $500,000 is accumulated, which special reserve shall be
The differences as to the value of the tangible property held against the obligation to pay a bonus as provided in the lease of the
property in
were not great, but the Commission, for one reason or an- store In the eventthe event it should be desirable to cancel such lease. the
the foregoing conditions are complied with, then have
6.
other, disallows, in whole or in part, various items for rate- company authorize an issue of $1,500,000, 1 to 10 serial, 7% semi-annual
Income Bonds,subordinated to all obligations to general creditors and prior
making purposes claimed by the company. •
to all stock liability. Of this issue, $800,000 to be sold at once for par,
The five classes of items at issue between the company $300,000 thereof to be payable within two years at rate of $150,000 a Year.
and $500,000 payable during
succeeding five years,
and the Commission are: (1) contingencies, engineering, &c., $100,000 a year, which issuethe nextbe offered pro rata to at the rate of
would
stockholders,
costs reduced $1,096,738;(2) an item of $7,140,000 for depre- though underwritten by some of the larger common stockholders. The
ciation, which the company claims is unjustified, as the prop- balance of said issue is to be held to meet possible future requirements.
Data from Letter of Pres. S. W.
New York, Oct. 31.
erty has been fully maintained;(3) 04,190 omitted by Com- Further the deficit is large, the creditors Reyburn,no uneasiness. The
While
need feel
values placed on assets are conservative and more than ample to safeguard
mission as representing value of 66th St. generating station in all
the general creditors. The difficulties that confront the company are
excess of present requirements; (4)intangible items, $4,531,- problems of the stockholders. For many years the volume
944, comprising (a) Edison license. (patents now expired), has required outside financing. The high credit standing of business done
of the principal
$945,000; (b) costs of organization and unifying system, stockholders was such that large sums were at all times easily borrowed.
The events which have made it necessary
are
$3,586,944; and (5) items charged to operation, $4,033,359, briefly: (1) The recognition, shortly after to secure additional capital the
Mr. Hatch's death, that
including costs of attaching business, installing lamps, &c. company had insufficient working capital. (2) The necessity of removing
the present location, and
This last item is cut out because in the opinion of the Com- from the old shopping district toClaflin failure, which for a the heavy expense incident thereto. (3) The
mission the rates charged by the company in the past have the credit of related businesses. (4) Most serious of all, the time impaired
large decrease
with the outbreak
been sufficient to reimburse it for the outlay; (6) working in all retail business startingnot yet been whollyof the European war, with
attendant losses which have
recovered.
By careful effort on the part of the bankers' committee and your direccapital, $325,776.
of the Gold Notes
The "Electrical World" of N. Y. in its issue of Dec. 2, tors, liquidation has reduced the amountagreement" entered dated July 1
1914 and issued under the "supporting
into with 24
summarizes the decision, saying in 'brief:
N. Y. City banks, from a maximum of $5,100.000 to only $1,734,000
-The outstanding capitalization on Jan. 1 1916 was as Sept. 30 1916. This obligation must be paid to the banks on Jan. 11917,
Capitalization.
and to meet this payment the company should secure $800,000 of new capifollows: Mortgage bonds, $11,209,000; convertible debenture bonds, tal,
which, with normal
$3,064,000; stock, $13,436,000; total, $27,709,000. In addition, there financial independence. banking credits, should restore the company's
were $800,000 bills payable. This capitalization includes (or has replaced)
It is believed that the fall profits will take care of the interest requiresecurities issued as follows: Edison license, $945,000; guaranty fund for
Edison purchase-money bondholders, less system securities in fund, $258,- ments on the proposed income bondri and probably enable your company
000; securities given to promoters and contractors for Kings County Elec. to meet the quarterly dividend on thiVfirst preferred stock on Mar. 11917,
Lt. & P. Co. property in excess of investment, $2,000,000; securities issued and that the profits thereafter will be sufficient to meet the bond payments
and the dividend requirements.
for Amsterdam Co. in excess of property value, $361,000; securities
in
Using the balance sheet of Sept. 30 as a basis, but including adjustments
excess of par value of securities acquired of Citizens,
companies, $1,701,000: stock dividends, Citizens Municipal and Edison reducing fixtures by $635,526 and investments by $50,647, as authorized
and Municiyoal cos., by the board, an adjusted balance sheet as of
$600,000; discounts and premiums on bonds issued and refunded,
Sept. 30 1916 would appear
$775,000; as shown below. As the company has disposed of the wholesale branch of
total, 36,640.000. The original investment is thus
calculated to be less its business, the directors believe that the good-will should
than $22,000,000. On the actual capital contributed in
also be reduced
money or property from $3,000,000 to $2,000.000, which, on the present basis,
and devoted to electrical operations, the total dividends
would increase
and interest are the deficit to $2,495,775. No dividends can be paid
calculated to have approximated
while any deficit exists.
9% per annum.
Depreciation.
-The company contended that no deduction for accrued Balance sheet as Adjusted Sept. 30 1916, and After Consummating this Plan
depreciation should be made in the valuation. The
After Re- Sept. 30'18
Commission, on the
After Re- Sept. 30'18
other hand, says:
.
organiza'n. as Adjust.
organiza'n. as Adjust.
"It has been the consistent
Assets$
$
$
capitalization and rate cases to determination of the Commission in both Cash
217,831
appraise physical property on the basis of
217,831 1st pref. stook_ __ 2,385,000 2,385,000
present value, deducting accrued depreciation, both physical and functional. Accounts & notes
2d pref. stock__ 1,895,100 1,895,100
Accrued depreciation has been uniformly determined on the so-called
receivable
1.414,250 1,414,250 Common stock_ _ _
,
straight line basis, and this method has had judicial approval in this State. Mdse. in stock__ _ 2,034,535 2,034,535 New serial bonds_ *149,900 2,998,000
800,000
That depreciation must be deducted in a valuation for rate-making purdo in transit
140,009
140,009 Due banks, &c_ _ _
934,000 1.734,000
poses is not open to question in view of the decisions of the U. S. Supreme Supplies
13,354
13,354 Due mdse.creditors 812,414
812,414
Court in Knoxville vs. Knoxville Water Co. and the Minnesota
Mutual UnderSundry Items
121,258
121,258
The decision of the Appellate Division of the Supreme Court in rate cases.
writers
9,045
9,055 Due custom's, &c_
this State
1,156
1,156
in the case of People ex rel. Kings County Lighting Co. v. Willcox
Deferred payments 228,203
228.203 Cooling. liab. on
is a
clusive authority from which this Commission may not deviate, forcon- Investments
199,299
199,299
notes discounted 200,000
the
200,000
deduction of complete and incomplete depreciation, physical and functional, Fixtures dr equip't 1,394,828 1,394,828 Mdse.& fixt. res've 250,000
from the reproduction cost now in valuations for rate-making."
Good will
2,000,000 3,000,000 Surplus
102,325
Excess Generating Capacity (Net, $805,000)
.-Tho question was raised as Deficit
1,495,775
to whether the property was in excess of present needs
for
and therefore whether' there should be eliminated an amountpublic service,
7,851,153 10,148,928
Total
Total
for such prop7,851,153 10,146,928
erty as is not used or useful for public service. This question
* Includes 29,980 shares with no par value, but stated at $5 a share in the
connection with the 66th St. generating station, included by the arises in
Commis- balance sheet.
-V. 102. p. 2345.
The last-named company is authorized to issue the $1,900,000 notes in
question for the purpose of paying off $600,000 of promissory notes to
banks, and to reimburse its treasury for income expenditures$1,300,000.
2242
THE CHRONICLE
McCord Manufacturing Co. (of New York), Detroit,
-John Burnham & Co., Chicago,
Mich.-Pref. Stock Offered.
are offering at par (see advt. pages) the unsold portion of
$750,000 7% cumulative pref. stock, giving subscribers the
privilege of subscribing to an equal number of shares of common stock of no par value at $35 per share. The company
is being organized under the laws of N. Y. State to take over
the McCord Mfg. Co. of Maine, organized in 1909.
Issued.
Proposed Capitalization (nofunded indebtedness)- Authorized.
$750,000
7% cumulative preferred stock, par $100 a share_ _ _$1,000,000
75,000 shs. 75,000 shs.
Common stock (no par value)
-J.
The pref. stock is preferred as to assets and dividends. Dividends Q.
Red. at 110 and dividends. Sinking fund of 5% annually for redemption
earnilgsilag year equal or exc dgIu gaiclyinerase0 ratyer.
nfnLtif
No mortgage or funded debt can be created without the consent of 75%
of the preferred stock outstanding, and no stock prior to or equal with the
present pref. may be issued unless net income and earnings applicable to
dividends on pref. stock are twice the annual dividends upon all pref. stock,
including that to be issued, and unless net quick assets shall equal 100%
of the pref. stock outstanding and net assets 1M times all the pref. stock
outstanding and to be issued. No common dividends shall be paid unles„
the net assets are 150% and the net quick assets 100% of the pref. stock out'
Data as to Maine Corp. from Pres. A. C. McCord, Chicago, Nov. 28,'
Organization.-Organized Jan. 1 1909 in Maine to manufacture automobile radiators, lubricators and gaskets for steam and gas engines.
-(1) Detroit plant, original floor space less than 40,000
Properties.
sq. feet, since quadrupled, and in addition we occupy three other plants,
making a total of about 300,000 sq. ft. Original radiator capacity, 150 per
day, now 2,000, and we are the largest independent manufacturers of automobile radiators in the country. (2) Plant established at Walkerville,
Ont., opposite Detroit, to take care of Canadian orders; has been tripled
this year. (3) To extend radiator facilities in Plant 1 and to take care of
the demands of the gasket department, in 1915 a plant was purchased at
Wyandotte (near Detroit), now increased 2M times. (4) In 1915 we established a separate plant, giving increased capacity equal to all emergencies.
Business.
-Principal users of our radiators are: Studebaker, Dodge,
Chalmers, Packard, Chevrolet, Hupp, Cole, Marmon, Mercer, Oakland,
White, General Motors Truck, Federal Motors Truck, International Harvester, Ingersoll-Rand, Signal and Vim companies. The radiator includes
the steel frame and whole front end of the car ahead of the hood. In addition to the radiator and gasket departments, the company manufactures
certain hardware for railway passenger cars and lubricators for steam and
gas engines for stationary, marine, submarine and locomotive service.
-The new company starts with net quick assets of
Assets and Earnings.
$1,000,000 and total net assets in excess of $1,875,000.
1914.
1915. 12 mos. to Nov. 1 1916.
Operations$4,204,711
$1,490,012 $2,569,052
Volume of business
563,705
140,042
324,473
Earnings
Unfilled orders approximate $4,500,000,equal to the production for 1916.
We have declined any munition or war order business.
Condensed Balance Sheet as of Oct. 311916,Giving Effect to New Capitalization
Liabilities (Total $2,594,600)•
Assets (Total $2,584,600).
$,750,000
$33,789 77 pref. stock
Cash
275,000
Customers' accounts
549,050 Bills payable
368,712
Materials, &c
1,033,531 Expenses, payrolls, &c_
5,518
Other convertible assets
83,766 Accr'd taxes, insur., &c
Net worth appl. to 75,000
Real estate, machinery,
sh's of common stock
1,126,008
876,008
&c., as appraised
Prepaid insur., int., &c
8,456
-My associates and myself will continue to own a conManagement.
trolling interest and will manage the property as before.
Zll
[VOL. 103.
Earnings for the 9 Months ended Sept. 30 1916.
$915,902 I Other interest
$3,760
Net income
Insur., taxes, &c
70,850 Depreciation reserve
150,000
Exp. tenement props
20,342 Reserve for flood losses_ __ _ 15,000
-year. notes
Int. on 3
112.500 Balance, surplus
$543,450
We had estimted that the mills would earn this year $1,000,000 net.
Over $900,000 net has been earned in the first nine months, after charging
large expenditures for improvements to operating expenses and after setting
aside $150.000 for depreciation. We now anticipate that the net earnings
for the year will be well up to $1,250,000 and the surplus earnings around
$750,000. This is equivalent to about 13% on the $6,109,000 7% pref.
stock, cumulative from Jan. 1 1915. The only obligations are $2,500,000'
3
-year 67, (unsecured) notes, due Feb. 1918.(V. 100, p. b16). The balance
sheet of Dec. 31 1915 showed current assets over current liabilities $2,679,622 ,• since that time the surplus earnings have been $543,000. The treasury
holds $1,800,000 pref. and $1.000,000 common stock, which at present
market a
prices re worth $1,500,000.
New York advices state that the cotton duck markets are generally
cleaned out of spot goods and that while the volume of business seems small,
yet offers are heard of for goods to be made well into next year. There is
a growing belief that another upward revision of the jobbing cotton duck
list will be necessary in the near future. The boom in shipbuilding in this
country is having a direct effect in the cotton duck markets, not only in
sail duck, but in many other cloths used in vessels of all kinds. Compare
V. 103, p. 1892.
-Stock Listed-Earnings.
National Surety Co., N. Y.
The New York Stock Exchange has authorized to be listed an additional
$1,000.000 capital stock on and after Dec. 18 1916, making the total amount
authorized to be listed $4,000,000.
Earnings.
-For calendar years and 9 mos. to Sept. 30 1916:
Calendar
Gross Prem. Reinsur. Net Prem. Int., Rents.,
Total.
IVritten. &Co.Sur. &c. Written. &c., Rec'd.
Years1915 (cal.)
$5.401,615 $1,626,329 $3,775,286 $287,638 $4,062,924
1914 (cal.)
5,137,509 1,647,588 3,489,921
287,691 3,777,612
4,296,510 1,073,502 3,223,007
1916 (9 mos.)
334,793 3,557,800
The net premiums written as above for 1915 is stated exclusive of $179,926 deferred charges, against $232,793 in 1914 and $206,926 for 9 mos.
to Sept. 30 1916.-V. 103, p. 1122.
New York Shipbuilding Corporation.
-Stock Sold.Hallgarten & Co., Chas. D.Barney & Co. andMontgomery,
sold at $47 50 per share their block of
Clothier & Tyler have
the capital stock of this new corporation.
It is the intention of the company, if it is shown to be feasible, to begin
the construction of a standard type of ship. While ships of this type will
not be identical in every respect, they will be very nearly alike, and it is
expected that in such cases there will be a marked decrease of costs, amounting to perhaps 10%, and a resultant increase in profits. A complete description of the new company's organization, earnings, property, Ste., will
be found in V. 103, P. 2159, 2082.
New York Title & Mortgage Co.
-Dividend Increased.
A dividend of 1%% has been declared on the stock, payable Jan. 2 to
of 1% over previous
holders of record Dec. 22. This is an increase of
-V. 103. IL 55.
payments.
North American Pulp & Paper Co.-Acquisition.
This company,which some months ago acquired control of the Chicoutimi
Pulp Co. the St. Lawrence Pulp & Lumber Corporation and the Tidewater
Paper Mills Co., has recently arranged to acquire (1) a large interest In
the Ha Ha Bay Sulphite Co., with plant under construction to cost over
$1,500,000 and having an annual output capacity of 36,000 tons;(2) a controlling interest in the Saguenay Light & Power Co. (V. 103, p. 143).
It is planned that the ultimate manufacturing capacity for mechanical
and sulphite pulp shall be increased from the present 126,000 tons to about
manufacturing
now about
Merrimac Chemical Co.
-Dividends-Purchase-New 200,000 tons. Theunderstand therecapacity for newsprint isof increasing
is no immediate intention
27,000 tons, and we
-An official circular says in substance:
Stock.
this, it being thought preferable to concentrate on pup production.
To finance the new acquisitions the company has recently sold 220,000
The directors have declared a dividend of $1 67 per share, payable Jan. 2
1917 to stock of record Dec. 12 1916. This dividend covers a period of shares of the common stock to its bankers and these shares in turn have
four months, from Sept. 1 1916 to Dec. 31 1916, and is at $5 annual rate. been purchased by financial groups at Toronto, Hamilton, Buffalo, Bos-J.
Regular dividends hereafter will be paid Q.
ton and New York, increasing the outstanding stock, it is understood, to
The directors have declared a stock dividend of 11,760 shares (par value about 1,000,000 coin. shares (no par value), with 32,000,000 6% cum. pref.
Capitalization (at last advices) Shs. Issued. Shs.Acg'd. Par Bonds Out.
3588,000), payable on stock of record Dec. 12 1916, in ratio of one-half
29,329 $100 $3,200,000
Chicoutimi Pulp Co.(V.103,p.143)36,500
share of new stock for each share of stock held.
*12,000
100
1,200,000
Do Freehold Estates, Ltd_ __ _12,000
To finance the purchase of the entire plant, assets and good-will of Coch36,000 None
40.000
3,850,000
rane Chemical Co. of Everett, Mass.,$1,764,000 new stock is to be offered St. L.P.& L.Corp
3,0.50
14,500 pref.
1001
180,000
at $73 (par $50) to stockholders of record of Dec. 12 1916, in the ratio Tidewater Paper Mills Co
100
of 1M new shares for each share held. Subscriptions must be filed on or
(Plant at Bush Ter., Bklyn)_15,000 coin.. 3,490
*Stock all owned by Chicoutimi Pulp Co. See V. 103, p. 143; V. 99,
before Dec. 30 1916 and paid on or before Jan. 4 1917. This new stock
and the new stock resulting from stock dividend will not participate in p. 469; V. 100, p. 2088.
dividend of Si 67 a share payable Jan. 2 1917.
-V.103, p.2159,
The new stock offered shareholders will be underwritten.
Digest of Circular Issued by Gwynne Brothers, New York.
[Data obtained from official sources, but not guaranteed.]
-Capital Stock
Merritt Oil Corporation (of Maine).
of North American Pulp & Paper Co.
-Carl H. Pforzheimer & Co., New York, have sold at CommonCapitalization value)
Sold.
1,000,000 shares
shares (no par
$2,000,000
6% cumulative ($100 par value)
$9 per share a block of this new company's $6,000,000 stock, Preferredbonded debt at last advices, see above Ed.]
Their advertisement for record appears on another page. [As to Holdings.-1,250,000 acres viz: 410,000 acres by St. Lawrence
Forest
Pulp & Lumber Corp. and 440,000 acress by Chicoutimi Pulp Co. These
Data from Letter of Pres. K. C. Schuyler, New York, Dec. 5 1916.
20.000,000 cords of pulpwood.
-Incorporated in Maine [on or about Dec. 6 1916] with a lands are estimated to contain output 80,000 long tons of mechanical pulp
Organization.
Chicoutimi Pulp Co.
-Present
capital stock of $6,000,000, par $10. There is outstanding 375,000 shares per annum from its mills at Chicoutimi and Ouiatchouan, Province of
and the balance is in the treasury.
of mechanical pulp
-The company is being organized to own leases running from Quebec. The company is now the largest exporter in the world. Plans
Properties.
mill
five years to perpetuity in term on acreage in Natrona and Converse coun- in America and It operates the second largest pulp130,000 tons per annum.
perfected call for the extension of capacity to
ties, Wyo., in the heart of the Big Muddy field, 18 miles east of Casper. Also owns (a) in fee simple water power aggregating 50,000 h.p. on the ChiWyo., the site of the refining works of the Midwest Refining Co., viz.: coutimi
h.p. of which is fully developed
and Ouiatchouan rivers,
(1) An undivided 3i interest with the Ohio Oil Co. in a 500
-acre tract, equal and 22,500 h.p. is undeveloped 27.500
to 250 acres owned;(2) all of 250 acres adjoining on the south; (3) all of 280 Saguenay Ry., which operates areserve; (b) all the stock of the Robevalstandard-gauge
and
acres on the north; (4) an undivided 25% in about 3,000 acres adjoining passenger service from Ha Ha Bay Junction on therailroad for freight Ry.
on the west, this interest being equivalent to 750 acres; and (5) acreage on to deep water at Ha Ha Bay;(c) practically all the es,nadian Northern
suock of the Chicoutimi
the edges of the field, and is endeavoring to secure additional acreage. Ex- Port Co., with water-front property at Ha Ha Bay and ligtherage business,
ploration work has been done chiefly by Merritt 011 & Gas Co. and Midwest &c.; (d) Quebec & Saguenay Telephone Co.
Refining Co. All oil so far produced has been refined at the Midwest reA large interest is shortly to be acquired in the Ha Ha Bay Sulphite Co.,
fineries at Casper.
cost of over 31,500,000, which will have
-The Midwest Refining Co., in addition under construction at aalso a controlling interest in the stock of an annual
Relations With Other Interests.
Saguenay
output of 36.000 tons;
to its land holdings in the field,owns a substantial interest in the corporation. Light & Power Co., with 100,000 undeveloped h.p. water power and a light
As illustrating tlie values attaching to the lands in this field, we underbusiness. The last named operates a modern hydro-electric
stand from reliable sources that the Ohio Oil Co. has paid $500,000 for an and powerthe Chicoutimi River and supplies light and power to the district.
undivided half interest in the 500
-acre tract on which the new deep well station at
-Located at Chandler, Province of
& Lumber Corp.
St. Lawrence
of the predecessor co. now down 3,137 feet, is situated (the other half Quebec. OwnsPulpoperates a modern concrete and st,el sulphite mill with
and
interest in said tract and well being the property of the Merritt Oil Corp..)
a present capacity of 37,500 tons of sulphite pulp per ann. Plans have
in addition to its other extensive holdings hereafter referred to, and has also
extension of output to 75.n00 tons per ann. Also
acquired other interests in this field. The Texas Company has acquired been perfected for the
25 miles of railroad. The extension will make
leases on 500 or 600 acres and is vigorously attempting to make other acqui- owns a modern sawmill and pulp mill in world.(V.96,p.1093; V.102.p.527.)
the mill the largest sulphite
sitions, as are other large interests. The Merritt Oil Corp. will occupy,
-Operates a newsprint mill with a capacity
Tidewater Paper Mills Co.
its officers believe, the most favorable position in the field by reason of its
Brooklyn, N. Y. All the pulp
ownership of leases, ranging at fair royalties from five years to perpetual of 28,000 tons per ann., and is located in mills of the Chicoutimi and St.
used by this company is supplied by the
in term, on acreage well within the limits of the dome.
Production.
-With the present limited development the company has Lawrence companies.
-Since the company was organized in May 1915 mechanEarning Power.
about 750 bbis. daily production. It is proposed to execute an extensive
ical pulp then ranging in price around $18 to $20 per ton has advanced
program of development.
now
-K. C. Schuyler (Pres.), A. E. Huinphreys Jr. to about $40 per ton, while sulphite pulp, which was around $40 is ton.
Officers and Directors.
$42, is now over $100 per
(V.-Pres.). Clarence E. Titus (Sec.-Treas.), Theo. G. Smith, A. E. Hum- over $100 per ton, and newsprint, then aboutEUCC€C4 of the earnings contemtherefore, should be greatly in
phreys, all of Denver, and T. A. Merritt, Duluth, Minn., and Carl H. The earnings,
plated at the time the company was formed.
Pforzheimer. New York.
Officers.
-J. E. A. Dubuc, Pres.* George H. Parks, A. E. Wright and
'
F. W.Bacon, Vice-Presidents; S. C. Rogers, Treas., and W.J. Devine, Sec.
-Allied Co. Stock Sold.
Midwest Refining Co.
Executive committee: W. H. Clark and George W. Robertson, Phila.;
Merritt Oil Corporation, above.
-V. 103, p. 65.
See
J. E. A. Dubuc, Chicoutimi; John H. Duffy, N.Y.; Hon. George T. Oliver,
R. A. Wilbur. Cleveland;
Mount Vernon-Woodberry Mills (Inc.), Baltimore.
- Pittsburgh; G. Tracy Rogers, Binghamton;'Ont.; Hon.
Wilson.
-Nelson, Cook & Co.,Baltimore, in their monthly C. S. Wilcox and Paul J. Myler,glamilton
Earnings.
Montreal.
-V.103. p. 1795. 1690.1
circular of Dec. 2 say in substance:
The recent advance in the stocks, in which the preferred sold up to 75%
and the common to 21%, must be a subject of considerable satisfaction
to holders of these stocks which were taken in exchange for the old Cotton
Duck 5% bonds in the proportion of 7 shares of preferred and 3X shares of
common for each $1,000 bond. The outstanding preferred stock is $6,109,000 and common stock, $4,800,000.
-Dividend Increased.
Northern States Power Co.
A quarterly dividend of I%% has been declared on the $5,975,000 common stock, payable Jan. 15 to holders of record Dec. 30. This compares
with 1M% in July and 1M % in October. The regular quarterly 13i% on
the pref. was also declared payable Jan. 20 to holdirs of record Dec. 30.
-V. 103. p. 669, 411.
DEC. 16 19164
THE CHRONICLE
Northwestern Yeast Co.—Extra Dividend.—
An extra dividend of 3% was paid on the stock on Dec. 15 along with the
regular quer. 3% to holders of record Dec. 12.—See V. 102, p. 1253.
Ogilvie Flout Mills, Ltd.—Dividend Increased.—
A dividend of 2%% has been declared on the common
Jan. 2 to holders of record Dec. 20. This compares withstock, payable
2% quarterly
(8% P. a.) since 1910.—V. 103, p. 1511, 1122.
Ohio Cities Gas Co.—Sale of Notes—New Stock.—To
finance in part its recent acquisitions (V. 103, p. 2083) the
company has sold to the Guaranty Trust Co. $5,000,000 6%
serial notes dated Jan. 1 1917, maturing in 1, 2,3 and 4 yrs.
These notes, it is said, will be unsecured obligations duo $625,000 each
six months and subject to call as an entirety within the first two years
at 102 and thereafter at 101.
Stockholders of record of Dec. 27, it is announced, will be
allowed to subscribe for $1,000,000 new common stock at
$85 a share (par $25) in the ratio of one share of the new
stock for each eight shares now held. Full payment for the
new stock must be made on or before Jan. 22.—V. 103, p.
2083, 1986.
Ohio Copper Co. of Utah.—Successor Co.—
This company was incorporated at Augusta, Me., on or about Dec. 7
with $2,500,000 stock, par $1, as successor to the Ohio Copper Co. and the
Ohio Copper Mining Co., which see above.—V. 103, p. 1892, 411.
Ohio Copper Mining Co.—Sale Confirmed to North
American Liquidation Co.—Plan.—
Judge Learned Hand in the U. S. DIst. Court at
City
confirmed the redemption of the property, free and N. Y. from on Dec. 4
clear,
the bondholders' committee (qhlch bid in the same a tforeclosure on
Aug.
the North American Liquidation Co., Inc.,formed by stockholders'30). by
protective committee of which Hubert E. Rogers is Chairman.
Further deposits
of stock were received at N.Y. Trust Co.,26 Broad St.,on or
before Dec. 15
upon payment of the $1 per share required by plan.
The bankruptcy trustees have transferred all the property to the new
corporation, the Ohio Copper Co. of Utah (see above), in accordance with
the following plan. All the debts and mortgage bonds have been paid
through the bankruptcy trustees, and the bonds and mortgage cancelled.
Digest of Reorganization Plan, Rogers Committee,dated N.Y., Nov.1.
A new corporation to be formed to be called the Onio Copper Co. of
Utah, under laws of Now Jersey or other suitable State, having a capital
of $2,500,000 in shares of $1 00 each
$2,500.000
To be sold to an underwriting syndicate at par, less
15% commission, in order to provide for acquisition of property and working capital
$1,500,000
To be retained by the committee for reorganization
purposes, 150,000 shares
To be placed in treasury for future needs, either for 150,000
the purchase of the railroad [Bingham Central
Ry.—V. 98, p. 1607; V. 92, p. 116—which
carries the ore from the mine to the smelter] or
for the installation of new equipment, or other
purposes
850,000
The underwriting syndicate offer, through the shareholders' committee,
to the holders of the 1,350,000 shares of the Ohio Copper Mining Co. who
deposit their stock, the right to subscribe for 1,350,000 shares at $1 per
share; each depositing shareholder having the right to subscribe and pay
for the same number of shares as that deposited by him. If all old shareholders should subscribe, they would then own the property free and clear
of all mortgage and other indebtedness, and have nearly $200,000 working
capital in the treasury. (The committee will control the management for
a term of years.]
Data from Circular of Rogers Committee, Dated Oct. 31 1916.
With the most unfavorable conditions prevailing, it is conceded by all
that the property is fairly worth over $2,000,000. With copper at above
25 cents per pound, as it is to-day, the net earnings per year should exceed
40% of this amount. Therefore the now stock, it is confidently believed,
will sell at considerably above par. The mine is located near
City, Utah, and adjoins tho celebrated Utah property. It has Salt Lake
a very lowgrade copper ore, but there are great quantities of it in sight,
with extremely
low mining cost, because of the peculiar conditions at tee
mine.
The Court in its opinion states: "The bankrupt's property
has largely
enhanced in value by reason of the phenomenal rise in
the
from 11.739 cents a pound in Nov. 1914 to 26.720 a pound price of copper,
in August 1916.
The mine was temporarily leased by the trustees and
the receivers and
now producing 3,000 tons a day. The property is accordingly restored is
to a
solvent condition, and should be returned to the real owners when the debts
and expenses of administration are paid in full."
The committee proposes that there be installed at once the latest processes
for treating ore, 1. o., either the flotation or leaching process, or a better
process if any, for it is believed that by so doing a recovery of nearly 50%
more than now is obtained can be obtained, so that whatever the times—
war or peace—the property can make money.
It is estimated that the amount required to
assets, other
than money, after allowing for the credits andacquire all the
charges involved in the redemption of the property and the payment of the sums
found due on the
bonds, less whatever sums have been realized in the
foreclosure &c. will
probably not exceed $1,100,000. The amount of
Interest to date is approximately $1,500,000. The the bonds and accrued
net
above, it is expected, will aggregate about $400,000. credits enumerated
Shareholders protective committee: Hubert
E. Rogers, Chairman. 60
Wall St.; Charles A. Kittle, 43 Exchange Place, N.
Y.• Frank B. Cook,
-Pros. Columbia Trust Co., Salt Lake City;
V.
Gem*,
Pres. Augusta Trust Co., Augusta, Mo.; Edwin S. Hoo E. Macomber.
ey, 15
N. Y. City, with James A. Heitzmann as Soc'y, 43 Exchange Broad St.,
Place, N. Y.
City.—V. 103, p. 1892, 2083.
Ohio State Telephone Co.—New stock.—
2243
Pierce-Arrow Motor Car Co., Buffalo, N. Y.—Pref.
Stock Offering.—J. & W.Seligman & Co. and associates have
sold the entire issue of $10,000,000 8% cumulative convertible preferred stock, convertible share for share into common
stock. The subscription price was 107 and divs. There
are also outstanding 250,000 shares of common,no par value.
Data from Letter of President Charles Clifton. Buffalo, Dec. 7 1916.
Preferred Stock.—Preferred as to assets as well as dividends. Red. all
or part at any dividend date on sixty days' notice at 125 and divs. Divs.
Q.
-J. Preferred stockholders have no rights of subscription except to preferred stock or securities convertible into preferred stock. Both common
and pref. shares have the same voting rights.
The company must devote to the purchase (or
of preferred stock cash equal to whatever is paid in call at 125 and divs.)
any year in
dends on the common stock over $5 per share. Preferred stock cash diviand otherwise redeemed will be converted into common stock so retired
for general purposes or for distribution as a stock dividend. to be used
All Bonds to Be Paid Feb. 1 1917.—On Feb. 1 1917 the cpmpany will
free of all bonded debt, as the company's only indebtedness, consisting be
of
$1,250,000 of first mortgage bonds, will be called for payment on that date,
cash having been set aside.
Property.—The plant is situated at Buffalo on the New York Central
belt line, and covers 25 acres of ground; modern concrete and steel
factory
buildings with most modern machinery. Has about 7,000 employees.
Earnings.—For the nine months ending Sept. 30 1916 the profits, after
deduction for depreciation, were determined by Price. Waterhouse &
Co.
to amount to $2,460,000. October earnings were $403,000, and Nov. and
Dec. are estimated at $500,000. The profits compare as follows:
Year end. July 1 1911 _ _ _$1,960,000118 mos. to Dec. 31 1914_ _$1,714,000
do
do
1912 ___ 2,142,000 Cal. year 1915
4,381,000
do
do
1913 _
1,464.000 9 months to Sept. 30 1916The chartered accountants say in substance: We have satisfied2,460,000
ourselves
that the foregoing is in the aggregate a conservative statement. Ample
provision has been made for depreciation. Our readjustment
would
slightly increase the total profits.
The company has had orders from foreign goverrunents
filled mainly during 1915, and in part this year. The trucks which were
supplied to
foreign governments have given thorough satisfaction.
commercial business is steadily increasing. It is proposedThe domestic
to push this
business with vigor.
Physical Assets as of Oct. 1 1916 (Total $13.804,702).
Fixed assets, book value, approved by the American Appraisal
Co.: Land and buildings. $2,625,877; machinery.
$1,362,829;
general equipment, $405,620; tools and patterns,
$993,460;
furniture and fixtures, $122.702; patents, trade-marks,
&c.,
$6,351; total, $5,516,839; deduct reserve for depreciatio
n,
$1,320,999; balance
$4,195,839
Net working assets, as determined by Price, Waterhouse
&
Materials and supplies, &c.,$7,924,059; bills receivable, Co.:
$121,498;accounts receivable,$2,007,772; miscell.Investments
$115,463; cash, $1,221,122; total, $11,389,913; deduct .&c.,
current
liabilities, bills payable. $500,000, and accounts payable, including accrued taxes and interest, &c.,$1,392,891; net
9,497,023
Deferred charges, prepaid interest, &c
26,841
Investments (consisting ofstock holdings in subsidiary selling
cos.) 85,000
It is estimated that on Dec. 31, after setting apart cash
standing bonds of the old company,the physical assets willto retire the outexceed $15,000.000, whereof $10,500,000 will be net working assets.
Directors (and Officers).—President, Charles Clifton; V.-Pres., Henry
May, Buffalo; John F. Alvord, William S. Cox, Joseph G.
Dudley,
Foss, Charles H. McCullough Jr., C.J. Schmidlapp, Albert Strauss. W. J•
Walter C. 1Vrye is Treas. and Lawrence H. Gardner is Sec'y. For
further
official data see V. 103, p. 1893. 1796.
Initial Dividend.—An initial dividend at the rate
per annum has been declared on the pref. stock for the of 8%
period
from Dec. 6 1916 (the date of issue of pref. stock), to
and
including Dec. 31 1916, payable Jan. 2 1917, to holders
of
record Dec. 20 1916.—V. 103, p. 1893, 1796.
Pittsburgh Plate Glass Co.—Stock Increase.—
The stockholders will vote Feb. 28
on increasing the
stock from $22,750,000 to $25.000,000. Out of the new authorized capital
stock it is proposed
to pay a stock dividend of 10%.—V. 103, p. 1275.
(R. J.) Reynolds Tobacco Co.—Extra Dividend.—An
extra dividend of 5% has been declared on the $10,000,000
common stock,along with the regular quarterly 3%,both payable Jan. 1 to holders of record Dec. 21. Extra dividends of
2% were paid in Apr., July and Oct. last. The regular 13 %
4
on the pref. was also declared payable the same date.—V.102,
p. 1054.
Roxana Petroleum Co. of Okla.,—Controlling Co.—
See Royal
Dutch Co. below.
Royal Baking Powder Co.—Extra Dividend.—
An extra dividend
of 2% has been declared on the $10,000,000 common
stock, along with the regular quarterly 2% on the common
the pref., all payable Dec. 30 to holders of record Dec. 15. and 1%% on
an extra div. of 2% was also declared.—V. 101, p. 2078. In Dec. 1915
Royal Dutch Company for the Working of Petroleum
Wells in Netherlands India.—Official Statement.—In
connection with the over-subscription at about $69 a share of
a block of American shares (three of which, with no par value,
represent a single Dutch share of 100 guilders, or say $40 20
par value), there has been issued an advance draft of an
official letter which we have condensed as below:
Stockholders were given the privilege to subscribe on or
before
last for 32,000,000 7% cumulative pref. stock at $100 to the extentDec. 11
01 20%
of their holdings. The present outstanding stock is $4,974,900 pref.(7%) Digest of Statement
by Oen. Man, Director H. W. A. Deterding,
and $5,206,000 common. Subscriptions were to be made on or before
The Hague, Dec. 1916.
Dec. 11 with 10% of the amount subscribed for, the remaining 90% being
Organization.—Incorporated in The Hague, Holland, in
payable not later than Dec. 21 1916.
1890. with a
The company is offering this stock direct to its stockholders, and the capital of 1,300.000 florins ($522.600). Through its subsidiaries it is now
full proceeds will be expended for extensions and development.—V. 103, the largest international producer and distributor of mineral oil and its
by-products of Europe. Capitalization, exclusive of present
P. 2083, 1596.
issue (approximate amounts in dollars inserted by Ed):
Packard Motor Car • Co.—Dividend Increased.—A quar—In Dutch Guilders— —In U.S. Gold—
Capitalization (Nofunded Outst'd'g. Authorized. Outst'd'o.
terly dividend of 2% has been declared on the
Author'd.
debt
Fl.
Fl.
8
common stock, payable Feb. 1. This compares$11,656,930 Commonorfixed charges)— 75,527,200 120,000,000 30,361,000
shares
with 1347 4% preferred shares
0
48,240.000
-quarterly since Dec. 1909.
1,500,000
1,500,000
603,000
603.000
4%% Cum. Prior. shares_ _28,500,000 28,500,000 11,457,000
Alvan MacAuley has been elected Chairman of the
11,457.000
Total surplus balance sheet of Dec.31 1915, Fl..53,412,151 ($21,
_471,685).
of directors to succeed Henry B.Joy.—V. 103, p. 1986,board
Note.—The American offering represented
1685. ers ($2,974,800), increasing the outstanding an additional 7.400,00guild
common stock to 82,9 .200
guilders, or 333,336,734.—Ed.
Paragon Refining Co.—New Directors.—
As to stock rights, preferences and voting powers of shares,
J. Arthur House, Vice-President of the Guardian Savings & Trust
please see
Co. of articles of association.
• Cleveland, and Thomas D. Kells of Toledo have been added to
the board
Development.—Started as a local enterprise of the Dutch
diroctors.—V. 103, P. 1795.
of
East Indies.
