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fin a n c ia l
w
o m
m
a r ia
I N
B ank
&
C L U
D I N
G
Q u o ta tio n
S e c t io n
R a ilw a y &
E a r n in g s
S e c t io n
B a n k e rs ’ C o n v e n tio n
R a ilw a y
VOL. 101
I n d u s t r ia l S e c t io n
S e c t io n
E le c t r ic R a ilw a y S e c t io n
S ta te
(fttiv o u id z .
In c. o
D ec.
00
00
00
50
1 4s.
118,
50
Subscription includes following Supplements—
B \NK AND QUOTATION (m onthly) I RAILWAY AND I ndustrial (3 tim es yearly)
E lectric r a il w a y (3 times yearly)
R a il w a y E arnings (monthly)
S t a t e and City (semi-annually) B an kers ’ C onvention (yearly)
T e r m s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch space (14 agate lin es)......................................
Tum
Mnntlm
(K tim es)............................
es).___ __________
(8
(r T
w o Months
(13 tim es)............................
Standing Business Cards ")
)
Six Months
(26 tim es)............. ...............
(. Tw elve Months (52 tim es)............................
C hicago O ffice —39 South L a Sallo Street, Telephone R andolph7396.
L ondon O ffice —E dwards & Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M It. D A N A C O M P A N Y , P u b lis h e r s ,
F r o n t , F in e a n d D e p e y s t e r S t s ., N e w Y o r k .
$4
9
.9
22
29
50
87
20
00
00
00
00
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treasurer: George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana. Sec. Addresses of all. Office of the Company
CLEARING-HOUSE RETURNS.
T h e follow ing table, m ade up b y telegraph, & c.. Indicates that the total
bank clearings o f all the clearing houses or the United States for the week
ending to-d ay have been $4 .625 ,707 ,431 ,against $4,284,274,168 last week
and $2,991,800,176 the corresponding week last year.
C le a r in o s — R e tu r n s b y T e le g r a p h .
W e e k e n d in g D e c . 18.
1915.
1914.
P er
C e n t.
Now York__________
B oston_____________
Philadelphia________
Baltimore___________
C hicago............ .........
St. Louis___________
New Orleans________
•Partly estimated.
Seven cities, 6 days.
Other cities, 5 days__
$2,398,716,530
•156,235,318
•190,955,614
46,146,409
304,135,581
84,489,928
28.424,797
$1,306,383,833
121,734,688
128,105,428
27,758,631
253,499,055
67,481,746
20,749,745
+ 83.6
+28.3
+ 53.7
— 66.2
+ 20.0
+ 25.2
+ 37.0
$3,215,104,177
685,498,642
Sl,925,713,126
555,442,287
+ 67.0
+ 23.4
Total all cities, 5 days.
All cities, 1 day_________
$3,900,602,819
725,104,612
$2,481,155,413
510,644,763
+57.2
+ 42.0
_ T o ta l all cities for week.................. .
$4,625,707,431 I $2,991,800,176 I +54.6
T he full details for the week covered b y the ab ove will be given next
Saturday. W e cannot furnish them to-d a y , clearings being made up by the
Clearing houses at noon on Saturday, and hence in the above the last day
o f the week has to bo in all cases estim ated, as we go to press Friday night.
W e present below detailed figures for the week ending with Saturday
n oon , D ecem ber 11, for fou r years:
_______
W eek
C le a r in g s a t —
1915.
e n d in g
1914.
D ecem b er
I n c . or
\ D ec.
11.
1913.
1912.
$
S
S
S
%
2,525,915,329 1,301,502,169 + 85.5 1,676,038,319 2,225,522,994
220,831,654 141,291,177 + 56.3 158,699,353 170,649,147
44,404.619 + 24.9
55,452,276
51,196,726
54,968,044
40,822,144
34,946,842 + 14.0
38,945,956
43,991,213
10,247,730 + 34.3
13,704,778
11,832,458
12,396,875
6,472,712
5,770,656 — 10.7
5,153,067
6,365,388
7,516,780 + 18.4
8,229,799
8,901,476
8,218,833
4,948,586
4,229,976 + 25.7
5,314,411
5,960,126
3,230,747
+ 7.0
3,059.540
3,273,254
3,133,790
+
9.4
2,809,917
2,561,230
2,801,061
2,734,630
2,093,171
1,561,079 + 58.8
1.626,238
2,479,361
2,047,158
1,870,169
1,004,721 + 20.1
2,000,000
1,579,840
1,702,345
1,919,016
1,683,129 + 14.0
2,312,011
2,329,974
2,301,052
1,707,070 + 36.4
2,381,562
2,347,168
2,927,395
2,284,873 +28.1
969,623
1,053,890
870,994 + 21.0
954.662
1,085,900
+ 9.3
1,034,521
1,191,923
993,33S
943,772
591,359 +59.5
G84.170
671,490
688,243
647,248 + 63.4
818,800
618,417
818,900
624,800 + 31.1
715,200
768,700
575,000
525,071
+ 9.5
621,093
605,331
1,743,700
1,245,551 + 40.0
1,542,699
1,887,017
427,573
428,533 —0.2
483,208
520,679
Total Middle. 2,901,222,174 1,630,358,491
179,697,685
9,497,300
7,327,904
3,480,021
3,056,895
. 2,730,496
2,663,951
1,520,811
1,432,014
879,887
765,234
459,297
Tot. New Eng.
128,016,126
7,202,000
4,414,780
3,405,880
2,382,271
1,934,525
2,198,240
1,201,980
1,072,264
792,850
047,638
385,178
+ 77.9 1,980,107,156 2,550,586,704
+ 40.4
+ 31.9
+ 66.0
+ 2.2
+ 28.3
+ 41.1
+ 21.1
+ 26.5
+ 33.6
+ 11.0
+ 18.2
+ 19.2
158,596,511
8,341,600
5,053,487
3,299,186
2,784,904
2,111,371
2,567,907
1,485,336
1,293,426
798,252
706,325
471,762
165,675.583
10,478,400
4,928,052
3,158,713
2,852,441
2,135,148
2,720,743
1,935,363
1,084,589
593,595
668,077
569,825
213.511,495 153.653,744 + 39.0 187.510,067 196,800,529
Canadian clearings see "Commercial and Miscellaneous News."
• Owing to the consolidation the latter part of March 1915 of the First National
Bank and the Security National under the name of the First A Security Bank,
Minneapolis bank clearings are being materially reduced.
N o t e .— For
Chicago..............
Cincinnati........ .
Cleveland______
Detroit_________
Milwaukee____
Indianapolis___
Columbus______
Toledo_________
Peoria_________
Grand Rapids__
D a yton ________
Evansville______
Springfield, 111..
Fort Wayne___
Youngstown___
Akron__________
Canton_________
Rockford_______
Lexington______
Bloomglnton___
Quincy_________
Decatur________
Springfield, O__
South Bend____
Jackson ________
Mansfield_____
Dansville______
L im a __________
Lansing_______
Jacksonville, 111.
Ann Arbor_____
Adrian________
Owensboro____
Tot.Mid.West
S
360,917,657
30,451,650
33,309-,665
21,584,313
17,425,183
9,490,124
7,808,100
6,986,422
4,894,099
3,815,486
2,344,643
1,902,926
1,295,732
1,287,059
2,022,202
2,469,000
1,786,198
1,200,883
713,589
762,032
799,567
566,836
892,004
808,512
659,931
543,663
495,401
600,000
841,221
301,959
255.000
45,131
___347,044
529,623,232
San Francisco__
Los Angeles____
Seattle______
Spokane________
Portland___
Salt Lake C ity ..
Tacoma________
Oakland________
Sacramento____
San Diego______
Fresno................
Stockton_______
San Jose.......... .
Pasadena_______
North Yakim a..
R e n o __________
Long Beach____
Total Pacific. .
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
2.426.08S
1,519,615
1,429,827
804,320
934,715
440.000
327,224
557,712
139,201,552
Kansas city_____
Minneapolis___
Omaha_________
St. Paul..............
Denver_________
Duluth.......... .....
St. Joseph______
Des Moines____
Sioux C it y ...
Wichita.........
T op eka _____
Lincoln _____
Davenport_____
Cedar R ap id s...
Fargo__________
Colorado Springs
Pueblo______
Frem ont___
W aterloo___
Hastings____
Aberdeen____
Helena______
Billings_____
Tot. Oth. West
St. Louis_______
New Orleans___
Louisville_______
Houston________
Galveston______
Richmond______
Memphis_______
A tlanta..............
Fort Worth_____
Savannah ______
Nashville_______
N orfolk________
Birmingham___
Augusta........ ..
Jacksonville___
Chattanooga___
diaries ton______
M o b ile ...............
Knoxville_______
Little Rock_____
Oklahoma______
Austin............ .
M acon_________
Vicksburg______
Jackson ________
Muskogee______
Tulsa..................
S e c t io n
NO. 2634
W e e k e n d in g D e c e m b e r
C le a r in g s a t —
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
F o r Ono Year ...................................................................................................$10
F o r Six M onths.................................................................................................. 6
European Subscription (including postage).............................................. 13
European Subscription six months (including postage)......................... 7
Anim al Subscription in London (including p ostage)............................... £ 2
Six Months Subscription in London (including p ostage)......................... £ 1
Canadian Subscription (including p o s t a g e ).............................................. $11
Boston................
Providence........
H artford............
New Haven........
Springfield..........
P ortland_______
W orcester______
Fall Itlver__
New Bedford.
Lowell..............
H o ly o k e ...........
Bangor...............
C it y
SATURDAY, DECEM BER 18 1915
PUBLISHED WEEKLY.
New York_____
Philadelphia----Pittsburgh.........
Baltimore______
Buffalo................
A lb a n y ..............
Washington........
Rochester........ .
Scranton_______
Syracuse_______
Wilmington........
Reading..............
Wilkes-Barre.. .
Wheeling_______
Trenton..............
Y o r k ................ ..
E rie ........ ...........
Chester . . ____
Greensburg........
Binghamton___
Altoona..............
Lancaster........ .
M ontclair______
an d
9
0
9
5
4
0
0
3
S
0
G
2
7
5
3
9
2
3
7
4
)
5
7
?
8
5
1
3
0
8
5
)
422,829,8044
%
+ 23.S
+26.£
+60.7
+43.5
—0.5
+19.9
+28.6
+24.4
+34.8
+20.4
+27.3
+72.4
+17.2
+ 1.5
+66.9
+49.4
+23.6
+27.1
+16.7
+ 12.9
— 6.4
+31.7
+26.0
+28.7
+69.0
+10.5
+ 9.6
+21A
+90.9
+17.1
+ 7.2
+ 25.£
— 37.2
+25.3
II.
1913.
1912.
S
317,951,46E
26,525,15C
23,813,88'
25,964,145
16,927.08;
8,205,368
6,284,90(
6,068,87'
4,396,621
3,187,546
2,253,056
1,671,841
1,083,264
1,329,567
1,500,41J
1.488.00C
1,426,625
1,095,582
1,072,365
581,132
881,545
462,607
770,018
589,688
550.00C
460,795
392,825
529,632
475,00C
397,532
224,355
55,61£
441,108
459,157,626
$
319,461,239
27,370,600
26,713,408
25,164,627
15,794,043
10,137,334
6,832,000
5,341,659
3.953,205
3,251,661
2,069,148
1,365,693
1,367,219
1,216,958
1,630,227
1,834,000
1,325,541
1,057,719
1,107,809
676,951
847,173
571,705
722,118
584,145
525,314
478,098
429,296
420,498
462,973
354,139
227,054
60,548
376.962
463,731.064
+ 19.9
+ 13.8
+ 2.4
+ 8.7
i + 3.2
i +51.9
— 6.0
+ 27.3
+20.8
+26.2
+26.3
+ 24.6
+ 5.8
+ 16.7
+ 6.7
+ 13.9
— 7.5
+ 16.7
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
985,328
713,746
946,221
450,000
299,700
55,965,197
27,433,045
13,183,026
4,902,600
13,192,560
8,039,677
3,881,899
3,840,963
2,092,112
3,272,519
1,455,895
1,134,461
822,514
1,150,000
471,469
282,920
128,409,476
141,121,457
85,023,860
+ 18.3
•44,610,234
+ 36.5
20,617,649
+ 9.4
17,200,000
+ 33.3
11,675,123
+ 26.0
11,453,958
+ 108.1
8,685,427
! +0.7
5,446,725
+ 12.8
3,970,321
3,121,097,1 +27.2
4,350,641
4,624,547
+ 6.3
1,615,7411 + 11.7
1,804,9511
2,486,382
2.627.883J
+ 5.7
1,312,742 — 4.8
1,250,000
1,908,339,
1,627,836 + 17.3
3,078,866
1,749,433 + 76.0
776,087j
654,649 + 18.6
433,250
732,434 — 40.8
599,390 — 4.1
575,000!
l,996,678i
1,430,290 + 39.6
233,186 + 38.6
323,068
638,740 + 87.5
1,197,794
1,836,645 — 4.6
1,752,355
490,503 + 17.2
575,000
231,607,115 187,435,376 + 23.6
55,531,329
30,170,893
17,859,269
11,334,744
7,880,274
5,804,324
7,650,912
4,739,395
3,686,877
3,471,917
1,646,498
1,964,443
1,552,124
1,629,631
714,024
565,488
695,267
278,162
1,445,718
210,000
482,795
1,239,905
552,527
161,125,516
60,647,415
33,257,431
18,428,844
10,234,578
10,274,574
7,240,305
8,010,868
4,840,917
3,375,000
3,464,593
1,567,299
1,769,809
1,496,354
1,759,939
609,634
724,886
949,080
321,160
1,411,542
185,396
454,908
1,213,488
490,060
171,738,980
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
3,630,486
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
86,480,442
23,609,630
16,691,729
91,037,18s1
25,034,575
17.5S5.460
12,284,834
5,600,000
15,346,665;
11,523,851!
21,413,125
11,228,449,
6,832,507|
8,286,354'
6,117,369
2,780,307i
2,866,144
3,300,000;
2,979,816
2.307.5S9
1,028,306
1,902,131!
4,040,436
3,218,492
3,438,590
4,501,636.
404,313
576,506
1,538,673
1,935,284;
76,459,204 + 19.1
18,838,493 + 32.9
14,014,954 + 25.5
8,135,099 + 51.0
4,145,769 + 35.1
10,158,110 + 51.1
8,359,114 + 37.9
15,164,946 + 41.2
9,962,8841 + 12.7
5,304.663 +28.8
6.719.903 + 23.3
4,381.426 + 39.6
2,783,380 —0.1
1,930,702 + 48.4
3,000,000 + 10.0
2,477,695 + 20.3
1,953,216 + 18.1
1,217,192 — 15.5
1,742,784
+ 9.2
2.443.904 + 65.3
3,167,170
+ 1.6
3,108,563 + 10.6
3,913,147 + 15.0
352,546 + 14.7
480,025 + 20.0
1,021.893; + 50.6
1,583,492; + 22.2
Total Southern 269,108,600 212,620,274
Total all________ 4,:4,284,274,168 2,726,261,516
Outside N . Y . l7758.358.839 L36+759T347
4,829,000
8,607,396
11,615,581
17,211,918
9,626,234
7,260,460
8,025,232
4,866,265
3,307,610
2,710,456
3,785,304
2,653,835
2,269,848
1,646,327
1,896,620
2,879,991
2,093,462
3,855,333
4,555,187
535,655
561,940
1,041,053
951,489
+23.3 244,690,107 233,567,397
+57.1 3 ,160,926,194 3,756,536,031
+28.8'l.484,887.875 1,531,013,037
2004
THE CHRONICLE
THE F IN A N C IA L SITUATION.
The expiration this week of the life of the $500,
000,000 Anglo-French loan syndicate, and the an
nouncement of the results of the undertaking, to
gether with the decline in the price of the bonds,
came at an opportune moment for the Secretary of
the Imperial German Treasury, Dr. Karl Helfferich,
who, in an address before the Reichstag, compared
British war financing unfavorably with the war
financing of Germany.
If Dr. Helfferich is correctly reported in the cable
dispatches which have come from Berlin via London,
he asserted that English attempts to raise loans in
this country had been failures. The exact contrary
has been the case. It is true that the entire $500,
000,000 bonds involved in the Anglo-French loan
have not yet found permanent lodgment among in
vestors, but no one supposed this could be done in
sixty days’ time, and the Secretary of the German
Treasury should not confuse this incompleteness of
the investment operations with the negotiation of
the loan itself through the underwriting syndicate
which took the bonds in the first instance. This
operation was an absolute and unqualified success.
The Anglo-French Commissioners placed the bonds
with the syndicate and the participations in this
syndicate were oversubscribed. M ost important of
all, the $480,000,000 cash represented by the sale
(the syndicate took the bonds at 96) was placed to
the credit of the two governments some time ago,
and is now being gradually checked out inpayment
of goods and supplies purchased here for account
of the Allies.
Thus, there has been no “ failure of English at
tempts to raise loans in the United States.” Great
Britain and France came here to obtain $500,000,000,
and got the money without the slightest difficulty.
Since then Great Britain has obtained $50,000,000
more on a bankers’ credit and all through^the cur
rent year has been obtaining large amounts
in the ordinary course on bankers’ credits. Great
Britain’s military successes have been nothing
to boast of, but her financial prestige remains
unimpaired.
Very possibly it might have been better if the
rate of interest in the first British war loan had been
fixed higher. Yet, through all the course- of the
war Great Britian has furnished a demonstration
of financial strength without a parallel in the world’s
history. What other country could have gone into
a foreign market and raised $480,000,000 of cash
on a straight loan proposition. And— to do a little
boasting upon our own account— what other country
of the world could have accommodated her with
such a huge sum of money, for even in the present
war times, with their enormous expenditures, half
a billion dollars is no beggarly sum, accustomed
as we have become to staggering figures.
Great Britain has had to finance her allies as well
as herself and with it all has proceeded in a calm
and deliberate manner that bespeaks entire confi
dence in the consciousness of her own financial im
pregnability. The trade balance has been running
against her in prodigious amounts; confronted with
the huge and difficult task of providing for this
balance, the British authorities have gone ahead
[Vol.
101.
and dealt with the .problem as if it were only an or
dinary everyday business affair.
Gold has been allowed to pass out in huge sums,
the bulk of it going to the United States, but no inconsiderable amounts going also to other countries,
and London to-day remains a free gold market, the
same as it has always been. Is there any other
country among the belligerents of which this can be
said? Can it be said of Germany? As a matter of
fact, would the Teutonic countries allow even a
single mark in gold to pass over their borders?
Could Germany spare the gold?
But this is not all. Great Britain, besides shipping
gold with perfect freedom and availing herself of
all the old devices for dealing with an adverse trade
balance, has not failed to call to her aid new expedi
ents such as were demanded by the extraordinary
situation with which she has had to deal. Witness,
for instance, the action this week in arranging for the
mobilization of English-owned American securities
by purchase or loan, with the view to gaining addi
tional credits in the foreign markets.
Her financiers seem equal to every requirement
and every emergency. Dr. Helfferich is reported as
having said: “ We (Germany) stand like rocks in the
soil of the home country, and on the columns of the
British Empire are written in glowing letters the same
words as were written on the wall of Belshazzar’s pal
ace.” But obviously, so long as British determina
tion holds out and her people remain dauntless in
courage and finances, the German dream of conquest
and of the downfall of the British Empire will be in
vain.
To most persons the announcement that the Fed
eral Reserve Board has authorized the purchase by
the Federal Reserve banks of bankers’ acceptances
based on domestic trade has no doubt come as a de
cided surprise. As in a number of other instances,
this action of the Reserve Board seems difficult to
reconcile with the provisions of the statute. One of
the sections of the law expressly limits acceptances to
such as are based on the importation or exportation
of goods, and until the promulgation of the present
regulations, that was regarded as all-controlling—
even by the Reserve Board itself. The reason for
the change of attitude now is difficult to understand.
The latest regulations open the door wide to do
mestic as well as foreign bankers’ acceptances, yet
apparently the Reserve Board finds the law no dif
ferent from what it was before. It does not appear
right, however, to the Board that the banks should
any longer be deprived of the exercise of such a
distinctive banking function as the privilege of in
vesting in domestic acceptances. Section 13 of the
law is plain in its prohibition of any but acceptances
based on foreign trade. It provides that “ any
Federal Reserve bank may discount acceptances
which are based on the importation or exportation
of goods and which have a maturity at time of dis
count of not more than three months, and endorsed
by at least one member bank.”
Before issuing its former regulation relating to the
discount of bankers’ acceptances, the Board took
pains to obtain the opinion of its counsel, M . C.
Elliott, and he advised the Board definitely in^alengthy opinion which was printed in the June
,
Uec . 18 1915.J
THE CHRONICLE
number of the “ Federal Reserve Bulletin,” occupying
over three pages therein, that under Section 13
acceptances based on domestic shipments of goods
were clearly forbidden. He pointed out that the
language of the statute was broad enough to allow the
Federal Reserve banks to discount acceptances
based on the shipment of goods, not only between the
United States and any foreign country, but between
any two or more foreign countries, “ but not accep
tances based on the shipment of goods between the
continental United States and Hawaii or between
any two parts of the continental United States.”
Mr. Elliott showed that the exclusion of domestic
acceptances was apparently intentional, and he even
went so far as to indicate the considerations that
must have influenced Congress to put domestic ac
ceptances under the ban. Here is what he said with
reference to the matter:
2005
of goods, heretofore covered bygRegulation R , but
also the purchase of certain domestic acceptances
authorized by certain State laws.
The Federal Reserve Board has determined that
bankers’ domestic acceptances, as defined and re
stricted in the appended regulation, are a very useful
type of paper, and the Board has not felt justified,
therefore, when admitting State banks and trust
companies into the Federal Reserve system, in stip
ulating that such domestic acceptances should not
be continued under reasonable limitations as a part
ot their business.
Inasmuch as the making of these domestic accep
tances has been recognized by the Board as the exer
cise ot a legitimate banking function when authorized
by law, it was thought that they are of the character
to make desirable investments for Federal Reserve
banks. The Board lias, therefore, issued the ap
pended legulation, not only embodying the authority
given in Regulation R, Series of 1915, to purchase
bankers acceptances based on the importation or
exportation of goods, but also authorizing the pur
“ Both the Senate bill and the Conference Agree chase of bankers’ domestic acceptances within the
ment permitted the discount of acceptances, based limits prescribed in the appended regulation.
not only on foreign, but also on domestic shipments.
The law now is precisely what it was before and
The latter, however, were struck out on the floor,
probably because of the fear that a general domestic there is no intimation that counsel to the Board
acceptance business might be abused by the smaller has changed his opinion of six months ago, but
banks which were unfamiliar with this class of in
“ the Federal Reserve' Board has determined that
vestment and that for the present, at least, such
bankers’
domestic acceptances * * are a very
investments might prove a detriment, not only to
such banks,.but to the entire system. The elimina useful type of paper” and “ inasmuch as the making
tion, however, of acceptances based on domestic of these domestic acceptances has been recognized
shipments could not have been intended to restrict by the Board as the exercise of a legitimate banking
or limit the field of acceptances based on the im
function when authorized by law, it was thought
portation or exportation of g ood s/ that phrase
that
they are of the character to make desirable
remaining precisely the same as it was prior to the
investments
for Federal Reserve banks.” Accord
elimination of domestic acceptances and just as it
read when the intent was to include acceptances ingly> new regulations have been issued embodying
based on shipments of any kind.”
authority not only “ to purchase bankers’ accept
ances
based on the importation or exportation of
At another point in his argument he again refers
goods,
but also authorizing the purchase of bankers’
to the differences between the two houses of Con
domestic
acceptances.”
gress regarding the subject, and points out that the
At
last
week’s International Trade Conference
draft of one of the bills contained the words “ do
several
of
the
speakers referred to the prohibition
mestic shipments” but that the draft of the other
imposed
by
the
law upon the purchase of any
House did not, and that in the reconcilement of the
bankers’
acceptances
except those based on the
differences between the two Houses the words
importation
or
exportation
of goods, not yet having
referred to were, with apparent design, omitted.
heard
of
this
latest
edict
of
the Reserve Board.
We quote here his remarks in that particular.
The present circular, like the former one, deals
“ The House bill provided for the discount of with the open market operations of the Federal
acceptances based on the ‘exportation or importa
tion of goods.’ The Senate bill amended this Reserve banks, authority for which is found in
provision to read ‘importation or exportation or Section 14 of the law, but the only essential particudomestic shipment of goods,’ evidently intending ar in which this differs from the other Section is
to cover shipments to and from any points wherever that under Section 13 acceptances must be “ in
located. As the Act read when finalty passed dorsed by at least one member bank” whereas under
‘domestic shipments’ were eliminated. It is evident
Section 14 the acceptances may be “ with or with
therefore, that Congress intended to make eligible
out
the endorsement of a member bank.” How in
acceptances based on all except domestic shipment
of goods ”
this state of things sanction can be found for the
Board’s action in authorizing dealings in bankers’
In face of this opinion of their own counsel, which domestic acceptances passes comprehension. It
certainly appears to be conclusive as to the inten seems entirely clear from the reasoning and argument
tions of Congress, the Reserve Board, in a circular of Mr. Elliott, the counsel to the Board, that Con
dated N ov. 29, has now authorized the purchase of gress did not intend that dealings in domestic
bankers’ domestic acceptances. The reason for the acceptances should be permitted, and this being so,
departure is set out as follows in the'circular:
it looks very much as if the able and well-meaning
gentlemen
on the Reserve Board had again set them
In Regulation R, series of 1915, relating to the
discount of bankers’ acceptances, the Federal Re selves up as a separate law-making body.
serve Board provided for the purchase in the open
market of bankers’ acceptances based on the impor
Gold mining operations in the Transvaal continue
tation or exportation of goods.
The appended regulation is intended to cover the to exhibit that progress in development which has
purchase in the open market, not only of bankers’ made the workings the marvel of the world in the
acceptances based on the importation or exportation production of the precious metal. In other words,
2006
THE CHRONICLE
[Vol. 101.
with the data for the corresponding period a year
ago when widespread depression served to materially
restrict construction work. At the same time
there has not been universal activity, but nearly
enough so to make the showing for the month a
notably favorable one. In fact, of the 157 cities
included in our compilation, only 31 exhibit de
creases from a year ago and in most cases they are
insignificant. But conspicuous gains are many.
Our compilation shows for 157 cities a total of
intended outlay of no less than $72, 522,514, in
contrast with only $48,045,720 in 1914, about 56
millions in 1913 and 70 millions in 1912. Greater
New York exhibits a very marked increase in con
templated expenditures, the estimated cost under
the permits issued during the month in the five
Boroughs reaching $13,801,990, against only $5,
522,302 in 1914 and $8,629,346 two years ago, the
revival of activity being most noticeable in the
Bronx. The aggregate for the outside cities (156
in all) is $58,720,524, against $42,523,418 and
$47,512,569 respectively. The Middle West section
(29 cities) reports a total of $23,566,489, against
$13,516,524 last year and 14% millions in 1913, and
the territory west of the Mississippi River (23 cities),
but not including the Pacific Coast group, furnishes
The winter-wheat report of the Department of an aggregate of $6,153,021, or 2% millions in excess
Agriculture for Dec. 1 published yesterday, indi of 1914 and a quarter of a million more than in 1913.
cates a status of that cereal below the average of The aggregate for the 39 cities in the Middle Atlantic
recent years at date, and an area considerably under section (without New York) at $11,278,562, is 4 %
that seeded a year ago. In other words, the planting millions above a year ago, and 2% millions more
this fall in the whole country is estimated to have than in 1913; New England cities, to the number
been 11.3% (or 4,156,000 acres) below that of 1914, of 22, give a total a little under a year ago, due to
making the area now 37,256,000 acres. With the phenomenally large operations then at Cambridge,
exception of last year, however, the territory seeded Mass.; the South discloses a result about a quarter
is the highest, exceeding the planting of 1913 by of a million under last year and the Pacific Coast
1,248,000 acres. Changes in area, as in the pre a decline of a quarter of a million.
For the eleven months of the calendar year 1915
ceding year, have been very general and in many
a
total
of operations a little greater than last year is
cases quite extensive. In fact, in what are classed
revealed
by our tabulations, $762,306,875 for the
as the soft winter States, very important decreases
157
cities,
contrasting with $757,120,473. In 1913,
are disclosed and are to be ascribed largely to the
however,
the
aggregate was 817 millions and in
wet fall. In the Pacific Northwest, too, large losses
are to be noted, while at the South, notwithstanding 1912 no less than 900 millions. Greater New York’s
the higher prices ruling for cotton, some further aggregate for the period at $158,963,891 is 26%
addition has been made to the land devoted to wheat. millions more than in 1914 and nearly 18 millions
Specifically the striking reductions in area this year above 1913, but outside of this city decreases are the
have been in Illinois 24% , Iowa 22% , Missouri rule, the comparison being between $603,342,984
22% , Washington 25% , Oregon 20% , Indiana 20% , and $624,492,215 and $676,018,821, respectively,
Michigan 20% , Ohio 14% , Nebraska 10% , and in the three years.
Returns from the Dominion of Canada for Novem
Kansas 12% .
In the condition of the crop on Dec. 1 a decline ber make a better showing than for some time past
of 0.6 point from the corresponding date of 1914 is in the Eastern Provinces, but in the newer sections
of the West comparative inertia is still in evidence,
officially announced— 87.7 contrasting with 88.3
and from the high status of 1913 a falling off of 9.5 a not unnatural development under existing con
points is to be found. The ten-year average at ditions, especially after the decided boom experi
90.8 is 3.1 points higher than now. Private reports enced only a few years ago. Reports at hand from
indicate that there are more or less extensive areas in 48 cities show contemplated costs of $3,075,509 for
Kansas, Missouri, Illinois and Southern Michigan the month ($2,984,444 East and $91,065 West),
infected by the Hessian fly, which apparently ac against $4,397,320 ($2,432,675 and $1,964,645
counts for the comparatively low condition there, and respectively) in 1914. For the eleven months of the
the extreme southern part of the belt complains of current calendar year the projected disbursements
more than the usual number of green bugs. But at the same 48 cities foot up only $30,037,720 ($24,
these are secondary considerations, interest especially 978,067 east and $5,059,653 west), comparing with
$98,143,008 ($63,381,639 east and $34,761,367
being in how the crop will come out of the winter.
west) last year, and an aggregate of $143,055,839
Building operations in the United States for in 1913.
November 1915 further reflect the quite generally
The American note to Austria on the sinking of the
favorable conditions recently prevailing in the com
mercial and industrial circles of the country, and Italian liner Ancona dated Dec. 6 was released for
consequently make a very satisfactory comparison publication in M onday’s morning papers of Dec. 13.
although local disturbances may cause curtailment
of output the restoration of normal conditions seems
sure to foreshadow new high records in yield. This
has been the history of 1915, as almost continuously,
month by month, the average daily yield from the
mines has advanced to a new level. In January the
per diem yield was 23,064 fine ounces, in March
23,998 fine ounces, in M ay 24,308 fine ounces, in
July 24,849 fine ounces, in October 25,730 fine
ounces, and for the latest month (November) 26,034
fine ounces, the highest record of actual daily pro
duction in the history of the field, and 2,173 fine
ounces greater than a year ago. The total pro
duction for November this year at 781,013 fine
ounces, compares with 715,836 fine ounces in 1913
and 757,337 fine ounces in 1912, and for the 11
months reaches 8,312,560 fine ounces, against
7,683,001 fine ounces and 8,347,893 fine ounces,
respectively. The loss from 1912 is seen to be only
35,333 fine ounces, notwithstanding the intervening
labor troubles and resultant disorganization of the
working force and the disturbing factors injected
into the industrial situation of the world by the
stupendous war in Europe and the contemporaneous,
if lesser, conflicts in Africa itself.
Dec . 18 1915.)
THE CHRONICLE
It served to bring to the fore as the outstanding event
of the week in Stock Exchange circles the acute
strain that concededly exists in the diplomatic rela
tions between Washington and Vienna. The note
was short and emphatic, containing perhaps 800
words. After referring to the fact that the AustroHungarian Government has been advised through
the correspondence which has passed between the
United States and Germany of the attitude of the
Government of the United States as to the use of
submarines in attacking vessels of commerce, and
also to the acquiescence of Germany in that atti
tude, the letter “ considers that the commander (of
the submarine) violated the principles of international
law and of humanity by shelling and torpedoing the
Ancona before the persons on board had been put in
a place of safety or even given sufficient time to leave
the vessel. The conduct of the commander can
only be characterized as wanton slaughter of de
fenseless non-combatants.” Declaring that our Gov
ernment is unwilling to credit the Austro-Hungarian
Government with an intention to permit its sub
marines to destroy the lives of helpless men, women
and children, the letter concludes:
3007
note insisting upon prompt compliance with the
original demands and that a severance of diplomatic
relations is likely to result if Austria then shall still
persist in the course she apparently has determined
to pursue. The Austrian Admiralty has issued a
statement unequivocally endorsing the conduct of
the commander of the submarine. Washington has
decided not to give immediate official publicity to
the Austrian note.
Interest in military operations still centers in those
in the Balkans. The British and French troops have
succeeded in retiring from Serbia over the Greek
frontier. By arrangement with the Greek Govern
ment, a clear road has been left for th m to fall back
on the port of Saloniki, which is being strongly or
ganized and fortified as a base. An official German
report declares that “approximately two English di
visions were annihilated during the retirement.” But
English accounts do not credit the statement. By
the destruction of railway bridges and roads and by
stubborn rear-guard actions, the Bulgarians, accord
ing to the British reports, were kept at a fairly safe
distance. With the return of the Allied troops to
Greek territory, a crisis has naturally been reached,
since the Bulgarians and Austro-Germans must now
show whether they intend to follow the British and
French into Greece. The Greek Government must
decide what action it itself will take should they do
so. Large re-enforcements for the Allies have been
landed at Saloniki. Germany has requested the
Athens Cabinet to state whether it does not look upon
the use of Greek territory by the Entente Allies as a
breach of her neutrality. This inquirj' is believed
to foreshadow German participation with the Bul
garians and Austrians in the pursuit. On the other
hand, Germany has other uses for its troops. It
will have to keep a close watch on the Rumanian
frontier, not only because of the danger of that coun
try entering the war, but to meet the threat of a Rus
sian invasion through Rumania. Egypt is now re
ported to be the object of the next attack by the
Teutonic Allies, and has been placed in a state of de
fence. Reports have been current in usually re
sponsible circles that as a consequence, the Suez
Canal is likely to be closed to commercial traffic in
a short time. Persistent reports by way of Amster
dam claim the concentration of German armies in
Belgium and Luxemburg, with the intention of
striking a blow as soon as the ground permits. At
the present moment the greater part of the country
in question is a sea of mud, in which it would be
suicide for any army to attempt an offensive. Gen
eral Townshend, in charge of the British troops in
Mesopotamia, reports the repulse of further Turkish
attacks against the British position at Kut-el-Amara.
As the good relations of the twm countries must
rest upon a common regard for law and humanity,
the Government of the United States cannot be ex
pected to do otherwise than to demand that the Im
perial and Royal Government denounce the sinking
of the Ancona as an illegal and indefensible act; that
the officer who perpetrated the deed be punished,
and that reparation by the payment of an indemnity
be made for the citizens of the United States who were
killed or injured by the attack on the vessel.
The Government of the United States expects
that the Austro-Hungarian Government, appre
ciating the gravity of the case, will accede to its de
mand promptly, and it rests this expectation on the
belief that the Austro-Hungarian Government will
not sanction or defend an act which is condemned
by the world as inhumane and barbarous, which is
abhorrent to all civilized nations, and which has
caused the death of innocent American citizens.
The official reply of Austria was received at the
State Department on Thursday night, having been
delivered to Ambassador Penfield in Vienna by the
Austrian Foreign Office on Wednesday at noon.
Unofficial reports of the contents of the note that
have been received by way of London indicate d
disposition to parley, asking first a bill of particulars.
“It could be expected,” says the unofficial version,
“that the American Government would clearly
give the actual circumstances upon which it relies
* * * The American Government also omitted to
indicate the persons to whose statements it refers
and to whom it apparently believes it must attribute
a higher degree of trustworthiness than to a com
mander of the Imperial and Royal Navy. As to the
number or names and the details concerning the fate
of American citizens who in the critical moment
An important feature in the week has been the
were aboard the above mentioned steamer, the note removal of the British commander in France and
does not give any explanation. But in view of the Handers, Sir John Irench. This action is reported
fact that the Washington Cabinet has now given a to have been at the Field Marshal’s own request.
positive declaration that at the above mentioned in
He now becomes Commander-in-Chief of the armies
cident subjects of the United States came to grief, the in the United Kingdom and for his sixteen months’
Austro-Hungarian Government in principle is pre sei vice at the front he has been decorated with the
pared to enter into an exchange of opinions with the title of Viscount. His successor is General Sir
American Government.” These extracts may be Douglas Haig, who since the landing of the expedi
regarded as representative of the character of the tionary force in France has commanded the first
complete document, which obviously is a refusal to army and has been mentioned repeatedly in the dis
comply with the American demands. Washington patches by his chief, whose place he now takes.
advices intimate that the next step will be a second
2008
THE CHRONICLE
Official details of the results of the Earl of Derby’s
recruiting plan are not yet available, but unofficial
statements assert that between 2,000,000 and 2 ,
500,000 men have enlisted. The London “ Daily
Sketch,” which professes to have authoritative in
formation, says that this total may be reduced under
analysis and that it is quite possible that the figures
relative to single men may prove to be below the re
quired standard. Announcement has been made in
the House of Commons that the number of interned
aliens in England is: Civilians, 32,274; naval and
military, 13,475.
In addition there are 21,205
prisoners of war.
[Vol. 101.
tory, though unofficial, accounts of the success of
Lord Derby’s recruiting scheme. American securi
ties on the London market fluctuated in sympathy
with the New York market, influenced by the uncer
tainty growing out of the acute stage of diplomatic
relations between Washington and Vienna. Toward
the close of the week a marked diminution was no
ticeable in the selling of American securities. The
members of the London Stock Exchange are criticis
ing severely the plan of the British Chancellor, M r.
M cK enna, to concentrate American securities in
the hands of the Government. They object to the
elimination of this usually lucrative part of their
business. A petition is to be forwarded to Govern
ment officials asking that a commission be allowed
on sales to the Treasury of securities for account of
their clients. It is believed that so far as the stocks
that are loaned to the Government are concerned,
the Stock Exchange will permit trading in the Gov
ernment’s receipts for these securities. Argentine
Treasury bills to the amount of £3,000,000 were
paid on Wednesday. Russian securities have ruled
somewhat firmer on reports that the negotiation of
a new commercial credit in London will be announced
in the near future. The French loan was active at
a fractional premium on the London market yester
day. London’s subscriptions to that loan are esti
mated to have reached £24,000,000. Yesterday’s
transactions in it were chiefly at 97 A > on the basis of
25 francs to the pound sterling, or an eighth over the
price of issue.
,
A dispatch from Peking has been received by the
Chinese Legation at Washington containing paiticulars of a Presidential mandate issued by YuanShih-Kai on Saturday making it clear that China has
reverted to a monarchial form of government.
The
dispatch represents the President as protesting
against having the crown “ thrust upon him and
pleading that somebody else be selected to ascend
the throne.” The Cabinet went to the Palace in a
body on M onday to congratulate Yuan-Shih-Kai on
his forthcoming accession. The President said con
dolences would be more in order, as he assumed the
gravest responsibilities for himself and his family.
In a statement by his Secretary he said: “ Firm re
fusal unavailing, I have been forced to submit to
the people’s will, and have instructed the different
ministries and departments to make preparations.
The necessary preparations having been made, I
Quite a surprise was given the London market after
will be requested to carry them out with due con
sideration. The relations between China and Amer the close of business on Thursday by the appearance
ica have always been most friendly, and the mon of a prospectus of a new offering, unlimited in amount,
archy’s policy will be to cement still closer this of five-year 5 % Exchequer bonds at par. The con
friendship, and to exert the utmost to promote the ceded object of this financing is to avoid the issue of
industrial and commercial developments of the two another long-term bond issue. Treasury one-year
nations.” Japan has forwarded to China a joint notes have recently been in such active and wide
note from the Entente Powers relative to the ic - spread demand that the Chancellor has felt encouraged
establishment of the monarchy. rIh e note is de to extend this field of operations and a considerable
clared to be “ of a soothing nature,” but emphasizes success of the more extended Exchequer bonds seems
the necessity of the maintenance of peace in China to be expected by leading Government officials.
and the determination of the Entente nations to The issue is, of course, a frank acknowledgment that
British credit at the moment is on a 5 % basis. If a
protect their rights in the case of outbreaks.
new loan were to be offered it undoubtedly would have
This is a feature that could not
The London Stock Exchange will be closed for the to be on this basis.
fail
to
be
the
source
of
embarrassment to the Treas
Christmas holidays on Friday, Dec. 24, as well as
ury,
since
it
would
mean
placing the older loan, too,
on Christmas D a y and on M onday the 2 /th , thus
on
a
corresponding
basis,
such an arrangement hav
giving a four-day respite. The Exchange also will
be closed on Jan. 1, the latter day as a result of an ing been promised when the 4 J ^ % loan was issued
official announcement by the Premier, M r. Asquith, earlier in the year. Hence it is to be expected that
no stone will be left unturned to avoid a new issue
to be a Bank Holiday in England and Wales.
I he
on such expensive lines. Another object of the new
Premier’s statement reads: “ A t the request of bank
Treasury bonds is connected with the British Chan
ers, Premier Asquith has decided that Jan. 1 1916
cellor’s mobilization of American securities. This
shall be a Bank Holiday in England and Wales,
plan provides in substance (details in more complete
in order that the banks, with their greatly depleted
form are given on later pages in this issue of the
staff, may attend without interruption to work that
“ Chronicle” ) for cither the outright purchase of
day, which is always one of the busiest days
American and Canadian securities by the Govern
of the banking year. It is not intended that the
ment, by means of these Treasury bonds, or as an al
day should be kept as a general holiday, as in
ternative, the loan of such securities to the Govern
Scotland.”
ment for a period of two years, the owners in the
latter instance to receive a payment of lA % per an
On the London Stock Exchange considerable ir
num from the Government in addition to the income
regularity has developed, reflecting in this respect
the kaleidoscopic changes in the outlook for the En the securities themselves provide.
The question that is of direct interest to the Ameri
tente countries in the Balkans. The closing of the
can market for securities is whether the stocks and
lists for the English portion of the French loan exer
bonds to be purchased by the British Treasury will
cised for a time a stimulating influence on the British
war loan and Consols, as did also the more satisfac b e sold. The statements by the Chancellor of the
D ec . 18 1915.]
THE CHRONICLE
2009
Exchequer are somewhat indefinite on this point,
In local banking circles connected in a large way
though obviously intended to be reassuring. As
with British affairs there is slight disposition to
quoted by the London correspondent of the Asso
expect that the question of selling the accumulated
ciated Press, the Chancellor “ made it clear that the
securities will come up as a real issue. It obviously
Government had no intention of swamping the
would be unfair to the owners of pledged securities
American market with securities, which would be
foi the price to be forced down by unbridled selling
unfair to holders here (in London), as they were to
pressure. In fact, such pressure would be apt to
be paid for at the market price.” M r. M cKenna esti
c e cat the real object of the entire plan, which is to
mated that the securities held in Great Britain were
o Ram during the period of strain connected with the
valued anywhere from £300,000,000 to £800,000,000
War m ciican funds with which to pay indebtedness
(81,500,000,000 to 84,000,000,000) and expressed
contracted in this country. The securities held by
the hope that this would be sufficient “ to meet our
t io great estates and by the insurance companies
liabilities and to maintain exchange in the United
and banks in Britain are among the very finest on
States for a period of the war.” Repfying to ques
the American list. They thus become available
tions, Edwin S. M ontagu, Financial Secretary of
for virtually unlimited loans in the United States on
the Treasury, speaking for the Chancellor, declared
favorable terms. Ii the British Treasury in its own
that the Government certainly did not propose to
interest will give assurance that liquidation is not to
confine itself to either borrowing or selling. Regard
embarrass the situation it is obvious that the plan
must be had, he said, to the position.of affairs in
means a successful control of the American exchange
America, and the Government proposed to do in
situation for some months to come. As we have
every case what seemed most advantageous for the
already noted the formal statements in respect to
object in view. M r. M cKenna himself assured the
the plan appear on a subsequent page of this issue
House that whatever steps were taken under the of the “ Chronicle.”
mobilization plan, every care would be exercised to
avoid anything that would affect the American mar
I he final results of the French loan have not yet
kets injuriously or be detrimental to American
been officially announced, but it is evident that they
financial interests. He had, he said, conferred with
will be fully up to expectations. More than 600,000
insurance and trust companies which are large holders
persons have subscribed, according to Paris newspa
of the desired securities. They fully approved of
pers. ^ So great was the demand for last-hour sub
the plan. The purpose primarily was to purchase
scriptions that it was found necessary to hold the
the desired securities, but where that was considered
lists open for twenty-four hours in order to accom
impracticable by the owners, the Treasury would
modate the applicants. The organized effort re
borrow for the purpose of utilizing them as collateral
cently decided upon to bring gold into the National
for loans. “ The Treasury will accept such securi
Treasury in exchange for paper money for defence
ties on deposit subject to the right of purchase,” he
bonds has had remarkable results in the rural dis
said. “ The securities will be transferred to the
tricts. Committees have been formed in all the
Treasury for a period of two years from the date of
departments of 4 ranee to arrange for lectures in
transfer and the lender receive all interest plus one
small villages on the necessity of turning in gold to
half of 1 / q, calculated on the face value of the se
the Bank of France. In the Commune of Cuges,
curities. The Treasury will sell the securities at
with 900 inhabitants, 52,000 francs was turned in
any time on a request from the depositor and pay
after a lecture. Croix Rouge, a hamlet of 500 in
the proceeds in sterling at the exchange rate of the
habitants, produced 19,000 francs; Lascours, with a
day, or the lender may make his own arrangements
population of 200, turned over 10,000 francs, and
for the sale on condition that the proceeds are re
Auriol, an agricultural community, 88,000 francs.
mitted to England through the Treasury Agent in
In Auriol only 10,000 francs had been produced
New York. The Treasury reserves the right, if it
previously. In that same locality subscriptions to
thinks it necessary, to sell all or any such securities
the national defence bonds amounted to 48,000 francs.
after notifying the depositor. In the event of this
These results of the first attempt at organized per
right being exercised, the Treasury will pay the
suasion are regarded by financial officials as most
quoted New York middle price plus 2 y z% . A t
satisfactory, particularly as an indication that the
the end of the two-year period the securities, if un
nation’s stock of gold still in the hands of the people
sold, will be returned to the depositor in exchange
constitutes a reserve of large proportions. Much
for the Treasury certificates. Arrangements will be
disappointment is expressed by cable correspondents
made for dealing on the Stock Exchange in Treas
in Paris at the smallness of the wine production this
ury certificates.” Explaining the necessity for the
year. W ine is an important part of the French ex
proviso regarding the emergency sale of deposited
port trade. While production for 1914 was nearly
secuiities, M r. M cKenna said: “ Unless a condition
6 0 .0 0 0 . 000 hectolitres, this year’s production is not
of that soit existed, the Treasury might find itself in
over 22,000,000 hectolitres.
This means a natur
a veiy awkward position. These securities might
ally sensible increase in the price of wine, but this
be used by institutions here as collateral for borrow
increase will only compensate producers in a small
ing m the United States, but if the lender knew that
measure.
In 1913, which was an average year,
-the borrower could not realize on his securities the
exportation of wines represented approximately
borrower might find himself in great difficulty with
838.400.000.
The deficit in production and the
the lender. It is really essential to put the two
rise in price this year will lower greatly the ex
parties to the bargain on the same footing.” After
port of wine, which would have been so valu
emphasizing the voluntary nature of the scheme,
able a contribution toward the regulation of ex
M r. M cKenna said that a large gathering of leading
changes.
institutions directly concerned had unhesitatingly
Ih e Minister of Commerce announces that he will
approved the proposal, apparently making its sucsubmit
to President Poincare a decree extending to
cess certain.
the end of hostilities the moratorium applying to
2 0 1 0
THE CHRONICLE
lVol. 101
Despite its large sales of gold for export to America,
the Bank of England reports an increase of £8,434
in its bullion item, bringing the total up to £ 50,281,
in installments of 2 5 % .
182, against £72,414,101 at this date a year ago and
In the Reichstag on Tuesday the Secretary of the £35,420,649 in the more normal year of 1913. The
German Imperial Treasury, D r. Karl Helfferich, reserve showed the slight contraction of £103,000,
announced that the previous war credits had due to the increase of £111,000 in note circulation.
amounted to 30,000,000,000 marks ($7,500,000,000 Meanwhile “ other deposits” have been increased
approximately at normal rates of exchange), the last £4,150,000 and loans (other securities) £3,955,000,
10.000. 000 marks being voted in August. He said so that the proportion of reserve to liabilities has not
that he had then estimated the monthly demand at unnaturally declined— to 2 3 .5 5 % , which compares
about 2,000,000,000 marks and as four months had with 2 4 .2 7 % last week and 3 3 .3 8 % a year ago.
since passed and the fifth month was being entered The loan item stands at £96,865,000, against £116,
upon the necessity for a new vote of credit was self 481,844 in 1914 and £27,018,013 the year preceding.
evident. The increase in the war expenditures The Bank reports the amount of currency notes out
compared with last spring, which in March was ap standing as of Dec. 11 at £88,591,700, against £86,
proximately 2,000,000,000 marks, D r. Ilelfferich 213,900 the week preceding. The amount of gold
said, was not very material, despite the fact that not on hand for the redemption of these notes remains
only had there been a growth in the army and in at £28,500,000. Our special correspondent furnishes
field operations, but an increase in the price of the following details by cable of the gold movement
almost all necessities for the army and navy. The into and out of the Bank for the Bank week: Inflow,
authorities, the Imperial Treasurer said, had exer £1,586,000 (of which £158,000 bar gold bought in the
cised the greatest economy, but even economy had open market and £750,000 imported from abroad,
its limits, and in consideration for the comfort and £225,000 released from miscellaneous account and
safety of Germany’s brave soldiers Germany there £453,000 net received from the interior of Great
fore must reckon with continued and probably in Britain); outflow, £1,578,000 (of which £516,000
creasingly high expenditures. Against the credit exported to the United States, £67,000 to Canada,
votes of 30,000,000,000 marks three loans had yielded £20,000 to South America, £50,000 to Switzerland,
25.5 0 0 .0 0 0 . 000 marks ($6,325,000,000) and the bal £300,000 to other continental points, £125,000 to
ance had in part been covered by short-term Treasury Uruguay, £300,000 earmarked Egypt and £200,000
certificates. This method would be followed until bar gold sold). W e add a tabular statement com
the issue of the next war loan. Through the great paring for the last five years the different items in
success of the third war loan the Government, the the Bank of England return:
commercial engagements except for war contracts.
All debtors, it is expected, will be permitted to pay
BANK OP ENGLAND’S COMPARATIVE STATEMENT.
Treasurer concluded, could wait with the next loan
1915.
1914.
1913.
1912.
1911.
until March. To give his hearers a comparative
D e c . 15.
D e c . 16.
D e c . 17.
D e c . 18.
D e c . 20.
£
£
£
£
£
idea of the extent of the war credits, D r. Helfferich
Circulation.............. 34,266,000
35,591,935 28,795,595 23.753,945 29.285,900
pointed out that the valuation of the entire railway Public deposits___ 52,136,000 43,167,729 8,028,160 11,300,721 15,207.032
deposits........ 94.169,000 122,730,426 37,464,317 40.240,594 40,839,758
system of Germany, including equipment— 2 0 ,000, Other
Gov’t securities . . . 32.840,000
11.968.674 11,194,038 13,034,568 15,271.183
000,000 marks— was only half of the 40,000,000,000 Other securities___ 96,865,000 116,481,844 27,018,013 34,157,326 35,218.933
Reserve notes & coin 34,464,000
55,272,168 5,075,054 22,109,952 23.304,432
marks to which the new estimates would bring the Coin and b u llion ... 50,2S1,182 72,414,101 35,420,049 32,473,897 34,140,332
Proportion
of
reserve
war appropriations. D r. Helfferich paid a high
to liabilities.........
23.55%
33.38%
55.13%
43.00%
49.63%
tribute to the patriotic sense of duty and sacrifice Bank rate_________
5%
5%
5%
5%
4%
of the Germans which had enabled Germany to raise
The Bank of France, as we indicated last week
such sums. More than 4,000,000 out of 13,000,000
Germans, he said, with incomes of more than 900 would be the case, has now passed the heretofore un
marks, had subscribed to the third loan, or almost exampled 5,000,000,000-franc mark in its gold sup
every third man, and of the 4,000,000 subscribers ply, its official statement showing 5,0 2 6 ,3 0 0 ,0 0 0 , or
nearly 3,000,000 must have been in possession of in an increase of 86,300,000 francs for the week. This
comes under 3,000 marks, since the number of in shows in some measure the extent to which subscrip
comes above that figure in Germany did not exceed tions to the new national loan are being made in gold,
1.400.000. The loan, therefore, the Imperial Treas while the public is still continuing to exchange its
urer said, was a people’s loan in the truest sense of gold for notes. In response to the appeal to the pub
the word. The payments on the third loan and the lic to turn in its gold, which was made about six
financial situation in Germany, he added, justified months ago, as well as the fact that exports of the
the expectation that the next appeal would have the precious metal have been forbidden, there has been an
increase of approximately 1,300,000,000 francs in the
desired and necessary success.
Bank’s holdings in that period. Silver holdings dur
Official Bank rates at the European centers re ing the week increased 1,300,000 francs; note circula
main at 5 % in London, Paris, Berlin and Vienna tion was retired to the extent of 620,900,000 francs;
and Copenhagen. In Italy, Norway, Sweden and general deposits were reduced 726,300,000 francs,
Portugal the rate is 5 j/£ % , in Russia 6 % and in while discounts increased 43,200,000 francs. As al
Switzerland, Holland and Spain 4 j/£ % . The open ready noted, the Bank’s gold aggregates5,026,300,000
market rate in London for short and three months’ francs; in 1914 the amount was 4 ,492,789,000 francs
bills is 5)4$%, against 5 ) ^ % a week ago. M oney at and in 1913 3,524,600,000 francs. The silver stock
the British center is still quoted at 4 @ 4 ^ % for is 357,700,000 francs, against 625,325,000 francs and
day-to-day funds. A 4 ) 4 % private bank rate still 650,825,000 francs one and two years ago, respec
is reported from Berlin; otherwise open market rates tively. Note circulation shows an aggregate of 13,
at the Continental centers are nominal, being based 449,500,000 francs, which compares with 9 ,9 8 6 ,0 4 1 ,
000 francs and 5,697,012,870 francs, respectively, for
on negotiations governed by the official Bank rates.
the two years preceding. General deposits are 2 ,-
Referring to money rates in detail, demand loans
have continued within a range of 1% and 2%,
these figures being the lowest and highest, respec
tively, on each day of the week. On Monday 1 % %
was the renewal basis, but it was advanced to 2%
on Tuesday and has since remained at that figure.
Time money quotations at the close were 2)^@234%
for sixty days (against 234% a week ago); 234@
234% for ninety days (against 234% ); 2£4@3% for
four months (against 2)4 @ 234%); 2 % @ 3 % for
five months (against 2 % % ), and 3 % for six months
(against 2% % ). A year ago all these maturities
were quoted at the uniform basis of 3^4@4%. Com
mercial paper discounts are firmly maintained, owing
to the freer offerings, but they have not been changed
from 3@334% for sixty and ninety days’ endorsed
bills receivable and for six months’ single names of
choice character. Names not so well known still
require as high as 3)4%• Bankers’ acceptances re
main at 2 % for sixty and 234% for ninety-day ma
turities. As regards the Federal Reserve banks, the
Federal Reserve Board has this week approved a
334% discount rate at Chicago on paper maturing
within ten days. There has been no previous quota
tion at the Illinois center for this short maturity, and
the other rates of the Chicago bank have not been
altered. The current quotations of all banks are:
C o m m e r c ia l P a v e r —
3
4
4
4
3
4
4
4
3
4
4
4
L iv e -S io c k P a p e r —
91 days to 6 months moturlty 5
5
4K 5
11 to 30
31 to 60
61 to 90
“
“
"
“
**
"
____
____
____
3H
4
4
4
4
4H 4
S a n F r a n c is c o .
D a lla s .
K a n s a s C ity .
S t. L o u i s .
M in n ea p o lis.
C h ic a g o .
A t la n t a .
R ic h m o n d .
C le v e la n d .
CLASS
OF
R E D IS C O U N T S .
P h ila d e lp h ia .
FEDERAL RESERVE BANK DISCOUNT RATES.
N ew Y ork.
Taken altogether, there is a slightly firmer tone to
the local money market, although in this respect con
ditions are still indicative of remarkable ease when
compared with the situation that usually prevails
during the closing weeks of the year. Rates may be
said to be about 3 4 % higher for fixed maturities
than the figures current a week ago. The commis
sioners of the Anglo-French loan have received from
the depository banks about 6 0 % of the subscriptions,
there having been three distinct calls. Some of the
out-of-town banks having, it is understood, such
large amounts of idle funds on hand, have not cared
to continue paying interest on the loan deposits and
have forwarded to New York the entire amount of
such deposits. There do not appear to be immediate
prospects of still another call being issued. It was
necessary at first to utilize on quite an active scale
the proceeds of the loan in order to pay bills that were
becoming due, but it is understood that the remainder
of the funds is to be called with greater deliberation.
Banks will not unnaturally begin their accumulation
of funds for the January payments during the next
week or so. This will be calculated to render them
somewhat more independent in their negotiations
with borrowers. But supplies are so completely
abundant that there seems slight prospect of the
firmness continuing much after the first week or so
of January. Last Saturday’s statement of the New
York Clearing House, for instance, showed the slight
decrease of $193,920 in the surplus of the banks and
trust companies over their reserve requirements, this
surplus now amounting to $179,116,110, which com
pares with $116,992,400 at the corresponding date a
year ago. The Clearing House reported an increase
of $24,345,000 in loans and the corresponding in
crease of $24,065,000 in net demand deposits, while
time deposits, too, showed an expansion of $ 2 ,8 1 7 ,
000. The reserve in “ own vaults” increased $ 7 ,
142,000 to $526,363,000, which includes $467,
986,000 in specie; reserve in Federal Reserve banks
decreased $2,986,000 to $157,443,000, while reserves
in other depositaries decreased $43,000 to $ 54,961,
000. Thus the aggregate reserve increased $ 4 ,1 1 3 ,
000 to $738,767,000, but this increase was turned
into a small decrease in the surplus reserve already
referred to by the expansion of $4,306,920 in re
serve requirements following the increased deposits.
The bank statement in greater detail appears else
where in this issue of the “ Chronicle.”
There have been quite liberal arrivals of securities
this week from abroad, and in large measure they are
understood to have been deposited with New York
banks as collateral. W e give elsewhere in this issue
details of the proposed mobilization of British-owned
American securities by the British Treasury. This
is a feature that is most likely to become a money
market factor of importance in the near future,
since it contemplates extensive borrowing in American
centers by the British Government directly or in
directly, by depositing as collateral the securities
that are to be mobilized. Obviously, when such a
demand as this arises on the local market for funds,
it cannot fail to have a direct influence on the atti
tude of lenders. The banks that have participated
in the most recent ($50,000,000) credit to London
banks were called upon yesterday (Friday) to pay
over on M onday the full amount of their participa
tion. The Anglo-French underwriting syndicate
having expired, there has been quite active selling
of the bonds, presumably by participants in the syn
dicate. These securities from now on are likely to
enter into the general loan operations of the banks.
B o sto n .
214.100.000 francs, against 947,571,861 francs in
1914 and 671,541,778 francs in 1913. Discounts are
2.212.600.000 francs. In 1914 they were 2 ,4 5 4 ,2 8 0 ,
425 francs and in 1913 1,452,246,144 francs. Treas
ury deposits are 2,236,700,000 francs, against 3 8 2 ,
561,817 francs one year ago and 202,366,661 francs
in 1913. The Bank of France suspended publication
of its weekly statement immediately after the war
started last year, and did not resume until F eb. 4
1915, hence no closer comparison with the 1914 fig
ures is available than of July 30 of that year. These
are the figures used in the foregoing comparison.
4
4
4
3H
4
4
4H
3
4
4
4
4
4
4
4
4« 4
4
4
4
5
5
5
5
5
4M 6
3H
3H
3M
3H 3
3X 3
4
3H
3
3
3
3
3
3
3M
3
3H
4
4H
A g r ic u lt u r a l a n d
T r a d e A c c e p ta n c e s —
11 to 60
“
1*
3H 3 M 3
......... 3H 3M 3
3H 3>* 3
C o m m o d ity P a p e r —
3M
31 to 60 "
M ____ 3H
61 to 90
"
"
........ 3 H
91 days to 6 months maturity
3
3
3
3H
3H
4
5
3VS 3>*
3H 3 X
4
3H
3Y,
3M
3
3
3
3
3
3
3
3
3
3H
3
3
3
3X
4
4>S
5
Authorized rate for discount of bankers’ acceptances, 2 to 4 % .
A steady though not sensational demand for bills
has been experienced in sterling exchange circles this
week, largely as a result of the seasonal remittances
of dividend and interest disbursements specifically
payable in sterling on the first of the year. Rates
for demand bills and cables showed until yesterday
fractional daily advances after a slight reaction on
M onday from Saturday’s prices. A sentimental in
fluence of a strengthening character was, too, con
tained in the news of the second reading of the
British Chancellor’s bill authorizing him to purchase
2012
THE CHRONICLE
[Vol. 101.
or borrow British-ownecl American securities. The gated $6,925,000, including $2,500,000 by the SS.
obvious purpose of the Chancellor’s plan is to obtain Cymric on Monday, $3,425,000, also from London,
American funds, either by selling the securities out by the SS. Philadelphia on Thursday, and $1,000,000
right to New York or by using them as collateral to from Cuba on Wednesday on the SS. Saratoga.
obtain American loans. In any event the transaction
Compared with Friday of last week, sterling ex
portends a substantial increase in the demand for re
change
on Saturday was weaker and demand bills
mittances, or what amounts to the same thing as a
declined
to 4 71)4@ 4 71% , cable transfers to 4 72%
restriction upon the movement of gold this way across
@
4
7234
and sixty days to 4 6 8 % @ 4 68% . On
the Atlantic. The general details of the Chancel
lor’s plan, as we explained in a preceding paragraph, i M onday trading was dull; very little business was
are fully known. The working details, however, are transacted, and there seemed a disposition on the
yet to be announced, and to quote press correspon part of brokers to hold off pending the announce
dents, “ are awaited impatiently in London.” They ment of the dissolution of the Anglo-French Syndi
also are similarly awaited in New Tork, and it is cate; quotations were a trifle easier at 4 71 3-16@
recognized that the working out of the plans will be 4 713^2 for demand, 4 71 15-16@4 7234 for cable trans
one of the most important factors in the foreign ex fers and 4 68@ 4 6834 f ° r sixty days. A firmer feel
ing was evident on Tuesday, due largely to a renewal
change situation for some months to come.
There is, we believe, a considerable amount of of buying by international banking interests and
unnecessary anxiety as respects the sterling ex rather limited supplies of offerings; the range for de
change situation, which apparently is well in hand mand was 4 7 1 % @ 4 71% , cable transfers 4 72@
and should improve from now on. It is only within 4 72% and sixty days 4 6834@4 6834- On Wednes
the current calendar year that balances have begun day sterling rates opened firm and advanced under
to accumulate heavily in our favor. I he latest de a more active inquiry for remittance for Saturday’s
tailed statement of our foreign trade that is now mail— that boat being the last likely to arrive in time
available is that for the ten months ending with for the year-end settlements; later in the day, how
October, but adding to the excess of merchandise ever, the market reacted and the close was relatively
exports recorded in that statement the weekly ex weak; demand ranged at 4 7 1 % @ 4 71 J4» cable trans
cesses on export account that have been published by fers at 4 7 2 % @ 4 72% and sixty days 4 6 8 % @ 4 68% .
the Department of Commerce (as passing through Activity and strength continued a feature of Thurs
the thirteen leading customs districts), a nominal day’s transactions and quotations moved up to
trade balance for the calendar year slightly in excess 4 7 1 % @ 4 72 for demand, 4 7 2 % @ 4 72% for cable
of $1,900,000,000 is indicated. This is a large transfers and 4 6 8 % @ 4 69 for sixty days. On Fri
amount. It represents unprecedented activities in day the market ruled easier with demand at 4 71 13-16
special lines of our export trade but not in our ex @ 4 72, cable transfers at 4 72 9-16@4 72% and sixty
port trade as a whole, and it represents furthermore days at 4 6 8 % @ 4 69. Closing quotations were
the interference of the war with our importations. 4 69 for sixty days, 4 71% lor demand and 4 72% for
Apparently this balance has already been much more cable transfers. Commercial on banks (sixty days)
than cared for by the offsetting transactions. Gold closed at 4 67% , documents for payment (sixty days)
importations net for the year, for instance, exceed finished at 4 66% and seven-day grain bills at 4 70% .
$400,000,000; there have been direct loans, including Cotton for payment closed at 4 7 1 % @ 4 7134; grain
the Anglo-French item of $500,000,000 and the later for payment at 4 71 % @ 4 71% .
The feature this week in the Continental exchanges
credit of $50,000,000 to London banks, in excess of
$750,000,000; the return of American securities by has been the severe depression shown by exchange
foreign holders throughout the year has been active, on Berlin, demand bills on that center touching the
some estimates running as high as $1,000,000,000 exceedingly low level of 75% cents (for 4 marks) on
since the war began, including the concededly active Thursday, which compares with the usually accepted
liquidation on German account for a period pre par level of 9534- There was subsequently a mod
ceding the actual declaration of hostilities. If erate recovery from this figure, the closing quotation
the estimate in question is approximately accurate it being 76% , which compares with 7 8% @ 78 11-16
seems quite fair to assume that one-half this tre at the close of last week. Cable transfers finished
mendous total, or $500,000,000, may be credited at 76% against 7 8 % @ 7 8 % last week. Austrian
in this year’s account as an offset to the excess of kronen likewise touched a new low level, namely,
our exports. In addition are the usual items usually 13.20 for sight, which compares with 13.85 a week
spoken of as the “ invisible” trade balance, such as ago. The diplomatic crisis over the sinking by an
interest and dividend disbursements and similar Austrian submarine of the Italian steamer Ancona
items. There has, of course, been an almost com was undoubtedly influential in considerable measure
plete elimination of expenses of American tourists for the weakness in exchange on the centers named.
this year. A t any rate there seems encouragement On the other hand, the complete suspension of trade
to believe that the new year will start with a clean between the United States and the Teutonic Allies
slate and will furnish opportunity for the British au affords a very natural explanation of the absence of a
thorities to demonstrate the practicability of their demand for remittances and in turn the absence for
plan to utilize our own securities in paying for their demand for bills. One effect of this weakness in
war materials and for the balances that otherwise exchange has been a further reduction in the offering
are accruing because of the war’s derangement of price of German, Austrian and Hungarian bonds by
the world’s trade. It is understood that in addition bankers in this city. The German Government 5%
to the formal credit of $50,000,000 recently extended bonds (third war loan) are now offered at $200 per
by American banks to London banks there have been 1,000 marks, against the former price of $202 50;
by no means inconsiderable private credits extended the German Government 4 % bonds are offered at
providing in the aggregate a very substantial sum $184 per 1,000 marks against $185 50; Austrian
additional. The week’s gold imports have aggre Government 534% bonds (third war loan) are
O e c . 18 1915.]
THE CHRONICLE
offered at $135 for 1,000 kronen against the former
price of $141 75; and the Hungarian Government
6% bonds (third war loan) are now $140 per 1,000
kronen against the recent price of $146 75. These re
duced quotations follow other reductions announced
a fortnight or so ago. Exchange on Paris in sym
pathy with sterling has ruled comparatively steady,
the sterling rate for checks in Paris closing at 27.75%
francs on Thursday (no quotation being received by
cable on Friday), against 27.68 a week ago, while
the Paris check rate in New York at the close of
business yesterday was 5 86 against 5 8 4 % ‘ a week
ago and cable transfers were 5 85 against 5 83% a
week ago. Austrian kronen sight finished at 13.35
against 13.85 a week ago. Swiss exchange at the
close was 5 28 for sight and 5 29 for cables, against
5 31 and 5 30 a week ago; bankers’ sight on Amster
dam closed at 43% and cables at 43% against 42%
and 42% last week, while commercial sight is 43%
against 41% . Italian lire are 6 57 for sight and 6 56
for cables against 6 58 and 6 57% a week ago. Greek
exchange remains on the basis of 5 15% for checks.
Copenhagen checks are 27.70 against 28 a week ago,
and demand bills on Norway and Sweden are 28.05,
or without net change for the week. Russian rubles
closed at 31% against 3 1 % @ 3 1 % last week.
“
~
2013
—r
It sets forth the facts, already established by the
testimony of survivors, that after the Ancona had
been halted by the Austrian submarine, and before
the passengers had all been able to take to the'boats,
the submarine fired shells at the vessel and [eventu-ally torpedoed and sunk her. It points out that the
Austrian Admiralty itself, in a public statement, has ad
mitted the torpedoing of the vessel while*people]were
still on board. The note lays stress on the fact that
the Austro-Hungarian Government was aware of the
attitude of the United States, as previously expressed
toward similar actions by submarines. It asserts that
the commander, by shelling and torpedoing the
boat before persons on board had been given time to
leave, “ violated the principles of international law
and of humanity.” Our Government assumes,
therefore, either that the commander of the sub
marine violated his instructions or else that the
Austrian Government had failed to issue proper in
structions— which latter alternative the note assumes
to be inadmissible. In concluding, therefore, the
btate Department expresses our Government’s ex
pectation that the Austro-Hungarian authorities
will accede to its demand promptly.”
Special attention has naturally been paid to the use
of the words “ demand” and “ promptly” in this con
cluding paragraph. The note is known to have
The New York Clearing House banks, in their been the individual production of Secretary Lansing.
operations with interior banking institutions, have It was approved and endorsed, however, by the
lost $2,008,000 net in cash as a result of the currency Administration as a whole, and it undoubtedly exmovements for the week ending Dec. 17. Their pi esses the attitude of our Government and of the
receipts from the interior have aggregated $7,028, great body of the American people towards all such
000, while the shipments have reached $9,036,000. violations of international law and of the principles
Adding the Sub-Treasury operations and the gold of humanity. T o what extent the severity of the
imports, which together occasioned a gain of $4, language was due to the restlessness of our pub
614,000, the combined result of the flow of money lic over Germany’s procrastination in formally
into and out of the New York banks for the week disavowing the most notorious submarine offense
appears to have been a gain of $2,606,000, as follows: of all, the destruction of the Lusitania without
W e e k e n d in g D e c . 1 7 .
In to
warning, is a matter of conjecture. But it was
Out o f
N et C hange in
B an ks.
B an k s.
B a n k H o ld in g s .
obviously
necessary, in any case, to call the Austrian
Banks' Interior movement______
57.028.000
59.036.000 Loss S2,008,000
Sub-Treas. oper’ns and gold Imports.
27.605.000
22.991.000 Gain 4,614,000 Government sternly to account, not only because
T o ta l_________________ ________
$34,633,000 $32,027,000lGaln $2,606,000 of the peculiarly wanton cruelty of this action of
The following table indicates the amount of bullion her submarine, but because, as the note intimates,
in the principal European banks:
Austria, as an ally of Germany, was particularly
bound to observe and respect the attitude of the
D e c . 16 1915.
D e c . 17 1914.
Banks o f
United States toward such matters, to which on the
C o ld .
S ilv e r.
T o ta l.
G o ld .
S ilv e r.
T o ta l.
general
question of submarine warfare the German
£
£
£
£
£
£
England.. 50,281,182
50,281,182 72,414,101
Government had already yielded.
France__ 201.052.000 14.308.000 215.360.000 165.901.000 14.041.000 72,414,101
179.942.000
Germany. 121,809,850 1,860,000 123,669,850 102,599,950
104,845,700
Russia__ 173.891.000 2.855.000 176.746.000 176.540.000 2,245,750
The reply of the Austrian Government, of which
4.348.000 180.888.000
Aus. Hunc 51,578,030 12.140.000 63.718.000 51.578.000 12.140.000
Spain___ 34.197.000 30.010.000 64.207.000 22.614.000 28.121.000 63.718.000 the general contents were cabled from Vienna on
Italy____ *45,251,000 4.427.000 49.678.000 47.007.000 2.621.000 50.735.000
49.628.000
Netherl 'ds 34.756.000
291,200 35,047,200 16.302.000
As
132,200 16,434,200 Thursday, was hardly of a satisfactory nature.
Nat.Bclgh 15.380.000
600,000 15.980.000 15.380.000
600,000 15.980.000
Swltz'land 9,899,300
9,899,300 9,511,200
cited in the dispatch, the Austrian Government raised
9.511,200
Sweden . .
6.297.000 5.798.000
6.297.000
5.798.000
Denmark. 5.917.000
247,000 6.164.000 4.276.000
250,000 4.526.000 the question whether, even supposing the facts
N orw ay.. 3.659.000
3.659.000 2.361.000
2.361.000
alleged to be correct, our Government’s note had
Tot. week 753,968.332 66.738.200 820,706,532 692,282,251 64.498.950 756,781,201
Prcv. week 750,100.748 66.834.200 816,934,948 688,144,423 64.231.950 752,376,373 given
“ sufficient reasons for blaming the com
c July 30 1914 In both years, h Aug. 6 1914 In both years. * Oct. 20.
mander of the submarine and the Austro-Hungarian
Government.” It intimated with some evidence of
THE CORRESPONDENCE W IT H THE AUSTRIAN
irritation that the American note had not desig
GOVERNMENT.
nated the persons on whose testimony it relied, “ and
The note of our State Department to Austria on to whom it apparently believes it must attribute a
the Ancona outrage, written Dec. 6 and delivered
higher degree of trustworthiness than to a commander
at Vienna by our Ambassador this week, was itself of the Imperial Royal N avy.”
not unexpected. Even the peremptory and uncom
Whether this fairly represents the character of
promising nature of the text, as published last M on our note, must be judged by those who have read
day, had been foreshadowed. More than any of our
both documents. We imagine that most people
Government’s previous notes to Germany, dealing who do so will be considerably astonished that the
with the invasion of neutral rights through unlawful
Vienna Foreign Office should have thought of indestruction by submarines of peaceful ocean trav j sorting in its note such a reference to disputed au
elers, the note to Austria used plain language when thority on the facts when its own Admiralty, in a
denouncing the offense.
formal report, had admitted those facts “ much as
2014
THE CHRONICLE
[Vol. 101.
penditures had been obtained almost exclusively at
home, whereas her opponents had been forced to
borrow abroad. But Dr. Helfferich also estimated
that of the $30,000,000,000 present annual expendi
ture for war by all the belligerents combined, the
Teutonic Allies are burdened with something over
one-third, or upwards of $10,000,000,000. Further
more, not to mention the evidences of economic pres
sure in the matter of necessaries of life, it is evident
in the case of Germany and Austria, as in the case
of other belligerent States, that the requirements
for financial rehabilitation after war will be enor
mous.
In this process, under the extraordinary economic
situation which has arisen in the world at large, it
is the financial resources of the United States, the
force•
On the more general principles involved in our market to which the available capital and the free
Government’s representations, the Vienna note de gold of the world have been steadily gravitated, which
clares that Austria “ must leave it to the Washington must chiefly be relied upon. Financial relations be
Cabinet to draw up the individual legal maxims tween the United States and any of the present bel
which the commander of the submarine is alleged to ligerent States will at the close of the war be unavoid
have violated.” Nevertheless, the Austrian G ov ably affected by the political relations between them
ernment professes itself to be “ in principle prepared during the war and at its close. What would be the
to enter into an exchange of opinion with the Ameri effect of an outright breach of good relations, procan Government.” This is clearly a temporizing yoked through a European Government’s defense
attitude; it may make further exchange of notes of barbarous practices in war, is a question which
unavoidable, though hardly with any relaxation of none of the European Powers is likely to ignore.
the loss of innocent lives must be regretted and de
p lo re d /’ and had merely alleged in extenuation that
an enemy boat was approaching, “ and, second, that
there was danger of the Ancona escaping, which,
according to his [the commander s] instructions, was
to be prevented in all circumstances.” But the
Austrian Government could scarcely have expected
our Government, with its position defined as it has
been in the Lusitania and Arabic notes, to accept
so extraordinary a defense of the massacre of helpless
passengers on a non-resisting vessel. The Austrian
Admiralty’s reasoning, in regard to the Ancona’s
possible escape, would absolutely apply to the muidering of non-resisting civilian prisoners by the
Austrian army, on the approach of a hostile military
our own demands. This will not allay the undoubted
impatience of our people at the prolongation of the
THE OVERTHROW OF FIN ANCIAL A N D
diplomatic correspondence in such matters as the
POLITICAL THEORIES.
Lusitania. Yet we think it only fair to say that the
N ot the least surprising or the least important of
people who have been most angry in their criticism
the forms of destruction the war is effecting is the
of the orderly and deliberate procedure are the least
complete refuting of certain financial and political
ready in suggesting the alternative. If such alterna
theories which had become accepted principles.
tive were not an ultimatum, a breach of interna
Ideas are the most dangerous things in existence.
tional good relations, and possible political compli
Once given expression they escape from their author,
cations at home due to divided sympathies among
and, like scandal, fly abroad and assume unantici
American sympathizers, what would it be? We see
pated form. The old saying about the Devil applies
no alternative to those results beyond a decently
to them: who rides with him “ rides fast and
deliberate process of diplomatic correspondence.
What has been accomplished already by such cor rides far.”
Mr. Thomas W . Lamont, of J. P. Morgan & Co.,
respondence, in the formal agreement of the German
made an important address last Saturday night to
Government to recognize our presentation of inter
a select group of gentlemen on “ The War and
national law in the matter of submarine warfare,
Finance,” in which he called attention to the way
is at least a diplomatic achievement of high im
in which the war has upset traditions, overturned
portance for the future.
.
,
theories and broken up accepted principles, which
As for the Austrian correspondence, it is to be
presumed that our Government is in possession of the he illustrated by some notable examples.
Of course the general truth of the instability of
necessary documentary evidence and legal prece
political and financial theories is not new. If the
dent. Both the Washington authorities and the
fathers of the American Constitution were alive to
financial markets have appeared to believe that
day they would find such change in the interpreta
Austria in the end will concede our main conten
tion of their leading principles, and in their applica
tions. It is easy to say that either Austria or Ger
tion, that they would not know their own child.
many may look with indifference on a breach with
Their theories of representative government, of the
the United States, when circumstances do not admit
ballot of Presidential election, of taxation and the
of our participation in the war. But this is only
tariff/ of money and of banking, of “ entangling
part of the story. Vienna knows, as well as other
alliances” and of the Monroe Doctrine, not to say of
capitals, that the attitude of our Government toward
the working of the departments of State and of
these barbarous and lawless practices voices the
“ liberty, equality and fraternity,” have long since
opinion of the civilized neutral world. Further
become academic.
more, breach of good relations with the United States,
Indeed such changes are so common that Prof.
especially on such grounds, would have a bearing
Seeley, the historian, has said: “ If a man begins by
on the longer future which is certain to make any
saying ‘History tells us,’ we know he is going to lie;
belligerent pause. The speech of the German
and he always does.” As an illustration of the com
Finance Minister on Wednesday, outlining the strong
pleteness of such changes we have his assumption
position of German finance, set forth that Germany
in 1883, in his epoch-making book, I he Expansion
is as able to bear the financial strain to-day as she
of England,” that “ the future of the world
was in the Napoleonic wars, or the Thirty Years War;
is with the big States.” This in face of the fact
that the Government had been markedly successful
that the settled policy of England, from Elizabeth
in its war loans; that the resources for her war ex
Dec . 18 1915.J
THE CHRONICLE
onward, is fixed on the principle of supporting the
smaller nationalities, which has been pressed with
vigor in turn by her great Ministers, Castlereagh,
Canning and Palmerston. Lord Bryce laments the
change in his recent book on “ The Balkan Prob
lem,” where he says, “ The most conspicuous feature
in the evolution of the modern world has been the
effacement of the smaller and the growth of the large
nations and nationalities. Local patriotism, with
all that diversity and play of individuality which
local patriotism has evolved, withers silently away.”
Whatever the future has in store the change of
theory is definite.
Mr. Lamont began with taking up the widely
accepted idea that the great bankers acting together
can prevent war. It seemed confirmed in recent
times by the importance attached even by our
Government to the “ Six-Power Group” in which
the Morgan firm, Kuhn, Loeb & Co., the First Na
tional and the City Bank were engaged with others
in the affairs of China; and also by the well-under
stood fact that it was the opposition of the bankers
of Germany, because of the condition of the country’s
finances, which stopped the impending war in 1911
after the Agadir incident. In the present war the
bankers were not consulted. The Government
leaned upon them but did not consult them. It did
not stop to count the cost. It plunged forward like
the Gadarene swine, though the precipice with its
relentless horrors lay directly ahead.
Another theory generally accepted has been that
no modern war could long endure because of the
frightful cost. This also has been disproved. After
a year and a half of war there is much talk of peace,
but not among bankers. Expenditure in the war
is on a scale never before dreamed of. The daily
cost of our War of the Rebellion was at its close
three million dollars a day. Great Britain began
this war with ten millions, and is now spending nearly
twenty-five million dollars daily. France and Russia
are not very far behind. Altogether the contending
nations are facing a daily outlay of not less than
95 millions. The theory has been overturned by
the fact that the resources of the nations have grown
so enormously in the last decade. Great Britain’s
debt 100 years ago was AlA billions of dollars, which
was equal to three years’ income of the nation; now
it is some 10 billions, or less than one year’s income.
With no greater a burden than she bore in the Na
poleonic wars, she could carry a debt of 40 billions
now at 5% . If the war should end within six months
it would not be because of financial exhaustion. Of
course this is not equally true of the lesser Allies.
They are aided, Great Britain alone furnishing them
some two billion dollars. I he old fear of financial
bankruptcy which reappears constantly in English
history from the days of Bolingbroke in 1749 has
passed away.
The theory that debts due from the colonies could
be settled only by one method of exchange has also
gone by the board. The European States eagerly
accumulated gold. Great Britain, on the contrary,
relied on her credit and took no steps to gather gold.
The first excitement and disposition to inaugurate
runs upon the banks was met by Government action
guaranteeing debts, and by a few men meeting over
Sunday and adopting measures which preserved the
industries and commerce of England. Ihere was no
trace of excitement, still less of a run on the banks
in London when they opened after the Bank holiday
2015
the first week of the war. In America a pool of
80 millions, followed by two others to meet other
needs of 100 millions and of 150 millions, were
entirely effective. Meanwhile the other States have
mobilized gold. France has gathered 400 million
dollars from her own people and is marketing her
American securities, while Germany has opened war
banks everywhere in which people can borrow on
almost anything in the form of security, and is
pyramiding her credits to such an extent as to
threaten eventually a severe downfall. Great Brit
ain pays as she goes as far as possible and is the one
State that has increased taxation on a large scale,
planning to reach 50% on large incomes if necessary.
Important changes are taking place also in our ideas
both of industry and of trade. Abroad great socializa
tion of industry is taking place everywhere. Old
theories and principles which have been regarded as
axiomatic are discarded. It is perhaps too early to
decide whether we shall have to face severe compe
tition because of a better and broader organization,
or whether the end of the war will bring us face to
face with wide demoralization. The rate of exchange
with the pound sterling at the rate of 84 70 and the
ruble at 323^ cents shows the world financially at
the feet of the United States. We are*for the first
time rapidly becoming a creditor nation; a change so
important and so complete that we are finding it
almost as difficult to grasp its significance as are
other countries. The recent Anglo-French Com
mission could not understand for some time that
America was not seeking foreign loans for invest
ment.
The financial world, Mr. Lamont holds, has
changed as if over night. Consequently we must
ask, What of the future? There is no occasion for
a gloomy view of the future even if the war should
last for another year. Resources are being mobilized
in unparalleled degree. The serious danger is our
absorption in materialistic phenomena which of
course are threatening. But plans are making for
the United States becoming builders-up of a wreckstrewn world. New enterprises are opening which
have large promise, requiring intelligence and cour
age. Russia is making overtures for interesting us in
her industries and railways long after the war.
Belgium and France will need similar aid. The
great function of finance in the past has been to
protect against threatening situations; now it is to
accept the responsibility of rebuilding the world.
If it is to carry on this responsibility, then there
must be seen a great increase in scientific attainment
and a great revival of useful arts, to be followed by a
similar revival of learning and of the fine arts.
If this survey of Mr. Lamont’s can be accepted,
there is every reason for feeling that, with all the
unutterable sorrows of the war and its terrible waste
of all that men strive for and cherish, life is still to
be well worth living and the world of to-morrow is
to be a field for worthy enterprise and for the de
velopment of a noble humanity.
MEETING “ EMERGENCY” IN OCEAN
CARRYING.
Secretary Redfield, from whom, as a man of some
business experience, better things might fairly have
been expected, continues to harp upon the alleged
emergency in shipping and the assumed necessity
of Government intervention to end it. In a long
address in Brooklyn, on Wednesday evening, he
2016
THE
C H R O N IC L E
cited two news items, seven months old, concerning
the scarcity of shipping accommodation, and an
announcement by the London “ Economist” of a
month ago that hereafter, as a war measure, the
British Government may requisition for merchandise
carrying any registered ship, and he added this
summary of the situation as he sees it :
“ Our merchant marine was never as large as it is
to-day. The increase in it was never as large as in
the last fiscal year. It is growing to-day faster
than it ever grew before. We never needed ships
as badly as we need them now. We never were
more dependent upon foreign ships than we are
now. Never did this dependence rest on a more
shaky foundation. Never had we so much of a
marine. Never did we suffer so much from lack of
one. Never did we add to it so fast. Never was
our helplessness to add to it sufficiently more
marked.”
Then he went on to protest against our dependence
on others, declaring that we do our trade “ by the
consent of others when it pleases them to have us
do it, as it pleases them to have us do it, to the extent
that it pleases them to have us do it, and under
rules which they lay down.” He declared that “ no
people are free so long as they are bound, and we are
not now a free people on the sea.” He brought up
again the figure of a “ store” depending on a rival’s
delivery wagon, and at present the rival is rushed
with business and gives his own the preference.
It can be objected to this slashy talk that it is
overdrawn and that some of it seems self-destructive;
but if we admit for the occasion that it is a calm
statement of the situation the question is what Mr.
Redfield would have done about it. He brings in the
Shipping Bill again, with some modifications which
may possibly be those hinted at by M r. Wilson in
his address to Congress. Now it is to have “ this
whole matter of the merchant marine put in the
hands of a Shipping Board.” This board should
have broad supervisory powers; should be em
powered to build vessels “ in private or public ship
yards;” to buy, charter, or lease them; and to
exemplify “ the principle of public ownership with
private operation.” Then comes the old proposition:
a corporation wholly or partly subscribed by Govern
ment, with a hint of a licensing of all vessels, domes
tic and foreign, to enter our ports. And then
(making a comparison of things obviously not alike)
comes a suggestion whether a steamship company,
any more than a railroad, should be allowed to
abandon an existing line (of course, without regard
to the reasons) “ without public consent,” that is,
without the consent of this board.
Now, if we waive for the moment all the serious
objections to Government’s going into the shipping
trade, and if we pass by the important fact that this
is a war situation which must end and may do so
somewhat unexpectedly, and if we assume that the
demand for ocean carraige is not going to slacken
at all (certainly an extravagant supposition) even
then Mr. Redfield does not make out a case for his
“ board” proposal, albeit he presents it somewhat
less brusquely than formerly. By his own state
ment, we are building ships faster than ever before,
we never needed them so sorely, we were never so
“ dependent” and were never so helpless to build
them fast enough. So, in order to change this
deplorable situation, we should set up another
“ board,” with all sorts o f f powers and should lug
[Vol. 101.
in Government. W hy should we? It would af
front reason to suppose that board or Government
could rub an old lamp and evoke either shipyards,
materials or workmen; we are absolutely limited
to the resources we now have. If anybody imagines
that Government can do more or better or swifter
work than private capital can do, he must go for
the explanation to the conjuror who pulls a long
series of objects out of one small hat. Is Mr. Red
field such a performer?
If the American energy and initiative which Mr.
Wilson himself affirmed, praised and challenged,
almost in one breath only a week ago, is really
not now meeting the call of the emergency, there is
an explanation right before the eyes of all who are
willing to see it. There is an emergency demand for
war munitions, and how quickly and largely Ameri
can enterprise has sprung to seize the opportunity
we all know. Existing plants have been enlarged
or adapted, and pasteboard cities like Hopewell in
Virginia have arisen around munition plants, almost
as if Aladdin had been at work. It is very simple;
here was a great and a passing opportunity for
profit, and the American was not warned away.
It was perfectly understood that the foreign buyer
took his chances on successful delivery and the
American producer took his upon the fulfillment of
the contract to buy, as upon fire, explosion, labor
rows, and all else; he was free to push ahead, and he
pushed. Government would neither interfere nor
compete. Now take the lesson, and apply it.
Make it clear beyond question that Government
will not undertake either to plunge or to compete
with private enterprise in the business of supplying
the demand for ocean carriage, and then the instru
mentalities of carrying will be supplied. Stop all
such speeches as these from Mr. Wilson, Mr. Redfield,
and the rest of them. Stop all talk of shipping
bills, and have it distinctly understood so. Take
off existing statutory hindrances, as well as make
clear that no new ones will be enacted. Stand by
the challenge to the qualities of the American, and
trust him to go after profit whither it beckons him.
He will certainly do that; but to hold over him the
menace of a competition without business manage
ment or responsibility, and backed in its ramblings
by the unlimited power to tax, and then to berate
him for not showing more life— what an absurdity
is this.
RAILROADS A N D LAND VALUES.
A number of the life insurance companies have an
association of their presidents, and for some years
past this body has held a convention here in the
month of December; the one lately held (the ninth)
turned its attention almost exclusively to the one
topic of investments, as especially related to agricul
ture, to city development, and to general progress.
Speaking of the relation of the railroad to land
values, Mr. Fairfax Harrison, President of the
Southern R y ., collated some very interesting matter
showing the indispensableness of rail transportation
to the market for farm products, and therefore to the
value of farm lands. He cited the elementary propo
sition that any excess a man can produce beyond
what his family can consume has no value to him
unless he can sell it; further, since the majority of the
people in a given section produce generally the same
things, their excess over the needs of consumption
I must go to distant markets_ifj[they^find any at all.
Dec . 18 1915.]
THE CHRONICLE
2017
Hence, abundance in a new territory goes largely to same land brought $30 after the road was built; an
waste; some forty years ago corn was burned as other tract sold before at $450, and after brought
fuel in some spots of Kansas, because it was “ worth” $25, $35 in a few months more, and later $40.
most for that use, and we believe there have been Before the Tallulah Falls road in Georgia, the best
times and places, in other new territory, when wheat farm lands in a fertile section of Habersham and
was burned or was fed to cattle.
Rabun counties could be had at a dollar or two an
The farmer has practically reached his market acre; they are now held at $10 to $40, and although
when he reaches the railroad station, said M r. Harri this rise is partly by improvements, it is the road
son, since there his products are generally taken off which caused the improvements.
his hands by others, whatever their ultimate des
M r. Harrison proceeded to another point: that far
tination; so it has come about that the average the greater part of a railroad’s revenue is disbursed
farmer takes the railroad (as, indeed, most other in the territory traversed by its line. Taking his
people take it) as a sort of thing of course, not own as a typical road in this respect, he said that
realizing how essential an instrument it is. In 1906 68.51% of its gross receipts in the third quarter of
the Agricultural Department figured the cost of 1915 went out for operating expenses, nearly all of
freight haul by wagon over approximately nine miles that in its own territory; further, of $1,501,480 ex
as 21 cents per ton per mile, and while a longer haul pended in that third quarter for improvements (this
would somewhat reduce the average cost, any con money being realized by sale of securities) the greater
siderable distance from rail must eat nearly all agri part went out in that same territory. Still further
cultural profit; for example, the Department found (and as against the narrow view that the benefit is
60-mile hauls in Georgia where the haul to the rail confined to the precise spots where the construction
cost $32 per ton, an obviously exhaustive tax. In work is done) he said that the people of one locality
Minnesota or South Dakota, lands at any consider may really be more interested in improvements quite
able distance from rail or natural water routes would distant along the line than right where they live, be
be valueless for wheat, and such lands in Texas cause distant improvements may relieve congestion
would be valueless for cotton or any other crop; they and increase service on the whole line. This recalls
would be fit only for grazing cattle to go to market to mind something Mr. Harrison did not mention;
on the hoof. This is still more severely true as to the suggestive comparison, by M r. James J. Hill, of
perishable crops; the peach orchards of Georgia and inadequate terminals to the narrow neck of a bottle;
the strawberry fields of the Carolinas would be the contents of the railroad “ bottle” cannot move
useless without the railroad, and we may say of better than the “ neck” allows.
farm lands generally that they “ are valuable in the
There is no point in the foregoing which has not
inverse proportion of their distance from modern been made before; its value lies in its citation of
transportation facilities.”
striking examples, by a man who has direct knowledge
Coming to some specific instances, said Mr. Harri of the matter, of the close connection between rail
son, the three adjoining counties of Rappahannock, facilities and the value of farm land. The latter
Madison and Greene, in Virginia, are without the may be of ideal fertility and ease of culture; but any
rail, and their farm lands were reported by the last crop beyond what can be consumed on the spot de
census as ranging from $12 46 to $6 67 an acre, pends on transportation, and transportation means
while in the nearby contiguous counties of Fauquier, railroads. The moral is plain for Texas, where are
Culpeper, Orange, Albemarle, Rockingham, Page great areas without rails; for many other States
and Warren, all having the rail, average values which need railroads and have not yet distinctly
ranged from $20 40 to $40 46. In Georgia, Heard realized that shaking a club at capital is not the way
County, in 1910, without the rail, had an average to get them; for the whole country, where there is
value of farm land of $10 91, and in three contiguous still something to learn of the value of railroads. If
counties with the rail, values ranged from $14 to we call them arteries, they must not be constricted; if
$20 2 2 .
The first statement made by a man who advertises
a farm for sale or hire, and the first question put by a
prospective taker, relate to distance from a railroad
station. So Mr. Harrison lately procured a special
report on this from the agents of the industrial and
agricultural departments of the Southern road, men
who are in daily touch with agricultural interests in
the South and are engaged both in promoting better
agriculture and furthering immigration. He cites a
few contrasts from this report: In Mecklenburg
County, Va., land one mile distant is worth $63 an
acre, which dwindles to $11 seven miles away; in
Prince William, $95 at one mile and $24 at six miles;
in Albemarle, $55 at one mile and $30 at ten; in Camp
bell, $50 at one mile and $8 at fifteen; in Surry
County, N. C ., $47 25 at four miles from rail and
$11 25 at fifteen; in Transylvania in the same State,
$151 50 an acre at one mile from rail and a half-mile
from a town of 1,000 population created by the road,
and $15 an acre at eight miles from that town.
Before the building of the Coal & Iron. Branch
of the Western Maryland R R ., a large tract in Ran
dolph County, W . Va., sold at $6 an acre, and the
we call them work horses, they must not be starved.
Either figure will serve to convey the lesson, so much
needed yet; or we could cite a homely proverb that
the good workman never quarrels with his tools.
RAILROAD GROSS A N D NET EARNINGS FOR
OCTOBER.
It is a very long time since we have had such an
extremely favorable statement of railway gross and
net earnings as it is our privilege to record to-day.
Doubtless, too, it will be many a day (after we get
beyond the unusual period through which we are
now and will in immediately succeeding months be
passing) before it will be possible again to present
exhibits of the same extraordinarily auspicious char
acter. The conditions responsible for the gratifying
results that are being witnessed are highly exceptional,
and their repetition would be possible only with a
recurrence of the state of things out of which they
have grown, and that seems quite improbable. We
are witnessing tremendous gains in gross earnings—
gains it is true in large part a recovery of previous
losses, but gains nevertheless— while at the same
THE CHRONICLE
2018
[VOL. 101.
detracts somewhat from the significance of the
gains now disclosed, it is a fact that the present
improvement far surpasses in amount the losses of
these two preceding years. For October 1914 our
compilations registered $28,740,856 decrease in gross,
or 9.64% , and $8,014,020 decrease in net, or 8.38% .
In October 1913 our table showed a shrinkage in the
gross of $1,281,011. This was hardly more than
nominal, it is true, being but 0.48% , but U was
attended by an augmentation in expenses of no less
than $11,829,842, thus producing a loss in net in
amount of $13,110,853, or 11.85%. Combining the
losses for 1914 and 1913, the gross was reduced
roughly $30,000,000 in two years, and net over
$21,000,000, the exact amount of decrease being
$21,124,873. In October 1912, however, our figures
showed a gain in gross in the magnificent sum of
$35,264,683 (due in part to the circumstance that
there was an extra working day in the month, owing
to there having been only four Sundays against the
previous five Sundays), and a gain in net of $14,822,
peril or jeopardy.
.
028. For October 1911 our compilations recorded
While the carriers were still adhering rigidly to this
trifling gains, the increase in gross for the whole
policy which circumstances had fastened upon them,
railroad system of the United States being only $1,
there came all of a sudden in the latter half of Sep
370,362, or hardly more than one-half of 1% , while
tember an influx of traffic of such magnitude as to
the addition to the net was on the same slender basis,
tax completely the facilities of the roads and in fact
being no more than $2,110,767, or 2.30% . In
altogether to overwhelm them.
Had any such
October of the year preceding (1910), the addition to
volume of business been counted upon, with the at
gross was also relatively insignificant, being $2,643,
tendant great increase in revenues, a schedule of
059, while at the same time there was alarge increase
repair and renewal work in accordance therewith
in expenses, and as a consequence net earnings fell
would have been laid out. As it is, budgets of ex
behind no less than $10,489,004. In October 1909,
penses which are made for months ahead*, and, once
of course, there were large gains in both gross and net,
made, cannot be readily changed, especially in the
$28,560,921 in the former and $15,360,538 in the
case of the great railroad systems, have continued on
latter, the large improvement at that time followed
the narrow and restricted basis determined upon when
mainly because of the poor statement for Octo
the indications appeared to point to a decidedly lean
ber 1908, when there was a decrease in gross in the
period for some time to come. N ot improbably the
large sum of $18,196,132. In the net there was then
development of operating efficiency has . brought
no loss, owing to the practice of the most rigid econ
some geniune economies, but in the main the leason
omy and the cutting down of expenses in all direc
why expenses have not risen proportionately to the
tions, so that the loss in gross was converted into a
great increases in revenue is found in what we have
gain of $5,176,453 in net. In October 1907, which
just said.
was the month when the panic occurred, there was
That we are not exaggerating as to the favorable considerable improvement in the gross, but the net
nature of the results and the magnitude of the im fell off, owing to the great rise in expenses, which was
provement will appear when we note that as com a noteworthy characteristic even at that period.
pared with the corresponding month last year the In the following we furnish a summary of the Octo
increase in the gross earnings amounts to no less than ber comparisons of gross and net for each year back
to 1896. For 1910, 1909 and 1908 we use the
$37,087,941, or 13.57% , while in the net earnings Inter-State Commerce totals, but for the preceding
the improvement is $30,079,562, the ratio of impiove- years we give the results just as registered by our
ment in this case being over 33% . In other woids, own tables each year— a portion of the railroad mile
with an increase of over $37,000,000 in the gross, the age of the country being always unrepresented in the
addition to expenses has been barely $7,000,000, with totals because of the refusal at that time of some of
the effect of making this year’s net fully one-third the roads to give out monthly figures for publication.
larger than that of last year. Stated in another w ay,
N e t E a r n in g s .
G r o ss E a r n in g s .
gross earnings for the month in 1915 were $311,179,
Y ea r
Y ea r
In cr ea se or
Y ea r
In cr ea se or
Y ea r
G iv e n .
P r e c e d in g .
D ecrea se.
P r e c e d in g .
D ecrea se.
G iv e n .
375, against $274,091,434, while the net this year is
$
$
$
$
$
$
O c t.
$119,324,551, against but $89,244,989 last year. 1896
,162,741 25,938 ,287 — 1 ,775,546
,982,600 — 3 ,393,332
. . . 62,589|,268
,359,774 + 4 ,692,183
,875,335 25.825 ,573 + 2 ,049,762
1897 .. . 72,051 ,957
It should be understood, too, that this is the result 1898 .. . 79,189 ,550 ,808,267 + 4 ,381,283 ,203,684 29,708 ,237 + 2 ,495,447
,761,616 32,652 ,688 + 4 ,108,928
,648,011 + 10 ,791,828
... 93,439i,839
■290,359
,239,892 38,530,.251
613,383 + 3,,571,865
for the roads of the United States alone that the 1899
1900 ... 101,185 ,248
,303,549 37.609 ,047 +_7 ,693,602
,811,585
+
13,
,463,045
- 114,274 630
410,780
,669,565 41,086 ,351
,740,749 + 6,,277,165
Canadian roads with their immense gains, aiising 1901
1902 . . 112,017 ,914
,341,694 40,934 ,029 + 2 ,407,665
,380,430 + 9,,994,999
122,375 ,429
1903 ,847,868
+
4
,268
43,713
561,136
out of the phenomenal wheat crop harvested in the 1904 130,075 ,187 ,423,583 + 4,,651,604 ,824,783
46,794 ,080 + 3 ,030,103
,758,596 + 10 ,554,554
1905 . . 136,313 ,150
,685,226 46.826 .357 + 4 .858,869
,494,525 + 14 ,842,203
1906 - 143,336 ,728
Dominion, are not included.
,983,606 50,847,,903 — 3 ,804,295
,032,238 + 13 ,276,961
154.309 ,199
time expenses are being added to in only slight de
gree, and on individual roads are actually being
reduced. This uncommon combination is producing
large absolute and huge ratios of gain in the net.
When 1915 opened the railroads of the United
States— owing to business depression, oppressive
Government’regulation and the great rise in operating
cost occasioned by higher wage schedules and ad
vances in other items entering into the expense ac
counts, together with more exacting requirements of
the public service— had been brought to such a pass,
while the outlook for the future was so unpromising,
that a policy of most rigid economy and retrench
ment was forced upon the railroads as a matter of
self-preservation. As a result all through the year
curtailment has been practiced in every direction,
and every item of expense that could be cut out foi
the time being has been eliminated. Repairs and
renewals have been kept down to an absolute mini
mum— at least so far as it could be done without
O ctob er (476
Miles of road
ro a d s )—
1915.
248.072
Gross earnin?s
. . ................ .$311,179,375
Operating expenses..................... 191,854,824
1914.
247.009
S274.091.434
184,846,445
+1.063 0.43
+$37,087,941 13.57
+7,008,379 3.80
Net earnings........................... $119,324,551
$89,244,989
+$30,079,562 33.70
A m ount
In crea se %
We have already indicated that comparison is
with poor earnings last year and, in truth,
the totals of earnings, both gross and net, were re
duced in both the two years preceding. While this
1907 -
1908 . .
1909 . .
1910 . .
1911 1912 . .
1913..
1914..
1915 —
,534,455 83,358,,002 + 5 ,176,453
,426,583 — 18 ,196,132
232,230 ,451
,103,774 88,803,,236 + 15 ,360,538
,556,223 + 28 ,560,921
267,117 ,144
,012,224 104,101,,228 — 10 ,489,004
,821,546 + 2 ,643,059
263,464 ,605
,836,492 91,725 ,725 + 2 ,110,707
,370,362
,221
260,482
,111,859 + 1
,046,804 93,224 ,776 + 14 ,822,028
293,738 .091
,473,408 + 35 ,264,683
,700,506 110,811 .359 — 13 ,110,853
299,195 ,006
,476,017 — 1 ,281,011
,660,694 05,674 .714 — 8 ,014,020
269,325 ,262
,066,118 —28 ,740,856'
,079,502'
311.179 ,375274 .091,434 + 37 |087,9411119 ,324,551 89,244 ,989 + 30
N o t e . - ^ l n 1896 the number of roads Included for the month of October was 125*
■ Jm , ,ne.
i sns 1 2 i. in 1 coo 126: In 1900, 131: In 1901, 111: In 190^, xuo
lo n l’ I r k -' In 1904 100' in 1905 96' in 1906, 91: In 1907, 88; In 1908 the returns
In 1903, 168. '
° i.„ .\ n 1909 on 238,955 miles; In 1910 on 241,214 miles;
Sm .9U on 236. M l '^ l w to rt 12 Z 237.217 miles; in 1913 on 243,690 miles; In
m iio n 944 017 mllns: in 1915 on 248,072 miles.
fW ff
THE CHRONICLE
Dec. 18 1915.]
In crea ses
In crea ses.
S1 .200
Chicago & A lto n -----------$406,239 N
The showing for the separate roads this year is a Wabash________________
162,445
Elgin Joliet & Eastern—
378,864 ashv Chatt & St L ou is.
161,506
Cine Ham & D a y to n -----Central
of
New
Jorsey---332,199
153,613
repetition of the collective results. There are gains Wheeling & Lake Erie---Union
(P
a
)--------------------330,548
148,212
M obile & O h io---------------Chicago
&
Eastern
111..321,175
142,013
everywhere and they are for large amounts. The St Louis & San Francisco
Grand
Trunk
W
estern—
268.769 Western P a cific-------------133,017
Paso Southwest______
260,320
127,689
Pennsylvania of course heads the list and on the lines El
Denver & Rio Grande___
244,885 Central o f Georgia---------122,937
Central
N
ew
E
n
g
la
n
d
...
Pacific________
241,275
118,648
directly operated east and west of Pittsburgh re Missouri
Yazoo & Miss Valley____
239,252 A tlantic Coast Line-------115,732
& Iron Range___
237,191 Pere M arquette-------------113,028
Lake
Erie
&
W
estern-----ports $4,707,286 increase in gross and $3,125,698 Duluth
Bessemer & Lake Erie__
230,370
102,899
Delaware & Hudson____
219,593 Alabam a Great Southern
102,428
increase in net. This compares with $3,048,162 Phila Balt & Wash______
213,934 B oston & M aine-------------W estern Maryland_____
210,911
Representing 59 roads
209,983
decrease in gross and $398,671 decrease in net last N Y Chicago & St Louis.
in our co m p ila tio n ..$33,741,640
Buffalo Roch & P ittsb ..
209,692
D ecrea se.
Southwestern..
203,312
year, showing that the present year’s improvement St Louis
$183,183
_______
Seaboard
Air Line______
184,203 M issouri K an & T e x a s ..
has yielded gains far surpassing the previous year’s
N o t e .— All the figures in the above are on the basis o f the
with th e Inter-State C om m erce Comm ission. W here,
«h0M
losses. The New York Central comes next with returns d o not show the total for any system , we have co m b in e d th e sepa
rate roads so as to m ake the results conform as nearly as possible to those
$2,736,729 increase in gross and $2,476,122 increase given In the statem ents furnished b y the com panies themselves.
a This is the result for the Pennsylvania R R ., together with the Pennsyl
in net. This, however, does not include the various vania C o m p a n y and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania R R . reporting $2,615,629 increase the Pennsylvania Companu
auxiliary and controlled roads, which when added 81 481 952 gain and the P . C . C . & St. L . $609,705 gain. Including all
lines ow n ed and controlled which m ake m onthly returns to the Inter-S tate
form the New York Central System. In that case C om m erce Com m ission, the result is a gain o f $5,286,0 0 0 .
b These figures cover m erely the operations o f the N ew Y o rk C e n tra l
the result is a gain of $4,596,792 in gross and of
going
$4,017,381 gain in net.
792.
The result for the other east and west trunk lines
P R I N C I P A L C H A N G E S IN N E T E A R N IN G S IN O C T O B E R .
T xirrpn
.
Tnrrnn
is much the same. The Baltimore & Ohio has added
$184,899
Pennsylvania-----------------a $3,125,698 C lev Cine C hic & St L . . .
Grand
Trunk
W
e
s
te
r
n
..
177,825
$2,048,737 to gross and $1,202,512 to net and the New York Central----------52,476,122 N Y C hic & St L ouis____
173,306
E rie________- ____________ 1,210,592
Y a zoo & M iss V alley____
172,480
Erie $1,028,409 to gross and $1,210,592 to net. In Baltim ore & O h io---------Central N ew E ngland----169,760
Southern P a cific-----------Balt & W ash______
166,364
other parts of the country the returns tell a similar N orfolk & W estern_____ 1,066,868 Phila
149,823
838,096 W estern M arylan d -------Philadelphia & Reading
149,032
836,006 Denver & R io G rande___
storv, and where the showing is so uniformly of the Union P a cific___________
Central
o
f
G
eorgia---------147,823
804,568
Chicago M ilw & St P a u l.
146,394
789,492 W heeling & Lake E rie---same character it seems hardly worth while to enu N orthern P a cific________
142,918
749,161 W estern P a cific_________
Great N orthern_________
140,604
723,723 N ashv C hatt & St L o u is.
Burl & Q u in c y ..
merate at length all the individual gains, but we may Chicago
!35.914
660,122 A tch T opeka & Santa Fe
N Y N H J s H artford____
135,463
638,095 Kansas C ity S o u t h e r n ...
Southern R ailw ay______
refer to the case of the Southern Paicfic Co., whic
125,367
627,369 Seaboard Air Line---------Pittsburgh & Lake E rie.
12o,344
616,383 Illinois C entral---------------D
uluth
M
issabe
&
N
o
r
..
has bettered its gross $2,028,302 and its net $1,188, Louisville & N ashville—
] 1 6 .280
616,318 Lehigh V alley----------------113.726
577,534 Lake Erie & W estern-----Chicago
&
N
orth
W
e
s
t
..
963 the travel to the San Francisco Exposition M inn St Paul & S S M ___
113,227
476,495 C olorado & S o u t h e r n ...
110,453
410,879 Chicago & A lto n -----------& O hio_____
having doubtless contributed in no unimportant de Chesapeake
385,324 Union (P a )--------------------M ichigan C entral______
109,421
346,378 San Ant & Aran Pass-----Delaware Lack & W e s t ..
gree to the result. The Union Pacific has distin W
107,125
309,926 El Paso Southwestern—
abash_________________
305,501
St Louis Southwest_____
Representing 56 roads
guished itself by adding $1,073,553 to gross and Central o f N ew Jorsey___
286,000
in our com p ila tio n ..$26,276,556
271,755
Joliet & Eastern___
$836,006 to net; the Northern Pacific by adding Elgin
230,103
A tlantic Coast Line_____
D ecrea ses.
229,581
St Louis & San Fran____
$132,832
$516,878 to gross and $789,492 to net; the Great Delaware & H udson-----222,840 M issouri Kansas & Texas
119,835
R
ock
Island____________
211,141
Bessemer & Lake E rie—
209,928
Northern by adding $1,196,080 to gross and $749,161 Chicago & Eastern 111—
Representing 2 roads
206,455
Boston & M a in e-------------$252,667
in our c o m p ila tio n ..
202,751
to net; the Milwaukee & St. Paul $642,250 to gross Duluth & Iron R a n g e ...
a This is the result for the Pennsylvania R R ., together w i t h?
and $804,568 to net; the North West. $743,843 to vania C o m p a n y and
Pittebureh C in cin ^ U ^ . ' p ^ g y ^ n j a C o m p a n y
S500 998 gain. Including all
gross and $577,534 to net, and the Burlington & Pennsylvania R R . reporting $1,513,01
S 3 ission, the result is a gain o f $3,b40.S5Q.
1 ” ,c
Quincy $515,407 to gross and S/23,/23 to net
C om m erce Comm
,. r - S ta t8.
For Southern roads the improvement is no less
b These figures m erely cover t^ il?P eJ a andS controlled roads, like the
itself. Including the
™
1
“ Nickel P la te," & c., the whole
general, the Louisville & Nashville having enlarged S Cn» o « 'N ^ V o BA ^ Pe °„'& l
.s’ , g i n o f
its gross by $477,183 and its net by $616,318, and the
Southern R y. its gross by $496,246 and its net by "“ It is hardly necessary to say that when the roads
$638 095. The Norfolk & Western has a phenom are arranged in groups or geographical divisions,every
enally good showing, with no less than $1,362,238 division records a striking increase in gross and
equally noteworthy gains in net. Our summary by
increase in gross and $1,066,868 increase in net.
What the activity in the iron trade is doing for the groups is as follows:
SUMMARY BY GROUPS.
ore-carrying roads in the Lake Superior region ap
_ _ _ -------------- G ross E a rn in g s --------------------_
1915
1914.
I n c \ + ) o r D ec .{—)
pears from the improvement of $809,841 in gross and
S ec tio n o r G r o u p .
‘ i
§
$
%
O ctober —
_ , .
12 471 062 +1,033,841 8.29
of $616,383 in net reported by the Duluth Missabee & Group
1 (18 r o a d s ), New England
13,504,903 12,471 00^ ++12 107 721 16.95
2 (85 roads), Eastern & Middle 83,52(,025 ' } ' , 2g'931 + 6 ,019,700 19.21
Northern and the increase of $237,191 in gross and Group
Group 3 (62 roads), Middle West----- 37,349,631 31,
,
g4g 999 15 2o
Groups 4 & 5 (98 roads). Southern
36,768,037 31,J18,U3S
$202,751 in net shown by the Duluth & Iron Range.
Groups 6 & 7 (76 roads). Northwest . 73,113.583 65,446,442 + 7,bb7.l4i
_____ _________
Groups 8 & 9 (90 roads),1
Southwest.. 47,234,457
47,234,^5q i i .S T S .9 1 0 + 3'053’g92 18 37
'
happens that the roads in receivers’ hands are Groul” 10 (47 roads). Pacific Coast— 19,681,739
roada) ..............................311.179,375 274,091,434 +37,087,941 13.57
the only ones that give a poor account of themselves.
Total (476
- N e t E a rn in g s----- M ile a g e ----The Missouri Pacific runs ahead $241,275 in the
1914.
I n c .( .+ ) o r D e c .l—)
1915.
1915.
1914.
$
S
%
S
gross but loses $95,921 in net, and the Missouri Group No. 1 ............ 7,832 7,820 4.691.9S3 3,696,182 +995,801 26.94
21,216,856 +9,515,460 44.85
30,732,316
29,246
No. 2_______29,305
8,810,473 +4,940,275 56.07
Kansas & Texas and the Rock Island have losses in Group
Group No. 3 ------------ 23,528 23,564 13,750,748
8,481,970 +4,535,780 53.48
Nos. 4 & 5 .. 42,146 41,830 13,017,750 25,768,702 +6,383,004 24.77
both gross and net— the former $183,183 in gross Groups
32,151,706
68,208
Groups Nos. 6 & 7 .. 68,521
14,491,286
+1,732,126 11.95
16,223,412
Nos. 8 & 9 .. 57,947 57.775
6,779.520 +1,977,116 29.16
and $132,832 in net and the Rock Island $52,962 in Groups
8,756,636
Group No. 10_______ 18,793 18,566
gross and $119,835 in net. In the following we show
Total
.248,072 247,009 119,324,551 89,244,989 +30,079,562 33.70
all the changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
the extreme northern portlon ot ^ w t
rg a aI1 o{ Michigan except the northern
and in both gross and net:
^ 5 ^ Pennsylvania west of Buffaio and
P R IN C IP A L C H A N G E S IN G R O S S E A R N IN G S IN O C T O B E R
1 IVII’IW
___
T+■>/»*•/>/!
Pennsylvania - - - - .........a®2' 7:56’,729
Now Ycnk Central-------- 9 048 737
Baltimore & Ohio--------
Southern P acific..............
N orfolk & W estern-------Groat N orth ern ...............
Union P a cific----------- Philadelphia & R eadingN Y N 1 U H artford-----Duluth M issabe & N o r. C hicago & N orth W e s t ..
Pittsburgh & Lake E rie.
009 5*^02
? ’362’238
’ lOfl’nxO
’A-'Fr+o
§93,393
809,841
7 4 3 ,84o
707,873
IYICTCCLSCS •
Chicago M ilw & St P a u l.
Illinois C entral__________
Chesapeake & O h io_____
Lehigh V alley----------------Northern P a cific_______
Chicago Burl & Q u in cy. .
A tch Topeka & Santa Fe
Southern R ailw ay______
M inn St Paul & S S M . . .
Louisville & N ashville—
M ichigan C entral______
Delaware Lack & W est. .
Clove Cine C hic & St L ._
$642,250
572,663
572,246
528,855
516,878
515,407
502,526
496,246
484,512
477,183
444,671
423,151
414,581
“
f / F . a n d V . combined include the Southern States south of the Ohio and
east of the Mississippi RiveG
northern peninsula of Michigan all of
w.2?onsin Iowa and Illinois: all of South Dakota and North Dakota
Minnesota, W isconsin, xowa a u
R
c lt y . aiso -all of Montana, Wyoming
an j N eijr^ska^togethe^wU^Colora^north o f a i.ne paraiiei to the State line
passing through Denver. comblned ,nclude a„ of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri^south o^ St. Louis afn<^ ^ a;Cia^ that portion11of
the norhwest corner of the State through
f
e
:
aw a
a
s
r
s
a
and Arizona and the western part of New Mexico.
S &
-.
—
2020
THE CHRONICLE
[Vol . 101.
1914. But for the whole country the average at
OUR HARVESTS IN 1915.
77.2 is the lowest since 1901.
The final estimates of production of our grain
The wheat crop of 1915 at 1,011,505,000 bushels
crops in 1915, as now made public by the Depart exceeds by 120 million bushels that of 1914, the
ment of Agriculture, fully confirm the very satisfac foimei record, this being the fourth year in succession
tory general situation indicated by the preliminary that a new high figure in aggregate wheat yield
approximations issued at various earlier dates. has been set. Since 1912 the yield has risen from
Almost all of the grain harvests— in fact, all but 730 million bushels to 1,011% millions. The
winter wheat, which falls a little under the high gain this year, however, is entirely in spring wheat,
mark then set— are in excess of 1914, and in several this being in direct contrast with 1914. Fallinstances (spring wheat, oats, barley and rye) new
planted wheat came out of the winter in very satis
high records in production are established. Corn,
factory condition, and the loss in area through
moreover, as regards quantity, is only very moder
winter-killing was very small— only a little over a
ately under the bumper yield of 1912, but un
million acres leaving under the crop 40,453,000
fortunately, as a result of unfavorable meteorological
acres— the largest acreage ever reported. In M ay,
conditions in important localities at time of maturing, howevei, adverse weather and the ravages of insects
is below the average in quality, materially reduc reduced the promise quite a little, so that the out
ing its value as food.
turn, which at first was expected to mark a new
Aside from grains, a satisfactory agricultural high record, has proven to be moderately under
outcome, on the whole, is to be noted, even though last year 655,045,000 bushels, comparing with
in most cases previous record marks have not been 684,990,000 bushels. Furthermore, continued rains
reached. White potatoes, a universal food crop, over a considerable portion of the winter-wheat belt
for example, are in quite full supply, notwith- at harvest has rendered a material quantity of the
st nding the fact that the yield has not turned out grain unsuitable for milling and consequently only
to be as bountiful as in 1914. Sweet potatoes, usable for stock feed. Spring-wheat area was in
unaffected by the excessive moisture that in many creased to the extent of nearly 10% this year and
localities unfavorably affected the white variety, the crop has been favored by quite generally satis
make an exceptionally good return, the yield per
factory conditions. The result is seen in the largest
acre being stated as the highest since 1880, and
yield in the history of the country— 356,460,000
the aggregate crop a record one by a wide margin.
bushels, against only 206,027,000 bushels in 1914
Cotton, with area quite measurably reduced the
and the previous record of 330,348,000 bushels in
growing season in important localities below the 1912.
average, and a marked reduction in the use of
In the case of oats, from an area 4 % % greater
fertilizers in localities where artificial aids to pro than in 1914 the Department makes the yield about
ductiveness are considered quite essential, shows 400 million bushels (nearly 35% ) larger, giving a
a material contraction in yield from the record growth ciop of 1,540,362,000 bushels, and establishing a
of 1914-15. But the continuation of the war in new high record, exceeding 1912 by 122 million
Europe acts to seriously restrict demand for the bushels. The crop suffered rather severe damage,
staple, and, moreover, as a considerable proportion however, from excessive rains in a number of im
of last year’s product was carried over into this portant States at time of harvest, but elsewhere
season, there is no dearth of supplies. It is to be the conditions were so exceptionally good that
noted, moreover, that the price situation in this quality in the country, as a whole, is up to the 10staple product is now and has been for the past year average. The barley crop at 237,009,000 '
few months decidedly satisfactory; middling up bushels is a high mark, exhibiting a gain of 42 mil
lands now rulesin the New York market around 12c., lion bushels over 1914 and an increase of 13% mil
or above the average price for the preceding ten-year lions over 1912. The rye yield for the season at
period, whereas at this time last year it commended 49,190,000 bushels, also established by a good
less than 8c. The Department of Agriculture, in margin a new high record and the same is true of
summing up the situation generally in November rice. To indicate the aggregate production for the
stated the production index of all crops of the coun last five years of the five principal cereals referred
try for 1915 at about 7% higher than in the pre to above (corn, wheat, oats, barley and rye) we
ceding year and 17.3% greater than the average of give the following tabulation.
the preceding five years (1909 to 1913.)
CROPS OF W HEAT. CORN. OATS. BARLEY ANI) RYE.
The corn yield is stated at 3,054,535,000 bushels,
T o ta l
D e p a r tm e n t.
D ep a rtm en t.
D e p a r tm en t.
D e p a r tm en t.
D e p a r tm e n t.
1915.
1914.
1913.
1912.
or 381% million bushels more than the production P r o d u c tio n .
*1911.
B u s h e ls .
B u sh els.
B u s h e ls .
B u s h e ls .
of 1914 and only 70 millions below the bumper out C o rn ------- 3.054.535.000
B u s h e ls .
2.672.804.000 2.446.988.000 3.124.746.000
Wheat___ 1.011.505.000 891.017.000 703.380.000 730.267.000 2,531,488.000
turn of 1912. An increased yield over 1914 is Oats______
621.338.000
1.549.362.000 1.141.060.000 1.121.768.000
194.953.000 178.189.000 1.418.337.000 922,i:98,000
Barley___
223.824.000 160.240.000
repoi ted from virtually all the large producing R y e ______ 237,009,000
49,190,000
42,779,000
41,381,000
35,664,000
33,119,000
States, except Michigan, Wisconsin, Minnesota
T otal. . . 5,892,601,000 4.942,613,000 4,551,706,000
5,532,838,000 4,268,483,000
and Iowa, but in some other sections the ultimate
• Department totals revised on basis of Census results for 1009,
result is below early expectations. In the northern
The foiegoing denotes that the aggregate for the
portion of the belt the yield was materially reduced five cereals is not only 950 million bushels greater
by frost damage, a large proportion of the crop in than for 1914, but 360 millions more than for 1912
the States mentioned above, and in the Dakotas, and exceeds the composite high production of those
Nebraska and Montana, as well, failing to mature, crops by 67 million bushels.
having been in the dough or milk or even less mature
The potato crop, at 359,103,000 bushels, ranks
stages at the time of freezing weather. Such corn fourth among the potato crops of the country, having
is very chaffy. The quality in States where injury been exceeded only in 1914, 1912 and 1909, and
by irost was greatest is very low, elsewhere it is then not materially. Quality, however, is lower
generally fair and for the most part better than in than average.
THE CHRONICLE
Dec. 18 1915.)
The hay crop is much better than in a year ago,
8534 million tons, comparing with 70 millions.
Tobacco, although not turning out as well as at
first expected, nevertheless at 1,060,587,000 pounds
is above the average in yield and exceeds 1914
by 26 million pounds. Quality, at 82.6, is the lowest
since 1901.
Although an inconclusive method of arriving
at value, the Department of Agriculture continues
its efforts to indicate the financial return to pro
ducers from their various crops, using as a basis
the farm value per unit on December 1. Without
further comment, we subjoin the result for the five
principal grain
crops as officially announced,
simply as a matter of record.
FARM VALUES ON DECEMBER 1.
1915.
C rop s.
C o m ____
Wheat___
Oats_____
Barley___
R y e ______
1912.
1913.
1914.
1911.
S
S
$
S
S
1,755,859,000 1,722,070,000 1,692,092,000 1,520,454,000 1,565,258,000
930.302.000 878.680.000 610,122.000 555.280.000 543.063.000
555.569.000 499.431.000 439,596,000 452.469.000 414.663.000
95.731.000 112.957.000 139.182.000
122.499.000 105.903.000
26.220.000
23,636,000
27,557.000
37,018,000
41,295,000
Total__ 3,405,524,000 3,243,102,000 2,863,761,000 2.664,796,000 2,689,723,000
Cotton, too, makes a more favorable exhibit than
a year ago, notwithstanding the much smaller pro
duction, there having been a marked recovery in
prices from the low level current last year. There
are gains also in the aggregate values of potatoes
and hay. The Department finally makes the re
turn from 310,527,000 acres, covering the crops
already mentioned, and buckwheat, flaxseed, rice,
sweet potatoes, and sugar beets, as well, $5,381,
973,000, against $4,973,527,000 in 1914 and $4,
966,497,000 in 1913. Furthermore, as indicating
more clearly the favorable nature of the current
year’s financial outcome, we note that from an area
only 3.2% greater this year, the value of the specific
ally stated crops on the basis of December 1 prices,
is 8.2% in excess of last year. And this notwith
standing the fact that the 1915 prices per unit are
in all cases, except buckwheat, flaxseed, sugar
beets and cotton, more or less materially lower than
a year ago.
The average farm values on Dec. 1, as reported by
the Department in each of the last seven years, for
some of the leading crops are subjoined.
AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS.
Wheat........ --per bushel
Oats ..............
Barley............
Rice_________
1915.
1914.
1913.
1912.
1911.
C e n ts .
C e n ts .
C e n ts .
92.0
83.9
36.1
51.7
57.5
78.7
61.6
174.0
90.6
98.6
86.5
43.8
54.3
63.7
76.4
48.9
126.0
92.4
79.9
63.4
39.2
53.7
69.1
75.5
68.7
120.0
85.8
C e n ts .
C e n ts .
76.0
66.3
31.9
50.5
48.7
66.1
50.5
115.0
93.5
87.4
83.2
45.0
86.9
61.8
72.6
79.9
182.0
79.7
1910.
1909.
88.3
71.5
34.4
57.8
48.0
66.1
55.7
232.0
67.8
98.6
71.8
40.2
54.0
57.9
70.1
54.1
153.0
79.4
The farm value of hay December 1 is stated at
$10 70 per ton, against $11 12 in 1914 and $12 43 in
1913; tobacco at 9.1 cents per pound in 1915, against
9.8 cents and 12.8 cents, respectively, and cotton
at 11.2 cents per pound this year, 6.8 cents in 1914,
and 12.2 cents in 1913.
As of interest in connection with the foregoing
we note that most recent estimates indicate much
larger wheat harvests in 1915 than in 1914 in a
number of the other important localities of pro
duction. The official approximation for Canada
is 336,258,000 bushels, or double the yield of last
year, and giving an exportable surplus of 228,132,000
bushels. South American crops are larger than a
year ago generally, and the same is apparently true
of India, North Africa and Japan. The various
2021
countries of Continental Europe, too, excepting
France, report greater yields and late reports from
Australia are to the effect that this year’s surplus
crop— the amount available for export— is some
100,000,000 bushels and the problem of obtaining
vessels to carry it to Europe is a serious one.
PARKER W IL L IS ON THE FUNCTION OF FEDERAL
RESERVE NOTES.
T hree weeks ago w e m ade an expression used b y H . Parker
W illis, the Secretary o f the Federal R eserve B oa rd , to the
effect th a t Federal Reserve notes were being gradually put
out “ with the view o f u ltim ately standardizing the note cur
rency o f the country b y the substitution o f these notes for
other form s of paper currency,” the basis o f editorial com
m en t.
I t has been represented to us th at we did M r . W illis
an injustice in assum ing th a t the statem en t quoted was
intended as an endorsem ent of a n y particular w a y of issuing
Federal R eserve n otes, and wo are referred to a b o o k * ju st
w ritten b y him for a more precise expression o f his view s.
It
does n o t seem to us th at anything w ould be gained b y going
over the ground again, but w e have no objection to quoting
w h at M r . W illis has to say regarding the functions o f the
n otes, as follow s.
[From “ The Federal R eserve,” pages 252-255.]
M a n y who speak o f the currency question seem to think that it is dosirablo for the Federal Reserve banks to force out into circulation, and to
keep out as largo a volum e o f circulating notes as possible, obtaining in
exchange therefor the gold o f the com m unity. Thus it is often argued that
it would be desirable to permit member banks to count Federal Reserve
notes as reserves in their own vaults, tho effect being to m ake them willing
to hold the notes there, and to deposit their cash means with the Federal
Reserve bank, which in turn w ould use these means as a reserve basis
protecting other liabilities— notes and deposit accounts. Such a view , o f
course, ignores the theory upon which the Federal Reserve A ct is founded
— the so-callod “ banking theory” as opposed to the "currency th eory .”
T ho banking theory implies that notes are put into circulation sim ply for
the purpose o f facilitating the exchange o f goods, and that when this pur
pose has been fulfilled they should pass out o f existence. Bank notes|
according to this view , are not a means o f displacing gold and enabling the
hoarding o f tho latter m etal, but are a moans o f providing a substitute for
gold for the purpose o f making exchanges, such substitute to continue in
use so long as there is an actual dem and for it for the transfer o f good s,
and then to go out o f use as soon as this dem and has been satisfied. It
is often pointed out that the Federal Reserve notes, not being legal tender
and not being reserve m oney, can, at the will o f the holder (if a bank) be
prom ptly converted into reserve funds b y the simple process o f depositing
them with the Federal Reserve bank which issued them .
T herefore, it is argued, tho wise course would be that o f making th e
reservo note legal tender to start with, and o f perm itting it to be used in
bank reserves. N o such conclusion can, how ever, fairly be drawn. W hen
the Federal Reserve note is deposited with the Federal Reserve bank which
issues it, and is thereby converted into a deposit credit (reserves), the Fed$
eral Reserve bank is given a means o f tracing and accounting for its lia
bilities at every ste p .
T h e bank knows when tho deposit credit is canceled,
and how effectively and under what conditions it is transferred. It has
entire control o f its own liabilities in this regard. T he reserve deposits
are not legal tender, but they are reserves fo r the member banks. T he
m em ber banks must provide a legal tender for their own custom ers, but
for their own use they have their credits on the books o f the Federal R e
serve bank.
This is a situation totally different in theory from that which would grow
out o f a plan such as that put forw ard in the Aldrich or M onetary Com m is
sion bill— whereby the notes o f the reserve institutions were m ade legal
tender, and available in the member bank reserves. Under those circum
stances there w ould havo been nothing whatever to produce elasticity. The
note issue on its new basis w ill, how ever, be highly elastic and controllable.
There can be no question o f its soundness and convertibility, and none o f
its flexibility. It is perhaps the m ost conspicuous feature o f the new
banking system , because the one that has been m ost discussed, but it is
far from boing the m ost im portant, in view o f the fact that the law, as
already stated, accepts the banking theory o f note issue rather than the socalled currency theory.
“ N o note issue w ithout a transaction to call for it” is the first principle
upon which the Federal Reserve note issue is based. “ N o com m ercial
transaction that cannot obtain a note issue to facilitate It” is the second
principle. Taken together, they im ply that the business com m unity need
not in the future fear, under any conditions reasonable to expect, a deficiency
in circulation.
♦“ T he Federal R eserve," b y Ilcn ry Parker W illis.
da y, Page & C o.
N ew Y ork: D ou ble
ANGLO-FRENCH LOAN S Y N D IC A T E E X P IR E S .
W it h tho dissolution this w eek o f tho underwriting syn
dicate for the $ 5 0 0 ,0 0 0 ,0 0 0 5 % A nglo-F rench External L o an ,
it w as announced that over $ 3 0 0 ,0 0 0 ,0 0 0 o f these bonds had
been takon for investm ent.
T h e larger part o f the bonds
so taken w ent to mombors o f the syndicate w h o, as pre
viously stated , received a rebate o f 1 2 4 % from tho public
offering price of 9 8 . A great m an y investors took advan
I tage of this opportunity to secure the bonds a t 9 6 J4 and
|w ith those buyers o ut of the m arket sales m ad e upon the
! public offering were, it is pointed o u t, necessarily lim ited.
; T h e follow ing statem ent w as issued W e d n esd ay b y J . P .
{ M o rga n & C o ., m anagers o f tho syndicate:
T he managers o f the A nglo-French $500,000,000 External Loan syndi
1cate state that, within the sixty-day life o f the syndicate which expired yes-
THE CHRONICLE
2023
terd a y, over 6 0% o f the bonds purchased b y the syndicate wero taken fo r
Investm ent. O f the bonds so bought for investm ent, the larger part was
naturally taken b y the participants, who joined the syndicate with the idea
o f im m ediately withdrawing their bonds and thus obtaining the benefit
o f the syndicate price.
_
T he size o f the transaction naturall brought in (as syndicate subscribers),
a large num ber o f actual investors. C onsequently, w ith so m an y large in
vestors already out o f the m arket, the sales m ade b y the syndicate upon the
public offering were bound to be in small units and thus to a lim ited aggre
gate. T he am ount o f cash which tho syndicate managers are distributing
to thoso w ho did n ot withdraw thoir bonds for investm ent amounts to be
tween 10% and i l % o f tho am ount o f tho participations.
I t m ust be rem em bered that the smallest unit in which the bonds are
issued is $100. T he managers will accordingly distribute to the nearest
un it.
A s indicated last w eek , the final installm ent o f tho sub
scription b y underwriters o f the loan w as called for on the
14th in st. b y J . P . M o rg a n & C o . as agent of the syndicate
m an agers.
T h is final installm ent w as for 7 5 % .
T h e origi
nal plans con tem plated p aym en t in three installm ents, 2 5 %
O c t. 15, 2 5 % N o v . 15 and 5 0 % D e o . 1 5 . T h e second in
stallm en t, how ever, w as never called. T h e banks acting as
depositaries for the p aym en ts m ad e on the loan h ave paid in
thus far 6 0 % — 1 5 % on N o v . 1 5 , 3 0 % N o v . 2 9 and 1 5 %
[V ol . 101.
President Am erican N atio n a l B a n k , R ich m o n d , V a .; J . W .
Spangler, V ice-P resident Seattle N atio n a l B a n k , S eattle,
W a s h .; W . H . B u ch olz, V ice-P resident O m aha N ation a l
B a n k , O m ah a, N e b ., and W . M . V a n D eu sen , Cashier
N atio n a l N ew a rk B ank ing C o ., N ew a rk , N . J . M e ssrs.
Spangler and Sands were the only absentees.
B IL L
FOR
REGULATION OF STOCK
UNDER DISFAVOR.
E X C H A N GES
T h e bill of Senator Owen for the regulation o f Sto ck E x
changes is considered to have been virtu ally buried on the
13th in s t., when the S e n ate, b y a v ote o f 4 3 to 2 5 , supported
a m otion of Senator H itch cock to transfer the bill from the
C om m ittee on B anking and C urrency, which had charge of
it last y ear, to the C om m ittee on P ost Offices and P ost
R o ad s.
M A N N E R OF RETIRING CIRCULATING NOTES
OF N ATIO NAL B A N K S .
T h e m ethod to bo follow ed in retiring national bank cir
culation and o f refunding the G overnm ent 2 % bonds as
provided for undor Section 18 o f tho Federal R eserve A c t is
J.
P . M o rg a n & C o . yesterday notified the underwriters
outlinod in a statem ent issued b y Secretary of the T reasury
w ho did n ot withdraw their bonds from the syndicate that M c A d o o on the 11th in s t., as follow s:
Secretary M c A d o o has issued regulation establishing tho m ethod o f retir
th ey were now prepared to distribute the securities remaining
in the hands o f the syndicate m em bers in the form o f tem ing national bank circulation and o f refunding United States 2 % bonds
as p rovided by Section 18 o f tho Federal Reserve A ct.
porary bon d s, exchangeable for the definitive bonds when
T ho regulations p rov id e that on and after Decem ber 31 1915 when
engraved.
On D e c . 2 0 the syndicate m anagers will p a y to Section 18 becom es effective, any national bank m ay submit to tho Treas
urer o f the U nited States application to sell at par and accrued interest
m em bers at 9 8 and interest to D e c . 2 0 , their ratablo share
any bonds securing circulation wliich the bank desires to retire. On
iof the bon ds sold, and also their share o f m on eys remaining M arch 31 1916 and quarterly thereafter, tho Treasurer o f tho United
in tho hands of the syndicate m anagers after deducting ex States will subm it to the Federal Reservo Board a list o f all applications
to retire circulation that have been received at least ten days before such
penses already incurred and those for which reservation has
date.
been m ad e. A n y sm all balance of the reserved sum which
T ho Board will pass upon such applications and will advise tho Treasurer
m a y rem ain after the paym en t of expenses n ot y et audited o f any bonds allotted to the Federal Reserve banks for purchaso; there
upon tho Treasurer will call on the Federal Roservo banks required t o
will be ratab ly distributed in due course.
D e c . 13.
C A PIT A L WEALTH OF U N ITE D KINGDOM.
T h e capital w ealth of the U n ited K in gd om is roughly
estim ated b y statisticians a t £ 1 5 ,0 0 0 ,0 0 0 ,0 0 0 ($ 7 5 ,0 0 0 ,0 0 0 ,
0 0 0 ) and the annual incom e a t £ 2 ,4 0 0 ,0 0 0 ,0 0 0 ($ 1 2 ,0 0 0 ,
0 0 0 ,0 0 0 ) , according to a P arliam entary paper issued on
the 16th in st. b y the Chancellor o f the Exchequer in reply
to a question.
___________ __________________
CONFERENCE OF REPRE SE N TA TIV ES OF A M E R IC A N
B A N K E R S ’ ASSOCIATION WITH FEDERAL
,
RESERVE BOARD.
On T u esd a y and W e d n esd ay o f this week the E xecutive
C o m m itte o f the N a tion a l B an k Section, together w ith sev
eral o f the officials o f the A m erican B an k ers’ A ssociation,
headed b y Colonel Farnsw orth, its general Secretary, held
a n im portant conference in W ash in gton w ith the E xecutive
C om m ittee of the Conference o f G overnors of the Federal
R eserve banks and the m em bers of the Federal Reserve
B o a rd .
T h e first d ay was devoted to tho work of the new
banking section, while the second was devoted to conferences
o f the three different bodies.
T h e practical questions dis
cussed included the advisability of am ending the law con
cerning the dealings in dom estic acceptances, tho urging of
the “ Pom erene B ill” now before C ongress, relating to a uni
form bill o f lading; the question o f interlocking directorates
under the C la yton bill, and the advisability o f returning to
m em bers of the Reserve System their capital subscriptions,
either in whole or in p art, but leaving the same subject to
call. W e learn from Secretary Farnsw orth th at both
the G overnors and the Board m em bers expressed satisfac
tion w ith the endeavor of the national bankers o f tho country
in form ing an organization with which the managers of the
R eserve banks and the Board could consult and co-operate
in bringing abou t changes in the A c t which m ay be found
desirable. T h e discussion at b oth m eetings was inform al,
according to Colonel Farnsw orth, who added th at tho spirit
o f the gatherings indicated an earnest desire on tho part of
all concerned to co-operate for the best interests of the country
a t large and the banking com m u n ity.
T h e A m erican B ankers’ A ssociation was represented by
Colonel Farnsw orth, T h om as B . P a to n , the general counsel,
and A rthu r D . W e lto n , in addition to the E xecutive C o m m it
tee o f the N ation a l B an k Section, which consists o f: Presi
d en t, Frederick W . H y d e , Cashier N a tion a l C h autauqua
C o u n ty B a n k , Jam estow n , N . Y . ; First V ice-P resident,
Joseph S . C alfee, Cashier M echanics A m erican N ation a l
B a n k , S t. L ou is, M o .; J . Elw ood C o x , President Com m ercial
N a tio n a l B a n k , H igh P o in t, N . C .; H . E . O tte , V ice-P resi
dent N a tion a l C ity B a n k ,
icago, 111.; Oliver J . Sands,
purchaso the bonds to deposit lawful m oney therefor and after receipt
o f such deposits tho Treasurer will convert into tho Treasury such suras
as m ay bo necessary to redeem tho bonds to bo retired, will rem it tho
balance to the banks selling tho bonds and will transfer titlo o f the bonds
to tho Federal Reservo bank acquiring them . A pplications to rotlro cir
culation which aro not accepted b y tho Board m ust bo subsequently re
newed.
