Full text of Commercial and Financial Chronicle : December 2, 1916, Vol. 103, No. 2684

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fin a n c ia l

T ¥ .
o m m e r r ia
IN C L U D IN G

V O L .

Electric Railway Section
State and City Sectiorj

Railway & Industrial Section
Bankers’ Convention Section

Sank & Quotation Section
Railway Earnings Section
S A T U

1 0 3

R D A Y ,

D E C E M

B E R

2

N O .

1 9 1 6
W e e k e n d in g N o v e m b e r

^h xam

C le a r in g s a t —

1916.

PUBLISHED WEEKLY.
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
_.

_ __________ U U

ffat O n o Y ea r .................................................................................. ........................

g oO

iu rop oa n ^ H u b scH p tiou (in c lu a ln g posV agei........... ..................................... 13 gO
7 60
«u ™ E ea S u b s cr ip tio n s ix m onths (in c lu d in g p o s t a g e !..........................
Ann il M u b scrip tfon ln L on don In clu d in g p o s ta g e ).
........................ 1 4 8 ,
S U M o n th s S u b s c r ip tio n in L on don (in c lu d in g p o s t a g e )........................* 1 i f . 8*
Canadian S u b s cr ip tio n (in c lu d in g p o s ta g e .
.....................................$ U 6 0
Subscription includes following Supplements—
j*Aut* » v n oxtotatton (m o n th ly ) I R a il w a y a n d I n d u s t r ia l (3 tim e s y e a r ly )
ratt^w a y *ILuiM N os (m o iith ly ) * E l ec t r ic R a il w a y (3 tim e s yearly)

State

and

CITY (semi-annually) |B ankers* Convention (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

T ran sien t m atter p e r in ch sp ace 0 4 a gate

; || ||

_
. ) T h re e M on th s (13 t im e s )................................. 2 9 0 0
S tan d in g B u sin ess Cards < s i x M on th s
(2 0 t im e s )................................. 6 0 0 0
( T w e lv e M on th s (52 tim e s )................................. 8 7 0 0
C h ic a g o O ffic e - 39 S ou th L a S alle S tre e t, T e le p h o n e R a n d o lp h 739 3,
L on d om o f f i c e —E dw ards & S m ith , 1 D ra p e rs ’ G a rd en s, E. C.
W IL L IA M

H. DAN A

C h icago------------Cincinnati---------C le ve la n d ---------D e t r o i t ------------M ilw a u k e e-------Indianapolis____
C olu m bu s______
T o le d o __________
P e o r ia __________
Grand Rapids—
D a y t o n ------------Evansville---------Springfield, 111..
Fort W ayne____
A k r o n ......... ......
L exin gton _____
Y ou n gstow n ___
R o ck fo rd ______
C a n t o n _______
Q uin cy................
South Bend.
Mansfield
D e ca tu r..
Jackson . .

C O M P A N Y , P u b lis h e r s ,

F r o n t , Fine a n d D epeyster S ts ., New Y o r k .
Published every Saturday morning by W IL L IA M B. D A N A C O M P A N Y
Jaoob Seibert Jr., President and Treas.; George 8. Dana and Arnold O . Dana.
Vice-Presidents; Arnold O. Dana. See. Addresses of all, Oftloe of the Com pany.

Lima . . .
Lansing .
A d rian ____
Owensboro

CLEARING-HOUSE RETURNS.
The following tablo. made up by telegraph, & o.. Indicates tnat the total bank
clearings of all the clearing nouses of the United States f o r t h e w ^ k e n d l n g t ^ d a y
have been J6.622.31i.401, against *6.677,895.082 last week and $4,946,700+40 the
. . . . ____
tv, .. nt u.ri ni mv h a v A/uuH riwi in i .i r w**<*K tills year.
P er
C e n t.

Spokane________

$2,620,003,111
171.412,539
206,333,120
41,481,240
318,083,560
81.420,257
28.105,451

+ 4.0
— 5.1
— 0.7
— 18.8
+ 0.7
+ 14.7
+ 15.0

Oakland____
Sacram ento.
San D ie g o ..

*3,605,834,198
760,198,764

$3,400,908,320
730,402,417

+ 4.0
+ 4.1

Total all cities, five days.
All cities, one day ..................

$4,360,032,902
1,250,278.439

$4,107,310,737
749,419,703

+ 4.0
+ 07.0

Total all cities for w cek.

$5,622,311,401

$4,940,700,440

+ 13.7

C le a r in g s — R e tu rn s fry T e le g r a p h .
W e e k e n d in g D e c . 2.

1910.

1915.

New Y ork______________
B o s t o n ----------- ---------------P h iladelphia-----------------Baltim ore_______________
C h io a g o ------ -----------------St. L o u is -----------------------Now Orleans------------------

*2,739,525,691
162,053.155
201.859.136
33,671.305
339,391.778
93,413,624
32,319.209

Seven cities, five days.
Other cities, five d a y s ...

T h o fu ll d eta ils for tn o wcck cu ve re u uy
^
S a t u r d a y . W o c a n n o t furnish th em t o -d a y , clea rin gs being m ad e up b y th o
clea rin g h ouses a t n oon on S a tu rd a y , an d hen ce in th e a b o v e th e last d a y
o f th e w eek has t o b e In all cases e s tim a te d , as w e g o t o p.ress F rid ay n ig h t.
We present below detailed figures for the week ending with Saturday noon,
N ovem ber 25, for four years. H oliday in week last year,______________________
W e e k e n d in g N o v e m b e r
C le a r in g s a t —

1910.

1915.

I n c . or
D ec.

25.

1914.

1913.

$
%
S
*
4,304,902,850 2,112,524,991 + 103.8 1,158,654,125 1.631,878,002
170.161,222 + 74.4
124,747.308
307.183.972
139,182,393
54,107.861 + 60.9
44,589,760
50.418,814
87,081.031
34.356.915 + 37.3
28,137,497
47,102,742
31.799.702
10,070.488 + 00.9
8,206,014
17,179.201
10,450,329
+ 8.0
4,705,456
5,290,194
5,112,128
0,431,345
7.327,820 + 39.2
6,406,052
10.200.505
6,950,908
4,044,582 + 58.1
3,131,882
3,031,010
0,393.183
+
26.8
2,574.338
2,930,684
3,263,431
2,072,720
2,470.741 + 42.2
2,325.676
3,513,372
2,172,790
1,767,986 + 2 2 .3
1,487.433
1,708,869
2,102,105
+
28.5
1,941.539
1,379.695
1,725,271
2.494.733
1,433.768 + 49.5
1,343.470
1,209,980
2 143.783
2,412.421 + 73.3
1,588,961
1,848,909
4 + 81.961
1,896,028 + 21.6
1,689,540
1,838,317
2i.306.130
852,175 + 13.0
704.030
815,415
968,108
975.830 + 72.5
893.380
947.386
1,682,802
387.455 + 58.9
739,073
651,779
615,151
795,823 + 82.8
620.945
626,865
1,454,090
016,000 + 28.2
514,800
016,400
789.600
454.964
+
38.0
471,440
519,752
611.265
1,360,850 + 25.1
1,153.519
1,200,838
1,710,977
358,054 + 42.7
310,321
511.207
370,003
*

New Y ork ...........
Philadelphia-----Pittsburgh...........
B a ltim ore---------Buffalo--------------A lban y........... —
W ashington.........
R o c h e s te r ---------S cra n ton ----------S y ra cn so ----------R eadin g..............W ilm ington-------Wilkes-Barro-----W heeling. Trenton —
Y ork ...........
E r l o ______
Grconslmrg
Chester —
B ingh am ton-----Altoona . .
Lancaster
M ontclair

Total M lddlo. 4,813,030,990 2,424,178,907
llo s to n _____
Provldenco Hartford —
New H aven.
Springfield..
Portland —
Worcester . .
Fall River . .
Lowell . .
H olyok e.
B a n g or..

242,838.647
9,926,700
10,013.018
5,141,409
3,956,146
2,477,000
4,036,412
2,350,751
1,932.292
987,990
1,017.721
600.00C

157,218,748
7,955,200
5,231,948
2.919,488
2.877,000
1,775.000
2.620.855
1,428,345
1,277.964
694,197
643.505
343.958

+ 98.0 1,397.276,405 1,899,815,117
+
+
+
+
+
+
+
+
+
+
+
+

54.5
24.8
92.0
70.1
37.5
39.0
54.0
64.5
51.3
42.2
58.1
74.5

106,938,701
6,835,800
3,412,075
2.486,520
1.919,518
1,566.740
1,988.516
1.135.525
1.014,386
577.000
753,628
341,549

184.980,211 + 5 4 .2
128.970.033
285,309.046
T o t. New Eng._________
____________________________________________
~ N o t e .— For Canadian oicarlngs see "Com m ercial and M lsedlaneou




138,567,741
7,621,500
4,388,787
2,538,356
2,190,024
1,715.657
2,196,193
1,412,602
1,179.869
683.329
600,281
359,992
163,460,391
Newa.”

Pasadena_____
San Jose......... ..
North Yakima
R e n o ________
Long B each___
Total Pacifio..

1915.

Inc. or
Dec.

25.

1914.

1913.

%
S
S
463.652,197 297,092,703 + 56.1
26,189.550 + 39.7
36,574,032
+
114.9
29,325,533
63,025,009
28,700.608 + 89.0
54,244,102
14.047,512 + 72.8
23,920,515
8,395,287 + 47.4
12,371.463
6,923,000 + 44.4
10,000,000
5,885,647 + 81.7
10,693,095
3,106,735 + 70.6
5,300,000
2,795,723 + 80.9
5,057,350
1,999,423 + 71.1
3,420,146
1,528,843 + 60.3
2,541,876
921.168 + 62.9
1,501.273
1,096,976 + 40.1
1,535,723
2,376,000 + 107.0
4,918,000
736.521 — 15.5
622,421
1,514,308 + 119.3
3,320,088
942,858 + 50.2
1,415,720
1,747,271 + 5 7 .6
2,753,943
677,782 + 55.0
1,050,236
752,067 + 19.8
901,480
646,409 + 37.7
890,235
534,200 + 60.1
855.357
480,402 + 63.1
783.686
412,814 + 81.9
750,977
602,956 + 28.5
775,000
411,585 + 34.6
553.918
440,000 + 59.3
700,938
678,703 + 80.3
1,222,945
216,727 + 84.0
398,231
249,037 + 31.3
327,553
54,363 + 09.2
91,908
249,103 + 57.4
392,876
716.562,293 441,431,879 + 62.3

$
247,462,453
18,795,500
16,548,407
21,613.061
14,503,262
0,518,615
4,531,300
4,084,248
2,909,345
2,518,065
1,500,684
874,104
954.178
1,094,874
1,512,000
581.778
1,077,433
907,149
1,171,458
644,655
678,201
494,332
560,939
392,669
407,662
650,000
324,728
400,000
400,400
222,492
187,159
50.338
294,717
353,466,266

$
262,076,053
21,369,300
21,265.715
21,332,307
13,309,821
6,710,952
6,155,200
4,291,712
3,937,566
2,743,612
2,137,682
984,725
792,247
1,089.059
1,426,000
628,966
1.162,715
1,025,272
1,040,000
576,837
667,290
452.463
551,229
342,115
399,014
429,739
352,387
420,443
369,557
208,831
181,044
54.447
387,505
377,872,411

52,760,560 + 54.0
18,920,824 + 49.9
10,768,87? + 86.4
9,035,120 + 80.4
3,450,166 + 87.7
8,023.705 + 103.5
1,656,676 + 44.0
3.124,63? + 45.1
1,816,677 + 72.C
1,553,990 + 41.?
1,838,02? + 52.C
981,801 + 93.?
840,43? + 18.7
750,000 + 52.?
450,000 + 63.?
250.940 + 87.7
449.094 + 37.4
116,671,535 + 62.6

43,955,183
10,792.034
10,167,160
9,400,000
2,877,595
6.340,137
1,624,737
2,786,297
1,703,908
1,369,969
1,187,008
973,931
672,426
676,316
391,714
209,502
431,375
101,559.292

44,808,307
18,891,311
12,410,048
10,536,670
3,856,358
6,873,795
1,647,043
3,050,173
1,888,306
1,599,247
1,142,241
893,479
826,667
518,254
460,000
320,000
109,722,099

59,582,882
30,407.081
15,304,391
10,391,65?
9,746,17-i
7,396,462
6,207,259
3,633.784
2,380,204
3,020,155
1,239,260
1,885,114
1,161,474
1,269,014
1,428,495
573,925
677,361
315,722
215,581
646,301
1,144,213
1,001,158
547,086
160,174,754

47,607,269
26,076,457
15,587.914
12,412,892
9,301,209
6.429.435
6,160,643
3,752,121
2,718,338
2,805,297
1,357,803
1,706,953
1,312,134
1,350,246
611,698
575,184
656,537
283,611
159,665
308,813
1,130,017
1,128.550
552.406
143,885,222

61,120,899
10,356,351
9,092,015
7,408.960
3,712.916
6,539,284
8,239.315
7.735.833
10,782.366
3.857.349
6,169,289
3,298,119
2,458,000
1,508.366
2,102,321
1,654.029
1,974.143
1,725,819
1,441,710
800,145
2.154.952
3,011,276
2,006.035
259,189
259,454
901,187
1,108,973

10,099,654
21,461,160
11,445,089
8,731,573
3.878.000
10,782,685
7,979,125
8,274,120
15,309,982
6,941,031
6,807,047
4,149,287
3,422,462
2,001,465
2,869,537
1,433.281
2.579,647
2,206,177
2,120,941
1.200.000
1.939.821
4,695.542
2,600.000
401.998
320.223
1.118,013
1.224,132

81.233.158
28,373,000
20.074,501
16,301,061
6,474,861
10,330,435
2,394,247
4,532,121
3.124.095
2,202,367
2,793.413
1,902,175
997,670
1,146,75?
737.48C
470.522
617.667
189,705,535

75.891,880
30,596,72!
17,510,30!
15.023,491
11,957,02!
11,329,221
6,466,970
4,426,92?