After 1900 developed rapidly. In 1902 entered the international
field
and in
Transport
Phelps, Dodge & Co.—$10 Extra Dividend.—An extra and theconjunction with the "Shell" founded & Trading Co. of London
de Rothschild (Paris) group,
the Asiatic Petroelum Co. to
•dividend of 10% ($10) per share has been declared on the distribute the products of the three associated groups. Subsequently
absorbed the principal other oil producing enterprizes in Dutch
.$45,000,000 stock along with the regular quarterly
23/2% and amalgamated its interests with those of the "Shell," the East Indies
($2 50) both payable Dec. 29 to holders of record Dec. 8. sets of both being turned over to two new companies, viz., thecombined as,
"Bataafsche
Regular and extra dividends up to the present time have Petroleum Co. and the Anglo-Saxon Petroleum Co. The "Royal
Dutch" holds 60% in these two concerns (the "Shell" 40%); also 12%
% of
• been as follows:
the outstanding ordinary "Shell" shares. The two interests so combined
have since then acquired exclusive or controlling interests in important
Dividends—
1909 1910 1911 1912 1913 1914 1915
fields in Rumania, Russia, Egypt, Persia, the United States(Oklahoma oil
1916
Regular
10
and
10
10
10
10
10
10 2%,2%,2%,
California), Panama, Venezuela, and Mexico. The largest of these interExtra
2
2
2
5
6% 4
10 3%,3%,53,10
ests is in Russia, where the Royal Dutch-Shell interests have been amalga—V. 103, p. 1030.
mated with those of the de Rothschild (Paris) group.
THE CHRONICLE
2244
[VOL. 103
-Bonds Offered.
Southern Canada Power Co., Ltd.
-The combination owns a preAmerican Interests Expanding Rapidly.
dominating interest in the Roxana Petroleum Co. of Oklahoma and the Shell W.F. Mahon & Co., Halifax, N.S. are offering at par, with
Company of California. The "Roxana" has an Issued capital of $5,000,000
.
and the 'Shell" of $33,535,575. The "Roxana" owns fields in the well- a bonus of 50% common stock,$400,000 6% First & Ref M.
known oil districts of Cushing, Healdton and Bartelsville. There are under sinking fund gold bonds, dated Sept. 1 1913. Due Sept. 1
construction 140 miles of six-inch pipe line from Cushing to Healdton, to be
put in operation in Jan. next, and 450 miles of ten-inch pipe line from Cush- 1948. A circular shows:
Interest is payable M.& S.at the Canadian Bank of Commerce,Montreal •
ing to St. Louis, to be put in operation by the end of 1917. The combination has further undertaken the construction of a large refinery in St. Louis. New York and London, Eng. Denom. $100, $500 and $1,000 or sterling
At Martinez, on the Pacific Coast, near San Francisco, a refinery capable equivalents. Trustees, Montreal Trust Co.
Authorized. Outstanding.
Capitalizationof handling 25,000 bbls. a day and storage facilities at Martinez and on
$5,000,000 *$1,300,000
the fields for 4,250,000 bbls. have been established, as well as an eight-Inch First & Ref. 6s (including present issue)
3,000.000
1,300,000
pipe line 170 miles long,from the field to the refinery. In Mexico the allied Common stock
and further for 500,00()
companies have also storage for 2,000,000 bbls.
*8139,000 are held in escrow to retire a like amount of underlying bonds.
bbls. nearing completion. The combination is further occupied in estab- Proceeds of the present issue will be applied to extensions and improvels.
-Incorporated Aug. 18 1913 in Canada and
Organization, Property, &c.
lishing large storage facilities and a refinery of exceptionally great capacity
in Curaca:), West miles. in the immediate proximity of the Panama Canal.
has acquired water powers, capable of 90,000 h. p. development, with an
-Our main object has been to acquire throughout the world pro- ultimate development of about 150,000 h. p., consisting of six on the St.
Policy.
ducing territories and make such arrangements as will enable us to meet the Francis River Quebec, and in addition two small developed powers.
demands of consumers by local production, if possible, or by furnishing oil Has also acquired the following properties;(a) St. Johns Electric Light Co.
from the nearest neighboring district, independent as far as possible of (light and power to St. Johns);(b) the Gas, Electricity & Power Co. of St.
freight and transport questions. Our subsidiary companies have a fleet of Hyacinthe (light, power and gas to St. Hyacinthe and vicinity); (c) the
292,970 tons, and under construction an additional 5,800 tons. The con- Drummondville Muncipal Lighting & Power System, including a small
tracts for these 5,800 tons, as well as for 35,400 tons quite recently put into developed water power (light and power to Drummondville and vicinity);
service, could now be disposed of at a profit of over H. 20.000,000.
and (d) the Iberville Municipal Lighting & Power System, supplying light
and power to Iberville, all being in successful operation.
Production of the Company and Its Affiliates (Tons).
In addition the company owns saleable real estate in Drummondville,
1914.
1915.
1910.
1905.
1890. 1900.
appraised at $188,065. Of this $45,000 has been sold, and payments will
East Indies_ _1,230 439,350 1,136,937 1,435,240 1,539,236 1,594,533 apply to the redemption of the underlying bonds. The company has also
Controlled production in Russia in 1914 amounted to 1,526,849 Not stated commenced to distribute power to the village of St. Hughes, is wholesaling
Total production in all fields, tons of 1,000k. g., abt_ 4,786,000 4,367,384 power to towns of Beloeil and St. Hilaire, and has secured franchises and con31,100,000 28,400,000 tracts in several other municipalities, in which it is preparing to operate.
Being equal to about (in barrels)
The decrease in 1915 is due to temporary local conditions, with no rela-The company ha,s a valuable contract with the Shawinigan
Contracts.
tion to producing capacity.
& Power Co. for the sale to it of 5,000 h. p. out of its first develop-In 1907 the company, in order to re-establish a more correct Water
Dividends.
ment for 15 years, and a further 5.000 h. p. for the same period upon comproportion between nominal capital and real value, distributed its surplus pletion of its second development. In addition the company has conby a stock bonus of 200%, thus trebling its nominal capital. Taking this tracted with the Sherbrooke Ry.& Power Co.for the sale to it of 2,000 h. p.
into account, the dividends since 1902 have constantly and regularly in- for a long period.
creased except in 1911, when although the earnings would have allowed a
-The company operates practically without competition,
Territory.
much larger dividend, the rate was reduced as a matter of policy, With a over 3,000 sq. m. east of the St. Lawrence River, and to the international
view to exceptional circumstances then prevailing. Div. record (per cent): boundary, containing a population of over 475,000. In this district are
1913 1914 1915 many large Canadian and American manufacturing establishments.
1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912
19 41 48 49 49
50 73 27% 28 28 28
-The present developments a.; Drummondville and St.
24 35.85 65
Developments.
with
In June 1916 the shareholders were permitted to subscribe at par (equa, Hyacinthe being inadequate, contracts have Leen madepowerthe Montreal
pending the
Light, Heat & Power Co. and Shawinigan Co. for
to a bonus of about 120%) for one new share for each three old shares.
first development.
Appropriation of Remainder.
Distribution of Profits.'
making its first hydro-electric development at
The company proposes
93% to ordinary shareholders.
43% to priority shareholders.
Hemmings Falls, near Drummondville, as soon as labor conditions improve,
39 to managing directors.
4 % to preferred shareholders.
with a capacity of 20,000 h. p. at
4% to commissaires (maximum of to be developed under a head of 40 feet, flow. The second development
to ordinary shareholders.
6%
normal flow, and 12,000h. p. at minimum
Fl. 30,000 each).
will be
at Drummondville will have the same capacity. The capacity by the
-In the last published balance sheet, Dec. 31 1915, the accumu- considerably increased by storage dams now being constructed
Reserves.
lated surplus was stated at Fl. 53,412,152 ($21,471,000). This sum, how- Government, the first of these now nearing completion will store the flood
ever, is very far from representing the real extent of the company's surplus, waters of the spring of 1917
as many of the assets stand in the books at only a fraction of their real value.
Earnings for the Year ending September 30.
Thus the company owns shares and participations in various petroleum con1916.
1915.
1916.
1915.
cerns, either controlled or allied with it, of the face value of Fl. 169,247,785
Bond, int., &c_ _ _ $52,000 $62,000
which on its books are carried at Fl. 47,729,075 ($19,187,- Gross earnings_ _ _$120,377 $148,533 Surplus
($68,037,000),
21,351
9,119
83,351
producing a net income of slightly over Fl. 29,- Net, after taxes_ _ 61.119
098), although they were
-All are for periods of from ten to thirty years, renewable,
Franchises.
000,000 ($11,658,000). If this income were capitalized on say a 7% basis, and satisfactory. V. 100, p. 1758.
of these holdings would be approximately Fl. 414,000,000 ($166,the value
-The stockholders
-Stock Increase.
428,000), thus constituting what may be considered a "hidden reserve"
South Penn Oil Co.
equalling Fl. 292,000,000 ($117,384,000). The Bataafsche and the Anglo- will vote Feb. 14 on increasing the authorized capital stock
to
Saxon Petroleum Companies have written down their properties thean exallied from $12,500,000 to $20,000,000.
by them in
ceedingly conservative figure, while the shares held
and subsidiary companies are valued in their balance sheets at only a porIt is stated that the proposed increase will represent a portion of the comtion of their real values.
pany's surplus, and the directors recommend that the same be distributed
-The common shares have a par value of Fl. 1,000 (say $402) as a stock dividend to stockholders of record Feb. 14 1917 in proportion
Shares.
each, but the company issues sub-shares of Fl. 100 (say $40 20) each. to their holdings.
The shares and sub-shares are quoted in Amsterdam, and since Dec .1913
Vice-Pros. John L. McKinney*, it is stated, has confirmed the reported
the sub-shares also in London, where they were introduced by N. M. Roth- purchase of 1,500 acres of oil and forest holdings of the Enterprise Transit
schild & Sons, and application will be made for the listing of the shares, Co. in Forest, Warren, Elk and McKean counties, Pa., and Cattaraugus
now sold to you, on the Amsterdam Stock Exchange, and after the war on County, N. Y., by the South Penn 011 Co. The oil holdings are said to
Amsterdam
-V. 103, p. 1986, 762.
the London Stock Exchange. The price of the shares on the lower prices have an output of 100 barrels a day.
Stock Exchange since 1904 has fluctuated as follows: (*The
South Porto Rico Sugar Co.-Listing.in 1907 followed the 200% stock dividend.)
$202,500
Thet New York Stock Exchange has authorized the listing of and
1907 1908 1909 1910 1911 1912 1913 1914 1915
Year: 1905 1906
on
563
additional pref. stock and $22,200 additional common stock of each after
High_577 798 906-340* 324 580 580 501 588 652 639% 453
class
Dec. 16, making the total amount authorized to be listed
Low _305% 383% 719-225* 2703 426 399 406 444 5563 4873.
$4,000,000. The directors on Dec. 14 authorized the sale of this addiIn May 1916 the quotation rose to 659%, including both the final divi- tional stock for "corporate purposes," the common stock to be sold at the
par.
the preferred at not less than 118%dend of 34% for 1915 and the right of subscription for new shares at
quota- market (but not less than par) and
After the detachment of the dividend and the subscription rights, the 530%. V. 103, p. 1792, 1597.
tion was about 500%,since which time it has ranged between 500 and unique
-Preferred Stock Ofthe increased use of liquid fuel, we should be in an
Out
Supplee Milk Co., Philadelphia.
position for supplying navigation companies and other users throughout the
-Advice comes to us through Frazier & Co. that
world. Our allied companies (of the respective capitals of which this com- fered.
pany owns about 60%) have spent of late years more than Fl. 50,000,000
m a previous issue of the "Chronicle" under this caption
($20,100,000) in California and Mexico and are on the point of completing
notice relating to an offering of the issue of
arrangements for organization which when completed and in working order there appeared a
will, we have no doubt, contribute largely to our earnings.
preferred stock, containing some errors. Frazier & Co. now
trade, owing to the war, has been reAlthough in certain countries our
the following.statement: "$500,000 par value of
average the
stricted, in others the result has been the opposite, and on thethe event of authorize
Supplee Milk Co. preferred stock is being brought out simulearnings and general progress have been fully maintained. In
prosperity. (See V. 103, p.2160.)
peace, we look forward to even greater
by H. A. Kahler & Co. in New. York and by
taneously
, and there
-Change
San Joaquin Sugar Estates, Inc. companyof Name.to as- Frazier & Co. and Chandler & Co. in Philadelphiadescription
authority
The Supreme Court at N. Y. has granted this
still remains a small unsold balance. Correct
the title of the Pacific Sugar Corporation.
sume, on and after Dec. 28,
and offering appear on page )(xi of this publication."
-Special Div.
Scovill Mfg. Co. (Waterbury, Conn.).
-New President.
Tamarack Mining Co.
deA special dividend of 25% payable In Anglo-French bonds has been
clared on the stock payable Jan. 5. An extra cash dividend of 10% and
the usual quarterly dividend of 2% were also declared, payable Jan. 1.
See V. 103, p. 2083, 1597.
Arizona Commercial
Charles S. Smith, President of Old Dominion and
Eugene V. R. Thayer,
Mining Co., has been chosen President, succeeding
-V. 102, p. 1635.
resigned.
-Underlying Bonds
Tennessee Coal, Iron & RR. Co.
-Contract.
Shawinigan Water & Power Co. -V. 103, p. 1986, 1691' to be Paid Off.
see Southern Canada Power Co., Ltd., below.
page that the ($3,997_,000) Purchase
on
Notice
-Allied Co. Money & is given by adv. another bonds, Birmingham Division (Pratt
Improvement Mtge.6% gold
Shell Transport & Trading Co. of London.
($1,107,000) Consolidated Mtge. 6%
-V. 97 ). 600.
See Royal Dutch Co. above.
Coal & Iron Co. purchase) and the
1887, will be paid Jan. 1
gold bonds, Tennessee Division, both dated Jan. 1
bonds, we are informed, will
1917 at the Union Trust Co. of N. Y. These
Delaware Dec. 14 increasing the be redeemed forthwith and new General Mtge. gold bonds of 1901 reserved
The company filed a certificate
i $3.000,000 to $7,000,000; the 7% against the same will be certified to the trustee, though not yet sold. The
authorized common capital stock I
the properties
a first lien on
cumulative pref. stock remains $2,t, )0,000. All of the company's stock effect will be to make the General Mtge. those included all the lien of the
in
is owned by the Wright-Martin Aircraft Corp. See V. 103, p. 1987, 1046. covered by that mortgage excepting only
the $730,000
Coal Mining Co. 1st M. 6s of 1892 andof which issues
$892,000 Cahaba
-Directors.
Smith Motor Truck Corporation.
Alabama Steel & Shipbuilding Co. 1st M.6s of 1898,for both
-V.98, P. 1396.
The following directors have recently been elected: A. D. Smith, E. I. General Mtge. bonds are reserved.
Rosenfeld, A. G. Henauer, J. M. Hoyt, C. B. Little, Louis Hennock.
-Extra Dividend.
Tidewater Oil Co.
-V. 103, p. 2160, 2083.
been declared on the stock, along with the
An extra dividend of 1%
- regular quarterly 2%, both has
-Directors Approve.
payable Jan. 2 to holders of record Dec. 15.
California Edison Co.
Southern
The directors have approved the proposed agreement with the -'V. 103, p. 150.
Simplex Automobile Co.
-Stock Increase.
N. Y.
-Initial
City of Los Angeles.
Transue & Williams Steel Forging Corp.
-A statement filed with the California RR. Dividend.
Merrier Terms.
-An initial dividend of $1 per share has been
Commission shows that the company desires to purchase the declared on the stock, payable Jan. 11 to holders of record
control of the Pacific Light & Power Corporation on the Dec. 29.-V. 103, p. 2161, 1797.
following basis:
-Extra Dividend. common stock, along
Trumbull Steel Co.
declared on the
The Southern California Edison Co. proposes to pay $4,000,000 in cash
An extra dividend of 2% has been
pref.
and 120,299 shares of its 2d pref. 5% stock for the following securities of with the regular quarterly 1%% on the common and 1N,% on the 1512.
the Pacific Light & Power Corporation, including 95% of its outstanding stocks, payable Jan. 1 to holders of record Dec. 20.-V. 103, p. 1894,
capital stock: 46,175 1st pref. shares; 96,602 2d pref. stock; 104,685 of com-Offer
mon capital stock; $5,000,000 First & Refunding bonds, and $1,096,048
Union Switch & Signal Co. - for Stock.584, 1046.
of floating indebtedness. The company would also issue 111,522 shares of
See Westinghouse Air Brake Co. below. -V. 103, p.
its common stock for the Pacific Co.'s properties and franchises, but this
-An initial
-Initial Dividend.
stock, it is stated, would remain in the labter's treasury. The properties
United Alloy Steel Corp.
of the Pacific Co. are valued in the application at $33,860,830, and are to dividend of $1 per share has been declared on the stook, payaacquired by the Southern California Edison Co. subject to an indebtedbe
Compare V. 103,
ness aggregating $25,620,756. The Edison Co. alleges that the cost of its ble Jan. 10 to holders of record Dec. 28.
pro8erties as of Oct. 31 1916 was $30,311,329. Compare V. 103, p. 2160, p. 1709, 1512.
198.
DEO. 16 1010.1
THE CHRONICLE
United Fuel Gas Co.—Additional Bonds Listed.—
The New York Stock Exchange has authorized the listing of $472,500
First Mtge. 6% 20-year sinking fund bonds, series A, due 1936, making
the total authorized to be listed of this issue $8,460,000. See previous
listing statement to the Exchange published in full, V. 103, 1:.• 1133. See
also recent orfering, &c., V. 103, p. 2161, 1216.
United Profit-Sharing Corp.—Par Value Reduced.—
Tne stockholders on Dec. 4 authorized the reduction of the par value
of the shares of capital stock from $1 to 25c. The directors also authorized the distribution on Dec. 26 to the holders of record Dec. 15 of
75c. per snare, which represents the difference between the par value before reduction, $1 per share, and the present par value of 25 cts. Certificates of stock should be presented at Guaranty Trust Co., N. Y. City, on
or after Dec. 26 to have the payment noted thereon.—V. 103, p. 1709.
1
United States Rubber Co.—New Bond Issue for Refunding, &T.—The company, it is understood, is completing arrangements for the authorization of a $100,000,000 bond issue, of which about $60,000,000, bearing probably 5% interest, will shortly be issued. The major part of these $60,000,000 bonds will be used to refund present indebtedness,
including about $30,000,000 securities of the parent company
and subsidiaries, which mature in 1918. The floating debt
to be cared for through permanent financing aggregates approximately $20,000,000. The new bonds will care for the
company's requirements for many years to come. Kuhn,
Loeb & Co. are supposed to be engaged in underwriting the
initial issue.—V. 103, p. 2161, 1709.
United States Steel Corp.—Bond Payment.—Orders.—
see Tennessee Coal Iron & RR. Co. above.
2245
Oct. 31 1916, after deducting all interst charges, were $7,651,010. During the early months of this period large
amounts were written off for depreciation on special tools
and other facilities acquired in connection with contracts for
the machining of shells. These items have now been substantially all absorbed, so that your company's net income
from all sources, after deducting interest charges, is now
averaging over $1,600,000 per month. A continuance of
this rate would close the fiscal year ending March 31 1917
with a profit of over $15,000,000, equal to 25% on the entire
share capital of the company now outstanding.
"Unfilled orders on hand for the regular products of your
company, that is to say, exclusive of rifle or shell contracts,
amount• to over $31,000,000, which is by far the largest
amount your company has ever had on its books."
Further Particulars from Statement by Chairman Guy E. Tripp.
New York, Dec. 13 1916.
The company's facilities are now taxed to capacity to manufacture its
regular products, and in spite of vigorous efforts resulting in our present
record output, much profitable business offered has had to be declined.
There are many factors contributing to this condition, notably (a) Great
increases in central station capacity near manufacturing centreshave made
profitable the sale of electric current at rates which have so stimulated consumption as to create an enormous demand for industrial motors. (b) The
coal shortage of the last six months tends to further accelerate the movement to substitute central station service for isolated plants. (c) Increased.
attention is being directed toward hydro-electric developments, and pending legislation in Congress is designed to stimulate such construction.
(d) In railroading practically every class of heavy service is now performed
successfully by electric power, and this field promises rapid expansion.
(e) The steam turbine having practically supplanted the reciprocating engine in electric power plants, has also invaded the field of ship propulsion.
See "Trade and Traffic Movements" on a previous page.—V. 103, p. both by direct steam drive as well as by the electric drive contemplated in
2161. 1987.
the U. S. naval program.
It is reasonable, therefore, to expect that the present large volume of
Western Union Telegraph Co.—Extra Dividend:—An our regular business will not only be maintained, but will be materially
increased. To provide the additional manufacturing facilities needed, there
extra dividend of 1% has been declared on the $99,786,727 has been purchased on the Delaware River at Essington, Pa., just outside
stock along with the regular quarterly 1 % both payable of Philadelphia, a tract of land having a deep-water frontage and large'
factory
Jan. 15 to holders of record Dec. 20. In Jan. 1916 M of 1% enough to accommodate an ultimate works. development several times as
great as that of the East Pittsburgh
It is planned to begin immediately the erection on this land of a new plant to cost between $5,000,000
extra was paid.—V. 103, p. 1432, 948.
and $7,000,000. The larger volume of business which these facilities will
Western United Gas & Electric Co., Aurora, Ill.— permit your company to conduct will also require additional cash working
amount at least equal to the
Bonds.—The Chicago Savings Bank & Trust Co.has offered capital to an for 1,800,000 rifles of Russian contemplated cost of plant.
A contract
type being performed for the
at 943/ and int., to yield 5.35%,a block of General Mtge.5% British Government by your subsidiary company, the New England Westinghouse Co., and which for a time presented unusual problems, is now progold bonds of 1913, due Feb. 1 1950, but callable after Aug. 1 ceeding favorably. With the completion of this and other contracts for
1923, at 1023' and mt. A circular shows:
war munitions, there will be automatically liquidated a considerable sum
Capitalization—
Authorized. Outstanding. now invested in quick assets, but a conservative financial policy, having
Common stock
$5,000,000
$3,000,000 regard for the company's future needs, clearly points to the desirability of
Preferred stock
1,500,000
1,500,000 now making permanent provision for sufficient capital requirements.
Your directors therefore recommend your approval of the increase of
General mortgage bonds
20,000,000f6 — 720,000
%
15%— 536,000 capital stock by the addition of $15,000,000 of common stock.—V. 103, p.
2164, 1797.
Reserved to retire underlying bonds
4,886,900
Total bonds outstanding
West Point (Ga.) Mfg. Co.—Dividend Increased.—
Additional escrow bonds may be issued for not over 75% of the
acitial
A
cost of extensions, and then only when the annual net earnings are twice Dec.semi-annual dividend of 5% has been declared on the stock payable
30 to holders of record Dec. 15. • This increases the annual rate from
the interest charges, including bonds proposed to be issued.
8 to 10%.—V. 102, p. 2262.
Earnings for Year ended Jan. 31 1916, with Interest Charge on These and
Underlying Bonds.
West St. Louis Water & Light Co.—Earnings.$305,264
Gross earnings •
$1,602,914 Interest charge
-3 mos. end. Oct. 31—
—6 mos. end. Oct. 31-396,118
Net, after taxes
$701,382 Surplus
1916.
1915.
1916.
1915.
The company serves 58 cities and towns located in the Fox River Valley, Gross earnings
$69,692
$53,882
$138.385
$107,396
in Illinois, all within a'radius of 45 miles of Chicago, the total population Net earnings
47,648
32,841
96,403
65,589
served being about 210,000. These bonds are a direct mortgage against Interest on bonds
15,000
15,000
30,000
30,000
the entire property, which shows net earnings in excess of twice interest
4,984
4,984
9,969
9,969
charges on all bonds and has favorable long-term franchises; in the hands Depreciation reserve_ _ _
of experienced and efficient operators: ample sinking fund provisions; inSurplus
$27.664
$12,857
$56,434
vestment in property placed by competent engineers at over $10,000,000.
825.620
Shapker, Waller & Co. of Chic, are interested in this co.—V.103. p. 1046.
—V. 103, p. 156.
Westinghouse Air Brake Co.—Proposal to Purchase
Control of Union Switch ec Signal Co. and Thereafter to Pay
20% Stock Dividend.—Chairman H. H. Westinghouse in
circular dated at Wilmerding,Pa., Dec.8 1916,says in subst.:
Wisconsin Edison Co.—Extra Dividend.—
An extra dividend of 75c. a share has been declared in addition to the
semi-annual dividend of 31 75 a share, both payable Dec. 30 to holders
of record Dec. 15.—V. 102, p. 1902.
Wright
-Martin Aircraft Corp.—Subsidiary Co.'s Stock.
Subject to ratification by you at a later date, your directors have this
See Simplex Automobile Co. below.—V. 103, p. 2164, 1987.
day approved the project of acquiring a controlling interest in the Union
Yadkin River Power Co.—Dividend No. 3.—
Switch & Signal Co. by the purchase of not less than 60% of its outstanding
capital stock on the terms below stated, provided our stockholders at a
This company is advertising the declaration of a regular quarterly divimeeting to be called when said 60% of the outstanding stock of the switch dend (No. 3) of 14% on its pref. stock, payable Jan. 2 to holders of record
company shall have been deposited, shall ratify the terms of the agreement Dec. 16. See page 109 "Electric Ry. Section."—V. 100, p. 2173.
and shall authorize an increase of our capital stock from $20,000,000
[$19,730,967 outstanding Dec. 8 19161 to $30,000,000 in order to provide
For other investment news see page 2248.
the stock necessary for the proposed exchange and in due course thereafter
to pay a stock dividend of 20%. or $10 per share.
Proposed Basis of Exchange (Total Amounts Inserted by Editor).
CURRENT NOTICE.
Union Switch & Signal Co.
For Westinghouse Air Brake Co.
Common [36,162,758], three $50shares_ _Two $50 shares [or $4,108,,000]506]
—The public utility firm of John Nickerson Jr., New York, St. Louis
Pref.[$500,000], five $50 shares
Four $50 shares [or 3
400
and Boston, are to-day advertising a list of bonds of well-known public
The basis of exchange proposed represents a close approximation of the
relative book value of the tangible assets after careful comparisons and utility properties yielding 4.52 to 5.07%. These offerings have been
selected just for investment and the firm believes that the earnings of those
revaluations. Always closely associated through
stockholders in common,and supplying wholly distinct directors and many issuing companies will go on steadily in peace or in war times. In preferred
and non-competitive
manufactured products to the same general trade, it is natural that these stocks the
banker suggests Utah Power & Light Co. 7% first preferred
companies should come under the same control and management with the
benefits incident thereto. Such was the purpose of their common founder, stock, to yield about 6.93% as one of many preferred stocks which afford
a high degree of safety combined with an attractive yield. Complete
George Westinghouse, not long before his death.
Further advices regarding this matter will follow, with notice of the stock- description of this issue and any of the bonds listed in to-day's advertiseholders' meeting, when a sufficient number of shares of the capital stock of ment will be furnished on inquiry.
the Union Switch & Signal Co. shall have been deposited.—V. 103. P.
—At 92 and interest, to nett, -.'se investor 534 %, Reilly, Brock & Co.,
1512. 1411.
Bertron, Griscom & Co., Land Title
Westinghouse Electric & Mfg. Co., ew York.—Option 306 Chestnut St., Philadelphia,
Bldg., Philadelphia, are jointly
'oring by advertisement on another
to Subscribe for $15,000,000 (25%) dew Common Stock.— page $1,556,000 Knoxville Ry. & .t Co. refunding and extension mortSubject to authorization by the stockholders at a special gage 5% bonds, due June 1 1045. "Rormal Federal income tax is paid by
meeting (called for Feb. 15 1917), the privilege is offered to company and bonds are tax-exempt in Penna. Net earnings are stated to
holders of preferred and common stock of record Dec. 30 be over twice bond interest. Circular will be supplied on application to
to subscribe at par at the company's office, 165 Broadway, the bankers.
N. Y., on or before Feb. 21 1917, for about $15,000,000
—All the bonds having been sold, Alex. Brown & Sons, Brown Brothers
new common stock in amounts equal to 25% of the par & Co., Jackson & Curtis and Lee, Higginson & Co. are publishing a
value of their respective holdings. Kuhn, Loeb & Co. matter-of-record advertisement of their joint offering of $4,800,000 Consolihave agreed to fOrm a syndicate which is to take so much of dated Gas Electric Light & Power Co. of Baltimore general mortgage 4X%
bonds, due Feb. 14 1935. Price 93
said stock as is not subscribed for by the stockholders. There to-day's record advertisement for full and interest, yielding 5.10%. See
description of this offering.
is now outstanding and listed on N. Y. Stock Exchange
—Holmes, Bulkley & Wardrop, members of the New York and Pitts$55,383,650 common and $3,998,700 pref. Circular of Dec. burgh Stock Exchanges, announce the removal of their offices to the First
National Bank Building, 2 Wall Street, this city. The firm have triple
13 further shows:
Subscriptions must be accompanied by check for full amount, $50 18 the office space which they formerly had in their old quarters. The teleper share, N. Y. funds, being the equivalent of par value, plus accrued phone number is changed to Rector 6730. The bankers have a direct wire
dividends at the current rate of 6% p. a. to Feb. 21 1917, from Jan. 31 to the Pittsburgh office.
1917, when dividends on the new stock will begin to accrue.
—Illustrated literature bearing upon the intrinsic durability of public
Subscription warrants will be issued shortly after Dec. 30 1916. No subescription may be made on a fractional warrant, but these, if surrendered on utility investments when the properties are operated by experienced
or before Feb. 19 1917 to the U. S. Mtge.& Trust Co.,55 Cedar St., N. Y., cialists will be sent to inquirers upon request to H. M. Byllesby & Co..
in amounts aggregating $50, will be exchanged for full share warrants. 220 So. La Salle St., Chicago, or 1220 Trinity Bldg., New York.
The company will not sell or purchase fractions.
—Thompson. Shonnard & Co., members New York Stock Cotton and
Earnings.—Chairman Tripp in circular dated Dec. 13 says: Coffee Exchanges, of 20 Exchange Place, this city, announce that Leon A.
Andrus is now associated with their firm. After Jan. 1 Thompson, Shon"The company's net profits for the seven months ending nard & Co. will be located at 120 Broadway.
[VOL. Hz.
THE CHRONICLE
2246
ftparts and
pacumients.
UNITED KINGDOM OF GREAT BRITAIN AND IRELAND
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF TWO-YEAR FIVE PER CENT SECURED LOAN GOLD NOTES, DUE SEPTEMBER 1 1918.
New York, December 5 1916.
Application is hereby made for the listing on the New York
Stock Exchange of $250,000,000 Two-Year Five Per Cent
Secured Loan Gold Notes of the Government of the United
Kingdom of Great Britain and Ireland, due September 1
1918, on official notice of issuance in exchange for outstanding temporary notes.
The notes were authorized by act of the said Government,
known as War Loan Act 1915, 5 and 6 George V, C 55, and
the Financt) Act 1916,6 and 7 George V, C 24, S 58, and are
issued under and secured by the pledge by said Government
to The Farmers' Loan & Trust Company, Trustee, dated
September 1 1916. The notes are dated September 1 1916,
are duo September 11918, and bear interest at the rate of
5% per annum, payable semi-annually on March 1st and
September 1st.
Both principal and interest are payable at the office of
J. P. Morgan & Co., in the City of New York, State of
New York, United States of America, in gold coin of the
United States of America, of the standard of weight and
fineness existing September 1 1916, without deduction for
any British taxes, present or future.
The notes are in coupon form only, of the denominations
of $1,000, $5,000 and $10,000. Notes of a denomination
higher than $1,000 may be exchanged for notes of equal
aggregate principal amount of lower denomination or
denominations.
The notes are redeemable at the option of the Government,
in whole or in part, on notice published thirty days previously, as follows:
At 101 and accrued interest on any date prior to September 1 1917.
At 1005 and accrued interest on September 1 1917 and on any date
thereafter prior to maturity.
All notes redeemed shall be forthwith canceled.
The agreement provides, in part, as follows:
I. In order to secure the payment, principal and interest, of all of the
notes of said issue at any time outstanding, according to their tenor, and
In consideration of the purchase and acceptance of such notes by the original
and subsequent takers and holders thereof, the obligor hereby pledges
with your company certain bonds, stocks and other securities (hereinafter
termed, collectively, "pledged securities") of the aggregate value of not
less than $300,000,000 as follows—the several issues of such securities,
and the unit values at which such securities severally and respectively are
pledged hereunder, being sot forth, in Schedule B hereto annexed—viz.:
Group 1. Stocks, bonds and other securities of corporations organized
In the United States of the aggregate value of not less than $100,000,000.
Group 2. Bonds and other obligations of the Government of the Dominion of Canada, either as maker or guarantor, and stocks, bonds and
othef securities of the Canadian Pacific Railway Company, all of the
aggregate value of not less than $100,000,000.
Group 3. Bonds and other obligations of the several following Governments, either as maker or guarantor, viz.: Of Argentina, Chile, Norway,
Sweden, Denmark, Switzerland and—or Holland, all of the aggregate
value of not less than $100,000,000.
Such pledge to your company is in trust for the benefit of all present
and future holders of the notes, so that subject to the terms hereof the
principal and interest of the notes shall be secured ratably by such pledge.
Coupons or warrants for interest or dividends maturing or payable on
or prior to September 1 1918, on any securities held by your company under
this writing, may be lodged at the office of your company in London,
England, or at such other agencies in London as your company may elect.
H. In case at the time of the authentication by your company of the
notes, the obligor shall not have delivered to you all of the securities deliverable under Clause I hereof, the obligor will deposit temporarily with you,
as part of the security hereunder (1) corporate stocks, bonds or other
securities that are listed upon the New York Stock Exchange and are
approved by J. P. Morgan & Co. as acceptable for the purpose, of a value
equal to the difference between $300,000,000 and the aggregate value of
the securities that shall have been delivered under Clause I. and (2) a
sum in cash equal to five-sixths of the difference, if any, between $300,000,000 and the aggregate value of the securities delivered under Clause I
and the securities delivered under this Clause II.
Thereafter, from time to time, upon delivery to your company of any
securities deliverable under Clause I and not theretofore delivered, your
company either (a) will redeliver such temporarily deposited securities
of an amount in value equal to the amount in value of the securities so
delivered under Clause I, or (b) will repay such temporarily deposited
cash of an amount equal to five-sixths of the value of the securities so
delivered under Clause I.
HI. From time to time, upon the written request of the obligor and the
written approval of J. P. Morgan & Co., your company shall release any
of the pledged securities, provided that contemporaneously there be substituted for the securities of each group so released, other securities of the
same group of equal aggregate value.
IV. If, at any time, tho pledged securities shall have depreciated in
aggregate value either because of change in market price, or in the rate of
exchange, so that such aggregate value shall become less than 120% o
the principal amount of the notes at the time outstanding, the obligor,
from time to time, will deliver to your company, as part of the trust estate,
additional securities of one or more of the groups sufficient to bring the
value of all of the securities pledged to a sum exceeding by not less than
twenty per cent (20%) the principal amount of the notes at'the time outstanding, so that at all times such twenty per cent (20%) excess value
shall be maintained; provided, however, that if at the time of such depreciation the trustee shall hold, as part of the security under this writing, any
cash deposited in lieu of securities, than and in such case the obligor shall
not be required to pledge additional securities hereunder unless at the
time the aggregate value of the pledged securities held by the trustee shall
have become less than 120% of the difference between the aggregate
principal amount of the outstanding notes and the amount of such cash,
nor to pledge any additional securities except to an amount sufficient to
increase the value of the pledged securities to the amount of 120% of said
difference in amount.
V. * * * * The value of such securities payable in currency of
the United States, shall be the market value of the securities on the New
York Stock Exchange, if quoted thereon, and, if not quoted thereon, the
market value in the general securities market in New York; (b) the value
of such securities not payable in United States currency shall be the market
value in London of the securities in pounds sterling, converted into dollars
In the City of New York at the then exchange value of pounds in the New
York market; and (c) if any of the securities in the judgment of J. P.
Morgan & Co. have no quoted market prices, the market value of such
securities shall be taken to be such as J. P. Morgan & Co. shall fix for the
purpose.
All determinations of value have been made and shall be made without
Including any amount for accrued interest on any of the securities valued,
VI. The security hereby constituted shall become enforcible in each
and every of the following events of default by the obligor (hereinafter
termed "events of default"), viz.:
(a) Default in the payment of the principal of any of the notes.
(b) Default in the payment of any installment of interest on any of the
notes, which default shall havecontinued for the period of thirty (30) days.
(c) Default in pledging hereunder additional securities to maintain the
margin as provided in Clause IV of this writing, which default shall have
continued for the period of thirty (30) days after notice to the obligor
from your company.
VII. Until the happening of an event of default, the obligor shall be
entitled (1) to collect and to receive for its own account all interest, dividends and other income of the pledged securities, and accordingly at a
reasonable time prior to the due date thereof to have delivered by your
company to the obilgor or upon its order all coupons and warrants for
such interest, dividends and other income; and (2) to exercise any voting
rights appertaining to any of the pledged securities.
VIII. Upon the happening of an event of default, your company in
Its discretion may, and upon the request of the holders of twenty-five per
cent (25%) of the principal amount of the notes at the thno outstanding
and upon being indemnified to its satisfaction your company shall, sell,
collect and convert into money the pledged securities or any part thereof,
and all right of redemption thereof.
*
*
*
XIII. From time to time, acting by its agents authorized in writing
(of which authorization a duplicate shall be filed with your company), the
obligor may sell any of the pledged securities, provided that the obligor
shall not be in default in the payment of the principal or interest of any
of the notes, and provided, further, that any default existing prior to such
sale in the agreements of the obligor contained in Clause I hereof, may
and shall be remedied by the application of the proceeds of sale to the
redemption of notes as hereinafter provided. Such sales may be made
In such manner and at such place, and whether publicly or privately, as
the obligor or its agents authorized as aforesaid may deem advisable. In
case of any such sale, your company shall release the securities so sold,
upon receipt by your company of the net proceeds of the sale as certified
In writing to your company by the obligor or by J. P. Morgan & Co., the
date of such release and delivery of such securities to be the date specified
In said writing.
XIV. * * * Any and all proceeds of any sale pursuant to the provisions of Clause XIII hereof, shall be applied to tho purchase or redemption of notes.
XV. The right to enforce the security given by these presents for the
benefit of the notes, shall vest exclusively in your company and its successors in the trust, and all action oy your company in such enforcement
shall be for the ratable benefit of all of the notes at the time outstanding.
No holder of any note or coupon shall bring any suit, action or other proceedings for the enforcement of such security.
The notes are executed by D. G. Osborne.
UNITED KINGDOM OF GREAT BRITAIN
AND IRELAND,
By CECIL SPRING RICE, Ambassador.