T he regulations further provide that Fedoral Reserve Banks owning
2 % consols o f 1930 or 2% Panam a Canal bonds against which no circulation
is outstanding m ay apply for the conversion o f such bonds into one-year
3 % notes or thirty-year 3 % bonds. Such applications m ay bo subm itted
at any tim e, but conversions will be m ade quarterly only on tho first day
o f January, April, July and O ctober, which aro tho dividend dates fo r the
consols o f 1930.
N ot to exceed ono-half o f tho bonds tendered m ay bo converted int o
notes. Tho notes will bo termed "ono-year Treasury notes;” they will be
payablo one year from date o f issue and a bank applying therefor m ust
execute an obligation to purchaso at recurring m aturities for thirty years
similar notes in like am ounts. Subsequently banks m ay oxchango such
notes fo r 3 % bonds.
These notes will be issued in denom inations o f S I,000, $10,000 and $ 5 0 ,
000. T he bonds will be termed ” 3 % conversion b on d s,” and will bo p a y
able thirty years from January o f tho year o f issue; they will bo issued in
denom inations o f $100. $1,000. $5,000 and $10,000.
B oth notes and bonds will bo issued in registered and coupon form ; they
will boar interest at 3 % , payablo quarterly on tho first day o f Jan uary,
A pril, July and October; they will bo payablo principal and interest in gold
coin o f the present standard o f value and will bo exem pt from all taxation.
T hey will not bo acceptable as security for circulation.
A M E R IC A N B A N K E R S ASSOCIATION CONTENDS E X
CESSIVE IN T E R E S T CHARGES ARE NOT GENERAL.
T ho recent reiteration b y Com ptroller o f tho Currency
John Skelton W illiam s that m an y national banks charge
usurious interest rates, is tho subject o f a discussion in tho
D ecem ber “ Journal” of tho A m erican Bankors Association,
in which it is sought to sustain tho contention of tho N ation a l
B an k Section of the Association that the practice of collecting
excessive interest rates is n ot general, and is confinod to
particular sections. W o quoto from tho “ Journal” as
follow s:
In reply to tho resolutions o f tho Kxocutivo C om m ittee o f tho N ational
Bank Section o f tho Am erican Bankers Association protesting against Ills
allegations that national banks, in m any instances, charge usurious rates
o f interest, tho Com ptroller o f the Currency ropcatod with elaboration
o f detail the charges ho had previously m ado. Ho took up particularly
the assertion m ade in tho resolutions that tho usurious practices aro con
fined " t o som e sections o f the country and aro not general.” A typical
paragraph from tho C om ptroller's letter will illustrate the manner o f the
argument whereby he undertakes to show that tho cxcessivo rates o f interest
are not confined to any particular section but are general:
"W h e n 2,743 national banks in forty-tw o States, covering 98% o f tho
total area o f the continental United States, exclusive o f Alaska, adm it
under oath that thoy are charging 10% or m ore on some o f their loans, and
when 1,022 national banks in tw enty-five States, which include 74% o f the
total area o f tho United States, exclusive o f Alaska, also confessed that thoy
have been charging on an average anywhoro from 10% to 18% or m ore
on all o f their loans, is it not flying in tho faco o f facts to suggest that tho
practice is confined even to a small area or to a few banks” ?
T he 2,743 national banks in forty-tw o States, m entioned by tho C om p
troller, com prise approxim ately ono-third o f all tho national banks, and
1,022 in tw onty-fivo States com prise approxim ately ono-seventh o f all tho
national banks. N um erically speaking, therefore, tho Com ptroller fastens
Dec. 18 1915.]
THE CHRONICLE
2023
A ct, the B oard w ould still have the same pow er to readjust the created
districts, b y virtue o f the subsequent provision expressly giving that
pow er. These words certainly have a meaning and application o f their
ow n, and they clearly relate, it seems to us, to the original creation o f dis
tricts b y the organization com m ittee and indicate the intent o f Congress
that such original creation o f districts m ay be reviewed and changed b y
the Federal R eserve B oard.
Furtherm ore, how can the provision for the subsequent readjustm ent b y
the Federal Reserve B oard o f districts originally created and the creation
o f new districts from tim e to tim e, be squared with the A ttorney-G eneral's
interpretation o f the A ct that the Federal Reserve B oard has no pow er to
abolish districts or banks, but that the power is lim ited to the readjusting
o f boundaries o f d istricts? T his further provision reads:
“ T he districts thus created m ay be readjusted and new districts from tim e
to tim e be created b y tho Federal Reserve B oard not to exceed tw elve in
a ll.”
D oes this not m ean that the districts having been originally created b y
the qrganization com m ittee su bject to review and change b y the Federal
Reserve B oard, the latter m ay thereafter, from tim e to tim e as business
necessity dictates, readjust such originally created districts or abolish them
entirely and create new ones, w ithin the prescribed lim itation as to num ber?
H ow can a new district be created unless an existing district has been
abolished, assuming at the tim e o f creation that the system has the m axi
m um number ? T he adding to a district here or taking aw ay from It there,
thus m erely changing the boundary, would n ot seem to be the creation o f a
new district as contem plated b y tho A ct. T his operation w ould be covered
b y the pow er o f readjustm ent, which is the extent o f pow er con ceded b y
the A ttorney-G eneral; b u t in addition, the Federal R eserve B oard la
expressly given the pow er o f creating new districts from tim e to tim e, n o t
to exceed tw elve in all. T he A ct contem plates that tw elve districts m a y
be originally created, as was In fa ct done, and then provides that n ot only
m ay the districts thus created be readjusted, b u t new districts m ay from
tim e t o tim e be created b y the Federal R eserve B oard, n ot exceeding
tw elve in all. Clearly, under this provision alone, the Federal Reserve
B oard is expressly given pow er to abolish a district and create a new one,
within the prescribed lim itations as to number.
A reasonable interpretation o f the provisions o f Section 2 which we have
been considering w ould seem to be that Congress intended that the organi
zation coTim ittee should prim arily create not less than eight nor m ore than
tw elve districts, giving the ultim ate power o f review o f such creation to the
Federal Reserve B oard when organized, and to further em power the B oard,
after the districts had thus been created b y the organization com m it :ee,
subject t ) review and change b y the B oard, to thereafter re idj ;st such
districts and afterwards, from tim e to tim e, create new districts n ot toexceed tw elve in ail. N o t only does this interpretation seem warranted b y
the provisions o f Section 2, b u t it is fortified b y the logic o f the situation.
Congress itself did not fix the exact number o f districts as between eight
and tw elve, but left that t > the discretion o f those charged w ith the d u ty
o f organizing and supervising the system , realizing that subsequent experi
ence w ould be the best guide. T he discretionary problem s thus left
were n ot only the determ ining o f the exact num ber o f districts,
THOMAS B. BATON CONTENDS THAT RESERVE but readjustm ent o f the same after once being determ ined and the de
sirability o f such changes.
T o the organization com m ittee, subject to
BOARD H A S POWER TO ABOLISH RESERVE
review b y the Federal Reserve B oard, was left t 'i ■ original determ ination
o f the exact nu t ber o f districts, while the subsequent readjustm ent o f the
DISTRICTS.
originally create 1 districts and the creation o f new districts was left solely
A len gth y opinion b y T h o m a s B . P a ton , G eneral Counsel to the Federal Reserve B oard. T o say that t ’:e m ost im portant problem
o f tho A m erican B an k ers’ A ssociation , in which he takes an o f all, the fixing o f the exact number o f districts, was intended to be left
solely to the ephemeral organization com m ittee w ithout pow er o f change,
opposite view from th at o f A ttorn ey-G en eral G regory re
while the lesser function o f m erely adding to or subtracting from the existing
garding tho power o f the Federal Reserve B oard to abolish districts was all that was intended to be conferred upon the perm anent
a Resorve D istrict or b an k , is published in the Association’ s Federal Reserve B oard, seems utterly unreasonable, and is n o t borne out
“ Journal” for D ecem bor. M r . P a ton points o u t th at as the b y the provisions o f tho A ct. It is evident that in tho establishment o f this
new system o f banks, Congress realized that tim e and experience w ould be
A ttorn ey-G en eral (whoso opinion w as printed in our issue required to exactly fit and adjust the number and location o f districts and
o f N o v . 27 ) construes tho A c t , the power o f the B oard is banks to business needs and necessities and therefore m ade provision
lim itod to readjusting the boundaries of districts, adding placing this ultim ate pow er in the Federal Reserve B oard, su bject only to
the broad lim itation that the number o f districts m ust be n ot less than
horo and taking aw ay there, b u t w ith ou t the power o f eight nor m ore than tw elve. Congress itself did n o t essay to determ ine
abolishing districts or of abolishing b an k s.
In setting out whether eight or tw elvo was the best num ber, b ut contem plated that such
his own view s, M r . P a to n , after qu oting Section 2 of the determ ination, while originally m ade b y the tem porary organization co m
m ittee, should be ultim ately m ade b y the Federal Reserve B oard, which,
A c t , rolating to Federal Reserve D istricts, says in part:
being perm anent in character, w ould bo best fitted to determine same. T o
" T o our m ind, the abov e provision clearly grants to the Federal Reserve say that the organization com m ittee was given the sole pow er during the
B oard the power which the Attorney-General denies, at all events to the few m onths o f its existence to unalterably fix the exact number o f districts,
extent o f reducing the number o f districts and o f Reserve cities from tw elve which Congress itself refrained from doing, foreclosing any pow er in this
to eight, as well as o f readjusting boundaries o f existing districts. Congress, regard in the Federal Reserve B oard, in every w a y better equipped to
in passing tho A ct discarded tho principle o f one central reserve bank in determ ine the m atter, seems repugnant to the plain m eaning and intent
favor o f a number o f Federal reserve district banks scattered throughout o f Congress as expressed in Section 2.
the cou ntry, but being uncertain as to tho exact number which w ould best
T he opinion o f the A ttorney-G eneral is m ainly based on the proposition
suit business needs as well as to the exact location o f reserve banks and that the pow er to abolish districts and banks is n ot conferred upon the
districts and realizing those questions could best be determined In tho light Federal Reserve B oard in express terms; but it seems to us, b y a reasonable
o f subsequent experience, vested the pow er o f creating districts and banks interpretation- o f tho provisions o f Section 2, such pow er is expressly con
prim arily in the organization com m ittee, subject only to the lim itation ferred, and if so there is no necessity for searching the A ct to find an Implied
that n ot less than eight nor m ore than tw elve should be created. B ut it power.
granted the ultim ate power to the Federal Reserve B oard, when organized,
T ho only possible d ou b t arises b y reason o f Section 4, which provides
to review and change the work o f the organization com m ittee, in such initial that a Federal Reserve bank shall have power “ to have succession for a
creation, with the further grant o f power to tho B oard, after tho districts period o f twenty years from its organization unless it Is sooner dissolved
woro thus created, o f readjusting such districts and creating now districts b y an A ct o f Congress, or unless its franchise becom es forfeited b y some
from tim e to tim e not exceeding the m aximum number.
violation o f la w .” This, according to tho Attorney-G eneral, is a positive
" T h o initial creation was m ade tho function o f tho organization com m ittee grant o f life for tw enty years subject only to the tw o conditions or con
becauso at such time tho Federal Reserve Board was n ot organized, but tingencies o f (1) dissolution b y A ct o f Congress, or (2) forfeiture o f franchise
the ultim ate power o f review and change o f tho num ber and location o f tho b y violation, and unless these contingencies arise. It Is argued the bank
districts and banks is clearly vested in the Federal Reserve B oard. W ith cannot bo abolished, which would result if a district was abolished. B ut it
regard to tho initial work o f the organization com m itteo, tho A ct provides seems to us, in view o f tho plain provisions o f Section 2 giving the Federal
that ‘ T he determ ination o f such organization com m ittee shall not be subject Reserve B oard pow er to review the determination o f the organization
to roview except b y tho Federal Reserve B oard, when organized.’ Lan com m ittee as to the number o f districts, as well as to create new districts,
guage could hardly be plainer to indicate the Intent o f Congress that when that a court w ould read into Section 4 as a further lnplied condition, the
the Federal Reservo Board cam e into existence it should have power to right o f abolishm ent b y tho Federal Reserve B oard given in Section 2.
revlow the determ ination o f tho organization com m ittee in the designation This provision must be interpreted according to the intention o f Congress
o f n ot loss than eight nor m ore than twelvo cities and the dividing o f the and the intention to give tho Board power to change the number o f districts
cou ntry into districts. T ho power to roviow the determ ination must and consequently abolish the bank in any abolished district, is so clearly
necessarily moan tho pow er to change such determ ination o f the number expressed in Section 2 that, it seems to us. Section 4 m ust be read In
and location o f districts; to reduce the num ber from tw elve to eight If the the light o f such intent and m odified accordingly.
B oard sees flt, as well as to change tho boundaries o f the districts; in other
T he A ttorney-General, as a final conclusion w hy the pow er to abolish a
w ords, to abolish certain o f the districts and banks, as well as to change Federal Reserve D istrict and bank was n ot conferred upon the Federal
tho location or boundaries o f districts, so long as the number o f existing Reserve B oard, states that “ the absence o f any m ention o f such a power In
districts is not less than eight.
the reports o f com m ittees and the debates dealing with the legislation
I t cannot be, as the Attorney-General says, that the provision that the shows that the thought o f conferring it was not in the m ind o f Congress.”
determ ination o f tho organization com m ittee "shall n ot be subject to B ut b y reference to tho Federal Reserve A ct as It passed the H ouse on
roview except b y the Federal Reserve B oard” Is not a grant o f pow er to
Sept. 18 1913 (H . R . 7837), and went to the Senate, the provisions o f Sec
roviow and set aside what has been done b y the organization com m ittee,
tion 2 pertinent to this discussion then read:
b ut m erely has relation to the subsequent provision that "th e districts
"S e c. 2. T hat within ninety days after the passage o f this A c t , or
thus created m ay be readjusted" b y the Federal Reserve B oard, for If the as soon thereafter as practicable, the Secretary o f the Treasury, the
words "ox cop t b y the Federal Reserve B oa rd " were om itted from the Secretary o f Agriculture and the Com ptroller o f the Currency, actln
o n one-third or one-seventh o f national banks the charge o f collecting
excessive interest rates. B u t consideration o f the question numerically
is likely to be misleading. I f it is the Com ptroller’s intention to m ake the
allegation general he will have to consider banks according to capital and
the am ount o f m oney loaned. In N ew Y ork State there are nine gu ilty
national banks out o f 478. I t is a fair assumption that the nine offending
banks aro small institutions which have a small part o f the S165.000.000
o f capital and a still smaller proportion o f the SI .580,000,000 o f loans and
discounts. In M assachusetts there are three offending banks ou t o f 170
and in V irginia there are five out o f 136. In Georgia 66 banks out o f 113
are offenders, according to the C om ptroller. T he capital stock o f all the
national banks in Georgia is only'three-quarters o f the capital stock o f the
C ontinental & Com m ercial N ational Bank o f C hicago and the loans and
discounts o f all the national banks in Georgia (S62.000.000) are approxi
m ately equal to the loans and discounts o f the Irving N ational Bank o f
N ew Y ork . O f the 92 national banks in A labam a 52 are in the C om p
troller’s list as charging excessive interest rates. T he capital stock o f
these 92 banks is approxim ately 810,000,000, or identical w ith that o f the
First N ational Bank o f N ew Y ork . Their loans and discounts are approxi
m ately one-h alf o f those o f the Am erican Exchange N ational Bank o f New
Y ork . In Texas there are 168 national banks classed as offenders b y the
C om ptroller. There are 537 national banks in Texas w ith a capital stock
o f approxim ately S53.000.000, which is equal to that o f the N ational CityBank and the N ational Bank o f C om m erce in N ew Y ork com bin ed, but
their total loans are $5,000,000 less than those o f the latter bank alone.
U nder com parisons w hich show the am ount o f business done it is plain
that the statem ent o f the C om ptroller, so far as it relates to national
banks in general, is m isleading. I t is within the range o f possibility that
the 2,743 national banks in forty-tw o States, covering 9S% o f the tota
area o f the United States, as m entioned b y the C om ptroller, d o less banking
business than the N ational C ity Bank o f N ew Y ork alone. It is possi b e
that they d o as little as a fraction o f 1% o f the total business done b y
national banks in the whole cou ntry and have a capital that bears about the
same relation to the capital o f all the national banks.
...
U ntil the C om ptroller has reduced his statement to som e form which
will show the relative position o f the offending banks in the banking
w orld, he will bo doing an injustice to the great m ajority o f national banks
w hich never violate the laws against usury or propriety, and usually lend
m oney at rates o f interest far below those forbidden b y the statutes.
T h e C om ptroller makes the m atter o f excessive interest rates geographi
cally largo b y adding to his total the area o f every State which lias an
offending bank. Virginia, as a whole, is included because there aro five
offending banks in that State. H e treats other States in the same manner.
T h e ch ief offenders, according to his com pilations, are in the Southern and
Southwestern States, whore agriculture is the great enterprise and where
the risk that attaches is unusually largo. I t is im possible to defend the
rates charged in m any o f the cases ho cites under any circum stances, but
his own figuros show tho justico o f tho contention o f the N ational Bank
Section that the practice is not general and is confined to particular sections.
THE CHRONICLE
2024
as ‘T he Reserve Bank Organization C om m ittee,’ shall designate from
am ong the reserve and central raserve cities now authorized b y law
a number o f such cities to be know n as Federal R eserve cities, and
shall divide the continental U nited States into districts, each district
to contain one o f such Federal Reserve cities; P r o v i d e d , T h a t the dis
tricts shall be apportioned with due regard to the convenience and cus
tom ary course o f business o f the com m unity and shall not necessarily
coincide w ith the area o f such State or States as m ay bo w h olly or in part
included in any given district. The districts thus created m ay be readjus
ted and new districts m ay from tim o to tim e be created b y the Federal
Reserve B oard hereinafter established, acting upon a join t application
m ade b y not less than ton m em ber banks desiring to bo organized into a
new district. T he districts thus constituted shall be know n as Federal
reserve districts and shall be designated b y number according to the
pleasure o f tho organization com m ittee, and no Federal reserve district
shall be abolished, nor the location o f a Federal reserve bank changed,
except upon tho application o f throe-fourths o f the member banks o f such
district. * * * T ho total number o f reserve cities designated b y the
organization com m ittee shall be not less than tw elve * *
A s this bill passed the House o f Representatives, therefore, it provided
that the organization com m ittee should designate not less than tw elve cities
and districts and it conferred upon the Federal R escrvo B oard tho tw o-fold
pow er o f (1) readjusting the districts thus created, and (2) creating new
districts from tim e to tim o. T he latter power was not unlim ited, but
required the application o f at least ten m em ber banks desiring to be or
ganized into a new district. T he first stated pow er, that o f readjustm ent,
was clearly designed to include the power to abolish a district, for it is
expressly provided that “ no Federal reserve district shall be abolished, nor
tho location o f a Federal r&serve bank changed, except upon tho application
o f three-fourths o f tho member banks o f such d istrict.” Furtherm ore, tho
bill in Section 4 provided: “ T he Federal reserve bank so incorporated shall
have succession for a period o f tw enty years from its organization, unless
sooner dissolved b y A ct o f C ongress.” This indicates that the House
o f Representatives intended such provision for a tw enty-year period o f life
n ot to m ilitate against tho pow er o f abolishm ent conferred, and that
Section 4 was im pliedly qualified b y Section 2.
It is, therefore, seen that instead o f the power o f abolishing a district
and bank not being in the m ind o f Congress, such power was expressly
conferred in the bill, as it passed the House o f Representatives, subject
to the lim itation that throe-fourths o f the district members should apply
therefor. In tho A ct as fin a lly passed, this lim itation has been rem oved,
as well as the lim itation that at least ten members m ust apply to authorize
the creation o f a now district, and the Federal Reserve Board has the
absolute power (1) to review tho determ ination o f the organization com
m ittee in the creation o f districts and banks, which necessarily includes tho
pow er o f abolishm ent, and (2) to readjust tho originally created districts
an d from tim o to tim e create new districts, which likewise includes tho
p ow er o f abolishm ent.
F rom a review o f the entire A ct it w ould seem that the Federal Reserve
B oard has the power denied b y the A ttorney-G eneral, and that to hold
otherwise w ould be to thwart the plain intont o f Congress as expressed in
Section 2.
TENNESSEE
B A N K E R S ' COMMITTEE
CHARGES.
ON
USURY
A com m ittee o f Tennessee bankers appointed a t a recent
m eeting o f N ash v ille bankers to confer w ith Com ptroller
o f the Currency W illia m s w ith regard to the charges of
usurious rates, has addressed the follow ing report in tho
m atter to the national banks of the State :
Y o u r com m ittee had a conference w ith the C om ptroller in which ho
gave us tw o and a half hours o f his valuable tim e. W o discussed with
him all phases o f the usury question and examined reports o f national
banks in all sections o f tho cou n try. In these reports we found in m any
localities national banks charging outrageous rates, not only on short
tim e loans, but on a largo part o f tho business that they were d oing. F or
instance, one national bank was averaging 2 5% on loans, w ith m any
others to o nearly approaching this rate. Facts o f this kind were, wo
feci sure, the occasion o f C om ptroller W illiam s's a ctiv ity in this direction.
U nfortunately, it seems that good bankers m ust be m ade to suffer for the
sins o f those who have charged these enorm ous rates.
O f co u rse.it is im possible in a short report like this to give even a sum
m ary o f the ground covered in our discussion w ith M r . W illiam s.
H e insisted, o f course, that he could enter into no agreement to co n
done violations o f the law and suggested that our relief must com e from
our State Legislature. H o expressed him self frankly as anxious to get
any light on the subject, or any suggestions that wo m ight be able to
m ake. H e said to the com m ittee, that ho had no desire to harass the
bankers o f the cou n try, but that it was n ot optional w ith him whether ho
w ould enforce the law or not.
In view o f his very courteous treatm ent o f the com m ittee, and his ex
pressed desire to d o anything in his pow er, we are inclined to believe that
there is no imm inent danger o f drastic action on his part, except in cases
o f flagrant violations o f the law . Please understand, how ever, that
you r com m ittee had no assurances to this effect, b u t m erely gathered this
impression from the general trend o f the discussion. A ll things considered,
w e are inclined to believe the safer course would bo to try to com p ly with
the law.
(Vol. lOi
N E W K A N S A S C IT Y RESERVE B A N K DIRECTORS.
J . Z . M ille r, Chairm an o f the B oard o f the Federal Rosorve
B a n k a t K an sas C ity , announces the unanim ous eloction
o f John C . M itch ell as C lass A director and o f T h om as C .
B ryn e o f O m aha as a Class B director o f tho K an sas C ity R e
serve B a n k .
M r . M itch ell is President o f the D en ver
N atio n a l B a n k , D en ver, and ho succeeds G ordon Jones,
President o f the U nited States N a tion a l B a n k of D onvor
as a Roserve bank director, M r . Jones having declined to
be a candidate for re-election.
U. S. TREASURER B U R K E W AN T S RESERVE ACT
M A D E B E N E F IC IA L TO FARMER.
I urther criticism o f the M inneapolis Federal Reservo
B an k b y John B u rk e, Treasurer of the U n ited S ta tes, is
contained in an address delivered b y him before tho E q u ity
C onvention in S t. Paul on the 8th inst. M r . B u rk o’s
earlier criticisms were referred to in these colum ns on O ct. 2 ,
along w ith the reply m ad e thereto b y John H . R ich , Chair
m a n , and Federal Reserve A g en t of the M inneapolis Reserve
B ank.
H is latest pronouncem ents, in which lie contends
that the farmers o f the N orth w est are n ot benefitting by
tho Federal R eserve A c t to tho extent contem plated b y tho
law , are quoted as follow s in tho S t. P aul “ Pioneer P ress:’ ’
It, indeed, would be strange if there were not something in that law to
aid the farmer in getting credit when there is so m uch agitation the country
over for a rural credits law . T he clause in the bill perm itting the m ember
banks to loan m oney on com m od ity paper backed b y warehouse roceipts
is not o f so m uch benefit to tho farm er because in order to take advantage
o f that clause the farm er m ast put his grain in an elevator and the storage
charge plus the 6 % interest m ight am ount to m ore than he could get the
m oney for from his local banker.
There is another provision in the Reserve Bank A ct which says that the
banks m ay loan m oney for six m onths on notes, drafts and bills drawn for
agricultural purpos&s or for live stock. That is the clause which is o f real
benefit to the farmer.
But the Federal Reserve Bank at M inneapolis has not carried out that
provision and w hy not ? In m y corr&spondence with its Chairman, John n .
R ich, I asked him that question and he has never answered m y letter. '
T he only answer I have seen to it was a statement from M r. R ich in a
M inneapolis newspaper in which he characterized it as "all b unk.”
Here is a clause put in the Bank Bill that obviously was put there for
the farm ers’ good . It is given precedence over other kinds o f paper for it
has a six m onths’ m aturity whereas other paper has only threo m onths’
m aturity. T he purpose o f this was to let tho farmer get his m oney long
enough to finance his crop.
.
“
-
(1 I ui (it
credits law they get a good one. H e said they have been a success in
foreign countries.
l i e reiterated his opinion that tho Reserve Bank at M inneapolis is placing
a narrow construction on the law when it contends that it could loan
m oney only on "term inal" warehouse receipts.
“ D o you think tho bank officials gave that clause an honest construc
tion ? he demanded. “ W asn’t it discrimination against N orth D akota?
There is no better wheat grown than that in N orth D akota and the only
difference between wheat in a D akota elevator and in a terminal elevator
at M inneapolis is the difference in freight.
“ I am not making a fight on the Reserve Bank; I merely want to m ake it
a ctiv e .”
INCOME
TAX
URGED A T H EARIN GS OF M IL L S
COMMITTEE.
T h e M ills Joint Legislative C o m m itte e on T axation closed
its pub.ic hearings on W e d n esd a y w ith opinions from various
city organizations on the three tentative system s which it
pu t forward for consideration soveral weeks ago— see
“ C hronicle” o f N o v . 2 0 , page 16 6 9 .
T h e C om m ittee on
T axa tio n and P ublic R evenue of the M e rc h a n ts’ Association
presented the follow ing resolution, which had been ratified
b y tho directors o f the A ssociation:
R e s o l v e d , T hat o f all the numerous m ethods recently proposed for raising
public revenue b y taxation in case additional revenues are necessary, an
incom e tax is least objectionable, and a tax on merchandise and such p ro p
erty is m ost objectionable for the interests o f this city.
Professor E d w in R . A . Seligm an, Chairm an of tho M a y o r ’s
C om m ittee on T a x a tio n and a w ell-know n advocate o f tho
incom e ta x , reported for th e m ajority of tho com m ittoe.
H o favored an incom e tax and said that tho com m itteo was
T h e report is subm itted b y W e sley D ra n o, T . A . E m b ry opposed to the proposed tax on intangibles. Frederick C .
and F red C ollin s.
Loubuscher presented tho m inority report o f the M a y o r ’s
C om m itteo on T a x a tio n . H o hold that an incom e tax for
local purposes w ould bo w rong, because every cent dorivable
NEW DIRECTOR OF ST. LOUIS FED ERAL RESERVE
from such sources was needed b y tho Federal G overn m en t.
BANK.
H e also hold that unless tho tax on largo incom es was m uch
D a v id C . B ig g s, Treasurer o f the International Shoe greater than on sm all incom es tho tax would be chiofly upon
C o . of S t. L ou is, will succeed M u rra y C arlton as a C lass B earned incom es and n ot unearned incom es, as ho character
director o f the Federal R eserve B an k of th at city on D e c . 3 1 . ized the incom e of the holder o f securities o f corporations.
M r . C arlton tendered his resignation last m on th because H e suggested that a super-tax on land be im posed.
he felt he could n ot devote as m uch tim e to the Reservo
Isaac N . Soligm an, Chairm an of the C om m itteo on T a x a
B a n k ’s affairs as he considered necessary. M r . B iggs is a tion o f the C ham ber o f C om m erce, said that o f tho three
stockholder in , and was form erly a director o f, the Stato proposals presented to his com m ittoe b y tho Joint Legislative
N a tion a l B a n k .
Frank 0 . W a t t s , President o f tho T h ird l C o m m itteo , they thought tho now incom e tax proposition
N a tion a l B a n k o f S t. L ouis, was re-elected a Class A director tho b e st. N o x t to that they deem ed the ability tax , on such
o f tho R eserve B a n k for a term o f three years.
item s as habitation , occupation and salary tho least objoc-
Deo. 18 1915.]
THE CHRONICLE
tionable.
T h e y were averse, how ever, to the proposed tax
on intangible personal property. T h e decision of the com
m itte e , h ow ever, has n ot y et been passed upon b y the
C ham ber of C om m erce, which will n ot hold a general m eet
ing until J an . 2
On T u esd ay the com m ittee heai-d the testim on y o f Pro
fessor T . S . A d a m s , Professor of Political E co n om y a t C or
nell U n iv e rsity , form erly Professor o f the sam e su bject in
the U niversity of W isco n sin , and for five years T a x C om m is
sioner o f W isco n sin .
W h e n asked if the people in W isconsin
are not a little m ore radical than the people here in the E a st,
M r . A d a m s said:
Slightly m ore ready to m ove. I should say, but not m ore radical.
A fter a very wide experience, [continued M r . Adam s,] I have discovered
no general evasion either o f the State or the Federal incom e tax, and I
have been perm itted a m ost thorough exam ination o f all records in the
State o f W isconsin. O f course the tax is strongly opposed b y those who
p ay it. T he richer elements are now paying almost all o f the tax. I f the
m oney secured b y the tax is not wasted b y the Legislature, it necessarily
reduces the tax on real estate.
Personally I regard the incom e tax as a tax on business rather than on
people. T he evidence, the world over, shows that business is m ore and
m ore being forced to pay som e tax. The incom e tax is infinitely the best
tax on business that I know anything about. Hitherto business has been
to a largo extent exem pt from taxation, but it must look forward to some
tax burden in the future. T he incom e tax, how ever, does not penalize
tho small concern, nor the unsuccessful concern, but places the burden on
those who can best afford to bear it.
A n oth er witness on T u esd ay was Professor Charles J .
B u llock of the D ep a rtm en t of Econom ics at H arvard U n i
versity , who expressed the opinion th at the best results would
bo obtained b y a com bin ation of the incom e tax and a tax
on productive property.
W h e n asked how low an exem p
tion he thought would bo advisable if an incom e tax were to
be im posed in this S ta te , Professor B u llock m ad e the fol
lowing significant rem ark:
W hen you start you d on ’ t want to put your exem ption so low that the
average voter will have to p ay an incom e tax.
H e suggested that- the exem ption should n ot be lower
than $ 1 ,5 0 0 .
P R E S ID E N T ’S COUNSEL TO B U S IN E S S M EN .
A challenge to the business m en of the U n ited States to
a pply their m inds to business “ as if th ey were building up
for the world a great constitution of the U n ited S ta tes” was
offered in an address delivered on the 10th in st. b y President
W ilso n before the C olu m b u s (O hio) C h am ber of Com m erce,
in which ho adm onished the business interests o f tho country
for their tim id ity .
R eview ing the h istory o f business dur
ing the past century tho President assorted th at since the
war of 1812 we soom “ deliberately to have chosen to be
provincial— to shut ourselves in upon ourselves, exploit
our own resources for our own benefit rather than for the
benefit of tho rest o f tho w o rld .” - D uring theis period he
contended, “ A m erican business m en wore so interested to
bo protected against tho com petition of other business m en
in other countries, th at th ey proceeded b y organization to
protect thomsolvos against each other and engaged in the
politics o f organization rather than in the statesm anship
o f enterprise.”
W h ile arguing th at as a result o f our provincialism we
have reason to look back upon the past o f A m erican business
w ith some dissatisfaction, the President expressed him self
as looking forward to tho future of A m erican business with
tho greatest confidence. In support o f this view he pointed
out that it looks as if wo would have to bo the reserve force
o f the world in respect to financial and econom ic power—
as if in tho days of reconstruction and recuperation which
are ahead o f Europo, wo would have to do m an y of tho m ost
im portant things which hitherto have been done through
E uropean in stru m en tality. U rging his hearers to share
with him his vision o f tho futuro o f Am orican business, ho
counselled thorn to sweep aside their tim idity and to refrain
from constant appeal to W ash ington for direction. Y o u
do n o t, ho said, need W a sh in g ton — “ there is enough genius
in this co u n try ,” ho addod, “ to m aster the enterprise of
tho world, and it ought n ot to ask odds o f a n y b o d y .”
Below aro tho Prosidont’s remarks in full :
M r. President, Gentlem en o f the Colum bus Cham ber o f C om m erce: I
want first to express m y very deep gratitude to you for the cordial manner
in which you liavo greeted m o, and m y sonse o f privilege in standing here
before you to speak about some o f the things in w hich w e are m utually
Interested. Y ou gontlomen aro perhaps m ore interested in those m atters
o f p olicy which affect tho business o f the cou ntry than in any others; and
yet it has never soemod to mo possible to separate tho business o f a cou ntry
from its essential spirit and the life o f its people. T he m istake that som e
men have m ade has boon in supposing that business was ono thing and
lifo anothor; whereas tlioy are inseparable in their principles and in their
expression.
I must say that in looking back upon tho past thero is som ething abou t tho
history o f business in this cou ntry which is not wholly satisfactory. It
IsUutcrostlng to rem em ber that in the early years o f the R epublic we felt our
selves m oro a part o f tho general world than wo have felt since then. D ow n
2025
to the W ar o f 1812 the seas were full o f Am erican ships. A m erican en
terprise was everywhere expressed in Am erican com m erce when we were a
little nation, and yet now that we are a great nation the seas are almost
bare o f our ships and we trade with other countries at tho convenience o f
the carriers o f other nations.
T h e truth is that after the W ar o f 1812 we seem deliberately to have
chosen to bo provin cial, to shut ourselves in upon ourselves, exploit our
own resources for our own benefit, rather than for the benefit o f the rest
o f the world, and wo did n ot return to address ourselves to foreign com m erce
until our dom estic developm ent had so nearly burst its jack et that there
was no straitjacket in w hich it could be confined.
Neiv Am orican industry in recent years has been crying for an outlet
into the currents o f the w orld. Thero wore some Am erican m inds, som e
American business men— not a few— w ho were not built upon the provin
cial typ e, who did find their w a y into foreign markets and m ade the usual
American peaceful conquest in those foreign markets; b u t others seemed
deliberately to refrain or not to know that thero were opportunities to be
availed o f.
U ntil the recent Banking A ct you cou ld n ot fin d , so far as I am in
form ed, a branch o f an Am orican bank anywhere outside o f the U nited
States, whereas other nations o f the world were doing their banking busi
ness on foreign shores through the instrum entality o f their own bankers.
I was told at a m eeting o f tho Am erican Bankers’ Association that m uch o f
the foreign banking business, the business in foreign exchange, had to be
done In our ports b y branches o f Canadian banks established am ong our
selves.
Being literalists, we interpreted the N ational B anking A ct to m ean, since
it did not say that the national banks cou ld engage in this business, that
they cou ld not engage in it, and some o f the natural, som e o f the necessary,
functions o f banking were n ot perform ed b y A m erican bankers.
I refer to this m erely as an evidence o f what I take leave to call our p ro
vincialism . M oreover, during this period, this very interesting thing hap
pened: T h a t A m erican business men were so interested to b e p rotected
against tho com petition o f other business men in other countries that they
proceeded b y organization to p rotect themselves against each other and
engaged in the politics o f organization rather than in tho statesmanship
o f enterprise.
F or you r organization for tho purpose o f preventing successful com p eti
tion is not in m oral level any higher than running p olitics upon tho basis
o f organization rather than upon tho basis o f statesmanship and achieve
m ent. Organization is necessary to politics and it is necessary to busi
ness; but the o b je ct o f organization ought n ot to be exclusion; it ought to
be efficiency. T h e only legitim ate ob je ct o f organization is efficiency. I t
can never be legitim ate when it is intended for hostile com p etitive pur
poses.
I have never entertained tho slightest jealousy o f those processes o f
organization which led to greater and greater com petency, b ut 1 have al
ways been jealous o f those processes o f organization which were intended
in tho spirit o f exclusion and m on op oly. Because tho spirit o f exclusion
and m onopoly is n ot the Am erican spirit. T ho Am erican spirit is a spirit
o f op p ortunity and o f equal op p ortunity and o f adm itting every m an to
tho race who can stand the pace. So I say that we have reason to look
Dack upon the past o f Am erican business with som e dissatisfaction; but I
for m y part look forw ard to tho futuro o f Am erican business with greatest
confidence.
American business has altered its p oint o f view , and in proportion as
it has altered its point o f view it has gained in power and in m om entum .
I have sometimes heard exhortations to the effect that p olitics ought n ot
to bo injected into business. It is just as im portant that you should not in
je ct business into politics, because so far as the business o f this cou ntry is
concerned there ought n ot to be any politics.
I,
gentlem en, am a D em ocrat, as you probably have heard, and I am
a m ilitant Dem ocrat; but it is because I believe that the principles o f
D em ocracy will be o f m ore service to the cou ntry than any other kind o f
principles. N o t because I believe Dem ocrats are better than R e p u b li
cans; it is because I think R epublicans are mistaken and Dem ocrats rig h t;
and I hope and believe that I hold that con viction in no narrow partisan
spirit. I find that I am ono o f the few men o f m y acquaintance who a bso
lutely believe every w ord, for exam ple, o f the Virginia B ill o f R ights.
M o st men use them for F ourth -of-Ju ly purposes, and use them very
handsomely; but I stand before you and tell you that I believe them . F or
exam ple, tho Virginia B ill o f Rights— I cite that because it was one o f the
first Bills o f R ights; the others were largely m odeled upon it or run along
the same lines— the Virginia Bill o f R ights says that when a G overnm ent
proves unsuitaole to the life o f the people under it (I am not quoting the
language but the meaning) they have a right to alter or abolish it in any
w ay they please.
W hen things were perhaps m oro debatable than they are now abou t our
imm ediate neighbor to tho south o f us, I d o not know how m any m en cam e
to m e and suggested that the Governm ent o f M exico should be altered as
w e thought it ought to bo altered; but being a subscriber to the doctrine o f
the Virginia B ill o f R ights, I could not agree w ith them . T he M exicans
m ay not know what to d o w ith their G overnm ent, but that Is none o f our
business; and so long as I have the pow er to prevent it, n o b o d y shall
“ butt in” to alter it for them .
That is what I m ean b y being a D em ocrat built on the original plan
o f the Bill o f R ights.
N ow those Bills o f Rights say som e things that are very pertinent t o busi
ness. T h e y assert the absolute equality o f right on the part o f individuals
to access to opportunity. T hat is the reason I am opposed to m o n o p o ly ,
not that m on op oly does nor produce som e excellent results o f a kind,
but because it is intended to shut out a lot o f people who ought not to be
shut out; and I believe that D em ocracy is the only thing that vitalizes
a whole people instead o f vitalizing only some o f the people o f the cou n
try. I am n ot fit to be the trustee o f prosperity for’ this cou ntry; neither
are you ; neither is any group o f men fit to be the trustees fo r the econ om ic
guidance o f this cou ntry.
I believe in the com m on m an. I believe the genius o f Am erica to be that
the com m on m an should be consulted as to how he is governed and should
be given the same opportunity with every other man under his G overn
m ent. I believe that that spirit is the spirit o f the average business m an in
A m erica. I am sure that it is the spirit o f the average business man
in A m erica, because, although it is a current theory that the President o f
the U nited States is a very m uch secluded person, a good m any people
talk to him , I assure you , and he takes particular pains to know what
the people are talking about who d o not talk directly to him .
N o b o d y who has been bred in tho atm osphere o f American societies from
one end o f this continent to the other can m istake the spirit o f the average
m an, and I am fo r tho average m an. T he cou n try consists o f him . H e is
tho backbone o f the cou ntry. T ho man w ho is above the average uses him ,
and ought to respect his tool, ought to respect his instrum ent, ought to re
spect the veins through which the very life blood o f the cou ntry flow s.
N ow , w ith regard to the future o f business in this cou n try, no man can
speak w ith confidence, because it happens that the distressing events o f
the m onths since the great E uropean war began have p u t Am erica in a pe-
2026
THE CHRONICLE
[Vol.
101.
culiar relation to the rest o f the w orld. It looks as If we w ould have to be another, o f being the m ediating Influence b y which these things m ay
the reserve force o f the w orld in respect to financial and econ om ic pow er. be induced.
I am n ot now speaking o f governm ental m ediation. I haven’t that in
I t looks as if in the days o f reconstruction and recuperation which are
m ind at all. I mean the spiritual m ediation. I mean tho recognition o f
ahead o f E urope we w ould have to d o m any o f the things, m any o f the
the
w orld that here is a cou n try that has always wanted things done that
m ost im portant things, which hitherto have been done through European
w ay and whose m erchants when they carry their goods will carry their idea
instrum entalities.
,
.
.
..
.
N o m an can say ju st how these m atters are goin g to shape them selves, along with them , and that this spirit o f give and tako, this spirit o f success
b u t every man can see that the opportunity o f Am erica is goin g to be un on ly b y having better goods and better brains and better training, will,
through their influence, spread the m ore rapidly to tho ends o f the w orld .
paralleled and that the resources o f Am erica m ust be put at the service
o f the w orld as they never were put at its service b efore. Therefore it is T hat is what I mean b y the m ediating influence which I think American
com m erce will exert.
Im perative that no im pedim ents should be put in tho w ay o f com m erce with
So I challenge you and men like you throughout the U nited States to
the rest o f the w orld. Y o u cannot sell unless you buy.
C om m erce is only an exalted kind o f barter. T ho bartering m ay n ot b o ap p ly your minds to your business as if you were building up for tho world
direct, b ut directly or indirectly It is an exchange o f com m odities and the a great C onstitution o f the U nited States, as if you were going ou t in the
paym ent o f the balances; and therefore there m ust be no impedim ents to spirit o f service and achievement— the kind o f achievem ent that com es
the free flow o f the currents o f com m erce back and forth between the only through service, the kind o f achievem ent which is statesm anship, the
U nited States upon which the w orld will in part depend and the other statesmanship o f those arrangements which are m ost serviceable to the
countries which she must supply and serve. A nd for tho first tim e, gen w orld. As you d o this, the American spirit, whother it bo labeled so or
tlem en, it happens— I believe, providentially that the business m en o f not, will havo its conquest far and wide, and when we com e back from our
A m erica have an instrum entality in the new banking laws such as they long voya ge o f trade, wo will not feel that we havo left strangors bohlnd
never had before for the ebb and flow and free course o f the natural p ro us, but that we have left friends behind us, and havo com e hom e to sit b y
cesses o f credit. F or the first tim e we are n ot bound up in an inelastic cu r the fireside and speak o f the com m on kinship o f all m ankind.
ren cy. Our credit is current, and that current will run through all the
channels o f com m erce In every part o f the w orld.
A gentleman present here to-d a y told m e that ho had done what I trust
E X T E N SIO N OF WAR REVEN U E ACT.
It is not his habit to d o; ho said he had been looking up an old spoech o f
A resolution, extending for another year, or until D ecem
m ine and that when I addressed tho Am erican Bankers’ Association in
D enver som o years ago I said that I had boon called upon a littlo whilo ber 31 1 9 1 6 , the W a r R evenue A c t , was passed by tho H ouse
beforo to speak to tho bankers o f N ew Y ork on tho elasticity o f tho cur
o f R epresentatives on tho 16th in st. b y a voto o f 2 0 5 to
rency and that I had replied that I spoke upon it with tho m oro freodom
189 and b y the Senate y e sterd ay , after porfunctory de
because I know nothing about it. Being a professor at that tim e on a
salary, I was n ot in a position to know anything o f tho elasticity o f the b a te . T h e A c t , a taxation m easure, w as passed b y Congress
currency. I hope that he is ready to believe that in the tim e that has
in O ctober last year to m eet the falling off in revenues
intervened I have taken pains to fin d out something about the elasticity
T h o resolution calling for tho
o f the currency; for I was an enthusiastic supporter o f tho bill which finally occasioned b y the w ar.
established the Federal Reserve system , and I think that I understand it.
continuance of tho A c t w as adopted a t a caucus of H ouse
A t any rate, gentlem en, jesting apart, it does furnish the business men
o f this country with an instrument such as credit never possessed b e fo ro . D em ocrats on tho 13 th , and it w as roportod to tho H ouse
In his M e ssage of last week President W ilson
C redit is a very spontaneous thing. Its excursions ought not to bo personally on the 15 th .
con du cted. There have been times in this cou n try when the expeditions recom m ended tho im position o f additional taxes to m eet
o f credit were personally con du cted. I cou ld nam e som e o f the agencies
where guides were provided. B ut if you are starting an enterprise in one the T reasury d eficit, and the retention o f tho d u ty on sugar.
T h e D em ocrats o f the W a y s and M e a n s C om m ittee tenta
part o f the country you d o not want any guides; you rather resent guidance
from another part o f the cou n try.
tively considered on tho 13th tho introduction of a resolution
A nd there were times when there were lim ited circles in the eastern p o r
w hich w ould provide for tho continuance o f tho sugar duty
tion o f our great cou ntry who thought they know m oro about business in
the other parts o f the cou ntry than the people who lived in those parts o f
through the repeal o f the free sugar clause of tho U nderw ood
the cou n try. I always doubted them . I now know that they did not.
T a riff A c t , b u t tho m ovem en t w as abandoned when the
T h e vision o f a d em ocracy that I have is this: That you m ust n ot be
Repre
presum ptuous enough to determine beforehand where the vita lity is going opposition it w ould encounter w as m ad e ovident.
to com e from . The beauty o f a dem ocracy is that you nover can tell
sentative K itch in , D em ocratic loader o f tho H ouso, when
when a youngster is born w hat ho is going to d o with yo u , and that, no
questioned as to the purposes w ith regard to tho consideration
m atter how hum bly he is b orn, no m atter where he is b orn, no m atter
o f additional taxes is said to havo stated that tho rovonue
what circum stances hamper him at the start, he has got a chance to master
the minds and lead the imaginations o f the whole cou ntry.
question would be taken up after tho holidays, and it was
T hat is the beau ty o f dem ocracy— that you d o not beforehand pretend
deem ed desirable n o t to a tte m p t m ore a t this tim e than to
to p ick out the vital centers, b ut th ey p ick themselves ou t. T he m en who
are going to lead y ou and dom inate you p ick themselves out and elect m erely provide for the extension o f the W a r Rovenuo A c t .
them selves b y an electoral process over which legislation can havo no
D uring tho debate in tho H ouso on tho 16th on the resolution
con trol whatever. I like to think that tho youngsters now playing som owhero perhaps in a gutter, are som etim o or other going to stand up and continuing tho A c t for another tw elve m onths tho R epubli
speak the v oice o f Am erica for all the w orld to hear.
cans sought unsuccessfully to have the period lim ited to
So I want you to share with m o this vision o f tho futuro o f Am erican
the various term s of three m on th s, four m onths and six
business— o f a cosm opolitan spirit, o f a spirit o f enterprise out o f which
A m otion to recom m it tho b ill, m ado b y R epre
th e old tim id ity has gone. For you will have to adm it, gentlem en, that m on th s.
A m erican business men have been tim id . T h ey have constantly run to
sentative M a n n , the Republican leader, w as lost b y a vote
W ashington and said: “ It looks like rain; for G od ’s sake give us shelter.”
o f 2 0 5 to 19 7.
Y o u d o not need W ashington. There is genius enough in this cou ntry to
R epresentative K itch in , in m aking the principal argumont
master the enterprise o f the w orld, and it ought n ot to ask odds o f a n y b o d y .
I w ould like to have the thrilling pride o f realizing that there was n ob od y in for the resolution, said th a t, w ithout tho extension of tho
Am erica w ho was afraid to m atch wits with tho w orld. W hen I m ove
W a r R even u e A c t and the continuance o f tho present d u ty
about this cou ntry I feel,a s you d o , the vita lity o f the thing that is going
on in it, the quick origination o f m inds when they m eet new circum stances, of one cent a pound on sugar, which autom atically dis
the readiness with which Americans adapt themselves to new circum stances appears M a y 1 1 9 1 6 , the Troasury w ould face a deficit of
— that is the spirit o f conquest.
$ 8 1 ,0 0 0 ,0 0 0 a t the end o f tho current fiscal yoar. B y
I
originally, for exam ple, belonged to a stock which has never failed to
feel at hom e anywhere as soon as it got there— I mean the S cotch-Irish. extending tho W a r R ovenuo B ill and retaining a d u ty on
T he Scotch-Irish have “ taken leave to belong” tho m inute they landed, sugar, ho continued, this deficit m igh t bo cut to about
and presently a good deal else also has belonged to them besides them
T h e Troasury deficit figures o f tho R epublican
selves; and I like to picture that as also typ ical o f Am erica. W hom would $ 6 ,0 0 0 ,0 0 0 .
orators woro m uch largor.
y ou pick out am ong the early Americans as the typical A m erican? Y o u
know that for m ore than a hundred years after the settlement o f this
cou ntry— for nearly a hundred years after the establishment o f the U nion—
T h o Sonato adop ted yesterday a resolution presontod b y
there was always a frontier on this con tin en t, and the typical American
was the m an who did not need any assistance from anywhere or a n y b o d y , Senator G ore on tho 13th in st. calling on tho Troasury
b ut w ho went out into a new cou n try, m ade his own hom e for him self, D ep a rtm en t for an estim ato o f the am ou n t o f rovonuo
established his own governm ent, arranged everything to suit him self, and
obtainable b y placing a d u ty o f 10 cents a pound on tea,
then occasionally wont back to his old hom e rich and pow erful and con
1 .5 cents upon sugar and oxcise tax o f 1 .2 conts a pound
tented. T hat was the typical A m erican.
There was a certain com m unity somewhere in what used to be the on dom estic sugar and 2 5 cents per horsepower on the
frontier back in Jackson’s d ay w h o sent a pitiful plea to W ashington that
Congress would hurry up and give them a territorial form o f governm ent m anufacture o f autom obiles.
because they did not have any governm ent; they happened to be b eyond
the bounds o f the governm ents theretofore set u p . Jackson sent them a
very proper reproof. H e said that they wore the first A m ericans he had
MOBILIZATION OF A M E R IC A N S EC U R ITIE S B Y
heard o f w ho didn’t know how to set up a governm ent for themselves and
GREAT B R IT A IN .
take care o f themselves.
The characteristic American com m unity for a long tim e was tho frontlor
A b ill, introduced b y tho British Chancollor of the E x
com m unity m ade on tho spot and m ade according to the local pattern. So
that when I hear Americans begging to be assisted b y au th ority, I wonder chequer, Reginald M c K e n n a , providing for the m obili
where they were b orn. I wonder how long they have breathed tho air zation o f A m erican securities held in G roat B rita in , passed
o f A m erica. I wonder where their papers o f spiritual naturalization are. its second reading in tho H ouse o f C om m ons on the 13th
F or America now m ay make peaceful conquest o f tho w orld, and I say that
T h e bill em pow ers tho G overnm ent to m obilize
with all the greater confidence, gentlem en, because I believe and hope that in st.
the belief does not spring m erely from the hope that when tho present groat Am orican and Canadian securities, b y purchasing or b y bor
con flict in E urope is over the w orld is going to wear a different aspect.
rowing th em , the securities to be used principally for loans,
I
d o n ot believe that there is going to be any patched-up poace. I believe
that thoughtful men o f every cou ntry and o f every sort will Insist that when or, in case o f necessity, to be sold to m eet G reat B ritain ’ s
we get peace again we shall have guarantees that It will remain and that iabilities in the U n ited S ta tes.
U ndor tho proposod ar
the instrumentalities o f justice will be exalted above the instrum entalities
rangem ent the British G overnm ent will purchase outright
o f force. I believe that the spirit which has hitherto reigned In tho hearts
o f Americans and in like people everywhere in the world w ill assort itself Am erican securities held in G reat B ritain , paying for thorn
once for all In International affairs, and that if A m erica preserves her in fiv e-ye ar 5 % Exchequer bond s.
In explanation o f tho
poise, preserves her self-possession, preserves her attitude o f friendliness
purpose o f the bill M r . M c K e n n a pointed o u t that tho usual
toward all the w orld, she m ay have the privilege, whether In one form o r
Dec. 18 1915.]
THE CHRONICLE
2037
trade balance in favor o f G reat B ritain had been exhausted
Sir George P aish, in a statem ent concerning the plan ,
b y the hugo dem ands m ade upon Am erica for goods for E n g issued on the 14th in st., m akes the follow ing observations:
land and her A llies, and the am ou n ts paid in interest on
The plan is to enable the British people to purchase and pay for the
foreign securities hold in E n glan d , or earned b y British great quantities of American goods and produce they will need to buy in
the next twelve months. Further, it is for the purpose of providing the
shipping, were n ot sufficient to set this righ t.
C onse allies of Great Britain with the sums thoy need to pay for goods purchased
q u en tly, in order to m eet liabilities in the U n ited States, in the United States.
In the last year goods bought from America have been paid for largely in
th ey were obliged to go outside the ordinary course o f trade,
gold, ■and still more largely in securities. Tho amount of gold in tho United
and had to borrow or sell securities.
States is now so colossal that the importation of additional amounts may
T h e Chancellor estim ated th at the A m erican securities lead to wild speculation, and it is undesirable, in every one's interest, that
held in G reat Britain were valued anywhere from £ 3 0 0 ,0 0 0 , a still greater amount of gold should accumulate in the United States, and
desirable that payment should be made for the vast quantities of goods which
0 0 0 to £ 8 0 0 ,0 0 0 ,0 0 0 (S I ,5 0 0 ,0 0 0 ,0 0 0 to $ 4 ,0 0 0 ,0 0 0 ,0 0 0 ), and the Allies aro purchasing in securities of one kind and another, or by means
expressed the hope this w ould be sufficient “ to m eet our of additional credits similar to the one recently granted.
Practically speaking. Great Britain has to provide all the money needed
liabilities and to m aintain exchange in the U n ited States to settle the American favorable trade balance. For 1915, the excess o f
for the period of the w a r .”
exports will probably reach SI ,750,000,000, and after allowing for payment
T h e proposed scheme is an entirely voluntary one, and the of interest, freights, &c., the balance in favor of the United States will
probably reach about SI ,350,000,000, of which about 5400,000,000 will be
Chancellor m ad e it clear th at the G overn m en t had no in settled in gold, $160,000,000 by the recent Franco-British loan and the bal
tention of sw am ping the Am erican m arket w ith securities, ance of about $500,000,000 by sales o f securities.
In 1916 the balance in favor of tho States, in view o f the great quan
which w ould bo unfair to British holders, as they were to be
tities of goods already ordered, may not be far short o f S2,500,000,000,
paid for a t the m arket price.
A s to the arrangem ents and after allowing for interest and other payments the net balance in favor
w ith respect to the provisions for borrowing securities whose o f the States may be in tho neighborhood of $2,000,000,000. With such
a prospect it was essential that Great Britain should mobilize her American
owners wero unwilling or unable to sell, M r . M c K e n n a said:
securities and make necessary preparations for payment of so great a sum.
The Treasury will accept such securities on deposit, subject to the right
The plan of tho British Chancellor Is designed to provide all the money
o f purchase. The securities will be transferred to the Treasury for two that will be needed. British investors, from the individual viewpoint
years from the date o f transfer, and the lender will receive all interest, plus have no need to sell their securities, and would not do so were it not for
one half o f 1 % . calculated on the face value o f the securities. Thie Treasury patriotic reasons. A great many may lend their securities in order that the
will sell the securities at any time on a request from the depositor, and pay money needed to meet tho trade balance in the United States may be paid,
the proceeds in sterling at the exchange rate of the day, or the lender may and it is obvious that the demand in the States for securities will be greatly
make his own arrangements for tho sale on condition that the proceeds are in excess of the amounts which Britishers are likely to sell. Indeed, the
remitted to England through tho Treasury agent in New York.
amount of money which will accumulate in the States is likely to be so great
The Treasury reserves the right, if it thinks it necessary, to sell all or any
that not only will there be no difficulty in absorbing any securities which
such securities after notifying tho depositor. In that case the Treasury will British and French investors may desire to sell, but there will probably be
pay tho quotod New York middle price plus 2 H % . At tho end of the a big surplus for investment in British, French or other Government loans
two-year period tho securities, if unsold, will bo returned to the depositor and in other foreign securities.
in exchange for tho Treasury certificates. Arrangements will be made for
In other words, the United States, by reason of its vast exports, will en
dealings on tho Stock Exchange in Treasury certificates.
joy a greater income than it ever had hitherto, and out of this great income
In tho case o f unquoted or unlisted securities, or o f a ny will have great sums for investment, both in securities which will be returned
whoso curront quotation m ight n ot be regarded as represen from Europe and in various new issues o f securities— European, Canadian
and South American— which may be offered to the American people.
tative o f the truo valu e, the Chancellor explained, the price
would bo fixod b y agreement w ith the person offering th em .
T ho N o w Y o rk dollar price will be rockonod in sterling on P ROM IN EN T E N G L ISH M A N T H IN K S GOLD RESERVE
A G A IN S T B R IT IS H CURRENCY NOTE I S S U E S
tho basis o f tho exchange rate o f the d a y .
E xplaining the
SHOULD B E IN CREA SED.
necessity for tho proviso regarding the em ergency sale of
W h ile in general com m ending the m anner in which G reat
deposited securities, M r . M c K o n n a said:
Unless a condition of that sort existed, the Treasury might find itself in a B ritain has handled tho financial problem s during the w a r,
very awkward position. These securities might be used by institutions F . F aithfull B eg g , in addressing the annual m eeting o f the
here as collateral for borrowing in the United States, but if the lender knew
that tho borrower could not realize on his securities the borrower might find London & C olonial In vestm en t Corporation, L t d ., on N o v .
himself in great difficulty with tho lender. It is really essential to put 2 5 entered a criticism on tw o vital points. M r . B eg g con
the two partios to the bargain on the same footing.
ceded that if it had not been for tho capable handling o f the
T ho B an k of E n glan d announced on tho 16th in st. that situation b y the G ov ern m e n t, no one could have told to w h at
it was prepared to receive application for fivo-year E xchequer extent securities w ould have depreciated. H e expressed
bon d s. T h e issue is to be unlim ited.
T h e bonds will be in concern, how ever, over the increase of currency note issues
denom inations o f £ 1 0 0 , £ 2 0 0 , £ 5 0 0 , £ 1 ,0 0 0 and £ 2 ,5 0 0 , w ith w ith so narrow a m argin o f gold reserve, and thought the
intorest payable sem i-an n u ally. T h o y will be redeem able
G overnm ent ought to have foreseen and m ade earlier efforts
on D e c . 1 1 9 20 .
T h e price of issue is fixod a t par.
I t is
to provide against the collapse o f A m erican exchange.
M r.
stated th at where tho bonds aro held b y foreign investors
B egg also expressed the opinion th at when the last war loan
resident abroad tho interest will be payable free of all British
was brought o u t, steps should have been taken to allow the
taxes. T h is issue, in the event o f futuro war loan s, it is
U n ited States to participate, thereby reducing G reat B rita in ’ s
explained, will be accepted as equivalent to cash to the am ount
obligations to it.
T h e London “ Financial T im e s ,” in re
o f the face valuo for the purpose o f subscriptions to a n y such ferring to M r . B e g g ’s rem arks on the currency note issues,
loan.
In vestors, it is added, will bo perm itted to apply says:
for a n y am ou n t thoy desire, m aking p aym en t in cash or
Dealing with the general situation, he (Mr. Begg) said that as a financial
company interested in a varied selection of securities, there was one con
A m erican socuritios.
In replying to a question regarding tho plan for the m obili sideration which affected them closely apart from the individual merits
of tho investments which they held— namely, tho nature of the methods
zation of the A m erican securities, Chancellor M c K e n n a on which had been, and were being, employed to safeguard the financial situa
the 16th stated th at South A m erican securities carrying the tion as a whole. He thought they might fairly say that the Government
right to be paid in the U n ited States in U n ited States cur had deserved well of tho country in respect of its methods of handling
financial problems, but there were two criticisms as to which he desired to
rency fall within tho scopo o f tho m easure.
say a word. These had reference to tho management of tho issue of cur
rency
notes and tho failure to deal in time adequately, or at all, with the
D urin g the debate on tho W a r O bligations bill in tho H ouse
question of the American exchange. His criticism upon the management
on tho 16th M r . M c K e n n a , replying to W o rth in gton E v a n s, of the currency note issue was that tho policy had not been consistent, and
who urged th at Canadian securities be left o u t o f tho plan that the situation had been allowed to become one involving a certain
for m obilizing A m erican securities, stated th at b oth the amount of danger. The issue was unlimited in amount, and there was
no definite provision in tho Act for the security or convertibility of the notes
Canadian G overn m en t and tho British G overn m en t approved other than the credit of tho Government. In the earlier stages the Govern
ment,
recognizing the importance o f these points, built up a gold reserve
tho inclusion of Canadian securities, bu t the greatest care
which, when the total issue of notes rose to £37,405,000, amounted to
w ould bo taken to prosorvo tho interests o f C an ada in placing
£28,500,000, or 73.5% of tho issue. Since then the total issue had risen
securities on tho m ark et.
T h e Chancellor agreed th at it was to £88,551,000, but no more gold had been set aside, so that the proportion
o
f gold to notes had fallen to 32.2% . Now, either the earlier policy was
“ very undesirablo th at control o f tho great C anadian rail
unnecessary, or the present policy was too weak. He was aware that the
w ays should pass into foreign h an d s, and stops will be taken
decision to cease to accumulate gold synchronized with the collapse o f the
to prevent t h a t .”
M r . E v an s had expressed the fear that American exchange, and that tho gold which had since come in in exchange
the G overn m en t’s plan m igh t have the effect of transferring for the additional notes issued, or rather forced into circulation by the action
of the Government itself through the public departments, had been used
control o f Canadian industries and railroads to the U n ited for remittances to America. His point was that they were approaching
S ta tes, w hich, ho th ou gh t, w ould bo a disaster. M r . M c a situation when the convertibility of these notes would be endangered. If
K en n a said care w ould bo exercised to guard against such this were so, the question was of grave importance, because any indication
of such a result would at once destroy the position of London as the only free
an outcom o.
“ In no case,” he said , “ will wo bo willing to market for gold in the world.
'
His second point of criticism was with regard to the collapse of the Amer
tako an am ou n t of Canadian securities which w ould endanger
ican
exchange.
There
could
bo
no
doubt
whatever
that the Government
ownership o f the railw ays. T h o G overn m en t will a ct in
should have foreseen and made at least efforts to provide earlier against
strict con form ity to tho wishes and policy o f the D om inion this collapse. They knew that immense sums would be needed to pay for
G ovorn m on t and also, I h op e, in con form ity to the wishes tho supplies which were being ordered in the United States and Canada.
N o one but themselves knew the extent of these commitments, but mani
o f tho U n ited States G o v e rn m e n t.”
festly they could not be discharged in gold, and could only be discharged
by means of loans in America. There was no other possible means of meet-
2028
THE CHRONICLE
ing them, yet the Government allowed the opportunity o f the Issue of the
last war loan to go by without taking any steps so to arrange that tho United
States might participate and our obligations to their country bo thus re
duced. Suddenly, in the early part o f August the exchange with America
fell like a stone nearly 30 points, and ever since the Government had been
doing all they could to remedy the position, but the Commission which was
sent to America should have been sent sooner and the Government should
have foreseen that the emergency would arise. Tho Government was en
titled to every credit for the admirable way in which in the main tho finan
cial difficulties arising out of tho war crisis had been met. He hoped, there
fore, he might be pardoned for having offered a word o f criticism in connec
tion with matters in which their policy had been, in his judgment, less suc
cessful.
____________
DR. H ELFFERICII ON F IN A N C E S OF G E R M A N Y A N D
E N E M Y COUNTRIES.
Referring to the unsold am ou n t o f A n glo-F ren ch bonds in
the U n ited S ta tes, which he stated w as estim ated as between
$ 1 5 0 ,0 0 0 ,0 0 0 and $ 3 5 0 ,0 0 0 ,0 0 0 , D r . K a rl H elfferich, Secre
tary o f the Im perial G erm an T reasu ry, characterized the
credit as a failure, in an address before the R eichstag on the
15th in st. H is rem arks concerning the credit o f the enem y
countries were m ad e in the course o f a speech in support of
th e bill for a supplem entary G erm an war credit o f 1 0 ,0 0 0 ,
0 0 0 ,0 0 0 m arks ($ 2 ,5 0 0 ,0 0 0 ,0 0 0 ) .
H e denied the assertions
m ad e b y newspapers in foreign countries th at the success of
G erm a n y ’ s w ar loans w as fictitious and possible on ly through
loans o f subscribers through the war credit ban k s. T h e loans
through these in stitu tion s, he said, totaled 1 ,6 0 0 ,0 0 0 ,0 0 0
m arks ($ 4 0 0 ,0 0 0 ,0 0 0 ), as com pared w ith 2 5 ,0 0 0 ,0 0 0 ,0 0 0
m arks ($ 6 ,2 5 0 ,0 0 0 ,0 0 0 ) through subscriptions. T h e news
papers in giving an account o f his speech say:
After declaring that English attempts to raise loans in that country had
been failures, he said:
"Difficult conditions in the English money market were accompanied by
deterioration in the English rate o f exchange. England was threatened
with injury to her prestige in the international money market, endanger
ing her supply o f war materials and provisions from America. Under the
pressure of this situation, England and France sought credit in America.
“ The result did not correspond to expectations, and accordingly both
soon attempted to obtain further credit. Their small success was due
largely to the resistance o f American citizens of German origin.”
Dr. Helfferich then compared the course of giltedged securities of France,
England and Germany before the war and now.
"W e are paying almost exclusively to ourselves,” he said, "while tho
enemy is paying abroad. Therein lies the guarantee that in tho future wo
shall maintain the advantage.
" I t must be added that money is something different and more important
with England than with us. The British Empire was largely built up on
and maintained by British money power. England formed her alliances
her Tvars for the most part with money. In the present tvar also
England hopes to proceed according to this method, but our bravo troops
forced England to stake not only English money but English blood.
"The raising o f strong armies increased England’s war costs boundlessly
and brought English finances to a state which is continually described by
British statesmen as extremely serious. With the shaking of the English
financial power tho foundation o f the British Empire is tottering.
"Germany’s relation to money is different. She can bear to become
poorer and always remain what she is.
e endured tho Thirty Years
War and the Napoleonic Wars. W e were sucked dry, plundered, beaten,
cut up, but wo always worked our way out and grew together again. But
when the British Empire has gone to pieces it will never rise.
“ Yet this nation, England, pronounces the outrageous words regarding
a war o f exhaustion. W e know we possess what we need to live and fight.
Bread, potatoes and other necessaries are cheaper than in England or
France. The enemy shall know that we would rather forego all abundance,
bear all hardship, than suffer the enemy to command us. The enemy shall
know, furthermore, that the sharp sword, tho unbroken fighting spirit and
confidence o f victory are at our disposal. The German iron fist, which
just now has blown the iron gate and opened a broad road to the East,
is ready if our enemies wish to strike anew.”
Referring to his estimates in August that the total cost o f the war to all
the belligerents was almost 300,000,000 marks daily, Dr. Helfferich said that
this amount could now be estimated at from 320,000,000 to 330,000,000
marks. This would make a yearly cost o f almost 120,000,000,000 marks
($30,000,000,000), he said, an amount equal to half tho total valuation of
the public and private wealth o f France before the war. He said that al
most two-thirds o f this expenditure was shouldered by tho Entente Allies,
and a little over a third by Germany and her allies. He said ho could
modestly assert that Germany and her allies, with an expenditure much
smaller than their opponents, had accomplished more than the latter.
Dr. Helfferich then embarked on a long comparison o f tho successes
of Germany and her foes in financing the war. n o pointed out that
Germany had covered the greatest part o f her expenditures by long-term
loans. He said that only Great Britain, in tho other camp, had had any
success in doing this. That country had, with approximately the same
expenditures, covered 18,500,000,000 marks as compared with Germany’s
25,500,000,000 marks, through long-term loans. France, which hitherto
had placed the minimal part of her war costs in ten-year obligations and
covered everything else by short-term emissions, said Dr. Helfferich, was
now making desperate efforts with a 5 % loan at a low-priced issuo.
A second pointed difference, said the speaker, was that Germany hitherto
had drawn her funds almost exclusively from home sources, while her
opponents had been forced to tap sources abroad, particularly the United
States. A third point, he said was that the conditions o f each successive
German loan improved, the issue price o f tho 5% typo having been 9714,
9814 and 99 for the three loans and the subscriptions respectively 4,500,
0 0 0 ,0 0 0 marks, 9 .0 0 0 ,0 0 0 ,0 0 0 marks and 12,500,000,000 marks, n e
asserted that the conditions o f the loans in enemy countries had grown
progressively worse.
The French papers, said Dr. Helfferich, which, when Germany announced
her first 5% loan, spoke o f an impending state o f bankruptcy in Germany,
are now glorifying, as "the loan o f victory,” the 5% French loan issued at
8 8 , or in reality at about 8 6 .8 .
Dr. Helfferich declared that Great Britain had underestimated the costs
of the war badly. He asserted that a statement by Sir Edward Grey,
British Secretary o f State for Foreign Affairs, at the outbreak o f the war
[Vol. 101.
that tho conflict would impose hardly greater sacrifices on Great Britain If
she participated than if she remained neutral, would scarcely bo repeatod
now. He said David Lloyd-George’s idea at the outset of tho war that, in
accordance with British traditions, it could be financed to a large extent
through extra taxation, had met with a stumbling-block in Parliament, and
that the taxation proposals, instead of financing a material part of tho
war costs, would scarcely suffice to pay the interest burden. He added
that Great Britain was struggling to maintain the balanco in tho ordinary
budget.
Dr. Helfferich then reviewed tho successive British loans, which ho said
had brought England from a 3)4% to a 4)4% basis and presumably to a
5 % basis for tho next loan. He also discussed the relative depreciation
of British and German Government stocks and tho effect of this on the
Franco-British loan in America. Tho effective intorest rate on this loan
said Dr. Helfferich, was over 6 % , and even at that rate tho bonds had
sunk below tho issue price.
D r . H elfferich also predicted for tho B ritish E m pire the
fate which befell B elshazzar’s kingdom . W o quote from the
“ T im es” account (which was received in a wiroless dispatch
from Berlin b y w ay o f Sayvillo) tho follow ing extract from
his rem arks on this point:
Responsibility for the blood which will flow from now on, for tho misery
which comes upon the world, for the danger to which civilization is exposed,
falls not upon Germany, but upon thoso who cannot resolve to draw the
conclusion from Germany’s military successes which no one can dispute any
longer. The responsibility falls upon those who, in their foolish and crim
inal illusion, still speak of annihilation and partition of Germany and
of a war of exhaustion.
We stand like rocks in the soil of the homo country, and on tho columns
of the British Empire are written in glowing letters the same words as wore
written on the wall of Belshazzar’s palace.
(Tho reference is to the words “ Mene, mene, tokel, upharsin,” thus
interpreted by the prophet Daniel: "Mene; God hath numborod thy king
dom, and finished it. Teke ; thou art wolghed in the balances and art
found wanting. Pores; thy kindgom is divided, and given to tho Modes
and Persians.” ]
_____________
I T A L I A N LOAN S Y N D IC A T E CLOSED.
I t w as announced yesterday (D e c . 17) b y L ee , H igginson
& C o . th at the syndicate for the $ 2 5 ,0 0 0 ,0 0 0 6 % Italian
G overnm ent one-year loan had been closed, the notes having
all been sold. F u ll particulars of tho loan will be found in
the advertisem ent which appeared in our issue o f O ct. 3 0 .
RAILROADS STILL HAVE ID L E CARS.
N otw ith stan din g the congestion o f freight a t the A tlantio
seaboard terminals o f tho railroads, duo to tho fa ct that
there is n ot enough ocean freight room to carry o ff tho large
volum e o f export freight for tho belligerent countries of
E u rop e, the railroads o f tho U nited States still hold equip
m en t in excess o f their needs, though in cortain parts of
the country there are cases whore cars are in insufficient
supp ly. A s a m atter o f fa c t, the statem ent o f the Am erican
R ailw ay Association for D ecem ber 1, ju st issued, shows
th at during N ov em b er the num ber o f idle cars increased
from 5 5 ,7 9 3 to 6 0 ,7 9 3 , while on the other h and , the total
shortage w as reduced from 2 7 ,5 2 5 cars to 2 2 ,5 9 4 .
Hero is
the statem ent referred to :
T n E AM ERICAN RAILW AY ASSOCIATION.
Committee on Relations Between Railroads, Arthur Hale, Chairman,
C h ic a g o , D ecem b er 13 1915.
The Committee presents herewith Statistical Statement No. 11, giving
a summary of freight car surpluses and shortages for December 1 1915,
with comparisons:
Total Surplus_/December 1 19 1 5 ..------- ------------------------ 60,793
1 November 1 1915____________________ 55,793
The surplus for November 1 1915, shown above, includes figures reported
since the issue o f Statistical Statement No. 10.
The total surplus of 60,793 cars is well distributed over the entire country
and consists of all classes of equipment. The largest surpluses are in
Group 6 (Northwest) and Group 10 (Pacific Coast).
Total Shortage-/ December 1 1915_____________________ 22,594
(November 1 1915______________________ 27,525
The shortage for November 1 1915, shown above, includes figuros
reported since the issue of Statistical Statement No. 10.
The total shortage is approximately 5,000 less than reported for Novem
ber 1st. About one-half of the box car shortage of 14,845 cars is in Canada,
and the remainder is divided between all groups. Tho coal car shortage,
which is reduced to 5,946 cars, is practically al in Eastern territory (Group
2) and C. F. A. territory (Group 3.)
Tho figures by classes of cars follow :
Classes—
Surplus.
Shortage.
Box.......................................................................... 15.441
14.845
F la t ________________________________________ 7,602
310
16,599
5,946
Coal and gondola-----------------------Miscellaneous------- ------------------------- -— - —21,151
1,493
T o ta l............................................................ 60,793
22,594
N o t e ,— The figures for December 1 1914 are not available.
THE R IS E I N BOND PRICES.
O ne o f the features of the last tw o m onths has been the
a ctiv ity and notable rise in all classes o f bonds on the N ow
Y o r k Stock E xch an ge.
T h is is interestingly referred to in
the m on th ly circular of Spencer T rask & C o ., as follow s:
For tho first time in years tho bond markot has far out-distancod the
stock market in activity and breadth. Buying has como from every quar
ter institutional and private, and all classos of bonds havo felt tho vitalizing
force of the demand, from tho high-grade municipal and railroad bond down
to tho poorer industrial issuo. Prices havo advanced an avorago of 3)4
Dec. 18 1915.]
THE CHRONICLE
points and now show an advance of over 5 points over the September aver
age, which was the lowest in 17 years. The average is now 2 points above
July 30 1914, the last trading day bofore the closing o f the Exchange, and
is practically tho same as for June 1914, which was the last full month
before tho war in which economic and financial forces were free to determine
tho course o f tho markets.
The November record o f dealings in bonds on the New York Stock Ex
change shows a turnover o f $123,078,000, against §104,122,500 in October,
and an averago o f $75,685,563 per month for the 11 months of the year!
Even these figures fail to give a proper conception o f the volumo of business,
as trading over the counter has been exceedingly large— in fact, it has been
on such a scale that many bond houses are approaching the end of the year
with almost baro shelves, and December is usually one o f tho busiest
months o f tho year for investment houses. There is consequently a good
opening for new issues, and that this is roalized is evident from tho fact that
within tho past few days tho Atchison has disposed o f $10,000,000 preferred
stock at private sale, and tho Baltimore & Ohio has sold to bankers $60,
000.000 5% refunding bonds. In addition there have been several other
issues o f lesser importance, the total now offerings for last week alono
amounting to $74,400,000, against a total of $70,338,000 for tho whole
of October.
Besides these now issues, a combination o f ten American banking insti
tutions has arranged a banking credit of $50,000,000 for six months at 4 ^ %
with eight representative British joint stock banks, and it is known that
Russia is actively negotiating for a credit o f $60,000,000.
With money as plentiful as it is, all this financing can readily bo accom
plished without danger o f increasing interest rates, and tho bond market
has consequently nothing to fear on this score for the immediate future
anyway. Another bearish point on bonds has also been removed for the
presont through tho sharp advance in sterling exchange from 4.60M to
above 4.70, which would represent a difference o f over 2 points, against
the British seller o f American bonds. In addition to this favorable de
velopment for our markets, tho British Government is now stated to bo pre
paring a plan whereby it would borrow British holdings of American bonds
on the basis of paying ono-half per cent above the coupon rate. If some
such agreement as this could be made it would further strengthen our
markets and would leavo us that much freer to finance new undertakings.
W e notice th at F arson , Son & C o . express the opinion
th at m unicipal bonds will in the near fu tu re sell on a 3 % %
basis.
H ere is the statem ent to th at effect contained in
their D ecem ber circular:
Wo believe prices o f municipal bonds will advance considerably from
presont figures. In our opinion bonds o f the larger cities of New York
State, such as Albany, Buffalo, &c., will in tho near future sell an a 3 % %
Income basis, if not higher. We strongly recommend the purchase of highgrado bonds at the present time and anticipate a period o f great prosperity
for this country which will undoubtedly bo accompanied by a largely in
creased demand for sound investments.
E X C H A N G E R A T ES H A N D IC A P A M E R IC A N TRADE.
2029
Just consider how helpful it would be now to the country’s welfare if our
railroads had the.facilities needed at this very moment to handle our export
commerce I might almost say, under existing circumstances, the world's
commerce.
Certainly the present situation in which the railroads of this country find
hemselves should bo adequate proof to the people that our railroads should
bo prepared for any possible emergency, whether it be to handle an extra
ordinary quantity of traffic, such as is now being offered for transportation,
p e rfo rm ^ extraordlnary service the Government might call on them to
Tlrcnhi°-Very exlste“ co
^ho nation, in the unhappy event of a war, might
the trnm^ndn°n ith 0 iabllluy ° f ° Ur interior transportation systems to bear
T o bn
n fbUrH°-n that WOU,d be put upon them- without collapsing,
who^e, they h a ^ t o - T y . ’
7
^
mUCh “ 0re than’ as a
IasThthrn^m^dri« aV°rI)lay0d an important Part in all the great wars of the
n*Hnn
? [
-0f a century’ that is, in every principal struggle of
nations and rulers since the wars of Napoleon. But hover before havo they
assumed the importance that they hold in the present war. Practically
elnt 7 firea! campaign in Europe during the last fourteen months has
W H n n ’ ; \0m° cruc,ial stag0’ about the possession of a railway line or
junction point control of which meant rail communication, or the loss
o f it. for one side or the other. Tho whole land campaign in tho Balkan
aDd h° mtrfcaclos and ramifications and intrigues of diplomacy
that have accompanied it, resolve themselves into a struggle, on tho one
ba!!d^ t0,0Stab lsb a line o f railroad communication between'Central Europe
a l1 n^Urkey’ aDd’ ° n thG ° ther hand’ 40 prevent the establishment of such
The ability o f the Germanic allies thus far to exist within the “ Iron
but to r i l - r ?
PreVIen,t ib from contracting with a crushing pressure,
but to push it back hero and there and even to break through it in places is
nerfpotr-s0, ^ V 0 many factors- but certainly to none more than to that
tion at°an°vf HlanS and facilities for railroad transportation in every direc
tion, at any time, which was one o f the principal elements in Teutonic
bF PaFedn.?ss’. . Bybe1f railroads Germany has kept her armies and material
swiftness
and !"hoy haye
flowed from °ae frontier to another with the
swittness and smoothness
of water.
The German railroads were built and developed, under a militaristic
n r f v ^ '^ - f h a first oy® for military use. Our railroads were built by
private capital to serve the needs o f the commerce o f a non-militant poodIo
and are in themselves commercial enterprises. This, however, in no wav’
dotracts from their value for military purposes, since economic law has
seen to it that they connect the centers from which men and supplies must
bo drawn in case of war.
The American people can make no wiser investment in military pre
paredness, and can buy no stronger assurance for the preservation of the
nation s integrity, than by allowing their privately owned railroads suffi
cient income at all times:
1. To bring all track and roadway up to standard conditions and main
tain it thus.
2. To construct the double, triple and quadruple tracking and to make
tho terminal extensions and improvements that are required now, by the
needs of peace, and which would be of immeasurably greater value if the
railroads were over called upon to assist in military operations.
3. To acquire sufficient supplies o f locomotives and cars o f modern
typos and to reconstruct or replace all obsolete equipment.
4. To hold in the service a sufficient number o f well-trained, well-paid
and satisfied men. both officers and employees, to assure prompt and efficiont operation in any emergency.
A n illustration as to how existing exchange rates handicap
A m erican trade is furnished b y Consul P au l H . F oster,
Jerez de la F ron tera, Sp ain , under date o f N o v . 10, and is
given in the D ep a rtm en t o f C om m erce “ C om m erce R e
ports” o f the 11th in st. as follows:
On current quotations the local banks sell exchange on Paris, London and
Some railroad systems are substantially in this condition at the present
New York at the following rates: Paris, 100 francs at 90.35 pesetas- London
pound sterling at 25 pesetas; New York, dollar at 5.42 pesetas There’ time, but many, less fortunately situated, are not. I f all were enabled to
become so within a reasonable time the nation would be possessed of a
fore, if the Spanish merchant purchases merchandise to the value o f t l on in" military
resource o f inestimable value.
each o f tho throe countries (assuming original cost and freight to be Z
ii
To gain a more vivid idea o f what our railroads could be—and ought to
when he purchases exchange to settle these three invoices hi*
be— as factors in preparedness and as elements In an adequate plan of na
will have cost him as follows: France, 468 pesetas E n ^ n d ?82 p ^ a s - tional defense, let us turn our thoughts to some concrete facts. Let us for
United States, 542 pesetas. Under abnormal conditions and in commodi example, take the Pennsylvania Railroad System, with its associated lines
ties tho supply o f which is temporarily hampered business is possible under and consider what part it could play and what it could offer the nation ta
these rates but it is not tenable except for the period o f the abnormal con
time of need.
ditions, and is a handicap in the case of readily obtainable commodities.
.. In ^
placo- ifc could offer a trained and disciplined army of more
than 2 0 0 .0 0 0 men for the performance o f those indispensable transportation
services without which the army and navy forces would be helpless.
It would probably not be within the province o f any railroad managePREPARED NESS AN D OUR RAILROADS.
“ <“ t .to decide where Its men could perform the greatst service—on the
G eorge D allas D ix o n , V ice-P residen t, in charge o f Traffic
battlefield or in engine, train and shop—or to interfere with personal free
o f the P ennsylvania R R ., addressed the International T rade dom as to enlistment, but the Government would no doubt decide that
every
consideration o f wisdom lay in maintaining the organization o f this
Conference last week under the a b o ve h ead, his rem arks in
and other railroad systems substantially intact.
part being as follow s:
Secondly, the Pennsylvania R R . could offer the national a physical
I f the word should bo flashed ovor this country
^ .
transportation system which handles the most extensive commercial rail
declared and that tho United States was about to nnf i . War ™d been way traffic in the world a system embracing more than 1 1 0 0 0 miles
another groat world Power, our condTuL o f n r e l r H tot° \ confullct with of line and over 26,000 miles o f track, with terminals in the three^largest
done and what had been loft u n d o n e - ^
boen
itios of the country and in eight o f the ten largest centers o f population.
immediately vital quostion before tho American pooplo°COm° ^ m0St
This system operates only about one-twenty-fifth o f the total mileage
War has not beon doclared. It is not I m m i n o n t __,
o f the country, but it carries almost one-eighth o f the freight traffic and
seo, even probable, and wo hopo that it never will be
Bm
wo. can more than one-eighth o f the passenger traffic.
compel led— ovon though unw illingly_to considern 1 , 1
W° hf V? bT
This railroad’s rolling equipment consists of the following:
national preparedness is being given m Z th0Ught
°
Seven thousand five hundred locomotives with a combined tractive
It has often occurred to me that in all tho d k m i c i n . .
..
.
power of 250,000,000 pounds.
of its most important phases, possibly its most Im n i t ,, S Sl.lf) oct’ ono
Seven thousand passenger cars, with a carrying capacity of 330.000
people.
looked by the majority o f people. I r e f o l T l
; bf b°°“ ° ,T *
ovorything into consideration .lit is really a groat mi a . f por a ‘° n ’ I a k m 2
Two hundred and seventy-five thousand freight cars, with a carrvine
every bit as Important that our rallroSs
°“ ^
16 *? n°f
capacity of 13,000,000 tons.
8
Tho locomotives owned by the Pennsylvania Railroad System havo
ess
power sufficient to haul, simultaneously, over any ordinary grades soldier
s y s t e m s a n d m a k e t h e ir m e r e
, 0nservo antl encourage their railroad trains of 100,000 cars in all. These trains could move an army of from
6 ,0 0 0 ,0 0 0 to 6 ,0 0 0 ,0 0 0 men and would fill a stretch o f track as long as the
system's main lino from New York to Washington and from Philadelphia to
solvent railroads are necessary to a healthv s t a t >’ r i U; y m a n a g o d a n d Chicago. No simultaneous movement o f men on such a scale would be
military resource, a vital element in prep^ednlss n L ' f f , B“ ?
actually possible, but the figures give some idea o f the extent o f the trans
beyond tho possibility o f expression S to r m s o l money
portation facilities possessed by the Pennsylvania Railroad System and
which
would be available for tne service of the nation.
During tho period from which wo are just emerging when business was
to say tho least, quiet our railroads were unable, for financial roa T on ^ o
In addition to carrying facilities, this system has vast shop resources and
improve their properties in anticipation of a return to what I might call a a great body of skilled mechanics. The railroad shops at Altoona. Pa.
prosperous era. Their earnings were not sufficient to warrantTnvLtoS in alono— the largest o f their kind in existence— employ 1 2 ,0 0 0 hands, a large'
supplying tho capital needed to provide facilities for a greatly enlarged proportion of whom are highly trained machinists. Counting all the shops
traffic, nor were they enough to enable tho roads to put by a surplus for on the Pennsylvania System, the total of men who might be called uDon for
specialized service is 64,600.
v
w h ic h T TSt ' h0a,Vier bridg0S’ ^
“ “ S8 m° d°rn stenals and all o f those things
The Pennsylvania R R . has in Its service many other men highly trained
which go to make up a good railroad, but which, except to a very small
extent, do not increase a railroad s earning power.
y
in tho professions and trades, or in special duties which from the standpoint
Private capital is ready to-day to invest in our American railroads and of preparedness might make them invaluable to the nation.
There are in the service of the Pennsylvania System over 700 civil
needs omy the assurance that tho people and the Government wish to see it
allowed a fair and reasonable return.
engineers, all o f whom have had experience—many of them years of it—in
railroad construction and maintenance. Think of the value of these men
“ “ n r °i,r
“i s
S -S
2030
THE CHRONICLE
to the country in directing the work o f planning and building the specia 1
railroads and bridges that would be required for military purposes.
On the pay-rools of the system are 200 mechanical and chemical en
gineers, who direct the motive power work at the various shops and round
houses, including the repair and construction o f locomodves and cars, and
supervision o f the testing o f materials. These men could as readily tur
their ability and technical knowledge to military purposes.
Considered from the standpoint o f preparedness alone, the n so a roecof
the territory served by the Pennsylvania Railroad Lm<» place this system
in the position of a national asset and make the conservation of its property.
equipment and organization at the highest pitch o f efficiency a considera
tion of primary importance to national safety.
„
But the Pennsylvania is only one o f the nations great railroads. For
military purposes all o f our railroads would have to be regarded rom the
viewpoint o f their possibilities as one system, and the nation can ill afford
to allow any part o f this country-wide system of 250,000 miles of steel highwavs to deteriorate or to continue anywhere impoverished or inefficient,
for what I have said of the importance to the nation o f the Pennsylvania
Railroad System applies, in a varying degree, to all railroads.
I f our railroads are ever called upon to assist in the nation s defense, what
would it be worth to the American people to have allowed these railroads
the necessary funds required for the needed double and quadruple tracking,
extension o f lines, modernizing of all equipment, and the enlargement, of the
terminal facilities necessary to prevent congestion?
What would happen to America if its railroad transportation system
broke down when called upon by the people o f the country to aid in her
defense ?
These are pertinent questions.
.
_____ , .
Next, then, to an adequate army and navy, if not, indeed, o f equal im
portance, is the condition o f the railroads o f the United States as a factor in
national preparedness. Only railroads o f the highest efficiency can tru y
unify the country and keep its resources o f men. money and materials in
a liquid and mobile state. As a military precaution, if for no other eason
It would be in the highest defree wise and profitable for the American
people to see to it that their railroads have sufficient financial resources to
be able to servo this end properly; and that the Federal and Stato Govern
ments accord them treatment which will insure their healthy growth at
__
all times.
in addition to flour and lum bor, em bargoed several weeks
ago all grain for export a t Philadelphia and B altim ore; a t
the same tim e the B altim ore & Ohio placed an em bargo on
all iron and steel shipm ents for export a t N o w Y o r k .
L a st
w eek’s extension of em bargoes declared b y tho Lehigh V a lle y
and tho Contral R R . o f N o w Jersey w as indicated in the
“ Chronicle” of Saturday la st, page 1 9 36 .
A d vices from Chicago on tho 16th in st. stated th at prac
tically every railroad connecting that city w ith the A tla n tic
seaboard has placed an embargo on shipm ents for export.
O n ly perishable goods, such as fresh m ea t and other fo o d
stu ffs, are exem pt.
T h e em bargo, it is stated , is placed
principally on grain, 4 ,0 0 0 cars of which are said to be
aw aiting shipm ent a t Eastern ports.
T h e railroads which
have issued em bargoes o ut of Chicago are tho N o w Y o r k
C en tral, P ennsylvania, Lehigh V a lle y , B altim ore & O hio,
W a b a sh , E rie, N o rfo lk & W estern and L ackaw anna.
T h e T ru n k Line Association decided on T h u rsd ay n o t
to withdraw its ruling to reduce the free storage tim e on
freight from thirty to fifteen d a ys.
T h e exporters, through
a com m ittee headed b y J . C . L incoln, M a n ag er of th e
T raffic Bureau of tho M e rch a n ts’ A ssociation , had sought
to induce the roads to refrain from putting tho proposed
change into operation a t the present tim e, and it is expected
th a t they will petition the In ter-S ta te C om m erce C om m ission
in their behalf to prevent the reduction from being adop ted
AD D ITIO NA L FREIGHT EMBARGOES.
Further embargoes made necessary by the continued
congestion of freight at tho railroad terminals in this city
wero announced on Tuesday following a meeting of traffic
men at the offices of the Trunk Lino Association in this city.
These additional embargoes have been declared by tho Penn
sylvania RR., the New York Central, tho Erie, the Balti
more & Ohio and the Central RR. of New Jersey. The
statement given out by C. C. McCain, Chairman of the
Trunk Line Association, with respect to the new embargoes
on Jan. 1 as contem plated .
GEORGE W. P E R K IN S ’S CRITICISM OF P RESID E N T
WILSON’ S M E X IC A N POLICY.
President W ilso n ’ s reference to M e xico in his C olum bus
speech (quoted elsewhere in to -d a y ’s “ C hroniclo” ) in
w hich ho stated th at while tho M exican s m a y not know w hat
to do w ith their G overn m en t, n o b o d y , so long as ho can
prevent it , “ shall b u tt in to alter it for th e m ,” has brought
forth from Georgo W . Perkins a criticism o f the President’ s
M e xican po licy. M r . P erkins, in taking M r . W ilso n to
task for his actions as regards M e x ic o , has addrossed him
SaOwing to the continued congestion and tho large accumulation o f freight,
the following additional embargoes have been announced;
,,
i
p p Vine pmhareroed till carload and less than carload
The Pennsylvania R R .
Connecting lines (except on tho
freight inc uding
Baltimore & Washington RR. and West
Pennsylvania R R ., I hiladeipnia
roconsigncd or to be reconsigned
ing lines, originating at all points (except on th o 1 Te" ' J o.' seashore RR )
deTphia Baltimore & Washington RR- and W ^ t Jersey & Seashore
when consigned, reconsigned or to be reconsigned to
jj ’
N . J., including Newark and points east thereof, and for connw:ting M
via junction points east of Waverly Transfer, ®xc m t f o r N w ^ r k . N e
Haven & Hartford R R .; this embargo not to include uve stock,
meats and other perishable freight, flour and other foodstuffs, nor coal for
delivery at Harsimus Cove, railroad fuel supply coal for fn y hne routed via
■Junction noints east o f Waverly, nor coal for public service corporations.
^ The New York Central R R . has embargoed all flour and grain products
forre% ort and°also lumber and hay consigned for any W ' t ^ d c a v ^
The Erie RR. has embargoed shipments o f flour for export rcquirn g
“ Ufh is risgin addition 1to th l’ previous embargo on flour when carried under
% °heg B aSm orei & OhiodR R : has placed an embargo on lumber from the
South destined to N w ^ w k fOT exgOTL
all traffic destined to
NOTYnrk 1 fordellvery^ to*coastwfsefsterfmers, and also traffic to the Pacific
K t for delivery t^steamers at New York. Shipments o f all classes of
fre^ht consigned to Brooklyn terminals have also Been embargoed.
Approximately 45,000 cars are now on tho lines o f the Trunk Lines or
at terminals, tho greater portion o f which will require elevator or lighterage
service for final delivery, either for export or points in New York ‘ harbor^
Within tho last week there was an increase of approximately J.5UU cars
consigned to New York over the total o f the previous week.
Under present conditions, and working at the fullest capaaty, employ
ing every available kind or lighterage or floating equipment, not in excess
of 1 ,5 0 0 cars can be delivered daily.
Some o f tho roads report some measure o f relief from the previous em
bargoes announced, but it has been found absolutely necessary to make the
further embargoes described to avoid, if possible, a blockade impending
on some o f the roads.
The storm has seriously Interfered with the movement o f trains and the
operation o f lighterage equipment, but every effort is being made to re
lievo the congestion and expedite deliveries.
_
It was further announced on the 14th that the Baltimore
& Ohio RR. had declared an embargo on all grain for ex
port through Baltimore. It was also made known on the 16th
that the Central Railroad of New Jersey has declared an em
bargo on all domestic freight originating on other lines which
is consigned for lighterage by way of Jersey City, and also
on all domestic and export freight from other lines for
warded to Newark. Under the previous action taken
by the railroads embargoes in the case of flour and lumber
for export under through bills of lading had been declared
by the New York Central, the Erie, tho Central RR. of
New Jersey, the Lehigh Valley, the Pennsylvania and the
Delaware Lackawanna & Western; in tho latter case an em
bargo exists on all shipments for export; the Pennsylvania,
[Vol. 101.
as follow s:
H o n W o o drow W ils o n , P r e s id e n t , W a sh in g to n , D . C .:
M y D e a r M r . P r e s id e n t .— I am impressed with tho following statement
made by you in your speech at Columbus yesterday:
“ The Mexicans may not know what to do with their Government, but
that is none of our business, and so long as I have tho power to provont It,
nobody shall ‘ butt in’ to alter it for them.”
This statement seems to mo to bo in sharp contrast to your actions in
Mexico, actions which have caused our country so much ombarrassment
and humiliation. When you refused to recognizo Huerta you certainly
“ butted in” in Mexico. I address you on tho subject because I oarnostly
bolieve that in tho manner in which you "butted in” in Moxtco Is found
the root of all the trouble and humiliation to which our country has boon
subjected, not only with Mexico, but other foreign countrios as well.
When you “ butted in” in Mexico you demanded that our flag bo saluted.
You sent our troops to Vera Cruz. You brought our dead away and left
our honor behind. You abandoned your demand that our flag bo saluted.
These, with countless other incidents in Mexico, caused Gormany and
other nations to realize that our foreign policy was so ill-considorod, so
shortsighted, so impotent and pointless, that they had absolutely nothing
to fearlfrom us, and consequently they havo treated us with scorn and im
punity. The result is that our prestige to-day In ovory foreign calptal is
at a lower ebb than over beforo reached, and I boliovo that vory many
Amoricans^join me in the feeling that all this is directly tracoable to the
fact that at the beginning of tho Mexican situation you did not act as you
now talk.
As the contrast between your statement of yesterday and your action
at the beginning of the Mexican situation is at such wide variance. It
occurs to me that thero may bo somo roason for it which you might at this
time be willing to mako known to tho public.
Respectfully yours,
GEORGE W . PERK INS,
Chairman Executive Committee Progressive Party.
THE FRENCH NA TIO N A L D EFEN C E LOAN.
Applications for tho French N atio n a l Dofonco L oan wore
received in G reat Britain until D o c . 15.
In connection with
this offering, m an y do tails regarding tho loan itsolf wero givon
and w e quote the follow ing from tho L ondon “ Stock E x
change W e e k ly Official Intelligonco” o f D e c . 4 :
French Republic (Government of) National Defence Loan.— Tho Bank
of England is authorized to receive applications for a London issue of 5%
Rentes at £3 4s. per fcs. 100 nominal capital (being tho equivalent at tho
exchango of 27.50, of fcs. 8 8 , the price at which the loan is being issued in
Paris). The amount payable In respect of each fcs. 100 will bo required
as follows: 7s. on application and 19s. on or before 31st January, 29th Feb
ruary and 31st March, 1916, respectively. Tho whole or any amount
applied for may bo paid up in full at tho time of application by a single
payment of £3 3s. 6 d. in respect of each fcs. 100 applied for. Applications
must be for multiples of fcs. 100 nominal capital (1. e., fcs. 5 of Rente).
The French Government undertake that tho issuo shall not bo redemede
prior to 1st January, 1931, but they reserve to themselves the right to rodeem the issue, in whole or in part, at any time on or after that date. In
terest payable quarterly on 16th February, 16th M ay, 16th August and
16th November, the first coupon (for a full quarter’? interest) being paya
ble on 16th February, 1916. Tho issue will bo made in the form of bonds
to bearer, which may, if desired, be registered or inscribed in tho "Grand
Livro de la Dette Publiquo" at the Ministry o f FInanco in Paris without
payment of any fee. Both capital and Interest, which will bo xompt from
Dec. 18 1915.]
THE CHRONICLE
all French taxes, present or futuro, will be a charge upon the general reve
nues of the Government of the French Republic.
Applications for the loan may be paid up- (1) entirely in cash, (2) partly
in cash and partly by the exercise of one or more o f the conversion options
mentioned below; or (3) entirely by the exercise o f one or more of the con
version options; provided always that in no case may the sterling value of
Three Per Cent Rentes surrendered exceed one-third o f the whole sterling
amount payable in respect o f any allotment. In any case in which the ster
ling equivalent o f securities to be converted does not represent the exact
amount required to secure an allotment which is a multiple of fcs. 100
nominal capital, the additional sum necessary to secure such an allotment
must bo providod in cash.
Conversion o f (1) French Government Sterling Treasury Bills due 16th
January, 1916; (2) French Government 3 1 4 % , Rentes (redeemable); and
(3) French Government 3% Rentes (irredeemable):
(1) French Government Sterling Treasury Bills, due 16th January, 1916,
may bo tendered in lieu o f cash where paymont in full for an allotment of
this issuo is made at the time o f application. For the purposo of such pay
ments tho bills will be accepted at the rate o f £99 3s. 3d. cash for each £100
nominal o f bills surrendered, being tho equivalent of par less interest at
5% from 16th November 1915 (the date from which interest accrues in
respect o f the new issuo), to 16th January, 1916;
(2) French Government 3 ] 4 % Rentes (irredeemable) may bo tendered in
iou o f cash where payment in full for an allotment of this issue is made at
tho time o f application. For the purpose o f such payments, tho bonds will
bo accepted at tho rate o f £3 6s. 4d. cash for each fcs. 100 nominal capital
(i. e., fcs. 3.50 o f Rente) surrendered;
(3) Fronch Government 3% Rentes (irredeemable) may be tendered in
ieu of cash to tho extent of not more than one-third of the total amount
payable in respect of any allotment o f this issuo, where payment in full for
such allotment is made at tho time of application. For tho purpose of such
payments the bonds will bo accepted at the rate o f £2 8s. cash for each fcs.
100 nominal capital (i. e., fcs. 3 o f Rente) surrendered. The coupon due
1st January, 1916, must bo detachod before bonds aro lodged for conver
sion. A declaration, which is embodied in tho form of application, will be
required in tho case o f all securities lodgod for conversion, to the effect that
they have not boon in enemy ownership and have remained in physical pos
session in tho United Kingdom since tho outbreak o f war, or, where issuod
subsequently, sinco tho date o f issue. Tho list of applications will bo closed
on or before 15th December, 1915.
A P P O IN TM E N T OF M E X IC A N AMBASSADOR TO U. S.OTIIER M E X IC A N DEVELOPMENTS.
In furtherance o f tho resum ption o f full diplom atic rela
tions between tho U n ited States and M e x ic o , the appoint
m en t w as announced on the 9th in st. o f Eliseo Arredondo as
M e x ica n A m bassador to the U n ited States. M r . Arredondo
has been Genoral C arranza’s confidential representative in
W a sh in g to n .
H en ry P . Fletch er, who has been Am bassador
to Chile during tho past year, w as yesterday nam ed b y
President W ilso n as A m bassador to M e x ic o . F or nearly
tlireo years, or since tho M a d ero regim e, M e x ico has enjoyed
no G overn m en t recognition b y tho world Pow ers. I t is
stated th at alm ost all tho im portant European G overnm ents
aro favorablo to tho recognition o f General Carranza as Chief
E xecu tive o f tho do facto G overn m en t o f M e x ic o . Spain
and A u stria -H u n g ary aro reportod to have already recog
nized C arran za, and M r . Arrodondo has been assured that
similar action is contem plated b y I ta ly , France and R ussia.
Lord R obert C ecil, P arliam entary U n der Secretary for
Foreign A ffa irs, announced in the H ou se o f C om m ons on
the 9 th in st. th at G reat B ritain had form ally recognized
tho Carranza G overn m en t in M e x ic o .
Isidro Fabola has been namod M e x ica n M in iste r to A rgen
tin a, and it is expected th at ho m a y be accredited to B razil
and C hile as w ell. H eretofore M e xico has m aintained
diplom atic representatives in each o f the C entral A m erican
countries and in all o f those o f South A m erica, b u t in order
to hasten the restoration o f diplom atic relations the policy
o f accrediting ono m an to tw o or m ore G overn m en ts has been
adoptod for tho present a t least.
F orm al notice o f tho nullification b y General Carranza o f
“ all a cts, contracts and concessions” o f the H u erta and C o n vontionist G overn m en ts in M oxico reachod tho M e xican
E m b a ssy a t W ash in gton on the 13th in st. from M o xico C ity .
T h e order, in lino w ith an announcem ent o f his intention
b y General Carranza soveral m onths ago, is offoctivo im
m ed iately.
I t notified individuals and corporations hold
ing concessions granted b y H u erta and Con ventionist
G overn m en t officials th at it would bo necessary for them to
m ako now applications, “ oxactly as though no such conces
sions had heretofore ex iste d .”
A statem ent relative to tho m on ey and other transactions
w ith tho formor M oxican G ovornm ont involving the purchase
o f arm s and am m unitions was m ade on tho 7tli in st. b y
H u go H a h n , General M a n ager o f tho G erm an -A m erican
B a n k in M oxico C ity . According to the N o w Y o r k “ T im e s ,”
M r . H ah n donios th at the G orm an G ovornm ont or G erm an
institutions triod in a n y w ay to bring abou t difficulties be
tween the U n ited States and M e x ic o . H is explanation o f
the transfer o f $ 8 1 5 ,0 0 0 for tho purchase o f arm s and a m m u
nition a t Valparaiso is sot out as follow s in the “ T im es” :
2031
During the Administration of General Huerta a German named Adolph
Marx was authorized to buy 40,000,000 cartridges from the Chilean Gov
ernment.
The only thing the Deutsch Sud-Amerikanische Bank o f M exico had to
do with the money transaction was to transfer tho $815,000 in American
currency for account of the National Bank of Mexico, and by order of the
Huerta Government to Valparaiso, as tho German bank was the only one
In M exico having a correspondent in the Chilean city.
This money the Huerta Administration claimed was detained for the
purchase of ammunition, but later, and shortly after the downfall o f the
so-called Huerta Government, the manager of the Deutsch Sud-Ameri
kanische Bank discovered the whole transaction was a deception and imme
diately stopped the payment of the money in the interest of the Carranza
Government, thus saving nearly all of it for the Mexican nation.
T h e “ T im e s” adds:
learned that Marx went to Valparaiso and actually bought
/ ,000,000 cartridges from the Chilean Government through a German
firm, \ orwerk & Co. The American Ambassador got wind o f the deal
and protested, and tho Chilean Government refused delivery. Vorwerk
and Marx are now suing to obtain possession of tho money in the courts
of Hamburg. The local Gorman bank promises to return the entire sum
to the Carranza Government.
A n announcem ent from W a sh ington on the 7 th in st.
states th at the M e xican de facto G overn m en t will acquire
this year’s cotton crop in the Laguna district and apportion
it am ong the m ills. T h e State D ep a rtm en t reports the re
ceipt o f advices telling o f the decree issued b y G eneral Car
ranza, which explains the action as necessary to m aintain
the cotton industry and to provide steady w ork for cotton
m ills em ployees.
I t is stated th at if growers refuse to sell
the G overnm ent will obtain tho staple b y expropriation.
S A M U E L GOMPERS ON THE D E M A N D S OF LABOR.
Speaking before a m ass m eeting in the M ilw au k ee A u d i
torium on the 5th in st. Sam uel G om p ers, President o f the
Am erican Federation o f L abor declared th at the lack o f
co-operation am ong the workers, the suspicion am on g their
forces and the absence o f solidarity is responsible for the
failure o f the labor m ovem en t to show m ore practical results.
In predicting, how ever, th at it is bound to be recognized in
the near fu tu re, M r . G om p ers m ad e it plain th at it is the
aim o f the unions to dem and m ore than has already been
granted th em , and “ when we get th at m ore, we w ant still
m o r e .”
H e is further quoted in the M ilw au k ee “ W isconsin ”
as saying :
But, after all wo are no different in this respect than anyone else. A
man making $3 a day wants $3 25 a day. A man with $800,000 wants
$200,000 more so that he can say that ho Is a millionaire. And the,man
with $400,000,000 wants the earth.
Our opponents mako much of the fact that there is roughness in the labor
movement. What struggle, what reform was ever accomplished without
the element of roughnoss entering it. The world forgets the roughness
of a struggle in tho humanity and idealism of it.
It is hardly fair for the opponents of tho labor movement to point to
those in our ranks who have become derelicts as the respresentative types
in the labor movement. In business wo find men who have fallen; the
same condition exists in politics, church, statesmanship and finance.
But does anyone attempt to point to these men as representative of their
various classes? Look to what we have done and what we aro trying to
do if you would adjudge us right.
Then again our opponents would have it accepted that we have organized
laborers in this country to tho extent of only 3,560,000, or 3 <4%, or the
population. They do not figure that assuming that five is the average
family, there aro really 17,500,000 in the organized field.
An absolute coward is tho man who does not strive to make the lives
of his fellows and those of the younger generation better.
M r . G om pers was also a speaker a t the C ity C lub o f
M ilw au k ee on the 5 th , in addressing whose m em bers, ho
said :
In all tho world of industry industrially the same problems confront us
all. Labor movement expresses tho discontent of the masses of workers
against the evils of industry. The voice of labor must be heard, if the
voice of justice is to prevail. Wo want something more than tho dignity of
labor; we want more than that which is promised us; wo want the right to
live and love, here and now.
Wo havo not yet reached that time when tho women of our country are
able to take part in the duties of its citizenship, but are living in hopes
and fighting on, and I venture to say that the time is not far distant when
women will be equally responsible with men in tho affairs of the govern
ment.
____________________________
R E A D JU S T M E N T OF E A STE R N L IV E STOCK RATES.
A general readjustm ent, involving m a n y increases, o f live
stock rates north o f’ the Ohio and P o to m ac rivers, and east
o f tho M ississipp i, is authorized in a decision o f the Inter
Sta te C om m erce C om m ission, rendered under date o f the
2d in st. and m ade public on the 13th in st.
I t is set o ut in
tho report th at under tho tariff schedules involved (filed to
becom e effective M a rch 15 1915 and later dates, b u t sus
pended b y order of tho Com m ission to Jan. 13 1 9 1 6 ), the
proposed changes fall into the tw o follow ing categories:
First. A general revision of rates for the transportation of live stock,
except horses and mules, between points in Central Freight Association
Territory, with certain increases in carload minimum weights. A related
revision of rates on fresh meat and packing-house products in this territory
has also been proposed by tariffs on file and made the subject o f Investiga
tion and Suspension Docket No. 693, C e n tr a l F r e ig h t A s s o c ia tio n T e rr it o r y ,
F r e s h M e a t a n d P a c k in g -H o u s e P ro d u c ts R a te s , not yet decided.
Second. Increased rates for the transportation of live stock, except
horses and mules, of fresh meat, and of packing-house products, packed
THE CHRONICLE
2033
and loose, from points in Central Freight Association Territory to points in
Trunk Line and New England Freight Association Territory, with certain
Increases in carload minimum weights. Increased rates are also proposed
for the transportation o f these commodities upon some movements locally
in the territory east of Buffalo and Pittsburgh, but no evidence was intro
duced having particular reference to these rates.
These will be separately considered. It should bo stated at the outset
that all of the rates here soguht to bo increased were increased 5% within
the past year, following the decisions o f the Commission in the F i v e P e r
C en t C a s e .
t
The increases allowed include those on live stock, except
horses and mules, eastward from points west of Pittsburgh
and Buffalo, advances on cattle to points east of Pittsburgh
and Buffalo and in New England, and fresh meats from the
M iddle W est to the east and N ew England.
In submitting its decision the Commission summarizes its
conclusions as follows:
1. Proposed increased rates for transportation o f live stock, except
horses and mules, in Central Freight Association Territory, found justified
to the extent found reasonable in this report.
2. Certain proposed increased carload minima applicable to live stock
when transported between points in Central Freight Association Terri
tory, found justified; others not justified.
3. Proposed increased rates for the transportation of cattle from points in
Central Freight Association Territory to points in trunk lino and New
England Freight Association Territories, found justified.
4. Proposed increased rates for the transportation of hogs and of sheep
or goats in single-deck and in double-deck cars from points in Central
Freight Association Territory to points in Trunk Line and Now England
Freight Association Territories, found justified.
5. Certain proposed increased carload minima applicable to livo stock
when transported from points in Central Freight Association Territory to
points in Trunk Line and New England Freight Association Territories,
found justified; others not justified.
6. Increased rates for the transportation o f packing-house products,
packed, and packing-house products, loose, from points in Central Freight
Association Territory to points in Trunk Lino and New England Froight
Association Territories, which would exceed the classification rates on
these commodities, found not Justified.
7. Proposed Increased rates for the transportation o f fresh meat from
points in Central Freight Association Territory to points in Trunk Lino
and New England Freight Association Territories, found justified.
8. Proposed increased carload minima applicable to fresh meat and
packing-house products, loose, when transported from points in Central
Freight Association Territory to points in Trunk Lino and New England
Freight Association Territories, found justified.
9. Proposed increased rates for the transportation o f livo stock between
points in Trunk Lino Territory east o f the western termini o f the trunk
ines, found not justified.
10. Proposed increased rates for the transportation o f packing-house
products between points in Trunk Line Territory east of the western
termini o f the trunk lines, found not justified.
11. Proposod increased carload minima applicable to livo stock and
packing-house products, when transported between points in Trunk Line
Territory cast o f the western termini of the trunk lines, found not justified
The Commission states that it is impossible to estimate tho
additional revenues to the roads, but it is expeetod to bo
several hundred thousand dollars a year.
IN C R E A SE S
IN
PASSENGER FARES
TERRITORY.
IN
WESTERN
Substantial increases in passenger fares on Western rail
roads were authorized by tho Inter-State Commerce Com
mission on the 7th inst. Although tho roads do not receive
all of the increases sought, their requests wore in largo
part granted. The applications of the roads involved inter
state passenger fares within tho following territory: Illinois,
on and west of the Chicago & Alton R R .; Wisconsin; upper
peninsula of Michigan; Minnesota, Iowa, Nebraska, Kansas
and Missouri; and from points within said territory to points
in other States. In its report the Commission says :
The Intra-Stato fares within these States are nearly all upon a basis of
2 cents per mile, due to the requirements o f tho various legislatures or
State Commissions, and tho inter-State fares are at present largely mado
upon the same basis. Tariffs were filed with the commission effective
on or about March 1 1915 which had the effect o f increasing the basis
for the construction o f mtcr-Stato fares from 2 cents to 2M cents per mile
within tho territory described in tho States o f Illinois, Michigan, Wisconsin,
Minnesota, Iowa, Nebraska, Missouri north o f the Missouri River, and
Kansas on and north o f tho Union Pacific R R . main line from Kansas City to
the Colorado Stato line. These tariffs also increased the basis for tho con
struction of inter-State fares in Missouri south o f the Missouri River and
In Kansas south of the Union Pacific R R . main lino from 2 cents to 3 cents
per mile. Increases were also mado in fares from points in the territory
described to points In tho States east, west and south thereof. The
charge for mileage tickets north o f the Missouri River and on and north
of tho main line o f the Union Pacific R R . in Kansas was increased from
2 cents to 2 J 4 cents per mile, and south o f tho Missouri River in Missouri
and of the Union Pacific R R . in Kansas was increased from 2 cents to 2>$
cents per mile.
Upon protests filed by the Commissions o f some o f the Western States
the tariffs containing the proposed increased fares were suspended until
June 29 1915 and subsequently resuspended until December 29 1915.
The findings of the Commission concerning tho proposed
increases are set out as follows :
1. In the States of Illinois, Wisconsin, Michigan, upper peninsular;
Minnesota, Iowa, Nebraska, Missouri, north o f tho Missouri River; and
in Kansas on and north of the main lino o f the Union Pacific R R . from
Kansas City to the Colorado State line, proposed increased fares not
justified, but a basis for inter-State fares of 2.4 cents per milo is justified.
2. In the State o f Missouri, south of the Missouri River, and in the
State of Kansas, south of tho main line of tho Union Pacific R R ., pro
posed increased fares not justified, but a basis for inter-State fares of 2.6
cents per mile is justified.
3. Proposed increased fares from points in territory in which these
fares are authorized to points on the main lines of these respondent carriers
[Vol. 101.
in California, Utah, Nevada, Colorado, Wyoming, Arizona, New Mexico,
Arkansas, Oklahoma and Texas are not justified in thoso instances where
such proposed increases result in higher fares than would be obtained by
using for the construction of such fares the bases herein authorized in the
States of Michigan, Illinois, Wisconsin, Kansas, Minnesota, Iowa, Ne
braska and Missouri and a basis of 2 \ 4 cents per milo in the States of
North and South Dakota, and a basis of 3 cents per milo in tho States
south and west thereof.
4. Proposed Increased charges for mileage tickets in territory north
of the Missouri River in Missouri and on and north of the main line of the
Union Pacific R R . in Kansas to 2 \ 4 cents per mile, and in territory south
of tho Missouri River in Missouri and the main line of the Union Pacific
R R . in Kansas to 2 1 4 cents per mile are justified.
5. Proposed increased fares from points in Michigan, upper peninsular;
Illinois, Iowa, Minnesota; Wisconsin, Nebraska, Missouri, and Kansas,
to points in States east thereof, which result from the construction of
such fares by the use of tho bases herein found reasonable and the use of
the lawfully published and filed fares in eastern territory are justified.
In presenting its conclusions the Commission says in part:
It has been suggested that an increase in the existing fares in the terri
tory here in question will result in a diminution of travel and a corresponding
shrinkage in the revenues of the carriers.
The evidence in this case has shown—
Substantial improvements in tho passenger service have been made
sinco 1900 at large expense to carriers, resulting in a greater degreo of
comfort, convenience and safety to the traveling public.
Tho conditions under which tho passenger servico is performed do not
admit of all the corresponding economies in operation that havo been
effected in the freight service.
The increased cost of service duo to greater cost for labor, materials and
taxes not offset by corresponding economies which aro practicable in
operation is entitled to consideration.
Tho passongor business in tho territory principally affected by tho pro
posed increases is less profitable than tho freight business.
The basis for tho fares now applied for tho transportation of inter-State
passengers is loss in this territory than in tho States south, east and west
thereof.
There is some justification for a lower basis of faros in this territory
than in tho States west and south thereof.
This increased revenue, which apparently should como from tho passenger
traffic, should not be altogether imposed upon tho inter-State traffic.
Manifestly a person journeying by rail within tho boundaries o f a Stat0
cannot expect to travel at tho expense in any degree of tho inter-State
passenger. State and inter-State traffic should each contribute equitably
to the return tho carrier is entitled to earn on tho vaiuo of its property
devoted to passenger service. Tho rovenuo of respondents from Intra
State passenger traffic within these States is approximately 96% o f that
from the Inter-State traffic. While wo should permit reasonable inter
state fares wo cannot sanction fares that aro higher than aro reasonable for
the servico performed bccauso Intra-State faras aro shown to bo unduly low.
The increased cost of operation and tho improved quality of service,
together with tho fact that tho present passongor traffic Is loss profitable
than tho freight traffic, strengthen tho proposal to incroaso passenger faros.
Tho decision ropoats the findings in tho rocont freight
rates cases that tho railroads havo folt tho increased costs
of living, and rocites that tho public has tho right to oxpect
adoquato, comfortable and safo servico. “ For suchsorvices
and facilities tho carriers should bo allowed, under reason
able fares, to earn reasonable return upon tho property
used in that sorvico,” the Commission stated. To avoid
confusion of practice tho Commission dismissed all tho
increases the railroads proposed, and ordorod the filing of
new tariffs embodying such increases as woro allowod to
become effective.
R E H E A R IN G D E N I E D I N C A S E I N V O L V IN G OPERA
T I O N OF L A K E B O A T S B Y R A I L R O A D S .
Tho Inter-State Commorco Commission donied on N o v . 30
the application for a reopening of tho caso involving tho
right of trunk lino railroads to continuo their interest in and
operation of steamers on tho Great Lakes, despite tho pro
hibition in tho Panama Canal A ct. Under a recent an
nouncement of tho Commission tho effective dato of its order
forbidding tho operation by railroads of boats on tho Great
Lakes was deforrod from N o v . 15 to D ec. 15. Tho applica
tion for a rohearing was filed on bohalf of tho Commercial
Exchange of Burlington, Iowa, and other commercial
organizations throughout tho W est and tho Mississippi Val
ley. The possibility of tho roads applying to tho courts for
an injunction to restrain tho Commission from enforcing
tho order until it can bo settled on its own morits is intimated.
Tho roads affocted by tho decision aro tho Pennsylvania and
the Northern Central railroads, owning an intorost in tho
Erie & Western Transportation C o. and tho Anchor Lino;
the New York Central R R ., owning an interest in the
M utual Transit C o .; tho Wostern Transit C o. and tho Rut
land Transit C o .; tho Rutland R R ., having an intorost in
the Rutland Transit C o.; tho Erie R R ., owning the Erie
Railroad Lake Lino and an interest in tho M utual Transit
C o .; the Grand Trunk R R . of Canada, owning the Canada
Atlantic Transit C o.; the Lehigh Valloy R R ., owning an
interest in the M utual Transit C o. and the Delaware Lacka
wanna & Western R R ., holding an intorest in tho M utual
Transit C o.
In denying tho Loliigh Valley’s application to continuo tho
operation of tho M utual Transit C o ., tho Commission with
held its decision with regard to tho road’s application for a re
hearing in the matter of the Lehigh Valloy Transportation C o .,
Deo. 18 1915.]
THE CHRONICLE
a lake line also operated by it. Concerning its interest in the
M utual Transit C o ., the “ Journal of Commerce” says:
The Lehigh Valley alone Is in a peculiar situation. The Commission
held that all the roads cither owned rail lines which competed with their
own boat lines on the lakes or had joint rates with trunk lines which com
peted. The Lehigh Valley has rail lines only to Buffalo and has joined
In through rates to Chicago only at the express command o f tho Com
mission. The Lehigh Valley, therefore, has been compelled to compete
with its boat line against its will, and now because it does compete with
the boat line, it must dispose of its water line possessions. It is said here
■ that in view of the unique position o f the Lehigh Valley Road this rail line
may test In the courts the authority o f the Comission to compel it to dis
pose o f its holdings in the Mutual Transit Co.
I would that the men of all parties might unite in the execution o f this
remedial program. It would, as I have said, violate no Democratic prin
ciples, for that party has apparently abandoned free trade.
Tiie reluctance of the party in power to adopt a Republican principle
s ould not now be permitted to stand in the way, for we shall ere long reach
a crisis in our industrial history in which the interests of the whole nation
will be involved. The consequence o f failure would be far-reaching and
would prevent the nation from taking its proper place at a time when oppor
tunity lies open and responsibility rests heavily upon it. The importance
o action is so apparent and so far above all considerations of party that
commercial organizations, chambers o f commerce and bodies such as this
should exert their influence on Congress, regardless o f party, to secure these
measures which conditions so imperatively demand.
SECRETARY
MYRON
T.
HER RICK ON TH E
REVISION .
NEED
FOR
T AR IF F
Former Governor M yron T . Herrick of Ohio in urging this
week an immediate revision of the tariff “ to protect the
country from great industrial depression later o n ,” repeated
anew a recent declaration made by him in Chicago to the
effect that “ men of all parties are free to admit that the pres
ent tariff measure has failed to accomplish what was hoped
from it, not only as a protective measuro, but as a means of
raising revenue.” His remarks tho current week were pre
pared for presentation before the Ohio Manufacturers’ Asso
ciation in session at Columbus, but in his absence, on account
of the storm, they were read by the Secretary of the Asso
ciation. Tho following extract from his speech is taken from
the “ Ohio State Journal” of the 15th:
About threo weeks ago I addressed a non-partisan organization o f Chicago
business men, and, speaking on tho business outlook o f the country with
relation to the war and to governmental policy, made some observations
which seemingly made some people— none in my audience— cross and
nervous. What I said seemed so obviously true, and met with such appar
ent acquiescence from the business men o f both parties whom I was ad
dressing that, without fear o f offending partisan sensibilities, I repeat a
paragraph from that address here. M y statement was:
"W o are living at a moment o f transient industrial prosperity based on
the abnormal conditions o f war timo. But the haunting remembrance of
conditions as they existed for months before the war, *>nd the certain
knowledge that as they then were so they will be again with tho coming of
peace, unless steps aro taken in prevention, makes the tariff a question of
paramount importance to us now.
"The increaso o f revenue which is apparently necessary if our new defense
measures are to bo rightly financed, tho fact that the beet and cane sugar
Industry or the country is facing ruin when tho reduction of the sugar dutv
takes full effect, the desirability o f retaining the dye-making business which
Is being developed or can be developed in this country, are other important
reasons which should demand immediate action. Men o f all parties are
free to admit that the present tariff measuro has failed to accomplish what
was hoped from it, not only as a protective measure, but also as a means
o f raising revenue. And, most important of all, it leads directly to a repe
tition o f tho disaster o f 1893, from which wo have been saved thus far onlv
by the indirect results of the war. There is but one way to meet tho present
situation— by tlio immediate enactment o f adequate tariff legislation to
protect tho country from great industrial depression later on.”
I mado that statement, and repeat it now, in the full belief that it is based
on facts apparent to men o f all parties, and that the sober opinion of Ameri
can business men is ready to recognize that the protection o f American
industry by reasonable tariffs has now risen from the partisan plane to be
come an American question, placed by the exigencies o f these times far
above mere narrow partisan politics. In truth this is not in any correct
sense a political subject, but an economic one. The time has passed when
tho principles o f free trade on tho one side and o f protection on the other
were diametrically opposed: for tho Democratic Party has by its actions
acknowledged tho correctness o f the protective principles for which Re
publicans have always stood, so that between the two great parties there
is no longer a difference o f beliefs, but only o f degree on this subject.
This Is no time to set more store by pride o f opinion than by party success
or the national wclfaro. Tho somewhat sharp denials which h ve been
mado that tho country passed from prosperity to the early stages of business
paralysis beforo tho war in Europe began would indicate that nothing is
likely to bo done to prevent a recurrence o f tho industrial conditions which
prevailed In tho United States in tho midsummer o f 1914 after eight months
experience o f tho Underwood tariff under normal business conditions. I
am of the opinion that those conditions were not much o f a surprise to Sena
tor Underwood, who, I am told, believes in an adoquato tariff.
Tho assertion that tho present prosperity is permanent and that tho public
men and business men aro justified in counting upon it as a degree of indus
trial activity that has come to stay, depends entirely, o f course, upon tho
direct relation borne to that prosperity by that part o f our export trade
which Is based upon so-called "war business.”
The apparent intention of tho Democratic Party, by whatever motive
Inspired, to reverse its repeal of tho duty on sugar is a chango that must
commend itself to tho business men o f tho country. It is to bo hoped that
thero may bo an equally sensible chango o f view as to tho Seamen’s Act
which is rapidly driving American ships from tho sea.
Can it bo truthfully denied that tho loss o f revenue under our present
tariff policy forced tho first "war tax” ever laid on the American people
in timo o f peace? That tariff is still in force, and I believe that it is the
judgment now of a majority of the people that it awaits only tho restoration
of peaceful conditions until its evil effects be displayed to tho full
I will
not say that tho momentum acquired from war business may not be con
tinued for a timo after tho declaration o f peace, but I do not doubt tho ulti
mate effects o f tho present tariff, if it bo allowod to continue in force, must
bo as I have indicated.
Then, in the face of such a situation, I hold it to be something higher than
a partisan advantage to call attention to such conditions and to propose the
only effective remedy— a tariff schodulo that will equalize the conditions
of our production with those abroad.
Not the mere re-enactment o f tho preceding tariff law, for conditions
chango. Our law should tako full recognition o f tho possibilities of more
efficient production by our manufacturers; I would not protect the ignorant,
but only tho intelligent producer, who has exhausted all tho possibilities
of efficient production under our conditions and still needs assistance against
tho competition o f cheap foreign labor.
Further, I would have tho revision o f tho tariff, which is tho primary
consideration, accompanied by tho establishment o f a scientific tariff com
mission for tho most effective guidance of future legislation in this important
field.
2033
R E D F IE LD
ON
N E E D S OF M E R C H A N T
_
M A R IN E .
The equipment of the Government navy yards for the
building of merchant ships under the supervision of naval
constructors
was advocated in an address bySecretary
of Commerce William C . Redfield, delivered before the Civic
Club of Brooklyn on the 15th inst. The following from his
speech is quoted from the Brooklyn “ Eagle” :
The major facts o f to-day respecting the shipping situation are unique.
They present a spectacle In which one great fact that would in ordinary
times be controlling Is offset by another fact o f equal weight, the whole
forming a collection or extremes new to our knowledge and thought. Our
merchant marine was never as large as to-day. The increase in it was
never as large as in the last fiscal year. It is growing to-day faster than it
ever grew before. W e never needed ships as badly as we need them now.
W e never were more dependent upon foreign ships than we are now. Never
did this dependence rest on a more shaky foundation. Never had we so
much of a marine. Never did we suffer so much from lack of one. Never
did we add to it so fast. Never was our helplessness to add to it sufficientlv
more marked.
The question is not one o f dollars and cents, o f cost and profit, but o f
our commercial independence. No people are free so long as they were
bound, and wo are not now a free people on the sea. We must for the
greater part do as others say and accept the conditions as pleasantly as
we can and pay the bills with as little demur as possible. I must not be
understood as b y implication criticising those many nations whose necessi
ties have in one or another way caused us embarrassment. I do say that a
marine declaration of independence is necessary and that the United States
should be free to carry on its neutral trade and its lawful commerce un
hindered save by the law of nations and the rules which it sees fit to impose
for its own interest upon vessels under its own flag.
The tonnage of merchant'ships now building or under contract in the
United States is greater than the amount of such tonnage which any na
tion, save Great Britain alone, has ever had under construction at any time
in its history. By far the (Treater part of the tonnage under construction is
specially adapted for the foreign export trade of the United States by sea.
This will appear by selecting those larger vessels which make up the great
bulk of the tonnage now building. Thirteen are o f 10,000 gross tons or
over: 20 are from 7,000 to 10,000 tons; 36 are from 5,000 to 7,000 tons: 10
aro from 4,000 to 5,000 tons; 19 are from 3,000 to 4,000 tons, a total of 98,
which are in excess o f 3,000 tons. I f to the 98 ships thus building we add
the 305 o f similar sizes which we had on June 30 last, there would be a
total which would place us third in the ownership of ocean steamers o f
3,000 gross tons or over, following Great Britain and Germany, but greatly
exceeding France, Japan, Italy or any other nation. In our lake yards
are building seven ocean vessels for Norwegian ship-owners— a larger
foreign order for merchant ships than we have had in many years. Nearly
all these 98 larger ocean steamers are structurally adapted for the foreign
ocean trade, and that structure is the test to be applied, for a ship so built
may change at any time from the domestic to the foreign trade according
as freights offer.
Apart from the building thus progressing, there have been admitted
under the Act o f Aug. 8 1914, to American registry, 171 vessels, o f 583,733
gross tons, which include 6 yachts, and there have during the same period
been transferred to other flags 92 vessels of 37.201 gross tons, 3 of which
only, o f 9,311 tons, were ships taken in under our Registry Act.
*
*
*
*
*
*
*
We need ships not alone for the present emergency, much as they are
needed there, but for the maintenance o f our commerc'al independence on
the sea and for the support o f our navy should it be required for our defense.
How shall wo get them? It is not a job to be delayed, for time is of its
very essence, yet every private yard is full for about two years to come.
They may be— I trust they will bo— extended or multiplied, but it will be
necessary to have some assurance of business sufficient to warrant the in
vestment in so doing. We have a few Government vessels capable of
carrying coal or cargoes which we cannot use for lack of lawful authority,
else they might be doing useful work to-day for private commerce and in
some measure, perhaps, tend to hold down tho rates exacted of our citizens
elsewhere.
Apart from the private yards there aro Government plants capable of
shipbuilding in various navy yards, most of which can build something If
properly equipped, but also most of which now build nothing. I should
like to see such yards equipped for building merchant ships under the
supervision of naval constructors to see that they are substantially con
structed for use as possiblo naval auxiliaries in time of need, but to be used
by private concerns as part of our merchant marine in time of peace. Per
sonally I should be glad to see this whole matter of the merchant marine
put in tho hands of a shipping board, a majority o f whom should be from
civil life, who should have no other business or function than to watch
over and promote the merchant marine o f our country. I should give
them bread supervisory powers. They should be empowered to construct
in private or public ship-yards vessels for the merchant marine, or to
purchase them and to charter, lease or sell them to individuals, firms or
corporations, desiring to use them in the foreign trade of the United States
or between its ports and those of our insular possessions. This would be
tho principle of public ownership with private operation, so exemplified in
your own subways. I should not stop at this, however, but would give
the shipping board power to organize a corporation or corporations and to
subscribe on behalf of the United States to part or all of their stock, as
the judgment of the board might, after discussion, think best, and in the
open in order that the inability of private capital might in such cases as
should prove necessary be supplemented by the power of the Government.
The board should be empowered to provide for ships under the American
flag tho privilege of shipping for specific sailing and where need existed,
after public discussion, it should have the power to grant preferential
rates in American ships. It should have as its supreme duty the con
tinuous promotion and upbuilding of our merchant marine, taking into
3034
THE CHRONICLE
strict account also Its availability as an auxiliary In time o f war and having
due provisions made for that in the Act creating it.
* The privilege o f doing business in the ports o f the United States is a
great and lucrative one. It has direct bearing upon the prosperity of our
people. It is, therefore, a privilege over which careful supervision should
be exercised by a body representing the entire public and sympathetic with
American shipping. The board should consider how far the unregulated
right should exist on the part o f a steamship company to abandon an
existing line, and whether such an abandonment should take place without
public consent.
,
.
,,, ,
One thing ought to be clear to us all, that, whereas the- nation was blind
to the need o f its own shipping, now it sees. I confess to some impatience
with hard-frozen opinions that will yield nothing unless the marine problem
is worked out in just their own personal way. There is no great measure
which has benefited and blessed our country that has not before its birth
been proclaimed as a bringer o f evil. In very recent times the Federal
Reserve A ct, on which we all now gladly depen 1 and which we recognize
as an anchor and safeguard, was condemned publicly by men whose profes
sion and experience was such as would cause them to be esteemed sound
leaders o f opinion. M ay we not lay aside something o f pride of opinion
and get together on this subject, trusting that common-sense discussion
and the future will alter and amend such things as are unwisely done in
the respects in which they need correction, but remembering that the
nation requires its ships on every sea to be its messengers in peace and its
supporters in the storms o f war?
SECRETARY REDFIELD1S PROPOSALS FOR MEETING
FOREIGN COMPETITION.
Legislation to protect American industries from unfair
competition from abroad at the close of the war is recom
mended in the annual report of W illiam C . Redfield, Secre
tary of Commerce— the first installment of which was made
public on the 16th inst. The competition against which
M r . Redfield would guard American industries, he describes
as “ a destructive type of the industrial struggle, intended
to put out of being the forces opposed to it that the victor
m ay exploit the field at will.” In depicting the results
likely to be witnessed at the war’s close, and in offering
remedies to restrain foreign “ unfair competition,” M r .
Redfield, in his report, says :
When the war shall close, the public control o f railways in foreign lands,
the semi-official chambers o f commerce, the publicly fostered organizations
which control great industries in some countries, will all exist and will
all be used in an effort to recover lost commerce. The growth in the
United States o f industries which may menaco largo markets heretofore
controlled from abroad will not be permitted if public and semi-public
forces acting together in foreign countries can prevent it. The outreach
o f American industries, nay, their very existence in our land in some cases,
will be resisted to the full and every strategem o f industrial war will be
exerted against them. Expecting this, we must prepare for it. I f it
shall pass beyond fair competition and exert or seek to exert a monopolistic
power over any part o f our commerce, we ought to prevent It.
It seems possible that by using the existing machinery o f the Treasury
Department and the Department o f Justice, we may restrain this foreign
“ unfair competition” on both sides o f the sea. I recommend, therefore,
that such legislation be enacted as will give to the foreign representatives
of the above-named departments such added powers and increased per
sonnel as they may need for this purpose, and that it be enacted if possible
that merchandise sold in “ unfair competition” or under circumstances
which tend to create a monopoly in behalf o f the foreign producer in Ameri
can markets shall be forfeited. I also recommend that legislation sup
plemental to the Clayton Anti-Trust Act be enacted which shall make it
unlawful to sell or purchase articles o f foreign origin or manufacture
where the prices to be paid are materially below the current rates for such
articles in the country o f production or from which shipment Is made, in
case such prices substantially lessen competition on the part of the American
producers, or tend to create a monopoly in American markets in favor
of the foreign producer, and that it be made unlawful for any person to
buy, sell or contract for the sale o f articles o f foreign origin, or to fix a
price for same or to make a rebate upon such price, conditioned upon the
purchaser thereof not using or dealing in wares produced or sold by the
competitors of the manufacturer or seller where the effect Is to substan
tially lessen competition in the production in the United States of such
articles, or tends to create a monopoly in the sale o f such articles in American
markets in favor o f a foreign producer.
I deem it o f special importance that business concerns should be allowed
to co-operato in foreign trade. The present law plays into tho hands of
the larger concerns and shuts out small ones from important markets.
It may bo said that small manufacturers could not in any case successfully
enter the foreign field. This, however, ignores the fact that in many lines
and specialties there are producers o f moderate size abundantly ablo to
compete as regards the cost and character o f thoir products, but unable to
assumo alone the considerable expenditure over a continued period that
would be required to obtain a firm foothold in foreign markets for their
somewhat limited products. Such a concern ought to be permitted to
co-operate with another in similar or different linos in order to share the
expense o f introducing their goods abroad. There are lines o f industry
classified under one head, in which the individual concerns may each
make separate specialties though their general products are in common.
Provision should be made whereby such concerns may, with due safeguards
against monopoly, co-operate in tho foreign field. T o refuse this for any
fancied fear o f monopoly is to say that tho large concerns shall alone hold
the lucrative foreign markets and that the far larger number of smaller
houses with their many employees shall be shut out from them. Such
a policy can commend itself to no one. The whole matter should be
placed under the supervision o f tho Federal Trade Commission and should
be subject to full publicity. Either of these safeguards should be sufficient;
both o f them will certainly be so. It is, o f course, not intended that this
co-operation shall extend into the domestic field. It is as necessary that it
shall exist as regards the foreign field as it is Important that it should not
go to excess in the domestic one. One should bo done; the other avoided.
Under the supervision o f the Federal Trade Commission the necessary
good can be accomplished and the unnecessary evil can be prevented.
It is important that our banks should be permitted to co-operate, subject
to the supervision of the Federal Reserve Board, in establishing foreign
branches or in owning stocks o f banks operating in foreign countries.
The present law operates to make It possible only for large banks of great
power to undertake the important work of financing American commerce
[Yol. 101
in foreign fields. In other words, the law works in solo favor of the great
banks. Great crodit is due thoso American bankers who have taken the
first forward steps in establishing foreign branches. They aro true pioneers
of American commerce abroad. The work, however, is of such national
importance that it should not be confined to any one or any fow large
institutions. It is not for their permanent good that it should bo so
confined. Tho country requires not one or a fow, but numerous Americanowned banks abroad. There are many banks in tho United States of less
than major size, yet abundantly strong. These should be permitted,
under proper safeguards, to act jointly in such matters. Thero could
hardly bo a single step in the fiscal world which at this time would be
more helpful in establishing our commerce abroad on a firm basis. Several
strong institutions have signified willingness to co-operate in establishing
foreign banks if permission is given them by the law.
This can not bo done too soon. Time presses. Tho hour for movement
is now. The currents of tho world’s trado flow strongly toward America.
They may not always so flow. There are those whose interest it will not
be to have them flow our way. This is not. the occasion for fear lest some
thing happen somewhere and somehow which will not bo pleasing to some
one, but is the time for action, taking, indeed, every possible thoughtful
step to safeguard that action, but remembering that action is the thing
needed.
In suggesting the desirability of an inquiry into the cost
of distribution M r . Redfield says :
We give much attention to railway freight rates, but we neglect a matter
of far greater importance. The expense imposed upon consumers by the
single item o f cartage in distributing goods is certainly many times larger
than the total cost of railway freights, possibly ten times as great. We
know little about it, but the facts we do know are sufficient to show that
we might well divert our thought from things deemed important which
are relatively trifles and look carefully into this serious matter. We
know that the item of retail delivery costs more than all the transportation
processes preceding it. We know that in phases of food distribution
the necessary cost is multiplied eight fold or more by wasteful methods.
It is certain that the cartage cost in half a dozen of our great cities runs
up into hundreds of millions per annum, but few seem to think it worth
while to study the matter. Inquiry into this subject might have farreaching effects upon the cost of living, about which we talk so much while
ignoring this very large element in it.
W ith reference to the dyestuffs situation and the efforts
of the Bureau of Foreign and Domestic Commerce in behalf
of those affected by it, M r . Redfield says ;
An investigation which has aroused wide popular interest is that of the
dyestuff situation in the United States conducted by Dr. Thomas II.
Norton. One of the first serious effects of the war was the cutting off o f
our supply of artificial colors previously imported from Germany, on
which our textile industry and other industries were vitally dependent.
By direction of Senate resolution of January 26 1915, the situation was
thorougnly investigated and made clear to the public. A number o f
manufacturers have entered the field and the Bureau has done much to
guide lines of manufacturing so as to answer the most pressing needs of
tho consumer. It is not too much to say that the work of tills service
has been at the very center o f tho growing movement toward the creation
of an American dyestuff industry. In this connection signs are not lacking
that the growth of our native industry is hardly welcome to those who have
heretofore had a substantial monopoly in supplying our markets from
abroad. Our consumers, however, have had a bitter taste of what It
means to depend upon a single source of supply, and that source one which
has interests of Its own, of so much greater importance to it that tho care
for them necessarily cuts off the supply of the material we need. We are
the greatest producers of the raw material for the manufacture of dye
stuffs. We are, if not the greatest, at least one o f the greatest con
sumers of the finished product. It is intolerable that wo should longer
depend upon any one foreign source for these necessities of industry and
it is equally intolerable that we should permit any possible unfair foreign
competition to destroy a growing industry upon which so much depends
by methods that would not be permitted by our law if used by our own
citizens.