+ 69.8
+ 28.^
+ 54.2
+ 30.5
+ 55.<
— 1.2
+ 8 4 .:
+ 46.0

T o t . o t h . W est.

128,843,908
39,282,387
27,000,000
19,607,111
18,530,355
11,198,306
11,920,23;
6.463.34!
4,984,573
6,474,366
2,174,872
3,129,074
2,167,325
1,769.539
2,149,385
1,316,423
595,855
612,026
402,224
1,081,748
2,068,000
1.954,156
1.200.869
293,926,079

3,435,648
1,347.608
1,957.681
1,117,554
1.348,942
2,177,036
674,698
409,450
309,230
216,480
1,047.981
1,402,910
1,294,077
735,583
193,425,965

+ 59.3
+ 01.4
+ 60.0
+ 93.9
+ 31.2
— 1.3
+ 95.2
+ 45.4
+ 98.1
+ 86.0
+ 32.4
+ 47.5
+ 51.0
+ 63.2
+ 52.0

S t . L o u i s ---------N e w O r l e a n s ..
L o u is v i ll e ______
H o u s t o n __________
G a lv e s to n .
M e m p h is ...
F o r t W orth
R ich m o n d .
A t l a n t a ___
Savannah N a s h v ille . N o r f o l k ...................
B irm in g h a m
A u g u s t a ------J a c k s o n v i l l e _____
K n o x v i l l e _________
L it t l e R o c k ______
C h a t t a n o o g a _____
C h a r le s t o n
M o b i l e ____
O k la h o m a .
M a e o n ____
; A u s t i n ____
V ic k s b u r g .
Jack son . . .
M uskogee .
T u l s a _____
M e r id ia n .

128.778.926
42.979,816
18,818.787
14,827.066
7.936.120
16,463,545
13,880,848
26.000.000
30.874,906
9,850,256
10,533,883
7,328.558
3,330.132
3,978.127
3.500.000
2,139,319
4,757,983
4,455,404
3,225.743
1,173.994
6,561,349
7.261,786
2.500.000
313,042
489,178
1,894,670
4,837.370
321.200

76,087,015
20.718.749
13,486,762
11,550,602
4,740,000
8,620,367
8.906,396
13,475.725
16.010.932
4,422.314
6,125,110
3.947.090
2,797.644
1,739.167
2,440,360
1,822,719
2,622,582
2,119,837
1,795,096
825,000
2,758,300
3,201,208
1,567,753
275,087
356.144
1,116,363
1,684,808
316,600

+ 69.2
+ 107.4
+ 31.1
+ 28.4
+ 67.4
+ 91.0
+ 55.8
+ 92.9
+ 92.8
+ 122.7
+ 72.1
+ 85.7
+ 19.1
+ 12.8
+ 43.4
+ 17.4
+ 81.4
+ 110.2
+ 80.0
+ 42.2
+ 137.8
+ 126.8
+ 69.5
+ 13.8
+ 37.4
+ 69.7
+ 187.1
+ 1.5

O m a h a _____
.
S t . P a u l ____
.
D e n v e r _____
.
D u l u t h _____
.
S t. J o se p h .
.
D e s M o in e s
S io u x C i t y .
W i c h i t a ...................
T o p e k a __________
L in c o ln __________
D a v e n p o r t -----------C ed a r R a p id s —
F a r g o . . ........... —
C o l o r a d o S p r in g s
P u e b lo . . ,
F rem on t
H a stin g s
A b erd een
W a te rlo o
H e le n a ..
B i ll in g s .

2 6 8 4

166,738,295 204,791,992
Total Southern 379.012,008 215,529,730 + 75 9
Total all............ 0,678,145,951 3.570.215,387 + 8 6 7 2,308,185,105 2,891,653,232
Outside N . Y . '2.373,243,101 1,463,690,338; + 6 2 .1 1.149,3307980 1,259.674.630

2014

THE

C H R O N IC L E

[Vol . 103.

funds “ which should be available for short credit
facilities to our merchants, manufacturers and farm­
A mild criticism upon the action of the Federal ers.” If this is so, would it not have been better
Reserve Board in admonishing banks throughout policy if the institutions offending against good bank­
the country against purchases of the Treasury ing practice had been privately admonished and re­
bills of foreign Governments would be that the quested to discontinue the habit? The objection to
Board has been unfortunate in the manner and the rather theatric course pursued by the Reserve
method of its pronouncement. It is stating a mere Board is that it has served to cast discredit on finan­
truism to say that a large part of the assets of cing of this character, whereas it can, when properly
mercantile banks should be in liquid form. Hence handled, be of great aid in facilitating trade, as the
when in times like the present, when no one knows members of the Reserve Board have themselves so
what a day may bring forth—when a large part of frequently shown. The discredit has been empha­
the world is in arms against one another and financing sized by the further declaration of the Reserve Board
of an extraordinary nature is necessary on the part that “ it deems it its duty to caution the member
of all the combatants to maintain the struggle—a banks that it does not regard it in the interest of the
warning like the following seems natural: “ The country at this time that they invest in foreign treas­
Board feels that member banks should pursue a ury bills of this character.” That is, the banks must
policy of keeping themselves liquid; of not loaning not buy such treasury bills at all. Is not this going
down to the legal limit, but of maintaining an excess too far? Was not such an unqualified barring out
of reserves. . . . The Board believes that at this of this method of financing trade requirements cal­
time banks should proceed with much caution in culated to have the precise effect it is now seen to
locking up their funds in long-term obligations or in have produced ? To complete the work of discredit­
investments which are short term in form or name, ing foreign obligations—not merely short-time notes
but which either by contract or through force of or bills, but foreign Government obligations of all
circumstances may in the aggregate have to be re­ kinds, the Reserve Board makes a final statement
newed until normal conditions return.”
calculated to act as a deterrent even on the investor
Certainly no exception can be taken to this, either who may have been contemplating purchasing
as a statement of facts or an enunciation of princi­ foreign securities. The Board after saying it “ does
ples. But the Reserve Board did not stop there. It not consider that it is called upon to advise private
indulged in further observations, and these were investors,” goes on to advise them anyway by
more invidious, showing that the Board had in mind taking “ occasion to suggest that the investor
the specific Treasury bills which it was proposed to should receive full and authoritative data, particular­
negotiate for the British and French Governments. ly in the case of unsecured loans” &c.
That appears plainr notwithstanding the Board took
Is it any wonder in view of all this, and bearing in
pains at the outset “ to disclaim any intention of dis­ mind that the statement was recently made by a
cussing the finances or of reflecting upon the financial British Treasury official that Great Britain had to
stability of any nation.” In other words, the Board arrange for payments of $10,000,000 a day in the
went on to say:
United States—is it any wonder in these circum­
stances that the pronouncement has proved highly
“ While the loans may be short in form and, sever­ disturbing? What has happened? All classes of
ally, may be collected at maturity, the object of the foreign Government securities have depreciated in
borrower must be to attempt to renew them collec­
tively, with the result that the aggregate amount price, and J. P. Morgan & Co. have been instructed
placed here will remain until such time as it may be to withdraw the British and French Treasury bills
advantageously converted into a long-term obligation. from sale. This means of paying for the immense
It would, therefore, seem as a consequence that British and French trade purchases is therefore rend­
liquid funds of our banks, which should be available ered unavailable. Judiciously applied, the practice
for short credit facilities to our merchants, manufac­ could not have failed to be beneficial. Injudiciously
turers and farmers, would be exposed to the danger applied, of course, it would have had the seeds of
of being absorbed for other purposes to a dispro­
portionate degree, especially in view of the fact that danger in it. The Reserve Board has visited
many of our banks and trust companies are already wholesale condemnation by proscribing the prac­
carrying substantial amounts of foreign obligations, tice altogether, which is to be regretted. One
and of acceptances which they are under agreement other thing has happened as a result of the action
to renew.
of the Reserve Board. Grain prices have sharply
“ The board deems it, therefore, its duty to caution declined and cotton has also fallen off. This we
the member banks that it does not regard it in the regard as wholesome, for to our mind there is greater
interest of the country at this time that they invest
danger in loans upon warehouse receipts, which the
in foreign Treasury bills of this character.
“ The Board does not consider that it is called upon Board has in every way been encouraging, with cot­
to advise private investors, but as the United States ton at 20 cents a pound and wheat at $2 00 a bushel,
is fast becoming the banker of foreign countries in all than there is in the judicious acceptance of British
parts of the world, it takes occasion to suggest that Treasury bills which never have failed of redempthe investor should receive full and authoritative tion’ when due.
Should the decline in wheat and
data—particularly in the case of unsecured loans—
cotton
be
continued,
as a result of the Board's
in order that he may judge the future intelligently
in the light of present conditions and in conjunction action in ruling out Treasury bills as a means of
payment for foreign purchases here, it may turn
with the economic developments of the past.”
out that the Reserve Board has after all rendered
The foregoing deserves to be carefully studied. It a service to the community, but in a way hardly
says that “ many of our banks and trust companies counted upon.
are already carrying substantial amounts of foreign
obligations and of acceptances which they are under
Canada's foreign commerce, in common with that
agreement to renew” and that this threatens to tie up of the United States, has shown very decided expanTHE FINANCIAL SITUATION.




Dec. 2 1916.]