December 11 1916.
The Committee on Stock List directs that on and after
December 12 1916 the above-described $250,Q00,000 TwoYear Five Per Cent Secured Loan Gold Notes of the United
Kingdom of Great Britain and Ireland, due September 1
1918, be admitted to the list, on official notice of issuance in
exchange for outstanding temporary notes.
WM. W. HEATON, Chairman.
GEORGE W. ELY, Secretary.
2247
THE CHRONICLE
DEC. 16 1918.1
THE CUBAN-AMERICAN SUGAR COMPANY
ANNUAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30 1916.
New York, December 8 1916.
To the Stockholders of The Cuban-American Sugar Company:
Your Board of Directors submit the following Report for
the fiscal year ending September 30 1916:
The production of raw sugar for the year was 268,310 tons
(of 2,000 pounds), as compared with 236,401 tons for the year
ending September 30 1915. While the tonnage of cane
ground was less than in the previous year, the production of
raw sugar was the largest in the history of the Company; due
to favorable weather conditions the percentage of sucrose in
the cane was exceptionally high.
The operations of the raw sugar mill at Gramercy, La.,
were suspended in the fall of 1915. It was found more advantageous to dispose of the cane elsewhere.
The tonnage of cane ground and the year's output of raw
d refined sugar for the last two years appears in the foling table:
e Ground
• Sugar Production:
Chaparra
Delicias
Tinguaro
Unidad
Mercedita
Constancia
Gramercy, La
Total
efined Sugar Production:
Cardenas Refinery, Cuba
Gramercy Refinery, La
1915-16.
2,188,047 Tons
1914-15.
2,218,168 Tons
(Bags 320 Lbs.)
623,040 Bags
436,889 "
248,536 "
116,547 "
76,521 "
175,407 "
(Bags 320 Lbs.)
525,088 Bags
315,872 "
236,956 "
84,472 "
93,617 "
196,055 "
25,447 "
1,676,940 Bags
or
268,310 Tons
1,477,507 Bags
or
236,401 Tons
24,996,597 Ll:??.
117,513,196
14,713,144 Lbs.
154,954,482
The net profit of the Company for the fiscal year amounted
to ,235,112 39, after deducting $729,338 68 for depreciation on Buildings, Machinery and Equipment. Ample provision has been made for doubtful Colonos accounts, and for
the year's proportion of the cost of original plantings.
During the fiscal year $768,408 69 has been expended on
the acquisition of additional lands in Cuba, consisting of
virgin cane lands adjoining the extensive territory of Chaparra, and of the Asuncion Estate, adjacent to Mercedita.
The latter purchase strengthens and completes Mercedita
.with a cane supply commensurate with this modern and efficient house.
' The total acreage now owned and leased by your Company
is as follows:
Acres.
448,640
16,713
In Cane.
146,579
7,825
465,353
Owned
Leased
154,404
Per Cent.
32
47
33
These lands have been carefully acquired during a period of
ixteen years. While, as shown, one-third is devoted to
ane, a necessary part is devoted to pastures and other uses;
ere remain available for such further development as you
y elect to make in the future, Over one hundred thousand
es of fertile soil, especially suitable for cane.
uring the year improvements of the Plants have involved
expenditure of $1,902,018 11 on Factory Buildings, Mills
d Machinery, Dwellings and Schools, New Warehouses,
ilroad Extensions and Equipment.
The detailed appraisal of the Company's buildings, mainery and equipment referred to in the last annual report
in been made, and these now stand at $17,800,146 86,
(sed on normal, and not on existing,values of material and.
bor. After the deduction of $1,827,448 13, made as a reit of this appraisal, and of $339,559 21 expended during
year on special replacements to maintain your factories
ttheir most efficient state, the reserve to meet general deciation, which is carefully provided for in every budget,
gow $3,932,641 09, or about 22 per cent of the book value
buildings and machinery.
egular quarterly dividends of 1% per cent were paid on
Preferred Stock, and quarterly dividends of 23/ per cent
e paid on the Common Stock; an extra cash dividend of
per cent on the Common Stock and a distribution of Comn Capital Stock equivalent to 40 per cent were declared to
ners of Common Capital Stock, both payable Octover 2
16.
During the year $367,000 of The Cuban-American Sugar
mpany's Six Per Cent Bonds were retired by the operation
the Sinking Fund Provision, making a total of $1,251,000
these bonds retired in this manner, leaving outstanding
n September 30 1916 $8,749,000. •
The outlook for the approaching campaign is satisfactory.
The factories have been enlarged and strengthened, and the
work of the mills will doubtless surpass all previous experience. The fields present an aspect of unusual promise, and
the supply of cane, as,well as the output of sugar, should exceed any former year record.
The accounts of the year have been examined by Messrs.
Lovejoy, Mather & Hough, Public Accountants, and their
certificate is made part of this report.
Respectfully submitted by order of the Board.
R. B. HAWLEY,
President.
THE CUBAN-AMERICAN SUGAR COMPANY AND ITS
SUBSIDIARY COMPANIES.
CONSOLIDATED BALANCE SHEET SEPTEMBER 30 1916.
ASSETS.
Capital Assets:
Lands
$8,572,497 40
Buildings, Machinery, Railroad Tracks,
Rolling Stock, &c
17,800,146 86
$26,372,644126
Goodwill
3,929,340128
Securities in hands of Trustees
Live Stock and Equipment
w95i174 37
Work Animals,
41
Current Assets and Growing Cane:
Planted and Growing Cane
$1,429,466 09
and Contractors (after
Advances to Colonos
deducting Reserve for Bad and Doubtful
Accounts)
1,400,648 69
Inventory of Raw Materials, Supplies and
Merchandise in Stores
2,415,281 32
Stock of Raw and Refined Sugar
1,417,564 21
Accounts and Bills Receivable (after deducting Reserve for Bad and Doubtful
Accounts)
1,335,810 22
Cash in Banks, with Fiscal Agents and on
5,772,128 74
Hand
13,77O.899]27,
Deferred Charges to Operations:
Bond Discount
$83,990 00
"1
Unexpired Insurance, Taxes, Sze
148,703 85 1
0
.1
232,693185
$45,259,627 50
LIABILITIES.
Capital Stock:
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
7.893,80000
$15,029,400 00
Stock Distribution, payable Oct. 2 1916 to holders of Common Capital Stock
2,854,240 00
Common Stock of Colonial Sugars Company in hands of
the Public
2,600 00
Collateral Trust Bonds Outstanding, due April 1 1918.. 8,749,000 00
RealEstate Mortgages and Censos (Cuban)
472,125 34
Current Liabilities:
Bills Payable
$567,958 47
Bankers' Loans
1,313,716 67
Accounts Payable
1,156,095 85
Salaries and 'Wages Accrued
52,215 29
Interest accrued
282,965 39
Dividends declared, payable Oct.2 1916_..- 1,030,091 50
4,403,043 17
Sinking Fund for Redemption of Bonds
257,522 87
3,932,641 09
Reserve for Depreciation
Surplus per annexed statement
9,559,055 03
$45,259,627 50
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED SEPTEMBER 30 1916.
Raw and Refined Sugars Produced,less Commissions,&c
$26,320,942 60
Molasses Produced
492,334 07
Profit on Stores, Cattle, eic
530,851 34
$27,344,128 01
Less:
Expenses of Producing, Manufacturing, Selling, &c., of
Raw and Refined Sugars
17,718,657 32
Deduct:
Provisions for Depreciation
Discount on Bonds
Interest on Bonds
Interest on Bills Payable,&c
$9,625,470 69
$729,338 68
61,866 00
529,530 00
69,623 62
1,390,358 30
Net Profit for the year
$8,235,112 39
CONSOLIDATED SURPLUS ACCOUNT FOR THE YEAR ENDED
SEPTEMBER 30 1916.
As at October 1 1915
$6,285,790 14
Add:
*Collateral Trust Bonds canceled through
the Sinking Fund (see below)
$367,000 00
Profit for • the year ending Sept. 30
-1916,
per annexed account
8,235,112 39
8,602,112 39
Deduct:
dends on 7% Preferred Stock:
Paid Jan. 3 1916 for three
months to Jan. 1 19161 %
$138,141 50
Paid April 1 1916 for three
months to April 1 19161 %
138,141 50
Paid July 1 1916 for three
months to July 1 19161 %
138,141 50
Paid Oct. 2 1916, for three
months to Oct. 1 1916138,141 50
13 %
Dividends on Common Stock:
Paid Jan. 3 1916 for three
months to Jan. 1 1916$178,390 00
Paid April 1 1916 for three
•
months to April 1 1916234%
178,390 00
Paid July 1 1916 for three
months to July 1 1916178,390 00
Paid Oct. 2 1916 for three
months to Oct. 1 191623'
178,390 do
Paid Oct. 2 1916
-Special
Dividend-10%
713.560 00
$14,887,902 53
$552,566 00
1,427,120 00
Common Capital Stock Distribution payable Oct. 2 1916
2,854,240 00
Sinking Fund Provisions for the cancellation of Collateral Trust bonds (see above)
494,921 50
5,328,847 50
Surplus at September 30 1916
$9,559,055 03
* In October 1916 bonds of the par value of $253,000 were retired out of
the Sinking Fund for Redemption of Bonds, which are not included in the
$367,000 shown above.
[VOL. 103.
THE CHRONICLE
2248
CERTIFICATE OF ACCOUNTANTS.
To the President and Directors of The Cuban-American Sugar
Company:
We have examined the books and accounts of The CubanAmerican Sugar Company and its subsidiary companies for
the year ending September 30 1916, and hereby certify that
the annexed Consolidated Balance Sheet has been correctly
prepared therefrom, and, in our opinion, sets forth the true
financial position of the companies as at that date, and that
the relative Profit and Loss Account correctly shows the results of the operations for the period.
The Stock of Raw Sugars on hand has been valued at the
net prices subsequently realized and the Refined Sugars at
cost, which was lower than market at September 30 1916.
LOVEJOY, MATHER & HOUGH,
Public Accountants & Auditors.
55 Liberty Street, New York City, Dec. 5 1916.
Consumers' Gas Co. of Toronto.
(68th Annual Report-Fiscal Year ending Sept. 30)
Pres. A. W. Austin says in substance:
Output.-Notwlthstanding the unusual conditions existing as a result of
the war, there has been a substantial gain in the number of customers.
while the quantity of gas sold during the year has exceeded that of any other
year in the history of the company.
-The friendly action brought by the City of Toronto against the
Suit.
company, to determine whether the city or the company snould bear the
cost of the removal of gas main laid in a city street to another location in
the street, in order to permit the city to construct sewers or other local
improvement works, has finally been determined by the Judicial Committee
of the Privy Council. The Judicial Committee found that while it was
within the right of the city in constructing a drain, to order the lowering
of the company's gas main, the city is bound to pay the cost of doing tho
work. This decision will regulate the general liability for the cost of
operations of such nature.
OPERATIONS AND FISCAL RESULTS FOR YEARS ENDING SEPT.30.
1912-13.
1913-14.
1914-15.
1915-16.
91,284
104,541
102,548
Meters, No
99,648
Receipts from gas sales_ $2,487,674 $2,423,921 $2,453,418 $2,294,308
633,232
737,500
818.516
851,119
Residuals, coke, tar, &c
275,770
306,048
299,013
278,587
Miscellaneous
Total income
43,637,806 $3,440,008 $3,577,982 $3,203,310
2.361,329
2,574,619 2,633,033
Oper. expenses & taxes.. 2,718,229
$919,577
Net earnings
Deduct
Interest
Dividends (10%)
Renewal fund (5
%)----
$865,389
$944,949
$841,981
$50,998
488,200
478,170
$47,380
488,200
480,065
$32,079
483,337
429,533
$8,781
445,160
401,458
def.$13,418
Balance, sur. or def__def.$97,792def.$150,256
BALANCE SHEET SEPTEMBER 30.
1916.
1915.
1916.
Liabilities
Assets
4,882,000
10,013,915 9,909,432 Stock
Plant, dto
684,956
205,950 Reserve fund
Other investments 205,950
1,486,180
403,563 Renewal fund..
Materials, dtc____ 416,960
128,255 Sundry accounts-- 161,038
128,335
Cash
253,383 Res. for diva. -- 122,050
Acc'ts receivable- 236,630
Spec. bk. advances 1,025,242
Stock prem.(1904) 2,601,527
Accrued liabilities38,797
1915.
$
4,882,000
782,748
1,342,068
163,690
122,050
970,648
2,601,527
35,852
gite (tomutertial Timrs.
COMMERCIAL EPITOME
Friday Night, Dec. 15 1916.
Although trade in many directions has continued active,
the German overtures for peace have tended to keep new
transactions within more conservative bounds. Yet the
holiday trade is unusually large and retail business at the'
West, by reason of the cold weather,is much better. Further
advances in wages have been made in some industries. Steel
and iron mills have enough contracts in hand to keep them
busy for many months to come. There has been brisk buying
of steel rails for delivery as far ahead as 1918. Lake navigation is closed after a very profitable year. Stocks of merchandise generally are said to be only moderate and in some
cases small. On the other hand, the crest of the great business wave of 1916 seems to have been reached, if not passed.
Buyers are looking more closely at prices. There is distinctly less of the feverish buying at any price so long a
feature of the situation. In the metal trades the tone
more cautious, even though the consumption is still v
large. Some cotton goods have declined noticeably. W
under the influence of the peace proposals is down a
20 cents a bushel, and flour has also fallen-an imp m
item, not to speak of corn and other grain. Sugar for ti
same reason has declined. Copper has declined in foreir
markets, and the demand for pig iron has fallen off, ow.
to the talk of possible peace in 1917. Money rates have ;
firmer, ocean freights are scarce and high, war risks, in s
of peace proposals, have risen, and the cost of living, reg
less of some decline in food prices, is still so high as to ex
general complaint. Industry, moreover, is hampered by
scarcity of labor. But, though the leaning is towar.
greater conservatism, the feeling is generally cheerful.
LARD quiet; prime Western, 17.050.; refined to the Co
tinent, 18c.; South America, 18.50c.; Brazil, 19.50c. Futur,
advanced on peace talk, in the belief that peace would mea
big buying of lard and other provisions by the Central Powers. Packers bought as well as commission houses. Later
prices reacted, as it seemed that peace was unlikely in the
near future. Local stocks are moderate. The Belgiat
Relief Committee bought to a fair extent. To-day price
advanced on the belief that peace will come in 1917. Alm
hogs were 10 to 150. higher.
DAILY CLOSING PRICES
Sat.
December delivery_cts_16.47
16.17
January delivery
16.15
May delivery
OF LARD FUTURES IN CHICAGO.
Thurs.
Wed.
Fri '
Tues.
Mon.
16. )0
16.72
16.72
16.17
16.80
16.02
16.30
16.25
15.97
15.70
16.05
16.25
16.00
15.70
16.30 '
4
PORK quiet but firm; mess,$31 50©$32;clear, $30©$3k
Beef products steady; mess, $23@$23 50; extra India mess
$40©$42. Cut meats lower; pickled hams, 10 to 20 lbs.
17 M ©18e.; pickled bellies, 153@15c. Butter,creamery
33 ©41 . Cheese, State, 203/2@24.%o. Eggs, fres)
Total
11,001,790 10,900,583 28 ©510.
11,001,790 10,900,583
Total
COFFEE higher and latterly in rather better demi,
-V.99, p. 1302.
/
owing to peace talk; No. 7 Rio, 93 c; No. 4 Santos, 109)
/
103/2c.: fair to good Cucuta, 11%©1134e. Futures
International Milling Co., New Prague, Minn.
vanceci on peace talk, buying by Cotton Exchange hc
(Report for Fiscal Year ending Aug. 31 1916.)
and higher Brazilian cost and freight quotations. Or
This corporation owns properties at New Prague, Blue other hand, receipts are liberal, stocks here are larger :
Earth and Wells, Minn., Davenport, Iowa, Calgary, Alta., a year ago-1,440,233 bags of Brazil, against 1,126,68C
and Moose Jaw, Saskatchewan. The total daily capacity of year. Brazilian stocks are increasing; that at Santo
3,093,000 bags; spot trade here has most of the time I
flour in 1915-16 was 8,500 bbls. and cereals, 500 bbls.
unsatisfactory. To-day peace talk caused large tra,
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING AUG.31.
and prices closed 7 to 11 points higher with sales of 174,
1913-14.. 1912-13.
1915-16.
1914-15.
bags. Quotations were as follows:
Trading profits
Sundry profits
$661,915
$411,199
$519,115
$498,837
13.106
$661,915
Total net profits
$42,515
Interest on bonds
Preferred dividends_
(7%)70,357
$411,199
$44,000
(7)70,357
$519,115
$45,131
(7)70,307
$511,943
$46,536
x108,622
$549,043
362,559
$296,842
465.717
$403,677
450,116
$356,784
x93,332
$853,793
$762,559
$911,602
Total
Corn. div. (cash)____(31%)$297,600(35)$280,000(28)3158,776
Corn. div. (stock)
(15)120,000 (40)229,300
Corn., war taxes
80,000
$450,116
Balance, surplus
Previous surplus
Total balance, surplus
$534,002
$362,559
$465,717
$450,116
x Includes $73,496 annual dividend to March 1 1913 and $35,126 accrued
dividends for six months to Sept. 1 1913.
A 50% dividend on the common stock, calling for $400,000 ($160,000
reinvested in common capital at par) was declared in 1914-15, thereby
increasing the common stock from $800,000 to $960,000.
Decembercts.8.42(0)8.45
January8.51§8.52 May
February --8.60 8.61 June
March
8.68 8.69 July
_ _cts.8.768.77
8.84 8.85
8.90®8.91
8.945J8.95
August __ cts9.00
September -9.05
9.10
October
November__ .9.151?
SUGAR dull and lower; weakness in futures was a feai
centrifugal, 96-degrees test, 5.27c.; molasses, 89-degrees
4.40c.; granulated, list price 7.15e., but some busine
ported at 7.05e. regular terms. Futures have declined
mg to increased estimates of the Cuban crop and peace'
Peace would put an end to big buying here by the /
Guma estimates the Cuban crop at 3,572,000 tons.
was distinctly larger than the general idea of the crop
been. Moreover, refiners have been cutting prices.
the other hand, some believe the ultimate effects of I
would be bullish, through an increased general Europea,
mand. To-day prices closed unchanged to 7 points hig
with sales of 18,110 tons. Closing prices were as follows:
Decembercts.4.22 4.23 April---_cts.3.84 3.86 August __ cts3.93.
BALANCE SHEET AUG. 31.
3.86 3.88 September __3.94
May
January ._407@8
3.97%,
3.89®3.91 October
February .._3.86@3.87 June
1916.
1915.
1915.
1916.
3.92®3.94 November-_ -4.00 ©
March
3.82®3.83 July
Liabilities
$
Assets$
$
$
1,005,100 1,005,100
Property & plants.._2,190,173 2,085,162 Preferred stook
-Linseed dull and lower; city raw, American sec
OILS.
1,512,063 823,268 Common stook
1,000,000 960,000
Inventory
lat M.bonds
689.500 710,500 93©960.; city boiled, American seed, 94©97c.; Calm
Notes and accounts
receivable
532,700
462,907 379,277 Notes payable
85,850
187,241 213,706 Accounts payable.__ 312,731 196,849 $1 15. Lard, prime, $1 30©$1 35. Cocoanut, Cocb
Cash
Prep. int., Insur., &a 64,755
35,348 Accr. diva, on pf. cap 17,589
17,589 16©17c., Ceylon 15M ©16c. Corn 11.81e. Palm, Lag
32,455
Sundry assets
21,898 Mar.interest, arc_ _ - 74,984
23,543
/
2
Reserve funds
244,987 196,669 12 A©12310. Soya bean 12©123/c. Cod, domestic 7;.
38,000
Corn., war tax
76c. Spirits of turpentine 56 Wic. Strained rosin, commc
Profit and loss
534,002 362,559
oil on the spot 12.50c. To-da,
Total
4,449,593 3,588,658
Total
4,449,593 3,558,658
There was also, Aug. 311916, a contingent liability in respect of cu
mere' notes receivable and drafts discounted in the ordinary course .)
business amounting to $727.749.-V. 103, p. 2158.
to good, $6 70. Cottonseed
futures closed as follows:
Dec__ _ cts.12.48 ®12.65IMarch.cts-12.3612.371June„cts_12.45@l2.5
12.51012.5
12.44©l2.47 July
January -12.40©12.44 April
12.45©12.46
February-12.40(012.44 May
Dro. 161916.]
2249
THE CHRONICLE
PETROLEUM active and advancing; refined in barrels,
.$8 65@$9 65; bulk, $4 50@$5 50; cases, $10 75@$11 75.
Naphtha, 73 to 76-degrees, in 100-gallon drums and over,
403/2c. Gasoline still active; motor gasoline in steel barrels to
garages, 22c.; to consumers, 24c.; gasoline, gas machine,
steel, 40c.; 73 to 76 degrees, steel and wood, 31@34c.; 68
to 70 degrees, 28@31c. Mid-Continent, Central West,
Louisiana and Texas crude oil advanced. All grades of Caddo crude petroleum advanced 10c. a barrel. Some grades
of Gulf Coast advanced 15 cents a barrel. Field work in
Wyoming has been stopped by the winter. Stocks of crude
oil decreased nearly half a million barrels. Prospects in
Northern Tennessee are said to be good. Prices follow:
$1 53 Illinois, above 30
Pennsylvania dark 82 75 North Lima
$1 57
degrees
1 53
(Jabell
2 17 South Lima
1 38 Kansas and Okla2 20 Indiana
Mercer black
10
homa
1 57
2 20 Princeton
New Castle1
Caddo La., light
10
2 10 Somerset,32 deg.._ 2 20 Caddo La., heavy.. 1 75
Corning
95
1 75 Ragland
Wooster..
1 88
1 I() Canada
1 10 Electra
Thrall
1 Oe California oil_ ___73 ©82
1 10 Moran
qtrawn
1 00
1 18 Henrietta
1 00 Plymouth
a Soto
lc TOBACCO has continued firm with a steady demand and
Oa ,plies anything but bountiful. The' stock of filler is
,lecially small. For leaf high prices are being paid in the
Jountry. Sumatra is in fair demand, though the assort-.irnt is not attractive. Cuban leaf is in steady demand and
,
OPPER reported steady despite.German peace proposals.
demand has been less active, however. Lake here on.
spot 35@35 Mc.; electrolytic 35 ®35%c., for future de, cry 313/2 ®34%c. The ultimate effect of peace, it is con: Nded, would be lower prices. London broke sharply, supposedly owing to the German peace proposals. Producers
illere generally scout the idea of an early peace. It is claimed
--too that the 488,000,000 lbs. bought some time ago by the
1-Allies for delivery in the first half of 1917 will be taken
-whether peace is declared or not. Tin quiet and lower on the
4
spot at 423,c.; later firmer at 43c, owing to a sharp increase
( in war risk insurance rates, and peace proposals by Germany.
. Peace is considered a big bull factor in tin, as the Central
,'Empires, it is believed, would buy heavily after the war.
London and Singapore have declined. Spelter quiet and
4
lower on the spot at 113 c. Second hands have sold freely.
The German peace proposals had a depressing effect. London lower. Lead active and higher on the spot for a time at
8.10c. January and February deliveries have been in good
'demand. Later, however,lead was easier at 7.756., owing to
,"profit taking by speculative interests fearing that German
;,peace proposals might lead to an ending of the war. Pig
iron less active for the home trade, owing to peace talk. But
50,000 tons of Bessemer iron were sold, it is understood, to
France and Italy at about $37 at the seaboard, delivery first
if of next year, much of it Valley furnaces. Prices have
„Inained generally steady. Bar iron is $5 higher. No. 2
t sq orthern $29 50(030 50, No. 2 Southern $23@$25, Birningham. Steel has been firm and the opinion is that the
immediate effect on prices
ac tportance of peace talk as to itsas recently the sales to the
,s been exaggerated, especially
.:nestic trade have much exceeded those to Europe. It is
313.
; said that not over 15% of the present production is de,gned for the Entente Allies. The home demand for strucJral steel is said to be gradually increasing, partly for bridge
nilding. The inquiry for ship plates is also reported good.
Stock.
1915.
1916.
Receipts to
Dec. 15.
This Since Aug This Since Aug
Week. 1 1915. Week. 1 1915.
Galveston
Texas City
Port Arthur
Aransas Pass,&cc_
New Orleans_ _ _ _
Mobile
Pensacola
Jacksonville, _
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News,&c_
New York
Boston
Baltimore
Philadelphia
71,914 1,633,922
12,938 197,791
2,148
41,745
3,214
8,895
882
21,615
4,000
4,715
29,554
949,522
67,770
25,565
39,367
667,392
73,000
127,720
1,569
21,326
75,593
331,896
8,786
17,790
40,649
19,500
1,400
Th'88
3,472
1,442
81,209 1,239.533
17,894 184,586
17,086
543
56,244
987
56,000 680,828
57,046
7,005
27,407
26,543
1,828
26,301 620,155
49,000
5,000
8,821 183,616
45
2,238 135,020
24,377 307,351
7,148
29,623
4,739
1,027
9,039
1,279
1,415
17,120
815
97
1916.
1915.
421,495
29,159
334,809
38,929
466,406
14,954
4,683
375,847
27,707
7,702
223,451
9.600
74,709
3,117
225,910
9,000
108,051
48,467
114,092
51,533
130.650
143,338
8,591
6,076
1.025
311,838
10,711
5,370
3,383
200,130 4,326,808 243,169 3,645,796 1.569,065 1.641,538
Totals
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1912.
1911.
14,946
81,209
19,424
56,000
7,005
26,301
5,000
8,821
2,238
24.377
7.148
5,646
171,308
20,591
65,088
7,779
88,097
8,000
22,674
7,657
24,695
7,397
5,083
50,379
21,029
90,788
24,860
52,394
9,500
13,041
10,822
25,802
6,045
8,135
144,529
26,749
59,519
6,610
31,700
3,800
7,815
13,573
16,601
7,853
16,454
123,348
29,352
65,674
16,855
89,092
49,375
16,939
19,555
36,326
278
25.439
200,130
Rec ipts at-
243,169
428,369
312,795
335,203
471,233
1916.
Galv %ton ___
Te City,&c.
New Orleans_
Mobile
Sava inah
Brun wick_ _ _
Charleston,&c
Wilmington_ _
Norf Ik
N'po 't N.,&c.
All ottiers..... _
71,914
15,086
41,745
3,214
21,615
4,000
4,715
1,569
21.326
Tot. his week
1915.
1914.
1913.
Since
The exports for the week ending this evening reach a total
of 177,618 bales, of which 107,333 were to Great Britain,
14,630 to France and 55,655 to other destinations Exports
for the week and since Aug. 1 1916 are as follows:
Week ending Dec. 151916.
Exported to
Exports
from
From Aug. 1 1916 to Dec. 15 1916.
Exported to
-
Great
Great
Britain. France. Other. Total. Britain. France.
15,125 55,974 566,714
Galveston_ 40,849
33,405 56,982
Texas City.. 22,142 11,263
19,522
Pt. ArthurNewOrleans 8.268 3,026 6,827 16.121 286,777
9,199 43,905
9,199
Mobile _ _ _
8,895 30,863
Pensacola._ 8,895
Savannah._ 4,969
4,969 81,450
58,944
Brunswick _
Charleston _ 3:i156
3,100 7,605
Wilmington
5,000
26,627
Norfolk_
63
N'p't News
341 6.827 12,862 114,359
New York_ 5,694
1,601
25,083
Boston _ _ 1,501
3,090 74,698
Baltimore... 3,090
1,626 19,626
Phlladel'a _ _ 1,626
6.551 6,551
San Fran..
Seattle _
20,325 20,325
Tacoma __ _
Total__ -- 170,333 14,6
Other.
Total.
63,637 226,6911 857,042
90,773 23,625, 171,380
1 19,522
91,283 126,739 504,799
400' 44,305
100 30,963
59,939 58,800' 200,189
58,944
8,605
1,000
19,355 56,381 80,736
16,816
1,300 44,743
63
64,09 164,780 343,235
25,994
911
1,000 75,698
2,440 22,066
107,151 107,151
118,576 118,576
75,154 75,154
55,655177,618 1,418,218 405,8991 965,0482,789,165
Total 1915_ 73,218 21,181 53,018 147,417 864,392 352,326 897,505 2,114,223
Total 191C 149,6271 34,303 108,478 292,408 978,901 116,259 936.9822,032,142
-Exports from New York include 60 bales Peruvian to Havre and 895 bales
Note.
West Indian to Liverpool.
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. We add similar figures for
New York.
On Shipboard, Not Cleared for
COTTON
GerOther CoastLeaving
Great
Stock.
Dec. 15 at
- Britain. France. many. Conn. wise. Total.
Friday Night, Dec. 15 1916.
324 21,058 445,348
664
11,669
New Orleans_ _ I 8,401
t THE MOVEMENT OF THE CROP, as indicated by our Galveston ____' 56.510 32,866
39,283 15,000 143,659 277,836
legrams from the South to-night, is given below. For the Savannah
2,600 3,000 20,600 202,851
15,004)
P74,709
ending this evening the total receipts have reached Charleston_
-ek
7.096
-586 7-A8A
Mobile
7,508
872 3.041 111,051
2,169
Norfolk
of 1?,130 bales, against 242,504 bales last week and 239,911 New York_ __ _ 1,000
4,500 138,838
3,866
9,500 101,120
1,500
,es the previous week, making the total receipts since Other ports.. _ _ 8,000
58.552 19.546 210,216 1,358,849
Total 1916.... 98,588 33,530
g.
. 1 1916 4,326,808 bales, against 3,645,796 bales for the
100 28,595 29,170 117,151 1.524,387
51,810 7,476
Total 1915
We'
.ne period of 1915, showing an increase since Aug. 1 1916
Total 1914- 113,412 32,923 3,268 139,938 27,698 317,239 1,076,529
7
11 '681,012 bales.
Speculation in cotton for future delivery has been active
ov
at lower prices. Later came a rally on peace talk. At one
Total.
Mon. Tues. Wed. Thurs.! Fri.
Sat.
19'
time prices showed a decline of 166 points on May as com,alveston
14,436 10,328 14,778 13,115 8,532 10,725 71,914 pared with last Friday's closing, or $8 30 a bale. This was
6,500 6,438
12,938 a drop of 375 points from the high price of the season on Nov.
C emu' City
_
st Arthur,
_
01 ansas
2.148 2,148 27, or no less than $18 75 a bale. But from the "low" of
( 1w Orleans_ _ _ _ 6,437 5,60 12,80 7,922 2,A§L 6,947 41,745
17.80c. on Monday, Dec. 11, due to an unexpectedly high
68 1,620
41 3,214
291 . 152 1,042
thisacola
---8,895 crop estimate by the Government, 11,511,000 bales, there
8,895
Jacksonville _ _
882 was a recovery on the following day to 19.02c., or a rise in
-gg§
Savannah
37.'788 47,851 3,§oi 4,840 3AW 1,798 21,615
4,000 4,000 24 hours of 122 points. This illustrates strikingly enough
• Brunswick
,Charleston
1,366
307
721
-5§6
1,328 4,715 the gigantic range of fluctuations in a week crowded with
-636
119
Wilmington
141
506
160
530 1,569
113
7,226 6,084 2,492 2,240 1,769 1,515 21,326 exciting events. The crop estimate of last Monday was anyNorfolk
&c
N'port News,
where from 200,000 to 400,000 bales larger than had been
70
-§88
.
-1New York
(
158
--ie -86
300,000 baies more
-NA
381
192 1,425 3,472 expected, averaging, however, about
319
Boston
857
4- Baltimore
1,442 1,442 than previous guesses. It is true, however, that the average
Philadelphia_ _
guess of the members at the New York Cotton Exchange on
Totals this week_ 33,892 36,373 35,875 35,740 26,374 32,876 200,130 the previous Saturday was 11,429,000 bales. Some,indeed,
were amazed at the apparent effect of the Government crop
.
The following shows the week's total receipts, the total estimate. They ascribed the sudden collapse of the market
since Aug. 1 1916 and the stocks to-night, compared with of 138 to 155 points on this crop and 85 points on October
to the fact that the crop estimate capped the climax after a
last year:
2250
THE CHRONICLE
[VoL. 103.
week of more or less disturbing events. They included subFUTURES.
marine rumors, reports that the Washington authorities New York for -The highest, lowest and closing prices at
the past week have been as follows:
were likely to take aggressive action concerning them, the
.
rise in
rates, nervou ess in the stock market, an adnervousness
Saturday, Monday, Tuesday, 1Ved'day, Thursd'y,' Friday,
Dee. 9. Dec. 11. Dec. 12.
vance in war risks, the scarcity and dearness of ocean freights,
cc. 13. Dec. 14, Dec. 15, Week.
some reports of a slackening demand for cotton December
Range
goods, and hints with or without foundation, that
18.55-.88 17.78-.75 17.50-.44 17.90-.30 18.03-.24
Closing.... 18.70-.74 17.75-.80 18.42-.48 18.00-.03 18.30-.34 18.10-.30 17.50-188
some of the Southern banks were calling in loans. January
18.18-.20
A tendency to increase the private estimates of the crop Range
1 8.35-.031 7.40-188 17.70-.55 17.90-.40 18.05-.42 18.18-.43
17.40-103
_ 18.78-.82 17.83-.86 18.52-.55 18.05-.06 18.37-.41
must also be mentioned. Finally, the market had become February
18.26-.28
overbought after an advance for the season of 750 to 930
Range
18.48
18.48 -Closing___ 18.91 -- 17.97 -- 18.64 -- 18.19
points, the latter on January. Enormous liquidation took March
18.50 - 18.41 place on Monday and at first there was considerable selling
Range
18.50-.28 17.50-J12 17.95-.82 18.13-.63 18.32_.70h 18.
45_.71 17.50428
Closing_ _ __ 19.05-.06 18.11-.14 18.77-.80 18.32-.34 18.64-.68 18.54-.56
on Tuesday. This in a measure, with the great decline, April
cleared the atmosphere. And when, on the 12th inst., it
Range
19.18
19.18 19.14 -18.23
was suddenly announced that Germany had made overtures
18.85 -- 18.41 -18.72 -- 18.62 3 ay-/
for peace, the effect was electrical. A break of roughly 33/
Range
18.80-.49 17.80-133 18.18-.01 18.33-.83 18.54-.92 18.65-.92
17.80449
Closing...- 19.25-.27 18.35-.38 18.96-.99 18.53-.54 18.84-.92 18.74-.75- to 4 cents a pound since Nov. 27 had led to an improvement
in the technical position. The market was ripe for a rally June-Range
19.20-.33
18.37-.80
18.37-.33
and prices ran up 50 to 70 points. In fact, on the 12th inst.
Closing.... 19.30 -- 18.40 -19.03 -18.56 -- 18.90 -18.79 -they rose some 80 to 90 points from the low level of the morn- July-Range
18.90-.54 17.80-134 18.23-.06 18.36-.84 18.58-.98 18.67-.94 17.80-154
ing. On Wednesday came a setback, owing largely to the
Closing_ _ _ 19.28-.30 18.38-.39 19.02-.06 18.54-.55 18.90-.94 18.78-.79
hostile tone of the English and French press. This, with very August
Range
18.70-185
18.28-.30
large selling by Liverpool and some general liquidation,
Closing.... 18.78-.85 17.90-.95 18.55-.60 18.05-.10 18.45-.55 18.30-.35 18.28-.85
caused a drop of some 60 to 65 points. On Thursday prices September
Range
17.50-.55 16.72-.42 17.00 -16.75 -again came to the right-about, and advanced some 40 to 45
Closing___ _ 17.49 -- 16.70 -- 17.21 -16.75 -- 16.95-.00 17.00 -- 16.72-.55
17.05 -16.97 -points. This was due to the fact that Washington dispatches October
Range
17.00-.68 16.45-.35 16.46-.10 16.54-.92 16.63-.98 16.77-.93 16.45-168
stated that the Allied Governments would take measures to
Closing__
17.34-.36 16.55-.60 17.06-.10 16.60-.61 16.90-.91 16.82-.85
ascertain Germany's terms of peace. Moreover, the Census
18, 119. 117.
Bureau's figures on the consumption were even more bullish
THE VISIBLE SUPPLY OF COTTON to-night, as made
than had been expected, Liverpool advanced, Neill reiterated
his estimate of the world's consumption of American cotton up by cable and telegraph, is as follows. Foreign stocks,
at 14,750,000 bale, Tattersall reported an excellent state as well as the afloat, are this week's returns, and consequently
of Lancashire's business at increasing profits in some cases, all foreign figures are brought down to Thursday evening.
spot markets were firm and trade interests here bought. A. But to make the total the complete figures for to-night
decline in stocks and wheat was supposed to reflect the in- (Friday), we add the item of exports from the United States,
creasing probability of peace, and cotton was strengthened including in it the exports of Friday only.
Dec. 15accordingly. On the other hand, some think that peace is
1916.
1915.
1913.
1914.
Stock at
.bales.. 707,000 842,000 708,000 889,000
not likely to be declared in the near future. They believe Stock at Liverpool
London
29,000
60,000
5,000
25,000
that obstacles of an insurmountable kind stand in the way. Stock at Manchester
59,000
82,000
54,000 108,000
They believe, too, that the crop is being underestimated;
Total Great Britain
that even the Government figures are too low; that there will Stock at Hamburg
72i:888 92088 *102.000 1.07k888
IT088 465,000
at
*1,000
*1,000
be no shortage of supplies and that the rise this season Stock at Bremen
Stock
Havre
239,000 289,000 177,000 382,000
reached its crest on Nov. 27, when January touched 21.19c., Stock at Marseilles
6,000
2,000
2,000
2,000
Stock at
68,000 a61,000
18,000
March 21.32c., May 21.55c. and July 21.51c., and that Stock at Barcelona
19,000
Genoa
228,000 241,000
41,000
34,000
from now onward there is likely to be a gradual but never- Stock at Trieste
*1,000
*1,000
*5,000
14,000
theless certain decline. That remains to be seen. What is
Total Continental stocks
544,000 596,000 355,000 931,000
certain is that it is now a moro or less nervous market deTotal European stocks
1,339,000 1,580,000 1,142,000 1,933,000
pending on reports favorable or unfavorable to an early peace.