__________________
RECOMMENDATIONS OF INTER-STATE COMMERCE
COMMISSION.
A n enlargement of its membership and the delegation to
it of powers to act through sub-divisions is recommended
in the annual report of the Inter-State Commerce Commis
sion made public this week. In its recommendation the
Commission says:
The variety and volume o f the work already dovolvod upon tho Com
mission necessitate, in its opinion, early enlargement of its membership
and express statutory power to act through subdivisions designated by tho
Commission to perform Its duties with regard to specified subjects or feat
ures of its work, subject, of course, to retention by the Commission of its
control, as a Commission, of all duties and powors delegated to the Com
mission. This recommendation is submitted pending, and without preju
dice to, deliberation appropriate to raoro comprehensive and constructive
legislation which tho Congress may later deem It wise to consider. The
recommendation for enlargement of the membership of the Commission
is directly connected with and dependent upon the authority to act through
subdivisions.
For reasons stated in previous annual reports tho Com
mission renews its recommendations to the effect—
That, for the purpose of uniformity and to prevent injustice, there should
bo provided by law one period, which in the Commission’s opinion should
be three years, for the beginning of all actions relating to transportation
charges subject to the act.
That that portion of section 20 of tho Act which accords tho Commission
right of access to the accounts, records and memoranda kopt by carriers
be amended so as to also accord right of access to tho carriers’ correspond
ence files.
That there should bo appropriate and adequate legislation upon the
subject of control over railway capitalization.
That the minimum penalty for violation o f the hours of service Act
be fixed at $100.
That tho use o f steel cars in passenger train service bo required, and that
the use in passenger trains of wooden cars between or in front of steel cars
be prohibited.
The report is largely devoted to presenting the Commis
sion’s work for the year. Under physical valuation work it
Deo. 18 1915.]
THE CHRONICLE
reports that since June there have been twelve roadway and
track parties in the field in each of five districts into which
the country has been divided and that their total average
has been about 4,000 miles per month. B y Jan. 1, the re
port says, surveys of nearly 50,000 miles of railroad will
virtually be completed. The total railroad mileage of the
country is put at 250,000, and the report says that the
200,000 miles left at the beginning of the year should be
surveyed in the four following years under the present
arrangement.
During the year endod Oct. 31 1915 6,500 informal docket
complaints were received by the Commission, as compared
with 7,880 received during the corresponding period of the
preceding year. There were filed by carriers 6,690 special
docket applications for authority to refund amounts collected
in accordance with published charges which have been ad
mitted by the carriers to bo unreasonable. This represents
an increase of 1,176 over the period covered by the previous
report. Formal complaints to the number of 964 were
filed during the year ended Oct. 31 1915, a decrease of 190,
as compared with the preceding year. During the year 902
cases on this docket have been decided and 205 have been
dismissed by stipulation or otherwise, making a total of
1,107 disposed of, compared with 874 in 1914. The Com
mission has conducted 1,543 hearings and taken 200,438
pages of testimony, as compared with 1,607 hearings and
179,569 pages the year before. The Commission says that:
It might have been expected that as the years pass the decisions o f the
Commission would result in a decrease in the volume o f this work, but it
has not so developed. The rate structures between various communities
aro now more often the subject o f complaint than was the case in earlier
years. The decrease in the number o f complaints filed during the year
has been more than offset by the complex nature o f the cases that have been
presented. As the affairs o f shippers and carriers are subjected to closer
analysis, they aro more jealously guarding their respective interests.
Since the last annual report the complete results of the
special inquiry as to the time required by steam railway
carriers to investigate and adjust claims received by them
from shippers have been obtained. Of the 4,563,438 claims
presented to carriers, 4,3 89,098, or 9 6 % , were adjusted.
Nearly 5 0 % of the claims were adjusted within 15 days after
receipt by carriers, more than 6 5 % within 30 days and all
but 6 % within 120 days.
W ith regard to the effect on the railroads of the opening
of the Panama Canal, tho report says:
Since the opening of the Panama Canal tho water carriers have materially
roducod their rates, shortened tho timo o f transportation, increased the
frequency o f sailings, added to their tonnage capacity and largely added to
tho tonnage secured o f this coast-to-coast freight. It was shown that there
are in the service between tho Atlantic and Pacific coasts forty-nine ships
with a capacity o f over 380,000 tons.
The total tonnage moved by water from tho Atlantic to the Pacific coast
and to the Hawaiian Islands for tho year 1911 was 397,974 tons: for 1912,
451,582 tons, for 1913, 434,115 tons; while for the month o f September
the first full month after tho opening o f the Panama Canal, the tonnage
from the Atlantic to the Pacific coast ports was 77,915 tons, or more than
twice as much as the average monthly tonnage for the preceding year.
It was evident that the degree o f competition between the rail carriers
and water carriers for traffic between the Atlantic and Pacific coasts has
been largely increased by the new conditions created by the opening of the
Panama Canal, and that it was necessary for the rail lines to make material
reductions in their rates if they were to expect to obtain any considerable
percentage o f this coast-to-coast traffic.
A T T O R N E Y - G E N E R A L ' S R E C O M M E N D A T I O N FOR
CHANGES IN N E U T R A L IT Y LAW S.
A feature of tho annual report of Attorney-Genoral Greg
ory, made public on tho 11th, is his recommendation with
respect to changes in the neutrality laws of the United States.
In urging tho revision of the statute governing our interna
tional relations, M r . Gregory says:
In tho courso of tho European war and tho Moxican revolution questions
havo arison which show tho need of a revision of tho statute law bearing
on our international relations. In two or throe respocts immediate action
sooms necessary.
First. There is at present no adequate law under which tho Government
may soizo and retain arms and ammunition which aro being exported or
which thero is reason to beliovo aro about to be exported in violation of tho
President’s proclamation o f an embargo on shipments of arms to Mexico,
pursuant to tho Joint resolution o f Congress of 1912. Neither is there any
adequate law under which tho Government may seize and retain arms and
ammunition about to bo used in connection with military expeditions pro
hibited by section 13 o f tho Federal penal code. Obviously, tho end in
view is tho prevention o f tho export of arms in tho ono case and tho pre
vention of tho expedition in tho other, and as an effective means to that end
I recommend that authority bo given to seize arms and ammunition under
tho circumstances statod.
‘Second. It should bo specifically made a crimo against the United States
to placo bombs or other explosives on vessels sailing from the ports of the
Unitod States.
Third. It should bo mado a crimo against tho Unitod States for any person
to escape or attempt to cscapo from an interned warship o f a belligerent
nation; and in any ovent authority should be given to some department
of tho Government to arrest and return any such person to tho place of
internment.
The Attornoy-Gonoral gives tho following summary of
the more important neutrality cases:
2035
1. United States vs. Huerta, Pasqual Orozco a n d others, in which the de
fendants have been held by a United States Commissioner In the Western
District of Texas to await the action of the Grand Jury on a charge of con
spiracy to violate section 13 of the Penal Code.
2. United Slates vs. H a n s A d a m Wedel, Carl Ruroede a n d others, in which
the defendants were indicted for conspiracy to defraud the United States
through obtaining passports for the use of German’ reservists. Von Wedel
is a fugitive, Ruroede is serving a sentonce^of throe*years' imprisonment and
four others paid fines of $300 each.
3. United States vs. Richard B. Stocglcr, R i c hardlMadden a n d Gustave Cook,
in which the men named were indicted for conspiracy to defraud the United
States through the procuring for Stoegler's use as a German agent a pass
port in the name of Madden. Stoegler was sentenced to sixty days' im
prisonment and Madden and Cook to ten months each.
4. United States vs. W e r n e r H o r n , who was indicted for unlawfully trans
porting on inter-State passenger trains the dynamite with which he at
tempted to destroy tho International Bridge at Vanceboro, M e.
5. hnited States vs. Ralph K . Blair a n d others, who are under indictment
for retaining persons in this country to go abroad with intent that they
should be enlisted in tho English army.
6. United States vs. Gustav Stahl, who was convicted of perjury in that
he mado false statements as to tho alleged armament of the Lusitania in
the courso of an investigation by a Grand Jury. He has been sentenced
to eighteen months in the Atlanta penitentiary.
W hile most of these cases, says the report, were not
brought under the neutrality statutes proper, in part, at
least, they grew out of obligations of the United'States with
respect to neutrality.
The Attorney-General renews his recommendation for an
amendment to the commodities clause of the Inter-State
Commerce A ct, which will prohibit a railroad from trans
porting in inter-State commerce articles which it manufac
tures or produces, or which are manufactured or produced
by any corporation controlled by it or affiliated with it by
having the same controlling stockholders, irrespective of
whether such railroad or such controlled or affiliated corpo
ration has an interest in the articles at the time of trans
portation. “ It is also necessary,” he says, “ if transportation
and production aro to be completely divorced, that Congress
prohibit any railroad owned or controlled by a producing
or trading corporation and not operated merely as a plant
facility, from transporting in inter-State commerce articles
produced or owned by such corporation.” A bill to carry
out this recommendation was introduced in the last Congress.
N o changes in the Anti-trust Act are asked for by M r .
Gregory. H e states that among the more important cases
in course of preparation for argument in the Supreme Court
are the Harvester case, tho Steel case, the steamship poo
cases, the Lohigh Valley case, the Reading case, the Shoe
Machinery case, the Groat Lakes Towing case, &c. “ When
decisions shall have been rendered in these cases,” he adds,
“ tho so-called area of debatable ground in the law of restraint
of trade will have been greatly circumscribed.”
A
FARM B AN K IN
MASSACHUSETTS.
Incorporation papers for a new institution, to be known
as the Massachusetts Farmland Bank, have been filed by
farmers and business men of Massachusetts with the State
Bank Commissioner. Tho bank’s capital is fixed at 85 0,000,
and its headquarters will be with the Chicopee National
Bank of Springfield. Branch offices will be established in
every county in the State. The purpose of the institution is
to loan money to farmers at 6 % , farm mortgages being
taken in return, the bank issuing 5 % bonds, which are legal
investment and tax-exempt, on the strength of these mort
gages, to increase its lending facilities. It is stated that the
Farmland Bank will co-operate with the banks throughout
the State by relieving them of any farm mortgages which
might be offered them and which they have never shown
any inclination to take. Tho new bank is the first of its
kind to be incorporated under the Farmland Bank Law of
1915. Herbert M yrick, of Springfield, is Chairman of the
incorporators, and formor Senator Roger Sherman Hoar,
of Edgar town, M a ss., is Secretary.
A M E N D M E N T TO C U M M I N S L A W PROPOSED
M E R C H A N T S ' ASSO CIATION .
BY
A n amendment to the Cummins Law relating to the
transportation of property as baggage or by express, has
been agreed upon by the Merchants’ Association of New
York , and endorsed by the representatives of other Eastern
commercial organizations, according to the Association’s
bulletin. The suggested amendment is embodied in a report
made by the Transportation Committee of the ^Association,
which says:
Under tho Cummins Bill a carrier is prohibited from limiting its liability
for loss, damage or delay to property transported by It. The standard
rates for transportation by express or as baggage are based upon a maximum
liability as to value under such rates, with a provision for additional
charges (insurance charge) to bo made where the property is of greater value
and the shipper declares such greater value.
THE CHRONICLE
2036
Formerly it was permissible for a shipper to avail himself o f the limitod
liability rates by agreeing to such limitation as to value. Tho enactment of
the Cummins Bill prohibiting a carrier from limiting its liability resulted in
a revision o f the tariffs applicable to shipments by express or as baggago,
which rates are based upon value, by the fixing of the rates dependent upon
actual value, and requiring the shipper to declare the actual value, instead
of permitting, as heretofore, the shipper to tender the property subject to
a “ released” or “ limited valuation.”
Section 10 o f the Act to Regulato Commerce makes it a misdemeanor for
a shipper to make a misstatement as to value for the purpose of securing a
lower rate.
The requirement of tho carrier for a declaration o f the actual or true value
upon all shipments tendered for transportation by express or as baggage,
and the prohibiting of tho use of tho standard rate subject to the maximum
liability applicable in connection therewith whero the shipper desires to
assume a part o f the risk or to insure himself against loss with insurance
companies, has occasioned great complaint on part o f shippers.
The purpose o f the proposed amendment is to enable tho shipper to for
ward his property by express or as baggago at the standard rate subject to
the maximum liability imposed in connection with such rates, and to make it
unneccessary to declaro actual value except where greater protection is de
sired of the carrier and charges are to be paid accordingly. It is also pro
posed to provide as to such property that it shall not be unlawful to declare
less than the actual value.
It is the recommendation of tho committee that tho proposed legislation
as embodied in the bill presented by tho Traffic Manager, bo approved by
the Merchants’ Association o f New York, as follows:
Where the property is tendered for transportation by express or as bag
gage and the tariffs o f the carrier provide for rates of transportation based
upon a maximum liability on tho part of tho carrier under such rates, and
also provide for an additional chargo to bo mado for tho transportation of
such property when declared to be o f a value greater than said maximum
liability, tho carrier’s liability may bo limited as provided in its tariffs,
unless the shipper declares in writing a greater value; and as to such prop
erty so tendored for transportation by express or as baggago tho shipper
shall not bo required to declaro in writing tho value of such property unless
a greater protection to tho owner than said maximum liability is demanded
by the shippor; and where tho value o f tho property so tendorod for trans
portation is so declared in writing by tho shipper tho carrier shall not bo
liable beyond the amount so declared; and as to such property so tendered
for transportation by express or as baggago it shall not be unlawful for tho
shipper to declare less than the actual valuo. Such rates shall bo pub
lished as are other rate schedules.
The report was unanimously approved by the Directors
of the Association.
E X -S E N A T O R S M I T H ’S ASSE TS.
The assots of former United States Senator James Smith Jr.
of N ew Jersey, who made an assignment on N o v . 20 for the
benefit of his creditors and at tho same time resigned from
the presidency of tho Federal Trust Co. of Newark, are
appraised at $192,228, after deducting claims aggregating
$500,000 which are secured by property pledged by M r .
Smith. A schedule setting forth his assets was filed by the
Fidelity Trust C o. of Newark, which is acting as trustee of
the Ex-Senator’s property, with Surrogate Fred G . Stickel
of Newark, on N o v . 27. It is stated that the exact amount
of M r . Smith’s liabilities will not be known until all tho
creditors file claims. It has been estimated, however, that
his outstanding obligations aggregate $1,750,000. The
Fidelity Trust Co. was named on N o v . 26 as temporary
receiver for the Newark D aily Advertiser Publishing C o .,
which publishes the Newark “ Eagle” and the Newark “ Even
ing Star.” M r . Smith owns all the stock in the concern.
The schedule of the ex-Senator’s assets shows an issue of
$500,000 par bonds of the Newark Daily Advertising Pub
lishing C o. which are appraised at $25 per $100. M r . Smith
owns 500 shares of stock in tho Federal Trust C o. which are
rated at $200 per share. Stocks, life insurance policies, notes
and miscellaneous items make up tho remainder of the
schedule.
READY
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _
R E S P O N S E TO F E D E R A L T R A D E C O M M I S
S IO N ’S FOREIGN T R A D E I N Q U I R Y .
A statement of tho progress of tho Foderal Trado Com
mission’s foreign trade inquiry has beon issued by tho
Commission. The scope of this inquiry, through which it is
desired to obtain a broad survey of fact and opinion from
business men throughout tho country on the subject of com
binations or co-operative organizations for export businoss,
was outlined in our issue of N o v . 6. In furtherance of its
investigation tho Commission sent out 30,000 letters to man
ufacturers, producers and authorities on foreign trade con
ditions, seeking an expression of view on questions pertinent
to the subject. The Commission states that business men
are responding promptly to its inquiry. It announces that
manufacturers and export merchants aro acquainting it
with the problems confronting them in foroign trade, and
much valuable information is being obtained through tho
letters and return cards and schedules sent out. Nearly
10,000 replies wero reported as received at tho time of the
issuance of the statement. N o t all manufacturers, the
Commission says, aro in favor of export combinations.
Some fear they would prove oppressive, while others oxplain
that the special nature of their own products, or other reas
ons, lead them to doubt the officacy of combinations in
[Vol. 101
their line. The fact that many business men are seriously
concerned by the prospect of wholesale dumping of foreign
goods upon the domestic market at the conclusion of the
war is evidenced by many letters on the subject, the Com
mission reports. The inquiry is being pressed with all
possiblo dispatch in order to lay the facts bofore Congress.
The latter empowered the Commission to mako tho investiga
tion and to present recommendations deemed advisable.
POSTAL
SAV IN G S
DEPOSITS I N
INCREASE.
U N ITED
STATES
Postal savings deposits in the United States during
October showed an increase of $2,150,000 over the preceding
month, according to figures made public by the Post Office
Department. According to postal officials this is one of
the largest gains in tho history of the service and gives “ a
clear reflection of tho great tide of prosperity and com
mercial activity that is sweeping over the country.” The
savings on deposit at tho end of October aggregated $71,
500,000 and individual depositors numberod 552,000. Some
of the offices which recorded large deposits woro :
New York, S14.822.020; Brooklyn, $4,590,623; Chicago, $3,469,964;
Boston, SI,732,920; Detroit, SI.390,440; San Francisco, $1,150,095; Port
land, Ore., $1,042,743; Pittsburgh, $855,305; St. Paul, $774,830: Phila
delphia, $767,895; Cincinnati, $761,929; Milwaukee, $757,531; Newark,
$734,260: Buffalo, $341,280; Bridgeport, Conn., $215,530; Now Ilavon,
Conn., $179,113: Rochester, $124,871; Paterson, N. J., $124,742; Long
Island City, $120,935; Passaic, N. J., $115,855; Hartford, Conn., $112,511.
T H E S E C R E T A R Y OF A B R I C U L T U R E ’ S
R E C O M M E N D A TIONS.
A number of rocommondations for legislation which he
considers necessary for tho bettormont of agriculture, not
only so far as tho production and marketing ond is con
cerned, but also for tho conservation of tho nation’s re
sources as well, aro contained in tho annual report of David
F . Houston, Secretary of Agriculture. M r . Houston’s re
port was mado public on the 14th inst. It places an esti
mate of $9,873,000,000 on tho valuo of Amorican farm crops
and animal products for last year, this valuation representing
an incroaso of about $83,000,000 ovor tho valuo of 1913,
hitherto the highest ever recorded. Tho recommendations
urgod by Secretary Houston aro sot out as follows:
1. Legislation designed to promote the better handling and storage of
farm products and tho trading on tho basis of fixed grades and standards,
including a permissive warehouse Act, a cotton standards Act, a graingrades Act and provision for a market news service to obtain and dissemi
nate accurate information regarding crop movements and prices.
2. A land-mortgage banking Act which shall inject business methods
into the handling of farm finance and place farm securities upon the market
in a responsible way.
3. Assistance to communities near tho national forests In road building
and similar improvements through a plan involving tho advancement of
funds for these purposes to be charged against the State's future share of
receipts from the forests. This action would promoto local development
of agriculture and other resources.
4. Authority to grant water-power permits within tho national forests
for fixod periods. Such authority undoubtedly would aid water-power
utilization.
5. The classification of tho remaining public grazing lands to determine
their character and to secure information upon which to base plans for their
future improvement and use.
6. Authority for tho sale of lands needed for local enterprises in certain
localities within the Alaskan forests after examination and classification
by the Department, with definite provision against alienation of those
chiefly valuable for water power sites, for tho handling of timber resources,
or for other public purposes.
7. More effective control over the production of hog-cholera serum. To
accomplish this purpose, a definito plan, involving the establishment by
tho Foderal Government o f a station for testing all serum Intended for
shipment in Inter-State commerce, is outlined for consideration.
8. Provision for a well-balanced enlarged program for agricultural re
search, when normal conditions are restored.
9. The continuance of appropriations for the purchase of forest lands in
the Appalachian and White Mountains until areas sufficient to be influen
tial in protecting those regions are acquired.
W ith regard to warehouse legislation tho roport says:
Investigations conducted by tho Office of Markets and Rural Organiza
tion indicate that there is serious need of warehouse legislation. It would
seem that tho most desirable action on the part of tho States would bo the
passage of laws which would guarantee tho integrity of warehouse receipts.
These laws should bo uniform, so that tho conditions governing such re
ceipts may be tho same throughout the country, thereby greatly increasing
their availability as collateral for loans at distant banking centers. The
uniform warehouse receipts Act is now in forco in 31 States.
In addition to tho legislation that has been or may bo enacted by the
States, it is believed that tho enactment o f a Federal warehouse law would
bo o f great benefit. Tho general interest in tho subject is well shown by
the inquiries the department is constantly receiving. Tho proposed meas
ure, which is permissive in character, would enable tho Department of
Agriculture to license bonded warehouses in the various States. It would
promote tho better storing of farm products, incroaso tho desirability of
rocoipts .as collateral for loans, and would therefore bo of definite assistance
In financing crops. A Federal statuto on tho subject also would promote
tho standardizing of storages, of warehouse receipts and of marketing
processes.
Reference is also made to tho fact that tho Joint Committee
of the House and Sonato has in courso of preparation a bill
Dec. 18 1915.]
THE CHRONICLE
governing rural credits, the Secretary on this point saying
in p art:
It Is expected that as a result of the deliberations o f this committee, legis
lation will bo proposed which will furnish a practical solution o f the problem
from the financial viewpoint.
It is generally recognized that the rural-credit problem is not a simple
one.
It is essentially complex.
There is no single solution of it.
Specific financial legislation on the part o f the Federal Government, or of
the State, or o f both, will not furnish a full solution. It seems clear that
there should bo a Federal law providing for a land-mortgage banking sys
tem. It .s a question whether by Federal action existing banking arrange
ments may not bo so modified as to bring them into closer contact with
rural communities and with individual farmers, giving farm collateral more
readily and fully the advantages o f the rediscount feature o f the Federal
Reserve Act. It also seems clear that legislation on the part o f States per
mitting and encouraging tno creation o f personal-credit unions and removing
any obstacles that may exist to the easier and more orderly handling of
farm finance should be enacted. Re-enforcing such agencies, there would
bo at work all the great forces of the Department of Agriculture, of the landgrant colleges, and o f the State agriculutral departments.
T h e roport also discusses a t length the C o tto n Futures A c t ,
which M r . H ou ston states is accom plishing the chief eco
nom ic objects counted upon b y its fram ers.
2037
the President and his advisers. A ctin g Secretary o f the
N a v y R oosevelt is also said to have denied that the N a v y
D ep a rtm en t had a ny inform ation on the su b ject, stating
th at so far as the D ep a rtm en t was aware there was no con
fidential report o f recent date on D ep artm en tal affairs which
could be of the slightest use to G erm a n y.
U N IT E D
S T A T E S N O T E TO A U S T R I A
DEMANDS
D E N U N C I A T I O N OF S IN K IN G OF A N C O N A .
A dem and th a t the A ustro-H ungarian G overn m en t “ de
nounce the sinking o f the A n co na as an illegal and indefensi
ble a c t, that the officer w ho perpetrated the deed be punished,
and that reparation b y the p a ym e n t o f an in dem n ity be m ade
for the citizens of the U n ited States who were killed or in
jured b y the a tta c k , is contained in the note sent to Austria
on the 6 th in st. b y Secretary o f S ta te L ansing a t W a sh ing ton
through A m b assad or P enfield a t V ien n a .
T h e com m unica
tion was n ot m ade public until M o n d a y o f this week— the
13th in st.
T h e A n cona was sunk in the M editerranean Sea
I N C R E A S E I N S U E Z C A N A L TOLLS.
on N o v . 7 b y a submarine flyin g the A ustrian colors.
In a
T h o follow ing cablegram regarding an increase in the Suez statem ent issued shortly after the disaster the A ustrian A d
C an al tolls, received at the State D ep artm en t a t W ash ington m iralty a d m itted the a ttack on the vessel, b u t denied th at
from the Am erican E m b assy a t Paris under d ate o f the 9th it had been sunk w ith ou t w arning. A different version o f
in s t., is published in the official organ o f the D ep a rtm en t the a tta ck was contained in a statem ent em anating from
o f Com m erce— “ Com m erce R ep orts” : “ Suez C anal C o . in B aron Sonnino, the Italian M in iste r o f Foreign A ffa irs, and
form s E m b assy th at canal tolls will be raised 5 0 centim es sent b y the Italian G overn m en t on N o v . 14 from R o m e to
(9 .6 cents) after April 1 1916, m aking tho rate for laden tho principal neutral n ations. A ccord ing to this statem en t,
ship 6 francs 7 5 centimes (SI 3 0 ) , and for ships in ballast the A n cona received no warning w hatever o f the a tta ck .
4 francs 2 5 centim es (82 cents) a t o n .”
A s a result o f these conflicting reports and the lack o f a n y
official inform ation regarding the disaster, Secretary of
State Lansing on N o v . 16 instructed A m b assad or Penfield
EMPEROR W I L L I A M RECALLS M I L I T A R Y A N D
to ask the A ustrian Foreign Office for a detailed account
N A VA L ATTACHES.
On N o v . 3 0 the S tate D ep a rtm en t w as in
In response to the request m ade b y the U n ited States on o f the sinking.
the 3d in s t., it was announced on the 10th in st. th at Em peror form ed b y A m bassad or Penfield th at the A ustrian Foreign
W illia m of G erm an y had personally recalled C a p t. K arl Office had asked for m ore tim e in which to com plete a formal
B o y -E d and C a p t. F ranz von P ap en , the N a v a l and M ilita ry statem ent on the sinking o f the vessel. T h e A m bassador
A tta c h e s, respectively, o f the G erm an E m b a ssy .
T h e E m on tho 3 d in st. repeated his request to tho A ustrian G overn
peror requested the U n ited States to use its good offices in m ent for a reply to his inquiries, and w ith the failure to re
securing safe conduct for the departing A tta ch es and their ceive a n y advices in tho m atter Secretary Lansing dispatched
In his report to the State D ep a rtm en t
successors. A com m unication from the G erm an Foreign the note o f the 6 th .
O ffice announcing the action o f the Em peror was delivered on N o v . 3 0 tho A m bassador is said to have explained that
to Secretary Lansing on the 10th b y C ou n t von Bernstorff, the A ustrian A d m iralty was experiencing d ifficulty in getting
the G erm an A m b assad or. M r . Lansing, after a brief con into com m unication w ith the submarine which torpedoed
T h e note o f Secretary Lansing refers to the
ference w ith the A m b assad or, authorized the follow ing offi the A n co n a .
cial announcem ent:
public statem ent o f the A u stro-H u n garian A d m ira lty , and
Tho German Ambassador has informed me that tho Emperor lias b e e n points out that “ this statem ent substantially confirm s the
pleased to recall Captains von Papen and Boy-Ed in compliance with the
wishes o f the Unitod States.
ln tlle principal declaration o f the survivors, as it ad m its that the
T h e British and French Em bassies were im m ediately asked A n co n a , after being shelled, was torpedoed and sunk while
T h e conclusion is, therefore,
b y Secretary Lansing to secure safe conduct for the G erm an persons were still on b o a rd .”
officers.
On the 15th in st. Sir Cecil Spring-R ice personally th at “ the com m ander o f the subm arine acted in violation
inform ed Secretary Lansing th at he had been authorized to o f his instructions or th at the Im perial and R o y a l G overn
say for tho G overn m en ts o f G reat Britain and France th at m ent failed to issue instructions to the com m anders o f its
submarines in accordance w ith the law o f nations and the
safe conducts w ithout any conditions w ould be given the
principles
o f h u m a n ity .”
T h e U n ited States expresses
returning officials through the A llies lines to G erm an y.
itself as “ unwilling to believe the latter a lte rn a tiv e,” but
“ prefers to believe th at the com m ander o f the submarine
N ew spaper reports on the 16th th at C a p t. B o y -E d had com e
com m itted this outrage w ithout authority and contrary
into possession of n a v y reports intended for President W il
son and liis naval advisers, brought forth an im m ediate de to the general or special instructions which he had received,”
nial from the G erm an attache on T h u rsd a y , in the nature of and a denunciation o f tho sinking is accordingly dem anded.
T h e full text o f the note is as follow s:
a statem ent which said:
D E P A R T M E N T OF STATE.
I have, o f courso, read, and with surnriso .md
__.,
_
,
W a s h i n g t o n , Dec. 6 1915.
dinary stories contained in this morning’s papers. seriously ^ S t t a g
Please deliver a note to the Minister of Foreign Affairs, textually as
upon my personal integrity and official conduct. Because o f mv officia
follows:
relation to the German Embassy I have heretofore felt constrained to suffer
Reliable information obtained from American and other survivors who
generally in silence the many newspaper reflections upon mo and my activi
ties in this country, as it is contrary to diplomatic etiquette in my country were passengers on tho steamship Ancona shows that on N ov. 7 a submarine
to take note o f irresponsible and unofficial statements. Being now no flying tho Austro-Hungarian flag fired a solid shot toward the steamship;
longer a member of the Embassy, Ifeel at liberty to characterize the various that thereupon tho Ancona attempted to escape, but, being overhauled by
stories in this mornings papers as fabrications and inventions from be tho submarine, she stopped; that after a brief period and before the crew
ginning to end. without so much as a vestige o f foundation in fact on which and passengers were all able to take to the boats the submarine fired a num
to baso them.
ber o f shells at the vessel, and finally torpedoed and sank her while there
I f I correctly understand the purport o f these articles, they represent me were yet many persons on board, and that by gunfire and foundering of
the
vessel a large number of persons lost their lives or were seriously injured
as having in effect stolen through secret agents, from the very shadow of
the White House a digest or a copy of a confidential report that was being among whom were citizens of the United States.
The public statement of the Austro-Hungarian Admiralty has been
prepared by naval officers for President Wilson, or o f having in some wav
known of or come into possession o f some such report
B
J brought to tho attention of the Government of the United States and re
ceived
careful consideration. This statement substantially confirms the
In point o f fact I never heard o f any such report or that any report was
being compiled for the President or for the United States Government or principal declaration o f the survivors, as it admits that the Ancona after
for anybody else. I know of no American patriotic or otherwise voung or being shelled was torpedoed and sunk while persons were still on board.
“ Tho Austro-Hungarian Government has been advised through the cor
old, such as is referred to in theso articles, and have never had any \nfcrican citizen employed in my office. Tho "patriotic young American" re respondence which has passed between the United States and Germany of
tho attitude of tho Government of the United States as to the use of sub
ferred to is as mythical as is tho rest o f the absurd story
Tho story bears every indication of belonging to that large assortment marines in attacking vessels of commerce and the acquiescence of Germany
n that attitude, yet with full knowledge on the part of the Austro-Hungarian
that has boon industriously manufactured by the Allies' press bureau
which has done such effective work in poisoning the public mind against tho Government of the views of tho Government of the United States, as ex
pressed in no uncertain terms to the ally of Austria-Hungary, the com
cause o f my country.
mander of the submarine which attacked the Ancona failed to put in a place
_
BOY-ED, C a p t a i n I . G . N .
A ccord in g to the “ Evening P o s t” o f the 16th in s t., Sec of safety tho crew and passengers of the vessel which they purposed to
destroy, because, It is presumed, of tho impossibility of taking it into port
retary o f State Lansing stated on the 16th th at he had never as a prize of war.
“ Tho Government of the United States considers that the commander
heard, until published that d a y, the report th at C a p t. B o y -E d
violated the principles of international law and of humanity by shelling
had received a confidential naval report intended only for
and torpedoing the Ancona before tho persons on board had been put in a
place of safety or even given sufficient time to leave the vessel. The con
duct of the commander can only be characterized as wanton slaughter of
defenceless non-combatants, since at the time when th e v ^ s e lw a s sheHod
and torpedoed she was not. it appears, resisting or attempting '^ escape,
and no other reason is sufficient to excuse such an attack, not even the pos
Official confirm ation o f the action o f tho Fronch cruiser
w as announced b y the D ep a rtm en t on the 11th in the fol
“
h . G o ~ « n t of the United S ta te . 1» forced th erefore, to ctmelud.
either that the commander o f the submarine acted laJ e t t o n of Ws In
structions. or that the Imperial and R oyal Government fa ^ d to i^ ue in
structions to the commanders of its submarine in accordancew iththelaw
of nations and the principles of humanity. The Government o f the United
States is unwilling to believe the latter alternative and to credit the AustroHungarian Government with an intention to permit its submarines to de
stroy the lives o f helpless men. women and children. It prefers to believe
thatf the commander o f tho submarine committed this oiitfase without
authority and contrary to the general or special instructions which he had
re<*^As°the good relations o f the two countries must rest upon a common
regard for law and humanity, the Government o f the United States cannot
be expected to do otherwise than to demand that the Imperial and oya
Government denounce the sinking of the Ancona as an illegal and indo ens ble act, that the officer who perpetrated the deed be punished, and tha
reparation by the payment o f an indemnity bo made for the citizens of
the United States who were killed or injured by tho attack on the vessel.
“ The Government o f the United States expects that the Austro-Hungarian
Government, appreciating the gravity o f the case, will accede to its demand
promptly, and it rests this expectation on the belief that the AustroHungarian Government will not sanction or defend an act which is con
demned by the world as inhumane and barbarous, which is abhorrent to all
civilized nations and which has caused the death o f innocent American citi
zens.
LANSING.
T h e reply of the A u stro -H u n g arian G overn m en t to the
a b o v e note of the U n ited States was transm itted to A m
bassador Penfield on the 15th in st.
I t was received at
W a sh in g ton late on the 1 6 th and was the su bject of a con
ference yesterday betw een President W ilso n and the C ab in et.
Its text has n ot y e t been m ad e p u b lic, b u t is said to be
regarded as u n satisfactory.
T h e term s of a now note to
A u stria are reported to h ave been virtu ally decided upon
y e sterd ay , in w hich it is insisted th at there bo full com
pliance w ith the dem ands o f the U n ited States or the sever
ance of diplom atic relations will result.
_
T h e A u stro-H u n garian A d m ir a lty , in a statem en t issued
on the 15th in s t., indicated its unqualified opposition to
a n y disavow al of the course of the com m ander of the sub
m arine, w hich sank the A n c o n a , and in upholding his action,
stated th at he w ould h av e failed in his d u ty had he allowed
the
vessel to escape.
T IM E
[V ol . 101.
THE CHRONICLE
£038
L IM IT
U N IT E D
OF
B E L LIG E R E N T
WAR
VESSELS I N
S T A T E S PORTS IN C L U D E S SU
A notice issued to collectors o f custom s b y Secretary
o f the Treasury M c A d o o calls a tten tion to tho fact th at in
com p utin g the tim e a belligerent war vessel m a y remain
in port Sunday is to be in clu ded.
The notice is as follow s:
(T . D. 35902.)
n e u t r a l it y
.
Sunday should not be excluded from the twenty-four hours which
belligerent war vessels may remain in port under the President's proclama
tion in T . D. 34674
*
T r e a s u r y D e p a r t m e n t . N o v . 24 1915.
T o C o lle c to rs a n d o th e r O ffic e r s o f th e C u s t o m s :
In accordance with the advice of the Secretary of State you are instructed
that Sunday should not be excluded from tho operation of tho twenty-four
hour rule which governs the stay o f belligerent war vessels in ports under
the President's proclamation o f August 4, 1914. (T. D. 34674.).
W . G. M e ADOO, S e c r e t a r y o f t h e T r e a s u r y
P R O T E S T TO F R A N C E C O N C E R N I N G R E M O V A L
G E R M AN S FROM A M E R IC A N STEAM ERS.
OF
A note protesting against tho rem oval b y tho Fronch
cruiser D escartes o f six G orm ans and A ustrians from the
A m erican steam ships C arolin a, C oa m o and San Ju an , v a s
cabled on the 14th in st. b y the U n ited States G o v om m on t to
A m b a ssa d o r Sharp a t Paris for presentation to tho Iron ch
Foreign O ffice. T h e im m ediate reloaso o f the m on is asked
for on the ground th at tho seixuro o f citizens o f a n y nation
from an A m erican vessel on the high seas is w ith ou t logal jus
tification and constitutes a flagrant violation o f A m erican
rig h ts. W h ile w ritten in friendly term s, the com m unication
states, it is declared, tho A m erican point o f v iew em phati
cally and cites precedents em p loyed in the case o f A u gust
P iep enbrin ck, a G erm a n , w ho was rem oved from the A m eri
can ship W in d b e r b y the French cruiser C on d e in N o v em b er
o f last year and released aftor representations b y tho U nited
S ta te s. A tte n tio n is directed to tho fact th a t the men
rem oved from tho ships wore n o t em bodiod in “ the armod
forces o f the e n e m y ,” as th at term is used in the D eclaration
o f L o n d on .
I t is asserted, how ever, th at there is no justifi
cation for the rem oval o f subjects o f a n ation which is an
en em y o f France from an A m erican vossel on tho high seas
bound to a neutral p o rt, oven if they could properly bo re
garded as m ilitary porsons.
lowing statem en t:
The Department has received reports from the Collector o f Customs at
San Juan, P. R ., indicating that three ships of the New York & Porto Rico
Line have been stopped on the high seas and searched by the French cruiser
Descartes. Tho steamship Coamo, northbound, was stopped six miles
off San Juan, and tho German chief steward, named Schade, was taken
off by the boarding officer. The steamer was allowed to proceed north
ward after a delay of about two hours.
The steamer Coamo, southbound, was stopped about twenty miles off
shore by two shots across her bow and the following persons were taken
off by the boarding party: J. L. Usor Ruter, Antion F. Deliorch, Austrians,
of the engine-room force, and II. Kruger, a German, of the steward's
department. It appears that other Germans in tho crew with American
citizenship papers were not molested.
Steamship San Juan, southbound, reported to have been stopped six
miles east of port of Areibo, Porto Rico, and two second-cabin passengers,
William Gunthevodt and Fritsch Lothar, German subjects, taken off the
ship.
S A L E OF FR E N C H A N D N O R W E G IA N
FOREIGN ERS P R O H IB IT E D .
SH IPS
TO
T h o French G overnm ent has prohibited b oth in France
and abroad the voluntary sale to a foreigner o f a ny Fronch
sea-going vessel during the rem ainder o f the war or for a per
iod o f six m on th s aftor tho cessation o f hostilities. T h o D e
partm ent o f Com m erco published on N o v . 23 tho follow ing
text o f the French law as it appeared in tho official journal
on N o v . 14:
Article 1. During the present war and until the expiration o f a period of
six months following the cessation of hostilities any voluntary sale to a for
eigner of a French sea-going vessel is prohibited, both in Franco and abroad.
Howover, exceptions to this prohibition may bo authorized, subject to con
ditions to be specified by tho Minister of Marino.
Article 2. Any deed oxecuted in contravention of the preceding stipula
tion shall be void and the vendor rendered liablo to a term of imprisonment
varying from one to six months and a fine of from 16 to 500 francs, or to
one of these two penalties alone. Moreover, the ship shall be confiscated,
and in the event of its capture not having been effected, tho Court shall or
der in substitution of confiscation the payment of a supplementary fine
equal to the half of the vessel, which shall be determined by the Court.
Article 463 of tho penal code, relating to oxtenuatlng circumstancos, may
be applied even regarding confiscation, in placo of which thero may be im
posed a fino of lesser amount than the value of tho ship.
Announcem ent th at N o rw a y has prohibited the sale to
foreign interests o f ships flying tho N orw egian fla g , w as m ade
on the 3rd in st. in the follow ing advices forwardod to L ondon
b y the Christiana correspondent o f Ruetor’s Telegram C o .:
The State Council to-day Issued a temporary edict prohibiting tho sale
of ships to foreign countries, states the "Aftenposten.”
According to “ Com m erco R ep orts” of tho 11th in st. the
law m a y be w aived in special cases.
W e reported in our issue of O ct. 3 0 the recoipt o f advicos
a t W a sh in g ton from B erlin on the 27 th of th at m on th to the
effect th at the G erm an G overnm ent had passed a law for
bidding G erm an citizons who own or liavo a sliaro in a ny mer
chant ship to sell or in any w a y dispose of tho intorost to any
one n ot a subject o f G orm an y . T h e la w , it w as stated , had
been m ado to a pply to G orm an subjects residing in foroign
countries.
______ ________________________
C O M M A N D E E R I N G OF S H IP S B Y R U M A N I A N
GREEK GOVERNMENTS.
AND
T h o intontion o f tho R um anian m ilitary authorities to
com andeer on tho 6th in st. “ in tho intorost o f national de
fe n se,” all steam ships, bargos, tugs and othor craft anchored
in R um anian ports belonging to foroign or privato R um anian
com panies, w as m ado known in a tologram to L ondon on
the 4 th in st. from tho Bucharest correspondent o f R eutor’ s.
A d vices from London on tho 14tli statod that tho G reek
G o v o m m o n t has com mandoorod all Grook shipping in British
and A m erican ports in an effort to supply tho doficioncy in
food and coal which exists in Groeco as a rosult o f tho E n
tente A llies’ restrictions. T h e G reek vessols, it is statod ,
will bo loaded w ith cargoes purchased b y tho Athons G overn
m ent w hich doos n ot anticipate tho same troublo as is
experienced b y tho regular owners o f tho ships in getting
these nocessary com m odities to Grooce.
A ccording to a dispatch to the Central N ow s from C ardiff
the o b ject o f tho G reek G o v om m on t in com m andeering
G reek ships is to uso them to carry foodstuffs from the
U n ited States to Greece.
U N IT E D
S T A T E S D ISA PP R O V E S
OVERSEAS TRUST.
OF A M E R IC A N
T h o U n itod States G o v om m on t has informod G roat Britain
and Sweden th at it will not ondorse the proposod Am orican
Overseas T ru st as long as the plans o f that organization pro
vide for preferential treatm ent for it ovor othor Am orican
Deo. 18 1915.]
THE CHRONICLE
shippers. T h e S ta te D ep artm en t took this action follow ing
the receipt o f inform al inquiries from the tw o countries as to
w hether the U n ited States w ould give unofficial sanction
to the schem e. W h e n the form ation o f th e com p any w as
m ad e known in O ctober it w as stated th at it w ould handle
th e Am erican export business along th e lines follow ed b y the
N eth erlan d s Overseas T ru st which takes care o f im ports
in to H o lla n d . A . J . H em p h ill, C hairm an o f the B oa rd of
directors o f the G u aran ty T ru st C o . o f N e w Y o r k , w as elected
tem porary President o f the organization. I t is stated th at
another feature o f the com p an y’s plans to w hich objection is
m ad e, provides for the creation o f branch organizations in
oth er neutral countries and the granting to the British G o v
ernm ent o f a measure o f supervision b y perm itting it to have
access to the books o f the concern in neutral countries.
Sw eden inform ed G reat B ritain th at she w ou ld n ot approve
such a p lan .
Officials o f the State D ep artm en t said on
N o v . 2 7 th at the organizers of the Overseas T r u st, realizing
th at th ey could n o t receive the m oral support o f the U nited
States as long as their plan em bod ied preferential treatm ent
over other Am erican shippers, have abandoned th at feature
an d are negotiating w ith G reat B ritain w ith a view to seem
ing exem ption from B ritish supervision. T h e State D ep art
m en t officials pointed out th at th ey were n ot fam iliar w ith
the details o f the new plan o f the com p an y and w ould reserve
ju d gm en t u n til th ey were placed before th e m .
I t was ex
plained th at the D epartm en t o f C om m erce had n ot given
its approval to the Overseas T ru st, having m erely indicated
th at the plan w ould be acceptable if no discrimination w as
practiced.
I t w as also m ade plain th at the S tate D ep art
m en t w ou ld n ot take a n y action which m igh t be construed
as a recognition o f the British O rder-in-C ouncil.
DOLLAR
EXCHAN GE A N D THE DEVELOPM ENT
A M E R IC A N D ISC O U N T M A R K E T .
OF
2039
usual course without interruption, it probably would have taken years for
us to induce Oriental merchants to take dollar letters of credit in payment
for their merchandise, and Brazilian growers to take dollar credits for their
coffee:
We have developed in this short time an active market in this city for
prime bank acceptances, and rates ranging as low as 2% are quoted for
such bills to-day. Of courso the main reason for the present low rate
o f discount is the over-supply of funds at this center, but bank acceptances
will always command a comparatively low rate, as they are the most
attractive form of short-term investment that a banker can find, and they
are the best form of secondary reserve. As a certain foreign banker once
said: "Investing In acceptances enables the banker to eat his cake and
havo it too.” An investment in an “ acceptance” brings the banker
an interest return, and at tho same time it is almost as available as cash,
as it can instantly be turned into currency by being sold in the open market.
These low discount rates are making tho “ dollar bill” become more
popular abroad— especially in South America. Its popularity has been
materially assisted by the willingness on the part of American bankers to
quote rates for such bills "to arrive,” f. i., if a Valparaiso banker is offered
by his depositor a 90 days sight draft on New York, he can cable his New
York correspondents and obtain from them the rate at which they will dis
count the bill on its arrival In Now York City. He is thus able to imme
diately calculate the exact proceeds that will be credited to his account, and
use the bill as though it was an ordinary bank check on New York City.
Many New York bankers are also quoting foreign exchange rates “ to
arrive” against such remittances. If, for instance, a Valparaiso banker
has received from his depositor a 90 days sight draft on New York, and
not being in need of New York exchange would prefer to convert the pro
ceeds into exchange on London, he can cable his New York correspondents
and they will quote him both the rate at which they will discount the draft
on its arrival in New York, and also the rate of exchange at which they
will then remit the proceeds to London. The Valparaiso banker is thus
enabled, at the very moment when ho purchases tho “ dollar draft,” to
calculate the exact equivalent o f sterling he will ultimately receive in
payment. As a result of the development o f the American discount
market in Now York City, and the spirit o f co-operation shown by our
bankers, we havo made in one year as much progress in introducing the
“ dollar bill” in South America as Germany made in ten or fifteen years
of attempting to introduce mark exchange there.
It is impossible to estimate with any degree of accuracy the rate of
progress in this direction that will be maintained in the future. The con
ditions, with reference to “ dollar exchange,” are different in each foreign
country, and it would bo impossible to cover the ground within tho time
at my disposal. In the case o f South America, it must be remembered
that if the “ dollar bill” is to maintain, after the close o f the war, its present
rate o f progress, we must not only maintain an American discount market,
with interest rates comparing favorably with those quoted in Europe, but
we must also develop reciprocal commercial relations. By reciprocal rela
tions I mean that we must be prepared not only to sell to these countries,
but also to buy from them. It seems to me that most American mer
chants look upon South America as only a field in which sales may be
made. It is perfectly obvious, however, that if “ dollar exchange” is to be
activo in the various South American financial markets, there must in each
market be sales of such exchange as well as purchases. It is the “ one
sidedness” o f the “ dollar exchange” market in such countries as Chile
that makes it necessary for American bankers to quote sterling exchange
rates “ to arrive” to Valparaiso bankers. The Chilean bankers have “ dollar
exchange” offered to them by their clients, but cannot find sufficient
purchasers for it, and they are, therefore, compelled to convert it into
other currency for which they have greater demand. Of course, our trade
with some countries will always be more or less one-sided, on account
o f economic conditions prevailing there, but to a large extent the present
“ one-sidedness” of trade must be remedied if “ dollar exchange" is to
become permanently popular in the Southern Continent.
T h e offorts to introduce the “ D ollar E xch an ge” abroad
were discussed a t the International T rad e Conference last
w eek b y John E . R o v e n sk y , M a n ag er o f th e Foreign E x
change D ep artm en t o f the N a tio n a l B an k o f C om m erce,
under the caption o f “ T h e D evelop m en t o f the Am erican
D isco u n t M a r k e t and Its R elation to Foreign T r a d e .”
F ro m his rem arks we quote the follow ing:
Our efforts to Introduce “ dollar exchange” abroad have been to some
extent successful; for instance, in South America and the Orient the“ dolIar
bill" is slowly gaining in popularity. We must not deceive ourselves,
however, with the idea that old customs can easily bo overturned and
the “ dollar bill” introduced; It will take time and we must adopt measures
that will place “ dollar exchange” on an equal footing with sterling, franc
and mark exchange. W e must bear in mind that the European war is at
present giving us a great advantage over our former competitors and that
D a v id H . G . P e n n y , V ice-P resident o f the Irvin g N ation a l
the introduction o f “ dollar exchange,” gradual as it has been, would have
been much slower but for the breakdown o f Europe’s financial mechanism. B a n k of this city also had som ething to sa y on the subject
“ Dollar exchange” without a "dollar discount market,” would be an im of “ dollar exchange” a t the T rad e C onference; follow ing is
possibility. Unless time drafts on Now York City can bo promptly nego an extract from his rem arks:
tiated hero at advantageous discount rates, they will not be accepted by
Now is the time to extend the negotiability o f dollar exchange, and
the bankers, and In turn by the merchants o f foreign countries in payment
o f their goods. And if foreign merchants who ship goods to us do not bankers should spare no efforts to have it quoted in every foreign market.
accept dollar drafts in payment there will be no market for "dollar ex One of the most recent announcements in this respect is the daily quoting
change” In their city, and other foreign merchants who buy from us will also by the Bank o f New Zealand at its principal Australian offices of checks and
bo unwilling to make their purchases in terms o f dollars and cents. I f cable transfers in dollars on New York and on the principal American and
•foreign merchants are to do their buying from us and selling to us in terms Canadian cities. The dollar draft was never better known than it is at
o f our currency, there must bo an active market for “ dollar exchange” in present, and yet a great deal of pioneer work is necessary before bankers
.
their city, otherwise they will bo unable either to buy or sell dollar drafts can afford to rest.
London is the financial center o f the world only because she has been fi
at advantageous rates, and they will bo unwilling to assume the risks o f loss
on exchange duo to a limited and inactive market. If international com nancing so much more trade between other countries and England. New
merce was transacted on a cash basis, tho existence o f a discount market York can only acquire that distinction when this country actually finances
hero and the resultant “ dollar exchango" markets abroad would not be trade between other countries and when Americans participate in foreign
so important, but as the greater part of such trade is financed by means enterprises and buy foreign securities to create a demand for bills o f ex
of tlmo drafts, there must bo an active “ dollar discount market" to enable chango on New York to liquidate indebtedness and pay interest on these
foreign investments.
foreign merchants to promptly reallzo on their “ dollar drafts.”
The acceptance of a bill of exchange by a New York bank for account of
This brings us to the question, ‘ * What is the present status o f the’ Ameri i
an American importer covering a shipment o f currants from Patras to New
can discount market, and what are tho prospects o f its development” ?
York has not as far-reaching effect upon tho American exchange position
Prior to tho enactment o f the Federal Roservo Act, national banks were
as the acceptance o f a bill o f exchange for equal amount on a New York
prohibited from accepting time drafts. As a result, the bank acceptances—
bank for Greek account covering a shipment o f coffee, either direct or in
tho standard credit instrument o f the world— was unknown in this country.
direct, from Brazil to Greece. This is explained by the fact that the first
In every branch o f trado a largo and active market in a commodity is im
case simply creates a balance here in favor of the Greek bank, which it
possible unless well-dofinod standards o f quality are established. It would
be impossible to havo a cotton exchango unless grades o f cotton were will probably use for the payment o f grain or other merchndise for shipment
to
Greece, but may, however, transfer to another center, say London or
standardized. It would bo impossible to have a wheat market if wheat
Paris, but the second case must create an independent credit in favor of
was sold in a mixed mass consisting o f all tho various grades. The business
tho Brazilian bank and at the same timo establish a debit to the Greek bank,
could bo conducted only In the form o f individual transactions subject to
which the latter is obliged to eventually cover in one form or another.
negotiation in each case. It is the same with a discount market— we must
This covering process may involve several countries by the process o f
havo a standard on which rates aro based.
__________ ____________________
The world over, tho standard credit instrument is tho "bank accep arbitrage.
tance.” Being tho direct obligation o f a prime bank the element o f risk is
eliminated, and only tho valuo o f tho use o f tho funds during the tenor N E W Y O R K C O M P A N Y TO F I N A N C E S I S A L I N D U S T R Y
o f tho bills needs to bo considered in fixing tho rate o f discount. It is,
OF M E X IC O .
therefore, an accurate barometer o f tho valuo o f money. The London dis
A new organization through which will be financed the
count market quotes a certain rate for 60 and 90 days bills, i. e., prime bank
acceptances. The rate for such bills fixes the level o f the market, and C om m ission R eguladora, a M e xican agency created b y the
without such bills the London discount market would not be the world’s State o f Y u ca ta n to protect the sisal industry of th at city
central money market.
Barely one year has elapsed since the Federal Reserve Act, which permits has been chartered a t A lb a n y under the nam e o f the P an
national banks to accept timo drafts, bocamo effective, and during this A m erican C om m ission C orporation. T h e com p an y starts
brief period tho banks of this country havo diligently endeavored to Intro w ith a capital o f $ 2 ,7 0 0 ,0 0 0 , w hich, it is expected, will
duce tho American bank acceptance on the markets o f tho world. As I
I t has contracted
havo stated before, we were assisted greatly by the breakdown of Europe’s eventually be increased to $ 2 0 ,0 0 0 ,0 0 0 .
financial machinery. Had Europo’s discount markets continued their to extend to the C om m ission Reguladora a total credit o f
2040
THE CHRONICLE
$ 5 0 ,0 0 0 ,0 0 0 over a period o f five years, the loan to be
secured b y warehouse receipts issued for sisal grass stored
in warehouses in the U n ited S ta te s.
T h e loans are to bo
m ad e on the basis of 6 0 % o f the m arket price o f the com
m o d ity .
T h e present m arket price is 6 M cents a pou nd.
T h e negotiations for the form ation o f the new com p any
were undertaken b y L y n n H . D in k in s, President o f the
In ter-S ta te T ru st & Savings B a n k o f N e w Orleans and Sol
W e x le r , President o f the W h itn e y C en tral N atio n a l B an k
o f th a t c ity . A m o n g the banks which will participate in
the credit to be extended to the C om m ission R eguladora
are the W h itn e y C en tral N a tio n a l B a n k and In ter-S tate
T ru st & Savings B a n k o f N e w O rleans, the M ississippi
V a lle y T ru st C o . and the U n ion T ru st C o . o f S t . L ou is, the
C ontinen tal & C om m ercial N a tion a l B a n k o f Chicago and
the N a tio n a l C ity B a n k and C hase .N a tio n a l B a n k o f N e w
Y ork .
T h e com p an y , which is reported as having the support
o f the Carranza G ov ern m e n t, is designed to assist in the
prom otion o f com m ercial and financial relations betw een the
U n ited States and C entral and South A m erica.
One o f its
purposes, it is said , will be to provide large and well secured
credits to M e xican interests w ith a view to enabling them
to profitably engage in business w ith this cou n try . T h e
sisal industry which the com p an y has arranged to finance is
the chief industry o f Y u c a ta n and constitutes seven-eighths
o f the total exports o f th at cou n try , m o st of which enter
the port o f N e w Orleans.
PE R U V IA N T A X ON M IN E R A L EXPORTS A P
ROVED.
A ccording to a dispatch from L im a on N o v . 15 the
P eruvian G overn m en t has definitely approved a measure
providing for a tax on the exportation of minerals from Peru.
A d u ty of 2 5 cents per ton flat is placed on petroleum and a
m inim um tax of $3 7 5 per ton is levied on copper. E duardo
H iggin son , C onsul-G eneral for Peru in this c ity , has explained
the im position o f an export d u ty as being necessary in view
o f the deficit in the cou n try’s revenues resulting from a de
crease in im portation s. A ccord in g to the “ Journal o f C o m
m erce,” o f this c ity , M r . H igginson stated on N o v . 9
th at “ the mineral export tax bill represents only a single
phase o f the G overn m en t’ s program for producing adequate
revenues during the com ing y e a r .”
A s outlined b y M r . H ig
ginson, the G ov ern m en t’ s plan contem plates an increase in
stam p taxes, the im position o f death duties and an advance in
consular fees from 1 % to 2 % . T h e “ Journal” added th at an
im port d u ty o f 1 0 % on articles which are a t present a dm itted
free will be established, the on ly exceptions being on explossives, coal and em p ty bags.
T O B A C C O M A Y B E S E N T TO G E R M A N Y .
A m bassador Page a t Lon don notified the State D ep art
m ent on the 1st in s t.th a t tobacco consignm ents in all form s
will be passed through the British blockade to consignees in
neutral countries w ith ou t regard to u ltim ate destination.
T h is confirm s the statem en t recently m ad e b y the N eth er
lands Overseas T ru st to the effect th at A m erican tobacco
m a y be shipped to G erm a n y b y w ay o f H olla n d .
T h e State
D ep a rtm en t announces th at “ A m erican exporters m a y there
fore sell tobacco to consumers in G erm a n y through the in
term ediary of persons or firm s in H o lla n d .”
RALPH
PETERS ON TH E R A IL W A Y M A I L
M ID D L E W E S T ROADS.
earned by these railroads, but withheld from them becauso the Post Office
Department weighs the mails only once in four years.
Does it not seem that Congress, in fairness, should order the mails weighed
and the pay of the railroads readjusted, at least once every year? Since the
mails were last weighed In the Middlo West, tho parcel post has been es
tablished and has grown to its present volume.
The Post Office Department appears to think there Is competition among
tho railroads for the mail service, because in a very few instances a road
having tho longer haul between two given points accepts tho rate of the road
having tho shorter haul and carries some of the tonnage. This indicates
the absence of competition, rather than the presence of it. Real compe
tition would be tho offering of rates per mile lower than those named by
law, and of this thero are no instances. The total amount of pay sacrificed
by the railroads of the Middle West, according to the Department’s figures.
Is only 1 % o f the mail pay in that region.
I
think it would bo a good thing for tho Government, and for the whole
people, if the coming Congress would enact legislation to do justice to the
railroads in the matter of railway mail pay. If the rates were once made
fairly remunerative, the Post Office Department might then stimulate com
petition between the various roads as to the speed of trains and frequency
of service, with great advantage to the business community.
W O R K M E N 'S
CO M P E N SA T IO N
LAW
A PPL IE S
IN T E R -S T A T E COM M ERCE EM PLO YEES.
TO
A decision in which it is held th at the N e w Y o r k State
W o r k m e n ’s C om pensation Law applies to em ployees o f rail
roads engaged in inter-State com m erce until such tim e as
the Federal G overnm ent enacts a w orkm en’ s com pensation
la w , w as handed dow n b y tho C ou rt o f 'Appeals a t A lb a n y
on N o v e m b e r 2 3 .
T h o decision was given in an action
brought b y Jam es W in field o f A lb a n y against the N e w
Y o r k C entral & H udson R iver R R . C o m p a n y . W in fie ld ’s
eye w as injured b y a stone from tho roadbed while tam ping
railroad ties. T h e railroad contended th at inasm uch as
W in fio ld w as engaged in inter-State com m erce a t tho tim e
o f the accidont, tho Federal E m p loy ers’ L iability A c t alone
m easured his right to recovor; also that there could bo no
recovery under that A c t because tho injury was an accident
and n ot the result o f negligence. T ho W o r k m e n ’s C o m
pensation Com m ission decided in favor o f W in fio ld , b u t
the railroad com p any refused to p a y .
In its ruling the
C ou rt o f Appeals affirm s a decision o f tho A p p ellate D iv i
sion. T h o C o u rt’s opinion, w ritten b y Judgo Soabury,
upholds tho contention o f tho A tto m o y -G o n e ra l th at the
Com p ensation Law and tho Federal statute cannot reason
a b ly be said to cover tho sam e subject m atter in view
o f the different principles that underlie tho tw o classes of
legislation, tho different purposes sought to bo accom
plished b y th em , the restricted scope o f tho Federal statute
to negligent cases and the broad* scope o f tho Sta te law to
all industrial accidents'regardless o f fault and tho different
m ethods b y which redress is obtainod under the tw o Jaws.
T h e C ourt argues that Congress recognized the difference
betw een the liability a ct and tho w orkm en’s com pensation
law— th at it lim ited the Federal statute to negligence
cases and did not intend to entor the field o f com pensation
for industrial accidents, b u t loft it open for occupancy
b y the S ta tes. Judge Seabury a d d s, how ovor, th a t tho
m om en t Congress shall enter tho com pensation field, State
regulations on the subject will bo abrogated . T h e C ourt
also hold th at the com pensation law does n ot im pose a ny
unreasonable condition upon in ter-S tate com m erco.
I t is
stated th at m an y other suits will bo affocted b y this de
cision and th at the case will undoubtedly bo takon to the
U . S . Suprem e C ou rt b y the railroads.
E X T E N S I O N O F T I M E FOR E Q U I P M E N T O F F R E I G H T
T R A IN S W IT H SA F E T Y A PPLIA N C E S.
PAY
OF
T h e recent statem en t of Postm aster-G eneral Burleson
th at the roads in the M id d le W e s t would receive for the next
four years, an annual increase o f $ 4 ,3 0 0 ,0 0 0 over the pay
allotted them ton years a g o , w as controverted last w eek b y
R alph P eters, C hairm an o f the C om m ittee on R ailw ay M a il
P a y . M r . Peters said:
Unfortunately, some people have misunderstood the Department’s
announcement. There has been no Increase in tho rates o f pay or any con
cession to the railroads. Actually, there has been a decrease In the rates
for hauling each ton a mile.
In reality, what has happened Is a good practical illustration o f the
railroads’ chief claim o f underpayment for carrying the malls. The De
partment has weighed the malls o f the railroads in the Middle West for
the first time since 1911. and finds that in tho interval the avorage tonnage
carried has increased about 35% . But the annual pay o f these railroads,
which carry the great transcontinental malls, in addition to the malls of
their own territory, is to be increased only 25% , or from $16,000,000 per
year to $20,000,000 per year.
This readjustment o f pay applies only to the future, and Includes no
settlement o f arrearage for having carried this Increased mail tonnage
during the four years just passed. I f the growth o f the traffic has been
steady, $1,000,000 per year out o f the $4,000,000 additional now found
to be due annually should have been added in 1912, $2,000,000 per year in
1913 and $3,000,000 per year In 1914. Here, then, is a sum of $6,000,00
IVol . 101.
A n order extending for a period o f tw elve m onths from
July 1 19 16 the tim e w ithin which the railroads are required
to equip their freight trains w ith safety appliances was
issued b y the In ter-S tato C om m erce Com m ission in N o v e m
ber. T h e carriers had previously been granted an extension
of five years from July 1 1911 to com p ly w ith tho require
m en ts, under an order issued b y tho C om m ission on M a rch 13
19 1 1 , which read as follow s:
FR EIG H T T R A IN OARS.
(a) Carriers are not required to change the brakos from right to left side
on steel or steel underfram e cars w ith platform end sills, or to change the
end ladders on such cars except when such appliances are renowed, at which
time they m ust be m ade to com p ly w ith the standards prescribed in said
order o f M a rch 13 1911.
(b) Carriers are granted an extension of five years from July 1 1911 to
change the location of brakes on all cars other than those designated In
paragraph (a) to comply with the standards proscribed in said order.
(c) Carriers are granted an extension o f five yoars from July 1 1911 to
com p ly w ith tho standards prescribed in said ordor in respoct o f all brake
specifications contained therein, other than those designated in paragraphs
(a)
and (b), on cars o f all classes.
(d) Carriers are not required to m ake changes to secure additional endladder clearance on cars that have 10 or m ore Inches end-ladder clearance,
within 30 inches o f side o f car, until car Is shopped for work am ounting to
practically rebuilding b o d y o f car, at which time they m ust bo m ado to
com p ly w ith the standards prescribed in said ordor.
Deo . 18 1915.]
THE CHRONICLE
2041
(e)
Carriers are granted an extension o f five years from July 1 1911
change cars having less than 10 inches end-ladder clearance, within 30 Inches
o f side o f car, to comply with the standards prescribed in said order.
( / ) Carriers are granted an extension o f five years from July 1 1911 to
change and apply all other appliances on freight cars to comply with the
standards proscribed in said order, except that when a car is shopped for
work amounting to practically rebuilding body o f car, it must then be
equipped according to the standards prescribed in said order in respect to
handholds, running boards, ladders, sill steps and brake staffs: Provided,
That tho extension o f time herein granted is not to be construed as relieving
carriers from complying with the provisions o f section 4 o f the Act of
March 2 1893, as amended April 1 1896 and March 2 1903.
(g) Carriers are not required to change the location o f handholds (except
end handholds under end sills), ladders, sill steps, brake wheels and brake
staffs on freight-train cars where the appliances are within 3 inches o f the
required location, except that when cars undergo regular repairs, they must
then be made to comply with the standards prescribed in said order.
T h e order o f the Com m ission issued last m on th (N o v . 2 )
further extends the tim e granted b y paragraphs b, c, e and /
for tw elve m on th s from Ju ly 1 1 9 1 6 . A s to the m atter in
the other paragraphs, the carriers have already been granted
an indefinite extension o f tim e.
In applying for an exten
sion o f tim e as to the paragraphs indicated, the petitioning
roads stated th at th ey had m ade every effort to m eet the
requirements w ithin the lim it prescribed, b u t th at it had been
found th at th ey w ould be unable to com plete the work
entailed b y Ju ly 1 19 16 .
In announcing the granting o f the
additional tim e the C om m ission said:
•
Out o f a total o f 2,025.254 cars In service on July 1 1911 on roads having
a total mileage o f about 232,000 miles, it is estimated by the carriers that
1,669,064 cars, or about 82% . will be either equipped in accordance with
the order or removed from service by July 1 1916, leaving about 356,000
cars still unequipped on that date. It thus appears that about 57% of
tho cars wero equipped on July 30 1915, and that It is estimated that about
83% will be either equipped or removed from service by July 1 1916.
It may be conceded that the year ending June"30 1914 was an abnormal
one in railroading, and that the general business depression dur ng that
period had a marked effect upon the volume o f traffic, resulting in a large
decreaso in revenue. During the past fiscal year the financial difficulties
o f many o f the roads have doubtless been aggravated by reason of tho war.
It is stated on behalf o f the carriers that this is particularly true of those
roads in the Southern section o f the country, and that these roads experi
enced a decreaso in gross revenues of from 10 to 20% , due to the fact that
their principal commodities were so vitally affected.
to
o f its governm ental agencies, such as a c ity . I t is held
th at the law “ and its threatened enforcem ent do n ot violate
the Fourteenth A m en d m en t or the right o f the plaintiff in
error” under the provisions o f the treaty betw een the U n ited
States and Ita ly guaranteeing citizens o f each country
equ ality o f rights in the other. T h e equality o f rights th at
the treaty assured is equality only in respect of protection
and security for persons and p ro p erty,” said Justice M c
K e n n a . In p a rt, he sa id :
W e need not follow counsel in dissertation upon the treaty-making power
or the obligations o f treaties when made. The present case is concerned
with construction, not power, and we have precedents to guide construc
tion. N o question was raised as to the right of Heim to maintain the suit.
Although he is not one o f the contractors nor a laborer o f the excluded
nationality or citizenship, the court assumed that Heim had the right
o f suit.
The contention of plaintiffs in error under the Constitution of the United
States and the arguments advanced to support them were at one time
formidable in discussion and decision. W e can now answer them by
authority. They were considered in Atkin versus State o f Kansas 191,
U. S. 207. It was there declared and it was the principle o f decision that
“ it belongs to the State as guardian and trustee for its people and having
control o f its affairs, to prescribe the conditions upon which it will permit
public work to be done on its behalf or on behalf of its municipalities and
it was said “ the court has authority to review its action in that respect.
Regulations on this subject suggest only considerations of public policy.
And with such consideration the courts have no concern.”
This was the principle declared and applied by the Court o f Appeals in
the decision of the present case. Does the instance of the case justify the
application of the principle? In Atkin versus Kansas, the law attacked
and sustained prescribed the hours (8) which should constitute a day’s
work for those employed by or on behalf o f the State or by or on behalf
of any o f its sub-divisions. The 14th Amendment was asserted against the
law: indeed, there is not a contention made in this case that was not made
in that. Immunity o f municipal corporations from legislative interference
in their property and private contracts was contended for there (as here);
also that employees of contractors were not employees o f cities. It was
contended there (as here) that the capacity in which the city acted, whether
public or private was a question of general law not dependent upon local
consideration or statutes and that this court was not bound by the decision
of the State court. And there (as here) was asserted a right to contest
the law though tho contracts were made subsequent to and apparently
subject to it, upon the ground that they were entered into under the belief
that the law was void. Finally, the ultimate contention there was (as it is
here) that the liberty o f contract assured by the 14th Amendment was
infringed by the law. In all particulars except one the case was the proto
U. S. SUPREM E COURT UPHOLDS V A L ID IT Y OF type of this. There the hours o f labor were prescribed; here the kind
o f laborers to be employed. The one is as much o f the essence o f the right
N EW YORK A L I E N LABOR LAW.
regulated as the other, that Is the same elements are in both cases— the
T h e valid ity o f the A lien Labor L aw o f N e w Y o r k S ta te , right of the individual employer and employee to contract as they shall
see fit, the relation o f the State to the matter regulated, that is the public
enacted in 1 9 0 9 , is upheld in an opinion rendered b y the character o f the work.
U n ited States Suprem e C ou rt on N o v . 2 9 .
T h e law was
The power of regulation was decided to exist whether a State undertook
originally held to be constitutional b y the Suprem e C ou rt a public work itself or whether it “ invested one o f its governmental agencies
with power to care” for the work, which, it was said, whether done by the
o f N e w Y o r k , b u t the latter’s findings were reversed b y State directly or by one o f its instrumentalities, was ‘ 'o f a public, not
tho A p p ellate D iv isio n . T h e C ou rt o f A p p ea ls, how ever, private character,” and, being of public character, it (the law— the Kansas
failed to sustain the reversal and instead upheld the decision statute) did not “ Infringe the liberty of any one." The declaration was
emphasized, “ it cannot be deemed," it was said, “ a part of the liberty
o f tho lower C o u rt. T h e C ou rt o f A p p ea ls decision o f
of any contractor that he be allowed to do public work in any mode he
February 2 5 19 14 is now affirm ed b y the U n ite d States may choose to adopt without regard to the wishes o f the State." And
Suprem e C o u rt. T h e law w as called in question in the obversely It was said (as we have already quoted): "o n the contrary,
it belongs to the State as the guardian of its people and having control of its
m atter o f the em p loym en t o f alien labor in the construction
affairs, to prescribe the conditions upon which it will permit public work
o f the subw ays in N e w Y o r k C ity . A s a result o f the find to be done on its behalf, or on behalf o f its municipalities.”
G eorge S . C olem an , counsel for the Public Service C o m
ings o f the N e w Y o r k C ou rt o f A p peals last w inter the law
w as am ended in M a r c h of this year so as to m od ify the m ission, com m enting on the opinion on M o n d a y , said :
The decision o f the Supreme Court will not affect the work of con
prohibition against the em p loym en t o f aliens on State and
struction In the subway. About 75% of the excavating has been done by
city public w ork and perm it their em p loy m en t w hen A m eri 1 lien labor and there will soon be but little need for that class o f work.
cans aro n ot available. I t w as the original law upon which In the meantime the law, as amended by the State Legislature, permits
the U n ited States Suprem e C ou rt passed. B o th the civil the employment o f alien laborers when it is not possible to get American
citizens, and the Attorney General has given an opinion to the effect that
and criminal phases o f the law were in volved in the court’s once having contracted with the alien laborer the contractor Is not com
opinion. T h e civil proceedings were brought b y the C ran pelled to dismiss him in favor o f the citizen.
ford C o ., W illia m H . H eim and the F lin n -O ’R ourk e C o .,
In o ., to restrain the m em bers o f the Public Service C o m
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
m ission of N e w Y o r k for tho F irst D istrict from enforcing
The public sales o f bank stocks this week aggregate
the law o n the ground th at it violated the F ou rteenth A m en d
137 shares, and were all made at the Stock Exchange.
m en t of the Federal C on stitu tion .
In its decision affecting
Tw enty-five shares o f trust com pany stock were sold at
this action the C ou rt necessarily affirm s the conviction o f
auction.
A sale o f 25 shares o f Lawyers Title & Trust
the contractors who em p loyed aliens. T h e crim inal pro
C o . stock was made at auction at 126— an advance o f 24
ceedings concerned Clarence A . C ran e, Secretary of the
points over the price paid at the last previous public sale,
G eneral Contractors’ A ssociation , w ho appealed from the
which
was made in September.
ju d gm en t o f tho N e w Y o r k C ou rt o f A p p ea ls. M r . Crane
Shares. B A N K —N ew Y o rk .
L o w . H ig h . C lose.
Last previou s sa le.
was found gu ilty o f em ploying an alien on a sewer contract. 137 Com m erce, N a t. Bank o f __ 176
178}$ 178
D e c. 1915— 178
TRUST C O M P A N Y —N ew Y o rk .
I t h ad been contended th at the law w as unconstitutional
because it violated the provision “ th at no m em ber o f this
State shall be disfranchised or deprived o f a n y rights or
privileges secured to a n y citizen thereof unless b y the law
o f tho land or the ju d gm en t o f his peers” an d th at “ no
person shall bo deprived o f life, liberty or property w ithout
due process o f la w ;” also, th at it w as unconstitutional in
th at it applied to contracts alread y in existence a t the tim e
o f its enactm ent and th at it m ad e acts penal w hich other
wise were innocent and harm less. T h e opinion o f the
U n ited States Supreme C ou rt w as read b y Justice M c K e n n a .
T h e C ou rt upholds the valid ity o f the law on the ground
th at the S ta te , as guardian and trustee o f the people’s
m o n e y , m a y prescribe tho conditions upon which it will
perm it publio w ork to be don e, either b y itse lf, or b y one
25 Lawyers T itle & Tr. C o ___ 126
126
126
Sept. 1915— 102
T h e retirement from business o f F rank K . Sturgis o f the
firm of Strong, Sturgis & C o . o f N e w Y o r k , w as announced
this week when his seat on the S tock Exchange w as posted
for transfer to J . C . F . R obinson D u ff, a curb broker. M r .
Sturgis w as form erly President of the Exchange and is one
o f its oldest m em bers, havin g joined it in 1 8 6 9 .
W . N . D ickinson o f the G eneral E leva tor C o . w as the
speaker last W e d n esd ay evening before the G eneral F orum
o f the N e w Y o r k C hap ter o f the A m erican In stitu te o f B an k
in g. T h e topic o f his discussion w as “ South Am erican
T rad e from a C om m ercial V iew p o in t.”
M r . D ickinson
3042
THE CHRONICLE
spent but little time on generalities, but stated his belief
that the action of the bankers during the next few months,
and particularly during the readjustment following the ces
sation of hostilities in Europe, is going to have quite as much
effect upon the foreign trade of the United States as the ac
tivities of the manufacturers themselves. He argued that
if the banking interests could conveniently find some way to
assume the credit responsibility of commercial transactions
abroad, they could immediately stimulate an interest among
many manufacturers who would not otherwise enter the
field. He called attention to the fact that the commission
houses had been doing this for years, while acting in a bank
ing capacity, and that J. P. Morgan & Co. were already do
ing this on a large scale, although for the present their clients
are governments instead of individuals, and that the National
City Bank is handling the matter in a different way by the
formation of a separate company. Confidence, he stated,
was the keynote of a successful foreign business, and the per
sonification of confidence in all countries is the bank. Hence
the opportunity of the bank not only to benefit itself, but
American commerce as a whole.
State Superintendent of Banks Eugene Lamb Richards
was advised last week that the Appellate Division, Second
Department, has handed down a decision sustaining the order
of Supreme Court Justice Jaycox overruling the demurrers
interposed by some twenty defendants in his action brought
against the stockholders of the defunct Union Bank of
Brooklyn. This suit was begun for the'purpose of compelling
the stockholders of the bank to pay $1,000,000, the par
value of their stock holdings in the Union Bank, the law
providing that a stockholder of an insolvent bank is liable
for the par value of his stock. The action was originally
begun in 1911 and a number of demurrers wero interposod
by the defendants. Although the merits of the case could
not bo tried until these demurrers wero disposed of, never
theless the demurrers could have been brought on for hearing
on five days’ notice. However, no action was taken by tho
then attorney for tho Union Bank to bring the demurrers
on for trial. When Superintendent Richards changed tho
management of the Union Bank about a year ago and
appointed Josoph G. Deane as attorney for this liquidation,
ho instructed those who wore placed in charge of tho liquida
tion to prosecute vigorously this co-callod stockholders’
action. Immediately upon Mr. Deane’s appointment, a
motion was made for an order overruling these demurrers,
and this motion was brought on for hearing without dolay
before Supreme Court Justice Jaycox who, on March 3
1915, handed down a decision overruling the demurrers.
The defendants then appealed to the Appellate Division,
Second Department, which appeal was argued on May 12
1915. Since that time the Court has held tho matter under
advisement until this week, when a decision was handed
down affirming the order of tho lower court upon the opinion
written by Justice Jaycox. This decision clears the way for a
vigorous prosecution of the stockholders’ action.
Judge Hand in the United States District Court in New
York signed an order on the 6th inst. approving the accounts
of the Guaranty Trust Co. as trustee for the firm of S. H. P.
Pell & Co., bankrupt stock brokers, and discharging the
trust company as trustee. Last spring eighty members of
the Cotton Exchange, creditors of tjhe firm, sold tdieir claims,
aggregating approximately $2,600,000, to Myers & Gold
smith for 373^ cents on tho dollar, Col. Robert M. Thomp
son, a special partner in the firm, having arranged for the
purchase of all claims at the figure named, through Myers
& Goldsmith. The free assets were at that time turned over
to the Guaranty Trust Co. as trustee, by whom settlement
was made“with those creditors not availing of tho Thompson
offer. The trust company received during its administra
tion of the affairs of the firm $1,905,903 and various other
property and securities, and disbursed $1,886,502. The
balance of $19,401 in the hands of the trust company will
be turned over to Col. Thompson. The total liabilities of
the firmj[werel$9,888,361.
- i •/m
-----•---,
It is^announced that Henry Ruhlonder will retire from
active businoss’and will cease to be a partner of Speyer & Co.
on Jan. 1. Jesse Hirschman, who has been connected with
the firmUor^many years, will be admitted to partnership on
that date. It is understood that Mr. Ruhlender will con
tinue to'representThe firm on various boards and will occupy
one of the'roomsjn_tho Speyer building.
[Vol. 101.
At a meeting of the directors of the Columbia Trust Co.
of this city, held on the 16th inst., the usual quarterly divi
dend of 5% was declared with 2% extra, payable Dec. 31.
A policy of distributing a part of the profits of the company
to i ts employees, after allowing fair return to the stockhold
ers for tlioir investment (the basis of 6% on the capital,
surplus and undivided profits) was adopted, and 10% of
the surplus earnings have been set aside to provide a pension,
death benefit and profit-sharing fund. In addiiton to shar
ing profits, the employees will now have the option of re
tiring on a liberal pension at the age of sixty, provided they
have served twenty years. There is also included a provi
sion for payment at death of a round sum based on salary
and length of service. For example, the wife (or other
beneficiary) of a $2,500-a-year man who has been with the
company fifteen years will receive over $3,100. The direc
tors have also adopted rules and regulations governing the
fund. Ihe initial distribution promises to be liberal, as the
year just closed has been a prosperous one for the company.
Formerly quarterly dividends of 5% were paid, but for some
time past the company has been paying 2% extra at each
quarter. The deposits at the beginning of the year wore
approximately $60,000,000 and now they are $80,000,000.
Tho Liberty National Bank of this city has declared an
extra dividend of 10% in addition to tho regular quarterly
disbursement of 5%. Tho extra payment at this time
herotoforo has been only 5%. Tho directors also votod
as a bonus to employees 10% of their annual salaries.
At tho annual mooting of tho directors of tho Inter
national Banking Corporation, this city, held at Bridge
port, Connecticut, on December 11, a now board of di
rectors was elected. As wo indicated last Octobor, tho
control of this corporation was at that time acquired from
tho estato of tho late Genoral Thomas II. Hubbard and other
interests by J. S. Bache of J. S. Bacho & Co. Tho $500,000
stock of tho International Bank, owned by tho banking
corporation, was included in tho transaction. Tho holdings,
which constitute a majority of sovon-oighths of tho stock,
wero subsequently purchased from J. S. Bacho & Co. by
the National City Co., the holding company of tho Natioual
City Bank, and it formally passod into control of tho lattor
on tho 11th. At tho Bridgeport meeting tho board of
directors of tho corporation was reduced from 25 to 16.
The now board includos tho following oight members from
the old directorate of tho International Banking Corpora
tion: Jules S. Bacho, Guy Cary, II. T. S. Green, Lionel
Hagonaers, William T. Hincks, Minor C. Keith, George H.
Macy and Valentino P. Snyder. In addition to these, eight
now members, all representing National City Bank interests,
were elected. These are G. H. Church and R. L. Farnham
of tho National City Co., Arthur J. Kavanagh and W. S.
Kies, Vice-Presidents of tho National City Bank; E. W.
Harden of Colgato & Co.; D. R. Inglohart of W. R. Grace
& Co.; C. M. Muchnio of tho American Locomotivo Co.
and Willard D. Straight, Vice-Prosident of the American
International Corporation.
At tho meeting of tho corporation’s directors hold on
Decembor 16, for tho election of officors, II. T. S. Greon
was ro-electod President, with L. M. Jacobs, Vico-Prosidont
and Treasurer, and P. W. Jonos, Socrotary. Tho following
executive committoo of tho directors was appointed: J. S.
Bache, R. L. Farnham, II. T. S. Green, Lionol Hagonaors,
Arthur J. Kavanagh, W. S. Kies and Willard D. Straight.
Tho Corporation’s foroign branchos will bo utilizod by the
National City Bank as a means of extending its foroign
trade.
At the Decembor meeting of tho directors of tho Trans
atlantic Trust Co. of this city, an initial dividend of 6% was
declared, payable Jan. 1 1916 from tho earnings of the cur
rent year. Tho company began business in May 1912 with
a capital of $700,000 and is the only trust company organized
in tho city of Now York since 1907. Up to tho prosont timo
its earnings have been allowed to accumulate until at the
close of the year it is expoctod to show in addition to its sur
plus of $350,000, undivided profits of $100,000 and resorvos
of over $100,000. Julius Pimitzer is President, II. B. Fonda
Vice-Prosident, and George Plochmann Treasurer.
Tho Astor Trust Co., of this city, has doubled its dividend
with the declaration of a quarterly disbursement of 4%,
payable Feb. 1 to holders of record Jan. 27. Tho usual
Deo. 18 1915.]
THE CHRONICLE
quarterly payment heretofore has been 2%. It is also stated
that, owing to the good year, the directors authorized the
distribution of a Christmas bonus to the employees amount
ing to 10% of their annual salaries.
The Battery Park National Bank has declared a semi
annual dividend of 3% and an extra dividend of 1%, both
payable Jan. 3 1916 to holders of record Dee. 24 1915.
The same amount was paid in July last, but in Jan. 1915
only the regular semi-annual distribution of 3% was made.
William Vincent Astor has been elected to the board of
the National Park Bank of this city.
2043
ance of his desire to be relieved of business anxieties, has
severed all official connection with that institution. Mr.
Hendricks, who is eighty-one years of age, announced on
the 7th inst. that he had given an option in October upon his
stock in the institution at $225 a share; that one-half of his
holdings (500 shares) were taken up on Nov. 1 and the re
mainder on the 7th. The company has a capital of $1,
000,000. Mr. Hendricks served in tbe Presidency of the
institution for twenty-five years from 1888, his withdrawal
from that position in 1913 being followed by his election as
Chairman of the board. He also served for a time as Presi
dent of the State Bank of Syracuse and was Vice-President
of the latter at the time of its absorption by the trust com
pany in 1914. The Trust & Deposit Co. was chartered in
1866 as the Trust Co. of Onondaga, but its name was changed
in 1867 to the present title, and as such it began business
in 1869.
The trustees of the West Side Savings Bank of this city
on the 14th inst. declared a dividend at the rate of 4% per
annum for the six months ending Doc. 31 1915. This is the
first 4% dividend since July 1 1911, the bank having re
duced the rate to 3^% on Jan. 1 1912 in order to strengthen At a meeting of the directors of the Exchange Trust Co.
of Boston on the 14th inst. the regular quarterly dividend of
its position by accumulating a larger guaranty fund.
was declared, payable Jan. 1 1916 to stockholders of
The trustees of the New York Savings Bank at a meeting record Dec. 22 1915.
on the 14th inst. declared a dividend at the usual rate of
The business of the Casco National Bank and the Mercan
4% per annum for the six months ending Dec. 31 1915.
tile Trust Co., both of Portland, Me., will be consolidated
Tho Bronx National Bank of N .Y . has increased its semi on Jan. 1. The new institution to be created will be known
annual dividend, declaring 3%, payable Jan. 3 1916 to as the Casco-Mercantile Trust Co. and will occupy the prem
ises now used by the Casco National Bank after alterations
holders of record Dec. 18 1915. Heretofore 2% has been are
completed. The Casco National Bank, which has a capi
paid at each half-yearly period.
tal of $400,000, was established in 1824. Its stockholders will
a sum to net $125 per share, or of $140 per share
F. H. Clarkson, formerly of Colgate, Parker & Co. of this receive
provided
they subscribe to the stock of the new company.
city, assumed charge of the investment department of the The Mercantile
Trust has a capital of $100,000, which will
Broadway Trust Co. on the 1st inst.
be increased with the merger. The new institution will have
deposits of $8,000,000, making it one of the largest trust
The offer of composition made by Max and Sarah Kobre, companies
the State, and its Board of Directors represents
who as co-partners conducted the private banking business the largest incommercial
of the city. Fred. N . Dow,
of “Max Kobre’s Bank” of this city, was confirmed on the President of the Casco interests
National
will be President of
1st inst. in the United States District Court, Manhattan, by the Casco-Mercantile Trust Co.,Bank,
and Frank L. Rawson,
Judge Augustus N. Hand. The creditors of the failed bank, recently Commercial Superintendent of the New England
as already stated by us, have received 20% of the amount Telephone & Telegraph Co., will be Vice-President. Rob
of their claims. The Kobre Assets Corporation, which has ert H. Bean, who served the National Union Bank of Bos
taken over tbo assets of tho failed bank, will pay the cred ton in various capacities for fourteen years, and for over a
itors the 80 % of claims still due them in semi-annual install year was Treasurer of the Old South Street Trust Co. of
ments of 10% each. The United States Eastern District that city, will be the new company’s Treasurer. Mr. Bean
Court in Brooklyn recently confirmed a composition offer
been identified with many committees of the American
in the case of “Max Kobre’s Private Bank” in Brownsville, has
Institute
Banking and was Chairman of the Executive
whereby its assets are taken over by the Brownsville Assets Council ofofthat
organization in 1913-14. At the recent San
Co.; the depositors of the Brownsville bank have already
Convention he was elected President of the
received dividends of 25%, and the corporation agrees to Francisco
Institute.
pay the remainder in annual installments of 25%.
Upon application of State Superintendent of Banks
The board of directors of the Mechanics Bank, of Brook Eugene Lamb Richards court orders have been secured for
lyn, last week placed the stock of that institution on an 8% the payment of additional dividends to depositors of three
per annum basis by declaring a semi-annual dividend of defunct banking concerns. The Supreme Court has granted
4%, payable Jan. 1 to holders of record Dec. 24. Previous an order authorizing him to pay a dividend of 10% to the
semi-annual payments were 3%, or at the rate of 6% per shareholders or depositors of the Industrial Savings & Loan
annum, and an additional 1% was paid in July 1915. The Co. The disbursement amounts to approximately $240,
deposits of the Mechanics Bank on Dec. 1 last amounted to 000. Previous dividends amounting to 25% have been paid
$24,160,000, an increase of over $5,000,000 since the same to the shareholders of this company which, with this divi
time last year.
dend, makes a total of 35% disbursed to date. The other
two dividends are for the depositors of Deutsch Bros, and
Francis W. Noble, of Noble & Camp of-New York, was L. W. Schwenk, private bankers, whose business and affairs
this week elected a trustee of the Peoples Trust Co. of were taken over by the Banking Department about a year
Brooklyn, succeeding the late Clarence W. Seamans. A ago. The depositors of Deutsch Bros, will receive a dividend
Christmas bonus of 10% has been set aside for the employees, of 15%, which will total about $30,000. This will bring the
tho bonus to be used in buying stock in the bank, thus total dividends paid up to 35% and total disbursements paid
making the employees stockholders.
of over $70,000. The depositors of the Schwenk bank will
receive an additional 5% dividend, or a total of nearly
The National City Bank of Brooklyn, one of the oldest $34,000. Their first dividend was 15% and involved a dis
financial institutions of that borough, celebrated its 65th bursement of over $101,000, making the total amount dis
anniversary on Dec. 14. A brief history of the bank bursed in the two dividends approximately $135,000.
since its inception m 1850 is given in a booklet issued by its
officers. When the National Banking Act became effective A Christmas party, unusual for Wall Street, will be held
in 1865 tho bank was reorganized under its present title. to-night in the banking rooms of the Bankers Trust Co.,
It is a member of the Federal Reserve system and has a capi directed by a committee of the Bankers Club, an organiza
tal of $300,000. Henry M. Wells is President
tion of the trust company’s officers and employees. The
reception will be a family affair, only members of the club
The First National Bank of Oxford, N . Y., announces the and their wives and the women employees of the company
death of its President, John R. Van Wagenen, which oc being invited. It is understood that there will be an or
curred on Nov. 17.
chestra in each of the banking rooms to play the latest
dances. The distribution of remembrances to all employees
Francis Hendricks, Chairman of the board of trustees of of the trust company in the form of envelopes containing
tho Trust & Deposit Co. of Onondaga at Syracuse, in further coin equalling 5% of the respective annual salaries, it is
2044
THE CHRONICLE
[Vol. 101.
reported, will be a feature of the affair. There will also sum of $500,000 has been transferred from undivided profits
be a present to the employees of the Bankers Trust Co., to surplus, bringing the latter fund up to $4,500,000. The
en masse, so to speak, in the shape of a $20,000 contribu capital of the institution is $2,000,000.
tion by the company to the pension fund which was estab
lished a few years ago, and which already is taking care of The affairs of the Pittsburgh Stock Exchange firm of W. J.
superannuated employees and those who have been inca Black & Co. have been placed in the hands of the Potter
Title & Trust Co. as receiver. The firm closed its doors
pacitated by illness.
#
.
The Bankers Club has been very successful in carrying out on the 8th inst.
the objects for which it was organized a few years ago under
the leadership of a few employees of the trust company who W. W. Goldborough has been elected a director of the
believed such an organization would result to the mutual Pittsburgh Trust Co. of Pittsburgh.
benefit of the company and its employees. Classes have been
conducted for educating members to a better knowledge of John G. Williams, Cashier of the Bank of Secured Savings
the banking business, and lectures have been held in the of Allegheny (Pittsburgh), has resigned to take up other
club rooms on the eighth floor of the Bankers Trust Co. business. Mr. Williams came to the Bank of Secured
Building. A general meeting is held every month, except Savings several years ago from the Allegheny Trust Co.,
during the summer months, and the usual program consists where he was Assistant Secretary.
of an instructive talk or lecture, followed by a little social
entertainment.
The merger of the People’s Bank of Wilkes-Barre, Pa.,
with the Miners’ Bank of that city, preparations for which
William C. Poillon has resigned as Vice-President of the had been in progress for several weeks, was effected on
Bankers Trust Co. of this city to become a partner in the Dec. 13. The Miners’ Bank has a capital of $500,000 and
banking firm of Tucker, Anthony & Co. of New York and the People’s Bank of $300,000, and tho deposits of the two
Boston. Mr. Poillon was President of the Mercantile Trust aggregate over $6,000,000, of which about 43^ million
Co. when that institution was merged with the Bankers represents the deposits of the Miners’ Bank prior to the
Trust Co. in August 1911, when he became Vice-President consolidation. The enlarged institution, conducted under
of the latter.
the name of the Miners’ Bank, will be housod in the home
of the latter, its banking room being enlarged by alterations
As a result of a modifying order issued by Judge Joseph P. which are now under way. F. M. Kirby continues as head
Tuttle in the Supreme Court in Hartford, Conn., on Nov. 19 of the new Miners’ Bank and its directorate is made up of
the depositors of the defunct Windsor Locks Savings Bank members of the boards of both banks. Tho Miners’ Bank,
of Windsor Locks will receive a dividend of 20H% instead which dates from 1868, acquired the Anthracite Savings
of 15%. Judge Tuttle issued an order on Oct. 15 providing Bank in 1912. The People’s Bank was incorporated in
for the payment of 15%. The revised method of computa 1871.
tion, however, enabled the disbursement of 20J^%. With
the payment of this dividend the depositors will have re Plans were approved on Dec. 7 by tho Comptroller of the
ceived a total of 94J^% on the deposits as scaled by the Currency for tho merger of the First National Bank of Mundirectors of the bank before the appointment of receivers. hall, Pa., and the Homestead National Bank of Homestead,
The original deposits were scaled 26%. As heretofore stated Pa., with the Monongahela Trust Co. of that city. The
the twelve directors of the savings bank which closed its capital of the Munhall bank is $50,000; that of the Home
doors in 1912 recently agreed to pay the $35,000 judgment stead National $100,000, and that of the Monongahela
which was handed down against them last March by the Trust Co. $200,000. It is said to bo the intention to liqui
date the banks purchased, the trust company taking over
Supreme Court.
all their assets and assuming all the obligations of their
The Bank of Independence of Logan, a suburb of Phila depositors. Two other institutions are identified with the
delphia, closed its doors on the 9th inst., preparatory to its Monongahela Trust Co.—the First National Bank of Home
voluntary liquidation. The institution was founded in stead and the Hays National Bank of Hays, Pa.
February last, and began business on April 21. According
to the Philadelphia “Press,” there is said to be no shortage, The First National Bank of Scranton, Pa.,has declared,
nor are its affairs involved, the decision to withdraw from in addition to the usual bi-monthly dividend of 2%, an extra
the field being occasioned by the fact that there were not
of 1 %. In April this bank, as we then noted, took
sufficient depositors to support the bank. Ex-Congressman dividend
over
the
business of the Lackawanna Trust & Safo Deposit
J. Washington Logue, who has been appointed to wind up Co., increasing
its capital at the time to $1,250,000; in
the affairs of the institution as liquidator, states that October a consolidation
was effected with the Merchants’ &
according to the information furnished him, the deposits Mechanics’ Bank, the First
National increasing its capital
are about $25,000 and the assets about $60,000. He also again, this time to $1,500,000, at which figuro it now stands.
stated that the advices to him are that the bank has no In the case of the Merchants’ & Mechanics’ Bank a dividend
liabilities aside from its deposits. The bank had an author in liquidation of 50% has just been declared.
ized capital of $50,000.
The People’s Savings Bank Co. of Cleveland has doclared
The'directors of the Republic Trust Co. of Philadelphia a semi-annual
of 6%, payable Jan. 3 to holders of
have elected Stephen P. Colladay, J. F. Dechamp and C. C. record Dec. 30.dividend
action increases the annual rate from
Jones as'members of their board to fill the vacancies caused 10 to 12%, whichThis
will hereafter be paid quarterly instead of
by the deaths of Charles Pierson and William W. Colladay semi-annually. The
also transferred $50,000
and the resignation of Charles P. Hagenlocher. Tho direc from undivided profits directors
to
surplus,
tors have also declared the regular quarterly dividend of equal to the capital of $500,000. making tho total surplus
\ \ i% and transferred $25,000 from undivided profits to
surplus, making the total surplus $175,000. The institution
L. D. Smead Jr. has been named as manager of the real
has a capital of $300,000.
estate department of the Garfield Savings Bank Co. of Cleve
Edward Wolf has been elected President of the Manufac land, 0 ., succeeding James H. McCall, who has resigned to
turers’ National Bank of Philadelphia, succeeding William take up the real estate brokerage business. Mr. McCall has
H. Heisler, who died recently. Mr. Wolf has been a direc formed a partnership with J. C. McNutt for that purpose.
tor of^the bank for many years
Augustus O. Johnson, former collection clerk of tho FifthThe’directors ofjthe Philadelphia Trust Co. of Philadelphia Third National Bank of Cincinnati, who, some throe years
have created the two new positions of Assistant Trust Offi ago, embezzled about $21,000 from that institution, was
cer^and *Assistant Secretary, electing Louis Busche to the sentenced on Nov. 15 to five years’ imprisonment by Judge
first-named]post and John C. Wallace to tho latter.
Hollister in the United States District Court in Cincinnati.
The dividend rate of the Pennsylvania Company For In The North West State Bank of Chicago has declarod the
surances On Lives And Granting Annuities, of Philadelphia, regular
dividend of 1%%, payable Jan. 3 1916 to
has been increased from 24 to 28% per annum with the holders quarterly
of
record,
Dec. 24 1915. On Deo. 31 the sum of
declaration on Dec. 13 of a quarterly dividend of 7%, $10,000 will be transferredlfrom
undivided profits to surplus,
payable Jan. 3 1916 to holders of record Deo. 23 1915. The
D ec . 18 1915.]
THE CHRONICLE
thereby increasing the latter to SCO,000—all of which has
been earned.
The First National Bank and the Northwestern Trust Co.
of St. Paul are now occupying their handsome new banking
quarters in the Hill Building in that city. The new Hill
Railroad Building is said to be the largest bank and office
building west of Chicago; it covers space equivalent to an
entire city block. The First National’s new banking room
is indeed both beautiful and spacious; it has a dimension of
145 by 176 feet, is three stories in height, the color effect
is a pleasing India tint and the woodwork of Mexican ma
hogany. The Northwestern Trust Co. has also a most at
tractive banking room, which adjoins the bank with a large
connecting arch. Every modern convenience has been
provided for both the bank and trust company officials and
their customers. Historically the First is the pioneer bank
of St. Paul, dating back to 1853, when it was started as a
private bank; in 1863 it became a national institution with
a capital of 8250,000. To-day the bank has a capital of
$3,000,000, surplus of $2,000,000 and resources of $54,
000,000. In two years’ time its deposits have grown from
$18,175,137 on Aug. 9 1913 to $48,159,411 on Nov. 10 1915
(the last official call). E. H. Bailey, who has been identified
with the First National for a period of 44 years, has been its
President since 1907. Associated with Mr. Bailey in the
bank’s management are Cyrus P. Brown, Edward O. Rice
and Otto M. Nelson, as Vice-Presidents; Charles H. Buckley,
Cashier, and Edwin Mott, Henry B. House and Charles E.
Gall, Assistant Cashiers. As is well known, the controlling
interest in both institutions is held by James J. Hill. Louis
W. Hill, the President of the Great Northern System, is
Chairman of the two boards.
Edmund Rapp, Assistant Cashier of the German In
surance Bank of Louisville, Ky., died on Dec. 9. Mr.
Rapp was 74 years of age and on the 8th inst. had completed
fifty years of service with the bank.
The directors of the Union Trust Co. of Chicago have
recommended a number of changes for ratification by the
stockholders next month. Ono proposal calls for an in
crease in the company’s stock, the amount to be raised from
$1,200,000 to $1,500,000, the additional $300,000 stock to be
paid for through a 25% dividend to bo declared in favor of
present shareholders. The stock is quoted at $300 per share.
The last previous increase in the stock was made in August
1909, when it was raised from $1,000,000 to$l,200,000. The
bank was organized in 1869 with $100,000 capital and a sur
plus of $25,000, and since then there has been no cash in
vestment beyond tho original $125,000, all new stock issues
having been paid for out of earnings. The company has a
surplus of $1,500,000 and deposits of approximately $28,
000,000.
R. B. Niese has tendered his resignation as Assistant
Cashier of the Manhattan Savings Bank & Trust Co. of
Memphis, effective Jan. 1. He will also sever his connec
tion with tho Memphis Clearing House Association, of which
he has been manager sinco 1914. Mr. Niese has been with
the bank for about 25 years and has been Assistant Cashier
since 1900. His intention is to quit tho banking business.
2045
The Bank of Commerce of Oakland, Cal., is reported to
have been purchased by interests in the Central National
Bank of that city. The former had a capital of 8105,000.
Last October the Central National took over the Western
Commercial Bank. Other institutions embraced in the
Central are the Union Savings Bank, which was merged with
it in November 1914; the Syndicate Bank, absorbed in 1910;
the Telegraph Avenue Bank and the Bank of Germany.
The Central National Bank has a capital of $1,000,000 and
J. F. Carlston is President.
The Washington State Bankers’ Association claims the
distinction of being the first association to embrace in its
membership every bank within the State. This record is
reported by the Association’s Secretary, W. H. Martin,
with the receipt on the 3d inst. of the application of the
Citizens’ Bank of Tenino to join the Association. It was
the only bank not previously within its fold.
TREASURY CASH
AND
CURRENT L IA B IL IT IE S .
The cash holdings of the Government as the items stood
Nov. 30 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Nov. 30.
GOLD.
Assets—
S
Liabilities —
§
Gold coin_______ ------1,050,801,172 38 Gold ctfs. outstanding.. 1,427,167,399 00
Gold bullion____ ------ 598,030,019 76 Gold reserve*________ 152,979,015 19
Available gold In gen. Id. 68,684,777 95
Total........................ 1,648,831,192 14
Total....................... 1,648,831,192 14
* Reserved against $346,681,016 of U. S. notes and $2,183,521 of Treasury notes
of 1890 outstanding. Treasury notes are also secured by silver dollars In the Treasury.
SILVER DOLLARS.
Assets —
S
Liabilities —
$
Silver dollars.
502,100,844 00 Silver ctfs. outstanding. 489,093,555 00
Treasury notes of 1890
outstanding...............
2,183,521 00
Available silver dollars
In general fund_____
10,823,768 00
Total
Avail, gold (see above).
Available silver dollars
(see above)________
United States notes___
Federal Reserve notes..
National bank notes__
Cert, checks on banks..
Subsidiary silver coin..
Fractional currency___
Minor coin__________
Sliver bullion (available
for subsld. coinage)..
Unclassified (unsorted
currency, &c.)........
Deposits In Federal Re
serve banks________
Deposits in nat. banks:
To credit of Treasurer
United States........
To credit of other
Govt, officers____
Deposits In Philippine
Treasury:
To credit of Treasurer
United States........
To credit of other
Govt, officers____
502,100,844 00
Total........................
GENERAL FUND.
L ia b ilities—
68,684,777 95 Treasurer’s checks outstanding__________
10,823,768 00 Deposits of Government
5,876,890 00
officers:
11,127,580 00
Post Office Dept___
22,980,617 48
Board of Trustees,
439,315 27
Postal Savings sys20,752,006 28
tern (5% reserve)..
27 00
Comptroller of the
913,070 12
Currency, agent for
creditors of Insol5,001,270 51
vent banks_____
Postmasters, clerks of
courts, &c_______
866,280 92
Deposits for:
Redemption of Fed
15,000,000 00
eral Reserve notes
(5% fund)_______
Redemption of na43,006,938 11
. tional bank notes
4,988,108 53
(5% fund).........
Retirement of addi
tional
circulating
notes, Act May 30
3,719,571 77
1908......................
Exchanges of cur
2,917,410 74
rency, coin, Ac___
502,100,844 00
$
3,978,470 32
5,808,108 53
3,207,612 91
2,927,034 16
16,707,638 30
1,811,487 36
27,906,206
22,930,922 09
15,081,655 91
100,359,136 19
xNet balance, incl. $57,
760,159 50 to credit of
disbursing officers__ 116,738,496 49
Total
217,097,632 68
Total
217,097,632 68
x The balance stated Is the amount available to pay Treasury warrants, disbursing
officers’ checks and matured public debt obligations. Included in such obligations
Is $26,694,008 of outstanding national bank notes that have been assumed by tho
United States on deposit of lawful money for their retirement which by law Is part
of the public debt of the United States and Is Included In the public debt statement.
Prior to July 1 1913 the amount of this fund was Included as a part of the publlo
debt and not as a liability In the general fund. On July 1 1913 the form of the
daily statement was changed and the retirement fund was removed from the general
fund balance and set up as a general fund liability. The Act of July 14 1890 pro
vides, however, that this fund shall be included as a part of the public debt. The
above statement restores it to the balance and makes It a part of the public debt
as required by law.
Marvin O. Discher, of the First National Bank of Mobile,
Ala., has boen advanced from the post of paying teller to that
T H E E N G L IS H GOLD A N D S IL V E R M A R K E T S .
of Assistant Cashier. Mr. Discher has been with the First We reprint the following from the weekly circular of
National for twenty-six years, having entered it as a mail Samuel Montagu & Co. of London, written under date of
olerk.
December 2 1915:
GOLD.
The Citizens’ State Bank & Trust Co. of Dallas, Tex.,
has been taken over by the First State Bank of that city.
In an official announcement the trust company’s directors
state that they voted unanimously on the proposition on
the 7th inst. The change went into effect immediately.
The Citizens’ State Bank & Trust Co., with $150,000 capital,
began business in May 1913, and last August absorbed the
Merchants’ National Bank. The First State Bank has a
capital of $250,000, and George W. Riddle is President.
Smith, Womack & Smith, a private bank of Dallas, Tex.,
has been placed in voluntary liquidation. The Security
National Bank, it is stated, has taken over the deposits
of the firm, amounting, it is reported, to $96,000.
T h e ex te rn a l m o v e m e n ts w e re n o t fa v o r a b le t o th e B a n k o f E n g la n d .
T h e fo llo w in g a m o u n ts w e re re c e iv e d b y th e B a n k :
N o v . 26—
£S ,000 in b a r g o ld .
“
29— 6 2 ,0 0 0 “
“
D ec.
1— 6 1 9 ,0 0 0 “
“
W ith d r a w a ls w e re m a d e as u n d e r:
N o v . 25— £ 5 7 ,0 0 0 in so v e re ig n s fo r C a n a d a .
set a side fo r M is c e lla n e o u s a c c o u n t ,
25—
2 5 0 ,0 0 0 “
fo r th e U . S . A .
26—
7 1 6 ,0 0 0 "
*' S p a in .
26— 5 0 ,0 0 0 “
26— 9 0 ,0 0 0 “
“ S o u th A m e rica .
26— 2 5 0 ,0 0 0 "
s e t a side o n M is c e lla n e o u s a c c o u n t .
2 9 — 2 5 0 ,0 0 0 **
29—
106 ,0 0 0 In b a r g o ld .
30—
100 ,000 In sov e re ig n s s e t a side o n E g y p t ia n a c c o u n t
D ec.
1— 100,000 “
“
"
“
“
1— 2 3 5 ,0 0 0 In sov e re ig n s fo r the U . S. A .
D u r in g th e w e e k th e n e t re d u c tio n a m o u n te d t o £ 1 ,8 1 5 ,0 0 0 .
S IL V E R .
.
A n o th e r sh arp u p w a rd m o v e m e n t o f J^d. t o o k p la c e o n th e 2 6 th u lt . to
2 7 d ., a n d a lesser rise n e x t d a y t o 2 7 > £ d .— th is w as th e h ig h e st q u o ta tio n
THE CHRONICLE
2046
fix e d sin ce A u g . 17 1914. W it h th e e x c e p tio n o f 2 7 J * d . o n A u g . 10 191 4.
i t w a s th e r e c o rd fig u re sin ce t h e o u tb r e a k o f w ar.
T h u s , in o n ly six w o rk in g d a y s , th e p r ice im p r o v e d fr o m 2 4 Pid. to
2 7 M d ., m o r e th a n 9 M % — a s o m e w h a t d r a s tic p e r fo rm a n ce .
T h e a d v a n c e w a s a c c o m p a n ie d b y s o m e C h in a s e llin g , a n d a ce rta in
a m o u n t o f s p e c u la tiv e in te re st h as b e e n tak en fo r a rise.
I n th e cir c u m s ta n c e s it w as n a tu ra l t h a t th e re aro se s o m e d is p o s itio n t o
m a rk tim e , a n d t h e n e x t t w o d a y s 2 7 J £ d . w a s q u o t e d .
Y e s t e r d a y a m o d e r a te re a c tio n o f l i d . b r o u g h t t h e p r ice t o 2 6 15-16d .
a n d a fu rth er fa ll o f l i d . o c c u r r e d t o -d a y .
T h is r e a c tio n w a s m a in ly o w in g t o s o m e p r o fit-ta k in g b y th e I n d ia n
b a z a a rs.
T h e re w a s a ls o a te m p o r a r y lu ll in t h e C o n tin e n ta l d e m a n d .
T h e re seem s livtle re a s o n , h o w e v e r , t o a n tic ip a te m u c h s e tb a c k , fo r
s u p p lies are lik e ly t o b e r e s tric te d , as M e x ic o is n o t y e t a seller o f c o n s e
q u e n ce .
T h e C h in ese N e w Y e a r fa lls o n F e b . 4 . I t s a p p ro a ch is u su a lly a
s tiffe n in g fa c t o r .
C o n tin e n ta l c o in a g e d e m a n d is b o u n d t o r e v iv e a t a n y m o m e n t, a n d as
t o th a t fo r h o m e co in a g e , th e fo llo w in g e x tr a c t fr o m th e “ T im e s ” s e e m s
t o in d ica te th a t th e sh o rta g e o f B ritish s ilv e r c o in is b y n o m ea n s y e t
sa tisfied :
" T h e M a s t e r o f th e R o y a l M in t is a p p e a lin g t o th o su p p liers o f ga s t o
arran ge fo r th e clea ra n ce o f a u to m a tic g a s m e te rs a t m o r e fre q u e n t in te rv a ls,
w ith a v ie w t o t h e .re tu r n o f th e c o in in to a c t iv e c ir c u la tio n as s p e e d ily as
p o s s ib le .”
S ta tistics fo r t h e m o n t h o f N o v e m b e r are a p p e n d e d :
H igh est p r ice f o r c a s h ____________________________________________________ 2 7 K d .
L o w e s t p r ice fo r c a s h _____________________________________________________ 2 4 H d .
A v e ra g e p r ice fo r c a s h ---------------2 5 .0 9 3
T h e s to c k in B o m b a y is again r e d u c e d . I t co n s ists o f 5 ,4 0 0 b a rs, as
c o m p a r e d w it h 5 ,7 0 0 la st w e e k .
N o sh ip m en t h a s b e e n m a d e fr o m S an F r a n cis c o t o H o n g k o n g d u rin g
th e w eek .
Q u o ta tio n s fo r b a r s ilv e r p e r o u n c e s ta n d a rd :
B a n k r a t e . . ---------------------------------- 5 %
No
ca sh
N o v . 26— 27
q u o t a t io n B a r g o ld , p e r o z . s t a n d a r d ..7 7 s . 9d .
“
27— 27 H
F re n cn g o ld c o in p e r o z ___ n om in al
fix e d
29—
27 3-1 6
U . S. A . g o ld c o in , p e r o z ..n o m i n a l
fo r
30— 27 3-1 6
fo rw a r d
D ec.
1— 26 15-16
2—
26 11-16 d e liv e r y
A v . fo r w e e k -2 7 .0 4 1
T h e q u o t a t io n t o -d a y fo r cash is 7 -1 6 d . a b o v e th a t fix e d a w eek a g o .
E N G L IS H F I N A N C I A L M A R K E T S ;— PER CABLE.
Tho daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
D e c . 11. D e c . 13. D e c . 14. D e c . 15. D e c . 16. D e c .
M on.
T u es.
W ed .
T h u rs.
F rl
S a t.
L ond on ,
W e e k e n d in g D e c .
17.
Silver, per oz___________ d.26 %
Consols, 2 X per cents......... 5814
British
per cents........... 97%
French Rentes (in Paris)-fr.64.50
26 11-16 26 11-16 2654
5854
5814
5814
9714
9714
9714
64.50 64.50
64.50
25 15-16
5814
9714
64.50
17.
25 15-16
57J4
9614
64 50
New York City Banks and Trust Companies
Bid Ask Trust Co’s.
Banks.
Bid Ask Manhattan
* 300
310
NewYork Bid Ask
NewYork
257 Astor______ 385
Mark & Fult 248
400
560
Chase_____
550
207
175
145
400
225
160
135
100
605
Cheslsea Ex* 124
Chemical__ 395
170
C ity............ 467
Coal & Iron. 165
Colonial*... 450
Columbia*.. 300
tl76
325
100
70
140
4400
250
First_______ 900
Garfield___ 185
Germ-Amcr* 125
German Ex* 375
Germania *- 375
190
Greenwich*. 265
Hanover . . . 615
Harriman . . 335
Im p * Trad. 495
Irving_____
178
Liberty ___ 700
Lincoln___ 310
212
180
165
Mech & Met
Merchants' Metropolis*.
Metropol’n »
M u tu al___
New Neth*.
New York Co
New Y ork ..
Pacific *-----
268
175
273
180
305
185
___
175
325
210
725
370
200
421
People’s * . . . 220
135
Prod Exch*. 200
405
Public *___ 125
180
472 Seaboard — 410
Second------- 395
170
125
Sherman —
State *......... 125
325
100
23d
Ward*.
tl78’ 2
Union Exch. 134
335
Unit States* 500
Wash H’ts*. 275
80
160
155
West Side*. 400
4900
Yorkville*.. 475
300
Brooklyn
915
Coney Isl’d* ___
195
First........... 255
140
Flatbush . . . 134
400
Greenpoint. 115
450
Hillside * . . . 100
Homestead *
280
Mechanics*. 125
625
85
M ontauk*..
345
Nassau........ 195
505
Natlon’lClty 270
North Side*. 170
735
People’s ___ 130
330
260
175
145
115
615
*Banks marked with a (*) are State banks.
change this week, g Ex-rights.
—
225
825
385
220
428
235
___
175
430
425
135
135
135
140
___
___
175
450
550
140
265
142
130
115
90
140
110
205
280
185
140
Bankers Tr.
IVway Trust
CentralTrust
Columbia__
Commercial.
Empire____
Equitable Tr
Farm L Tr
Fidelity___
Fulton____
Guaranty Tr
Hudson___
Law Tit& Tr
LincolnTrust
Metropolitan
Mut’l (WestChester). .
N Y Life Ins
& T ru st..
N Y Trust..
TitleGu&Tr
Transatlan ’c
Union Trust
U SM tg& Tr
UnitedStates
Westchester
&
475
144
1175
530
100
292
445
1175
197
270
t/400
130
fl2 6
105
410
485
150
1210
540
110
300
460
—
203
300
415
130
135
990
585
395
365
390
1050
135
1010
600
405
155
375
400
1100
145
490
250
265
630
510
260
275
650
138
280
143
287
85
—
—
—
425
Brooklyn
BrooklynTr.
Franklin . . .
Hamilton. . .
Kings C o ...
Manufact'rs
Citizens . .
People’s ___
Queens C o ..
—
1915.
January
. . . . $45,064 68
February............................... .......... 59,460 45
March___________________ .......... 67,607 88
1914.
$158,251 36
156,910 64
118,220 40
Increase (+ )
Decrease (—).
—$113,186 68
—97,450 19
—50,612 52
first tjU
ouarter
$172 133 01
)p- Total
1UMU UtOl
Ol livl . . . . . . . .
April_______ _____________ ..........$68,627 96
May............... ................... . .......... 81,187 68
June_____________________ .......... 65,773 53
$21K RRQ 17
1? Total Rprond nuarter
r1,
TTolf.vonr
$3K7 722 1ft
July...................................... .......... 70,044 50
August................................. .......... 63,619 67
September________________ .......... 72,701 77
$433,382 40
$115,087 24
118,306 40
108,549 52
—$261,249 39
—$46,459 28
—37,118 72
— 42,775 99
$341,943 16
—$126,353 99
$775,325 56
95,973 52
84,532 62
82,531 38
—$387,603 38
—25,929 02
—30,912 85
—9,829 61
$263,037 42
—$66,671 48
Nine months______ ____ ........... $584,088 12 $1,038,362 98
—$454,274 86
R e c e ip t s a t —
04
F lo u r .
W h ea t.
B a r le y .
O a ts.
C orn .
R ye.
56 lb s. b u s h . 32 lb s. b u s h A S lb s . b u s h . m b s .
2.223.000 2.710.000 924.000 204.000
130.000 1.604.000 2,283,000 324.000
44.000 768.000
53,000
640.000 418.000
138.000
77,666
68.000
106.000
98,000
127.000
147.000
118.000
53.000
36.000
412.000
247.000
18.000
76.000
210.000
773.000
167.000
1.032.000
430.000
249.000
b b ls .l9 6 lb s . b u s h . 6 0 lb s . b u s h .
Chicago____
Minneapolis Duluth..........
Milwaukee . .
Toledo_____
Detroit_____
Cleveland__
St. Louis___
Peoria_____
Kansas Clty.
Omaha_____
259,000
992.000
7.895.000
4.028.000
238.000
483.000
83.000
14.000
1.054.000
46.000
2.496.000
682.000
55,000
7,000
16,000
95.000
82.000
Tot. wk. 1915
Same wk.1914
Same wk.1913
514.000 18,011,000 5.428.000
418.000 10,225,000 10,880,000
345.000 6,703,000 5.072.000
773.000
629.000
252.000
6.184.000 4.522.000
5.875.000 2.575.000
3.596.000 1.957.000
Since Aug. 1
1915......... 7.846.000 269.624.000 67.949.000 121.999.000 54.480.000 13.887.000
1914......... 8.383.000 249.080.000 86.143.000 140.769.00049.729.000 12.798.000
1913......... 7.544.000 ‘167,951,000 71.629.000 102.986.00050.266.000 1 7,793,000
Total receipts of flour and grain at the seaboard ports for
the week ended Dec. 11 1915 follow:
R e c e ip t s a t —
New York__
Boston..........
Portland, Me.
Baltimore__
Newp’tNews.
Norfolk........
Mobile..........
New Orleans a
Galveston__
Montreal___
F lo u r .
W h ea t.
C orn .
O a ts.
B a r le y .
R ye.
B a r r e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
3.185.000
510.000
840.000
1.505.000
256.000
307.000
76.000
721666
6,000
3,000
25.000
137.000
109.000
1,000
703.000
574.000
329.000
20",666
1,212,000
121,000
187.000
257,666
178,000
54,000
326.000
108.000
2,000
8o',666
1,000
251,000
215,000
91,000
7,000
6791666
204",666
m m
321666
Tot. wk. 1915 703,000 9,127,000
823,000 2,345,000 932,000 305,000
Since Jan.1’ 15 25,716,000 201,825,000 49,890,000 143,728,000 14,899,000 14,313,000
Week 1914...
652,000 7,117,000 1,676,000 1,098,000 263,000 543,000
Since Jan.1’14 23,027,000 242,138,000 28,373,000 71,341,000 1,699,000 7,994,000
* Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several soaboard ports for the week
ending Dec. 11 are shown in tho annexed statement:
W h ea t.
b u sh els.
E x p o r ts fr o m —
C orn ,
b u s h e ls ,
F lo u r ,
b a r r e ls.
P ea s,
O a ts ,
R y e , B a r le y ,
b u s h e ls , b u s h e ls . b u s h e ls , b u s h e ls .
New York..........3,537,011
Portland, Me___ 840,000
Boston...... ......... 214,760
Philadelphia----- 623,000
Baltimore______ 1,150,572
Norfolk..............................
Ne'wport News.. 256,000
Mobile.......................... .
New Orleans___ 193,000
Galveston______ 293,000
Montreal........... 828,000
228
..........
..........
..........
..........
54,000
164.000
197.000
..........
Total week___ 7,935,343
Week 1914......... 5,913,156
417,476 345,391 1,214,934 202,816 1122172 2,464
777,442 316,970 536,303 631,105 386,997 17,948
2,248 189,466
2,144
14,000
26,781
3,000
6,000
25,000
24,000
5,000
50,000
........ 117,567
2,464
432,795 202,816 856,605
_IIII
582,139
178",666
I” "
22 ~66 o
nr”
m in
nm
"I "
m rr
i48',666
Tho destination of these exports for the week and since
July 1 1915 is as below:
---------- F lo u r -----------------------W h e a t -------------------------- C o r n E x p o r ts f o r w eek a n d
s in c e J u ly 1 to —
W eek.
D e c . 11.
b b ls.
S in c e
J u ly 1
1915.
b b ls.
W eek.
D e c . 11.
bush.
S in ce
J u ly 1
1915.
b u sh .
W eek.
D e c . 11.
bush.
United Kingdom... 100,555 2,272,485 3,298,412 55,844,827 240,000
Continent........... . 63,978 1,272,639 4,168,242 80,776,921 80,000
Sou. & Cent. Amer.. 88,838 1,181,119 452,163 2,554,908
2,405
West Indies______ . 84,242 759,337
77
30,259 94,843
Brit. Nor. Am. Cols.
400
228
30,995
Other Countries___. 7,378 166,780
16,349
535,897
S in c e
J u ly 1
1915.
b u sh .
865,917
1,959,995
1,538,003
1,288,641
6,903
12,034
Total.................. .345,391 5,683,355 7,935,243 139,742,792 417,476 5,671,493
Total 1914..............316,970 6,197,375 5,913,156 150,150,482 777,442 5,060,000
The world’s shipmont of wheat and corn for the week
ending Dec. 11 1915 and since July 1 1915 and 1914 are
shown in the following:
W h ea t.
fSalo at auction or at Stock Ex
~NICARAGUA CUCTOMS RECEIPTS.—Wo appond^a
statement showing the Nicaraguan customs rocoipts for the
first nine months of 1915, compared with 1914:
$1Qft
B re a d stu ffs F igu res b r o u g h t fro m p a g e 2085.—The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
1915.
E x p o r ts .
C o m m e rcia l a u d lH i s ccllaucems *lcm s
Total
AU1411 third
U1UU ouartpr
qUut Ltl . . . . . . .
[VOL.; 101
W eek
D ec.
H
B u s h e ls .
1
C orn .
1914.
S in ce
J u ly 1.
S in c e
J u ly 1.
1 B u s h e ls .
B u s h e ls .
.1
1915.
1914.
W eek.
| S in c e
D ec.
11. J u ly 1.
B u s h e ls .
B u s h e ls .
S in c e
J u ly 1.
B u s h e ls .
North Amer* 11440000 204,922,000 197,902,000 332,000 4,936.000 4.422.000
4.813.000
Russia------- 208.000 4,274,000 12.074.000
2.347.000
9.431.000
Danube----Argentina . . 168,666 8,854,666 4.355.000 i,i3 i’,66o loe",914",666 77,480,000
160.0001
160,000 8.996.000
Australia—
........| 11,652,000 15.672.000
India..........
Oth .countr’s 288,000 5,550,000 4.213.000 161,666 2,5561666
Total........ 12264000 235,412,000 245.559,000 1,624,000 114,406,000 96,146,000
• North America.— Tho Canadian Government lias officially prohibited tho
Issuance of both manifests ana exports until after ten days. This Is effective
during the continuance of tho war.
The quantity of wheat and corn afloat for Europo on dates
mentioned was as follows:
W h ea t.
Dec.
Deo.
Dec.
Dec.
U n ite d
K in g d o m .
|C o n tin e n t.
B u s h e ls .
B u s h e ls .
C orn .
T o ta l.
U n ite d
K in g d o m .
C o n t in e n t.
T o ta l.
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
............. 38,400,000
11 1915..
............. 37,192,000
4 1915..
............. 135,192,000
12 1914..
13 1913.. 13,952,666 13,864,000 27,816,000 4,033,666 5,763,666
19.728.000
21.385.000
25.611.000
10.396.000
Canadian Bank Clearings.—The clearings for the week
ending Dec. 11 at Canadian cities, in comparison with the
same week in 1914, shows an increase in the agregate of
51.3%.
Week ending D ec. 11.
Clearings at—
1915.
1914.
In c . or
D ec.
S
%
S
Canada—
Montreal_____________ 65,841.716 48,184,646 + 36.6
Toronto______________ 44,519,857 33.454,815 + 33.1
+
126.1
30,172,834
Winnipeg------------------ 68,209,521
+ 3.3
6,208,540 6,006,906
Vancouver----------------4,939,773 4,970,977 — 0.6
Ottawa______________
3,739,217 3,144,987 + 18.9
Quebec______________
1,942,763 + 36.3
2,647,738
Halifax - ............. •-........
3,666,128 2,358,108 + 55.5
Hamilton____________
Calgary---------------------- 5,120,656 3,167,222 + 61.7
1,819,137 + 14.5
2,083,569
London______________
1,593,617 + 11.5
1,777,511
St. John--- ------- -------1,953,747 — 0.8
1,937,335
Victoria--------------------— 1.2
2,918,470
2,882,865
Edmonton___________
3,291,397 2,050,178 + 60.5
Regina______________
616,113 + 65.3
1,018,703
Brandon_____________
292,675 + 161.1
764,277
Lethbridge___________
1,065,993 + 62.1
1,727,644
Saskatoon-----------------977,565 + 60.3
1,566,642
Moose Jaw___________
539,325 + 25.8
678,110
Brantford------------------622,298 + 101.0
1,250,291
Fort William-------------288,686 — 15.8
243,149
New Westminster..........
292,136 + 60.6
469,457
Medicine H a t...............
406,260 + 35.5
550,789
Peterborough_________
1912.
1913.
S
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
S
60,567,345
46,105,762
41,049,735
13,124,214
3,578,863
3,830,357
2,066,791
3,610,737
6,184,559
1,958,833
1,942,022
4,066,601
5,093,375
2,885,605
896,067
627,075
2,879,634
1,844,069
640,315
1,022,308
Total Canada_______ 225,134,885 148,839,458 + 51.3 204,912,433 204,004,267
DIVIDENDS.
The following shows all the dividends announced for the
future by largo or important corporations.
Dividends announced this week are printed in italics.
N am e o f Com pany.
Railroads (Steam).
Ateh. Top. & Santa Fe. pref. (No. 35) —
Per
Cent.
2)4
3
4H
3)4
3
2)4
3
2)4
2)4
1
Boston Revere Beach & Lynn (quar.) —
Buffalo & Susquehanna RR. Corp., pref.
Canadian Pacific, com. (quar.) (No. 78)..
Chicago Burlington & Quincy (quar.)----Chicago & North Western, com. (quar.).
Connecting Railway (Philadelphia)------
2)4
4
1)4
2
1)4
2)4
2
2
1)4
2
2
3
2)4
Delaware Lackawanna & Western (extra) 10
4
2)4
3
3.16
3
Georgia Southern & Fla., 1st & 2d pref-- 2)4
1)4
3
Harrlsb. Portsm. Mt. Joy & Lancaster.. 3)4
2
2
Interborough Consolidated Corp.,pf.(QU.)
Interborough Rapid Transit (quar.)-----Lackawanna RR. of New Jersey (quar.).
New York & Harlem, com. and pref -- N. Y. Lackawanna & Western (quar.) —
Philadelphia Baltimore & Washington.-Pitts. Ft. Wayne & Chic., reg. guar, (qu J
Reading Company, second pref. (quar.).
St.L.Rocky Mt.&P.Co.,pf.(qu.) (No,14)
Southern Pacific Co. (quar.) (No. 37) —
United N . J . R R . <& Canal Cos. (guar .) . ..
"^Street and Electric Railways.
A sheville Power & L I., pref. (gu.) (N o. 15)
Bangor R y. <k E lec., pref. (gu.) (No. 17)..
Boston & Worcester Elec. Cos., pref---Brazilian Trac., L. &
^U‘ “
C alifornia Ry. <fc r o w ., prior pref. (guar.).
Capital Traction, Washington, D. C.(au.)
Carolina Power <fe L I., p ref. (gu.) (No. 27)
Cincin n ati <fc H am ilton T rac., com. (g u .) ..
Columbia (S .C .) R y., Gas
E lec., pf.(gu.)
Columbus (G a .) Elec. C o., pref. (N o. 19)..
Columbus R y., P . <fc L I., pref. A (g u a r .) ..
P rio r preference (g u a r .) ______ _____
2047
THE CHRONICLE
Dec . 18 1915.]
1)4
5
1)4
1)4
When
Payable.
Dec.
Feb.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Feb.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Feb.
Books Closed.
D ays Inclusive.
29 Holders of rec.
23 Holders of rec.
1 Dec. 16 to
10 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Dec. 22 to
10 Holders of rec.
5 Dec. 16 to
3 Holders of rec.
31 Holders of rec.
3 Holders of rec.
1 Holders of rec.
15 Holders of rec.
1 Holders of rec.
31 Holders of rec.
27 Holders of rec.
30 Holders of rec.
3 Holders of rec.
3 Holders of rec.
31 Holders of rec.
1
Dec. 4a
Jan. 22a
Dec. 31
Jan. 3a
Dec. 22a
Dec. 31a
Jan. 2
Dec. 20a
Jan. 5
Dec. 23a
Nov. 30a
Nov. 27a
Dec. 15a
Dec. 31a
Dec. 31a
Nov. 30a
Dec. 20a
Dec. 18a
Dec. la
Dec. la
Dec. 20a
Dec. 20 Holders of rec. Dec. 2a
Holders of rec. Dec. 13a
Dec. 16 to Jan. 4
Dec.
Feb.
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Dec.
Jan.
20 Holders of rec. Dec.
1 Holders of rec. Jan.
20 Holders of rec. Dec.
10 Holders of rec. Dec.
31 Holders of rec. Dec.
1 Dec. 12 to Jan.
3 Holders of rec. Dec.
3 Holders of rec. Dec.
3 Holders of rec. Dec.
27
3 Holders of rec. Dec.
1
11a
5a
14a
20a
24a
4
10a
20a
24a
1
7a
4
SI.25
8
$1.25
Dec. 16 to .Jan. 16
2)4 Feb. 10
1)4 Jan. 1 Holders of rec. Dec. 15a
1)4
Holders of rec. Dec. 15a
1
Dec. 28 Holders of rec. Dec. 3a
2
Dec. 2 to Jan. 2
3)4 Jan. 3 Holders of rec. Dec. 9a
1)4 Feb. 1 Jan. 6 to Jan. 26
Jan. 3 Holders of rec. Dec. 15a
5
1)4 Jan. 3 Holders of rec. Dec. 11a
1)4
Holders of rec. Nov. 30a
4
Jan. 15 Holders of rec. Dec. 31
1)4 Jan. 1
2
Jan. 11
2
Jan. 1 Dec. 17 to Dec. 31
Dec. 31 Holders of rec. Dec. 8a
2
2)4 Jan. 10
1)4 Jan. 4 Dec. 12 to Jan. 4
1)4 Jan. 3
Feb. 10
2
Jan. 13 Holders of rec. Dec. 21a
1
Jan. 1 Dec. 16 to Dec. 31
4
3 X Jan. 1 Dec. 22 to Jan. 2
1)4 Dec. 31 Dec. 21
to Dec. 30
1)4 Jan. 3 Holders of rec. Nov. 30a
2) 4 Jan. 5
Jan. 3
2
S2.50 Jan. 10 Dec. 21 to Jan. 2
2)4 Jan. 3
Jan. 1
5
Jan. 1 Dec. 22 to Jan. 2
3
1)4 Jan.
1)4 Jan.
1)4 Jan.
Jan.
$1
1)4 Jan.
1)4 Jan.
1)4 Jan.
1)4 Jan.
1)4 Jan.
Jan.
1
1)4 Jan.
1)4 Jan.
1)4 Jan.
1)4 Jan.
Jan.
3
1)4 Jan .
Jan.
1
1
3 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
3 Holders of rec. Dec.
1 Dec. 13 to Jan.
3 Holders of rec. Dec.
3 Dec. 21 to Jan.
3 Dec. 21 to Jan.
3 Dec. 17 to Jan.
1 Holders of rec. Dec.
1 Dec. 29 to Jan.
1 Holders of rec. Dec.
3 Holders of rec. Dec.
3 Holders of rec. Dec.
22
20
24
15
9a
18a
12
22
2
2
2
11a
1
17a
15
15
N am e o f Com pany.
W hen
P er
Cent. Payable.
Street and Electric Rys. (Concluded).
2
Consolidated Traction o f N ew Je rs e y ____
Continental Passenger Ry., Philadelphia. $3
Duluth-Superior Traction, pref. (quar.).
1
Duguesne L ig h t, p ref. (guar.) (N o. 4)____
IX
Eastern Texas E lec. C o., p ref. (N o. 8) ___
3
El Paso Electric Co., pref. (No. 27)____
3
Frankford & Southwark, Phlla. (quar.).. $4.50
Germantown P a ss. R y., P h lla . (guar.) ___ 51 31+4
Illin o is Traction, p ref. (guar.) _________
1)4
Indianapolis Street Railway__________
3
Interstate Railways, preferred______ . . 30c.
Louisville Traction, common (quar.)___
1
Manila Elec. RR. & Ltg. Corp. (quar.)..
1)4
Mohawk Valley Co. (auar.)___________
1)4
Monongahela Valley Trzaction, common __
1
N ew England Investment & Security, p re f.
New Orleans Railway & Light, common.
Preferred (quar.)______ ____________
New York State Railways, com. (quar.).
Preferred (quar.).................................
Northern Ohio Trac. & L t., p ref. (g u a r .) ..
Philadelphia Co., com. (guar.) (N o. 137)..
Reading Traction _____________________
Ridge A ve. P ass. R y., Philadelphia (guar.).
Springfield & X e n ia R y ., common ______
$2
)4
1)4
1
1)4
1)4
1)4
1)4
S3
3
Sprlngf.(Mo.)Ry. & Lt., pf.(qu.) (No. 4) I X
Stark Electric R R . (guar.) ................ .........
X
Third Avenue Ry. (N. Y. City) (quar.).
1
Toronto Railway (quar.)........................ 2
Twin City Rap. Tr., Minn., com. (quar.) 1)4
Preferred (quar.)______ ____________
154
U nion Passenger R y. (P hiladelphia) _____ $4.75
Union Traction, Philadelphia_________ SI.50
United Gas & Elec. Corp., first preferred- 3
United Light & Rys., 1st pf. (qu.)(No.21) 1)4
United Trac. & Elec., Providence (qu.)..
1)4
W ash. B a ll. & A n n a p . E lec., pref. (guar.).
1)4
Washington Water Power, Spokane (guar.)
1)4
West End St. Ry.. Boston, pref.............. $2
West India Elec. Co.. Ltd. (qu.) (No. 32) 1)4
IFesf Philadelphia Passenger R y ________
S5
Youngstown <fc Ohio River R R ., pref. (guar.)
1)4
Preferred (extra)________ _____ ____
X
Banks.
Am erica, Bank o f .................. ................. 14
Battery Park N a tion a l ____ ____________
3
E x t r a ____________________________
1
Bronx N a tion a l ______________________
3
Chase N ational (guar.) ________________
5
Chatham & Phenix N at. (guar.) ________
2)4
Citizens' Central N ational (gu.) (N o. 117).
2
Coal & Iron National (quar.)_________
2
Colonial (guar.) ______________________
3
Coney Isla n d , Bank o f ________________
3
F ifth A venue (guar.) __________________ 25
F irst N ational (guar.) _______________
7
E x t r a _______
10
F irst Security Co. (guar.) ______________
3
German Exchange ____________________ 10
5
Mechanics, Brooklyn (No. 127)_______
M etropolitan (guar.) __________________
10
4
2
7
Mutual____________________ ______ New York County National (No. 127).. 20
3
North Side, Brooklyn (No. 43)..............
4
Park, N ational (guar.) .... ..................... .
3
Seaboard N ational (guar.) _____________
3
State _____________ ____________ ____
4
Union Exchange National......................
Yorkvllle----- -----------------------------------Trust Companies.
Astor (quar.)_____________ ____ ____
Brooklyn (guar.) ___ ______ __________
6
10
Books Closed.
D ays Inclusive.
Jan.
Dec.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
15 Jan. 1 to Jan. 15
30 Holders of rec. Nov. 30a
3 Holders of rec. Dec. 15a
1 Holders of rec. Jan. 1
1 Holders of rec. Dec. 18a
10 Dec. 21 to
Jan. 10
1 Holders of rec. Dec. la
4 Dec. 15 to Jan. 3
1 Holders of rec. Dec. 15
to Jan. 2
1 Dec. 23
Dec. 31
1 Dec. 17 to
to Dec. 14
1 Dec. 11
31 Holders of rec. Dec. 18a
3 Holders of rec. Dec. 22a
16 Holders of rec. Jan. 3
1 Holders of rec. Dec. 20a
31 Dec. 21 to Jan. 2
31 Dec. 21 to Jan. 2
3 Holders of rec. Dec. 22a
3 Holders of rec. Dec. 22a
1 Holders of rec. Dec. 10a
1 Holders of rec. Jan. 3
1 Dec. 21
to Dec. 31
1 Dec. 16 to
Jan. 2
20 Dec. 16 to
Dec. 20
1 Holders of rec. Dec. 15a
1 Dec. 25
to Jan. 2
1 Holders of rec. Dec. 15a
3 Holders of rec. Dec. 15
3 Holders of rec. Dec. 17a
3 Holders of rec. Dec. 17a
1 Holders of rec. Dec. 15a
1 Holders of rec. Dec. 10a
30 Holders of rec. Dec. 20
1 Holders of rec. Dec. 15a
3 Dec. 8 to Dec. 12
31 Holders of rec. Dec. 18a
3 Holders of rec. Dec. 11
1 Dec. 22
to Jan. 2
Dec. 24 to
Jan. 1
1 Holders of rec. Dec. 15a
20 Holders of rec. Dec. 15a
20 Holders of rec. Dec. 15a
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
3 Holders of rec. Dec. 17
3 Holders of rec. Dec. 24
3 Holders of rec. Dec. 24
3 Dec. 19 to Jan. 2
3 Holders of rec. Dec. 31a
3 Dec. 19 to Jan. 2
3
3 Holders of rec. Dec. 8
3 Holders of rec. Dec. 20a
3 Holders of rec. Dec. 24
3 Holders of rec. Dec. 31
3 Holders of rec. Dec. 31a
3 Holderstof rec. Dec. 31a
3 Holders of rec. Dec. 31a
3 Dec. 22 to Jan. fc.2
Jan. 1 Holders of rec. Dec.
Tan. 3 Dec. 18 to Jan.
Jan. 3 Dec. 21 to Jan.
Jan. 3 Dec. 23 to Jan.
Jan. 3 Dec. 9 to Jan.
Jan. 1 Holders of rec. Dec.
Jan. 3 Holders of rec. Dec.
Jan. 3 Dec. 11 to Jan.
Dec. 31 Dec. 22 to Jan.
Jan. 3 Dec. 17 to Jan.
Dec.31d Dec.22d to Jan.
24
2
2
3
3
17
23
2
2
3
lid
Feb. 1 Holders of rec. Jan. 27a
Jan. 3 Holders of rec. Dec. 17a
Jan. 3 Holders of rec. Dec. 17a
Dec. 31 Holders of rec. Dec. 22a
Columbia (guar.) _____________________
5
Dec. 31 Holders of rec. Dec. 22a
E x t r a ____________________________
2
Eguitable (guar.) _____________________
Dec. 31 Holders of rec. Dec. 22a
6
Dec. 31 Holders of rec. Dec. 30
Fran k lin (Brooklyn) __________________
6
Jan. 3 Holders of rec. Dec. 20
Fulton (N o. 47)______________________
5
Jan. 3 Holders of rec. Dec. 20
2
Extra (N o. 6 ) ............... ......................
Dec. 31 Holders of rec. Dec. 22a
6
Guaranty (quar.)_________ __________
Dec. 31 Holders of rec. Dec. 22a
Extra____________________________
2
Lawyers Title & Trust (quar.) (No. 69).
1)4 Jan. 3 Dec. 16 to Jan. 3
M anufacturers (Brooklyn) (guar.) .............
1)4 Jan. 1 Holders of rec. Dec. 20a
Dec. 31 Dec. 18 to Jan. 2
M etropolitan (guar.) (N o. 76)_________
6
N ew York (guar.) ____________________
Dec. 31 Dec. 19 to Jan. 2
8
Transatlantic (N o. 1)________ ________
Jan. 1 Holders of rec. Dee. 4
6
Union (quar.)..........................................
Jan. 1 Dec. 25 to Jan. 1
4
Jan. 3 Dec. 19 to Jan. 2
United States.......................................... 25
U . S . M ortgage & Trust (guar.) ________
Dec. 31 Holders of rec. Dec. 24
6
Miscellaneous.
Allis-Chalmers Mfg., pref. (quar.)_____
1)4 Jan. 15 Jan. 1 to Jan. 15
1 to Jan. 15
Preferred (on acct. accumulated divs.) 1)4* Jan. 15 Jan.
Jan. 15 Holders of rec. Dec. 20a
Amer. Agric. Chem., com. (qu.) (No. 17) 1
Preferred (quar.) (No. 4 2 ).................
1)4 Jan. 15 Holders of rec. Dec. 20a
American Bank Note, preferred (quar.)..
1)4 Jan. 3 Holders of rec. Dec. 15a
Amer. Beet Sugar, pref. (quar.) (No. 66 ).