THE CHRONICLE

sion in recent months, in which higher prices have,
of course, played an important part, but without
being the leading factor. The latest returns— those
for the month of October— cover an export total of
$113,949,989 which, though falling below the aggre­
gates of several preceding months, is 21 million
dollars in excess of that of October 1915 and more
than double that of 1914. Furthermore, the out­
flow for the seven months of the fiscal year (April 1
to Oct. 31 1916, inclusive), reached no less than
$841,494,743, comparing with only $410,788,280 in
1915 and but $265,806,045 in 1914. Imports, too,
have been of greatly increased magnitude, although,
quite naturally, not gaining in as great a ratio as
the exports. For the month they were $71,196,552,
against $39,515,144 and $35,113,730, respectively,
one and two years ago, and for the period since April
1 they total $462,191,795, against $253,015,043
and $286,801,817. As in the United States, the
favorable, or export, balance this year has risen to
phenomenal proportions. It reaches for the seven
months $379,302,948, against $157,773,237 in 1915,
and an import balance of $20,995,772 in 1914.
Labor in general, and the Child Labor Law in
particular, largely engaged attention at the recent
semi-annual meeting of the Southern Textile Asso­
ciation, held at Columbia, S. C ., but technical sub­
jects were in no sense neglected. President Heymer
in his annual address struck the keynote to the sub­
ject in stating in effect that the mills the last year
were brought face to face with a situation rarely
experienced. The ability and resourcefulness of
the management was taxed to meet the need for
more operatives due to the increased demand for
cotton goods, and in numerous mills the adoption of
a continuous system of operation was forced. Re­
ferring to the Child Labor Law, as another phase
of the labor question that will have to be faced soon,
as it is to go into effect next fall, M r. Heymer sug­
gested its careful consideration and free discussion
by the members. Personally, he said, he had given
the question much thought, but had been unable
to see any great advantage the child receives by
being prevented from following its inclinations
to lay the foundation for its future career when a
child is ambitious, usually between the a;:es of’ 14
and 16. He expressed himself as favoring a National
Compulsory Education Law, whereby a child must
receive early training through a school term of say
eight years, assuring, he intimated, a more efficient
class of operatives in all branches of industry.
Mr. Heymer apparently thinks little of the Alabama
law that requires eight weeks attendance at shcool
by children between the ages of 14 and 16 before
they can be employed in any manufacturing estab­
lishment.
M r. J. M . Davis, Supt. of the Newberry (S. C.)
mills in his remarks fittingly supplemented those
of the president as regards the Child Labor Law.
He said that his mills had already begun a process
of adjustment. The children under 16, of whom
quite a number are employed in the mills, arc now
working only eight hours a day, being employed as
learners and cleaners in the spinning room, doing
work formerly done by the regular spinners, and
thus becoming proficient against the time when they
are old enough to take on regular work as spinners.
In the meantime the spinners are enabled to run
more machinery.
Intimately related to the sub­




3015

ject of labor itself the address of Mr. C. H. Strick­
land, Supt. of the Belton (S. C.) mills on “ Manage­
ment of Help in a Cotton M ill” proved very inter­
esting. The pith of his remarks was that those in
charge should endeavor to inspire every operative
with a desire for promotion, as in doing so they
not only impart the idea of something to work for,
but also cultivate an ambition todosomething. The
result would be that in the course of a few years
there would be a force of help second to none, all
doing the best they can on the assurance that when
openings for better jobs occurred he who has fitted
himself for the task will secure promotion, and not
necessarily the one who has been at the mill the
longest. It is only proper to say that Mr. Strickland
gave an excellent illustration of what will make
for efficiency in the cotton mill, but his ideas have
a much wider application— in fact in all directions
where ability, service and ambition are recognized
as the proper aids to advancement.
From various sources reports are being received
of peace movements. To date there is certainly
nothing tangible. N o little importance was attached
early in the week to a proposal to that effect by
Jacob H. Schiff, of Kuhn, Loeb & C o., though it has
since appeared that M r. Schiff's suggestion did not
contemplate a move for immediate peace, it .being
recognized that the time is not propitious for this at
the present moment.
An indication that there
may be some basis for the indefinite suggestions of
peace negotiations— some fire where there is so much
smoke— is contained in a wireless report from Berlin
giving extracts from an address before the Reichstag
by the German Imperial Chancellor, Dr. Yon Bethmann-Hollweg, on Wednesday. The Chancellor an­
nounced frankly that Germany was ready to end the
war “ by a peace guaranteeing the existence and
future of the nation.” Obviously, this indicates
slight, if any, change from preceding statements,
since there not unnaturally will be wide difference
of opinion as to what conditions are necessary to
guarantee such existence and such future. The com­
ment of the English press seems to agree that such
indefinite peace talk is the product of a German
propaganda designed to create a position wherein
the moral responsibility for continuing the war will,
in the eyes of neutrals, be placed upon the Entente
Powers. In part the Chancellor said:
“ The war continues with its destructive forces.
Accordingly, our enemies desire it. They celebrated
the past summer as a period of victory. But did they
obtain what they wanted? Our lines are unbroken,
and Rumania, through whom a great change of
events was expected, is now atoning for what she did.
God has helped us up to the present. He will help
us further. The almost superhuman heroism of our
troops, which cannot be expressed in words of thanks,
and our clear conscience, since we, the first and only
ones, were ready and are ready to end the war by a
peace guaranteeing our existence and our future—
they give us moral right to such confidence. But,
gentlemen, this right ought not make us forget duty.
Our enemies do not yet desire peace. They have su­
perior numbers at their command and almost the
whole world delivers war material to them.”
The Chancellor urged the necessity of Germany
doing everything in her power to manufacture the
necessary war material and declared that “ hands that
are idle assist the enemy.” The Chancellor was
advocating the Government’s Man Power Bill, a

30 16

THE CHRONICLE

measure that he said had been discussed with the
interested trades, and with the Reichstag main com­
mittee and was in harmony with the patriotic spirit
shown by the whole nation since the beginning of the
war. The bill seeks to incorporate into the direct
service of the Empire all males between the ages of
17 and 60.
The London “ Times” quotes a dispatch from its
Rotterdam correspondent intimating that Prussian
peace emissaries had arrived in Holland. The dis­
patch avers that “ certain German personalities with
international connections have arrived in Holland for
the purpose of getting in touch with pacifist propa­
gandists.”
The London “ Daily Mail’s” Rotterdam
correspondent describes these propagandists as
“ politicians of various countries.” Financial Lon­
don’s positive attitude regarding American talk of
neutral efforts to force an ending of the war, quoting
the London correspondent of the “ Evening Post,” is
that continued barbarities of the enemy makes it
impossible even to consider peace on any such basis
as is being suggested. “ The unlawful persecution of
Belgium by the German authorities is, to our mind,”
continues the correspondent, “ the best [commentary
on the actual prospects of peace; at least until
Germany’s military power is broken. The Rumanian
campaign shows that there is no early probability of
that, and suggests a further protracted struggle,
despite the unquestionably bad economic situation
in Germany. The character of that situation is
strikingly indicated, as the city sees it, by Germany’s
avoidance of increased taxation, even in the midst of
superficial war prosperity, and by the withholding
of public revenue and expenditure figures from publica­
tion. We feel that the effort of German officials
to obtain sympathy through the wholly false picture
of the Allies as aggressors desiring to destroy the
German people, is largely back of the talk of peace.”
The pro-German position of King Constantine of
Greece once again is indicated clearly by his refusal
to accede to the demands of the Entente Powers that
all guns and ammunition of the Greek army be surren­
dered. The Allies, according to an Athens dispatch
under yesterday’s date, are ready to land their
troops at Piraeus, the port of Athens. The Greek
Government has resumed control of the post-offices
and the telegraph lines in Athens, expelling the
French control officials. The French Vice-Admiral
has declared that he will insist on absolute compliance
with the demands of the Allies, landing French,
Italian and British detachments at all points neces­
sary. “ I will endeavor to avoid bloodshed,” he is
quoted as saying, “ but will fulfill my mission thor­
oughly.” Another correspondent quotes the Vice­
Admiral as saying he could see no reason why the
arms would not be given up quietly, inasmuch as he
has ample forces and some of the most powerful
artillery in existence at his disposal. Dispatches
from Athens declare that the resignation of the
. Cabinet is imminent.
Things certaily have been going against Rumania
from the military standpoint this week. A junction
has been reached between the Teutonic forces under
Field Marshal von Mackensen and General von
Falkenhayn. The forces of the former are virtually
within shelling distance of the southern forts which
protect Bucharest, Rumania’s capital. Driving along
the railroad leading north from Giurgiu, von M ack-




[Vo l . 103.

ensen has captured the town of Tzomana, 16 miles
south of Bucharest. Meanwhile, the army of Gen­
eral von Falkenhayn is keeping up its pressure against
the Rumanians west and northwest of the capital,
and has forced the latter to fall back to Glavatziotzu,
37 miles from Bucharest. Farther north they have
captured the town of Campulung, thus opening the
way for unrestricted advance of additional troops of
the Central Powers through Torzburg to pass into
Wallachia. But the Russians have at last begun
a strong offensive on the rear of the Teutonic forces
and have already made large gains in the region of
Kirlibabo. The Rumanians, too, on the north and
northwest fronts have made progress in the Buzua
and Prarova valleys. Most of the Russian army
concerned in the new offensive is understood to have
been withdrawn from Galicia as a special method to
aid the Rumanians. Turkish troops are reported to
have checked strong Russian attacks on the Ziota
Lipa River in Galicia. Extremely unfavorable
weather explains a slowing down of operations on the
western [front. The big guns of the belligerents in
France and Belgium still are active at various points,
but the only infantry engagements reported recently
have been those reported near Ypres, where, in an
attack on a two-mile front, the British were repulsed,
according to Berlin. Both Berlin and Sofia record
a repulse of Entente attacks in the region of Monas­
t i c Serbia, where rain and fog are hindering opera­
tions.
British warships in the vicinity of New York, but
outside the three mile limit, have several times this
week sent messages broadcast that German sub­
marines have been discovered along the Atlantic
coast of the United States and advising vessels to
avoid the usual routes of travel and also to avoid
using lights at night as far as possible. Thus far
there have been no losses reported as a result of the
presence of these underwater boats. In European
waters, however, undersea warfare is being conducted
with increased activity. Admiral Sir John R .
Jellicoe, Commander of the British fleet, was on
Wednesday appointed First Sea Lord of the British
Admiralty, havingbeen[succeeded in command of the
Grand Fleet by Vice-Admiral Sir David Beatty, who
commanded the British battle cruiser sq uadron in the
Jutland naval battle. Admiral Sir Henry D . Jackson,
the present First Sea Lord, has been appointed
President of the Royal Naval College of Greenwich.
The announcement of the change in command of the
British Grand Fleet was made in the House of Com­
mons by A. J. Balfour, First Lord of the Admiralty,
who said that there would be consequential changes
in the Board of the Admiralty.
The American ship Chemung has been torpedoed
and sunk near Cape de Gata, Spain. The crew has
been landed at.Valencia by a Spanish steamer.
Great Britain and France both have denied safe
conduct to the new Austrian Ambassador to the
United States, Count Tarnowski, on the broad
ground that diplomatic representatives of the Central
Powers have generally exceeded their authority in the
discharge of duties. Thus far our own Government
has, merely repeated the request of Germany and
Austria for such safe conduct, and has made no
specific request on its own account. It is understood
that such specific request is to be formally made and
is expected to be granted. Another air raid on the
northeastern coast of England took place on Monday
night. No important casualties were reported

Dec. 2 1916.]

THE CHRONICLE

and two of the raiding Zeppelins were brought
down
by British air defense
guns.
The
crews of the airships were killed by the fall. During
this year there
have been
26 air
raids
over England.
Official figures show that they
have cost the lives of 193 non-combatants and 476
non-combatants have been injured. The German
submarine commander who sank the British horseship Marina with the loss of six Americans, has
reported to his Government that he took the vessel for
a transport. Germany has asked the United States
for information of the status of the ship, and is,
it is stated, ready to offer amends if the Marina was
entitled to immunity.
The Mexican-American Joint Commission, after
twelve weeks of discussion, reached agreement on
Friday of last week regarding the military control
of the line dividing the two countries. The protocol
provides for the withdrawal of General Pershing’s
column within forty days, unless new bandit raids
occur in that time. In that case United States
troops are to have the right to pursue and disperse
bandit forces. The United States gains the right
to pursue into Mexico bandit forces which cross the
border. The importance of this agreement measur­
ably disappears, however, when it is considered that
Villa has started on a new campaign and is driving
back the Carranza forces in the north with com ­
parative ease. After a four days’ battle with the
bandit leader, 700 of Carranza’s troops who had
been driven from Chihuahua City by Villa yesterday
arrived at Juarez. The dead, they reported, were
piled in the streets of that city; oil had been sprinkled
on the bodies and when the defeated Carranzistas
fled “ funeral pyres” were lighted on all sides. Villa
is reported to have been seen in the streets of Chi­
huahua, appearing much thinner and older than before
his disappearance after the attacks over the American
border which brought on the American punitive
expedition into Mexico. Later reports state that
Villa has been defeated at Chihuahua.
The London market for securities has indicated
distinct irregularity, the news from Rumania es­
pecially being discouraging, while the warning sent
out by the Federal Reserve Board at Wash­
ington cautioning banks against investing too
heavily in foreign Treasury bills, was also an un­
looked for surprise. An Associated Press corres­
pondent cables that the general feeling among
business men in London is that the Entente Powers
are such good customers of the United States that
they can reasonably expect all possible accommoda­
tion in methods of payment; also that Great
Britain’s financial standing remains so high that
all classes of Government securities should be ac­
cepted in America, even under the present circum­
stances, about as readily as American securities
would be taken in London. The Government’s plan
to distribute Treasury bills in America has attracted
a certain amount of criticism both in Parliament and
by financial writers on the other side, though the
criticism seems to have been based almost exclusively
on the argument that the Government was to pay
a higher rate of interest than the standing of its
credit necessitated, and that large issues of Treasury
bills would tend to depreciate prices of other securities.
Commenting on the proposal to offer British Treasury
notes on the^New^York market, the financial editor