57,000
33,000 104,000
111,000
To-day prices, at one time a little higher, ended some 10 India cotton afloat for Europe__ _ 625,706 404,647 831,274 822:246
Amer. cotton afloat for Europe
Egypt,Brazil,&c.,afloat forEurope 74,000
to 12 points lower on Liverpool, Wall Street and Western
90,000
48,000
92,000
in Alexandria, Egypt
227,000 235,000 *200,000 379,000
selling. But spot houses were buying, spot markets were Stock in Bombay, India
Stock
407,000 479,000 413,000 562,000
firm and spot prices here were actually advanced 30 points Stock in U. S. ports
1,569,065 1,641,538 1,393,762 994,580
in U. S. interior
regardless of some weakness in futures. Many of the Stockexports to-day towns_ _ _ _1,379,059 1,513,251 1,305,404 966,023
U.S.
25,962
14,855
43,007
8,083
trade believe that peace is not far off. Nevertheless prices
Total visible supply
5.703,792 5,991,291 5,345,529 5,992,856
are lower for the week. Spot cotton closed at 18.60c. for
Of the above, totals of American and other descriptions are as follows:
middling uplands,showing a decline for the week of 55 points.
American
bales.. 361,000 600,000 445,000 682,000
The following averages of the differences between grades, Liverpool stock
Manchester stock
44,000
67,000
29,000
79,000
as figured from the Dec. 14 quotations of the eleven markets, Continental stock
*455,000 *488,000 *265,000 879,000
designated by the Secretary of Agriculture, are the differ- American afloat for Europe
625,706 404,647 831,274 822,246
U.S. port stocks
1,569,065 1,641,538 1,393,768 994,580
ences from middling established for deliveries in the New U.S. interior stocks
1,379,059 1,513,251 1,305,404 966,023
York market on Dec. 21:
U.S. exports to-day
25,962
43,007
14,855
8,083
Middling fair
0.76 on
Strict good middling
0.54 on
Good middling
0.34 on
Strict middling
0.18 on
Strict low middling
0.27 off
Low middling
0.68 off
Strict good ordinary
1.11 off
Good ordinary
1.57 oft
Strict good mid."yellow" tinged.0.21 on
Good middling "yellow" tinged.0.01 off
Strict middling "yellow" tinged.0.22 off
Middling "yellow" tinged
0.43 off
Strict low mid."yellow" tinged- 0.77 off
Low middling "yellow" tinged-1.17 off
Good middling "yellow" stained_0.50 off
Strict middling "yellow" stained.0.71 off
Middling "yellow" stained
0.95 off
Good middling "blue" stained...0.53 off
Strict middling "blue" stained
0.82 off
Middling "blue" stained
1.15 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 9 to Dec. 15Middling uplands
Sat. Mon. Tues. Wed. Thurs. Pd.
18.75 18.00 18.35 18.35 18.30 18.60
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dee. 15 for each of the past 32 years have been as follows:
1916_c
1915
1914
1913
1912
1911
1910
1909
18.60
12.30
7.35
13.00
13.20
9.45
15.20
15.15
1908_c
1907
1906
1905
1904
1903
1902
1901
9.10
12.10
10.55
12.20
8.00
12.45
8.65
8.50
1900..c
1899
1898
1897
1896
1895
1894
1893
10.12
7.69
5.81
5.88
7.19
8.56
5.75
8.00
1892_c
1891
1890
1889
1888
1887
1886
1885
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
4,659,792 4,729,291 4,277,529 4,465,856
146,000 242,000 263.000
29,000
60,000
25,000
15,000
15,000
25,000
*89,000 *108,000 *90,000
57,000
33,000 104.000
74,000
90,000
48,000
227,000 235,000 *200,000
407,000 479,000 413,000
207,000
5,000
29,000
52,000
111,000
92,000
379.000
562,000
1,044,000 1,262,000 1,168,000 1,437,000
4,659,792 4,729,291 4,277,529 4,465,856
Total visible supply
5,703,792 5,991,291 5,445.529 5,902,856
Middling Upland,Liverpool
11.00d.
7.47d.
4.44d.
7.11d.
Middling Upland, New York_
18.60c.
11.95c.
7.40c.
12.80c.
Egypt, Good Brown, Liverpool
7.00d. 10.45d.
21.85d. 10.25d.
Peruvian, Rough Good,Liverpool 18.00d. 11.40d.
8.75d.
9.00d.
Broach, Fine, Liverpool
4.15d.
6 Ytd.
10.60d.
7.104.
Tinnevelly, Good, Liverpool__
4.00d. 6 13-16d.
7.22d.
10.72d.
*Estimated. a Revised.
9.81
8.00
9.38
10.31
9.88
10.56
9.50
9.19
Continental imports for past week have been 70,000 bales.
The above figures for 1916 show an increase over last week
of 148,435 bales, a loss of 287,499 bales from 1915, an excess
of 258,263 bales over 1914 and a loss of 199,064 bales from
1913.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
-Below are the closing quotations of middling
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the cotton at Southern and other principal cotton markets for
week at New York are indicated in the following statement. each day of the week.
For the convenience of the reader we also add columns which
Closing Quotations for Middling Cotton on
show at a glance how the market for spot and futures closed
Week ending
on same days.
Dec. 15.
Saturday. Monday. Tuesday. Wed'day. Thursdlt. Friday.
Spot Market
Closed.
Saturday..__
Monday ___
Tuesday ___
Wednesday_
Thursday __
Friday
Total_
Futures
Market
Closed.
Quiet, 40 pts. dec.. Steady
Quiet, 75 pts. dee__ Steady
Quiet, 35 pts. adv _ Very steady_ _ _
Quiet
Steady
Quiet, 5 pts. dec._ Irregular
Quiet, 3() pts adv Barely Steady.
_1
SALES,
Spot. Contr'ct Total.
100
100
1,400
300
600
2,300
1,400
300
600
100
2,400
Galveston
19.25
New Orleans_ _ - 19.63
Mobile
19.25
Savannah
19X
Charleston _ _ _ _ 19
Wilmington.._ _
Norfolk
18.25
Baltimore
19.00
Philadelphia __ _ 19.00
Augusta
19.63
Memphis
19.75
Houston
19.05
Little Rock19.88
18.50
19.63
19.25
19
19
18
18.13
19.00
18.25
19.63
19.76
18.30
19.88
18.50
18.00
18.00
19
19
18
17. 8
18.00
18.60
19.63
19.75
18.50
19.88
18.25
18.00
18.00
19
19
17
17. 0
18.25
18.60
19.63
19.75
18.00
19.88
18.25
18.00
18.00
19
,
195
Nom,
17.75
18.25
18.55
18.38
18.50
18.15
19.88
18.25
18.00
18.00
19
193i
Nom.
17.75
18.25
18.85
18.38
18.50
18.15
19.00
-
2251
TME CHRONICLE
DEC. 16 1916.1
Palestine, Tex.
-Dry all the week. The thermometer has
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug.1, the shipments for ranged from 18 to 60, averaging 39.
-There has been no rain during the week.
San Antonio, Tex.
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in Average thermometer 49, highest 72, lowest 26.
Taylor, Tex.
-Dry all the week. Minimum thermometer
detail below.
20.
-Rain has fallen on three days of the
New Orleans, La.
Movement to December 15 1916. Movement to December 17 1915.
week. The rainfall reached two inches and fifty-eight hunShip- Stocks
Ship- Stocks
Receipts.
Towns.
Receipts.
dredths. Average thermometer 50.
meats. Dec.
menu. Dec.
17.
15.
Week. Season. Week.
Week. Season. Week.
-It has rained on three days during the
Shreveport, La.
14,380
174 12,798 week, to the extent of one inch and one hundredth. The
Ala.,Eufaula__
9,615
__ 9,201
52
647
Montgomery.. 1,273
34,657 1,730 31,844 3,608 89,189 3,488 82,322 thermometer has ranged from 25 to 64.
454
Selma
19,907
181 6,882 2,027 48,631 2,634 32,562
-There has been rain on three days of
Vicksburg, Miss.
Ark., Helena.... 2,695
41,416 1,028 21,667 2,530 40,975 1,639 24,378
• Little Rock
4,639 171,424 6,232 54,439 10,325 101,935 6,595 47,269 the week, the precipitation reaching sixty hundredths of an
Pine Bluff
3,000 103,947 4,000 41,000 5,296 80,658 13,804 39,320
ranging from
Ga., Albany
19,038
479 9,605 inch. The thermometer has averaged 49,
710
123 20,215
59 2,769
Athens
1,265
88,371 1,300 40,599 7,880 84,204 4,742 48,026 21 to 69.
Atlanta
83,779 5,053 82,347 2,782 32,231
10,068 208,607 7,364
Mobile, Ala.
-It has rained on three days during the week,
Augusta
7,056 301,647 7,203146,286 12,276 290,286 6,895205,952
40,687 2,162 48,248 the rainfall being two inches and sixty-five hundredths.
Columbus__ -- 5,753 46,216 1,050 17,576 1,199
36,998 1,028 14,768 The
Macon
24,713 1,256
3,004 116,725 3,295
thermometer has averaged 48, the highest being 73 and
47,075 2,140 16,003
Rome
48,248 1,180 10,411 2,546
1,998
La.,Shreveport 3,509 127,529 4,126 34,138 4,720 95,607 3,813 54,383 the lowest 33.
852
10,216 1,589 7,261
2,647
353
4,867
Miss.,Columbus
186
Selma, Ala.
-There has been rain on three days during the
55,886 2,454 29,334
252 26,511 2,681
50,211
Greenville
2,763
82,891 4,035 34,983 week, the precipitation being one inch and ten hundredths.
Greenwood_.. 3,179 92,708 2,418 32,870 4,030
671 10,128 1,748
22,116 1,440 13,546 The thermometer has ranged from 25 to 60, averaging 49.5.
15,332
Meridian
656
- _ - _ 13,315 1,000
Natchez
32,509
21,704
534
200 14,400
Madison, Fla.
-There has been rain on three days of the
Vicksburg
747
12,675
586 6,109 1,276
21,019
991 11,903
Yazoo City 17,146
727 9,559 1,330
86
25,132
894 18,245 past week, to the extent of one inch and forty-five hunMo.,St. Louts* 20,000 516,617 18,200 31,605 29,790 238,628 29,263 14,415
50, ranging from
N.C.,Gr'nsboro 1,756
48,146 1,567 9,254 3,340
40,460 2,315 8,342 dredths. The thermometer has averaged
Raleigh
168
8,298
225
370
485
8,138
500
528 35 to 65.
0., Cincinnati_ 8,670 98,025 8,937 23,945 11,657 95,139 7,303 20,987
Savannah,
.Ga.-We have had rain on three days during the
0kla., Ardmore 2,166
49,466 1,841 11,461 2,813
32,671 2,884 9,669
Chickasha
10,000
44,192 1,500 8,500 5,942
39,346 5,738 11,118 week, with rainfall of sixty-seven hundredths of an inch.
Hugo
907 2,310 The thermometer has ranged from 34 to 78, averaging 54.
936
9,085
529
23,315 1,335 3,930
Oklahoma
364 5,686
980
12,272
493
27,767 1,452 3,346
-There has been rain on two days of
Charleston, S. C.
70,109 3,016 28,880
S.C.,Greenville 4,911
86,454 3,241 41,342 7,029
523 12,269 the week, the rainfall being eighty hundredths of an inch.
523
15,118
324 7,489
Greenwood... 2,129
14,458
43,090 573,657 29,955 330,004
Tenn.,Memphis 39,881 770,763 18,536290,075
2141 3,001 Average thermometer 53, highest 72, lowest 34.
5,597
294
365
Nashville
Tex.,Abilene.- 1,500 59,455 2,121 3,000 2,030 42,714 3,0941 5,664
Charlotte, N. C.
-The week's rainfall has been one inch
7121 3,564
510
14,038
213 2,322
23,179
Brenham .._
304
23,038 2,322 8,895 and twelve hundredths. The thermometer has averaged 46,
Clarksville_ _ _
270 40,208 1,568 4,952 2,028
55,343 2,071 8,987 the highest being 69 and the lowest 22.
78,007 3,019 11,458 5,165
2,852
Dallas
22,558 2,188 2,110
231 3,151 1,384
Honey Grove_
359 38,520
Memphis, Tenn.
-Snow on Thursday stopped picking and
Houston
53,821 1,858,408 57,083279,786 87,647 1,305,387 75,582,229,529
64,541 5,003, 6,987 interfered with marketing. We have had rain and snow
1
Paris
1,350 103,139 1,932 5,265 4,662
San Antonio
554
36,855
716 2,000
42,457
8751 2,789 on two days of the
500
week, the precipitation being one inch
,-.._.
and twenty hundredths. The thermometer has averaged 35,
ranging from 23 to 60.
*Partly estimated.
Note.
-Our Interior Towns Table has been extended by the addition of 8 towns.
The following statement we have also received by teleThis has made necessary the revision of the Visible Supply Table and a number
graph, showing the height of the rivers at the points named
of other tables.
The above totals show that the interior stocks have in- at 8 a. m. of the dates given:
Dec. 15 1916. Dec. 17 1915.
Feet.
Feet.
creased during the week 28,310 bales but are to-night 134,192
8.1
New Orleans
Above zero of gauge..
3.7
receipts at Memphis
bales less than at the same time last year. The
13.6
Above zero of gauge..
7.8
17.9
Nashville
Above zero of gauge_
8.5
all towns have been 87,335 bales less than the same week Shreveport
Above zero of gauge_
*0.4
0.5
last year.
Vicksburg
Above zero of gauge..
19.4
6.1
* Below.
OVERLAND MOVEMENT FOR THE WEEK AND
NEW ORLEANS CONTRACT MARKET.
-The highSINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made est, lowest and closing quotations for leading contracts in the
up from telegraphic reports Friday night. The results for the New Orleans cotton market for the past week have been as
week and since Aug. 1 in the last two years are as follows:
follows:
Dec. 15ShippedVia St. Louis
Via Mounds, are
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Week.
18,200
9,704
165
2,527
4,402
5,691
32,287
Since
Aug. 1.
492,951
163,120
3,721
63,683
49,988
55,393
380,634
72,976 1,209,490
Deduct Shipments-
.
Overland to NewYork,Boston,dic 5,169
Between interior towns
3,761
Inland, &c., from South
5,491
Total to be deducted
14,421
Leaving total net overland*
-1915----Since
Week. Aug. 1.
29,263 242,055
16,186 176,699 December
431
1,167
e
lVe
6,312
55,884
5,000
52,173 January
5,382
42,626
Range
12,497 151,368
Closing
March
75,071 721,772
Range
58,555
79,339
56,740
163,353
3,818
8,204
3,607
31,713
44,385
82,694
299,432
15,629
158,792
910,058
59,442
563,180
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 58,555 bales, against 59,442 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 346,878 bales.
1916
Movement into sight in previous years:
Bales.I Since Aug. 1590,459 1914-Doc. 18
463,221 1913
-Dec. 19
484,178 1912
-Dee. 20
Bales.
6,633,931
9,177,788
9,209,517
WEATHER REPORTS BY TELEGRAPH.-Advices
to us by telegraph this evening from the South denote that
temperature has been lower generally during the week with
snow in some localities. The gathering of the remnant of
the crop and the marketing of cotton has been interfered with.
-We have had rain on one day of the past
Galveston, Tex.
the precipitation reaching two hundredths of an inch.
Average thermometer 51, highest 70, lowest 32.
-Dry all the week. Average thermometer
Abilene, Tex.
38, highest 56,'lowest 20.
Fort Worth, Tex. .The week's rainfall has been two hundredths of an inch on one day. The thermometer has averaged 41, the highest being 64 and the lowest 18.
18.09-.45 17.50-.00 17.50 -17.55-.64 17.66-.77 17.75-.89
18.20-.24 17.35-.40 18.00 -17.51-.52 17.86 -17.77-.79
17.94-.60 16.65-126 17.25-.03 17.30-.90 17.61-.86 17.71-.94
18.26-.28 17.37-.39 18.01-.03 17.51-.52 17.86-.87 17.77-.79
18.19-.85 17.20-159 17.54-.34 17.65-.25 17.87-.20 18.00-.25
18.57-.59 17.69-.71 18.30-.34 17.82-.83 18.16-.17 18.06-.08
Closing
MayRange
18.45-.10 17.45-185 17.82-.60 17.92-.47 18.15-.45 18.25-.50
18.82-.83 17.95-.00 18.58-.60 18.08-.10 18.41-.42 18.31-.33
July
Range
Closing
October Range
g
Tone
Spot
Options
18.70-.24 17.65-197 17.98-.7618.11-.62 18. 3-.61 18.44-.67
18.97-.99 18.10-.11 18.75-.77 18.26-.27 18.59-.61 18.46-.48
16.85-.34 15.71-500 16.14-.72 15.80-.60 16.36-.66 16.50-.64
17.0 -.03 16.29-.31 16.09-.75 16.27-.28 16.64-.66 16.50 Quiet.
Quiet.
Quiet.
Quiet.
Firm m Steady Very st'Y Steady
Nom.
Nom.
Steady I Steady
18. 517.
-The followRECEIPTS FROM THE PLANTATIONS.
1915
Since ing table indicates the actual movement each week from the
Aug. 1.
Week.
243,169 3,645,796 plantations. The figures do not include overland receipts
563,180 nor Southern consumption; they are simply a statement of
59,442
75,000 1,326,000 the weekly movement from the plantations of that part of the
In Sight and Spinners'
•
Since
Takings.
Week.
Aug. 1.
200,130 4,326,808
Receipts at ports to Dec. 15
58,555
Net overland to Dec. 15
910,058
Southern consumption to Dec. 15 81,000 1,547,000
339,685 6,783,866 377,611 5,534,976
Total marketed
Interior stocks in excess
28,310 1,025,325 44,654 1,036,074
Came into sight during-week_ _ _367,995
422,265
Total Insight Dec. 15.
- 7,809,191
6,571,050
North. spin. taking to Dec. 15...... 88,734 1,390,195 84,004 1,208,738
Week.
1914
-Dee. 18
1913
-Dec. 10
1912
-Dec.20
Saturday. Monday, Tuesday, Wed'day, Thursd'y, Friday,
Dec. 9. Dec. 11. Dec. 12. Dec. 13. Dec. 14. Dec. 15.
crop which finally reaches the market through the outports.
Week
Receipts at Ports.
Stock at Interior Towns.
end'g
1916.
1915.
1914.
1916.
I
1915. I
1914.
Receipts from Plantation
1916. I 1915.
1914.
Oct.
27 305,928 246.5581272,727 1,105,0791 994.688 820,382357,633321,616 396,337
Nov.
1
3 325,901 231,002317,633 1,158,599 1,091,734 926,724 379,421 328,048 23,975
10 271,037200,421 338,055 1,192,916 1,186,584 1,024,495305.354,295,271 435,426
359.216 1,230.704 1,275.401 1,097.236 301,2511275,163 31,957
17 263,463 186,346
24 240,082171,948360,439 1.274.398,1,327,340 1,185,390 283,776,223.887 8.593
Dec.
1 239,911 208,884 331,201 1,308,9501,389.i57 1,206,758 274,463 270,701 32,569
8 242,504 265,737370,458 1,350,749,1,468,597 1,258,039,284,303 345,177 21,739
15 200,130 243,169 428,369'1,379,059'1,513,251 I.305.404l228,440287,823I475,734
-That the total receipts
The above statement shows: 1.
from the plantations since Aug. 1 1916 are 5,352,133 bales;
in 1915 were 4,681,870 bales, and in 1914 were 5,005,451
-That although the receipts at the outports the
bales. 2.
past week were 200,130 bales, the actual movement from
plantations was 228,440 bales, the balance going to increase
stocks at interior towns. Last year receipts from the
plantations for the week were 287,823 bales, and for 1914
they were 475,734 bales.
2252
THE CHRONICLE
[vol.. 103.
AGRICULTURAL DEPARTMENT'S COTTON CROP
MANCHESTER MARKET.
-Our report received by
ESTIMATE.-The report on cotton, issued by the Agricul- cable to-night from Manchester states that the market is
tural Department on Dec. 11, is as follows:
easier following the course of the raw material. SpeculaThe Crop Reporting Board ofthe Bureau of Crop Estimates of the United tion has been checked and the demand form India is slow.
States Department of Agriculture estimates, from the re- orts of the corp
respondents and agents of the Bureau, that the total production of cotton We give prices for to-day below and leave those for previous
In the United States for the season of 1916-17 will amount to 5,506,896,000 weeks of this and last year for comparison.
5,506,896,000 11,511,000 11,191,820 14,259,231 19.6 11.2
U S
Total production was 16,134,030 bales (500 lbs. gross) in 1914; 14,156,486
bales in 1913; 13,703,421 in 1912; 15,692,701 in 1911,and 11,608,616 in 1910.
The price per lb. to producers Dec. 1 in 1914 was 6.8c.; 12.2c. in 1913;
11.9e. in 1912; 8.8c. in 1911, and 14.1c. in 1910.
CARDROOM WAGE DISPUTE IN ENGLAND.
Strike Notices Withdrawn.
-Cable advices of date Dec. 11
effect that the cotton cardroom workers' strike
were to the
notices have been withdrawn, but workers are renewing their
claim for higher wages under the provisions of the munitions
Act.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1916.
1915.
Week. I Season.
Week.
Season.
Visible supply Dec. 8
5,555,357
5,832,263
Visible supply Aug. 1
4,664,410
3,198,251
American in sight to Dec. 15_ _ _
367,995 7,809,191 422,265 6,571,050
Bombay receipts to Dec. 14_ _ _ _
442,000
717,000
92,000
b70,000
Other India ship'ts to Dec. 14_ _
138,000
67,000
b2,000
7,000
Alexandria receipts to Dec. 13_ _
392,000
502,000
b50,000
30,000
Other supply to Dec. 13*
48,000
61,000
43,000
4,000
Total supply
Deduct
Visible supply Dec 15
6,046,352 12,066,442 6,387,528 12,525,460
5,703,7921 5,703,792 5,991,291 5,991,291
Total takings to Dec. 15_a
Of which American
Of which other
342,5601 6,362,650
274,560 5,237,650
68,000 1,125,000
396,237 6,534,169
284,237 5,096,169
112.000 1,438,000
*Embraces receipts in Europe from Brazil, Smyrna, West India, Sze.
a This total embraces the total estimated consumption by Southern mills,
1,547,000 bales in 1916 and 1,326,000 bales in 1915
-takings not being
available
-and the aggregate antounts taken by Northern and foreign
spinners, 4,815,650 bales in 1916 and 5,208,169 bales in 1915, of which
3,690,650 bales and 3,770,169 bales American.
b Estimated.
INDIAN COTTON MOVEMENT FROM ALL PORTS.
1916.
Nov. 23.
Receipts at
Week.
Bombay
I
60,000J 314,000 39,000
For the Week.
Exports
from--
Since
Aug. 1.
494,000 18,000
1,000 12,000 21,000 34,000
7,000 2,000 9,000
2,000
2,000
4,000
8,000
12,000
Conti
nent.
1,000
1,000
Total all
1916____
1915____
I914____
,000
Japan
& China.
55,000 367,000
78,000 337,000
43,000 128,000
5,000
9,000
2000,
1,000
1914_
All others
1916_ --1915_ ___
1914_ ___
Week.
Since August 1.
Great 'Conti- 'Japan
Great
Britain. nent. &China Total. Britain.
Bombay
1916____
1915-1914____
Calcutta
1916_
1915_
1914_
Madras
1916_
1914.
1915.
Since
Aug. 1. I Week.
1,000
1,000
1,000
3,000
2,000
3.000
12,000
11,000
9,000
45,000
28,000
86,000
1,000 13,000 21,000 35,000
1,000 10,000 2,000 13,000
3,000 1,000,
4,000
3,000
9,000
35,000
30,000
2,000
47,000
87,000
41,000
8,000
72,000 404,000 484,000
22,000 140,000 369,000 531,000
23,000
73,000 131,000 227,000
According to the foregoing Bombay appears to show an increase compared with
last year in the week's receipts of 21,000 bales. Exports from all India ports record
a gain of 22,000 bales during the week, and since Aug. 1 show a decrease of 47,000
bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
Nov. 22.
1916.
Receipts (cantars)This week
Since Aug. 1
352,445
2.735.001
1
Since
Week. Aug. 1.
Exports (bales)
-
To Liverpool
6,541
To Manchester
To Continent and India.. 8,043
To America
2,051
Total exports
1915.
1914.
238,669
2.239.485
326,952
1.428.858
Since
IVeek. Aug. 1.
Since
Week. Aug. 1.
71,311 6,126 64,536 4,601 30,813
40,823 10,532 44,763 8,041 31,672
40,040 2,998 50,384 11,721 42,014
26,382 7,882 55,140 4,583 25,565
16.635 178.556 27.538 214.822 28.946 130.064
Note.
-A cantar is 99 lbs. Egyptian be es weigh about 750 lbs.
This statement shows that the receipts for the week ending Nov. 22
were 352,445 cantars and the foreign shipments 16,635 bales.
32s Cop
Twist.
Oct. d.
27 15W,
Nov
3 15%
10 165f
17 17%
24 18
Dec.
18
8 18)5
15 17)5
1915
831 lbs. Shirt- Cot'n
ings, common Mid.
to finest.
Up's.
32s Cop
Twist.
d. s. d.
s. d. d. I d.
5 @II 6 11.14,10%
16% 9 6 011 6 11.131 10%
17% 9 6 611 735 11.42 10%
18% 9 9 011 1034 12.08 iO31931 9 6 011 1035 11.90 10%
ityy, 9
14
14
ioq 9
ism 9
isu 9
6 011 1035 12.21111%
6 012 1% 12.05 115i
6 012 1% 11.00 11%
831 lbs. Skirt- Cot'n
ings, common Mid.
to finest.
Up's..
s. d. d.
d. s. d.
11 7 6 08 73.1 7.02
11% 7 3 ®8 3
11% 7 3 08 3
11%1 3 ®8 3
3 08 45i
6.91
7.01
7.06
7.28
125‘,6 6 08 7
12503 9 08 10
12% 6 9 08 10
7.50
7.66
7.47
""I7
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 177,618 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK
-Liverpool
-Dec. 14
-Baltic, 2,958
2,958
To Manchester
-Dec.9-Bovic,2,736
2,736
-Dec. 14-Ashjorn, 341
To Havre
341
-Dec. 9-0. Lopez y Lopez, 362; Montserrat,
To Barcelona
-Cabo Cervera, 2,753
141-- _Dec. 11
3,256
-Dec.8
To Genoa
-Napoli, 200; San Giovanni, 65......Dec. 13
-Mexican, 2,006
2,271
To Vladivostok-Dec. 14
-Chinese Prince, 1,300
1,300
GALVESTON-To Liverpool
-Dec. 8-Aidan, 5,625- __Dec. 9Muirfield, 11,025_ Dec. 13
-Nestorian, 10,277
26,927
To Manchester
-Dec.9
-Ventura de Larrinaga, 13,922
13,922
.
To Gothenburg-Dec. 12-Indianic, 4,825
4,825
To Christiania-Dec. 12-Indianic, 200
200
-Dec. 14-Monginevro, 10,100
To Genoa
10,100
TEXAS CITY
-To Liverpool
-Hazelwood, 11,571; Muir-Dec.8
field, 2,676_ _ _Dec. 9
-Wingate, 7,895
22,142
To Havre
-Dec. 13-ICronstad, 11,263
11,263
-NEW ORLEANS
-To Liverpool
-Professor, 6,268
-Dec. 13
6,268
To Havre
-Dec. 11-Hudson, 3,026
3,026
To Rotterdam-Dec. 9-Christain Michelsen, 1,327
1,327
To Gothenburg-Dec. 12-Sydic, 1,200
1,200
To Barcelona
-Dec. 12
-Rita, 600_ _ _ Dec. 13
-Miguel M.
Pinillos, 3,700
4,300
MOBILE
-To Liverpool
-Dec. 9
-Asian, 9,199
9,199
PENSACOLA-To Liverpool
-Dec. 9-Vivina, 8,895_..
8,895
SAVANNAH-To Liverpool
-Dec. 11-Kamfiord, 4,469
4,969
CHARLESTON
-To Liverpool
-Dec. 9-Antillian, 3,100
3,100
BOSTON
-To Liverpool
-Lord Cromer, 1,501
-Dec.8
1,501
BALTIMORE
-To Liverpool
-Dec. 2-Norlina, 1,597
1,597
To Manchester
-Dec. 1-Manchester Merchant, 1,493
1,493
PHILADELPHIA
-To Manchester
-King George, 1,586 1,586
-Nov.24
To Glasgow-Dec. 24
-Malvern Range, 40
40
SAN FRANCISCO
-To Vladivostok-Dec. 7-Yuki Maru,2,573_ 2,573
To Japan-Dec. 8-Shinyo Marti, 3,978
3,978
-To Japan-Dec. 8
TACOMA
-Chicago Marti, 4,024; Ixion,
-Slam Maru,4,851
10.950.._ _Dec. 9
19,825
-Dec.8-Ixion, 500
To Manila
500
Total
177,618
COTTON FREIGHTS.
-Current rates for cotton from
New York are as follows, quotations being in cents per pound:
Liverpool, 2.00c.• Manchester. 2.00c.• Havre, 2.25c. asked; Rotterdam,
3.00c. nom.; Genoa, 2.00c. asked; Naples, 2.00c. asked; Leghorn, 2.00c.
nom.; Christiania, 3.25c.; Bergen,3.25c.; Stockholm, 3.25c.• Malmo,3.25c.;
Gothenburg, 3.25c.; Barcelona, 2.25c. nom.; Lisbon, 2.50C. Dec.; Piraeus,
2.75c.; Oporto, 2.75c. Dec.; Marseilles, 2.00c.; Japan, 2.00c. nom.; Shanghai, 2.00c.; Vladivostok, 2.50c.
LIVERPOOL.-B cable from Liverpool we have the following statement of the week's sales, stocks,&c.,at that port:
Dec. 8.
Nov. 24.
Dec. 1.
Sales of the week
38,000
34,000
37,000
Of watch speculators took
4,000
1,000
3,000
Of which exporters took
3.000
1,000
3,000
27,000
27,000
29,000
• Sales, American
Actual export
3,000
2,000
2,000
Total.
Forwarded
110,000
77,000
90,000
672,000 712,000 701,000
Total stock
543,000 581,000
588,000
Of which American
426,000
149,000
121,000
81,000
423,000 Total imports of the week
Of which American
140,000
96,000
49,000
183,000
Amount afloat
323,000 319,000 365,000
Of which American
261.000 265,000 296,000
8,000
12,000
The tone of the Liverpool market for spots and
3,000
3,000
8,000
1,000
2,000
1,000
2,000
2000,
1,000
Since
Aug. 1.
1916
000 0000 0
lbs. (not including linters), equivalent to 11,511,000 bales of 500 lbs.
gross weight.
The estimated production, with comparisons, by States, follows:
-Bales of 500 lbs., Gross Weight- Price per lb
Dec 1.
5-yr. avge.
Lbs. Lint
1910-14. 1916. 1915.
1915.
State1916.
Cts. Cts.
1916.
(Census.) (Census.)
Virginia ____
13,827,000
23,563 19.4 11.4
29,000
15,809
No. Carolina 307,948,000
874,159 19.4 11.2
646,000
699,494
So. Carolina 439,208,000
920,000 1,133,919 1,381,193 19.6 11.3
Georgia ____ 881,726,000 1,845,000 1,9.08,673 2,269,403 19.9 11.4
Florida
20,683,000
43,000
67,009 31.0 14.8
47,831
Alabama
251,055,000
525,000 1,020,839 1,499,984 19.5 11.1
Mississippi.. 383,040,000
953.965 1,213,784 20.5 11.5
800,000
Louisiana_ _ _ 210,496,000
341,063
379,924 19.1 11.2
440,000
Texas
1,808,225,000 3,775,000 3,227,480 4,144,626 19.4 11.1
Arkansas..... 548,112,000 1,145,000
816,002
928,320 19.6 11.6
Tennessee
378,000
303,420
364,244 19.5 11.3
180,949,000
Missouri
47,999
62,000
29,704,000
72,198 19.0 11.0
Oklahoma _ _ 399,380,000
835,000
639,626 1,013,794 19.0 11.3
60,000
28,551
California
28,716,000
19,333 20.0 11.2
All others
8,000
7,149
3,827,000
7,698
Dec. 15.
34,000
26,000
2,000
59,000
707,000
561,000
66,000
55,000
futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Tuesday. Wednesday. Thursday.
Friday.
Moderate
demand.
Moderate
demand.
Quiet.
More
demand.
11.63
Mid.Upl'ds
Sales
Spec..&exp
Monday.
Moderate
demand.
Saturday.
Spot.
Market,
12:15
P.M.
HOLIDAY.
11.06
11.13
10.95
11.00
7,000
700
7,000
700
8,000
800
7,000
700
6,000
600
Futures.
Market f
opened 1
Easy unch. Steady
Steady
Easy
Steady
18020 pts. 35®45 pts. to 6 pts. 2 to 4 pts. 11014 pts.
decline.
decline.
decline.
decline.
advance.
Market
closed
Quiet
Steady Barely sty Irregular
Unsettled
27®36 pts. 41047 Pts. 10011 pts. 14016 ins• 12018 pts.
advance.
decline.
decline.
decline.
decline.
1
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus: 11 42 means 11 43-100d,
Thurs.
Fri.
Wed.
Tues.
Mon.
Sat.
Dec. 9
12112% 12)4 I 4 1234 4 123i 4 12% 4 1234 5
to
p.m. P.m.
Dec. 15
P.m. !Pan. p.m. P.M. P.m. p.m. p.m.
d.
d.
Dec
Jan.
-Feb _
Mar.
-Apr. HOLIMay-June DAY.
July-Aug..
Oct.
-Nov
d.
11 43
11 47
11 59
11 69
11 68
10 70
d.
27
31
44
55
54
62
d.
86
90
07
18
17
30
d.
80
84
99
10
08
21
d.
93
97
12
22
19
29
d.
70
74
89
00
97
10
d.
75
79
95
08
06
22
d.
86
89
03
14
12
24
d.
80
83
97
07
04
16
d.
71
74
87
97
94
12
DEC. 16 1916.]
BREADSTUFFS
Friday Night, Dec. 15 1916.
Flour has been quiet and depressed, owing to the German
overtures which seem to threaten the continuance of trade
with the Allies. The decline in wheat was of course a factor. The Greek purchases of 8,000 tons recently, it is now
supposed,•will have to be resold or stored until the snarl between the Allies and Greece is straightened out. France
has recently bought to some extent. But peace talk has undoubtedly had a distinct tendency to halt trade both for
home and foreign account, and to cause lower prices. The
total output for the week at Minneapolis, Duluth and Milwaukee was 398,000 bbls., against 411,000 in the previous
week and 530,000 last year; total from Sept. 1 to Dec. 9,
5,743,000 bbls., against 7,453,000 during the same time last
year.
Wheat has declined sharply owing to German proposals
looking to peace. It is true that many have scouted the
idea of an early ending of the war. They have thought that
Germany's move was designed largely to still any domestic
unrest that may have arisen. But many others believe that
Germany is sincere in its desire to terminate the most terrible war of all history, and that its recent note to the neutral
Powers will prove to be the entering wedge to that end.
On Tuesday prices fell 83/2 cents, owing to the peace proposals. World's stocks are 213,192,000 bushels, or 35,000,000
bushels more than a year ago. East of the Rockies the
United States has 70,184,000 bushels, or 16,000,000 bushels
more than a year ago. The winter wheat plant in this
country is in generally good condition. In India the crop
prospects are favorable on a larger acreage than last year's,
with reserves holding out well, native feed grains being
.
plentiful. Germany's food grain crops, according toreports of neutrals, are more plentiful: also the weather in
Germany has been favorable for seeding. In Central and
Southern Argentina the crop is turning out better than was
expected. War risks are reported higher in this country,
ocean freights scarce and dear and car shortage and railroad
embargoes at the seaboard have also hampered business
for export. The possibility of a persistent agitation for an
embargo on the exportation of foodstuffs if the war continues
is not lost sight of. Some believe, too, that
the weakness in the stock market . indicates a
growing belief that the war is nearing its end.
On the other hand, the English and French press has shown
hostility to the idea of entering into peace negotiations at
this time. Some export business has been done, despite the
existing obstacles. The entire agricultural area in Europe
has suffered and will continue to suffer for some time to come
from the effects of vast military operations, scarcity of labor
and poor seed. In France, the acreage will be smaller and the
outlook is not favorable, partly owing to defective cultivation. Meantime, French native supplies are only moderate
.
and arrivals of foreign wheat small, owing to the scarcity of
ocean tonnage. Private reports from Russia say that the
acreage has been reduced, that the seed is poor and cultivation bad. In Italy the acreage is small, the weather has been
wet and cold, seeding is slow, and the general outlook unsatipfactory. Bad weather has interfered with field work in
England. In the Balkan States, cold, wet weather, with
snow in some parts, and the movements of big armies have
put t!, stop to farm work over large areas, seeding is late there
and In fact in most districts, according to the latest reports,
to
it will have . be abandoned. In Argentina the crop is
everywhere light, even through some districts are turning
out rather better than expected. The belief in some quarters is that Europe will have to buy largely from the United
States throughout 1917 whether the war ends soon or not.
It is believed that in the event of peace Germany and Austria would be good buyers of.American wheat, despite the
reopening of the Dardanelle in that event. To-day, how.
ever, peace ideas were bearish beyond question and prices
.123 to 13Yo. at Winnipeg.
fell 738 to 12%c.at Chicago and
Also the Government increased its total estimate of the crop
about 32,000,000 bushels. It is 639,886,000 bushels, against
1,011,505,000 last year and 891,017,000 in 1914.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_184% 183% 173
174
169% 1653-i
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
CHICAGO'
December delivery in elevator_cts_165% 164% 154
154
153% 142%
May delivery in elevator
1773-i 175
165% 16735 166% 154
July delivery in elevator
149% 147% 142% 143% 142% 1313j
Indian corn advanced early in the week but last Tuesday
broke sharply oi the German peace proposals, which caused
very heavy riling, pFtly in sympathy with the break in
wheat. Besides, receipts at primary points increased and
.
the cash demarid was slow. The outlook for export business
was poor in view of car shortages, railroad embargoes and
high freights. .Buenos Aires prices declined with crop prospects better owing to rains and freights scarce and very firm.
On the.
same day Liverpool was weaker owing to a general
disposition to sell partly by reason of excessive insurance
rates. Moreoever, the spot demand was slow in Liverpool
.
and the American offerings larger. But prices have at times
2253
THE CHRONICLE
resisted pressure in spite of any unfavorable factors. Alter
all, the available supplies are light and the pressure to sell
futures has been smaller than might have been expected.