1)4 Dec. 31 Holders of rec. Dec. 18a
Amer. Brake Shoe & Fdy., com. (quar.).
1)4 Dec. 31 Holders of rec. Dec.d24a
Dec. 31 Holders of rec. Dec.d24a
Preferred (quar.)..--------- --------------- 2
Dec. 20 Holders of rec. Dec. 3a
5
American Brass (extra)_______________
Jan.
1 Holders of rec. Dec. 16a
154
American Can, preferred (quar.)----------Am. Car & Fdy., com. (quar.) (No. 53)..
)4 Jan. 1 Holders of rec. Dec. 10a
154 Jan. 1 Holders of rec. Dec. 10a
Preferred (quar.) (No. 67)--------------American Cigar, preferred (quar.)-------1)4 Jan. 3 Holders of rec. Dec. 15a
American Coal Products, common (quar.)
154 Jan. 1 Dec. 25 to Jan. 1
Jan. 15 Jan. 11 to Jan. 14
IX
Preferred (quar.)........... .....................
American Express (quar.)-------------------- $1.50 Jan. 3 Holders of rec. Dec. 11a
Amer. Gas & Elec., com. (qu.) (No. 23).. 2)4 Jan. 3 Holders of rec. Dec. 18a
Common (extra, payable in com. stock) 2 / Jan. 3 Holders of rec. Dec. 18a
Preferred (quar.) (No. 36)--------------1)4 Feb. 1 Holders of rec. Jan. 20a
Amer. Graphophone, com. (qu.) (No. 43)
154 Jan. 1 Holders of rec. Dec. .15
Amer. Iron & Steel Mfg., com. (quar.)..
1)4 Jan. 31 Holders of rec. Dec. 18a
Preferred (quar.)------------ --------------1)4 Jan. 1 Holders of rec. Dec. 18a
Am er. L a France F ire E n g ., In c ., pref. (gu.)
154 Jan. 3 Holders of rec. Dec. 23
Amer. Laundry Machinery, pref. (qu.)..
154 Jan. 15 Jan. 6 to Jan. 15
American Locomotive, preferred (quar.).
154 Jan. 2 1 Jan. 6 to Jan. 21
Am erican M anufacturing, com. (guar.) —
1)4 Dec. 31 Dec. 16 to Dec. 30
Preferred (guar.) ----------------------------1)4 Dec. 31 Dec. 16 to Dec. 30
A m er. Power <t- Light, p f. (gu.) (N o. 25)..
1)4 Jan. 3 Holders of rec. Dec. 22
American Public Utilities, pref. (quar.)..
1)4 Jan. 1 Holders of rec. Dec. 20a
4
Dec. 31 Dec. 23 to Jan. 2
Amer. Radiator, common (quar.)--------Amer. Smelters Securs., pf. A (quar.)----1)4 Jan. 3 Dec. 18 to Dec. 26
Preferred B (quar.)-----------------------1)4 Jan. 3 Dec. 18 to Dec. 26
Jan. 3 Holders of rec. Dec. 14a
3
American Snuff, common (quar.)--------Preferred (quar.)--------------- -----------1)4 Jan. 3 Holders of rec. Dec. 14a
Amer. Sugar Refining, com. & pref. (qu.)
154 Jan. 3 Holders of rec. Dec. la
American Tobacco, preferred (quar.)----1)4 Jan. 3 Holders of rec. Dec. 15a
Jan. 15 Holders of rec. Jan. 10a
1
Am erican Type Foundries , com. {quar.) —
Preferred (guar.) ----------------------------154 Jan. 15 Holders of rec. Jan. 10a
American Woolen, pref. (quar.) (No. 67).
154 Jan. 15 Dec. 17 to Dec. 29
Jan. 15 Holders of coupon No.10
51
Anglo-A m erican Oil, L t d . - ......................
Jan. 15 Holders of coupon No.10
51
Ansco Company (quar.).................... —
2)4 Jan. 1 Dec. 18 to Jan. 2
Jan. 1 Dec. 18 to Jan. 2
2
Jan. 15 Holders of rec. Dec. 31a
1
Associated OH....................... - ................
Baldwin Locomotive, preferred-----------3)4 Jan. 1 Holders of rec. Dec. 11a
Baltimore Electric, preferred ....................
2)4 Jan. 3 Holders of rec. Dec. 15
Jan. 15 Holders of rec. Dec. 31a
2
Bell Telephone of Canada (quar.)...........
4
5
10
2048
N am e o f Com pany.
THE CHRONICLE
P er
Cent.
When
Payable.
Books Closed.
D ays Inclusive.
N am e o f Company.
[Vol. 101
P er
Cent.
When
Payable.
Books Closed.
D ays Inclusive.
Miscellaneous (Continued).
Bethlehem Steel Corp., pref. (quar.)___
IK
Booth Fisheries, first preferred (quar.)..
IK
Brooklyn Borough G as _________________
3
Brooklyn Union Gas (quar.) (No. 59)__
IK
Extra________ ________ _______ ___
1
Brunswicke-Balke-Collender, pref. (qu.).
IK
B uffalo General Electric (quar.) (N o. 85)-IK
75c.
Butte & Superior Copper Co., Ltd_____
Extra____________________________ $7.50
Jan. 3 Holders of rec. Dec. 16
Miscellaneous (Concluded).
Jan. d2 Dec. 21 to dJan. 1
National Sugar Refining (quar.)_______
Holders of rec. Deo. 6
1 K Jan.
Jan. 2b Holders of rec. Dec. 31a National Surety (quar.)_______ __ _
3
Jan.
Holders of rec. Dec. 20a
Jan. i Dec. 16 to Jan. 2
Nevada Consolidated Copper Co.”(quar.) 3 7 K c Dec. 31 Holders of rec. Dec. 16a
Jan. i Dec. 16 to Jan. 2
Extra............................... ................... 1 2 K c . Dec. 31 Holders of rec. Dec. 16a
Jan. I Holders of rec. Dec. 20a New York Air Brake (quar.) (No* 52)".'
I K Dec. 23 Holders of rec. Dec. la
Dec. 31 Holders of rec. Dec. 20
New York Transit (quar.)___________ ~
4
Jan. 15 Holders of rec. Dec. 24
Dec. 31 Holders of rec. Dec. 16a Niles-Bement-Pond. com. (qu.) (No. 54)
Dec. 20 Dec. 12 to Dec. 20
IK
Dec. 31 Holders of rec. Dec. 16a N ip e B ay C o., common (quar.) _________
Jan. 15 Holders of rec. Dec. 23
I
K
C alifornia Elec. Generating, p ref. ( q u a r .)..
I K Jan. 1 Holders of rec. Dec. 20a N lp iss in g M in es Co. (q u a r.) ____ _ ’
"
25c. Jan. 20 Jan. 1 to Jan. 17
Calumet & Arizona Mining (quar.)------- $1.25 Dec. 2 ( Dec. 11 to Dec. 19
North American Co. (quar.) (No" 47)
Jan. 3 Holders of rec. Dec. 15a
IK
Dec. 28 Holders of rec. Dec. 4a Northern Ontario L . & p „ p r e f ..
Calumet* Hecla Mining (quar.)_______ $15
3
Jan. 15 Holders of rec. Dec. 31a
Canadian General E lec ., com. (qu.) (N o . 66 )
I K Jan. 1 Holders of rec. Dec. 15a Northern Pipe Line (quar.)..!” ” ........
Jan. 3 Holders of rec. Dec. 13
5
Jan.
1
Canadian Locomotive, preferred (quar.).
Holders of rec. Dec. 20a N ova Scotia Steel <fc Coal, pref. ( q u a r . ) ' '' '
IK
2
Dec. 30 Dec. 25 to Dec. 30
Jan. 1 ( Holders of rec. Dec. 31a
Canadian Westingh’sc,Ltd.(qu.) (No. 44) 6
P ref. (on acct. o f accumulative dlvs )
10 ft Dec. 30 Dec. 25 to
Dec. 30
2
Dec. 31 Holders of rec. Dec. 27a Ogllvie Flo ur M ills Co., L td., com. ( q u ) '
Canton Com pany. ___________________
2
Jan.
3 Holders of rec. Dec. 22a
Case (J. I.) Threshing Mach., pref. (qu.)
I K Jan. 1 Holders of rec. Dec. 13a Ohio Cities Gas, preferred (quar )
Jan.
1
Holders
of
rec.
Dec.
15
I
K
Celluloid Company (quar.)...................
Dec. 31 Holders of rec. Dec. 15a Ohio Fuel Oil (quar.)................... ” ” ”
IK
50c. Dec. 24 Dec. 16 to Dec. 23
2
Extra____________________________
Dec. 31 Holders of rec. Dec. 15a Ohio Oil (quar.).............................III ” $1.25
Dec.
20
Nov.
28
to
Dec.
13
Jan. I Dec. 29 to Jan. 2
Central Aguirre Sugar Cos., pref. (quar.) 2
Extra................
.IIIIIII $4.75 Dec. 20 Nov. 28 to Dec. 13
Central Coal * Coke, preferred (quar.) ___
Jan. 16
I K Jan. 15 Jan. 1 to
Ohio Slate Telephone, pref. (qu a r') _11111
Jan. 1 Holders of rec. Dec. 20
IK
4
Dec. 3( Holders of rec. Dec. 9a Old Dominion Co. (quar.)..........IIIIIII $1.50
Central Leather, common_____________
Dec. 31 Dec. 16 to Dec. 22
Preferred (quar.)__________________
I K Jan. 3 Holders of rec. Dec. 10a
Extra_________
IIIIIII 50c. Dec. 31 Dec. 16 to Dec. 22
Dec. 31 Holders of rec. Dec. 10
Cent. States El. Corp., pf. (qu.) (No. 14)
IK
Old Dominion Copper Mining & Smelting $2
Dec. 30 Dec. 16 to Dec. 22
Dec. 20 Holders of rec. Nov. 30a Omaha Elec. Light <fe Power, p re f _______
Chesebrough Mfg. (Consolidated) (quar.) 6
2 K Feb. 1 Holders of rec. Jan. 20a
4
Dec. 2C Holders of rec. Nov. 30a Penm ans Lim ited, common (quar.) ______
Extra______ _________ ____________
1
Feb. 15 Holders of rec. Feb. 5
Chic. Ju n e . Rys. * U n . Stk.Yds.,com .(qu.)
2 K Jan. 1 Holders of rec. Dec. 15a
Preferred (quar.) __________________ I
Feb.
IK
Holderstof rec. Jan. 21
Jan.
1 Holders of rec. Dec. 15a Pennsylv. Water & Power (qu.) (No." 8 )
Preferred (quar.) ___________________
IK
1
Jan.
Holders of rec. Dec. 17a
2
Dec. 31 Dec. 31 to Jan. 2
Chicago Telephone (quar.)......................
Peoples Natural Gas & Pipeage.............
2
Dec. 24 Holders of rec. Dec. 18
Dec. 31 Holders of rec. Dec. 16a Pettibone-Mulliken, 1st & 2d pref. (qu.).
Chino Copper Co. (quar.)____________ $ 1
I K Jan. 3
of rec. Dec. 17a
Cincinnati Suburban Bell Telephone (qu.) 2 K Jan. 3 Dec. 23 to Jan. 2
Phelps, Dodge & Co., Inc. (quar.).......... 2 K Dec. 30 Holders
Holders of rec. Dec. 18a
1
Jan. 15 Holders of rec. Dec. 31a
Cleveland & Sandusky Brewing, pref----Extra____________________ ____ __
3
Dec. 30 Holders of rec. Dec. 18a
Jan.
1
Cluett, Peabody & Co., Inc., pref. (quar.)
Holders
of
rec.
Dec.
21a
IK
Pittsburgh Plate Glass, com. (quar.)___
Dec. 30 Dec. 16 to Dec. 30
IK
Colt’s Patent Fire Arms Mfg. (quar.) —
2 K Dec. 31 Holders of rec. Dec. 15a PIttsb. Steel, pf. (on acct.accum.divs.)..
3 K h Dec. 22 Holders of rec. Dec. 10a
Dec.31d Holders of rec. Dec. 15a P ra irie Oil <fe Gas ____________________
10
Extra__________ ____ ___________
3
Jan. 31 Holders of rec. Dec. 31
Jan.
3
Cons. Gas, El. L. & P.. Balt., com. (qu.)
IK
Holders of rec. Dec. 15a P ra irie P ip e L in e ______ ____ __ I . .1111
5
Jan. 31 Holders of rec. Dec. 31
Consumers’ Power, Mich., pref. (quar.).
I K Jan. 3 Holders of rec. Dec. 17a Quaker Oats, common (quar.)________ I
2 K Jan. 15 Holders of rec. Dec. 31a
Continental Can, Inc., com. (quar.)----I K Jan. 1 Holders of rec. Dec. 20a
Preferred (quar.)_____ ____________
I K Feb. 29
iJan.
1
Preferred (quar.)___ ____ __________
IK
Holders of rec. Dec. 20a Quincy Mining (quar.)...____ _______ $3
iDec. 20 Holders of rec Nov. 27 a
2
Jan. 10 Holders of rec. Dec. 22 Railway Steel-Spring, preferred (quar.)..
Cosden & C o., common (quar.) ......... .......
Dec. 2 C Dec. 5 to Dec. 20
IK
2
Jan. 10 Holders of rec. Dec. 22
Common (extra)____________________
Ray Consolidated Copper Co. (quar.). . 50c. Dec. 31 Holders of rec Dec. 16
Cote Piano M fg ., pref. (quar.) __________
I K Jan. 1 Holders of rec. Dec. 24
Realty Associates (No. 26).
3
Jan. 15 Holders of rec Jan. 5
Crucible Steel of Amer., pf. (qu.) (No. 44) I K Dec. 31 Holders of rec. Dec. 10a Republic Iron & Steel, pf. (qu.) (No. 49)
1 Holders of rec Dec. 15a
I K iJan.
Cuban-Amerlcan Sugar, common (quar.) 2 K Jan. 3 Holders of rec. Dec. 15a
Pref. Extra (on acct. of deferred dlv.)_
1 ft Jan. 1 Holders of rec Dec. 15a
Preferred (quar.)............. ..................
I K Jan. 3 Holders of rec. Dec. 15a
Reynolds (R. J.) Tobacco, com. (quar.)
3
Jan. 1 Holders of rec Dec. 2 1
Dayton Power & Light, p ref. (quar.) -------I K Jan. 15 Holders oftrec. Dec. 31a
Common (extra)___________________ 10
Jan. 1 Holders of rec Dec. 2 1
2
Jan. 15 Holders of rec. Dec. 31a
Detroit Edison (quar.) ________________
Preferred (quar.)................... 11
Jan. 1 Holders of rec Dec. 2 1
IK
D istillin g Co. o f A m ., p ref. (qu.) _______
K Jan. 28 Holders oftrec. Jan. 8
Royal Baking Powder, com.(quar.).
2
Dec. 31 Dec. 19 to Dec. 31
Jan.
1
Dominion Glass, Ltd., pref. (quar.)-----IK
Holders of rec. Dec. 11
Common (extra).............
2
Dec. 31 Dec. 19 to Dec. 31
D om inion Power & T ran s., L ld .p f.(N o . 33)
3 K Jan. 15 Dec. 20 to
Dec. 31
Preferred (quar.) .IIIIIIIH ................
Dec. 31 Dec. 19 to Dec. 31
IK
Lim ited preferred ___________________
K Jan. 15 Dec. 20 to
Dec. 31
Safety Car Heating & Lighting (quar.).. 2
Dec.
23 Holders of rec. Dec. 13a
Dominion Textile, Ltd., com. (quar.) —
Jan.
3 Holders of rec. Dec. 15a St. Joseph Lead (quar.)______
IK
15c. Dec. 20 Dec. 10 to Dec. 20
Preferred (quar.)__________________
I K Jan. 15 Holders of rec. Dec. 31a
E x tra...... ........ .........
1 0 c. Dec. 20 Dec. 10 to
Dec. 20
du Pont (E.I.) de Nem. Powd., com.(qu.)
1 K Feb. 1 Jan. 23 to
Feb. 1
Savage Arm s ( q u a r .) ..'. IIH "I
Dec. 15
IK
Preferred (quar.).................................
Feb. 1 Jan. 23 to Feb. 1
IK
Savoy Oil (monthly)______ I
I
Dec. 24 Holders of rec. Dec. 15
Eastern Light & Fuel (quar.)...... .......... 2
Jan. 3 Dec. 25 to Dec. 27
Extra______________
____
HI!_____
1
Dec. 24 Holders of rec. Dec. 15
Eastman Kodak, common (quar.)_____
2 K Dec. 31 Holders of rec. Dec. 15a Sears, Roebuck & Co., preferred (quar.).
Jan. 1 Holders of rec. Dec. 15a
IK
Preferred (quar.)_______ ____ ______
Dec. 31 Holders of rec. Dec. 15a Securities Com pany ______________
IK
Jan. 15 Holders of rec. Dec. 31a
2K
2
Electrical Securities, common (quar.) ____
Dec. 31 Holders of rec. Dec. 29a Shawlnlgan Water * Power (quar.).....
Jan. 10 Holders of rec. Dec. 31a
Preferred (quar.) ___________________
Feb. 1 Holders of rec. Jan. 26a Sloss Sheffield Steel & Iron, pref. (quar.) I K Jan.
IK
3 Holders of rec. Dec. 17a
IK
Dec. 31 Holders of rec. Dec. 31
Electric Boat, com. and pref. (extra)----- 15
Pref. (extra on account of deferred div.)
Jan. 3 Holders of rec. Dec. 17a
IK
1
Elec. Storage Battery, com. * p ref. (qu ar.).
Jan. 3 Holders of rec. Dec. 21a Solar Refining__________________
5
Dec.
20 Dec. 1 to
Dec. 20
3
Galena-Signal Oil, common (quar.)........
Dec. 31 Holders of rec. Nov. 30a Southern Utilities, preferred (quar.)
Dec. 31 Holders of rec.
IK
18
2
Preferred (quar.)____________ _____
Dec. 31 Holders of rec. Nov. 30a South Penn Oil (quar.)__________
3
Dec. 31 Dec. 16 to Jan. 2
1
Jan. 1 Holders of rec. Dec. 18
General Baking, pref. (quar.) (N o. 16)___
Extra_______________________ __
2
Dec. 31 Dec. 16 to Jan. 2
Gen. Chem., com.(extra) (pay. In com.). 57
Feb. 1 Holders of rec. Dec. 31a South Porto Rico Sugar, common (quar.) 5
Jan. 3 Holders of rec. Dec. 1 1 a
Feb. 1 Holders of rec. Dec. 31a
Com. special (payable in com stock) — 10 f
Preferred (quar.).................... ...........
2
Jan. 3 Holders of rcc. Dec. 1 la
Jan. 3 Holders of rec. Dec. 15a South West Penna. Pipe Lines (quar.)..
Preferred (quar.)__________________
3
Dec. 31 Holders of rec. Dec. 15
2
Jan. 15 Holders of rec. Dec. 15a Standard Coupler, common _____________
General Electric (quar.)______________
1
Dec. 24 Dec. 19 to Jan. 1 1
General F irep ro o fin g , common (quar.) ___
I K Jan. 1 Holders oftrec. Dec. 20
Preferred _________________________
4
Dec. 2 1 Dec. 19 to Jan. 1 1
Preferred (quar.) (N o. 35).... ...........—
I K Jan. 1 Holders of rec. Dec. 20
Standard Gas Light (N . Y .) , com m on ____
Dec. 31 Dec. 21 to Jan. 2
IK
Goodrich (B. F.) Co., preferred (quar.)..
I K Jan. 1 Holders of rec. Dec. 21a
P r e fe r r e d .............................................
3
Dec. 31 Dec. 21 to Jan. 2
Jan. 1 Holders of rec. Dec. 22
Gray & Davis, Inc., pref. (quar.)______
IK
Standard Oil Cloth, pref. A . <fc B . (quar.). .
Jan. 1 Dec. 16 to Jan. 2
IK
Jan. 3 Holders of rec. Dec. 15
Great Lakes Towing, pref. (quar.)..........
IK
Standard Oil (Kentucky) (quar.)______
4
Jan. 3 Dec. 16 to Jan. 3
Jan. 3 Dec. 9 to Dec. 13
$1
Guggenheim Exploration (quar.)---------Extra ______ ______ _____________
1
Jan. 3 Dec. 16 to Jan. 3
Hart, Shaffner & Marx, Inc., pref. (qu.)- I K Dec. 31 Holders of rec. Dec. 20a Standard Oil (Nebraska)............ IIIIIII 10
Dec. 20 noldcrs of rec. Nov. 20 a
Helme (Geo. W.) Co., common (quar.)_ 2 K Jan.
3 Holders of rec. Dec. 14a Standard Oil (Ohio) (quar.)_________ II 3
Jan. 1 Dec.
4 to Dec. 22
Common (extra)___________________
4 Jan.
3 Holders of rec. Dec. 14a
Extra______________
IIIII 3
Jan.
1 Dec.
4 to Dec. 22
Preferred (quar.)........................ .........
I K Jan.
3 Holders of rec. Dec. 14a Standard Screw, common _______ IIIIIII
3
Jan. 1 Holders of rec. Dec. 15
Hendee Mfg., pref. (quar.) (No. 9)........
I K Jan.
1 Holders of rec. Dec. 20
Common (extra) .... .............................II
3
Jan. 1 Holders of rec. Dec. 15
Hercules Powder, common (quar.)_____
2 Dec. 24 Dec. 16 to Dec. 23
Class A ................
HI 3
Jan. 1 Holders of rec. Dec. 15
Common (extra)............. .....................
4 Dec. 24 Dec. 16 to Dec. 23
Class B - . ........... ......... ............. .........
3 K Jan. 1 Holders of rec. Dec. 15
Homestake Mining (monthly) (No. 494). 65c. Dec. 27 Holders of rec. Dec. 20a Stewart Mining (quar.) (No. 15)..
Dec. 31 Dec. 17 to Jan. 2
5
Extra (No. 495)............. .................... $1 Dec. 27 Holders of rec. Dec. 29a Submarine Boat Corporation (quar.)___ $1.50 Jan. 15 Holders of rec. Dec. 31
1K Dec. 31 Holders of rec. Dec. 15
Houston Gas & Fu el, preferred (quar.) ___
Jan. 3 Holders of rec. Dec. 20a
Subway Realty (quar.)...... ........ ..
IK
Illin o is P ip e L in e ______ _____________
15 Jan. 15 Dec. 19 to Jan. 9
38c. Dec. 20 Deo. 11 to Dec. 19
Superior & Pittsburgh Copper Co.
In d ia n a p o lis G as _____________________
3 Dec. 31 Dec. 11 to Jan. 2
Jan. 1 Deo. 11 to Jan. 6
2
Swift & Co. (quar.) (No. 117)........
S p e c ia l. ............................................... 10
Dec. 31 Dec. 11 to Jan. 2
Jan. 11 Holders of rec. Dec. 31
2
Tem ple Coal, preferred ___________
Ingersoll-Rand, common (extra)_______ 10 Dec. 29 Holders of rec. Dec. 17a Texas Company (quar.)_________
2 K Deo. 31 Holders of rec. Dec. 13a
Preferred_________________________
3 Jan. 3 Holders of rec. Dec. 10a Thompson-Starrett C o ., common..
4
Jan. 2 Holders of rec. Dec. 24
Isla n d Creek Coal, common (quar.) ______
50c. Feb. 1 Holders of rec. Jan. 22
Tobacco Products, pref. (quar.) (No. 12) I K Jan. 3 Holders of rec. Dec. 21a
Preferred (quar.) ___________________
$1 50Jan. 1 Holders of rec. Dec. 23
Tonopah-Belmont Development (quar.). 12 K Jan. 1 Dec. 16 to Dec. 21
Int. Harvester of N. J., com.(qu.)(No.24) I K Jan. 15 Holders of rec. Dec. 24a Tonopah Extension Mining (quar.)
6
Jan. 1 Dec. 11 to Dec. 21
International Salt (quar.)_____________
K Jan.
Dec. 10 to Jan. 2
Extra.. ____________________
2 K Jan. 1 Dec. 11 to
Dec. 21
E xtra..____ _____________________
1 Jan.
Dec. 16 to Jan. 2
Tonopah M in in g o f N evada (qu a r.).
15c. Jan. 21 Jan. 1 to Jan. 7
International Silter, p re f. (quar.) ........... .
1K Jan.
Dec. 18 to Jan. 2
Torrtngton Com pany, preferred ____
3 K Jan. l Holders of rec. Dec. 20
K a n sa s Gas & E lec., p ref. (qu.) (N o. 23)..
I K Jan.
Holders of rec. Dec. 22
Underwood Typewriter, common (quar.) 1
Jan. l Holders of rec. Dec. 20 a
Kaufmann Department Stores, pref. (qu.) I K Jan.
Holders of rec. Dec. 20
Preferred (quar.)_____________
I K Jan. l Holders of rec. Deo. 20 a
K ay ser (Ju liu s) <& C o., common (quar .)—
I K Jan.
Holders of rec. Dec. 20a Union Carbide (quar.)__________
2
Jan. l Dec. 19 to Jan. 2
F irst and second preferred (quar.) _____
I K Feb.
Holders of rec. Jan. 20a U nion F erry ___ _______ _________
2
Jan. 15 Holders of rec. Jan. 3a
Kelly-Sprlngfleld Tire, 6 % pref. (quar.). 1K Jan.
Holders of rec. Dec. 15
U nion N atural Gas Corporation (quar.) __
2 K Jan. 15 Holders of rec. Dec. 31
Second preferred (quar.)____ ________ I K Jan.
Holders of rec. Dec. 15
2
United Fru it (quar.) (N o. 66 ) _____
Jan. 1 Dec. 24 to Jan. 14
K o lb Bakery, pref. (quar.) (N o. 16)_____
1K Jan.
Holders of rec. Dec. 18
SI
United Gas Improvement (quar.)..
Jan. 15 Holders of rco. Dec. 31a
Kresge (S. S.) common (quar.)________
3 Jan.
$ 12
Holders of rec. Nov. 27a United Globe Mines_____________
Dec. 30 Dec. 16 to Dec. 22
Preferred (quar.)...... .......... ......... .....
I K Jan.
2 Holders of rec. Nov. 27a United Shoo Machinery Corp., com. (qu.)
50c. Jan. 5 Holders of rec. Dec. 14
La Belle Iron Works, preferred (quar.).. 1
Dec. 22 Dec. 12 to Dec. 22
Preferred (quar.).--------- ---------------- 3 7 K c . Jan. 5 Holders of rec. Dec. 14
L a Rose Consolidated M in es (quar.) _____
1 Jan. 20 Jan.
50c Dec. 20 Holders of rec. Nov. 20
1 to Jan. 18
Utah Consolidated Mining (quar.)-------Laurentide C o., Ltd. (quar.) ........... ..........
2
Jan. 3 Holders of rec. Dec. 22
Utah Copper Co. (quar.) (No. 30)-------- $1.50 Deo. 31 Holders of rec. Dec. 16a
Law yers’ Mortgage (quar.) (N o. 57)_____
3
Dec. 31 Holders of rec. Dec. 22
2 K Jan. 1 Holders of rec. Dcc.f20
W ashburn W ire, common _____________
Library Bureau, preferred (quar.) _______
2
Jan. 1 Holders of rec. Dec. 21
I K Jan. 1 Holders of rec. Dec. 20
Preferred (quar.) ------ ---------------------Liggett & Myers Tobacco, pref. (quar.)..
I K Jan.
Holders of rec. Dec. 15a Welsbach Com pany, preferred ---------------- 3 K Dec. 31 Holders of rec. Dec. 22
Lone Star Gas (quar.) _______
I K Jan.
$4 Dec. 31 Holders of rec. Dec. 23a
Western E lec. C o., I n c ., c o m ....................
Dec. 24 to Dec. 31
Loose-Wiles Biscuit, 1st pf. (qu.) (No. 15)
I K Jan.
m
Dec. 31 Holders of rec. Dec. 23a
Dec. 21 to Jan. 2
P r e fe r r e d ...... .......................................
Lorillard (P.) Co., common (quar.)____
2 K Jan.
Jan. 15 Holders of rec. Deo. 20 a
IK
Holders of rec. Dec. 15a Western Union Teleg. (quar.) (No. 187).
Preferred (quar.)_______
I K Jan.
Jan. 15 Holders of rec. Dec. 20a
K
Holders of rec. Dec. 15a
Extra..................................... ........- - Louisville Gas & Electric, pref. (quar.)..
I K Dec. 20 Holders of rec. Dec. 10a Weyman-Bruton Co., common (quar.)..
3
Jan. 3 noldcrs of rec. Dec. 11a
M acA ndrew s & Forbes, common ( q u a r .) ..
2 K Jan. 15 Holders of rec. Dec. 31a
Jan. 3 Holders of rec. Dec. 11a
Common (extra)-------- ------- ----------- 10
Preferred (quar.) ...................................
I K Jan. 15 Holders of rec. Dec. 31a
Jan. 3 Holders of rec. Dec. 11a
Preferred (quar.)--------- -----------------IK
Mackay Companies, com. (quar.) (No.42)
1K Jan. 3 Holders of roc. Dec. 10a Willys-Ovcrland, preferred (quar.)-------I K Jan. 1 Holders of rec. Dec. 2 1 a
Preferred (quar.) (No. 48)__________
1
Jan. 3 Holders of rec. Dec. 10a Wisconsin Edison, Inc.............................. 1
Dec. 31 Holders of rec. Dec. 15
Magma Copper (quar.)_______________
50c. Dec. 31 Holders of rec. Dec. 16
Woolworth (F. W.), preferred (quar.)...
I K Jan. 3 Holders of rec. Deo. 10a
Manati Sugar, preferred (quar.)_______
I K Jan.
3 Holders of rec. Dec. 24
Yale * Towne Mfg. (quar.) (No. 79)----I K Jan. 3 Dec. 19 to Jan. 2
Manhattan Shirt, preferred (quar.)____
I K Jan.
3 Holders of rec. Dec. 17a
6
Dec. 23 Deo. 19 to Jan. 2
Extra (No. 78)........- ............ ........- -
M a n n in g , M axw ell & M oore, In c . (qu a r.).
I K Dec. 31 Holders of rec. Dec. 31
2
Youngstown Sheet & Tube, com. (q u a r.)..
Jan. 1 Holders of rec. Dec. 19
E x t r a ...................................................
I K Dec. 31 Holders of rec. Dec. 31
Preferred (quar.) ......... ....................
Jan. 1 Holders of rec. Dec. 19
IK
M axw ell M otor, In c ., firs t preferred _____ k U K
Dec. 31 Dec. 30 to Jan. 2
Yukon Gold Co. (quar.) (No. 26)........... 7 K o . Dec. 31 Deo. 9 to Dec. 13
Maxwell Motor, Inc., first pref. (quar.)..
I K Jan.
3 Holders of rec. Dec. 10a
May Department Stores, pref. (quar.)..
I K Jan.
1 Holders of rec. Dec. 15a
a Transfer books not closed for tkls dividend, ft Less British Income tax. d Cor
Mergenthaler Linotype (quar.)________
2 K Dec. 31 Holders of rec. Dec. 4a
Michigan Light, preferred (quar.)_____
I K Jan.
3 Holders of rec. Dec. 15a rection. e Payable in stock. / Payablo In common stock, g Payablejlnl scrip,
ft On account of accumulated dividends. I Transfers received in London on or be
M idw est R efin in g (q u a r.). _____ ________
I K Feb.
1
Montana Power, com. (quar.) (No. 13)..
K Jan.
3 Holders of rec. Dec. 15a fore Sept. 8 will be in time to be passed for payment of dividend to transferees.
Preferred (quar.) (No. 13)__________
I K Jan.
3 Holders of rec. Dec. 15a k Payable in non-lnt.-bearing warrants or. at option of stockholder, In first pre
ferred stock at par. I Par of shares £1. Dividend Is payable In U. S. currency on
Montgomery Ward & Co., pref. (quar.)..
1K Jan. 1 Dec. 22 to Jan. 2
the basis of $4 7 2 K to the pound sterling, m Declared 73-100 of 1 %, being at rate
Mortgage-Bond Co. (q u a r.). ....................
1K Dec. 31 Holders of rec. Dec. 21
National Biscuit, com. (quar.) (No. 70)..
1K Jan. 15 Holders of rec. Dec. 28a of 6 % per annum for period when company commenced business to Dec. 31.
National Carbon, common (quar.)_____
I K Jan. 15 Jan.
0 to Jan. 16
N a t. E nam el. <t- Stam ping, p ref. (q u a r .) ..
I K Dec. 31 Dec. 12 to
Jan. 2
National Lead, common (quar.)............
K Dec. 31 Dec.
11 to Dec. 15
N ational Licorice, p ref. (quar.) (N o. 54)..
1K Dec. 31 Holders of rec. Dec. 24
National Refining, preferred (quar.)___
2
Jan. 1 Holders of rec. Dec. 15a
National Banks.—The following information regarding
national banks is from tho offico of the Comptroller of tho
Curroncy, Treasury Department:
THE CHRONICLE
Deo. 18 1915.)
A P P L I C A T I O N T O C O N V E R T A P P R O V E D D E C . 3.
T h e D u n n County State Bank, Killdeer, N . Dak., into “T h e First
National B a n k of Killdeer.” Capital. $25,000.
C H A R T E R I S S U E D T O N A T I O N A L B A N K D E C . 2.
10,807— T h e First National B a n k of W y n n e , Ark. Capital, $25,000.
J. L. Haro, President; W . F. McCorkle, Cashier.
V O L U N T A R Y LIQUIDATION.
10,490— T h e Citrus National Ba n k of Exeter, Cal., Oct. 30 1915. Liqui
dating agent, John A. Wilson, Hanford, Cal. Absorbed by the
First National B a n k of Exeter, No. 9,370.
6 ,939— T h e First National Ba n k of Clarks, Neb., Nov. 30 1915. Liqui
dating agents, W . Chamberlin and M . Chamberlin. Clarks, Neb.
Succeeded by the State B a n k of Clarks.
9 203— T h e First National B a n k of Forest City, N . C., Nov. 30 1915.
Consolidated with the Farmers’ B a n k & Trust Co. of Forest City,
which is acting as liquidating agent.
A u c tio n
Sales.— Am ong other securities, the following,
2049
B y Messrs, R . L . D ay & C o ., Boston:
Stocks.
$ per sh. Shares. Stocks.
$ per sh.
15 Union Twist Drill Co., pref___ 95
50 Old Colony Tr. Co., Boston..100
10 Guaranty Tr. Co., Cambridge. 120
24 Lowell Gas Light Co_______ 255
2 Arlington Mills.................... 99)4 10 Haverhill Gas Light Co..............97)4
10 Mass. Cotton Mills_________ 126
50 U. S. Envelope Co., pref_____ 106)4
6 Ludlow Mfg. Associates____ 119)4 65 Waltham Watch Co.,common. 20
15 Pacific Mills............................ 125
50 Hood Rubber Co., pref..108)4-108)4
2 Boston Belting Co., ex-dlv__108)4
5 Boston Real Estate Trust,
5 Osborn Mills, ex-dlv________ 97
$1,0 0 0 each............. . . 10 2 )4 & int.
1 Bigelow-Hartford Carpet, pref. 107)4
1 Boston Athenaeum, $300 par..385
2 Naumkeag Steam Cotton Co.,
2 Merchants’ Nat. Bk. B___ 293
old stock____ _____________ 185
5 Lancaster Mills___________ 79
5 Dartmouth Mfg. Co., com___187
Bonds.
P e r cent.
. 2 Barristers’ Hall Trust............. 70
$1,000 Nor. Maine Seaport RR.
89 Merrimac Chemical Co., $50
5s, 1935............................ 85)4
each....................................... 1 3 5
1,003 U. S. Envelope Co. 1st 5s,
30 King Joy Lo Co.............100-105
1922 ................................... 99)4
110 Western Real Estate Tr___ 135 & int 5.000 U. S. Envelope Co. 1st 5s,
8
Boston Pier or Long Wharf Co. 180
1927 ...................................100)4
5 Plymouth Cordage C o ........... 195)4
2.000 Regina Lace Co. 6 % notes,
3 Haverhill Electric Co_______ 215
1916
.............................. 95
Shares.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New Y ork, Boston and Philadelphia :
B y Messrs. Adrian H . Muller & Sons, New York:
Shares.
Percent. Shares.
Slocks.
1.000 Lind e Air Prod. Co., com.190-205H
150 Linde Air Products Co., pref 90
1.000 German Pub. Society, pref.,
510 each_______________$55 lot
1.000 German Pub. Society, com.,
$ 1 0 each_______________S10 lot
18 Interboro Brew. Co., pref.,
S10 each...................... S2 persh.
1 Sun Printing & Pub. Co___ $710
50 Vacuum Cleaner Co________$2 lot
200 Cent. Foundry Co. of N. J.,
common (old stock)______ $8 lot
5 Atlan. Shore Ry. of Me-.S2.20 lot
25 Lawyers’ Title & Trust C o.-126
25 City Investing Co., pref----- 7014
Stocks.
P er cent.
$828 34 Claim of B. Campbell &
Co. vs. Carnegie Trust Co.,
40% paid........................$42 lot
Bonds.
P er cent.
$500 Lotus Club 2d inc. 6 s, 1916. 95H
15,009 Morning Teleg. Co. 6 s, 19367
500 Atlan. Shore Uy. of Me. ref.
4s, 1941, May 1911 cou
pons on______________ S3 lot
S4.823 Internat. Silver Co. pref.
dlv. scrip___________$655 lot
48.000 Roslyn Estates Inc. lsts,
ser. A_____________ $20,000
82.000 Roslyn Estates Inc., lsts,
ser. B _____________ $45,000
B y Mossrs. Barnes & Lofland, Philadelphia:
S per sh.
14 Phiia. Bourse, com., $50 each 6
65 First Nat. Bank, Phlia..190-190)4
500 Rawhide Coalition Mines,)
8 Mechanics’ Insur. Co., $25
$ 1 each_________________ ) $2
each_____________________ 60
3-10 Morris County Trac.Co___) lot
20 German Comm’l Accident
500 Twin Mtn. M. & M. Co.,
Co., $10 each........................ 2M
SI each__________________ $2 lot
1 Library Co. of Philadelphia.. 21
20 Stor. Batt. Safety Lamp)
7 Fidelity Trust Co................. 720
Co., common.____ ________) $1
5 Mutual Trust Co., S50 each. 35
1 People’s Trust Co., $50 each. 39 J4
20 Stor. Batt. Safety Lamp Co., Ilot
pref ____________________ J
2 Tioga Trust Co., $50 each— 56
6 West End Trust Co..............160
16 Com Exch. Nat. Bank___ 310'A
2 Phlla. & Trenton RR.........236
5 Penn National Bank______ 340
2 Frank. & S’wark Pass. Ry_340
45 Phlla. Bourse, pref., $25 each 20)4
101 Germantown Pass. R y .. 100-100J4
4 Southwark Nat. Bank_____ I 43
280 Railway Co. General, com.,
7 Nat. Bank of Northern
$10 each______
5
Liberties........................ 240-240 H
100 Amer. Pipe & Constr. C o ..30-30)4
2 De Long Hook & Eye Co_51
1,003 Goldfield Daisy Mg. Synd.,
60 Amer. Dredging Co_____ 97-97)4
$1 each ....................
SIlot 8 II. K. Mulford Co., $50 each 75)4
1.000 West Coast Mf. & Smelt.,
Bonds.
P er cent.
$1 each..............................SI lot SI,000 Bridgeton & Mill. Trac. 1st
1.000 Searchlight Cons. M. & M.
5s, 1930............................. 90
Co., $1each...... ...............
$1lot 3.000 Scranton & W.-B. Trac.
coll. 6s, 1934...................... 90
1.000 Orleans Gold M. & M. Co.,
$ 1 each ............................. $ 1 lot 4.000 Atlan. City Gas 1st 5s........77)4
1.000 Phil. B. & Wash. R R . ser.
50 Montana-Tonopah Mines,
F 4s, 1924.......................... 96
$1 each___________________ 31c.
Shares.
S per sh. Shares.
Stocks.
Stocks.
B y Messrs. Francis Honshaw & C o ., Boston:
$ per sh.
Stocks.
S p er sh. Shares. Stocks.
12 Nat. Sliawmut Bank_____ 197
20 Mass. Cotton Mills_____
124)4
10 Federal Trust Co_________ 138)4
4 Mass. Lighting Co., p ref..II’ 98
15 Webster & Atlas Nat. Bank__ 213)4 50 Lowell Gas Light C o ...
255
25 Naumkeag St. Cot. Co. (full22 Waltham Watch Co., com___20
paid receipt)........................... 182)4
5 American Glue Co., pref..........149)4
32 Esmond Mills, pref--------------92)4
10 Atherton Furniture Co______ 80)4
33 Mass. Mills in Georgia..........99
20 Dartmouth Mfg., common___185
10 Farr Alpaca Co____________ 141
3 Merrimac Chemical Co____135
Shares.
The Federal Reserve Banks.
Im ports a n d E xports fo r th e W e e k .— The following are
the reported imports at New York for the week ending
December 11 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
For Week E n din g Dec. 11.
1915.
1914.
1913.
1912.
Dry goods______ _______ / $23,937,000) $2,775,710 $4,109,757 $3,735,743
General merchandise____ l
13,149,071 18,639,028 16,633,550
/
Total_______________
$23,937,000 $15,924,781 $22,748,785 $20,369,293
Since J a n . 1.
Dry goods_____________ /$935,422,342) $157,879,513 $148,805,326 S143.655.114
General merchandise____ \
I 757,018,353 785,377,458 819,969,818
Total 49 weeks_______ $935,422,342 $914,897,866 $934,182,784 $963,624,932
EXPORTS FROM NEW YORK.
Week E n din g D ec. 11.
1915.
1914.
1913.
1912.
For the week..................... . S70.371.484 S22.655.346 S15.023.992 S22.094.434
Previously reported______ . 1701,058,247 802,020,436 802,875,029 771,581,074
Total 49 weeks............... . 1771,429,731 $824,675,782 $817,899,021 $793,675,508
The gold and silver exports and imports for the week and
since January 1 have been as follows:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending D ec. 11.
Exports.
Gold.
Week.
Im ports.
Since
J a n . 1.
Since
J a n . 1.
Week.
13.935,893 88,220,671
11,519,880
54,860 14,198,431
50,000
Total 1915..................................
Total 1914..._____ ___________
Total 1913...... ............................
Silver.
Great Britain...............................
France_________
Germany___________
West Indies............
Mexico________
South America_____________
Ail other countries.........................
Total 1915...................................
Total 1914..........................
Total 1913........................
1 2 2 ,0 1 0
972,340
1,158,830
600 7,541,241
84,304 1,932,720
216,836 14,394,370
46,138 5,815,215
104,860 16,451,611 14,283,771 129,424,097
400 128,325,283
780,798 9,969,795
578,017 25,237,678
98,438 69,309,584
$933,335 $36,138,574
2,469,275
22,405
1,821,887
3,700
287,916
12,575
$21,344
15,325
339,731
5,868,167
3,684,045
1,171,352
849,053
132,077
67,813
$955,740 S40,733,927 $1,048,943 $11,099,964
983,470 S41,221,532
149,117 10,067,098
789,984 46,726,858
250,133 10,625,737
OI the above exports for the week in 1915, $100,000 were American gold coin.
Following is the weekly statement issued by the Federal Reserve Board on
Dec.
Tho Federal Reserve Board
about 8 .8 million
.^°J,d ^ a f .
amount o f which
the
wook o f about 4 m l 1’ 0 0 dollars a
n
R ^ v e -^Kents stands at p e se ^
■ •
months ago. I nansfors of
. ... ,
11:
its weekly bank statement as at close o f business on Doc. 10 1915. The banks report a total of
»5 lir? 1nIo0 sem 9 Agents for the purposo of reducing the banks’ liabilities on outstanding notes, the
S’® mJ A9,ns- „ As a result tho combined gold reserves o f tho system show a decrease for the
d
a decline o f 8.2 million dollars. Tho total amount of gold held by both the banks and the Federal
11lionsas against 499.3 millions at tho end of the previous week and 307.7 millions reported about six
, 1 o f I aieral Reserve Agents, the transmittal of considerable amounts between banks, reported only by the
arC resp O n sib '0 for a
decrease of 1 1 . 6 millions in the golcf settlement fund.
during the week of over 2 million dollars, and constitute at present 155% o f their combinod
rapital. as against l o l . 4% the
ck .
„
f bo largest gain Is shown for bankers’ acceptances which represent at present over $6 % o fa ll bills held.
Oy.or
n 'iniu.vln
^aboard banks, Boston reporting the largost amount of acceptances on hand. The holdings of
b
S
C
wWl o°34)$71,of the
and Chicago reporting tho largest gains during tho week. Of the total bills on hand. 36.4%
stork miicrt are given -Is 1 7 'n l n * K ter 3 0 but " ithin 60 days. The holdings of paper maturing after 90 days (largely agricul
tural and
5 m i n i ™ ttV.^ .
an.d constitute over 7% of tho total bill holdings of the banks.
i i i T b° PZ » „ £ ^ m illio n dollarsf
bonds Is reported by tho Cleveland, Chicago and Minneapolis banks. The total of warrants
hold1 Increasedl a b o u t d o n o s i t s dor’ro-Jrvi
i5CT0as1<Ji,reportod by tho Chicago bank being offset in part by losses in holdings shown for the
Eastern banfe. Reserve d o p .
, la about 2.7 millions, New York alone showing net withdrawals of about 4.5 millions.
hoderal Roserto Agents r p
t -00.3 millions o f Federal Roserve notes outstanding, an increase for tho week of 9.3 millions, distributed
ri°75g 3SS o m
and ^ S ^ M I t “ toSrSS?^f 14 YTuifondollLrs.'9 mUli° US ° f g°,d ^
188 milU° nS ° f papcr‘
Thc baDks rCp° rt a tGtal circulation
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 or 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 tablet olio wing) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and tho Reserve Agents and between the latter and the Federal Reserve banks.
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o f t h e F e d e r a l R e s e r v e
B anks
at the
close
of
b u s in e s s
D ecem ber
10 1915
Dec. 10 1915. Dec. 3 1915. Aror.261915jAror.19 1915. N ov. 121915. N o t. 5 1915. Oct. 29 1915. Oct. 22 1915. Oct. 15 1915.
RESO U RC ES.
Gold coin and certificates in vault.................. $251,810,000 $244,229,000 $245,986,000 $245,400,000 $233,430,000 $232,678,000 $218,224,000 $227,005,000 $226,956,000
Gold settlement fund......................... ............
68,060,000 79,700,000 73,830,000 69,345,000 62,790,000 60,810,000 61,960,000 54,670.000 58,620,000
Gold redemption fund with U. S. Treasurer..
1,292,000
1,252,000
1,227,000
1,252,000
1,232,000
1,227,000
1 ,222,000
1 .2 12 ,0 0 0
1 ,2 12 ,0 0 0
Total gold reserve........................- .......... $321,162,000 $325,181,000 $321,068,000 $315,977,000 $297,447,000 $294,715,000 $281,406,000 $282,887,000 $286,788,000
Legal tender notes, silver, & c._.............. ....... 28,441,000 32,681,000 37,212.000 32,173,000 31,806,000 31,567,000 37,058,000 34,626,000 19,748,000
Total reserve------------------------------------ $349,603,000 $357,862,000 $358,280,000 $348,150,000 $329,253,000 $326,282,000 $318,464,000 $317 513,000 $306,536,000
Bills discounted and bought—
Maturities within 10 days-------------------Maturities from 1 1 to 30 days--------------Maturities from 31 to 60 days--------------Maturities from 61 to 90 days--------------Maturities over 90 days-----------------------
$5,874,000
13.313.000
18.270.000
11.468.000
3,752,000
$6,784,000
11.740.000
18.610.000
10,766,000
3,456,000
$6,164,000
11.129.000
18.325.000
9.524.000
3.831.000
$4,603,000
12.320.000
15.835.000
9.018.000
3.373.000
$5,223,000
1 0 .866,000
14,663,000
9.521.000
2.875.000
$5,863,000
10.436.000
15.606.000
8.498.000
2.724.000
$6,943,000
10.595.000
15.969.000
8.458.000
2 . 10 2.0 0 0
$7,263,000
11.198.000
14.094.000
8.978.000
1.789.000
$6,694,000
12.939.000
14.703.000
8,116.000
1,507,000
Total................................................. $52,677,000 $51,356,000 $48,973,000 $45,149,000, $43,148,000 $43,127,000 $44,067,000 $43,322,000 $43,959,000
Bankers’ acceptances (Included In above) $19,108,000 $18,306,000 $16,179,000 $13,510,000! $13,138,000 $13,774,000 $13,619,000 $13,335,0X1 $14,556,000
2050
THE CHRONICLE
D ec.
10 1915. Dee. 3 1915.
N o v .2 6
1915. IVob.19 1915.
[Vol. 1 0 1 .
N ov.
12 1915.
N ov.
5 1915.
O ct.
29 1915.
O c t.
22 1915.
O ct.
15 191 6
R E S O U R C E S (C o n c lu d e d ).
B r o u g h t fo r w a r d (total reserve A bills
disc’ted) $402,280,000 $409,218,000 $407,253,000 $393,299,000 $372,401,000 $369,409,000 $362,531,000 $360,835,000 $350,495,000
$14,401,000 $13,875,000 $12,919,000 $12,674,000 $12,003,000 $10,533,000 $10,505,000 $10,480,000 $10,380,000
18,053,000 17,821,000 27,308,000 27,519,000 22,801.000 22,148.000 25,014,000 25,381,000 26,583,000
22,286,000 18,118,000 19,176,000 18,792,000 19,537,000 15,184,000 19,723,000 15,680,000 15,236,000
19,718,000 19,775,000 14,053,000 15,827,000 16.175,000 12,483,000
8,533,000 ♦12,314,000 10,160.000
3,662,000
6,552,000
4,633,000
3,275,000
5,335,000
3,162,000
2,962,000
3,645,000
3.018,000
All other resources________________________
Total Resources---------------------------- $482,073,000 $485,359,000 $485,342,000 $471,773,000 $446,192,000 $432,719,000 $429,951,000 $427,880,000 $415,872,000
L IA B IL IT IE S .
$54,846,000 $54,854,000 $54,846,000 $54,848,000 $54,838,000 $54,834,000 $54,775,000
Capital paid In___________________________ $54,902,000 $54,859,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000.000 15.000,000
Government deposits-------------------------------392,966,000
397,952,000 384,997,000 359,317,000 346,063.000 343,554,000 340,444,000 328,766,000
390,249,000
Reserve deposits—Net------------------------------14,686,000 13,969,000 13,385,000 12,923,000 13,007,000 13.661,000 13,918,000 14,809,000 14,791,000
3,999,000
4,022,000
8,565,000
4.159,000
7,236,000
3.147,000
2,793,000
2,540,000
2,641,000
All other liabilities------------------------------------Total liabilities............................. — $482,073,000 $485,359,000 $485,342,000 5471.773.000 $440,192,000 $432,719,000 $429,951,000 $427,880,000 $415,872,000
79.6%
80.1%
80.9%
81.4%
77.9%
80.2%
77.3%
•79.0%
82.3%
88.7%
87.7%
90.1%
89.0%
86.9%
87.4%
87.6%
8 8 .0 %
Cash reserve against net liabilities (a)----------*88.7%
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
90.5%
89.3%
92.0%
90.7%
88.5%
89.4%
89.2%
•90.8%
90.1%
circulation (•)_______________________
(a) Less Items In transit between Federal Re
serve banks, viz______________________ $19,718,000 $19,775,000 $14,053,000 $15,827,000 $16,175,000 *$12,483,000
$8,533,000 •$12,342,000 $10,160,000
f e d e r a l R e ser v e N o t e s —
$200,265,000 $190,985,000 $187,815,000 $183,275,000 $179,335,000 $170,310,000 $168,370,000 $159,280,000 $153,790,000
24,953,000 20,987.000 22,511,000 22,389,000 22,710,000 17,828,000 22,345,000 17.711,000 18,025,000
$156,625,000 $152,482,000 $146,025,000 $141,569,000 $135,765,000
In circulation------------------------------------- $175,312,000 $169,998,000 $165,304,000 $160,886,000
$163,155,000 $154,005,000 $151,830,000 $142,440,000 $136,210,000
Gold'and lawful money with Agent-------------- $182,912,000 $174,147,000 $171,095,000 $166,755,000
14,686,000 13,969,000 13,385,000 12.923,000 13,007,000 13,661,000 13,918,000 14,809.000 14,791,000
Carried to net liabilities__________________
19,537,000 15,184,000 19,723,000 15,680,000 15.236,000
18,792,000
18,118,000
19,176,000
22,286,000
Carried to net assets______________________
In hands of banks____________________
f e d e r a l R e ser v e N o t e s ( A g e n t s ’ A c c o u n t s )—
$235,020,000 $218,020,000 $2 1 2 ,020,000 $205,460,000 $199,260,000
Received from the Comptroller________ $256,480,000 $252,680,000 $249,440,000 $242,980,000
1,275,000
1,265,000
1,035,000
815,000
1,015,000
745,000
1,355,000
1,355,000
1,495,000
Returned to the Comptroller___________
$254,985,000 $251,325,000 $248,085,000 $241,705,000 $233,755,000 $216,985,000 $211,205,000 $204,445,000 $198,515,000
54.720,000 60,340,000 60,270,000 58,430,000 54,420,000 46.675,000 42,835,000 45,165,000 44,725,000
In hands of Agent____________________
$179,335,000 $170,310,000 $168,370,000 $159,280,000 $153,790,000
Issued to Federal Reserve banks----- $200,265,000 $190,985,000 $187,815,000 $183,275,000
H o w S ecu red —
$133,515,000 $127,495,000 $126,480,000 $119,920,000 $12 0 ,0 10 ,00 0
By gold coin and certificates___________ $139,902,000 $135,177,000 $136,535,000 $132,695,000
100,000
100,000
100,000
10,305,000 16.540,000 16,840.000 17,680,000
17,353,000 16,838,000 16.720,000 16,520.000 16,180,000
By commercial paper_________________
570,000
500,000
580.000
550,000
590,000
580,000
520.000
500,000
630,000
Credit balances In gold redemption fund..
28,970,000
25,950,000
33,380.000
24,800,000 2 2 ,000.000 15,700,000
Credit balances with Federal Reserve B’d. 42,380,000 38,380,000 33,880,000
Total................................................. $200,265,000 $190,985,000 $187,815,000 $183,275,000 $179,335,000 $170,310,000 $168,370,000 $159,281,000 $153,790,000
Commercial paper delivered to F. R. Agent—
$18,752,000 $18,328,000 $l7,583,000 T l7 ,240,000 $16,680,000 $16,663,000 $16,553,000 $16,989,000 $17,766,000
• Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 1 2 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 10 1915
Boston
N ew York. P M la del'a . Cleveland. Richm ond.
$
$
$
$
$
RESO U RCES.
10,042,000 5.350.000
Gold coin A ctfs. In vault 14,318,000 151,607,000 7.042.000
9.391.000
9,696,000
6.747.000
994,000
3,678,000
Gold settlement fund—
375,000
37,000
55,000
6,000
Gold redemption fund.,
i m
15,116,000
19,738,000
13,826,000
18,002,000
152,656,000
Total gold reserve----116,000
Legal-ten .notes .sllv..Ac. 122,000 21,287,000 2,733,000 1,054,000
15,232,000
20,792,000
16,559,000
18,124,000173,943,000
Total reserve_______
Atlanta.
Chicago.
St. Louis. M in n ea p . K a n . d i g .
D allas.
San Fran .
Total.
$
$
$
$
s
$
1
$
$
4.879.000 36,980,000 1.690.000 2.642.000 8.270.000 4.121.000 4.869.000251.810.000
68,060,000
2.217.000 4,747,000 7.522.000 4.183.000 2.083.000 9.223.000 7.579.000
35,000
30,000
107,000 341,000
285,000
21,000 1,292,000
7,381,000 41,727,000 9,247,000 6,855,000 10,460,000 13,685,00012,469,000321,162,000
137,000
75,000 2,348,000
18,000 293,000 251,000
7,000 28,441.000
7,456,000 44,075,000 9,384,000 6,873,000 10,753,000 13,936.00012,470,000349,603,000
Bills dlscountedAbougbt
155,000 651.000 7,857,000 7,877,000 3.447.000 1,563,000 1,535,000 4,202,000 5,121,000 675,000^ 33,569,000
211,000
275,000
Commercial paper__
1.448.000 569,000 388,000
343,000
100,000
..........| 579,000 19,108,000
612.000
Bankers’ acceptances 6,253,000! 5,835,000 2,981,000
2,132,000.
1,923,000
4,545,000
4,895,000
5.121.000 1,254,000 52,677,000
7,957,000
7,877,000
T ota l___________ 6,464,000 6,110,000 3,136,000 1,263,000
4.200.000 952.000 1,298,000 1,662,000 ..........--I 1,000,000 14,401,000
1.973.000 2.330.000
986.000
Investments: U. 8 . bds.
417.000 893,000 375.000
63,000 598,000 18,053.000
Municipal warrants.. 2.853.000 "6,493,666 1.595.000 2.817.000 "Yif.ooo " 39 V.666 1.483.000
............. ! 1,017,000 22.286,000
1.832.000 386.000 1,392,000
388.000
300.000
15,584,000
Fed. Res’ve notes—Net. 1.387.000
Due from other Federal
3,720.000 536.000 881.000 5,174,000 al9,718,000
5.690.000 2.769.000 1,744,000 2,618,000 3.216.000 2,430,000
Reserve banks—Net. 1.060.000
89,000! 5,335,000
71,000 1,123,000 716.000
937,000 232,000 251.000
57,000
670.000 341.000
485.000 "363,665
All other resources____
Sri
59,933,000 15,952,00016,170,000 18,994,000 20,717,000 21,608,000 482,073,000
19,279,000
30,700,000
25,065,000
29,923.000
202,493.000
31,359,000
Total resources_____
—
L IA B IL IT IE S .
3.354.000 2.422.000 0,644,000 2,780,000 2,546,000 3.040.000 2.754.000 3,942,000 54.902.000
Capital paid In_______ 5,154,000 11,065,000 5,270,000 5,931,000 5,000,000 5,000,000 .............
5,000,000 ______
15,000,000
Government deposits__
7.943.00053.289.000 13,172,000 13,624,000 14,025,000 9.447.00017.666.000 390,249,000
Reserve deposits—Net. . 26,205',666 174,347*666 24,653,666 24,769,666 10,509,000
1.329.000 3.510.000
3,812,000!
.............
.
.
.
6.029.000
14.680.000
Fed. Res’ve notes—Net.
10,120,900
Due to F.R.banks—Net
173,000
102,0 00 .............
7,236,000
6,961,000
19,279.00059,933.000 15,952,00016,170,000 18,994,000 20,717,00021,608,000 482,073,000
Total liabilities.......... 31,359,000 202,493,000 29,923,000 30,700,000 25,065,000
f
fe d e ra l Reserve Notts —
4,380,000 7,950.00014,000,000 9,900,000 15,175,000 4,370,000200,265,000
Issued to banks_____ 9.320.000 83.560.000 8,760,000 1 0 ,200,000 15,200,000 17,450,000
938,000
1,832,000
664,000
1,392,000 571,000 369,000 1,017,000, 24,953,000
371,000
388,000
300,000
15.724.000
In hands of banks----- 1.387.000
F. R. notes in circulation 7,933,000 67,836,000 8,460,000 9,812,000 14,829,000 16,512,000 2,548.000 7,286,00012,608,000 9,329,000 14,806,000 3,353,000 175,312,000
1
Gold and lawful money
4,380,000 7,672,00014,000,000 8 ,000,000 11,290,000 4,370,000182,912,000
with agent............... 9,320,000 83.420.000 8.700,000 1 0 ,200,000 8,800,000 12,700,000
1,329,000 3,516,000 .........
14,686,000
6,029,000 3,812,000 ........- - - - ........ .........
Carried to net liabilities.
386,000
1,392,000
.1 1,832,000
- ........... 1,017,000 22,286,000
Carried to net assets___ 1,387,666 15.584.000 300,000 388,000
mItems In transit, I. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS* ACCOUNTS DEC. 10 1915,
Boston.
N ew York. PM ladel’ a. Cleveland. Richm ond.
Atlanta.
Chicago.
St. L o u is. M in n ea p . K a n . City.
D allas.
San F ra n .
Total.
$
$
*
I
$
S
%
s
$
$
$
$
$
Federal Reserve Notes—
9.600,00019,000.000 11,000,00019,580,000 1 0 ,000,000 256,480,000
Rec’d from Comptr’r 16,360,000 102,240,000 12,480,000 11,600,000 15,840,000 19,400,000 9,380,000
120,0 00
230,000 1,495,000
640,000
80,000
Returned to Comptr’r 400,000
Chargeable to Agent.. 15,960,000 102,240,000 11,840,000 11,520,000 15,840,00019,400,000 9,260,000 9.600.000 19,000,00011,000,000 19,555,000 9.770.000 254,985,000
640,0001 1,950,000 4,880,000 1.650.000 5,003,000 1,100,000! 4,380,000 5.400.000 54,720,000
Issued to F. R. bank.. 9,320,000 83,560,000 8,760,000 1 0 ,200,000 15,200,00017,450,000 4.380.000 7,950,000 14,000,000 9,900,000 15,175,000 4,370,000 200,265,000
Held by F. R. agent—
6,672,000 1 0 ,000,000 2 ,000,000 9,540,000
139,902,000
500,000
Gold coin A certfs___ 9,320,000 83,420,000 8,760,000 9,690,000
In hands of F .R . agent 6,640,000 18,680,000 3,080,000 1,320,000
Credit balances.:
With F. R. Board----- .............
Notes secured by com
mercial paper_____
510,000
.............
630,000
120,0 00
8,800,000 1 2 ,200,000 4,260,000 1 ,000,000 4,000.000 6 ,000,000 1.750.000 4,*370,000 42.380.000
278,000
17.353.000
1,900,000 3.885.000
6,400.000 4,750,000
140,000
T otal.................... 9,320,000 83,560.000 8,760,000 1 0 ,200,000 15,200,00017,450,000 4,380,000 7,950,000 14,000,000 0,900,000 15,175,000 4,370,000200,265,000
Amount comm’l paper
........ 1 278,000 _______ 1,902,000 4,484,000 ........... J 18,752,000
.......... 6,697,000 5,251,000
140,000 _______
delivered to F.R.agent
THE CHRONICLE
Dec . 18 1915.]
2051
Statem ent of New York City Clearing-House Banks and Trust Companies.
— The following detailed statement shows
theoonditionof the N ew Y ork City Clearing-House members for the week ending December 11. The figures for the separate
banks are the averages of the daily results. _ In the case of the totals, actual figures at the end of tho week are also given.
order to furnish a comparison, we have inserted the totals of aotual condition for each of the three groups
also the grand aggregates, for the four preceding weeks.
In
and
N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .
CLEARING HOUSE
C apital.
MEMBERS.
Week Ending
December 11 1915
IOOj omitted.)
N et
Profits.
/Nat.B’ksNov.10
lStateB’ksSept.25.
Members o f Federal
$
$
Reserve Bank.
4,833,
Bank of N. Y .t N.B.A. 2,000
2,278,
Merchants’ Nat. Bank. 2,000
9,283,
Mech. & Metals Nat. . . 6,000
National City Bank... 25.000 a37,658,
8,093,
Chemical Nat. Bank... 3.000
817,
Atlantic National Bank 1.0 0 0
79,
300
Nat. Butchers’ A Drov.
4,995,
Amer. Exch. Nat. Bank 5.000
18,030,
National Bank of Com. 25.000
2,181,
Chatham A Phenlx Nat. 3.500
15,484,
Hanover National Bank 3.000
2.617,
Citizens' Central Nat.. 2,550
1,976,
Market & Fulton Nat.. 1.0 0 0
7,794,
Importers’ ATraders'-- 1.500
15,663,
5,000,
Natlonal Park Bank..
77,0
250
EastRlver Nat. Bank.
3,282,
1,0 0 0
Second National Bank
23.875.5
First National Bank.. 10.0 00
3,959,
4.000
Irving National Bank.
1,288,6
500
N. Y. County Nat. Bk
10.042.6
5.000
Chase National Bank.
1,926.2
1.0
0
0
Lincoln National Bank.
1.274.0
Garfield National Bank 1,0 0 0
404.7
250
Fifth National Bank..
2 .8 55.0
1,0 0 0
Seaboard Nat. Bank..
3,222,5
1,0 0 0
Liberty National Bank
700.7
1,0 0 0
Coal A Iron Nat. Bank
1.058.1
1,0 0 0
Union Exchange Nat.
1 ,12 2 ,0
1,0 0 0
Nassau Nat. Bank...
903.7
1.500
Broadway Trust C o..
Loans,
Discounts,
Investm’ts,
A c.
Average.
S
37,028,'
30.260,
119,039,
338,398,
34.260,
10.831.0
1.963.0
92,867,
232,819.
55,153,
124,964,
27,579,
9,818,
33,032,
141,777,
1,968,
16,461,
179,164,
62.549.1
10,166,0
194,805,0
16.631.0
8.828.0
4.541.0
35.574.0
61.080.0
8.181.0
11.424.0
9,115,0
17.381.0
Legal
Tenders.
Average.
Average
S ilver.
Average.
$
496.0
1.715.0
9.066.0
7.787.0
1.926.0
451.0
94,0
918.0
3.252.0
1.899.0
3.864.0
1.092.0
357.0
805.0
4.720.0
$
815.0
$
2,969,
1.703.0
20,496,
108,041,
5.928.0
434.0
73,
10,268,
21.279.0
2,523,
19.986.0
1 .2 S0 ,
471,
1,733,
12.459.0
73,0
1.108.0
26.441.0
5.902.0
433.0
15.442.0
1.606.0
1.152.0
150.0
2.957.0
5.933.0
797.0
396.0
390.0
1.463.0
1 2 1 .0
4.030.0
9.347.0
2.014.0
232.0
33.0
1.706.0
4.902.0
1.396.0
1.865.0
249.0
333.0
1.237.0
1.253.0
44.0
549.0
578.0
1.581.0
153.0
4.650.0
756.0
336.0
124.0
748.0
690.0
134.0
307.0
104.0
246.0
N a t.B a n k N a t. Bank Federal
Notes
Notes
Reserve
!Reserve
[Not
Bank
fo r State Counted
Notes
Institu
as
lNot
tions],
Reserve ]. Reserve].
Reserve
tcilh
Legal
Deposi
ta ries.
Excess
Due
from
Reserve
D eposi
taries.
Average.
Average.
Average
i
Average.
$
5.0
17.0
153.0
139.0
49.0
19.0
1.0
115.0
11.0
551.0
15.0
38.0
10 0 .0
6,0
Average.
$
$
2.675.0
2.231.0
10.107.0
32.465.0
3.283.0
832.0
146.0
7.772.0
17.532.0
4.218.0
10.401.0
2.096.0
782.0
2.278.0
10.838.0
247.0
1.089.0
14.112.0
5.195.0
708.0
17.034.0
1.216.0
953.0
339.0
4.195.0
5.171.0
596.0
801.0
586,0
1.407.0
’ *45,0
70.0
788,0
2,0
20 .0
37.0
14.0
242.0
50.0
13.0
118.0
189.0
22 2 .0
8,0
781.0
2.531.0
4.625.0
748.0
3.822.0
700.0
657.0
270.0
1.379.0
810.0
148.0
522.0
436.0
559.0
70.0
56.0
16.0
192.0
Totals, avge. for week 115,350.0 187,811,8 1,927,656,0 273,886,0 40,533,0 56,652,0
1.932.076.0 271.131.0 40.787.0 63.814.0
Totals, actual condition Dec. 11
1.915.451.0 270.993.0 37.879.0 56.644.0
Totals, actual condition Dec. 4
1.930.512.0 267.814.0 34.034.0 58.937.0
Nov.
27
Totals, actual condition
1.922.598.0 270.535.0 36.777.0 65.105.0
Totals, actual condition Nov. 20
2,125,0
2,860,0 161,305,0
2,128,0
2.167.0
2.353.0
2.717.0
3.002.0
2.748.0
3.050.0
2.806.0
10 ,0
73.0
42.0
17.0
26.0
17.0
43.0
23.0
39.0
85.0
87.0
455,6
17.0
145.0
193.0
131.0
43.0
297,0
2 1 .0
11,0
6,0
55,0
S
N a tion a l
N et
D em and
D eposits.
N et
Tim e
Deposits
Bank
C ircula
Average.
I
Average.
Average.
34.240.0
30.016.0
141.042.0
428.500.0
36.043.0
10.672.0
1.872.0
96.109.0
235.302.0
53.237.0
142.335.0
24.510.0
8.983.0
29.768.0
146.397.0
2.518.0
14.430.0
185.894.0
71.558.0
10.486.0
219.309.0
17.562.0
9.583.0
4.693.0
41.193.0
67.549.0
8.327.0
11.097.0
8.338.0
18.377.0
$
1.598.0
2,32716
1.299.0
27.0
19.0
2.963.0
125,0
5.483.0
1,18516
760,0
125.0
171.0
1 ,2 55 ’,6
32,0
' iYi’,6
2,180,6
’ ’ ’ flf.o
1 1 0 .0
125.0
tio n .
$
798.0
1.937.0
4.953.0
1.799.0
450.0
391.0
49.0
4.820.0
2.685.0
1.701.0
305.0
1.635.0
72.0
50.0
3.548.0
50.0
674.0
4.402.0
740.0
198.0
450.0
888.0
348.0
248.0
357.0
500.0
399.0
400.0
267.0
2.109,940.0 19,931,0 35,114,0
157.443.0
160.429.0
165.102.0
160.892.0
2.115.486.0
2.091.645.0
2.106.616.0
2,105,572,0
19.987.0
19.915.0
19.605.0
20.048.0
State Banks.
Not Members o f
Federal Reserve Bank.
2.050.0
1.500.0
500.0
500.0
4.939.0
6.118.7
1,193,9
1,000,5
438.3
1.935.1
6.736.7
765.7
703.7
2.240.2
795.4
999.7
2,134,0
683.4
956,9
505,6
48.276.0 10,077,0
36.649.0 4.779.0
11.143.0
940.0
5.243.0
276.0
189.0
2.079.0
11.952.0 1 .0 10 .0
80.850.0 6.278.0
303.0
3.914.0
620.0
5.822.0
16.121.0 1.710.0
516.0
3.957.0
589.0
6.187.0
14.702.0 1.060.0
328.0
4.505.0
11.932.0 1.757.0
21.092.0 1.492.0
Totals, avge. for week. 15.450,0 32,146,8
284,424,0 31,924,0
Bank of Manhattan Co.
Bank of America_____
Greenwich Bank
Pacific Bank-----People’s Bank..
Metropolitan Bank___
Corn Exchange Bank..
Bowery Bank___
German-Amcrlcan Bank
Fifth Avenue Bank----German Exchange Bank
Germania Bank.
Bank of Metropolis___
West Side Bank.
N. Y. Produce Excb.Bk
State Bank__________
200.0
2 ,000,0
3.500.0
250.0
750.0
100 .0
200,0
200,0
1 ,000.0
200,0
1 ,000,0
1.500.0
Dec. 11
Dec. 4
Nov. 27
Nov. 20
1,161,0
796.0
529.0
178.0
126.0
802,0
4.478.0
61,0
71,0
1 . 1 2 1 .0
131.0
896.0
1.419.0
183.0
567.0
88,0
573.0
1.829.0
36.0
255.0
1 .200.0
64.0
119.0
751.0
195.0
317.0
300.0
2 12 .0
" 270,6
42,0
819.0 1,829,0
308,0
1,402,0
54.400.0
35.991.0
12.034.0
4.931.0
2.679.0
10.369.0
95.055.0
3.526.0
5.780.0
17.583.0
3.880.0
6.262.0
14.194.0
4,492,0
13.656.0
23.360.0
3,059,0
45,0 14,151,0 3,637,0
308,192,0
72,0
113.0
155.0
415.0
170.0
589.0
38.0
1,117,0
50.0
i 6 ,666’ o
91.0
81.0
1 .0
1 1 0 .0
73.0
38.0
137.0
447.0
8,792,0 11,873,0
" 78,6
2 1 2 .0
2 0 0 .0
12 .0
832.0
134.0
497.0
744.0
227,0
‘ lflff.o
3,0
16,0
12 ,0
" 2 3 3 ",6 1,153,0
265.0
'25".6
23,0
” 12 ’,6
37,0
32.146.0
31.586.0
33.514.0
33.844.0
8.954.0
9.355.0
8.635.0
9.177.0
11.875.0
11.645.0
12.503.0
12.574.0
3.027.0
2.645.0
2 .888.0
3,130,0
52.0
37.0
45.0
37.0
14.313.0
14.364.0
13.131.0
12.520.0
4.028.0
3.781.0
3.430.0
2.105.0
309.117.0
309.839.0
309.801.0
312.091.0
67.0
81.0
104.0
173.0
3.605.6
13.594.2
4.201.8
1.339.6
12,045,5
23.186.3
1.317.7
5.090.2
0
7.568.2
0
1,438,0
0
11,119,2
1.105.9
541,4
6.293.9
32.067.0 1.595.0
210.257.0 18.858.0
54.824.0 3.196.0
28.424.0 2.045.0
38.099.0 1.813.0
306.569.0 36.654.0
9,021,0
564.0
23.543.0 1.283.0
74.395.0 4.755.0
17.990.0 1.182.0
61.860.0 4.231.0
17.939.0 1 .220 .0
12.052.0
736.0
51.287.0 4,593,0
145.0
15.0
330.0
28.0
245.0
491.0
48.0
153.0
163.0
175.0
27.0
169.0
156.0
137.0
739.0
33.0
28.0
213.0
208.0
19.0
57.0
56.0
401,0
36.0
24.0
167,0
1,180,0
9.552.0
1.959.0
1.086.0
1.189.0
14,297,0
377.0
815.0
3.044.0
863.0
2.341.0
718.0
594.0
2.271.0
2.359.0
12,810,0
11.442.0
646.0
4.620.0
23.605.0
415.0
354.0
3.790.0
1.274.0
7.105.0
1.165.0
750.0
3.346.0
23.606.0
191.044.0
39.184.0
23.620.0
23.788.0
285.949.0
7,561,0
16.295.0
60.222.0
17.257.0
46.750.0
14.361.0
11.884.0
45.420.0
6,882,0
24.832.0
15.405.0
5.665.0
514.0
41.375.0
228.0
589.0
13.234.0
173.0
644.0
223.0
284.0
229.0
183.0
1,383,0
128.0
145.0
997.0
285.0
118.0
179.0
336.0
149.0
Totals, avge. for week. 44,750,0 92,447,5
938,327,0 82,725.0
2,434,0
5,283,0
2,418,0
740,0 40,286,0 73,681,0
945.460.0
937.139.0
918.276.0
921.999.0
3.131.0
3.642.0
2.851.0
7.207.0
4.609.0
5.765.0
7.589.0
5.274.0
2.478.0
2.425.0
2.432.0
2.316.0
723.0
749.0
746.0
691.0
51,759,0 73,808,0
+3,199,0 —3,355,0
5,477,0
+ 71,0
215,742,0 77,318,0 3,225,073,0 146,816,0 35,114,0
+ 11.0
—2,073,0 —446,0 + 13,460,0 + 1,762,0
52,872,0 80,298,0
+ 1,996,0 + 6,244,0
5,505,0
+ 435,0
212,404,0 76,613,0 3,239,423,0 147,735,0 35,103,0
+ 19,0
—3,029,0 -3,788,0 + 24,065,0 +2,817,0
50.876.0 74.054.0
45.520.0 79.029.0
53.161.0 82.953.0
5.070.0
5.320.0
5.446.0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Trust Companies
Not Members o f
Federal Reserve Bank.
1.500.0
Brooklyn Trust Co___
Bankers Trust C o ------ 1 0 ,000,0
U.S. Mtg. A Trust Co. 2 ,000,0
1.250.0
Astor Trust Co...........
Title Guar. A Trust Co. 6 ,000,0
Guaranty Trust Co----- 1 0 ,000,0
1 ,000.0
Fidelity Trust Co-----Lawyers Title A Trust. 4.000.
Columbia Trust Co----- 2 .000 .
1 ,000.0
People’s Trust Co-----3.000.
New York Trust Co—
1 .000 . 0
Franklin Trust Co-----Lincoln Trust Co-------- 1 ,000,0
Metropolitan Trust Co. 2 ,000,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Dec. 11
Dec. 4
Nov. 27
Nov. 20
68.0
356.0
131.0
88,0
84.411.0
86.642.0
90.138.0
91.199.0
Grand Aggregate, avge. 175,550,0 312,406,1 3J5oi407"io 388,535,0
+ 17,579,0 +2,333,0
Comparlson prev. week
Grand aggregate, actual condition D eo. 11 3.162,204,0 387,688,0
Comparison prev. week
+ 24,345,0 — 1,533,0
Grand Aggregate actual condition Dec.
4 3,137^859,0 389.221.0
condition
Grand Aggregate actual
Nov. 27 3,133,235.0 391.466.0
Grand Aggregate actual condition Nov. 20 3,131,463,0 395.578.0
" 27 ",6
20,0
231.0
45.0
139.0
35.0
12 .0
4.0
2.167.0
2.353.0
2.717.0
40.648.0 72.585.0
40.640.0 76.620.0
39.876.0 77.686.0
40.360.0 80.149.0
868.0
8.018.0
3.662.0
471,0
5.070.0
806,941,0 126,813,0
814.820.0
813.874.0
800.209.0
807.022.0
127.681.0
124.922.0
125.802.0
125.300.0
3.534.0 215.433.0 80.401.0 3,215,358,0 144.918.0 35.084.0
3.841.0 218.109.0 81.116.0 3.216,626,0 145.511.0 35.101.0
3.534.0 213.772.0 82.254.0 3,224,685.0 145.521.0 35.051.0
a Includes capital set aside for Foreign Branches. >3 .000 .000 .
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Su rplu s
Reserve.
In c . or Dec.
:Cash Reserve Reserve in
from
PreviousWeek in Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or D u .
from
PreviousWeek
s
$
$
$
$
$
$
$
Members Federal
$
$
$
$
Reserve Bank----- 371,071,000 161.305,000 532.376.000 380,785,750 151,590,250 + 7,062,900 375,732,000 157,443,000 533.175.000 381,786,830 151,388,170 +2,935,020
+ 849,960
State Banks*......... 55,648,000, 14,151,000' 69.799,000 55,474,560 ] 14,324,440 — 1,718,980 56.002.000 14.313.000 70,315,000 55,641,060 14,673,940
Trust Companies*.. 92,860,000j 40,286,000 133.146.000 121,041,150 12,104,850 —7,764,850 94.629.000 40.648.000 135.277.000 122,223,000 13,054,000 —3,978,900
Total Dec. 11--- 519.579.000215.742.000 735,321.000557,301,460 178,019,540 —2,420,930 526,363,000 212.404.000 738.767.000 559,650,890 179,116,110 —193,920
+514.160 519,221,000 215.433.000 734.654.000 555,343,970 179,310,030 — 4,167,310
Total Dec. 4 — 517.331,000:217.815,000,735.146,000554,705,530180.440,470
Total Nov. 27.-- 517,081,000:218.581,000735,662,000 555,735,690179,926,310'—15,018,460 521.335,000 218.109.000 739.444.000 555,906.660 183,477,340 —10,197,620
Total Nov. 2 0 ... 533.707.000216.556.000750.263.000 555,318.230194,944,770 +6,143,980 537,138,000 213.772.000 750.910.000 557,235,040 193,674.9601 —170,410
• Not members of Federal Reserve Bank.
• 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: Dec. 11. $996,550; Dec. 4, $985,450: Nov. 27, $981,000: Nov. 20. $989,600.
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
InMndes also tho amount of reserve required on Net Time Deposits, which was as follows: Dec. 11, $999,350; Dec. 4, $995,750; Nov. 27, $980,250; Nov. 20, $1,002,400.
THE CHRONICLE
2052
[Vol. 101.
The State Banking Department reports weekly figures
In addition to the returns of “ State banks and trust com
showing the condition of State banks and trust companies panies in New York City n ot in the C lea rin g H o u s e ” furnished
In New York City n ot in the C lea rin g H o u s e , 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 OP STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distin
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
guish between the results for New York City (Greater New
D ifferences from
(Figure.s F u r n is h e d by Stale B a n k in g Departm ent.)
previous week.
December II.
Loans and Investments__________________________$619,241,500 Inc. $1,682,600 York) and those for the rest of the State, as per the following:
141,900
52,804,800 Inc.
G old............................
For definitions and rules under which the various items
128,600
Currency?and bank notes__ ____________________9,996,600 Inc.
Total deposits______________________________ 830,851,000 Inc. 7,353,400 are made up, see “ Chronicle,” V. 98, p. 1661.
Deposits, eliminating amounts due from reserve de
The provisions of the law governing the reserve require
positaries and from other banks and trust com
panies In New York City, and exchanges------------- 645,585,900 Inc. 3,526,800
Reserve on deposits____________________________ 241,578,900 Inc. 6,014,100 ments of State banking institutions were published in the
Percentage of reserve, 35.6%.
“ Chronicle” March 28 1914 (V. 98, p. 968). The regula
RESERVE.
tions relating to calculating the amount of deposits and what
------- State B a n k s ------- ---- T ru st C o m p a n ie s ---$51,054,000 8.88% deductions are permitted in the computation of the reserves
Cash in vaults................................. $11,747,400 11.36%
159,186,100 27.69%
Deposits in banks and trust cos___ 19,591,400 18.96%
were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).
$31,338,800 30.32%
Total
$210,240,100 36.57%
The averages of the New York City Clearing-House banks
and trust companies, co m b in ed with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e om it ciph e rs i n a ll these figu re s.
-
Week ended —
Sept.18-----Sept. 25____
Oct. 2........
Oct. 9____
Oct. 16........
Oct. 23........
Oct. 30........
Nov. 6........
Nov. 13........
Nov. 20........
Nov. 27........
Dec. 4____
Dec. 11........
D em and
D eposits.
Loans and
Investments
$
3,285,207,2
3,317,767,9
3,358.896,0
3,388,651,3
3,467,524,0
3,608,520,3
3,642,474,6
3,691,886,2
3,725,985,5
3,735,488,3
3,753,798,0
3,750,386,9
3,769,648,5
S pecie.
$
498,657,5
496,161,0
490,661,8
482,017,2
494,209,0
502,300,9
513,565,6
519.525,7
520,920,8
526,271,3
517,556,8
516,027,9
515,147,8
$
3,356,088,0
3,396,150,6
3,443,128,2
3,474,185,0
3,554,422,3
3,709,084,9
3,748,805,7
3,803,046,8
3,839,752,9
3,858,135,4
3,858,048,5
3,863,672,1
3,870,658,9
Other
M oney.
Total
E n tire
M oney
Reserve on
H o l d i n g s . D e p osits.
$
83,684,2
80,832,3
78,671,6
79,288,5
79,423,4
77,013,0
71,853,9
68,166,0
65,231,7
69,244,8
61,646,4
63,834,0
67,232,6
$
582.341.7
576.993.3
569.333.4
561.305.7
573.632.4
579.313.9
585.419.5
587.691.7
586.152.5
595.516.1
579.203.2
579.861.9
582,380,4
S
901,059,6
899.749.4
888.344.5
881.458.3
911.515.5
931.772.5
957,399,9
970.813.4
980.387.6
981.478.5
970.210.8
970.710.8
976.899.9
STATE BANKS AND TRUST COMPANIES.
W eek ended D e c.
Slate B a n k s
T ru st C os.
Slate B a n k s
T r u st C os.
in
in
outside of
outside of
O r cater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .
11
Capital as of Sept. 25___
$
23,050,000
$
65,550,000
$
*10,863,000
Surplus as of Sept. 25___
38,209,100
155,738,300
*13,863,600
*11,358,400
361,912,900 1,469,363,400
— 453.000 + 8,540,500
146,078,100
+ 1,382,300
210,263,300
+ 446,500
.................
—
Loans and Investments..
Change from last week.
$
*13,400,000
Gold...............................
Change from last week.
43,680,900
—823,600
131,950,500
—6,885,500
Currency and bank notes.
Change from last week.
23,874,200
— 1,050,800
14,378,600
— 1,313,600
.................
--------------
496,566,200 1,821,889,100
—7,658,400 —10,283,800
156,312,800
+ 1,234,500
223,032,700
+ 1,103,800
31,739,500
+ 532,500
Change from last week.
Reserve on deposit_____
Change from last week.
115,358,700
—2,534,900
438,169,600
—3,829,400
28,168,300
—75,400
P. c. of reserve to deposits
Percentage last week..
28.6%
29.4%
29.7%
29.9%
20.9%
21.2%
17.5%
17.3%
• As of June 23.
+ 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 whloh are not lnoluded in the “ Clearing-House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending
Dec. 11 1915.
Net
P ro fits.
C a p ita l.
(Nat. b'ks Nov. 101
lState b’ks Sept. 251
Members of
Fed'l Reserve Bank
Battery Park Nat__
First Nat., Brooklyn
National City, Bklyn
First Nat., Jers. City
Hudson Co. N., J. C.
First Nat., Hoboken
Second Nat., Hobok.
Loans,
D isc o u n ts,
In ve st
ments, dkc.
Average.
Legal
Te nd e rs.
G old.
Average.
Silver.
Average.
Average.
%
N a t . B a n k N a t . B a n k Federal
N otes [Re N ote slN ot Reserve
Bank
Counted
serve fo r
N otes\N ot
as
Slate I n
stitutions] Reserve]. Reserve].
Reserve
with
Legal
D e p o s i
taries.
E x ce ss
D u e fro m
Reserve
D e p o s i
taries.
Net
Dem and
D e p osits.
Net
T im e
D e p o sits.
N a t io n a l
Bank
C ir c u
lation.
Average.
Average.
Average.
Average.
Average.
Average,
Average.
$
41.000
29.000
55.000
368,000
9,000
16.000
43,000
$
45.000
141.000
122.000
87.000
68.000
54,000
110,000
926,000
561,000
627,000
82,000
405.000
580.000
97,000
647.000
199.000
452.000
781.000
175.000
10,000
190.000
62,000
9,000
70.000
30.000
115.000
154.000
56.000
67.000
569.000
262.000
33.000
252.000
168.000
287.000
839.000
140.000
181,000
10,000
69.000
33.000
83.000
96.000
23.000
696,000 2,617,000
512,000
S
$
$
167.100 2.472.000
200,000
686,800 5.115.000
300.000
657.100 5.280.000
300.000
400.000 1,271,800 4.669.000
777,200 3.666.000
250.000
659.300 5.454.000
220.000
315.100 4.331.000
125,000
S
137.000
117.000
165.000
210.000
126,000
129,000
42,000
Total................... 1,795,000 4,534,400 30,987,000
..........
$
6,000
12,000
14.000
22.000
80,000
20,000
5,000
159,000
Average.
$
4.000
3.000
15,000
2.000
8,000
6,000
$
$
i
$
286,000
198.000 2.386.000
48,000
575.000
27,000 4.766.000
651.000
177.000 5.243.000
497.000 2,531,000 4.145.000
341.000
813.000 2.854.000
353.000
599.000 2.182.000 2.750.000
267.000
485.000 2,225,000 1.899.000
$
195.000
296.000
120.000
393.000
197.000
218.000
98,000
38,000 2,970,000 4,830,000 23,801,000 4,697,000 1,517,000
State Banks.
N o t M e m b e rs o f the
Federal Reserve B a n k .
100,000
400.000
300.000
200.000
200,000
New Netherland___ 200,000
100,000
Mechanics’ Bklyn.. 1,600,000
North Side. Bklyn.. 200,000
385.100
807.500
653.100
188,300
470.100
250,200
521,400
716.500
184,700
Bank of Wash. Hgts.
Columbia Bank-----
1.928.000
7.850.000
7.081.000
1.268.000
4.664.000
3.563.000
5.573.000
16,941,000
3.267.000
Total................... 3,300,000 4,176,900 52,135,000 3,418,000
17,000
165,000
..........
259.666
424,000
112,000 1.406.000
88,000
556.000 8.573.000
514.000
855.000 7.600.000
459.000
67,000
235.000 1.135.000
390.000 1.732.000 4.773.000
'Y.ooo 217.000
256.000 3.625.000
366.000
410.000 6.107.000
1,094,000 3.046.000 18,239.000
210.000
299.000 3.503.000
*77",666
12,000
4,000 3,405,000 7,501,000 55,081,000
634.000
427.000
118.000
..........
Trust Companies.
N o t M e m b e rs o f the
Federal Reserve B a n k.
Hamll tonTrust, Bkln
Mechanics, Bayonne
500.000 1,051,000 6.675.000
276,000 4.293.000
200.000
456,000
95,000
17.000
31.000
19.000
69.000
35.000
43.000
Total__________
700,000 1,327,000 10,968,000
551,000
48,000
88,000
78,000
Grand aggregate___ 5,795,000
Comparison, prevwk
Excess reserve, $120,780
Grand aggr’te Dec 4 5.795.000
Grand aggr’te Nov27 5.795.000
Grand aggr'te Nov20 5.795.000
Grand aggr’te Novl3 5.795.000
Grand aggr’te Nov. 6 5.795.000
10,038,300 94,090,000 4,895,000 1,305,000 3,332,000 590,000 + 583,000
+ 482,000 + 57,000 + 120000 +99,000 — 108000 120000
Increase
10.038.300 93.608.000 4.838.000 1.185.000 3.223.000 698.000 463.000
10.038.300 94.128.000 4.845.000 1.196.000 3.162.000 675.000 458.000
9.953.900 94.442.000 4.814.000 1.090.000 3.119.000 645.000 469.000
9.953.900 93.992.000 4.791.000 1.200.000 3.112.000 634.000 541.000
9,953,000 93.273.000 4.715.000 1,121,000 3.065.000 641.000 471.000
2,000
14,000
16,000
244,000 2,250,000 4.889.000
935.000
95,000
962,000 1.898.000 2,302,000
339,000 3,212,000 6,787,000 3,237,000
58,000 6,714,000 15,543,000 85,609,000 8,568,000 1.517.000
+ 5,000 — 10,000 — 1062 000 + 193,000 + 29,000 + 2,000
53.000 6,724,003 16.605.000 85.476.000 8.539.000 1.515.000
54.000 6.720.000 15.923.000 85.551.000 8.537.000 1.514.000
54.000 6.674.000 15.868.000 85.094.000 8.710.000 1.518.000
63.000 6.626.000 16.282.000 84.348.000 9.058.000 1.515.000
54.000 6,544,000 17,442,000 83.167.000 9.131.000 1.514.000
Boston Clearing-House Banks.—-We
Wo give below a
Philadelphia Banks.— Summary of weekly totals of
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
W e o m U two cip h e rs
Oct. 2...............
Oct. 9...............
Oct. 16...............
Oct. 23...............
Oct. 30...............
Nov. 6________
Nov.13...............
Nov.20...............
Nov.27...............
Dec. 4...............
Dec.11...............
Capital
and
S u rp lu s.
L o a n s.
S
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
S
437.928.0
439.654.0
446.539.0
453.567.0
457.330.0
460.898.0
463.773.0
465.396.0
466.584.0
469.137.0
470.812.0
(00)
in a ll these figu re s.
R eserve.
$
140.764.0
133.413.0
132.562.0
127.930.0
124.693.0
127.471.0
122.851.0
114.763.0
104.188.0
102.034.0
102.326.0
D e p o s its.
a
$
564.655.0
550.582.0
566.761.0
566.137.0
565.461.0
578.456.0
572.590.0
569.632.0
558.545.0
559.694.0
554.778.0
Circula
S
11.070.0
11.079.0
11.090.0
11.105.0
11.110.0
11,022,0
10.958.0
10.688.0
10.507.0
10.511.0
10.536.0
$
245.187.9
207.012.0
199.283.3
204.798.1
190.212.9
204,079,7
198.336.5
218.995.4
176.161.2
244,y26,3
220.831.6
* a Includes Government deposits and the Item “ due to other banks" (Dec. 11,
$153,175,000); also "Exchanges for Clearing House” (Dec. 11, $20,451,000). Duo
fromjjanka Dec. 11, $67,862,000.
,_
D ec. 11
Clearings
1915.
tion.
Circulation----------------------Loans, dlsc’ts & Investments.
Indlvidual deposits, lncl. U.S.
Due to banks-------- -•---------Time deposits— ........... —
Exchanges for Clearing House
Due from other banks-------Cash reserve...... ..................
Reserve In Fed. Res’vc Bank
Reserve with other banks—
Reserve excess In bank-------Excess with reserve agent—
Excess with Fed. Res’ve B’k.
$8,138,000
390.002.000
323.682.000
115.339.000
15.264.000
14.906.000
32.477.000
26.715.000
15.206.000
49.598.000
4,558,000
31.133.000
434,000
Change from
previous week.
Inc.
Inc.
Dec.
Dec.
Inc.
Dec.
Dec.
Dec.
Dec.
Inc.
Dec.
Inc.
Dec.
D ec. 4
1915.
N ov. 27
1915.
$3,000 $8,135,000 $8,136,000
2,241,000 387.701.000 386.630.000
994,000 324.670.000 329.836.000
4,228,000 119.567.000 121.697.000
678,000 14.580.000 14.496.000
2,499,000 17.405.000 16.109.000
3,225,000 35.702.000 34.997.000
385,000 27.100.000 25.853.000
301,000 15.507.000 16.419.000
718,000 48.880.000 69.898.000
386,000 4,944,000 4.425.000
718,000 30.415.000 42.043.000
735,000 2.135.000
301,000
Imports and Exports for the Week.— See third page
preceding.
OEC. 18 1915.)
THE CHRONICLE
2053
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER SEPT. 2 1915.
Sept. 2 1915.
N o.
of
Banks.
C apital.
S u rp lu s.
U n dlelded
Profits.
D E P O S IT S .
*D em and.
Maine...............
New Hampshire.
Vermont______
Massachusetts..
t* Boston______
Rhode Island__
Connecticut___
7C
56
48
156
13
IS
73
S
S
$
7,765,000 3,879,500 2,756,232
5,285,000 3,479,800 1,411,757
4,985,000 2,038,660 1,976,177
28,992,500 17,478,525 10,691,402
26,300,000 18,771,000 14,910,412
6,070,000 4,561,000 2,641,594
19,674,400 11,129,000 6,194,837
S
23,975,52S
21,168,609
11,020,595
133,688,767
190,257,538
29,273,041
77,310,012
99,071,900 61,337,485 40,582,411
486,694,090
35,463.750
2,200,000
2,200,000
124,075,000
22,886,550
72,141,149
39,425,000
18,410,000
1,642,800
3,978,700
7,895,010
298,000
4,844,250
324,491,286
16,643,377
1S,720,245
989,0S1,891
179,333,965
311,383,425
235,460,395
109,094,976
6,936,292
20,153,746
46,873,666
1,126,158
26,394,263
New Eng.States.
434
New York_____
Albany_____
Brooklyn____
N. Y. C ity...
New Jersey____
Pennsylvania__
Philadelphia..
Pittsburgh__
Delaware.........
Maryland_____
Baltimore___
DIst. of Colum’ia
Washington . .
441
3
5
33
201
783
32
19
24
85
13
1
12
Eastern States
1,652
Virginia.............
Richmond___
West Virginia__
North Carolina.
South Carolina..
Charleston__
Georgia_______
Atlanta_____
Savannah ___
Florida_______
Alabama...........
Birmingham..
Mississippi____
Louisiana_____
New Orleans..
Texas ..........—
Dallas______
Fort Worth__
Galveston___
Houston____
San Antonio .
Waco_______
Arkansas______
Kentucky_____
Louisville___
Tennessee_____
Chattanooga .
Nashville___
128
8
118
SO
66
5
107
6
2
55
91
2
35
27
4
503
5
7
2
6
7
5
61
133
7
108
3
5
Southern States.
1,586
Ohio...........
Clnclnnat___
Cleveland___
Columbus___
Indiana_______
Indianapolis..
Illinois___ _____
Chicago_____
Michigan . .
Detroit_____
Wisconsin_____
Milwaukee__
Minnesota____
Minneapolis..
St. Paul_____
Iow a_________
Cedar Rapids.
Des Moines..
Dubuque__
Sioux City__
Missouri...........
Kansas City..
St. Joseph___
St. Louis____
353
8
7
8
252
6
460
10
102
3
131
5
268
4
5
333
2
4
3
6
109
11
4
7
Mid .West .States 2,101
North Dakota..
South Dakota..
Nebraska_____
Lincoln _____
Omaha x____
Kansas_______
Kansas City..
Topeka_____
Wichita_____
Montana______
Wyoming_____
Colorado..........
Denver_____
Pueblo______
New Mexico___
Oklahoma_____
Muskogee___
Oklahoma City
152
115
194
4
10
209
2
3
3
65
33
112
6
2
37
340
5
C
Western States..
1,298
Washington___
Seattle______
Spokane ____
Tacoma_____
Oregon_______
Portland____
California_____
Los Angeles..
San Francisco.
Idaho ________
Utah.................
Sait Lake City
Nevada........... Arizona...........
Alaska________
69
5
3
81
5
248
9
9
58
17
6
10
13
1
Pacific States—
535
Hawaii_______
2
5
T im e.
S
30,605,807
1,289,511
10,714,009
10,416,628
7,820,089
2,290,096
'6,282,024
Loans
and
D iscounts.
S
39,240,311
20,317,602
19,990,096
139,353,929
215,839,943
30,366,847
73,820,370
D ue from j D u e from
F e d . Reserve A p p r . Res.
Banks.
A gents.
5
5
858,861 6,434,762
543,796 4,460,556
374,12£ 3,115,465
3,137,801 17,960,049
8,506,161 36,746,142
668,687 3,311,362
1,712,958 15,105,342
LegalTender
N otes.
Gold and
Gold
Certificates.
S
$
524,557 1,445,812
391,176
871,947
355,158
562,504
2,526,547 3,821,984
2,816,283 15,176,690
445,317 1,026,694
1,319,667 2,939,275
Silver and
Silver
Certificates.
s
480,660
455,273
239,368
2,732,535
5,149)767
495,779
1,673,237
2,941,992
1,670,069
1,683,923
2,181,795
1,264,037
814,058
1,964,659
1,507,203
187,767
1,726,717
1,505,190
265,852
813,193
597,275
532,356
9,015,184
1,015,752
1,099,718
148,687
941,972
356,118
277,444
967,743
1,442,691
1,131,514
1,757,627
356,643
560,290
51,129,780
20,147,653
37,861,525
26,959,682
11,091,363
3,913,061
17,421,140
21,363,692
2,033,962
25,716,351
23,120,530
6,935,721
10,905,141
9,972,888
17,220,216
101,784,490
18,382,322
10,465,427
2,744,719
18,236,138
8,661,483
3,704,800
15,850,208
35,429,995
16,948,252
31,710,681
4,911,583
12,543,548
75,418,164 538,929,098 15,802,401 87,133,678 8,378,705 25,844,906 11,226,619
83,933,847 307,844,924 8,208,583 48,346,315 5,063,939 12,195,042 5,160,169
3,891,657
22,720,425 1,294,604 7,439,558
'655,595 1,’248^495
279,790
5,000
14,501,187 1,087,906 2,314,913
235)996 l ' 124,303
622'953
18,968,729 1,313,141,737 133,788,375
40,410)492 282,599,182 50,623 107
45,283,409 153,762,757 4,664,090 31,490,387 3,350)297 5,595,923 4 150 777
198,288,254 370,410,010 8,771,500 46,633,899 5,326)885 16,983,203 6366,312
1,946,700 245,269,401 12,211,320 62,000,308 2,922,945 15)982)647 6 334 057
13,958,457 125,125,059 4,982,829 21,119,206 2,789,623 8)178)950 2 991 165
2,477,924
7,704,059
186,917 1,311,433
149,881
'216)177
213,657
22,300,853
32,166,665
641,311 3,544,068
430,908 1,053,969
627 667
1,694,758
61,122,719 2,012,878 7,706,966
362,254 2)586)484 1,950,253
822,55S
27,500
238,483
12,050
52,785
12,804
5,724,533
26,839,880 1,069,601 2,068,672
314,773 1,850,903
578,639
398,474,121 2,681,431,379 178,947,414 234,214,208 62,025,638 349,668,063 80,011,350
18,136,580
77,321,276 1,362,649 5,912,507
977,549 1,604,650 1,033,S93
8,409,602
36,114,093
891,512 2,818,928
268,875 1,601,515
2 19 )7 3 8
19,872,886
56,595,478 1,055,520 5,055,125
684,841 2,024,066
70 2)352
7,813,590
45,549,295
752,395 3,013,123
463,482
850,987
571)265
7,051,251
28,676,393
467,448 1,508,571
211,427
360,351
347)838
3,001,603
7,779,976
164,481
555,034
174,280
84,097
196,422
5,660,096
35,012,893
532,071 2,605,712
323,768
658,961
682)108
4,429,151
25,058,827 1,036,093 2,552,671
169,060 1,040,152
528)993
62,280
4,360,929
420,544
98,837
23,000
129,590 ’ 81)881
11,867,607
36,714,687
764,571 4,307,812
609,926 1,052,425
840)743
677,274 3,233,273
6,362,419
34,925,037
213,255 1,287,188
701)562
251,842 1,049,755
3,986,330
9,374,378
47,555
419,195
322)137
348,993 1,967,682
14,387,362
4,057,070
141,338
536,317
340,197
•2,442,176
15,188,143
357,071 1,348,390
84,790
302,103
393,855
1,176,523
636,797 2,360,051
18,977,909
56,815
647,198
541,839
11,267,988 140,661,048 2,859,376 17,269 ,’511 1,313,427 4,218,658 2,559)260
921,182
915,543 2,405,634
20,781,658
67,180 1,278,836
205,498
888,570
13,532,606
432,675 1,610,190
77,960
562,897
344,824
2,220,590
150,996 1,123,283
2,716,696
45,671
516,059
239,760
4,713,844
892,428 3,423,140
23,929,365
197,109 1,380,513
562,651
327,284
474,646
10,054,318
930,156
827,868
179,685
362,498
141,604
633,513
5,843,603
290,475
82,000
198,543
323,125
1,540,782
20,867,114
442,626 2,748,540
209,768
720,566
386,851
6,618,105
48,431,990
848,336 4,558,416
565,469
439,860 1,552,955
4,385,890
24,452,146
711,388 2,445,457
357,474
280,920 1,603,411
8,304,752
42,024,086
856,129 6,257,065
662,934
415,808 1,722,658
11,457,744
224,124
6,186,321
142,312
981,457
115,356
460,250
496,072 1,283,343
4,468,689
16,332,250
652,643
369,001
145,000
182,546,550 95,177,313 38,727,469
567,166,351
156,954,036
171,256,913
42,720,669
51,025,453
19,486,383
97,173,166
24,072,847
143,200,879
244,532,631
53,950,062
50,047,729
45)559)218
32,579,575
54,620,759
49.823,494
4S.063.843
63.598,245
2,999,875
6,222,332
1,608,283
5,873,947
24,949,545
43,106,783
5,981,988
54,319,429
60,177,222
4,568,630
482,695
2,337,309
27,954,116
887,723
78,823,139
8,236,072
45,787,265
291,110,910 152,711,693 65,002,504 1,336,774,048
463,240,078
49,218,610
2,100,000
2,000,000
112,900,000
22,127,000
68,259,390
22,055,000
28,050,000
1,603,975
5,169,000
11,110,710
252,000
6,725,000
16,018,361
609,346
539,745
60,557,545
10,073,405
18,283,894
6,601,415
4,597,409
4S9.169
1,218,824
1,915,576
111,206
689,639
331,630,685 335,460,209 121,705,534 2,285,699,685
13,428,500 7.993,000
5,200,000 4,285,800
10,149,800 6,627,050
9,105,000 3,543,150
7,567,000 2.395,800
691,000
1,600,000
9,1S6,000 4,925,779
4,700,000 3,900,000
700,000
900,000
7,185,000 3,467,162
9,602,500 4,884,371
1,750,000 1,550,000
3,875,000 1,808,132
2,848,100 2,279,500
4,200,000 2,530,000
36,447,500 19,369,761
4,400,000 2,600,000
2,775,000 1,525,000
300,000
500,000
5,500,000 1,750,000
2,650,000 1,190,000
1,750,000
450,000
5,421,250 2,357,596
12,230,900 5,451,226
4,995,000 2,705,000
9,570,000 3,588,986
2,050,000
925,000
2,900,000 1,384,000
35,589,100
13,900,000
9,600,000
3,000,000
21,634,500
0,700,000
33,205,000
42,900,000
10,591,310
7 000,000
11,815,000
6,300,000
12,336,000
10,300,000
6,300,000
19,055,000
600,000
2,350.000
600,000
1,250,000
6,535,000
8,250,000
1,100,000
20,200,000
5,575,000
4,960,000
9,245,000
1,100,000
5,100,000
11,181,243
500,000
400,000
500,000
5,547,500
1,900,000
(3,405,000
3,600,000
400,000
2,265,000
12,990,920
900,000
1,300,000
19,962,856 9,232,928
6,650,000 2,968,194
4,800,000 2,980,752
1,813,500
602,848
10,336,695 3,410,713
3,030,000
894,578
19,171,888 8,508,668
26,575,000 10,103,781
5,SS3,2S0 2,937,383
594,402
3,250,000
5)076)197 2,744,661
3,300,000 1,696,409
6,575,775 4,041,749
6,260,000 2,159,083
3,800,000 1,438,267
8,252,633 3,762,924
49,739
550,000
369,830
750,000
244,476
130,000
106,467
600,000
2,947,869 1,120,510
3,306,000 3,157,956
130,729
750.000
8,940,000 1,745,457
2,380,200
1,627,528
4,474,300
450,000
3,135,000
5,453,681
313,000
220,000
605,000
2,732,400
1,115,700
3,003,300
3,688,380
470,000
991,600
3,891,021
287,800
404,000
52,913,311
16,777,620
63,112,515
11,813,601
4,143,633
54,987,303
1,899,855
2,472,615
989,213
1,686,627
5,391,356
4,540,342
1,116,732
12,141,184
515,318
852,066
1,619,376
168,356
1,848,273
2,414,543
135,866
53,415
178,683
1,321,196
492,910
1,342,114
714,612
202,012
255,038
1,520,2S7
43,734
171,427
17,708,977
19,848,878
31,342,230
5,014,367
29,871,291
52,881,834
2,897,819
3,660,882
4,207,077
27,132,633
8,574,136
32,696,316
29,519,995
4,068,242
11,868,255
58,869,194
4,288,078
7,429,859
18,991,868
17,187,851
20,667,658
147,590
6,097,831
14,697,082
108,686
61,795
1,115,592
11,923,927
5,624,066
11,429,883
11,824,205
2,165,924
4,514,553
7,713,311
1,076,466
1,610,760
73,869,663 35,242,910 13,849,226
4,235,000 2,449,350
575,222
4,000,000 1,390,000
604,832
500,000
404,390
125,000
86,566
5,161,000 2,464,976
729,812
5,500,000 2,400,000
515,061
22,592,800 9,330,485 5,2S0,232
7,100,OOo 2,675,000 4,113,054
28,500,000 16,685,000 6,133,943
3,620,000 1,535.429
570,575
1,155,000
515,300
264,008
2,200,000 1,080,000
263,885
1,435,000
316,150
54,881
1,175,000
840,000
415,677
25,000
351,880,063
136,959,048
21,001,659
23,683,265
7,112,862
4,917,269
22,762,096
23,882,714
99,680,671
37,492,939
105,162,724
18,715,016
5,117,707
9,534,694
5,234,161
10,030,528
50,334
10,445,563
7,839,224
8,179,345
1,697,184
6,214,678
10,003,276
23,363,919
10,467,239
11,812,279
5,046,395
2,960,845
3,458,030
1,185,290
1,411,149
89,898,800 42,306,690 20,012.138
100,000
55,000
46,339
635,000
286,439
92)676
394,378,639
104,084,416
1 309 208
2,708)o65
155,399
287,244
827,121,300 18,696,134 84,035,845
8,364,599 27,977,114 14,559,524
189,264,524 4,292,553 30,387,012 2,997,193 8,271,455 2,695,951
51,612,929 1,813,287 13.051.9S4
605,068 3,798,260 1,939,572
68,842,202 2,633,240 13,864,201
542,760 4,999,973
830,974
17,461,357
705,036 2,137,164
487,317 1,125,377
505,060
107,774,856 2,551,649 17,954,962 1,742,549 4,974,950 1,884,701
926,841 6,356,298
25,563,110
618,145 2,219,417
611,926
188,252,632 4,568,686 34,732,115 2,585,211 7,901,635 2,719,545
___ 15.3S2.930 32,520,051 13,952,226
353,499,095 32,551,365
961,837
75,467,795 1,693,542 10,013,326 1,290,014 3,440,828
395,056
38,245,706 1,523,554 9,136,897 2,578,161 1,464,207
745,298 3,339,168
921,084
76,213,592 1)561)320 11)801,227
321,405 1,811,463
815,163
47,555,788 1,612,220 8,417,031
674,437 3,799,687 1,050,490
104,247,003 1,860,686 14,631,336
68,215,123 1,764,119 13,642,875 1,168,772 3,903,792
471,803
44,508,309 1,611,615 9,933,942
500,470 4,098,045
567,761
122,250,343 2,239,204 15,391,890 1,077,002 4,231,383 1,247,863
8,972,479
302,571 1,705,868
225,740
298,713
75,023
14,800,016
457,691 1,961,616
809,029
115,650
139,575
2,528,155
91,356
716,147
52,345
42,819
226,955
9,608,232
406,553 1,533,926
93,748
201,816
455,512
29,541,357
667,570 5,641,044
399,878
443,546 1,051,780
71,989,170 3,255,901 16,194,282 1,041,340 2,916,135 1,384,119
10,725,779
331,496 1,583,512
512,857
108,998
100,710
92,385,550 8,456,906
2,447,900 4,478,717 2,126,155
.............
1,819,525,102 77,878,961 240,788,645 37,936,253 102,649,389 34,950,853
1,107,840
1,400,167
1,800,518
273,906
2,042,412
2,673,521
122,738
226,443
310,070
2,131,124
664,934
2,446,316
3,529,685
418,042
675,042
2,237,663
172,233
415,977
529,367
421,340
505,359
133,529
811,682
858,820
77,977
109,296
140,328
427,923
122,337
412,642
223,765
73,214
142,017
1,129,347
123,742
175,575
450,721,966 11,470,060 79,254,787
4,776,446 22,648,631
6,418,260
605,142 4,582,859
832,759 5,943,345
332,708 1,576,326
168,762
549,296
579,258 3,853,585
875,251 3,619,788
2,586,167 16,090,092
1,470,742 5,403,929
3,835,255 32,108,707
461,452 4,842,899
149,677 1,161,818
353,252 1,597,767
130,301 1,429,162
232,003 1,635,043
1,500
3,331
57,311 1,551,070
86,960 2,740,928
103,510
958,907
62,691
690,912
32,370 1,929,087
24,270 3,773,633
206,569 6,847,444
288,893 5,842,274
123,313 10,886,108
75,225 1,234,818
420,445
8,991
900,965
119,550
9,190
362,875
83,020
641,271
21,410
65
291,897
394,327
148,123
78,763
261,421
288,367
1,168,053
382,719
629,169
208,329
42,515
158,898
73,296
102,500
5,355
436,934,374 12,614,229 84,397,947
1,281,928 38,802,147
4,233,732
37,630,207
34,623,185
52,826,366
7,139,443
42,055,116
63,189,922
4,062,585
2,916,330
6,219,949
31,407,936
13,127,344
32,955,069
31,069,031
3,645,963
14,648,874
61,542,128
4,839,749
6,822,769
25,960,777
22,907,736
12,339,776
4,039,302
24,616,224
25,527,558
108,609,134
48,743,153
113,951,105
18,487,213
7,028,120
11,410.584
5,229,562
8,063,909
20,221
659,191 2,471,783
696,495 5,397,515
1,000,897 8,525,653
345,265
222,420
1,355,953 9,175,159
1,443,234 12,543,664
142,858
420,964
137,693
425,830
208,394
825,860
753,479 7,545,641
251,010 1,984,476
823,983 8,255,218
1,204,113 6,041,339
180,961 1,050,725
358,186 2,382,224
1,542,135 10,394,221
303,834
153,850
335,208 1,165,416
475,781
1,541,004
480,119
1,074)289
284,643
276,765
376,479
132,180
518.4S1
597,312
7S.453
53,770
69,910
312,494
65,717
412,620
571,665
56,980
116,760
633,177
81,410
137,630
1,700
110
185,910
587)360
8,731
71,317
735,000
341,439
2,016,785
80,048
1,554,408
1,810
773,270
139,015
7
442,643
4,017,333
.............
Total U.S___ ~7,613 1,068,863,508 722,577,739 300,018,297 5,426,610,209 1,335,572,506 6,756,680,004 315,409,199 811,379,518 122,765,379 568,363,120 151,480,386
Non-member bks
x Throughout this abstract South Omaha Is Included with Omaha, as that city has been consolidated with Omaha.
** * Demanddepositsaremadeupof: Individual depositssubject tocheck, 54,641,543,464 41; certificates of deposit due in less than 30 days, 5396,598,197 06: certi'
fiedlchccks, $92,751,761 75: cashier’s checks outstanding, $79,664,389 19; United States deposits, S44,899,733 20: postal savings deposits, $43,848,460 05; State and
municipal deposits, $859,311,557 97; anddeposits withnotice of less than 30 days, S67.992.64521.
THE CHRONICLE
2054:
[Vol. 101
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER JUNE 23 1915.
Ju n e 23 1915.
N o.
of
Banks.
D E P O S IT S .
C a p ital.
S u rp lu s.
* D em and.
T im e.
Loans
and
D iscounts.
D ue from
Fed. Reserve
Banks.
LegalTender
Notes.
Gold and
Gold
Gold Clg.-H. Treasury
Certificates . Certificates.
Silver.
Silver
C ertificates .
Maine_________
New Hampshire..
Vermont.............
Massachusetts__
Boston_______
Rhode Island___
Connecticut........
70
56
48
157
13
18
74
S
S
7,765,000 3,883,500
5,285,000 3,459,900
4,985,000 2.088,100
29,092,500 17,676,825
26,300,000 18,771,000
6,070,000 4,561,000
19,289,200 10,740,000
$
21,668,246
19,753,332
10,637,535
134,163,582
203,895,064
28,687,251
74,196,107
S
29,996,500
1,072,433
10,123,258
14,896,600
7,604,981
2,130,710
4,949,850
S
$
39,427,382
802,011
20,239,903
503.677
20,301,682
382,432
137,964,195 3,057,082
216,710,631 10,211,436
29,659,287
648,150
72,447,862 1,627,220
$
484,274
397,699
297,593
2,942,487
2,950,224
402,794
1,119,310
S
S
777,912
598,440
431,987
401,990
325,469
209,410
1,616,081 2,131,240
929,188 13,409,640
317,048
657,680
1,036,567 1,581,130
New Eng.States
436
98,786,700 61,200,325
493,001,117
70,774,332
536,750,943 17,233,008
8,594,381
5,434,252 18,989,530 1,838,220 11,821,519
New York...........
Albany — —
Brooklyn-------New York City.
New Jersey-------Pennsylvania___
Philadelphia...
Pittsburgh___
Delaware...........
Maryland______
Baltimore____
Dlst. of Columbia
Washington . . .
437
3
5
33
201
782
32
It
24
87
13
1
12
35,424.279
2,200,000
2,200,000
124,275,000
22,875,050
72,123,099
39,425,000
18,410,000
1,635,000
4,038,908
7,895,010
298,000
4,844,250
315,990,679
19,411,019
17,422,645
930,707,866
172,005,163
317,404,943
238,079,283
110,572,508
6,542,007
21,211,026
47,579,671
1,148,195
27,759,432
Eastern States.
1,649
Virginia......... .....
Richmond____
West Virginia___
North Carolina..
South Carolina—
Charleston___
Georgia. ........... .
Atlanta---------Savannah____
Alabama.............
Birmingham__
Mississippi.........
Louisiana______
New Orleans__
Texas__________
Dallas.... .........
Fort Worth___
Galveston____
Houston-------San Antonio..
Waco------------Arkansas----------Kentucky---------Louisville____
Tennessee______
Chattanooga . .
Nashville........
128
8
117
80
66
5
105
6
2
56
90
2
35
26
4
505
5
7
2
6
7
5
58
133
8
108
'3
5
13,428,500 7,975,450
5,200,000 4,284,800
10,297,000 6.728,714
9,350,000 3.546,825
7,567,000 2,390,500
691,000
1,600,000
9,106,000 4,911,896
4,700,000 3.900,000
700,000
900,000
7,265,000 3,472,462
4,865,134
9,589,840
1,750,000 1,550,000
3,875,000 1,803,500
2,835,000 2,279,500
4,200,000 2,530,000
36,402.500 19,370,110
4,400,000 - 2,600,000
2,775,000 1,531,447
300,000
500,000
5,500,000 1,750,000
2,650,000 1,185,000
450,000
1,750,000
5,2 86,000 2,332,361
12,180,900 5,411,100
5,495,000 2,930,000
9,570,000 3,539,916
925,000
2,050,000
2,800,000 1,348,000
Southern States
1,582
Ohio....................
Cincinnati____
Cleveland____
Columbus____
Indiana...... .........
355
8
7
8
252
6
459
9
101
3
131
5
. 268
4
5
333
2
4
3
6
109
11
4
7
Illinois.................
Chicago______
Michigan...........
Detroit______
Milwaukee___
Minneapolis__
St. Paul..........
Iow a__________
Cedar Rapids..
Des Moines__
Dubuque-------Sioux C ity----Missouri----------Kansas C ity ...
St. Joseph------St. Louis--------
Mid.WestStates 2,100
49,150,100
2,100,000
2,000,000
112,900,000
22,127,000
68,184,390
22,055,000
28,050,000
1,638,975
5,269,000
11.110,710
252,000
6,725,000
331,562,175 335,643,596 2,225,834,437
51,067,404
17,591,403
19,477,190
8,389,952
38,623,320
19,217,240
27,133,483 ' 7,358,981
11,177,183
7,134,225
4,427,962
2,979.884
17,013,394
5,287,957
19,927,361
4,380,174
2,404,414
56,306
26,634,793
12,107,702
23,782,058
6,436,501
6,606,497
3,833,198
11,939,336
3,596,480
11,024,142
2,417,218
16,776,436
909,008
102,702,678
11,116,642
1,206,716
19,004.957
779,026
10,271,420
2,218,355
2,640,497
4,851,665
17,598,826
430,031
8,796,490
631,540
4,108,047
16,878,235
1,595,386
35,727,451
6,311,727
18,915,489
3,896,824
31,034,132
8,209,131
5,073,448
5,883,292
12,152,970
4,256,157
77,317,338
36,691,320
57,302,923
45,425,733
28,363,765
8,628,101
33,797,388
24,639,074
4,504,461
36,375,757
34,192,150
9,360,801
14,683,691
15,891,566
19,601,210
136,714,736
20,049,887
13,849,609
3,076,143
23,473,879
10,087,897
5,854,781
20,580,237
48,327,803
25,799,534
41,577,393
11,443,077
16,065,628
183,022,740 95,302,715
572,889,613
153,082,721
823,736,483 18,372,988
19,918,564
6,650,000
4,800,000
1,813,000
10,279,060
3.030,000
19.138,877
26,560,000
5,878,170
3.250,000
4.995,397
3.300,000
6.562,475
6,260,000
3,800,000
8,203,710
550,000
750,000
130,000
600,000
2,923,969
3,306,000
.700,000
8,940,000
166,881,711
40,082,119
50,937,360
18,876,395
96,512,531
23,487,304
137,801,737
242,361,189
53,107,582
43,331,295
45,534,840
32,014,220
56,465,383
44,474,200
45,490,965
62,908,795
2,613,151
6,292,245
1,477,052
6,199,712
23,880,763
40,804,328
6,314,948
53,929,561
58,591,6421
4,443,643
494,016
2,734,902
25,897,524
786,590
77,624.276
7,403,807
44,950,172
_________
52,721,542
16,266,202
62,411,700
11,473,673
3,980,035
54,521,554
2,029,213
2,407,746
998,508
1,547,250
5,535,548
4,360,519
885,486
10,856,461
187,920,566 4,212,569 3,168,266 3,893,694 4,118,360 1,135,858 1,565,710
562,155
50,101,491 1,751,846
524,792 3,359,080
142,103 1,066)578
485,100 2,047,833 2,707,010
64,610,377 2,450,009
235,331
568)047
515,662
633,950
17,069,557
548,654
551,230
151,227
305,260
109,458.329 2,458,914 1,713,239 2,673,345 2,245,770
743,936
964,293
736,588 1,440,158 1,270,570
26,547,223
972,630
166,603
698,342
189,611,506 4,565,38s 2,755,918 3,663,764 4,258,290 1,315,123 1,402,728
349,876,375 31,671,178 15,340,283 10,199,008 17,005,190
781,711 13,309,400
74,997,410 1,625,917 1,333,696 1,875,569 1,463,390
392,310
'491)529
37,092,701 1,494,261 2,451,782
799,278
551,990
106,992
201,031
77,222,781 1,606,156
792,408 1,709,294 1,598,660
455 019
429)611
47,402,147 1,686,106
335,225
357,695 1,437,050
722)618
164,797
105,181,479 1,885,181
791,422 2,334,175 1,391,500
678 816
450 869
64,377,158 1,819,977 1,068,856 1,770,507 1)786)940
203,004
284)570
44,688,906 1,597,635
485,020 2,920,525 l)577)l40
206 728
354 724
123,044,833 2,226,368 1,189,385 2,145,522 2,060,720
502)802
732)343
9,243,181
292,084
135,935
20,409
' 60)257
234,300
26,790
16,192,919
90,490
467,083
75,392
67)989
273,445
671,150
2,663,026
52,814
93,356
138)930
38)683
96,395
13)808
10,117,309
180,049
462,878
57,348
296,430
184,855
55,128
477,564
29,303,609
592,219
153,634
602,472
427,970
276,615
72,293,905 3,685,949 1,216,430 1,251,567 1,538,820 501,04 9 1,074,904
371,180
11,152,318
121,015
345,602
191,300
85,353
54,771
96,214,291 8,466,172 2,469,433
720,838 3,922,840
173,807 2,112,815
35,639,100
13,900,000
9,600,000
3,000,000
21,632,400
6,700,000
33,195,000
42,800,000
10,561,420
7,000,000
11,765,000
6,300,000
12,336,000
10,300,000
6,300,000
18,977,270
600,000
2,350,000
600,000
1,250,000
6,535,000
8,250,000
1,100,000
20,200,000
290,891,190 152,339,221 1,301,779,386
1,393,795
1,000,602
1,088,873
706,619
408,430
179,320
545,355
851,006
101,905
757,979
679,079
245,039
311,953
395,555
670,492
2,822,179
774,173
374,844
140,409
764,865
314,551
144,592
449,199
855,146
824,660
845,026
259,689
467,633
1,008,441
270,925
663,171
463,814
264,660
124,330
321,345
231,495
36,241
692,072
213,406
46,240
170,525
86,533
79,015
1,284,940
62,450
85,690
55,265
232,356
231,780
72,000
248,658
464,511
297,582
457,532
514,060
152,055
2,380,200
1,572,600
4,482,600
450,000
2,610,000
525,000
5.385,694
312,500
220,000
595,000
2,736,900
1,114,800
3,015,867
3,688,380
470,000
950,300
3,835,537
286,000
458,000
17,983,675
20,261,884
31,420,144
5,257,004
23,925,066
4,485,644
51,993,142
3,153,889
3,509,606
4,095,713
25,099,419
8,583,805
31,577,279
28,811,315
3,721,634
11,501,021
57,538,937
4,251,531
6,750,073
18,378,711
16,440,901
20,368,473
148,897
4,042,142
1,659,693
14,637,090
137,318
59,093
1,124,828
11,780,929
5,252,907
11,068,967
11,089,998
1,758,210
4,192,021
7,638,635
1,050,846
1,453,037
36,172,240
33,560,933
52,383,795
7,516,084
33,314,703
7,258,032
61,160,702
3,953,256
2,836,248
6,061,886
32,046,258
12,997,289
32,055,586
29,797,990
3,625,345
14,320,870
59,041,408
4,617,595
7,415.047
675,836
690,083
1,000,630
250,483
1,155,676
182,949
1,394,441
199,701
153,771
256,873
749,163
241,364
825,455
1,070,132
166,970
334,439
1,492,633
153,769
306,991
285,866
272,765
435,889
224,398
471,845
126,570
704,912
67,347
49,440
75,420
295,954
56,816
426,034
522,095
38,575
85,635
649,370
35,255
158,660
1,299
73,812,500 35,089,378
343,921,381
132,282,696
Washington........
Seattle_______
Spokane _____
Tacoma...........
Oregon ........... ..
Portland..........
California______
Los Angeles__
San Francisco - .
Idaho ........... .....
Utah__________
Salt Lake City.
Nevada________
Arizona________
Alaska_________
69
5
3
1
81
5
247
9
9
56
17
6
10
13
1
4,210,000 2,430,870
4,000,000 1,390,000
500,000
2,200,000
122,500
1,000,000
5,161,000 2,457,089
5,500,000 2,400,000
22,552,800 9,301,344
7,100,000 2,675,000
28,500,000 16,685,000
3,495,000 1.500,664
513,300
1,155,000
2,200,000 1,080,000
311,700
1,435.000
810,000
1,175,000
25,000
21,135,037
23,365,079
7,388,057
4,782,318
22,753,816
24,210,645
97,063,934
37,200,113
100,878,126
17,231,722
4,942,630
8,613,459
4,708,009
9,989,716
53,489
10,390,211
7,814,316
7,888,725
1,689,084
5,975,903
9,778,60S
22,673,419
9,472,316
10,228,618
4,674,038
2,773,817
3,090,971
1,123,545
1,346,152
25,584,962
24,297,276
12,427,997
4,327,485
24,380,605
25,517,388
109,514,700
48,454,667
119,564,958
18,076,074
6,866,797
11,404,773
5.378.750
7,712,933
7,690
Pacific States..
532
89,708,800 42,177,467
384,917,050
98,919,723
Hawaii________
2
5
100 000
635)000
28l)507
1,176,078
2,334,360
118,874
273,014
423,673
1,640,858
3,925
95
7
735,000
336,507
3,510,438
391,888
2,064,532
4.020
Non member bks.
Total U. S........
950,950
446,477
1,131,280
96)929
928,620
243)158
431,830
333,381
185,020
197,532
90,180
151,836
302,950
379,648
609,500
162,997
37,433
28,250
589,520
443,446
709,170
425)661
138,400
102,264
397,570
184,172
226,370
226,731
496,820
32,441
1,973,220 1,761,820
1,099,000
144 170
223,100
278 483
110,320
139,291
1,054,130
413)270
436,620
288)420
116,740
237,675
394,480
267)917
919,770
272 741
926,500
115,821
957,810
313,371
76,700
36,719
457,850
137)938
311,376
412 903
32 442
263*400
138*113
140*803
106 472
402*624
239)701
7,476,732
452,922,009 1,816,383,399 77,063,428 38,468,765 42,284,942 51,884,510 8,775,000 26,942,407
Western States.
5,600,000
4,847,500
9,445,000
1,100,000
4,000,000
1,100,000
11,097,500
500,000
400,000
500,000
5,510,000
1,900,000
6,490,000
3,600,000
400,000
2,140,000
12,982,500
900,000
1.300,000
702,894
268,745
1,047,320
348.806
150,901
14,247
319,349
266,110
111,605
426,137
554,530
246,478
149,300
86,882
304,605
2,088,708
198,333
300,300
391,005
315,414
365,262
77,100
388,510
672,811
680,051
835,013
27,073
95,972
8,831,092 11,433,421 15,962,670 7,871,742
Denver______
Pueblo_______
New Mexico____
Oklahoma______
Muskogee____
Oklahoma City
Omaha______
South Omaha..
Kansas ............. .
Kansas City__
Topeka______
Wichita...........
Montana_______
Wyoming______
$
332,458
337)8li
144,378
2,237 966
7,019,595
426)749
1,322)562
***« m
78,162,697 308,380,356 8,030,556 4,970,379 6,376,188 6,694,195 1,342,500 4,006
135
25,093,630 1,665,114
3,409,460
579,288
117,762 1"221,220 ' 40 939
260 049
14,226,639
5,707
942,350
210,664
404,990
126 678
529 870
19,790,223 1,232,566,014 132,879,223 26,638,613 57,239,800 195t293 550
42,352,463 155,311,558 4,310,301 3,376,095 1,887,033 3,68l)760
762*803
186,592,425 370,167,070 8,869,973 5,893,706 8,612,614 7)932,250 1 940 833
1,988,802 241,739,564 10,736,559 3,483,969 7,282,240 10,404,300
83fi*fi98
13,899,625 122,894,469 5,001,494 2,679,397 3,405,433 4)974)530
763*884
7,587,315
179,188
134,092
2,335,437
85,602
126,290
33,644,307
661,564
460,706
21,207,503
354,735
144*698
692)350
58,353,141 1,989,942
1,417,414
388,998
499,428 1,040)230
166 623
791,349
27,500
13,145
9,900
37,870
26,628,372
938,015
425,067
5,893,275
75,908 2,752,360
9 1) 7 12
766,701
377,055,031 2,597,383,784 176,231,779 49,254,119 85,351,633 235,380,775 7,373,023 61,172,484
153
111
198
4
7
3
207
2
3
3
64
33
114
6
2
38
340
5
6
North Dakota__
South Dakota—
Nebraska______
S
135,215
132,087
112,948
647,674
383,094
97,243
329,959
539,101
613,734
1,026,511
176,096
726,533
159,027
1,403,824
23,981
155,582
5,921
1,421,121
418,909
1,449,591
2,643,990
275,015
354,575
833,769
92,790
167,873
440,135,267 11,301,360
4,982,846 12,531,240
601,217
856,305
328,027
169,821
589,849
899,743
2,614,438
1,458,709
3.643,566
442,526
149,070
334,500
129,100
237,213
1,000
60,537 1,438,620
67,095 3,039,067
90,105
662,780
49,651
648,310
31,620 1,826,377
23,885 4,496,078
225,074 6,362,236
345,347 4,858,907
53,856 11,262,653
73,580 1,041,304
2,958
396,633
41,760
826,350
14,282
279,853
35,267
486,350
10
16,220
443,517,055 12,455,081
1,105,027 37,641,738
556,930
707,480
733,790
70,630
1,269,160
140,000
1,244,910
118,000
89,430
237,460
791,390
260,660
796,850
758,610
157,370
303,640
1,377,650
108,550
268,800
299,236
225,177
324,936
82)917
281)722
58,669
563)023
40,278
50,511
72)017
309,525
79,234
238,252
217,324
36,529
88,594
793,354
80,939
145,597
146,322
171,554
186 555
65*201
403*810
5 094
392)768
24,340
58,496
62,611
111)038
40,693
145,660
47,660
23,081
48,918
420,588
63,409
43,912
9,991,310 3,987,834
2,527,806
277,250
71,450
253,500
3,010
82,340
178,050
775,380
152,620
1.398,510
148,320
22,720
117,040
55,320
179,100
5,660
243,115
331,475
122,848
81,247
238,078
310,811
961,173
305,254
613,766
168,124
51.021
140,697
52,787
70,569
5,190
40,415
29,844
59.701
552
24,592
25,470
151,609
93,094
52,041
34,390
7,269
24,685
13,877
29,504
861
3,720,270 3,696,155
587,904
427)540
67 300
164,860
10,484
67,172
17
98
553,920
232,160
77,656
115
12ft 2RO
7,605 1.068,519,1051722,089,210 5,325,853,422 1.285,428,400 6,659,971,463 312,657,647 111,240,250195,231,146 339.161,225 33,619,630 110,528,967
•Demanddepositsaremadeupof: Individual deposits subject tocheck, S4.517.697,078 97: certificates of deposit due Inless than 30 days, $396,405,467 67: certi
fied checks, $68,436,803 58: cashier’s checks outstanding, $67,691,08535; United States deposits, $48,964,25761; postal savings deposits, $41,422,415 83; State and
municipal deposits, $02,128,959 53; and deposits with notice of less than 30 days.$123,047,35340.
THE CHRONICLE
Dec . 18 1915.]
2055
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER MAY 1 1915
M a y 1 1915
D EPO S IT S .
N o.
of
ta n ks.
C apital.
Su rp lu s.
* D em and.
T im e.
Loans
and
D iscounts.
Gold
Gold and
D u e from
fe d . Reserve Gold C T y.-H Treasury
Certificates. Certificates.
Banks.
Maine_________
New Hampshire..
Vermont_______
Massachusetts...
Boston----------Rhode Island----Connecticut........
70
50
48
157
14
19
74
5
S
7,763,141 3,883,460
5.285.000 3,479,900
4.985.000 2,088,100
29,092,500 17,670,825
26,600,000 19,271,000
6.220.000 4,563,700
18,489,200 10,745,300
S
22,528,919
19,196,964
10,230,494
128,544,773
199,694,530
28,434,493
76,224,458
S
29,068,472
956,367
10,068,025
13,655,881
12,690,067
2,141,353
4,595,679
S
38,856,335
19,870,774
20,013,064
135,012,983
223,467,313
29,638,904
72,397,541
New England-
438
98,434,841 61,708,285
484,854,631
73,175,851
539,256,914 16,611,914
New York--------Albany--------Brooklyn.........
New York City
New Jersey.........
Pennsylvania----Philadelphia...
Pittsburgh___
Delaware--------Maryland.........
Baltimore........
DIst. of Columbia
Washington . . .
Eastern---------
49,250,100 35,651,779 316,475,108
438
16,588,538
2,100,000 2,200,000
3
17,833,658
2,000.000 2,200,000
5
33 112,900,000 124,275,000 1,024,047,949
22.127.000 22,849,050 172,609,801
201
782
68,183,190 72,122,356 321,279,640
22.055.000 39.410.000 220,237 020
32
19
28.250.000 18.425.000 105,866,156
5,929,220
1,688,975 1,647,000
25
21,581,952
5.269.000 4,031,908
87
47,843,041
11,110,710 7,895,010
13
1,037,283
298,000
252,000
1
27,238,268
6.725.000 4,844,250
12
1,651 331,910,975 335,849,353 2,298,507,634
S
797,951
504,051
365,768
2,962,994
9,711,303
656,010
1,613,837
S ilver.
Silver
Treasury
Certificates.
LegalTender
N otes.
5
124,914
125,122
105,226
517,492
329,970
101,319
305,190
S
278,431
313,754
124,838
1,370,739
6,009,086
418,154
983,303
5
380,162
294,331
273,583
2,031,063
2,508,087
362,313
1,081,550
5,320,376 16,264,900 1,609,233
9,498,305
6,931,089
S
S
558,910
777,676
378,490
417,938
336,292
184,150
1,572,304 1,875,630
904,354 11,227,560
293,905
663,390
1,017,907 1,376,770
73,499,441 307,450,748 7,680,704 5,386,376 6,349,900 1,241,244 2,812,360 4,155,147
3,043,614
23,179,416 1,038,513
123,077 1,208,140
460,203
276,233
40,626
14,409,533
11,528
957,870
331,858
174,215
389,600
366,723
97,539
16,370,225 1,218,877,649 117,923,432 53,354,625 149,105,000 1,158,443 36,370,935 50,320,524
41,433,830 154,591,788 4,203,524 1,850,038 3,337,770
629,180 2,394,800 2,577,763
180,861,360 372,020,173 8,708,223 8,693,336 7,223,830 1,795,492 3,689,222 5,414,800
1,726,892 244,791,039 10,214,064 7,738,197 9,384,220
741,361 4,737,299 2,500,086
12,416,783 120,830,959 4,918,065 3,719,037 4,166,350
874,208 1,876,415 2,619,059
2,435,858
7,594,760
162,719
86,577
119,790
58,375
104,736
102,457
33,388,586
20,879,023
660,423
678,190
351,467
132,682
407,655
381,753
60,313,664 1,980,815
1,404,530
590,251 1,666,880
111,540 1,669,449
409,831
791,292
25,000
9,415
46,450
1,490
6,092
9,200
26,203,700
933,278
■'5,408,569
77,250 2,449,860
66,743
500,697
354,881
359,491,653 2,584,443,307 159,406,630 82,311,504 186,125,980 6,948,923 55,210,337 69,482,198
1,335,498
907,075
1,068,797
712,804
470,619
192,769
572,473
804,501
91,577
804,574
662,799
337,056
340,693
339,340
655,158
2,975,992
730,415
509,016
206,538
885,695
344,427
178,775
448,200
857,717
804,081
830,758
429,587
496,262
664,064
297,492
1,034,552
355,906
148,175
10,254
309,947
253,008
96,790
457,029
530,950
239,885
144,963
83,577
111,410
2,077,421
265,577
294,130
393,962
296,015
369,497
76,182
353,245
648,736
737,555
845,634
27,683
81,170
Virginia________
Richmond____
West Virginia___
North Carolina..
South Carolina..
Charleston___
Georgia..........—
Atlanta--------Savannah____
Florida...............
Alabama........—
Birmingham—
Mississippi-------Louisiana______
NewOrleans—
Texas............. —
Dallas.............
Fort Worth----Galveston........
Houston-------San Antonio...
Waco-----------Arkansas----------Kentucky...........
Louisville........
Tennessee--------Chattanooga . .
Nashville------
128
8
117
79
04
5
106
6
2
56
90
2
33
27
4
505
5
7
2
6
7
5
59
133
8
107
3
6
13,428,500 7,975,450
5.200.000 4,284.800
10,297,000 6,729,214
9.345.000 3,546,325
7.492.000 2.388.000
691.000
1.600.000
4,923,912
..............
4.700.000 3.900.000
700.000
909.000
7.240.000 3,449,962
9,589,387 4,865,049
1.750.000 1.550.000
3.750.000 1.753.500
3.035.000 2.319.500
4.200.000 2.530.000
36,282,960 19,256,266
4.400.000 2.600.000
2.775.000 1,592,317
300.000
500.000
5.500.000 1.750.000
2.650.000 1.185.000
450.000
1.750.000
5.311.000 2,336,861
12,180,900 5,411,100
5.495.000 2.945.000
9.520.000 3,547,660
925.000
2.050.000
3.100.000 1.348.000
51,206,861
19,502,559
38,407,344
27,168,536
12,441,259
5,182,890
17,762,338
20,690,004
2,129,814
28,054,931
24,869,220
6,732,277
12,847,590
11,045,665
16,651,744
107,166,0S9
19,916,983
10,709,061
2,543,253
17,482,827
9,153,719
4.403,543
16.986.234
36,134,448
19,026,269
31,284,928
4,851,503
11,803,279
16,812,823
8,235,361
19,835,364
7.196,254
6,945,205
2,825,862
5,296,209
4,213,358
109,580
11,739,793
6,461,923
3,796,876
3,210,654
2,419,960
842,396
10,795,212
1,172,189
738,369
2,149,906
4,163,685
429,902
612,332
1,597,776
6,284,334
3,511,173
7,970,643
5,891,846
4,147,721
76,454,139
36,456,636
57,528,954
45,326,942
27,593,226
9,513,304
33,055,194
24,363,546
4,498,113
36.762.152
33,741,938
9,489,677
14,595,512
16,871,255
19,893,930
136,052,562
20.663.152
13,508,913
3,908,046
24,607,853
10,303,843
5,926,554
20,560,579
48,300,155
26,686,102
41,260,498
11.481.075
16.572.075
924,610
393,143
1,017,680
85,695
876,890
262,376
400,370
316,388
172,960
188,038
77,700
112,303
281,080
326,639
677,500
150,012
32,250
58,060
556,240
398,058
752.200
409,958
135,060
88,736
400,210
160,725
252.900
203,963
52,213
460,870
1,921,270 1,678,161
1,142,710
135,967
251,310
230,475
137,291
100,970
1,188,220
394,010
288,148
493,280
234,127
118,760
353,460
255,837
864,770
240,877
125,545
695.900
268,345
948,540
45,583
106,380
438.200
96,357
603,761
223,260
410,267
245,763
147,512
99,544
260,202
310,040
30,190
413,941
250,241
194,939
110,226
181,780
225,126
958,256
178,114
58,264
107,688
234,710
91,575
62,138
149,314
290,218
216,758
261,680
96,904
178,664
914,197
209.005
611,688
374,263
214,826
115,995
274,360
321,500
43,704
565,665
187,613
44,265
133,007
103,226
98,893
1,284,019
136,425
79,700
58,875
242,963
261,710
75,900
238,464
397,605
285,443
365,645
591,520
152.005
Southern___
1,580
183,197,747 95,253,096
586,155,169
149,406,706
825,975,925 18,813,196 11,204,749 15,642,290 7,337,037
6,591,075
8,382,481
Ohio....................