2017

of theLondon 1*Evening Standard’ ’ said on W ednesday:
“ We sincerely trust that the advisers of the
Treasury have not consented to the proposal to raise
money in New York on short-dated dollar Treasury
bills without giving the matter their fullest considera­
tion.
“ It ought now to be possible to raise a loan in New
York on a permanent basis and without any other
security than the credit of the British Government.
It is very undesirable that the floating debt should
be increased in the manner suggested. It is by no
means certain that the operation will be any cheaper
than if it were arranged in any other form, and it gives
New York an opportunity of playing battledore and
shuttlecock with British credit.”
Other correspondents earlier in the week declared
that a long-date loan in America would be preferred
by London financial circles to short-term Treasury
bills. The British Treasury at the present time is,
it is said, easily raising all necessary funds on short­
term obligations.
Transactions on the London Stock Exchange have
been very backward during the week, being confined
in large measure to provincial buying of industrials,
a feature of which was a Liverpool demand for Cunard shares which now are quoted at £5 on a par value
of £1. Rumanian oil shares were weak features in
the trading and Allied bonds were depressed under
the leadership of consols, which closed at 55)4>
against 5 5 % a week ago. Argentine rails also were
under pressure, reflecting the poorer crop outlook,
though this weakness was checked during the closing
days of the week. Peace suggestions via New York
are said to be attracting attention in London, but it
is known that they will receive no encouragement in
responsible quarters. Members of the Cabinet are
to tour the country during the next Parliamentary
recess in an endeavor to neutralize the pacifist propa­
ganda carried on by present peace advocates in
London. They may also defend themselves against
recent newspaper attacks. Estimates made in re­
sponsible quarters place the probable yield from the
excess profits duty at £150,000,000, which is a sub­
stantial margin over the Chancellor’s own estimate of
£86,000,000. Several minor capital issues are im­
pending. The Smithfield & Argentine Meat Co. is
about to place on the market 300,000 £1 shares at a
premium of three shillings. The Union Cold Storage
C o., too, has issued a prospectus announcing an issue
of £350,000 debentures, 4 ^ % , and £400,000 6 %
preference shares. All these are required by the ex­
pansion of war business. The revenue of the United
Kingdom last week was £6,842,000 and the expendi­
tures £30,497,000. Outstanding Treasury bills were
increased £11,368,000. Sales of Exchequer bonds
were £10,192,000, and of other war issues £1,234,000.
Anglo-American loan debits and credits aggregating
£60,000,000 also were included in last week’s ac­
counts. The regular monthly comparison of Stock
Exchange values published by “ The Bankers’
Magazine,” giving the aggregate value of 387 securi­
ties dealt in on the London Exchange, shows a
decrease for the month ended N ov. 20 of £33,300,000,
or 1.2% , which compares with a reduction during
the previous monthly period of £65,308,000, or
3.3% . British and India funds are £13,397,000, or
2 .5 % lower; foreign government stocks are £7,425,­
000, or 1.3% lower. British home railways are
£2,825,000 lower, or 1.4% . American rails (for an
aggregate of seventeen issues), £3,320,000, or 0.9% .
The aggregate value on N ov. 20 was £2,797,782,000;

2018

THE CHRONICLE

[Vol. 103.

one year ago it was £2,968,459,000, and on July 20 already being found in France itself in such important
1914 (virtually the outbreak of the war), £3,370,­ enterprises as chemical industries. It is not the
709,000.
same for the multitude of small manufactories which
have been turned over during war to the national
The British Board of Trade, under the Defense defense. These smaller manufacturers have been
of the Realm Act, took over control of all the coal enabled to turn to the making of munitions of war, by
mines in South Wales yesterday as a result of the advances made to them by the French State Treasury,
necessity which appeared so imperative of prevent­ which was authorized by the law of Sept. 1 1915 to
ing a trade dispute from interfering with the coa use for this purpose the proceeds of the war loans.
supply. Earlier in the course of the war the Govern­ But where, it is asked, will the small manufacturer,
ment had taken steps to control the price of coal to on whom so much of the recuperation of France will
some extent, but from the beginning of the war depend, get the capital to recover his former position
there has been trouble in the South Wales coal fields and to enlarge it? It has been seriously proposed
arising from the constant conflict between the coal that the State war loans already used by such manu­
miners and the owners on the question of wages. facturers shall continue, and thus become State indus­
A year ago David Lloyd George, then Minister of trial loans with the coming of peace. The truth is,
Munitions, had to interfere and concede to the the correspondent concludes, that when the war ends
miners a 15% bonus, despite the opposition of the France, like the other belligerent nations, on account
owners. But, with the continually rising cost of of the enduring burden of money exchange, will be
living the men contended that they were entitled obliged to extend her exportation and limit her im­
to a further bonus and that the great war profits ports— with a view to paying as little as possible
the owners admittedly were making justified their abroad. The effort to draw gold back to France,
demands. Hence, they demanded another 15% through after-war tourists, has already been begun, and
increase and an independent audit of the coal owners’ the State is helping to organize it more completely.
books, with a view to making the relation of wages But there is something which may have been over­
to profits the same as before the war. The owners shadowed by the Protection scare in America— the
especially objected to an audit, on the ground that it abrupt change of war mills to peace factories has to be
was unprecedented and unreasonable.
provided for. There must be new industries found
and old ones must be taken up again and developed
On the Paris Bourse the week has been a dull one, with a particular view to shutting off any need of
with few outstanding features. The Budget Com­ recurring to the present enemy countries.
mission has recommended the following fiscal changes
in France for 1917: Double taxation on clubs,
In Germany a general curtailment of railroad
billiards, game preserves, and horse vehicle lines; traffic, due to the requirements of the army in the
increased taxation on dogs, coupons, alcoholic bever­ matter of rolling stock for the transportation of
ages and tobacco; raising of the income tax from troops and a desire to save coal went into operation
2 to 5 % , and an increase in the domestic postage rate yesterday. Train schedules have been revised to
from 10 to 15 centimes. It is estimated that, if these eliminate all service that can be readily dispensed
proposals are adopted, revenues from the sources with. Sleeping and dining cars are being dropped
named will be augmented by 600,000,000 francs. from most of the trains. The same desire to save
The proposals require Governmental sanction, but it fuel will, it is reported, find expression in an earlier
is anticipated that they will be approved. Complete closing law, midnight being fixed instead of one
official statistics of the crops in 1916 show that the o’clock in the morning, as at present. The food
wheat crop is only 3 % % short of that of 1915, supply in Germany appears to be a question of in­
although the acreage was 5 % less. In bushels the creasing seriousness. Although the harvests show an
comparative results were: 1915, 222,000,000; in increase of grain over last year, there has, according
1916, 214,000,000. The oat crop of 1916 is nearly to press advices from Berlin, been a decided falling
14% greater than that of 1915. The Chamber of off in the potato crop. It has been decided to intro­
Deputies on Tuesday met in secret session for the duce a new scheme of potato rationing. On Jan. 1
second time since the beginning of the war. The the urban population will be placed on a daily allow­
first session was held from June 16 to June 22 of this ance of % of a pound instead of 1 pound. The
year and ended in a vote of confidence in the Govern­ agricultural population will have an allowance of 1
ment. The Senate held a similar session a few days pound daily during January and February, and
later and concluded its sitting in a similar way. The thereafter a V / 2, and those performing hard labor
current session is, Paris correspondents declare, will have 2 pounds daily. The labor situation seems
certain to be a long one, as forty-one interpellations to be showing increased unrest throughout Ger­
are to be put to Ministers and almost every question many, one source of antagonism being the Govern­
vital to the conduct of the war is to be raised. The ment’s proposal for the home army bill, by which
French financial world is declared in a dispatch from there will be incorporated into the direct service of
the Paris correspondent of the New York ‘ ‘Evening the empire all males between the ages of 17 and 60.
Post” to be already directing its attention to the This measure, it is expected, will be fought by the
period of transition from war to peace. This, he Socialists. In the discussions in the Reichstag some
says, is sure to last several years and that it will speakers expressed doubts as to whether so drastic a
affect the international market quite as much as war measure was necessary before other reforms were
itself has done. The great danger will be what may tried. A Progressive asked whether certain classes
be called floating finance. For this reason it is of factories not ministering to the war or the produc­
imperative that some general plan shall be ready as tion of necessary goods, might close, and asked why
soon as actual war finally ceases. For the industrial work on certain public buildings was not suspended
readjustment which will follow the war, new capital, and the laborers thus released and assigned to the
the correspondent argues, will be required.
This is production of ammunition. Conservative and Na


THE CHRONICLE

Deo. 2 191ft.]

3019

The Bank of France reports a further increase this
week in its total gold holdings, the amount of the
addition being 9,457,650 francs. The gain this
time, however, a cablegram from our special corre­
spondent informs us, is wholly in the balance held
abroad, the amount of gold in the vaults of the Bank
itself having been largely reduced. In other words,
the amount of gold standing to the credit of the in­
stitution abroad has risen from 1,079,072,900 francs
to 1,280,921,625 francs, an increase of 201,848,725
francs, while the amount of the precious metal held
oy the Bank itself has been reduced from 3,957,016,­
575 francs to 3,764,625,500 francs, or 192,391,075
francs. The total at home and abroad increased
during the week from 5,036,089,475 francs to 5,045,­
547,125 francs. At the corresponding date last year
the total gold held (all in vault) aggregated 4,877,­
514,686 francs and in 1914 the aggregate was 4,141,­
350,000 francs.
The gold holdings abroad, which are understood to
represent contributions by France to the Allied gold
pool for the common use of all the Allies in the pur­
chase of munitions, have been repeatedly increased
since June 8 1916, when the Bank of France first
Official bank rates at the leading European centres began to show amounts so held, the increase since
continue to be quoted at 5% in Paris, Vienna and that date being from 69,182,975 francs to 1,280,­
Copenhagen; 5Yz% in Italy, Sweden and Portugal; 921,625 francs, a gain of 1,211,738,650 francs.
The amount of gold held by the Bank itself has
6% in London and Petrograd, and 4H % in Switzer­
been
reduced since June 8 1916 from 4,676,061,938
land, Holland, Spain and Norway. In London the
francs
to 3,764,625,500 francs, a decrease of 911,436,­
private bank rate remains at 5 H @ 5 ^ % for sixty438
francs.
Combining the gold at home with the
day and ninety-day bills. Cables from Berlin still
gold
abroad,
there has been a net gain in the grand
give 4 ^ % as the nominal bank rate at that centre.
total
for
the
period
from June 8 1916 to Nov. 16 1916
No reports have been received by cable of open
of
300,302,212
francs,
or from 4,745,244,913 francs
market rates at other European centres as far as
to
5,045,547,125
francs.
In the following table we
we have been able to learn. Money on call in London
show the changes week by week in the gold reserve
has not been changed from 4%%.
of the Bank from June 8 1916 to date:
GO LD R E S E R V E OF T H E B A N K OF FR^
The Bank of England’s weekly statement regis­
T ota l.
A b roa d .
In Bank.
tered an additional loss in the gold item of £364,991
F ra n cs.
F ra n cs.
F ra n cs.
W e e k e n d in g —
this week. Note circulation expanded £757,000; Juno 8 ______ 4,676,061,938 69,182,975 4,745,244,913
15______ . .4,580,401,022 170,107,636 4,750,508,658
hence, the total reserve was reduced £1,102,000.
2 2 ______ ..4,586,811,159 170,107,636 4,756,918,795
The proportion of reserves to liabilities declined to
2 9 ......... ..4,492,201,097 271,055,668 4,763,256,765
22.26%, against 23.56% last week and 24^ % a year J u ly 6 --------- ..4,498,645,443 271,055,668 4,769,701,111
ago. Public deposits this week increased £656,000
13______ ..4,504,487,355 271,055,668 4,775,543,023
2
0 ______ ..4,509,222,283 271,055,668 4,780,277,951
and other deposits £3,851,000. Government securi­
2 7 ______ ..4,515,457,548 271,055,668 4,786,513,216
ties continue without change. Loans (other securi­
3__ — ..4,522,135,934 271,055,668 4,793,191,602
ties) increased £5,636,000. The Bank’s holdings of A u g . 10______
..4,426,380,856 371,965,271 4,798,346,127
gold aggregate £56,043,042, comparing with £51,­
17______ ..4,430,175,672 371,965,271 4,802,140,943
239,554 and £71,409,677 one and two years ago,
2 4 ______ ..4,335,172,029 472,885,788 4,808,057,817
3 1 ______ ..4,238,958,193 573,773,871 4,812,732,064
respectively. Reserves now stand at £36,837,000,
4,817,319,699
against £35,414,000 a year ago and £53,932,947 in Sopt. 7 --------- ..4,243,545,828 573,773,871
14______ ..4,247,825,666 573,773,871 4,821,599,537
1914. Loans total £104,270,000. This compares
2 1 ______ ..4,152,170,201 674,553,075 5,826,723,276
with £96,480,000 in 1915 and £113,121,447 the year
28______ ..4,158,198,210 674,553,075 4,832,751,285
preceding. The Bank reports as of Nov. 25 the O ct. 5 --------- ..4,165,888,287 674,558,075 4,840,446,362
12_____ ..4,181,975,850 674,558,075 4,856,533,925
amount of currency notes outstandingas £121,248,274,
..4,211,226,617 674,558,075 4,885,784,692
19_____
against £124,519,970 a week ago. The amount of
26 _____ __4,247,421,247 674,558,075 4,921,979,322
gold held for the redemption of such notes remains at N o v . 2 _ ....... _ .4,115,807,288 876,212,957 4,992,020,245
£28,500,000. Our special correspondent is no longer
9 _____ __4,133,179,615 876,219,95? 5,009,399,572
3,944,965,5751,078,038,650 5,023,004,225
able to give details by cable of the gold movement
16____
2 3 _____ ..3,957,016,5751,079,072,900 5,036,089,475
into and out of the Bank for the Bank week, inas­
3 0 _____ .3,764,625,5001,280,921,625 5,045,547,125
much as the Bank has discontinued such reports.
We append a tabular statement of comparisons:
2,419,000 francs. Total silver on hand now amounts
B A N K O P E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
1915.
1914.
1913.
1912.1
1910.
to 313,840,000 francs, which compares with 358,608,­
Dec. 1.
Dec. 2.
Dec. 3.
Dec. 4.
N
. 29.
j£
j£
£
£
738 francs in 1915 and 625,325,000 francs in 1914.
34,275,105
35,920,730
28,789,800
28,003,205
Circulation..............
50,300,517 12,577,097
7,759,770 11,875,710
Publlo deposits----- £0 ,230,000
Gen­
93,525,478 107,970,900 39,891,183 40,540,460 Note circulation increased 167,099,000 francs.
O t h e r d e p o s i t s ............ ^ S ’ f a a ’ nnn
Govt, securities------- 4,i,188,000 29,840,118 31,289,040 11,184,993 13,034,570
90,481,248 113,121,447 27,944,803 30,884,705 eral deposits expanded 64,338,000 francs and bills
O t h e r s e c u r i t ie s ------Reserve notes & coin 30 ,830,000 35,413,504 53,933,947 20,284,387 26,201,597
Coin and b ullion ... 00,013,042 51,238,069 71,409,677 30,624,187 30,414,802 discounted increased 43,137,000 francs, while Treas­
P r o p o r t io n o f reserv o
____ _
50.13%
21.01%
29.88%
55.13%
ury deposits show a falling off of 31,186,000 francs
t o li a b i li t ie s -------------------------------- 2 2 .2 0 %
5%
5%
5%
5%
B a n k r a t e ......................
6 '«
and the Bank’s advances declined 14,160,000 francs.
tm a a