The scarcity and firmness of ocean freights in Argentina
seems to preclude the possibility of very large shipments
from that direction in the near future. In Liverpool, too,
the arrivals are small. This fact, together with the fact that
shipments from Argentina have been only fair, has not been
without its influence. Though American shipments may
have increased somewhat,the total, after all,is far from large.
Stocks, not only in Liverpool but on the Continent, are small
and the consumption large, partly owing to the fact that
corn, it appears, is being mixed with other grain because of
the scarcity and dearness of other cereals. To-day prices
were lower.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed_ Thurs. Fri.
cts_106% 107% 103% 104% 1043-i 1033(
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ctg_ 91% 90% 87% 89% 893-i 87%
93% 923-i 89% 91% 90% 89
May delivery in elevator
91% 89% 91
90% 88%
93
July delivery in elevator
Oats declined in sympathy with wheat. Liquidation early
in the week was heavy partly on the German peace overtures. At the same time the car shortage has interfered with
business. Stocks at interior points are large and the obstacles to export business are considered rather serious.
This alone has caused more or less selling for short account.
On the other hand, some export business has been done in
spite of the difficulties which beset trade with Europe.
Liverpool has reported a steady or firm market with the delimited. To-day, however, prices
mand good and arrivals.
gave way with other grain. Stocks are large and the Government report increased the crop estimate 32,000,000 bushels, making it 1,251,992,000 bushels, against 1,540,362,000
last year and 1,141,060,000 bushels in 1914.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Tues.
Wed.
Thurs.
Fri.
Sat.
Standards cts_59059% 5954060 58058% 57(4)5716 573-l058 56056H_
No. 2 white__59%060 60060% 583-i059 57%058 58058% 563-i @UT
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues Wed. Thurs. Fri.
December delivery in elevator_cts_ 53% 51% 49
49% 49314631
57
May delivery in elevator
553/, 52% 53% 5338 50
54
53% 50
50% 50% 48%
July delivery in elevator
The following are closing quotations:
FLOUR.
Winter, low grades..- _ -$6 25 $7 25 Spring, low grades ____$5 50046 25
patents
8 10 8 35 Kansas straights, sacks_ 8 250 8 50
Winter
7 75 8 00 Kansas clears, sacks__ 7 25® 7 75
Winter.straights
7 35 7 60 City patents
Winter clears
9 90
Spring patents
8 65 8 90 Rye flour
7 50§ 7 85
Spring straights
8 35 8 60 Buckwheat flour
4 50
4 75
Spring clears
7 75 8 00 Graham flour
6 25
7 25
GRAIN.
Corn, per bushel
Wheat, per bushel-f.o. b.
No. 2 mixed
N. Spring. No. 1, new____$1 85%
f. o. b.
N. Spring, No. 2
No. 2 yellow
c. 1. f.
No. 2 yellow kiln dried__ I 03%
Red winter, No. 2, new... 1 653-i
Argentina in bags
Hard winter, No. 2
1 73%
Nom.
Rye, per bushel
cts.
Oats, per bushel, newStandard
New York
c. I. f. $1 47
56
563i
Western
c. I. f. $1 47
No. 2. white
563
, 57
4
Barley, malting
No. 3, white
$1 39@1 45
55%@56
55 @55% Barley, feeding
1 09
No. 4. white
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
•
Flour.
Wheat.
'
Corn.
Oats.
Barley.
Rye.
.bush.32 lbs.btash.481bs.bush.86lbs.
bbls.1961bs.bush.60 lbs.bush. 56 lbs
Chicago
230,000 1,193,000 2,962,000 2,816,000 911,000 257,000
564,000
Milwaukee
246,000
510,000 517,000 108,000
42,000
Duluth
1,382,000
310,000 461,000 132,000
470,000
Minneapolis
3,428,000
536,000 940,000 262,000
52,000 - 147,000
Toledo
32,000
26,000
Detroit
201,000
65,000
7,000
37,000
Cleveland
76,000
20,000
67,000
3,000
30,000
544,000
St. Louis497,000
323,000
83,000
35,000
8,000
29,000 1,128,000
Peoria
168,000
29,000
66,000
13,000
1,196,000
Kansas City_
465,000
71,000
Omaha
473,000
525,000
256,000
Total wk. '16
Same wk. '15
Same wk. '14
411,000 8,606,000 7,035,000
514,000 18,011,000 5,428,000
418,000 10,225,000 10,880,000
5,154,000 2,933,000
6,184,000 4,522,000
5,875,000 2,575,000
810,000
773,000
629.000
Since Aug.17.271000202.621,000 72,377,000 140,223,00051,248,00014,043,000
1916
7,846,000269,624,000 67,949,000121,999,00054,480,000 13,887,000
1915
8.383.000249.080,000 86,143.000140.769.00049.729.00012.798.000
1914
Total receipts of flour and grain at the seaboard ports for
the week ended Dec.9 1916 follow:
Receipts at- I Flour.
1Vheat.
Corn.
Bushels.
Barrels.
Bushels.
103,000
New York..__
17,000 2,128,000
Portland, Me.
625,000
724,000
11,000
Philadelphia.
27,000
162,000
Baltimore
500,000
107,000
7,000
NewportNew
15,000
Mobile
21,000
167,000
46,000
679,000
New Orleans a
121,000
Galveston
Montreal____
341,000
5,000
16,000
80,000
St. John
87,000
55,000
' 185,000
Boston
16,000
Halifax
Oats.
Barley.
Rye.
Bushels. Bushels. Bushels.
460,000 156,000
19,000
348,000
1,242,000
1,000
38,000
4,000
581,000
1,000
41,000
207,000
218,000
15,000
2,000
550,000 2,517,000 210,000 606,000
Total wk. '16 296,000 5,399,000
Since Jan.1'1624,216,000 364,232,000 55,711,000 172,991,00026,379,00015,996,000
823,000 2.345,000 932,000 305,000
Week 1915.._
703,000 9,127,000
4Inra .Tn.n 1.1h 25.7113.000 301.R25.000 31.890.000 143.747.000 14.001.000 14.31a_nnn
a Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading
2254
THE CHRONICLE
The exports from the several seaboard ports for the week
ending Dec.9 are shown in the annexed statement:
Wheat.
bushels.
Exports from-
Corn.
Flour.
Oats.
Rye. Barley. Peas.
bushels. barrels, bushels, bushels. bushels. bushels.
New York
1,545,692
Portland, Me
625,000
Boston
238,674
Philadelphia
451,000
Baltimore
785,670
Newport News..
Mobile
New Orleans
340,000
Galveston
Montreal
490,000
St. John, N.B____
80,000
Port Arthur
168,000
Halifax
16,000
Total week
Weak 1915
4,740,036
7.935.343
61,409 100,883
11,110
378,208 17,988
43,087 43,063 126,779
13,000 325,000
42,857 197,211 1,036,193 480,517 39,711
7,000
15,000 21,000
23,000 34,000
69,000
10,000
84,000 52,000
12,000
46,000
269,443 468,157 1,555,082 480,517 606,919 17,988
417.476 345.391 1.214.934 202,816 1122172 2;464
The destination of these exports for the week and since
July 1 1916 is as below:
Mill
Flour.
•..4.4
,
Exports for Week
and Since
July 1 to
-
Wheat.
Week
Dec. 0
1916.
Since
July 1
1916.
Week
Dec. 9
1916.
Corn.
Since
July 1
1916.
' Week
Dec. 9
1916.
Since
July 1
1916.
Bushels.
Barrels. Barrels.
Bushels. Bushels, Bushels.
United Kingdom.. 151,877 2,352,324 2,313,983 57,002,173 229,256 12,244,133
Continent
227,608 2,678,192 2,424,942 79,880,904
7,136,367
744,582
So.& Cent. Amer. 22,223
1,008
139,039
8,010
521,167
61,309
West Indies
950,158
103
6,888
32,117 1,193,152
Brit.No.Am. Cols.
300
8,040
1,710
Other Countries.._ 4,840
114,153
5,660
15,542
60
Total
Total 1915
468,157 6,847,449 4,740,036 137,034,664
345,391 5,683,355 7,935.243 139.742.792
269,443 21,112,071
417.476 5,671,493
The world s shipment of wheat and corn for the week
ending Dec. 9 1916 and since July 1 1916 and 1915 are
shown in the following:
Wheat.
Exports.
1916.
Week
Dec. 9.
Corn.
a 1915.
Since
July 1.
Since
July 1.
1916.
Week
Dec. 9.
a 1015.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels. 'Bushels.
Bushels.
Bushels.
NorthAmer* 7,809,00 180,512,000 183,724,000
436,000 21,408,000 3,734,000
Russia
5,942,000 3,496.000
281,000
Danube
Argentina
1,288,00 30,011,000 6.778,000 2,414,000 66,241,000 102,829,000
Australia
692,000 17,324,000
344,000
India
1,008,000 17,296,000 8,608,000
0th .countr's
128,000 3,511.000 3,960,000
220,000 2,689,000 3,173,000
Total ____ 10,925,0'I 254,596,000206,908,000 3,070,000 90,709.000109,736,000
a Revised.
• North America.
-The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
Corn.
United
Kingdom. Continent.
Bushels.
Bushels.
Dee. 9 1916..
Dec. 2 1916_
Dee. 111915..
Dec. 12 1914.
Total.
United
Kingdom. Continent.'
Bushels.
Bushels.
40,808,000
39,984,000
38,400,000
35,192,000
Bushels.
Total.
Bushels.
22,721,000
21,803;000
19,728,000
25,611,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Dec. 9 1916 was as follow:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
Chicago
'
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
GRAIN STOCKS.
Wheat,
Corn.
Oats.
bush.
bush.
bush.
4,435,000
228,000 1,953,000
229,000
81,000
927,000
2,130,000
24,000
344,000
2,617,000
196,000
722.000
48,000
525,000
3,115,000
104,000
182,000
2,590,000
20,000
2,930,000
49,000 2,837,000
1,625,000
539,000
5,110,000
996,000
4,468,000
11,483,000
2,212,000
11,623,000
14,000
256,000
1.294,000
1,479,000
97,000
540,000
217,000
299,000
801,000 20,906,000
825,000
62,000 1,415,000
934,000
82,000 7,131,000
126,000
936,000
176,000 3,837,000
97,000
847,000
306,000
873,000
427,000 1,895,000
280,000 1,254,000
Rye.
bush.
79,000
89,000
35,000
423,000
3,000
Barley.
bush
679,000
12,000
147,000
110,000
82,000 1,183,000
4,000
42,000
89,000
320,000
102,000
65,000
638,000
13,000
39,000
592,000
749,000
640,000
19,000
163,000
144,000
6.000
325,000
Total Dec. 9 1916
59,191,000 3,373,000 49,182,000 2,010,000 4,782,000
Total Dee. 2 1916
62,026,000 2,677,000 47,458,000 1,959,000 4,742,000
Total Dec. 11 1915
46.023,000 5,181,000 20,218,000 2,535,000 3,188,000
-Bonded grain not included above: Wheat,2,679.000 bushels at New York,
Note.
14,000 Baltimore, 154,000 Philadelphia, 299,000 Boston,4,966,000 Buffalo,952,000
Duluth; total, 9,064,000 bushels, against 11.235,000 bushels in 1915. Oats, 263,000
New York, 6,000 Boston, 2,000 Baltimore, 73,000 Duluth, 1,663,000 Buffalo; total.
2,007,000 bushels, against 1,357,000 in 1915; and barley, 285,000 New York,33,000
Duluth; total, 318,000, against 75,000 in 1915.
Canadian
Montreal
1,247,000
7,000 5,491,000
96,000
Ft. William & Pt. Arthur__13,213,000
6,860,000
Other Canadian a
12,093,000
7,041,000
Total Dec. 9 1916*
Total Dec. 2 1916*
Total Dec. 11 1915
Summary
American
Canadian
59,191,000 3.373,000 49,182,000 2,010,000 4,782.000
26,553,000
7,000 19,392,000
96,000
Total Dec. 9 1916
Total Dec. 2 1916
Total Dec. 11 1915
85,744,000 3,380,000 68,574,000 2,010,000 4,878,000
87,709,000 2,681,000 66,318,000 1,959,000 4,823,000
66,004,000 5,186,000 30,169,000 2,551,000 3,209,000
26,553,000
25,683,000
19,981,000
7,000 19,392,000
4,000 18,860,000
5,000 9,951,000
•
LIncluding Canadian at Buffalo and Duluth.
16,000
96,000
81,000
21,000
[Vim. 106.
THE DRY GOODS TRADE
New York, Friday Night, Dec. 15th, 1916.
A further contraction in business has been noted in drygoods markets during the past week. An unsettledifeeling
has developed as a result of the sharp break in prices forlraw
material which have declined over three cents from the:recent
high levels. Although manufactured goods have not as yet
displayed any inclination to follow the weakness in raw material markets, buyers have been encouraged to hold(Ain the
hope of securing concessions. Second hands are beginning
to show more or less anxiety and in some instances are reported to be lowering quotations in order to encouragelsales
but this has not become general and prices as a rule:arejfirmly
maintained. Yarns which would naturally be the first to
act in sympathy with raw material markets are firmlyaheld
and offered sparingly by spinners. On the other hand,r_manufacturers appear to be convinced that the Government's
estimate of over eleven and a half million bales of cotton crop
this year indicates that there will be sufficient supplies to
meet requirements until the new crop becomes available.
The unsettled feeling has been further augmented by the
many conflicting rumors regarding the possible ending of
the European war within the near future, and while there is
a considerable difference of opinion as to what effect peace
would have on the dry goods markets,it is generally believed
that it would result in a sharp advance in prices for raw
material and cause a scarcity as Continental countries would
likely become heavy buyers to replenish their depleted stocks.
If peace should fail to materialize for another year or two,
and prices for raw material remain at present levels or lower,
prices for dry goods will no doubt have to undergo a downward readjustment. In the meantime jobbers and retailers
continue to do good business with the latter in the market
for liberal supplies to provide for their January trade. While
export markets in general are quiet, there is a steady business
passing with various South American countries.
DOMESTIC COTTON GOODS.
-While the general ail
titude in markets for staple cottons is to await developments,
there is a good demand for prompt goods and some improvement noted in certain quarters for distant deliveries. Many
buyers, encouraged by the decline in prices for raw material,
are confining their purchases to actual needs as they expect
to secure concessions if the raw material markets fail to recover. Converters have been selling certain lines of finished
goods at slight reductions, but this action on their part is said
to be due chiefly to a desire to reduce stocks before the taking of inventories at the end of the year. Fair sales have been
made in colored goods, and jobbers have purchased various
lines of ginghams for delivery through the first quarter of the
new year. Prints have been in moderate request, although
purchases have consisted largely of small lots to cover nearby
needs. While demand for bleached cottons has been quiet,
prices are firmly held as producers are well sold ahead. Gray
goods, 38-inch standard are quoted at 83c.
WOOLEN GOODS.- No particular change has been
noted in conditions surrounding the situation for woolens
and worsteds, prices for which are firmly maintained in
sympathy with the strength of raw material. Business continues active with a good demand noted for heavy weight
goods. In the marketsfor men's wear,staple lines are moving
on a liberal scale. Overcoatings for next season have been
opened by some manufacturers, and liberal sized orders are
reported to have been placed. Prices so far are said to rule
higher as compared with those of a year ago,and it is generally
believed that they will not be any lower. The clothing
makers strike is attracting considerable attention in the
woolen and worsted goods trade, but as yet it has not had
any effect on business.
FOREIGN DRY GOODS.
-A feature of interest in the
marketfor linens during the past week was the announcement
from abroad that higher prices were being asked for cambrics
and sheers. According to local merchants, this will be very
seriously felt in the handkerchief trade where prices already
have reached prohibitive levels with goods scarce. The
situation as regards supplies of all kinds of linens as well
as substitutes is steadily growing more serious. A fair business has been transacted with jobbers and retailers during
the past week, as the latter have been endeavoring to secure
supplies for the Holiday trade. Housekeeping lines are
principally in demand. Burlaps markets are inactive with
purchases confined to small lots covering immediate needs.
Sentiment is unsettled, and large buyers are generally disposed to await further developments in connection with the
agitation for peace. Prices remain unchanged with light
weights quoted at 8.75e and heavy weights at 10.00c to
10.25c.
THE CHRONICLE
o. 16 1916.]
STATE AND CITY
atTAIIMENT,
MUNICIPAL BOND SALES IN NOVEMBER.
We present herewith our detailed list of the municipal
bond issues put out during the month of November, which
the crowded condition of our columns prevented our publishing at the usual time. In the case of each loan reference is
made to the page of the "Chronicle" where an account of
the sale is given.
The review of the month's sales was given on page 2171
of the "Chronicle" of Dec. 9. Since then several belated
November returns have been received, changing the total for
the month to $16,951,818. The number of municipalities
issuing bonds during November was 249 and the number
of separate issues 363.
2255
Price.
Name.
• Rate. Maturity. Amount.
Page.
2007__Lake Mills (C.) & Lake Mills,
Milford & Azatlan (Ts.) Jt.
Sch. D. No. 1, Wis
15,000 107.366
5
01929
1912_ _Lawrence, Mass
45,000 101.95
1917-1926
4
2007_ _Lawrence Co., Ind. (2 iss.)- - 4
44,000
2093.._Lexington, Ky
4,091 100
1017-1926
6
2007_ _Lima, Ohio
100,000 106.951
01942
4%
2260_ _Lincoln County, Miss.(2 iss.)_ 5
175,000
1912_ _Lockhart, Tex
5 d1921-1956
35,000 104.185
2094_ _Logan Co. S. D. No.55, Colo.. 5 d1936-1956
3,000
2174_ _Los Angeles Men. lmpt. D.
No.2, Cal
1946
390,000 100
5
1912_ _Lower Providence Tvrp. S. D.,
Pa
4%
17,500
2094_ _Lynn Haven, Fla
6
1946
10,000 106.67
1912- _Manchester,Ga
5
1932-1946
45.000 104
2094_ _Marion County, Ohio
4
%
01199326
36.000 h102.3 101.93
2174_ _Maricopa Co. S.D.No.57,Ariz. 6
12,000
,
2094_ _Mariposa High S. D., Cal_ _ _ 5
01927
12,000 106.675
2260_ _Martin County, Ind
4%
01922
5,150
1811_ _Medford, Mass
4
1917-1936
65,000
1811_ _Medford, Mass
4
1917-1936
9,600103.68
1811_ _Medford, Mass
4
1917-1926
7,000)
1912__Memphis, Tenn
4
%
01942
1,500,000 100.021
..Menasha, Wis
2174..
15,000
2007„Merrill, Ore
d192191-316
3,8001 1093
2007_ _Merrill, Ore
53
6,0005
2260.._Miami, Okla
25,000 101.76
2007_ _Monroe Twp. RuralS.D., Ohio 5
01925
2,800 102.86
1811_ _Montgomery County, Ohio_ _ _ 4%
a1921
15,000 101.62
2175_ _Moriah (T.) Un. Free S. D.
No. 5. N Y
5
80.000 108.96
1912_ _Mount Vernon, N Y
4% 1917-1921
40,000 101.76
2094_ _Mount Vernon, N. Y
4
01922
20.000 103.156
2007_ _Munhall Sch. Dist., Pa
4
80,000 102.768
1811_ _Murfreesboro, Tenn
1936
5
75.000
2007__Nassau County, N.Y
100,000 101.97
4
01928
2260_ _Navarro County, Tex
5
100.000 100.527
2175__Newfolden, Minn
5
3,500 100.143
2094--Newton Sch. Dist., Kan
43 d1926-1936
60,000 100.453
2094_ _Nez Perce Co.8.D.No.58,Ida_ 5
1,600 100
2094-Norfolk, Neb
5 d19292926
15,000 101
a11-1
6
181 1_ _Norfolk County. Mass
4
60.000 102.95
2260_ _North Dakota (10 issues)_ _ _ _4 & 5
49,550 100
2260_ _Northwood, Iowa
5
1917-1926
7,112
2094 _Norwood, Ohio (2 issues)
4%&5
29,377 103
2094 -Norwood City S.D.,Ohio iss) _
(2
25,000
1811 -Nyssa Arcadia Dr. D., Ore- 6
70,000 98.27
1721 _Olean, N Y
4%
01930
11,483 104.77
2095__Oneida Sch. Dist., Iowa
5
10,000 106.605
2008 -Owen County, Ind
5
011993196
11,079 100
2008 -Painted Post,(V.) N.Y.(4iss.)- 5
1181:358060
2095_ _Parke County,Ind.(2 issues).. 4%
2008- _Phelps (V.) N.Y
2
01928
22,000 100.10
1812 _Pike County, Ind
4%
28,000 104.06
2176 _Pioneer, Ohio
6
a1918
1.600 100.625
2095 _Plymouth, Ind
51926
6,000 105
2176- _Porter County,Ind
5
1917-1921
61,779 100
1812_ _Porter County,Ind.(3 issues).. 434
15.000 103.043
2095_ _Portland, Ore
6
d1919-1926 145,014
2095.._Port of Seattle, Wash
434
350,000 102.187
1913_ _Posey Sch. Twp.,Ind
4
a1923
3,500 101.535
2095..-Powell County, Hy
40,000 103
1812_ _Pulaski County, Ind
434
13 8 0 103.10
00
:0
00
2261_ _ Raleigh Consul. S. D.,Miss-- 534
.Red Cloud, Neb
2095..
5 d1921-1936
20,000 100.25
1913--Red River, Atchafalaya &
Bayou Boeuf Levee D.,La.... 5
1921-1946 250,000 104.88
1812- Ripley County.Ind
5
a1922
13,500 103.118
1812.. Ripley Sch. Dist.. Ohio
5 d1931-1936
2.500 106.014
2176_ Round Valley S D., Cal
6
9,000
1812- Rudd Consol. Ind. S D.,Iowa 5
1936
2095--St. Cloud, Fla. (5 issues)
6
01932
114 9 108.61
5..010
2008--St. Paul, Minn4%
1931
500,000 104.218
2008- _Salem, Mass
4
1917-1921
40,000 101.18
1812--Sandusky County. Ohio
4%
17.000 101.33
2261_ _Sanford, Fla
5%
1946
45,000 108.78
2008__Schoharie County,N Y
5
1917-1929
12.400 105.55
2176.._ Seattle, Wash.(12 issues)
6
234,684 100
2095..-Seymour. Tex
6
28,889
2008_ _Shelby County, Ohio
01918
5
36,100 101.027
1913- _Shelbyville Graded S. D., Ky_ 5 d1926-1936
50.000 105
2261_ _Sibley Sr McLeod Cos.. Minn__ 4%
1921
10,0001 100.343
2261_ _Sibley & McLeod Cos., Minn__ 4%
a1932
19
26
5.0005
1913--South Cle Elum, Wash
5% d1917-1926
5,000 100
2176- _South Pasadena, Cal
5
19,000 108.131
2095--Spiceland, Ind
4% 1918-1922
5,000 5101.03
2176_ _Spokane, Wash.(2 Issues)....._ 6
1928
17,873
1913....Springfield, Mass
3% 1917-1936 100,0001 103.651
1913--Springfield, Mass
4
1917-1936 540,0005
2009- Sterling Sch. Dist., Neb
6
24,350
1913__Sussex County, N.J
4%
01927
25,000
2095_ Swampscott, Mass.(2 issues). 4
15.700 102.68
2261_ Swea City Sch. D.. Iowa
4%
1936
80,000
2176...Tacoma, Wash
6
1921
804
2009_ _Taunton, Mass.(3 issues)_ ___ 4
37,835
2095_ _Terra Bella Irri. 'Dist., Calif__ 6
1927-1947 600,000 97
1913_ _Texas (24 issues)
5
138,500 100
1913....Tippecanoe County,Ind.(31s.) 4
23,300 100.849
2096....Trigg County, Ky
4% 1922-1942
90,000 100
2096._TrinityRiverIrri.D.,Tex.(2 is.) 6
40,000
2009_ _Troy, Mont
6 d1926-1936
12,300 103.048
2096--Tucumcari S. D.No. 1, N. NI_ 5 d1936-1946
50,000
2176--Underwood Irri. D., Wash_ _ _ _
8,000
2009_ -Union County, Ind
4% 1918-1927
6,470 103.485
2176 ..Union County, N. J
4
*50,000
1914_ _Ventnor City. N J
4%
20,000 102.50
2009_ -Venture County, Calif
5
1920-1944 150,000 110.65
2261__Waco, Texas
5
1946
25,000 110.05
1914_ _Warren, Ohio
4%
38,000 105.292
1812 _ _Warwick (V.) N Y
4.10
1914_ _Washburn, isc
434 1917-1936
20:
"
5 000 102.50
2096....Waterford hr. Dist., Calif_ _ _ - 6
100.000 97
2009_ _Watertown, Mass.(3 issues)._ 4
79.000 102.227
2097_ _Waterville, Ohio (2 issues)____ 5
5,150 100
1914...Waukegan City S. D., Ill
4%
60.000
1915_ _Wellesley. Mass
4
1917-1946
30,000
1915_ Wellesley, Mass
4
1917-1941
50,000} 103.946
1915_ Wellesley, Mass
4
1917-1921
30,000
2097_ _Westchester County, N.Y
4
a1922
100,000 101
2009_ West Minneapolis, Minn
4%
30,000 101.25
1813__Weston VII. S. D., Ohio
5
3.300 101.363
2097_ West Park, Ohio
5
9,000
1946
2178_ _West Union S D.,Calif
5
1919-1933
15.000 106.90
2097__Williams Bay Consol. S. D.
No. 1, Wisc
5
33.000 102.76
2097__Wyandot County, Ohio (2 iss.) 5
10.300 103.21
1917-1926
2011__Yakima Co. S. D. No. 54,
Wash
5
3,750 100.506
2010_Youngstown, Ohio (11 iss.) 4)4&5
122.170
Price.
Rate. Maturity. Amount.
Page.
Name.
$5,000
5
2005_ _Abita Springs, La
6,500 100.81
01924
4%
1808__Ada, Ohio
27,000 103.089
01930
4
2091__Agawam, Mass
263,000 101.85
4
1718__Albany, N.Y.(5 issues)
434&5
70,425
2092_ _Alliance, Ohio (4 issues)
5 d1926-1956
50,000 105.06
2173.._Amarillo Ind. S. D., Tex
6
1946
145,000 111.045
..Arcadia, Fla.(4 issues)
1910..
69,381 100.93
1917-1921
43
2258_ _Asbur Park, N.J
2258__Ashta We, Ohio
11,500 101.87
5
1718-..Ballston Spa. (V.), N. Y.,
4%
9,000 103.13
(2 issues)
100,000 h100
2092.._Beaufort, No. Caro
5
1946
480,000 108.24
2092__Beaumont, Tex.(3 issues)_ _ _ - 5
675,000
2258_ _Beauregard Parish,La.(2 iss.). 5
105,000 104.285
1936
5
2258__Bell County, Ky
52,000 103.30
1809-Beloit Un. S. D. No.2, Wise
4) 1918-1929 597,000 102.07
2092_ _Bergen County, N.J
19,000 100.40
4
Mass
2005-Beverly,
15,000 100.186
01933
005__Boardman Rural S. D.,Ohio 4
1917-1936 500,000 *100
3
173 __Boston, Mass
24,000
1910_ _Boyertown,Pa
4,617
6
2005.._Brazoria County. Tex
5,000
01946
4%
2092.....Buchtel Vii. S. D., Ohio
8,258 100
1917-1921
4
2173_ _Buffalo. N.Y
5 d1926-1941 100,000* 100
2173....Buffalo. Okla.(3 issues)
1946
100,000
2258...Burke County, No.Car.(4 iss.) 5
1922-1925
13,000
5
2258_ _Burt, Iowa
*85,500
..Canton, Onio(5 issues)
2006..
4%
01922
25,200 103.075
1910__Cass County, Ind
2006__Centerburg, Ohio (2 issues)_
5
15,212 102.379
a1918
2006....Champaign County, Ohio_ _ _ _ 5
2,220 100
2,000 100
1809_ _Chelan Co.S. D.No.60,Wash. 53( d1917-1926
2092 _ _Chevy Chase. Md
5
22,000 100
1917-1920
43( d1927-1937
2258_ _Cheyenne, Wyo
85,000 5100
4
1809_ _Chicopee, Mass
1917-1921
12.000 101.224
2006_ _Cnouteau County, Mont
5
213,000 108.089
1809_Cincinnatl, Ohio
4
100,000 104.388
1936
2006_ _Cleveland, Ohio
1.000,000 108.628
4
1956
2092_ _Clinton County. Ind
4
9,360 103.557
75,000 102.314
2092_ _Coatesville,Pa
1921-1936
2173.._Collingsworth Co., Tex
5 d1936-1956 100,000
30,000 104.25
2258__Conway, So. Caro
5 d1936-1956
11,500
6
2006_ _Coolege. Tex
15,000
2258_ _Cornelius Sch. D. No. 1, N.0_
10,600 101.15
_ 434
2006__Coshocton. Ohio (2
45,018 102.110
issues).....-ii
iii-4
1809__Cuyahoga County, Ohio
600,000 104.58
2092-Dade County, Fla
5
1917-1921
1809__Darke County, Ohio
7,400 102.108
4%
01925
2092__Daviess County Ind
8,100 103.172
2,289 100
2092 Dayton, Ky.(2 issues)6
434
46,000 104.102
2173_ _Dearborn ounty, md
1917-1926
1,887 103.636
2258_ _Deer Park, Ohio (2 issues)___ 6
4
a1933
125,000 103.61
1809_ _Defiance, Ohio
200,000
2092_ _Defiance School District,Ohio. 4
4
88,300 101.741
2006_ _Delaware County, Ohio
4
13,900 100.007
..Delaware County, Ohio
2006..
1935
6
15,000 100
2173_ _Dumas. Ark
1917-1921
4
5,000 100.71
1809.._East Bridgewater. Mass
1917-1921
5
3,500 •
1809.. Eaton. Ohio
1946
4
40,000 101.56
1911_ _Easton, Pa
6
5,000
1911_El Campo, Tex
434
41,000 103.131
1719__Elizabeth, N J
5,000 100.70
1921-1930
2173_Erskine, Minn
5
10,771 104.107
5
2093_ _Euclid, Ohio (2 issues)
26,500 106.509
2093_ _Faribault Co., Minn.(6 issues)f5
14%
80,600 102.213
5
1911__Floyd County, Ind
12,160 102.50
2006__Floyd County, Ind
13,800 101.173
2259_ _Forrest County, Miss
53
1927-1941
50,000 103.08
5
1927-1941
2259-..Forrest County, Miss
30,000 101.48
4%
1911__Franklin County. Ind
01923
31,860 103.163
1810Franklin County, Ohio
4%
01922
10,500 101.912
2006__Franklinville (V.), N. Y
5
01925
8,500 106.351
5
1810_ _Freeport, Ohio (3 issues)
1,800 102.388
1911__Fulton County, Ind
4%
9,650 103.202
6
2259 Gadsden Ala
35,500 102.15
3
,
1810_ _Gibsonburg, Ohio (7 issues)... 4‘
59,418 100.446
1911.._Girard, Ohio (3 Issues)
5
4,430 101.93
1719__Gloucester, Mass
4
1917-1926
12,000 102.013
1911__Gowanda (V.), N. Y
4% 1917-1930
14,000 102.21
2174_GreenvIlle, So. Caro.(3 Lss.) 5
190,000 108.592
4%
an
2006_ _Griffin, Ga
65,000 103.10
5
2006...Guernsey County, Ohio
6,000 105.118
434 192 928 140,000
-11
2
1911...Hagerstown, Md
4%
01922
1911„HtunlIton, Ohio
9,713 101.492
,iitirsi -1810__Hardin County.0.(6 Lssues)-- 43i -- - .
42,400 100.912
5
2006__Hardin County, Ohio
8,400 101.916
4%
1810__Harrison, N. J
232,000 105.644
01921
1911__Harrison County,Ind.(2 iss.) _ 4%
12,100
01923
2006__Helt School Two. Ind
4
10,000 100.25
2174-Herkimer (V.). N.Y.(2 issues) 4q
9,500
2093-Heth School Twp., Ind
01920
4%
1,200 103.75
2093__Hickman County, Tenn
1917-1956 225,000 104.80
5
2006-Hicksville Village S. D. Ohio_ 5
01923
12,000 103.21
2174 Holstein School Dist., Iowa.... 43i
8,000 100
1936
2093.._ Holyoke,Mass
1919
4
80,090 101.32
2259.„Hughes County, Okla.(2 iss.)- 5
01934
83,000 102.08
2007-Hunley & Short Creek Dr.'D.
No. 1, Ind
1917-1926
5
24,554 100.101
2259--Hunter Twp.S.D.No.5,80.Car. 5
1936
27,500 104.281
2093. Huntington County, Ind
4
13,200 103.371
Total bond sales for November (249 municipaB217Huntington County, Ind
4
8,600 103.331
ties, covering 363 separate issues)
416.951.818
1911__Indianapoli5 Sch. Oity. Ind
3.65 1961
150,000 102.19
a Average date of maturity. d Subject to call in and after the earlier
2259_ _James County,Tenn
1917-1956
5
80,000 104.131 year and mature in the later year. k Not including $11.668.517 of tem2093-Jasper County,Ind.(2issues)_ 43
13,400
porary loans. * Taken by sinking fund as an investment. h And other
2093_ _Jefferson Par. Dr. D. No.4. La. 5
60,000 100
considerations.
2007_..Johnstown, Ohio
1917-1926
3,000 101
5
4
1911__Jollet Twp.H.S. D.,III
70,000 104.714
REVISED TOTALS FOR PREVIOUS MONTHS.
2093--Kenmore (V.), N.Y
17,000 105.055
The following items, included in our totals for previous
1911--Kewanee-Alamucha Consol. S.
D. Miss
6
1921-1935
3,500 102.285 months, should be eliminated from the same. We give the
2093- _Kit Carson Co. Consol. S. D.
page numer of the issue of our paper in which the reasons
5 d1931-1946
No. 1,Colo
21,000
2093--Knox County,Ind
4
01922
9,500 101.032 for these eliminations may be found.
41
THE CHRONICLE
2256
:31VoL 103.
Amount.
Proposed by Initiative Petition.
Amendment to the constitution by adding thereto another article to be
$23,000
300,000 designated as Article 24, prohibiting the receiving from without the State,
60,000 the possession by a person introducing into the State, the transportation
40,000 within the State of Arizona, of ardent spirits, ale, beer, wine or intoxicating
5,000 liquors, and providing for the destruction of liquors used in violation of
100,000 above proNisions. Carried.
Amendment to Article 4 of the constitution providing for legislative re80,000
21,000 districting. Defeated.
Amendment to Article 23 of the constitution by adding thereto a new
16,300
10,000 section to be designated as Section 4, providing for local option. Defeated.
Amendment to the constitution by adding thereto another article to be
2,500
designated as
have also learned of the following additional sales for in all places ofArticle 24, providing for the protection and safety of workmen
We
employment and for the inspection and regulation of places of
employment in all inherently hazardous works and occupations; providing
previous months:
of
Price. a schedule thecompensation for injury to or death of workmen and methods
Page.
Name.
Rate. Maturity. Amount.
of paying
same, and prescribing the liability of employers who do not
2092__Arco, Idaho (2 issues, Sept.) _ 6
d1926-1936 $21,000 100
elect to pay such compensation; establishing the industrial accident board;
10,000
2258_ _Bangor Sch. D., Pa.(Sept.)_ 4X d1922-1931
defining its powers and duties; providing for a review of its awards; and abro2092.._Caldwell Irr. D.,Idaho (Sept.) 6
20,000
d1926-1936
gating any and all laws and constitutional provisions in conflict herewith.
90,000 102.50
. 2258_ _Cape May County, N.J
5
2258....Cape May County, N. J
17,000 103.677 Defeated.
5
Amendment to Section 1 of Subdivision 1 of Article 4 of the constitution,
_Cedar Rock Twp., N.C.(June). 5
2258_
1946
20,000
providing for the abolition of the State Senate. Defeated.
2258_ _Cheyenne, Wyo. (Feb.)
4% d1926-1936 230,000 h100
Proposed by Initiative Petition of the People.
2006_ _Deshler, Ohio (2 issues)
31,500 102.238
5
Act creating a department of labor, prescribing the duties, powers, quail97.25
2173_ _East Fork Irr. D., Ore
1927-1936
15,000
6
Mations and compensation of the Commissioner of Labor, and the employ2258_ _East Randolph, N Y
3,000 100
1917-1926
43
ees of the department, providing for a board of arbitration to act in conjunc2259_ _Flushing. Ohio (2 issues)
18,699
5
tion with the Commissioner of Labor in certain instances, and prescribing
2006_ _Galax, Va. (August)
30,000 103.55
6
1946
certain penalties for the violation of the provisions of this Act, and making
5
2006_ _Garrettsville, Ohio
d1921-1926
6,500 101.89
appropriation for the carrying out of the provisions of this Act. Defeated.
2006_ _Geneva Sch.Town,Ind. (Sept.) 4% 1920-1927
2,500
Act amending Paragraph 173, Chapter 1, Title 8, Penal Code, Revised
2006_ _Hancock Co. Ind.(2 issues)__ 4%
22,400 102.108
Statutes of Arizona, 1913, abolishing the death penalty. Carried.
5
a1919
2093_ _Haskins, Ohio
2,300
Act to establish the office of State Architect and Superintendent of
2006_ _Hinds County, Miss
• 100,000 100.80
53Building, prescribing his qualifications and duties, fixing his compensation,
2259_ _Hollister-Ridgedale Special
providing for such employees' as from time to time shall be necessary,
R. D., Mo
6
10,000
fixing the compensation and making the appropriations. Defeated.
2174_ _Holmes County, Miss.(2 iss.)_ 5(
300,000
Act relating to the preservation of fish and game and amending para1445__Jay County, Ind. (2 issues)..... 4%
a1923
23,840 101.972
2093__Julian S. D., Cal.(July)
6
1917-1920
3,400 103.308 graphs 654 and 670, Title 8, Penal Code of the Revised Statutes of Arizona.
1913. Carried.
2259.. _Kankakee, Ill
5
1918-1926
36,000
Act to amend paragraphs 3859 and 3860, Chapter 4, Title 32, Revised
6
1918-1924
7,000
2259_ _La Harpe Twp., Ill
Statutes of Arizona, 1913, Civil Code, relating to absolute divorce. De2092....Lewiston, Mont.(3 issues)____ 5
d1926-1936
25,000
feated.
2259....Liberty Sch. Twp., Ind
4%
12,500 102.68
2007_ _Loveland, Ohio
5
a1929
6,000 105.25
-Admitted to New York Stock
British Government Loan.