Cincinnati........
Cleveland____
Columbus........
Indiana.............
Indianapolis__
Illinois.................
Chicago______
Michigan______
Detroit______
Wisconsin______
Milwaukee___
Minnesota..........
Minneapolis__
St. Paul...........
Iow a__________
Cedar Rapids..
Des Moines__
Dubuque_____
Sioux City----Missouri.... .........
Kansas City__
St. Joseph____
St. Louis.........
356
8
7
8
252
6
459
19,902,766
6.650.000
4.800.000
1.813.000
000
10,272,711
3.030.000
19,033,598
26,560,000
5,877,720
3.250.000
4,995,447
3.300.000
6,547,445
3,115,835
3.800.000
8,178,440
550.000
750.000
110.000
600,000
2,913,969
3.296.000
700,000
8.940.000
161,578,463
38,232,337
49,579,368
18,790,962
96,328,921
23,371,343
139,641,795
248,827,082
54,813,789
44,075,652
46,570,326
34,064,276
52,939,256
45,921,808
44,773,574
68,373,761
2,692,081
6,958,892
1,554,396
6,493,308
23,633,340
40,783,617
5,607,906
54,893,732
58,305,570
3,737,343
377,248
2,374,067
25,048,603
801,511
76,296,378
7,310,4S5
44,283,152
50,000
53,013,439
15,899,437
62,117,874
11,108,030
4,024,579
53,203,866
1,734,506
2,520,422
1,012,458
1,613,204
5,382,960
4,509,199
872,091
11,817,446
MiddleWest.
2,096
North Dakota__
South Dakota...
Nebraska______
Lincoln..........
Omaha______
South Omaha..
Kansas-----------Kansas C ity...
Topeka...........
Wichita...........
Montana----------Wyoming...........
Colorado— ........
Denver...........
Pueblo_______
New Mexico........
Oklahoma______
Muskogee____
Oklahoma City
152
110
201
4
7
3
206
2
3
3
65
33
114
6
2
38
338
5
£
100
3
130
5
266
4
5
332
2
4
3
6
10E
11
4
7
35,660,450
13.900.000
9.600.000
3.000.
21.550.000
6.700.000
33.170.000
42.800.000
10.545.000
7.000. 000
11,738,527
6.300.000
12,146,300
7.800.000
6.300.000
18,931,060
600,000
2.350.000
600,000
1.250.000
6.535.000
8.250.000
1.100.000
20.200.000
288,026,337 148,986,931 1.310,499,985
5.575.000
4.785.000
9.595.000
1.100.000
4,000,000
1,100,000
10.997.500
500.000
400.000
500.000
5.485.000
1.900.000
6.490.000
3.600.000
400.000
2.165.000
12.892.500
900.000
1.300.000
984,503 1,368,361 2,746,314
186,701,575 4,138,518 3,942,390 3,573,910
126,974
50,955,529 1,661,308
480,317 3,198,270
489,410
824,267
242,055
65,371,225 2,221,138 1,918,505 2,586,350
488,825
586,423
146,262
543,260
668,931
17,235,687
424,019
286,758
570,268
647,404
108,205,344 2,463,211 2,672,393 2,165,520
902,818 1,603,654
98,523
293,462
764,930
624,315
941,640 1.382.200
26,526,815
188,095,989 4,142,019 3.575.200 4.093.290 1,125,450 1,178,007 2,373,014
677,129 13,789,611 13,941,631
359,650,643 28,378,841 10,737,511 17,996,750
383,649
457.497 1,326,294
74,983,806 1,653,847 1,930,844 1,447,680
88,852
174,170 2,876,001
577,990
819,290
36,645,62.2 1,475,945
445,098
388,438
788,6S2
1.571.290
1,559,834
1,715,049
77,638,754
164,893
324,015
687,291
368,643 1,494,160
48,359,469 1,557,556
596,399
474,132
725,160
102,109,519 1,814,011 2,430,397 1,386.230
361,360
183,757 1,279,515
65,838,232 1,806,058 1,689,171 1,694,710
236,047
418,381
605,480
46,602,634 1,759,668 2,911,020 1,542,100
124,333,594 2,241,894 2,109,949 2,072,740
681,329
578,404 1.200,084
396,422
9,305,350
249,320
168,050
35,940
18,861
63,685
497,082
16,575,215
162,270
570,440
79,000
98,860
249,597
101,414
2,702,426
34,806
38,826
96,712
160,000
19,043
437,147
9,870,311
75,724
36,123
204,391
165,225
285,300
014,775
460,634
29,451,619
602,024
224,128
123,028
389.660
70,754,782 2,871,223 1,083,474 1,869,280
530,205
932,409 1,238,623
342,188
289,400
67,928
57,255
106,080
181,227
11,271,488
215,944 2,243,532 2,491,936
822,767 3,752,990
93,153,293 8,114,492
447,413,968 1,817.333,921 71,859,162 43,369,609 54,194,300 8,253,839 26,140,671 36,910,722
2,347,200
1,571,910
4,507,600
450.000
2,610,000
525.000
5,364,695
312,500
220.000
595.000
2,731,400
1,114,800
3,045.467
3,688,380
470.000
952,550
3,829,371
286.000
457,000
18,750,148
20,475,549
33,045,798
5,181,633
24,521.413
4,057,115
50,461,362
3,071,085
3,595,302
3,707,858
25,482,776
8,288,568
33,192,373
28,358,598
3,987,900
10,547,036
56,225,107
3,968,228
7,351,098
18,258,871
16,092,401
19,577,963
171,592
3,890,196
1,523,254
14,125,471
149,079
38,469
1,048,354
11,661,967
5,333,316
10,788,102
9,732,023
1,877,993
4.270.944
7,122,827
1,070,623
1.358.944
330,552
271,310
309,660
76,867
252,599
80,563
476,567
40,175
57,912
44,443
331,379
83,655
246,317
263,865
42,190
110,000
729,478
72,461
141,854
181,392
169,082
185,861
62,495
469,643
12,069
340,591
23,111
59,182
80,540
114,242
48,432
147,125
66,222
17,899
65,569
382,900
38,793
57,737
368,513
280,283
427,797
192,529
493,154
83,440
703,435
49,050
59,500
54,000
305,827
84,637
424,952
599,250
44,680
103,163
627,681
84,160
133,000
434,856,864 11,384,151 12,235,896
9,471,770 3,961,847
2,522,885
5,119,042
247.640
95,600
169,760
3,010
73,300
95,880
716,110
133,920
2,125,550
159.640
16,850
43,350
63,830
164,650
2,280
249,657
323,815
155,863
98,596
258,571
366,556
957,003
377,526
605,266
183,111
69,456
187,226
48,566
112,489
1,929
39,473
22,419
54,212
552
24,176
23,580
154,385
69,910
39,556
35,073
5,100
31,323
8,618
71,706
1,000
65,505
40,668
82,170
31,722
31,862
15,510
270,977
343,823
58,696
77.634
4,056
59,655
19,180
50,495
4,111,370 3,995,630
581,083
1,151,953
14,180
81,254
48
121
22,000
65
34,847,582
33,332,374
53,709,610
7,008,042
33,178,476
6,848,159
60.087,280
4,039,307
2,771,812
6,004,959
31,590,749
13,096,877
32,148,215
29,158,949
3,308,655
14,113,906
57,012,572
4,642,018
7,957,322
Western . . . .
1,298
73.655.000 35,078,873
344,268,947
128,092,389
Washington........
Seattle............
Spokane _____
Tacoma______
Oregon_________
Portland_____
California...........
Los Angeles...
SanFrancisco..
Idaho..................
Utah--------------.
Salt Lake City.
Nevada________
Arizona________
Alaska...... ..........
66
£
4.210.000 2,419,539
4.000.
000
1.390.000
2.200.000
500.000
1.000.000
122,500
5.161.000 2,366,089
5.500.000 2.400.000
22,757,800 9,349,704
7,063,277 2,666,327
28.500.000 16,685,000
3.545.000 1,507,759
1.155.000
512,800
2.200.000 1.080.000
1.410.000
306,700
1.175.000
810.000
25,000
21,604,849
22,329,19C
7,212,375
5,039,237
23,213,799
23,064,677
100.381.08C
37,721,487
94.934.26C
16,688,301
4.829,571
8,556,796
4,565,391
9,435,663
17,086
10,345,069
7,430,045
7,761,039
1,537,665
6,027,632
9,706,11C
21,838,805
9,304,99£
9,953,415
4.554.46C
2,643,917
3,058,23C
1,089,853
1,047,313
25,277,225
23,864,352
12,180,359
4,287,556
24.41S.777
24,618,068
109,420,658
47,636,254
118,868,282
17.791.23C
7,051,891
11,452,092
5,246,567
7,734,375
89,902,077 42.116,418
379,593,771
96,298,57£
439,847,68£
919,027
2,352,314
109,715
381,014
458,365
1,714,972
81
I
248
{
£
57
17
£
1C
13
Pacific.............
534
Alaska______ _
Hawaii____
Non-member
banks______
2
£
Total U. S ..
100,000
635.000
55,006
281.507
684,441
694,040
1,040,099
229,052
1,123,048
198.247
1,416,003
166,920
198,868
327,514
746,822
236,502
834,733
1,089,819
156.247
317,847
1,476,704
118,663
328,592
612,713
812,317
316,469
174,821
595,881
890,626
2,625,441
1,353,656
3,678,236
431,712
144.736
346,637
139.736
214,157
500
524,660
619,644
1,045,488
170,886
533,651
170,035
1,406,908
75,095
150,153
55,068
1,265,893
436,410
1,500,579
2,598,477
322,643
367,860
820,441
76,670
155,335
1,477,715
3,132,280
850,775
877,532
1,866,254
5,205,355
5,797,316
4,263,175
8,168,818
997,509
361,388
887,506
288,032
514,752
11,425
12,337,637 34,699.832
.............
86,290
314,305
569.710
703.710
689,260
64,220
1,028,150
170.050
1,170,370
119,000
82,450
225,540
771,400
285,820
778.050
750,430
145,880
295,590
1,279,220
79,210
263.710
55,300
100,470
22,065
95,434
169
336.507
735.000
3,271,341
400,595
155,770
490,732
2,173,335
7
7,604 1,065,891.977 719,329,463 5,407,211,478 1,254,369,875 6,643,887,952 290.412.69C 188,542,561 285,966,390 32,193,939 100,544,525 127.999,550
•Demanddepositsaremadeupof: Individual depositssubject tocheck, 54,576,405.25507: certificates of Ideposlt due inless than30 days, $391,204,853 25: certi
fied checks, 572.009,46639: cashiers' checks outstanding, 5101,421,715 29; United States deposits, 346,722,75297: postal savings deposits, 539,621,784 59; State
andmvrlclpal deposits, $78,095,030 23, anddepositswithnoticeof lessthan30days, 5101,625,62032.
2056
THE CHRONICLE
S k tw k m '
(g a z e t t e .
W all Street, Friday N ig h t , Dec. 17 1915.
The Money Market and Financial Situation.— Busi
ness in W all Street has been restricted this week, first and
chiefly by uncertainty as to the outcomo of diplomatic cor
respondence between Washington and Vienna, by the ap
proaching year-end settlements and adjustments and, lastly,
and more directly, by the prevailing weather. Interrupted
communication by rail and wire has been a serious handicap
in very many cases.
Advance information as to the tone and character of Aus
tria’s answer to the note from our State Department on the
sinking of the Ancona was very nearly what had been ex
pected. It was singularly evasive and unsatisfactory,
inasmuch as it makes no attempt to explain the matter or
clear the situation.
Other events which have attracted attention include a
steady decline in German and Austrian exchange to a new
low level; receipts of gold and a very large amount of Ameri
can securities from abroad; a slight increase in the number of
idle freight cars; a grant of higher passenger rates and rates on
meat products on Western railroads; the Government crop
report showing the condition of winter wheat on D ec. '
fractionally lower than a year ago and lower than the 10-year
average, with the acreage substantially smaller than in 1914;
statement of international trade for last week showing a
balance of $60,000,000 in our favor; a small increase in the
Bank of England’s gold holdings and a further increase of
$1 7,200,000 in the amount held by the Bank of Franco.
This brings the total of the latter up to over $1,000,000,000,
and is said to be the largest amount ever held by any bank.
These figures also show that nearly $260,000,000 has been
turned into the Bank by the people of France since the appeal
for gold was made last summer. This movement is wholly
without precedent in history and is only one of many ways
this remarkablo people is proving, without a murmur or any
holding back, their loyalty and self-sacrifice in the presont
emergency.
Foreign Exchange.— The market for sterling exchange
was as a rule firm during the week, to some extent due to the
demand for remittances in connection with new-year dis
bursements, and also resulting from the sentimental effect
of the British Treasury’s plan to mobilize American securities.
T o - d a y ’s ( F r id a y ’ s) a c tu a l r a t e s f o r s t e r lin g e x c h a n g e w e r e 4 6 8 % @ 4 6 9
fo r s ix ty d a y s , 4 7 1 1 3 - 1 6 @ 4 7 2
fo r c h e ck s a n d 4 7 2 9 - 1 6 @ 4 7 2 %
fo r
c a b le s .
C o m m e r c ia l o n b a n k s (s ix ty d a y s ) 4 6 4 % @ 4 6 4 % a n d d o c u m e n ts
fo r p a y m e n t (s ix ty d a y s ) 4 6 7 % @ 4 6 7 % .
C o t t o n f o r p a y m o n t 4 7 1 % (a
4 7 1 % a n d g r a in fo r p a y m e n t 4 7 1 % @ 4 7 1 % .
T o - d a y ’s ( F r i d a y ’s ) a c t u a l r a t e s f o r P a r i s b a n k e r s ’ f r a n c s w e r e n o m i n a l
f o r lo n g a n d 5 8 7 % f o r s h o r t .
G e r m a n y b a n k e rs ’ m a r k s w ere n o m in a l fo r
lo n g a n d n o m in a l fo r s h o r t .
A m s t e r d a m b a n k e r s ’ g u ild e r s w ero 4 3 %
fo r sh o rt.
E x c h a n g e a t P a r i s o n L o n d o n , 2 7 . 7 5 % f r . ( T h u r s d a y 's c l o s e ; n o r e p o r t
F r id a y ); w e e k ’s r a n g e , 2 7 .6 8 f r . h ig h a n d 2 7 .6 8 f r . lo w .
E x c h a n g e a t B e r lin o n L o n d o n n o t q u o t a b le
T h e r a n g e fo r fo r e ig n e x c h a n g e fo r t h e w e e k f o llo w s :
S t e r lin g , A c t u a l —
S ix t y D a y s .
H i g h f o r t h e w e e k _________________________________ 4 6 9
L o w f o r t h e w e e k --------------------------------------------------- 4 68
P a ris B a n k ers' F ra n c s —
C hecks.
H i g h f o r t h e w e e k --------------------------------------------------L o w f o r t h e w e e k ---------------------------------------------------
-----------------
5 85
5 87%
H i g h f o r t h e w e e k _________________________________
L o w f o r t h e w e e k _________________________________
______
______
75%
H i g h f o r t h e w e e k _________________________________
L o w f o r t h e w e e k _________________________________
______
_____
43%
4 1%
G e rm a n y B a n k e r s ’ M a r k s —
A m s te r d a m B a n k e r s ' G u ild e r s —
C a b le s.
4 72
4 72%
4 7 1 3 -1 6 4 71 1 5 -1 6
78%
5 84%
5 86%
7 8 1 1 -1 6
76%
43%
42
D o m e s t ic E x c h a n g e .— C h ic a g o , p a r .
B o sto n , p a r.
S t. L o u is , 15 c
p e r $ 1 ,0 0 0 d is c o u n t b id a n d 5 c . d is c o u n t a s k e d .
S a n F r a n c is c o , 3 0 c . p er
$ 1 ,0 0 0 p r e m iu m .
M o n tr e a l, p a r .
M in n e a p o lis , 1 0 c . p er $ 1 ,0 0 0 p r e m iu m .
C in c in n a t i, p a r . N e w O r le a n s , s i g h t , 5 0 c . p e r $ 1 ,0 0 0 d is c o u n t a n d b r o k e r s ,
5 0 c . p r e m iu m .
Mf State and Railroad Bonds.— Sales of State bonds at the
Board this week are limited to $11,000 New York Canal 434s
at 1 1 2 % to 113 and $10,000 Virginia 6s def. trust rects. at 55.
The depression felt during the week in other security
markets, as noted above, was manifest in the market for
railway and industrial bonds. A list of twenty-five most
active issues shows that fractional declinos were the rule,
only five having advanced. One of these, Inspiration
Copper 6s, 1922, reversed its movement of a woek ago and
advanced from 177 to 180. International Mercantile Marine
coll, trust 434s, due to well-known and favorable reports
from the reorganization committee, added 4 % points to their
closing price of 9 2 % last Friday. United Railways of San
Francisco 4s advanced from 4 1 % to 4 7 % . New York Cen
tral deb. 6s, the ref. & imp. 4 % s of the same company, and
Public Service Corporation s.f.5s also showed slight gains.
The movement of the Anglo-French bonds since the ex
piration of the underwriting syndicate on M onday has been
a matter of considerable interest in financial circles. Prices
have fluctuated between 9 4 % and 9 5 % on a s-10-f to a
s-30-f basis and from 9 4 % to 98 on regular transactions,
while sales for the week reached the enormous total of
$4,873,000.
Sales on a s-20-f basis for bonds other than the AngloFrench loan and indicating, presumably, sales on foreign
account, have decreased this week, being $1,202,000 as
against $1,213,500 a week ago.
United States Bonds.— Sales of Government bonds at
the board this week are limited to $9,000 4s reg. at 1 1 0 % .
F or to -d a y ’ s p r ic e s o f all the d iffe r e n t is s u e s a n d f o r w eekly ra n g e
see third p a g e fo llo w in g .
£ Railroad and Miscellaneous Stocks.— On a steadily
increasing volume of business, until to-day, the stock market
[Vol. 101.
has been unsteady and irregular throughout the week.
The total transactions have, however, been relatively small
and fluctuations in the railway list narrow.
M o n d a y ’s market was exceptionally dull, the transactions
aggregating ]ess than 400,000 shares, and prices generally
declined. On Tuesday there was liberal covering of short
contracts which was responded to by a partial recovery.
To-day the market was again less active and some slight
recovery made in prices. As a result of the week’s opera
tions, or a list of 12 active railway issues, 6 have declined and
2 are unchanged.
The manufacturing list remains true to its recent record.
General M otors has covered a range of 51 points and closes
at the lowest. Beth. Steel has covered 32 points and shows
a net gain of 8 . Cuban-Am . Sugar and Texas C o. have
both covered 24 points within the week, A m . Tobacco 1 4 % ,
Studebaker 1 2 % , Mexican Petroleum 10 and others a nar
rower range. _ Inter-Mer. Marine shows a net gain of 7
points, Baldwin Locomotive 5 % , Consolidated Gas 4 % and
Alaska Gold 3 .
U. S. Steel has covered a range of 1 %
points and closes 1 point lower than last week.
For daily volume of business see page 2065. '
Tho following sales have occurrod ‘this week of sharos not
represented m our list on tho pagos which follow:
STOCKS.
Week ending D ec. 17.
Sales
fo r
Week.
Range fo r Week.
Lowest.
Highest.
Range since Ja n . 1.
Lowest.
Highest.
Par Shares $ ver share
5 ver share
S ver share
900 128 Dec 11 130 Dec 17 •S ver share
Adams Express____ 100
Jan 130
Dec
American Express...100
920 126 Dec 13 127% Dec 16
Feb 133% Nov
Am Teleg & Cable.. 100
5 63
Dec 14 63 Dec 14
Mar
65
July
Am Writ Paper, pref .100 100 13 Dec IQ 13 Dec 16
July 15
Apr
Assets Realization..100 500 10 Dec li 10 Dec 15
Jan 14
Oct
Associated Oil_____ 100 2,300 59% Dec 13 69 Dec 17
Nov 09
Dec
Batopilas Mining___ 20 28,800 3% Dec l( 4% Dec 14
Feb 4 % Dec
Brown Shoe, pref__ 100
175 96 Dec 13 96 Dec 13 64 % Aug
Dec
Brunswick Term!__ 100
400 11 Dec 13 12 Dec 14 4% Mar 99
14% Deo
Butterick............. ..100
100 31 Dec 17 31 Dec 17 27
Feb 30% Oct
Canada Southern__ 100
3 59
Dec 16 59 Dec 16
Aug 61
Dec
Case (J I), pref____ 100
100 83% Dec 17 13% Dec 17 54
74% June 90% Nov
Chicago & Alton___ 100
300 10 Dec 13 l 0
Dec 13 8
Aug 15% Aug
5 45% Dec 16 L» % Dec 16 45%
Clev & Pitts special___
Dec 45% Deo
Cluett.Peabody & ColOO 950 73% Dec 14 4i
Dec 16 55
Apr 79% Oct
25 108% Dec 11 Km M Dec 11 98
Preferred_______ 100
Jan 110% Oct
Computlng-Tab-Rcc .100 1.900 43 Dec 11 1
Dec 17 41% Nov 49% Deo
Con G, E L& P(Bal)100
340 115 Dec 17 115*% Dec 13
Nov 115% Deo
Deere & Co, pref___ 100
150 96% Dec 17 96% Dec 17 111%
Apr 99
Sept
Detroit United........100
115 70 Dee 16 70 Dec 16 86
Apr 70
Nov
Diamond Match___ 100
300 105 Dec 16 113 Dec 17 52% Dec
x 122 Nov
Dul S S & Atlantic.. 100 100 6 Dec 14 6 Dec 14 101
2
July 8% Oct
Helme (G W), pref.. 100 100 112% Dec 17 112% Dec 17 112
Jan
114% Nov
Homestake Mining.. 100 100 124 Dec 10 124 Dec 16 114
Jan 124
Dec
Int Harvester Corp.. 100 450 83 Dec 14 83% Dec 14 55
Feb 85
Deo
Preferred............. 100
100 108 Dec 15 108 Dec 15 90% Mar
114
Jan
K C F tS & M , pref.. 100 100 68 Dec 16 68 Dec 16 60
Apr 68% May
Kresge (S S)........... 100
200 260 Dec 16 260 U«c 10 99
Jan
Deo
Laclede Gas (St L)_.100
200 102 Dec 13 102% |7tc 14 92% Jan 260
106
Apr
Manhattan Beach...100
500 3 Dec 13 5 Dee 13 2
Feb 5
Deo
May Dept Stores...100 1,400 63% Dec 14 64% Dec (4 35
July 65% Deo
Preferred........— 100
200 106 Dec 14 106 Dec
94% Apr 106% Dec
Natl Cloak & Suit. ..100
200 78% Dec 15 79 Dec
Mar 90
Aug
Preferred_______ 100
100 110% Dec 17 110% Dec 17 ifr>% Mar 111
Nov
Ontario Silver M in.. 10040,900 9% Dec 11 12% Dec 15 2
Bob 12% Deo
Peoria & Eastern...100 2,300 13% Dec 11 15% Dec 15 4
■L T. 15% Deo
Pettibone-Mulllkcn .100
100 55% Dec 15 55% Dec 15 15 M S 84
Oct
Pitts Ft W & Chic.. 100
30 158 Dec 11 158 Dec ll| 154 Sept 158
Jan
Pittsburgh Steel, preflOO 900 97% Dee 17 98% Dec 14 74 May 102% Dec
Sloss-Sheff S & I, pf_100 1,700 99% Dec 11 101 Dec 13 85
Nov 101
Deo
Texas Co full paid rec. . . | 1,950 212 Dec 13 232% Dec 15| 123 June
Dec
Tobacco Prod, pref.100 200 101 Dec 16 101% Dec 17 95 May 232%
Nov
Tol St L & W trust rec..
100 6 Dec 13 6 Dec 13 5% Oct 103
6% Nov
Un Dry Goods, pref. 100: 200 71 Dec 17 73 Dec 15 48% Jan 75
Oct
U S Realty & Impt.. 100 360 40% Dec 16 41% Dec 11 25
Sept 50
Jan
U S Reduc & Refln.,100
500 4% Dec 11 4% Dec 11 1% Apr 10% Juno
Wells, Fargo Express 100 100 127 Dec 11 127 Dec 11 77%
Jan 134% Nov
Weyman-Bruton, pf.100
100 112 Dec 13 112 Dec 13 112
Dec 112
Doo
Outside Securities.— Sales of shares on the Broad Street
curb have decreased in volume as compared with those of a
week ago. Prices were irregular and wide fluctuations
common. American International Corporation dropped
from 2054 to 1G34, while American Zinc, after advancing
from G3 J4 to 66, declined 134 points to 6434, got back to
0 6 % and closed at 66. Canadian Car & Foundry com.
varied between 92 and 95, wliilo the preferred covered a
0Tv?°ints’ e nSlne at 10G> t^10 l ° w figure being 105.
Chandler M otors fell from 8434 to 8334. advanced to 85
and closed at 83 34 .w h ile Cheverolot M otors C o. fluctuated
between 138 and 149, the final quotation being the low fig
ure. Dnggs-Seabury, from 172, declined steadily during the
week to 145 at which figure tho last salo was recorded.
International Mercantile Marino com. and pref. made
substantial additions to their closing figures of a week ago.
Their high, low and last figures being 1934— 15— 1734 and
7734— 6534— 7234 respectively. Kathodion Bronze dropped
from 1834 to 1634, advanced to 23 34, the last figure being 21
M axim M unitions, Submarine Boat and Peerless Truck
& M otor Corp. advanced from 13— 44 and 3534 to 1434—
4534 and 39 during tho week. The latter reaching 41 as
a high mark on Thursday. Am ong the oil shares Atlantic
Refining C o. covered a rango of 30 points, the high price
being 700. Cosden & C o .,o n reports of increasing activity,
advanced from 11 to 1334, wliilo Illinois Pipe Lino fell from
206 to 200, advanced to 207, and closed at that figure.
Prairie Oil and Gas, from 432 pushed up to 465, fell to 427,
recovering at the close to 430. Standard Oil of California
covered a range of 38 points the high figure being 398, while
Standard Oil of Indiana, Standard Oil of N ew Jersey and
Standard Oil of Now York, from 512, 512 and 218 advanced
to 560, 570 and 238 respectively, the closing prices being
548, 551 and 232. Am ong the bonds traded in at tho
“ curb” are $232,000 Baltimore & Ohio new 5s at 10054
to 10034: $168,000 Cerro de Pasco Copper 6s, at 11934 to
117 and $112,000 Kennecott Copper 6s, at 211 to 207.
Outside quotations will be found on page 2065.
New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
H IG H A N D LO W S A L E P R IC E S —P E R S H A R E , N O T P E R C E N T .
Saturday
D ec. 11.
M onday
D ec. 13.
Tuesday
D ec. 14.
Wednesday
D ec. 15.
Thursday
D ec. 16
Frid ay
D ec. 17
$ per share S per share S per share S per share $ per share $ per share
106 106*2 105*4 106
105*2 10534
106 IO6 I2 10534 10578 106 107
1015g 10134 101*8 101*8 101*8 101*8 *101*8 1017g 10 1*2 101*8 10U2 10134
*113 116*4 115i8 1151s 114 114 *113*2 11634 *113*4 114*2 114 114
9278 92
92*2
93
93*4 92
927g 92*4 9234 92*8 9278 92
77*4 77*4 77*8 773g *77*8 77*2 77*8 77*8
*77
7714
77
77
88*2 88*2
88*8 88*4
88
88 l2
88 U 8 SI4 88*4 88*4 88*2 88*2
178 180l2 178% 179*4 17834 181*2 18034 1SU2 17834 I 8OI4 178*4 17938
*295 320 *290 320 *295 320 *295 320 *295 320 *295 320
62
62*2 62l2 62
61
61*2
62
62*8 61*8 62ls 6 U2 63
1434 1434 14% 14%
14% 1434 1434 15
14*8 1458 1434 15
38*2
39
39
39
38*2 3S34
38*8
387g
39
391
2
39
39is
93
93
9338 92
93U 93*8 9234 93*2 92*4 93
93*4 94
132 132 §132 132
132 132
13212 13212 *131 132i2 130l2 131
*131 132l2 §131 131 *131 13212 *131 132 *131*2 132 *131 132
*173 180 *173 180 *172 180 *173 180 *173 180 *170 ISO
1434 1512 15
16
18
19
16*8 1734 15*4 1634 147g 16
*118 125 *118 125 *118 125 *118 125 *118 125 *115 125
*133 140 *133 140 *133 145 *133 140 *133 140 *133 140
*48
49
49
*48
*48 49
49
*48
50
*48
4912 *48
76
*74
76
75*2 *74
78% *74
*75
80
*75
7814 *75
*35
36
*35
36
36
35 *35
*35l2 3612 *3512 36l2 35
*56*2 59
*56*2 59
♦56*2 59
*56l2 59
*5612 58
*56'2 60
50
*45
50
*45
50 *45
*45
50
*47
52
*47
52
*150 152 *151 154 *150*4 15134 *150*4 1517S *150*4 15178 151*2 151%
*225 233 225 225 225 225 224*2 22412 *220 223 224*2 224*2
*13
15
*13
15
16
16 *14
1412 1412 *13
17 *13
27
27*2 27
27
*27 28
*26 28
*25
28
*27
29
42lg 4234 42% 4212 42U 427g 42*8 43*4 41*8 42*8 40% 417g
56^4 55% 56*4
56l2 57*8 56
56!8 57
56l2 5714 56l2 57
*48
50
50
50
50
50*8 *5012 51
50
50
50U 50
125 125*8 125 125*8 125 12534 125U 1257g 12434 125% 124% 12434
4734 49*2 4734 48*2
48
4812 4734 4814 47*8 4834 48*4 49
*108 1 1 0
108 108 *107 110 *107 109 *107 109 *107 109
2 1 % 2 1 78
2 1 lg 21*8
2 1 l8 2 1 l2 21*4 223S 2178 223g 2134 22
78l2 78*2 78
78*4 78
78
77*8 78
77% 7712 *77U 78
30*4 31l2 30*4 31*2 30*4 3078
30l2 31
30*8 31
30*8 31
643s 63*8 63*8 63*8 63*8
63ig 6312 *63ig 64% 63'8 63*8 *63*8
14*4 14l2 14i2 14
14
1414 *12l2 14% 14
1312 1418 * 1 2
347g 35
34
35
33% 34
*31
35
34
31U 3314 *30
82
8212
81*4
82
81
81
82
81*8
8
O
I
4
80*8
8012 8118
*20
24
*20
24
*20
22
*21
24
*20
24
*21
24
*127 12734 *127 127*8 *127 127*4 *128*2 13034 128*2 129*2 127 127
•130 132
131 131 *130*2 132 *128*2 132 *128 130 *128 131
15*8 15*2 *1434 16
*15
16
*14
16
15U 1514 147g 15
34
35*2 34
*33
36%
*32
3412 *___ 3412 34
34
34
123
12334 12234 12234 12 2 1 2 2 %
123
123
*122 12312 1231g 1231s
131*2 131*2
*129 133 *129 133 *129 133 §130 130 *129 133
*0
7
6
6*4
678
6*4
*6
7
6'8
6*4 *6'4 7
16
*15
17*4 *15% 17*4
*16
17*2 16
*15l2 17
*1512 17
338 37g
3*4 37S
3*8 4
3% 3*?
334 414
4's 4*8
3
334
334 37g
3*4 4
*3*2 4*2
4
4
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH A RE.
Range Since J a n . 1
On basis o f 100-share lots
Lowest
Highest
3057
PER CEN T.
Range fo r Previous
Y ear 1914
Lowest
H ighest
Railroads
Par S per share
$ p er share
%
%
8,300 Atch Topeka & Santa Fe.-lOO 92% Feb 24 IIH 4 Nov 4
8912 July 10038 Jan
3,202 Do pref_____________100 96 Jan 5 102ig Nov26 *9612 Dec 101*4 June
750 Atlantic Coast Line RR__ 100 98 Mar 1 116 Nov 1 59918 Dec 126 Jan
12,700 Baltimore & Ohio_______ 100 63*4 Feb 25 957g Nov 4
67 Dec
98*8 Jan
1,0 0 0
Do pref_____________100 67 Feb 23 79*4 N ov27
83*8 Jan
69 Dec
1,500 Brooklyn Rapid Transit.. 100 83*4 Aug 13 93 Apr 21
79 July 9414 Mar
13,300
138 July23 194 Nov 1 153 Dec 2201* Feb
_____
5250 Sep 1 325 Jan 22 300 July 310 Jan
7,700
35*8 July 9 64*4 Novl9
40 Dec
68 Jan
1,500
10*4 Jan 4 17l2 Nov 3
914 July
1514 June
2,700 Do pref_____________100 25% May 14 4U2 N ov 3
25 July 411* June
8 ,2 12 Chicago Mllw & St Paul.. 100
7734 July26 98% Apr 19
84*4 Dec 107ig Feb
950 Do pref_____________100 1207g Sep 2 13358 Dec 4 126 Dec 143 Feb
50 Chicago & Northwestern..100 11812 JulylO 13518 Novl 6 122 Dec 1367 g Feb
Do pref_____________100 163 July 9 5180 N ovll 170 Jan 180 Jan
57,400 Chicago Rock Isl & Pac__ 100 10i2 July23 38*g Apr 15
33 June 33 June
Chic St Paul Minn & Om_.100 5114 Apr 8 123 N ovll 125 May 131>4 July
Do pref____________ 100 124 Sep 17 135 Dec 8 132 May 132 May
Clev Cln Chic & St Louis.. 100 §21 Jan 18 52 Oct 22
22 July 40 Jan
Do pref_____________100 53 ig Feb 17 77 Oct 20
40 July 70 Feb
100 Colorado & Southern____ 100
24 Marl5 38>2 Nov 3
20 Mar 281* Jan
Do 1st pref__________100 45 Jan 18 60 N ovl 8
3778 July 62 Jan
Do 2d pref__________100 35 Sep 2 52 Nov20
29 Dec
35 Mar
100 Delaware & Hudson_____ 100 13812 Aug 31 154lg Nov 4 138*4 Dec 15912 Feb
600 Delaware Lack & Western..50 199% Jan 6 238 Nov23 388
Jan 406*4 June
100 Denver & Rio Grande___ 100
4 Jan 12 I 6 I2 N ovl 6
4 July 1914 Jan
1 ,1 0 0
Do pref_____________100
6% Jan 7 29*8 Novl7
8 July 31>8 Feb
69,975 Erie...... ............................. 100 19?8 Feb 24 455g Novl9
2018
July 3212 Jan
11,10 0
Do 1st pref_________ 100 32U Feb 24 591g Novl9
32 July 49*4 Jan
800 Do 2d pref__________100 27 Feb 25 52U N ovl 8
26*4 July 4014 Jan
5,850 Great Northern pref_____ 100 112% Jan 2 12S*8 N ov 5 111*8 Dec 134*4 Feb
15,550 Iron Ore properties__
2514 Jan 2 54 Oct 22
2212 July
39U Jan
100 Illinois Central_________ 100 99 July 7 113 Apr 19 10312 Dec 115 Jan
8,700 Interboro Cons Corp, vtc___
187g JulylO 25i2 N ov 4
2,000
Do pref_____________100 70 JulylO 82 Nov 5
4,900 Kansas City Southern____100 20% Feb 24 35% Nov 1 2014 July 281* July
600 Do pref_____________100
Feb 24 65% Nov 5
62 Jan
49>8 Dec
900 Lake Erie & Western____ 100 54?g
5 Jan 5 14*4 Nov 3
9 Jan
5ig July
1,325 Do pref____________ 100 19 May27 35 Dec 15
2H* Jan
17
Apr
4,600 Lehigh Valley___________ 50 64% Feb 24 83U Novl9 118 July 156% Jan
Long Island................... ...5 0 15 Jan 11 27% Oct 11
36 Feb
28 Jan
500 Louisville & Nashville___ 100 104i2July 8 13012 Nov 4 125
Dec 14 17 g Jan
100 Manhattan Elevated____ 100 125 June25 131 Dec 6 128 Jan
133 Feb
500 Minneapolis & St Louis__ 100
8 Sep 15 19*8 Feb 15
I 6 I4 Jan
9ig July
500 Do pref____________ 100 24 Sep 15 49 Feb 15
27*2 June 351* Jan
1,450 Minn St Paul & S S M ___ 100 106 Jan 4 126i2 Nov 1 101 Dec 137 Feb
154 Do pref_____________100 123 June 8 132)8 Nov 3 130 June 145 Feb
2,500 Missouri Kansas & Texas. 100
4 Sep 28 1514 Apr 19
24 Jan
8ig Dec
200
Do pref____________ 100 1018 Sep 25 40 Apr 5
60 Jan
26 Dec
29,400 Missouri Pacific...... ......... 100
30 Jan
1*4 July27 I 8 I4 Apr 19
7 Deo
2,300 Trust co certlfs of deposit..
712 N ovll
3 Dec 15
Nat Rys of Mex, 1st pref.. 100
Aug 31 281-Oct 30
34*’ Feb"
30 Jan
400 Do 2d pref_________ 100 14ig
9*4 Oct 21
14 Jan
4*4 July28
5 Dec
103 - IO514 10412 105*8 104*2 105*8 105 1057g 104*8 1053g 104*8 105*4 75,490 N Y Central & Hud River. 100 81ig Mar 1 1057g Dec 15
96*8
Jan
77
July
7334 74% 5,900 N Y N H & Hartford____ 100 43 Feb 25 89 Oct 11
75*2 74*2 75
75*4 74
74U 75U 74l2 7434 75
49*8 July 78 Jan
30*8 *29
30lg 30*8 30*2 30
30*2 2,000 N Y Ontario & Western__ 100 21*4 Jan 6 35 Apr 20
30
30
30ig 30lg 30
31*8 Jan
18*4
Dec
121*4
122*2
22,950
119*8 12112 119% 121*4
119l2 121lg 12 0 i2 1 2 D8 1 2 1 122*8
Norfolk & Western_______100 99% Jan 4 122*s Dec 14
9612 Deo 1057g July
*82
86*4
200
861*
86*4 86*4 *82
Do adjustment pref..100
90 Apr
85 Jan
Sep 2 90 June15
115*2 116
115*4 116
115*4 115% 8,600 Northern Pacific_________100 80ig
11518 II 6 I4 U5U 115*4 115*2 1 1 0
117*4 Novl9
99ig
Feb
24
96*8 Deo 1181* Feb
5878 593g 58*4 59
14,500 Pennsylvania_________
58*s 5878 58*8 58*2 58% 59
58*2 59
so 51% Feb 24 6 H2 Nov 3 102ig Dec 1151* Jan
300 Pitts Cln Chic & St Louis.. 100 65 Mayl7 86 Nov 5
*80
81
80
80 *___ 81 *___ 81
80
80
*78
81
64’g July 91 Feb
*91
96
*91
96
*91
96
♦91
96
*91
96
*91
96
Do pref_____________100 90 Junel9 98*2 June 5
95 June 101 Mar
81
82*8 803g 8138 80*4 81 29,200 Reading............................6 0 69*8 MaylO 85*8 Nov 3 137 July 17214 Jan
80's 8 U4 79*8 8 D4 811g 82
700 1 st preferred__________ 50 40*g Sep 20 45 Junel2
43
•4212 43
42<2 4212 4238 4212 *417g 42*2 42*2 42*2 *42
87 July 89*8 June
100
43
43
*423s 43'8 *423g 43*8 *42*8 43*8 *423g 43*8 *42% 43*8
2 d preferred___________ so
93 Jane
23 44 Apr 29 *80 Dec
700 Rock Island Company___ 100 40is Feb
34
34
**2
*4
*4
*4
**8
7g
h
*4
*4
*2
16** Jan
#8 Dec
1*8 Apr 9
Julyl5
*4
*4
1,300
*%
3
4
%
*2
3
4
%
*8
*4
Do pref____ _____ ...1 00
25 Jan
2i2 Apr 9
*8
*4
1 Dec
14 June21
4% 47S 2,200 St Louis & San Francisco..100
4
412
4*8 4%
4*2 5
4i2 4i2
4U 414
5*8 Jan
8 Nov 1
2 Apr
1*4
Mar22
*8*2 1 1
♦7
10
*8
11
•7
11
*8*2 1 1
*___ 1 1
171* Jan
Do 1st preferred_____100
8 May
7 Aug 17 14ig Nov 8
634 2 ,10 0
6*4 6*4
6*8
634
6
6*8
634
6
6
6 U 6 I4
9*4 Jan
10*4 Nov 8
214 Deo
Do 2d preferred_____ 100
3
Jan
18
*20 j 23
23
*20*2 23
*20
*20
23
*20 227g *20
22
177g July 26*4 Jan
St Louis Southwestern___ 100 11 Sep 9 23 Novl7
47*2 45
45
*44 ___ *44 ___ *44
47*2 *44
*44
45*2
100
36 July 65ig Jan
Do pref____________ 100 29 Sep 29 45% Deo 7
*18
19
17*4 17*4 «1712 18*4 *17*2 18*4 *17*2 1834 *17% 18*2
300 Seaboard Air Line_______ 100 1U8 July31 20h Nov 5
22*8 Feb
10U Dec
40
40
40
40
*39
41
*40>2 41
40
40
*39% 40*2
400 Do pref____________ 100 30U July24 43*4 Nov 4
68 Feb
45*4 Jan
10 0 % 1 0 1
10 0 10 0 12 10 0 10 0 12 100*4 101*8 100 10034 100
100*4 22,513 Southern Pacific Co_____ 100 8 II4 Feb 5 1037g NovlO
9912 Jan
81
Dec
2212 22*4 21*4 2238 21*8 2214 223g 2234 2 2
22*2
22
23*4 19,500 Southern Railway_______ 100 12% July23 26 Nov 1
28»4
Feb
14
Dec
*6138 623g 613g 613s 61*4 61*4 *61
62
*61
62
700 Do pref____________ 100 42 July23 65 Nov 3
60*2 61*4
8514 Feb
68 Dec
14
1412 14l2 14
«1412 15
400 Texas <&Pacific_________ 100
15*4 15*4 14*8 14*8 *14% 1534
8l2 July23 177g Apr 19
17*4 Apr
111* Dec
6iu cm
6 H2 61*8 6134 62*8 z61% 61*2
60*4 607g 60*8 60*2 2,500 Third Avenue (New York) .100 35 Jan 2 6412 Oct 14
45*4 Jan
33 Deo
*7
734
200 Toledo St Louis & West__ 100
7l2 7l2 *7
8*2
7
7
*6
8
*6*2 8
87g Nov30
1 Jan 6
2 July 1214 Jan
•11
17
*10
15
17
*10
17
*10
17 * 10
*10
17
Do pref____________ 100
23 Jan
5% May25 14 12 Nov30
4*4 Dec
§9334 9334
25 Twin City Rapid Transit.. 100 90 July 9 100 Apr 19
*94
97
*95
98
*94
97
*95
97
*95
98
947g July 1081* Jan
136i2 137*4 136*4 13714 1363s 137i2 137*4 13778 136*4 137*4 13534 13634 47.100 Union Pacific___________ 100 115*4 Jan 2 14D2 N ovl 8 112 July 164*8 Jan
8234 2,550 Do pref____________ 100
*82
83
83
83
84
83lg 8334 *83
83*4 82*8 83
86 Feb
Mar 1 8418 Nov22
771* Dec
2034 2 1 % 2,500 United Railways Invest__ 100 *79
22
21
2 B4 2 0 l2 2 1
*20 l2 22*4 21*4 217g 22
8 Jan 5 27»2 Oct 1
23*4 Feb
71* Dec
800 Do pref____________ 100 2 114 Marls 47*4 Oct 1 22 July
38*2 38*2
*3912 40
39
39
*38
39*2 39*2 39*2 38*2 39
49h
Mar
1534 16
1534 16
15% 16
4,000 Wabash Co when Issued
15*8 16lS 1512 15*4 15*4 16
12% Oct 16 171* Nov 1
45?g 447g 45% 7,200 Do pref A do
do
45<g 45*8 45% 457g 45*2 46*4 45*2 46*8 45
4378 Oct 16 4914 Nov 1
277
8
29
283
4
10,000
28*4
Do pref B do
do
28>4 28*s 28lg 28*8 28*2 29'8 28*8 29*4
25J2 Oct 16 3212Nov 1
§3134 31*4 *31
32
*31
32
32
32
32
32
610 Western Maryland______ 100
32
32
35 Jan
10*4 Dec
9U Jan 4 3512 Oct 11
*44
49
*44
49
*45
49
*43
49
*43
45
*45
49
Do pref____________ 100 25 Jan 5 50*8 Oct 11
30 July 58 Jan
*4*2
5
4*8 4*8
4*8 4*8 *4*2 5
4*8 4*8 *4% 5
400 Wheeling & Lake Erie___ 100
6 I4 Nov 4
6*8 Jan
21*
July
1
*
July28
*15
18
*15
17
*13
10
*13
17
15
15
*13
18
100
21 Jan
Do 1st preferred____ 100
2 Aug 2 19*4 Nov24
8 I4 July
*5
6
*412 512 *5
6 % *434 6
*5
6
5*2 5*2
100
11 Jan
8 ig Nov23
3
Dec
Do
2d
preferred_____
100
*8
Aug
10
40
40
*38
40
*38
44
*38
44
*38
40
*38
40
100 Wisconsin Central_______100 28 Julyl4
45 Nov 1 29*4 July 48 Feb
Industrial & Miscellaneous
25
2 2 12 2334 22U 23l2 22*8 241g 24
24
24*8 23% 25% 42,300 Alaska Gold Mines_______ 10 2 H4 Dec 9 4012 Apr 22 *19%July $287* May
97g 10
934 10
10
10*8
97g 10%
10
10*8
97g 10*2 8 ,10 0 Alaska Juneau Gold Mining.
13i2 Nov 4
9*4 Dec 9
3234 31
32
32*2 31
3112 31U 32
31
31*8 31
3134 7,450 Allis-Chalmers Mfg v t C..100
1414’ Feb"
4912 Oct 4
6 July
7*4 Jan 12
8212 83
82
83*2 82% 83
80*8 8 H2 8 D4 8212 8212 83
6,950 Do preferred v t c____100 33 Feb 10 8414 Dec 6
32i* July 49 Jan
70
71
71
71
71*4 *71*4 72
71
7138 71
*09
71
1,900 Amer Agricultural Chem__100 48 Jan 4 74l2 Nov 8
591* Mar
47*4 Jan
*99 100 *108 108*4 100 100
*99 100
*993s 100
♦99*2 1 0 1
200
971* Jan
90U Dec
Do pref____________ 100 90 Mar27 10UsNovl9
703S 6S34 69*2 9,300 American Beet Sugar____ 100 33U Jan 6 727g Dec 7
69
69*2 69*2 71*4 70*4 713S 69
69
70
19 July 331* Deo
95
95
*95
96
*94
95
*93
*94
95
94*2
*94
95
100
Do pref____________ 100 83 Feb 1 95 Nov24
66 May 80 Deo
*104
106
*
10
2
106
102
105
106*2
10 2
105 105's ♦10 2 106
600 Amer Brake Sh & F ctfs dep.. 8714 Feb 25 109*4 Aug 9
80 Apr
97«2 Feb
*190 197 *185 19912 *190 199 *185 199 *185 199 (190 190
10
Do pref ctfs deposit
132i2 Mar25 219*4 Oct 28 12912 Jan 1467g Feb
61*2 59
6934 607g 6012 61*8 59
60
59*4 6 OI4
36,500 American Can__________ 100 25 Feb 24 6812 Oct 4
5912 6 OI4
35<8 Jan
1914 July
112*2 1127g 1127g 113*4 zlll% 1 11 * 2 1 1 1 111*4 2 ,10 0 Do pref____________ 100 91i2Jan 6 113i2 Nov30
*11U2 112l2 l l l l 2 1 1 2
80 July 96 Jan
78*4 80
78*2 81*2 78*2 797g 13,800 American Car & Foundry. 100 40 Feb 23 98 Oct 4
78*4 80
78*2 8 OI4 7934 81
531* Feb
4214 Dec
116
116
*115*2
U9
*115 119l2 116 116 *115*2 119*2 *115*2 119*2
200
Do pref____________ 100
2 May25 118 Aug 6 112 July 1187g July
152 153*8 3,400 American Coal Products.. 100 UH
149*8 149*8 1493g 14912 151 151
152 153*2 15U2 155
82 Jan 20 17012 July 12 {82 Jan (861* Mar
* 112
12 0 * 1 1 2
119
12 0 * 1 1 2
12 0 *117 119 *112 119 * 1 1 2
Do pref____________ 100 5105 Jan 7 120 Sep 11 (102 Jan 107 July
54% 55
*56
5814 *56
58
57
57
56
56*2 54S4 56
1,800 American Cotton Oil____ 100 39 Jan 4 64 Oct 23
32 July 461* Feb
*98
9812 *98
98
*97*2 98*2 98
98
98*2 98
*97*2 99
200
Do pref____________ 100 91 June25 IO2 I4 Nov 5
93*8 June 97*8 Mar
11
11
11
11
1012 10*8
1012 10 l2
* 10*2 1 1
10*2 1 0 l2
1,050 American Hide & Leather. 100
1414 Oct 22
Sh Feb
4*g
Feb
19
314 July
5012 51
50
5078 50*2 51*2 51*2 517S 50*2 51*2 5012 51
3,000 Do pref____________ 100 19*4 Jan 5 5912 Oct 22
17 July 25*4 Feb
26*2 2634 26*4 26*4 1.700 American Ice Securities__ 100 20*8 Jan 4 35 Apr 30
2612 2612 26'4 26l2 26*4 26'4 27
27
197g July 32*4 Feb
213s 2 U2 2U2 21*8 22
24
23*4 2334 22*2 24
2 2 % 2 2 % 3,100 American Linseed------------100
7i2 July 11*8 Jan
31'8 0ct 25
714 Jan 2
38
38
3814 39
3812 42U 41*2 427g 41*8 4134 41% 42
3,200 Do pref____________ 100
31*4 Jan
Jan 5 5012 Oct 25
24 Deo
69*4 69
70*4 6S5g 70*4 6734 69*4 17,500 American Locomotive----- 100 24
68
69'4 68>2 6912 69
37U Jan
2014 July
74*4 Oct 23
19
Mar
2
101*4 101*4 *101 103
10 1
10 1
* 1 0 1 l2 102 * 1 0 1 10 2
10 1
101*2
GOO Do pref____________ 100 75 Mar 6 105 Nov22
1021*
Mar
96
Jan
10
10
*9
11
*9
11
♦912 10
* 10
11
934
934
800 American Malt Corp------ 100
9U Jan
37g Apr 14 13'g Oct 28
414 Dec
*33
37
*34
37
*34
38
*33
37
*34
37
*33
37
50% Jan
Do pref____________ 100 2U2 May27 3712 Dec 9
30
Dec
§847g
8478
847*
847g
§85
85
84
*83
8512 8512 84
86
330 Amer Smelters Sec pref B.100 78 Jan 19 88*s May 5
85 Jan
7914 July
89
89*2 89*2 8934 8978 *87
8912 89*4 89*2 89*2 89
89% 1,2 0 0 Do pref Ser A stamped.. 86 Oct 6 91*4 Novi 9
97% 1007S 56,450 Amer Smelting & Refining.100 56 Jan 2 101*8 Novl2
9678 9712 96*4 97*8 97U 99*4 98*8 99*8 97*8 99
71%’
Feb”
5014
July
110*8 110*8 1 11* 8 111* 8 110*4 11034 *110 *2 1 11 * 2 110*2 1107g 1 1 1
111
925 Do pref____________ 100 100 Jan 4 113 Novl7
971* Apr 105 Jan
150 150*4 *145 155 ♦146 155 *146 155 *146 155
*15112 155
300
144 Jan 16 165 Apr 22 148 Dec 172 Jan
*10412
110
*105
110*4
*105
110*4
*105 110*4
(106 100 * 10 0 110 14
30 Do pref (new)______ 100 103
997g Jan 106*4 July
... Jan 19 110*8 Nov 5
61*2 62% 60*2 62
6034 61*1 5,900
61
6 U8 60*8 60*8 60*2 62
24ig Mar 5 74ig Oct 19
27*2 July 37t* Feb
116 II 6 I4 116 116*4 115*4 116*2 115% 116% 5,300
11512 115i2 115ig HO
1197g Nov 5
97 Mar 1097g Jan
99ig
Feb
24
118% 118%
•117 119 *117 118*4 118*4 llSli 117*4 117*4 *117 119
300 Do pref.
11912 Nov30 10778 Mar 115 Deo
109
Feb
5
128l2 12812 128 12 8 34 128*8 128*8 12S% 128*4 128*4 12834 128*4 12812 5,940
116 Jan 4 13014 Nov 4 114 July 12414 Jan
204
2063
4
205
208*2
204*2 206
208 215 200 213 203 206*8
13,975
200 Dec 13 25212 Apr 22 215 Apr 256 Mar
(108 108
IO8 I4 108*2 *103 108*4 *106*2 109 *10612 108*2 *106% 108%
2 10
Do pref (new)______ 100 10314 Jan 4 111 Nov23 101*4 Jan 109 June
48
48
46*4 47
47
*46
49
48
47*8 48
*47
50
1,025
12 July 207g Jan
15*4 Mar 6 571* Oct 20
98
•95*4 98
•97 98 1 *97
§95% 95*4
*97
98
*97
98
75 Do pref.
721* Mar 83 Jan
.100 77h Feb 27 100 Oct 4
• Bid and asked prices; no sales on this day. $ Ex-rights. $ Less than 100 shares, a Ex-dlv. and rights. 6 New stock. *Par J25 per share, t Quote dollars
per share, e First Installment paid. * Ex-dlvldend. 1 Full-paid.
New York Stock Record—Concluded—Page 2
3058
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH A N D LOW S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .
S a tu r d a y
Dec. 11.
M onday
Dec. 13.
Tuesday
D ec. 14.
Wednesday
Dec. 15.
Thursday
Dec. 16
Frid ay
D ie. 17
Sales fo r
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH ARE.
Range Since J a n . 1
On basis o/ 100-share lots
Lowest
H ighest
PER C EN T .
Range fo r Previous
Y ear 1914
Highest
Industrlal&Mlsc.(Con). Par $ per share
S per share
* per share $ per share $ per share $ per share $ per share $ per share
%
1.500 Am Woolen certlfs of deposit. 46 NovlO 56 Oct 20
48% 48% *47
48% 48% 48% *46% 48% 46% 46% 47% 48
2f> Do pref certlfs of deposit. 96 Oct 22 98% Nov24
*95% 97%
*97
*95% 98
*97
98
98
*97
98
§98
98
84% 85% 84% 86% 85% 86% 84% 86% 84% 8534 65.500 Anaconda Copper_______ 50 c2434 Feb 24 91% Novl7 cS24% Dec c $38% Feb
85
86
38% Jan
52% Mar
111 113% 111% 113% 112% 116% 115% 118% 113% 120% 114% 117% 115,300 Baldwin Locomotive____ 100 265s Mar 3 154% Oct 23
200 Do pref____________ 100 92 Mar 9 114 Sep 29 102% Jan 110 June
*107 110% *107 110% *108 110% *109 110% 108% 109% *104 110
2,175 Bethlehem Steel________ 100 46% Jan 2 600 Oct 22
29% Jan
46% Deo
470 480 *470 485 465 479
*450 475 455 409 450 474
Do
pref____________
100
1,200
91 Jan 2 184 Oct 22
68 Jan
91% Deo •
155 155
150 150 *150 160 *150 150 *145 148
150 150
100 Brooklyn Union Gas_____ 100 118 Jan 5 13S34 Oct 14 118 Dec 130 Jan
133 133
*134 136 *134 136 *134 136 *131% 134 *133 136
86% 85% 86% 85% 85% 3.400 Burns Brothers_________ 100 79% Dec 10 94% Oct 19
85% 86% 86
80
80
84
86
63
63% 10,400 Butte A Superior Copper__ 10 5612 Aug 23 79% June 4
64
72
71% 72% *63
71
69% 70% 69% 71
29
31% 54,700 California Petroleum, vtc.100
29% 32
32
30% Feb
8 July26 32 Dec 15
15% Dec
26% 26% 28% 27
26% 27% 26
14.300 Do pref____________ 100 30 July23 61 Dec 15
59
60
59
61
56
50 July 68 Mar
57=8 57% 61
56
56'8 55% 56
38% Deo
54% 54% 53% 54% 53% 54% 53% 54% 52% 54% 52% 53% 15,750 Central Leather________ 100 32% Feb 20 61% Nov 1 257g Jan
800 Do pref____________ 100 100% Jan
94% Jan 104 July
110% NovlS
*108% 109% 109 109% 109 109 *108 109% *108 109% 109 109
9.400 Chile Copper____________ 25 23% Dec 13 26% Nov 24
24% 2334 24
24% 21
23% 23% 23% 23% 23% 24% 24
17.500 Chino Copper____________ 5 32% Jan
52% 51% 52
52% 53% 53% 54 z51
53% 52% 53
57% Novl7 $31% Dec $44 Feb
53
52% 35,250 Colorado Fuel A Iron____ 100 21*4 Jan
52
66% Sep 29
513s 52% 50>8 53% 51
50% 51% 49% 50% 50
20% July 34% Feb
143% 146% 24,800 Consolidated Gas (N Y)__100 11334 Jan
142% 143% 143 143
143% 146
141% 142% 141% 144
150% Oct 15 112% Dec 139% Jan
85
85
87
87% 84% 85% 84% 8434 3.500 Continental Can________ 100 40% Jan
127 Oct 5
85% 85% 83% 86
37% June 45% July
Do
pref_____________100
110
50
§108
108
*108
88%
Jan
110
*108
110
109% Dec 10
*108 110 *106 110 *106
84 July 91*4 July
9,775 Corn Products Refining__ 100
8 Jan
18% 19% 19% 19% 18% 19% 18% 19
21% Oct 25
7 July 13% Jan
19% 19% . 18% 19
*89% 91%
800 Do pref____________ 100 65 Jan
91% *90% 91% 90% 91
917s Dec 10
90
90% 91
91% *90
68% July 72 Jan
7534
72
74
Crucible
Steel
of
America.
100
31.300
72
18% MaylO 109% Rep 29
71% 73% 72% 74
71% 72% 70% 72
110 110
pref____________ 100 84 MaylO 112% Sep 29
2,600 Do
110 110
110 110% *110 110% 110% 110% 110 111
154 154
2,110 Cuban-American Sugar__ 100 38 Jan 25 177 Dec 1
140 140
*155 165
157 162% 158 159 *155% 158
pref____________ 100 93 Marl 7 110 Sep 14
100 Do
*102 107 *103 10S *102 107 zl01% 101% *101 102 *102 107
90 Dec
90 Deo
4738 20,900 Distillers’ Securities Corp.100
45% 47% 46
5% Mar 2 50% Oct 22
11 July 20%Mar
46
46% 45% 46% 46% 46% 45% 47
Dome
Mines,
Ltd________ 10 tl6 June25 30% Dec 6
27%
28
7,100
29
28
28%
29%
28%
28
27*4 28
28
28
65
500 Electric Storage Battery.. 100 63 Nov20 78*4 Sep 25
65
70
*65
72
6512 65
*65
70
*66
70
*65
31
8 Mar24 60 Junol2
50 Federal Mining & Smelt__ 100
*26
*26
33
*26
32
26
32% §26
7% May 15 Jan
34
*26
*26
pref____________ 100 20 Marl.3 65 Junel2
900 Do
50
50
50
52%
50
*48% 51
50
28% Dec
51
51
*48
43 Jan
*48
General Chemical_______ 100 165 Jan 26 360 Oct 8 160 Apr 180 Jan
*300 315 *300 315 *300 315 *300 320 *300 320 *300 315
115% 115% *114% 116
pref____________ 100 106 Mar 1 5116% Nov30 107% Feb 110 June
200 Do
115% 115% *115% 116% *114 116
*115% 117
172
174
172%
173%
General
Electric________
100
185%
Oct
4
3,305
138 Mar 3
174% 175% *173% 173%
137% Dec 150% Feb
174% 175
175 175
4,925 General Motors vot tr ctfs.100 82 Jan 2 558 Dec 9
533 542
51012 530 475 512
37% Jan
99 May
530 540 540 550 549% 551
123% 125% 118% 120% 10.050 Do
pref vottr ctfs___100 90% Jan 4 136 Dec 9
127 128
127 129
70 July 95 Fob
124% 130
128 131
74% 72
73% 30,310 Goodrich Co(B F)............. 100 24% Jan 7 80% Oct 14
74% 73% 74% 72
19% Jan
287a Apr
7134 73% 72
73% 73
pref____________ 100 95 Jan 14 114% Oct 27
200 Do
113% 113% *113% 114 *112% 114
7978 Jan
113 113
95 Deo
•113 114 *113 114
45 45
3,900 Greene Cananea Copper.. 100 37 Oct 25 47% Nov23
45^8 46*2 45% 46
47% 45% 46% 45% 46
45
7,600 Guggenheim Exploration__ 25 45% Jan 7 80% Nov20 $40% July $57% Apr
77 % 76% 76% 76% 77%
76% 76% 75% 76% 76% 77% 77
43% 44% 43% 44% 43% 45% 44 % 45 % 44% 45% 44% 45% 40.000 Inspiration Cons Copper__ 20 16%Jan 2 47% Oct 7 *14% July *19% July
5% Mar31 2934 Nov 1
23
23
23
23
4 Jan
24
200 Internat Agrlcul Corp___ 100
*21
*20
24
10% July
24
24
*20
*20
8 Marl5 67% Nov 1
58
58
13 May 36 Jan
320 Do pref_____________100
59
*53
60
*5512 60
59
57
61
*56
61
90
MaylO 114 June 4
Intern
Harvester
of
N
J__
100
110%
111
110%
111
82 July 113% Jan
1,950
110% 111% 110% 111%
110% 110% 110 110
100 Do pref_____________100 110 Julyl3 120 Nov 4 113% Jan 1187g July
*117% 118% *117% 120 *117% 118% *117% 118% ♦117% 118% 117% 117%
55% Novll 77% Dec 15
74% 327,370 Int Merc Marine pref ctfs dep
73
77% 70% 74% 70
65% 67% 66
67% 66% 74
197% 198% 196% 198
8,001 Intern Nickel (The) v t C--100 17934 Dec 3 223% Oct 5
197% 199
197% 198% 197% 197% 197% 199
6*4 July
8 Jan 6 12% Nov 5
12% 12
12% 9.050 International Paper_____ 100
10% Feb
11% 11% 12% 12
*11
11% *11
11% *11
30 Dec
41 Jan
46
*46
46% *45
45% 47% 47% 49% 48% 48% 10,040 Do pref____________ 100 33 Feb 24 49% Dec 16
46% *44
26% July 40 Jan
81% 19.000 Lackawanna Steel________100 28 Jan 7 9434 Sep 29
81
81% 83% 82% 83% 80% 82% 80
81% 81
82
250 250
255 255
250 250 *245 260 *250 260 §250 250
720 Liggett A Myers Tobacco. 100 207 Jan 9 260 Dec 9 207% Dec 231 Mar
*120
120 120 *118%___ *118
*120
*117%___
100 Do pref_____________100 II 334 Jan 5 120 Dec 8 111% Jan 118% July
26 Dec
38 Jan
*20% 26% *20
25
*25
27
27
25
25% 25%
*20% 27
200 Loose-Wiles Blsc tr co ctfs. 100 18 Feb 17 31 Jan 11
98
*95
98
*95
98% *95
98% *95
*95
98% *95
98
Do 1st preferred____ 100 86 Feb 20 105% Jan 13 101 Apr 105 Mar
*
89 Jan
65 *___ 65 *__
95% June
65 *
65 *___ 65
65 *__
Do 2d preferred_____ 100 60 Junel5 67 Oct 18
180 180 *180 190
*183 190 §184 184 *182% 190 *180 190
200 Lorlllard Co (P)................100 165% Jan 6 189 Novlo 160 July 190 Apr
*115%
*113%___ *115%
*115%___
*115%
*115%
Do pref____________ 100 112 Sep 14 118 Jan 19 110 Jan 117% July
61 July 87% Feb
79% *77
*78
80
*79
80% *78
80
80 80
80% *76
100 Mackay Companies_____ 100 72% Jan 11 84 Nov 5
70 Jan
65% Jan
67
*66
6034 6678 66% 66% *65
*65% 67
66%
*65
67
500 Do pref____________ 100 6434 Oct 28 6934 Jan 19
15% Deo
14% Dec
73% 75% 73% 74% 73% 77% 76
77% 75% 78
74% 76% 25,500 Maxwell Motor Inc tr ctfs.100 15% Jan 6 92 Oct 26
44 Deo
41% Dec
100% 101% 101 102% 101 101% 6,500 Do 1st pref stk tr ctfs.100 43% Jan 2 103 Oct 26
99% 99% 98% 99% 98% 100
17% Deo
17 Deo
55% 56
57% 56
57% 56% 57% 56
56% 3,900 Do 2d pref stk tr ctfs. 100 18 Jan 6 68% Oct 26
55% 56% 55
73% Feb
46% Jan
91
92% 91% 92% 90% 94
99% 94% 96% 165,500 Mexican Petroleum______100 51 Jan g 97 Apr 26
93% 100% 94
07 May 87 Feb
95
95
*94
95
*93
*90
95
900 Do pref____________ 100 67 Jan 15 96 Dec 15
95
95
96
*94
96
33
33% 32% 33
33% 33% 33% 33% 33% 33
33% 4,350 Miami Copper-------------------5 17% Jan 6 35’4 Oct 30 *16% Dec $24% Feb
33
41 Deo
52% June
*75
76
76 z74% 74% 73% 73% 7334 73% 1,000 Montana Power------------- 100 42 Jan 4 7934 Dec 4
76
75
75
100 Do pref____________ 100 99 Jan 29 120 Dec 8 101 Apr 103% June
*108 113 *
114% *107 1127s zlOS 108 *107% 112 *107% 108%
600 National Biscuit________ 100 116 Apr 3 132 Jan 22 120 July 139 Feb
126 12734 *12512 12734
125 125 *124 126 *124 126 *125% 126
100 Do pref------------------- 100 119 May25 127% Dec 10 119% Jan 128 June
127 127 *126 128 *125 128
*127 129 *127 128% *127 128
29% 29% 28% 287S 1,400 Nat Enam'g A Stamp'g...l00
9% Jan 4 36% Oct 25
9 July 14 Fob
•28
30
29
29% *28% 30% 29% 29% *92%
95
*92% 95
100 Do pref------------------- 100 79 Apr 1 97 Dec 8
95% 94% 94%
80 June 86% Mar
*93
96
*92
95% *94
6234 6234 1,600 National Lead__________ loo 44 Jan 4 70% May 1 40 July 52 Jan
63*8 64
64
64
63% 64
*63
63% 63% 64
Do pref.......................100 IO434 Jan 4 115 Novl5 105 Jan 109 Feb
*110 113 *1001.1 114 *109% 114 *111 114 ♦111 114 *110 114
16% 16% 16% *15% 15% 15% 15% 5.600 Nevada Consol Copper____ 5 11>4 Feb 24 17 Novl7 $10% July $16% Jan
16% 16% 15% 16% 16
138 14012 135*4 137*2 3,420 New York Air Brake____ 100 56% Feb 28 164*4 Sep 23
136 136
*134 138
134 134 *130 137
58 July 69 Jan
*72% 7 3 % 72% 72%
900 North American Co (new). 100 64 Jan 19 81 Apr 21
7434 74% z72% 73
74
74
74
74
64% July 79% Mar
11% 11% 13.200 Pacific Mall____________ 100 *8% Dec 3 38 Aug 3
12% 11% 12% 11% 11% 11% 12
11% 11% 1 1
17% July 29 Jan
42% 42% *41% 44
700 Pacific Telep A Teleg........100 26% Feb 11 49% Oct 1 20
43
42% 42% 43
42% 42% *42% 44
July 31 Jan
114 114
113% 114% 3,113 People's G L A C (Chic).. 100 112 Dec 13 123% Apr 3 106
114 114
112 113
112 117
*117 118
July 125 Jan
43% 43% 43% 43% 43% 1,500 Philadelphia Co (Plttsb).--50 35% Apr 7 49 Sep 30
42% 43% 43% 43% 43
43
43
35
36% 36% 37% 35*4 37% 35% 36% 31,350 Pittsburgh C oal________ 100 15% Jan 4 42% Oct 14
34% 36
34% 35
23% Feb
15 Dec
111% 110% 1113* 8,000 Do pref................... ..100 81%Jan 4 114 Oct 14
107% 110% 110% 113% i n
*106 109
106 106
93% Feb
79 Dec
6338 6434 4.600 Pressed Steel Car_______ 100 25 Mar 6 78% Oct 4
64% 64
64% 63% 65
63
63% 63
63% 63
26*4 Jan
46 Feb
400
105
*104
106
105
Do
pref____
________
ioo
97*4 Jan 105% Mar
103% 103% *103% 108 *104 106 *104 106
86 MarlO 106 Oct 26
900 Public Serv Corp of N J__ 100 100% Aug 24 120 Dec 16 107 Jan 114 Apr
120 120
118 118 *117 118% 118% 118% 118% 118% 119 120
800 Pullman Company______ 100 150% Marl2 170% Oct 23 150 Deo 159 Jan
165 165
163% 165 *164 166% *164 166% *165 167 *165 167
534 Nov 1
1,700 Quicksilver Mining______ 100
% Marl5
4% 5
5
5
4% 4%
7SJune
2% Jan
*4% 5
4% 4% *4% 5
678 Nov 1
34 Mar29
2,800 Do pref____________ 100
*5
6
1% June
5% 6
4 Jan
5
5
5% 5%
5
5
5
5%
54
Oct 1
19*4 July 34% Feb
19
Mar
6
100
Railway
Steel
Spring____
2,300
44%
46
*44
46
45
44%
44%
45
*44
43% 43% 43%
100 87 Mar 3 102 Nov29
100 Do pref..............
*97% 101
88 Dec 101 Feb
*98 101
*98 100% *98 100% *98 101
100 100
24% 24
24% 16,600 Ray Consolidated Copper.. 10 15% Jan 2 27% Novl7 $15 Deo ’ $22% Apr
25
25% 24% 25
24% 25% 25
25% *24
56% 53% 55% 5334 54*2 46.200 Republic Iron & Steel----- 100 19 Feb 1 57 % Dec 9
18 Dec
53% 55% 55
53% 55% 53% 55
27 Jan
75 Deo
2,050 Do pref____________ 100 72 Jan 30 112% Dec 14
110% 111% 111% 111% 111% 112% *110% 110% 110% 110% n o n o
91% Mar
78Jan 22 14 Aug 13
2
2
3%
3% Dec
4% *2
*1
4
100 Rumely Co (M)------------- 100
4% *1
*3
4*2 *2
18 Jan
18%
Aug
12
2%
Jan
20
11 *—
20*4 Apr
11%
11%
Do pref_____________100
41 Jan
*6% 11% *6
3%NovlO 14*4 Dec 3
14%
13% 13% *13% 14 *13% 14% 13% 13% 13% 14 *13
600 Rumely Co (M) ctfs of deposit
7% Oct 23 29 Nov24
26
26
*25
27
*24
30
*25
27
*25
27
250 Do pref certlfs of deposlt.
180% 181
176 176
178 178% 179% 182
176 176% 175% 176
4,250 Sears, Roebuck A C o ------ 100 *131% Marl7 209% Feb 1 170% July 197% July
*123%___ *123% 125 *123% 125
*125
*126
*126
Do pref_____________100 121%Jan 4 126 Dec 10 120 Dec 124*4 June
63% 62% 62% 2,700 Sloss-Sheffleld Steel A Ir.-lOO 24 Jan 6 6678 Dec 7
19% July 35 Jan
62% 63% 63
63
63
61% 61% 61% 63
145 145
•135 145 *135 145
145 145 §145 145 *145 155
360 South Porto Rico Sugar— 100 40 Feb 16 164 Dec 1
Oct
14
110
89*8
Feb
4
*105 110 *105 110 *105 110 *105 110 ♦105 110 *105 110
Do pref_________ ...1 00
32 Jan
85
45 Dec
*83
84
*82% 83
600 Standard Milling________100 43% Feb 23 89 Nov27
83
83
83% 85
84% 84% *84
59% Dec
07% Doo
84
*8012 83% *81
8.3% *81
83% *81% 8.3% 83% 83% *83
500 Do pref_____________100 66 Feb 17 85 Nov29
20 Jan
36% Mar
167%
174
165%
1701)
163% 166% 165% 168% 166% 174% 172% 177%
.49,550 Studebakcr Corp (The)__ 100 3534 Jan 2 195 Oct 22
70 Jan
92 May
•111 114% 112 112 *111% 114% 114 114 *110 115 *112 114%
500 Do pref_____________100 91 Jan 2 119% Oct 27
56% 57% 5634 57
56% 56% 55% 56% 57
57% 57% 58
6,815 Tennessee Copper________ 25 25% Feb 24 70 Sep 30 $24*4 July *36% Feb
211% 215 z211 214% 213 226% 226% 235% 227 233 226% 231% 42,400 Texas Company (The)----- 100 120 Mayl4 235% Dec 15 112 July 149% Mar
9% Dec 15
4% Jan 4
8% 9
3% June
8% 9%
8
8
7% 7%
7% 8
13,300 Union Bag A Paper-------- 100
8% Feb
7% 7%
31% *29 32
18% July 32% Feb
29% 30% 30
*27
29% *27% 30
*27% 29
2,400 Do pref_____________100 227s July 13 31% Dec 10
61% 62% *61
*61
64
39 Dec
63
63
*61
63
64
63
63
400 United Cigar Mfrs............100 42 Jan 25 6034 Oct 27
50% Feb
106 106 *104 110
*104 109
109 109 *105 110 *105 110
200 Do pref_____________100 100 Junel9 110 Oct 1 99 June 103% Feb
9% Dec 13 10% Oct 20
9% 9%
9% 9% 10,000 United Cigar Stores---------- 10
9% 9%
9% 9%
9% 9%
9% 9%
*11% 11% *11% 11% *11% 11% *11% 11% *11% 11% *11% 11%
Do pref______________10 11% Oct 14 12% NovlC
147% 148% 148% 151% 148% 149% 12,600 United Fruit..................... 100 139 NovlO 1 6 1 Novl7
147% 148
146% 147% 146 147
24
24
24
24
8 Jan 2 317gOct 29
25% 24% 25
*23% 25
*23% 26% 25
900 U S Cast I Pipe A Fdy-------100
7*4 June 13% Jan
51% 51% *50
52
*51
*50
52
51
51
51
*50
52
200 Do pref_____________100 32% Mar 3 55% Nov 8
30 July 49 Feb
49% *46 49%
48
49
48% 48% *45
49
400 U S Express_____________100 43% Dec 2 73% Mar 9
*44
44% *45
46 Jan
87 Mar
120 124% 120% 123
15 Jan 27 12934 Deo 1
120% 121
118% 120% 120 122% 121 123
17,320 U S Industrial Alcohol----- 100
20 Apr
15 Dec
*103 106 *103 106 *103 105
10412 104% 104 104 *103 105
200 Do pref_____________100 70 Jan 26 107 Nov 1 75 Deo
85% Jan
53%
54%
53% 54
54%
53% 53% 53% 54% 54
53% 53% 5,800 United States Rubber----- 100 44 July24 7434 Apr 14
44% July 03 Mar
*108% 109 *108% 108% *108% 108% 108% 108% 108% 108% 108% 108%
500 Do 1st preferred------ 100 101% Feb 24 110 Apr 9
95% July 104% Jan
85
86% 84% 85% 117.650 United States Steel_______100 38 Feb 1 88*8 Nov 1 48 Deo
85% 86% 85% 86% 85% 86% 86% 87
67% Jan
116 116% 116 116% 116% 116% 116% 116% 116% 116% 116% 116% 4,150 Do pref_____________100 zl02 Feb 1 117 Oct 30 103% Deo 112% Jan
78% 79% 78% 79% 79% 80-% 795s 80% *77% 78
77% 78% 27,800 Utah Copper_____________10 48% Jan 6 81% Novl7 *45% Deo $59% June
*46
48
46% 46% 46% 46% *46
47
47
45%
46
15
Jan
4
48
34% Mar
740 Vlrglnla-Carollna Chem ...l00
52 Oct 26
17 Deo
112% 112%
*112% 114
113 113 *112% 114 *112% 113% *112% 113
300 Do pref_____________100 80 Jan 6 1137g Dec 3
96 May 107% Mar
60
60
62
62
*60
64
*59
*59
63
62
62
62
300 Virginia Iron Coal A Coke. 100 36 June 9 74 Oct 26
35 July 52 Mar
88%
89%
88%
89
88% 88% 88% 88% 88% 88% 89
89
53% July 66% Feb
2,550 Western Union Telegraph .100 57 Jan 2 90 Nov 4
66% 67% 66% 68% 67% 68% 67% 70% 67% 68% 77,400 Westlnghouse Elec A Mfg..50 32 Feb 24 747g Oct 26
67% 68
79% July
64 Jan
80
80% 80
80
•76
78
*76
*76
78
78
78
78
1,100 Do 1st preferred_____ 50 58% Marl2 85 Oct 21 115% Jan 124% June
240 240 238% 238% 240% 249% 248% 253% 238 249% 238 238% 3,900 Wlllys-Overland (The)----- 100 87 Feb 23 268 Nov 1
114% 114% 114 114% 114 114% 114% 114% *114% 114% *114% 115
2,100 Do pref_____ _______ 100 96 Feb 13 115 Deo 9
117 119% 118 118% 4,600 Woolworth (F W)________100 90% Jan 6 11934 Dec 16
114% 114% *114% 115% *114 116
116 117
89 July 103% Feb
*122 124 *122 124
122% 122% *122 124 *123 124 *122 124
100 Do pref____________.100 115 Jan 8 124 Aug 14 112% Jan 118% Mar
* Bid and asked prices: no sales on this day. * Less than 100 shares. * Ex-rights, a Ex-dlv. and rights, b New stock, c Par *25 per share. 1 Quoted dollar*
per share. * Ex-stock dividend, x Ex-dlvldend.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2059
J a n . 1909 the Exchange method o f quoting bonds was changed, an d prices are now all— "a n d Interest” — except fo r Income and defaulted bonds.
bonds
N. Y. STOCK EXCHANGE
Week Ending Dec. 17.
5?
sr
P rice
Frld a g
D ec. 1 7 .
B id
A sk
U. S. Government.
U S 3a consol registered— <11930 Q - J 99%____
>J 8 2s consol coupon-------<11930 Q - J 99 ____
U 8 3a registered............... *1918 Q - F lO lU ____
O 8 3s coupon - ................. *1918
U 8 4a registered................. 1925 Q -F 1 1 0 IIOI4
0 9 4s coupon___________ 1925 Q- F 1 1 0 ____
-----0 S Pan Canal 10-30-yr 2s.*1936 Q - F _98
_ _ __
O S P n Canal 10-30-yr 2s. .1938 Q -N
G S Panama Canal 3s g----- 1901 Q-M 102 Sale
0 8 Philippine Island 48.1914-34 Q -F ____10 0
W eek's
Kangs or
Last Sale
P
Range
Since
J a n . 1.
High N o . Low
BONDS
If. Y. STOCK EXCHANGE
Week Ending Dec. 17.
P rice
F rid a y
D ec. 17.
Week's
Range or
Last Sale
•S’S
S *5
R ang»
Since
Ja n . 1
H ig h Ohio Burl A Q (Cob.)—
B id
Ask Low
H igh N o . Low H igh
96*4 99'%
Joint bonds. See Great North
97% 99
5 94*4 97%
Nebraska Extension 4s__ 1927 M-N 97 97% 97%
97%
98 IOI84
Registered.....................1927 M-N
95 Juno'15
95
95
100 % 102
Southwestern Div 4s........ 1921 M- S 99 ____ 99% June’ 15 ___ 99% 99%
109 110%
37 88
General 4s______________1958 M- 8 93% 93*4 9334
94
95
109% 111% Ohio A E III ref A Imp 4s g . . l 955 J - J 25% 30
25 . Nov’15 ___ 15 29
97% 98%
1 91 104%
1 st consol gold 6s________1934 A -O 104%____ 104%
104%
General consol 1st 5s____ 1937 M- N ------ 8334 83
83% 11 51% 84
10034 10 2
Registered____________19 3 7 M- N ------ 83% 71 June'15 —
52% 71
100 100
Pur money 1st coal 5s___ 1942 F - A
97*4 Feb ’13
Chic A Ind C Ry 1st 5 s ... 1936 J - J 16 20
19 Dec ’15 ___ 17 20%
Chic Great West 1st 4s____ 1959 M- S 73% Sale 73%
Ftrilen dsTtrnmtnl
74% 52 64
74%
98 5008 S9434 98% Ohio Ind A Loulsv—Ref 0 8 .19 4 7 J
s95% Sale 94%
Anglo-French 5-year 5s (wh lss).
- J 112*4 114 112% Nov’ 15 ___ 110 117
3 80 99%
9234
Refunding gold 6s_______ 1947 J - J 95 ____ 101 June’15 ___ 101 101
Argentine— Internal 5s of 1909. . M- S t 92»4 94 S9234
88
July'14
l
-----7434
Refunding
4s
Series
C___
1917
Chinese (Hukuang Ry)—5sof 'l l J -D
95% Apr ’ l l
J - J *____ 86
96 93% ‘ 98
98
Ind A Loulsv 1st gu 4s__ 1956 J - J 55 ____ 55
1 55
Cuba—External debt 5s of 1904. W- 8 9784 Sale 97%
55
55
9534 90 Dec '15 ___ 90 96% Chlo Ind A Sou 60-year 4s.. 1956 J
Exter dt 5s of '14 ser A ... 1949 F - A 93
- J 86 ____ 86 Dec '15 ___ 851* 86
___
s84
Dec
'15
80
86
%
84
85U
Chlo t 8 A East 1st 4X*___ 1969 I -D
2 92*4 96%
96% Sale 96%
96%
External loanlXs_______1919 F - A t 82 % 8234 82
82U 12 73% 84% Chicago Milwaukee A St Paul—
tapanese Govt—£ loan 4 X ‘>1925 F - A
9 71% 82
78
7934 7812
Gen'l gold 4s Series A___ *1989 J - J 92*4 Sale 92%
93% 97 85 93%
Second series 4V$s............ 1925 J - J tt 78>2
191 70 7934
75
74% Sale 74%
Registered ............. __ei 989 Q - J
89% Apr ’ 15
Do do "German stamp” .
89% 89%
Gen A ref Ser A 4Xs___ a2014 A -O
92% 93% 93%
94% 31 87
95%
Sterllng loan 4s________ 1931 j - j t____69
------ 79
Gen ref conv ser B 5s . 0 2014 F - A 106% Sale 106*4 107
229 100% 107%
Mexico—Exter loan £ 5s ot 1899 Q - J t -----85
65
July’14
1 70 82%
Gen’l gold 3Xs Ser B___ el989 J - J ____ 81% 82
82
Gold debt 4s of 1904........ 1954 j - D
95% 95%
1 97 103%
General 4Xs Ser C_____ «1989 J - J 102% 102*4 102% 102%
Frovof Alberta—deb 4 X a.. 1924 F - A
78 82
25-year deben 4s.............. 1934 J - J 90% Sale 90%
13 84% 93%
92
Tokyo City—5s loan of 1912----- M- 5 t 72 78 80
Convertible 4 X a ............ 1932 S -D 101% Sale 101% 101% 84 93% 102%
tThese are prices on the basis of $510£
Chlo A L Sup Div g 5s___ 1921 J - J 103%____ 103% Dec ’15 —
102% 103%
Chlo A Mo Rlv Dlv 5s___ 1926 i - J 105%------ 105 Dec '15 . . . . 103 105
State and City Securities.
4 97% 102
0 1 1 0 is4 IOH2
102
3 101*4 103*4
Chic A P W 1st g 5s..........1921 J - J 103% 103% 103% 103%
n Y City—4J£*................... 19fl(l tti- 8 1IOU
2 Sale 10112
101% 51 9734 10 2
1 85% 91%
C M A Puget Sd 1st gu 4s. 1949 J - J 91% 9134 91%
91%
*Xs Corporate stock___ 1964 At- 8 106%
115 101% 107
Sale 106i2 107
J -D
Dak A Grt Sou gold 5 s ...1916 J - J 100 100% 100 Dec '15 ___ 100 100%
M- S 10618 Sale 106ig IO6 I2 10 1 0 1 % 106%
Dubuque Dlv 1st s f 6s.-.1920 J - J 107%------ 106*4 Nov’15 ___ 106 107%
99
IV!- N 98% Sale 98% •98% 50 94
Fargo A Sou assum g 0s..1924 J - J 11034 ----- 110 June’13
9834
2 94% 9834
M- N 9814 98% 98%
La Crosse A D 1st 5s........1919 J - J 102,4 7 ; V 103 Nov’ 15 ___ 102% 103
983g
2 94
98% 9S% 983g
98%
M-N 963
WIs A Minn Dlv g 5s........ 1921 J - J 103% 10334 103% Dec ’15 . . . . 101% 103%
4
9734
97
i
4
Dec
'15
94
97%
M-N
Wls Vail Dlv 1st 6 s..........1920 J - J 107 ____ 107 Dec ’15 ___ 106% 107
6 1 0 1 % 106%
M- N 1063s sale lO0i4
Mil A No 1st ext 4Xe___ 1934 J -D 100%------ 100% Nov’15 . . . . 99 101 1
New 4 « s 1 100 % 1 0 1 %
M- N 10138 1 0 U2 1013g 101%
Cons extended 4Xa___ 1934 J -D 100 ------ 100 Oct ’15 ----- 100 100%
1 1 0 1 % 106% Chic* Nor West Ext 4sl880-1926 F - A 95 ------ 94 Sep ’ 15 ___
M-N 1061s 10612 1063g 1063g
92% 94%
1 100 % 1 0 1 %
M-N 10 0 1 0 U2 100% 100%
Registered............ 1880-1926 F - A 95 ------ 94% Nov’15 ___ ' 94% 94%
5 84
87%
87%
89
M-N 87 88
General gold 3X s.............. 1987 M- N 82*4 Sale 821*
83% 12 78 83%
IOI84 Nov’15
99% 101*4
Registered_________ P1987 Q -F
78% Jan '14
N Y State—4s.................... 1901 M- S 1013s____
10138____ 10U2 Nov'15
99% 101%
General 4s......................1987 M- N 96% Sale 95%
Canal Improvement 4 s ... 1901 J - J •1013
96% 23 86% 96%
4 ___ 1013g Sep '15
100 1 0 1 %
J- J
16 89
Stamped 4s......... ......... 1987 M- N 95 ------ 96
96
96
99% 10134
1 109 114%
J - J 1013s____ IOI84 Nov'15
General 5s stamped_____ 1987 M- N 113%------ 112% 112%
16 108% 113
J - J 11U2 113 11234 1 1 3
Sinking fund 0s___ 1879-1929 A -O 10934 ------ 108% Oct ’ 15 ___ 108 109%
106 Dec ’ 1„
104 106
Registered............ 1879-1929 A -O 109 ____ 105% Dec '13
1 108 1 1 2 34
M- S 1 1 1 11234 11234 11284 ,
1 102% 104%
Sinking fund 5s____ 1879-1929 A -O 104 ------ 104% 104%
1 ___ 104% 105%
M- 8 105l2 ____ I05i2
Registered_______1879-1929 A -O 103% 108 102 Oct ’ 13
!
8 81
88 % . Debenture 5s___________19 2 1 A -O 104%------ 104 Nov’ 15 . . . . 100% 104
Virginia funded debt 2-3S...1991 J - J 88 i2 ____ 88i2
10 52
55 58 55
61%
a .• n
9i deferred Brown Bros otfs
Registered..................... 1921 H
u
101 Dec '12
Sinking fund deb 5s_____ 1933 M-N 104% 105 104% Dec '15 . . . . 101 104%
M-N
99 101%
101% May'15
1 55
66 %
Q - J 65 Sale 65
Frem Elk A Mo V 1st 6S..1933 A -O ii8 % ------ 117 Aug ’ 15 - I l l 117 119%
. 203 89% 95*4
93i2 Sale 93U
a' - O
Man G B A N W 1st 3Xa.l941 J - J
90%
Sep
'09
89 93%
\ - O 91i2 . . .
Mllw A 8 L 1st gu 3XS...1941 J - J
86 U 86 7s
80% 88 %
Nov
5 ids' ios'%
Mil LS A West 1st g 6 s__ 1921 M- 8 107%------ 107*4 107*4
Ext A Imp s f gold 5 s...1929 F - A 106 ------ S02% Aug ’15 ___ S02% 104%
i " IB 80% " 88 %
M-N 8634 Sale 8012
Ashland Dlv 1st g 6 s . . . 1925 M- 8 112 ------ 111% 111%
5 111% 111%
1
10
512
Sale
92% 110
105i2 106
Mich Dlv 1st gold 0s__ 1924 J - J 111 ------ 111% Aug '15 ___ 111% 111%
J -D
1 89% 93
MU Spar A N W 1st gu 48.1947 M- S 91 Sale 91
J -D ___—___
91
. 10 2 92 *8 1 1 0 %
Northw Union 1st 7s g..,1917 M- 8
107% May’ 14 ___
J -D 10 6 IO6 I2 105ig
> 38 10 0 % 10 2
St L Peo A N W 1st gu 58.1948 J - J 103,2
103 100% 100% Dec '15 ___ 102*1 106%
J -D 101% Sale 101i2
92 96
1 102% 103%
Winona A St P 1st ext 7S.1916 J - D 102% 103 102% 102%
M- S 93U____
!
2 84% 89
Chicago Rock Isl A Pao 6s..1917 J - J 102%------ 102% Dec ’15 ___ 101% 102%
J - J 8878 90 88 7g
93 96
M- 8 ------ 99
J - J *____102% 102% Oct ’15 ____ 101% 102%
50 79 86%
103 103%
84%
85
Ru general gold 4s_______ 1988 J - J 84% 85
M- S 1 0 2 ____
52 85 94
2 80 83
93
M- S 93 Sale
83
Registered..................... 1988 J - J *83 ------ 83
65% Sale 65
67 211 61 71%
1934
Refunding
gold
4s............
A
-O
M- N 105 ____
21 39 67
47
20-year debenture 5s____ 1932 J - J 4334 Sale 43%
105' 105*8
____
9334
4 89
J- J
93i2
96
96
: M-N 79% . . . . 9434 June’ ll ___
J - J 129 135
129% 129%
R I Ark A Louis 1st 4X s—1934 M- 8 ____ 74 85 July’13
M-N . . . . 87l2
80 89
Bur C R A N—1st g 5 s ...1934 A -O ____101% 101% Nov’ 15 ___ 99 101%
A -O 119l2 ____
118 119%
99 ------ 100% Mar’ 14 —
C R I F A N W 1st gu 6s— 1921 A -O
................
A - O 104l2 ____
105 105
M A St L ist gu g 7s........1927 J -D
98* . . . .
j - j
97% 98
1 97% 98
Choc Okla A G gen g 5s.ol919' J - J 98 ------ 98
98
93 Sale 927g
80 88*4 93%
j - j
Consol gold 6 s . . . ...1952: M-N
97%
July’15
97% 97%
90 .
88 % 90
! A - O 55 66 49*4 Sep ’ 15 ___ 49*4 84
l 124 85 92%
A -O 91% Sale 904
__
_
65
70
65 65
F
A
65
Apr
'15
89 89 :
Q - J 88
85
90
3 114*4 117*4
1J -D 117%------ 117% 117%
96% Sale 903g
1 488 82% 97%
____
SO-yr conv 4 Xs.
1j . j j
87
----90
90
90
Jan
’15
112 .
__ ___
1 M- 8 102% 102% 102%
102% 19 99% 103
90 9D* 90%
M-N
,
5 84% 9034
Ch St P A Minn 1st g 6 s ..1918; M-N 116 ------ 116% Dec ’15 ___ 115 116%
M- N 87% Sale 86 7g
77% 89%
North Wisconsin 1st 0s__ 19301 J - J 116 ____ 129% May’09
li
J - J S92 Sale 92
i1 83
80 92*4
St P A S City 1st g 0s___ 1919 A -O 105%------ 105% Nov’15 . . . . 104% 105*4
M- S . . . . . . .
__ _ ____
1 M- S
A - O - __ _
103% 104%
1J -D m i 's o * *85* Jan"'’14 ___ 1
»
F - A 1 0 1 ___
! Q-M 1O034 . . . . 106*4 106*4
1 105'" 160"%
J -D 104 ___
i . . . . 10 2 % loir*
9 74% 83%
! J - J 78 81
81%
81%
99%___
A -O
98%
98*4
—
96
Mar’14
J
J
80
-----................
»
A - O ____„ ,
1J - J
J - J 93 ___
i — . . . . ____
1st guaranteed 4s___________ 1J - J m i *87- 86% June’l l ___
i - D _____
Cin
D
A
1
1st
gu
g
5s........1941
—
M-N
27%-----25
July’15
25 25"
................
J - J
C Find A Ft W 1st gu 4s g. 19231M-N
88 Mar’ ll
M- S 107" . .
Baffalo R A P gen g 5s.
;j - j
10 2 % 10 0 %
Cln
I
A
W
1st
gu
g
4s___
1953
.
... ....
65
J’ly
’
14
M-N 101 103 100
99% 103
Day A Mich 1st cons4Xs.l931 J - J
94% Dec ’ 14
9134 ____ 92
A -O
90
94%
—
i
J
J
65
J’ly
’
14
—
................
J - J 106%___ 112 .
[—
>J - J
107% Dec ’02
F - A 107 ____ 10712
!
1 108% 107%
2 *68*' "83"
79 80 80
i J -D
80
J - D 109%____ 107 t
i . . . . 107 107
20 -yr deb 4X s_________ 1931 J - J 8512 87% 87% Dec ’ 15 ___
79% 87%
A -O 104 Sale 104
! 19 100 105*4
22 80 86%
Cairo Dlv 1st gold 4s........ 19391 J - J 86% Sale 84%
86%
l ----Cln W A M Dlv 1st g 4s.. 1991 J - J ____81
78 Nov’ 15 ___ 70 78
___
94
J -D
94 9734
1M- N 79% 83 82 Dec ’15 . . . . 75% 85
>. . . . 103% 107%
F -A 106% 107% 107
1M- N 75 80
82% Mar’ 14
16 96 102%
M-N 10 0 % 1 0 1 % 101
1 77
Spr A Col Dlv Istg 4 s..;:i9 4 0 1 M- S 85 ------ 85
85
85
J -D 83 84% 83
83
80
1J - J
83 85
91 Apr ’ 12
J - .1 1 0 1 % ____
101 104%
1 M-N 104 ------ 105 Nov’ 15 . . . . 105 105%
10
0
%
____
J - J
100 % 10 0 %
92 ------ 91 Nov’ 15 ___ 90 91 I
i Q-F
J - J ____ 1 0 1
103*4 103*4
i Q-F 18 8 ------ 88% May’ 15 —
87 88%
M-N 90 96 95ia
80% 97%
1j - j
101 June’ 15
101 101
!
J;
J - J 116 Sale 115i2 110%i 25 111% 117%
C C C A I gen con g 6s.IIl934; J - J
105*4
July’14
Q - J 114%____ 115 Dec '15
Registered...... ............ 19 3 1 J - J
110% 115
Am Dock A Imp gu 5s__ 1921 J - J 103% 104% 103X Oct '15
102*4 104
94 July’08
1A -O
Leh A Hud RIv gen gu g 581920 J - J 10 0 % ____
: Q-J
N Y A Long Br gen g 4S..1941 M- S 9434 100
2 69
72%
69
1A -O 69 Sale 69
80 ____ 78
Q -F
80
18 68
80
36 40 35%
7 20
1 Apr
38
35%
J - J ------ 99
99 Deo '15
83
99% Cleve Short L la tg u 4 X s.. 1961 A -O
99%
Sale
43 60*4 101%
99%
100%
M-N 105% Sale 105i2 1057g 18 101*8 10 0 % Col Midland 1st g 4s....... .. ......
8
14% S10 Nov’ 15 ___ S10
17
J -J
M-N 103 104% 101
1
____ 10
Trust Co certfs of deposit
14% Mar ’15
14% 15
General gold 4Xs_______ 1992 M- S 92 Sale 91>4 ' 923g 32 1 0821 1 095%
91% 92 92
92 " 1 6 85 93%
1F -A
Registered.................... 1992 M- S
90i4 Nov'15
84 90%
38 78% 90
87
i M-N 86% Sale 86%
F - A 86 % Sale 86
873g 138 70
90
Ft W A Den C 1st g 6 s__ 1921 J -D 104%------ 106% Nov’15 —
100 106%
Big Sandy 1st 4s..............1944 J -D 82% 85 83i2 Dec '15
80 83% Conn A Pas Rlvs 1st g 4s.
---- .... . . . . . . . .
1A -O . . . . . . . . . . . .
83% 86 % 81%
Coal River Ry 1st gu 4s.. 1945 J -D
81
S83
____100
Cuba
RR
1st
50
yr
5s
g__,
—
—
100
May’
10
:
J
J
Craig Valley 1st g 5s........1940 J - J 97% 100 S98i2
98i2
5 95
98% Del Lack A Western—
Potts Creek Br 1st 4s___ 1946 J - J . . . . . . . . 84s4 Jan '1 3
___ 84 86%
Morris
A
Es
1st
gu
3
H
s...v»v
86%
.
.
.
.
1
J
D
86%
Dec
’
15
8434
sale
J
J
R A A Dlv 1st con g 4 s...1989
8484
8434
6 80% 84*4
N Y Lack A W 1st 6 s__ 1921 J - J 107% HO 108 Nov’ 15
107 109
2d consol gold 4s_____ 1989 J - J ____ 82
80 Nov’ 15 —
77 80
Construction 5s...........1923 : F - A 101%------ 101*4 May’ 15 m i 101% 101*4
Greenbrier Ry 1st gu g 4s. 1940 M- N 80 ____ 90 Apr '14 —
___ 95% 96
96%
.
.
.
.
Term
A
Improve
4s...
95%
Sep
’
15
1
M-N
..............
Warm Springs V 1st g 5s. . 1941 M- 8
H 314 Feb '15
. . . -.
1 F - A ___ 85% 102% Feb ’03 ___
Warren 1st ref gu g 3Xa
60 62% 60ig
60ig 16 52
Ohio A Alton RR ref g 3 s...1949 A -O
60% Del A Hud 1st Pa Dlv 7s..
' M- S 104%------ 104% Aug ’15 - — 104% 105%
44 Sale 42%
44
Railway 1st lien 3X*........ 1950 J - J
10 38
47%
'
MS
149
Aug
’01
997g
Ohio B A Q Denver Dlv 4 s. .1922 F - A 99% Sale 9978
7 98*8 100
100% ” 25 ■»9'" 100%
i J -D 10 0 % 10 0 % 100%
8534 18 81% 87%
Illinois DIV3XS................1949 J - J 85% Sale 8512
99 100%
! J - J 10 0 % 101*4 100*4 Dec ’ 15
96
6 91% 90
Illinois Dlv 4s................... 1949 J - J 96 ____ 957g
96 Sale 95*4
...
HIl943
96% ” 2 1 89% 971*
1st
A
ref
4s.............
1
M-N
97i2
..97i2
.
Registered..................... 1949 J - J
1 94
97%
105*4 Sale 105*4 106% 17 101*4 108%
Conv 5s sub rects_____
Iowa Dlv sink fund 5s___ 1919 A -O 1 0 2 S4 ____ 10212 Dec '15 . . . . 1 0 1 % 1 0 2 %
85*4 86% 86%
86% 37 80% 87%
A -O
99% Sale 9914
2 96*4 99%
9914
Sinking fund 4a........... 1919 A -O
Rens A Saratoga 1st 7s__Il921 M-N 111%------ 113% Jan ’ 15 ___ 113% 113%
• No prlee Friday; latest this week. dDueAprll. sDueMay. gDue Juno hDue July. * Due Aug. 0Due Oct. VDue Nov qDue Dec.
Option sale.
99% Dec '15 ___
97i4 Oct '15 ___
Dec '15 ___
Nov'15 ___
9
110>4
Dec '15 ___
98% Oct '15 —
97 July'15
1
102
Feb '15 —
flew York Bond Record-Continued—Page 2
BONDS
N
Y . ST O C K E X C H A N G E
Week Ending D ec. 17.
2: ®
" *■5 a.
price
Friday
Dec. 17.
W
eek's
Range or
Last Sale
Range
Since
Jan. 1
i l
Hi'.'5 No. Lot* High
Bid
lifc Low
74 68
79
82*2
82 Sale
82*2
D env & R G r 1st con g 4g___1936 J - J
22 735a 85*2
84
85
SS5
Sale
Consol gold 4 ^ 8 _________ 1936 J - J
3 66
85*4
82*2 84i2 83*2
83*2
Im provement gold 5a____ 1928 .1 - D
90 3S
63
575*
60*2
lat A refunding 5s...............1955 F - A s59 Sale
80
95 109 D ec ‘ 12
Rio Gr June 1st gu g 53. .1939
35 ____ 61*2 Apr ’ l l ____
Rio Gr So lat gold 4a______1940 J - J
35 N o v ’ 15
35
35
G u a r a n te e d ___________ 1940
4 (J9
80
80
80
ttlo Gr West lat g 4a_____ 1939 J - J 77*2 80
1 58
615*____ 64
64
65*2
M tge A col trust 4a A . . 1919 A - O
90 Apr *14
Utah Cent 1st gu g 4a_ol917
99i2 100 100 M a r115
100 100
Dea M ol Uu R y 1st g 5s-------1917 M - N
87
95 s87 N o v ’ 15 ____ 7Vs 37
D e t & M a c . lat Hen g 43— 1995 J - D
78
85
80 *4 ------- 80 N o V 1 5
G old 4 a .................................. 199' I - D
3
897* 9Us 91
94
89 78 95
.iet R iv T u o-T er Tun 4148.196 M - N
101% 105*4
Oul Miaaabe A N or gen 5 a ..1941 J - J 1027* 10454 105 N o v ’ 15
Oul A Iron Range 1st 53------- 1937 A - O 1 0 3 % ____ 103*2 N o v ‘ 15 ------ i 98*2 193*2
106 M a r ’ OS
R e g is te r e d ----------------------- 1937
101 Feb ' l l
2d 6 8 ____________
1916
91
9312 94 D e c ’ 15 ____ 90 100
D u So Shore A A t g o s ---------1937 J - J
Elgin Jol A Eaat 1st g 5a-------1941 fti - N 101 ____ 104 N o v ’ 15 ____ 103 105
1 K)6*i 111
110*2
M - S 1101* 110% 110*2
Erie lat consol gold 7s------94i2 ____ 97*2 June' lu
N Y A Erie 1st ext g 4a— 1947 M -N
2d ext gold 5s__________ 1919 M S 1013*____ 101*4 M ay’ 15 ___ 100 102U
98i4 ____ 98*2 June’ 15 ____ 98*4 99*4
3d ext gold 4 ^ 3 ________ 1923 M s
100 102*4
A O 1013*____ 102 D ec ‘ 15
4th ext gold 5a_______
— 93
94 ____ 91 N o v '15
94
5th ext gold 4a-------------- 1928 J D
109 O ct 15 ____ 103% 109
N Y L E A W lat g fd 7s. .1920 M S ____ 111
83 77
847*
S6>4
87*i
85 Sale
Erie 1st con g Is prior____ 1996 J - J
80 Oct ’ 15 ____ 79 7g 80
R e g is te r e d _____________1996 1 - J
55 65
74
76*4
77
74 Sale
1st consol gen lien g 4a___ 1996 J - J
77 Apr *12 ____
Registered ____________ 1996 i - J ____ 75
4 86
8734
8S
8734. 90
88*4
Penn coll tr g 4a__________ 1951 F - A
31 59
7334
72 Sale
71*2
72%
50-yr conv Is A __________ 1953 A - O
83 >4 Sale
8234
84*4 442 63*2 86'%
A-O
do
Series B ____
102*2 103-8
J - D 101 103!* 10234 June'ld
Buff N Y A Erie 1st 7b..
101*2 105*2
M -N 105*2____ 105*8 D ec ‘ 15
10l Feb ' l i .. . 101 10:
J - J ____ 105
A - O 122*2____ 122*2 Nov* 15 . . . . 119-t4 122*2
997* 103 100*8 O ct '15 ____ 100*8 100's
Coal A R R 1st cur gu 6 8 .. 1922 M -N
102*2 103*4
J - J 102*2____ 102** D ec ’ 15
_________ _
103*2 AUg 12
M -N
N Y A Green L gu g 5a_.
1 90
99
98
93
92 100
J - J
N Y S u s A W 1st ref 5a_.
....
100*4 D ec ‘ 06 . . .
F - A
67*2 75*4
75*4 N o v '1 5 —
85
90
F - A
M -N 100 ____ 102 Jaa ’ 14
A - O 104 ____ 111*2 M ay’ 12
M ld of N J 1st ext 5a___
86
85
90
80 O ct '15 ____ 79
J -D
Wllk A Ea lat gu g 5 3 ...
105 M ay’ 12 . . . . „ _ _ _
E v ifc Ind 1st con gu g 6 a ...
J - J
97
91 ____ 87*2 N o v ’ 15 ____ 81
Evans A T H lat cons 6a____ 1921 J - J
4 7 * a ____ 99*8 Deo ’ 13
Bull C o Branch lat g 5a_.
J -D
Florida E Coast 1st 444 a..
Fort St U D C o lat g 444aJ - J
F t V A Rio Gr lat g 4a____
Great Northern—
O B A Q coll trust 4a......... 1921 J - J
let A refunding 4 4£a aer A 1961 J - J
R e g is te r e d ____________ 1961 J - J
J - J
Registered
R e g is te r e d _______
lon t ext 1st gold 4a___
R e g is tere d __________
J
J
J -D
J -D
J J
S Minn Nor D lv 1st g 4s. 194,8
Mlnn Union 1st g 6a____ .192: J - J
J - J
J - J
J -D
G r ti A \V deb ctrs “ A ” (5100 par)
Deben ctfs ‘ B ’ * ($100 p a r)------ Feb
J - J
G ull A 3 I 1st ref A t g 5s.
j - J
Col A II V 1st ext g 48.
IllJnals Central lat gold 4 a ..1951
Registered-------------------------1951
lat gold 3 44a--------------------- 1951
R egistered.................
1951
Extended 1st gold 344s.__1951
Registered--------------------- 1951
lat gold 3s sterling________ 1951
Registered______________ 1951
Coll trust gold 4s................. 1952
Registered______________ 1952
R egistered..
A - O
F- A
J - J
J - J
91*8 93*2 94*2 N o v '1 5
92 Aug *10
68
63
67*a 68
9778 Sale 973s
98*8
97%
975s
100*8
99*4 100*8 99*4
96 Jtiuo’ 13
96
957g N o v ’ 15
11934 120*4 119 D ec ’ 15
11834 Apr '15
102*4 Sale 102*4
102*8
10934 Apr '15
9538 ____ 96
96
92*4 N ov'15
8 5 * 2 ____ 85*2 N o v ’ 15
89 ____ 89*4 June'15
109*4____ 109 N o v ’ 15
12034 ____ 120*4 D ec ’ 15
136*4 vlay'06
1 0 8 % ____ 105*2 July’ 15
108*4------- 107*4 J.une’ 15
____ 797* 75 N o v ’ 15
12*4 Sale
12*2
1234
85
87
85 D ec ’ 15
86*2 95
6
249
12
....
70
94% 98*2
94% 98
94 101
957s
120*4
11834
10278
91*2
92*4
85*2
S(*U
109
____ 118%
96*8
92*4
85*2
89*4
109
121
3
2
____
....
105*4 105*2
____ 107*4 107*4
____ 70
77
120 10% 14%
—
82
88
80
J’ly ’09
88*4
95*4
9()ia
81
8534
84
86*4
5
88*4
Sep ’ 12
39
91
N o v ’ 15 . . . .
7
86*4
M a y '14
O ct *15 ____
Litchfield D lv lat g 3a------1951
80
82** 76*2 June’ 15
Loulav D lv A Term g 344 a. 1953 J - J
83 A u g '12
J - J ____ 8134
123 M ay’ 99
F
A
M iddle Dlv reg 5a________ 1921
69*4 71
73 M ar’ 15
Omaha D lv lat gold 3a__ 1951 F - A
68*2____ 6812 Sep ’ 15
J
9fc Louis D lv A Term g 3a. 1951 J
80 A or '15
81
...
J
G old 3 44a.........................1951 J
81 N o v ’ 15
Registered___________ 195
78*8 Mar* 14
Bprlngf Dlv 1st g 344s____ 1951
88 ____ 88
88
Western lines 1st g 4s____1951 F - A
Registered______________ 1951
117*2 M a y ’ Io
Bellev A Car 1st 6a............1923
94*, J’ly ’ 12
Carb A Shaw 1st gold 4s. .1932 rvi- S
Chic St L A N O gold 5 a .. 1951 J - D 107" ____ 107 O ct *15
Registered______________ 1951 J - D
90 O ct *09
G old 3 44a._..................... 1951
Registered___________ 1951
l6l34
Joint 1st ref 5s series A . 1963 J - D 101*2 Sale 101*2
87*8 Sale
87*8
87*s
Meraph D lv lat g 4a___1951 J O
Registered___________ 1951 J - D
.. .
98*2 98 J’ ly ’08
fit Louis Sou 1st gu g 4S..1931
88'g
J - J
88*2____ 88*g
Ind 111 A Iowa 1st g 4s_____
y734
9734
9734 99
M- N
In t A Great Nor 1st g 6s__
J -D
90*2
Ja nes Fran A Clear 1st 4s.
90*8 92*4 90*2
A-O
70's D ec ’ 15
70*8 71
63 o c t '(HI
A -O
9334
94*4
9334 Sale
J - J
J - J
89*2
87*2 88*2 88
9734 Sale
9734
98*2
J - J
Laxe Erie A West 1st g 5s.
83 D ec ’ 15
83*2 88
2d gold 5a........................ 1941 J - J
98 M a r '14
A -O
North Ohio 1st guar g 5s
101*2
J - J 5101% Sale 101
LehJVall N Y 1st gu g 444s.
Registered--------------------.1 - J 100 ____ 109 N o v ’ 15
8934 92 590
90
M -N
Lehigh Vail (Pa) cons g 4s.
101
M -N 101 Sale 101
Leh V Term R y 1st gu g 5 a .. 1941 A - O 109*2____ 106*2 O ct ’ 15
111*8 Dec ’ l l
Registered_______________ 1941 A - O
J- J
103*2____ 105*4 D ec ’ 15
J - J 102*2____ 105 Oct ’ 13
1st int reduced to 4s . .
J
J
50
93*4
116*4
118
99*4
....
9134 93*2 93*4 D ec ’ 15 . . . .
9734 ja n ’ 1 1
84*4____ 84 N o v ’ 15
*83*4____ 88 NOV'15 — US's Fet> '15
94
98
97=8 N ov'15 . . . .
92 A u g ’ 15
825s____ 82 N o v ’ 15 . . . .
83 N o v ’ 15
80 ____ 83 O ct ’ 15 . . . .
A -0
A- O
IY1- S
M- 8
8734 88*4
A- O
A - O ---90*2 Sale
M- N
81*j 84
J
J
M - N 8434 87*4
____ 85
88
89*2
J -D
____
____
....
___
2
87%
96*4
83*2
86
93
0 4*2
92
78*4
82
83
85*2
86
93*2
97%
92
84
83
83
81
90*4
83
79
79%
92
81
87*4
86
89
76*2 77*2
68
63*2
78
81
73
68*2
80
81
84*2 88%
104*2 109%
41
5
2
3
1
98% 103*4
86
873g
82
90
96 100
88
92
66% 72
58 587
14 83%
G 89«*4
74
13
98
99
2 8634
1 97*4
. . . . 105*4
96
93
98*2
88
101*2
100 *
9134
101*2
108
101% 105%
BONDS
Price
Frid ay
D ec. 17.
Jf. Y. ST O C K E X C H A N G E
Week Ending D e c. 17.
Leh A N Y 1st guar g 4 a ___1945 ■ - 5
Registered--------------- . -----1945 M S
Loug laid 1st cons gold 5
1931 < - j
1st consol gold 4s___- ..519 31 O -- J
Genera! gold 4 s______ ____ 1933 J -D
Ferry gold
_______ _ 1922 M - S
G old 4s__________________ 1932 J D
Unified gold 4 a ................... 1919 M -- S
-D
Debeuture gold 5s------------193 *
Guar refunding gold 4s— 19 to M -- S
R egistered. ___________194* Ml -- s
N Y B A M B 1st con g 5a. 1935 A. 0
N Y A R B 1st gold 5s_ ._ l9 2 7 . - s
Nor Sh B 1st con g gu 5s.ol93 2 < - J
Louisiana A Ark 1st g 5a____192T M s
Loulav A Na3bv gen 6a_____ 193<) J l>
G old 5a______ ___________ 1937 M --N
Unlfled gold 4a ................... 1940 J - J
Registered___________ . 1940 J - J
Collateral trust gold 5 s .. . 193 i M -- K
E H A Nash Lst g 6s_____ 1910 J - »>
L Cin A Lex gold 4 4*8____1931 M - H
N O A M lst gold 6s_____ 1936 J - J
2d gold 6 s ........................ 1930 J - J
Paducah A Mem Dlv 4 s . . 1946 F -- A
St Louis :>iv lst gold 6 a .. 1921 -VI-- H
2d gold 3 s ........................1
- s
Atl Knox A Cin D lv 4s__ 1955|M--N
O
Atl Knox A Nor 1st g 5 s .. 1946
Bonder B-lge 1st s f g 6s. .. 1931 M -- S
- J
- s
- J
Registered____________ 51
N Fla A S 1st gu g 5s___ 1937 F -- A
N A C Bdge gen gu g 4 44 s . 19 45 J - J
Pons A Atl 1st gil g 6 s___ 1921 F - - A
-A
-O
L A Jeff Bdge C o gu g 4 a . . . 1945 M -- S
Manila R R — Sou lines 4 s . . . 1936 M --N
Mex Intermit, lst cons g 4 a .. 1977 MStamped guaranteed_____ 1977 M -- S
M id land Term — 1st a f 5a g.1925 J O
-D
(
Pacific Ext 1st gold 6a .1921 A - O
-M
lst consol gold 5s----------
Refunding gold 4a_____ 1951
M StP<VSSM con g 4s Int gu 1938
lat Chic Terra s f 4 s ..
..1941
M S S A A lst g 4s int gu . 1926
Mississippi Central lst 5a__ 1949
M o Kan A Tex 1st gold 4 s .. 1990
2d gold 4s........................... V1990
1st ext gold 5s------------------1941
1st A refund 4 s______ — 2001
Gen sinking fund 4 44s------ 1936
St Louis D lv Is rer g 4 s ..2001
Dal A W aco 1st gu g 5 s .. . 19 40
Kan C A Pac 1st g 4s......... 1990
M o K A E lst gu g 5s------1942
M K A Ok 1st guar 5s------ 19 42
M K A T of T lst gu g 5s. . 19 42
Sher Sh A So 1st gu g 5s . 1942
Texas A Okla 1st gu g 5s. .1943
Missouri Pac lst cons g 6 s .. . 1920
Trust gold 5s stam ped. . .a 1917
R e g is te r e d ..............— nl917
ls t collateral gold 5s_____ 1920
R e g is te r e d _____________1920
40 year gold loan 4 s............ 1945
letA ref conv 5a__________ 1959
3d 7a extended at 4 % ____ 1938
Boonv St L & S lst 5a gu.1951
Cent Br R y lst gu g 4a___ 1919
Cent Br U P lat g 4s_____ 1948
Leroy A C V A L lat g 5a ..1926
Pac R o f M o lat ext g l a . .1938
2d extended gold 5a____ 1938
St L Ir M A S gen con g 58 1931
Geu con stamp gu g 5a. _ 1931
Unified A ref gold Is___1929
R e g is te r e d _________ .1929
Riv A G Dlv 1st g 4 s . . . 1933
Verdi V I A vv lst g 5s____1926
M ob A Ohio new gold 6 s____1927
lat extension gold 6a____51927
General gold 4a___________ 1938
M ontgora D lv lst g 5s------ 19 47
Bt Louis Dlv 5a___________ 1927
8 t L A Cairo guar g 4s------ 1931
Nashville Ch A St L lst 5a. .1928
Jasper Branch lst g 6s------ 1923
M cM M W A A1 1st 6 9 . - .1 9 17
T A P Branch lst 6a............1917
N at Rya o f M ex pr lien 4448-1967
Guaranteed general 4a------1977
Nat of Mex prior Hen 4448--1926
lat consol 4a______________1951
N O M ob A Chic 1st rer 5 s .. 1960
N O A N E prior lien g 6 s . .p l 9 l 5
New Orleans Term lat 4a___1953
N Y Cen R R deb 6a wh lss. . 1935
Ref A Imp 444s " A ” ____ 2013
N Y Central A U R g 3 4 4 a .-1997
R e g is te re d ........................1997
Debenture gold 4s________ 1934
R e g is te r e d ________
1934
Lake Shore coll g 344s-------1998
R e g is te re d _____________1998
J P M A C o ctf9 o f d e p -------M ich Cent coll gold 3 4 4 s - 1998
R e g is te r e d ------------------- 1998
Battle Cr A Stur lst gu 3s. 1989
Beech Creek lst gu g 4s. . . 1936
R e g is te r e d --------------------1936
2d guar gold 5a-------------- 1936
R e g is te r e d ---------------- 1936
Beech Cr Ext ls t g 3 443--M 951
B id
89
Week’s
Range or
Last Sale
A sk D m
90
89
H igh
89'
N o . Low
2 84
103%____
91 -----85 ‘s Sale
95% ._
103% Nov’15
594 Oct 15
3
85%
86 %
95*4 May'll ___
99*4 Oct ’06
5
----- 8 6 % S6 i's
86 ig
983s 98*4 99-s Nov'15 ___
s87 Sale 87
3'
87*2
__ _____ 95 Jan 'll . . . .
98 ___ 100 Feb 1.,
101*2 10 2
100 Nov’ 15
100 % 10 2
IOI Aug 1 >
90 ____ 94*4
6
95i4
112 Sale 1 1 2
7
112
107%____ 107*4 107%
2
94*2 Sale 94l4
50
95
91 June'14
104% 105 105 Dec ’ 15
107 109*2 1**7% Nov’ 15 - - - - 1
10 0 * 8 ___ 100>8
loots 1 1
114*2____ 115*2 Nov’ 15 - - - J
107i2 110 109-h May' 15
8614 ------ 80% Oct ’ 15
107 Dec ’ 15
60*8----- 62
62
1
87 88*4 88 Nov’ 15
10 2 %
111 J<»n *13
105*2
105 June’ l >
88
89
88*4
88*4
1
99 100 98*4 Dec '15
80 Sale 80
10
80
95 Feb 'O’.
104%____ 106 J’ly T 4
97 Dee T4
iosi2 —
109% Nov’ 15 ___
3
105 ___ 105*4 105%
___ 102*4 101*2
102*4 10
*81%____ 82% Nov’ 15 . . . .
108*2 115
88 % 90
55
- S 54
- J 55*2 65
-D 88 % 89%
- S 50 52%
J 93*8 Sale
N ____ 95
97*2
J 97
-D 78 Sale
A 53*2 Sale
N ____ 65
- S 52*2 55
1 45% Sale
4 0 ___ 60'8
- A *____ 78
- O 90 Sale
85
-N
S 68*4 Sale
95
D ..
S ------ G9
N 10 0 100*8
- 3 8 8 * 2 ___
S -- . .
- A 82%____
43 44
40 Sale
s
N 81%____
- A __ _
- A ------62
- s
Range
Since
Ja n . 1
78 J’ly ’ 14
90
90
i
5
May 13 ___
Nov’ 15 ___
80
100*8
18
88*4
82 Oct *15 . . . 82%
82*2 25
96
69
10 0
88
42*4
44*4 167
44*2
46*2 95
80 Nov’ 15 __ 1
100 Kei> ’ 13
01% Dec ’ 15 . . . J
89
104%
•s-94 s.94
87%
85
10 2
82% 89*4
95 w 99%
82% 88 %
100 1 0 0 %
100 10 0
100 % 10 1
94%
111)
106*8
89%
95*4
115
107%
95
99%
107%
98*4
113*4
108
10 1
105%
107%
115%
109%
86 %
105% 107%
58% 65
83
90
86
105
88 %
93 10 1
75% 81
105
86
107*2 109*3
105*8 105%
99% IOU4
74
82%
77 Mar’ 10
79 Nov’ 10 ___
101 Oct '09
105 Sep *15
105
102% Nov'15 ___ 10 2
88 % Dec ’ 15 ___ 1 31
52*2
52*2
1( 40
60 Feb '15
69
90 Dec ’ 15
80
51%
53
17 35
92*4
93i8 17 80%
97% JuncT2
97% Dec T5 . . . . 93%
91 J ly ’ ll
78
79% 82 72%
53%
55
33 49*8
66 D ec’ 15
65
55
55
1 40
451.,
45-1 20 42*8
51 Dec ’ 15 ___ 51
8 . t Mai '15
68*4
68*4
H igh
111%
10 2 %
92%
60
60
90%
66
93*8
97*8
83
63
89
56%
74
60*a
95%
82
85*2 88
05% 89
68
69%
Kill*
96%
83%
92%
29
29
78
5334
49%
80
60
86
921*
78%
so
72
5 84
90
8834
- A 83% 89% 88*2
99
- J 98 ___ 99 Dec 15 --.-1 93
25 93 10 2
101*2
- O 101% Sale 1 0 1
9 61
78
75
73*2 76 73%
16 51
73
71
71
“69
71
87
77%------ 87 Sep ’ 15 ___ 87
D 11034 111 1 1 1 Nov’ 15 ___ 105 114%
107 108 107 Nov'lf.
106 1 1 1
75
s 72 ____ 75 Dec ’ 15 ___ 72
100 1 0 1 %
- A 10 0 ___ lull June'15
- D 89 ------ 89 D ec’ 15
89
86
- J 88 % ------ 88*4 Dec ‘15
86 % 88*4
106
1 102 % 10 0 %
-O 106 Sale 100
- J 100 ___ 111 Jan '13
103% Jan '14
- J
113 J’ly *04
52%
1 ^5234 5734
- J ____ 52*4 52%
-O
OS Oct '15
68
68
- J 55 ------ 96% Fob *13
30 Aug '15
30
-O
30
40 May' 15
31*4 41
- J ____ 60
101 Juno* 14
-O
72
1 72
72
- J 72 Sale 72
-N 111* 8 Sale 1 1 0 % 1 1 2 1582 99*2 1 1 2
93% 152 86
94%
O 93*2 Sale 93
83
75 76
84
- J 83 Sale 82
75*2 82%
- J 81%------ 81% Dec '15
92
42 84
93*4
- N 9134 Sale 91%
91%
- N ___ 92% 91% Dec ’ 15 ___ 91
79
15 71
80%
- A 78 Sale 78
78%
- A 77% 80 78% Dec '15 ___ 71
80 84
84%
85%
5 77
87
78 Dec ’ 15
- A 77% 78
79%
67
77
70% Dec '15 —
- A 76
76%
67
- J
96% - - -
95% Nov’15
99 Muy’ H
0 2 % "OG
-O ___ _____ ___
- D 86 ------ 8812 N ov'15
88% 88%
G ouv A Oswe lst gu g 5 a .. 1942 J - D 1 0 1 * 2 ------ . . . .
92 ------ 9258
02%
925ft 50 87
M oh A M ai lst gu g 4s— 1991 M-: s
86
86 Jan '15
86
N J June R guar ls t 4a— 1986 F -- A
79%------ 85 June‘ 15
85 85
N Y A Harlem g 3 44s____2000 M --N
10 1% 10 1%
O 10 2 % ------ 10U* Mar'15
N Y A Northern lat g 5 a .. 1927 .
92
O 89*4 90*2 9012
2 *83
00 l2
N Y A Pu lst cons gu g 4a. 1993 .
99 ____
N or A M ont lst gu g 5s— 1916 * - O
! i 13" 113
Pine Creek reg guar 6s------ 1932 . - D 113 ___ 113 May’ 15
1 0 1 % 103%
R W A O con lst ext 5a. .51922 i -O 103*2____ 103*8 Doc ’ 15
100*8 Mar’ 15 ___ 100*8 100*8
Oswe A R 2d gu g 5a------ el915 F -- A
-N 100*2____ 104 June* l< ___ ___ — .
R W A O T R l s t g u g 5 8 - . l r' , °
2 80
85
8134 83% 81=4
J
81=4
Rutland lst con g 4 44a— 1
07
75
- J ____ 79
75 Dec '15
Og A L Cham lat gu 4s gl
R ut-C aoada 1st gu g 4a. 1949i J
- J
8t Lnwr A Adlr lat g 5a— I......
* No price Friday; latest bid and asked this week, a Due Jan. 6 Duo Feb. d Due April,
VDue Nov. sOption sale
(Vol. 101
||
—
—-------
Bonds
Sold
2060
a Due May.
100 Oct ’ 15 ___ 100 101
------100
119*r Mar’ 12
- C
g Duo June 5 Duo July. * Duo Aug. o Due Oct
D ec . 18 1915.1
N
BONDS
Y. STOCK EXCHANGE
Week Ending Dec. 17
New York Bond Record— Continued— Page 3
!l
=2
Price
F rid a y
Dec. 17 .
Week's
Range or
Last Sal*
1OC,
? j
Range
! Since
! Ja n . 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 17.
55
P rice
F rid a y
D ec. 1 7 .
2061
Week's
R ange or
Last Sale
Rang t
Since
Ja n 1
Bid
Ark Low
N V Cen * a RR (Con.)
H igh 1V0
High
Here Marquette iC on.)
B id
Ask
Low H igh
Otlca A Blk Rlv gu g 4s. -1922 J - J 98%____ 96% Nov’ i5
| 96
97
Flint A P M gold 6s__ 1920 A O 100t 2 ____ 100% Nov’1 5 ----- , 90
lOOU
6 I 81
>ahe Shore gold :i « s ........1997 J -D 84*4 8534 84
8434
86 %
1st consol gold os..........1939 M-N *72i4 ____ 73 N ov’1 5 ----- 65i2 73
83%____ 81*4 OCt '15
Registered_____ ____ 1997 J - D
82
1 31
Pt
Huron
Div.
1st
g
5s__1939
A
O
____
63
68
July’
15,
..
i
65
68
94%
Sale
MS
27
94*8
94*4
Debenture gold 4s........1928
90 95*2
I5S* T US & IJ Isl su K4s. _ 1931 F - A
94% 77 88*4 94% U
25-year gold 4s_______ 1931 M-N 93 >8 Sale 93%
Philippine Ry 1st 30-yr s f 4s 1937 J - J
50
55
65 May’ 14 .. ,1_________
Registered...............1931 M-N ___ 94% 91 OCt ’ 15 . . . . 91
91
Pitts 8h A L E 1st g 5s____ 1940 A - O 105 Sale 105
105
1 105 105*i
da A A G R 1st gu c 5s__ 1938 J J
.
1st consol gold os..............1943 J - J
113*4 Nov’ l l .........................
J 104%___ 104%
10 Ho
I 104*2 104% Reading
Mahon C l HR 1st 5a........1934 J
Co gen gold 4?___ 1997 J J 94i2 Sale 94%
95 ; 71 y f
9534
Fitts A L Erie 2d g 5s__ al92S A -O 104%____ 103 Jau lo ___ i.»a 103
Registered------------------1997 J • J ----- 94
94 Nov’ 15' —j 90 94
pltts McK A Y 1st gu 6s--1932 J - J 115 ____ 130% Jan ’09 ___ 104 104
Jersey Central coll g 4s__ 1951 A - O 95i8 9512 95% Dec ’1 5 ----- 1 90l2 95U
2d guaranteed 6s___..1934 J - J 112*4____ 123>4 Mar'12 ___
Atlantic City guar 4s g__ 1951 J - J
94 ____
___
McKees A B V 1st g 6 s. 1918 J - J 1 0 1 ___ . . . .
Jos A Gr Isl 1st g 4s____ 194r J J ------ 5978 60 D ec’ 15;----- j 60
73
Michigan Central os____ 1931 M- 8 104%____ I04i2 Dec 'IS — 102% 104*2 St
St Louis A San Fran gen 69.1931 J - J 109 110 110 Dec
’ 1 5 ----- 1 057* 110
Registered__________ 193.1 Q-M 104 ___ 104 Dec T5
104 104
General gold 5s............... 1 9 3 1 j - j 102 1037s 102
102
7 98*1 103*2
4s_________ ________ 1940 J - J 90 ___ 98 Apt ’ 12 ___
8t
L
A
S
F
RR
cons
g
4s.
_
1996
79
__
.
75 J’i\ ’14
Registered________ 1940 J - J ___ ____ 87 Feb ’ ll ___
General 15-20-year 5s... 1927
5234 54
56% Dec '15
90 Juuc’OS —
35 57
J L A S 1st gold 3Ms__ 1951 M- 5
Trust Co certlfs of deposit..
54 sale 54
54
3 32*t 56*4
1st gold 3 lie............... 1952 M-N 81 ___ 83% Nov’ 15 ___ ; 70ts 83%
do
Stamped,
5112 Sale 51*i
53%
3 I 78*4 88*2
32*i Sola
88*2
20-year debenture 4s__ 1929 A -O 88 % 89% 88*2
couthw Dlv 1st g 5 8 ... 1947 A - O ------9312
90 Nov’ 15
93%
90 90
N y Chic & St L 1st g 4s. .1937 A - O 92% 93% 93
94%
Refunding gold Is____ 1951 J - J
73 Sale 73
0 j 88
73
92*4 J’ly '14
5 ! 63ii 73
Registered_________
19 5 1 j - j
*0*4 Mar’ ll .
82% 25 75 83*2
Debenture 4s________ 1931 M-N 82% Sale 81*4
Trust Co ctfs of deposit..........
72i4
72 Nov’ 15 60% 72
91*4 29 i 86
West Shore 1st 4s guar. __2361 J - J 91*4 Sale 91%
92*2
66
do
Stamped.. .. .
67% 62 ; 69*i 70
66%
89% 1 2 i 85% 90
Registered______ ...2361 J - J 89*8 Sale 88 %
S C F I S 4 M cons g 6s.. 192S 1W- N 108*4 111% 1U9
25
I0434
Hu
109*4
I
N Y C Lines eq tr 5s_. 1915-22 M- H 100*4___ 100 Mar'15
100
100
S C F t B & M Ry ref g 48.1936 A - O 7612 Salo •6%
77%
8 ««t, 80%
Equip trust 4M8--1916-1925 J - J 9934 ___ 98 J'ly '14 —
...
K C A M R A B 1st gu 58.1929 A - O 01i2 92i2 91%
91%
1
91%
91%
97
14 94% 98
N Y Connect lstgii4M8A._ 1953 F - A *___ 96% 96
fit L 8 W 1st g 4s bond ctfs.. 1989 M- N 79i4 Sale 79%
79% 28 67*4 81
N Y N 11 A Hartford—
2d g 4s income bond ctfs.pl989 J - J 62i2 69
62
62
3 52 $65
Non conv dehen 4s_____ 1947 M- 8 81%____ 78 Oct '15 —
78 78
Consol
gold
4s..................1932
J
D
67
G7i2
67%
68
20 61% 68
Non-conv deben 3 Ms___ 1947 M- S 71 ____ 03 Feb ’ 15
03 63
Gray’s Pt Ter 1st gu g 5a.. 1947 J - D 100 . . .
98% Jan ’ 14
on-conv deben 3Ms___ 1954 A -O 72 ____ 72 Nov’ 15
64 72
s A & A Pass 1st gu g 4s___ 1943 J - J
71 72
V1=*
71*4
2 I 65 ~81 "
Non-conv deben 4 s ........1955 J J 80*2 82 80 Nov’ 15 ___ 71 80
101%____
1 0 1 % Dec ’ 15 — j 99*4 101%
2 70 82% S F A N P 1st sk fd g 5s____ 1919 J - J
801 2
Non-conv deben 4s____ 1956 M-N 80% 81% soij
83
Seaboard Air Line g 4s___ 1950 A -O
85 Nov’ 15 — $83 85
4 61% 73
72
72
Conv debenture 3Ms____ 1956 J J j 2 73
Gold
4s
stamped..............1950
A
-O
80
83
84 Dec ’ 15 — r 78 84*4
Conv debenture Gs______ 1948 J - J 11434 Sale 11412 1143.1 19 10J 117*4
Registered.........................1950 A - O
Cons Ry non-conv 4s___ 1930 F - A 76 ----....
Adjustment 5s............... 01949 F - A 68% Sale 67
69
190 59*4 72%
»1'« Jan '12 ___
Non-conv deben 4s_ ..1954 J - J
Refunding
4s...................1959
A
O
70% Sale 70
72% 98 00 74%
Non- onv deben 4s___ 1955 J - J ------------- ---------- ---- ----- j
Atl
Blrm
30
yr
1st
g
4s._el933
M8
-----88%
89%
Dec
’15 -----I 81
90
Non-conv deben 4s___1955 A - O
—
83%____
Car
Cent
1st
con
g
4s___
1949
J
j
....................
85%
I
Mar *15 ---- !j 84% 85%
Non-conv deben 4s___ 1956 J - J ♦IIII 79%
Fla Cent A Pen 1st g 5s.. 1918 J - J 100 ____ 99*4 Sep T5 — !| 99 *4 1 0 0 %
o'y% Nov’ 12 ___
Harlem R-Pt Ches 1st 4s_1954 M-N —
1st land gr ext g 5s___ 1930 J - J 101 . . . 104 Nov *12
09l2 June'12 ___
B A N Y Air Line 1st 4s . 1955 F - A
Consol gold 5s..............1943 J - J 102 . . . 101 July’ 15 --- 160 % 1 0 1
76 82% 81 Nov’15
Cent New Eng 1st gu 4a.. 1901 J - J
81
Ga
A Ala Ry 1st con 5s_01945 J - J
103*2 103*2
1 100% 103%
MS
Hartford St Ry 1st 4s___ 1930
Ga Car A No 1st gu g 5s__ 1929 J - J
102*2 Nov’ 15 ---- ! 100% lU2%
Houaatonic It cons g 5a __ 193 M-N 10534 . . . 105i2 May* 15 — 105 10512
Scab A Roa 1st 5s____ 1926 J - J 99%____ 99% Aug ’ 16 — ij 99% 101%
91 ____ 87 J’ly *14
Naugatuck Kit 1st 4s___ 1954 M -N
Southern Pacific Co—
N Y Prov A Boston 4s___1942 A -O 8934 ------ 88 Aug'13
86% 87
Gold 4s (Cent Pac coll).*1949 J -D
86
86%
5 79*4 87*4
NYW’cliesAB 1st ser I 4Ms '461J - J 80% Sale 807s
823s
66i2 84
Registered..................*1949 J - D
Feb T4
N H A Derby cons cy 5s.. 191S|M- N 10012 ___ 107 Aug ’09
88%
Sale
20
year
conv
4a----1111^1929
MS
88%
89%! 418 79*4 90*8
Boston Terminal 1st 4s. _. 1939 A -O
20
year
conv
5s...............1934
J
-D
-___
105
Sale
105
106 | 206 95% 108
New England cons 5s__ . 1945
Cent Pac 1st ref gu g 4s._1949|F - A $90% Sale 90%
161 83% 91%
91
99% Mar’ 12
Consol 4 b ___________ . 1945
Registered________ ‘__ 1949IF - A
86% Mar’ 15
- 86% 86%
56 Apr ’ 15
Providence Secur deb 4s _1957
55 58i2
Mort guar gold 3>^s..*l929 J - D 89% 90
89% Dec ’ 15
- 84% 90%
997* Deo *14
Prov A Springfield 1st 5s. 1922
Through St L 1st gu 4s. 1954 A - O ------ 87
8634 Dec '15
Providence 'Perm 1st 4s.. 1956
- 1 82% 88
83*a Feb 'l l
G
H
A
S
A
M
A
P
1st
5s..
1931
MN
------105
104
104
91 ____
6 100 104
W A Con East 1st 4 v^s__ 1943
GUa v G A N 1st gu g 5s. . 1924 M- N 100% 100% 102*4 Apr *14
N Y O & W ref 1st g Is___ 01992 M- 8 81 82*2 81% Dec '15
74*2 825s
Hous E A W T 1st « 5a ... 1933 M-N 100% 102 I0U% Nov’ 15 ----- 100 103*4
Registered $5,000 only. . g 1992 M- S ------------- 1 92% June’ l
1st guar 5s red............. 1933 M-N ------100*4 101% Dec ’ 15 ---- 99% 101
1955
General 4s.____ _____
78 80
80 Nov’ 15
70 80
H * T C 1st g 5s lnt gu__ 1937 J - J 106%____ 106% Dec ’ 15 ----- 102% 107
Norfolk Sou 1st A ref A 5s.. 1961 j F
83 Sale I 83
S3
79 83
Gen gold 4s int guar.. . 1921!A - O 93%___ 94
94
12 93 95%
Norf 4 Sou 1st gold 5s____ 1941 M
95 97
9512 Nov’ 15
95l2 102
Waco A N W dlv 1st g 6 s 1930 M- N ------I ll
109% Nov’ 15 ---- 109% 109%
Norf A West gen gold 6 s ...1931 M
10 115 11878
118> llOUIllG
116
100 ____ 103 Nov’ 15 ...1 0 0 1U3%
A A N W 1st gu g 5s____ 1941 J - J
Improvement 4 ext r 6s.. 1934; F
119*8 -US Dec '15
116*4
119
Louisiana
West
1st
6
s___
1921
J
J
109 June'14
New River 1st gold 6s___ 1932 A -O 119*2 120 119% DOC '15 -- 119 119%
Morgan’s La A T 1st 7s.. 1918 A O 104 108 104% July' 15
--,102 104%
S A W Ry 1st cons g 4s. . 1996
O 93U Sale 93
35 sp,s4 94%
93*2
1st gold 6s ....................1920 J - J 104% 106 106% J’ly ’ 14
Registered.................... 1990
93U
93%
lu5
4: 9314 93u
No of Cal guar g 5s_____ 1938 A - O
105
Oct
’
15
.---!
105 ‘ 105
Dlv’l 1st lien 4 gen g 4s. 1944
J _89% '90 '2 8D>2
89% 3
Ore A Cal 1st guar g 5s__. 1927 J - J 102% Sale 102% 102%
SS>2 V i
7 99% 103
10-2o-year conv 4s____ 1932
D 121U Sale 119*2 121
43 Wa 1217g
80 Pac of Cal—Gu g 5a.. . 1937 M- N 106
101*2 Nov'l.l ---- ---------------10-20-year conv 4s........1932 ... 5 *122 ___ 120*2 122
4 99 122
So Pac Coaat 1st gu 4s g_. 1937 J - J 92
91*2 Sep '12
10-25-year conv 4 MH--.1938 M- S *122 122% 120% 122*2 391101
122*2
85 Sale 84%
85% 14 77% 66*4
San Fran Term! 1st 4s__ 1950 A - O
Pocab C 4 C Joint 4s.. . 1941 jJ D 89 J2 9012 90
90*4
96 Apr ’ 14
Tex A N O con gold 5s
19431J - J
C C A T let guar gold 5s.. 1922 J - J 103%____ 105*4 Ian ’ 13____ , 881* 91*2
90 Sale 89%
So Pac RR 1st ref 4s....... 1955|J - J
90% 137 "83% "90%
Sclo V A N E 1st gu g 4s_. 1989 M- N 91 ____ 92i4 Dec ’ lo !----- ’ 843 <
92*8 Southern—1st cons g 5s___ 1994)J - J 102% Sale 102*4 103
114 96% 103%
Nor Pacific prior lien g 4s. __ 1997 Q - J
92% Sale
98 June’ 15 - - - 9 8
Registered....................1994IJ - J
98
92'2 Nov
M 9.315-----I
,'2i 170 obj. 94*8
Registered......... .......... 1997 Q - J
93
93
Develop A gen 4s Ser A .. 1956 A - O 703« Sale 70
70*2 86 58% 72%
General lien gold 3a____ a2047 Q - F 6514 Sale 0514 66% | 130 62
6678
Mob A Ohio coll tr g 4 s... 1038 M- S 72 78
72
72
2 68
77%
Registered__________ a2047 Q - F 64i2 65i2 641* Dec *15l.—
6 1 1 * 65%
Mem Dlv lstg4H 5s___ 1996 J - J 103 Sale 103
103
2 $98% 103l2
St Paul-Duluth DIv g 4a. .1996 J - D 9034 ____ 9018 Nov’1 5 ----- ! Q0*8 9034
8 t Louis dlv 1st g 4s____ 1951 J - J S82 Sale 82
82*4| 10 80% 85 ,
Dul Short Line 1st gu 5s.. 1916 M- S 100U . . . . 100 Oct '1 5 -----, 100
___
100
Ala Cen 1st g 6 s------------ 1918 J - J 100%
104*4 June’ l i!