tionalist speakers urged the speedy passage of the
measure. A Conservative said that England’s ca­
pacity for organization was surprising, and hence “ it
is urgent that we meet it with organization en masse.”
Nationalist speakers admitted that the illusion that
the war would be short had done great harm, and
that, therefore, it was now necessary to regain lost
time through popular organization. There seems,
however, every reasonable expectation that the meas­
ure will be adopted by the Reichstag as a Govern­
ment measure.
Very little news of a financial character has been
received by cable from Berlin this week. The Krupp
Company has declared a dividend of 12%, the same
amount as last year. The company, however, an­
nounces that it will withhold 6% as a ten-year loan,
explaining that the war tax and extensive additions
to its plant in executing war orders make this neces­
sary. Germany has sent 10,000,000 marks in gold
(about $2,500,000 at normal exchange) to Switzer­
land to equalize the rate of exchange. The bullion
arrived at Berne on Thursday morning and was
transported to the Swiss National Bank.




od

2020

THE CHRONICLE

Note circulation is now 16,119,490,000 francs,
against 14,290,994,425 francs in 1915 and 6,683,175,
000 francs the year preceding. General deposits
amount to 1,916,838,000 francs, as compared with
2,690,184,396 francs last year and 947,575,000 francs
in 1914. Bills discounted total 645,116,000 francs,
against 323,755,474 francs in 1915, and advances
amount to 1,345,651,000 francs, comparing with
582,/36,812 francs last year. In 1914 bills discount­
ed and advances combined aggregated 3 ,2 0 2 ,975,000
francs. Treasury deposits stand at 55,034,000
francs. Last year the total was 101,801,582 francs
and in 1914 382,575,000 francs. The figures here
given for 1914 are those for the week ending July 30,
the Bank having discontinued the publication of
weekly returns with the outbreak of the war.

ivol.

ioe

announcement has been regarded as full assurance
that easier money rates would be experienced at the
British centre in which event there would be distinct
incentive to preserve a corresponding degree of case
in New York.
Referring to money rates in detail, loans on call for
the first time since July last touched 634%, with the
range lor the week 4@634%, as contrasted with 2@
434% the week previous. On Monday 534% was
the high, with 4% the low and ruling quotation.
Tuesday the maximum advanced to 6 %; the low was
4/4% and 5% the basis lor renewals. On Wednes­
day the range was 4@5% and 434% the ruling rate.
Thursday was a holiday. Friday the high was forced
up to 634%, the renewal rate, while 434% was the
minimum. In time money also the trend has been
towards higher levels. Advances have taken place
in all maturities, with sixty days now at 4 %, against
3@334%; ninety days at 4@434%, against 334@
334%, and four, five and six months at 4@ 4/4% ,
against 334% a week ago. Trading, however, was
not active. At this date last year, sixty-day funds
were quoted at 2 3 4 %, ninety days at 2 3 4 %, four
months at 2 3 4 @ 2 2 4 %, and five and six months at
2/4%• Commercial paper rates were likewise ad­
vanced, and sixty and ninety days’ endorsed bills re­
ceivable moved up to 3% @ 4% , against 334@
334%; six months’ names of choice character to 3 ^4 @
4%, against 334@334%, and names less well known
to 4@434%, against 3% @4% last week. Banks’
and bankers’ acceptances are quoted as follows:

The weekly statement of the Imperial Bank of
Germany, issued as of Nov. 23, shows the following
changes: Total coin and bullion increased 1,497,000
marks, gold increased 1,478,000 marks, Treasury
notes decreased 18,726,000 marks, notes of other
banks expanded 2,506,000 marks, bills discounted
increased 152,756,000 marks, advances were reduced
3,051,000 marks, investments gained 1,336,000
marks, other securities increased 26,349,000 marks,
notes in circulation showed a decline of 513,332,000
marks, deposits were increased 240,775,000 marks,
other liabilities decreased 26,776,000 marks. Total
gold holdings are now 2,518,230,000 marks. This
compares with 2,434, /54,000 marks the preceding
year and 1,948,616,000 marks in 1914.
-S p o t D e li v e r y D e liv e r y
N in e ty
six ty
T h ir ty
w ith i n
Further strength has developed in local money
D ays.
D ays.
D ays.
„ „0 D a y s .
3
Eligible member bks.2 13-1602 11-16
2 1 1-100 2 9-10 2 9-1002 7-10
3 H 0 2 JS
circles, demand rates on Stock Exchange collateral Ellglblo
non-member
advancing to 6 % on Tuesday, and, after a reaction, b i l l s .............................
302J*
2 1 S -1 O 0 2 M
2 1 3 -1 O 0 2 J I
31403
3**© 3
3 ^ 0 3
4
© 3^
again advancing, reaching 634% on Friday, while I n e li g ib le b il ls .............. 3 V i @ 3 V »
A rate of 334% on trade acceptances having ma­
rates for fixed maturities are fully 34 % higher
than a week ago. These changes have followed turities within ninety days is announced for the Fed­
as a result of the reduction in the money holdings eral Reserve Bank of Chicago. The discount rates
and surplus reserves of the Clearing House banks. of the different Reserve banks for the various classes
come at a time when there arc active of paper are shown in the following:
D IS C O U N T R A T E S O F F E D E R A L R E S E R V E B A N K S .
demands on the capital market on foreign ac­
count. The requirements for new capital at home,
CLASSES
however, are_ not exceptionally Jarge, though there
OF
must necessarily be a steady demand for funds D I S C O U N T S A N D L O A N S
at a time when the Stock Exchange takes million«>
sduire days as a routine matter and the general C o m m er cia l P a p e .
10 d a y s m a t u r it y
industrial and businessjxetivities of the country are 11 tt oo 15
“
3 Vi 3 V i
4
3Vi
11 t o 3 0
••
3Vi
3Vi
continuing on such an unexampled scale as is" at 15 t o 3 0 "
31 t o 6 0
••
4”
present the case. Preparations for the December 61 t o 9 0 ••
4Vi
A g r ic u ltu r a l an ti
L
lr
e
-S
to
c
k
P
a
p
e
r
—
dividend and interest disbursements also were a
91 d a y s t o 6 m o n t h s m a t u r it y u
4Vi 5
5
4 Vi
5
4 V i 5 Vi
factor in the firmness. We must also ascribe the P rBo ma nisksso—r y N o t e s o f M e m b e r -------change to a greater feeling of caution on the part of 1 t o 1 5 d a y s m a t u r i t y ______ 3 V i
3Vi 3Vi 3V i 3
4
3X 4
lenders resulting from the warning of the Federal 1 Ttrao d3 0e Ad ac cyesp tam nacteusr—i t y ______ 3 Vi
3 Vi 1
3 Vi 3
to 60
•'
“
3Vi
Reserve Board against banks entering freely into the 31
3M 3
3 Vi 4
61 t o 9 0
••
3^
3Vi 4
3 Vi 3 V i
purchase of foreign Treasury bills. We have dis­ C o m m o d ity P a p e r —
______ 3 V i
3#
cussed this subject more in detail in a preceding 311 tt oo 36 00 d a “y s m a t•u•r i t y ...........
3u
4
to 90
“
"
........... | 3 H
4M
paragraph. Plowever, the opinion in banking circles 61
61 d a y s t o 6 m o n t h s m a t u r i t y ___
5
is by no means general that the advance in rates is O P E N M A R K E T D I S C O U N T A N D P U R C H A S E R A T E S O F F E D E R A L
RESERVE BAN KS.
anything more than a temporary matter, especially
when the extent of the renewed imports of gold is minimum, 2 % : T a X , ^ A4 %°rlZed <Usc0Unt rat0 ,or a" FederaI Rcscrv0 banka:
wltb maturities of 90 days or less, purohnsed In open
taken into consideration, this week's import arrange- m
Federal
** ^
° f M,anta
nu'nts having reached about $56,000,000^"details of
B a n k ^ T t o a5 V a P e f '— B IIU p u r o b a s e d ,n o p o n m a r k e t b y D a l la s F e d e r a l Reserve
which we give) in our remarks on the sterling exchange
situation in a subsequent paragraph". The indefinite B a n k ' V ^ fo T v iT ~ B m p u r o b a s e d ln o p e n m a r k e t b y A t l a n t a F e d e r a l R c s o r v e
With or Without Member Bank Endorsement.— B ills w it h m a t u r it i e s o f 9 0 d a y *
rumors of a peace propaganda also are mentioned or le s s Durcon
d in o p e n m a r k e t b y S t . L o u is F e d e r a l R e s e r v e H a n k ; 2 t o 4 % .
among some lenders as a reason for their increased
1 he weekly statement of New York Clearing House
caution, as also has been the less confident prediction banks and trust companies, issued on Saturday of
of the announcement in the near future of a new long­ last week, proved somewhat disappointing. Loans
term British war loan. The expectation of such an were reduced S32,599,000 and net demand deposits