2174__Marshall Co., Miss. (Sept.)._ 53
1916-1940
23,500
2174_ _Merigold, Miss. (Sept.)
-The Committee on Stock List of the New
6
1936
15,000
Exchange List.
2007_ _Middletown, Ohio
4%
a1928
35,000 103.51
York Stock Exchange on Dec. 11 directed that on and after
2094_ _Missoula, Mont. 4July)
223,000 100
5
Dec. 12 the $250,000,000 permanent 2-year 5% Secured
2094_ _Northfield VII. S. D., Ohio__ _ 5
a1921
3,000 100
2260_ _Parke County, Ind.(2 issues).. 4%
12,115 101.934 Loan Gold Notes, due Sept. 1 1918, be admitted to thr
2260_ _Pawhuska, Okla
6
1941
35,000
list on official notice of issuance in exchange for outstand2260_ _Piermont (V.), N Y
4y,
48,000 102.13
2095__Richland Co., Ohio 2iss.,
(Sept) 5
10,311
ing temporary notes. See V. 103, p. 893.
2008__Riverdale Jt. U. H. S. D.,Cal- 5
25,000 100.04
2176_ _Rochester, Mich. (June)
6
20,000 102.38
Illinois.
-Amendments Approved at General Election.
-We
2176....San Bois Twp., Okla. (July) 6
1941
30,000
are advised that both the amendment to Article 9 (to be
2095_ _Sergeant Bluff Consol. Ind.
Sch. Dist., Iowa
1920-1936
75,000 101.63
43
known as Sec. 14), giving the General Assembly power over
2009_ _Suffield Township, Ohio
a1922
20,000 100.055
43
subject matter of taxation of personal property and the
2261_ _Tonawanda (T.). N. Y
a1926
9,421 106.53
5
2176__Twin Falls Co. S. D. No. 59,
amendment to the General Banking Laws, were adopted at
Idaho (July)
1924-1936
4,000 100
6
the November election. See V. 103, p. 958.
2261_ _West Helena Spec. S. Dist.,
25,000
Ark. (Sept.)
6
1931
-By
• Iowa.
-Proposed Amendment to Constitution Ratified.
10,300 103.21
2010_ _Wyandot County, Ohio
a1922
5
a vote of 267,739 "for" to 139,780 "against," the voters on
1620.._Yreka, Cal.(July)
10,000
5
Page.
Name.
2093_ _Fitzgerald, Ga. (October list)
2178._Holmes County, Miss. (2 issues, July list)
2174_ _Liberty Union Vii. S. D., Ohio (Octooer list)
2260_ _McCutchenville Rural Sch. D.. Ohio (February list)
2095_ _Northville, So. Dak.(August list)
2176__Pike County, Mo.(April list)
2176_ _Scotland Neck, No. Caro. (September list)
2009_ _Silverton. Ore. (September list)
1448_ _Waynesville, Ohio (September list)
1534_ _Wellington, Kan.(July list)
1620_ _Yreka, Cal. (July list)
All the above sales (except as indicated) are for October. Nov. 7 ratified the proposed amendment to the constitution
These additional October issues will make the total sales repealing Section-7, Article 2, relating to and providing for
-V. 103, p. 599,
(not including temporary loans) for that month of $32,942, the time of holding general elections.
-Results at General Election.
-At the general
Maryland.
DEBENTURES SOLD BY QANADIAN MUNICIPALITIES IN
election on Nov. 7 the voters ratified a proposed amendNOVEMBER.
Section 52, Article 3, of the Constitution, regulating
Rate. Maturity. Amount.
Price. ment to
Page.
Name.
the making of appropriations by the General Assembly in
2011_ _Acton, Ont
5
1917-1936 $25,000 103.0
1915.._Alberta School Dists
8,100
7
regular session.. A proposition (Chapter 30, Acts of 1916)
. 7,100
2178....Alberta School Dists.(7 issues) 7
was submitted at the same election in the places mentioned
2098.._Amherst, N S
1946
24.000
5
2178__Beaconfield, Quo
1956
90,000
6
below, each as a separate political unit, to determine whether
..Bruce County, Ont
1917-1926
42,000
2t98..
53
or not the sale and transportation for sale of alcoholic,
2098_ Cayuga, Ont
5% 1917-1936
5,000
1917-1921
35,000
2282....Essex County, Ont
53
spirituous, vinous, malt and intoxicating liquors shall be
1917-1936
11,000 105.59
2011_ _Grand Valley, Ont
6
forever prohibited, from and after May 1 1918. The pro98.29
2178__Hibbart Twp., Ont
1921-1926
6,096
5
posal was defeated in Baltimore City, Baltimore County,
5,500
1915_ _Hull, Quo
1923
53
1915__Hull, Quo
16,000
5
1946
the 1st and 3d Precinct of the 5th District of Anne Arundel
1915_ _Hull, Quo
28,000
53
1936
County, Annapolis City, Allegany County, Prince George's
12,000 102.09
5
1917-1936
2011_Kitchener, Ont
2262....Lindsay, Ont
5%
1936
93,000 101.24
County and Ellicott City. Washington County, Frederick
2262....Lindsay, Ont
5%
1926
2,000
County and the city of Havre de Grace voted in favor of
1956
3,800,000 97.787
1915.._Montreal, Quo
5
2011_ _Moose Horn Bay S. D., Man
6
1917-1931
1,200
-V. 103, p. 958.
the proposition.
5
1917-1931
14,000
2262....New Hamburg, Ont
5
1917-1926
5,000
2262_ _Niagara Falls, Ont
Nevada.
-Proposed Amendments to Constitution Approved.
5% 1917-1946 110,600
2098_ _Orilla, Ont
-The following proposed amendments to the constitution
95.36
2098__Pembrokke, Ont
5
1918-1936
68,500
30,)00
1915__Port Moody, B. C
1946
6
were approved by the voters at the November general elec1917-1923
1,500
2011_ _Readlyn, Bask
73
tion (V. 103, p. 862):
2098_ _Red Cliff, Alta
10,000
6
2011__St. Jean De La Croix Catholic
Sch. Mun., Que
6
2262....St. Itomualil d'Etchemin, Que. 6
2098....Sandwich, Ont
6
1915_ _Saskatcnewan S. Ds. 1.8 iss.)_
2011_ _Saskatchewan S. Ds. 5 iss.)
2178.._Saskatchewan S. Ds. 17 iss.)_
1915.. _Sault au Recollect, Que
2178_ _Stratford, Ont.(2 issues)
2262_ _Thorold, Ont
1724.._1 oronto, Ont.(6 issues)
2011_ _Toronto. Ont
2262_ _Wallaceburg, Ont
2178__West Lorne, Ont
Total debentures sold in November
6
53
6
5
4%
6
6
18,000
21,000
9,300
25,680
19,600
42,950
1941
75,000
140,000
1956
1936
60,000
1946
36,000
2,594,000
1,500,000
1953
5,000
1917-1931
1917-1946
8,000
$9,166,526
1926
1917-1926
100.75
101.58
99.591
106
99.477
89.814
102.46
104.06
News Items.
Argentina (Republic of).
-New Loan.
-Reference is
made in our editorial columns this week to the new loan of
$16,800,000 recently negotiated with a group of bankers
headed by J. P. Morgan & Co.
-The propositions reArizona.
-General Election Results.
ported below were submitted to the voters on Nov.7(V. 103,
p. 1441), and we show the result of the vote in each case:
Proposed to the People by the Legislative Assembly.
Amendment to Subdivision 5, Section 1, .Article 4, of the constitution,
providing for initiative and referendum measures to become laws when
approved by a majority of the total votes cast at election. Defeated.
Amendment to Section 2, Article 9, of the constitution, providing for
the exemption from taxation of certain property and public debts, as evidenced by the bonds of Arizona, its counties, municipalities, or other subdivisions. Further provision is made for the exemption from taxation of
the property of widows, residents of this State, not exceeding the amount
of $2,000, where the total assessments ofsuch widow does not exceed $5,000.
All property in the State not exempt under the laws of the United States
or under this constitution, or exempted by law under the provisions of this
section, shall be subject to taxation to be ascertained as provided by law.
This section shall be self-executing. Defeated.
Amendment to Section 3, Article XI, relating to revenues to be used for
educational purposes.
Amendment to Section 3, Article IX, changing limit of State debt from
$300,000 to 1% of assessed valuation of property.in the State.
New York City.
-Mayor Vetoes Aldermanic Budget Cuts.Reductions amounting to $120,420 made by the Board of
Aldermen in the budget for 1917, were vetoed by Mayor
Mitchell on Dec. 12. Practically all the cuts made by the
Aldermen were in salary increases and the creation of now
positions. The Mayor, in his criticism of the Board of
Aldermen, said in part:
It is quite possible that a body of men such as the Board of Aldermen, in
considering the budget for the city, might properly come to the conclusion
that items included by the Board of Estimate could be reduced without injury to the city's business, or indeed, to its positive welfare. Because, how
,
ever, of the discriminating nature of the action of the Board of Aldermen 1
making these reductions, because of the undeniable merit or positive necessity of the amounts and items lifted from the budget, because of the method
of the Board's action and all of the surrounding circumstances I am driven
irresistibly to the conclusion that the action of the Board of Aldermen this
year was not the -product of a conviction that it would serve the welfare of
the city or the efficient conduct of its business, but a blundering attempt
of a partisan majority to make political capital out of the appearance of
economy, where economy has not in fact been practiced, and in total disregard of the merits of the subject.
It is my duty to resist this kind of interference with the due and orderly
conduct of the city's business and to point out that to permit it would be to
invite a return to conditions which the people of this city are striving to
banish permanently from their municipal life.
The total amount of the 1917 budget as adopted by the
Board of Estimate was $211,115,016 82. See V.103, p.1717.
North Carolina.
-Amendments to Constitution Adopted.
The Secretary of State advises us that the four propose.
amendments to the constitution were favorably voted at the
.
general election in November. V. 103, p. 773. One of
these proposals amends Article II. by adding a new section,
restricting local, private and special legislation. A sem.
DEO. 16 1016.)
THE CHRONICLE
2257
Note.—The school and college
amends Section II of Article IV, preventing delays in trials any obligations outstanding in the debt here mentioned does not represent
hands of the public. It consists entirely
by providing emergency judges. A third amends Section 1 of amounts owing the educational institutions, and is evidenced by certifiArticle VIII, preventing special charters to corpora- cates of indebtedness issued under Chapter 344, Laws of 1892. These cerof
tificates are redeemable at pleasure of the State and are non-transferable.
tions by the General Assembly, and a fourth amends
The Virginia Legislature reenacted the Funding Act of Feb. 20 1892,
bonds were allowed
all old
and under its
Section 4 of Article VIII, preventing special charters to in and funded provisionsCenturyVirginia upon the same termsto be brought
as the Olcott
bonds,
into new
towns, cities and incorporated villages.
settlement, provided they were presented for funding prior to Dec. 31 1896.
By the Act of Jan. 25 1898, however, bondholders were given until July 1
• St. Clair County (P. 0. Osceola), Mo.—Bond Issue to 1898 to come in and accept the terms, and the time has been regularly
Liquidate Old Debt Defeated.—The special election held Dec. extended since then, the latest extension having been until Dec. 31 1916.
with power in Board
12 resulted, it is stated, in the defeat of the proposed is- more. Bonds fundedof Sinking Fund Commissioners to extend one year
under any amendment or extension to the Act of
suance of $630,000 bonds to be used for the purpose of liqui- Feb. 20 1892 carry interest from the semi-annual period next preceding the
date of funding.
dating an old debt incurred by this county in 1870; when.
$250,000 bonds were issued for the construction of the ClinBond Calls and Redemptions.
ton and Memphis branch of the Tebo & Neosho RR., which
line was never built and only $19,000 of the issue has ever
Denver, Colo.—Bond Call.—The following bonds are
been paid.—V. 103, p. 1910.
called for payment on Dec. 31 1916:
Storm Sewer Bonds.
South Dakota.—General Election Results.—The proposiSub-Dist. No. 3, Washington Park Storm Sewer Dist., Bond No. 19.
tions reported below were submitted to the voters on Nov. 7
West Denver Storm Sewer Dist. No. 1, bonds Nos. 62 to 64 inclusive.
(V. 103, p. 1055).
Sanitary Sewer Bonds.
Proposed Amendments to the State Constitution.
First.—Amendment to Article 13 by adding a new section, to be known
as Section 9, and authorizing the State to engage in the construction and
maintenance of good roads and the supplying of coal to the people of the
State from the lands belonging to the State. Under the constitution as it
now stands, the State is prohibited from engaging in any work of internal
improvement. This amendment modifies the present constitution so as
to authorize the State to construct and maintain good roads and to supply
coal to the people of the State from the lands belonging to the State, but
provides, however, that no expenditure of money for the same shall be made
except by a vote of a two-thirds majority of the Legislature. Carried.
Second.—Amendment to Article XXI by adding a new section, to be
known as Section 7, and authorizing the Legislature to provide for the irrigation of agricultural land. It is proposed in the amendment that irrigation districts be organized, and that the costs of irrigation be paid by
special assessments to be levied upon such lands as may be benefited by the
irrigation. The amendment gives the Legislature power to provide for
irrigation at the expense of the lands irrigated, whereas at present the
Legislature has no such power. Carried.
Third.—Amendment to revise the entire Article XI on "revenue and
ftnance." The constitution as it now stands authorizes the Legislature
to make an annual tax levy of two mills for ordinary purposes, two mills
aore to pay interest and principal on the public debt, and a sufficient
,,mount in addition to pay any deficiency in general expenses that there may
bo from the preceding year; whereas, this amendment limites the possible
tax levy to two mills for all purposes. The constitution now provides that
all taxes shall be uniform on all property, whereas, this amendment authorizes the Legislature to classify property and to determine what class or
classes of property shall be subject to taxation. The constitution now
provides that the franchises and incomes of corporations shall be considered in taxing them, whereas this amendment authorizes a tax upon the
income, privileges and occupations of both corporations and individuals,
with reasonable exceptions, and provides that franchises and licenses to do
business within this State may be considered in taxing firms, companies
and corporations. The constitution now requires the Legislature to provide for the taxing of moneys, credits and investments and the loans of
banks and bankers, whereas this amendment contains no such requirement, but, as above stated, this amendment authorizes the Legislature to
classify and tax all property. ' There are certain other slight differences
between this amendment and the present Article XI, but the principal
differences are those noted above. Defeated.
Fourth.—Amendment to Section 1 of Art. 13 authorizing the State or any
county or two or more counties jointly in such manner as may be prescribed
by general law to be enacted by the Legislature, to establish a system of
rural credits and thereby loan money and extend credit to the people of the
8tate upon real estate security. Under the constitution as it now stands,
neither the State nor any county is authorized to loan money or to extend
its credit to any person except for the necessary support of the poor. This
proposed amendment modifies the present constitution so as to admit of a
rural credit system as above stated. Carried.
Fifth.—Amendment to Section 2, Article 23, providing for the calling
and holding of a constitutional convention. Defeated.
Sixth.—Amendment to Section 1, Article 7, extending the right of suffrage to women. Defeated.
Seventh.—Amendment to the constitution, to be known as Article XXIV.
prohibiting, after July 1 1917, the manufacture or importing for sale or
gift or for beverage purposes, of intoxicating liquors within the State; also
after said date, to prohibit the selling, furnishing or giving away, or the
keeping for sale or gift, any such liquors except that this amendment permits the compounding, importing, selling and keeping for sale of such
liquors by regularly registered pharmacists for medicinal, mechanical,
sacramental or scientific purposes. Carried.
Eighth.—Amendment to Section 9, Article VIII, authorizing the leasing
of school lands for a longer period than five years. Under the constitution
as it now stands, lands cannot be leased under any circumstances for a
period exceeding five years. This amendment merely strikes out this
five-year limitation. Defeated.
Ninth.—Amendment to Section 2, Article 21, authorizing the Legislature
to regulate and fix the salaries of all elective State officers. At present all
such salaries are definitely fixed by the constitution and they cannot be
either increased or decreased by the Legislature. Defeated.
Initiative and Referendum Laws.
First.—An Act to provide for regulation of political party transactions.
Defeated.
Second.—An Act relating to the issuance of permits for the sale of intoxicating liquors. Defeated.
Third.—An Act providing for the establishment of a Department of
Banking and Finance. Defeated.
Fourth.—An Act creating a State Banking Board. Defeated.
Fifth.—An Act relating to verdicts in civil actions and providing for
verdicts by five-sixths of the Jury. Defeated.
Virginia (State of).—Corrected Debt Statement.—We publish below a corrected statement of the State's debt, which
was received too late for use in our "State and City Section,"
issued on Nov. 25:
STATE DEBT.—For a detailed report of the Virginia debt as it stood
prior to 1892, and for the history of the debt settlement xpade by and be,tween the Virginia Debt Commission and the Bondholders Committee, see
ale "State and City Supplement" of April 1893, Pages 151 and 152.
On Nov. 1 1916 Virginia's debt stood as shown below:
itiddieberger Bds.. Act of 1882.1 Century Bonds, Act of 1892.
38 J-J $5 518,754.16_ __July 1 1932 3s J-J $15, 60,165.96___July 1 1991
3
•
(Subject to call alter 1900.)
The Literary Fund on Nov. 1 1916 held $348,400 Century bonds and
$1,579.927.28 of Riddlebergers; total, $1,928,327.28. These being held
alive in the Fund, form part of the outstanding amounts in the table.
Of the $15,360,165.96 Century bonds,$4,733,500 are coupon,$10,625,600
registered and $1,065.96 fractional certificates; of the $5,518,7M.16 Riddlebergers, $1,415,500 are coupon, $4,102,500 are registered and $754.16
are fractional certificates.
The interest on the Century bonds was 2% for the first 10 years (or until
July 1 1901) and 3% thereafter. Both issues are exempt from taxation.
Total amount of outstanding bonds issued under Act of Feb. 20 1892:
To Bondholders' Committee ___
_ ------------316,359,860 00
Deposited with Commissioners Of Shilling Fund
1,720,663.22
irbancoied
_________________________________________
Total outstanding, Act of Feb. 20 1892
'Total, Act of Feb. 14 1882
firt,Total debt Nov. 1 1916
3thool and College debt (additional)
-68
School and College debt (addltional)-5s
Old unfunded bonds (additional)
$15,360,165 96
5,518,754.16
$20,878,920.12
$2,384,805 85
82,800 00 $2,467,605 85
452,717.17
West and South Side Sanitary Sewer Dist., bonds Nos. 276 to 294 incl.
Part A, Sub-Dist. No. 6 West and South Side Sanitary Sewer Dist.,
bond No. 9.
Sub-Dist. No. 10 West and South Side Sanitary Sewer Dist., bond No.21.
Part A, Sub-Dist. No. 15 West and South Side Sanitary Sewer Dist.,
bond No. 5.
Improvement Bonds.
Arlington Park Improvement Dist., bonds Nos. 77 and 78.
Capitol Hill Improvement Dist. No. 6, bond No. 58.
Cherry Creek Improvement Dist. No. 4, bonds Nos. 58 and 59.
East Denver Improvement Dist. No. 5, bond No. 88.
East Denver Improvement Dist. No. 7, bond No. 14.
East Side Improvement Dist. No. 1, bonds Nos. 103 to 106 incl.
East Side Improvement Dist. No. 6. bond No. 20.
Montclair Parkway Suburban Improvement Dist. No. 1, bonds Nos. 57
to 68 inclusive.
North Side Improvement Dist. No. 5, bond No. 14.
North Side Improvement Dist. No. 6, bond No. 66.
North Side Improvement Dist. No. 17, bonds Nos. 20 and 21.
South Capitol Hill Improvement Dist. No. 2, bonds Nos. 61 to 63 incl.
South Denver Improvement Dist. No. 4, bond No. 78.
South Denver Improvement Dist. No. 10, bond No. 10.
South Denver Improvement Dist. No. 11, bonds Nos. 16 and 17.
West Denver Improvement Dist. No. 1, bonds Nos. 169 and 170.
Williams St. Parkway Improvement Dist., bonds Nos. 5 and 6.
Paving Bonds.
Alley Paving Dist. No. 28, bond No. 8.
Montclair Parkway Suburban Paving Dist. No. 1, bond No. 52.
Surfacing Bonds.
Marion St. Parkway Surfacing Dist., bonds Nos. 4 to 6 inclusive.
Seventh Ave. Parkway Surfacing Dist., bond No. 7.
South Denver Surfacing Dist. No. 2, bonds Nos. 1 to 6 inclusive.
Upon the request of the holders of any of the above bonds
received ten days before the expiration of this call, the exofficio Treasurer will arrange for their payment at the
Bankers Trust Co., New York City, but not otherwise. 04
Spokane, Wash.—Bond Call.—The following special improvement bonds are called for payment at the City Treasurer's office: '
Name and
Up to d;
Dist. No.
Including.
Pavement—
Bernard St., 942____
16
2nd Ward, 1
98
93
.
Sprague Ave.,273_ _
2nd Ave., 296
52
Sherman St.,7l0...
144
Stevens St., 1,044_ _ _
6
23
21st Ave., 911
6
Trent (Alley), 1,031_
Washington St., 660_
89
Grade-Addison St., 502....29
Cook St., 713
13
Cleveland Aye:, 831- 24
11th Ave.,494
9
Etm St.,506
13
Euclid Ave., 885
14
E St.,967
6
5th Ward, 1
95
15th Ave.. 473
37
5th Ave.,734
17
Freya St., 756
.13
5th Ave., 1,042
3
TOIBEEPAID DEC. 1.
Name and
Up to & Name and
Up to d2
Including. Dist. No.
Dist No.
Includtn,
Walk—
Grade—(Conc.) A
Gordon Ave., 527.... 20 5th Ave., 1,043
3
Hartson Ave., 115_ .... 12 Water Main—
Hogan St., 508
11 Euclid Ave., W43--8
La Crosse Ave., 510_
23 23rd Ave., W46
4
14 Grace Ave., W48_.._
Lindeke St., 737_ _ _ _
3
Monroe St., 458-- 73 14th Ave.. W50
6
Madison St., 511_ _ ... 78 Glass Ave., W5&--3
Montgom'y Ave.,528 23 35th Ave., W59
4
Marietta Ave., 738..
8 26th Ave., W62
3
19th Ave., 87
24 Wiscombe St., W636
Providence Ave.,512. 51 McClellan St., W643
51 Washington St., W65
Perry St., 873
3
7th Ave.,405
11 Tacoma St.. W78_ _
4
Sumner Ave., 914_
5 9th Ave., W79
5
20 21st Ave., W81
12th Ave., 275
3
21st Ave., 665
35 Wiscombe St., W843
7 Sewer
20th Ave.,876
13 4th Ave., 106
25th Ave.,877
8
17 Highland Blvd., 900- 10
22nd Ave., 878
6 28th Ave.,491
33rd Ave.,908
7
16 20th Ave.,895
West Point,721
11
TO BE PAID DEC. 15.
Name and
Up to and Name and
Utito and Name and
Up to and
Dist. No.
Including. Dist. No.
Including. Dist. No.
Including.
Paving—
Grade (Con.)—
Sewer (Con.)
Monroe St., 317
159 18th Ave., 871
12 Tacoma St., 489____ 14
McClellan St., 747
25 9th Ave., 970
6 10th Ave., 781
6
Post St., 1083
2 So. Bryant St., 488_
9 23d Ave., 1048
2
Grade—
Sewer—
I Eminent Domain
Augusta Ave..733_ 10 2d Ward, 3
1111Buckeye Ave., 1100._
3
11th Ave., 472
11
TO BE PAID JAN. 1 1917.
Name and
Up to and Name and
Up to and Name and
Up to and
Dist. No.
Including. Dist No,
Including.
Dist. No.
Including.
Pavement—
Gordon Ave., 886.._
21
Water Main (Con.)
Ash St., 958
91 Heroy Ave., 736_
21 Ferry St., W88
4
Browne St., 155
51 Providence Ave.,740 15
Sewer
4th Ave., 744
161 Pittsburg St., 874_
19 Alley, 766
18
Madison St., 910_ _
5 Scott St., 449
33 Alley,965
7
6th Ave.,962
18 34th Ave., 726
28 8th Ave., 153
8
Stevens St.,972
5 Walnut St., 492
93 1st Ward, 19
23
Grade—
Water Main—
Garfield Road, 898
10
Alice Ave., 724
15 23rd Ave., W82
5 9
-10th Ave., 891_ _ _
8
Chestnut St., 301._
16 15th Ave., W85
4 Post St. (alley). 978- 42
Cleveland Ave., 1038 12 Sprague Ave., W86_ _
4 Sprague Ave.. 151.. 40
Fairview Ave., 1037_
7 Spokane St., 949_ — 3 Slongue Ave., W87._
8
Staunton, Augusta County, Va.—Bond Call.—Payment
will be made at the Mercantile Trust & Deposit Co. of
Baltimore on Jan. 1 1917 of coupon bonds, Series CC, Nos. 1
to 75 incl., for $500 each, due Jan. 1 1926, redeemable after
20 years from date of bonds at the option of the City Council.
Bond Proposals and Negotiations thisweek
have been as follows:
ADAMS, Mower County, Minn.—BOND SALE.—The Minnesota Loan
& Trust Co. of Minneapolis has purchased the issue of $6,000 bonds which
was voted at election held Dec. 6.
ADAMS COUNTY (P. 0. Decatur), Ind.—BOND OFFERING.—
Proposals will be received until 3 p. m. Dec. 19 by Geo. E. Kinzie, County
2258
THE CHRONICLE
Treasurer, for $3,920, $4,000 and $4,000 434% road bonds. Date Dec. 15
1916. Int. M.& N. Due part of each issue each six months beginning
May 15 1918.
-BOND OFFERING.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
Wm. F. Henke, Co. Treas., will receive bids until 10 a. m. Dec. 28 for an
issue of $33,200 4% L. T. Kintz eta!, road bonds in Adams Twp. Denom.
$830. Date Dec. 30 1916. Int. M.& N. Due $830 each six months from
May 15 1918 to Nov. 15 1937, Inclusive.
-CERTIFICATE SALE.
ASBURY PARK, Monmouth County, N. J.
-Cummings, Prudden & Co. of N. Y. were awarded at 100.93 and int.
on Nov. 6 an issue of $69,380 66 431% 1-5-yr. serial impt. certificates.
Denom. $1,000 and $380 66. Date Nov. 1 1916. Int. M. & N.
-Sealed bids wil
ASHLAND, Boyd County, Ky.-BOND OFFERING.
be received until 7 p. m. Dec. 18 by W. A. Manning, City Clerk, for $33,882 46 6% street-impt. Series "E-E" bonds. Denom. (67) $500, (1)
$382 46. Date Nov. 6 1916. Int. semi-ann. Due one-tenth yearly
Nov.6 from 1917 to 1926 incl. Cert. check for $2,500, payable to W. H.
Clay, City Treasurer, required.
ASHLAND SCHOOL DISTRICT NO. 1 (P. 0. Ashland), Saunders
-Reports state that an election will
County, Neb.-BOND ELECTION.
beheld Dec.19to submit to the vote-sthe question ofissuing $60,000 school
bonds.
-BOND SALE.
ASHTABULA,Ashtabula County, Ohio.
-On Nov.3
an issue of $11,500 5% serial street bonds was awarded to Stacy & Braun
of Toledo at 101.87. Denom. $450 and $1,000. Date April 1 1916.
Int. A. & 0.
ATTLEBORO, Bristol County, Mass.
-TEMPORARY LOAN.
-On
Dec. 14 a loan of $50,000 maturing Aug. 18 1917 was awarded to F. S.
Moseley & Co. at 3.73% discount. .H. C. Grafton Jr. of Boston bid 3.94%
discount.
BANGOR SCHOOL DISTRICT (P. 0. Bangor), Northampton
County, Pa.
-BONDS OFFERED BY BANKERS.
-The Hanchett Bond
Co. of Chicago is offering to investors an issue of $10,000 434% school
bonds. Denom.$500. Date July 1 1916. Prin. and semi-ann.int.-J.&
-payable at N. Y. Due July 1 1931, optional after 1922. Total
J.
bonded debt, $49,400; assess. val., $2,545,000; real value (est.), $5,000,000.
A like amount of 4% school bonds was offered but not sold on Aug. 24.
See V. 103, p. 863.
•
-BOND SALE.
BEAUREGARD PARISH (P. 0. De Ridder), La.
We are advised that the two issues of 5% bonds, aggregating $675,000, of-have been purchased by Sidney
fered on Nov. 22-V. 103, p. 1718
Spitzer & Co. of Toledo at par, accrued Int. and $10,000 bonus. The
Police Jury to name depository and collect Interest on deposit.
BEDFORD SCHOOL DISTRICT (P. 0. Bedford), Cuyahoga
-The State Industrial Commission has
-BOND SALE.
County, Ohio.
purchased an issue of $50,000 school bonds.
-Reports state
BELL COUNTY (P.0. Pineville), Ky.-BOND SALE.
-year road bonds voted Nov.7 have been purchased
that the $105,000 5% 20
by Well. Roth & Co. of Cincinnati for $109,500, equal to 104.285.
BELOIT VILLAGE SCHOOL DISTRICT (P. 0. Beloit), Mahoning
-On Dec. 1 the $5,000 5% school bonds
-BOND SALE.
County, Mich.
-were awarded to Rud. Kleybolte Co. of Cincin.for
-V. 103, p. 1809
$5,313 13 (106.262) and int. The other bids were:
35,229 50
$5,284 00 F. C. Hoehler
Stacy &Ban
5,227 50
5,272 00 W.L. Slayton & Co
Tillotson & Wolcott Co_ _
5,221 40
Cummings, Prudden & Co._ 5,272 00 First Nat. Bk., Clev
5,210 00
5,270 00 Durfee, Niles & Co
Well, Roth & Co
BENTON TOWNSHIP (P. 0. Benton Harbor), Berrien County,
-The proposition to issue $100,000 road impt.
-BONDS VOTED.
Mich.
bonds carried, reports state, at the election Nov.27 by a vote of 390 to 95.
-BOND SALE.
BIGHEART TOWNSHIP, Osage County, Okla.
W. A. Brooks of Oklahoma City recently purchased $45,000 6% 25-yr.
road bonds.
-Proposals
BROMLEY, Kenton County, Ky.-BOND OFFERING.
will be received until 8 p. m. Dec. 18 by Geo. Pearce, Town Clerk, for $2,000 5% water ext. bonds. Denom. $100. Due part in 5 and 10 years.
:
Cert. check for 2% of bonds bid for required.
-Pro-BOND OFFERING.
BROOKLINE, Norfolk County Mass.
posals will be received until 12 m. Dec. 18 for the following 4% bonds, it
is stated:
$27,000 Lee Street bonds. Date Jan. 1 1916. Due $3,000 yrly. from 1918
to 1926.
17,000 hospital bonds, Date Jan. 1 1914. Due $1,000 yrly. from 1918
to 1934.
38,000 sewer and water drain bonds. Date Jan. 1 1916. Due $2,000
yrly. from 1918 to 1936.
BROWARD COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
-Proposals will be received until
-BOND OFFERING.
(Dania), Fla.
2 p. m. Jan. 2 1917 by J. M.Holding, Sec. Bd. of Public Instruction (P.0.
for $20,000 6% school bonds. Date Aug. 11916. Prin.
Fort
Lauderdale)'
and semi-annual int. (A. & 0.) payable at the Chase Nat.. Bank, N. Y.
Due $1,000 yrly. Aug. 1 from 1921 to 1930 incl. Purchaser to pay accrued
int. Bids to be made on forms furnished by the above Secretary. The
district has no indebtedness. Assess. val.,$600,000;actual val.,31,200,000.
-BOND SALE.
BURKE COUNTY (P. 0. Morganton), No. Caro.
Reports state that G. B. Sawyers & Co. have purchased the following 5%
bonds offered on Nov. 15: $10,000 Upper Fork Twp.,
30
-year serial road
$20,000 Silver Creek Twp., $50,000 Lovelady Twp. and $20,000 Quaker
Meadows Twp. Date Dec. 1 1916. Principal and semi-annual interest
payable in New York.
-An issue of $13,000
-BOND SALE.
BURT, Kossuth County, Iowa.
-plant bonds was awarded on Nov. 6 to Schanke & Co. of
5% electric-light
Mason City. Denom. $500. Date Nov. 1 1916. Int. M. & N. Due
$500 yrly. Nov. 1 from 1922 to 1925 incl., remainder to be optional on any
Interest-paying date after 10 years.
CAMBRIDGE, Guernsey County Ohio.-BOND OFFERING.Proposals will be received until 12 m. Jan. 10-1917 by the City Auditor
for $25,000 5% 14-year aver, water bonds. Auth. Secs. 1259 and 3939,
Gen. Code. Denom. $1,000. Date Jan. 11917. Prin. and semi-annual
-payable at office of City Treasurer. Due $1,000 yearly
int.-J. & J.
on Jan. 1 from 1919 to 1943 incl. Certified check for 231% of bonds bid
for, payable to the City Treasurer, required. Bonds to be delivered
and paid for within 10 days from time of award.
-BOND SALE.
CAPE MAY COUNTY (P. 0. Sea Isle City), N. J.
The two issues of 5% bonds offered on Oct. 3 were disposed of as follows on
-V. 103, p. 1240:
that day.
$90,000 road bonds to the Ocean City Title & Tr. Co. at 102.50.
17,000 bridge bonds to Clinton. H.Hand for $17,625 20,equal to 103.677.
CEDAR ROCK TOWNSHIP (P. 0. Louisburg), Franklin County,
-The Hanchett Bond Co.
-BONDS OFFERED BY BANKERS.
No. Caro.
-year road bonds. Denom.
of Chicago is offering to investors $20,000 5% 30
-payable
$1,000. Date July 1 1916. Prin. and semi-annual int.-J. & J.
at the Hanover Nat. Bank, N. Y. Bonded debt, this issue, $20,000.
Assessed val., $424,379; total value of all property, est., $1,300.000. 1
-BOND ELECTION.-A.loca
CENTERBURG, Knox County, Ohio.
,
paper states that an election will probably be held Dec. 30 to vote on the
question of issuing $9,000 sewage-disposal-plant-constr. bonds.
-On
-BOND SALE.
CHELSEA, Suffolk County, Mass.
$108,000 4% 6-yr. aver, coup. tax-free school bonds were awarded to
Estabrook & Co. of Boston at 101.18, it is stated. Denom. $1,000. Date
Dec. 1 1916. Int. J. & D. Due $9,000 yearly on June 1 from 1917 to
1928, incl.
These bonds are part of an issue of $175,000, the remaining $67,000 will
be retained for Sinking Fund investment of the City of Chelsea and exchanged for registered bonds of the same maturity to be issued to the
Sinking Fund Commissioners.
-BOND ELECTION.
CHEROKEE CO. (P. 0. Tahlequah), Okla.
According to reports, the question of issuing $100,000 bridge-building bonds
will be submitted to a vote on Dec. 22.
CHEYENNE, Laramie County, Wyo.-PRICE PAID FOR BONDS.
The price paid for the 385,000 10-20-yr. (opt.) refunding water bonds
on Nov. 20 to E. H. Rollins & Sons of Denver (V. 103. p. 2092)
awarded
(VOL. 103.
was par and int. for 4345, less $500 for printing bonds, attorneys' fees, &c.
Denom. $1,000. Date Jan. 1 1917. Int. J. & J. Due Jan. 1 1937,
subject to call after 1927.
BOND SALE.
-E.H. Rollins & Sons of Denver were awarded on Feb. 28
$98,000 general refunding and $132,000 refunding water 10-20-yr. (opt.)
bonds at par and int. for 430, less $200 for printing bonds, &c. Denom.
$1.000. Elate April 1 1916. Int. A. & 0.
CHOWCHILLA UNION HIGH SCHOOL DISTRICT, Madera
County, Calif.
-BOND SALE.
-On Dec.6 the $50.000 5% 2711-yr.
(aver.)
site-purchase, bldg. and equipment bonds (V. 103, p. 2092) were awarded
to Blyth, Witter & Co. of San Francisco at 110.716. Other bids were:
Byrne & McDonnell, San Francisco
$55,300 00
State Board of Control, Sacramento
55,010 00
F. M.Brown & Co., San Francisco
54.851 00
Torrance. Marshall & Co., Los Angeles
54,017 00
Bank of Italy, San Francisco
54,001 70
Wm. R. Staats Co., Los Angeles
53,531 25
CHULA VISTA SCHOOL DISTRICT, San Diego County, Calif.
BOND SALE.
-On Dec. 5 the $1,500 6% 5-yr. (aver.) bldg. bonds, dated
Nov. 14 1916(V. 103, p. 2006), were awarded to Jas. McGregor at 105.40.
CLAREMONT, Los Angeles County, Cal.
-RESULT OF BOND
ELECTION.
-Reports state that at the election held Dec. 2 the question
of issuing $12,000 playground purchase bonds was defeated, while the
proposition to issue 165,000 property purchase bonds received a favorable
vote.
-BOND SALE.
CLARK COUNTY (P. 0. Jeffersonville), Ind.
-On
Dec. 11 the $9,400 431% 631-year aver. road bonds
-V. 103, p. 2097
were awarded to J. N. Casady Jr. & Co. for 39.800, equal to 104.255.
CLARK COUNTY (P. 0. Las Vegas), Nev.-BONDS VOTED.
Reports state that the questions of issuing $43,000 high-school-bldg. and
$50,000 road and bridge bonds carried at a recent election.
CLEVELAND, Ohio.
-BOND OFFERING.-Blds will be received until
12 m. Jan. 8 1917 by C. J. Neal, Director of Finance, for the $600,000
431% 2514-yr. aver, grade-crossing elimination city's share bonds authorized
by the City Council on Sept. 18-V. 103, p. 1241. Denom. $1,000. Date
Oct. 11916. Prin. and.semi-ann. int.-A.. & O.
-payable at Amer. Exch.
Nat. Bank, N. Y. Due $12,000 yearly on Oct. 1 from 1917 to 1966, incl.
Cert. or cashier's check on a bank other than the one making the bid, for
3% of bonds bid for, payable to the City Treas., required. Bids must be
made on forms furnished by the above Director of Finance. Bonds may
be either coupon or registered in form.
-On Dec. 4 the
• COMMERCE, Jackson County, Ga.-BOND SALE.