St P A N P gen gold Gs__ 1923 F - A 109*8 11012 109*8 109*8
*1 io‘ii4 n n 8
98
99
AlaGtSou 1st cons A 5s_. 1943 J -D
99
98*4 Oct *151------ 98
Registered certificates. _ 1923 Q - A
10912 Oct '15 -----; 10912 109%
Atl A Char A L 1st A 4Msl944 J - J ____ 98% 96% Nov'15 ----- 93
96
St Paul A Duluth 1st 5s.. 1931 F - F 10412 ___ 102 Feb '15 ----I
102
102
Atl A Danv 1st g 4s_____ 1948 J - J 83% 84 84 D ec’ 151 ----- 83% 85%
2 d 5a ............................ 1917 A - O 101i8 101** IOH4
IOH4 11 100*4 10 2
2d 4s........................... 1948 J - J; 74%
75% Aug’ 15j---- | 76% 75%
1st consol gold 4s..........1968 J -D 90 ___ 90 Nov’ 15 -----! 88
90
Atl A Yad 1st g guar 4s__ 1949 A - O 73% 81
85'4 88 91% Nov’ 15 ----- S8
75% Dec ’ 14 — i1. . . . ____
Wash Cent 1st gold 4s__ 1948 Q -M
9D2
Col A Greenv 1st 6s..........1916 J - J
100% J’ly ’ l l _ . j _________
Nor Pac Term Co 1st g 6s .. 1933 J - J 110*8 111 110i2 Dec ’ 15 - — 110 113
E T Va A Ga Div g 5s___ 1930 J - J 103
102*4 Sep ’ 1 5 ___ 102% 102%
OrcgOn-Wash 1st A ref 4 s ... 1961 J - J 8912 Sale 88
89i2
88, 79% 90
Con 1st gold 5s............. 1956, M- N 105 Sale 105
1051s1 11 100*4 105%
Pacific Coast Co 1st g 5 s... 1946 J -D ____ 94
95 Dec *-1“5 — - ! 94 98*4
E Ten reor lien g 5s_____ 1938 M- S 98 — S99%
99%l
1 97% 100
Pennsylvania RR 1 st g 4s.._ 1923 M-N 98 99*2 98
98 |
1
Ga Midland 1st 3s........... 1946 A - O ------60
60 Dec '15 - — 60 60
90
99'!
Consol gold 5s_________ 1919 M- S 103 ____ 103 f w 9? ,«
106% Sale 106% 106%'
Ga Pac Ry 1st g 6 s..........1922 J
1, 105 107
Consol gold 4s^_.............. 1943 M-N s99% Sale 991, ° 001 " i n 102 l03,»
inn « 92 2 20 05
99t2
Knox A Ohio 1st g 6 s___ 1925 J 105% July’15----- ! 105% 105%
Convertible gold 3Ms..-Ol915 J -D
Mob A Blr prior Hen g 58.1945 J - J
105*2 Nov’ 12___ I..................
Consol gold 4s......... ........1948 M-N $99% Sale’ 100 Sep 1 5 - - - I 99 % 10 0 %
Mortgage gold 4s_____ 1945 J - J *------ 72
Consol 4M s ............. ...I960 F -A 105% Sale 99i2 100 1 34 anio 1005b
79 Mar* 13.........................
Rich A Dan deb5sstmpd.l927 A -O ------102*4 102 May'15
General 4Ha when Issued 1965 J - D 100*8 Sale
- 102 102%
Rich A Meek 1st g 4s___ 1948 M N
Alleg Val gen guar g 4s__ 1942 JVJ- S 96i4 98
73 Sep '1 2 ___ i;.................
9684
D R RR All ’go 1st gu 4s g 1930 F - A 94 ____
80 Car A Ga 1st g 5s____ 1919 M-N
100% 103 100% Nov’ 15 ...I 100 101
Virginia Mid scr C 6s___ 1916 M- 6 *100%------ 100% Mar’ 15 ...I 100% 100*4
Phlla Halt 4 W 1st g 4s.. 1943 M- N 971s ____ 9914 N ov'15----- 11 Q«i: "qqi
Series D 4-5s...............1921 M- 8
Sodtis Bay 4 Sou 1st g 5s.2924 J - J
103% Nov’ 12
102 Jan ’0 3 ___ ! 96*4 ~99%
Series E 5s................. . 19261M- s 101%----- 102 Dec ’ 13
Sunbury 4 Lewis 1st g 4s. 1936 J - J 92
Series F 5s............. ...1931 M - 8 102 ----- 104 Mar’ 13
U N J R I U Can gen 4s.. 1944 M- S 99*a Sale" 99*8 ' 99*81 "I
98*4 100
General 5s............. .......1936 M- N 102%-------102*2 Oct ’ 15___ 102 103%
Pennsylvania Co—
Va A So’w’n 1st gu 5 s..2003 J - J 102%------102% Nov’ 15____ 1 98% 103
Guar 1st gold 4 ^ s______ 1921 J - J 101 Sale J91
10 1% 6
1st cons 50-year 5S..1958 A - O 90 92*2 89*2 Dec T 5 __ 1 81
89%
Registered......... .......... 1921 J - J lOOig___ 101 Dec ’ 1 5 ___ 9934 10212
>2 101
W O A W 1st cy gu 4s___ 1924 F - A
93 ------ 93
93
1 91
93
Guar 3M8 coll trust reg A. 1937 M- S 85 ____ 3512 N ov' 1 5 !-----! 99
85i2 8512 Spokane Internat 1st g 5s__ 1955 J - J
92 95 92 Dec ’ 1 5 __ !j 88 92
Guar 3>4s coll trust ser B.1941 F - A 85 Sale 85
85 1
1 84 86
Trust Co ctfs gu g 3Ms. __ 1910 M- N 9934 10018 9934 Oct '1 5 ___ 99 9984 Ter A of St L 1st g 4 Ms___ 1939 A - O 98% 99*2 98 Dec ’1 5 __ 93% 99%
1st con gold 5 s... 1894-1944 F - A 103% 104% 104% Dec ’ 1 5 ___ 100% 104%
Guar 3Ma trust ctfs C___ 1942 J - D 85 ____ 83 Feb '1 5 ___ 83 83
Gen refund s f g 4s______ 1953 J - J ------ 86
86
86 | 4 79% 86
Guar3Hs trust ctfs D___ 1944 J - D 85 ____ 81 Aug ’ 15j----- 81
81
St L M Bridge Ter gu g 5s 1930 A -O
99 Nov’ 15___ $98% 10J
Guar 15-25-year gold 4s__1931 A - O 94 's____ 94
94%
16 891* 94*8 Tex
A Pac 1st gold 5s..........2000 J -D ~97% "99' 97%
99 | 8 91%
40 year guar 4s ctfs Scr E. 1952 M- N 901 4 ____ 92% May’ 14___
2d gold Inc 5s............... _c2000: Mar
30 35
Cln Lcb A Nor gu 4s g__ 1942 M- N 89*2____ 90 D e c ’1 5 ___
35 Nov’ 15!___ ji 29
36%
La Dlv B L 1st g 5s..........1931 J - J
90 92
97>8____ 973.1 Aug ’1 5 ___ I 8912 90
90 Nov’ 15
Cl A Mar 1st gu g 4M8...1935 M -N
89% 90
97*4 9784
W Min W A N W 1st gu 5s 1930 F - A ------95
106*2 Nov"04
Cl A P gen gug 4 >4 s ser A . 1942 J - J 102 ____ 101*8 Nov’ 13
Tol A O C 1st g 5s............... 1935 J - J 103*2 Salo 102% 103*2
Series B........................ 1942 A -O 102 ___ 109*4 J'ly ’09
2 99% 103%
Western Dlv 1st g 5s........1935 A - O 102*2 Sale 1U2% 102*2
1 100 103
Int reduced to 3 Ms 1942 A - O 8 N4 ___ 91*4 Feb ’ 12
General gold 5s..................1935 J - D ------100
101*2 Apr '14
Scries C 3 Ms............. 1948 M- N 8434 . . .
90>8
Oct
’
12
Kan A M 1st gu g 4s____ 1990 A -O ------ 85% 86 Mar’ 15 II— 86" 86%
Series D 3 >4 a................ 1950 F - A 8434 ___ 83*4 June’ 15
S334 83s4
2d 20-year 5s...............1927 J - J
98*4 99 98% Dec ’ 15 ___ 1 92
98%
Brie A Pitts gu g 3Mb B .. 1940 J - J 8614 88
86 U May’ 14
03 Sale 63
Tol P A w 1st gold 4s......... 1917 J - J
63
Series C....................... 1940 J - J 8 GU 88
3 62% 68
90’g J’ly ’ 12
Tol St L A W pr lien g 3Ms. 1925 J - J 83 Sale 83
3 72% 87
83
Or R 4 I ex 1st gu g 4>4 s .. 1941 J - J 98 98*4 9834
0884
95 100
58 58% 57%
50-year gold 4s_________ 1950 A -O
58
Ohio Connect 1st gu 4s_1943 M- S 921 4 ____ 93 May’l l
13 , 42% 58
Coll tr 4s g Ser A_______1917 F - A
___ 43 June’ 14
Plfta Y A Ash 1st cons 5s. 1927 M- N 102i2 ___ 109 May’ 10
Tor
Ham
A
Buff
1st
g
4s../»1946
J
D
99 ..
83*2 ------ 87*4 Nov’15 IIIII: 82% ~87%
Tol W V A O gu 4 >48 A ..1931
98i2 Oct ’ 15
963
4
98i2
Ulster A Del 1 st con g 5s..1928 J -D 100*2 102 102 Dec *15
I 98% 102
Scries B 4 >48................1933
98% June’ 15
9S% 98*4
1st refund g 4s__________1952 A -O
74 74
74 Mar’ 15
92 98
Series C 4s................... 1942
93l2 J’ly *14
Union Pacific 1st g 4s..........1947 J - J
97%
97% 8G 92%
P C C A S t L gu 4^8 A .. 1940
10 1
IOD4 IOH4
1 0 1 L 10
98
1013
4
Registered___________
1947
J
J
94%
Oct
'1
5
___
|
$92
95%
Series B guar................1942 A -O 10014 ____ 101*4
101*8 15 I 97*s 10178
20-year conv 4s________ 1927 J - J
93%
93% 137 i 88
94
Series C guar_________1942 M N 10018 . . .
9714 July’ 15
9 7 14 10 1%
1st A ref 4s____ _______02 OOS M - S
90
90*21 85' 84% 92%
Sorles D 4s guar______ 1945 M- N 94 ____ 94
94
921* 94
Ore RR A Nav con g 4 s... 1946 J -D
92
92*2 ‘14 87 ' 93%
Series E 3 >4 s guar gold. 1949 F A 91 ____ 91 Oct ’ 15
90 915s
Ore Short Line 1st g 6 s .. . 1922 F - A
108% Dec '15 ___ 107% 109%
Merles F guar 4s gold___1953 J D 94 ____ 9514 Jan ’ 14
1st consol g 5s________1946 J - J
106
106% 12 100% 106%
Series G 4s guar_______1957 M- N 94 ____
* uft ;j5 —
92*2 9334
Ouar refund 4s............1929 J - D
92%
93*4 69 87% 94%
O 8t L A P 1st cons g 5a... 1932 A O 104l2 ____
Utah A Nor gold 5s___ 1926 J - J
102% Nov'15 . . . . 102 103%
104
Peoria 4 Pekin Un 1st g 6 §.. 1921 Q- F 101 101 109 S 0V. } { ----- 104
----- 101*8 102
1st extended 4s____ 1933 J - J
93% Oct ’ 151 . . . . 93% 93%
SM gold 4 >4 a...................61921 M -N;*------ 89 *2?
Vandalla cons g 4s Ser A .. 1955 F - A
93 Apr '13
197g
Pcro Marquette—Ref 4s . 1955 J - J 11
Consol 4s Series B ...........1957 M N
86
80 Sep ’ 15'___ || 86
Refunding guar 4s...........1955! J
J ------ 18%
11,2 11,2 Vera
Crux
A
P
1st
gu
4Ms.
.1934
J
J
42%
Aug ’ 15___ 42% 42%
4 West Mich 5 s
102*1.1 D 78
..
75 Dec ’ 15!72 75
Virginian 1st 5s Series A___ 1962 M - N
98%
98%! 40, 92
99%
• No price Friday; latest bid and aaked. a Due Jan 6 Due Feb eDue May. „ Due June, a Due July. * Due Aug. o Due Oct. v Due Nov. y Due Dec.
Option sale.
-d
o
ijS I M S " : ?
New York Bond Record—Concluded—Page 4_________[V°L' 10L
3062
'
N
B O N D S
Y . ST O C K E X C H A N G E
W e e k E n d in g D e c . 1 7 .
Ftict
Prict
Frida*
Dec. 1 7 .
Bid
"
Week's
Wttx't
Rang* or
Last Sa’t
Ask Low
High
-§ a
Hanot
W
arnat
Since
Jan. 1
L ew
Hioh
97
80
104%
,
If.
v
? o
B O N D S
J ^ n H
A N
d E
Y . ST O C K E X C H A N G E
W e e k E n d in g D e o . 1 7 .
Prict
Ife
Week'*
Week’t
Range_
R a n g e or
or
"ga
g §
L a st S a le
Did
Ask Low
High
NO.
Ranot
Rano
Since
Sine
Jan. 1
Low Higls
100% ------ 1 0 1 % J u n e ’ 14
T r e n t o n G & E l 1 s t g 5 s -------- 1 9 4 9 M - S
97% 101
100
S ep ’ 15
U n io n E le c L t A P 1 st g 5 s . .1 9 3 2 M - S
W a b a a h 1 s t g o l d 5 s ....................... 1 9 3 9 M - N
100
89
90
89
M a r ’ 15
R e fu n d in g * e x te n s io n 5 s . 1 9 3 3 M - N
3 d g o l d 5 s .................- - .................. 1 9 3 9 F - A
96
102%
1 0 2 % M a r ’ 15
102%
-----J
J
J
J
U
t
i
c
a
E
l
e
c
L
t
A
P
1
s
t
g
5
s
.
.
1
9
5
0
D e b e n t u r e S e r i e s B ................. 1 9 3 9
89%
93%
98
98
98
A u g '1 5
‘
93*12
l
i
U t i c a G a s A E l e c r e f 5 s _____ 1 9 5 7 J - J
1 st lie n e q u ip s I d g 5 s . . . 192 1 M - S
65
65
101
103%
es
68
1 0 3 % ---------- 1 0 3 % N o v ’ 1 5
D
W e s t c h e s t e r L t g g o l d 5 s ---------1 9 5 0 J
1 st lie n 5 0 - y r g t e r m 4 s . . -1 9 5 4 J - J
12
34
M is c e lla n e o u s
1 s t r e f a n d e x t g 4 s -------.1 9 5 8 J - J
99% 103%
70
82%
82%
82%
8
3
8
4
A d a m s E x c o l l t r g 4 s _________1 9 4 8 M - 8
C e n t T r c t f s a s s t p a i d ----------112% 1 50
112%
116
113
S a le
D o a s s t p a r t p a i d --------- . . .
102% 102% A l a s k a G o l d M d e b 6 s A _____ 1 9 2 5
1 0 2 % N o 'v ’ 15
90%
931*
92%
93
9
2
%
S
a
l
e
A r m o u r A Co 1 s t r e a l e s t 4 X s ’ 3 9 j ’ - D
C e n t T r s t p d c t fs a s st p a id .
84
88%
88% D e c ’ 15
8 8 % ---------B u s h T e r m i n a l 1 s t 4 s ________ 1 9 5 2 A - O
D o a s s t p a r t p a i d ---------------93% 109 "
84%
90
1 0 3 % D e c ’ 15
89
N o v ’ 15
101%-----87
90
J
J
C
o
n
s
o
l
5
s
_______________________
1
9
5
5
E q u lt T r c t fs a s s t p a id
34
50
42
83
88
42
---------- 4 2
88
D e c ’ 15
86%
87%
B l d g s 5 s g u a r t a x e x _________1 9 6 0 A - O
D o asst p a rt p a id ...
91
106
100
185 111
141
. 9 9 % ---------- 100
128%
132
1 3 1 % S a le
M -N
C
h
i
l
e
C
o
p
p
e
r
1
0
y
e
a
r
c
o
n
v
7
s
1
9
2
3
E q u lt T r s t p d c t fs a s st p a id
3
1
%
4
8
%
D e c '1 5 1 --------41
63
81%
83%
40
---------82%
82
8 2 % S a le
C o m p u t i n g T a b - R e c s f 6 s . .1 9 4 1 J D o a sst p a rt p a id .. . . . . .
23
98
111
103
102%
101%------ 101 N o v ’ 1 5 | --------- 9 9 1 0 1
103
S a le
G r a n b y C o n s M S A P co n 6s A ’ 28 M - N
D e t & C h E x t 1 s t g 5 s -------- 1 9 4 1 J - J
A u g ’ 12
80
69 1 0 2 % 1 0 5
103
102%
102%
102%
M
N
S
t
a
m
p
e
d
__________
____________
1
9
2
8
D e s M o l n D l v 1 s t g 4 3 ---------1 9 3 9 J - J
55
75
75
75
10 97 100
99%
I I I I '7 6 %
99%
A -O
9 9 % S a le
66
7 2 % | G r e a t F a lls P o w 1 s t s f 5 s . .1 9 4 0 M - N
O m D l v 1 s t g 3 X s .................... 1 9 4 1
66% J u ly ’ 15
145
97
190
180%
176
180
S a le
I n s p ir C o n s C o p 1 st c o n v 6 s . 1 9 2 2 M - S
T o l A C h D l v 1 s t g 4 s ---------1 9 4 1 M - S
1
8%
2
2
94*4 1 8 6
10
2
---------177
177
175
183
J
D
J
----------------1
9
1
9
5
y
e
a
r
c
o
n
v
d
e
b
6
s
W s b P i t t s T e r m 1 s t g 4 s --------- 1 9 5 4
%
9%
1
1%
1 % S a le
1
3
5
3
0
%
97%
9
4
%
9
7
%
9
7
%
S
a
l
e
I n t M e r c a n M a r i n e 4 X 8 _____ 1 9 2 2 A - O
C e n t a n d O ld C o l T r C o c e r t s ..
8%
%
1%
1%
1 % S a le
33%
97%
97% 4375
92
9 6 % S a le
C e r t ific a t e s o f d e p o s it
C o l u m b i a T r C o c e r t f s ...................
%
8
1
1
1
S a le
36
9 0 ie
10
9
0
%
______
8
9
9
2
%
F
I n t N a v i g a t i o n 1 s t s f 5 s -------- 1 9 2 9
C o l T r ctfs fo r C e n t T r ctfs . . .
%
1%
% N o v ’ 15
6
1
9
4
3
4
88*4
9578
%
%
9
5
%
9
4
%
S
a
l
e
M o n t a n a P o w e r 1 s t 5 s A ____ 1 9 4 3 J - J
2 d g o l d 4 s ---------------------------------- 1 9 5 4 J - D
%
1%
U S a le
89
89
89
N o v ’ 15
* ________ 9 0
J
J
M
o
r
r
i
s
A
C
o
1
s
t
s
f
4
X
s
_____
1
9
3
9
T r u s t C o c e r t f s ------------------- - - -
80%
85
85
N o v ’ 15
83
84%
A p r ’ 14
83
F -A
M tg e B o n d (N Y ) 4s ser 2 . . . 1966 A - O
W a s h T e r m l 1 s t g u 3 X 8 ---------1 9 4 5
91%
91%
9 1 % A u g ’ 15
92
_____
J u l y ’ 14
I I I I * 9 4 % 100
F -A
1 0 - 2 0 - y r 5 s s e r i e s 3 __________ 1 9 3 2 J - J
16
1 s t 4 0 - y r g u a r 4 s ....................1 9 4 o
54
76
73%
74
75
74
74
7 3 % S a le
72
______
71
A -O
F
A
N
Y
D
o
c
k
5
0
y
r
1
s
t
g
4
s
-------1
9
5
1
W e s t M a r y l a n d 1 s t g 4 s ---------1 9 5 2
100% 102%
104
D e c '1 5
1
0
3
%
---------101
N
o v ’ 15
100 101
100%
101%
N l a g F a l l s P o w 1 s t 5 s ................1 9 3 2 J - J
W e s t N Y & P a 1 s t g 5 s ------------1 9 3 7 J - J
74%
82%
8 2 % D e c ’ 15
80
83
1 0 4 % ______
A -O
R
e
f
A
g
e
n
6
s
............................a
l
9
3
2
G e n g o l d 4 s .......... ........................- 4 9 4 3 A - O
17%
20
20
D ec T 5
89%
91%
92
______
9 0 * N o v ’ 15
32
--------N ov
N la g L o c k A O P o w 1st 5 s . . 1954 M - N
I n c o m e 5 s ...................... .. ...........
96
101
10 0
10 0
____ 102
92%
95%
95%
95
9 5 % S a le
O n ta r io P o w e r N F 1 st 5 s . . . 1 9 4 3 F - A
W h e e lin g A L E 1 st g 5 s . — 1 9 2 6 A - O
9 5 % N o v ’ 13
89
D e c ’ 15
86%
90
86
______
95
---------M -N
O
n
t
a
r
i
o
T
r
a
n
s
m
i
s
s
i
o
n
5
s
---------1
9
4
5
W h e e l D l v 1 s t g o l d 5 s -------- 1 9 2 8 J - J
96%
9 4 % D e c '1 5
89%
90%
90
S a le
86%
91
9 4 % ______
A -O
F
A
P u b S erv C o rp N J gen 5 s— 1959
E x t e n & X m p t g o l d 5 s -------- 1 9 3 0
73
72
D e c ’ 15
124
125
103
137
______ 1 2 8 %
70%
71
R a y C o n s C o p 1 s t c o n v 6 s . .1 9 2 1 J - J
B K 1 s t c o n s o l 4 s .......................... 1 9 4 9 M - S
90
A p r ’ 14
9 2 % F e b '1 4
______
90
S ie r r a A S F P o w e r 1 s t 5 S ...1 9 4 9 F - A
20 - y e a r e q u i p s f 5 s . .............. 1 9 2 2 J - J
82
89
119%
120
8
8
D e c ’ 15
117
125
1
1
9
%
S
a
l
e
86%
88
M
N
W in s to n -S a le m S B 1st 4 s — 1960 J - J
T e n n e s s e e C o p 1 s t c o n v 6 s . .1 9 2 5
81
88
103% J a n ’ 14
87
87
______
87%
W is C e n t 5 0 -y r 1st g e n 4 s ...1 9 4 9 J - J
W a s h W a t e r P o w 1 s t 5 s _____ 1 9 3 9 J - J
82%
89%
89%
89%
______ 8 9 %
M
N
M a n u fa c tu r in g
&
I n d u s tr ia l
g u p & D u l d lv A te rm 1st 4s ’ 36
9934 102%
1017g
101%
102% 103
A -O
S t r e e t R a ilw a y
A m A g C h e m 1 s t c 5 s _________1 9 2 8
92
97%
100% 103%
97
96%
N o v ’ 15
97
S a le
102% 103% 103
B r o o k ly n R a p id T r a n g 58— 1945 A - O
C o n v d e b e n 5 s _______________ 1 9 2 4 F - A
96%
96%
91%
98
79%
85%
8 0 % D e c ’ 15
9
6
I
2
S
a
l
e
8
0
%
8
0
%
1 st r e fu n d c o n v g o ld 4 s — .2 0 0 2 J - J
A m C o t O il d e b e n t u r e 5 s . . . 1 9 3 1 M - N
218
1
0
0
%
1
0412
103%
103%
9
8
%
1
0
1
100%
100%
1 0 3 % S a le
1 0 0 % S a le
B -y e a r s e c u r e d n o t e s 5 s — 1 9 1 8 J - J
A m H i d e A L 1 s t s f g 6 s -------- 1 9 1 9 M - S
80
89%
88
100% 102
88
1 0 0 % O c t ’ 15
88
S a le
10 0 % 10 2
A
O
J
J
B k C i t y 1 s t c o n 6s . . 1 9 1 8 -1 9 4 1
A m e r I c e S e c u r d e b g 6 s -------- 1 9 2 5
103% 115%
114
113%
98
A p r '1 4
S114
S a le
B k Q C o A 8 co n gu g 5 s . . 1941 M - N
A m S m e lt S e c u r itie s s f 6 s . . 1 9 2 6 F - A
93%
98%
97%
97%
M a y ’ 13
97%
98%
98
- - - - 101
B k l y n Q C o A 8 1 s t 5 s ---------1 9 4 1 J - J
A m T h r e a d 1 s t c o l l t r 4 s -------- 1 9 1 9 J - J|
115
121%
1 1 9 % D e c '1 5
98 % 101%
100%
100%
1
0
0
%
S
a
l
e
A -O
B k ly n U n E l 1 s t g 4 -6 8 — 1 9 5 0 F - A
A
m
T
o
b
a
c
c
o
4
0
y
e
a
r
g
6
s
.
.
1
9
4
4
1
2
D
4
M
a
y
’
1
4
9
8
1
0
1
%
100%
100%
10 0
10 1
A -O
S t a m p e d g u a r 4 - 5 s .............. 1 9 5 0 F - A
R e g i s t e r e d ........................................1 9 4 4
94
98%
94
N O V ’ 15
79
83%
83 % D e c ’ 15
____ 93
82%
83%
K in g s C o u n t y E l 1 s t g 4 8 .1 9 4 9 F - A
G o l d 4 s _________________________1 9 5 1 F - A
98
J u n e ’ 14
79
82%
82
N o v ’ 15
82%
83%
F - A
S t a m p e d g u a r 4 s ------------- 1 9 4 9 F - A
R
e
g
i
s
t
e
r
e
d
_________________
1
9
5
1
617g 7 0
66%
66%
7
3
7
8
75
75
66%
70
75
75%
J
J
N a s s a u E le c g u a r g o ld 4 8 .1 9 5 1 J - J
A m W r i t P a p e r 1 s t s f 5 s -------- 1 9 1 9
100*4 1 0 6 %
92%
97%
106
106
97
97%
______ 1 0 6
97
S a le
C h i c a g o R y s 1 s t 5 s ------------------ 1 9 2 7 F - A
B a ld w L o c o W o r k s 1st 5 s — 1 9 4 0 M - N
98% 103
102%
103
1017* J u n e ’ 12
10234 1 0 3
C o n n B y A L 1st A re f g 4 X * 1951 J - J
B e t h S t e e l 1 s t e x t s f 5 s _______ 1 9 2 6 J - J
85% 102%
9 6 % J u n e ’ 14
101%
101%
"9 6 % I I I 1 0 1 % S a le
J
J
M
N
S t a m p e d g u a r 4 X s ................ 1 9 5 1
1 s t A r e f 5 s u a r A ___________ 1 9 4 2
9 6 % 10178
65%
79
7
7
7
7
%
100%
101
7
6
7
7
1
0
0
%
S
a
l
e
D e t U n ite d 1st c o n s g 4 X 8 — 1932 J - J
C e n t L e a t h 2 0 - y e a r g 5 a _____ 1 9 2 5 A - O
84
J a n '1 4
97*4
9 7 »4
9 7 34 J a n '1 5
______
98%
F
A
F t S m ith L t A T r 1 st g 5 8 — 1 9 3 6 M - S
___________
1
9
5
1
C
o
n
s
o
l
T
o
b
a
c
c
o
g
4
s
100 J u n e ’ 1 4
94*4
98%
9 8 % D e c ’ 15
io o ‘
9
8
%
1
0
0
J
D
M
N
G r a n d R a p id s R y l s t ’ g 58— 19 16
C o r n P r o d R e f 3 f g 5 s _________1 9 3 1
87
87
D
e
c
’
1
5
9
2
9
7
8
7
9
5
3
4
9
6
______
8
7
9534
9
5
%
H a v a n a E l e c c o n s o l g 5 s ---------1 9 5 2 F - A
1 st 2 5 -y e a r s f 5 s
................ . 1 9 3 4 M - N
75%
70
79%
75
95
101*4
75
75%
101%
101%
1 0 1 % S a le
A -O
H u d A M a n h a t 5 s 8 e r A ---------1 9 5 7 F - A
C
u
b
a
n
A
m
S
u
g
a
r
c
o
l
l
t
r
6
s
.
.
1
9
1
8
24%
33%
30%
31%
46%
75
31
S a le
71%
72
7
1
7
1
%
A
O
A d j u s t I n c o m e 5 s -------------------1 9 5 7
D is til S e c C o r c o n v 1st g 5 s . . 1927
10 0
10 0 %
1 0 0 % D e c ’ 15
84
104%
101%
1 0 1 % 1 0 1 % 101%
N Y A J e rse y le t 5s - . - - 1 9 3 2 F - A
E I d u P o n t P o w d e r 4 X s ____1 9 3 6 J - D
77
73%
79%
76%
8 7 1 * J u l y '14
7 6 % S a le
______
85
I n t e r b o r o - M e t r o p c o ll 4 H S .1 9 5 6 A - O
G e n e r a l B a k in g 1 st 2 5 -y r 6 8 .1 9 3 6 J - D
99%
96%
99%
7 4 " * *7*9" *
9 9 % S a le
7 8 l2
78%
78%
79
J
J
F
A
G e n E l e c t r i c d e b g 3 X s _______ 1 9 4 2
In te rb o ro R a p T ra n 1st 5 s .. 1966
92
82
92%
101% 106
104%
105
92
S a le
3105
S a le
D e b e n t u r e 5 s _________________ 1 9 5 2 M - S
M a n h a t R y (N Y ) c o n s g 4s . 1 9 9 0 A - O
92
85
93
82%
92%
91
91*4
91%
92
91
S a le
111 S t e e l d e b 4 X s ............. ............... 1 9 4 0 A - O
S t a m p e d t a x - e x e m p t ----------- 1 9 9 0 A - O
99
102%
101%
101%
1 0 1 % S a le
M
N
I n d i a n a S t e e l 1 s t 6 s ------------------- 1 9 5 2
M e t r o p o lit a n S tre e t R y —
9 7 % 101
D ec T 5
O c t ’ 13
100
_
_
_
_
_
_ 100
98
—
J - J
J -D
I
n
g
e
r
s
o
l
l
R
a
n
d
1
s
t
5
s
------------f
l
9
3
5
B w a y A 7 th A v 1st o g 5 S . 1943
94
100
N o v ’ 15
102%
99*4 1 0 2 %
____ 100
102% 102% 102%
M - S
I n t P a p e r C o 1st c o n g 6 s . . -1 9 1 8 F - A
C o l A 9 th A v 1st gu g 6 8 -1 9 9 3
98%
99%
D ec ’15
82%
83
78*4
83
83
85
______
99%
M - S
C o n s o l c o n v s f g 5 s _________ 1 9 3 5 J - J
L e x A v A P F 1 s t g u g 6 8 .1 9 9 3
__
M a r ’ 14
70
70
N o v ’ 15
73%
75
MS
F I
n
t
S
t
P
u
m
p
1
s
t
s
f
5
s
_________
1
9
2
9
M e t W S E l (C h ic ) 1 st g 4 3 - 1 9 3 8
10 1% 16 1%
10 1% A u g ’ 15
73
74
77
73
S a le
F -A
C e rtfs o f d e p o s it . .
92%
92%
M llw E le c R y A L t c o n s g 5 s 1 9 2 6
9 2 % F e b ’ 15
98%
9
8
%
9
8
%
______
92%
9
8
9
8
%
-O
J - J
100%100% L a c k a w S t e e l 1 s t g 5 s _________ 1 9 2 3
R e fu n d in g A e x te n 4 X * - - J 9 3 1
100% N o v ’ 15
91%
93%
97
9134 S a le
10 0
------J
1 s t c o n 5 s S e r i e s A . ................ 1 9 5 0 M - 8
M l n n e a p S t 1 s t c o n s g 5 s ---------1 9 1 9
124
125%
121*4 1 2 6
1
2
4
%
S
a
l
e
A
O
L ig g e t t A M y e r s T o b a c 7 s . .1 9 4 4
94%
91% N o v ’ 15
M o n tre a l T ra m w a y s 1st A
rei
10138
I O I 84
______ 9 5
99% 102%
1 0 1 % S a le
F - A
J - J
5
s
.........................................................
1
9
5
1
7
8
78
F e b '1 5
5 0 - y e a r 5 s S e r A ......................... 1 9 4 1
124
119
124%
124
12434 1 2 4
J - J
L o r l l l a r d C o ( P ) 7 s ....................... 1 9 4 4 A - O
74%
N ew o n R y A L t gen 4 X 8 — 1935
73
73%
100%
101%
95% 102
73
S a le
1 0 0 % S a le
5 s .............................................................1 9 5 1 F - A
55%
N Y R y s 1st R E A ref 4s — 1942 J 53%
55
D e c ’ 15
5 4 i » S a le
95% 110
109
114% 110
A -O
M e x ic a n P e tr o l L td c o n 6s A 1921 A - O
8
3
3 0 - y e a r a d j I n c 5 s ---------------- < * 1 9 4 2
86 A p r ’ 1 5
108
110
95
110%
110
S a le
84%
85%
M -N
1 s t H en A r e f 6 s s e r ie s C . . . 1921 A - O
99%
N Y S ta te R y s 1st co n s 4 X 3 .1 9 6 2
95
9534
96%
95
96*4
9 6 % S a le
94
96%
M -N
N a t E n a m A S t p g 1 s t 5 s ---------1 9 2 9 J - D
80
P o r t l a n d R y 1 s t A r e f 5 s -------- 1 9 3 0
Sep '15
83
J u n e ’ 15
85
84
______
80
______
80
J - J
F
A
N
a
t
S
t
a
r
c
h
2
0
y
r
d
e
b
5
s
---------1
9
3
0
100
P o r t ld R y L t A P 1 s t r e f 58 -19 4 2
M a y ’ 16
100%
100%
100%
100%
102
100
M
N
N a t i o n a l T u b e 1 s t 5 s ................... 1 9 5 2
P o r t la n d G e n E le c 1 s t 5 s . 1935 J - J
104
N o v '0 8
10334 1 0 4 % 1 0 4
104
M -N
98
N
Y
A
i
r
B
r
a
k
e
1
s
t
c
o
n
v
6
s
.
.
1
9
2
8
S t J o s R y . L , H A P 1st g 5 s - 1937 M -N
100
100
100 Sep '15
R a ilw a y S te e l S p rin g —
B t P a u l C i t y C a b c o n s g 58— 19 37 J - J
99%
99%
78
85%
9 9 % S a le
95% 100
83
J - J
82%
83
S a le
J - J
L a t r o b e P la n t 1 st s f 5 s . . . 1 9 2 }
95
95
T h i r d A v e 1 s t r e f 4 s ....................... I 9 6 0
75
82
95
96%
90
95%
A -O
79%
81
8 0 % S a le
A -O
In te r o c e a n P 1st s f 5s
..1 9 3 1
96%
97%
104% 107%
A d j I n c 5 s ..................................... a J 9 ® 9
90%
97*4
9612 S a le
A
O
107% D e c ’ 15
1
0
7
%
1
0
9
%
R e p u b I A S 1 0 -3 0 -y r 5 s s 1 --J 9 4 0
T h i r d A v e R y 1 s t g 5 s ...................1 9 3 7 J - J
97
D e c ’ 15
881* 9 7
95*4 9 6 %
20 94% 9 9 %
M -N
98
98%
98
99%
S ta n d a r d M illin g 1s t 5 s —
-1 9 3 0
A
O
1
5
1
0
4
%
1
0
5
T r l-C lty R y A L t 1st s f 6 s— 1923
97% 106
1 0 4 % S a le
9 5 % J ' l y '1 4
______
94
T h e T e x a s C o c o n v d e b 6 s .. 1931 J - J
J
J
79
D e c ’ 15
U n d e r g r o f L o n d o n 4 X s -------- 1 9 3 3
78
80
75
80
70
70%
70
D e c '1 5
______ 7 0
U n io n B a g A P a p e r 1 st 5 s . . 1930 J - J
9 1 % J a n ’ 13
I n c o m e 6 s ______________________ 1 9 4 8
78
______
- J
84
O ct ’08
c if o m n f*(l
- ___________ ___l » o U
75
75%
U n io n E le v (C h ic ) 1 st g 5 8 - 1 9 4 9 A -O
65
77%
75
S a le
65
75
74
O c t '1 5
J - J
u
S
R
e
a
l
t
y
*
I
c
o
n
v
d
e
b
g
5
s
1
9
2
4
M -N
25*4 N o v ’ 15
U n ite d R y s X n v 5 s P it t s ls s .1 9 2 6
19
24
20
30
60
64
64
64
62%
70
U 8 R e d & R e fg 1st g 6s
. . J931 J
103%
103%
1 0 3 % S a le
101% 103%
U n i t e d R y s S t L 1 s t g 4 s -------- 1 9 3 4 J - J
69%
59%
J -D
6 9 % M a r ’ 15
---------U S R u b b e r 1 0 -y r c o ll tr 6 s . 1918
59
A -O
103%
104
99% 105
S t L o u is T r a n s it g u 5 s — 1924
40
55%
1 0 3 * s S a lo
M
N
4
4
4
7
%
4 7 % S a le
U S S t e e l C o r p — ( c o u p ---------d l 9 6 3
104% D e c T 5
U n ite d R R s S a n F r s f 4 s . . . 1927 A - O
99*4 1 0 5
82
91
90%
91
S f 1 0 -6 0 -y r5 s \ rcg . .
-d }9 6 3 M -N
90%
91
V a R y A P o w 1st A re f 5 s . — 1934 J - J
98%
9834
89
99
9 8 % S a le
V a -C a r C h e m 1st 1 5 -y r 5 s ..} 9 2 3 J - D
G a * a n d E le c t r ic L ig h t
102 *8 102%
103
0 6 % 103*4
102
102%
A
O
1
0
3
S
e
p
’
1
5
103
______
C o n v d e b 6 s . — - - - ---------- ‘ J 9 - 4
A t l a n t a G L C o 1 s t g 5 s -------- 1 9 4 7 J - D
102*4
105
102*8 102% 102%
1 0 0 % 102*4
1 0 4 % ---------- 1 0 4 % D e c ’ 1 5
W e s t E le c t r ic 1 st 5 s iD e c
-.1 9 2 2 J - J
M
N
B k ly n U n G a s 1st c o n s g 5 s . 1945
105%
8 9 % 105*4
105
105% 105
J - J
64
J u n e ’ 13
w e stJ n g h ou se E 4 M b
A -O
B u f f a l o C i t y G a s 1 s t g 5 s ---------1 9 4 7
134%
139
10 9 % 1491*
136
139
97
97
97
F e b ’ 15
98
90
C o n v s f 53 ( ls s o f 1 9 1 5 ) - 93 1
C o lu m b u s G a s 1 s t g o ld 5 s . . -1 9 3 2 J - J
101%
98% 101%
101%____ 101%
130 109% 122%
A -O
120%
122%
S
a
l
e
1
2
2
%
10
y
e
a
r
c
o
l
l
t
r
n
o
t
e
s
5
s
---------1
9
1
7
C o n s o l G a s c o n v d e b 6 s --------1 9 2 0 Q - F
9 9 % 101
1 0 0 % N o v '1 5
C oal & Iron
10 0 % 10 2
92
J u ly ’14
D e t r o i t C i t y G a s g o l d 5 s -------- 1 9 2 3 J - J
9 1 % ______
98%
98%
J -D
_
_
_
_
_
_ 98% N o v ’ 15
99
B u ff * S u sq ir o n s f 5s . . .. . 1 9 3 2
F
A
86
85
O c t ’ 15
D e t r o it G a s C o c o n s 1st g 5 s . 1918
85
88
101% 103%
1 0 3 % D e c '1 5
D e b e n t u r e 5s.. —
oJ926 M - 8
102*4 —
95
95
N o v ’ 15
93%
95
D e t r o it E d is o n 1st c o ll tr 5 s . 1933 J - J
100% 100% C o l F & I C o g e n s f g 5 s ---------} 9 « F - A
10 0 % M a y ’ 15
74%
74%
80
74%
76
E q G L N Y 1 st c o n s g 5 s . . .1 9 3 2 M - S
F - A
F e b ’ 13
_
_
_
_
_ 100
10
0
C o l In d u s 1st & c o l{ 5s g u . . 1934
J
D
73
M a r ’ 14
20
___
G a s A E le c B e rg C o o g 5s . . 1949
J
D
101
103%
1
0
2
%
D
e
c
'1
5
_
_
_
_
_
_
Tn H C o a l M e 1 s t 5 8 — 1 9 3 .>
10 2
M -N
9
0
3
4
9
0
*
4
8
8
%
92%
9
0
*
4
9
2
%
H u d s o n C o G a s 1 s t g 5 s ---------1 9 4 9
J
D
92
M a r ’ 14
91
C o n s C o a l o f M d ls t A r e fC s . 1950
9 9 % F e b ’ 14
K a n C it y ( M o ) G a s 1 s t g 5 8 .19 2 2 A - O
102% 104%
F -A
102%
102*% ______ 102%
C o n tin e n ta l C o a l 1 s t g 5 s . . . 1952
102% A p r ’06
____
0434
K i n g s C o E l L A P g 5 s ............. 1 9 3 7 A - O
1
1
3
1
1
5
A
O
115
115
—
115
O r R lv C o a l A C 1st g 6S— M 9 1 9
90
J u ly ’ 15
90
90
P u r c h a s e m o n e y 6 s -------------- 1 9 9 7 A - O
1 2 2 % D e c ’ 12
K a n & H C A C 1 s t s f g 5 8 .1 9 5 1 J - J
85%
99%
89 Sale 8 8 * 4
C o n v e r t i b l e d e b 6 s ---------------- 1 9 2 2 M - S
89
115
126
J - J
125% D e c ’ 15
125
130
P o c a h C o n C o llie r 1 st s f 5 s . 1957
8 4 % N o v ’ 15
82
8 4 t*
C o n v e r t i b l e d e b 6 s ---------------- 1 9 2 5 M - S
81
____
86%
88
J
J
8 t L R o c k M t * P 5 s s tm p d . 955
8 6 % ______ 8 6 % O c t ’ 1 5
E d E l 111 B k n 1 s t c o n g 4 s . 1 9 3 9 J - J
100
103%
100% 101% T e n n C o a l g e n 5 s ---------— --------- } 9 5 1 J - J 1 0 2 1 0 2 * 4 1 0 2 % D e o ’ 1 5
1 0 1 % D e c '1 6
1
0
1
_
_
_
_
_
_
Q
F
L a c G a s L o f S t L 1st g 5 s ..« 1 9 1 9
99% 102%
101% 102% 102
102
97
101%
J - J
10 1
100% 101 1 0 1
B lr m D l v 1 s t c o n s o l 6 s . . . 1 9 1 7
R e f a n d e x t 1 s t g 5 s ................. 1 9 3 4 A - O
102
100% 102
101%____ 102
A -O
90
92%
92
92
91%
92%
T e n n D l v 1 s t g 6 s . . ---------o J 9 1 7
M i l w a u k e e G a s L 1 s t 4 s ----------1 9 2 7 M - N
101
D e c ’ 14
--------- 1 0 6
103
103%
J - D
1
0
3
%
A
u
g
’
1
5
1
0
3
%
---------C a h C M C o 1 st g u 6 s . . . .1 9 2 2
N e w a r k C o n G a s g 5 s -------------- 1 9 4 8 J - D
73
A p r ’ 14
--------75
101% 105
104%
105
104% 105
- D
V ic to r F u e l 1st s f 5 S - - - - - - - J 9 5 3 J - J
N Y G E L H A P g 5 s . ............. 1 9 4 8
82
90%
80
85%
86
88% 8 8 % D e o ’ 1 5
M - S
85
85%
85
S a le
V a I r o n C o a lA C o k e 1 st g 5 s J 1949
P u r c h a s e m o n e y g 4 s ............. 1 9 4 9 F - A
1
0
6
%
1
0
7
%
1
0
7
O
c
t
’
1
5
1 0 7 % ______
- J
T
e
l
e
g
r
a
p
h
&
^
•
l
e
.
p
h
o
n
,
q
2
q
8
6
%
91%
E d E l 111 1 s t c o n s g 5 s ---------1 9 9 5
9
0
%
9
1
9 0 % S a le
99
101
100% 101% 1 0 1 D e c ’ 1 5
A m T e le p A T e l c o ll tr 4 8 — 1929 J - J
N Y A Q E l L A P 1st c o n g 5 8 -1 9 3 0 F - A
91*4 10 1
100%
100
______ 100%
M - S
9 2 % J u ly ’ 09
C o n v e r t i b l e 4 s . - . - - .............1 9 3 6
96
109%
N Y A R i c h G a s 1 s t g 5 s ---------1 9 2 1 M - N
1
0
6
%
1
0
7
1
0
6
*
4
S
a
l
e
M
8
2 0 -y r c o n v e r tib le 4 X s - . — 1933
98% 102%
P a c ific G A E l C o C a l G A E
91
97
101%
101% 101*4 101%
96%
96%
9 6 % S a le
c e n t D is t T e l 1 s t 3 0 - y r 5 s . .1 9 4 3 J - D
C o r p u n i f y i n g A r e f 6 s _____ 1 9 3 7 M - H
8 8 % J u n e ’ 14
C o m m e r c ia l C a b le 1st g 4 s . . 2 3 9 7 Q - J
P a o P o w A L t 1st A r e f 2 0 -y r
7
9
A
p
r
’
1
4
8
8
1
*
9
1
91
F e b *15
I I I I *84
Q - J
91
93
95
99%
5 s I n t e r n a t S e r i e s ....................... 1 9 3 0 F - A
99%
99%
991* 99 %
9 9 % S a le
100%------ 9 9 % O c t '1 5
C u m ' b T & T 1 s t A g 'e n 5 s . . - 1 9 3 7 J - J
05
95
P a t A P a s s a i c G A E l 5 s -------- 1 9 4 9 M - 8
95
N o v ’ 15
110
115
114
D e c '1 5
* 9 4 % ______
J - J
114% 115
100
101%
P e o p G a s A C 1st co n s g 6 s . . 1943 A - O
1
0
1
%
N
o
v
’
1
5
102% 2 4 9 9 % 1 0 2 %
101%-----M -N
102% 102% 102%
97% 100
R e f u n d i n g g o l d 5 s -----------------1 9 4 7 M - S
100
D e o 15
9
9
S
e
p
'1
3
1
0
0
1
0
1
%
F
A
M i c h S t a t e T e l e p 1 s t 5 s ------- } 9 2 4
101% 101%
R e g i s t e r e d ...................................1 9 4 7 M - S
101
103
102%
100%------ 1 0 1 % J u n e ’ 1 5
102% 102% 102%
N Y A N J T e le p h o n e 5s 8 — 1920 M - N
94
99
C h G - L A C k e 1 s t g u g 5 8 .19 3 7 J - J
98%
98%
99% 101%
98%
98*4
xt Y
-v TT’ eo li pe pn 1 s t A g ee nn ss f 4 X 8a - 1 9 3 9 M - N
---------- 1 0 0 % N o v ' 1 5
10 1
N
C o n G C o o f C h i 1st g u g 5 s l9 3 6 J - D
94*4 1 0 0
99**
99%
93
M a r ’ 12
9
9
*
4
S
a
l
e
P a o T e l A T e l 1 s t 5 s -------------------1 9 3 7 J 9
6
%
1
00
I n d N a t G a s A O il 3 0 -y r 6 s l9 3 6 M - N
9
9
%
9
9
%
9 9 % 100%
9 9 % S a te
South B e l l T e l A T 1 s t 8 1 5 8 - 1 9 4 1 J •
100%------ 1 0 0 % N o v ’ 1 5
95
101%
M u F u e l G a s 1 st g u g 5 8 — 194# M - N
101%
101%
95
396
1 0 1 % S a le
95
O c t ’ 15
96
______
W e s t U n io n c o ll tr c u r 5 s . . .1 9 3 8 J •
%
96%
P h i l a d e l p h i a C o c o n v 5 s -------- 1 9 1 9 F - A
94%
94%
9
4
%
S
a
l
e
9
6
%
J
u
n
e
’
1
4
88
91
F d a n d r e a l e s t g 4 X 8 -------- 1 9 5 0 M - N
C o n v d e b e n g o l d 5 s ............. . 1 9 2 2 M - N
104
J u n e ’ 11
96
88%
96
96
96%
98%
M u t U n T e l g u e x t 5 s -------- 1 9 4 1 M - N
S ta n d G a s A E l c o n v s f 6 8 — 1926 J - D
90%
9 0 % M a r ’ 15 I I I I I I " 9 0 %
99%
99%
9
0
---------9
9
%
D
e
c
T
5
9
9
%
1
0
0
------------„
„
N o rth w e st T e l gu 4 X 8 g . . 1934 J y r a c u s e L ig h tin g 1 st g 5 s . . 1951 J - D
84
______ 1 8 5 % J u n e 1 2
y r a c u s e L ig h t A P o w e r 5 s . . 1954 J - J
D u e J u ly . * D u e A u g . 0 D u e O c t . p D u e N o v . » D u e D e e . 3 O p t io n .a le .
103
10318
9834 Sale
10 2 %
1 0 3 i4
98%
99%
90
J u n e ’ 12
93% N o v ’15
65
M a r ’ 15
22
O c t ’ 15
102
D e c ’ 15
88
No price Friday: latest bid and asked, a Due Jan. a Due April, s Due May. , Due June.
D ec. 18 1915.]
BOSTON STOCK EXCHANGE—Stock Record s..BN
°«tDPa*.
S H A R E P R IC E S — N O T P E R C E N T U M
S a tu r d a y
D ec. 11
1
|
M onday
D e c . 13
T u esd a y
D e c 14
W ed nesd a y
D e c 15
1
j
P R IC E S .
T h ursd a y
D e c 16
F r id a y
D e c 17
106 106 *106
107 ^*105*2 106
102 *101*4 102 *10 112 102 *10 1
188
190 *187 188*2 *187 191
82
8H2 S2
81*2 821? 81
130
130 140
129
129 *
34
33
*33
34
33*2 34
235 *__
235 *
230 *
*
5 *
5 *
5 ♦
♦40
*40
*40
*40
*5
*5
*5
*5
47
*45
47
*45
*45
47
*45
*
15734 *
157*4 *
157*4 ♦
x io i
*105
*105
*105
160
*155 160 *155 160 *155 160
70*4 70*4 70*4 70*4 70*2 70*2 *70*2
*119
*119
*119
*119
86*4 *86
86*4 *86
*86
86*4 *86
* 10 1 101*2 10 1 10 1 *100 100*4 100
7
*678 7*2 *6*2
7
*6*4 7*2
*35
37
*36
*35
35*2 36
74*2 74*8 7538 74
74*2 75*4 74
*97
98
98
*97
*97
*150 150 *150
*151
*151
29*4 *25
25
*26
29*4 *26
25
*137 147*4 *136*8 136*4 136*2 136*2 ♦137*4
*106*4
*1 0 1 %
*187
81*2
*
33*4
*116
*64
*82
120
83
*116
*64
*82
120
83
*115 120
64*2 65
82*2 83
71
70*4
71
*70*2 72
99*2 9912 99*8 99*4 99
2
2
2
2
2*8
14
14
13*4 13*4 *13
115*2 115*4 115
115*8 116
118
118*2 118*2 119 119
128*2 128*4 128 128*2 128*4
48
48
48
48
48
97*2
98
97*2 98*2 98
67
*64*2
66*2 *
*65
100*4
100 100
*100 10 1
30*4 31*2 30*2 30*4 30*2
44
43
43*2
44*4 45
9*4
9*4 97g
9*4 9*4
242
242 242*j 242 242
175
174*2 174*2 *174*2 175
99
*98*2
99
*98*2 99
84*2 85*4 84*4 84*4 84*4
84*2 84*2
84*4 84*4 84
•165 170 *165 170 *160
2*4 *2
*2
2*4 *2
*15 ___ *1512
*15
*42
*42
*42
*
30 *
30 *
60
*51
*51
60
*51
13U2 13112 13U2 132 *13112
164 164 *164 166
165
*16
16*8 *16
16*2 *16
125
125*2 126*4 125*2 126
*34*4 35*4 *34*4 35*2 *3412
30
♦29
29*4 29*4 *29
*1
*1
*1
1*2
1*2
147
146*2 148*2 146*2 147
51*2 5078 51*2 x50*4
51
29
2878 29*4 *2878
29
85*2
85*4 86*2 85*8 86
116 116
116 116*4 ♦116
11
11*4 11*4
11*8 12
* 1*2
95
22*8
*1
55
63*4
634
*3
69
66
535
16
52*4
55
4
14*2
*9*4
75*4
43*4
15*2
*28*2
*5
47*4
*88*4
25
4*4
2*4
15*2
*5
*1*4
11*4
*3*4
33*8
2*8
83
16
9*2
11*2
7*4
30*8
*1*4
1*2
*3
57
8212
15*4
*83
*25
57
3*8
7*2
33*8
*5*8
22*2
*2
46*2
9's
.33
43*4
4.8*4
*3*8
*11*2
78*4
*2*2
*3*2
*55*2
*1*8
1*4
95
23*8
1 12
55
65*8
7
3*4
71
67*4
535
16
52*4
56
4
15
9*2
78*8
46*4
16
30
5*2
48*4
90
25
4%
2%
15*4
5l2
2
11*4
4
33*8
2*8
84*2
16*2
9>?
12
77g
30*8
2
1*2
3*2
57
83
15*4
85
25*4
57
3*8
7*2
34*4
5*4
24
2*2
47*2
9*2
.35
45
49
3*8
11*4
79*8
3
37,
56
1*4
*1*2
92*2
2212
*1
55*8
63*4
. 6*4
*27g
69*4
66*4
528
16
52*4
55*4
3*4
1434
9
76
45U
15>4
*28*2
*5
48*4
*8S*4
25
4*4
2?8
15
*5U
*1*2
10*4
*3*4
33*8
2
8212
16*4
9
11*4
7h
29*2
* 1*8
*1*2
*3
57
82
15*4
83
25
56
3
7*4
33*4
5*2
23*2
2
45
9
.33
44*2
48*2
3*4
11*8
78%
*2*2
3*2
*55
* 1*8
2
94
23*2
1*2
65*2
64 34
67g
3*8
7034
67
535
16
5234
56
4
15
9*4
77*2
46
15*4
30
5*2
48*4
90
25*2
5
2%
15*2
5*2
2
11*4
4
33*8
2
84
16*4
9*4
11*4
8
30*4
2
2
3*4
58
83
16
83
25*8
57
3*8
7*4
3378
512
24
2
46*2
9*2
.35
45
49
3*4
1 178
79*4
2*4
3*2
56
17g
• B i d a n d a sk e d p rio e .
1*8
*92*8
22*4
134
55
63*2
6%
*3
70*2
66*2
530
16
52*8
55*2
*3*8
14*2
9
77*2
45
15
*2.8*2
5
48*4
89
25
4.34
278
15*2
5*4
2
11
334
*33*8
2
84
157g
934
1134
7*4
30
2
*1*2
3*4
58
83
1534
82*2
25*4
56*2
3*4
7*2
333s
534
24
2
46
9
.33
45
48*4
3*8
*11*2
79
2*2
*312
56
*1*8
108*2 *105*4 106
10134
L a s t S a le 101*2NovT5
188
188*2 188*2 ___ ___
82
81
81*2 81% 81%
130
129
34
34
34
33
33*4
230
L a s t Sale 230 Dec'15
L a s t S ale 6
5
Dec’ 15
___
L a s t S ale 40
N ov’ 15
___
L a s t S ale 5
Dec’ 15
47
L a s t Sale 45
N ov’ 15
L a s t S a le 160 Sept’ 15
15734
104 104
104
160 *157 160
155 155
72
____
7034 7034 72
___
L a s t Sale 120 Dec’ 15
Dec’ 15
8634
L a s t S a le 86
___ ___
100*4 100 100
___ ___
7*2 *6*4 7
35
35
*35
36
36
74*4
*74
75*2 74*2 75
___ *97 ___ ___ ___
___ *150 ___ 150*2 150*2
29
*26
29*4 ___ ___
13734 *136 13634 ___ ___
L a s t S ale 817g N ov’ 15
L a st S ale 116 Dec’ 15
*115 120
647g 65
6478 65
64*2 65
84
*83
84
83
83% 84
S a les
o f th e
W eek
S h a res
2
95
24*8
2
56
66
7*4
*3
715g
67
540
16
54
57
4
15
9
78
45*4
15
*29
*5*4
49*2
89
27*2
434
27g
18
514
2
1134
4
*33*2
2
85*4
16
10
12
734
303g
2*4
*1*2
3*4
*57*2
84
15*2
8434
25*4
57
3*4
734
33*2
5*2
2434
2
48*2
10
.33
45*2
48*4
z3
1 1»4
80*8
*2*2
♦35s
56
*158
2
*178 2
96*2 96
96
25
24*8 2434
2
*158 1J4
5634 55*8 55*8
67*4 64% 66%
7*2
7
7*4
2*4 3
3*4
7234 X63
64%
68
6734
67
540
540 540
16
16
16
54
*51
51*2
57*2 56l2 57
4
37g 3/g
1512 147g 15*4
9*41 *9
9*4
79*2 79
79*4
46
45
40
16
15*2 15*2
____
534
50*2
89*2
28
434
27g
18*2
5i2
234
12*8
4
335s
2
86*4
16
10 ’s
12
8
31
2*2
2
3*4
57*2
85
157g
85
25*4
57
3*2
734
337g
6*8
25
2
49
10*2
.33
46*4
49
3*8
12
807g
23.1
37g
56*2
2
a Ex-dlvIdend and r ig h t s .
*17g 2
z93% 94
23*4 25*2
*17g
1*4
55*4 55*2
64% 6534
7*4 7*4
2*4 23.,
6234 637S
66
67
540 540
16
16
*5112 52
55*2 5634
*3% 4
147S 15
9*4 9*4
79*4 79*4
*4434 45
1534 1534
L a s t S ale 29% Dec’ 15
5
5
5
5
49*2 50*8 48*4 49
*89*4 90
*89% 90
2634 27*2 27
27
434 434 *412 4%
*27g 3
27g 27«
175g 1834 IS
1834
*5
5*2 *5
51?
2% 2*2
2% 2%
11*4 11*4
11*2 11*2
4
4
4
4
*33
33*2 *33
33*2
*134 2
A/la 2
857g 87
86
89
15% 15%
*1512 16
934 10
10
10
1134 12
____ —
77g V s
734 8
30*4 30*4
30*2
30*4
2%
2*8 2*2 *2
*1*2
1*4 *1*2
*3
3*2
3
3
5734 *56*4 57*2
57
83
8412 84*2 83
15*4 157g
1534 16
84*2 8434 84*2 86
*24
24*2 24% 24%
56*2
*56
57
*56
3
3*4
3*8 3*4
7*2 7*2
7*2 7*2
33*4 34*4 33*4 34
5*2 5%
5*2 534
24
24*2 2334 24
2
2
*2
2*4
47
47
*47*2 4S%
9*8 9*4
9*2 10
.35
.35
.39
*.33
45*2 45*4 45*2 467g
49
4834 49
49
3
3
3
3
1 1 S4 12
12
12
77*2 77*2 77% 78%
*2*2 23,
2*4 2*2
*3*4
3% *3*2 37g
57*2 57*2 *56*2 56*41
L a s t S ale 1% Dec’ 15
5
Ex-stock dividend.
R a n g e S in c e J a n .
1.
R a n g e f o r P r e v io u s
Y e a r 1914.
H ig h e s t .
Railroads
10 Atch Topeka & Santa Fe.-lOO
Do pref______________100
15 Boston & Albany________ 100
79 Boston Elevated_________ 100
251 Boston & Lowell_________ 100
191 Boston & M aine_________ 100
Boston & Providence_____ 100
Boston Suburban Elec Cos__
Do pref_________________
Boston & Wore Electric C o s..
Do pref_________________
Chic June Ry A U 8 Y __ 100
46 Do pref___________
1 1 Connecticut River_______ 100
48 Fitchburg pref___________ 100
Georgia Ry & Elec stampdlOO
Do pref______________100
88 Maine Central___________ 100
110 Mass Electric Cos________ 100
81
Do pref stamped_____ 100
444 N Y N H & Hartford......... 100
10 Northern New Hampshire. 100
17 Old Colony______________loo
1 Rutland, pref____________100
5 Union Pacific_____________100
Do pref......................... 100
Vermont & Massachusetts. 100
685 West End Street__________ 50
159 Do pref_______________50
92*4 Feb 23
97 Jan 15
170 M ar 5
73 Junel6
109 Feb 26
20 Feb 13
225 Jan 5
6 Dec 2
40 Sep 21
5 Nov24
39 Jan 20
157 Feb 13
101% July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 M ar 4
478 June 7
33 July21
43 Feb 25
89 Oct 1
140 Aug 3
15 M arl7
116% Jan 4
7934 M a rll
105 Feb 9
61 M ayl5
80 July 1
Miscellaneous
Amer Agrlcul Chemical__ 100
Do pref______________100
Amer Pneumatic Service_50
Do pref_______________50
Amer Sugar Refining_____ 100
Do pref______________100
Amer Telep & Teleg______ 100
American Woolen tr c t f s ___
Do preferred tr c t f s ___
Amoskeag Manufacturing___
Do pref______________
Atl Gulf & W I S S Lines. 100
Do pref______________100
East Boston Land_______ 10
Edison Electric Ilium____ 100
General Electric............. -.100
McElwain (W H) 1st pref. 100
Massachusetts Gas Cos__ 100
Do pref......................... 100
Mergenthaler Linotype__ 100
Mexican Telephone______10
Mississippi River P o w e r..100
Do p ref........................ ioo
New Eng Cotton Yarn___ 100
Do pref......................... ioo
New England Telephone. .100
Pullman Company______100
Reece Button-Hole............ 10
Swift & Co_________
100
Torrlngton________________25
Do pref____ _____
25
Union Copper L & M ‘.______ 25
United F ru it___ : . . .......... 100
United Shoe Mach Corp._ 25
Do pref_______________25
U S Steel Corporation___ 100
Do pref........ ............... 100
Ventura Consol OH Fields.
48 Jan 5
8712 Mar25
134 M arl 7
13U Dec 10
100 Feb 24
109 Feb 5
116 Jan 4
16*2 Apr 6
77 Feb 5
5918 Jan 20
9712 May 25
4 Feb 24
97g Marl2
8i2 Dec 2
230 MaylO
138*4 Feb 26
96% Aug 25
78 Apr 8
84 N ovl6
154 Feb S
14 Apr 20
10 June 4
35 Feb 23
20 Apr 15
25 July 1
ZI27I4 Junel6
150 Feb 24
15 Sep 27
10434 Jan 4
28 Mar 8
26 Mar25
.95 Jan 18
110 Feb 25
48 Aug 17
28 Mar27
38 Feb 1
IO2I4 Jan 27
107s NovlO
72
175
*70*2 71*2
71*4 *71
438
100
99*2 9934 99*2 100
99*2 99*2
2
2
2
2
2
1,285
2
2 %,
14
14
14
14
14
14
131
14
115*2 115*2 116*2 11534 11634 115*2 115*2
167
122
118 118*2 118 118
118
118 118
128*8 128*2 12878 128*4 12834 128% 12S*2 2,193
___
47
47
54
48
9534 96
563
98
96*2 96*2
97*2 98
07
67 *___
L a st Sale 66
Dec’ 15
105
100*4 *100 10 1 *100*4 ___ ___ ___
30*2 30*8 31
1,799
3058 31% 30% 31*4
43*4 44*4 45
44*2 45*2 44*2 45
1,508
210
9*2 *9*4 95g
9*8 9*8 ___
242
242 242
376
242*4 242*2 242% 242*4
175 *17212 174 *17212 174
___ ___
7S
99
99
99
99
99
99
136
99
84*4 84
977
84*2 84*2 85*2 85*2 86
8434 8412 8434 84*2 8434 8434 85
521
168 *163 16S *164*2 168
3
165 165
2*4 *2
L a s t S a le 2%
Dec’ 15
2*4
___ *15 ___ *15
16
50
16
*42
L a s t S ale 40
Dec’ 15
30 *
30
L a s t S ale 30
Nov’ 15
60
*51
60
Dec’ 15
L a st S ale 51
132 132 *131i2 13134 13 li2 131*2
59
132
156
165
165 105
166 166
105
16*2 10
16
16
16*4
254
125*2 125 120
125 125*4 125% 125*8
20
35
*34l2 35*4 34*2 34%
*3412 35
29
30
30
30
*29
30
*29
30
Oct’ 15
*1
L a st S ale 1%
1*2
Hz
148
148 149*8 2,573
14734 148
148 151
51
5034 51
50*2 5034 1,769
5058 51
596
2834 29
29*2 28*4 29
29
29
86*2 8638 87
85
86*8 84% 85*2 5,346
116*2 1157g 1157g *116 116*2
42
117g 1134 12 % 1134 12*2
11*2 12“ 24,229
1*4
95
24
2
56*2
6678
7*4
3*2
72*2
67*4
540
16
53
56*2
4
15*4
9
78*2
4534
15*2
30
5
49*2
89
27*2
434
27g
17*8
5*4
2
1134
4
3334
2
86
1578
10*4
12
73,1
30*4
2*2
2
3*4
58
83
16
84*4
25*4
56*2
3*8
734
34
5*4
25
2
48*4
10*2
.33
4512
49
3*4
12
80*2
234
37S
57*2
1*4
STOCKS
BOSTON STOCK
EXCHANGE
2063
Mining
320 Adventure Con___________ 25
555 Ahm cck__________________ 25
17,900 Alaska Gold_____________ 10
350 Algomah Mining__________ 25
290 Allouez___________________25
18,968 Amer Zinc, Lead A Smelt. 25
1,380 Arizona Commercial______ 5
2.785 Butte-Balaklava Copper.. 10
9,972 Butte & Sup Cop (Ltd)____ 10
1,816 Calumet & A rlzona_______ 10
82 Calumet & Hecla_________ 25
305 Centennial.................
25
355 Chino Copper.................... 5
2,089 Copper Range Cons C o ...10 0
315 Daly-West...............
20
3.9S0 East Butte Copper M in ... 10
600 Franklin__________________25
1.215 Granby Consolidated......... 100
1,989 Greene Cananea_________ 100
374 Hancock Consolidated_____25
Hedley Gold ...................... io
135 Indiana Mining___________ 25
3,001 Island Creek Coal______
100
Do pref___________
1.160 Isle Royale Copper________ 25
575 Kerr L ake______________
5
295 Keweenaw Copper________ 25
11,071 Lake Copper C o........ ..........25
195 La Salle Copper__________ 25
3,720 Mason Valley Mine______ 5
1.550 Mass Consol_____________ 25
165 Mayflower________________25
30 Miami Copper___________ 5
800 Michigan_________________25
2,773 Mohawk_________________ 25
120 Nevada Consolidated________ 5
1,195 New Arcadian Copper___ 25
740 New Idria Quicksilver_______ 5
715 Nlplsslng Mines_________ 5
3,000 North Butte____________ 15
1.980 North Lake______________ 25
150 OJlbway Mining__________ 25
360 Old C olony______________ 25
325 Old Dominion Co_________ 25
179 Osceola___________________25
630 Pond Creek Coal_________ 10
335 Quincy.......... ...............
25
65 Ray Consolidated Copper. 10
142 St Mary's Mineral Land.. 25
2,283 Santa Fe Gold & Copper.. 10
310 Shannon________________ 10
5,350 Shattuck-Arlzona------------ 10
1,237 South Lake_____________ 25
840 Superior__________________25
490 Superior A Boston Copper. 10
545 Tamarack________________25
3,535 T rin ity ................................ 25
1 .SO0 Tuolumne Copper.......... .
1
3,871 U S Smelt, Refin & M in .. 50
622
Do pref______________ 50
1,945 Utah-Apex Mining----------- 5
195 Utah Consolidated_______ 5
1,127 Utah Copper C o_________ 10
405 V ictoria__________________25
50 W inona________________ 25
S5 W olverine________________25
« Assessment paid,
h Ex-rights,
c
1 Jan 22
92l2 Dec 13
21i2Dec 9
.45 Feb 10
35% Jan 5
16% Jan 4
314 Jan 4
2 Jan 16
3534 Jan 4
5U2 Feb 23
350 Jan 4
15 Jan 12
327s Jan 6
30 Jan 13
178 Jan 21
8I2 Jan
4i2 Feb
58 Jan
2314 Feb
11 Jan 18
26'2 Oct 27
214 Jan 21
41 M arl8
8512 Jan 5
17l2 Jan 11
3 Aug 3
1*2 Aug 23
5% Jan 27
3>8Jan 7
1 M a rll
3 Jan 11
3 Aug 16
1634 Jan 2
.60 Mar 1
46*4 Jan 15
115s Feb 24
4l2 Feb 24
4 JulylO
5*8 Aug 9
2214 Jan 25
1 Jan 28
.50 Mar 4
2i4 Nov29
38i2 Mar 8
64 Jan 28
12 Jan 7
50 Jan 16
1534 Jan 7
28 Jan 4
1 M arl7
4 Jan 15
18*4 Jan 5
514 N ov 3
2212 Jan 6
1 Mar 3
25 Jan 4
23s Feb 11
.20 Jan 2
20 Feb 25
28 Jan 15
2 Jan 2
914 Feb 26
4834 Jan 6
1 Feb 26
1*4 Jan 18
32 Jan 6
.50 Mar 3
Unstamped z
1093s N ov
10U2 N ovl9
198 Jan 12
96 Jan 6
13812 Oct 27
3712 Oct 11
240 June26
10 Mar24
56 Mar23
9 Sep 1
47 July 15
160 Sep 9
110 Apr 21
165 Jan 12
76 N ov 5
120 Feb 6
88 M ar 3
103l2 N o v l6
10 Sep 24
56 Jan 6
87*4 Oct 11
98 Apr 29
157 Apr 9
30 Nov23
141*8 N ovl9
817g Oct 26
125 Apr 20
72i2Jan 25
9312 Feb 4
H ig h e s t.
88I4 N ov 100 July
97*8 Jan
101*8 Feb
175 N ov 195 Jan
77 May 101U July
150 Dec 179 Feb
30i2 July
55 Jan
225 May 255 Jan
7 Mar
7i2 Feb
50 July 60 Jan
35 July
160 Mar
103 Dec
162 N ov
75 July
115i2 Dec
83 Jan
907g Jan
9 Apr
54 Dec
497g July
100 May
140 July
19 May
110*4 N ov
82 Apr
115 Jan
65 N ov
82 Dec
40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
887g Apr
99 Mar
14 Jan
66% Jan
777g Jan
112 Feb
165 Jan
30 Jan
163*4 Jan
85 Jan
130 Feb
75 Jan
95 Mar
73*4 N ov 8
47U Jan
IOU2 Nov20
89 Dec
412 Oct 25
2 Dec
19% Jan 9
17 Jan
11912 N ov 5
97U Mar
119 Dec 8 108 Mar
13012 N ov 4 112 N ov
5714 Oct 20
14 Mar
9912 Oct 4
72*4 Mar
67 Apr 23
57% Dec
101 Feb 6
97*4 June
36 N ov 4
5 Feb
49 N ov 4
13i2 May
13U Apr 5
9i2 Dec
260 Jan 22 234 N ov
184i2 Oct 4 137 Dec
104 Mar29
98i2 Nov
94 Aug 5
76% Nov
92i2Jan 28
85 Nov
200 Jan 4 200 Dec
3 Sep 10
2U May
16 Dec 17
18 July
4612 Jan 26
55 June
30 Nov26
20 Apr
55 Dec 2
38 Dec
143 Jan 29 128 N ov
170 Oct 23 148 Dec
I8I4 Jan 2
16 Jan
128 N o v l6 101% Nov
3534 Oct 29
27 Feb
30>4 Sep 8
27 Mar
1*4 Apr 21
.95 Dec
163 N ovl7 x ll3 Dec
5214 Dec
65 May24
30 Aug 31
28 Jan
8 8 I2 N 0 V 1
48 Dec
11714 Oct 30 103*4 Dec
14*8 N ovl7
59*4 Mar
98 June
4 Jan
22 Jan
llOU Jan
115 Deo
124 Jan
15 Mar
83 Jan
67 Feb
100% June
9 Jan
16»4 Jan
14i2 Feb
265 Mar
150i2 Feb
102 Jan
94*8 Feb
96 Mar
216*4 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20*8 July
107*4 Mar
31 May
29% Jan
2 Feb
173 Feb
61*4 June
30*8 July
67*4 Jan
112*8 Jan
2 Jan
1 Apr
47* Apr 22
103 Aug 27 239*4 Apr 300 Mar
40*4 Apr 22
19 July 2S*4 May
1*4 Jan
4*4 Apr 22
%Dec
34l2 Jan
43*4 Feb
60 N o v l6
2 Jan
72i4 Nov26
12*4 N ov
O'/fjMar
9% Apr 22
2 i2 N ov
4*4 Apr 22
4*8 Feb
1 Nov
80 June 4
24 Nov
40*4 May
78*4 Apr 26
53 Dec
70*8 Mar
630 Apr 22 350 Dec 460 Feb
25 Apr 22
14 Jan
19 Feb
57 N ovl7
43*2 Feb
30*4 Dec
63*4 N ovl7
29 Dec
40*4 Feb
5*4 Apr 22.
3 Feb
U2 N ov
13 Jan
8 Dec
16>2 Dec
2 Nov
77g Apr
1414 Apr 22
91 Feb
60 Dec
94% Apr 27
42*8 Feb
21*4 Apr
47% Nov23
22 Feb
11 Dec
24l2 Apr 29
30 Ma
28 July
29*4 Jan 19
6i2 Feb
10i2 Apr 22
3 Apr
5OI4 June
52 Aug 17
44i2 Dec
9118 Apr 27
81 June S9i2 June
34 Apr 26
24 Feb
16 Dec
37g Mar
518 Apr 20
6's July
4l2 Apr 26
4 % Feb
2*8 May
18*4 Dec 16
4*4 N ov
10i2 Jan
9 Apr 23
3^C,Dec
5% Feb
4 Jan
4l2 Apr 27
1*4 Dec
17 Apr 22
2 Mar
«5% May
9 Jan
8 Apr 22
3*4 June
35*4 Oct 30
16*4 Dec
24*8 Feb
1*4 Feb
3 Apr 22
.50 July
89*8 Nov29
39 Apr
49i2 Dec
17 Apr 27
10 Dec
16*8 Deo
7*2 Jan
178 Jan
1414 June 7
4 June
13i2 Aug 7
4 June
87g Nov29
5 July
8*8 Feb
30*4 Feb
3878 Apr 26
19»4 Dec
2*8 Jan
.95 Apr
4ig Apr 23
2 Jan
3l2 Apr 29
*4 Apr
5 % Feb
2% N ov
7ls Apr 22
54 Feb
61 Nov29
44 Dec
84 Feb
9312 Apr 22
64 Dec
207s Jan
12*4 Dec
195s Aug 13
5178 Dec
68 Feb
95 Apr 22
221* Apr
15 Dec
27*8 N ovl7
40 Feb
65 Apr 23
28 Dec
2*4 Jan
1 Jan
5 Oct 22
7*2 Feb
4 Nov
IU4 Apr 26
29*4 Feb
38 N ovl7
18 Dec
7*4 July27
32 Feb
41l2 Apr 26
22 Nov
2%Jan
4l2 Apr 29
1*4 Nov
43 Feb
24*2 Dec
58*8 Aug 18
5*2 Jan
2*4 N ov
15l2 Oct 13
.85 Mar
.63 Apr 14
.23 Dec
43*2 Feb
2414 Dec
49l2 Junel5
4878 Feb
49 Nov29
40% Apr
2*8 Feb
5*8 Junel6
1*4 Nov
14 Feb
16*8 Junel4
8*4 Jan
59 June
45*8 Nov
8Ug Nov26
1 Mar. c2% M ay
4i2 Apr 22
47g Feb
178 D ec'
5i8 May 1
30 Dec
47*4 Feb
70 Apr 26
30 June
1*4 Jan
2*4 Apr 23
2s paid, to Half-paid
THE CHRONICLE
2064
Outside Exchanges— Record Transactions
Boston Bond Record.— Transactions in bonds at Bos
ton Stock Exchange Dec. 11 to Dec. 17, both inclusive:
F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o w .
B onds
S a les
fo r
W eek.
Shares.
102% 102 % .$1,000
Am Agrlc Chem Sa__ 1928
20,000
97
97
97
Convertible 5s_____1924
1.500
94 % 95
Anglo-French 5s................
90 % 90% 54,000
Amer Tel & Tel 4 s . ..1929 _90%
5,800
106% 107
Convertible 4% s— 1933
77% 77% 18.500
77%
Atl G A W I S S L 58.1959
1.500
80
80
80
Central Vermont 4s. .1920
1,000
99% 99%
99%
C B & Q— S W Div 4s----1,000
98% 98%
Cumberland Telephone 5s.
8,000
72% 72%
K C M & B Income 5s----2,000
94% 94%
Mass Gas 4% s----------1931
3,100
80
80
Miss River Power 5 s.. 1951
6,000
N E Telephone 5s___ 1932 101% 101% 101%
1,000
94
94
Pond Creek Coal 6 s .-1923
7.000
98% '98%
Swift & Co 5 s ............ 1944
1.000
97% 97%
United Fruit 4% s------ 1923
1,000
96% 96%
4%s-------1925
1,000
99% 99%
West End 4s-------------1917
1,000
99% 99%
4s_________________ 1910 99%
18.500
99
99%
99
Western Tel & Tel 58.1932
R a n g e s in c e J a n .
99%
91
94%
86%
95%
60
68
98%
96%
59
91
70
99%
91
94%
93
90
99
99%
94%
1.
Stocks—
Jan 102% Dec
Nov
Jan 97
Dec
Dec 95
Jan 91% Nov
Jan 108% Nov
Nov
Jan 79
Dec
June 80
June 99% Dec
June 98% Dec
Feb
Mar 75
Nov
Aug 95
Dec
July
80
Jan 102
Nov
Nov
98% Aug
Feb 98% Nov
May
Feb 99
Jan 96% Dec
Mar 99% Oct
•Jan 99% Dec
Mar 99% Nov
Chicago Stock Exchange.— Complete record of transaotions at Chicago Stock Exchange from Dec. 11 to Dec. 17,both
Inclusive, compiled from the official sales lists, is as follows:
Stocks
F r id a y
W eek ’ s R ange
L a st
o f P ric e s .
S a le.
H ig h .
P a r. P r ic e . L ow .
S a les
fo r
W eek.
S h a r es.
R a n ge s in c e J a n .
1.
H ig h .
L ow .
33 345
385 385
American Radiator----- 100
3 *130%
135 135
Preferred............... ..10 0
240 26
35% 37
Amer Shipbuilding----- 100
156
67%
82%
81
Preferred................... 100
75 30
30
30
Booth Fisheries, com .. 100 30
68%
536
74
72
72
Preferred---------------- 100
15 49
50% 50%
Cal A Chic Canal & Dk 100
376 45%
79%
76
Chic Pneumatic T o o l.. 100 - 78
16
105
19
19
19
Chic Rys part ctf “ 2” -----200
3
4
4
4
Chic Rys part ctf “ 3” ------4 204
229 229
Chicago Title A Trust. 100 229
407 132%
145%
Commonwealth-EdlsonlOO 144% 144
1,210 90
106 108
Diamond Match...........100 106
342 60
84
83
Illinois Brick................. 100
25 159%
365 365
Inland Steel---------------- 100
25 20
25
25
Kan City R y A Lt com ctf
2,225
3%
6%
6%
6%
Lindsay Light----------------40 119%
165
165
National Carbon_____ 100
70 118%
121% 121%
Preferred__________ 100
25 41
57% 57%
Pacific Gas & Elec C o .. 100
1,294 112
112
117%
People's Gas Lt & Coke 100 114
122 75
106 107%
Pub Serv of No 111. com 100 106
46 93%
101% 101%
Preferred...................109
230 225
300 305
Quaker Oats C o---------100
50
107
108
107
Preferred................... 100
3,199 al31%
182
175
Sears-Roebuck, com— 100 181
88
4,520 48%
84
84
StewartWamSpeedcomlOO
828 104%
Swift & C o.................... 100 125% 124% 126%
169%
751 144%
166
Union Carbide C o------- 100 166
10 95
129
129
Union Switch & Slg----- 50
118 110%
113% 115
Ward, Montg & Co, p ref.. 114
Bonds—
98% 98% $13,000 96
Chicago City R y 5 s.. 1927 98 H
72% 12,000 70
72
Chic City A Con Rys 5s '27
8,000 94
98
98
Chic Pneu Tool 1st 58.1921
4,000 93
97%
97
Chicago Rys 5s_____ 1927
31,000 69
75% 76
Chic Rys 4s series “ B” . .
393^
100 35
39%
Chic R yA d In c4 s .. 1927
102% 102% 12,000 100
Commonw-Edison 58.1943
1,000 99%
101% 101%
Commonw Elec 5s. 1943
7,000 101%
mfiU 106
Dla Match con deb 6s 1920
5,000 70%
73
Metr W Side El 1st 4s. 1938
500 99
99
N W G L & C okeC o 58.1928
Q*£
8,000 92
Ogden Gas 5s----------- 1945
102% 102% 16,000 99%
Peop Gas L & C ref g 5s 1947
87%
11,000
94%
94% 95
Pub Serv Co 1st ref g 5s 1956
87
2,000
88%
South Side Elev 4% s.l924
88
88
9,000 94%
Swift & Co 1st g 5 s .. . 1944
98% 98%
a Ex 50% stock dividend, x Ex dividend.
June
Feb
Apr
Apr
Feb
Mar
Nov
Feb
Oct
Oct
Aug
June
Mar
Feb
Jan
Apr
Feb
Jan
Mar
July
Dec
Jan
May
Sept
Apr
Mar
Jan
Jan
Jan
Mar
Jan
390
138
48%
82%
44
81
51
93%
31%
5%
235
146%
121%
84
365
30%
7
165
125
61%
123%
110
102
330
108
215
92%
128
172%
130
115
Jan
May
Aug
Dec
Aug
Aug
Sept
Aug
Jan
Feb
Nov
Nov
Nov
Dec
Dec
Sept
Dec
Oct
Sept
Nov
Apr
Nov
Nov
Nov
Oct
Jan
Nov
Dec
Dec
Oct
Dec
June
Mar
Feb
June
Sept
July
Jan
May
Feb
Oct
Dec
Jan
Jan
Jan
Oct
Jan
99
73
98
97%
77%
48
102%
101%
116
77
100
95%
102%
95
90
98%
Feb
Mar
Mar
Dec
Mar
Dec
Nov
Dec
Dec
Feb
Dec
Dec
Dec
Nov
Pittsburgh Stock Exchange.— The complete record of
transactions at the Pittsburgh Stock Exchange from Dec. 11
to Dec. 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, n ot per cent. For bonds the quotations are per cent
of par value.
_________________________________
Stock*
F rid a y
L a st W e e k 's R a n g e
S ale I o f P r ic e s .
Par .P r i c e : L ow .
H ig h
American Sewer Pipe. .100
Am Wind Glass Mach. 100
Preferred---------------- 100
Caney River Gas---------25
Columbia Gas & E lec.. 100
Harb-Walk Refrac com 100
Preferred__________ 100
Independent Brewing— 50
Preferred------------------50
La Belle Iron Works__ 100
Lone Star Gas________ 100
Mfrs’ Light & Heat----- 50
Nat Fireproofing com..5 0
Preferred ...........
50
Ohio Fuel Oil------------------1
Ohio Fuel Supply---------25
Oklahoma Natural Gas 100
Osage & Oklahoma C o. 100
Plttsb Brewing com___ 50
Preferred___________ 50
Pittsburgh Coal com .. 100
Pittsburgh Oil & G as.. 100
Pittsburgh Plate Glass. 100
Pure Oil common_______ 5
San Toy Mining________ 1
Union Natural Gas----- 100
Union Switch A Signal. .50
U S Glass.......................100
U S Steel Corp com ...100
West'house Air B rake..50
West’house Elec & Mfg_50
West Penn Tr & W P pf 100
Bonds—
Columbia G * E 5 s.. 1927
Independ Brewing 68.1955
Plttsb & Blrm Trac 5s 1929
Plttsb Brewing 6 s...1949
Plttsb Coal deb 5 s...l9 3 1
West Penn Rys 5 s.. . 1931
16%
28%
126%
33
14%
70
99
3%
17
50%
50%
93
93
52
52%
12%
11%
24%
23%
17%
17
40
39
75
73
100
5%
8%
18%
36%
35%
8
8
116%
17%
17%
17c.
149% 141%
128
128
22
28
85%
139
140
67
43
43 ~
16%
29
130
36%
15
17
29%
130
37
16
70
99%
3%
17%
53
93
52%
12%
25
18%
41%
75
100
5%
18%
37%
8
116%
18%
17c.
150
128%
30
86%
140%
69%
43
76% 76%
57
57
99
99
67
67
96
96
100 100
S ales
to r
W eek.
S h a res
R a n g e s in c e J a n .
L ow .
400 15%
700 15%
270 75%
2,265 23
8%
4,855
100 45
240 97%
2%
105
13%
109
295 27
76 91
798 46
4%
2,540
1,175 16
12
3,724
38
1,001
420 57
115 67%
3
345
12
327
1,735 16%
4%
230
10 104
13%
3,861
8c.
1,500
445 128%
50 92
13
2,450
140 38
915 116%
280 32%
10 28
$3,000
2,000
1,000
13,000
500
1,000
71
49
98%
50%
90
96%
Philadelphia Stock Exchange.— Record of transactions
at the Philadelphia Stock Exchange from Dec. 11 to Dec. 17,
both inclusive, compiled from the official sales lists:
H ig h .
Low .
1.
H ig h .
Nov
July
May
July
Jan
Feb
Mar
Aug
Aug
Jan
Mar
May
Feb
Feb
May
Nov
Feb
Feb
Feb
July
Jan
Aug
Apr
May
Apr
Aug
Apr
Aug
Feb
Mar
Feb
Oct
[V ol . 101
24
31
130%
37
16%
70
99%
6
22%
59%
108%
53%
13%
26
18%
45
75
100
8%
24%
42%
8%
119
18%
24c.
150
130%
30
88%
144
74%
43
Apr
Oct
Nov
Dec
Nov
Nov
Dec
Apr
Jan
Nov
Apr
Nov
Oct
Nov
Dec
May
Dec
Deo
Nov
Jan
Oct
Dec
Nov
Oct
June
Dec
Oct
Dec
Nov
Sept
Oct
Dec
Mar 76% Dec
Nov
Aug 62
June 100% Feb
Dec
Apr 67
Apr
Jan 97
Dec
July 100
Par
F rid a y
L a st
W e e k 's R a n g e
o f P r ic e s .
S ale
P r ic e . L o w .
H ig h .
Alliance Insurance____ 10
American Gas of N J..100
American Milling_____ 10
American Railways___ 50
Preferred__________ 100
Baldwin Locomotive.. 100
Buff & Susq Corp v t c.100
32
Preferred v t c ______100
58%
Cambria Steel-------------- 50 75%
Catawissa first pref___ 50
Second preferred___ 50
Elec Storage Battery.. 100 66
34%
General Asphalt_____ 100
Preferred----------------100
14
Hunt & Bd Top, pref__ 50
Insurance Co of N A — 10 25
Keystone Telephone----- 50
Preferred----------------- 50
Lake Superior C o rp ... 100
Lehigh Navigation------- 50
Lehigh V alley.............. 50
Lehigh Valley Transit..50
Preferred----------------- 50
Minehlll A S H . . .......... 50
Northern Central---------50
North Pennsylvania___ 50
Penn Salt Mfg-------------- 50 100
Pennsylvania__________ 50 58%
Pennsylvania Steel___ 100
Preferred__________ 100 80%
Philadelphia Co (Pitts).50
43%
Preferred (5 % )......... 50
Pref (cumulative 6%) .50 43
28%
Philadelphia Electric.22%
Phila Rapid Transit___ 50 _____
Voting trust receipts.50
19%
Philadelphia Traction..50 _____
80%
Reading--------------------- 50
Tono-Belmont Devel----- 1
4%
7
Tonopah Mining.............. 1
44%
Union Traction.......... ..5 0
United Gas Im prov't...50
88%
U S Steel Corporation. 100 85%
Warwick Iron A Steel. .10 _____
Welsbach Co_________100
W Jersey A Sea Shore..50 _____
67%
Westmoreland Coal___ 50
Wm Cramp & Sons___ 100
84%
York Railways.............. 50
9
Preferred....................50 ..........
Scrip.
Cambria Steel scrip.. 1917 101%
Bonds.
Amer Gas & Elec 5 s ..2007
do
small...............2007 89%
Beth Steel p m 6s----- 1998
First ext s f 5s------- 1926
Cons Trac of NJ 1st 5sl932
Elec & Pcop tr ctfs 4s. 1945 81
do
small________ 1945
Harwood Electric 6 s.. 1942 _____
Inter-State Rys coll 4s 1943 58
do
small-------------1943
James F & Clear 1st 4sl959 91%
Keystone Telep 1st 5s 1935, 95%
Lake Superior Corp 5s 1924
Leh C A N cons 4% s.l954 101%
Leh Val cons 6 regls..l923
Annuity 6s.....................I
Gen consol 4s_____ 2003
Gen consol 4 %s___ 2003 101%
Penn RR consol 4% s.l960 105%
General 4% s--------- 1965 100%
Pennsylvania Co 4% s.l921:
Pa A MdSteel cons 63.1925 | 104%
People’s Pass tr ctfs 4s 1943 83
Phila Co 1st 5s_____ 1949
Cons A coll trust 5s. 1951
Phila Elec tr ctfs 5 s.. 1948
do
small-------------1948
84
Trust certlfs 4s----- 1950
do
small_____ 1950
Reading general 4 s ...1997 '94%
J-C collateral 4 s ...l9 5 1 !
Span-Amer Iron 6 s ... 1927
Standard G A E 6s— 1926
United Rys Invest 5s. 1926
94%
Welsbach Co 5s----- --J930
West N Y A Pa gen 4s 1943 82
York Railways 1st 5s. 1937 93
x
18%
120
6%
29
95
116%
25
55
74
53
53
65%
34%
71%
14
24%
14%
66%
9%
78%
80%
18
37%
57
87
93
99%
58%
62
80%
42%
43%
42%
27%
19%
19%
79%
79%
*4%
6%
44%
88%
85
10%
44
50%
67%
84
9
33%
S a les
fo r
W eek.
S h a res.
R an ge s in c e J a n .
L ow .
18%
2 15%
121
25; 100
7
220
31
43
95
30
118%
20
32
901!
59
1,885
75% 26,213
53
6 50%
53
2 50%
69
899 47%
34%
175 24
72%
37 60
14
8%
4
25
943 21
14%
70 13
66%
1 61
9 9-16
5
850
78%
216 71%
82%
98 65
18
309 13%
38%
126 26%
57
11 54%
88
258 82
93
10 90
100
689 80
59%
3,435 51%
62
5 34
81%
153 49%
44
237 29%
43%
20 31
43
310 32
29
23%
13,40f
7
19%
20
20%
7%
8,411
80
70
267
82%
1,208 70
5
3%
5,853
7%
5
1,020
45
492 30
89%
1,468 80%
86% 26,625 38
10%
9%
50
45
105 35
50%
32 47
67%
205 58
86
18%
620
9
6
115
33%
28%
If
101% 101%
89% 89%
87% 89%
119% 119%
102% 102%
101% 101%
81
81
81
81
100% 100%
58
58%
59
59
91% 92%
95% 95%
27
27
101% 101%
110 110
134 134
91% 92
101% 101%
105% 105%
100% 100%
101% 101%
104 104%
82% 83
101
101
88% 88%
104% 105
103% 105%
83
86%
83% 84
94% 95
95% 95%
102 102
96
96
73% 73%
94% 94%
82
82
93
93
250
$2,000
1,800
5.000
10,000
1.000
10,000
500
2,000
39.000
700
6,000
1,000
10.000
36.000
2,000
2,000
12.000
3.000
18,000
119,000
20.000
5.000
7.000
5.000
6.000
23.000
700
128, a00
1,000
28.000
2,000
12,000
5.000
25,000
2.000
2,000
3,000
1.
H ig h .
Jan
Jan
Apr
Sept
Oct
Feb
May
May
Feb
Sept
Aug
Jan
Mar
Mar
Apr
Jan
Aug
Jan
Apr
May
Jan
June
Mar
July
Sept
Feb
Mar
Feb
Aug
May
Mar
Mar
Mar
Jan
May
May
July
May
July
July
May
Jan
Feb
July
Mar
Aug
Jan
Jan
July
July
78%
37%
74%
18
25%
16
69
13%
80
82%
19%
39%
57%
88
93
103
61%
100
98
48%
43%
46
29
20%
21%
80
85%
5 5-16
7%
47%
89%
88%
11%
45
50%
67%
91
9%
34
Feb
101%
Oct
Jan
Jan
Jan
Jan
Oct
Aug
July
Sept
July
Mar
July
Jan
Aug
Jan
Sept
Jan
Aug
Feb
Aug
May
Jan
Jan
Oct
Mar
Mar
Jan
Jan
Jan
Jan
Aug
Jan
Jan
Apr
Mar
Jan
' Oct
Nov
89%
89%
120
103%
102%
83
82%
100%
60
60
93
97
45
102
110
136
92
102%
106%
101%
101%
104%
83
101
89
195
105%
86%
84%
95%
95%
102%
96
75
95%
83
93
Deo
Deo
Deo
Aug
Feb
Nov
Nov
Nov
Apr
Apr
Nov
Nov
Jan
Deo
Jan
Apr
Nov
Deo
Nov
Nov
Deo
Deo
Jan
Nov
Nov
Deo
Deo
Deo
Nov
Nov
Deo
Aug
Deo
’ Oct
Deo
Deo
May
95
85
85
115%
99
100%
73
73
91%
57
58
86%
90
25%
97%
108
133%
86%
97
102%
97
100
98
76%
95
70
100%
101
77%
79
91
90%
100%
88%
55
89
74%
90
18%
123%
7
36
101
154
32
59
79%
Nov
Deo
Deo
JJan
fJan
fa c t
Deo
Dec
Dec
Jan
Deo
Sept
Nov
Nov
Sept
Nov
Apr
Apr
Juno
Oct
Deo
Nov
Nov
May
Deo
Deo
Oct
Nov
Oct
Oct
Oct
Deo
Sept
Deo
Deo
Deo
Nov
Nov
Nov
Jan
Dec
Nov
Nov
Aug
Oct
Nov
Deo
Sept
Nov
Nov
Ex-dlvldend.
Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from Deo. 11
to Dec. 17, 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.
F rid a y
Stocks—
P r ic e .
L ow .
11
10
Alabama C o . . . . ...........}60
45
First preferred. ----- iuu
25
Second preferred ---100
118
Atl Coast L (C onn).. 100
39
Arundel Sand A Gravel—
93
Preferred----- ----------- -
45
Balt Electric prof--------- 50
4%
Chalmers Oil A G as..
4%
Preferred------- - - —
5
Comas Cigar Machine Cor
46
Commercial Credit------ juu 46
C o n s o lG E L A P o w .-1 0 0 115
115
115
Preferred------- ------- joo 115
99
Consolidation Coal------ 100
12%
111
Cosden A C o . . ..........
13
Preferred------------ 165
Davison Chemical pref. 100 180
18)
Elkhorn Fuel................. J00 18%
65
Preferred__________ loo
77
Georgia So A Fla 1st pf 100j 77
Second preferred-------100j 65
65
21
Houston Oil trust ctfs. 100-----65
Preferred trust ctfs. .1 0 0 ------
R ange
■ices.
H ig h .
Sa les
fo r
W eek.
S h a res.
11
474
45
58
29
747
118
40
40
250
93
5
45%
60
5%
240
156
5%
10%
1,325
46
345
1,865
115%
573
116%
50
99
13% 19,867
10
13
298
180
691
19
40
65
2
77
1
65
726
22%
40
65%
R ange s in ce J a n .
Low .
5
35
20
107
35
80
42
4%
4%
5
35%
102%
106%
92
5
5%
100%
16
65
67%
65
10
54
Sept
Nov
Nov
Sept
Dec
Nov
Sept
Dec
Dec
Dec
May
May
Jan
Jan
Jan
Mar
May
May
Dec
July
Dec
Mar
Jan
1.
H ig h .
12
45
29
122
67
93
45%
5%
5%
10%
168
116
116%
100
13%
13
180
22
71
77
65
25
67
Nov
Deo
Deo
Nov
Deo
Deo
Deo
Deo
Deo
Dec
Apr
Deo
Dec
Nov
Deo
Deo
Deo
Juno
Juno
Dec
Deo
Nov
Dec
Dec. 18 1915.j
Stocks—
THE CHRONICLE
F r id a y
L a st
W e e k 's R a n g e
S a le ,
o f P r ic e s .
P a r . P r ic e L o w .
H ig h .
Monon Vail Trac........ 100
Preferred__________ 100
M t Vernon Mills V T pref.
do
common_________
Norfolk R y A L ig h t... 100
Northern Central_____ 50
Pennsyl Wat A Power. 100
Poole Eng & M a ch ...
Sapulpa Refining___
Preferred ............ .
United R y A Electric.. .50
Wayland Oil & Gas. . .
Bonds— Ala Coal A Iron 5s__
Ala Co gen 6s______
Small bonds___________
Atl Coast Line conv 4s ’39
Baltimore Brick 5s____
Balt Dry Dock A S B 6s
Balt Sparrows PAC 4}*s’53
Central R y cons 5 s ... 1932
Consol Gas gen 4}*s.l954
Consol G E A P 4}*s_1935
Notes, small__________
Consol Coal ref 4}*s.l934
Refunding 5s.......... 1950
Convertible 6s____ 1923
Davison Chemical 6s. 1932
Small bonds_______
Detroit A N W 4 H s _____
Elkhorn Corporation 6s__
Elkhorn Fuel 5s____ 1918
Fair A Clarks Trac 5s 1938
Fairmont Coal 5s___ 1931
Fla CentAPenin cons 5s ’43
Ga Car A Nor 1st 5 s.. 1929
Ga Sou A Florida 5 s.. 1945
Houston Oil div ctfs.’23-25
Small certificates_____
Md Electric R y 1st 5s 1931
Metropolitan Street 5s ’25
Monon V Trac 5s___ 1942
M t V Mills V T notes
N O Gt North 5s___ 1955
N O Mobile A C 1st 5s 1960
N News A Old Pt 1st 5s ’38
Norfolk R y A Lt 5 s.. 1949
Pennsy W A P 5s___ 1940
United E L A P 41*8-1929
United Ry A E 4s___ 1949
Income 48...... ......... 1949
Funding 5s, small.. 1936
Notes 5 s . . . ............. 1916
Va Md 5th series 5s. .1926
Va R y A Power 5s___ 1934
Wash Balt A Ann 58.1941
89
73 H
113
6}*
7'4
251*
4J<
58
741*
52
16
241*
871*
73 }*
99
6
61*
24 J*
41*
67
80
16
25
89
75
121
71*
71*
251*
5
741* 76
55
55
50
50
911* 92
91?*
84
84
98
98
951* 951*
105 105
95
95
90
901*
1001* 1001*
93
93
911* 911*
1031* 1031* 104
102 102
1021* 1021*
88
88
97 J* 971* 971*
100
100 1001*
991*
991* 991*
961* 96}*
103 103
1031* 1031*
1031* 103}*
81
811*
811* 811*
961* 961*
1021* 1021*
921* 921*
98
981*
60
61
55
55
981*
981* 981*
96
96
96
901* 901*
93
93
82}* 821*
61
61K
85
86
1001* 1001*
1031* 1031*
91
91
811* 81J*
S a les
fo r
W eek.
S h a r es.
1,712
267
2
65
345
137
495
2,870
10,445
8,215
699
6,130
R a n ge s in c e J a n .
Low .
1.
H ig h .
58
Dec 67
Dec
741* Dec 80
Dec
52
Dec 55
Oct
9 *■ Oct
18
Nov
231* Oct 25
Jan
82
Aug 89
Dec
631* Aug 75
Dec
95
Dec 121
Dec
2
July
7M Dec
41* Oct
71* Dec
201* June 27
Mar
21* May
5 . Dec
$2,00<
70
Sept
3,00 1 50
Dec
30 i 50
Dec
21,00(
82 J* Aug
2,001
84
Dec
1.00C
97}* Dec
5.0QC 93
Aug
3.00C 102}* Sept
5,000
92
Aug
20,000
85}* Sept
400 98}* Mar
3,0Q(
90
Jan
5,000 86}* Sept
4,000 99}* Jan
1.00C
97
Jan
50C 98
Feb
4,000
88
Dec
35,000 97}* Nov
57.000 92?* Jan
8,000 98}* July
2.000 94
Jan
1,000 100}* Sept
1,000 101
Jan
1,000 100
Aug
11,500 72}* Apr
500 73
Apr
1,000 94
July
1,000 102 J* Dec
1,000 91
Dec
2,000 98
Nov
2,000 48}* Oct
9,000 33
Feb
1,000 95
Jan
1,000 94
Sept
13,000 88
Jan
2,000 90}* July
17,000 79)* June
8,000 55
June
3,100 80}* July
1,000 100
Jan
1,000 101}* Jan
5,000 82
July
5,000 73}* Oct
77
Oct
55
Dec
50
Dec
921* Nov
84
Dec
98
Dec
97
Jan
105
Dec
95 June
901* Dec
1001* Sept
94
Mar
92
Dec
104
Dec
102
Nov
1021* Dec
88
Dec
971* Dec
100 J* Dec
100
Feb
961* Jan
103
Dec
1031* Dec
1031* Dec
821* Dec
811* Nov
981* Jan
103
Mar
93
Dec
99
Nov
61
Dec
55
Dec
981* Dec
971* Apr
92
Apr
93
Nov
83
Nov
64
Nov
87K Jan
Apr
Apr
91
Dec
811* Dec
2065
T ob a cco Stocks — P e r S h a r e .
.
t
Par| Bid.
American Cigar commonlOOi 110
Preferred.............. ....... ioo 9 9
Amer Machine A F d ry._l 0 0 | 90
British-Amer Tobac ord..£l| *15
Ordinary, bearer...........£ 1 *15
Conley Foil...................... 1 0 0 ' 350
Johnson Tin Foil A Met.100
MacAndrews A Forbes.. 100
Preferred.................. 1 0 0
Porto Rican-Amer Tob._100
Reynolds (R j ) Tobacco. 1 0 0
Preferred...................... iqo
Tobacco Products eomlllOO
United Cigar Stores com 1 0 0
Preferred__
Young (JS ) C o.1 ...........1
Preferred_______ " I I I
Railroads
West Pac 1st 5s 1933...M - S 1/
Street Railways—
P a r,
Com'w’lth Pow R y A L..100!
Preferred......................100
Federal Light A Traction It
Preferred_____
it
Republic Ry A Llght.IIIlGv,
Preferred_____
1091
TennesseeRyL A Pcom if
Preferred....................... 100! 44
United Lt A Rys c o m ... 100 45
1st preferred................. ioo) x72
Wash Ry A El Co...........1001 83
Preferred........................100! 83
48 1951......................... J-D) 80*<
Elec. Gas & Power Cos—
Am Gas A Elec com______50 *130
° rd“ an,c e Stocks— P e r s\ h a re.
50) *50
Preferred........................
Aetna Explosives com__.100)
1 0 0 , 135
135 145 Am Lt A Trac com m on.. 100 385
Preferred................
ioq
891;2 92
.100
Preferred................... __100) 110
Amer A British M fg _ ." io
o l 15 | 25
.100
Power A Lt com...IOO; 70%
Preferred. .
inn 70
.100
80 Amer
Preferred______
ioq
86%
Atlas Powd
.........~ " .100
10U| 250 260
Public Utilities comlOol 38%
Prcfcrrctl
100 97 iioo tAmer
Preferred_____
io
o ! ..
WRcox'.7 II1100!
100 125 135
Cities Service Co co m ..Iio o j 91
Bites (E W) Co com m on.. 5 0 *370 400
Preferred...............
5 0 *7 3 | 83
Consumers Power (Minn)
Canada Fdys a Forgln'gslOO 237 242
„ , lst * ^ f 5s 1 9 2 9 ...MAN 10C
Canadian Car A Fdry. 1 00 93 | 95
Elec Bond A Share pref. .100 9£
Preferred....................... 1 0 0 106 110
preJU West Pow 5s 1946 .JAJ 85
Canadian Explosives comlOO 380 415
Indiana Lighting Co___ 100 85
Preferred....................... 1 0 0 100 110
4s 1958 optional___ F-A 71
Carbon Steel common__ 100
64
74
North n States Pow com 100 46
lat preferred................. 1 0 0 75
82
Preferred...................... io o 94
2 d preferred..........
100
60
64 Pacific
Gas A Elec com 100 57
Colt’s Patent Fire Arms'
1st preferred................ ioo 89
M fg -------------------------- 1 9 0 „890
„ „ 925
2d pref (old pref)___ 100 89
Driggs-Seabury Ord CorplOO 1/140 145
South Calif Edison com . 100 88
duPont (E I) de Nemours
I
Preferred_____
iool 98
Powder com (n e w )_ ..i 0 0 380 390
Southwest
Pow A L'pre'f" 100 97
Preferred....................... 1 0 0 ' 9 9 103
Standard Gas A El (D el). 50 *8
Electric Boat..............." 100I 440 450
Preferred...................... 50 ,3 0
Preferred....................... 100! 440 450
United Gas A Elec CorpIlOO
Hercules Powder c o m ... 10 0 x375 390
1 st preferred_____
100
78
Preferred.....................ioo| 1 1 2 116
2d preferred_____ " 1 0 0
Hopkins A Allen Arms. .100 50
60
Securities
C
orp
_.”
i
00
'l 9 '
r ^ f e r r e d ..................... 100
89 94
6% notes—See Short-Term
Lake Torpedo Boat com 10 *12
13
Western Power common 100
Marlin Arms co m ..
33
35
Preferred...................... 100
Preferred____
85
90
Midvale Steel A Ordnance" 11 *73% 74
Industrial
NUes-Bement-Pond com 100 188 j192
and Miscellaneous
Preferred....................... io o 1 100 I104 Adams
Exp
tr g 4s’47 -D
Savage Arms..............
im 485 495 Alliance R e acol
lty _______.100
Scovlll M f g ...................lioo; 430 445
Amer Bank Note co m .” 50
Submarine Boat
) *44 ,4 5
Preferred_____________ 50
Winchester Repeat Arms"i6o2425 2550 American Brass_____IIIlOO
. Short Term Notes. P e r C e n t .
American
Chicle com
100
Amer Locom 5s July 1916 J-J; 100% 101%
Preferred.......................100
5s. July 1917......... _ ...J -J 100i2 10ix4 Am Graphophone co m .. 1 0 0 __
T * T Sub Cos 5 s.. 1916 100% 100% . Preferred.......................ioo 148
R»nCi n™ .C°Pper 58 ' I7 M-S 101% 101% American Hardware____100 123
B J L * 0h,° 4>*8 1917. JAD 101% 101% American Surety........... 50 118
* l 1 8 .................JAD 1 0 1 % 1 0 1 %
Typefounders com. 1001 40
T R A N S A C T IO N S ^ ^
N E W A R K STOCK EXCHANGE
Canadian Pac 6s 1924.MAH2 102% 103 Amer
Preferred.......................100! 91
° ^ i°
!919— J -D
98% 98% Bond A Mtge Guar__ IIlOO1 288
CjjJ° f *ev Ry 5s 1916___ J-J
95%' 97
Cond Milk com .100 114
ChlcA West Ind 5s ’ 17.MAS 100 100% Borden’s
W e e k e n d in g
S tock s.
Preferred....................... 100 105
R a ilr o a d ,
S ta te , M u n .
Consum Pow 6s 1917..MAN 99% 100% Braden Copper M in e s... 5 *16
D e c . 17 1915,
<kc.,
<k F o r e ig n
u.
s.
Erie RR5s, April 1916. AAO 100%
S h a res.
5 ' *2
— . 100%
. . . Canada Copper__
P a r V a lu e .
B onds.
B onds.
B onds.
5)*s April 1 19 17 ___ A_o
-----Saturday___________
General Rubber 5s 1918 JAD
296,288 $25,947,800 $1,982,500
$224,000
Monday________I
Hocking Valley 5s 1917.M-N 101 101% City Investing C o ..
380,552 33,165.6251
io o ( 16
2.659.000
388,000
Tuesday_______I I III
Int Harv 5s Feb 15 ’18.F-A 101% 101%
464,489 41,898,400
Preferred...................... 100
70
4.150.000
Wednesday_______ II
377,500
623,902 57,934,700
$9,000 Lackawanna Steel 6s’ 17 M-S 101 101% Cramp Ship A E Bldg. . . 1001 82
3.441.000
Thursday______
2.437.500
667,923 60,194,050
Minn Gen El 6s 1 9 1 7 ...JAD 10 1 1 0 1 % Emerson-Brantlngham 100 16
3.545.000
Friday..........
1,132,000
520,818 46,219,800
New Eng Nav 6s 1917 M-N 99%' 99%
Preferred.................... jqO 51
3,263,500
1.067.500
1,000 N Y N H A H S s .M a y 11916 100% 100% Goldfield Consol Mines
10 *1
Total .................. 2,953.972 $265,360,375
„ „„„
---------Pub Ser Corp N J 5s ’ 16 MAS 100% 100%
" io o
2
519,041,000 $5,626,500 $10,000 Schwar* A Sulxb 6s ’ 16 J-D 100% 100% Havana Tobacco Co
6
Preferred.................. " 1 0 0
S a les a t
Seaboard A L 5s 1916. . " m -S 100% 100%
W e e k e n d in g D e c . 1 7 .
1st g 5s June 1 1922.. J-D /52
J a n . 1 to D e c . 17.
N e t o Y o r k S tock
Southern R y 5s 1916...F-A 100% 100%
intercontlnen Rub co m ..100 11%
E xch a n ge.
1915.
.. ..
_ 5s Mar 2 1917.......... M-82
100%10.%
1914.
1916.
Banking 1 o ___ 100 160 Il63
1914.
SulzASonsCo6sJ’ne 1 ’16 M-S 100% 100% Internat
Internat Merc Marine____100 16%' 167*
Stocks— No. shares__
2,953,972
UnTypew
5s
Janl5'16
J-J15
9S%
99%
1,029,960
Preferred........................ ioo! 72%) 73
167.248,278
Par value_________ 265,300,375 $85,829,400
47,020,535 United Fru|t6sMay 1T7M-N 102 102%
$14,370,567,825 $4,109,150,769
Salt.......... 100 39 ! 42
Bank shares, par____
$13,500
Gold notes 5s 1918..M-N 100%100% International
1st g 5s 1951.............A-O) /64 I 68
$256,400
$265,800 Utah Co 6s 1917_______A-O 100% 101%
B on d s.
International
Stiver
pref. 100 98 402
Government bonds__
$10,000
UtahSecurCorp 6s '22 M-S 15 94% 95%
$7,000
1st 6s 1948.................. j -d I 108%i09i*
$3,032,000
State, mun., A c., bonds
$685,600
5,626,500
New York City Notes—
i
336,000
Deb 6s 1933...................j-ji
33,968,000
R R. and mlsc. bonds..
33,249,500
19,041,000
6s Sept 1916........
102% 102% Kelly-Sprlngfleld T ire.. 100 290 2 96”
9,517,000
870,757,700
416,363,500 6s Sept 1 1917..........I
103% 103%
1 st preferred-------------- 100 95 | 98
Total bonds_______ $24.677.500, 89.860.000
Canadian Govt. Notes__
$907,757,700
New stock when Iss___
73 | 73%
5450,298,600 5s Aug 11916.
FAA 100% 100% Kennecott Copper.........
*52%! 52%
5s Aug 1 191 7 _._:II” I f a a 100% 100% Lanston Monotype........ 106' 74 | 77
O A „,
™
P e r C t . B a s is
La Rose Consol M in es... 5 ; % ! %
A sk.
RR. Equipm ent,—
B id .
Lawyers’ Mortgage C o .. 100! 179 '184
Baltimore A Ohio 4}*s____
4.35 4.20 Lehigh
Coal Sales.50 *80 82
Buff Roch A Pittsburgh 4 He 4.45 4.35 MarconiValley
Wireless of Amer. 5 *3 % 3 %
B o s to n .
Equipment 4s___
4.45 4.35
P h ila d e lp h ia .
W e e k e n d in g
B a ltim o r e .
Canadian Pacific 4)*s_
" 4.58 4.40 Mortgage Bono C o..........100 114 ;119
D e c . 17 1915.
S h a r es. |B o n d Sa les. S h a r e s .
Caro Clinchf A Ohio 5s
4.90 4.65 National Surety.............. 10 0 )18 6 jl90
B on d S a les.
* Security...IOO 98 ,103
S h a r es. B o n d S a le s .
Central of Georgia 5s . .
' 4 .5o! 4.25 £ £
Qnt’U
vl0tr
N Y Title Insurance Co. 100 35 j 45
011
inT
mil
y ---- ---- —
26,162
Equipment 4 )* s ..........I "
4.50 4.25 Nlplssiug
$15,870
Mines________ 5) *7% 77g
$19,000
Monday.......... ......
28,212
4,597;
$39,000 Chicago A Alton 4 s ..
7.00 5.75 Otis Elevator com______ ioo! 70 | 72
J3,00°j
16,228
71,800
9,654
99,300 Chicago A Eastern 111 5 s.. " 6.00 5.25
32,772
Tuesday..............
16,400,
22,757
Preferred...................... too
92 94
135,700
12,864
41,700
41,421
Wednesday-.........
23,500;
14,336
Equipment 4}*s............
6.00; 5.25
176,100
14,828:
63,100 1 Chielnd A Loulsv4 }* s .. ' 4.80! 4.50 Realty Assoc (Brooklyn). 100! 100 104
29,016
Thursday..............
4i*’000|
14,446
Remington Typewriter—
|
90,700
9,860
27,200 C h cS t L A N O 5s.........
27,349
Friday__________
' 4.50 4.25
42,700;
16,798
Common........................ i o « 13 14
61,550
7,299)
41,800 C h c a g o A N W 4 )*s___ I "
4.30! 4.20
1 st preferred...................100 61 64
T o ta l................
184,932; $153,900 100,435
Chicago R I A P a c 4 }*8. . .
6.25 5.25
26 Preferred...................100 34 37
$554,850
59,102. $312,100 Colorado A Southern 5s___
4.701 4.45 Rlker A Hege’n(Corp for stk) *5% 5%
Erie 5s.................................... 4.65 4.45
Baking Powd com . 100 139 145
Equipment 4>*s................ 4.05:4.45 Royal
Preferred...................... 100 99%l00i*
Equipment 4 s...............
4.65 4.45
Safety Car Heat A Light. IOO) 1 1 2 115
Hocking Valley 4 s............
4.601 4.40 Singer
Mfg C o ................ 100 209 213
Equipment 5s_________
4.60! 4.40 Standard
Coupler c o m ..100 25 j 35
All bond p rice, are “ and Interest” except where marked «1
Illinois Central 5s.........
4.35| 4.20
Preferred.......................100 100 I-----___
4 }* s .................................... 4.35 4.20 Sterling Gum________
5
2% 2%
Standard Oil Stock*
e rS h are
P er s h a r e .
Kanawha A Michigan 4}*s
4.00 4.40 Texas A Pacific Coal___ 100 135 150
r B id .
A s k . Pierce Oil Corn
Louisville A Nashville 5s . .
4.351 4.20 Tonopah Extension M !n_._il*____ 1__ __
Po l B id . As*.
Anglo-Amer Oil new___
17 i 17% Minn St P A 8 S M 4!*s.
4.45 4.20 Triangle
. *18
18% Prairie oil a Gas*...........inn
Film_____________ 5; *57.1
6
428 432
Missouri Kansas A Texas 5s. 6.00 5.00 United Profit Sharing..
3 685 695
! *l%!
I7g
Missouri Pacific 5s..........
6.501 5 25 U S Casualty.................... 166 190 210
) 2S5 295 Sola^R^ rmi ^ ne............ }<*> 231 234
) *113 116
320 ;325
Mobile A Ohio 5s......... .
4.80 4.50 U 8 Envelope com............100 128 138
235 240
Equipment 4H s.........
4.SO1 4.50
) 730 750
Pr?£erred....................... ioo) 104% 107
1 160 180
382
New York Central Lines 5s_. 4 .55; 4 40 U S Finishing------------------100 1 1
15
Southwest Pa Pipe iTnei inn 377
133 1137
Equipment 4>*s...........
4 5514.40
1 275 280
Preferred.........................100 35
40
Standard
Oil
(CaHforntel'loo
390 393
N Y Ontario A West 4J*s._
4.70j 4.45
1 *48
52
1st g 68 1919................ J-j) 92
Norfolk A Western 4}*s
4 35 4 15
1 60
65 Star*aHrj| 0 .1 (Indiana) . . 100 545 f54S
Cons g 5s 1929.............. j - j ! 68
75
q*®udRr'| Oil (Kansas). 100 475 485
Equipment 4s...........
4 .3 5 ! 4 .15 U 8 Title Gu A Indem____100! 35
1 260 270
45
OH of Kentucky 100 355 365
Pennsylvania RR 4}*s__
4 25! 4 12 Westchester A Bronx Title |
1 164 166
Standard
Oil
of
NebriutkalOO
355
365
Equipment
4s............
4.25)4.12
1 135 140
A Mortgage Guar.......... 100; 165 180
OH of New Jer 100 547 1550
St Louis Iron Mt A Sou 5s
5 50 4 90 World
185 190 Standard OH
F ilm _______________ 5 *334 4
of New Y ’rkinn 230 233
st Louis A San Francisco 5s. 7.00 5.50 Worthington (H R) Com- 1
~
* I i d UC VU....UU •114 118
Standard Oil of OhTo
00 555 565
Seaboard Air Line 5s.......
4.70) 4 40
Internat Petroleum_____ £1 *13
13% Swan A Finch___
pany
100 103
. .pref.......................
_________________
" i n n 130 140
_ Equipment 4}*s.......... 4.70 4.40 Yukon G old ....................... 5 *2% 107
National Transit Co.........25 •34
36 Union Tank Line C o " ]
3
87 89
Southern Pacific Co 4 )* s ..
4 40 4 25
Now York Transit C o ... 100 233 237
237 240
Southern Railway 4}*s......... 4.65 4.40
Northern Pipe Line C o .. 100 105 110
•50 55
Toledo A Ohio Central 4s___ 4 80 4.50
Ohio Oil C o___________ 25 •183 186
Bonds.
Penn-Mex Fuel C o l.......... 25 •69
71
!
•Per share. 5 Baste a Purchaser also pays accrued dividend. « New stock
85 1 7
Hat price. n Nominal, x Ex-dlvldend
v Ex-rights
Volume of Business at Stock Exchanges
S f e S J U E f isUs-
Inactive and Unlisted Securities
(Vol 101
THE CHRONICLE
Unjcstttxgttl ami flailrgaxX ^ttlelligcitcg,
T h e follow ing table
can be obtained. The first tw o
columns the earnings for the
! i ± r nvs°. s z . s r i s s
% g s£ £ n s&
”
Week or
Month.
Current
Year.
"
^
«»■
_
___________
Latest Gross Earnings.
J u ly 1 to Latest Date.
Latest Gross Earnings.
ROADS.
a T d lh e ^ S
tcfa n d including the latest week or m onth. W e add a supplementary
roads whose fiscal year does not begin with J u ly ,b u t covers some other
0r
Previous
Year.
Current
Year.
Week or
Month.
ROADS.
Previous
Year.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Previous
Y ear.
Y ear.
S
$
572.051
576,775
144,044 142,928
638,346
627,308
JLtJKJ ,UUU 146.360
ItUiUUU
190,353
6,532,914 5,639,521 25,357,788 22,954,442
765.4571 756.315 3,366,569 3.571.575
360,191 331,386 1,351,986 1,260.091
392,293 333,295 1,421,030 1,334,416
4,888,127 3,525,889 18,874,591 15,374,943
7,030,000 5,648,727 32,390,697 30,900,085
420,948 341,920 1,756,345 1,544,620
617.937 585,520 2,605,735 2,496,380
19098095' 16482466 71,680,085 66,320.663
579,858
502,758
92,135! 106,340
304,361 271,965 1,125,391 1,067,696
l,1 1 5 .7 5 4 ;i,074.952 5,461,701 5.399,964
410,675
383,699
75,028
79,296
365,495 294,218 1,572.926 1,400,920
1,957,089.1,743,155 7,707,307 7,313,189
525,176 472,385 3,179,879 2.978,666
6,344,04214,862,089 24.097,466 20,828.156
453.807 464.730 1,912,894 2,035,764
4,071,180 3,461,475 15,097,827 14,242,032
1,092.066 1,004,612 4.052.239 3,996.685
$
1,500,186 N ew Orl G reat N or
Ala N O & T ex P a c 317,345 270.069 1.573.343
670,920 N O M o b ile & C h ic.
N O & N or E a st. N ovem ber
689,718
120,024
152,049
643,278 N Y N II & H a r t f..
A la & V icksburg- N ovem ber
689,284
115,574
156,458
I
,
083,889 N Y O nt & W estern
V icks Starev & P - N ovem ber
39.045 I , 128,875
61.887
N Y Susq & W e s t ..
A nn A rb o r-------- - — 1st wk D ec 11384903 10882377 43,506,916 41,297.401
N orfolk S ou th ern ..
928,627
A tch T o p & San Fe O ctober
985,413
214,727
269.663
O
ctober
—
N orfolk & W e ste m .
410.370
A tlanta Birm & A tl
430,819
104,285
121,080
N orthem P a cific—
A tlanta & W est P t . O ctob er. __ 2,572,335
9,126,689 9,392,150
2,453,687
N orthwestern P a c.
590,203
A tlantic C oast Line O ctob er---552,587
164,969
167,701
O
ctober—
517,630 P acific C oast C o —
Chariest & W Car
508,200
127,438
134,899
L ou H end & St L O ctob er— 10004431
37,641,860 33,585,090 p Pennsylvania R h .
7.955.694
Balt C hes& A tl—
590,526
oBaltim ore & Ohio O ctob er—
569,520
153,083
164,445
Cum berland Vail.
B & O C h Ter R R October . .
348,990 1,083,220 1,112,633
352,071
L ong Island— — .
Bangor & A roostook October — 1,152,951
4.852.343 4,371,557
922,582
M a ry l'd Del & V a
323,415
Bessemer & L E rie. O ctober -
290,055
71,194
81.455
N Y Phila & N o rf
Birmingham South . O ctober —
17,268,861
17,164.169
4.327.533
4,429,911
Phil B alt & W ash
B oston & M a in e— October . .
178,949 5,282,665 4.561,374
B S f R o c h & P l t t s b : 1st Wk D ec 224,241
W Jersey & Seash
516,273
519.949
134.610
140,006
Pennsylvania Co .
B uffalo & Susq lU i O ctob er—
10,380,900
12,457,900
502,700
Grand R ap & Ind
Canadian N orthern 1st wk D ec 830,600 1,766,000 56,573,207 50,025,804
Pitts C C & St L .
Canadian P a c ific .. 1st wk D ec 3,046,000 1,055,587 4,164,859 4,228,908
1,183,276
V a n d a lia -----------Central o f G eorgia. October
I
I
,
401,819
I
I
,
829,456
3,129,140 2,863,580
T
otal
lines—
C ent o f N ew Jersey October
21024094 93,902,706 87,758,531
355,643 1,577,202 1,280,248
E ast Pitts & Erie October „ 24089740
C ent N ew E ngland . O ctober — 478,580
45,739,718 41,663,625
1,393,228
1,387,904
343,875
October — 12115163 9,932,618 139642425 129422159
366,919
W
est
Pitts
&
Erie
Central V erm on t. . O ctober—
30956713
652,261 20,211,920 17,235,504
A ll E ast & W e st. O ctober _ . 36204904
Ches & Ohio L ines. 1st wk D ec 763,197 280,898 7,126,190 6,660,874
6,748,529 6,444,587
1,697.190
1,812,922
294,635
Pere M arquette— O ctober—
Chicago & A lto n . — 1st wk D ec
8.978.521 33,922,566 34,161,781
C hic Burl & Quincy O ctober— 9,493,928 1,242,885 5,539,550 5,221,516 R eading C o—
4,253,268 18,005,450 16,495,605
5,230,272
O
ctober—
1,564,060
Phila & R ead in g .
b C hicago & East 111 O ctober—
2,951,883 9,515,258 10,049,559
6,512,745 6,469,084
c C hic Great W e st— 1st wk D ec 279,857 265,823 3,340,822 3,048,093
Coal & Iron C o O ctober— 3,598.807
7,205,151 27,520,708 26,545,164
114,710
143,078
902,281
T otal b oth c o s — O ctober— 8,829,079
C hic Ind & Louisv 1st w k D ec
908,734
34,127.916
218.238
35,281,668
224,921
8.873.521
O
ctober—
311,892
R ich Fred & P otom
C hic M ilw & St P . 1 O ctober . . 9.515,771
271.158
135.611
109,426
September
268,449
R
io
Grande
June
.
.
Chic M il & Puf? Si
267,419
31,723,306
10,679
11,165
dC hic& N orth W est October _ . 8,616,350 7,884,096 32,150,192
R io Grande Sou th . . 1st w k D ec
25.250,612 26,262,536
6
ni.
83i
6,677,655
592,939
6.624,693
142,543
160,332
O ctober- —
1,302,512
R
o
ck
Island
L
in
e
s
..
C h ic Peoria & St L . O ctober _ .
1,331.179
6,762,070
346,019 334,291
1,845,334 1,751,180 6,511,876
614,636
dC hic St P M & Om October
Rutland
———- — - —O ctober—
558,491
793,967
756,395
137.238
198.589
170,857
223,271
820,216
St Jos & Grand Isl. O ctober—
C hic Terre H &S E . O ctober—
951.703
4,022,184 3,743,306
183,822
O ctober — 237,754
Cin H am & D a yton O ctober — 1,048,716 887,210
St
L
Brownsv
&
M
.
10,755,505
751,406
571,470
2,714,785 10.379,130
146,637 209,228
C olorado M id la n d . O ctober—
St L Iron M tn & So O ctober— 2,823,270
321,343 289,196 7,016,853 6,675,690 St Louis & San Fran O ctober— 4,224,050 3,955,281 15,427.283 15,291.590
e C olorado & S ou th . 1st w k D ec
46,278
41,394
11,263
199,000 5,406.771 4,048,976
12,148
265,000
1st
w
k
D
ec
St
Louis
Southwest.
C o r n w a ll------ ---------- O ctober—
115,691
148,479
26,958
815,440 3,710,842 3.250.196
37,184
San Ped L A & S L . October — 838,718 1,712.207
Cornwall & Lebanon O ctober—
1,317,855
1,639,755
6.795,615 6,811.242
277.148
391,108
1,896,410
O ctober —
-“L
O ctober —
C uba R a ilr o a d ------ Obtuuci
2,055,964 8.523,992 8,225,370 Seaboard A ir Lin e. . October — 1 4 133363 12005046 53,586,141 47,251,123
Southern P a c i f i c .. .
Delaware & H udson O ctober— 2,275,557
29,389,287 28,671,151
15,641,064 15,348,078
1,189,824
1,331,137
1st
wk
D
ec
D el Lack & W estern O
- -ctober
- - - —
- 4,446,482 4,023,331
378.300 11,916,841 10,915,054 Southern R a ilw a y .. 1st w k D ec 240,358
195,232 5,053,441 4,957,246
D en v & R io Grande 1 st w k D ec 462,000
M ob ile & Ohio
172,786 4,396.031 4,181,233
687,194 554,177 2.792,864 2,266,208
C in N O & T ex P . 1st wk D ec 208,642
W estern P a c ific .. O c to b e r.—
846,806
955,444
90,001 2,274.558 2,101,858
36.906
95,987
44,000
1st
wk
D
ec
A la Great South
D enver & Salt Lake 1 st w k D ec
734,776
704,997
46.317 1,026,504 1,031,536
201,711
48.307
216,064
G eorgia Sou & H a 1st wk D ec
857,182
D etroit T ol & Iront October
863,700
501,005
488.657
33,822
36,841
16,976
17.954
V a & So W e st— . 1st wk D ec 483,405
D etroit & M ackinac 1st wk D ec
1,842,933 1,832,749
472,726
420,471
467,027
136,021
O
c
t
o
b
e
r
...
136,518
Spok P ort & Seattle
33,643
D et & T o l Shore L . O ctob er—
35,272
2,577,228
1,104
3,356,682
1,980
495,643
732,835
TVenn Ala & Georg a 1st wk D ec
546,290
D u l & Iron R an ge O ctober .
550,830
121,460
140,164
41,823 1,530,926 1,336,166 Tennessee Central . O ctober—
58,525
D uluth So Sh & A tl 1 st w k D ec
451.755
8,479,994 8,258,714
450.052
378.889
405,262
115,900
1st
wk
D
ec
122,503
Texas & P acific .
560,479
D uluth W inn & Pac O ctober— 1,116,962 738,098 4,023,867 3,233,661
555,949
15,739
20,284
T oled o Peor & W est 1st w k D ec
Elgin Joliet & E a st. O ctob er. — 837,010 576,690 3,220,299 2,595.861
78.898 2,356,793 2,026,405
114,274
1st w k D ec
397,047
E l Paso & Sou W est O ctober — 6,566,943 5.538.534 24,439,503 21,953,240 T olod o St L & W est O ctober___
300,305
116,790
110.601
T rinity & Brazos V .
Erie________________ O ctober —
387,343 1,438,791 1,292,907
— 10275488 9.201.934 35,720,881 34.392.196
403.893
330,838 Union Pacific S yst. October
322,736
Florida East C oa st. O ctober----563.059 524,797 2,419,863 2,164,125
72,727
October
.
.
V
irgin
ia
n
...............
76,586
Fonds Johns & G lo O ctober —
995,779 1,019,147
271,413
291,867
W a b a s h -------- - — — 1st wk D ec 660,175 510,530 4,826,670 3,854,064
Georgia R a ilro a d .. O ctober - .
147,352
106,313 2,704,777 2,067,508
W estern M a ry lan d. 2d wk D ec 187,508
23,289,193
435.165
Grand Trunk P a c .. 4th w k N ov 256,513
424,126
23,558,756
115,180
121,769
865,052
W estern Ity o f A la . O ctober—
Grand Trunk S yst. 1st wk D ec 1,012,326 914,274 17,560,456 18,129,080 W
N ovem ber
787,384 396.317 3,629.295 2,545,943
heel
&
Lake
E
rie.
932,227
3.118,724
90,412
Grand Trunk R y 4th w kN ov
96,813
O ctober . .
27,371
35,758
170.551 3,602,171
W
rightsville
&
Term
258,435
Grand T rk W e st. 4th w kN ov
Y a z o o & M iss V a il. N ovem ber' 1,287.413 1,124,273 5,630.623 4,887,872
71.450 1,373,711 1,169,121
100,936
D et Gr H & M ilw 4th w kN ov
6,056,762 37,594,044 35,684.397
8.725.676
P rev io u s
580,413
Current
Great N orth System N ovem ber
635,362
144.281
196,337
Year.
Year.
G u lf & Ship Island. O ctober . .
Period.
Various Fiscal Years.
684,311 2,571.545 2,597.705
698,619
H ocking V alley------ O ctober . .
5,077,115 28,168.511 27,368,362
5,910,253
$1,194,474 $1,192,096
to
Oct
3,136,112
Illinois Central------ N ovem ber
Jan
1
3,050,425
B uffalo & Susquehanna RR—
920,779 908,572
19,305,292 18,973,424
Internat & G rt N or O ctober . .
1,173,459
1 to Oct
Delaware & H udson ------------___ Jan
332.184 259,810 1,203,822 3.570,118
54.053.542 50,396,750
Kanawha & M i c h .. O ctober . .
ja n 1 to Oct
977.184 880.044 3.486,676 15.378,758
135356666!127549084
to O ct
Jan
1
Kansas C ity S ou th . O ctob er—
16.096,355
N ew Y o rk Centra j ------------------- Jan 1 to Oct
4,639.358 4,110,503
14,386,082 13,919,446
Lehigh V alley_____ O ctober—
625,851
692,126
169,154
215,750
5,046.741 4,784,167
Lehigh & Hud R iv . O c t o b e r ...
Jan 1 to Oct
975,163
1,183,393
270,126
309.792
S E W * W « ,t e r n .» .......... Jan 1 to Oct
29,657,923 28,282,282
Lehigh & N ew E n g . O ctober . .
598,371
589,846
130,005
163,523
31.034,971,29,705,318
to
Oct
656.577
Louisiana & A rk ---- 5 c *°5er—
765,777
& he 8o“ cc o h ' c l w t v » - f i : : Jan 1
158,983
209,634
1,308,144 1,226,539
Louisiana R y & N av October Jan 1 to O ct
25,257,239 23,676,766
14,406,667 13,658,491
/L o u isville & N ashv 1st w k D e c 1,171.285 969,410
Jan 1 to O ct
53,590
49.390
13,276
15,198
10,047,8811 9,402,339
M acon & B irm ’ham O ctob er. —
K W W h K S f s f L V u T , Jan 1 to Oct
4,102,596 4,179,382
1.041,514
1,021,676
3.802,808' 4,113,563
M aine C entral......... October . .
Jan 1 to Oct
198.839
172,274
55.764
47,759
T o le d o * O hio C entral............ Jan 1 to Oct
M aryland & Penna. October . .
245074882 232641230
507,328
573,411
139,586
162,694
3.355,016 3,240,157
M idland V a lle y .— October
Jan 1 to Oct
354,111
476,374
12,656
21,372
159839089 158107212
M ineral R ange
- 1st wk D ec
Jan 1 to O ct
208,828 4,735,876 4.652,919
„
.
.
.
__
989,515‘ 1,081,200
O
ct
M inn & St L ou is. . 1st wk D ec 220,526
Jan 1
Iow a C entral— I
,
1 to O ct 31 2,505,692 2.776,158
519.700ll6.083.021 13,938.326
C um berland V alley.................. Jan
to
O
ct
31
11,514,702
11,417,812
M in n St P & S S M 1st w k D ec 733,100
Jan
1
65,361
270 922
283,357
75,355
762,373
803,051
Mississippi C entral. O c t o b e r ...
Jan 1 to O ct 31
583,147 14,409,714 14,854,295
f M o Kan & T ex a s. 1st wk D ec 632,123 5 463,994 20,807,632 21.498.381
Jan 1 to O ct 31 3,439.176 3,193,982
h M issouri Pacific
O c t o b e r ..- 5,705,268 ’958,688j 4,043,824 3,925.396
Jan 1 t o O ct 31 17,423,924 17,132,115
N ashv C hatt & St L October — 1,121.133
Jan 1 to O ct 31 5.958,101 5,694.997
5 409
211,919
208,190
5,054
- * ~
l s t w k D ec
Jan 1 to O ct 31 49,313,687 47,089,772
13609051 59,803,683 54,396,782
O ctober . . 16140580 1 i 19 892 6 266.575 5,860.998
i » l S V
d I a n a - - : Jan 1 to O ct 31 4,379,426 4,574,433
to O ct 31 33,537,437 33,409,013
O ctober . . 1.625.090 486 5141 2,280.601 2,098.905
P R ts CincPC h ic & St L o u t e - Jan 1 to O ct 31 9,209,237 9,194,997
599,542
October . .
Jan 1
3 019.610 13 099.869 12,019.993
October . . 3.464,282
Jan 1 to O ct 31 206664438 204436317
O ctober . . 3.652.627
J to O ct 31 97.757,696 95,618,056
156.360
O ctober . .
— A ll Lines E & W Jan 1 to O ct 31 304422133 300054371
October . . 1,989,801
Sept 30
733.933
796,872
R io Grando J unction.....................Ijan 1
O ctober — 1,232,820
Oct 31 2,964,523 2.982,568
486.466
Rutland
------- --------—--------------29347568
Ih
C u rrent
•Weekly Summaries.
4th week Sept
1st week O ct
2d week O ct
3d week O ct
4th week O ct
1st we^k N o v
2d weeK N o v
3d week N o v
4 th week N o v
1st week D ec
(37 road s)-----(37 road s)-----(32 roads)-----(32 roads)-----(36 roads)-----(36 r o a d s ) - - - (36 roads)-----(37 roa d s)-----(35 road s)-----(38 roa d s)------
Year.
18.614,775
14.393.591
14,406.155
14.372.120
21,305.141
14.911.501
15,219,672
15.124.179
17.801,984
13,980,658
Previous
Year.
17.922,564
13.249.948
12,873.769
12.225.873
17,501.687
12.010,570
12,176,733
11,801,719
12,888,457
10,797.962
Increase or
Decrease.
^
h- : ;: ::2 4 7 .7 « 7
..........— 243.042
S u? ™ h« ; - - 2 4 5 ’ 132
S e p t e m b
II N
m
Previous
Year.
Increase or
Decrease.
210.860.681 212.163.967 — 1.303,286
243.598 238,157.881 253,352,099 — 15,194.218
___________ , — 3,394.104
245.170 237.696,378 241.090,8421
245.207 244.692.738 243.367.953 + 1,324.785
313,837
235.828 248.849.716 247.535.879 I+I2.321.115
241.796 262.948,115 260.624.000
5.272.843
245.754 ,279.891.224 274.618.381
243.463 294,241.340 276.458.199 + 1 7 .7 8 3 1 4 1
e r . 311, 179 375 274,091.434 + 37,087,941
o v e m b g r ^ g w _ - ^ . ^ 0. on,
flflH B a p m i
on longer include the M exican roads in any o f our totals.
Current
Year.
* Monthly Summaries.
%
*
+692.211 3.86
+ 1,143.643 8.63
+ 1,532.386 11.98
+2.146.247 17.49
+ 3,803,454 21.73
+2,900.931 24.15
+ 3.(442,939 25.07
28.16
+ 3,322.460,-----+ 4.913,527 38.06
+
+ 3.182.696
3,182,696 29,48
29.48
o s te s s ? --
a
M ason o l t v
m
u
m
%
0 61
5.99
1.41
0.54
0.53
0.8?
1 93
6.43
13.57
29.07
& >Tr*
L a t e s t G r o s s E a r n in g s b y W e e k s — In the table which
follow s we sum up separately the earnings for the lirst
w eek o f D ecem ber. T h e table covers 3 8 roads and shows
2 9 .4 8 % increase in the aggregate over the samo weeK
last y
e
a
r
First week of December.
.
_______________________________________
1915.
1914.
Increase. Decrease
S
8
$
5.986
90,001
95,987
Alabama Great Southern--------22,842
39,045
61,887
Ann Arbor---------- ----------------r
45.292
178,949
224,241
Buffalo Rochester & Pittsburgh
502,700 327,900
830.600
Canadian Northern----------------Canadian P acific.------------------- 3,046,000 1,766,000 ,280.000
652,261 110,936
763,197
Chesapeake & Ohio----------------13,737
280,898
294,635
Chicago & Alton--------------------14,034
265,823
279,857
Chicago Great Western----------28.368
114.710
143,078
Chicago Ind & L o u isv ille .----35,856
172,786
208.642
Cinc Now Orl & Texas Pacific. .
32.147
289,196
321,343
Colorado & Southern-------------83,700
378,300
462.000
Denver & Rio Grande-------------7,094
36,906
44,000
Denver & Salt Lake---------------978
16,976
17,954
Detroit & Mackinac---------------16,702
41,823
58,525
Duluth South Shore & Atlantic.
1,990
46,31“
48,307
Georgia Southern & Florida—
Grand Trunk of Canada----865.052 147,274
1,012.326
Grand Trunk W estern.. .
Detroit Gr Hav & M ilw ..