Dec. 2 1910.J

THE CHRONICLE

registered the substantial decrease of $67,624,000,
although net time deposits increased $4,900,000.
Aggregate reserves, however, were again decreases
$33,628,000, which brought the total to $635,736,000,
as against $739,444,000 a year ago, while the required
reserve declined $12,368,160 and surplus above re­
quirements suffered a loss of $21,249,840, thus re­
ducing the total amount of excess reserves to $58,647,­
240, which compares with $183,477,340 held at the
corresponding period in 1915. Reserves in “ own
vaults” showed a reduction of $35,855,000 to $398,­
087,000, of which $337,125,000 is specie. A year
ago the total in own vaults was $521,335,000, in­
cluding $470,495,000 in specie. Reserves in Federal
Reserve vaults were expanded $1,532,000 to $181,­
411,000, against $165,102,000 last year. Reserves
in other depositories also increased, viz., $705,000, to
$56,238,000, comparing with $53,007,000 the year
preceding. Note circulation is $30,152,000, a gain
of $96,000. The bank statement is given in fuller
detail in a subsequent section of this issue.
How really artificial are the conditions in sterling
exchange at the moment is shown by the compara­
tive resistance that rates have shown in the face of
the unusual and discouraging conditions that have
ruled this week. The higher money rates at home,
coupled with the warning of the Federal Reserve
Board against the investment in British and French
Treasury bills would have been a sufficiently potent
influence under more nearly normal conditions for a
spectacular decline in quotations. The net result,
however, was to force the reduction of demand rates
on London to about 4 75%, or a decline of about
3-16 from last Friday’s closing figure. The Reserve
Board’s action, in addition to discouraging the
issue of British and French Treasury bills,
will, temporarily at least, act as a restraining influ­
ence upon general investments in foreign loans by
American capital. There seems to be agreement on
this point in sterling exchange circles. One of the
most distinct indications of this result was the sudden
suspension of demand for the bonds of the French
cities of Marseilles, Bordeaux and Lyons, which
were offered last week, and the subscription books for
which closed this week; rumors that were current in
advance, indicating some action that finally was
taken by the Reserve Board, caused a sudden stop­
page of subscriptions. The week’s gold importa­
tions have included $7,500,000 from Canada on Mon­
day and $8,100,000 on Wednesday, both at New
York; $8,600,000 from Canada to Philadelphia on
Wednesday and $32,000,000 from Russia to San
Francisco on Thursday, making the week’s total
$56,200,000. The week’s exports aggregated $2,­
730,000, divided as follows: $750,000 to Argentina,
$1,000,000 to Canada, $580,000 to Peru and $400,000
to Spain. In addition to the $32,000,000 gold
received from Russia at San Francisco there were Rus­
sian and American securities of an estimated value
of $48,000,000.
Compared with Friday of last week sterling ex­
change on Saturday was a shade firmer and quota­
tions did not go below 4 75 11-16 for demand and
4 71 % for sixty days; cable transfers continued at
4 76 7-16. On Monday the receipt of another large
consignment of gold from Canada was without
appreciable effect upon the market, which remained
quiet and steady; demand bills ranged at 4 7565@
4 76 11-16, while cable transfers were as heretofore



2031

at 4 76 7-16, and sixty days at 4 71%. As a result
of the sudden flurry in call money, and the action of
the Federal Reserve Board in cautioning national
banks against extensive investment in foreign treas­
ury notes, sterling rates turned weak on Tuesday;
there was a decline to 4 7560@4 7565 for demand
and to 4 7640@4 7645 for cable transfers—the reces­
sion in the last-named bills being the first recorded in
several weeks; sixty days, however, remained at
4 71 %. Wednesday’s market was a dull affair,
being largely of a pre-holiday character; demand
again declined fractionally, this time to 4 75%@
4 7560, although cable transfers moved back to the
fixed rate of 4 76 7-16 as a result of renewed buying
of cables on the part of J. P. Morgan & Co.; sixty
days was not changed from 4 71%. Thursday was
a holiday (Thanksgiving Day). On Friday the
market was quiet and fairly well maintained, with
demand at 4 75%@4 75 9-16, cable transfers at
4 7640@4 76 7-16 and sixty days at 4 71%. Closing
quotations were 4 71% for sixty days, 4 75% for
demand and 4 7640 for cable transfers. Commercial
sight finished at 4 75%, sixty days at 4 70%, ninety
days at 4 68%, documents for payment (sixty days)
at 4 70%, and seven-day grain bills at 4 74%.
Cotton and grain for payment closed at 4 75%.
The Continental exchanges have shown some de­
gree of nervousness and irregularity this week, and
reichsmarks again furnished the chief feature of the
week’s operations. Liberal offerings, coupled with
an almost total absence of demand and a renewal of
last week’s selling by speculative interests, forced
sight bills to as low as 66 11-16, which is the lowest
point on record. Austrian kronen likewise declined
sharply, and here also a new low figure was reached,
namely, 11.55 for demand. The disappointment
felt over the latest developments in the great con­
flict that continues to devastate Europe was held
responsible for the persistent weakness in Teutonic
exchange. Francs were slightly easier. Rubles
were heavy and lower, being influenced, sentimen­
tally at least—as were nearly all the foreign ex­
changes—by the Federal Reserve Board’s pro­
nouncement. Lire were also under pressure and
registered further important declines. The ster­
ling check rate on Paris closed at 27.81% (un­
changed). In New York sight bills on the French
centre finished at 5 84%, against 5 84% last week,
and cables at 5 83%, against 5 83%; commercial sight
at 5 85%, against 5 85, and commercial sixty days at
5 90, against 5 89%. Demand bills on Berlin closed
at 66 11-16 and cables at 66%, compared with 68%
and 68 11-16 last week. Kronen finished at 11.55,
against 11.80 Friday a week ago. Rubles closed at
29.60. A week ago the close was 30.40. Lire fin­
ished at 6 74% for bankers’ sight and 6 73% for
cables, which compares with 6 73 and 6 72% the
previous week.
As regards the neutral exchanges, the most import­
ant factor has been the strength in Spanish pesetas,
which advanced on Tuesday to as high as 20.56, a
movement which is held to indicate additional gold
shipments to Paris. Swiss exchange has continued
to rule firm. Scandinavian rates, though steady,
are practically unchanged, while guilders are a shade
easier. Bankers’ sight on Amsterdam closed at
40%, against 40 13-16; cables at 40 13-16, against
40%; commercial sight at 40% against 40 11-16,
and commercial sixty days at 40% against 40 9-16
a week ago. Swiss exchange finished at 5 17% for

THE CHRONICLE

2022

bankers’ sight, comparing with 5 18}^, and cables
at 5 17 as against 5 18 last week. Greek exchange
(which is still classed as neutral) declined to 5.12 for
sight bills. Copenhagen checks closed at 26.95,
against 26.95. Checks on Norway finished at 27.69,
against 27.65, and checks on Sweden closed at 28.35,
comparing with 28.30 on Friday of last week.
Spanish pesetas finished at 20.56. A week ago the
close was 20.60.
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost $2,363,000 net in cash as a result of the currency
movements for the week ending Dec. 1. Their re­
ceipts from the interior have aggregated $6,809,000,
while the shipments have reached $9,172,000. Add­
ing the Sub-Treasury and Federal Reserve operations
and the gold imports, which together occasioned a
loss of $11,671,000, the combined result of the flow
of money into and out of the New York banks for
the week appears to have been a loss of $14,034,000,
as follows:
Out of
Banks.

Into
Banks.

Week ending Dec. 1.

Net Change in
Bank IIo dings.

Banks’ interior movement................
Sub-Treasury and Fed. Reserve op­
erations and gold imports..............

36,809,000

39,172,000 Loss 32,363,000

25,367,000

37,038,000 Loss 11,671,000

T o ta l................................................

332,176,000

346,210,000 Loss 314,034,000

The following table indicates the amount of bullion
in the principal European banks:
Banks of

Dec. 2 1915.

Nov. 30 1916.
Cold.

£
England.. 56,043,042
Francea.. 150,585,020
Germany. 125,911,500
Russia * .. 150,049,000
Aus-Hun c 51.578.000
Spain___ 48.038.000
Italy____ 37.082.000
Netherl’ds 48.510.000
Nat Bel.h 15.380.000
Switz’land 11,390,100
Sweden . .
9.882.000
Denmark. 8.340.000
N orw ay.. 0,105,000

Silver.

Total.

Cold.

Silver.

Total.

£
£
£
£
51,238,669
56,043,042 51,238,669
12,553,520 163,138,540 195,100,600 14,344,360 209,444,960
812,800 126,724,300 121,737,700 1,860,400 123,598,100
11,268,000 167,317,000 160,903,000 2.556.000 163,459,000
12.140.000 03.718.000 51.578.000 12,14 ,000 63.718.000
29.705.000 77.743.000 33.330.000 29,764,000 63.094.000
3,072,000 40.154.000 45.251.000 4.427.000 49.678.000
280,300 34,560,300
545,100 49.055.100 34.280.000
600,000 15.980.000
600,000 15.980.000 15.380.000
9,898,100
11.390.100 9,898,100
6.298.000
9.882.000 6.298.000
247,000 0,164,000
*168,000 8.508.000 5.917.000
3.753.000
6.105.000 3.753.000
£

Tot tbiswk 724,893,662 70,864,420 795,758,082 734,665,009 66,219,060 800,884,129
Prev.weck 732,520,496 70,607,520 803,128,016 733,606.566 66,299,010 819,905,570
a Gold holdings of the Bank of France this year are exclusive of £51,236.805
held abroad.
* The gold holdings of tne Bank of Russia for both years In the above statement
have been revised by eliminating the so-called gold balance held abroad,
c July 30 1914 In both years h Aug 6 1914 In both years.

THE DEFEAT OF RUMANIA.

The seeming collapse of the Rumanian defense,
and the more or less disorderly retreat of the Ru­
manian armies before the advancing troops of
Falkenhayn on the one side and Mackensen on the
other, foreshadow a new and extremely interesting
chapter in the vicissitudes of the Balkan region
during this war. Information regarding the actual
position in Rumania has all along been meagre. It
has at no time been clear how far the failure of the
Rumanian forward movement, after declaration of
war at Bucharest, was a result of an unwise plan of
campaign, how far of incompetent commanders or
imperfectly trained soldiers, how far of inadequate
equipment for the army, or how far of an unex­
pectedly overwhelming supply of artillery on the
German side. It is always easy to find fault with a
defeated belligerent; though it appears, in the pre­
sent instance, that military critics are laying by far
the greater stress on the genius of the German
commanders.
Certainly there have been few campaigns, whether
in this war or in recent military history, to which
the term “ brilliant” can be so truthfully ap­
plied as to this German campaign against Ruma­
nia. It has differed in this regard from all pre­
vious military movements since July 1914. The



[Vol. 103.

original German advance on Paris in that year
embodied merely the mechanical application of a
plan long matured in its every detail by the General
Staff. Moreover, that particular movement failed
of its objective, and ended—apparently through the
blunder of German generals—in a technical defeat.
Hindenburg's first Russian campaign was won by
hard hitting and greater familiarity with the country.
The Russian defeat in the autumn of 1915 was an
outcome largely of insufficient artillery supplies for
a Russian army far removed from its original base.
The invasion of Serbia represented the conquest
of a weak and decimated army, not relieved by its
allies and exposed to unexpected attack by Bul­
garia’s sudden declaration of war. In the case of
Rumania, however, a fully equipped and ready
army entered the field at its own chosen moment.
New plans and tactics had to be worked out by its
antagonists. Although the General Staff had un­
doubtedly mapped out, long ago, its general plan
of campaign in the event of war with Rumania
(it was supposed, even before this war, to have done
the same in the case of every possible antagonist),
nevertheless the circumstances under which Rumania
declared war could not have been absolutely foreseen.
Furthermore, the actual strategy employed by Falk­
enhayn, and apparently by Mackensen also, has
differed widely from that of previous campaigns of
the present war. One or two of the manoeuvres
whereby the German commanders separated Ru­
manian armies from one another were so daring
and hazardous, incurring a large risk for the sake of a
conclusive victory, that they have seemed to de­
serve the name of Napoleonic strategy as no other
previous military exploit of the war has deserved it.
Yet even Napoleon’s greatest victories were
achieved, in numerous instances, almost as much
in result of military blunders or inadequate prepa­
ration on the part of his antagonists, as because of
his own superior generalship. The Rumanian ar­
mies entered the war at their own time, and in full
knowledge of the conditions which confronted them.
Their own forward movement into Hungarian ter­
ritory reflected their government’s confidence in
their own position and their own military power.
That they blundered has now been proved by the
event. But we have no such information on the
matter as would indicate wherein their- weakness
actually developed. All that the outside world
heard from the front was early tidings of Rumanian
victory, followed swiftly by news of complete dis­
aster, such as would recall to mind the way in which
the North of 1861 got the news of the Battle of Bull
Run.
That the Rumanian army and its commanders
did not prove to be themselves sufficiently trained
and competent to cope with experienced antagonists,
is a reasonable conjecture. This was not in all
respects surprising. On general principles it would
seem as if nothing could well be more paralyzing
to the ready efficiency of a European army than
the recent political history of Rumania. Her army
has not been actually in the field since 1878. Sur­
rounded all this time by jealous and quarrelsome
neighbor States, its government has so held the
balance during this period of nearly forty years,
that its army has only had at rare intervals to mobi­
lize and threaten, or (as in 1913) to throw its weight,
quite bloodlessly, against another army already hope­
lessly defeated in the field.