-were awarded to the
$10,000 5% electric light bonds
-V. 103, p. 1144
Northwestern Banking Co. of Commerce at 104.728 and int. The other
bids were:
W. M. Davis, Macon_ __..$10,431 00 R. N. Berrien, Jr., Atl__ _ 10,300 00
Security S. B. & Tr. Co__ 10,352 00 John W.Dickey
$10,263 00
J. H.Hilsman & Co
10,316 50 Hanchett Bond Co
10,257 75
Spitzer, Rorick & Co
Robinson-Humphrey,
10,120 00
Wardlaw Co
10.307 70 0' H.Coffin
10,101 00
.CONCORD, Middlesex County, Mass.
-BOND SALE.
-On Dec. 14
an issue of $55,000 school bonds was awarded, reports state, to Merrill,
Oldham & Co. of Boston at 103.529. Date Dec. 1 1916. Due part yearly
on Dec. 1 from 1917 to 1931 inclusive.
CONWAY, Horry County, So. Caro.
-BOND SALE.
-On Nov. 25
the $30,000 5% 20 -year opt. water-works and sewerage bonds
-V. 103,
-40
p. 1911-were awarded, it is stated, to Robinson-Humphrey-Wardlaw
Co. of Atlanta at 104.25.
CORNELIUS SCHOOL DISTRICT NO. 1, Mecklenburg County,
No. Caro.
-BOND SALE.
-An issue of $15,000 school bonds has been purchased by W. L. Slayton & Co. of Toledo, according to reports.
COVINGTON, Kenton County, Ky.-BOND OFFERING.-Pro.posals will be received until Jan. 18 1917 by Lew L. Applegate, City Re-.
corder, for $140000 4% coupon funding bonds voted Nov. 7. Denom.
of $100, or multiples thereof. Date Jan. 2 1917. Prin. and semi-annual
int. (J. & J.) payable at the First Nat. Bank of Covington. Due $1,000
yearly Jan. 2 from 1918 to 1922, incl.,• $2,000 yearly Jan. 2 from 1923 to
1932, incl., $4,000 yearly Jan. 2from 1933 to 1942, incl., and $5,000 yearly
Jan. 2 from 1943 to 1957, incl. Cert. check for $2,000 required. Purchaser to pay accrued int.
-BOND OFFERING.
CUSTER COUNTY (P. 0. Challis), Idaho.
Bids will be received on or before Jan.6 1917 (to be opened Jan. 8) by E. J.
Michael, Clerk Bd. of County Commrs., for 3100,000 coupon road-impt.
bonds at not exceeding 5% int. Auth. Sec. 1962 Bev. Codes of Idaho, and
vote of 871 to 405 at the Nov. 7 election. Denom. $1,000. Date Jan. 1
1917. Prin. and semi-annual int. (J. & J.), payable at the Co. Treas.
office, or at such bank in N. Y. City as may be designated. Due $10,000
yearly Jan. 1 from 1927 to 1936, incl. Cert. check for 5% of par value of
Issue, required. Purchaser to pay accrued int. All bidders will be required to have their attorneys prepare at their expense, the legal proceedings relating to the issuance of these bonds, subsequent to those prior to the
date of the election. Bonded debt, including this issue, $150,000. Warrant debt, $17,185 55. Sinking fund 32,149,46. Assess. val. 1915, $3474,390; est. val., $6,000,000. Official circular states that there is no
controversy or litigation pending or threatened, affecting the corporate
existence or the boundaries of this county, or the title of its present officials
to their respective offices, or the validity of these bonds and that no default
has ever been made in the payment of any of its obligations by the county.
DEER PARK, Hamilton County, Ohio.
-BOND SALE.
-On Nov. 29
the two issues of 6% 1-10-yr. serial street assess, bonds aggregating $1,887 30-V. 103, p. 1809-were awarded to Tillotson & Wolcott Co. of
Cincin. for $1,953 35 (103.626) and int.
-BOND SALE.
-On
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
-V. 103, p. 2092
-were
Dec. 12 the $3,100 5% 1 1-6-yr. aver. ditch bonds
awarded to the Merchants Bank at par and int. There were no other
bidders.
DE SOTO COUNTY SPECIAL TAX SCHOOL DISTRICTS, Fla.
BOND ELECTION.
-Reports state that an election will be held on Dec. 16
to vote on the questions of issuing the following school bonds: $35,000
Arcadia Dist. No. 1; $17.000 Fort Green Dist. No. 11; $10,000 Gardner
Dist. No. 14; $8,000 Harrison City Dist. No. 14 and $8,000 Harrison City
Dist. No. 31. Jas. 0. Bickley is Co. Sept. and Secy. (P. 0. Arcadia.)
EAGLE ROCK, Los Angeles County, Callf.-BOND OFFERING.
Dispatches state that R. R. Henderson, City Clerk, will receive sealed bids'
until 5 p. m. Dec. 18 for $70,000 57 1-35-yr. serial water-works bonds.
Int. semi-annual. Cert. check for 2% required.
-BOND SALE.
EAST LIVERPOOL, Columbiana County, Ohio.
On Dec. 11 the six issues of 5% street assess. bonds, aggregating $16,917V. 103, p. 1911-were awarded to the Citizens Nat. Bank of East Liverpool
for $17,075 (100.933) and int. The other bidders were:
Tillotson & Wolcott Co_ _$17,038 80 Potters National Bank,
16,989 001 East Liverpool
Durfee, Niles & Co
$16,917
-BOND
EAST RANDOLPH, Cattaraugus County, N. Y.
John J. Hart of Albany was awarded at par on Oct. 3 an issue of $3,000
431% bonds which was offered on that day. Denom. $300. Date Aug. 1
1910. Int. ann. In Aug. Due $300 yearly.
-On
EL DORADO SPRINGS, Cedar County, Mo.-BOND SALE.
Dec. 5 the $20,000 57 10-20-yr. (opt.) coupon water-works bonds (V. 103,
p. 1810) were awarded to Little & Hayes Invest. Co. of St. Louis at 105.60
and int. Other bids were:
$21,105 00
H.P. Wright Investment Co., Kansas City, Mo
21,090 00
Bank of El Dorado Springs
21,020 00
Kauffman, Smith, Emert Investment Co., St. Louis
21,000 00
Stifel, Nicholaus, Parsons Co., St. Louis
20.749 75
Hanchett Bond Co., Chicago
20,670 00
J. R. Sutherlin & Co., Kansas City
20,201 00
C. H. Coffin, Chicago
-Proposals
-BOND OFFERING.
ELMORE, Ottawa County, Ohio.
will be received until 12 m. Jan. 2 1917 by Win. Haley, VII Clerk, for an
issue of $7,480 57 10-yr. street (village's portion and assessment) bonds.
°
Auth. Secs. 3821. 3914 and 3939, Gen. Code. Denom. 10 for $500 and 10
for $248. Date Dec. 15 1916. Int. ann. Cert, check for $100. payable
to the VII. Treas., required. Bonds to be delivered and paid for within
10 days from time of award. Purchaser to pay accrued interest.
SALt.-:--.
DEC. 16 1916.j
THE CHRONICLE
EUCLID VILLAGE SCHOOL DISTRICT (P. 0. Euclid), Cuyahoga
County, Ohio.
-BOND OFFERING.
-Proposals will be received until
7.30 p. m. Dec. 30 by Louis Harms, Clerk Bd.of Ed.,for $20,000 5% 19-Yr.
aver. coup. school bonds, Auth. Secs. 7625, 7626 and 7627, Gen. Code.
Denom. $500. Date Dec. 1 1916. Prin. and semi-ann int-A. & 0.
payable at office of Dist. Treas. Due $1,000 yearly on .
Oct. 1 from 1925
to 1944, incl. Cert. check on a bank other than the one making the bid
for 10% of bonds bid for, payable to Dist. Treas., required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
EVERETT, Snohomish County, Wash.
-BONDS OFFERED BY
BANKERS.
-C. E. Denison & Co. of Cleveland is offering to investors
$250,000 5% 20-yr. water-works bonds. Denom.$500. Date June 11916.
Prin. and semi-annual int. (J. & D.) payable in N. Y. Total general
bonded debt, $1,273,000; water debt (incl.), $600,000. Assess. val.
$14,043,567; real val. (est.), $30,000,000. The bonds are part of an 1915,
issue
of $600,000, the sale of which was reported in the "Chronicle" of March 18,
page 1095.
EVERETT SCHOOL DISTRICT(P.O. Everett), Snohomish County
Wash.
-BONDS VOTED.
-Reports state that the election held Dec. 2
resulted in favor of the propositions to issue $50,000 building addition
and
$150,000 funding bonds. The vote was 1,202 to 363 and 1,139
to 345.
respectively.
2259
HOUSTON, Tex.
-INTEREST RATE CHANGED.
-The Finance and
Tax Commissioner advises us concerning the sale
serial gold bonds. aggregating $1,235,000, for whichof the three issues of
proposal
invited to be received. until Jan. 10 (V. 103, p. 2175) that the s have been
on the $825,000 wharf bonds has been changed from 5% to interest rate
4j%.
HUGHES COUNTY (P. 0. Holdenville), Okla.
-BOND SALE.Geo. I. Gilbert of Oklahoma City was awarded on Nov. 8 $50,000
road
and $33,000 bridge 5% bonds for $84,727 (102.08) and int.
HUNTER TOWNSHIP SCHOOL DISTRICT NO. 5 (P.
0. Clinton),
Laurens County, So. Car.
-BOND SALE.
-year
coupon school bonds offered on Nov.7(V. 103,-The $27,500 5% 20
p. 1444) have been
it is stated, to the First Nat. Bank of Clinton for 828,677. equal awarded,
to 104.281.
HUNTINGTON PARK CITY SCHOOL DISTRI
CT, Los Angeles
County, Cal.
-BOND OFFERING.
-Proposals will be received until 2
p. m. Dec. 18 by J. H. Lelande, ex-officio Clerk Board
of Supervisors
(P. 0 Los Angeles), for $3,500 5% construction and equipme
nt bonds.
Denom. $500. Date Dec. 1 1916. Prin.
Treasury. Due $500 Dec. 1 1917, 1918 andand semi-ann. int. at County
1919; and $1,000 Dec. 1 1920
and 1921. Certified or cashier's check for 5%
Chairman Board of Supervisors, required. of bonds bid for, payable to
Purchaser to pay accrued
Interest. Bonded debt. $55.000. Assessed value
1916. $2,765,190.
HUNTLEY CONSOLIDATED SCHOOL DISTRICT
(P. 0. HuntFALL RIVER, Mass.
-BOND SALE.
-On Dec. 12 an issue of $25,000 ley), Faribault County, Minn.
-BONDS VOTED.
-By a vote of 144
4% harbor-impt. bonds was awarded to R. L. Day & Co. of Boston
at to 60 the question of issuing $30,000 building bonds carried, it is stated,
101.819. Other bidders were:
at an election held Dec. 4.
Curtis & Sanger
101.26111odget & Co
101.18
IRONTON, Crow Wing County, Minn.
Adams & Co
-BOND SALE.
101.771
-On Dec. 7
the two issues of 6% coupon bonds, aggregating 835.000
Denom. $1,000 or multiple thereof. Date Dec. 1 1916. Int. J. & D.
(V. 103, p. 2093),
Due $2,000 yearly on Dec. 1 from 1917 to 1926, incl., and $1,000 yearly were awarded to Wm. R. Compton Co., of St. Louis, for $37,995 (103.557)
and int. Other bids were
on Dec. 1 from 1927 to 1931,incl.
Powell, Garard & Co., Chi_337,463 Spitzer. Rorick
& Co.,Tol___$37,010
FANNIN COUNTY (P. 0. Bonham), Tex.
-BOND OFFERING.
- John Nuveen & Co., Chi_ _-_ 37,452 Hanchett Bond Co., Chic_ _ 36,817
Proposals will be received until Dec.18 by S. F. Leslie, County
Judge, for Kalman,Matteson,&Co.,St.P 37,420 First Nat. Bk., Ironton
the following 5% 10-40-yr: opt. road -impt. bonds, aggregating $195,000:
36,800
Minnesota Tr. Co., Minne__ 37,415 W. L. Slayton
& Co., Toledo 36,602
$35,000 Road Dist. No.12 bonds, auth. by a vote of 114 to 48 at an
election Minn. Loan & Tr. Co.Minne_ 37,395 C. H. Coffin, Chicago
36.436
held Aug. 5. The district has no indebtedness. Assess. val. J. C. Mayer & Co. Cin
37,375
36.426
1915, $605,810; real value, $1,200,000. Certified check for John F. Sinclair, Minn'lls___ 37,360 F. C. Hoehler, Toledo
Durfee, Niles & Co., Toledo.. 36,042
$1,000 required.
Sidney Spitzer & Co., Tol
25,000 Road Dist. No. 14 bonds, auth. by vote of 89 to 16 at an election
35,575
IRONTON SCHOOL DISTRICT (P. 0. Ironton
held Aug. 5. The district has no indebtedness. Assess. val.
), Crow Wing
-BOND ELECTION.
-Reports state that an election will
1916, $383,110; real value, $766,000. Certified check for $500 County, Minn.
be held Jan.6 to vote on the question of issuing $100,00
required.
0 building bonds.
135,000 Road Dist. No. 3 bonds, auth. by vote of 800 to 173 at an election
JAMES COUNTY (P. 0. Ooltewah), Tenn.
-On
held Aug.5. Bonded debt,including this issue, $385,000. Assess, Nov. 16 the $80,000 5% 20%-yr. (aver.) coupon -BOND SALE.
highway-impt. bonds
val. 1916, $5.935,736; real value $11,900,000. Cert. check for (V. 103, p. 1810) were awarded, it is stated, to
the
of Chattanooga for $83,305 (104.131) and interest. Hamilton Nat. Bank
$2,000 required.
Denom. $1,000. Date Oct. 15 1916. Int. A. & 0. at Bonham, Austin
JASPER COUNTY (P. 0. Rensselaer), Ind.
or New York City, at option of holder. Bonded debt of county, $3,600. Proposal
s will be received until 1 p. m. Dec. 21-BOND OFFERING.
Sinking fund on hand (county) $2,383 33. Taxable values of county
by Chas. V. May, Co.
Treas., for $50.000 4%% W. L. Wood et
1916, 822.823,451.
al. road bonds in Union Twp.
Denom. $1,250. Date Nov. 15 1916. Int. M.
& N. Due $2,500 each
FLUSHING, Belmont County, Ohio.
six months from May 15 1918 to Nov.
-BOND SALE.
-The
15 1927 incl.
National Bank of Columbus has purchased the two issues of 5% coup. Ohio
JEFFERSON TOWNSHIP SCHOOL DISTRI
paving bonds, aggregating $18,699 48, offered on Oct. 2-V.103, p. street
CT(P.O.Portsmouth),
1241.
Scioto County, Ohio.
-BONDS VOTED.
-A vote of 38 to 5 VMS cast at
FORREST COUNTY (P. 0. Hattiesburg), Miss.
the election
-BOND SALE.
Reports state that C. W. McNear & Co. of Chicago have purchase - bonds, it is held Dec. 4 in favor of the question of issuing $2,000 impt.
stated.
d the
following 5%% road bonds:
KANKAKEE, Kankakee County, Ill.
$50,000 Road Dist. No. 5 bonds at 103.08. Date Nov.
-BOND
1 1916. Due BANKERS.
serially from Nov. 1 1927 to 1941, incl.
-The Hanchett Bond Co. of Chicago is S OFFERED BY
offering to investors
an issue of
30,000 Road Dist. No. 2 bonds at 101.48. Date Nov.
street-impt. assess. bonds. Denom.$500 and
1 1916. Due Date Oct. $36,000 5% Prin,
$100.
serially from Nov. 1 1927 to 1941, incl.
16 1916.
and attn. int.-July
-payable at office of
City Treas. Due $4,000 yrly. on July 15 from 15
FREMONT, Sandusky County, Ohio.
1918 to 1926 incl.
-BOND OFFERING.
-ProKANSAS CITY, Mo.-BOND OFFERING.
posals will be received until 2 p.m. Dec. 26 by F. C. Klegin,
-Sealed proposals will be
City Aud..for
the following 454% coup. street impt. bonds:
received until 10 a. m. Jan. 4 1917 by George H. Edwards
, Mayor, and
$4,000 bonds. -Denom. $200. Due $200 each six
months from April 1 Eugene H. Blake, City Comptroller, for the following 4%%
1918 to Oct. 1 1927, inclusive.
20
-year bonds:
840.000 comfort
-station bonds, dated July 1 1915.
1,400 bonds. Denom. $140. Due $140 each six months from April 1
250,000 bridge and viaduct bonds, dated July
1918 to Oct. 11922. inclusive.
1 1915.
Date Oct. 1 1916. Int. A. & 0.
250,000 levee and drainage bonds, dated March
for $200,
1 1913.
City Treas. required with each issue. Cert. checkbe deliverepayable to the
Denom. $LOW. Interest semi-ann., payable
Bonds to
d and paid for
within 10 days from time of award.
at the City Treasurer's
office or at the Chase Nat. Bank of New York,
GADSDEN, Etowah County, Ala.
at the option of the holder.
-AMOUNT OF BONDS SOLD.
- Delivery of bonds will be made at
The amount of the 6% street paving bonds awarded at
10 a. m. Jan. 11 1917 at the City Compto J. C. Mayer & Co. of Cincinnati (V. 103,13. 2093) 102.15 on Nov. 20 troller's office. A duly certified
check upon a solvent bank or trust
was
$35,000.as first reported. Denom. $500. Date $7,500 $35,500 and not pany doing
combusiness in Kansas City, Mo.,for 2% of bonds
$28,000 Dec. 15 1916. Int. annual. Due in 10 years, Sept. 1 1916 and
bid for, payable
subject to call at to the City Comptroller, required. Bids
any int. period.
must be made on a blank form
furnished upon application to the City
GLEN RIDGE, Essex County, N. J.
Comptolier or to Dillon, Thomson
-BOND
-On Dec. 11 the & Clay, New York.
issue of 4%% gold coup. municipal building and SALE.
The legality of the bonds will be approve
library site bonds
103
d by the
p. 2006
-was awarded to John D. Everitt & Co.
above attorneys, whose opinion, or duplicate
of N. Y. for-V.
thereof, will be delivered
$34,005.
(106.265) for $32,000 of bonds.
to the purchaser. These first two issues are
The other bids received were as follows:
part of $4.560,000 bonds
voted June 11915. V. 100, p. 1948.
Amount
Price
The official notice of this bond offering will be found
of Bonds.
among the advertiseBid.
H.L. Crawford & Co., New York
ments elsewhere in this Department.
$33,000
834,739 27
Geo. B. Gibbons & Co., New York
33,000
34,659 00
KENDALL (P. 0. Tulsa), Okla.
Hornblower & Weeks, New York
33,000
34,574 10 will be held Dec. 21 (not Dec. 28 as -BOND ELECTION.
-An election
Outwater & Wells, Jersey City
33,000
34,956 90 of issuing $45,000 water-works, first reported) to vote on the questions
R. M. Grant & Co., New York
33.000
34.693 56 and $15,000 fire-station-erection $50,000 sewerage-system, $15.000 park
M. M. Freeman & Co., Philadelphia, Pa
and equipment 5% 25
33,000
34.732 40 103, p. 2174. Reports
-year bonds. V.
A. B. Leach & Co., New York
state
33,000
34,511 07 & J. E. Piersol of Oklahom that these bonds have been sold to Geo. W.
Wm. R. Compton Co., New York
a
33,000
34,717 00 tion. Geo. H. Coe is Town City, subject to the result of the above elecJ. S. Rippel & Co., Newark
Clerk.
33,000
34,862 00
Ludwig & Crane, New York
KENMORE, Summit County, Ohio.
33,000
34,434 35
Parson,Son & Co., New York
-BOND OFFERI
-Proposals
33,000
Hoboken Bank for Savings, Hoboken
34,364 00 will be received until 12 m. Dec. 29 by W. W. Shank, NG.
Village Clerk, for
34,000
Blake Bros. tt Co., New York
35,530 00 the following 5% bonds:
33,000
Glen Ridge Trust Co., Glen Ridge
34,767 00 $5,500 water bonds. Due $1,000 yearly on Dec. 20
from 1920 to 1924
33,000
incl. and $500 Dec. 20 1925.
33,346 60
GRANT PARISH (P. 0. Colfax), La.
8,500 sewage-disposal-works bonds. Due
-BOND
-Reports
state that the election to vote on the proposition ELECTION.
1920 to 1927 incl. and $500 Dec. 20$1,000 yearly on Dec. 20 from
to issue the $300.000 5%
1928.
30-Year road-construction bonds
Denoms. $500 and $1,000. Date Dec. 20
-V.103, p. 2093
-will be held Jan. 2 1917. int.-J.
1916.
& D.
-payable at office of Village Treasure Prin. and semi-ann.
• GREENSBURG, Westmoreland County
-BOND OFFERING.- a solvent bank of Ohio for 10% of bonds bid for, r. Certified chock on.
Further details are at hand relative to the , Pa.
payable to Village Treasoffering on Dec. 18 of the $50,- urer, required. Bonds to be delivered
000 4% coup. funding bonds
and paid for
-V. 103, p. 2174. Bids
for these bonds will time of award. Purchaser to pay accrued interest. within 10 days from
be received until 8 p. m.on that day by J. F.
Beatty, Sec. of Boro. Council.
Denom. 81,000. Date Jan. 1 1917. Int. J. &
KERN COUNT
J.
-BOND SALE.
Due from Jan. 1 1918 to Jan. 1 1945, incl. Bonds at Dom. Treas. office. Dec. 5 the 8500,000Y (P. 0. Bakersfield), Calif.
-On
5% gold coupon tax-free highway
are exempt from State
-impt.
taxes. Bonded debt including this issue
$271,000; sinking fund, $13,766; p. 2007) were awarded, It is stated, to Byrne & McDonnell ofbonds (V. 103.
assess. val 1916, $11,079.161.
San Francisco
for $545,301, equal to 109.06.
GRINNELL,Poweshiek County,Iowa.
KING
-BONDS VOTED.
-The ques- posals willCOUNTY (P. 0. Seattle) Wash.-BOND OFFERING.
tion of issuing $10,000 water-ext. bonds carried
-Probe received until 11 a. m. Jan.
at the election held Dec. 8 of
by a vote of 476 to 227, it is said.
Co. Commrs.. it is stated, for $500,000 16 1917 by B. Phelps, Clerk Bd.
road bonds.
LAFOURCHE BASIN LEVEE DISTRI
HANOVER, York County, Pa.
-BONDS TO BE SOLD
CT (P. 0. Donaldsonville),
-BOND OFFERING.
LOCALLY.
The Borough Secretary writes us that the $10,000
- La.
-Propos
fire-dept. bonds which 1917 by John F. Truxillo, Asst.als will be received until 11 a. m. Jan. 11
were voted Nov. 7 will be sold locally.
Sec. Bd. of Commrs.. for
-V. 103. p• 1810.
serial bonds.
$250,000 5%
'OLLANDALE CONSOLIDATED SCHOOL
LA HARPE TOWNS
to County, Miss.
-BOND SALE.
-On Dec. 4 DISTRICT, Washing- BONDS OFFERED BY HIP (P. 0. La Harpe), Hancock County, Ill.
$25.000 536% building
bonds were awarded, reports state, to C. W.
,
BANKERS.
-The $7,000 6% bridge bonds voted
McNear & Co. of Chicago at July 18-V. 103. p. 510
105.072. Purchaser to pay for lithogra
-are now being offered to investor
Jan. 1 1917. Int. semi-annual. Due phing bonds. Denom.$500. Date chett Bond Co. of Chicago. Denom. $1,000. Date Oct. s by the Han$6,250 every 5 years.
1 1916. Prin.
and ann. int. payable at First Nat. Bank,
Chicago. Due $1,000 yrly. on
HOLLISTER-RIDGEDALE SPECIA
May 1 from 1918 to 1924 incl. Total
bonded debt, this issue; sssass. val.,
Hollister), Taney County, Mo.-BOND L ROAD DISTRICT (P. 0. $893.336; real (est.),
SALE.
$2,750.000.
of Chicago has purchased' an issue of $10,000 -The Hanchett Bond Co.
LAKESIDE SCHOOL DISTRICT, Santa
6% road bonds. J. W.
Blankenship is Secy. Bd. of Commrs
Clara County, Cal.
BOND SALE.
.
-On Dec.
it is stated, to the Bank 4 83.0005% coupon building bonds were awarded,
HOLMES COUNTY (P. 0. Bonifay),
of Italy for $3,078 50
-BOND OFFERING.
Bids will be received until Jan. 1'1917 by RayFla.
LA SALLE COUNTY SCHOOL DISTRI -equal to 102.616.
Neel, Clerk Bd. of Co. Com- FERING
CT NO. 45, Ills.
missioners, for $25,000 6% Special Road
-BOND OF.
-Proposals will be received
constr. bonds. Auth. Chap. 6208, Acts and Bridge Dist, No. 2 road- Clerk Bd. of Ed. (P. 0. Streator), until Dec. 27 by Philip Saunders,
6879, Acts of 1915, Laws of Fla., and voteof 1911, as amended by Chap. bonds. Denom. as desired. Date for 835.000 5% 4-year aver, school
of 111 to 75 at an election held
May 1 1916. Int. M. & N. Due
May 2. Denom. $1,000. Date Jan. 1 1917.
Prin. and semi-annual $5,000 yearly on May 1 from 1917 to 1923 incl. Bonded debt, $64,000;
int. (J. & J.) payable at the Co. Deposito
assess. val., $2.787,000; actual val.,
est.. $4,500,000.
able to the Clerk Bd. of Co. Commrs., ry. Cert. check-tor $750, payLIBERTY SCHOOL TOWNSHIP
required. The district has no
(P. 0. Clayton), Hendricks
indebtedness. Total assess. val. 1916,8299,718;
County, Ind.
-BOND SALE.
est. actual value,$850,000.
-J. F. Wild & Co. of Indianapolis
were
awarded on Oct. 21 at 102.68 the $12,500
HONEY BROOK VOCATIONAL
4%% refunding bonds offered on
Honey Brook), Chester County, Pa. SCHOOL DISTRICT (P. 0. that day. V. 103, p. 1341.
-BONDS TO BE SOLD LOCALL
-The $8,000 township school and $4,000
Y.
LIBERTYVILLE TOWNSHIP SCHOOL
borough school 4%
DISTRICT (P. 0. Libertyserial bonds voted Nov. 7-V. 103.
1-30-y
r. ville),
-BONDS VOTED.
p. 1810
-will be sold locally, we are $15,000Lake County, Ills.
advised.
4%% bldg. and equip. bonds carried -The question of issuing
vote of 59 to 30. Due $1,500 yearly on Aug. at the election Nov. 25 by a
1 from 1921 to 1930 incl.
2260
THE CHRONICLE
[VoL. 103.
-BOND SALE.
NORTH PLAINFIELD (P. 0. Plainfield), N. J.
-BOND SALE.
(with privilege of registration)
Pi LINCOLN COUNTY (P. 0. Brookhaven), Miss.
$175,000, On Dec. 11 the issue of 43 % gold coup. -was awarded to J. S. Ripple
Reports state that tho two issues of 5% road bonds, aggregating R. Comp- joint sewerage system bonds
-V.103, p. 2175
offered on Nov. 1-V. 103, p. 1531-have been awarded to Wm.
& Co. of Newark on their bid of 320,777 70 (103.888) for_$20,000 of bonds.
ton Co. of St. Louis as follows:
-On Nov 9
-BOND SALE.
equal to 101.08.
NORTHWOOD, Worth County, Iowa.
$95,000 Road Dist. No. 4 bonds for $96,026,equal to 101.057.
$7,112 35 5% sewer-outlet and disposal bonds were purchased by Schenk°
80,000 Road Dist. No. 2 bonds for 380.846,
Co. of Mason City. Denom. $700 and $812 35. Date Nov. 1 1916.
- &
-BONDS NOT YET ISSUED.
1925 incl. and $81235
LOCKPORT, Niagara County, N. Y.
election Int. M.& N. Due $700 yearly May 1 from 1917 to
The $12,000 fire-apparatus bonds which were voted at the general
May 11926.
Nov. 7-V. 103, p. 1811-have not yet been issued.
-Pro-BOND OFFERING.
NORWOOD, Hamilton County, Ohio.
-BOND OFFERING.
G. P. Evans, City Aud..
p LOGAN COUNTY (P.0. Bellefontaine), Ohio.
Co. Aud., posals will be received until 12 m. Jan. 8 1917 by
street-impt. assess. bonds.
-Proposals will be received until 12 m. Dec. 22 by 0. W.Loffer,
Denom. $300. for 36,566 35 and $3,920 27 5% 1-10-yr. serial 11916. Int. ann. Cert.
bonds.
,
for 33,17,100 5% 23(-yr. aver. highway-impt. assess.& J.
multiples, thereof. Date Oct.
-payable at office Denom. $100, orbonds laid for, payable to the City
required. PurDate Dec. 22 1916. Prin. and semi-ann. int.-J.
to Jan. 1 check for 5% of
reduction by reason of
of County Treas. Due $300 each six months from July 1 1917 Co. And., chaser to pay accrued int. Bonds are subject to Treas..
above
of assessments.
1922 incl. Cert. check for 5% of bonds bid for, payable to
from time of cash payments
required. Bonds to be delivered and paid for within 10 days
-By
-BONDS VOTED.
iv OCEAN BEACH, San Diego County, Cal.
award. Purchaser to pay accrued interest.
serial
vote of 322 to 154 the question of issuing $125,000 5% -1-40-yr.
-On Dec. 14 four issues of 4% bonds, Municipal Impt. Dist. No. 1 jetty sea-wall and comfort station constr.
-BOND SALE.
LOWELL, Mass.
hospital,
$122,000 consisting of $50,000 paving, $50,000 & Co. of bonds carried at the election held Nov. 20.
aggregating
$15,000 school and $7,000 street bonds, were awarded to Blodget
-On Dec. 5 $13,000
-BOND SALE.
ONAWA, Monona County, Iowa.
Boston at 102.277. The other bidders were: McGaragle & Co_ _100.713
Co.
101.92[Cropley,
5% sewerage-disposal-plant bonds were awarded to Schanke & J. & of
Adams & Co
J.
$1,000. Date Jan. 1 1917. Int.
Mason City. Denom. $500 and
101.651
R. L. Day & Co
Duo $500 yearly Jan. 1 from 1918 to 1931 incl. and $1,000 yearly Jan. 1
Date Dec. 11916. Int. J. & D. Due from 1926 to 1936.
to 1937 incl.
-On Dec. 8 from 1932
-BOND SALE.
LUCAS COUNTY (P. 0. Toledo), Ohio.
(P. 0. Ridgefield
OVERPECK TOWNSHIP SCHOOL DISTRICT -Proposals will be
two issues of 5% bonds, aggregating $29,800, were awarded, reports state,
It
-BOND OFFERING.
to Stacy & Braun of Toledo for $31,213 80, equal to 104.744. on is further Park), Bergen County, N. J.
Noethling, Dist. Clerk, for
also offered
stated that the $25,710 issue of bonds which wasin legislatiGn. Dec. 8- received until 8:30 p. m. Dec. 29 by G. H. l bonds. Denom. $1,000.
,
5
-was not sold because of a defect
$90,000 43 % gold coupon tax-free high-schoo
V. 103, p. 2007
Ridgefield Park. Due
McCutch- Date Oct. 1 1916. Int. A.‘!‘ 0.at First Nat. Bank,
McCUTCHENVILLE RURAL SCHOOL DISTRICT (P.O.CONSUM- $6,000 yearly from 1931 to 1945, incl. Cert, check for $1,000, payable to
-BOND SALE NOT
enville), Wyandot County, Ohio.
, required.
H. F. Ayers, Custodian
-We learn that the sale of the $40,000 5% coup. school bonds
MATED.
-Reports
-V. 102, p. 543.
PAGE COUNTY (P. 0. Luray), Va.-BONDS PROPOSED.
which took place Feb. 1 was never consummated.
$200,000 road-impt.
- state that this county is contemplating the issuance of
-BOND OFFERING.
MADISON COUNTY (P. 0. London), Ohio.
bonds.
B. Blacker, Co.
Proposals will be received until 12 m. Dec. 20 by Allen bonds. Denom.
-BOND
PALM BEACH COUNTY (P. 0. West Palm Beach), Fla. Butler,
, for $2,500 5% 2%-year aver, coup. road-impt. & D.
-payable OFFERINGS.
-Proposals will be received until Dec. 19 by Geo. 0.
Aud.
$250. Date Dec. 20 1916. Prin. and semi-ann. int.-J.
No. 4 road and
Co. Treas. Due $250 each six months from June 20 1917 to Co. Clerk, for $80,000 6% Special Road & Bridge Dist.
at office of
of Fla. 1911, and Chap. 6869,
Dec. 20 1921 incl. Cash deposit with the Co. Treas. of $125 required. bridge bonds. Auth. Chap. 6208, Laws election held Sept. 16. Denom.
Laws of Fla. 1915, and vote of 9 to 0 at an
Purchaser to pay accrued interest.
at the
Date July 1 1916. Prin. and semi-annual int. payable incl.,
-On $500.
-TEMPORARY LOAN.
MALDEN, Middlesex County, Mass.
N. Y. Due $2,500 yrly. from 1917 to 1921
-V. 103, p. 2174- Seaboard Nat. Bank of to 1926 Incl., 34.500 1927, 1928 and 1929. $2,000
Dec. 11 the loan of $350,000 maturing in six months
a $5,000 yrly. from 1922
1935 and
was awarded to Livingston Davis of Boston at 3.75% discount, plus
1930, 33.000 1931. $4,000 1932, $5,000 1933, $6,000 1934, $8,000 the Co.
payable to
premium of $2 75.
$40,000 1936. Cert. check for 2% of bonds bid for,
$80,000. Assess. val.
Manitowoc County, Wisc.-BONDS DEFEATED.of Clerk, required. Bonded debt of Dist.; this issue, all taxable property,
MANITOWOC,
actual value of
question
Using newspaper reports, we stated in V. 103, p. 1912, that thethe Nov. 7 (real estate), 1916, $691,425; est.
Issuing the $50,000 4% coupon school-bldg. bonds carried atat the above $2,000,000.
6%
The County Clerk will also receive bids until Dec. 20 for $55,000
that the question was defeated
election. We are now advised
bridge bonds. Auth.
Special Road and Bridge Dist. No. 5 road andLaws of Fla. 1915, and
election.
9 the Chap. 6208, Laws of Fla. 1911, and Chap. 6869,
-On Dec.
-BOND SALE.
June 13. Denom. $500. Date Sept. 1
MANTUA, Portage County, Ohio.
-were awarded vote of 66 to 7 at an election held payable at the Hanover Nat. Bank,
-V.103, p. 1912
-9
and semi-annual int.
$4,500 5% 5 -year serial refunding bonds
-and int. The 1916. Prin. Due $1,000 yrly. from 1919 to 1923 incl., $2,000 yrly. from
-102.308
to Durfee, Niles & Co. of Toledo for $4,603 90
New York.
from 1934 to 1943 incl. Cert. check
other bidders were:
1933 incl.
$4,568 00 1924 to amount of and $3.000 yrly.said bonds, payable to the Co. Clerk,
price offered for
Realty Guar.Title & T.Co_$4,601 46 Otis & Co
full
4,579 20 Tillotson & Wolcott Co-__ 4,559 40 for
W. L. Slayton & Co
required. Bonded debt of Dist., this issue, 355,000. Assess. val. 1916,
4,558 90
4,579 00 Stacy & Braun
Hayden, Miller & Co
$493,000; est, actual val., $1,500,000. Bidder must satisfy himself as to
4,572 00
Seasongood & Mayer
legality.
-The $5,150
-BOND SALE.
Ind.
MARTIN COUNTY (P.'0. Shoals),
PALM BEACH COUNTY SPECIAL TAX SCHOOL DISTRICT
been
-Proposals will be received until 12 in.
-BOND OFFERING.
% 53 -year aver, road bonds which were offered on Nov. 6 have
NO. 1, Fla.
vow,NM
111*1.
103. p. 1720.
sold. V.
Dec. 28 by H. W. Lewis, Supt. of Public Instruction, (P. 0. West Palm
-Reports state that Beach), for $25,000 6% tax-free coupon site-purchase, building and equip--BOND SALE.
County, Okla.
MIAMI, Ottawa
ht bonds at ment bonds. Authority, validated under Chap. 6237, Laws of Fla., 1911,
this city has just sold $25,000 water-works and electric-lig
1916. Prin. and
and Chap. 6542, 1913. Denom, $500. Date Dec. 1 Bank, New York.
101.76.
-payable at the Seaboard Nat.
-BOND semi-ann. int.-J. & D.
MIDDLE SCHOOL TOWNSHIP, Hendricks County, Ind. bonds Certified check for 234% of the bonds, payable to the above Supt.,reqpired.
yearly Dec. 1
-year aver, coup. refunding
3
-On Dec. 9 the $2,500 4
SALE.
Due $500 Yearly Dec. 1 from 1919 to 1923 incl. and $1,000
-were awarded to the Meyer-Kiser Bank of Indianapolis from 1924 to 1928 incl.; $1,500 yearly Dec. 1 from 1929 to 1933 incl., 32,000
-V.103, p. 2094
and int. Two other bids were received.
Dec. 1 from 1934 to 1938 incl. Bonded debt, including this issue
at 101.14
yearly
-On Dec. 7 $60,000. Assessed valuation, $2,920,390; actual value, $5,000,000.
-BOND SALE.
MIDDLETOWN, Butler County, Ohio.
T
-V. 103, p. 1912
PALM BEACH COUNTY SPECIAL TAX SCHOOL DISTRIC
the $5,765 30 5% 53. -year aver, street-assess. bonds 35,956 13, equal to
-Proposals will be received until 12 m.
-BOND OFFERING.
NO. 9, Fla.
were awarded to Channer & Sawyer of Cincinnati for
Supt. of Public Instruction (P. 0. West Palm
were:
by H. W. Lewis,
103.309. Other bids
Premium. Dec. 28 for $8,000 6% tax-free coupon site-purchase, building and equipPremium.
$144 71 Beach),
validated under Chap 6237, Laws of Fla., 1911,
ment
Breed, Elliott & Harrison.._.$168 35 Rudolph Kleybolte Co
1104 92 and bonds. Authority,
3500. Date Dec. 1 1916.
68 Tillotson & Wolcott Co
164
Chap. 6542, 1913. Denom.(30) $100,(10;the Bank of Palm Beach,
Oglesby & Barnitz Co
10260
-payable at
151 00 Ohio Nat. Bank
Prin. and semi-ann. int.-J. & p.
Seasongood & Mayer
Bk. & Trust Co.._ 148 17
Beach. Cert. check for 2 % of bonds,payable to the above
West Palm
Prov. Say.