Canada Atlantic. ---------969,410 201,875
Louisville & Nashville------------ 1,171,285
8,716
12,656
21,372
Mineral Range---------- ----------11,698
208,828
220,526
Minneapolis & St Louis------Iowa Central----------------519,700 213,310
733,010
Minneapolis St Paul & S S M
48,976
583,147
632.123
Missouri Kansas & Texas-----45,126
195,232
240,358
Mobile & Ohio--------------------5,409
5,054
N evada-California-Oregon—
486
10,679
11,165
Rio Grande Southern---------66,000
199,000
265,000
St Louis Southwestern-----------,189,824 141,313
Southern Railway------- - — - - - 1,331.137
876
1,104
1,980
Tennessee Alabama & Georgia.
26,373
378,889
405,262
Texas & Pacific----------------4.545
15,739
20,284
Toledo Peoria & 'Western—
35,376
78,898
114.274
Toledo St Louis & Western-----3,019
33,822
36,841
Virginia & Southwestern—
510,530 149,635
660,165
Wabash___________________
50.891
147,352
198,243
Western Maryland-----------13,980.658 10.797,962 3,183,051
Total (38 roads). . . . .
Net increase (29.48%).
355
355
N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— In our “ Rail
way Earnings” Section or Supplement, which accompanies
to-day’s issue of the “ C h ro n ic lew e give the October figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supple
ment for full details regarding the October results for atl the
separate companies.
•
In the follow ing w e give all statem ents th at have como in
the present w eek covering a later or a different period irom
th at to which the issue o f the “ R ailw ay Earnings Section is
d evo ted .
W o also a dd the returns o f the industrial com
panies received this w eek.
------ Gross Earnings—- ------ Net Earnings----Current
Previous
Current
Previous
Year.
Year.
Roads.
Year.
Year.
Delajuly° * to S c p t ^ o .......... 6,248,435
6,169,416
G^ r^nT^runkf I ^ n.a.d.aD ct 3,590,990 3,509,233
Jan 1 to Oct 31______ 33.020.175 35,515,716
Grand Trunk Western.Oct 782,046
639,945
5,9931338
Jan 1 to Oct 31--------- 6,236,175
255,005
Det Gr Haven & M ilw.Oct
293.450
Jan 1 to Oct 31........... 2,269,979 2,105,491
94,178
Toledo Poor & W o st-b .-N o v
102.650
544,740
July 1 to N ov 30--------535,665
396,317
Wheel & Lake Erie b . -N ov
787,384
2,545,943
July 1 to Nov 30--------- 8,6 -9,zyo
2,599,176
2,476,935
976,220
1,063.817
9,576,542 9,425,437
37,959
219,479
201,716
856,747
30,172
80,539
178,415 defl72,215
20,143
def3,894
93,805
66.655
321,549
124,891
1,416,075
825.509
IN DU STRIAL COM PANIES.
371,124
475,086
Cities Service C o - - - - - - N o v
^90,623
Jan 1 to Nov 30--------- 3,947,605 3.529,643 3,792,537
Detroit Edison a
-N o v
764.229
630,312
318,963
Jan 1 to Nov 30--------- 6,878,076 5.781,392 2,538.160
Keystone Telephone.a-N ov
116,148
109,778
56,382
Jan 1 to Nov 30--------- 1,245,419 1,211,674
623,028
359,197
3,424.781
253,006
1,978.598
55,857
614,512
a Net earnings here given aro after deducting taxes,
b Net earnings here given aro beforo deducting taxes.
I n t e r e s t C h a r g e s a n d S u r p lu s .
— Int., Rentals, A c.-------- Bal. of Net E a rn sCurrent
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
$
$
8
Delaware & Hudson—
. .
- on
July 1 to Sept 30........... 1,447.520 1.451.215 x l ,643,917 x l.615,529
Toledo Peor & W estern.Nov
, 26,426
26,900
x l ,718 xdef27,629
128,529 xdefl7,317 xdef55,465
July 1 to N ov 30--------132,797
IN D U ST RIA L COM PANIES.
Citios Service C o---------- Nov
40,833
40,833
434,253
Jan 1 to Nov 30-------449,166
379,166 3,343,370
Detroit Edison................ N ov
100.289
81,176
218,674
Jan 1 to Nov 30-------999,893
800,565 1,538,267
Keystone Telephone-------Nov
27,536
25,921
28,846
Jan 1 to N ov 30_____
293,860
285,840
329,168
318,363
3,045.614
171,830
1,178,033
29,936
328,672
x After allowing for other income received.
-Month of October— —July 1 to Oct. 31—
1915.
1914.
1914.
1915.
S
$
S
Northern Express Co.—
246,436
236,317 1,154,676 1,088,601
Total from transportation..
134,141
132,068
586,726
620,851
Express privileges— Dr.........
112,295
104,249
501,875
533,825
Revenue from transport n.
4,811
14,286
3,860
17,275
Opcr. other than transport n
117.106
108,110
516,161
551,100
Total operating revenues.
87,910
89,964
365,990
376,155
Operating expenses-----------18,145
185,109
29,195
140,006
Not operating rovenuo----19
488
52
429
Uncollectible rev. from trans.
5,000
20,000
20,000
5,000
Express taxes_____________
ODerating income.
3067
THE CHRONICLE
Dec. 18 1915.)
13,125
164,620
119,954
E L E C T R IC R A I L W A Y A N D T R A C T I O N C O M P A N IE S .
Jan. 1 to latest date.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
$
455,364 435,945 4,924,016 5,074.870
American Rys C o ___November
312.150
303.527
24.486 27.184
Atlantic Shore R y ___October—
167,521 172,580 1,598.541 1,759.685
cAur Elgin & Chic Ry October—
647,673
655,816
71,610 69,422
Bangor Ry & Electric October__
145.991
155,123
15,608
18,096
Baton Rouge Elec Co October—
489,610
506,432
63,953 63,679
BeltLRyCorp(NYC) A u g u st---828,448
779.959
81,179 89,999
Berkshire Street R y . October__
Brazilian Trac, L & PjOctober __ /6793000 /6241170 f64250,110 /61411,258
105,626
99,181
9,4061
9,825
Brock & Plym St R y . October—
Bklyn Rap Tran Syst A u g u st---- 2464,7742536,506 18,284.603 18,311,834
290,055
287.934
30,751
Capo Breton Elec Co October—
34,152
911,189
883,189
88,261
Chattanooga R y & Lt October—
98,153
349,419
341,456
33,346
Clev Painesv & East. October—
34,360
1.058.200
1,030,095
107,610
Cleve Southw & C ol. October __ 109,962
558.393
583,699
63,890
Columbus (Ga) El Co October—
67,214
Colum (O) Ry P & L . O ctob er.._ 272,152 262,685 2,535,853 2,526,081
g Com 'w’th P Ry & L October— 1245,866 1184,386 11,650.884 11,479,781
Connecticut C o_____October— 711,185 654,584 6.836,404 6,763.009
Consum Pow (M ich). October— 342,666 291,849 3,095,803 2,776,210
Cumb Co (Mo) P & L O ctober.. . 226,793 214,808 2,198,905 2,1 3,859
185,200 200,503 1,498,797 1,842,160
Dallas Electric C o __ October—
Detroit Unitod Lines October— 1188,900 1042,679 10,896,005 10,310,871
343,969
42,992
320,011
D D E B & Bat (Riec) August . . .
41,087
947,865 1,085,240
Duluth-Superior Trac October—
101,900 109,474
2,202,116
2,008,706
216.801
East St Louis & Sub. October— 222,456
560,571
582,231
Eastern Texas E le c .. October—
71,665 56,352
861,693
786,936
88,976
El Paso Electric C o .. October—
84,808
42d St M & St N Ave August . . . 157,783 161,029 1,281,190 1,220,007
g Georgia R y & P ow . November 608,324 546,656 5,868,466 5,762,392
Galv-Hous Elec C o._ October—
174,259 189,703 1,604.757 2.036.595
062,445
965,420 I ,
Grand Rapids Ry Co October—
97,125 102,963
814.243
777.532
83.955
Harrisburg Railways. October—
76,356
4,477,642
4,572,321
464,438
Havana El Ry L & P . O ctob er... 463,385
402.669
384,465
Honolulu R T <fc Land August —
47,745 49,967
235.558
226,928
21,226
Houghton Co Tr C o. October—
23,034
b Hudson & Manhat. October—
477,723 468,022 4,537,244 4.608,456
Illinois Traction____October— 980,071 944,904 8,971,423 8,954,384
Interboro Rap Tran. October— 3071,291 2936,217 27,708,144 27,952,369
606,230
508,701
Jacksonville Trac Co October—
51,338 56,744
207,352
191,398
21,665
Keokuk Electric___ October—
20,224
111,608
93,311
11,392
Key West Electric__ October—
9,736
1,212,704
150,649
Lake Shore Elec R y . October---- 118,315 113,778 I ,
Lehigh Valley Transit October — 196,650 158.790 1,717.566 1.562.875
577,413
622,693
57,309
Lewist Aug & Waterv October—
63,932
170,070
174,859
Long Island Electric. A u g u st---29,855 29,978
2.661.966
2,444,965
268,080
Louisville R ailw ay.. October _ . 252,669
Milw El Ry & Lt C o. October—
515,984 498,745 4,844,901 4,969,126
Milw Lt Ht & Tr C o. O cto b e r... 128,531 118,365 1,233.605 1,264.319
Nashville Ry & Light October__ 189,636 191,814 1,767,011 1,868,992
435,612
455,202
56,590
N Y City Interboro.. August —
55,506
270,107
286,691
44,390
N Y & Long Islan d.. A ugu st__
41,951
111,552
108,991
17,362
N Y & North Shore.. A ugu st__
15,792
912,355
915,218
N Y & Queens C o__ A u g u st___ 125,843 130,884
I
I
,
304.252
I
I
,
249,362
1204,395
New York Railways. October__ 1221,592
327,704
322.842
27,142
N Y & Stamford R y . October—
28,216
344,717
394,828
39,075
N Y Westches & Bost October—
45,191
156.153
149,021
15,495
Northampton T ra c.. October— „I5'§Z2
Nor Ohio Trac & L t. October— 339,599 304,413 3,168,959 3,032,972
North Texas Eelctric October—
181,515 184,027 1,410,580 1.750.967
241.806
236.251
Northw Pennsyi R y . August —
36.139 40,508
125,663
114,993
Ocean Electric (L I ). August —
33,090 37,068
249,215
26,099
235,180
Paducah Tr & Lt C o. October—
25,313
225,874
210,591
19,819
Pensacola Electric Co October—
22,386
Phila Rapid Transit. O c tob er... 2219,105 2097.099 19,965,234 19.927.048
317,514
383,912
34,861
Phila & Western____O cto b e r...
44,922
Port (Ore) Ry,L&P Co O cto b e r... 453,225 510,812 4,573,243 5,264,053
887,716
898,403
87,095
Portland (Me) R R ._ October
92,502
Puget Sound Tr.L&P September 609,782 683,557 5.574.642 6.335.603
2.500.002
oRepublic Ry & L t .. O ctob er... 276,355 251.893 2.511.276 4,524,969
Rhode Island C o___ O cto b e r... 439,590 440,696 4.194,269
268,019
269.700
Richmond Lt & R R . August . . .
45,839 46.8S7
St Jos Ry Lt II & P Co November 108,819 108,481 1,150,706 1,174,232
386,476
388.644
38.539
Santiago El Lt & T r. O c tob er...
41./44
701,091
658,863
Savannah Electric Co October—
67,962 67,529
615,679
578,070
Second Avenue (Rec) August —
83,523 89,144
148,896
151,199
21,632
Southern Boulevard- August —
20,590
224.898
234,144
Staten Isl M idland.. August —
44,138 45,647
814,576
811,582
83,008
Tampa Electric C o .. October__
84,803
2,640,827
Third Avenue______ A u g u st___ 327,058 336,173 2,547,518 4.583.860
Toronto Street R y .. September 489,573 525.254 4.173.872
4.878.875
8,590,039
218,450
Twin City Rap Tran. 4th wkNov 236,461
1,949,221
Union Ry Co of NYC August . . . 251,422 363,265 1,854,357 4.298.627
Virginia Ry & Power. October— 473,073 446,705 4.293.546
754,405
780,636
Wash Balt & Annap. November
96,474 64,169
410,420
391,795
67,042
Westchester Electric.'August —
57,293
218,810
212,726
22,995
Westchostcr St R R ._ October—
22,249
476.154
481,077
63,765
Yonkers Railroad__ A u gu st----bl,12t
659,487
678,273
70.172
York Railways...........O cto b e r...
81,169
230,570
238,89^
26,319
Youngstown & Ohio. October---24,51/
150,633
144,055
14,764
Youngstown & South October—
15,859
b Represents Income from all sources, c These figures are for consoll*
dated company / Earnings now given in mllreis. g Includes constituent
companies.
E le c tr ic R a ilw a y N e t E a r n in g s .— T h e follow ing table
gives the rrturn o f E L E C T R I C railw ay gross and net
earnings reported this week:
------Gross Earnings------ ------ Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
S
$
S
def
1,758
3,383
24.267
23,678
Atlantic Shore R y .b ------Nov
69,423
61,092
336.417
327,205
Jan 1 to Nov 30--------212,877
291,668
546,656
608,324
Georgia Ry & P ow er.a.N ov
Jan 1 to Nov 30______ 5.868,466 5,762,392 2,497.638 2.321,974
117,304
122,130
268,080
252.669
Louisville R ailw ay.b— Oct
Jan 1 to Oct 31______ 2,444,965 2,661,966 1,162,665 1,141,728
4,998
6,855
15,495
15,872
Northampton Tract a — Oct
55,959
66,470
156,153
149,021
Jan 1 to Oct 31______
C312.999
772,132
Wisconsin Edison.n------Nov
c3,430,320
8,581,437
a Net earnings hero given are after deducting taxes,
b Net earnings here giv n are before deducting taxes,
c Balance for the Wisconsin Edison Co. and depreciation of subsidiary
companies was $178,541 for November and $1,799,804 for the 12 months.
I n t e r e s t C h a r g e s a n d S u r p lu s .
— Int., Rentals, A c.--------Bal. of Net Earns.—
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
l^ ar$
Atlantic Shore R y ______ N ov
Louisville Railway......... Oct
Jan 1 to Oct 31______
23,678
76,813
744,021
$
24,267
73.250
720,167
- a f a l l o w i n g for other income received.
S
327,205
*62,177
x575,691
S
336,417
*60.411
xbt6,423
2068
THE CHRONICLE
ANNUAL REPORTS
A n n u a l R e p o r t s .— A n index to annual reports of steam
railroads, street railw ays and m iscellaneous com panies which
have been published during the preceding m on th will be
given on the last Saturday o f each m on th .
T h is index will
not include reports in the issue of the “ C hronicle” in which
it is published.
T h e latest indox will bo found in the issuo
of N o v . 27 .
T h e next will appear in th a t o f D e c . 2 5 .
M a s s a c h u s e t t s E le c tr ic C o m p a n ie s , B o s t o n .
(Report for Fiscal Year ending June 3 0 19 1 5 .)
P res. G ordon A b b o t t, B o sto n , D o c . 1, wroto in substance:
Results.—-The decreasing tendency in goneral business became acute in
August 1914 and was felt throughout the year by the operating company.
Tho passenger earnings, instead o f the usual increase, showed a loss for
the year of $133,535, due undoubtedly in part to jitnoy competition. Other
branches, however, were not so seriously affected, so that tho year’s figures
show a decrease in the total gross o f $75,746.
The expensos, owing to the increase in wages and the rulings o f thel.-S .
C . Commission, hereafter referred to, showed a heavy increase, and tho
final not for the year did not permit of the paymont o f such dividends by
tho Bay State Street Ry. Co. (V. 101. p. 46) as would enable tho continu
ance of dividends on your preferred shares. (V. 100, p. 1832.)
Wages.— The arbitration of the wage dispute between the Bay State
Street R y. Co. and its employees was decided June 21 1915. The award
was for the period between Sept. 30 1914 and Oct. 1 ^916. By that award
increases in wages from Oct. 1 1914 to July 1 1915, amounting to $46,000
were granted. From June 30 1915 to July 1 1916 the estimated increase
in wages under the award will amount to $247,000. From July 1 1916 to
Sept. 30 1916, both inclusive, the estimated increaso will amount to $80 000
more than for the corresponding period of the previous year.
Reconstruction— Depreciation of Equipment.— In the past when reconstruc
tion work was finished the betterment portion was entered as “ Reconstruc
tion” until capitalized, and the balanco was placed in “ Suspense” and
charged o ff from time to time as net income would permit. During the
ast year the I.-S. C. Commission ruled that tho non-betterment part must
e charged to operating expenses in the year in which tho work is dono and
the accrued amount must be charged o ff in three years. As a result the
estimated non-betterment part for tho year, $182,851, was charged to oper
ating expenses and one-third o f tho non-betterment in suspense at the bo
ginning o f the year, $215,984, was charged o ff to profit and loss account
leaving $431,969 to be charged o ff during the next two years.
During the past year also tho I.-S. C. Commission ordered that com
panies should estimate tho amount of depreciation of equipment, and charge
a proportionate amount amount to expenses monthly. As a result $120 000 was charged to this account last year, and the amount will bo larger
for the current year. Heretofore it has been assumed that maintenance
expenditure and the growth of the business would keep tho properties in
normal condition.
Jitney Competition.— This new form of competition in our torritorv first
appeared during the year at Fall River. On Nov. 1 last thoro were 655
jitneys and jitney buses licensed in 12 cities and one town and 71 woro boinir
operated in cities where no licenses aro requirod. Last month this commv
tition caused us an estimated loss of about $700 per day. It is not nrac
ticabie at present to say what the future of this form of transportion will bo
Rates.— In view o f all the conditions the directors o f the Bay Stato Co
decided that in order to enable the company to pay a roasonablo return
E
public hearings were begun N ov. 8, which aro likely to continue for some
timo. (V. 101, p. 845.)
Additions, &c.— Amounts aggregating $1,052,309 havo boon spent during
the year for now property and reconstruction, viz.: Track construction,
bridges and State and municipal requirements, $323,077: track reconstruc
tion, $370,066; cars and electrical equipment, $55,826; electric lines and
feeders, $129,395; power stations, $75,266; land and buildings, $79,978;
sundry equipment, $18,701.
.
During tho year 3.77 miles o f now track were constructed, 18.94 milos
wore reconstructed and 2.26 miles o f reconstruction was in progress at tho
close of the year; 1.06 miles o f track wore rosurfacod and paved on account
of municipal improvements and work was done in connection with tho
construction of 3.02 milos of State highway. One new 30-foot semi-convertiblo car was built, and about $40,000— out o f a total requirement of
$110,000— was spent in lowering car steps in compliance with tho orders
of the P. S. Commission. 5.68 miles o f new underground feeder and 15.01
miles of underground duct were installed. Tho addition to tho Salem powor
station was put into operation about Dec. 1 1914.
Bonds.— During the year $199,000 bonds were issued and sold under tho
mortgago o f tho Boston & Northern Street R y. Co. (V. 100, p. 1671), and
$172,000 under the mortgago o f tho Old Colony Street Ry. Co. All of
these bonds were Issued to refund maturing bonds. Tho $3,100,000 coupon
notes of tho Massachusetts Electric Companies maturing M ay 1 1915 were
retired and $3,000,000 o f new 3-year coupon notes were issued and sold.
(V. 100, p. 733.) The Bay State Street Ry. Co. has been given authority
to issue 12,819 shares of First Pref. stock, but none of it has yet been
issued. (V. 101, p. 693.)
„
,
Accounts.— The accounts in this report follow tho new system prescribed
by the I.-S. C. Commission.
Digest o f O pening Statem ent by James F. Jackson in Rate Case
Nov. 8 1915.
Recognizing the right o f every one affected by an increaso in faros to
know the reasons for it, we aro here to give thorn.
In tho spring o f 1899 a group of men whose namos stand for integrity
and ability in the business world undertook to unite tho 29 then soparato
railways which aro now operated by tho Bay State Street R y. Co. [tho
operating company o f tho Massachusetts Electric Companies]. The sepa
rate earning power of tho original companies differod, .and consequently
stock values differed, some being abovo and others below par. It was
found impossible, however, to effect a sharo-for-sharo exchange, so that
the aggregate stock and indebtedness was not increased, whilo reductions
in faro and increase in facilities wero Immediately roalizod.
Clear-headed men belioved that tho outcomo was bound to bo a larger
and bettor public servico with fair return upon privato investment. Events
have proved otherwise. Traffic increased, it is true, but not at tho rate
predicted. Some o f the lines of railway acquired wero in an astonishing
need of repairs and reconstruction. Advance in wages and in cost o f sup
plies, seasons of business depression, competition with other kinds o f trans
portation, and tho multiplication o f domands from town and Stato authori
ties have made inroads upon income that wero not anticipated.
From the expert legal advice obtained by tho organizers of tho company
they might well assume that a railway location was to bo treated as a liconso
to run cars in the streets, and not as a grant of property rights in these
streets to be paid for from timo to time in contributions measured by the
insistence of one and another public board. They might well assumo that
when the law imposed upon street railways a commutation tax as a substi
tute for payment of highway repairs the company would not be called upon
to pay for such repairs. Not so, it seems. Certain figures illustrate tho
experience of the company:
Taxes in 1901 were $341,569; In 1915 thoy woro_______________ $653,380
Contributions to construction and maintenance of highways and
bridges were in 1901, $567, contrasting in 1914 with________
320,084
and in 1915 with___________________ ________ _______________
287,727
Amount paid from 1892 to 1915 for paving alone totals nearly.. 4,000,000
Platform expenses in 1901 took o f tho operating rovenuo______
25.29%
Do
do
in 1915 they took__________________________
29.80%
Total operating expenses consumed of operating rovonuo in 1901
61.38%
Do
do
do
do
in 1915 73.04%
Tho rule laid down in tho Middlesex case (V. 99, p. 1366) and reaffirmed
in tho later cases defining the basis for rate-making in Massachusetts reads:
“ Accordingly wo rule that under Massachusetts law capital honestly and
prudently invested must, under normal conditions, bo taken as the control
ling factor in fixing the basis for computing fair and reasonable rates; that
if there is mismanagement causing loss, such loss must be charged against
the stockholders legally responsible for the mismanagement; that repro
(Vol . 101
duction cost either with or without depreciation, whilo it may bo c >nsldered
rates*1” Un<*0r our aw' to
takon as tho determining basis for reckoning
Therefore, when it becamo evident that a revision of faros could no longer
bo postponed, steps wero at once taken to securo a complete and unpreju
diced study and inventory of the railway property as the only sure method
for determining tho truo basis for faros. The inventory made by an expert
engineer at that time Chief Engineer of the Illinois P. S. Commission
g^ pestk e investment cost of physical property in Massachusetts at $43,
5ft? samo report tho reproduction cost now appears to be
$4b,361,20b. rhe total outstanding securities, stock and bonds, of the
iite and leas?d companies in Massachusetts are $47,534,500.
I he items for which tho co. requires rovonue aggregate $10,707,242, v iz .:
Return on investment of $43,635,365.............................................$3,054,476
Reserve for depreciation, $1,054,386, and taxes, $604,875______ 1,659,261
Variable expenses, say, as in 1913-14 (Maintenance of way and
f^uctures $783,906; maintenance of equipment, $768,887;
traitic, $58,353; conducting transportation, S3,381,835; gon
eral and miscellaneous, $1,000,524)_________________________ 5,993,505
th
iirc™onT^!t^? company needs additional rovenuo to
the amount of $l,61o,16o. Dividends upon railway shares aro to all in
tents and purposes an item in the cost of tho railway. The extension of
I l n h h V t r a c k s , additions and other improvements to moot
public demands, are continuously calling for now capital, and tho company
must pay the pneo which the market asks. Dividends for the pait 15
years have avoraged only 4.49% . A company may postpono payment for
huh Ann iCalfw u " |)0.larl ^l ,dut it cannot postpone tho payment of regular
dividends, for if it doos, it loses at onco its financial standing and tho power
to get the now money roqiured in carrying on tho business
The opinion in the Middlesex case says: “ I f regulation is'to limit, as i
should, tho profits of stockholders to a moderate roturn not groatlv in
excess of an investment rate, regulation must also protect, as far as it rea
sonably may, all investments honestly and prudently made and pronerlv
managed in tho public service; otherwise there will bo no such improvem’t
The joint report of the I*. S. Commission and tho Boston Transit Com
mission in 1914 said, regarding the management of tho property "Tho
development of this groat system has exhibited tho samo phenomena which
have been previously described with reference to tho Boston Elovated Rail
way system. Uniform methods of operation havo been adopted lines oxtondod and reconstructed, fares reduced, transfers afforded, and in many
other ways increased facilities havo been givon to the public. The result
has been that all communities served by this system havo boon benefited
in comparison with past conditions.”
But expenses havo been piling up upon every side, prico.s havo advanced
in every department of life, while tho co. still collects tho samo 5-cent fare.
INCOME ACCOUNT B A Y STATE ST. RY. FOR YEARS END. JUNE 30
1914-15.
1913-14.
1914-15.
1913-14.
Gross earnings...$9,538,407 $9,614,153 Deduct taxes____ $653,381 $643,323
Oper. expenses... 6,897,752 6.427.S63 Bond, &c., lnt__ 1,143,356 1,108,624
Rentals, &c_____
207,827
200,108
Net earnings...$2,640,655 §3,186,290 Common dlvs. (2M)512,930(5)01077153
Other Income___
66,459
81,096 1st prel. dlvs. (6%) 104,916
104,916
Gross Income— $2,707,114 $3,267,386 Balance, surp._ $24,704
$73,202
Note.— The surplus brought forward Juno 30 1914 was $213,532 and,
deducting $215,984 reconstruction and miscellaneous (net) $16,501, loaves
a surplus as of June 30 1915, $5,751.
BALANCE SHEET OF B A Y STATE STREET RY. CO. JUNE 30.
1915.
1914.
1915.
1914.
Assets—■
$
§
Liabilities—
$
$
Road & equipt__ 46.559.32S 45,185,950 Common stock__20,517,200 20,517,200
Skg. funds, &c__
113,842
97,619 Preferred stock... 2,748,600 2,748,600
Misc. phys. prop. 311,367
311,367 Premium 1st pref. 357,480
357,480
Adv. to leased r’ds 273,606
182,431 Funded debt........23,480,000 23,477,000
Cash..............
420,404
589,933 Notes to Mas3.
Accts. receivable. 115,140
113,864
Elec. Cos.......... 1,250,000 1,550,000
Coupon, &c., dep. 362,180
316,590 Notes payable___ 1,050,000
350,000
Accts. in suspense 229,240
250,715 Miscellaneous___
11,884
10,704
Dep. for matured
Vouchers, &o___
419,894
334,579
2,500
bonds________
57,000 Matured lnt., &c. 364,680
373,590
Deferred accounts
28,497
26,455 lnt., tax.,&c.,accr. 408,459
392,212
Prep, aid insur__
133,177
161,553 Unadj.,&c., accts. 293,355
320,525
Mat’ls & supplies. 741,734
933,887 Accrued deprcc'n.
120,000
________
Discount on bonds 1,281,387 1.235,426 Winter, &c.. res’ve
92,276
126,245
Reconstruction__
547,176 1,308,937 Surplus...............
5,751
213,532
Total...............51,119,579 50,771,727
Total............... 51,119,579 50,771,727
MASSACHUSETTS ELECTRIC COMPANIES—INCOME ACCOUNT
YEARS ENDING SEPT. 30.
Income—
1914-15.
1913-14.
1912-13.
1911-12.
Divs. on stocks ow ned..
$513,068 $1,077,291 $1,133,293
$962,485
Interest on notes, &c__
78,489
77,552
71,433
161,668
$591,557 $1,154,843 $1,204,726 $1,124,153
Total income________
Expenses—
Salaries— general officers
$5,500
$4,375
$10,292
$12,500
Logal and miscellaneous
14,436
18,318
22,159
11,337
Interest_______________
172,143
155,000
171,561
166,500
Divs. on prof, stocks__ (2%)484,128 (4)968.256 (4)968,256 (4)822.296
T o ta l.........................
$676,207
Balance________________ dof$84,650
$1,145,949 $1,172,268 $1,012,633
sur$8,894 sur$32,458 sur$ 111,520
.1
30
l 91.4
, wa* $2,749,583.
Deducting
$101,100 discount coupon notos sold and
$2,561
premium coupon
notes
purchased, leaves a total surplus as of Sept. 30 1915 of $2,561,272
MASSACHUSETTS ELECTRIC COS.— GEN. BAL. SHEET SEPT. 30.
1915.
1914.
1915.
1914.
Assets—
$
$
Liabilities—
$
$
Sundry stks.,&c.,l
Preferred shares.*24,128,611*24,123,162
in treasury___ [39,213,291 39,213,291 Common sharo... 14,293,100 14,293,100
Stock dep. to sec. |
Coup. notesMayl’lS 12,0001 3,100 000
coupon notes.-j
do Apr 1 ’ 18..83,000,000/
Cash...................
13,481
21,457 Vouchers payable.
1,149
860
Bay State St. Ry.
Accrued lnt. on
notes............... 1,200,000 1,550,000
coupon notes__
_____
64,583
Depos. for coupon
Accrued taxes___
_____
7,500
notes ducMayl'15
12,000
-------- Dlv. & coups.uncl.
90,383
14,778
Cash for coup.,&c.
76,533
3,056 Profit and loss,
Arrearsof dlvs .pur. 3,571,211 3,565,762
surPlua............. 2,561,272 2,749,583
Total............... 44,086,516 44,353,566
Total............... 44,086.516 44,353,566
♦Preferred shares includo those on which arrears of dividends havo boon
adjusted, $23,623,300, and thoso on which dividends are undjustod,
$437,900, and warrants for prof, shares, $67,411. n Secured by a deposit
116,330 shares of Bay State St. Ry. common stock.— V. 101, p. 1189, 846.
(T h e ) K e n t u c k y
S e c u r itie s C o r p o r a t io n .
(Report for Fiscal Year ending June
3 0 1 9 1 5 .)
P res. P . M . C handler, P h ila ., O ct. 15, wroto in substance:
Additions, <tc.— During tho year tho companies spent $67,519 on addi
tions and betterments.
Results.— While railway gross earnings reflected tho marked slowing
down of business in all communities served, the number of passengers car
ried did not decrease sufficiently to allow tho company to reduce the ser
vice. The present indications, however, aro that tho railway department
receipts should show gains upon business conditions becoming normal.
The appropriations for maintenance woro equivalent to 16.7% of the gross
earnings, against 15.6% in 1913-14. There has been an unusually large
amount of re-paving in Lexington and tho city main linos have been for the
most part entirely re-built. In retail electric service tho number of 50-watt
equivalents on tno company’s books shows an increase of 6,073, which is
a remarkable showing in a generally depressed year.
Dec . 18 1915.1
THE CHRONICLE
Power is being supplied at wholesale, under satisfactory long-term con
tracts, to the following companies in Central Kentucky: ( 1 ) Kentucky Pub
lic Serv. Corp., Frankfort; (2) Kentucky Util. C o., Lawrenceburg, T y
rone, Railey, Midway, Versailles, Winchester, Mount Sterling: (3) George
town Water, Gas, Electric & Power C o., Georgetown: (4) Paris Gas &
Electric C o ., Paris. The ice department had a generally satisfactory year,
the ice plant running practically at full capacity during the entire year.
Financial.— The capital requirements were entirely met by the use of
surplus earnings snd a small increase in the open account with t l,e Kentucky
Securities Corporation. Regular dividends at the rate o f 6 % per annum
have been paid quarterly on the company’s pref. stock.
Industrial Developments.— The year from a business standpoint was very
generally unsatisfactory throughout the Unitod States. Fortunately, the
territory directly served by these properties is very largely agricultural,
and was little affected by business depression. There is a temporary slow
ing up o f businass activity, but no loss o f confidence as to the future.
Properties.— (1) Railway track mileage: Lexington City, 16.2; Frankfort
City, 6.7; Winchester City, 1.2; interurban, 67.6: sidings and spurs, 3.8:
total, 95.5; total cars, 71, o f which 3 are freight cars. (2) Light and power
department: Power houses, 1; sub-stations owned, 4; sub-stations supplied,
not owned, 5; portable sub-station, 1; 50-watt equivalents (retail electric
light department), 101,195.7; motors connected in h. p., retail dept., 2,200.5
electric-light retail customers (Lexington only), 1,889; electric power re
tail customers (Lexington only), 209. | _....... m....
COMBINED COMPARATIVE EARNINGS FOR YEARS END. JUNE 30.
[Ky. Trac. & Term. Co. and Lex. Util. Co. excl. of inter-co. charges.)
1913-14.
1914-15.
1912-13.
1911-12.
$782,272
$742,884
Operating revenue________ $811,629
$689,832
412,510
401,507
Operating expenses_______ 432.403
425,483
Net operating revenue.. $379,226
28,289
Miscellaneous income____
$369,762
32,022
$341,377
29,941
$264,349
24,701
Gross income. ________ $407,515
Fixed charges, &c________ 237,230
$401,784
245,184
$371,318
225,269
$289,050
195,115
2069
is sugar-mill machinery which had only commenced to come forward just
before June 30 last and should still further Increase during the present month
and October.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
Earnings— 1913-14.
1914-15.
1913-14.
1914-15.
Passengers___ £437,073
£447,059 Total ea rn s..£1,621,865 £1.702.066
Sugar tra ffic..
479,715
522,473
Deduct—
General goods 418,265
465,567 M a in t .e x p ...
£372.147 £325.887
Parcels ,m’ls,& c. 136,733
103,836 Transport.exp.
456.458 465,267
Spec.acc’ts,&c.
140,366
155,603 Miscellaneous
126,514 107,312
Regia W ’h’se.
9,713
7,528
Total earns.£1,621,865 £1,702,066
Net earn’gs £666,746
Add— Interest and dividends receivable, £239,726; accrued, &c.,
coupons (Havana Central R R .). $87,268___________________
£803,600
326,994
Gross income for interest, &c., charges_____________________ £1,130,594
Deduct— Interest on debenture stocks and bonds_______ ____
£338,172
Cuban taxes, £45,197; income tax, £10,000; misc., £8,045____
63,242
Dividend on 5% cumulative preference stock_______________
139,321
a S alan C0, .s urplus- *°r Fear ending June 30 1915...........
£589,858
Add— Previous surplus, £482,219, less *ordinary div. (5 % ), paid
N ov. 26 1914, £328,002; reserve acc’t, £50,000; general renew
als reserve, £50,000; special working account, £40,000, and
other, £585; balance_________________________________
23 092
Total, as per balance sheet below_______
£663 666
Deduct—■‘ Ordinary div. (5%) paid N ov. 1915, £328"6i2;'ris"eVve
account, £150,000; general renewals reserve, £100,000; pension
account, £5,000, and insurance account, £5,000 ____________
588,001
£15,549
Balance after all charges, carried forward to year 1915-16____
* The ordinary dividend in 1914-15 was paid in cash and in 1913-14 in
debenture stock.
BALANCE SHEET JUNE 30 1915.
$156,600
Surplus ______________ SI 70,285
$146,049
$93,935
Assets ( Total £19,692,675)—
Liabilities (Total £19,692,675)—
BALANCE
CONSOLIDATED
SHEET JUNE 30 1915
Capital expenditures____£10,597,663 Stock & funded debt y—
1st M . 5s & com. stock of
Ord’y stock & shares..a£6,535,150
Kentucky Sec. Corp. and Ky. Trac. & Term. Co. and Lexington Util. Co.]
Havana Central R R .. 1,776,212
Preference, stock_____ b2,786,429
Investments (at cost)___x5,016,800
Deferred ordinary st’k
c494,757
Commission
on
sales
of
5% “ A ” red. deb. stk.
380,000
Property and investment
Com. stock (K y.Sec.C o.).$2,052,288
debentures & stock___
149,100
5% Cons.irred.deb.stk. 1,425,900
after depreciation_____$8,671,536 Pref. stk. 6 % cum. (do.) 2,154,920
Exchange oper.:
5% irred .d eb.stk .(’06) d2.988,193
Sinking fund (Lex’n R y .)469 K.T.& T.Co.stk.not owned
75 Expen.—
Western
Ry.
of
Havana
21,384
do to retire old bds.
119,100
Treasury bonds_________
149,000 K. T . & T. Co. 1st & ref.5s 2,268,000
Havana Central______
24,959
4% red.deb.&deb.stk. el,281,456
50,195 Lexington R y. 1st M . 5s. 1,378,000
Cash on hand___________
Cuban Cent. R y _____
49,728 „ 4 % red. deb. to bearer 988,750
Accounts receivable______
39,899 Georg. & Lex. R y. 1st 5s.
200,000
278,756 Bills payable---------------216,753
Materials and supplies__
50,492 Blue Grass Trac. 1st M . 5s 294,000 Cash-------------------of stores and ma
Prems. on capital s to ck ..
36,907
Prepaid operating expense
6,789 Bills & accounts payable.
196,477 Stock
terials on hand, &c__
264,991 Sundry creditors, &c____
879,241
Discount on bonds______
39,082 Accrued interest & taxes. .
57,542
445,000 Deben. holders (for in t.).
138,686
30.742 Acer. div. pay’le July 15.
Deferred items__________
31,125 Moneys on loan________
debtors, &c_____
910,901 Ord. & pref. stockholders
Accident, &c., reserves__
41,613 Sundry
4,944
(for divs.)----------------93,305
Miscellaneous___________
70,711 Discount on debentures.
Reserve account_______
550,000
— V. 99, p. 1906.
Profit and loss (all c o s .)..
293,453 Havana Central R R . for
coupons accr. & d u e ..
152,237 Gen’l renew’ls & reserves
174,498
603,550
Profit and loss_________
x Includes £296,785 deferred ordinary stock of the United Rys. of Ha
U n it e d R a ilw a y s o f t h e H a v a n a & R e g ia W a r e h o u s e s ,
vana
&
Regia
Warehouses
held
by
the
trustees
for
the
5%
irredeemable
L td .
debenture stock (1906).
, y lo addition to the amounts of stock, &c., outstanding as shown above,
(Report for Fiscal Year ending June 30, 1915.)
there were on June 30 1915: (1) The following amounts liable to be issued
£24,881, and of (b) £7,227 for exchange of shares in the Western
n'
T lie report, signed b y Secretary W . J . M a s le n , L ondon, R y. of Havana and the Cuban Central Rys.; o f (c) £94,304 for exchange of
Havana
Central R R . common; of (d) £119,100 for redemption of £119,100
N o v . 4 , says in substance:
bonds of old company not yet converted, and £22,374 for unclaimed ordi
The results o f the past year’s working have enabled the board to main nary dividend N o. 21, and of (e) £7,217 for exchange of Havana Central
tain the dividend o f 5% on the ordinary stock, while materially strengthen R R . 1st M . bonds. (2) Also the following amounts, being the balance of
ing tho company's position by placing considerable sums to the various tho authorized issues, wore likewise unissued o f (a) £299.969: of (b) £706,
reserves to meet its future needs. Although the past year has been a 344; of (c) £10,939; of (d) £444,433, and o f (e) £34,428.— V. 101, p. 1887.
satisfactory one from a revenue point o f view, it has not been free from
anxieties. Tho proprietors will remember that last year tho directors found
B o s t o n & W o r c e s te r E le c tr ic C o m p a n ie s .
it impossible to pay a dividend in cash, and that with the consent and
approval o f tho proprietors, debenture stock (1906) was distributed in lieu
thereof. Further to relievo the financial pressure with which the company
(Report for Fiscal Year ending June 3 0 1 9 1 5 .)
was confronted, the General Manager was instructed, while properlv main
taining both property and service, to confine all capital and other expendi
P res. W illia m M . B utler, B o sto n , S e p t. 16, w rote in su b st.;
ture to works which could not, without detriment to the nronertv ho
Passenger and freight earnings have both shown a substantial increase,
2 8 5 S - o f f i s r l M r“ ult“ ‘ 1,1 ° " bc" ' “
* A " W
' t S
notwithstanding unfavorable business conditions during the early part of
The holdings of the company in the Western Ry. o f Havana, Ltd., and the fiscal year. Five closed cars and five open cars have been added to
the Cuban Central Kys., Ltd., are as follows: In the Western Co 108 367 tho equipment to replace the equipment dostroved in the (full insured)
ordinary shares, or 98.51 % o f the entire capital; in the Cuban Central C o ., car house burned at Westborn. A new car house with repair and machine
shops is being erected at Framingham. A reserve for depreciation of
88,974 ordinary shares, or 98.86% 9f tho total, and 70,219 preference shares
or 50.16% o f tho total. [As to listing oi company’s own shares in Jan 1915 equipment and for a damage fund has been established.
. The Boston & Worcester Electric Companies has no liabilities excepting
see V. 100, p. 142.)
Extracts from General Manager’s Report, Dated Havana, Sept. 15 '15 its outstanding shares; it has a sufficient amount of cash on hand for its
Traffic.— Tho receipts from passonger traffic (including Marianao electric needs. The street railway company is also free of floating debt except
servico) amounted to £447,059, against £437,073 last year, an increase of $185,000, which it owes to the electric companies, and its current bills. It
£9,986. The number of passengers carried was 6,727,030, against 5,991 078 also has a sufficient amount of cash on hand for its ordinary requirements.
an increaso o f 735,952, or 12.28%. The average receipts per passenger
mile (main line only) were 1.47d., against 1.49d., and the percentas-e nf BOSTON & WORCESTER ELECTRIC COMPANIES INCOME ACCOUNT
FOR YEARS ENDING JUNE 30.
traffic to capacity hauled 31.90 against 27.62 for the “rovtousv(l r^ Un
doubtedly the European war affected our tourist traffic, and furthermore
Income—
1914-15.
1913-14.
1912-13.
tho generally depressed financial conditions which existed during the dead
Dividend Boston & Wore. St. R y__
$55,687
$55,687
$50,625
soason had an adverso effect on tnis source o f revenue
b
15,635
15,350
19,058
Tho total receipts from goods traffic amounted to £1 020 256 an increase Other incom e_____________________
o f £92,246. or 9.94% . glv ng an average o f 2s. 10.33d per ton foV an a v e r s e
Total income_____
$71,322
S71,037
$69,683
haul of 25 miles and receipts per ton mile o f 1.36d against 2s° 11 7<) i nrr
Preferred
dividends.
$67,872
$67,872
$67,872
ton for an average haul of 25 miles, and roceipts pe^ton mile of i l l <1 in
Miscellaneous______
1,862
1,715
1,389
& e2s22 47 ? against'£479^f5PlLfrve\rUgar ?ane aad its products amounted
T
o
t
a
l
__________
$69,734
$69,587
$69,261
In the year under review we carried 889’,248 tonT^f°sugar4 o’r 3 ! ’ 8T% of the
Balance, surplus.
$1,588
$422
$1,450
total production o f the island, which, up to Aug 28 1915 am om it^ to
2,483,484 tons. Last year we carried 837,554 toils o f sugar or 33 57% o f
BALANCE SHEET JU LY 1 1915.
tho total production of the island, which, up to Aug. 15 1914, amounted to
Liabilities—
2,495,000 tqns.
New RollifiQ Stock. During the year w© put into service 3 switching 20,250com .sharesB .& W .St.R y._______ 33,936 preferred shares___ No par value
locomotives, 6
®
motor coaches and 150 20-ton Notes pay. B.& W . St. Ry........ 185,000 34,614 common shares____ No par value
can© cars, and wo have an order for delivery durinsr the current fiscal vear 1st M. bonds B. & W. St. R y ... 126,000 Profit and loss, surplus________ 517,956
2,625
6 consolidation freight and 1 electric locomotive, a^ d M S 20-ton flat car^ Accounts receivable__________
Cash in bank____ ____________
4,331
50 30-ton flat cars. 100 30-ton box cars and 10 cabooses
Outlook.— 1 he sugar business during tho year under review has been tho
largest we have ever handled, and we were able to show in w ^ e s h? both BOSTON & WORCESTER ST. RY. RESULTS FOR YEARS END. JUNE 30.
the receipts from sugar and sugar cane. Tho price o f sugar has been
Revenue—
1914-15. 1913-14.
1914-15. 1913-14.
excellent and the mill-owners have made good profits
In making mv mti
Transportation______$724,430 $686,026 Net revenue________ 5307,671 S251.859
mate for the coming crop I have taken into account t h e Z ip r o v S yTeld Miscellaneous______
14,367
6,451 Interest.................... 120,724 120,693
and have taken a conservative estimate o f 10 >4% for evprv h Z l m i
Taxes......... ............. 49,301
46,669
o f cane ground instead of 10%. This should gite us 943 31? tons oftuLar
Total revenue.........$738,797 $692,477 Pref. divs. (6%)........ 23,832 23,832
equal to 6,309,81/ bags, representing an increase o f 6%* over the 1914-15 Conduct's transporta.$228,847 $233,821 Com. divs. (2 K % )--- 55,688 55,688
figures.
Maintenance.............. 120,425 128,459
Totaldeductions.. .$249,545 $246,882
T ,e°U
cUV«1nCas
L ° against
f. S m 164,8/3 last
!la,ndlcd
Railways
thishalf*?
year General expenses......... 81,854 78,338
was
286,180
year,by
orthe
an United
increase
o f 191 307
or 73.58%. The last tobacco crop was the largest o^lr known in Cuba
Net revenue.............5307,671 $251,859 Surplus........................$58,126
$4,977
but unfortunately the prospects for the present season are not bright as!
owing to the poor market and low prices resulting from the Europeanwar I
GENERAL BALANCE SHEET JU L Y ’ I.
a largo portion of the land wtiich was formerly devoted to the cultivation of
Assets—
1915.
1914.
Liabilities—
1915.
1914.
tobacco has been put under cane.
Property InvestPreferred stock__ $397,200 $397,200
The general prospects, however, for the current fiscal year are very
ment_________ $5,025,849 $5,028,855 Common stock__ 2,025,000 2.025.000
promising. 1 ho flourishing condition o f the sugar industry should favor Cash In bank____
68,199
30,785 Funded debt____ 2,460,000 2.460.000
ably affect our traffic, and we fflcpect to carry largo quantities of heavy Accounts receivaNotes payable___ *185,000 *175,000
machinery, together with other local materials such as stone, sand, lime,
ble ........... .......
12,376
14,370 Other notes pay.. ______
25.000
cement, &c.
,
. .
Special deposit—
39,072
Accounts payable.
71,274
26,772
Car F e r r y . — Tho l^ ahllshment o f tlio railway car ferry between Kcv Prepaid insurance.
4,605
4,536 Interest accrued..
45,000
45.000
West, tho terminus of the Florida East Coast R y., and the Havana Ter Material, supplies
Taxes accrued___
33,756
31,229
minal R R . C o.’s terminus hero in Havana, has given us a quantity of traffic
and coal______
127,571
119,605 Pref. stock prem..
39,720
39,720
for points on tho Cuba R R .. Cuban Central Rys., Guantanamo & Western Discount on bonds
90,500
90,500 Pref. div. reserve.
7,944
7,944
R v., and also for points on our own system beyond Matanzas and Cardenas
Deprec.&c. reserve
24,342
Tho traffic wo have obtained for points on the other railway systems above
Profit and loss___
78,936
55,786
mentioned must be considered a new sourco o f business entirely duo to the
ferry, and further, tho ferry has also given us longer hauls on part of the
Total ............... $5,368,172 $5,288,651
Total............... $5,368,172 S5,288,651
traffic for our own system which otherwise would have entered through
Matanzas or Cardenas. It must bo remembered that the bulk of this traffic
* Held by Boston & Worcester Elec
THE CHRONICLE
2070
[Vol . 101
the city on recapture; (4) all extensions, improvements and additions
furnished by tho company out of the proceeds of its bonds, and (5) the tolls,
revenues and income arising from the operation of the enlarged system;
(1 3 th Annual Report— For Fiscal Year Ending June 3 0 1 9 1 5 .)
(6) tho proceeds of the bonds, until used for the purposes stipulated, depos
with the trustee.
^
. . .
. .
A rthu r E . C h ilds, President o f the board o f trustees under ited
These bonds are further socured by tho guaranty as to principal and inter
the declaration o f trust (dated O c t. 1 1 9 0 3 ), B o s to n , S e p t. 2 3 , est by tho Now York Consolidated R R . Co. (the operating company),
and by the endorsement of the Brooklyn Rapid Transit Co. Thero is
w rote in substance:
thus available, if necessary, for the interest charges and sinking fund re
Results.— The companies whose capital stocks
^ ^ P ^ ^ ^ ^ t i o n ^ a l i d quirements of the bonds the entire surplus earnings of the Brooklyn Rapid
Transit System— which for the year ending June 30 last wore, without
report excellent results, notwithstanding adverse
nine reductions in gas and electric rates. More ^ a ^ rfectric consuming any material part of the new lines in operation, $5,512,561— equivalent to
over 1.8 times the interest requirements on the entire $60,000,000 of bonds
equipment has been installed for customers this yeai than over before.
issued, even though only a comparatively small part of the property acAnnual Sales (Excluding In ter^ o.^ S a les),N u n ^ er^ Customers,
uired or to bo acquired by the proceeds has been placed in operation.
Miles
Elec.
Connected
Gas
Sales,
June 30.
Electric
nterost is chargeable against earnings, however, only from tho time the
Wire.
beet. Mains. Cust’rs.
- -Oust'rs.Load k.w. Cubic
Year—
Sales...............
19,256
now
lines are respectively operated.
325
344.507.900
8.565
1911
6,272,578
896 5,102
20,680 Approx. Track of the Nero Unified System Thus to Be Operated 284.66Miles.
9.471 370.919,700 356
1912
7,366,354
979 5.703
22,208 Existing rapid transit lines
9.854 425.615.900 364
106.051Subways and tunnels________ 74.15
1913
8,084,805 1,265 6,359
23,466 Additional tracks on above
12.300 456,010,800 377
29.961Elevated extensions_________ 74.50
8,571,212 1,376 7,100
1914
25.206
14,768 458,624,000 383
Tho now mileage will provide three tunnels under the East River, and
1915
8,701,232 1,467 8,165
Rotes Reduced — The reduction of gas rates by one company and the price distributing lines in Brooklyn, Queens and Manhattan, including the
of Gee tricity by 8 companies has enlarged the uses o f gas and electricity Broadway-Seventh Ave. Subway from the Battery to 59th and 60th streets.
Under the contract with the city the revenues of existing rapid transit
and placed them within the reach o f a larger num ber^f9pn^ nplej:
f
Acquisitions.— During the year your trustees purchased 2,000 shares of lines as enlarged and reconstructed, and of all the new subway and elevated
stock of the North Adams Gas Lt. Co. at $130 per ska™ (P“ 8100), 120 lines, whether built with city funds or with the proceeds of the bonds
shares of stock of the Clinton Gas Lt. Co. at par (S500 per share), 1,4 0 0 herein referred to, will be pooled, and after deducting operating expenses,
shares of stock o f the Leominster Electric Lt. & Power Co. at par $100 taxes and depreciation, the net revenuo will be applied as follows: 1. To
per share) and 525 shares of stock o f Arlington Gas Lt Co. at par ($100 tho lessee, $3,500,000 per year, as representing the net earnings of the ex
isting railroads, which are to form part of the new rapid transit system.
per share). These securities represent additional ^ u e s .
w
Out of this reservation the lessee is to pay interest cliargos on capital in
P The usual funds have been advanced to the
the latter to make necessary additions to plants and d{^ ib u tin g systems. vestments in tho existing railroads prior to March 19 1913. 2. To the
lessee an amount equivalent to 6% per annum on its new investment in
On April 15 1915 it was announced that the Light, Heat & 1 owor o o r
poration, whose shares are owned by thetriistees, bad decided to discon construction and equipment prior to tho beginning of permanent operation,
tinue engineering and construction and that in
^^^h ^ in S ivW ual gas and thereafter interest and 1% sinking fund. 3. To tho city, interest and
tion and extensions o f mains and lines would be done by the individual gas 1% sinking fund on its investment in cost o f construction. 4. Any sur
plus remaining after making provision for a moderate contingent reserve
and electric companies whose shares are ownwi by I “ u thn M ^ achUsetts fund,
is to be divided equally between the lessee and the city.
The companies whoso capital stock is
If the city elects to recapture any of the now lines as to which it has the
Lighting Co., and the cities and towns served remain precisely thesamo
right
to
recaption under tho contracts, it must pay to the company a fixed
as stated in V . 99, p. 1747.
percentage o f the latter’s investment in construction and equipment, which
CONSOLIDATED INCOME ACCOUNT OF THE MASS. LIGHTING COS. percentage is 115% of the cost if the option be exercised at tho end of ten
years, and a gradually diminishing amount if oxercisod in succeeding years—
A N D THE 20 CONTROLLED COS.— JUNE 30 YEARS.
so that at any time the contract shall bo terminated by tho city prior to
1912-13.
1913-14.
1914-15.
the company will receive from the city an amount which, with
Net income-------------- ------------------- - $1-406,637 $1,472,869 $1,366,508 expiration,
875,920 tho sinking fund accumulations, will at least make good its investment.
999,467
Operating expenses and management
949, boU
The sinking fund provisions of the mortgage provide for tho retirement
$490,588 of tho bonds at or before maturity. Tho entire lssuo of the bonds at any
$473,402
Net earnings------------------------------$126,080 timo outstanding (but not a part thereof, except through tho operation of
$130,259
S i35,412
Deduct— Interest charges----------------299,558 the sinking fu nd ), is subject to redemption at 107 H % of their face amount
315,021
Dividends paid by trustees_______
330,458
with accrued interest on any interest payment date, after 90 days’ published
Balance, surplus or deficit________ def.$8.893 sur.$28.122 sur.$64,950 notice. Any portion of tho bonds, however, may be acquired for tho sinkingfund at not exceeding 107^ % and int.— V. 101, p. 1972, 1884.
Massachusetts Lighting Companies— Income Statement of Trustees Years
C a r o lin a C lin c h fie ld & O h io R y .— Status.— K n a u th ,
Ending June 30.
m 4 _15. 1913_14.
1914-15. 1913-14.
N a ch o d & K u h n e, who are recom m ending tho c o m p a n y ’s
D ivs. on stocks owned $305,779 $269,041 Trustees’ exp. & taxes $18,990 $16,971
1st M . 5s o f 1908 ($ 1 3 ,5 0 0 ,0 0 0 outstanding) call attention to
10,666
Interest received-------- 72,814
70,540 Int. paid b y tru stees.. 15,870
the increase o f 1 5 .7 9 % ($ 1 4 1 ,0 0 0 ) in tho gross earnings for
3 0 4 0 Totaltrustexpa __
S34>860 §27,637
M lscell. incom e......... ............ 572
the 4 H m onths ended N o v . 14 1915, as com pared w ith 1 9 1 4 ,
T otal trust lncom e.$379,165
$342,721 N et trust Income.........$344,305 $315,084
(C om pare M a p on p . 21 o f “ R y .
Consolidated Operating Account o f Companies Whose Shares Are Owned by and say in substance :
Trust— Year Ending June 30 1914. ...........
1913-14
and In d . Section” ) .
1914-15.
1914-15.
1913-14.
On July 1 1915 the Elkhorn Extension, running from Danto, V a., to
Gross earnings a . .$1,333,251 $1,399,188 Net income______ $427,961 $416,692
Elkhorn City, K y., 35 miles, was completed and put into operation. The
Oper. exp., taxes* *930,670
982,496 Interest ch arges.. $119,541 $119,593
line of the company now extends from Elkhorn City, K y ., to Spartanburg,
269,565
Dividends paid—
306,633
S. C ., a distance of 276 miles.
The system forms a short lino, and has
become an important link or gateway for passenger and freight business,
$27,534
m
...............
Balance, surplus
$1,787
N et e a rn in g s... m
$402,581
$416.—
692
between the Ohio Valley and territory north, and the great agricultural
- Includes $10,340 spent for development o f new business.
and manufacturing districts and seaport cities of the southeastern coastal
Dividends as above in 1913-14 ($330,458) include $10,586 on old com States, passing directly through tho Cumberland and Blue Ridge Moun
mon shares, $275,215 on new preferred shares and * 44.657 on new common tains, which heretofore blocked direct communication between theso dis
sharps nairi bv trustees. If the old common shares had been exchan-.cu tor tricts’ The road is most substantially constructed, with low grade and
new preferred and common shares, the preferred dividend would have been easy curvature, 85 and 90-pound rails, all important bridges with con
$284,289 and the common $46,169.
___ ~07 nnft
crete abutments and piers, steel superstructures, ballast mostly stone, and
a Reductions in prices to the public was approximately $27,000 during in certain portions, furnace slag.
Tho lino is of low grade and easy curvature, in consequence tho train
the year.
BALANCE SHEET JUNE 30.
tonnage is preserved, and transportation costs and expenses of malnL ia b ilU ie s —
1915.
1914.
tenanco-of-way reduced to a minimum.
A s s e ts —
1915.
1914.
Share capital____x$4,796,900 $4,631,900
This road was originally constructed to furnish an outlet for coal traffic
Stock (at cost)— $4,580,158 $4,067,658 Notes, & c., pay'le 338,500
206,253
from the extensive fields of southwestern Virginia, especially for the ClinchN otes receiva ble..
782,074 1,120,050 D ividend, July___
83,496
80,946
field Coal Corporation, which is closely affiliated with tho railroad, guaran
76.8S5
36,955
C a s h ................
...................
A
cc'ts
p
a
y
a
b
le
...
2,342
A cc’ts receivable119,793
89,492
teeing it the handling of the corporation’s traffic. As the country tributary
420,491
25,435 S u rp lu s__________ y426,389
to the railroad is rich in timber and minerals, many new industries have
Accr’d int. & d ivs.
88,716
located along its line. In consequence, the merchandise freight traffic
T o t a l ..................$5,647,626 $5,339,590
Total
____ $5,647,626 $5,339,590
of the railway has increased greatly. In the year ended Juno 30 1911 tho
V Share capital in 1915 includes $181,000 old common shares (par $100), coal freight equalled 62.95% of the total traffic. In 1915 this percentage
Ac;Xo»s Shares ofn ew com m on stock at no expressed value, and $4,778,800 was reduced to 58.51%, a decrease of 4.44% . Tho merchandise freight
of 1911 was 24.78%. in 1915 it was 30.96% . an increase of 6.18% .
pref shares (par $ 100 ) at value stated in certificates.
The extension of the road to Elkhorn City has given it conn«:tlon with
Pr<L Includes $328,114 paid-in surplus and $98,274 earned surplus.
L S s — William M . Butler, Arthur E. Childs, Alfred Clarke. Chaun- the Chesapeake & Ohio, which has entered by contract into close tratric
eev D Parker Percy Parker, Bowen Tufts and Addis M . Whitney (Treas.). relations, assuring to tho company greatly increased traffic, with a still
wider diversification. This connection, it is estimated, will Increase the
—V. i01, P- 1275, 1095.
property’s earnings by upward of $1,290,000 per annum.
At Bostic, S. C ., near the southern end of the line, a connection is made
with tho Seaboard Air Line and at Spartanburg, S. C ., with the Atlantic
Coast Line and Southern Railway. The last named company has made
an agreement to haul the coal tonnage of the roado at rates tho samo as
received by the Norfolk & Western, tho Virginian Railway, and other lines
moving coal to Norfolk, Va. Compare V. 101, p. 1457, 46.
R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
[C. E. Bockus, Bros, of the Clinchfield Coal Corporation, recently an
nounced that the Clinchfield Navigation Co., which was formed several
A lb u q u e r q u e T r a c t io n C o .— Sold— A n exchange says:
months ago to handlo the export coal business of tho corporation, had pur
chased a 5,500-ton ship to add to the two 3 ,000-ton vessels already secured,
contracts have also been signed for three (3) four .housand ton vessels to
be delivered in the Fall of 1916.
The vessels will bo used principally in
.t o ‘X ” ?
fr £ & » t.
de handl
care of the Clinchfiald’s export and coast-bound" trado
Handled
M r Jastro °who was the former President o f the old company, is a bond taking
through tho coal terminals rceently completed by the Southern Ry. Co.
holder but not a stockholder in the new company. J,be^ Wc ° mPn Y i£ ls at Charleston, S. C. These terminals ombraco a 375-ft. pier and eloctrlc
purchased 7 pay-as-you-enter cars from tho St. Louis C at'C o., and it is coal-handling facilities capable of loading ships at the rato of 1,000 tons
reported that various other improvements are to be m ale.
per hour. Compare V. 101, p. 1457.
B r o o k ly n R a p id T r a n s it C o —Option to Exchange SixC h ic a g o B u r l i n g t o n & Q u in c y R R .— Bonds Called.—
Three hundred and twenty-one Burlington & Missouri River R R . in
Year 5 % Gold Notes for First M . 5s of N . Y. Municipal Ry.
Nebraska consolidated mtge. 6% bonds due July 1 1918, of $1,000 each,
Corporation— Status of Bonds.— Referring to this option , and 64 of $600 each, for payment at par and int. on Jan. 1 at New Eng
which expires a t th e close of business D e c . 31 (see a d v . on land Trust C o., Boston.— V. 101. p. 1557, 1546.
another p a g e ), an official circular dated D e c . 14 , describing
C h ic a g o & M ilw a u k e e E le c tr ic R R .— Sale April 1 .—
Tudiro Geiger of Milwaukee and Judge Landis of Chicago, sitting on banc
the bonds and city con tract, says in substance:
In
the
U S District Court at tho last-named place, on Dec. 12 overruled a
The New York Municipal Railway Corporation is tho subsidiary company
inn for further delay and ordered that tho properties bo sold under
of the Brooklyn Rapid Transit System, which entered Into tho Dual Sys
tem contracts with the City o f New York. Through the sale of its bonds foreclosure on (or about) April 1, the Illinois holdings in Chicago and the
the necessary moneys are provided for the construction and equipment work Wisconsin end in Milwaukee. Compare V. 101, p. 1806.
undertaken by the company pursuant to those contracts. $60,000,000 of
C h ic a g o R o c k I s la n d & P a c ific R y .— Possible Fore
bonds out o f an authorized issue o f $ 100 ,000,000 have been sold by the
company, with the approval of tho 1 . S. Commission, to tho B. R. 1 . Co. closure Suit— Note Extended.— T h e Central T ru st C o ., as
In addition to the company’s investment, tho city will expend upwards of trustee for the First & R e f. M t g e . bond s, has been requested
$ 100 ,000,000 in tho construction of now subway and elevated linas, and all
the new lines, whether provided by city nioney or company money, will be b y the bondholders’ com m ittee form ed b y H arris, Forbes
operated as a unified system in connection with the existing rapid transit
lines through the instrumentality o f the New York Consolidated R R . Co., & C o ., w ith Charles A . P eabod y as C hairm an, to bring a
suit for the foreclosure of the m ortgage.
anin*order to acquiro the aforesaid $60,000,000 1st M . bonds, the Brooklyn
It is understood that the Central Trust Co. is waiting to receive advices
Rapid Transit Co. sold $60,000,000 face amount o f its Six-Year 5% Secured from David R. Francis of St. Louis, the other trustee, before taking action.
Gold Notes, dated July 1 1912. and such o f these bonds as have not. been While the interest on the bonds has not been defaulted, there is a clause in
exchanged for notes, or may not bo so exchanged prior to Jan. 1 next, will the indenture which prohibits the placing of a lien on the property ahead
remain deposited as collateral security for said notes.
of the bonds. In the opinion of the protective committee this provision
The bonds are dated July 1 1912 and maturo Jan. 1 1966, bearing inter was violated through the issuance of receivers’ certificates. I ho mortgage
est (like the notes) J. & J. The proceeds can only be used for tho purposes also provides that tho bondholders can take control of the property and
covered by the city contracts. Over $24,000,000 of these proceeds are un sell it on four weeks’ notice In case of a receivership such as was begun last
expended at the present time. The bonds are secured by a mortgage to
the Central Trust Co. o f N . Y ., trustee, covering (1) the transit contracts SPThe Peabody committee (V. 101. p. 1464) believe that the costly re
with the city and the company’s leasehold interests therein; (2 ) all the ceivership should be brought to a close without further waiting for'the stock
contracts entered into by the company for construction and equipment or holders to present a plan. Mr. Peabody, who Ls President of tho Mutual
the railroads to be operated;i(3) all moneys payable .to the company by
M a ssa ch u setts
L ig h t in g
C o m p a n ie s ,
B o sto n .
^
_ _ _ _ _
?
GENERAL INVESTMENT NEWS
T
insurance C o., is quoted as saying: “ M y own impression is and always
has been that a foreclosure under the First & Refunding Mtge. is inevitable.
It must comc sooner or 1ater if the Railway company is to be reorganized.
I shall be trial 1 however, if some one else can show us a better way.
Tho Central Trust Co. has agreod to extend for 90 days at 5% its loan
to the Rook Island which matures on Dec. 29., Similar provision has been
made by tho Bankers Trust Co. for the extension o f its SI,600,000 loan.
Suqqestions by Amster Committee.— T h e stockholders’ com
m ittee o f which D irector N . L . A m ster is C h airm an , m a
circular urging all shareholders to participate in the subscrip
tion of 25 cen ts per share to m eet the expenses of the com
m ittee (Treasurer, Frank W . B au er, P ort P lain , N . Y . ) ,
isserts th at there is no need of stockholders m ak ing sacrifices
if they will now p u t up from § 2 0 ,0 0 0 ,0 0 0 to § 2 5 ,0 0 0 ,0 0 0 .
^ThnC!m nrt o f l^ x n e rt^ e n d rick ^ ^ io i, p. 1713) shows how tho property
mav'be brought up to a higher state of efficiency through t h e i q Y q °
of $27 000 000 over a period of four years, or up to and including 1919.
T ^ lieS'stoc'kholders^n^pre«jrve^ foMdrernselves tho entire earning capacity
needed cash n e c t a r y to: ^ / o ^ e i ^ s ’ ^ t m f f i “ w P u f s T o O O .
000 or SIO.OOO'.OOO in the company's treasury, or a total of S20.000.000 to
. om/ 0nf,Sthe mosCimportant improvements suggested by the expert,
time when the suggested changes in operation* will become
effective ^and which wUl resuR, according to the expert
i n g o f o v t t SI 0,000 000 a year, or equal to over 12% on tne o-o.uuu.uuu
capital stock issue of the company.
itv „.ith .vhich to pay off the
, ^
& c % X v T t o i i c a t ^ h should be Subscribed
loaiw, receivers ce ■ stot:khoi(i(,rs themselves, those who purchase the
for by others than
.
.in(j rightly so, that stockholders should give a
new secMPtios' y 1 valuable equity represented by the unusually small
largo portion o f th
„ ccorciing to the best expert authority, will within
thoCnext thre?or fourhyears have an earning capacity in excess of 10% per
E m p ire U n it e d R a ilw a y s , I n c .— Tentative Plan.— E la b
orating som ew hat the data already furnished, P res. C . D .
B ee b e , in circular dated a t Syracuse, N o v . 27 19 1 5 , recom
m ends in substance:
(1) That the bondholders of the Rochester Syracuse & Eastern R R . Co.
be asked to accept a reduction in the interest rate on ^heir bemds from 5%
to 3% for five years from Nov. 1 1915. with settlement of the N ov. 1915
coupons on the reduced basis in securities, or cash if possible, so that with
this arrangement carried through there would bo no loss in the principal
sum of the bonds.
, .
_
. „ •* ^
(2) That in consideration of their so doing the Empire United Railways,
Inc., shall arrange to be relieved from any other fixed charge on account
of its outstanding bonds, notes or obligations, and also that between
$300,000 and $400,000 be provided to take care of any other boating debt,
without calling upon the R . 8. & E. bondholders for any of the money,
and particularly to provide about $165,000 for capital expenditures, thereby
providing for the car trust obligations outstanding and for all of the forced
capital expenditures on the properties, especially such as paving called foby franchise obligations or the good roads law, these being expenditures
which would bo liens prior to the bonds and thereby protecting also the
future security of the It. S. & E. bonds in that respect.
This arrangement would leave the company, under the readjustment,
without floating debt, except that which is thereby provided for, and with
funds to meet tho expenditures set forth. The details of this plan are being
carefully worked out and the directors believe that with this arrangement
the company can, at tho end of five yars, resume the payment o f the full
interest rate upon tho outstanding R. 8. & E. bonds without further loss or
expense to the bondholder. The directors also recommend that it be ar
ranged so that R. 8. & E. bondholders, who have not otherwise obligated
themselves, shall be saved from all possible expense in carrying through the
arrangement and that a way be provided for that purpose.
This plan will avoid the costs of receivership for the R. 8. & E. property,
costs of foreclosure, loss o f interest over a long period, and the uncertainty
of the final outcome.
T h e com m ittee of holders of R ochester Syracuse & E a st
ern R R . 1st 5 s , w ith A rth u r W . L o a sb y (President o f T ru st
& D ep o sit C o . of O n on d a ga ), as C h airm an , announce b y
advertisem ent on another page th at m ore than a m ajority
of all these bonds outstanding have been deposited w ith the
com m ittee and th at after D e c . 31 deposits will be received
only on certain conditions.— V . 1 0 1 , p . 19 7 2 , 18 85 .
aDOur1commit tee urges stockholders to familiarize themselves with condi
.. uu
fEonrnnprtv and with the great prospective earning power of the
tions °£*S ? P??E_n • financial plan is put before them (and that is likely to
^ " A j S v W
l n 5 * position to act intelligently.-V . 101, p.
1972, 1806, 1716.
C h o c t a w R a ilw a y & L i g h t in g C o ., M c A le s te r , O k la .—
Proceedings to foreclose the mortgage securing the bonds have been
. i
holders o f more than 90% of the $894,000 bonds, who have
deposited the samewith the Guaranty f rust Co. of New York, 140 Broaddepositoa luu
under a bondholders protective agreement. BondiToiHnr* desiring to join in such proceedings are notified to deposit their
hnnds witR the above-named depositary without delay. Further facts
mav he had from Arthur W . Underwood. 140 So. Dearborn St. Chicago.
C. ^ b Mason is Chairman Bondholders’ Protective Committee, 71 BroadWaTh^bondholders^yprotoctive agreement is dated Sept. 15 1915. Com
mittee: Charles N . Mason, Julius A. Trawick and A rtkurW . Underwood
with Ernost B. Osborno as Secretary, 71 Broadway, N - Y . City, and
Simpson, Thachor & Bartlett as counsel.— V. 101, p. 1272.
C it y E le c tr ic C o ., A lb u q u e r q u e , N . M .— Successor Co.—
See Albuquerque Traction Co. above.
C itie s S e rv ice C o ., N e w Y o r k .— Financing— T h e conipan y rocently sold (V . 10 1, p . 1627) § 5 ,0 0 0 ,0 0 0 of its pref.
and $ 2 ,5 0 0 ,0 0 0 o f its com m on stock to a syndicate anti tne
$ 5 ,0 0 0 ,0 0 0 in cash which it is receiving from the syndicate
w ill, it is stated , “ elim inate interest on floating d e b t, upon
which the com p an y is now paying out as m uch interest as the
dividends on this now pref. stock will am ou n t t o .”
A n offi
cial circular shows:
By reason o f tho recent financing, through the sale o f pref. and common
6tocks of the company to a strong syndicate, all floating obligations of the
comnanv are in position to be liquidated, and when this has been done the
onlv obligations prior to the pref. stock will bo $7,000,000 7% notes,
maturing in 1918, which are now selling above par. except such convertible
debentures and debenture certificates as may at such date not yet have
enn verted
Under the new financing now completed the company
will have outstanding Jan. 1 1916 $31,168,426 6% pref. stock [as against
ins 426 on Oct. 31 1915— Ed.], and, in addition, there will be out
standing $2 355 158 5% debentures convertible into 100% pref. and 25%
enm m of stock and also $1,324,654 certificates exchangeable for similar
^ h m tu res
With all debentures and certificates converted there would
outstanding $34,847,751 6% pref. stock. Following the pref. stock is
218 380 common stock [against $14,718,318 on Oct. 31 1915— Ed.],
SAdJ-n with the conversion of all debentures and debenture certificates,
will bb increased to $18,138,211.
Over the last three years tho company has consistently averaged earnings,
annlicable to payment of pref. dividends, o f more than twice tho annual
requirements and for this year ended Oct. 31 1915 the pref. dividend was
-earned 2.27 times. Monthly cash dividends on tho prer. stock at tho rate
o f 14 o f 1% will bo resumed Fob. 1 1916. [Pref. stock purchased prior to
Doc 15 1915 carries the 9% accumulated dividend, payable in 5% deben
tures Jan. 1 1916, convertible into 100% pref. and 25% common stock.]
While the issue o f pref. stock outstanding will be larger than the past
vear when the dividend was earned 2.27 times, it appears certain from the
ranidlv growing earnings of tho subsidiaries that, even taking into con
sideration tho increased issue, a much better showing will be made in 1916
for the pref., as well as for tho common stock, than in 1915.
Fominas of Cities Service Co. from Its Subsidiary Properties and from Other
namings j 5ourccs for the year ended Oct. 31 1915. &c.
12 Months 12 Months
October
October
1913-14.
1914.
1915.
Period ending Oct. 31—
$3,940,940 $411,504 $300,211
Gross earnings---------------------** i M s m
10,390
14,323
Expenses.................- ........... loa.oua
103,056
Net earnings-------------------^ ’Sonniin
Interest on notes___________
491),uuu
2071
THE CHRONICLE
Dec. 18 1915.]
$3,837,883
396,666
$397,181
40,833
$289,821
40,833
Applicable to prof. d iv s ..-$3,579,411 $3,441,216 $356,348 $248,987
The gross revenues of the subsidiary properties for tho 12 months ended
Sent 30 1915 wero $21,275,616, being at tho high rate of SI of gross for
each $3 75 o f subsidiary bonds outstanding. On Doc. 31 1914 the Cities
Service Co. owned $75,906,990 o f tho bonds and stocks of these subsidiary
companies whoso earnings, after providing for dividends on underlying
pref. stocks were at an overage annual rate o f 5 ^ % on their outstanding
G e o r g ia S o u t h e r n & F lo r id a R y .— Equipment Bonds.—
M ercan tile T ru st & D ep osit C o ., John D . H ow ard & C o .,
and Strother, B rogden & C o ., ail of B altim ore, are offering
the unsold portion of § 4 5 0 ,0 0 0 E q u ip m en t 4 H % gold b o n d s,
Series “ E , ” dated N o v . 15 19 15 , due sem i-annually § 2 2 ,0 0 0
each M a y 15 and S 2 3 ,0 0 0 each N o v . 15 from 1916 to 19 2 5 ,
b oth inclusive. D e n o m . § 1 ,0 0 0 c * .
Principal and interest
( M . & N . ) payable a t O ld D om in ion T ru st C o ., R ich m o n d ,
trusteo. A circular show s:
A direct obligation of the railway company, secured by the following
new equipment costing $535,000. of which the company pays in cash
$85,000, an equity of almost 15%. viz.: 2 10-wheel passenger engines and
tenders; 2 steel passenger baggage cars; 130 40-ton double drop bottom
gondola coal cars; 375 30-ton steel underframe ventilated box cars.
Under the lease of the equipment the company agrees to pay as rental
to the trustee the principal and interest of these certificates as they become
duo, to fully maintain and insure the equipment, and replace any portion
worn out, lost or destroyed. The title remains in the trustee until the last
maturity is paid off. A majority of tho stock of the road is owned by the
Southern Ry. [Offering price for amounts unsold, 1922 maturity, 4.60%
basis; 1923 to 1925 maturity, 4.6213%. • For amounts already sold, 1916
maturity, 3M to 3 H % basis; 1917, 4.30%; 1918 to 1920, 4 H % : 1921-22,
4.60%.] Compare V. 101, p. 1972, 1464, 1459.
G u l f M o b ile & N o r t h e r n R R .— Successor Company.—
This company has filed articles of incorporation in Mississippi as sue*
cessor of the New Orleans M obile* Chicago R R ., per plan in V. 100, p. 1078J
The authorized capital stock is $22,500,000, present issue to be about
$11,100,000.— V. 101, p. 1.370.
H ilo R R .— Assents Almost Unanimous.— A . F . Judd,
E xecutive Secretary o f the bondholders’ protective com
m ittee , writing from H onolulu, D e c . 3 , says :
Under the bondholders’ agreement the committee is assured of all of the
issue of 1901 bonds, which was in the sum of $1,000,000. except $61,000
and of the issue o f 1909. which was $3,500,000, all but $8,000. Mortgages
given to secure the bond issues are now being foreclosed in an appropriate
court of this Territory. See V. 101. P- 1713,, 1628, 1626.
I n t e r n a t i o n a l R y . C o ., B u f f a l o .— Bonds Called.—
The ten ($10,000) Buffalo & Niagara Falls Elec. R y. 2d Mtge. Sinking
Fund bonds of July 1 1896 have been called for payment at 105 and int.
on Jan. 1 1916 at Bankers Trust C o., N. Y .— V. 100, p. 733, 4/4.
K a n a w h a & M ic h ig a n R y .— Dividends— Later Data.—
The company will on Dec. 27 pay a dividend of 1M % on its $9,000,000
capital stock of record Dec. 17, continuing the 5% annual rate maintained
since Dec 1911 with in 1913 an extra 1% . Tne last four dividends were
1 V. % each Dec. 31 1914, April 15, July 30 and Sept. 30, and now a further
1 <X% Dec. 27 1915.— v . 101. p. 1973.
L e h ig h V a lle y R R .— New Director.—
Samuel T. Bodine has been elected a director, succeeding Abram Nesbitt,
resigned.— V. 101, p. 1807, 442.
L o u is ia n a & A r k a n s a s R R .— Bonds,&c.— T h e co.rep orts:
Of the amount of 1st M . 5s originally outstanding ($5 J96.000). the
sinking fund has retired $692,000. leaving held by public Dec. 1915 $4,
504,000. These bonds are secured on 273 miles o f road owned at about
$16,500 per mile. The annual payments to the sinking fund nowamount to $75,000. and as the bonds so retired are kept alive in the hands
of the trustee, there should be available for sinking fund investment during
1916 about $110,000.
,
^_
.
. .
.
.
The company has come through the last three years in good shape, having
done better than most roads in the Southwest.
Net Earnings (after Taxes) for the Last Five Years Ending June 30.
1910-11. 1911-12. 1912-13. 1913-14. 1914-15.
S
S
^
^
^
Gross revenue............ 1,482,166 1,533,572 1,717,289 1,741.871 1.723.676
Oper. exp. & taxes___ 945,894 1,007,671 1,109,952 1,205,119 1,196,377
Net earnings_______ 536,272
Compare V. 101, p. 1185.
525,901
607,337
536,752
527,299
M id d le se x & B o s t o n S tr e e t R y . — Decision Quoted.—
See Massachusetts Electric Companies under “ Reports” above and com
pare V. 99, p. 1366, 1598.
COI[AU0tho remaining $761,000 St. Joseph R y ., Lt., lit . & Power Co. stock
trust certificates have been called for redemption at par and interest at
M is s o u r i P a c ific R y .— Deposits— Success of Plan Believed
Guaranty Trust C o., 140 Broadway, N . Y ., on Dec. 27.]— V. 101, p.
to Be Assured.— K u h n , Loeb & C o ., as R eorganization M a n
1713, 1627.
_
agers, on D e c . 16 announced:
D e la w a r e R iv e r R R . & B r id g e C o .— Dividend .—
Considerable majorities of the two bond issues on which the plan of re
a dividend of 4% has been declared on this company’s $1,300,000 stock
nil of which is owned by the Pennsylvania R R ., payable Dec. 23. Pay - organization primarily rests, viz., the Convertible & Refunding 5% bonds
JrLrA in vc been semi-annual heretofore, but in June of this year the divi■ i and the 4% Gold Loan bonds, have been deposited under the plan. There
dend was deferred. Four per cent was paid in 1914 (3% in June and 1%' have also been deposited approximately $37,000,000 of stock, being about
45% of the total amount outstanding. Further large amounts have been
in D e c.)! previous to which 6% yearly was paid.— V. 100. p. 2085.
pledged for deposit, and with several European depositaries still to be heard
D e n v e r & S a lt L a k e R R .— New Officers.— T h e following from, it is certain that a majority of the stock has joined the plan.
Of the Consolidated First Mortgage 6% bonds, the Collateral Trust 5%
chaneos in the m anagem ent have been announced:
I awrnneo C Phipps. Chairman; Charles Boettcher, President; Fred. G. bonds due 1917, the Collateral Mortgage 5% bonds due 1920 and various
other
issues included in the plan, considerable percentages have been de
M offat A s s t T r o a s .; Gerald Hughes, Secretary, and William Wadden,
V i c e - P i^ t n d Afflt. Sec. Ward E. Pearson remains as T reasurer.-V . posited and no doubt is entertained that, now that the consummation or
tho readjustment is assured, its fairness and advantages to the property
XlOl. P- 1806. 1464.
THE CHRONICLE
2012
as well as the entirety o f its securities will com m and the adherence of. the
bulk o f the holders o f all issues. See plan, V . 101, p . 130, 1559, 1714.
[Press reports on D ec. 15 stated that the D u tch protective com m ittee
representing som e 85,000,000 Collateral Trust 4 % bonds had approved the
proposed financial reorganization and also that M rs. Finley J. Shepard and
her brother, Frank J. G ou ld, had given their assent. George J. G ould on
Thursday issued the follow ing: ‘ ‘T he G ould astate will not deposit the
M issouri P a cific bonds it holds. T he executors consider themselves a
com m ittee to look after these bonds. T he mattor has been up several times
at meetings o f the executors and they have decided not to deposit their
b o n d s.” ]
Over 7 5 % of the $ 3 ,9 7 2 ,0 0 0 Kansas Colorado Pacific 6s With
Protective Committee.— T h e protective com m ittee representing
these bonds announces th at it now represents over 7 5 % of
th e bonds outstanding on tho hands o f the public, and that
th e tim e lim it for further deposits w ith the Franklin T ru st
C o ., 4 6 W a ll S t ., as depositary under tho protective agree
m en t dated D e c . 1 19 15 , has been set for D e c . 2 0 , after which
d ate no bonds will be accepted except a t the discretion o f the
com m ittee and on such conditions as it m a y im pose.
IVol . 101.
largely to holders of m aturing notes, and $ 1 ,7 0 0 ,0 0 0 First
R efunding M . 5 % bond s, duo 19 39 . W h ite , W e ld & C o .
and L ee, H igginson & C o . purchased tho bonds and re-sold
them a t par and interest, a circular showing:
First refunding M . gold 5s o f 1909, duo July 1 1939, but red. as a whole
at option o f com pany at 110 and int. C om pany states that it will pay interost w ithout deduction for present normal Federal incom e tax. T otal
authorized issue, $15,000,000; outstanding in hands o f public, $6,408,000;
intone% o o n S!0 ]? nK fun[l, J5653,000; reserved to retire prior lien bonds, due
for additions and extensions at not to exceed
5 0 /o o f cost, $7,700,000.
Secured by direct m ortgage upon all property
prior°llene bonds 6after acqulred’ subiect only to $239,000 outstanding
^ m o n t h s ended O ct. 31 1915: Gross, $2,774,343; oper.
^,1,’ 21 ! K5 b i n c t‘ 81,532,592, or over 4 A tim es total annnal
^ o o orvP” ^? now o u t- Followed on com pletion o f presuet
,bP 0 ®^°- note.s an<f $15,490,000 stock constituting an
equity at present market prices o f over $12,500,000. Sinking fund o f 2 %
each year o f bonds outstanding buys bonds up to 110 and in tcr^ t
7
f
n
T h e com m ittee say: Interest is in default upon certain o f underlying
y
1
cash cost in
bonds prior in lien to bonds o f the Kansas & C olorado Padific R y . C o. on excess o f $20.000.000.— V . 101, p . ISOS.
portions o f the lines in Kansas. A s provided in our p rotective agreement,
W e s t e r n M a r y la n d R y — To Pay Interest on Defaulted
the m aximum liability per 81,000 bond to the participating holders will not
exceed 85 per b on d . T he members o f the com m ittee have agreed to serve Coupons Due Jan. 1 and July 1 1915 on Note Issues—Improv
without com pensation. C om m ittee: R . Fulton C utting, Chairman; ing Prospects—Plan Probably in Spring.— Tho directors have
J. S. W ilson J r., Charles B . Alexander, F. K ingsbury Curtis and A rthur
O . C hoate, with Sim pson, Thaeher & Bartlett as counsel and A lexander J. voted to p ay on Jan. 1 1916 interest at tho rate o f 5 % per
M cA llister, 55 W all S t., as Secretary.— V . 101, P- 1886, 1807.
annum on tho coupons that m atured Jan. 1 and Julv 1 1915
N e w O r le a n s R y . & L i g h t C o .—
Rates, &c .—
T he C ity C ouncil on N o v . 5 adopted the proposition o f tho com p any,
subm itted as a counter proposition to the dem and o f Comm issioner Lafaye,
under w h ich, effective D e c . 1, the consum ers will p ay according to con
sum ption from seven to fou r cents a kilow att hour, and a servico charge o f
25 cents per m onth, with a fixed m inim um bill, including tho service charge
o f 25 cents per m on th , is provided. T h e Com m issioner estimates the saving
to the people at $310,000 per annum for 10 years. T ho com pany also
agrees to provid e a new system o f city arc lights at an estim ated cost o f
$160,000. It Is also p rovided that should the city desire to operate
Its own plant at tho end o f tho ten years it will have the privilege o f taking
over all installations m ade in the last five years b y paying their actual
cost, less 5 % per annum for depreciation.— V . 101, p . 1886, 923, 213.
N e w Y o r k M u n ic ip a l R a ilw a y C o r p o r a t i o n .—
See B rooklyn R apid Transit C o. abov e.— V . 96, p . 1773, 947.
Bonds.—
P a d u c a h & I ll in o is R R .— Sale of Bonds.— K e a n , T a ylo r
& C o ., N e w Y o r k and C h icago, and a group o f W e stern
bankers have purchased an issue o f $ 3 ,5 0 0 ,0 0 0 F irst M t g e .
43/2 % 4 0 -Y e a r Sinking F u n d G old B o n d s, dated Ju ly 1 1 9 15 ,
guaranteed principal, interest and sinking fu n d , b y the C h i
cago Burlington & Q uincy R R . C o . and the N ash villo C h a t
tanooga & S t. Louis R y .
A n offering will shortly be m ad e in
the E astern m ark e t, in which W m . A . R ead & C o . will bo
associated .— See V . 10 1, p . 1 4 65 , 3 7 1 .
P e n n s y lv a n ia R R .— 4 % Sterling Bonds Purchased.— W e
are inform ed th at K u h n , L oeb & C o . have purchased in
L ondon a larger am ou n t o f the consolidated (now first) m tg e.
4 % bonds o f the sterling issue o f 19 08 .
T h e acquired bonds
will be stam ped b y the com p an y as $ 1 ,0 0 0 bonds and placed
in the local m ark e t.— V . 10 1, p . 18 86 , 18 07 .
Mortgage.—
P o r t la n d & O r e g o n C it y R y .—
This com pany, which is building an interurban electric railway from
Oregon C ity to Portland, O re., is asking authority to m ake a m ortgage to
the Security Savings & Trust C o . o f Portland, O re., as trustee, preparatory
to issuing thereunder $350,000 bonds.
R a t e s . —Anthracite
Coal Appeals Disallowed.—
Decision Against Arkansas Commission Freight Schedule.
Judge Jacob Trieber in the U . S. D ist. C ourt at Little R ock on D ec. 1
mado a ruling that the Arkansas R R . Com m ission’s freight tariff N o. 5.
as applied to the St. Louis & San Francisco and tho Kansas C ity Southern
railroads, is “ con fiscatory and therefore inoperative,” and that, therefore,
the tariff now being used should be continued. A press report states, how
ever, that no injunction decree for the railroad will be entered form ally
until the U. S. Supreme C ourt decides a similar suit in which briefs will be
subm itted next M arch. Other roads, it is expected, will take measures to
profit b y the present decision.— V . 101, p . 1715, 1629.
See E m pire United Railways a bove.— V . 91, p. 1711.
of Bonds.
S t . J o s e p h R a ilw a y , L i g h t , H e a t & P o w e r C o .—
See Cities Service C o. abov e.— V . 99, p . 1750.
S t . L o u is S o u t h w e s t e r n R y .—
Bonds Listed.—
T h e N . Y . Stock Exchange has listed $8,155,000 (o f an authorized issue
o f $100,000,000) o f First Term inal and U nifying M ortgage B onds o f 1912.
— V . 101, p . 1363, 1181.
S o u t h e r n R a il w a y .—
Coal Terminals at Charleston.—
See Carolina Clinchfield & Ohio R y . above.— V . 101, p . 1465.
S p r in g fie ld (O .) & X e n i a R y .—
Dividend on Common.—
T he third annual dividend, 3 % , is payable D ec. 20 on the $300,000 com
m on stock to holders o f record D ec. 15, being the same am ount as paid ir
D ec. 1914, but contrasting with 2 % (N o. 1) in D ec. 1913.— V . 100, p . 643
W a b a s h R a il w a y .— Listed.—'T he new stock, in $ 1 0 0
shares, has been listed on the N . Y . Stock Exchange to the
follow ing am ou n ts: $ 4 6 ,2 0 0 ,0 0 0 5 % P rofit-Sharing P ref.
Stock A ; $ 4 8 ,7 2 0 ,0 0 0 5 % Convertible P ref. Stock B ; $ 4 3 ,
5 4 0 ,0 0 0 C om m o n S to ck .
T he stock so listed is the total am ount o f the authorized capital stock
stated in the certificate o f incorporation with the exception o f 85,000,000,
consisting o f $1,250,000 5% C onvertible Pref. Stock B , and $3,750,000
C om m on Stock. It is contem plated that this $5,000,000 additional stock
will be issued from tim e to tim e, so far as required, for tho purpose o f
m aking provision, as provided in the plan o f reorganization, for holders o f
unsecured claims against the W abash R R . C o. as the same shall from tim e
to tim e be ascertained. T h e certificate o f incorporation also provides
that, for the purpose o f the conversion o f its 5 % C onvertible Pref. Stock B ,
as abovo stated, the railway com pany m ay, from tim e to tim e, issue such
amounts o f its 5 % Profit-Sharing Prof. Stock A and com m on stock, in
addition to the amounts specifically authorized b y its certificate o f incor
poration , as m ay be necessary.— V . 101, p. 1975, 1887.
W a s h i n g t o n W a t e r P o w e r C o ., S p o k a n e .— Refunding
— Status.— A s stated recen tly, tho com p an y has provided
for the m atu rity o f $ 3 ,3 3 6 ,0 0 0 6 % n otes, duo F e b . 2 1916,
b y the sale of $ 1 ,7 0 0 ,0 0 0 2-y ear 5 % n otes, dated F eb . 2 1916,
T he com pany is doing a tremendous business and a year from now we
expect it to d o twice as m uch as it is doing at present. During the week
ending N o v . 13 the com pany m oved 88,000 tons o f coal, and in tho corre
sponding week next year we expect the tonnage will be double that.
I h e greatest possible physical im provem ent has been effected over the
entire line.
Ih e road, with the exception o f part o f the G ettysburg line
where ba lasting has been delayed by tho rush o f business, is entirely bal
lasted with rock ballast and is in splendid condition. This heavy ballast
ing. m oreover, has all been charged to operating expenses
Tie-renewals are general. The entire road shows that' track work has
been done carefully and thoroughly, com paring m ost favorahlv whh cnmS
noting lines. T ho W est Virginia lino, which is almostp™reW a c al roa d '
has been brought up to trunk-line standards. With the exception o f t ™
trestles on the G ettysburg lino, which are now bein - reconstructed the
bridges and trestles aro everywhere in condition to stand the heaviest crim e0
W hile the equipm ent is being taxed to tho utm ost b y t t a r i n C T ^ ^ n d
heavy volum e o f traffic, it is in splendid condition, and bad-order ennin
m ent is very slightly in excess o f what it will bo when the new eoulnm ott
purchased is delivered and the management will have an o p p ortiu d tt to
put damaged cars through the shops as freely as desired. W ith the IK now
M allet com pound locom otives now ordered and with the 2 000 additional
coal cars soon to be delivered, tho com pany will be in better Z p o to take
care o f the heavy traffic.
*
W hile costs o f operation have been going dow n, earnings have been ran
idly going up. T he first week o f Decem ber gross was 34 6 % in e x c^ s Ef
the corresponding week o f 1914 and for tho period from July 1 to D ec 7
gross was 2 5.1 % ahoad o f last year. In the four m onths to O ct 31 last
gross was $3,606,005, against $2,925,248 in 1914, being an increase o f
$680,757. or 2 3 .4 % , while net revenues, after deduction o f expenses and
taxes, showed an increase o f $467,000, or 6 7 % . T otal operating expenses
represented 6 4.66% o f gross against 7 2.76% last year, and transportation
costs represented 3 1.82% o f gross, against 36.31 % last year and 4 5% in 1913.
T o ta l shipm ents of soft coal over tho road for the 10 m onths
ending O ct. 31 1915 com pare in tons as follow :
Months—
A press dispatch from W ashington states that tho I. S. C . Com m ission
on D ec. 6 denied (1) the petitions o f G . B . M arkle & C o. and other anthra
cite coal operators for a re-hearing on the new rates to the A tlantic Coast
on small sizes o f anthratite; (2) the petition b y the respondent anthracite
roads'asking for a m odification o f orders so as to permit tho carriers to increase
their rates on prepared sizes and pea coal b y 5 % . The Comm ission on
Sept. 3 deferred the date for the reduction in rates to D ec. 1. T he lower
rates will now go into effect unless the roads find some avenue open through
the C ourt to obtain an injunction. (C om pare V . 101, p . 497, 774).
R o c h e s t e r S y r a c u s e & E a s t e r n R R . — Deposit
on the $ 1 0 ,0 0 0 ,0 0 0 5 % secured gold notes and the $ 6 ,0 0 0 0 0 0
6 % unsecured notes.
T ho property is showing such marked
im provem ent in operating results that it is hoped b y next
spring to bring out a financial plan for putting the com pany
on its fe et.
T h e follow ing recently-published statem ents
stand approved:
W.Va.Div.
Jan. 1 to A ug. 31.1 ,7 80 ,8 9 7
S e p te m b e r............. 261,947
O ctober....................
259,951
-1915-
G.C.&C.
166,856
21,279
27,169
Total.
1,947,757
283,227
287,121
-Total-
1914.
1,828,264
242,621
228,436
1913.
2,028,890
241,009
253,670
T otal 10 m o s ..2 ,3 0 2 ,7 95
215,304 2,518,105 2 299 3 2 1 o 523 5R9
Increased 58,685 tons, or 2 5.7 % com pared with O ct.
,a.?Ddr 33,451 to n s- or 1 3 .2 % , com pared with O ct. 1913.— V. 101, p .
1 0 5 4 ,looO .
Y o r k (P a .) R a ilw a y s .— Bonds— Purchase.— T ho Phila.
Stock Exchange has listed $ 5 4 6 ,0 0 0 addition al 1st M . 30-year
5 % g old bond s, due 1937 (m aking tho total $ 4 ,2 7 1 ,0 0 0 ), v iz .:
$94,000 for extensions, im provem ents, double-tracking and equipment
o f railway; $137,000 for acquiring or con structing and equipping a power
plant; $315,000 for purchaso o f $124,500 bonds out o f a total o f $150 000
Issuedf and the entire inn shaivw nf ator»ir r»r
tai —
.
five suburban lfghting com panies, having franchises irfborouVlVs anH tkwnd
ships o f York C o u n ty , form ed tho Edison Light & Power Go
capital o f $1,301,000, o f which $1,300,950 is owned b y Y ork Rai’lw a v if 'n
and deposited with tho Guarantee Trust & Safe D eposit Go t r S C.0acollateral under the m tge. o f Y ork Railways C o.
P
trustoo‘ M
Board of Directors Increased from 7 to 9 Members.__ John E*
Zim m erm an of tho firm of D a y & Zim m erm an and C h as. H .
B ea n , head of C h as. I I . B ea n & C o . havo been elected direc
tors, increasing the board from 7 to 9 .— V . 10 1, p . 132.
IN D U S T R IA L A N D M IS C E L L A N E O U S .
A b i t i b i P o w e r & P a p e r C o ., I r o q u o is F a lls , O n t .—
Bonds Offered.— P e a b o d y , H oughtoling & C o ., C hicago, aro
placing a t par and in t. $ 2 ,5 0 0 ,0 0 0 1st M . 6 % sorial gold
bon d s, dated F o b . 1 19 1 4 , duo in annual installm ents on
F o b . 1 from 1917 to 1934 (1 o f $ 5 0 ,0 0 0 , 2 o f $ 1 0 0 0 0 0 and
15 o f $ 1 5 0 ,0 0 0 , respectively).
D o n o m . $ 1 ,0 0 0 and $ 5 0 0 c * .
Principal and sem i-annual in t. payable a t First N a t . B a n k
o f Chicago and First N a t . B a n k o f N e w Y o r k .
R o y a l T ru st
C o ., M o n tr e a l, trusteo. A circular shows:
T otal authorized, $5,000,000, viz.. N ow issued, to com p loto 4-machlne
newspaper mill and to furnish working capital, $2,500,000' reserved t o
mature if issued in aqual annual installm ents during tho period ending
F ob. 1 1934, (a) for ad <11tional w or king ca pi t a 1, if necessary, and only upon
the approval o f P eabody, U oughtoling & C o ., $500,000; (b) for additions
and extensions at not to excoed 50% o f actual cash cost o f sam o, $2,000,000.
S e c u r i t y .— An absolute first m ortgage upon all prop erty now owned (or
hereafter acquired), being valued at $7,180,000, as follow s:
21,000 net continuous horsepower com pletely developed on A bi
tibi R iver, N orthern O n t a r io ... ............................___1............... $2,625,000
Pulpw ood limits aggregating 1,000,000 acres____________________ 1,000,000
G roundw ood and sulphite nulls and 4-machIno newspaper m ill,
annual capacity 65,000 tons---------------------------------------------------------3,013,000
W orking capital----------------------------------------------------------------------------542,000
Estim ated earnings: 05,000 tons o f newspaper at $12 per ton. $780,000
D ed u ct m axim um annual interest charge on tills issue or bonds, $150,000
annual reserve necessary to pay o ff both principal and interset o f tills en
tire issue, $215,900; balance, $414,100.
Dec. 18 1915.]
THE CHRONICLE
C a p ita liz a tio n —
A u th o r iz e d .
Issu ed .
U n issu ed .
First m ortgage 6 % serial bonds___$5,000,000 S2,500,000
S2,500,000
C um ulative 7 % debenture stock ________ 1,000,000 1,000,000
N one
Cum ulative 7 % preferred stock -------------- 2,000,000 1,000,000 1,000,000
C om m on stock __________________________ 5,000,000 5,000,000
N on e
P r o p e r t i e s . — Organized under D om inion charter to acquire and develop
the water powers on the A bitibi R iver in the D istrict o f Tem iskam ing in
N orthern Ontario, and now controls b y Provincial leases, o f a m ost fa vor
able character, 57,000 not continuous water horsepower and 1,000,000 acres
o f pulpw ood limits. Also owns groundw ood pulp m ill, recently com pleted
and now in full operation, alone showing a large margin over b oth principal
and interost requirements o f this entire issue o f bonds. T he whole d evelop
m ent now contem plated, including a 4-machino steel and con crete news
paper m ill, designed for a loty cost o f production, will be com pleted early
in 1915. The vendors have receivod no cash for tho property and the en
tire proceods o f the com pany’s securities are available for the com pletion
o f the works and for the working capital with which to operate them .
T ho com pany owns in fee simple some 6,000 acres o f land, including the
entire townsite o f Iroquois Falls. The watershed o f the A bitibi R iver,
above Iroquois Falls, embraces an area o f 6,000 sq. miles. Lake A bitibi,
with an area o f 355 sq. imles, forms an enormous storage pond imm ediately
behind th e com p a n y’s power sites, and after tho com pletion o f the storage
dam now under construction will be raised some 6 feet, assuring a uniform
discharge o f the stream to suit the com pany’s requirements. T ho com
pany is at present confining its operations to the developm ent o f the power
site at Iroquois Falls (20,475 h. p. at a head o f 35 f t . ) , but the sites at C ouchiching Falls and Tw in Falls (representing 19,440 and 17,280 h.p . at 36 ft.
and 32 ft. head) are equally easy o f developm ent at low cost, and will fit
in adm irably with the com pany’s plans o f future developm ent, either to
supply additional neswpaper mills or for the sale o f hydro-electric power.
Tho com p any controls these water powers through a 52-year lease from
the P rovince o f Ontario, dated Sept. 17 1912, at the follow ing rental:
First year, S10; 2d year, $10: for the next 18 years, 50 cts. per h .p . per ann.
delivered up to 4,000 h.p . (but not less than 2,000 h .p .) and 35 cts. per h. p.
per ann. for each h .p . in excess o f 4,000 h .p .; for the succeeding 16 years
$1 per h .p . per ann.; thereafter $1 50 per h .p . per annum.
P u l p w o o d S u p p l y . —-Controls under 21-year lease from the Governm ent
o f Ontario (undoubtedly renewable, as is the custom in such cases)
1.000,000 acres o f pulpwood lands situated along the upper-and lower
A bitibi Lakes, and along the A bitibi R iver, and its tributaries in the
D istrict o f Tem iskam ing. Rental to the Governm ent for pulpw ood rights,
$5,000 yearly, plus 40 cts. per cord for spruce and 20 cts. per cord for other
pulp-m aking w oods. These lands contain over 5.000,000 cords o f spruce
ana other paper-making woods and the A bitibi watershed above Iroquois
Falls contains over 15,000,000 cords o f pulp-m aking tim ber, so that the
com p a n y’s mills are assured o f a perpetual supply o f raw material at ex
trem ely low cost. This pulpwood supply is all available b y stream and
rail to the com p a n y’s mills at a delivered cost which for m any years to
com e will not exceed $4 per cord.
E a r n i n g s . — Estimates o f net earnings from tho present installation have
been m ade b y various esperts w ho, without exception, have endorsed the
profitable character o f the operation, under proper m anagem ent. A fter
, a m ost careful investigation, and based upon our long and successful ex
perience in tho paper-making industry, we nave no hesitation in estim ating
that tho com p a n y’s present installation will produce net earnings o f at least
$12 per ton, after the paym ent o f all forest and. water-power rentals and
after setting aside sufficient reserves for depreciation o f plant and equip
m ent. It is fully expected that after tho present installation is com pleted,
and in successful operation, the com pany will proceed with an additional
developm ent which will doublo its present capacity. T he com p any has
ample pow er and forest reserves to accom plish this, and we see nothing
to prevent an ultim ate capacity o f 130,000 tons o f newsprint paper and net
earnings o f over $1,500,000 per annum. T he placing o f newsprint paper
on tho free list b y tho recent enactm ent o f the United States rem oved tho
serious handicap o f an im port d u ty .— V . 99, p. 1368.
A d ir o n d a c k E le c tr ic P o w e r C o r p o r a t io n .—
Y ea rs
E n d in g
C ross
O p e r .E x p .
N et
B ond
Earnings .—
O th e r
B a la n c e ,
—
E a rn in g s.
& T a xes. E a rn s.
In ter es t. D e d u c .
S u r p lu s .
O ct. 31 1 9 1 5 ...$ 1 ,2 7 9 ,7 7 7 $779,869 $499,908 $250,000 ......... $249,908
D ec. 31 1 9 1 4 --- 1,231,509 849,271 382,238 250,000 $3,378 128,860
Ferry, C offin & Burr, o f B oston and N ew Y ork , recom m end tho com
p a n y’s 1st M . 5s, duo Jan. 1 1962, to yield about 5 .1 0 % .— V . 99, p . 200.
A e t n a E x p lo s iv e s C o .—
Notes Called.—
T h e com pany has deposited $855,000 with tho Franklin Trust C o .,
trustee, to retire its $550,000 Series “ A " 5 % notes, which matured on tho
15th inst., and $300,000 Series “ B ” & “ O ” , part o f which fall duo on Jan.
15 and Fob. 15. There now remains outstanding $545,000 notes o f the
$3,000,000 originally issued.— V . 101, p. 1715, 1630.
2073
A m e r ic a n B r a k e S h o e & F o u n d r y C o .—
____
T o ta l N e t
In com e.
B ond
In te rest.
P r e fe r r e d
D iv id e n d .
Earnings .—
C om m on
D iv id e n d .
B a la n ce,
S u r p lu s .
-------- $1,180,613
(8 % ) $400.000 (7% )S322,000 $423,387
36.173 (8 % ) 400,000 (7 % ) 322,000 301,572
1 9 1 4 -------- 1,059,745
1 he report says with regard to war orders that shell contracts were taken
during the year, the forgings for which were being m ade by B abcock &
W ilcox. In connection with this w ork the Am erican Brake Shoe C o.
secured a new plant at Erie, Pa. T he profits on this business are not
expected to be unusually large, but should add m aterially to the earnings
for next year.— V . 100, p. 2012.
A m e r ic a n M a c h in e & F o u n d r y C o ., N . Y . C i t y .—
C a le n d a r
i n , f ar—
N et
£ aP } s„ \
D iv id en d .
1 91 4 ------------864,160
( 5 % ).
$60,000
— V . '9 '8 'p " 7 6 4 7 ’754
----------
Earns.
B a la n c e ,
S u r p lu s .
P r e v io u s
S u r p lu s .
T o ta l
S u r p lu s .
$4,160
$154,160
$158,320
76 ,4 0 6
154,160
7 7 ,7 5 4
A m e r ic a n M a lt C o r p o r a t io n .—
Plan Approved.—
See A m erican M alting C o. below .— V . 101, p . 1368.
A m e r ic a n M a lt in g C o ., N . Y . —
Stock Reduction —
<il - nnn,n^rn ^ l«a rnoA°nrJn
to retluce the authorized p ref. stock from
$15,000,000 to $9,000,000 and tho com m on from $15,000,000 to $6,000,000.
with a view , it is understood, to do aw ay with the Am erican M a lt C orpora•wm ch is the holding com pany, b y an exchange o f stock, class for class,
r i l ,vfor. d ollar- Russell II. Lansdale, counsel for the com p any, stated
tw ? S5?1SSSI^ werel. tOBethef paying taxes on a com bined capi
talization o f $45,000,000, whereas the com bined assets were shown in
RnoCoonm g^ £ efor.e the N f " f JeJ sey courts recently to be on ly abou t $10,
000,000. T he only opposition to the plan was offered b y M ax M orgenstern
who voted 900 shares o f com m on stock. See V . 101, p. 1975.
’
S.
A m e r ic a n T o b a c c o C o .— Earnings.— President Pereiva
H ill on D e e . 10 said in substance:
’ - Referring to a published statement to the effect, that a director o f the
com pany had com m ented unfavorably about the dividend, I wish to say
that there has never been a difference o f opinion as to the dividend ques
tion am ong the directors. I d o not believe that any director ever made
any such statement.
T he 1914 statement showed a margin o f earnings o f som e $500 000 in
excess o f dividend requirem ents, and this, under the very trying conditions
and severe com petition o f the year, was quite satisfactory.
In 1915 the only thing we had to consider was wnether our earnings would
be sufficient to overcom e the loss o f incom e due to our receiving no dividend
from the Imperial T ob a cco C o ., the stock o f which had been distributed
to our stockholders. W e felt that we could d o this and the results I b e
lieve, will dem onstrate the correctness o f our opinion.
W hile o f course the year’s figures are not com pleted, a preliminary esti
m ate warrants m e in stating that I think the dividend will have been fu lly
earned for the year. And with our surplus o f over $35,000,000, cash on
hand o f between $5,000,000 and $6,000,000 and with no borrow ed m oney
I think the dividend action for the year has been fully justified.— Y . 1 0 1
p. 616.
A r c a d ia S u g a r R e f g . C o .f L t d ., H a lif a x .—
Divs.— Earns.
., Owing to the falling o ff in earnings the directors have decided to suspend
dividends for the time being in both classes o f stock, nam ely the £280,000
6 % preferred and tho £280,000 com m on, par £ 1 . T he com pany reports :
S ep t. 3 0
N et
In te rest
D ir e c to r s ’ P r e f.D iv . C o m .D its .
B a la n c e ,
P & iton L oan s. F ees.
(6 % )
(5 % )
S u r .o r D e f.
$139,540 $7,300
$81,760 $68,133 def$149,725
J9J4-15------$147,008
1913-14------ 339,804
27,213 7,300
81,760 68,133 sur 155.398
On Sept. 30 1914 (not 1915) the com pany ow ed $838,387 on bonds
secured b y m ortgage. T he new W oodsiae refinery at D artm outh, re
placing plant destroyed b y fire in Feb. 1912, was com pleted in 1914, capac
ity reported as 2,600 barrels daily.
A lso owns R ichm ond refinery on the
H alifax side o f the harbor. Results fo r earlier years :
1912-13 1911-12 1910-11 1909-10 1908-09 1907-08 1906-07 1905-06
S
S
$
$
$
$
$
$
Net profits...169,406 148,315 211,026 176,937 162,465 158,087 153,038 210 681
D iv .o n p re f..
6
6
6
6
6
6
6
6
Div. on co m ..
5
5
5
5
4
4
3
3
B e lle v u e -S t r a t f o r d H o t e l , P h i la d e lp h i a .— Bonds Offered
T here are now being offered a t
par and in t. the unsold portion o f S 3 ,5 0 0 ,0 0 0 4 % % gold
bonds secured on this w ell-know n h o te l.
D a te d D e c . 15
A ja x -G r ie b R u b b e r C o .— Successor Company.—
1915 and due D e c . 15 1920 (interest J . & D . 1 5 ), guaranteed
See A ja x R ubber C o. below .— V . 94, p. 280: V . 89, p . 1069.
A ja x R u b b e r C o ., I n c .— Stock Offering.— P riehitt & C o ., principal and interest b y the P hiladelphia C om p an y for G uar
N . Y . , announce that a block o f tho initial issue o f S 3 ,0 0 0 ,0 0 0 anteeing m ortgages, Philadelphia. A ciruclar show s:
A first m ortgage on Philadelphia’s m ost w idely know n h otel, owned and
stock of this com pany has beon oversubscribed a t $ 6 5 per conducted
b y George C . B oldt in con junction with the W aldorf-A sotria
sharo. Theso shares are now dealt in on the N . Y . C u rb. o f N ew Y ork C ity , tho bonds being the personal obligation o f M r. B old t.
T he building, one o f the m ost m agnificent in the citv , is 18 stories high,
T h e bankers report in substance:
C a p ita liz a tio n
(N o
F u n d ed
D ebt or
P r ef.
S to ck ).
A ll com m on stock, par $50 per sharo A u th ., $5,000,000: now
to be issued— ..........
- - - - - - - - - - - - — -------- ------------------- $3,000,000
I t is proposed that the A jax R ubber C o ., In c., shall be incorporated in
N . Y . or som o other State, and acquire either: (a) Assets, business and
good will o f tho A jax-G rieb R ubber C o. (of N . J.) as a going concern; or
(6) N o t loss than 90% o f the outstanding com m on capital stock o f said
com pany. T he proseut outstanding pref. stock o f tho A jax-G rieb R ubber
C o. will be retired and canceled or acquired b y the A ja x R ubber C o Inc
T ho representations as to tho assets and earnings contained in the Presi
d ent’s letter are to bo -verified b y Price, W aterhouse & C o . chartered
accountants. T ho organization or tho new com p any is subject to tho
approval o f our counsel, Guggenheim er, Unterm yer & M arshall.
Digest of Letter from Wm. Q. Grieb, Pres. Ajax-Qrieb Rubber Co.
Dated New York, Dec. 11 1915.
T h e A jax Standard R ubber C o. originally started in D ec. 1905 at a tim e
when the so-called ’ ’Tiro P ool” was dictating to autom obile m anufacturers
Some o f tho leading m anufacturers join ed in tho organization o f the com
pany as an independent concern. T h e com p any located its plant at
106th St. and East R iver. N . Y . C ity , under the direction o f tw o o f our
prosont m anagem ent. On Sept. 1 1906 the Tire P o o l” dissolved, and on
Sept. 11 1906 the A jax Standard R ubber C o. am algam ated w ith the Grieb
R ubber C o. and became known as tho A jax-G rieb R ubber C o .
Our plant, now located at T ren ton , N . J ., has w orked 24 hours each
working day since Feb. 1911. A new fa ctory, 200x350 ft ., and threo stories
in height, is under construction, and Is to be com pleted during the com ing
spring, enabling tho com pany to m ore than doublo its present ou tp u t. W e
m anufacture the “ A jax autom obilo tires (shoes and inner tubes) which
wero the first ever sold with a 5 ,090-m ile guaranty, and the only tires so
guaranteed in writing. T he com pany lias over 7,000 a ctive accounts on
Its books, consisting o f autom obilo manufacturers and liigh-class dealers
and has never, in the past five years, been in a position to supply the’
dem and. Losses from bad debts have never exceeded 14 o f 1% in any year
T ho present management will retain a substantial ownership in the
capital stock o f tho now com pany and continue their services as managers
and directors. Beginning with a cash capital o f $18,500. to which no fur
ther cash investment was added, except $100,000 during 19H the nrosenl
not assets o f over $2,000,000 represent an accum ulation o f surplns p ro fit1
after paying substantial dividends. The com pany has no current debs
excepting its m onthly merchandise billre
t
T he not sales have consistently inctasod, and the net earnings have
shown a corresponding increase, so tha the net earnings for tho last four
fiscal years ending A ug. 31 1915 a v e r a g ^ o v o r $430,000 per annum , equiv
alent to over 14 % on a par value or $3,000,000. T h e com ing year promises
to be most favorable for both net sales aiid net earnings, the com p any having
already closed contracts for over $3,000,000 o f its output with m ore than
300 o f tho best dealers throughout the cou ntry.
I believe that I can
safely predict gross sales to A ug. 31 1916 o f between $4,500,000 and
$5,000,000. with not earnings o f $750,000. See V . 94, p. 280; V . 89. p.
E xecutive offices, 1796 Broadway, N . Y . C ity ; branches in B rooklyn
B oston, Philadelphia, Atlanta, Indianapolis, D etroit, Cleveland, C hicago
Des M oines, Kansas C ity, M inneapolis. Dallas, D enver, Seattle, Portland.
San Francisco and Los Anseles.
Secured on This Property.—
frontage o f 186 ft. on B road St. and 213 ft. on W alnut St. Assessed fo r
taxation at $5,000,000, valued b y experts at $7,500,000, tho ground alone
being considered o f equal value to tho m ortgage. The entire plant repre
sents an outlay o f $ 1 0 ,00 0 ,000.
B e ll T e le p h o n e C o . o f C a n a d a .— Bonds.— H arris, Forbes
& C o . recently offered a t 98 and in t. a block o f 5 % plain
bonds o f 18 9 5 , due A p ril 1 19 2 5 , m aking 5 1 1 ,1 4 9 ,0 0 0 of
the issue outstanding.
Dividends have been paid on the stock at the rate o f 8 % per annum for
the past 29 years, the net earnings for 1914 being about four times bond
interest. Under A ct o f Parliament no bonds can be issued in excess o f
75% o f the par value o f the paid-in capital stock, now $18,000,000. o f which
the American Telephone & Telegraph C o. owns abou t 3 8 % .— V .1 0 0 ,p .l4 3 5 .
B r a d e n C o p p e r M in e s .—
Official Offer.—
See K en n ecottC op p er C orp. below; also V . 101, p. 1715, 1809, 1888, 1970
C a m b r ia S te e l C o .— Merger Plan.— F rom excellent au
thority we learn that negotiations are actively in progress
looking to the merger o f the C am bria Steel C o ., Y ou ngstow n
Sheet & T u b e C o . and Lackaw anna Steel C o ., probably w ith
a capitalization o f abo u t $ 2 5 0 ,0 0 0 ,0 0 0 .
W e are inform ed
that thero has never been any talk o f taking over the R ep u b
lic Iron & Steel C o ., the M id v a le Steel C o ., the P ennsylvania
Steel C o . or the latter’s subsidiary, the M a ry la n d Steel C o .
A s staled last week, options are being obtained on Cam bria Steel stock at
$80 a share, with the option to subscribe for stock in the consolidated com
p any. T he stockholders o f tho Youngstown Sheet & T ube C o. are offered
$300 a share in cash, but, as a m atter o f fa ct, nearly all, w e learn, will
subscribe for stock in the new com pany, and $14 per share has already
been offered for the right to subscribe. T he price for Lackawanna Steel
C o. is said to have been fixed tentatively at $80 a share.
James A . C am pbell, Pres, o f the Youngstow n Sheet & T u be C o ., will be,
it is said. President o f the new com pany. T h e Youngstow n com pany
(com pare V . 101, p . 1630) has recently authorized the expenditure o f
$7,000,000 for im provem ents and additions.— V . 101, p . 1976, 1809.
C a n a d a F o u n d r ie s & F o r g in g s , L t d .— War Order, &c .—
G ilbert E lio tt & C o ., N . Y . C ity , in circular N o v . 2 3 said:
For tho past 12 m onths the plants have been working to capacity (24
hours daily) turning out all kinds o f shrapnel and high explosive shell
forgings, from the 3-inch to the 6-inch size, as well as diaphragms base
plates and brass plugs. T ho present output o f shell casings is 12,000 per
dav and o f other forged shell parts, 40,000 per d a y. T he capacity is planned
to bo increased to 15,000 com plote shell casings a day within the next thirty
days with an equal increase in the out put o f other forged parts. N ew orders
on hand will keep the shell plant running to capacity 24 hours daily until
Jan. 1917. The com pany is now making the rifle forgings parts for everyrifle
m
THE CHRONICLE
2074
m
that the privilege o f subscribing for the now stock at $125 a sharp will t r o v e
to be a valuable right. Tho board has arranged for the underwriting o f the
new stock to bo issued, so that the necessary funds will be provided even in
the event that tho present stockholders should not exercise in all instances
their right to subscribe. Com pare V. 101, p. 1888.
^ r i l n r r t o t t . O
p . 1554. 616. 525.
&
c S
’ ta the D om inion.
Com pare V . 101
C e n t r a l I ll i n o i s U t i li t i e s C o .—Bonds, &e.—M c C o y
Pn
Phicasro w ho w ith B a k e r, A y lm g & C o . and other
houses, som e m on th s ago offered a t par $ f7 ^l?P 0®aS£ m non
of 1 9 1 2 , m aking $ 8 2 6 ,0 0 0 outstanding o f tho $ 2 ,5 0 0 ,0 0 0
authorized, reported. Chebans0 c iift o n , Ashkum . D anforth, FairT e r r ito r y
o ib n \ n ’ ’ (A s c e n t C ity . W atseka, Sheldon, La Hoguo,
b u fy , Piper’ C ity . Gilm an,to D elray Paxton. E lliott, Gibson C ity SayM ilford , O ia^ga. R idg
.
porrast, Thaw villo, B uckloy and Loda,
b ro o k . ^ 5 3 ^ ? n iila tlo n o f^ b o u t 26,000, in one o f the richest agricultural
1 , 1‘ l} ® t?S * U T s t lt o ’- in a d d itio n , the counties have a population o f 161,112,
o f w h ich 'is £l1o served. T ho farm ing la n d is valued at over
• 4R7 no] 400 and produced in 1909 over $40,089,000.
P l a n t s — T h e central station located at W atseka, connecting up these
different; properties, has resulted in material savings, tho f.rst throe m onths
nf l o i r> havin'*’ shown very satisfactory incresaos.
__
T h e generating plants in com m ission are those at W atseka and Paxton,
the W atseka station (brick and steel), o f present capacity o f 1.500 k. w .
and vdthnate O p a city o f 2.750 k . w is how ever handling the entire load.
t?irriit tinwpr Tilants have been superseded b y these tw o.
E
l i r n d s — Those m ay be issued only: (a) T o reimburse the com 1
net earnings o
.
q n c/
when such earnings equal 1 14 times the
S e a ^ S s s a S f f i r *w ras« *„r£ sw resss;
S b J S u n S " c“ T
y ,7 °
S i n k i n a F u n d .— In addition to the serial paym ents, which will retire
to rn nnn^hnnds between 1916 and 1930, a sinking fund will becom e operative
if m ore than S700.000 o f the bonds be outstanding Oct . 1 1
Snn9
tho fixed serial maturities in the proportion o f the excess— b y 1 0 % if $7 ‘ 0-000
A b e n d s ^ o u t s t a n d in g O ct. 1 1921. Bonds to bo redeemed b y lot at 103
&nE a u U y .— ‘T here has been expended on the property nearly $400,000 in
cash (or about 5 0% ) above the proceeds o f H ieb on d s.
u tilities
M a n a a e m e n t .— Entire capital stock is ownod b y M iddio w est utilities
C o .,aplacing direct control and management with Samuel Insull and his
associates. See also V . 100, p . 1595.
C h a r le s t o n (S . C .) L i g h t & W a t e r C o
— Defeated.—
See Charleston, S. C ., In “ State and C ity ” D ep t, on subsequent page.
— V . 1 0 0 , p . 1170; V . 99, p . 1751.
«, r; 0 N ew Y ork , who m anage the prop erty, state that the notes havo not
been offered to the pu b lic, nor is there any present intention o f m aking such
offer.— V . 91. p . 1576.
C o n s o lid a t io n C o a l C o .— Bonds
Called, &c .—
Seventeen ($17,000) 1st M 4 % bonds o f£ 8 9 6 have_be«m called.for p ay
m ent at 105 and interest on Jan. 1 at U. S. M tge. & lru s t C o ., substituted
t r See'E lk H orn C oal C orporation below .— V . 100, p . 1513. 1261.
C r a w fo r d L o c o m o tiv e & C a r C o ., S t r e a to r , 111.
u id w iu iu
.
.
Sold.
t atreator. 1 1 1 ., was sold at foreclosure sale on
K ^ r s 's s & S t f t f f s s f w
o f Streator for, it is stated, $95,00 ).
E - H- M ,8 y “ d “ • w - Luk" ”
7
CMioVi 'i E d is o n C o .—
Dividend Increased.—
D e t r o i t CM1? " - ;
boon declared payable Jan. 15 1916 to
A quarterly dividond o f
S l i c i n g the stock on an 8 % per annum
holders o f record ^ e c . 31 1915.
\ y K % at each quarterly period since
basis. T ho com pany has been Paying i /4 /o
1910, or at the rate o f 7 % per ann.
v .iw . i
___
D ia m o n d
lilted $413,400 additional capital stock.
T h e N . Y . Stock E xcba ii?® b a s ist d elu d in g D oc. 11 1915 in exchange
the same having; beeni issu ed u p t o ,a™ ntures dated D oc. 15 1910, with aufor 6 % 10 -year c ° " Ye/ ^ . 7. j ., n i 1 9 1 6 $792,800 o f said stock on official
thority to add
for outstanding debentures, m aking tho total
n o tic e o fi^ u a n c e in exchange for o
$2 ,000,000 debentures there had
am ount applied for $
1
7
$7g3 g00
T h e privUege o f con vertprevlously b ^ n r e t i r e ^ a n a ^ expirod on D ec 1 5 1915t and at tho close
fng the debentu_
^
4 0 0 , par value, o f debentures had been
c o n v e rte d !n to ?,134 shares o f stock , m aking tho outstanding capital stock
°nT n coT e^ cco^ &
T -F o r
tho 10 m os. ending O ct. 31 19 15 :
D ividen ds'for°year, 7 % on $16,090,600 capital stock .................. - 1 ’ 1 2 6 ' 342
B alance o f net earnings for the 10 m os. to
119.1A - r - « « ,« , 4 f»5 ’ the
Balance Sheets of Oct. 31 1915 and Dec. 31 1914
oa.
31 T5.
Ptante?Ac.......... - 4,854,284
Pine lands, &c— 4,195,701
For. & dom. in v .. 1,207,727
Patents, &c.......... 2,500,000
Del. chges. to oper
56,781
Inventory------------ 4,001,119
Notes receivable..
244,983
Uccts. receivable- 1,933,684
Cash for coupons.
2,316
Cash____________ 2,489,056
O c t. 31 ’ 15. D e c . 31 '14.
31 ’ 14.
L ia b ilit ie s __
$
$
5,831,920 Capital s t o c k ....16,090.600 16,090,600
4,196,432 6% conv. debs__ 1,136,800 1,295,700
9,570
Interest coupons..
2,316
287,256
327,628
2,500,000 Accounts payable.
54,888
Int.
&
pay-rolls..
102,015
128,885
78,979
88,03.)
5,189,172 Taxes accrued (est.)
241,359
442,993 Dlv.pay.Dcc.15T5
2,448,439
1,769,546 Reserves-------------- 2,$59’Zi?
880,320
94o,581
9,570 Surplus_________
1,077,234
D ec.
T o ta l.................21,485,651 21.145,752
— V . 101, p.1888, 1094.
Total ....-----2 1 ,4 8 5 ,6 5 1 21,145,752
D r ig g s -S e a b u r y O r d n a n c e C o ., N . Y . — ivew) Stock.
Pres A . E . B orie, in circular dated D e c . 13, says in su b st.:
A contract has been entered into Tor tho purchase o f the c o n t ^ l l n g l n t m e^t in the Savage Arms C o. o f N . Y ., a corporation having a capitalization
o f SI 000 000 In shares o f $100 each, and for m any years
finsraLnd in the m anufacture o f firo arms and munitions. It now has on
hand8 contracts o f great im portance for tho m anufacture o f ordnanco and
S t b m
and particularly for the m anufacture and delivery o f Lewis
“ utom atfc machPne guns, to the m anufacture o f which it has the exclusive
Si?The I t o c ^ o l d e ^ I m V e ^ a y l ^ o r i l e d an increase in the com m on
mwCkc o S r s ° t o c Plca it'4 r pU nnod°toIssue presently°$6,500,000 in order to
?Y ult C o
46 w i l l S t.. N
Y ., on or before Jan. 10. when subscriptions
™ S iS l”
T h ey K B .™
S S S f f l
i n c r e ^ t h e e^ n in g s applicable to the present stock o f your com pany and
(E . I .) d u P o n t d e N e m o u r s P o w d e r C o .—
Bonds Called.
T h e $1,230,000 1st M . 5 % First M o rt. & Collateral Trust gold bonds
have been called for paym ent and cancellation at 105 and int. a t thei M etro
politan T r. C o . o f N .Y .. 49 W all S t., on Jan. 1 1916.— V .101 ,p .1888, 1373.
(J. H . & C . K .) E a g le , I n c . (S ilk M f r s .) , S h a m o k in ,
P a .— Stock Increase.—
, ..
..
T he shareholders on D ec. 1 ratified the proposod increase In the author
ized capital stock from $1,500,000, all o f one class, to $20,000,000. half each
com m on and preferred. Par $100 a share.
th U v ra n m ]
A press report says:
T ho com pany has doubled its output this year and
its present production will again be doubled within the u o x ty e a r. Several
now mills are now being built in different parts o f tho cou ntry and, will go
into operation as soon as they are com pleted. These new ndlls will roprosont tho last word in the m anufacture o f silk and will give e m p lo y m e n t s
3,000 additional workers. N o m ortgago or funded debt.
Otticers. i resi
dent. J. H . Eagle; 1st V .-P res., Charles K . E agle, N . Y .; 2d V .-P res. and
M ill M g r., James C . Brown; 3d V .-P res. and Sales M g r ., I ercy M ann,
S ec.-T reas., Charles K . Eaglo; foreign representative, R obert Lang.
N . Y . headquarters and selling agoncy in com pany s 20-story building
at Fourth A ve. and 21st S t., N . Y .
F a ja r d o
Sugar
C o .,
P o r to
R i c o .— Status— Ernest
S m ith , N . Y . , referring to the strong statistical position of
sugar, due to the w ar, on D e c . 1 wrote in substance :
C om pany has no bonded debt and no preferred stock. Its capitalization
is $3,337,200 all in com m on stock, par $100; b ook value, according to last
annual report, $125 a share. The next crop will bo the largest in co m
p any's history at about 31,000 tons, as against 2 1,0 0 0 tons last year.
C utting and grinding operations will begin D ec. 20 and should finish in June.
Surmounting difficulties which havo caused suspension o f dividend for
the past three years, it is anticipated that dividends will be resumed within
the next three m onths. Since 1908 cash dividends, aggregating 4 7 Ms%.
havo been paid making an average distribution o f 6 .7 8 % and a dividend o f
8 % was earned for the year ending July last but the directors deem ed ft
advisable to conserve the assets. In com m on with all concerns engaged
in sugar production this com pany suffered from the low prices ruling in
1913-1914
In addition to which a drought destroyed 20% o f tho crop
in the latter year. This m isfortune will not recur, as a com ploto irrigation
plant to supply 1.200 acres is already in operation, and an extension for
a further thousand acres will shortly bo constructed, the water being drawn
from tho River F ajardo w ithout pumps or any artificial m oans, thus
reducing the cost to a m inimum.
F o s t e r -S c o t t Ic e C o .—
Bonds Called.—
T w en tv ($20 000) 1st m tge. bonds dated N ov. 1 1911 have been drawn
for redem ption on Jan. 3 at Union Trust C o ., trustee.— V . 97, p. 1736.
F o u n d a t i o n C o ., N e w Y o r k .—
Favorable Decision.—
Judge Hunt in tho U . 8. District Court recently held that cortain patents
assigned to the com pany are valid and have been infringed b y tho defendant,
the O ’ Rourke Engineering Construction C o ., in tho construction o f tho
foundations o f tho W alkor-Llsponard and other Now York buildings con
structed by the defendant. T ho patonts woro hold to cover tho construc
tion o f concrete building caissons, either b y rom oving tho outside forms
and sinking a plain concreto shaft or building thorn w ith reinforced concrete
working chambers having steps, so as to givo a s^ a r o bearing on
•
and to make a continuous concroto shaft to contain no w ood .
1 ho pat on ts
wore also held to cover the use o f collapsiblo shafting which
and used over again on other caissons. I ho injunction has boon suspended
pending appeal.— V . 100. p . 1922.
G a m e w e ll F ire A la r m T e le g r a p h C o ., N . Y
.— Stock.
■
T he com pany filed at A lbany on N o v . 3 a certificate increasing its ca p ita
stock from $1,500,000 to $2,000,000. A portion on ly o f the new stock wll
bo issued at present to take care o f the increasing business. V . 88, p. 1 004
G r e a t L a k e s S te a m s h ip C o .—
Dividend— Contract.—
A dividend o f 1 1 4 % was declared on tho $6,000,000 stock, nayablo
l
T ho “ Syracuse P ost” o f N ov. 20 says: “ T he dividond declared
yesterday, payable D ec. 1, is tho third during tho present calendar yoar.
T ho other two woro at tho samo rate.
The com pany .in corp ora ted In 1911,
paid dividends o f 6 % in 1913, and in 1914 the stockholders received 4 X %
to July. During tho last half o f 1914 thoro was no dividond. There are
no bonds or pref. shares. T he com pany has 21 ships on the Great Lakes
and has contracted to build another costing about $450,000.” — V .9 2 ,p .l7 0 4 .
D ec
H u d s o n N a v ig a t io n C o .—
Suit.—
,
^
T he com pany on Sept. 17 brought suit In tho U . S. D istrict Gourt at
Trenton, N . J ., for an accounting against Edward F. M urray or T roy,
N . Y ., form erly Vico-Prosidont and a d irector. T ho com plaint alleges
that in 1907, when M r. M urray was an o ffice r, tho corporation voted to
increase the capital stock from $4,000,000 to $8,000,000 to build 2 steam
ships and acquire tho property o f th e M u rra y lino, a'N o w Y ork corpora
tion; also further that M urray subscribed for $875,000 stock and $118,000
o f tho bonds issued. An accounting is askod to determ ine the amount
alleged to be due from M r. M urray s stock subscriptions *m^l bonds pur
chases. It is alleged that tho am ount paid on account o f tho stock was
less than $100.000.— V . 101, p . 849. 134.
H u p p M o to r C o r p o r a t io n .— Pref. Stock Offered — Ladonbu rg, T lialm ann & C o ., N o w Y o r k , and A . G . Bockor & C o .,
C hicago, aro offoring a t 102 and d iv ., to yield abou t o .o b / 0,
the unsold portion of tho issue o f $ 1 ,5 0 0 ,0 0 0 7 % cum ulative
convertible preferred stock.
C onvertible into an equal am ount o f com m on stock, 1. e ., 10 shares or
com m on stock, par $10 each, for ono $100 share o f prof, stock , at tho o p
tion o f the holder at any tlm o prior to Jan. 1 1919. D ividends payable
Q .-J ., when and as declared. Redeemable as a whole or in part on three
m onths’ notice at 120% and d iv. on any dividond date after throo year®
fnmn (ccnoncn r»f lost. Inct.nllmpnt rtf nref alnplf. RAfflfltPAFS. ChjlSO nftt.
agents.G u ar.
it u s l ^;o . , oi in .
i . anu rirsb irusi/cc oavniKB i>u,n»v,
Digest of Letter from President J. Walter Drake, Detroit, Dec. 10 15.
O r a a n iz a tio n .—
Incorporated in Virginia (In N o v . 19151 to m anufacture
nnd seu passenger autom obiles, known for tho past six years as tno HupTnohilo “ taking over and operating tho factories and business o f the H upp
M o to r C ar C os. or D etroit and Canada and tho Am erican Gear & M fg .
C °T H u im M otor^Car C o . was organized In 1908 with an original capital
nf « i l 000 and in 1909 marketed 1,500 Ilupm obilos; tho business has
=,n^,iilv increased to 11,000 cars tho present year. T ho Am erican G ear Sc
steadily l was organlZod six years ago with an original capital o f $20,000
In niinufacturo autom obilo axlos and d o other accessory and m achining
wnrir- it now ranks as one o f the 5 largest manufacturers o f autom obile
oviiS ’ in tho cou n try. T h e Canadian factory was established for the do....lnrunent o f the Canadian business and its sales show steady increase.
V r a n i t a l i z a t i o n ( N o B o n d e d D ebt )—
A u th o r iz e d .
Issu ed .
7 ^ cum ulative con vertible pref. stock (par $ 10 0 )..$ 1 ,5 0 0 ,0 0 0 $1,500,000
C o m m o n stock (par value $ 10 ).................... .................x 6 ,500,000 5,000.000
x ^ e unissued com m on stock, $1,500,000, Is reserved for tho conVeprnm’)dics!— 1Ifhe main D etroit plant, tho Jackson plant and tho W indsor
«io n t are in' excellent ropair and o f recent construction, with m achinery
S fm n st m odern typ o. Present factory capacity 12,000 to 14,000 cars per
QMnnm
New buildings now under construction will add 160,000 sq. ft.
^f floor sDaco and m ake possible an annual output o f 25,000 cars.
° f Unon C om pletion o f tho purchase o f tho aforesaid properties and the
n a v m e n to f the small floating d ebt o f tho Am erican Goar & M fg . C o ., tho
Fiiw cornoration will have not tangiblo assots, as certified b y 1 rlco. W ater
house & C o ., aggregating about $2,637,702, or 1 Y\ tlmos tho prof, stock.
N e t E a r n i n g s o f t h e H u p p M o t o r C a r C o a n d t h e A r n e n c a n Gear A M f g . C o **Pican G ear 3c M fg ~ C o '. ^ ^ - s i 7 5^340— — * 3 8 # ! ^ S l l f S J S j O
Animal*dividend requirem ent for this preferred s to c k ------------------- $105,000
1 F or the last six m onths orders for Im mediate 8hV ^ ® a t o ^ a r e have boon
| at all times 60 days ahead o f production. E stim ated sales for 1916, 16,000
THE
D e c . 18 1915.]
C H R O N IC L E
cars, with net earnings, after the application o f the now capital and w ith the
increased facilities, o f from $800,000 to $1,000,000.
P r e f e r r e d S t o c k R i g h t s . — (1) Preferred as to dividends, and in case o f
liquidation entitled to repaym ent o f 120% o f its par value and all arrears
and accruals o f dividends. (2) Dividends cum ulative and no dividends
perm itted on the com m on stock in any year until funds are set apart for the
pref. dividends for current year and the next Jan. 1 and for the annual
redem ption o f pref. stock. (3) Redeemable on 3 m onths’ notice, all or
part, at 120 and d iv ., at the option o f the corporation, on any dividend
date, three years or m ore subsequent to the issuance o f the last installment
o f pref. stock. (4) N o bonded d eb t, m ortgage or pref. stock o f prior or
equal rights except with the consent o f 75% o f the preferred and <5% o f the
com m on stock outstanding. (5) C onvertible into an equal amount in parvalue o f com m on stock, at option o f holder, at any tim e prior to Jan. 1 1919.
(6) T h e corporation m ust, each year after 1918, d evote from net profits
$100 000 (but not exceeding 120% o f the am ount o f pref. stock at tim e
outstanding) to redeeming the pref. stock. (7) E ach pref. share, par
$100, shall possess 10 votes and each share o f com m on stock, par S10,
one vote at meetings o f stockholders.
.
.
.
,
O u t l o o k . — Has over 2,200 sales representatives in the U . S. and Canada
and a number o f centrally located re-shipping warehouses operated under
wholesale sales branch managements, controlled as subsidiary com panies.
Since June 1 1915 it has added m ore than 60% to its direct distributor and
dealer connections and now has ample distributing facilities for 25,000 cars.
During O ctober tho com pany sold m ore cars o f one m odel than during any
other m onth in its history. Business during N ovem ber shows an increasei o f
approxim ately 100% over the business o f N o v . 1914. V . 1 0 1 ,p. 1 9 7 7 ,1810.
Decree Value.—
I d a h o -O r e g o n L ig h t & P o w e r C o .—
The “ Idaho Statesman” says that the bondholders (not absenting to
the plan) are entitled to receive under order o f Judge Dietrich $619 45 on
each bond. The “ Statesm an" adds: “ Judge Dietrich also ordered Special
M aster R obert M . M cCracken to cancel 718 bonds, the vahdity o f which
was approved, and to apply the sum for which they are held to be enforcibio on the purchase price o f the property which was recently acquired b y
the merger, now known as the Electric Investm ent C o. (subsidiary o f the
N ational Securities Corporation— see V . 101, p. 845, and page 10 o f ‘Elec.
R y . Section” ); 127 bonds surrendered b y the receiver o f the Idaho R y ., L t.
& Pow er C o. on paym ent f notes o f the Idaho Power & Lt. C o ., for which
they were held as security, are also ordered canceled.” — V . 100, p . 1514.
I ll in o is P ip e L in e C o .—
Increased Dividend.—
A dividend o f 515 a share (par value $100) has been declared, payable
Jan. 15 to holders o f record D ec. 18. T he first dividend on this com pany’s
stock, $5, was paid July 20 last.— V . 100, p . 2013, 1596.
I n d ia n a p o lis G a s C o .—
Special Dividend.—
A special dividend o f 10% from the sale o f certain property not leased to
the Citizens’ Gas C o. has been declared, payable D ec. 31 to holders o f rec
ord D ec. 10. Tho regular semi-annual paym ent o f 3 % under the lease
will be m ade at the same tim e.— V . 100, p . 1514.
I n t e r n a t i o n a l M e r c a n tile M a r in e C o .—
Negotiations,&c.
The com pany’s affairs are being investigated b y the com m on stockhold
ers with a view, it is understood, to determining on what basis they can a f
ford to reorganize the com pany. Current reports say that the tentative
plan o f the pref. stock com m ittee contem plates the retiring o f the bonds at
par, tho exchange o f old pref. stock for new preferred and the discharge o f
the accumulated dividends with new stock. There has been considerable
talk regarding an assessment on the com m on stock, but leading com m on
stockholders take the position that if the com pany is showing earnings as
large as have been reported in tho press thero is no m ore reason for imposing
an assessment on tho com m on stockholders than there is on the preferred
stockholders. On this m atter the two stock com m ittees are understood to
disagree. B oth , how ever, desire to avoid a foreclosure sale.
S ta te m e n t by J o h n W . P la tte n , C h a irm a n o f C om m on S tk . C om m it.
This com m ittee was form ed solely for the protection o f the interests o f
tho com m on stockholders, and when it has com pleted its examination o f the
affairs o f the M arine C om pany and its subsidiaries, it will not hesitate to
take such action in tho interest o f the com m on stockholders as the circum
stances warrant. [The foreclosure proceedings having been temporarily
postponed, the com m on stock com m ittee has extended the time for deposits
till and including D ec. 27: while the pref. stockholders’ com m ittee, which
has on deposit over 66% o f tho pref. issue, will receive further deposits
until the close o f business Jan. 3.
Com pare V. 101, p. 1977, 1889.