D e o . 2 1916.]

THE CHRONICLE

It is impossible to doubt that such an experience
contained many elements making for real though in­
visible demoralization. A condition not wholly dis­
similar to this existed in the French army on the eve
of 1870. This, in Rumania’s case, is as yet a matter
of conjecture; we have no clear knowledge even of
the nature of the high Rumanian command. It has
been alleged, in some recent military criticisms of the
episode, that Rumania was not adequately equipped
with artillery and supplies when she entered the war.
This is possible, in view of the fact that most of her
access to new supplies of such munitions, during
1915 and 1916, must have been through Russia;
whose own means of transportation were imperfect
and which needed for her own campaigns all the
ammunition that she could obtain. But if this was
actually a cause of Rumania’s defeat, it would be
necessary to explain why the government, which
must have known the facts, declared war when it
did— at a moment when it was at any rate a per­
fectly simple matter to maintain continued neu­
trality. We have no means even of knowing whether
the entry of Rumania into war was timed to a pre­
concerted plan of the Allies, or whether Rumania
herself, on her own initiative, and conceivably
against better counsel, chose the moment.
As yet it is not easy to foreshadow the exact re­
sults, either military or political, of the Rumanian
defeat. The German victories, though sweeping in
their character, have thus far been preliminary. The
campaign is not completed. Neither the Rumanian
army nor the Rumanian capital has been captured,
and Russia is making a powerful demonstration on
the north. Rumania and such of her allies as are
available may yet be successful in concentrating on
an inner defense— though the partial junction of
Mackensen’s invading troops with Falkenhayn’s,
and therefore the imminent completion of the en­
circling movement, certainly looks ominous for
Bucharest.
If the capital or the army, or both, were to fall, we
should have before us a highly interesting political
as well as military situation. It would scarcely
duplicate that of a year ago in Serbia, whose country
is far more sparsely settled than Rumania’s, and
whose situation, both political and geographical,
differs widely from that of its Balkan neighbor. A
separate peace forced on Rumania, as Napoleon used
to force it on separate continental members of the
Coalition of his day, would not be inconceivable.
This would, however, depend on the attitude of
Germany and Austria, as well as of Rumania her­
self; and it will naturally depend on the outcome of
the whole Rumanian campaign.
To foreshadow political consequences elsewhere of a
complete Rumanian defeat is easier, on the whole,
than it was when Serbia was invaded. There is now
left only one State of the Balkan group which is not
already engaged directly in the war. Greece is vir­
tually in a position of civil war, as to the side on
which she should declare herself. This week’s dis­
patches have reported the provisional Venizelos
Government declaring war on Bulgaria, and the
King at Athens denouncing such action, yet himself
held in curb by the presence of the Allied fleet, and
an actual demonstration by Allied troops. The
actual capture or elimination of Rumania by the
Germans might pave the way to an advance of
Mackensen and Falkenhayn to meet the Allied
armies moving up from Saloniki. It might also lead



2023

(as did the victory over Serbia, last Autumn), to
renewal by the German Government of roundabout
overtures for peace; and these, in view of the un­
pleasant situation which undoubtedly exists in Ger­
many herself, might conceivably be more practicable
in their terms than those vaguely intimated a year
ago by Bethmann-Hollweg. But all this will depend
on the progress of events.

GOVERNMENT
AND

O W N ER SH IP

OF

R AILR O AD S

W H A T IT IM P LIE S .

Senator Newlands, in announcing the scope of the
committee hearings now in progress at Washington,
states that government ownership will be included,
thus intimating that therein may be found the ulti­
mate solution of the present pressing problems.
We cannot find warrant for a reasonable belief that
this radical and revolutionary step impends.
The wisdom of the committee in providing for a
free and full hearing of all the parties at interest,
its judgment that the various railroad questions to
be investigated are interdependent, are not at fault.
But if the so-called eight-hour law depends upon so
complete an investigation and analysis as that now
undertaken, and to a great degree it does, it is very
apparent that the operation of the law should be
indefinitely postponed. It is futile to talk of a con­
clusion of such a tremendous task in a few weeks.
There are voices speaking here and there which
say that government ownership of the railroads
must inevitably become the final solution of all the
issues involved. There are those who believe that
the interests of the public at large in transportation
can be conserved in no other way than by taking
over the roads. Such a view has nothing to support
it; but we see in it an admission that regulation by
an Inter-State Commerce Commission is a rank
failure and detrimental to the public good.
But as to the results necessary to confirm such a
change. Under government ownership none of the
conditions of operation which now obtain would be
in effect. The work would be done, but not in the
same way. Under a single ownership of all the
roads the railroad map of the country would have to
be entirely reconstructed. The evolution found in
the fifty years’ history of steam roads, independently
projected and built, progressing through the hard
school of experience and almost by way of bank­
ruptcy to the present leading and tributary systems,
would have to be fused into one guiding body at
Washington, working not in the interest of a profit
upon capital invested, but in the pure service of all
the people according to the demands of the people.
Assuming, however, that this new guidance would
be based upon business principles, the single owner­
ship of 250,000 miles of roads would require the
elimination of all waste, all duplications of service,
all inefficiency of management and all failure to
operate to full capacity. That inharmony exists
now is warrant for the belief that the constructive
mind of a political body cannot be depended on to
do that which the self-interest of co-operation be­
tween the various roads has hitherto been unable to
accomplish. And if in the union of all lines these
ends could not be met, earning rates would remain
as now. And thus remaining, if they are now in­
sufficient to justify demanded increase of wages,
freight rates under government ownership would
have to be raised and the shippers pay more.

2024

THE CHRONICLE

Again, if the volume of business anywhere in the
consolidated system demanded extensions they
would have to be made and national bonds issued
to provide the means. The same would be true
of all improvements that might be made,and for such
safety devices, not now possible because of cost,includ­
ing double trackage, that the public might demand.
But the initial step is so appalling that we need
to consider nothing else at this time. That it is a
plunge into socialism, which is forever incompatible
with our republican institutions, we pass by. To
issue fifteen or sixteen billions of United States bonds
at the present world-war prices of money would be
a staggering proposition. We have not yet learned
how to place a reasonable and right value on these
properties. Under an Act of Congress the Govern­
ment is now undertaking to ascertain the physical
value of the roads, but expert engineers tell us the
task cannot be completed for years.
We cannot buy the railroads cheap; no set of
appraisers will fail to do justice to the hundreds of
thousands of “ innocent purchasers" of railroad
securities. A forced sale by any form of pressure
would have the air of confiscation, and be a degrad­
ing act upon the part of the Government. And if
we should take over the roads by any means we would
take over all their losses— losses that cannot be fore­
seen and which would demand the most liberal
settlement, as regards persons, and the building
against the “ acts of providence" which now release
the present owners.
Certainly we would not be justified in buying the
railroads to escape strikes. This evil would only
be accentuated by the possibility of uniting all the
employees of the entire country into a body which
would have unlimited power. Martial law would
not give new employees skill in operation. As is
so often remarked, the political power of this army
of specialized workmen would be a menace to free
institutions even as their physical power would be
a menace to the free conduct of every other industry
dependent upon transportation. And this army of
toilers would be rapidly augmented by an army of
inspectors and petty overlords whose efforts, whether
friendly or unfriendly to actual operating employees,
would in the end diminish the wages possible to be
paid to this class or intolerably increase the direct
taxes of the people to pay the deficiencies.
D o we at all comprehend the magnitude of the
problem of government ownership as a business
proposition, even granting that a political power
is capable or capacitated to enter upon a business
which is so vitally affected by world competition
as transportation? If we cannot pass an eight-hour
law, affecting a small portion of railroad employees,
which any two interested parties will interpret alike,
which in short can be understood by someone,
are we ready to take over the roads on an eight-hourday basis for all employees, feeling that we can
maintain freight charges as at present, or even lower
them, and at the same time pay the added enormous
cost, without taxing the people to make up the dif­
ference? Yet there is alarm in some quarters over
such an attempt, such an impending catastrophe in
high finance.
As we look over the turmoil of the times, is it not
pertinent to ask that if we are to surrender the roads
at such an hour as this, because powerless to grant
relief, may we not as well surrender the form of
government itself?



[Vol. 108.

Somehow we seem to be rushing on the rocks.
When we should be calm in the presence of world­
wide disaster, there is unmistakable unrest. Why
should certain internal conditions sting us like nettles
when there is great trade activity and when capital
is showing a consideration of labor, which labor is
far from showing to capital? A two-billion-clollar
balance of trade in our favor does not seem to be
an unmixed blessing. National thrift should make
us conserve these “ good times" to sustain us when
the inevitable swing of the pendulum goes to the
other side. Every day we read of advances in wages
in industrial lines, voluntarily made, it would seem
almost, in the face of good judgment, and yet the
railroads stand powerless, unable to advance charges
or wages and held at bay in the halls of Congress by
the demands of union labor. Could anything, any
parallel, more clearly point out to the people of the
country the fact that the roads arc so restricted by
the laws and by the control of commissions that they
cannot function either according to their own in­
herent powers or to the demands of the people at.
large ?
Nothing short of common sense will save the
American people from disaster, and from this dis­
aster of government ownership, though it be far
in the future. Common sense is an abundant pos­
session of the common people, but it is not always,
awake. And it is for the people to think upon this
projected taking over of the roads before committees
of Congress will have warrant for extended investi­
gations that are purposeful.
Let but the common man, the middle man as we
sometimes call him, the industrial toiler satisfied
with his work and his wage, the farmer in his own
field, the merchant in his own store, the mechanic
in his own shop, divest his mind of a prejudice that
is born of misrepresentation, and set it squarely to a
determination of whether political control and own­
ership of railroads will prove efficient and economical,
and the question will be settled by an emphatic
negative. And when he thinks logically, as he will,
a step farther, he will invite Congress, as the Govern­
ment, to let loose the leading strings now placed on
the railroad companies, that they bo given a fair
chance to work out their own problems, a chance
they have not had in twenty years, and which they
are better equipped to take at this time then ever
before. Then Congress might cease to worry.
Hercules might rest.
W A G E IN C R E A SE S A N D
TWEEN

C A P IT A L

T H E R E L A T IO N S BE­
AND

LABOR.

Increase in wages and various other concessions
to labor have been a general phenomenon of the last
two years, but the last few weeks have become
pronounced and general. In all the more recent
cases the increases have been voluntary and have
been made in recognition of the rise in the cost of
living and the hardship this imposes on the wage­
earning classes. The action should be helpful in
dissipating the notion so sedulously cultivated by
some labor leaders, that capital takes no interest in
the welfare of labor and that the employer is in­
different to the lot of the employee.
Nothing could be so helpful in mollifying the
bitterness and advancing the ultimate solution of the
labor problem as to break the hold of the notion that
there is a natural antagonism between employer and
employee, between capital and labor. Many an

D e o . 2 1916.]

THE CHRONICLE

employer has been employee, and the march is un­
ceasing from the ranks of the many who receive
the pay-envelope to the fewer in number who must
often work quite as hard to find the means for filling
the envelope. Capital is only the unconsumed
remainder of tho products of labor. Capital is not
idle, but working. Its owners are serious-minded
men (and if they are mere recipients by inheritance
they are liable to scatter instead of holding) so that
it is for their interest to see the community of concern
between holders of wealth and the workers who create
wealth, and it is increasingly their disposition to
recognize the responsibility which regards wealth as
a public trust. This is not a mere generalizing
which organized labor might deem a plea for for­
bearance; it is a real and growing fact which labor
ought to recognize and from which it ought to draw
both encouragement and patience.
This is not now said for the first time, but it must
be said and re-said until the effect is seen to begin,
and then it will only need renewed urging. The
antidote to strikes is the faith and practice of co­
operation, in both the more general and the more
specific and later sense of that term. Getting
together, to reason together and work together, is
the only escape from destructive attempts at coercion,
for which the only compensation is that, like literal
war itself, they sow the seeds of permanent peace.