1922,
- Supt., required. Due on Dec. 1 as follows: $100 1916; $200 1920, every
-BONDS VOTED.
MINERAL COUNTY (P. O. Superior), Mont.
carried at the 1924; $300 1926, 1928, 1930; 3400 1932, 1934, 1936; $200 1937; $500
The proposition to issue $79,000 53 % road and bridge bonds is Co. Clerk. two years from 1939 to 1952 incl. This district has no indebtedness. Aselection held Nov.7. The vote was 675 to 425. J. D. Dwyer
$113,456; actual value, $340,000.
-Sealed sessed valuation,
OFFERING.
Ohio.
MURRAY, Calloway County, Ky.-BOND by 0. M. Smoot, City
PALMYRA TOWNSHIP (P.O. Diamond), Portage County,
-V.103,
proposals will be received until 12 m. Jan. 15 1917,electric-light and power BOND SALE.
-year aver, road bonds
-On Dec. 11 the $3,000 57o 9
Clerk, for the $20.000 5% 2-20-yr. (opt.) municipal Denom.$500. Date p. 2095
& Wolcott Co. of Cleveland for $3,-were awarded to Tillotson
and water-works system const. bonds voted Nov. 7.solvent bank for $500 105 80 (103.526) and int. The other bidders were:
$3,076 00
April 1 1917. Int. A. & 0. Cert. check on a
33.080 001Durfee, Niles & Co
Otis & Co.
3,062 73
required.
B.& Tr. Co.._ _ - 3,079 801W.L.Slayton & Co
-On Dec. 4 Security S.
-BOND SALE.
-The
POINT, Coos County, Ore.
-BOND SALE.
MYRTLE
PARKE COUNTY • (P. 0. Rockville), Ind. Oct. 4 for $12,349 35,
t. bonds, aggregating $6,624-82
-year street-imp
the two issues of 6% 10
at par and int. Meyer-Kiser Bank of Indianapolis was awarded on aggregating $12,115,
(V. 103, p. 2094) were awarded to the Bank of Myrtle Point
,
6% road bonds,
101.934, the two issues of 43
-On Dec. 15 equal to that day.
-BOND SALE.
-V. 103, p. 1147.
NASHUA, Hillsborough County, N. H.
te, offered on
an issue of $33,000 4% 20-year refunding bonds was awarded,reportksta
-BONDS NOT TO BE
PASS CHRISTIAN, Harrison County, Miss.
to Merrill, Oldham & Co.tof Boston at 107.429.
-We are advised that the law under which the $150,000 5%
ISSUED.
-BONDS VOTED.-Theques- coupon tax-free sea-wall-construction bonds were to be issued has been
NAMIVILLE, Barry County, Mich.
were ada
bonds
unconstitutional by the Supreme Court. These bonds
tion of issuing $22,400 5% 2-5-yr. serial Main St. impt. will becarried at
offered for declared to be sold on Nov.7-V.103,p. 1721-but the issue was not sold.
recent election by a vote of 242 to 110. These bonds
vertised
-A.J. McMahon
sale about May 1917.
-BOND SALE.
PAWHUSKA,Osage County, Okla.
-BOND
and int. on Oct. 23 $20,000
NAVARRO COUNTY (P. 0. Corsicana), Tex. awardedSALE.
to J. T. of Oklahoma City was awarded at 110.05 park bonds. Denom. $1,000.
were
-year
On Nov. 10 $100,000 5% Road Dist. No. 8 bonds $1,000. Date Dec. 1 part of an issue of 335,000-6% 25
of Austin at 100.527 and int. Denom.
The remainder ($15,000) of the $35,000
Bowman
Date June 20 1916. Int. J. & J.
call serially.
1916. Int. J. & D. Due in 40 years, subject to $16,000 5% Road Dist. was purchased by the City Sinking Fund.
-No sale was made of the
BONDS NOT SOLD.
-On
-BOND SALE.
PAYNE COUNTY (P. 0. Stillwater), Okla.
offered on Nov. 4.
No. 7 bonds
103, p. 2095)
Coun4 the $100,000 5% coupon court-house and jail bonds(V.
NEODESHA SCHOOL DISTRICT (P. 0. Neodesha), Wilson issuing Dec.awarded, it is stated, to R.J. Edwards of Oklahoma City at 101.444.
were
-Reports state that the question of
-BONDS VOTED.
ty, Kan.
18 (P. 0.
election held
$100,000 building bonds carried by a vote of 719 to 321 at an
PENNINGTON COUNTY SCHOOL DISTRICT NO.
-An election will be
-BOND ELECTION.
Nov. 28.
Thief River Falls), Minn.
Dec. 14 the Hibernia Bank held Dec. 19 to vote on the question of issuing to the State of Minnesota
-On
-BOND SALE.
NEW ORLEANS, La.
6% $45,000 4% building bonds.
,
& Trust Co. of New Orleans, was awarded, it is stated,94,500,000 41
DS PROPOSED.
serial gold coupon bonds at 104.337.-V. 103, p. 2175.
PETERSBURG, Dinwiddie County, Va.-BONis stated, providing
.-On
-BOND SALE
in the Council on Dec.5,it
NEWPORT BEACH, Orange County, Calif.coupon '
or reg. jetty- An ordinance was introduced 43i% municipal-impt. bonds.
ar serial gold
Dec. 4 the $101.562 50 5% 1-26-ye
issuance of $250,000
-were awarded to G. G. Blymyer for the
p. 2008
-V.
-BOND SALE.construction bonds
N. Y.
-and int.1There_were
PIERMONT (Village), Rockland County,at 102.13 on Oct. 13 the
150
for $101,662 -100.098
& Co. of San Francisco 103,
Hornblower & Weeks of N. Y. were awarded offered on that day.
-V.
three other bidders.
bonds which were
- $48,000 43i% coup. sewer
-BOND SALE.
NEW ROCHELLE, Westchester County, N. Y.
g $232,750-V. 103, p. 1342.
On Dec. 15 the three issues of 44% reg. bonds aggregatinN. Y. for 3237,
LOAN.
-TEMPORARY
PITTSFIELD, Berkshire County, Mass. 1917 was negotiated with
-were awarded to Geo. B. Gibbons & Co. of
103, p. 2175
1/.1114.13 a loan of $100,000 maturing Apr. 19
9
894, equal to 1 2.21. Other bids were: Imo 111.0.ft Co
$236,988 38 On Dec.Oldham & Co. of Boston at 3.68% discount, plus $1 50 premium.
$237,870 50 H. A. ICahler &
Merrill,
Adams & Co
236,238 00 The other bidders were:
Harris, Forbes & Co_ _ _ _ 237,244 401Farson, Son & Co
-During the
-BONDS
" NORTH DAKOTA. followingPURCHASED BY STATE. g $49,550, Blake Bros. & Co., Boston, 3.97% discount.
ten issues of bonds, aggregatin
Harry C. Grafton Jr., Boston, 4% discount.
month of November the
par:
-BOND ELECTION PROwere purchased by the State of North Dakota at Date.
PLANT CITY, Hillsborough County, Fla.held shortly to vote on the
Due.
Place Issuing Bonds. Purpose.
Amount.
-Reports state that an election will be
24___ _Building Sept. 25 1916 Sept. 25 1936 POSED. of issuing $40,000 bonds for refunding and water purposes.
$13,500 Antelope S. D.No.
1 1936 question
1,400 Fort Clark S. D. No.20Building Nov. 1 1916 Nov.25 1936
Wis.-BOND ELECTION
Oct.
POLK COUNTY (P. 0. Balsam Lake), be called soon to vote on
2,500 Greatstone S. D.No.52_ _Building Oct. 25 1916 Sept. 25 1926
g Sept. 25 1916
-Reports state that an election will
PROPOSED.
1,500 Loquemont S. D. No. 74_Bulldin
highway-construction bonds.
Nov. 1 1916 Nov.1'26-31-36 the question of issuing $400,000
Water
15,000 Marmarth
-On
1936
-BOND SALE.
Ohio.
1,000 Medicine Hill S. D.No.54Building Oct. 25 1916 Oct. 25 1036
PORTAGE COUNTY (P. 0. Ravenna), aggregating $16,300. were
Building Oct. 25 1916 Oct. 25
1,250 Prairie Home S. D
two issues of 5% coup. road bonds,
Building Oct. 16 1916 Oct. 16 1936 Dec. 11 the follows
1,200 Pearl S. D. No. 21
-V. 103, p. 2095:
awarded as
101.07.
11,000 South Heart S. D.No.9_ _Building Oct. 25 1916 Oct. 25 1936 $2,900 bonds to Breed, Elliott & Harrison of Cincinnati atCin. at 101.21
Building Sept. 25 1916 Sept. 25 1928
Co. of
1,200 Stewart S. D. No. 4
13,400 bonds to the Provident Says. Bank & Trust
The Marmarth issue bears 5% interest; all the others bear 4%.
DEC. 16 1916.1
THE CHRONICLE
2261
-BONDS DEFEATED.
PORT OF SEATTLE(P.O. Seattle), Wash.
SOUTH CHARLESTON, Clark County, Ohio.
-BOND OFFERING.
The proposition to issue $450,000 4 % belt-line-railway-building bonds -Proposals (sealed and verbal) will be received'at 8 p. m. Jan. 2 1917 by
failed to carry at the election hold Dec. 2. The vote was111,520 "for" and W. L. Wentz, VII. Clerk, for $2,500 5% 24-year aver. coup. water works
bonds. Denom. $500. Date Sept. 1 1916. Prin. and semi-ann. int.10,570 "against," a two-thirds majority being necessary.
M.& S.
-payable at office of Vil.'Treas. Due $500 yearly on Sept. 1 from
PROVIDENCE, R. I.
-BOND OFFERING.
-Proposals will be received 1938 to 1942 incl. Cert. check for 5% of bonds bid for. required. Bonds to
until 10:30 a. m. Dec. 19 by Walter L. Clarke, City Treas., for $500,000 be delivered and paid for within 10 days from time of award.
4% 30-yr. gold school bonds. Either coupon bonds of $1,000 each or regisSOUTH HAVEN, Van Buren County, Mich.
-BOND SALE.
-John
tered bonds of $1,000, $5,000. $10,000 or $20,000 each, as desired; coupon
bonds may at any time be converted into registered bonds at option of Nuveen & Co. of Chicago purchased during July "at par with a bonus" the
purchaser. Date Jan.2 1917. Prin. and semi-ann. int.-J. & J.
-payable $50,000 4%% 20-yr. city-hall bonds voted July 17-V. 103, p. 433. Denom. $1,000. Date July 1 1916. Int. J. &
at Treasury in Providence or at Nat. City Bank, N. Y., interest on registered bonds transmitted by mall. Bonds will be ready for delivery Jan. 1
STANDING PINE DRAINAGE DISTRICT NO. 1, Leake County,
1917. Cert. check for 2% of total amount of bid, payable to City Treas., Miss.
-BOND OFFERING.
-Proposals will be received until Jan. 8 1917
required. Bond. debt Dec. 11916, $21,715,000; floating debt. $2,256,424; by M. F. Wallace,
Chancery
sinking funds. $9,027,184; water debt, incl. in above, $3,003,000; water bonds. These bonds were Clerk (P. 0. Carthage), for $10,000 drainage
offered without success on Dec. 11.-V. 103,
debt sinking fund, $921,144.
,
cal p. 2176.
-J. L. Arlitt
-WARRANT SALE.
QUANAH, Hardman County, Tex.
STEUBEN COUNTY (P.O. Bath), N. Y.
-BONDS AUTHORIZED.
of Austin recently purchased an issue of $12,500 6% warrants. Int. pay- The Board of Supervisors passed a resolution on Dec. 7 providing for the
able semi-ann. In N. Y.
issuance of $100,000 highway bonds.
SWEA CITY SCHOOL DISTRICT LP. 0. Swea City), Kossuth
RADNOR TOWNSHIP (P. 0. Wayne), Delaware County, Pa.-BOND SALE.
'JERINO.
-Wells & Dickey Co. of Minneapolis have
BOND OF
-Proposals will be received until 12 m.Dec. 22 by Thos. County, Iowa.
% 20
-year building bonds at par. Denom. $1,M. Chalfant, Secretary of Board of Township Commissioners, for $100,000 been awarded $80,000
4% 103 -year aver. tax-free highway bonds. Int. semi-ann. Due $5,000 000. Date Nov. 1 1916. Int. M.& N.
-f
yearly on Dec. 15 from 1917 to 1936 incl. Certified _check for 10% of
TAUNTON, Mass.
-BONDS AUTHORIZED.
-An issue of $200,000
amount of bid required.
4% school bonds has been authorized. Due $10,000 yrly. on Dec. 1 from
; 1917 to 1936 inclusive.
RALEIGH CONSOLIDATED SCHOOL DISTRICT (P. 0. Raleigh)
-The Hanchet
-BONDS OFFERED BY BANKERS.
TIFFIN, Seneca County, Ohio.
Smith County, Miss.
-BOND SALE.
-On Dec. 9 thefour
Bond Co. of Chicago is offering to investors $10,000 5%% school bonds' issues of 5% bonds, aggregating $45,000-V. 103, P. 1914
-were awarded
Denom. $500. Date Nov. 1 1916. Principal and semi-annual int. pay- to Seasongood & Mayer of Cincinnati for $46,650 (103.666) and interest.
able at chicago. Due $2,000 yearly Nov. 1 from 1921 to 1925 incl; The other bidders were:
Bonded debt, this issue, $10,000. Assessed valuation, $225,000; totai Prov. Say. Bk. & Tr. Co_$46,602 20 Breed, Elliott & Harrison346,320 50
-MI
value, estimated, $400,000.
Tillotson & Wolcott Co__ 46,602 00 Fifth-Third Nat. Bank__ 46.300 50
Cummings,Prudden & Co. 46,538
Otis &
46,250 00
-TEMPORARY LOAN.
READING, Middlesex County, Mass.
-This Hayden, Miller & Co_ _ __ 46,533 00 Sidney Co
00
Spitzer & Co
46,233 00
negotiated a loan of $30,000 maturing April 25 1917 with A. E.
town recently
Aub & Co
46,530 00 Tiffin Nat. Bank
45.870 00
II. C. Grafton Jr. of Boston at 3.49% discount, it is stated.
Wm. R. Compton Co_ _ _ _ 46,476 65 Commercial Nat. Bank
45.465 75
46,414 00 City National Bank
REFUGIO COUNTY (P. 0. Refugio), Tex.
-BONDS VOTED.
45,450 00
- Davies-Bertram Co
Reports state that the proposition to issue $75,000 court-house-erection Security Say. B.& Tr.Co. 46,413 00 V. A. Bennehoff
45,125 00
bonds carried at the election held Dec. 2.
.
14 -I
TONAWANDA (Town), Erie County, N. Y.
-BOND SALE.
-George
B. Gibbons & Co. of N. Y. have been awarded at 106.53 the $9,420 50
-BOND ELECTION.
REPUBLIC, Seneca County, Ohio.
-The qü
-year aver. reg. Riverside Water Dist. bonds which were offered on
tion of issuing $10,000 electric-light-plant bonds will be submitted to a 5% 10
Oct. 24.-V. 103, p. 1448.
vote on Dec. 19, it is stated.
UPPER DUBLIN TOWNSHIP SCHOOL DISTRICT (P.O. Ambler,)
RICHMOND COUNTY (P. 0. Augusta), Ga.-BOND OFFERING7= Pa.
-BOND OFFERING.
-Proposals will be received by Wm. C. Aichele,
Proposals will be received until 12 m. April 3 1917 by Lawton B. Evans, Secretary, until 8 p. m. Dec. 18, for an issue of $40,000 school bonds.
Education,for the $100,000 434% coupon high-school,
Secretary of Board of
WARMSPRINGS IRRIGATION DISTRICT (P. 0. Vale), Malheur
building bonds voted Nov. 7-V. 103, p. 1913. Denom. $1,000. Date
Jan. 1 1917. Principal and semi-annual interest payable in New York or County, Ore.
-BOND OFFERING.
-Further details are at hand relative
Augusta. Due $10,000 yearly Jan. 1 from 1918 to 1927 incl. A deposit of to the offering on Jan. 5 1917 of the $750,000 69 gold coupon or registered
2% of the issue will be required. Bonded debt, this issue, 3100,000. tax-free irrigation-system bonds (V. 103, p. 2176). Proposals for these
Floating debt, $115,000. Assessed valuation, 1916, $31,395,223; esti- bonds will be received until 2 p. m. on that day by John Rigby,
Secretary
mated actual value, $41,860,297.
Board of Directors. Denom. $1,000. Date Jan. 1 1917. Interest payable J. & J. at the fiscal agency of the State of Oregon in N. Y. City.
LOUIS, Mo.-BOND OFFERING.
ST.
-Proposals will be received Cert. check for 1%, payable to the above Secretary or to the U. S. Nat.
until 2 p. m. Dec. 28 by Chas. P. Mason, Sec. & Treas. Bd. of Ed., for Bank, Vale, required. The district has no
Asses. val.
$1,000,000 of the $3,000,000 4% school bonds voted Nov. 11 (V. 103, p. 1915, 3700,000; real value (approximately),bonded debt. These bonds
111,800,000.
1913). Date Jan. 1 1917. Duo Jan, 11937. Cashier's or certified check were authorized by vote of 86 to 23 at an election held Aug. 15 1916.
for 2% of the nominal amount of bonds bid for, payable to the Bd. of Ed.
to
WACO, McLennan County, Texas.
-BOND SALE.
-On Nov. 30
ge1 1 1Of N.rIciri,asaesr
r 6
riV;=dry l PtheThe in vill ?)
O
-year bridge-constr. bonds were awarded, it is stated,
13onZ,Nio f grshE gis 4 the $25,000 5% 30
ejAl
ic t
purchasers by the Bd. of Ed. All bids must be made on blanks furnished to Stacy" & Braun of Toledo at 110.05. Denom.$1,000. Date July 7 1916.
lay the Sec. & Treas.
WALLA WALLA,Walla Walla County, Wash.
-BONDS AWARDED.
SACO, York County, Me.
-Proposals will be On Dec. 5 the 3338,000 gold coupon tax-free refunding water and sewer
-BOND OFFERING.
received until 3 p. m. Dec. 20 by L. B. Fenderson, City Treas. for $30,000 bonds were awarded to the State of Washington at par for 4s. Denom.
Date Jan. 1 $1,000. Date Jan. 1 1917. Int. J. & J. at Walla Walla or New York.
4% 25-yr. coup. tax-free refunding bonds. Denom. $1,000. '
1917. Prin. and semi-ann. Int.-J. & J.
-payable at Fidelity Tr. Co., Due Jan. 1 1937, subject to call $16.000 Jan. 1 1918 and $17,000 yearly
Portland. Due Jan. 1 1942. Bonds will be certified as to genuineness thereafter. Bonded debt, including this issue, $611,000. Floating debt,
by the above trust company and their legality will be approved by Symonds, $71.000. Sinking fund, $18,000. Assess. val. 1916 $9,580,000.
Snow, Cook & Hutchison of Portland, whose opinion will be furnished purWALLA
-BOND OFchaser. Delivery to be Jan. 2 at said trust company. Total bonded debt, FERING. WALLA COUNTY (P.O. Walla Walla), Wash.
-Sealed bids will be received until 2 p.m. Dec. 22. by C. F. De$161,000; floating debt, $15,000; assess. val., $4,874,341; tax rate (per $1,- ment, Clerk
Bd. of Co. Commrs„ for $120,000 funding bonds at not ex000),$22.00.
ceeding 7% int. Denom. $1,000. Prin. and semi-annual int. payable
at any such place within the United States as the bidder may elect. These
SANFORD, Seminole County, Fla.
-BOND SALE.
-On Nov727 trie bonds shall be
$45,000 5%% 30-yr. refunding bonds (V. 103, p. 1913) were awarded, it is Due one series issued in five separate series in the amount of $24,000 each.
in each of the following years: 2, 3, 4,5 and 6 yrs. after date
stated, to Field, Richards & Co. of Cincinnati for 348,952, equal to 108.78.
of issue. Bidders will be required to name the price and rate of int. for
Denom. $1,000. Date July 11916. Int. J. & J. in N. Y. City.
debt, including this issue, $215,000. Floating debt, $10,000. Bonded each series separately. Cert, check for 1% Of the par value of bonds, payfund, $2,000. Assess. val. 1916, $4,704,875. Total tax rate (per Sinking able to the Co. Treas., will be required of all bidders, except the State of
$1,000) Washington.
$14.
WALLINGFORD, New Haven County, Conn.
-BOND OFFERING„:
SAPULPA, Creek County, Okla.
-BOND ELECTION PROPOSED.
- -Reports state that the Treasurer will receive bids until
Reports state that an election will be held shortly to vote on the question of for an issue of 3250,000 4% 1-30-year high-school bonds. 12 m. Dec. 2"
Issuing $20,000 fire-station erection and equipment bonds. A. K. Boggs
WASCO COUNTY (P. 0. The Dalles), Ore.
-BOND OFFERING.
is Mayor.
Sealed bids will be received until 2 p. m.Jan.6 1917 by L.B. Fox,Co.Clerk
SCOTT COUNTY INDEPENDENT SCHOOL DISTRICT NO. 38 for the $260,000 5% road-construction bonds authorized by vote of 2,011
to 1.910 at the Nov. 7 election. Denoms. $50 or multiples thereof up to
(P. 0. Belle Plaine), Minn.
-BOND SALE.
-On Dec. 11 the $5,000 coupon building-improvement bonds were awarded to Kalman, Matteson & $1,000. Date Jan. 2 1917. Int. J. & J. Due $26,000 yriy. Jan. 2 from
Wood of St. Paul at 100.44 for 436s. Denom. $500. Date Dec. 11916. 1922 to 1931 incl. Cert. check or draft for at least 5% of bid, payable to
,
annually
Int.
-Dec. 1-at Bello Plaine. Duo $500 yearly Dec. 1 from the Co. Clerk, required. Bids to state as to whether bidder will furnish
1924 to 1033 incl. Bonded debt $5,300. Assessed valuation, $584,602.
bonds or not. Purchaser to pay accrued int. The county has no indebtedeess. Assess. val. 1915. $17,624,286; est. actual val., $24,000,000.
SEATTLE, Wash.
-BONDS AUTHORIZED.
-Local papers
WASHINGTON COUNTY (P. 0. Bartlesville), Okla.
on Nov. 27 the City Council passed an ordinance providing for state that
-BONDS DEthe issuance FEATED.
-The proposition to issue $600,000 road bonds failed to carry
of $390,000 steam electric plant construction bonds.
at the election held Dec. 5. The vote was 1,092 "for" and 1,302"against."
SEATTLE SCHOOL DISTRICT NO.1 (P.O. Seattle), King County,
WATERTOWN, Mass.
-TEMPORARY LOAN.
-On Dec. 14 the loan
-By a vote of 13,256 to 4,752 the
-BONDS VOTED.
Wash.
question of
-was awarded to F. S.
Issuing the $1,083,000 site-purchase, building and equipment bonds of $50,000 maturing April 23 1917-V. 103, P. 2177
Moseley & Co. of Boston at 3.54% discount, plus $1 25 premium. Other
-carried at the election held Dec. 2.
-V. 103, p. 1913
Reuben W. Jones bids were:
is Secretary of Board of Directors.
Discount.
Discount.
3.65 7 Cropley, McGaragle & Co_ _ _3.75%
SEDGWICk COUNTY (P. 0. Wichita), Kans.-BOND OFFERING. H. C. Grafton Jr
3.73% Farmers' Loan & Tr. Co.._ _
-Proposals will be received until 2 p. m. Dec. 15 by the Clerk Board of Worcester No. Say. Inst
Co. Cfnmmrs. it is stated, for $100,000 4% 10-20-Yr.
WEST CHESTER SCHOOL DISTRICT P. 0. West Chester), Dela(opt.) Jail-building
bonds. Dendms. (50). $500; (75) $1,000.
ware County, Pa.
-BONDS NOT YET ISSUED.
-We are advised that
the $120,000 building bonds voted Nov. 4-V. 103, p. 1813
-have not yet
SHAKOPEE, Scott County, Minn.
-BOND OFFERING.
-Proposals
will be received until 8 p. m.to-day (Dec. 16) by A. T. Dell, City Recorder, been issued.
for $15,000 5% road and bridge impt. bonds. Denom.
WEST HELENA SPECIAL SCHOOL DISTRICT (P. 0. West Hel$500. Date Nov. ena), Phillips
1, 1916. Int. M.& N. Due $1,000 YrlY Nov. 1
County, Ark.
-BONDS OFFERED BY BANKERS.
-The
1921 to
incl.; $3,000 Nov. 1 1927, 1928 and 1929 and $1,000 from 11930. 1925 Hanchett Bond Co. of Chicago is offering to investors 325.000 6% 15
-year
Nov.
check for 5% of amount of bid, payable to the City Treas., required. Cert. school bonds. Denom. $500. Date Sept. 1 1916. Principal and semiannual interest payable at the Chase Nat. Bank, N. Y. Total bonded
SHELBY COUNTY (P. 0. Shelbyville), Ind.
debt, $43,000. Sinking fund, $3,000. Assessed valuation, 81.300.000;
-BOND SALE.
-On
Dec. 11 the two issues of 4% road bonds, aggregating
313,140-V. 103.P. total value, estimated, $5,000,000.
2095
-were awarded to the Peoples Loan & Trust Co.
of Rushville for
WEST NEW YORK, Hudson County, Pa.
-BOND OFFERING.
$13,315 30. equal to 101.334.
Proposals will be received until Jan. 9 1917 by Chas. F. Henry, Town
These bonds take the
the two issues
were awarded to Breed,place of& Harrison of aggregating-313,140 which Clerk, for an issue of4% playground bonds not to exceed $30,000. Date
Indianapolis on Nov. 27, Jan. 11917. Int. J. & J. Due $2,000 July 1 1918 and $1,000 yearly on
but subsequently refused Elliott
by them
for 4%% bonds. See V. 103. p. on the ground that their bid was made July 1 from 1919 to 1946, incl. Cert. check on an incorporated bank or
2095.
trust company for 2% of.bonds bid for, payable to the Town Clerk, required.
SIBLEY AND McLEOD COUNTIES, Minn.
WINNFIELD SCHOOL DISTRICT (P. 0. Winnfield), Winn Coun-BOND SALE.
-On
Nov. 27 $5,000 10-yr. ditch No. 5 and $10,000 5-year dich No.
-BOND OFFERING.
-Proposals will be received until Jan. 6 1917
31 bonds) ty, La.
were awarded to the Merchants Trust & Says. Bank of St. Paul for
by J. J. Mixon, Supt. Sch. Bd„ for $35,000 5% registered building and
$15,- equipment
(100.343) for 43s. Denom. $500 and $2,000,
051 60
bonds. Denom. $500. Date "when sold.
Int. A. & 0. at
respectively. Date
Jan. 1 1917. Int. J. & J.
the Dist. Treas. office or at the Hanover Nat. Bank, N. Y. Due on
April 1 as follows: 33.000, 1918 and 1919; $3,500, yearly from 1920 to 1925,
S1LVERTON, Marion County, Ore.
incl.; 34,000, 1925 and 1926 and $3,500, 1927. Cert. check for $1,000,
-BOND SALE.
-On Dec.
$21,000 5-20-Yr. (opt.) auxiliary water-works bonds (V. 103, p. 4 the payable to Pres. of Sch. Bd., required. The district has no indebtedness.
2009)
were awarded to the Coolidge & McClain° Bank of Silverton for $22,107 Assess. val. 1916 81.000,000.
.
AA
(105.271) as 6s. There were 14 other bids received.
YONKERS, N. Y.
-BOND SALE.
-On Dec. 14 the five issues of 4%
PPr SNOHOMISH COUNTY (P. 0. Everett), Wash.
bonds, aggregating $316,000-V. 103, p. 2177
-were awarded to Farson,
-BOND SALE.
On Dec. 1 $100,000 4%% 5-20-Yr. (opt.) road-construction bonds - Son & Co. of N. Y. at 101.06.
awarded to the Citizens Bank & Trust Co. of Everett at par and were
ZANESVILLE,
int.
-BOND SALE.
-On
Denom. $1,000. Int. J. & D. These bonds are part of the $1,813,800 Dec. 9 the $85,000 Muskingum County, Ohio.
-V. 103, p. 2097-were
414% 12-yr. aver. water bonds
road bonds voted Dec. 28 1915, of which $300,000 was sold
on Jan. 20. awarded to Harris, Forbes & Co. of N. Y. at 104.201. The other bidders
See V. 102, p.1544.
were:
•
1V
[VOL. 103.
THE CHRONICLE
2262
-Reports state that $2,000
HESPELER, Ont.-DEBENTURE SALE.
Premzum.
Premium.
-year and $7,000 20-year 53% installment debentures have been sold to
$2,814 60 5
$3,495 00 First National Bank
Seasongood & Mayer
2,176 00 R. C. Matthews & Co., Toronto.
3,238 50 W L. Slayton & Co
Well, Roth & Co
2,916 75
-year
3,303 00 Stacy & Braun
Felbel-Elischak Co
-On Nov. 30 $93,000 20
LINDSAY, Ont.-DEBENTURE SALE.
Breed, Elliott & Harrison_ 3,170 50ISecurity S. B. & Trust Co_ 3,289 50 and $2,000 10-year 532% debentures were awarded, reports state, to R.
1
William R. Compton Co_ - 3,003 65 Cummings,Prudden & Co.. 3,001 00 C. Matthews & Co. of Toronto at 101.24.
2,669 00
Provident S. B.& Tr.. Co.... 3,561 50 Sidney Spitzer & Co
-On Dec. 5 the $9,000
MOUNT FOREST,Ont.-DEBENTURE SALE.
3,229 15
3,235 00 E. H Rollins & Sons
Field Richards & Co
-V. 103, p. 2098
-year installment hydro-electric debentures
2,839 00 53.6% 30
Fifth-Third National Bank 3,128 00 R. M. Grant & Co
were awarded to R.0. Matthews & Co. of Toronto.
3,026 00
3,085 00 A. B. Leach & Co
A. E. Aub & Co
3,467 15
2,266 00 R. L Day & Co
-It is reported that
Ohio National Bank
HAMBURG, Ont.-DEBENTURE SALE.
NEW
3,162 00 0. H. Burgess & Co. of Toronto recently purchased an issue of $14,000 5%
3,068 50 Estabrook & Co
C. E. Dennison & Co
3,060 00 15 installment debentures.
Tillotson & Wolcott Co.._ 2,822 00 Hornblower & Weeks
3,505 00
Hayden, Miller & Co
-This city sold on
NIAGARA FALLS, Ont.-DEBENTURE SALE.
Nov. 30 to Wood, Gundy & Co. of Toronto, an issue of $5,000 5% 10
Installment debentures issued for ale British Red Cross Fund,it is reported.
-On Dec. 12 the
ONTARIO (Province of).
-DEBENTURE SALE.
- $2,000,000 5% 10
-DEBENTURE OFFERING.
-year gold debentures were awarded to Campbell,ThompALBERTA SCHOOL DISTRICTS.
-V. 103, p. 2178.
Proposals will be received until 4 p. m. Dec. 22 by M.C. Elliott, Manabar son & Co. of Toronto at 99.596, it is stated.
Debenture Branch, Dept. of Education (P. 0. Edmonton), for the follow-A local newspaper
QUEBEC, Que.-DEBENTURES AUTHORIZED.
ing 7% school district debentures, aggregating $16,300:
states that this city has been given authority by the Private BillsCommittee
1927.
$2,000 Nose Hills Con. S. D. 17 debentures. Due Jan. 1515 1937.
of the Legislature, to issue debentures for various purposes aggregating
issues of village district debentures. Due Jan.
5,000 two
$799,156 02.
9,300 eight issues of school district debentures. Due Jan. 15 1927.
-It is reported that
RENFREW, Ont.-DEBENTURES PROPOSED.
The sale of village district debentures subject to confirmation by school
must be submitted as above.
boards. Three separate bids
the Council has given third reading to a by-law providing for the issuance
-An election will of $12,000 debentures for patriotic purposes.
ELECTION.
BRIDGEBURG, Ont.-DEBENTURE
-11.
-DEBENTURE SALE.
be held Jan. 1 1917, it is said, to vote on the question of issuing $8,500
RIGA SCHOOL DISTRICT, Man.
street debentures.
O'Hara & Co. of Toronto, according to local papers, report that they have
-On Dec. 11 the purchased an issue of $1,300 7% 15 installment school debentures.
CAMPBELLFORD, Ont.-DEBENTURE SALE.
-were awarded
-V. 103, p. 2098
-installment debentures
-At the election Nov. 27
5% 20
,
$30,000 53
ST. JOHNS, Que.-DEBENTURES VOTED.
to R. C. Matthews & Co. of Toronto at 100.10 and int.
the rate-payers voted in favor of granting a bonus of$5,000 to A.E.Abbott,
-The question of issu- it is stated.
CHATHAM, Ont.-DEBENTURE ELECTION.
-On
ing $60,000 patriotic fund and $15,500 hydro-electric debentures will be
ST. ROMUALD d'ETCHEMIN, Que.-DEBENTURE SALE.
submitted to a vote on Jan. 1, it is stated.
Nov. 21 an issue of $21,000 6% 10 -year road and water-works debentures
at 100.75, it is stated.
-The question of was sold locally
COCHF1ANE, Ont.-DEBENTURE ELECTION.
-Reports state that the
issuing $40,000 5% 30 installment debentures will be submitted to a vote
THOROLD, Ont.-DEBENTURE SALE.
on Jan. 1 1917, it is stated.
-year debentures offered on Nov.
highest bid received for the $36,000 6% 30
-Newspaper re- 30 was 106, submitted by the Bank of Commerce.
-DEBENTURE ELECTION.
DARTMOUTH, N. S.
ports state that an election is being held to-day (Dec. 16) to vote on the
TILBURY TOWNSHIP NORTH, Ont.-DEBENTURES AUTHOR-Reports state that the Council passed by-laws on Nov. 20 proproposition to issue $5,000 water and sewer debentures.
IZED.
of $6,320 pumping system constr. and $741 drainage
(P. 0. Windsor), Ont.-DEBENTURE SALE.- viding for the issuance
ESSEX COUNTY
debentures.
According to reports this county recently sold an issue of $35,000 53%
-The $5,000 6% 15
WALLACEBURG, Ont.-DEBENTURE SALE.
5 installment debentures issued for patriotic purposes.
1344
-R. C. Matthews & installment school debentures offered on Oct. 17-V. 103, p.Date -have
FORT FRANCES, Ont.-DEBENTURE SALE.
Ltd., at 102.46.
Nov. 1
awarded an issue of $9,900 6% 15-year in- been purchased by the Canada Bond Corp.,
Co. of Toronto were recently
annually.
1916. Interest
stallment sidewalk debentures.
Canada, its Provinces and Municipalities.
NEW LOANS
$540,000
$80,000
ENGINEERS •
NEW LOANS.
THE
KANSAS CITY, MISSOURI Mellette County,South Dakota
IMPROVEMENT BONDS
Sealed proposals will be received by the undersigned, the Mayor and the City Comptroller of
Kansas City, Missouri, until JANUARY 4, 1917,
at 10 o'clock a. m. for the purchase of all or any
part of the following-named bonds of the City
of Kansas City, Missouri, in the following named
amounts:
840,000
Comfort Station Bonds
250,000
Bridge and Viaduct Bonds
Levee and Drainage Bonds_ 250.000
All of said bonds are in denominations of one
thousand dollars each, and bear interest at the
rate of four and one-half per cent per annum.
The Levee and Drainage bonds, numbered 101
to 350, inclusive, are dated March 1, 1913, and
mature March 1, 1933. The Contort Station
bonds, numbered 1 to 40, inclusive, and the
Bridge and Viaduct bonds, numbered 201 to 450,
inclusive, are dated July 1, 1915, and mature
July 1, 1935. Interest is payable at the office
of the City Treasurer in Kansas City, Missouri,
or at the Chase National Bank of New York, In
the City and State of New York, at the option
of the holder.
No bid will be received which is in whole or in
part less than par. The lagality of the bonds will
be approved by the firm of Dillon, Thomson &
Clay of New York City, whose opinion, or duplicate thereof, as to the legality of said bonds, will
be delivered to the purchaser or purchasers of
said bonds
Each bid must be made on a blank form furnished by the city, and must be accompanied
by a duly certified check on a solvent bank or
trust company doing business in Kansas City,
Missouri, payable to the order of the City Comptroller of Kansas City, Missouri, for two per cent
of the par value of the bonds bid for. The right
is reserved to reject any and all bids.
Bids will be received at the office of the Mayor.
City hail, Kansas City, Missouri, but no bid will
be entitled to consideration unless so received by
or before the hour above specified for receiving
b
Delivery of the bonds will be made January 11,
1917, at 10 o'clock a. m., at the office of the City
Comptroller, City Hall, Kansas City, Missouri.
Printed circulars containing more definite and
detailed Information with reference to said bonds,
and blank forms for bids, can be had on application to the City Comptroller, Kansas City,
Missouri, or to Messrs. Dillon, Thomson & Clay,
Equitable Building, 120 Broadway, New York
City.
GEORGE H. EDWARDS,
Mayor of Kansas City, Missouri,
EUGENE II. BLAKE,
Comptroller of Kansas City, Missouri.
5% BONDS
Dec. 1st, 1916.
Meliette County, South Dakota, will issue
$80,000 in 20-year bonds, in denominations of
$500 each, drawing five per cent interest. Bonds
will be sold JANUARY 4TH,1917, be sealed bids.
$2,500 deposit required.
Full information and financial statement furnished upon application to
C. W. KERLIN, County Auditor,
White River, So. Dal:.
yerWHITE COMPANIES
Financiers
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Managers
of Public Utility and Industrial
Properties
-VALUATIONS- ESTIMATES
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43 EXCHANGE PLACE, NEW YORE
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CHICAGO. ILLINOIS
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Reports on the commercial value of
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CHICAGO
Phone Harrison 5717
GEOc B ILDWARDS
Alex. O. Humphreys
Alton S. Miller
HUMPHREYS& MILLER,Inc.
BROKER
ENGINEERS
Tribune Building, NEW YORK. N. 'if.
-Timber. Coal, Iron. Ranch sagri,
POR SALE.
other properties.
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105 BROADWAY
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and Corporation Bond:
11174110 HARRIS TRUST BUILDING
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H. AMY & CO.
Municipal
CHICAGO,ILL.
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F. W.SCHEIDENHELM
NEW YORK
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