2075
o f the com p any represented a t the m eeting on D e c . 14, and
a certificate having been filed a t A lb a n y increasing the auth
orized capital stock from 7 2 0 ,0 0 0 to 3 ,0 0 0 ,0 0 0 (no par value)
notice is given b y a d v . on another page: (1) T o holders o f
the com p an y ’ s 8 1 0 ,0 0 0 ,0 0 0 1st M . G % convertible bon d s; and
(2) to holders o f stock and bonds o f the B raden Copper M in e s,
th at to avail o f the offer heretofore m ade o f stock or cash in
exchange for their holdings, they should doliver tho sam e
to the Chase N a t . B a n k , 61 B roa d w a y, n ot later than D e c .3 1 .
A considerable number o f Kennecott bondholders have agreed to sell the
same for shares o f the corporation and others will take cash from the under
writing syndicate. A considerable number o f the holders o f B raden se
curities have agreed to exchange the same for stock o f the K en necott C or
poration and som e have agreed to sell their securities to the underwriting
syndicate for cash. P rom pt action is stated to be desirable. See also
plan, V . 101, p . 1977, 1889, 1811, 1717.
T he underwriting syndicate that is providing the necessary funds for the
cash paym ents is under the m anagem ent o f A . B arton H epburn and
W illiam B . T hom pson . See further particulars in V . 101, p . 1717, 1811,
1889, 197/•
L a c k a w a n n a S te e l C o .—
Merger Plan .—
See Cam bria Steel C o . abov e.— V . 101, p . 1275, 216.
L a B e lle I r o n W o r k s , S t e u b e n v ille , O .— Bonds Offered.
— Loo, H igginson & C o . are offering, a t 9 8
and in t ., b y
a d v . on another page, the initial 8 3 ,5 0 0 ,0 0 0 First and R e
funding M t g e . 5 % G old B on d s, dated D e c . 1 1915 and due
D e c . 1 1940, b u t callable a t 105 and in t. on a ny in t. d a te.
D e n o m . 8 1 ,0 0 0 and 8 5 0 0 (c * ).
In t. J . & D .
T a x refund in
Pennsylvania. A u t h ., 8 7 ,5 0 0 ,0 0 0 ; outstanding, S 3 ,5 0 0 ,0 0 0 .
Those bonds are a first m ortgage on substantially the entire
property, being subject to only 8 1 ,5 8 0 ,0 0 0 bond s, which are
to be called for paym ent June 1 1916 w ith funds provided
b y this issue. A circular shows:
Incorporated in W est Virginia in 1875, succeeding to a previously existing
business founded in 1852, and m anufactures pig iron, steel slabs, billets,
plates, sheets, tubes and other finished steel products. M ain plant at
Steubenville, O ., occupies 126 acres. A lso owns 167 acres o f land on the
W est Virginia side o f the Ohio R iver, im m ediately opposite Steubenville,
on a portion o f which a by-p rod u ct coke plant o f 94 ovens is now under
construction. T he m anagem ent and quality o f output are o f high standing
and reputation. From official inform ation we summarize:
P roperty appraised at $20,980,000 as against a total indebtedness (on
com pletion o f this financing) o f $3,500,000. In addition, net current assets
O ct. 31 1915 were $4,300,725.
N et earnings for the last 10H years have averaged m ore than 8 lA tim es
interest requirem ents on this issue. N e t earnings for 1915, the first five
m onths o f which were very m uch below normal in the steel business, will
am ount to m ore than $900,000, or m ore than fiv e tim es these interest re
quirem ents. Present rate o f net earnings is m ore than 8 H tim es these
requirem ents.
Sinking fu n d, beginning 1916, will retire at least 66 2 -3% o f total issue
before m aturity. These $3,500,000 bonds are follow ed b y capital stocks
havin a present m arket value o f m ore than $17,000,000. Plants are
m odern and o f high efficiency. D iversity o f products, location o f plants
and supply o f raw materials are all favorable to continued profitable opera
tion . C om pare V . 101, p . 1473, 1631, 1977.
M a n n in g , M a x w e ll & M o o r e , I n c ., N . Y . —
Dividend.—
T he com pany has declared an extra dividend o f 1 H % in addition to the
regular quarterly disbursement o f 1 H % , both payable D ec. 31 to holders
o f record o f the same date. This makes 6 % for 1915, the M arch dividend
having been om itted. Following is the record o f dividends; paym ents be
gan June 30 1905: 1905, 3 H % ; 1906 to 1910, 6 % per annum: 1911, 3 % ;
1912. 4 H % ’. 1913, 6 H % . 1914 and 1915, 6 % each.— V . 100. p. 2089.
Earns.
M a x w e ll M o to r C o ., I n c ., N . Y . — Dividend Warrants to
31 for 1 4 }4% Accumulated Dividends on First
19 1 5 .— Pursuant to plan outlined in V . 101,
J n M i 5 - - $ r !A ’ l¥2 ............(50% )S400.000 dcf.$103,159
1 9 1 3 -1 4 .. 519,115 ---------- 45,131 70,307 (2 8% ) 158,776 sur. 244,901
p . 12 75 , the directors have declared a dividend o f 1 4 Y\%
1 9 1 2 -1 3 - 498.837 $13,106 46.536 108.622
sur! 356!785
Tho com pany declared during the year 1914-15 a 50% dividend on the on the first preferred stock in favor of holders o f said first
com m on stock, calling for $400,000, o f which $160,000 has been reinvested pref. stock (or votin g trust c tfs. representing the sam e)
in com m on capital at par, thereby increasing the com m on stock from
of record a t tho close o f business on D e c . 29 19 15 , payable
$800,000 to $960,000. See V . 101, p. 1717.— V. 99. p. 1830.
I n t e r n a t io n a l T y p e s e t t in g M a c h in e C o ., N . Y . — Sale w ithout interest a t such tim e or tim es, either (a) in cash in
such installm ent or installm ents as m ay from tim e to tim e
Under decree entered in the U. S. D ist. C ourt for the So. Dist. o f N . Y .
on Dec. 15, this entire property is advertised to be sold under foreclosure bo thereafter fixed b y said board , or (6) at option o f holders,
o f the 1st. M ortgage, Guaranty Trust C o ., trustee, at the C ounty Court
House in B rooklyn on Jan. 17 1916. Upset price, $500,000. T he sum o f a t any tim e from Jan. 3 1916 until and including June 3 0
S I,089,873 is duo and payable upon the first m ortgage bonds and thero is 19 16 , in first pref. stock at par, carrying dividends from Jan. 1
also due on receiver's certificates $256 083.
D ivid end warrants for such dividend will be issued
The assets to be sold include sundry U. S. and other patents, 2,775 shares 19 16 .
(of a total auth. issue o f 5,000 shares) o f the pref. stock o f the M onoline on D e c . 31 1915 to holders of first pref. stock o f record a t
Com posing C o. o f West V a., and 21,191 shares (of a total auth. issue o f
25,000 shares) o f its com m on stock all o f a par value o f $100; also the 10- tho close o f business D e e . 29 1915. See V . 10 1, p . 1 2 7 5 ,1 6 3 1 .
year lease, exi
_ Aug.
_ 1 1J22, o f three-story
___
___
cpiring
building
owned b J
y N . Y .*
M a y D e p a r tm e n t S to r e s , C le v e la n d .— Sale, &c.— T h e
noh Innrv supplies,
ciiTiTil loc m erchandise, &c.
o
m
D ock C o ., miachinery,
T h e plan o f reorganization dated Sept. 20, has been declared operative
See plan, V . 101, p. follow ing is pronounced correct:
I n t e r n a t i o n a l M illin g C o ., N e w P r a g u e , M i n n .—
A u g . 31
Y ear—
T r a d in g
P ro fits .
O llie r
In co m e.
In i. on
B onds.
P re f.
D ie s .
C om m on
D iv id e n d s
1192. 291.
I n t e r s t a t e E le c tr ic C o r p o r a t io n ,
circular says in substance:
Sur
B a la n ce,
or D e f
’
N.
Y . __ Status.__ A
Tho earnings are steadily increasing, as is shown in the follow ing tablov a r i o u s l y m 1915
E a r n i n g s o f S u b s i d i a r y C o m p a n i e s f o r 12 M o s . e n d i n g
1 2 M o n th s E n d in g J a n u a ry .
M a rch .
M ay
% / l,
S en t
G r o s s -------------------" i l 3 7 881 I
$3® 54
S 3 & 0
N o t ................................. 3 r a w
iR ’n l ? Si 42,130 $143,990 $145,720
Increase--------------------7 .8 %
10.9%
11.2%
13.2%
12.3%
Tho corporation has under contract and will shortlv acquire in Texas
t b ree ad di t Ion al properties that lyw o a com bined replacement value o f
$648,388 and not earnings for the 12 m onths ended Sent 30 101 r>o f ^66 0^0
as certified to b y public accountants. The total o u t e n d i n g bonds against
tho sam e am ount to $92,000.
F i n a n c i a l S t a t u s . — (1) The valuation o f all properties cent rolled thrnno-h
ownership o f not loss than 90% o f stock, including th n S nowToxws nronorties under contract, $2,882,467. (2) T otal bonded debt in clu d in g ?92P000
bonds on new Texas group, $1.796,410. (3) B a la n c e e q u iu 'b v e r and above
T he Interstate Electric C orporation bonds, $1,086 057*
T h e ^ o ro o r a ?
tion has no floating debt or notes and it covenants that its outstanding
bonded d ebt shall not at any time exceed $2,000 0 0 0 ( $ 1 A llP u r i t i e s
issued by subsidiary com panies must be deposited by tho In te m a to E le c tr ic
C orporation as security under its m ortgage. ( 6 ) N e te a r n in g s in c lu d in g
new Texas group,, but not expected econom ies & c., a?e equiva?ent to
2.854 times bond interest requirements, and three times the Dref stock
dividends leaving a surplus o f 7% for tho com m on s t o S
A £ Fitkin &
C o ., are the financial agents.— V. 101, p. 1 6 3 1 , 9 2 0 .
K e lly -S p r in g fie ld T ir e C o .— Voting
Power.—
As stated shareholders voted
N ovem ber 30th on changing tho
par value o f the shares o f com m on capital stock from $100 per share to $25
per share. In order to maintain equal voting rights for all classes o f stock
in the same manner as they now exist, the certificate o f incorporation was
also amended, tho par value o f the com m on stock being reduced
from $100 per share to $25 per share, so that each share o f oach class o f
tho pref. stock shall be entitled to four votes and each share o f tho com
mon stock o f tho par value o f $2o will bo entitled to one vote, at every elec
tion and wherever a vote or consent o f stockholders is taken or reauired.
— V . 101. p . 1473.
K o n n e c o t t C o p p e r C o r p o r a t io n , N . Y .— Plan Approved
T h o am algam ation plan h av
ing been unanim ously approved b y v ote o f th e_600,829 shares
—Notices to Security Holders.—
Be Issued Dec.
Pref. to Oct. 1
M a y D epartm ent Stores C o. has sold Us Allegheny store. Price realized
was large enough to pay o ff the entire floating d ebt o f the co m p a n y . A year
ago the com pany reduced its dividend rate on the com m on shares from 5%
to 2 % annually. Directors felt the substantial d eb t carried at that time
called for a reduced dividend. T he com pany has had a satisfactory year,
and earnings will show considerable increase over 1914. [The report that
tho dividend rate will be restored to 5 % b y next spring at the latest cannot
be confirmed.J— V . 100. p. 1441, 1252.
M e a d o w R iv e r L u m b e r C o .—
First M . Bonds Called.—
T w en ty -five ($25,000) 1st M . 6 % bonds o f 1908 (maturing S15.000 on
D ec. 1 1918 and $10,000 on June 1 1919), for paym ent at 100H and int. on
D ec. 1 at Citizens' Trust C o ., Clarion, Pa.— V . 95, p. 1042.
M id w e s t R e f in in g C o .—
Government Oil Suits.—
T he Governm ent on Sept. 15 filed in the U. S. District C ourt at C hey
enne, W y o ., 2 suits, against the com pany. M idw est Oil C o ., Ohio Oil C o .,
Grass Creek Oil & Gas C o . o f M ontana and 2 other companies and about
1 ,500 individuals to enjoin them from operating claims in W yom ing.
General M anager R . D . B rooks o f the M idwest R efining C o ., s a y s :
“ T he tw o suits in the one involve about 200 acres o f oil land in Grass
Creek oil fields in H ot Springs cou n ty, and tho other involving a 160-acre
tract in Salt Creek oil fie ld , located in N atrona cou nty. W yom ing.
Neither tho M idw est Oil C o. nor the M idwest R efining C o. was made
a party to the first suit and neither o f the com panies has any interest in,
nor is in any manner affected thereby.
In the second suit, both the M idw est Oil C o . and the M idw est R e
fining C o. were joined as defendants with numerous parties who claim to
own tho land involved, which land is not claimed by either o f the com
panies. T ho M idwest com panies have no Interest therein, but were joined
sim ply as incidental parties, because they had received oil from these
properties in order to savo it from wasting and the evident desire o f the
Governm ent to settle all questions as to the status o f oil heretofore ex
tracted from the land involved .
So far as oil is being taken b y M idw est com panies from located lands
claimed to be owned b y the M idw est Oil C o ., it is com ing o n ly from claims
upon which the G overnm ent has granted perm its to continue p rod u ction .”
— V . 101, p. 850, 525.
M is s o u r i & S o u t h e a s t e r n U t ilit ie s C o ., B ly t h e v ille ,
A r k .— Bonds.— P . W . Brooks & C o ., I n c ., were recently
placing, a t 9 9 and in t., 8 4 2 5 ,0 0 0 o f this new co m p a n y ’s
1st M . sinking fund 6 % gold bon d s. D a te d M a r ch 1 1915
and due M a rch 1 19 3 0 , b u t callable on any in t. d ay a t 105.
THE
2076
C H R O N IC L E
D e n o m . $ 1 0 0 , $ 5 0 0 , $ 1 ,0 0 0 (c * ) .
T ru ste e, Logan T ru st C o .
Philadelphia
Interest M . & S . in N e w Y o rk C ity .
D ig est o f L e tte r from P res. \V. VV. H o llip e te r , M arch 26 1915.
B u s i n e s s F i e l d . — Furnishes electric light and power and artificial ice, with
out com petition, in the city o f B lytheville, A rk, and the cou nty scat o f
Kennett and Caruthersville, M o . ,‘ a total estimated population o f 16.200
(increaso 1900 to 1910, over 2 5 0 % ). T he construction, at m oderate cost,
o f additional transmission lines will increase the population served b y about
8,000, including the town o f H ayti, 5 miles from Caruthorsvillo, and several
villages within 15 m iles from K ennett.
These cities, m uch the largest in their respective counties and located
within a radius o f 28 miles, aro surrounded b y an unusually rich agricultural
cou ntry, in which alfalfa, corn, cotton and fruit grow in great abundance.
A m ong the local enterprises are a plant o f the Chicago M ill & Lum ber C o .,
em ploying about 600 m en, numerous large stave m ills, box plants, cotton
gins with an output per annum o f about 75.000 bales o f cotton , & c. Fran
chise at B lytheville runs until 1928. and its renewal for over 20 yoars is
pending. T h e franchises at K ennett and Caruthersville run until 1935.
B o n d s . — These 8425,000 bonds aro secured b y a first m tge. on the B lytheville property, and b y pledge o f all the bonds and all tho stock issued b y the
Caruthersville & Kennett Light & Power C o .. which owns the Caruthersville
and Kennett properties. N ot over 5327,500 additional 5 % or 6 % bonds
m ay be brought out to apply to the purchase o f certain now properties [two
ju st purchased.— E d.] and for permanent im provem ents and extensions
already planned. A dditional bonds above said 5327,500 m ay be issued
on ly to the extent o f 8 0% o f tho actual cost o f additions, im provem ents
and betterm ents or further acquisition, provided the net earnings (including
the properties acquired) are twico tho bond interest, embracing tho interest
on those to bo issued. Annual sinking fun d. 1% o f the m aximum amount
o f all bonds outstanding M arch 1 1920 to M arch 1 1924, inclusive; there
after 1 ] 4 % . T he bonds aro subject to call, the 6 % bonds b y lot at 105
and interest and the 5 % bonds at 103 and interest.
C a p ita liz a tio n —
A u th o r iz e d .
Issu ed .
First m ortgage b on d s_________________________________ $1,500,000 $425,000
Preferred stock 7 % cu m u lative______________________
200,000
100,000
C om m on stock _______________________________________
600,000
425.000
R e v e n u e o f t h e T h r e e P r o p e r t i e s o n W h i c h t h e 5425,000 B o n d s A r e I s s u e d .
Gross earnings______________$149,9491Int. on $425,000 6 % b o n d s ..$25,500
N o t, after taxes------------------51,2 67 1Surplus______________________ 25,767
These figures aro averaged from tho A u d ito i’s report in the case o f
B lytheville for a 10 m onths’ period ending O ct. 31 in tho case o f Kennett
for a 14-m onths' period ending O ct. 31; and in tho case o f Caruthersvillo for
a 7 m onths’ period ending O ct. 31.
M o h a w k M in in g C o .—
Dividend Increased.—
A dividend o f 55 (2 0% ) has boon declared on tho 52,500,000 stock (par
$25), payable A ug. 2 to holders o f record July 19. On Feb. 1 last $1 (4 % )
was paid; also tho same am ount in A ug. 1914. but in Feb. 1914 the distri
bution was om itted. Com pare V . 98, p . 391.
P r e v io u s
1906. 1907. 1908.
20
36
10
— V . 100, p . 58.
D iv id e n d
1909.
12
1910.
8
R ecord
1911.
7
(P er
1912.
14
C e n t).
1913.
20
N a t i o n a l B r ic k C o . o f L a p r a ir ie , L t d .—
posed Compromise Plan .—
1914.
4
1915.
24
Outline of Pro
1. In consideration o f the bondholders sanctioning a m odification or
com prom ise o f their rights against the com pany or against its property b y
agreeing to accept scrip in paym ent o f three years’ interest on the basis o f
$200 for three years’ interest on each 51,000, the com pany agrees that
before it will declaro or pay any dividend upon its capital stock it will
(a) Redeem all the scrip issued in paym ent o f interest on its bonds, (b ) R e
deem and cancel $319,100 o f its outstanding bonds, thereby reducing tho
same to 52,000,000, and not thereafter to increase said am ount, (c) A c
cum ulate and maintain cash reserves to an am ount o f not less than 8125,000
in excess o f liabilities.
2. A fter the provisions o f the last preceding clause have been com plied
with, the com pany shall be at liberty to resume the paym ent o f dividends
on its stock on condition that for each ono dollar paid in dividends it will
pay a like am ount as a bonus to the holders o f the outstanding bonds until
such time as the bondholders shall have received a bonus o f 5 % on the out
standing bonds.
3. T hat the com pany will w ithout unnecessary delay place on its board
three directors, who shall be nom inated b y the com m ittee, appointed at tho
informal meeting o f bondholders held on N o v . 22 1915. [The names o f
T . A . Trenholm e, A . A . A yer and R . N . Ballantyne are mentioned as p rob
able candidates.) Com pare V . 101, p . 1373, 1631.
N a t io n a l Ic e & C o ld S to r a g e C o ., C a l .—
Bonds.—
II. L . Carnahan, Com m issioner o f C orporations, San Francisco, on O ct.
28 authorized tho com pany to issue 5210.000 1st M . class “ A ” prof. 6%
bonds at not less than 85. on account o f im provem ents, & c. These bonds
are part o f an authorized issue o f 525,000,000, o f which $3,851,000 were
previously outstanding.— V . 101, p . 1193.
N e w J e rse y S te e l C o ., R a h w a y .—
T he com pany’s plant and
Sept. 30 for $46,500. J. F.
W . J. Allison o f Phila., and
Steel C o ., were the principal
Sold.—
equipment were sold at public auction on
Tatem o f C am den, N . J ., and P hila., P a .,
C . J. Beers, said to represent tho Riversido
buyers.— V . 101, p . 927.
[Vol. 101.
romrvinv
o £ 2 5 -000,000 k .w .h . per annum on a basis to yield this
^Tnr,?wmn I 8 2 '6<W gross carnings, and wo firm ly believe they will take
additiona? b usin ess^ 0 firSt year’ T he terrItory should also ylold a large
c a n a c h v ag n n n T l 0Ctlic. p l^ fc on tho Sandusky R iver at Frem ont, O ..
?r,Pnnni"
-Y' and, adjacent thereto is building a steam plant o f
1 o’ n ^ !ldlns three 5,000 k .w . turbo-generators, making
r , n n n n r n n i ? ty 18,000 k w - This will allow o f contracting for at least
uni?°av2nnhi; r^ P^r annum on the basis o f 65% load fa ctor, leaving ono
w !? r.Ye ’ T he hydro-electric plant has cost to date over
Um b o n d ^ dobt o f S7M°00<L COmpleted prop crty o f 51,300,000, as against
Firet n i o r f s a ^ f i ^
,
,
., ,
A u th o r iz ed .
Issu ed .
*700,000
Gross ea rnings.. .
M in im u m
N et earnings (a fte Y ta x e s)IIIII
Interest on bonds----------' ............. "
T o t a l 1 st Y e a r . T o t a l 2 d Y e a r "S74'741
'rva
42,'oOO
$4 2 m o
^ 0 0 0
N et incom o_______
®qo -t , ,
I
—----------S i n k i n g F u n d . — A sinking fund o f 2
nf aii
'Th3.042
$49,673
[A reorganization o f the Sandusky River Power1rv>°Ut W 1 . begin 1920.
1912 with F . R . M cM u llin o f C hicago as fte sld E it and s „ L ^ nlZ6?, in ,AuK,’
in hands o f Budd Jones as receiver. In
l
placed
lifted , the name changed as above and the ca n ita f Kt^ J Cn? VOrshiPrWas
5900,000 to $1,000.000.— E d.)
Ue capital stock increased from
C o n tra c t
O w e n s B o t t le M a c h in e C o ., T o le d o , O .— Report for the
Year ending Sept. 3 0 1 9 1 5 ,- P r e s . E . D . Liblm y N o v 9 1915
w rote in substance:
*
’
1 r a d e C o n d i t i o n s . -In addition to a decrease in tho volum o o f business
there were further reductions in tho price o f bottles. All lines considered
it is probable that the current bottle prices aro at least 20% below th£so
prevailing in 1908. R eports, how ever, from you r com p a n y’s ll^ o n s w l
located in m any different sections o f tho United States, indicate that 72 'V
o f the Owens machines aro now in op eration , against a normal o f 85% or
9 0 % , whereas three m onths ago, half were idlo. All reports also subsdarf
Mat® the belief that tho dem and is gradually assuming normal proporD i v i d e n d s . — Cash dividends aggregating 7 % on the pref. and 12% on the
com m on stocks and a com m on stock dividend o f 25% havo been paid during
the past year.
p
uuniig
In 1912 your directors reported that the com pany’s surplus instnau
being distributed am ong tho shareholders, was represented by''investm ents
yielding additional earning power, and that to maintain that Dolicv fnrthnr
investm ents would be required, which ultimately should be capitalize,I
A ccordingly, the authorized capital stock was increased to S i5 firm non er
which 5500,000 should be pref. and 515,000,000 should be com m on stock
and a com m on stock dividend o f 50% per sharo was then declared the
remainder o f tho authorized increased com m on stock remaining held sub
je ct to issue, as conditions m ight requi e or ju stify.
A plan was also outlined for the declaration o f stock dividends during a
period o f threo additional years, m aintaining tho established rato o f cash
dividends. T he results have fully justified the estimates. Stock dividends
havo been declared am ounting to 51,250,000 each year for tho succeeding
three years, and, in the opinion o f you r directors, a like stock dividend
In accordance with tho a bove plan, your directors have therefore deter
mined that a com . stock d iv. o f 2 0 % , payable to holders, now o f record o f
the com . stock, should bo im m ediately declared and paid, and cash dlvs
upon the outstanding Issues, both o f com . stock, as thoroby increased, and
o f the pref. stock, should bo continued at tho samo rates, respectively as
heretofore.— V. 101, p. 1718.
1
J
, 3
P a b s t B r e w in g C o ., M ilw a u k e e .—
o
n
™
som ewhat
»
q u a r t e r !y d iv id e n d s o f
1%
i ' ^ ^ l a r l m ^ v - f i ^ k ’ d lv l d e n d a ° f
%
1%
Dividend.—
r e g u l a r l y p a id ( Q . - M . 1 5 )
e a c h h a v e b e e n p a id a t
S t h i s y ^ b e l n g l % e ic h o n M av ° l T A S g %
(?/ V w 4
rH 10 W
t r i b u t i o n h a v i n g b e e n m a d e in F e b r u a r y ) m a k i n g a
■
q or r9 1 *u(n o d l s "
a g a i n s t 4 % in 1 9 1 4 4 H % in 1 9 1 3 a n d 6 % ’ in 1 9 1 2
C o m p a r e ^ o V . p . 1 6 6 8 .’
P a e ific M a il S te a m s h ip C o . — Sale of Remaining Ships,
$ 1 0 a Share and a Contingent $ 2 5 0 — It
was announced on D e c . 14 that W . R . Graco & Co acting
for or in conjunction w ith the now Am erican International
Corporation (V . 1 0 1 , p . 1 9 7 5 ), had arrangod to purchase this
com p an y ’s remaining steam ships w ith this gross ton n a"o •
Netting Stockholders
A ztec, 3,508; C ity o f Para, 3,532; N ew port, 2,735; Pennsylvania 3 3*4 4 .
Peru, 3,528; San Jose. 2.080; San Juan, 2,076; total, 20,803.
' '
’
& Co. to Southern Pacific Co. Stating
N e w p o r t N e w s S h ip b u ild in g & D ry D o c k C o .— Officers. Letter Sent by W . R. Grace
Terms
of
Purchase.
F.
P. Palen, heretofore assistant to President H . L . Ferguson, has been W e hereby offer for tho 110,800 shares o f the stock o f tho P acific Mi l l
elected a Vice-President o f the com pany.— V . 98, p. 527.
SS. C o. held b y your com pany the sum o f $10 per sharo, ex-dividend « 9K
sharo recently declared by tho com pany, paym ent to bo m ade unon de
N a t i o n a l S u r e t y C o .— New Directors.— T h o board of per
livery o f the stock to us.
upon ue
directors has been increased to 4 2 m em bers b y the election of
W e agree to p ay a further sum o f S2 50 per share for said 110 son
provided the assets o f the P acific M ail SS. C o : exclusive o f its seven sto^n
the follow ing to fill existing vacancies:
equal or exceed the sum o f 51,250,000, it being understood that In ten
Karl G . R oebling o f John A . R oebling Sons & C o.; II. Iloba rt Porter o f ers
estimate o f such assets no value shall attach to good-will or charter rights
Sanderson & Porter; A lbert P . Ashforth, Pres, o f A lbert P. A shforth, In c.; and
that such value shall ho placed on assets other than cash as n n v im
John M . H olcom b IVes. Phoenix N ational Life Insurance C o.: W . T . Rosen m utually
agreed upon between F. A . Vanderllp and II. W . tie Forest the
o f Ladenburg, Thalm ann & C o ., and S. Z. M itchell, President Electric valuation o f such assets to bo adjusted as o f date o f paym ent o f above’ * n
Bond & Share C o. There still remains one va ca n cy.— V. 101, p. 1373,1193. per share.
It is understood that in so far as such assets shall fall below the sum o f
N o r t h e r n L ig h t , P o w e r & C o a l C o ., L t d .— Circular.—
$1,250,000 a proportionate reduction shall be made in said $2 50 install
R.
J. Shrim pton, 46 Queen Victoria S t., London E. C ., in F eb. sent a cir
cular to tho bondholders asking them to unite in applying for a receiver m ent in the price o f the stock.
further agree, if tills offer be accepted to m ake a like offer to all o f
to p rotect their interests. T ho circular states that since April 14 1913 thoWo
m inority stockholders o f the Pacific M ail SS. C o ., according to them
Sir G odfrey Lagden, K .C .M .G ., has resigned as Chairman and director;
until Jan. 2 1916 for acceptance.— V . 101, p. 1556, 1373.
the electric light and pum ping plants in Dawson, Y . T ., were destroyed by
fire on M a y 3 1913, and had up to Feb. 2 1914 been replaced by an ou tfit
P a ig e -D e t r o it M o to r C a r C o ., D e t r o it .—
—
in no way com parable in value; and finally the com pany has been involved
F or record, it is learned that tho stockholders on A ug. 2 authorized
In expensive litigation. W hile the bondholders had a right to expect that increaso in capital stock from $250,000 (par 5100) to 51,000,000 and Imnie
when the property was demised by lease the proceeds accruing from such
diatoly thereafter tho directors authorized tho distribution o f $250 non ™
lease should be applied in paym ent o f the Interest on their bonds, tho b o n d stock pro rata in the form o f a 10 0 % stock dividend from surplus account
holders have, says M r. Shrim pton, received no interest in cash for tho past
T ho directors also declared at tho samo tim e a cash dividend o f
threo years, although, it is believed, that the interest on a loan o f £50,000
A ugust on tho old and new stock, payable Sept. 10 to holders o f record V i g
b y an assurance com pany is being paid regularly. T he last annual report
31, m aking the total cash dividends for the year to date, including the
was made up to D ec. 31 1911. C om pare V . 96, p . 1844.
4 9 % . T ho remaining 5500.000 stock was retained In the cornnanv's treas
ury. Last A pril the output o f the plant at D etroit was from 7 non to k nnn
N y a n z a M ills , W o o n s o c k e t , R . I . — New Stock.—
T he com pany having increased its capital stock from $600,000 to $1, cars yearly (6 cylinders), and it is proposed to increase this to 90 nnn
000,000, each stockholder o f record N o v . 22 had the right until D ec. 16 There are abou t 18 shareholders, f l . 5m . Jewett is IYcsldont D c to it'
'
’
to subscribe for one new share at par (5100 a share) for every 1 1 4 shares M ich .
held. Subscriptions payablo either in full D ec. 16 or 20% D ec. 16 and
P a n -A m e r ic a n P e tr o le u m & T r a n s p o r t a t io n C o .—
80% M arch 16, or 20% D ec. 16, 40% M arch 16 and 40% A ug. 16 1916.
A press dispatch from Los Angeles on D ec. 10 said: E . L . D olicny o f
On Jan. 2 1915 there was a floating debt o f $295,000 but no funded debt.
this city to-day announced tho plans for the organization o f a $ 10 0 ,000,000
Treasurer, Nathaniel F . A yer, 70 K ilb y S t., B oston.
petroleum and transportation com pany, to bo the greatest enterprise o f its
O h io S t a t e P o w e r C o ., F r e m o n t , O .— Bonds, &c.—
kind in A m erica. T he com pany is now being incorporated and will be
Clarke & C o ., C h icago, are offering a t par and in t. tho unsold known as the Pan-Am erican Petroleum & Transportation C o .; it wil
issue $50,000,000 o f convertible bonds.
Dividends.
portion o f $ 7 0 0 ,0 0 0 o f 1st M . sinking fund G % gold bonds,
dated June 1 1915 and duo June 1 1935, bu t callable as a
whole or in part on a n y interest date a t 105 and in t.
Inter
est J . & D .
T ru stee, C levelan d T ru st C o .
D e n o m . $ 5 00
and $ 1 ,0 0 0 c * .
D ig e st o f S ta te m e n t b y P re s id e n t C. J . D a v id s o n , C h ic a g o . J u n e 15.
Incorporated in Ohio and m anufactures and sells electric power. Has
contracts running for 25 years with tho Lake Shore Electric lty . C o ., which
operates 151 miles o f electric railway, and the Ohio Light & Power C o. (a
subsidiary o f tho Am erican Gas & E lectric C o .). The cos. named guarantoo
P e o p le ’ s W a t e r C o ., O a k la n d , C a l.— Plan Dated Nov. 1
19 1 5 .— T h o now reorganization com m ittoo nam ed bolow
has prosonted a m odified plan o f reorganization to which tho
security holders aro notified that they should assont a t tho
depositaries shown herewith on or before D e c . 2 2 :
Condensed Extracts from Statement by Committee, Nov. 1 1915.
A revised plan o f reorganization, which overcom es differences previously
existing, is presented herewith. Upon obtaining the approval o f tho R R .
Comm ission and sufficient security holders, it will bo m ade operative.
OEC. 18 1915.]
THE CHRONICLE
The plan provides that all bonds held in pledge on Nov. 1 1915 to secure
notes o f People’s Water Co. or notes assumed by it, and thereafter sold on
foreclosure, will not bo accepted by the committee for deposit hereunder,
and pledgees so foreclosing will not be represented by this committee, but
will bo under tho necessity o f protecting their position on foreclosure sale
of the People's Water Co. properties.
It is the unanimous opinion o f the undersigned committee that the inter
ests of People’s Water Co. bondholders will be served best by the acceptance
of Class A pref. stock instead o f income bonds, and this course will be
adopted and will be deemed to bo approved by the bondholders unless tho
alternative plan is selected in the manner provided.
Digest o f M odified Plan Dated Nov. 1 1915.
O ffer o f P u b lic O w n er s h ip . — All persons becoming parties to the plan will
agree that the properties shall bo offered for sale to the City of Oakland or
a Water District or other municipal or quasi-municipal corporation desiring
to supply tho community or any of the communities now supplied by the
company until Jan. 1 1917, at the sum o f §14,100,000 plus tho cost of bet
terments and extensions since Jan. 1 1915, and plus the value of any mater
ial on hand, the company also to retain its cash, accounts and bills receiva
ble and other personal property, exclusive of material on hand, but to pay
Its floating, current expenses to the date of transfer and no other obligations.
Tho legal title to all stocks in the new company, which will be known as
the East Bay Water Co., will accordingly be vested until Jan. 1 1917 in a
trustee. In trust to sell the same to such public, municipal or quasi-municipal
corporation if said purchase price has been obtained: and in case o f such sale
it shall be the duty of the trustee under the deed of trust securing the first
mortgago bonds to declaro all bonds due and payablo, providod that defi
nite arrangements be made with such trustee for the deposit of a sum of
money sufficient to discharge in full the principal and accrued interest of
the first mon gage bonds hereafter mentioned. The balance of the purchaso
price shall be distributed to the holders of stock in accordance with the re
spective rights given to the stock as below provided.
P ro p o se d C a p it a liz a tio n o f N e w
(B a s e d on A l l
P resen t
S e c u r itie s —
O u tsta n d’g .
C o m p a n y a n d D is t rib u tio n o f N e ic S e c u r itie s
S e c u r it y H o ld e rs A s s e n t in g ) .
1s t M o r t z C la ss A C la ss B
C om m on
gage 5 A s . P r e f. S lk .
P r e f. S tk .
Stock.
Underlying
5%xS5,600,000/$'5,600,000 ...............
....... .........................
b o n d s________
\ 100%
do unpaid int . 1
280,000
280,000 -------------------------------for 1 yr. @ 5%J
100%
Purchaso monoyl
220,000
220,000 ------------------------------m ortgages____/
100%
Notes secured byiy2,300,000 2,300,000 ------------------------------People’s bonds/
100%
People’s Water \y7,400,000
700,000 $3,700,000 $3,700,000
______
Co. bonds___ /
Abt.10%
50%
50%
...........
Preferred sto ck .. 2,000,0001
_______
________
________ /See text.
Common sto ck .. 18,000,000/
\$600,000
Total to bo outstanding___ $9,100,000 $3,700,000 $3,700,000 $600,000
x The $5,600,000 underlying bonds include: Contra Costa 1st M ., $2,
000,000; Oakland AVater C o., 1st M ., $1,500,000; Alameda Artesian AATater
Co. 1st M ., $600,000: East Shore A\rater Co. 1st M ., S500.000; Contra Costa
2d M tge., $1,000,000. The owners of these bonds will receive in cash
at 5% the unpaid interest to the dato of maturity, Jan. 1 1915, and 5>3 %
for the cal. year 1915.
y As largo numbers o f People’s AVater Co. bonds have been pledged to
secure notes which have matured, it is impossible to state with accuracy
the number or bonds held in ownership and the number of bonds held in
ledge. These figures are, therefore, subject to revision. Until the new
onds are ready for exchange the company will pay interest on the notes,
z In place o f Class A 6 % cum. pref. stock, 2d mtge. 5% incomes may be
Issued. See text.
§
C h a ra c te r o f N e w S e c u r it ie s .
[AH three classes of stock will bo relieved from liabilitv for payment of
indebtedness as far as can bo accomplished under the California law.]
F i r s t M o rtg a g e 5 A % 30- Y e a r G o ld B o n d s .— Total authorized, $15,000,
000. A first mortgage on all of the assets and properties, including those
after acquired. Union Trust Co. o f San Francisco, trustee. To run
30-years from Jan. 1 1916 (interest semi-annually), but for the first
5 years may bo called at par on any interest day, and thereafter at i05% ;
a sinking fund shall bo created under tho tonus o f said deed of trust
Sinking fund, payable to trustee out o f net earnings before Davment of
dividends, for fivo years commencing Jan. 1 1921, amounts emial in
nualiy to 1 % o f the total amount o f bonds actually outstandh ! •„ d
thereafter 1 A % . for the redemption o f bonds at the b ^ t price obtafnaWe
not exceeding 105%. Treasury bonds may bo drawn X w n at The rate
of not to oxceod 80% of the moneys actually invested in betterments
improvements, extensions or the acquisition of new property.
C la s s A 6 % C u m u la tiv e P r e fe r r e d S lo c k .— Issuable in $100 shares to an
amount equal to 50% of the bonds o f the People’s Water Co" outstand
ing and held in ownership on N ov. 1 1915. This stock will be non
assessable and will carry tho right to dividends at the rate of 6 W per
annum cumulative, the directors to be obligated to declare said divi
dends if earned, and with preference also as to principal. Class A pref
stock will carry with it the ownership and transfor o f an equai amount
of Class B pref. stock (see below).
1
Or (A lte rn a t iv e P la n ) S eco n d M o rtg a g e 5% In c o m e B o n d s .— In the event that
the owners o f 51% of People s AVater Co. bonds held in ownprshin
ooUfy the Reorganization Committoo in writing on or before Dec 221915
of their dcsiro to accept 2d Mortgago 5% non-cumulativo income bonds
instead oi an equal amount, par value, o f Class A 6 "
S
stock, tho plan will bo changed in this respect. Ih tp rost^ ll benavabfo
annually out o f mcomo only, after providing for
0
oxpensos, taxes, interest and sinking fund on 1 st M "immu 0° ’
11 ng
quired sum for annual depreciation. These income honuJ Sun w f-m ’
year bonds, callable at par at any time
lncomo bonds wlU bo 30*
C la s s B 6 % N o n -C u m u la t iv e P r e fe r r e d S lo c k .— Issuable in ginn shares to
an amount equal to 50% o f the bonds of tho People's Water Co out stand?
ing and held in ownership on N ov. 1 1915. AApill be non-a^<ksaWe and
2077
°P?Ira*'ion • will be $1,025,000: the fixed charges contemplated by the plan
wdl be, for interest on 1st M . bonds, $500,500; balance, surplus, S524.500,
without allowance for depreciation, which must be provided for in accord
ance with tho rules of the Cal. RR. Commission before paying dividends.
After five years the sinking fund will begin.
D ir e c t o r s .— For tho period of tho voting trust ending Jan. 1 1921 the di
rectors shall consist of Henry E. Bothin, P. E. Bowles, J. F. Carlston,
William Cavalier, George H. Collins, John S. Drum, J. Y . Eccleston,
K obertM . Fitzgerald, Stuart S. Hawley, E. A. Heron, Percy T . Morgan,
crank Otis and F. AV. Van Sicklcn. F. AV. Van Sicklen and Percy T . M or
gan being the nominees o f the 1st M . trustee, said trustee shall at all times
nominate their successors. E. A . Heron and William Cavalier are the
°.f f • C. Havens, who shall nominate their successors provided
ill*/amount °.f stock owned or represented by him warrants such selection.
J..,1,!!eLY,acarKP1RS *? tfl:e b °ard shall be filled by the vote of a majority of the
remainder o f such nme directors.
r ^ w 1> orgTa Klza»ionTTCommittoo: p - E - Bowles, John S. Drum, AV. W.
S a^ w a it e , John A. Hooper, E J. McCutchen, C. O. G. Miller, Percy
Tr
r!.an Silckle? ’
Ft- Carlston and Sidney M . Van W yck
Throckmorton, No. 1 Grant Ave., San Francisco, as
B n n k !fv ? n ! nUnion Bank & Trust C o., San Fran., and Oakland
lianic ot Savings, Oakland, as depositaries.— V. 101, p. 1096, 618.
Pierce Oil C orp o ration .— C on vertible 6 % N o te s O ffere d .—
!
Ladenburg, Thalmann & Co. and Hayden, Stone & Co. are
offering at par and int. tho 82,000,000 5-year 6 % convertible
gold notes dated Jan. 1 1916 and due Jan. 1 1921. Denom
81,000, 8500 and 8100 c*. Interest J. & J.
rtZ !-6! ? <rorwS ao ^ C0nver^ - le af any timo until maturity into common
stock at $20 (or 8 0 % , par $2o a share). They are redeemable as a whole
Tf ? an
lnt-,at any time after July 1 1917 upon three months’ notice,
it called for redemption the right of conversion continues to the date of
cmpt.ipn. In the agreement securing the notes it is provided that dur
ing the hie of this issue the corporation will not create any mortgage on
hs property without securing the notes equally with the bonds or notes
secured by the new mortgage.
c,5.Vges^,o f S tatem ent by Chairman H. C. Pierce, Dec. 9 1915.
t o * 1 3 a i ; , m ct pltaiosrtock^
th.e
of the Public at present amounts
X® •r l3;857,C00, par $25. The stockholders will meet on Dec. 23 to vote
capital stock to $33,000,000, whereof $12,500,000 will be
PPf.PT' e<t to meet tue conversion rights of the holders of these $2 000 000
gat?on«nrvaIQo ° f tb P flO ,000,000 debentures duo 1924. its only fixed obli
gations (V. 99, p. 203); and $4,142,500 to acquh-e the property and c e r tifil
J lcrce
OilCtntn
Association
as »uu!i
soon
authority
cates of Ant.hlflPn
-—_— I<orayce
as the
iaeinnecessary
no
P
^
,1 it,
i.be •in theautnoritv
^
00 rnn nnnaa?e t from
fr,°m tthe
State /-,(*
of rTexas,
and
there will
treasury
....,500,000 of stock which may be used for other corporate purposes
A o le I s s u e . — These notes wero issued to provide for the extension of our
manufacturing and distributing facilities and ample working capital for
the handling of additional business.
O p e ra tin g F a c ilit ie s . — The Pierce Oil Corporation and Pierce Fordyce
Aissociation own directly, or through ownership of the entire capital
stock o f subsidiary companies:
(a) Five modern refineries located at Fort AVorth and Texas City Tex
Springs. Okla., Tampico and Vera Cruz, Mexico. Tho total average
«.?ffLiCa? aPlty of itbef/c rofmeries is 26,550 barrels o f crude oil, more than
“ “ uaent to supply the refined products sold by both companies.
1 11 t
i SrlPiirP9*y- 129,000 acres of oil lands, principally held under lease
T\r!Pa l Ji ow»ed in fee, which have been acquired in Okla., Tex., Ark. and
&
of competent oil experts. Theso include valuable
t h P S i f: n Cushing and Morris fields in Oklahoma, which are among
fav«Mhh£
l,!° United States, producing a quality of oil comparing
i'nVnnnl).lnn'ylt4
1 onnsylvama crude. Included in this acreage is some
1
th? Tampico field, one of the great fields of the world.
tiPm^Crca?-e
alroady boon thoroughly proved and the corporation anc<^ cll410n,s. are normal in Mexico, being able to produce
from its wells in the Topila district, alone, a very large quantity of crude oil.
(c)
f wo tank steamers, total capacity of 60,000 bbls.; floating equip
ment ana tank cars.
^ *
^ „(dl - A.4 pr? xim,at;?ly J .-1 5 0 centrally located main distributing stations.
The products of the Pierce Oil Corporation and the Pierce Fordyce Oil
Assodation are distributed, through its stations, in 17,272 cities and towns,
these stations are completely equipped with facilities for distribution,
they sell refmod oils, gasolino, naphtha, lubricating oils, greases, wax,
cotton-secd oil, linseed oil, turpentine and soap; also oil lamps, oil stoves
and other oil-consuming devices and all appliances and accessories for the
use of petroleum.
F i n a n c i a l S ta tu s . — Combined assets of Pierce Oil Corporation and the
Pierce Fordyce Oil Association, as of Oct. 31 1915: Current and working
assets in excess of current liabilities, $5,552,402; refineries, distributing
stations, equip., oil lands, pipe lines, &c., $28,875,539; total, $ 3 4 427 941
E a r n i n g s .— The trading profits of the Pierce Oil Corporation’ and the
I lorce Fordyce Oil Association for the 14 years from 1901 to 1914 incl
were on an average of $1,856,781 per annum, or over 2 'A times the annuai
interest charges on these notos and the issue of debentures. For the 10
months ended Oct. 31 1915 the combined earnings of the Pierce Oil Corpora^?.n
Rs operations in the United States and of the Pierce Fordyce
Oil Association, SIi° w a substantial margin of incomo over fixed charges,
Nou profits, $1 217,367; interest charges, $585,041; balance, surplus,
5042,326. In this statement shown above no account has been made of
,49 nat.oarnmgs of tho corporation in Mexico, which it is estimated during
1915 will be more than $500,000.
For tho 10 months ended Oct. 31, therefore, notwithstanding tho de
pression early in the year, the combined net profits as aforesaid were nearly
1 H times tho total annual requirement for interest, both on those notes
and on the debentures, and wero at an annual rate which would amount
to over twice the yearly requirement for these charges. The income during
October was at a rate more than 3 Vi times tho annual fixed charges The
acquisition of additional facilities should enable the companies to realize
additional profits of at least $500,000 per annum. The restoration of
n o rmalconditions in Mexico, also, should add materially to the earnings
A large part of tho business of the corporation is done on a retail cash basis’
tho total number of customers on the books of the various stations as of
Doc. 1 1915 being about $80,000. Compare V . 101, p. 1978, 1812, 45.
Pittsburgh Steel Co.— Notes Called.—
as abovo stated, then $400,000 out of tho amount payable to holders
o f tho Class B pref. stock shall be payablo to the holders o f common stmh
of tho East Bay AVater Co. The preferred r t a d C t e B Z f t e d S
lted in trust and tho ownership and transfer of preferred stock
shall carry with it tho ownership and transfer of^aneuual amount’ of
preferred stock Class B . AVlien, however, pref. stock C b is B
and has boon paid dividends at b% per annum for i nnrinH
sccutivo years, then it shall be released from the trust and h n f r e n f
transfor without a corresponding amt. o f pref. stock Class A . See belowf
___
C o m m o n Sto ck .— Authorized to the extent o f $600 onn in 5 inn
assessable. See ‘ ‘ Class B pref. stock” above.
°
S10° shares. nonIn tho event that the interest accrued and unpaid nn
.
Co. bonds at the timo tho new securities are issued exceedonr)V the
excess over and abovo that amount will be provided for hv t ^
issuo of preferred stock, o f which 50% will bo Class A and
Should the outstanding notes o f People’s AVater Co seemed5? ! 0 nulm« nf
People’s bonds amount on Nov. 1 1915 to more or lossilm nb?oPgnn'snnnf
tho difference between that sum and tho total notes outstanding slmll°°a4
the case may bo, be subtracted from or added to the $7 m nnn ilt
bonds distributable to the owners of People's Water C o b o n d sh e Id inown•ership. In no event shall the par value of new first mortgago bonds exchangod for such notes and bonds o f People’s AVater Co. exceexf S3 000 000
Tho present preferred and common stockholders will receive common
stock and such common stock shall bo divided among tho present preferred
and common stockholders as may be determined by a majoritv of the n-os
ont preferred stockholders without the participation or vote of‘the nreferrod
stock owned by F. O. Havens.
1
w
C o n d itio n o f N e w
C om pany.
Against physical properties valued by the Railroad Commission for re
organization or bonding purposes only at $14,100,000, and cash on hand
say $400,000, total $14,500,000, the new company will havo outstanding
1st M . bonds, $9,100,000: Class A pref. stock (or income bonds), $3 700 000:
Class B prof, stock, $3,700,000: common stock, $600,000; total, $17,100,’000’
Assuming tho continuance o f existing business and rates, tho annual in
come of the East Bay Water Co., after payment o f taxes and expenses of
c One hundred and
thirty-three ($133,000) and fifty-five ($275,000)
Series A gold notes of Jan. 1 1915 have been called for pavment, on Dec. 1
at 101 and int. at Union Trust Co. of Pittsburgh and the office of the com
pany.— V . 101, p. 1185, 698.
Porto Rico General Telephone Co.— Bonds Called.—
All ($375,000) 1st M . 7% bonds dated Jan. 1 1912 have been called for
payment at 105 and interest on Jan. 1 at Montreal Trust C o., trustee__
V. 101, p 218. 618.
Porto Rico Telephone Co.— Bonds Called.—
See Porto Rico General Telephone Co. above.— V. 101, p. 618, 218.
Prairie Oil & Gas Co .— Dividends Resumed.—
The company has declared a dividend of $3 (par value $100), payable
Jan. 31 1916 to holders of record Dec. 31 1915. Tho last dividend paid
was $ 6 on Feb. 28 1913. Since segregation from the Standard Oil Co.
dividend payments havo been: 1912, $25; 1913, $6 ; 1914, none. In 1915
there was distributed the stock of tho Prairie Pipe Line C o., organized to
take over the pipe lme business of tho Prairie Oil & Gas C o., on the basis
o f I H shares of Pipe Line stock for each share of Prairie Oil & Gas stock
held.— V . 100, p. 1172, 906.
Prairie Pipe Line Co.— Initial Dividend.—
This company, organized in January of this year to take over the pipe
lino business oi the Prairie Oil & Gas C o., has declared a dividend o f $5 a
share (par value $100), payable Jan. 31 1916 to holders of record Dec. 31
1915. The stock was originally distributed to Prairie Oil & Gas Co. stock
holders as a stock dividend on the basis of 1 ^ shares of Pipe Line stock for
each share of Prairie Oil & Gas stock held.— V. 100, p. 403.
Public Light & Power Co., Worcester, Mass.— Bonds .—
The mortgage dated Feb. 1 1915 is limited to $5,000,000, to consist of
$4,500,000 in $1,000 bonds and $500,000 in $100 bonds, the latter to be
known as Series C. Bonds to a total of $1,500,000 were authorized to be
certified by the trustee upon request o f the company at once or any time
thereafter. The remaining $3,500,000 bonds can be Issued from time to
time on the order of the company, provided there be at the time no existing
default, but only to an amount of principal equal to 80% of the reasonable
2078
THE CHRONICLE
[Vol. 101.
value of the company’s permanent acquisitions additional to the property stock have been adjusted to date. Board of directors: Col. Sir Henrv M .
originally conveyed by the mortgage or improvements as certified by an Pellatt, C.\ .O. (President), Col. Sir John M . Gibson, K .C .M .G . (1st V engineer. The annual sinking fund, beginning Jan. 1 1918. is to receive Ires.), Hubert II. Macrae (2d V.-Pres. and Managing Director), Sir George
10% of net earnings to retire the bonds, after payment o f accrued Interest Armstrong, Lt.-Col.Reginald Pellatt, Gordon Perry, Sir William Macand the dividends on the 6% cum. pref. stock; bonds so retired are to be Konzie Thomas Southworth, Samuel Trees.
Mac
held alive. The first $850,000 bonds were offered last month by Stranahan
in -N’- Y ., Utica and Albany by Robert R. Forrester
& C o . o f Providence. John W . Adams is Pres. See V. 100, p. 1677.
iVias roco,?tly Quoted as saying that tho profits on the orders
iVrOU <1 i0xc<i06 $1,000,000. Tho company was reincorporated
Royal Baking Powder Co.— Extra D iv. on Common
2 8 1915 under the Canadian Companies Act with the old name and
An extra dividend of 2% , along with the regular quarterly dividend of
c“ 9.lta (-$5,000,000 in $ 1 0 0 shares), but with enlarged powers
2 % , has been declared on the common stock, both payable Dec. 31 to hold to cover munitions
contracts. See also V. 92, p. 1440.
powers
ers of record Dec. 18. The quarterly disbursement o f \ X
A % on the pref.
stock is payable at the same time. The company paid 3% each quarter
(William) Tod Co., Cleveland.— Stock.—
for a number of years, but with the Sept. 1913 payment reduced tho amount
«qnn
™ n°nnA % - „ 2 7 voted to increase tho capital stock from
to 2% , which has been the quarterly rate since.— V. 101, p. 1928.
vMe
« ih ’f ° ° ’000 (51,000,000 pref. and $500,000 com m on), to pro
vide, it is said, for extensions and additional working capital.
(M.) Rumely Co., La Porte.— Sale Confirm ed .—
Judge Anderson at Indianapolis on Dec. 13 confirmed the sale of both the
Toledo (O.) Machine & Tool Co.— Option.—
Rumely properties to tho Joint Reorganization Committee. Some minor
11 y
1 a letter to the shareholders stating that they
plants of both companies will be disposed of if proper prices can be obtained. had J i vi-n n ° n n
An authoritative statement says in substance:
t o t i/’of 1 2 0 0 0 'shares t ^ rp W? holdings, aggregating about 8 ,0 0 0 of tho
? Eastern syndicate at $310 per share, and that
The successor corporation, the Advance-Rumely Company, will be in the same terms
possession of the properties by the end of the year 1915, less than 12 months h o f d h S s w i t l ? t h £ hol ders- who should deposit their
since the receiver took possession. The new sales company, the Advance- noiuings witn the National Bank of Commerce. Toledo, depositary.
Rumely Thresher C o., has been in business for some time, co-operating
Tonopah United Water Co.— Bonds Called —
with the receiver for the 1916 business. The Joint Reorganization Com
6 % bonds for payment
mittee have in hand over 99% o f the Rumely convertible commission and at p lr a n ^ fn t
other note issues, aggregating $10,619,500, and a very substantial amount truitee.— v : 9 7 , p. 1 7 5 4 .’ at An=lo-Cal‘ fonna Trust C o., San Francisco.
o f all other claims, while about 95% o f the preferred and 90% o f the com
mon stockholders paid the assessment. The committee also secured satis
Underwood Typewriter Co .— N ew Officer.—
factory adjustments with the holders o f $9,300,000 farmers’ notes, having
contingent claims estimated to aggregate eventually .$1,500,000, by having .u S S S °a ,.Li . tBe ° f f i
K & . ,Da
*»
such holders agree now to have their claims disposed of when accrued, on
Union Bag & Paper Co.— Notes Called.—
the same basis as other claims. There will also be restored to the new com
pany on equitable terms almost $3,500 000 farmers’ notes, being the bal
All the 6 % notes, amounting to $375,000, dated April 1906 h a v e heen
ance of the receivables pledged in financing the old company's 1914 oper drawn for redemption at par and int. on Jan.* 6 1916 ^ B ankers’ Trust Co
ating requirements.
.
bale of N on-paying Canadian Properties— M e r g e r
Finan
The Rumely business for 1915, under the receivership, has been very
satisfactory, notwithstanding the disadvantages and difficulties incident cial arrangements have beon consummated for tho satisfactory
to the situation. The outlook for the future of the new company is most disposition of several of tho unprofitable Canadian proper
hopeful. In the reorganization the capital account issues show a reduction
of $4,575,405 and the annual fixed charges will be $210,000, or a saving of ties. Pres. John L . Riegel further says :
These arrangements contemplate the sale of the undeveloped water
$427,235. In addition, the old company in financing its requirements
through seasonal borrowings and discounts of receivables, had accumulated power on tho St. Maurice River, located 13 miles northeast of Three
a burden o f annual interest charges o f upwards of $800,000. The new Rivers, P . Q., and the consolidation of the remainder of the assets of the
company starts out not only absolutely free o f such burden, but with the three subsidiary companies, namely, tho Gres Falls C o., St. Gabriel Lum
prospect o f a substantial income from the receivables in its possession. ber C o., Ltd., and the Charlemagne & Lac Ouareau Lumber Co., into a
new company to be styled the St. Maurice Paper C o., Ltd., which will then
(See plan, V. 101, p. 777. 851, 1276)— V. 101, p. 1978, 1632.
bo sufficiently financed to permit the erection of a neivspapcr mill sul
Russell Motor Car Co., Ltd., Toronto.— Sale of M otor phite mill and kraft pulp mill at Cap Madeleine, P. Q.
An arrangement for hydro-electric power has been entered into with the
Vehicle Property.— A circular, signed by Pres. J. N . Shonstone
Shawinigan Water & Power Co. adequate for tho present proposed develop
and Sec. J. S. M urray, D ec. 7, says in substance:
ment, and also to provide for future enlargements.
The amount realized from the sale o f tho water power referred to above is
The company proposes to dispose of its real estate at West Toronto, and
of the plant, machinery, stock in trade, good-will, furniture and fixtures to be paid in cash, and the sum realized therefrom will be taken into the
U'ca;iury of the Union Bag & Paper Co. in the United States. Compare
useCu!in con®ection with its motor vehicle branch (but not such plant
machinery, &c., as is used in connection with any other department of its V. 100, p. 1166, 1353.
business) to a. company to be incorporated in Canada (as the WillvsUnion Ferry Co., New York.— Increased Dividend.—
Overland, Ltd.] to take over the motor vehicle business o f this company
A dividend of 2% has been declared, payable Jan. 15 1916 to holders of
and the Canadian busmess of the Willys-Overland C o., with capital of1 ref. stock. Class A, cum. , % , redeemable at $110 per share
V. 1o f p 137 4 6’ 1 rovisous Payments were 1 A % each Jan. and July.—
at any time within 5 years, and if not so redeemed the holders
to have the option of conversion into common stock at par at
United Fruit Co., Boston.— To Call N o t e s — N ew Stock—
any time during the succeeding 2 years______
ei non non
tbis an opportune time to call and pay
Pref. stock. Class “ B ,” cum. 7% div., and the option to"the ’uuu,uuu A 1° cm
holder of conversion into common stock at par value at any
tho M 2 ,0 0 0 ,0 0 0 4-year 6 % coupon gold notes which mature
time within 5 years The Wliiys-Overland Co. of Toledo have
M
a
y
1
1917,
propose
to
offor $12,198,100 additional stock to
agreed to subscribe and pay for in cash $1,800,000 of the Class
“ B ” Pref. stock, as required by the new company . . . .
2 000 000 stockholders of record D ec. 23 for subscription at $120 por
Common stock ($1,000,000 only to be presently issued— as" to ’
’
share (par $100) on or beforo Jan. 20 in the ratio of ono now
redemption feature see (6) below)__________________________ 3,000,000 share for every three shares now issued and outstanding
Your company will receive for the assets turned over to the now com pany
(a) Class “ A ” preference stock, $1,000,000; (6) $200,000 o f the $1,000,000 su¥ r « L tuins -,t(^ be Payable 3 0 % Jan. 25, 4 0 % March 20
of common stock, redeemable at tho option of tho Willys interests at $200 and p 0 % April 20, with allowances of interost on anticipated
per share within 5 years; (c) $100,000 in cash.
This company retains all its cash and accounts and bills receivable, and payments. President Androw W . Preston in circular dated
the other branches of its business, with all machinery, stock in trade, fix D ec. 14 further says:
tures, &c., incidental thereto.
The Willys-Overland Co. of Toledo (V. 101, p. 1633) is one of tho most
successful automobile concerns in tho Unite i States, and it is intended
that the new company sha 1enter strongly into the Canadian field, and havo
a line of cars of the best manufacture completely covering what is known
as the medium-price class of motor car. The Willys Co. owns a license for
the Knight Motor in tho United States, and this will enable it to further plan the stockholders will on Jan. 1 4 19 % vote on°imT««2K5^SF out the
autuh? r'
develop the Knight Motor in Canada. The fullest co-operation of the ized capital stock to $75,000,000. One of the obicc s o fm
crease at this time is to put the company in position to r e t i r n i Cih •n"
Willys-Overland Co. of Toledo in the Canadian business is secured.
[Press reports say: “ The Willys-Overland, Ltd., will have head offices in notes and such other obligations as are not ’paid bv slnkinK fMnrts h ^ t n f
Toronto. John N . Willys, head of the Willys-Overland Co., will bo Pres.; issue of stock hereafter, in case such action should be deemedexpedient
i
A. Russell, Vice-Pres. of the Russell M otor Car Co. of Canada, will be at the proper time.
Certificates for stock subscribed for by stockholders will not he 1 <=<=1, 0,1
Vice-Pros. Five of tho directors o f tho Willys-Overland Co. of Toledo will
be directors of the new company,-namely, J. N. Willys, It. T. Dunn, until April 20 1916, and will be entitled only to dividends declared siihsn
Walter Stewart, Harry Shepler, G. A. Earl of Toledo. T . A. Russell and quent to that date. A circular giving further information will be issued
Lloyd Harris of Toronto, and two of the other Canadian stockholders, will with the warrants on the 23d ints. The New Jersey laws require the assent
of two-thirds in interost of the stock.— V. 1 0 1 , p. 19S3. 1969
®
also be on the board.]— V. 101, p. 1374.
United Light & Power Co. (of N. J.), California.— Sale
St. Joseph (Mo.) Gas Co.— Favorable D ecision .—
Default having been made in tho payment at maturity on Doc 1 1 9 1 4
The C ircuit Court on Feb. 20 handed down a favorable decision in the
suit brought by the city to oust the company on the ground that it had of tho $1,618,000 collateral trust 6 % 3-year gold notes Issued bv tills New
violated its franchise by substituting natural for artificial gas. The fran Jersey corporation under trust agreement dated Dec. 1 1 9 1 1 and is to
June 1 1913.
the Bankers’
Go%m
chise is perpetual, and, as originally granted, gave the company the right to the
i. .interest
..,111 due
noil thereon
i.nrviKintbeginning
tn tbn nrouicione
of
.
. Trust
11 \sU
distribute gas. With the introduction o f natural gas in St. Joseph several
years ago the company abandoned the distribution o f artifical gas and sub
stituted natural gas. The city claimed that the word gas in tne franchise
meant manufactured gas only, while the company contended that tho word
This
covered any gas, and the courts have now upheld this point and confirmed fornia company, wmen were ueposicou as collateral for the notes
tho company in possession o f its franchise. Recently tho company com sale is for tho purpose of completing tho reorganization under title of Con
pleted a new gas plant to supply artificial gas to take the place of tho solldation Electric Co. See V*. 101. p. 1976, 696.— V. 101, p. 698.
rapidly failing supply o. natural gas, which is purchased from tho Kansas
U. S. Light & Heat Corporation.— S u it .—
Natural Gas Co. Compare V. 96, p. 207.
Herbert V. Falk, a stockholder and Secretary of the stockholders’ pro
tective committee of the predecessor company, has filed a suit in tho Su
Sandusky River Power Co.— Successor C om pany .—
preme Court of Niagara County, N. Y ., asking for the appointment of a
See Ohio State Power Co. above.— V. 100, p. 1173.
receiver for tills now corporation, on tho ground that tho President lias beon
Sherwin-Williams Co. of Canada.— Earnings.—
guilty of serious misconduct in office, and is exorcising control through
dummy directors. On the latter point Mr. Falk (29 Broadway N Y )
A u g . 31
N et D epreBond
P r e fe r r e d S p e c ia l
B a la n c e ,
in circular dated Dec. 11 says in substance:
’
Y ear—
E a r n i n g s , c ia tio n .
In t e r e s t . D iv id e n d . R eserve.
S u r n lu s
............. $174 496
1914-15----- $577,304 $53,485 S139.323 $210,000
J. Allan Smith, President of your corporation, confesses that I10 and his
1913-14------ 682,736 59,733
139,737
210.000 ________
273,266 six co-directors own less than $100,000 stock and bonds out of 87 500 non
1912-13---------'63.3-18 64,600
110,185
210,000 $100,000
248!563 and it is this board of directors that refused at tho last meeting either to
— V. 99, p. 1533.
resign, so that permanent directors representing tho stockholders could be
placed in control, or to call a meeting of your stockholders so that tho facts
Standard Coupler Co.— Dividend on Common Stock.—
could be laid before you lor your action. Smith and his employees have
A dividend of 1% on common stock has been declared payable l)ec. 24 not only refused to furnish members of tho protective committee and stock
to holders of record Dec. 18. The regular semi-annual distribution of 4% holders of tho now corporation tiny information roflr&rdincr its business
on pref. stock is payable at the same time. Tho last previous payment on since July 1, but they ha\e positi\ely refused to furnish any information
the common stock was on Dec. 24 1913, when 2 % was paid.— V. 98. p. 1923
regarding the earnings, cost of operation, &c., either to Guy M .
who is Chairman of tho board, or to any other member of the
Standard Screw Co.— Extra Dividend on Common Stock. Walker,
except themselves. (Mr. Walker was the counsel of tho old protec
The company has declared the regular semi-annual dividend of 3 % and boardcommittee.)
an extra dividend of 3% on the common stock. Also the regular semi-* tive
denied that the corporation was doing any munition business, but
annual dividends of 3% on the Class A and 3 'A % on Class B stocks. All ourSmith
personal investigation at the works disclosed the fact some time ago
dividends are payable Jan. 1 1916 to holders o f record Dec. 15 1915.— V
that they were working eighteen hours a day in parts of the plant turning
100, p. 2090.
out munitions. Compare V . 101, p. 619, 1633.
Steel & Radiation, Ltd., Toronto.— Bonds — Status.—
(L. E.) Waterman (Fountain Pen) Co., N. Y .— D e c is io n .
Thero were recently offered and sold at par with a bonus of 20% in com
The U. S. Supreme Court on Nov. 30 affirmed the Judgment or the U. S.
mon stock, $400,000 o f 1st M . 6s o f 1911, duo April 1 1931, an adv. showing* Circuit Court of Appeals for the Second Circuit in the suit brought by the
Capitahzation: Common stock auth., $3,000,000, and issued, $1,861,700: company to prevent the Modern Pen Co. from using the name "Waterman”
cum. 7% pref. stock auth., $2,000,000, and issued, $664,700; 6% gold on its product. The Modern Co. had entered into a contract with Arthur
bonds, auth., $1,500,000, and issued (incl. present Issue), $1,000,000
1 A. Waterman (not connected with the L. E. Waterman firm) by which he
The company owns three plants, two in Toronto and one in St. Cath- was to share in tho business. The L. E. 'Waterman Co. filed a bill to
erine», all favorably situated. Regular business consists of the manufacture enjoin the use of the name "Waterman," claiming that lt was Intended to
of all kinds of boders and radiators, soil pipe, steel sash, expanded metal, work a fraud on the public. The lower court held that thero was no
concrete reinforcing material and general stool products. At present proprietary interest in the name, but ordered that the Modern Pen Co.
working on three shell contracts and shipments are increasing week by week
should mark its wares "Arthur A. Waterman & C o.," and tho words added,
The interest on the outstanding bonds during the last four years has been "N ot connected with L. E. Waterman C o.” This decree was not satisfac
earned on an average over 2 A times. All cumulative dividends on pref. tory to cither side and both appealed.
THE CHRONICLE
Deo. 18 1915.]
2079
company supplies power. Cheyenne is the capital of Wyoming and con
tains large railroad shops. Fort Russell, W yo., is an important army
post, equipped at an estimated cost of $7,000,000. Boulder, Colo., is the
center of a rich mining and stock-raising region and has the State Univer
sity. Fort Collins, the county seat of Larimer County, is the seat of the
State Agricultural College. The territory served is growing rapidly, and
the prospects of increased earnings are very favorable, as the company can
supply a large amount of additional power with present equipment, with
small increase in operating expenses.— V. 99, p. 347.
Weyman-Bruton Co., N. Y .— N ew Stock.—
The directors having voted on Dec. 1 that in addition to the $4,000,000
o f pref. stock and to the $4,000,000 o f common stock now outstanding,
there be issued 6,000 shares of the 7% pref. stock and 6,000 shares of the
common stock, authorized by the stockholders on March 2 1915, the same
are now offered to shareholders of record Dec. 11 for subscription at par
on the company’s warrants at the Farmers’ Loan & Trust C o., 22 William
St.. N . Y ., on or before Jan. 3 1916, to wit:
(a) Said 6,000 shares o f 7% pref. are offered to the holders of pref. stock
Total................$7,993,487 $8,014,800
Total
$7,993,487$8,014,800
o f record Dec. 11, in the proportion o f 3 shares for every 20 shares o f pref.
•Includes accrued Interest.—V. 100, p. 1173.
stock then held.
(b) Said 6,000 shares of common stock are offered to the holders of com
Washburn Wire Co., Phillipsdale, R. I.— E a r n s ., & c .
The operations, including constituent companies, for the year ending mon stock o f record Dec. 11 1915 in the proportion o f 3 shares o f such new
issue o f common stock for every 20 shares o f common stock then held.
Dec. 31 1914 showed a profit o f $269,255. against $372,907 in 1913.
All subscriptions are payable on or before Jan. 3 at said trust co., either
C O N S O L I D A T E D B A L A N C E S H E E T J A N . 1.
in cash or in scrip certificates (heretofore issued as dividends) at par, or
1915.
1914.
partly in cash and partly in such scrip certificates.
1915.
1914.
L ia b ilit ie s —
$
$
Neither the company nor the trust company will buy or sell warrants
A s s e ts —
$
$
Beal estate_____ 1,343,461 1,339,287 Pref. stock.........2,500,000 2,500,000 or fractions.— V. 101, p. 1890.
M ach’y & tools.1,591,516 1,598,999 Common stock. 1,250,000 1,250,000
Willys-Overland Co., Toledo.— Canadian C om pany .—
321,052
Merchandise ...1,294,303 1,388,114 Accts. payable.. 216,927
See Russell M otor Car Co. above.— V. 101, p. 1979, 1817.
12,000
172,000
N o te s & a c c ts .r e c .
71 1 ,4 1 3
936 ,507 Notes payable..
In v e s tm e n ts 1 86 ,915
181.363 Surplus________ 1,270,724 1,263,969
(L.) Wolff Mfg. Co. (Plumbing Goods), Chicago.—
_
Warren Brothers Co., Boston.— R e p o r t .—
The profits for the cal. year 1914 was 8427,602, against 8613,378 in 1913.
Balance Sheet D ec. 31.
Lia bilities—
1914.
1913.
A ssets —
1914.
1913.
$70,904 First pref. stock..$2,000,000 $2,000,000
Real estate.......... $92,168
500,000
544,988 Second pref. stock 500,000
Plant & office fixt. 549,644
Patents*good-will 2,000,000 2,000,000 Common stock... 2,000,GOO 2,000,000
274,944
327,486
Coll.notoe,bds.,*c. 2,734,454 2,638,362 Funded debt*___
98,900 Notes payable*... 1,283,791 1,414,237
87,400
Treasury stock__
52,937
77,474
416,960 Accts. payable...
Cash---------428,196
37,439
37,266
Notes & accts. rec. 1,805,382 1,778,909 Dividends payable
Depreciation, &c.,
Retained money &
478,773
534,303
reserve.............
77,228
104,189
city securities..
Surplus............... 1,365,603 1,124,034
Material & reserve
336,665
204,970
on contracts__
24,923
14,045
Prepaid accts., &c.
C a s h ____________
122 ,043
T o t a l ...... .5 ,2 4 9 ,6 5 1
— V , 100 , p . 2 09 1.
62,751
5 ,5 0 7 .0 2 1
Total________ 5,249,651 5,507.021
Western Electric Co., Inc., N. Y .— First Dividends on
N ew Com pany's Stock.— The company, incorporated in New
York on N o v . 17 as the successor of the Western Electric
C o. of Ills., has declared dividends of $4 on its common stock
(150,000 shares no par value not $5) and 73-100 of 1 % on the
6 % cum. pref. stock ($15,000,000, par $100), both payable
D ec. 31. The following official statement is made:
T h e d ir e cto r s h a v e d e cla re d d iv id e n d s p a y a b le D e c . 31 t o s to c k h o ld e r s
o f r e c o r d D e c . 2 3 , o f $4 p e r share o n th e c o m m o n shares o f th e c o m p a n y ,
a n d o f s e v e n ty -th r e e h u n d re d th s o f 1 % ( .7 3 % ) u p o n th e p re fe rre d s to c k .
T h e d iv id e n d u p o n th e c o m m o n shares aggregates th e sam e a m o u n t as th e
2 % regu lar a n d 2 % extra d iv id e n d w h ich th e Illin ois c o m p a n y u s u a lly p a id
In D e c e m b e r .
T h e d iv id e n d u p o n th e p r e f. s to c k is a t th e s tip u la te d ra te
o f 6 % fr o m th e d a te w h en th e c o m p a n y co m m e n ce d business u p t o a n d in
c lu d in g D e c . 31 1915. T h is d iv id e n d u p o n th e c o m m o n shares o f co u rse
bea rs n o r ela tion t o th e earnings o f th e s h o rt p e r io d d u r in g w h ic h th e c o m
p a n y w ill h a v e been In ex iste n ce w h en it is p a id . A re se rve fo r th e se d iv i
d en d s w as c r e a te d w h en th e assets o f th e Illin o is c o m p a n y w ere ta k e n o v e r ,
in o r d e r th a t th e shareh olders sh ou ld sa crifice n o th in g in th is y e a r ’s in c o m e
b y reason o f th e re o rg a n iz a tio n .
[T h e new c o m p a n y t o o k posse ssio n N o v .
17 h a v in g th e sa m e o ffic e r s a n d d ir e cto r s as th e o ld c o m p a n y , a n d its en
tire a u th o riz e d s to c k w as issu ed in e x ch a n g e f o r th e $ 1 5 ,0 0 0 ,0 0 0 s t o c k o f th e
o ld c on cern .]
V . 100, p . 1719.
Western Light & Power Co., Boulder, Colo., Chey
enne, Wyo., &c.— Bonds Offered.— William Morris Imbrie
Guaranteed Bonds.— The Greenebaum Sons Bank & Trust C o .,
Chicago, the mortgage trustee, has placed at par $750,000
(closed) 1st M . 6 % gold bonds, guaranteed principal and
interest b y John F . Christian and Louis W o lff, respectively
President, V .-P res. and Treas. A circular shows;
Dated July 1 1915 and due in 14 annual installments beginning July 1
1916, successively 2 of $30,000, 2 of $35,000. 1 of $40,000. 2 of $45,000. 2 of
$50,000, 1 of $190,000 (July 1 1925) and 4 of $50,000. Denom. $500 and
$1,000. Prin. and interest (J. & J.) at office of trustee.
A p p r a is e d V a lu a t io n $1,558,120, C o vered by M o rtg a g e .
a) Land with frontage of 2,372 ft. on Hoyne A ve., Robey St.,
Carroll Ave. and Fulton St______________________________ $153,150
22 bldgs., of brick and stone, with about 16 acres of floor space. 685,271
b) Land with frontage of 277 ft. on W. Lake St., southwest corner
North Jefferson St_______________________________________ 289,915
5 bldgs., brick and stone, comprising about 8 acres of floor space 353,784
c) W olff Bldg., No. I l l North Dearborn St., 8-story bldg. (2 8 A
by 80 ft.) and long-term leasehold estate (4 stories occupied
by company for showrooms and sales purposes, 4 floors
rented for $5,334 per annum)____________________________ 75,000
(d) 3 Lots on Walnut St. aljoining property “ (a)” -------------------2,000
Export valuation of plant and equipment, including real estate, buildings,
machinery, &c., is $2,552,386, over three times the amount of total first
mortgage bond issue.
Company established 1855. Manufactures plumbing goods of every
description. Assets now nearly $5,000,000: net worth of over $3,000,000,
according to recent statement. Average net yearly profits many times the
total amount required to meet int. charges and serial payment of principal,
Youngstown (O.) Sheet & Tube Co.— M e r g e r P la n .—
See Cambria Steel Co. above.— V. 101, p. 1637.
& C o ., N . Y . and Chicago, are offering, at 9 3 lA and in t., to
C U R R E N T NOTICE.
yield about 6 % (see adv. on another page) a portion of the
initial $2,100,000 1st M . 5 % sinkingfund 10-year gold bonds,
— Tho bonds of the Central Powers are advertised to-day in our advertis
dated M a y 1 1915 and due M a y 1 1925, but redeemable on
ing columns by the Transatlantic Trust Co., 67 William St., and 109
any semi-annual interest date at 100 and int. Denom. Avenue
A, this city. The following quotations will hold good until further
$1,000 , $500 and $100 c*&r. Int. M . & N . Authorized, notice: 4% Imperial German Governments for 1,000 M ., $180 with accrued
$6,000,000; outstanding, $2,100,000. Trustee, Franklin interest payable semi-annually; 5% Imperial German Governments (3d
Trust C o ., N . Y . A circular shows:
German War Loan), not callable before 1924 and interest beginning Apr. 1
A n a b s o lu te firs t m o r tg a g e o n th e e n tire p r o p e r t y , s u b je c t o n l y t o
$ 1 2 8 ,0 0 0 d iv ision a l b o n d s c o v e r in g th e C h e y e n n e p r o p e r t y a lo n e .
T h e net
earnings a p p lic a b le t o th is issue are m o r e th an t w ic e th e in te re s t ch a rg e s
o n those b o n d s . C o m p a n y serves, u n d e r f a v o r a b le fra n ch ise s, a p o p u la t io n
o f a b o u t 7 5 ,0 0 0 , a n d o perates p o w e r , e le ctric lig h t, stre e t ra ilw a y a n d s te a m
h e a tin g sy s tem s in th e rich a g ricu ltu ral a n d m in in g r e g io n o f N o rth e r n
C o lo r a d o a n d S ou th ern W y o m in g . P o p u la tio n o f th e te r rito r y s e r v e d in
crea sed 6 6 % fro m 1900 t o 1910. A m o n g th e citie s se rv e d a r e B o u ld e r,
G re o ly , F o r t C ollin s a n d C h e y e n n e . O v e r 8 5 % o f th e gro ss business is
d e r iv o d fr o m lig h t an d p ow e r. R a to s a p p r o v o i b y S ta te P . S . c o m m is s io n s .
D a ta fro m R e c e n t R e p o r t o f W e s t in g h o u s e , C h u r c h , K e r r & C o.
S ervos w ith e lectric-lig h t a n d p o w e r an ex te n siv e a g r ic u lt u r a l, m a n u fa c
tu r in g a n d m in in g area s o m o 50 m iles in le n g th and. 2 0 m ile s in w id t h ,
s itu a te d in th e n orth ern p a rt o f C o lo r a d o , a d ja c e n t t o D e n v e r .
T h e popu
la tio n o f t h e te rrito ry s erved increased 6 6 % b e tw e e n 1900 a n d 1 9 1 0 , a n d is
n o w a b o u t 75 ,0 0 0 . C o m p a n y ow n s th e s treet r a ilw a y s y s te m in B o u ld o r ,
C o l ., an d th rou g h a su bsid iary th e C h e y e n n e L ig h t, F u el & P o w e r C o .,
serves th e C it y o f C h e y e n n e , W y o . , w ith e le c tr ic ity , s team h e a t a n d m a n
u fa c tu r e d gas. T h e business fie ld in clu d es B o u ld e r, L o u isv ille , L a fa y e tte ,
F o r t C o llin s, G reeley , L o v e la n d , L o n g m o n t an d several o th e r to w n s.
Capitalization—
,. .
.
A u th o r iz e d . Outstand’g.
F ir s t M o r tg a g e 5 % 1 0 -yea r g o ld b o n d s ,
. . $ 6 ,0 0 0 ,0 0 0 $ 2 ,1 0 0 .0 0 0
C h e y e n n e L t ., Fuel & P o w . C o . 1st M . sin k in g fu n d
5 % b o n d s, d u e 1 9 2 5 - - ........ .................. - .....................
C lo s e d M .
128 ,000
7 % c u m u la tiv e preferred s t o c k ------------------------------------- 1 ,5 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0
C o m m o n s t o c k ............... ....................... ...................................... 2 ,0 0 0 ,0 0 0 2 ,0 0 0 ,0 0 0
T h e b a la n ce ($ 3 ,9 0 0 ,0 0 0 ) o f th e a u th o r iz e d b o n d issu e c a n b e issu ed
o n ly t o ro tiro th o $12 8,00 0 C h e y e n n e L ig h t, F u el & P o w e r C o . 5s a n d fo r
n o t ex cood in g 8 5 % o f th e c o s t o f exten sion s a n d im p r o v e m e n ts , w h en th e
n e t ann u al earnings aro 1 A t *!n o s .V,!0 a n n u a‘ in te re st c h a rg o s u p o n all o u t
sta n d in g b o n d s , in clu d in g th e C h o y o n n e b o n d s , a n d th o s e p r o p o s o d .
S in k in g fu n d t o retiro this issue b e g ns 1917; ann ual p a y m e n ts , 2 % o f th e
gross earnings an d g ra d u a lly in crea sin g t o 4 % in 1923. A se p a r a te s in k in g
fu n d retires th e d iv isio n a l b o n d s.
E a r n in g s f o r Y e a r s e n d in g —
SeP|.-30'15.
D e c .3 1 ’ 14. D e c .3 1 ’ 13.
G ro s s ea rn in g s------------------------f b 2 0 ,4 1 3
$ 5 0 5 ,1 8 7
$ 49 3,81 6
O p era tin g in c o m e (a ftor t a x e s ) . . ........... $ 1 9 o ,9 2 3
$ 1 8 6 ,0 7 6
$ 1 8 4,59 7
O th e r i n c o m e .......... ........................................
2 1 ,7 0 3
2 0 ,0 0 5
19,268
1916, for 1,000 M ., $200; 5 A % Austrian Treasury notes (3d Austrian War
Loan), redeemable in 1930, and interest beginning Nov. 11915, for 1,000 K .,
$135: 6% Hungarian Governments (3d Hungarian War Loan), not callable
before 1921 and int. beginning Nov. 1 1915, for 1,000 K..S140. Further
details regarding these bonds will be furnished by the Transatlantic Trust
Co. upon application. The company accepts remittances to Germany and
Austria-Hungary and guarantees transmission as follows: $20 for 100
marks, and $14 for every 100 kronen. The company procures payees’ re
ceipts for all remittances.
— At 93 A and int., to yield about 6 % , William Morris Imbrie & Co. of
61 Broadway, this city, and 111 West Monroe St., Chicago, are offering
by advertisement in to-day's issue $2,100,000 Western Light & Power Co.
first mortgage 5% sinking fund ten-year bonds, due M ay 1 1925. The
bonds are secured by an absolute first lien on the entire property of the com
pany, subject only to $128,000 divisional bonds covering the Cheyenne
property alone. The firm states further that the net earnings o f the com
pany applicable to this issue are more than twice the interest charges on
these bonds. Tho advertisement furnishes general particulars; see our
•‘General Investment News” Department for other details.
— Jansen Noyes, Lawrence Chamberlain, J. Dugald White and Clifford
Hemphill have formed a partnership under the firm name of Hemphill,
White & Chamberlain, to do a general bond business, with offices at 37
Wall St., New York. Mr. Noyes was formerly manager of the bond de
partment of William Morris Imbrie & Co. Mr. Chamberlain has been with
Kountze Bros, and is a member of the Board of Governors of the Investment
Bankers’ Association, while Mr. White has been Vice-President of the
Engineering Securities Corporation and otherwise associated with the J. G.
White companies. Mr. Hemphill, Stock Exchange member of the new firm,
was with White, Weld & Co.
— Lee, Higginson & Co. o f Boston, New York and Chicago, and HigginG ross in c o m e .....................
$ 2 1 7 ,6 2 6
$206,081
$203,865 son & Co. of London are to-day advertising and offering elsewhere in the
In te r e s t o n C h e y e n n e b o n d s . .
--------0 .4 0 0
6,4 0 0
6.400 “ Chronicle” for investment $3,500,000 La Belle Iron Works First and Re
In te r e s t o n b o n d s n ow o u ts ta n d in g —
105 ,000
10 5 ,0 0 0
105,000 funding Mortgage 5% bonds, due Dec. 1 1940, at 9 8 A and interest. The
S p ecia l ex p en ses......................................... 6 .1 3 3
2 4 ,1 0 8
15,732 bonds are tax-refund in Pennsylvania. See our "General Investment
News” Department for detailed information regarding this property, and
B a la n ce a p p lica b le t o p r e f. s t o c k . .
100 ,093
7 0 ,5 7 3
76,733
the full-page advertisement which is published to-day on the page opposite
Properly Covered.— (.1) A s a 1st M . : (a) Steam -D riven g e n e r a tin g pla n ts
our wookly statement o f clearings.
h a v in g a t o ta l ra ted c a p a c it y o f 15,700 k . w . # w ith real e s ta te , c o a l m i n e
p r o p e r tie s , b rick an d co n c r e te p o w o r-h o u so a n d o th e r bu ild in gs; (b) 179.3
— The partnership existing between W . E. McCann and W. K. Massie
m iles o f h ig h -te n s io n tran sm ission lines; (c) 73 .3 m iles o f to lo p h o n o line;
(d) B o u ld e r S t. R y . sy ste m in clu d in g 11.2 m iles o f sin g le t r a c k , e q u ip m e n t under tho name of McCann & Massie, o f Lexington, K y., has been dis
a n d sh o p s .
(2) S u b je c t t o C h e y e n n e b o n d s , s team a n d g a s ge n e ra tin g solved. Mr. McCann, with R. L. Brown, has formed the new partnership
i£nd d is trib u tin g p la n ts in C h e y e n n e .
of McCann & Co., which will conduct a general investment business with
Percentages contributed to the gross earnings by the various depart
m e n ts (1 9 1 4 ): Light and power. 8 5 .1 % ; street railway, 5 . 5 % ; steam offices at 403 Trust Company Building, Lexington.
h e a tin g 5 .2 % : gas heating, 3 .7 % , ^ miscellaneous, 0 . 5 % .
— The firm of Kimball, Russell & Co. has been formed with offices at 50
' Franchises.— N o bu rd e n so m e re strictio n s a n d a ll, w ith th ree u n im p o r ta n t
Congress Street, Boston. This firm is about to engage in the business of
e x c e p tio n s , run b e y o n d M a y 1 1925. T h e a v o w e d sp irit a n d p u r p o s e o f th e
handling
high-grade investment bonds.
r e c e n tly fo rm e d P u b lic S ervice C o m m issio n s o f C o lo r a d o a n d W y o m in g t o
r e c o g n iz e s a t is fa c t o r y p u b lic se rvice b y p re v e n tin g e c o n o m ic a lly w a ste fu l
__Oscar Vail Jr., outside market specialist, 74 Broadway, this city, is
c o m p e t it io n , seem s t o assure th e p e r p e tu ity o f t h e c o m p a n y ’s p resen t
offering Trenton Pennington & Hopewell Traction Co. 5% bonds due 1943.
Price upon application.
frar e r r t (o r ^ — T h e cities an d tow n s s erved are p r im a rily d is trib u tin g cen ters
f o r a t h ic k ly p o p u la te d irrigated fa rm in g d is tric t a n d are g r o w in g s te a d ily
__O. E. Denison & C o., 4 P. O. Square, Boston, and Guardian Bldg.,
In w oalth a n d p o p u la tio n . T h e re is also im p o rta n t m a n u fa c tu r in g in th e
Cleveland, have issued a new circular list of municipal bonds, yielding 4 to
n orth ern en d an d a c t iv e co a l m in es in th e so u th e r n . T h e t e r rito r y s u p p o rts
4.65%.
c t r ic r ilw ays and o n e 5 2-m ile in te ru rb a n , t o all o f w h ich th e
2080
THE CHRONICLE
3pxe (Commercial Jimes.
COMMERCIAL EPITOME
Friday N ight, D ec. 17 1915.
Trade in most lines continues to increase. Christmas trade
in some parts of the country is the largest for years past.
Wholesale, jobbing and retail sales make a gratifying ex
hibit. M oney is in good demand and collections are im
proving. Railway tonnage is large. It looks as though
stocks of many kinds of merchandise in the United States
has become depleted so that buying was imperatively neces
sary. Iron and steel are in active demand at rising prices.
In m any industries working overtime has become a matter
of course. The rise in the price of cotton mill shares at
Fall River and N ew Bedford is both interesting and signifi
cant. The big storm, though a drawback in some respects,
since it interrupted wire and transportation service, also
served to stimulate the demand for clothing, boots and shoes
and coal. Ordinarily there is a general lull in trade at this
time as the year draws to a close, but this year there is far
less of it than usual. Exports of merchandise are on a scale
nothing short of stupendous. Sales too of jewelry, silver
ware and costly fancy articles have admittedly increased.
This is a very suggestive straw. On the other hand, our
relations with Austria are strained. An embargo on rail
road shipments to Eastern seaboard points is hampering
trade in flour and grain, though actual exports of wheat are
large. Cotton has declined. It is said that the British
Government will require all British ships arriving at British
ports to bring half grain. This m ay prove to bo something
of a blow to American cotton exports, already far below
those of the normal year of 1913. But in the m ain, American
trade is in a condition of historic prosperity and the outlook,
whatever the drawbacks, is considered promising.
L A R D again higher; prime Western 10.10c., refined to the
Continent 10.85c., South America 11c., Brazil 12c. Futures
advanced with smaller receipts for hogs at Chicago, where
prices rose. Shorts have been covering. . Offerings have
not been large. To-day prices declined. Packers sold.
D A IL Y CLOSING PRICES OF LARD FUTURES IN C H I C A O O .
_
,
,
S a tM o n . T u es.
W ed.
T h u rs.
F r i.
December delivery.cts. 9.40
9.10
9.GO
9.50 9.60
9.37
January delivery--------- 9.62H
9.57J-S 9.75
9.65 9.70
9.57
9.87H 10.00
9.95
10.00
9.87
M ay delivery................. 9.90
P O R K quiet; mess $ 1 8 @ $ 1 8 50 , clear $ 1 9 @ $ 2 2 . Beef,
mess, $ 1 7 © $ 1 7 50; extra India mess $ 2 5 @ $ 2 6 . Cut meats
steady; pickled hams, 10 to 20 lb s., 1 4 % @ 1 5 c .; pickled
bellies 1 2 @ 1 2 % c . Butter, creamery, 2 4 @ 3 6J ^ c . Cheese,
State, 1 3 @ 1 7 e . Eggs, fresh, 2 7 @ 4 2 e .
C O F F E E quiet; Rio N o . 7, 7 % c .; N o . 4 Santos, 9 ^ @
9 j^ c .; fair to good Cucuta, ll @ 1 1 3 ^ c . Futures declined,
partly owing to selling against coast and freight purchases
and “ spot” Santos coffee. Besides the spot trade has been
dull and the receipts large. To-day prices doclinod 3 to 4
points, with sales of 5,0 00 bags. Closing prices were as
follows:
December cts6.65@6.68
January------6.6 7@ 669
February _ . . 6.67@6.69
March-------- 6.68@6.69
_
April------- cts.6.70@6.71 A ugust..cts.6.86 @ 6.88
M a y ------------ 6.72@6.73 September . . 6.90@6.92
J u n e............... 6.77@6.78 October........ 6.94@6.96
July........ — 6.82@6.S4
S U G A R lower but more active, and rallied later; centrifu
gal, 96-dogrees test, 4 .8 9 c ., after boing 4 .6 4 @ 4 .70c.; molasses
89-degrees test, 3 .8 7 @ 3 .93c.; later 4.1 2c.; granulated,
6.15c. Futures have latterly advanced on new buying after
considerable liquidation. Offerings have boon small; tho
crop moves slowly; tonnage is scarco. Y et raw sugar has
been as a rule rather dull, and, with favorable weathor in
Cuba, grinding has been more active. Soino 22 contrals
are in operation. To-day prices wero irregular, being two
points higher to five points lower, with sales of 8,800 tons.
Two Pennsylvania refiners havo cut prices of refined sugar
20 points. This caused some selling of futures.
Closing quotations follow :
D ecem ber c ts 3.90 @ 3.94
January____3.72@3.73
F ebruary___3.40@3.42
M arch______3.37@3.39
_
April----- cts.3.40@3.42 August. . cts.3.56 @ 3 .57
M a y ______ 3.43 @3.45 September . . 3.60@3.61
J u n e ----------3.47 @3.49 October_____3.61 @3.65
July...............3.52@3.54
O IL S .— Linseed in moderate demand and steady; city,
raw, American seed, 6 1 @ 6 5 c .; city boiled, American seed,
6 2 @ 6 6 c .; Calcutta, 80c. Lard, prime, 92© 9G c. Cocoanut, Cochin, 1 5 @ lG c .; Ceylon, 1 4 @ 1 4 ^ c .
Corn 7 .8 5 ©
7.90e. Palm , Lagos, 8 % @ 9 c .
Cod, domestic, 5 8 @ 5 9 c .
Cottonseed, winter, 8 .2 5 @ 9 .5 0 e .; summer, white 8 .2 5 ©
9.50c. Spirits of turpentine, 5 5 3 ^ @ 5 6 c .; strained rosin,
common to good, $5 90.
P E T R O L E U M in good demand and again higher; refined
in barrels, $8 6 5 @ $ 9 65; bulk 8 5 @ 8 6 ; cases $10 7 5 © $ 1 1 75.
Naphtha, 73 to 76 degrees, in 106-gallon drums, 3 6 j^ c .;
drums $8 50 extra. Gasoline, 86 degrees, 33c.; 73 to 76
degrees, 2 8 @ 3 1 c .; 68 to 70 degrees, 2 5 @ 2 8 c .
Prices were as follows :
Pennsylvania dark $ 2 15
Cabell----------------- 1 70
Mercer black_____I 65
New Castle______ 1 65
Corning_________ 165
W ooster_________-------.
l 48
North Lima______$1 33 Illinois, above 30
South Lima______ 1 33
d e gre e s.............$1 47
Indian a_________ 118
Kansas and Okla
Princeton________ 1 42
homa _________ 120
Somerset. 32 d e g .. 155 Caddo, 38 deg.and
Ragland..................72c.
......
...................... ...
a
b ove_________
ICO
T O B A C C O .— Firm prices have prevailed and quite a good
business on the whole has been done. The demand has been
for Pennsylvania and Ohio as well as Connecticut and W is
consin. Wrapper is rather scarce. Quite a little business
has been done in old-crop Wisconsin and Pennsylvania, bu
t
[Vol. 101.
there has also been a demand for the new crop, and Wiscon
sin 1915 has been selling at 10 to 15 cents per pound. Cigar
manufacturers are very busy and tho withdrawals of Sumatra
irom bond are large. Havana leaf is in brisk demand and
prices are higher in Cuba.
i
\n fa,ir del? and; Lake 1 9 K @ 2 0 c ., electrolytic
London advanced. Some export business has
been done. Tin advanced on the spot to 3 7 % c ., with Lon
don steady. Spelter advanced to 18c. here, with consider
able excitement and a good demand. London higher. Lead
on the spot here advanced to 5.40c. London stronger and
L&Ler. Pig iron in brisk demand and higher. N o . 2 Phila..
$19 5 0 @ $ 2 0 ; N o . 2 Southern, $ 1 4 @ $ 1 4 50 Birmingham.
Makers are selling for the second half of 1916 delivery at a
dollar advance in some cases. A t Buffalo some 25,000 tons
have resold at a profit of $5 to $6 a ton. There has been a
good demand for finished steel and some sales have been
made for the third quarter of 1916. H eavy snowfalls and
railroad congestion have caused a scarcity of coke. Some
furnaces have paid $2 75 for prompt delivery, a rise of 65c.
within a week. Large sales of Lake Superior ores havo been
made at 75c. advance. Ore shippers have bought about
20 boats in their anxiety over the question of vessel room.
The heavier finished materials have sold at 1.70 @ 1.80c.
1 9 > 2 © A )c .
COTTON
Friday N ight, D ec. 17 1915.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have roached
243,169 bales, against 265,737 bales last week and 208,884
bales the previous week, making the total recoipts since
A u g -1 1915 3,645,796 bales, against 3,820,186 bales for the
same period of 1914, showing a decrease since Aug. 1 1915
of 174,390 bales.
S a t.
Galveston______
Texas City . .
Port Arthur.
Aransas Pass.&c.
New Orleans___
Mobile____
Pensacola____
Jacksonville, &c
Savannah______
Brunswick.........
Charleston_____
Georgetown___
W ilm ington___
N ’port, News. &c
New York______
Baltimore______
Philadelphia___
M on.
11,991
6,578
T u es.
W ed.
T h u rs.
F r i.
1,515
11,863 14,22. 11,371
” - - ” 11,316
—
987
7,105 15]422 11*631 3,754 11,527
3,235
286
1,954
184
-----1*828
5,370 .4,012
3,288 3.968
5,000
1,338 2,078
'716
1.749
619
5.407
474
4,740
434
261
50
7,161
1,286
4,213
—
T o ta l.
10,008 21,753
—
543
—
—
162
3,601
519
3,124
198
—
38
—
214
3.240
203
619
81,209
17,894
543
987
56,000
7,005
1*828
26,301
5,000
8,821
*250 2*238
4.265 24,377
7,148
7.148
192
1,027
349
1,279
1,415
1,415
9
97
50
Totals this week. 39,465 29.688 50,499 33.698 39.577
60,242 243,169
The following shows the week’s total recoips, the total
since Aug. 1 1915 and the stocks to-night, compared with
last year :
1914.
1915.
R e c e ip ts to
D e c . 17.
T h is
W eek.
Galveston_______
Texas City______
Port Arthur_____
Aransas Pass, &c.
New Orleans___
M ob ile _________
Pensacola_______
Jacksonville, &c.
Savannah_______
R runsw ick ______
Charleston______
Gooigetown_____
Wilmington_____
Norfolk_________
N ’port News, &c.
New York______
B oston _________
Baltimore_______
Philadelphia____
S in c e A u g
1 1915.
T h is
W eek.
S in c e A u g
1 1914.
81,209 1,239,533 173.308 1,684,720
17,894 184,586 19,215 154,634
543
17,086
400
987
56,244
1*376
13,126
56,000 680,828 65,088 560,103
7,005
57,046
7,779
77.994
27,407
4,066
1*,828
26,543
1*685
22,766
26,301 620,155 88,097 690,625
5,000
49,000 8,000
54,308
8,821 183,616 22,674 188.137
45
2*238 135,020 7*657
83*469
24,377 307,351 24,695 184,981
29,623
7,148
7,397
63,298
4,739
1.027
2,250
9,039
1,279
*638
7,793
1,415
17,120 2,247
26,181
815
513
97
1.335
B lo ck .
1915.
1914.
334,809
38.929
396,017
29.717
*4*683
375.847
27,707
' *7*577
291,091
45,482
*3*117
225.910
9,000
108,051
'**878
275,746
11,000
119,334
51*533
130,650
*4*7'.157
72,142
311,838
10.711
77*658
7,388
7,135
6,048
T o t a ls ............ 243,169 3,645.796 428,369 3,820.186 1,641.538 1,393,768
6,370
3.383
In order that comparison may be made with otlior years
o n n rn L n ln w
R ec e ip ts at —
Galveston__
ToxasCity,&c.
New Orleans.
M obile--------Savannah __
Brunswick__
Charleston,&c
W ilmington..
Norfolk
N ’port N.,&c.
All others____
f l i n f r itn lci o f Inn flin ty riA nfn
1915.
81.209
19,424
56,000
7.005
26.301
5,000
8,821
2,238
24,377
7,148
5,646
| 1914.
171,308
20,5911
65,088
7,779
SS.097;
8.000;
22,674
7,657
24,695!
7,397,
5,083 [
1913.
50,379
21.029
90,788
24.860
52,394
9,500
13,041
10.822
25,802
6,045
8,135
___
1912.
1911.
1910.
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
36,320
278
25,439
82,392
30,996
76,629
10,869
58,955
5,500
13,618
23,613
31,056
287
27,154
243,169 428,369! 312,795 335,203 471,233 361,069
Since Aug. 1.: 3.645,796 3,820,186 6,508,118 6,764,632 6,983.960 5,866,433
Tot. this week!
T he exports lor tno week ending this evening reach a total
of 147,417 bales, of which 73,218 wore to Great Britain,
21,181 to Franco and 53,018 to tho rost of the Continent.
Exports for the week and since Aug. 1 1915 are as follows :
Dec. 18 1915.!
THE CHRONICLE
Week ending Dec. 1 7 1 9 1 5 .
Exported to—
from —
Great
|ContiBritain . France. nent.A c Total.
From A u g . 1 1915 to Dec. 1 7 1915.
Exported to—
Great
Britain .
Conti
France. nent., A-c.
Total.
Galveston.. 30,238
10,598 40.S36 3S9.627 93,523 237,26S 720,418
___ 100,146 44,162
Texas City.
7,322 151,360
Port Arthur 8,543
8,543
8,706
8,706
Ar. Pass,&c.
13,873
9,722
23,595
NowOrleans 14,470 16,848 22,569 53,891 171,361
50,974 163,215 385,550
5,419
Mobile___
5,419
19,745
Pensacola..
7,000
1,338 28.0S3
5,650 14,213
Savannah.. 8,563
53,170 46,581
80,415 180,166
.
4,700 22,320
Brunswick . 4,700
27,120
4,800
_
Charleston.
22,400
17,050 39,450
Wilmington
....
....
40,201
67,912 108,113
l‘,300 " 2,850
l",300
2,850
New York.
857 4,338 1,252 6,447
19,346 39.S12 164,753 223,911
.
412
4S3
Boston___
895
3,099
5,541
2,442
Baltimore. . 4,126
4,126 41,203
11,400
500 53,103
Philadel’a ..
5,000
5,700
700
San Fran’co
37,016
37,016
__
Seattle___
8,844 8,844
66,014 66,014
Tacoma__
3,622 3,622
40,027 40,027
___
Los Angeles
50
50
Pembina...
—
—
1,761
—
—
1,761
..........
..........
Total___ 73,218 21,181 53,018 147,417 864,392 352,326 897,505 2,114,223
Total 1914. 149,627 34,303 108,478 292,408 978,901
Total 1913. 101,683 23,018136,851 261,552 1,777,922
116,259 936,9S2 2,032,142
726,821 2.375.70S 4,880,451
Note. —New York exports since Aug. 1 include 1,048 bales Peruvian and 285
West Indian to Liverpool and 1,010 bales Peruvian to Genoa.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.
On S h ip b o a r d , N o t C lea re d f o r —
D e c . 17 a t —
New Orleans .
Galveston___
Savannah __
Charleston.. .
M obile__ ____
N orfolk ______
Now Y o r k __
Other ports__
G rG reat
B r it a in . F r a n c e . m a n y .
6,207
35,310
2,476
2,500
100
5,763
500
4,000
2,500
—
—
100
Total 1015. . 51,810 7,476
Total 1914.. 113,412 32,923 3,268
Total 1913. . 76,747 12,914 71,018
Other
C o n t.
C o a st
w is e .
T o ta l.
L e a v in g
S tock.
4,001
992 13,676 362,171
10,594 *24,138 78,572 256.237
2,000 2,000 223,910
3,666
3,000 105,051
400 6,263
21,444
1,640
1.640 129,910
2,000
5,000 306,838
3,000
— — 7,000 119,726
28,595 29,170 117,151 1.524.387
139,938 27.698 317,239 1.076.529
50,875 31,969.243,523 751,057
♦Including 7,000 for Japan.
Speculation in cotton for future delivery has been at times
more active but prices declined sharply on heavy long liqui
dation. That was the case last Saturday and M onday.
Somo prominent bull operators became tired of a market
which would not respond to bullish nows like the Govern
ment ginning report of D ec. 8 and the bullish crop estimate
by the Government on D ec. 10. The truth was that the
market had become overbought, and after a rise of 130 points
within a month, refused to move up further in the teeth of
disappointing exports. Large W all Street and WaldorfAstoria operators wero heavy sellers. In fact, selling came
from all quarters. The weakness was increased by what
looked like a bear raid by W all Street traders. The sharp
note to Austria also had a more or less weakening effect. In
the meantime the short interest had been for the most part
driven in on the rise of $6 50 a bale. There remained on the
short side only the straddle account with Liverpool and
Southern hedges. In such a situation the market was found
to be hollow. This evoked sharp comment on the operation
of the Lever A ct. That A ct, it is claimed, tends greatly to
restrict the freedom of operators here,in the sense that they
do not venture to sell short in the exerciseof their judgment,
as they used to feel perfectly free to do before the A ct was
passed. These restrictions on operations for a decline tend,
it is argued, to deprivo the market of the support of a good
short interest. Everybody can buy under this A ct to their
heart’s content. But not everybody cares to sell short in
tho face of its provisions. Also recent events have seemed
to put tho quietus on talk of an early peace. And latterlv
it has been announced that Austria would not disavow the
sinking of tho Ancona. Such a refusal, it is inferred may
1 ead to a rupturo of diplomatic relations between United
States and Austria. That would not necessarily moan war
between tho two countries, but it would, it is assumed, have
sentimental effect which might conceivably lead to lower
pricos for cotton, partly through tho influence, perhaps, of
the stock markot. Also, of late the exports have not only
boon small but tho spot markets have generally been quiet.
Speculation has fallen off, as is very apt to bo tho case around
tho holidays. Stocks aro largo both at homo and abroad.
M any find it difficult to got around tho fact that this country
loses a foroign markot for about 3,000,000 bales through tho
Anglo-French embargo on cotton shipments to tho Continent
of Europe. On tho other hand, however, Liverpool interests
have bought freely to undo straddles at very profitable dif
ferences— paying in many cases, it is said, 85 to S6 or more
a bale— and largo spot houses have also bought freelv. So
that there was a rally of something over 30 points from the
low level of last Satuiday on such big buying and scattered
covering of shorts. Though exports have been unsatisfac
tory they have increased somewhat at times. And manv re
ports from the South insist, too, that holders of spot cotton
refuso to follow tho recent decline in futures. Manchester
has been firm, and from all parts of tho United States come
reports of brisk sales of cotton goods. Retailers and jobbers’
supplies are said to be only moderate at best and quite
generally small. It is declared, too, that the next ginning
2081
report to be issued on Dec. 20 will be bullish. According
to various rumors the other day, the National Ginners’
figures on the total up to Dec. 12 were 10,319,000 to 10,340,
000 bales, against 10,695,443 in 1910, though, to be sure,
this would make the total for the latest period of, from N o v .
30 to Dec. 12, at least 613,123 bales, against 555,731 in the
same period of 1910-11, when the crop was, roughly, 12,000,
000 bales. To-day prices declined on news about the Aus
trian note and aggressive selling by W all Street and room
traders apparently trying to reach stop orders. Cottonseed
oil mills produced linters up to Dec. 1 amounting to 381,927
bales, against 341,142 in the same time last year and 288,468
the year before. The only buyer of importance was Liver
pool in undoing straddles. There was a report that the
British G overnment has issued an order that the cargoes of
ail British ships arriving at British ports shall be half grain.
It is feared that this may further curtail the exports of cotton
from American ports. Spot cotton closed at 11.95 e., showing
a decline for the week of 55 points. Sales as a rule have been
small.
The official quotation for middling upland cotton in the
New York market each day for the past week has been :
D e c . 11 to D e c . 1 7 —
Sat.
Middling uplands____________ 12.35
Mon. Tues. W ed. T hu rs. Fri.
12.15 12.25 12.30 12.20 11.95
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
1915-C_____11.95
1 9 1 4 ............. 7.40
1913----------- 12.90
3912............. 13.10
1911-------------9.45
1910----------- 15.15
1909. ........... 15.10
1908----------- 9.10
1907-C__
1906____
1905____
1904____
1903___
1902___
1901___
1900____
-.11.90
..1 0.55
..12.20
. . 8.05
..1 2.70
. . 8.70
. . 8.50
-.10.00
1899 c . . . . . 7.69
1898_____ . . 5.81
1897_____ . . 5.8S
1896_____ . . 7.19
1895_____ . . 8.56
1894___ •_. . 5.75
1893_____ . . 8.00
1892_____ ..1 0.00
891.c ______ 7.94
1890________ 9.38
1889............1 0.25
1888________ 9.81.
1887_______ 10.62
18S6________ 9.50
1885________ 9.25
1SS4----------- 11.00
M A R K E T A N D SA LES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how tho market for spot and futures closed
on same days.
Spot M a rk et
C lo se d .
Saturday__
M o n d a y __
T uesday__
Wednesday .
T h u rsd a y .
Friday_____
Quiet, 15 pts.
Quiet, 20 pts.
Quiet, 10 pts.
Steady, 5 pts.
Quiet, 10 pts.
Quiet, 25 pts.
d e c ..
d e c ..
adv._
a d v ..
d e c ..
d e c ..
F u tu res
M a rk et
C lo se d .
SALES.
S p o t.
Barely steady..
Steady________
Barely stead y..
Steady________
Barely steady..
Barely steady..
T otal____
C o n tr'ct
T o ta l.
l '.2 0 6
'200
l'.ioo
1,200
200
1,400
T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as tho afloat, aro this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make tho total the complefo figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
D ecem b er 17—
1915.
Stock at L iverpool_______ bales. 842,000
Stock at L on d on _______________
60,000
Stock at Manchester___________
82,000
Total Great Britain.
Stock at Hamburg__
Stock at B rem en____
Stock at Havre______
Stock at M arseilles__
Stock at Barcelona . . .
Stock at G e n o a _____
Stock at Trieste_____
Total Continental stocks______
1914.
708,000
25,000
54,000
1913.
1912.
889,000 1,179,000
5,009
6,000
108,000
59,000
984.000
787,000 1,002,000 1,244,000
*1,000
*10,000
15,000
9,000
*1,000 *102,000
465,000
477.000
289.000
177,000
382.000
334,000
2,000
2,000
2.000
2,000
32,000
18,000
19,000
20,000
241.000
41,000
34,000
39.000
*1,000
*5,000
14.000
572,000
Total European stocks_______ 1,556,000
India cotton afloat for E u r op e...
33,000
Amer. cotton afloat for E urope.. -404,647
Egypt,Brazil,&c.,afloat for Eur’pe 90,000
Stock in Alexandria, E gypt_____ 2*5,000
Stock in Bombay, India------------ 479,000
Stock in U. S. p o r t s ------------------1,641,538
Stock in U. S. interior towns____1,401,783
U. S. exports to-day------------------14,855
355.000
931,000
901,000
1,142,000 1,933,000 2,145,000
104,000 111,000
43,000
831,274 822,246 1,031,682
48,000
92,000 105,000
*200,000 379,000 306,000
413,000 562,000 415,000
1,393,768 994,580 1,284,949
1,305,404 966,023 834,999
8,083
43,007
48,103
Total visible supply----------------5,855,823 5,345,529 5,992,856 6,213,733
Oi tho abovo, totals of American and other descriptions aro as follows
A m e r ic a n —
:
Liverpool s t o c k ..------------ bales. 600,000
445,000 682,000 1,016,000
67,000
29,000
79,000
37,000
Manchester stock______________
Continental stock.............................*464,000 *265,000
879,000 371,000
American afloat for Europe____ 4 14,647 831,274 822,246 1,031,682
U. S. port stocks..................... ...1 ,641 ,538 1,393,768
994,580 1,284,949
U. S. interior stocks ................. -.1,401,783 1,305,404
966,023 834,999
U. S. exports to-day____________
14,855
8,083
43,007
48,103
Total A m erica n ......................4,593,823 4,277,529 4,465,856 5,123,733
E a s t I n d i a n , B r a z il, <&c.—
Liverpool stock-------------------------- 242,000
263,000
207,000 163,000
London stock--------------------------60,000
25.000
5,000
6,000
Manchester stock---------------------15,000
25,000
29,000
22,000
Continental s t o c k ................
*108.000
*90.000
52,000
30,000
India afloat for Europe.................
33,000
104,000
111,000
43,000
Egypt, Brazil, &c., afloat_______
90,000
48,000
92,000 105,000
Stock in Alexandria, Egypt_____ 215,000 *200,000
379,000 306,000
Stock in Bombay, India________ 479,000
413,000
562,000 415,000
Total East India, &c------------1,262,000 1,168,000 1,437,000 1,090,000
Total American-------------------.4,593,823 4,277,529 4,465,856 1,123,733
Total visible supply__________ 5 ,855,823 5,445.5295,902.8566,213.733
Middling Upland, Liverpool_____
7.47d.
4.44d.
7 .lid .
7 .l id .
Middling Upland, New York------ 11.95c.
7.40c.
12.80c.
13.10c.
Egypt, Good Brown, L iverpolo.. 10.25d.
7.00d.
10.45d. 10.50d.
Peruvian, Rough Good, Liverpool 11.40d.
8.75d.
9-OOd. 10.25d.
Broach, Fine, Liverpool-----------7.10d.
4.15d.
6 * f d . 6 ll-16 d .
Tinnevelly, Good, Liverpool____
7.22d.
4.00d. 6 13-16d.
6 7A d .
♦Estimated.
Continental imports for past week have been 90,000 bales.
The abovo figures for 1915 show an increase over last week
of 169,104 bales, a gain of 410,294 bales over 1914, a de
crease of 47,033 bales from 1913 and a loss of 357,910 bales
from 1912.
THE CHRONICLE
2082
A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items forthe
corresponding period of the previous year— is set out in de
tail below.
F U T U R E S .— The highest, lowest and closing prices at
New York for the past week have been as follows :
Saturday, M onday, T u esday,'W ed’day, T h u rsd'y , F rid ay ,
D ec. 1 1 . D ec. 13. D ec. 14. D ec. 15. Dec. lS .'D e c . 1 7 .
December —
Movement to D ec. 18 1914.
Movement to D ec. 17 1915.
Receipts.
| S h ip - 1 Stocks
Week. | Season. \ Week. | 17.
Receipts.
Week. | Season.
Ship
ments.
Week.
Stocks
D ec.
18.
[Vol. 101
Range____ 12.12Closing___ 12.13-
Ja n u a ry —
Week.
11.86-.001
11.64-.72 11.64-.20
.05
11.85-.86
11.64-.69-----------.07
.20 11.9O-.10
11.98-.07 12.04.14 12.10-.12
12.00-.01 12.05-
Range____ 12.10-.50 11.85-.16 12.00-.il 12.05-.17 11.03-.09 11.70-.91 11.70-.50
Closing___ 12.18-.19 12.16-.17 12.04-.05 12.10 — 11.93 — 11.71-.73------------
February —
Range____
Ala., Eufaula,.
Closing---- 12.31 — 12.29 — 12.15 — jl2.21 — 12.04 — jll.83 — ,-----------Montgomery . 3,608! 89,189 3,488! 82,322; 7,681 140,800! 5,117, 88,182
M
arch
—
Selma
2,027! 48,631 2,634' 32,562' 5,379; 94,617, 5,383 52,467
Range____ 12.33-.75 12.06-.42 12.23-.38 12.28-.41 12.18-.33 11.98-.18 11.98-.75
Ark., Helena.. 2,530! 43,975 1,639' 24,378! 2,292 42,824 1,047; 24,268
12.45-.47 12.41-.42 12.28-.30 12.35-.36 12.19-.21 12.00-.01 -----------Little Rock.. 10,325! 101,935 6,595 47,269 8,365 106,566 6,18! 54,693 A pClosing___
r il —
479 9,605 1,159, 27,635 1,002i 19,086
Ga., Albany__
710, 19.038
Range____
_____
72,713 4,085! 32,768
7,880 84,204 4,742 48,026, 7,062
Athens .
Closing___ 12.54 — 12.51 — 12.38 — 12.45 — 12.29 — 12.10---------------5,053! 82,347 2,782; 32,23lj 12,516! 102,117; 11,470 20,151
Atlanta .
12,276 290,286 6,895 205,952; 16,59l| 286,050 16,307157,140 M a y —
Augusta
Range____ 12.54-.97 12.25-.66 12.47-.61 12.50-.64 12.44- .57 12.21-.43 12.21-.97
1,199 40,687 2,162; 48,248' 6,080 70,875; 2,140 52,640
Columbus___
12.23-.24-----------Closing___ 12.67-.69 12.65-.66 12.49-.51il2.58-.59 12.44.45
415 30,736
872 22,944
M acon.......... 1,256! 36,998 1,028! 14,768'
I
Rome
2,546 47,075 2,140 16,003! 3,038[ 42,916 2,384; 11,381 Ju n e —
Range____
La., Shreveport 4,720; 95,607 3,813! 54,383! 3,505; 104,030| 2,253! 78,248
Closing___ 12.69 — 12.68 — 12.52 — 12.61 —
12.27---------------Miss.,Columbus
852
10,216 1,589 7,26lj 2,040 20,661 1,364! 13,040
Greenville__ 2,680, 55,886 2,454 29,334 3,4211 59,293 1,599, 33,430 Ju ly —
12.33-.55
12 .33-.06
Range____ 12.68-.06 12.33-.77 12.59-.71 12.61-.75 12.55.70
Greenwood__ 4,030, 82,891 4,035 34,983 6,000 93,573 3,000. 44,524
Closing___ 12.77-.79 12.74-.75 12.61-.62 12.70-.72 12.5612.35-.36
—
.57
18,757!
438; 16,264
Meridian___
1,748! 22,116 1,440] 13,546 2,120
900, 15,773!
506 11,898 August —
200 14,400'
Natchez____
1,000! 21,704
Range____ 12.66---------------- —--------- 12.57-.58
12.33-.42 12 ,33-.66
Vicksburg___
1,276 21,019
991 11,903! 2,975! 26,399 1,130 19,054
Closing----- 12.64-.67 12.62-.64 12.49-.51 12.58-.60 12.43-.46.12.22-.25 —
894 18,245 2,204; 32,568 1,095 24,055
Yazoo City.. l,330i 25,132
—
Mo., St. Louis. 29,790 238,626 29,263 14,415 20,199! 230,974 22,945 33,511 ,September
Range........
12.28 — 12.23-.25 12.20 — ------------12 20-.28
3,630.
225
290
---- ,
---528;
230
N.
C., Raleigh.
500
8,138
485|
Closing___ 12.35-.37 12.33-.36 12.17-.20 12.30-.33 12.19-.20 12.05-.07 —
O . , Cincinnati. 11,657! 95,139 7,303 20,967! 9,258; 80,375 8,833 4,450 October
—
907 2,310 1,475; 13,143 1,200 3,484
Okla., Hugo—
529
9,085
Range____ 12.32-.60 11.90-.34 12.15-.23 12.20-.34 12.16-.33' 12.05.20 12
05-.60
158 11,282
985! 12,390
523 12,269|
S.C., Greenw’d
523
15,118
Closing___ 12.35-.36 12.33-.34 12.17-.18 12.30-.31 12.19-.20 12.06.07 —
Tenn.,Memphis' 43,090 573,657 29,955 330,004 40,847| 568,632! 28,874 267,845
2,072
1,275
225!
385
214
3,001|
294!
Nashville___
5,597
655 3,147
609, 11,3311
Tex., Brenham!
712 3,564!
510! 14.038
Q U O T A T IO N S FO R M I D D L I N G C O T T O N A T O T H E R
Clarksville...' 2,028 23.038 2,322 8,895! 1,390! 26,660 1,171 6,250 M A R K E T S .— Below are the closing quotations of middling
Dallas______
5,165 55,343 2,071 8,987! 6,760. 69,549! 5,469, 6,945
Honey Grove. 1,384' 22,558 2,188 2,110 1,435' 19,298 2,543 5,153 cotton at Southern and other principal cotton markets for
Houston____ 87,6471,305,387 75,582 229,529147,5071,553,638139,009167,184 each day of the week.
Paris............. 4,662, 64,541 5,003; 6,987 5,137 59,142 4,322 6,881
Total, 33 towns255,4573,660 ,581206,717 1401783 330,9984,058,802 283,6331305404
The above totals show that the interior stocks have in
creased during the week 48,740 bales and are to-night 96,379
bales more than at the same time last year. The receipts at
all towns have been 75,541 bales less than the same week
last year.
O VER LA N D M O V E M E N T FOR TH E W E E K A N D
S IN C E A U G . 1.— W e give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results forthe
week and since Aug. 1 in the last two years are as follows :
D e c em b e r 17—
S h ip p e d —
via
Via
Via
Via
Via
Via
Via
—
W eek.
St. Louis_________________ ..29,263
Cairo________ ____________ .16,186
Rock Island_____________ . .
431
Louisville________________ . . 6,312
C incinnati______________ . . 5,000
Virginia points___________ . . 5,382
other routes, &c__________ ..12.497
915-------S in c e
A u g . 1.
242,055
176,699
1,167
55,884
52,173
42,626
151,368
1914-------W eek.
22,945
13,203
275
6,253
3,730
4,986
15,798
S in c e
A u g . 1.
214,588
118,294
1,715
52,392
30,875
56,636
145,098
rr vi/A> viirwuiy
D ecem b er 17.
Galveston_____
New Orleans__
M obile...............
Savannah -----Charleston------Wilmington___
Norfolk ............
Baltim ore____
Philadelphia —
Augusta_______
Memphis______
St. Louis______
Houston---------Little R ock___
C lo sin g Q uo ta tio n s f o r M i d d li n g C otton on —
S a tu rd a y . M o n d a y . T u e s d a y . W e d 'd a y . T h u r s d 'y .
12.40
iz.13
11.88
12 %
12
11%
12.25
12 %
12.60
11.75
12.25
12 H
12.40
12.25
12.30
11.94
11.63
12 %
12
12.20
U .82
11.63
12
12
11763
12^
12.40
11.75
12.25
ili63
11.63
12
12.55
11.63
12.12
12 %
12.30
12.25
12 %
12 %
12.50
11.63
12.12
12 %
12.20
12.25
12.20
11.82
11.63
12 %
11%
12 %
12 .2 0
12.25
12.15
11.82
11.63
F r id a y .
1 2 00
12
11.82
11.50
12
12
11.63
12.12
11738
12
12.20
11.50
12.12
12 %
12 %
12 %
11%
n .h
12
1 2 .4 5
12.05
12.25
11.95
12.13
W E A T H E R R E P O R T S B Y T E L E G R A P H .— Advices
to us by telegraph this evening from the South denote that
rain has been quite general during the week, but moderate
as a rule. T h e marketing of the crop has been on a less
Total gross overland________ ..75,071 • 721,972
67,190
619,598 liberal scale.
D e d u c t S h ip m e n ts —
Galveston, Tex.— Weather conditions during the week have
31,713
3,398
37,559
Overland to N . Y ., Boston, & c. . . 3,818
66,589 been variable; unusually warm weather prevailed during the
44,385
8,070
Between interior t o w n s ._____ . . 8,204
82,694
997
56,970 early part of the week, but temperatures liavo dropped con
Inland, &c., from South______ . . 3,607
12,465
161,118 siderably during the past 36 hours, with freezing weather
158,792
Total to be deducted_______ ..15,629
nearly to the coast. The movement of cotton to tho ports
458,480
54,725
Leaving total net overland*_____ ..59,442
563,180
continues steady with but little variation. Froight ratos are
* Including movement by rail to Canada.
on the advance, Liverpool and Havre boing quoted at $3
The foregoing shows the week’s net overland movement and SI 85. W e have had rain on two days of the week,
has been 59,442 bales, against 54,725 bales for the week last the precipitation reaching forty-two hundredths of an inch.
year, and that for the season to date the aggregate net over Average thermometer 57, highest 70, lowest 44.
Abilene, Tex.— W e have had light rain on one day of the
land exhibits an increase over a year ago of 104,700 bales.
i Old
---------- past week, tho rainfall being four hundredths of an inch.
S in c e
I n S ig h t a n d S p in n e r s ’
S in c e
Tho thennomoter has averaged 51, the highest being 74
W eek.
A u g . 1.
W eek.
A u g . 1.
T a k in g s .
.243,169 3,645,796 428,369 3,820,186 and the lowest 28.
563,180
54,725
. 59,442
458,480
Dallas, Tex.— There has been rain on two days of the week,
60,000 1,170.000
. 75,000 1,326,000
to the extent of one inch and one hundredth. Tho thormom377,611 5,534,976 543,094 5,448,666 eter has averaged 53, ranging from 32 to 74.
.
47,365 1,185,265
955.821
. 48,740
Fort W orth, Tex.— There has been rain on two days of the
590,459
.426,351
week, to tho extent of sixty-six hundredths of an inch. The
6,633,931
6,490,797
thermometer has ranged from 32 to 76, averaging 54.
Palestine, Tex.— W o have had rain on two days of tho past
. 84,004 1,208,738 101,640 1,113,134
week, tho precipitation being forty-six hundredths of an inch.
M ovem ent into sight in previous years :
Average thermometer 54, highest 74, lowost 34.
S in c e A u g . 1 —
B a le s .
W eek —
B a le s .
9,177,788 San A n ton io, Tex.— It has rained lightly on one day of the
1913— Dec. 19 .................... ..463,221 1913— Dec. 19................
1912— Dec. 20.......
484,178 1912— Doc. 20.........- ......... 9,209,517
9,300,176 weok, the rainfall reaching eight hundredths of an inch.
1911— Dec. 22______________599,910 1911— Dec. 22..................
N E W O R L E A N S C O N T R A C T M A R K E T .— Tho high The thermometer has averaged 56, tho highest boing 80 and
est, lowest and closing quotations for leading contracts in the the lowest 42.
Taylor, Tex.— W o havo had rain on one day during the
N ew Orleans cotton market for the past week have been as
week, tho rainfall being ten hundredths of an inch. M ini
follows :
mum thermometer 38.
N ew Orleans, La. — There has been rain on ono day the past
S a tu r d a y , M o n d a y , T u e s d a y , W e d ’d a y , T h u r s d 'y ,
F r id a y ,
D e c . 11. D e c . 13.
D e c . 14.
D e c . 15. |D e c . 16. D e c . 17.
week, the rainfall reaching one inch and ten hundredths.
Tho thermometer has averaged 59.
D ecem ber—
Range_______ 11.92-.31 11.75-.89 11.82 — lx .91 — d l.7 5-.8 2 11.55.72 Shreveport, L a. — W e havo had rain on two days of the weok,
P Closing______ 11.95-.96 11.93-.96 11.81-.83 ll.8 8 -.9 0 d l.7 0 -.7 5 11.50-.55
tho precipitation reaching thirty-five hundredths of an inch.
J an u ary—
k. Range_______ 12.02-.39 11.73-.02 11.85-.98 11.91-.03 11.78-.83 11.56Highest thermometer 75, lowest 34.
.78
Closing______ .2.06-.07 12.02.03
.58 Vicksburg, M is s . — There has been rain on two days during
11.91-.92 11.96-.97i 11.7S-.79 11.56M arch —
Range_______ 12.34-.67 12.03.i
l
.35
12.15-.30
12.20-.35 12.10-.27 11.89the
week, the rainfall being one inch and twenty-one hun
Closing______ 12.37-.39 12.33-.34 12.21-.22 12.27-.28i 12 .10-.il 11.89.90
dredths. Lowest thermometer 36, highest 75, average 58.
M a y —
Range_______ 12.56-.89 12.20-.56 12.37-.51 12 43- 57'12 33- 48 12.11-.33
M ob ile, A la . — There has been rain on two days of the week,
► C losin gllH II 12.60-.61 12.55-.56 12.43-.44 12.49-i50 12i33-.34 12.12-.13 to the extent of forty hundredths of an inch.
The thermo
J u ly —
Range_______ 12.7212.34-.70
.00
12.53-.63 12.58-.70 12.49-.63 12.26-.47 meter has averaged 57, the highest being 75 and tho lowest 36.
Closing______ 12.73.75
12.56-.57 12.62-.64 12.47-.49 12.25-.27
12.69-.70
Selma, A la . — Rain has fallen on four days during the week,
O c ta b e r —
The
Range_______ 12.28-.32 12.00-.24 12.10 — 12.17-.21 12.14-.20 12.00-.03 the rainfall being thirty-five hundredths of an inch.
Closing______ 12.27-.29 12.22-.24 12.10-.12 12.20-.21 12.06-.08 11.92-.93 thermometer has ranged from 27 to 73, averaging 48.
T on e—
M a d ison , Fla.— W e have had showers on ono day during
. S p ot_________
Dull
Ouiet
Quiet
Quiet
Quiet
Quiet
Ontions _
. Steady
Steady
Steady
Steady 1 Steady
Steady
the week. Average thermometer 52 , highest 71. lowest 35.
Dec . 18 1915.]
THE CHRONICLE
Savannah, Ga .— W e have had rain on one day of the past
week, the rainfall being fifty-four hundredths of an inch.
The thermometer has averaged 49 , the highest being 72
and the lowest 33.
Charleston, S. C .— There has been rain on two days the
past week, the rainfall reaching one inch and thirty-seven
hundredths. The thermometer has averaged 50, ranging
from 32 to 68.
Charlotte, N . C .— Rain has fallen during the week, the
rainfall being ninety-six hundredths of an inch. The ther
mometer has ranged from 27 to 49, averaging 38.
M em p h is, T enn .— W e have had rain on four days during
the week, the rainfall being one inch and sixty-two hun
dredths. Average thermometer 48, highest 70, lowest 33.
W O R L D S SU P P L Y A N D T A K I N G S OF C O T T O N —
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable ; also the takings, or amounts
gone out of sight, for the like period.
1914.
1915.
C otton T akings.
W eek and Season.
Visible supply Aug. 1______ .
American in sight to Doc. 17-_
Bombay receipts to Dec. 16__
Other India ship’ts to Dec. 16Alexandria receipts to Dec. 15Other supply to Dec. 15*---------
Season.
W eek.
Season.
W eek.
5,686,719
4,633,210
426,351 6,490,797
621,000
650.000
85.000
67.000
400,000
628.000
43.000
64.000
5,157,046
3,176,816
590,459 6,633,931
171.000
34.000
70.000
11.000
312.000
46,000
67.000
1,000
Total supply---------------------- 6,202,070 12,273,007 5,829,505 10,439,747
D e d u c t—
Visible supply Dec. 17________ 5,855,823 5,855,823 5,445,529 5.445,529
Total takings to Dec. 17_a____ 346.247 6.417.184 383.976 4.994.218
278.247 5.120.184 307.976 4.036.218
Of which American___ _____
76,000
958,000
68,000 1,297,000
Of which other----- ---------- * Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces tho total estimated consumption by Southern mills,
1,326,000 bales in 1915and 1,170,000 bales in 1914— takings not being avail
able— and aggregate amounts taken by Northern and foreign spinners,
5,091,1X4 bales in 1915 and 3,824,218 bales in 1914, of which 3,794,184
bales and 2,866,218 bales American.
b Estimated.
IN D IA C O TTO N
M O V E M E N T .— The
receipts of
India cotton at Bombay and the shipments for the week
ending N o v . 25 and for the season from Aug. 1 for three
years have beon as follows :
Week.
Bombay.................. ..........
Exports
from —
Bombay—
1915___
1914___
1913___
Calcutta—
1915___
1914___
1913___
Madras—
1915___
1914___
1913___
1915___
1914___
1913___
Total all—
1915___
1914___
1913___
1914.
1915.
N o v . 25.
Receipts at—
Since
A u g. 1.
39,000
Week.
494,000 18,000
2,000
___
___
7,000
___
—
9,000
22,000
___
___
___
___
___
___
___
___
___
___
—
—
—
—
___
—
—
4,000
1,606
2,000
1,0 0 0
5,000
___ 11,0 0 0
3,000 1,000
27,000
—
Since
A u g. 1.
Week.
86,000 88,000
2,000
22,000
Great
B rita in .
___
—
2,000
5,000
3,000 14,000
—
4,000
27,000
Ja p a n
& C hina.
Total.
78,000 304,000 388,000
43,000 128,000 183,000
5,000 255,000 172,000 432,000
2,000
4,000
2,000
2,000
10,000
1,0 0 0
2,000
3,000
13,000
13,000
_____
—
7,000
1 1,0 0 0
6,000
19,000
28,000
45,000
1,000
1,000
1,0 0 0
33,000
2,000
12,0 0 0
7,000
3,000
13,000
59,000
41,000
63,000
16,000 103,000 338,000 457,000
23,000
73,000 131,000 227,000
13,000 323,000 185,000 521,000
According to tho foregoing, Bom bay appears to show an in
crease, compared with last year, in the week’s receipts of
2 1 ,0 0 0 bales. Exports from all India ports record a gain of
10,000 bales during tho woek and since Aug. 1 show an in
crease of 230,000 bales.
A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S OF
C O T T O N — Tho following are the receipts and shipments for
the woek onding N ov . 24 and for tho corresponding week
of tho two provious yoars :
A le x a n d ria , E g y p t.
N o v em b e r 24.
R ec e ip ts (cantars)—
This week_____________
Since Aug. 1___________
E x p o r ts (bales)—
1915.
1914.
1913.
238,669
2,239,485
326,952
1.428,858
390,000
4,234,959
T h is
S in c e
W eek. A u g . 1.
T h is
S in c e
W eek. A u g . l.
T h is
32s Cop
d.
10*
©
10*
10*
10*
10*
@
©
11* 7 3 @8
1 1 H 6 3 ©8
11 * 6 3 @8
11* 6 3 @8
11 *
11*
n*
©
©
©
12* 6 6 ©8 7
12* 6 9 ©8 10
12* 6 9 @8 10
@
Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week end
ing N o v . 24 wore 238,669 can tars and the foreign ship
ments wero 27,538 bales.
d. 9 d.
11* 7 6
@8
32s Cop
Tw ist.
in gs, common
to fin est.
d. s. d.
No QUO tations
s. d. d. d.
7 * 7.02
3
3
3
4*
8 * 16s. Shirt- Cot’n
M id .
U p l's
s. d.
d.
4 85
6.91
7.01
7.06
7.28
No QUO tatlons
No QUO tations
No QUO tatlons
No quo tations
4.64
4.58
3.44
4.46
7.50
7.66
7.47
No quo tatlons
No QUOtations
No quo tations
4.35
4.28
4.44
SHIPPING NEWS.—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 147,417 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows :
NEW Y O R K — To Liverpool— Dec. 15— Foyle, 857___________ ^857
To Havre— Dec. 14— Ilvington Court, 902__ Dec. 15— Ben
Nevis. 2,400________ ________ _____ _______________________ 3 302
To Bordeaux— Dec. 10— St. Andre, 1,036___________________
1,036
To Rotterdam— Dec. 10— Lock Tay, 101____________________
101
To Genoa— Dec. 11— Maurizio, 1,001________________________ 1,001
'lOO
T o Piraeus— Dec. 9— Themistocles, 100_____________________
T o Venezuela— Dec. 15— Philadelphia, 50___________________
50
GALVESTON— To Liverpool— Dec. 11— Huronian, 11,104-
Dec. 16— Nestorian, 9,930_________________________________21,034
To Manchester— Dec. 13— Victoria de Larrinaga, 9,204
9 204
4 850
To Gothenburg— Dec. 14— Haugastol, 4,850_________
To Barcelona— Dec. 10— Catalina, 5,748____________________
5.748
PORT AR TH U R — To Liverpool— Dec. 11— Belgian, 8,543______ 8,543
NEW ORLEANS— To Liverpool— Dec. 11— Antillian, 1,895
Dec. 14— Atlantian, 6,242________________________________
8,137
To Manchester— Dec. 11— Napierian, 6,342_________________ 6,342
T o Havre— Dec. 11— Exford, 3,964; Mexico, 6,175__ Dec. 16
— Strathford, 6,704________________________
To Rotterdam— Dec. 10— Poeldijk, 150--D ec. 15— Veendijk.
2,104----------------------2,254
To Gothenburg— Dec. 11— Mexicano, 4,000_________________ 4,000
T o Genoa— Dec. 11— M ont Pelloux, 4,105; San Giovanni,
2,461; Whindyke, 8,899_____
15,456
T o Naples— Dec. 11— San Giovanni, 500____________________
500
To Mexico— Dec. 11— Tamaulipos, 250__ Dec. 149— Mexico,
„
100----------------------------- ------------------------------------ --------------350
SAVANNAH— T o Liverpool— Dec. 13— Cayo Domingo, 8,563___
8,563
,___To Genoa— Dec. 15— Monginevro, 5,650____________________
5,650
BRUNSW ICK— To Liverpool— Dec. 16— Orubian, 4,700________ 4,700
NORFOLK— To Liverpool— Dec. 11— Lexington, 1,300__________
1,300
BOSTON— To Liverpool— Dec. 9— Devonian, 225_______________
225
To Manchester— Dec. 11— Ninian, 187______________________
187
To Yarmouth— Dec. 16— Prince George, 483________________
483
B ALTIM ORE— To Manchester— Dec. 6— Manchester Exchange,
1,147__ Dec. 11— Dromore, 2,979_________________________ 4,126
SEATTLE— To Japan—-Dec. 8— Taithybius, 4,156
Dec. 14—
Awa Maru, 4,688________________________________________
8,844
TACOM A— To Japan— Dec. 8— Mexico Maru, 3,622___________
3,622
T otal. — ................................................- .................................. 147,417
G rea t F r e n c h
B r it a in . P o rts .
H o i ---- O lh .E u ro p e — M e z .
la n d . N o r t h . S o u th .
& c. Ja p a n .
101
New Y ork_____
857 4,338
Galveston_____ 30,238
__
Port Arthur____ 8 ,5 4 3
___
New Orleans____14,479 16,843 2‘ 254
Savannah_____ 8,563
__
Brunswick_____ 4,700
__
N orfolk _______ 1,300
__
—
Boston_________
412
__
B altim ore_______4,126
__
Seattle________ ____
____
::::
Tacoma............. ....................
Total .............73,218 21,181
2,355
4,850
1,101
5,748
4 '6 6 6 15',965
5,650
50 ____
'3 5 6
::::
m i
______
______
"483
::::
::::
n i l 8",844
------3,622
8,850 28,464
T o ta l
6,447
40,836
8,543
53,891
14,213
4,700
1,300
895
4,126
8,844
3.622
883 12466 147,417
The exports to Japan since Aug. 1 have been 120,973 bales
from Pacific ports.
C O T T O N F R E IG H T S .— Current rates for cotton from
New York are as follows, quotations being in cents per pound:
Liverpool, Feb., 1.75c.; Manchester, Feb., 1.75c.; Havre, 2.50c.; Rot
terdam, 2.25c.; Genoa, 1.25@1.50c. nom.; Naples, 1.25@1.50c. nom.;
Leghorn, 1.50c.; Marseilles, 2.75c.; Piraeus, 3.00c. nom.; Japan, 2.50c.;
asked; Shanghai, 2.50c.; Bombay, 2.50c.; Viadivostock, 2.c
L IV E R P O O L .— B y cable from Liverpool we have the
following statement of the week’s sales, stocks, & c., at
that port :
Sales of the week__________
Of which speculators took.
Of which exporters t o o k ..
Sales, American___________
Actual export_____________
Forwarded________________
Total stock_______________
Of which American_____
Total imports of tho w eek...
Of which American______
Amount afloat____________
Of which American_____
N o v . 26.
62,000
5,000
5,000
53,000
1,000
90,000
885,000
663.000
83,000
46,000
186,000
125.000
D e c . 3.
56,000
4,000
1,000
48.COO
11,000
84,000
875,000
647,000
86,000
54,000
192,000
135,000
D e c . 10.
65,000
4,000
2,000
48,000
1,000
79.000
859,000
618,000
63,000
31,000
223,000
151.000
D e c . 17.
4,000
73,000
842,000
600,000
60,000
41,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows :
Spot.
Market, (
12:15 1
P. M. 1
Saturday.
Quiet.
M onday.
Good
inquiry.
Tuesday.
Good
demand.
Wednesday.
Thursday.
F rid a y .
Quieter.
Fair
business
doing.
Quiet.
Mid.UpI’ds
7.69
7.55
7.54
7.50
7.53
7.47
Sales . —
Spec.&exp.
6,000
600
10,000
1,000
12,000
1,000
8,000
800
8,000
500
7,000
1,000
Quiet
Steady
Quiet
Quiet
Quiet
Futures.
Market f * © 1 pt. 15@16 pts. 5 * pts. 1 * @ 2 pts. 2@3 pts.
advance.
decline.
decline.
advance.
opened \ advance.
M A N C H E S T E R M A R K E T .— Our report received by Market, f Steady
4
| 2@5 pts.
cable to-night from Manchester states that yarns are very
strongly held and sales are moderate. Cloths are quiet for | P. M. 1 advance.
C ol'n
M id .
U pl's
\ngs, common
to fin est.
Ttcist
Oct.
29
Nov
5
12
19
26
Dec.
3
10
17
1914.
8 * lbs. Shirt-
S in c e
W eek. A u g . 1.
64,536 4,601 30,813 5.000 88,464
To L iverpool...................
44,762 8,041 31,672 9.000 79,503
To Manchester...............50,384 11,721 42,014 19,250 138,026
To Continent and India.
55,140 4,583 25,565 1.250 9,436
T o America____________
Total exports------------ 27.538 214,822 28,946 130,064 34,500 315,429
6,126
10,532
2,998
7,882
N o t e .— A cantar is 99 lbs.
1915.
@FedFRASER