MODERN

T EN D EN CIE S I N

J A P A N — HER

F O R E IG N T R A D E A D V A N T A G E S .

Recent legislation in Japan affecting its manu­
facturing and trade interests is not likely to be
followed by any important immediate results upon
our commercial and financial relations with the
Far East; but it is suggestive of certain tendencies
which are sure to influence those relations in the
not too distant future. This statement may at the
present moment best be illustrated by the following
three pieces of legislation. The first of these is the
new factory law, which was promulgated some time
ago, but was put into force on Sept. 1. The chief
features of this law are the prohibition of employing
as factory laborers boys and girls under twelve years
of age or persons afflicted with tuberculosis, and the
limitation of the working time to twelve hours out
of every twenty hours.
Perhaps the most distinctive advantage which
both China and Japan have hitherto enjoyed in
competing for the trade of the Far East, and, indeed,
in certain branches of industry, with the whole world,
has been the low cost of labor, the long hours and
low pay expected by every class of workmen. It
has been held by foreign economists that the inferior
skill and smaller .capital and less highly developed
mechanism of manufacture and trade, together with
the increased demands of the laboring classes, would
ultimately, at least to a large extent, compensate
for these advantages. But so far as Japan is con­
cerned, its rapid and intelligent seizure of all the best
modern methods of manufacture and commerce has
been more than sufficient hitherto to enable them to
maintain the advantages naturally accruing to the
low cost of labor. In a word, Japan is better equipped
for foreign competition than ever before. The re­
sults of this recent factory legislation are not thought
likely to be significant, at least at once, in lowering
the chances of its success in bidding for the trade
with China and other more remote foreign countries.



2025

Another, and perhaps the second most important,
advantage which Japan possesses in competition for
Far Eastern and other foreign trade is its geograph­
ical situation and the splendid development of its
transportation facilities. No part of the various
islands which constitute the Empire of Japan, or of
its recently annexed territory of Korea, is far from
the sea. The bulk of the manufacturing centres
are on or near the seaboard, and the agricultural
regions of both Japan and Korea are able to reach
their various ports by short and cheap railway
transportation. Thus every product of soil and shop
and factory can be sent abroad at a minimum of
expense. This fact is further emphasized and ex­
plained by the Government ownership of most of the
railways and by the Government subsidies in en­
couragement of the building and running of merchant
ships. Owing to the abnormal increase of ship­
building, due to demands created by the war, the
subsidies paid to the dockyards have increased so
enormously that there is now an official proposal
to reduce the amount. The present subsidy for
steel steamers of 1,000 tons and upwards is at the
rate of from yen 11 to yen 22 per ton, according to
size, class and other particulars. An additional sub­
sidy of 5 yen per horse-power has hitherto been
granted on the engines, provided that Japanese
material is used for most of the engine room equip­
ment. In spite of this, up to the time of the present
war, Japan imported a great many steamers. Now,
on account of the war, they can no longer do so.
The result has been the enormous stimulation of ship­
building in Japan, to which reference has already
been made. The present fiscal year the ship­
building subsidies have jumped from yen 1,630,000
to yen 3,120,000. They threaten in the near future
to reach yen 6,000,000. But meantime the cost of
building ships in Japan has greatly diminished. The
official action takes the sensible shape (from which
it is possible we might learn a lesson) of a proposal
to reduce the present high duties on material, such
as steel, teakwood, machinery and cabin acces­
sories. There is no fear, then, that this advantage of
geographical situation and transportation facilities,
not only for coastwise trade and trade with China,
but also for trade with America and Europe, will
be otherwise than favorably affected by any such
legislation as is now proposed. Japan already has a
splendid fleet of merchant ships, and in the M it­
subishi and eleven other dockyards there are at the
present time planned or under construction 137 ships
with a total tonnage of 606,190 tons.
The third piece of legislation now proposed is of
quite another order. It is that the laws of Korea
should be changed and codified so as to bring them
into conformity to the laws of Japan and of other
foreign countries. Up to the time of the Japanese
administration there were no laws to be depended
upon, or even confidently to be appealed to, as
regulating property rights of any kind in Korea.
Titles to real estate were in an almost hopelessly
chaotic condition. Rival claims to mining and other
valuable rights could be obtained by intrigue at
Court, and judicially affirmed or discredited accord­
ing to the amount of bribe offered to the judge who
decided them. Some foreign companies— one Ameri­
can firm in particular— were laying claims to varied
and valuable properties, to which they could show
no title except their own word that the Emperor
had promised them, or some document, somehow

2026

THE CHRONICLE

procured, which gave every evidence of being in­
vented for that very purpose. Many lawsuits in­
volving business relations between Japanese and
Koreans, settlers from Japan in Korea, and foreigners
already doing business, or wishing to do business, in
Korea were difficult or impossible to settle so as to
encourage the sense of justice in either one, not to
say both, of the contending parties. To take an
instance from an article written recently by a leading
Japanese barrister: “ It is found impossible to estab­
lish in Chosen branches of a company engaged in
business in Japan, and companies in the mother
country are obliged to do business in Chosen through
their agents, whose legal function is very imperfect.
As a matter of fact, agents are not branches and
cannot lawfully represent their own concerns.
Accordingly, lawsuits against agents must be brought
against their main concerns, and many people in
Chosen have had bitter experience of this anomaly,
as, for instance, in the case of conflicts frequent of
late between agents of insurance companies and their
clients.”
There can be no doubt that when this legal reform
of the whole system of doing business of every kind
in Korea is thoroughly effected, while there will be
less chance for the successful exploitation of the
country on a large scale than there was under the
old Emperor, there will be far better chances for
both Japanese and other foreigners to do business
in a legitimate way, and to gain a legitimate success
in making investments.
The statistics of exports and imports for Japan
proper and for Korea are always of interest to those
who have a thoughtful eye on our chances for getting
our full measure of trade with the Far East. During
the middle ten days of September the value of imports
in Japan increased 12% and the value of exports
35% as compared with the preceding ten days. The
increase was principally in copper, cotton, textile
fabrics and hosiery for export, and in raw cotton,
plate iron, sugar, paper and oil cake for import.
Since January the aggregate excess of exports over
imports has amounted to yen 185,250,000. The
foreign trade of Chosen from Jan. 1 to Sept. 15 aggre­
gated yen 33,423,000 in exports and yen 46,802,000
in imports. The exports are largely beans, ox hides
and cocoons; but there is also considerable copper,
tungsten and iron ore sent abroad.
A Peking special on Aug. 28 reports that a loan of
yen 1,000,000 has been concluded between the
Chinese Government and the “ Japanese-Chinese
Enterprise C o.” ; the money is to form a fund for the
extension of the telephone service.
Two of the most interesting and even amusing of
the recent minor items of business enterprises have
a special bearing on our outlook toward the Far East.
The Shibuya Bentwood Chair Factory in Tokyo has
received an order from America through the Depart­
ment of Agriculture and Commerce for 100,000 bent­
wood chairs. What is going to happen to our
foreign commerce? A few years ago the bentwood
chairs, all the way from Tokyo itself, through Hong
Kong, Singapore, Penang to Constantinople, were
known as a peculiarly American product. Other
Japanese firms are reputed to be exporting to this
country large quantities of lawn-tennis racquets.
Again, the same American firm which complained
so bitterly of the treatment it received from Mar­
quis Ito as Governor of Korea, butjwhich recently
declared a 25% dividend on its investments in Korea



[Vo l .

103.

has applied to the Government for permission to open
a mine for tungsten recently discovered on its valu­
able gold-producing mines. The tungsten ores in
this mine are reported to be blue in color and pecu­
liarly good in quality.
We might mention also orders from England at
yen 250 for 100 pounds of a kind of isinglass made
from a gelatine-like substance taken from a Korean
fish; the fact that a factory for making matches for
export to Manchuria is to be established at Chem­
ulpo, and other similar items of business enter­
prises. If these things seem small when regarded
as individual enterprises, it must be remembered
that still in Japan far the greater aggregate of manu­
factured products is done in small shops and private
houses, and that far the greater proportion of the
agricultural products is raised on farms of only
a few hundred tsubo (1 tsu bo= about 4 square
yards) in dimensions. To-day the visitor can
walk miles and miles of streets in the great city of
Tokyo, on a summer evening, and look into houses
where the father and a son or an apprentice or two
are working at some form of manufacture, while one
of the children, or more rarely the mother, is reading
to the busy workmen out of the evening paper or
from some book brought home from school. And
they who most intelligently wish the highest welfare
of Japan hope that this kind of labor will never be
altogether superseded by the sweat shop or the
great factory.
THE

A T L A N T I C COAST

L IN E

RAILRO AD

REPORT.

In common with other railroads in the South the
Atlantic Coast Line R R . Co. shows greatly im­
proved results for the fiscal year ending June 30 1916.
There has not, however, been a full recovery of the
previous year’s loss, at least as far as the gross
revenues are concerned, and that fact shows that,
though conditions greatly improved as compared with
the year preceding, they were not in all respects
altogether favorable. The chief adverse circum­
stance in the previous year was the collapse in the
price of cotton following the outbreak of the war in
Europe. From this there was complete recovery
in the year under review, greatly changing the whole
aspect of things, as can well be imagined considering
what a great factor in affairs the cotton crop is in
the South. However, the crop was a deficient one,
and, while the rise in the price of the staple tended
to revive spirits and quicken industrial activity in .
all lines, it could not make good the loss in agri­
cultural tonnage, and apparently also as a conse­
quence of the smaller agricultural output activities
were curtailed in other directions.
In the previous year gross revenues had declined
from $36,832,779 to $31,536,474 and now for 1916
there is a recovery to $34,445,110, leaving the total
almost $2,500,000 less than two years ago. The
Atlantic Coast Line R R . got its full share in the gen­
eral prosperity prevailing, but obviously that pros­
perity itself in the territory traversed by the sys­
tem was not equal to that previously enjoyed. A
large portion of the lines of the system run through
a strip of territory along the seaboard which forms a
part of the distinctive cotton belt, but where also
agricultural interests generally predominate over
everything else, there being indeed few other indus­
tries to absorb the energies of the people. For the
late year the tonnage in the products of agriculture

Dec. 2 1916.]

THE CHRONICLE

aggregated only 1,697,912 tons, as against 1,874,531
tons in 1915 and no less than 2,005,740 tons in 1914.
Again, the mineral tonnage at 2,104,921 tons com­
pares with 1,983,842 tons in 1915 but with no less
than 2,974,472 tons in 1914. Similarly, the tonnage
in manufactures at 2,620,023 tons compares with
2,236,251 tons in 1915 but with 3,114,366 tons in
1914. Forest products are the one leading group
which shows continued improvement and at 4,406-,
502 tons for 1916 comparison is with 3,132,356 tons
in 1915 and 3,734,811 tons in 1914. Apparently
the lumber tonnage has independent growth, but
with that exception everything depends upon the
agricultural outturn, and this was not a full average.
The feature of the report is the saving effected in
the expenses. With a gain over 1915 of $2,908,635
in the gross revenues, the addition to expenses was
no more than $97,525 (and, were it not for the fact
that taxes had increased $204,674, expenses would
really have shown a decrease of $107,149), leaving,
therefore, a gain in net of $2,811,110, and actually
making the net higher than two years ago in face
of the smaller total of the gross. That indicates
good management, and efficiency of operations,
and shows that at last the railroads— the Atlantic
Coast Line in common with others— have regained
control of their expenses. Up to two years ago
it seemed as if net was destined to a constant de­
cline, notwithstanding the steady gain in gross
receipts. We showed in our review of the report
for the previous year that in the four years from
June 30 1910 to June 30 1914 gross had moved
up from $29,810,267 to $36,832,779, but net
earnings, after the deduction of taxes and expenses,
had actually decreased from $9,987,150 in 1910 to
$9,059,532 in 1914. In other words, with gross
larger by $7,000,000 net had been reduced by nearly
a million dollars— this, too, in face of a steady ad­
vance in operating efficiency.
This Wasson the old basis of stating the revenues,
the Inter-State Commerce Commission having pre­
scribed a new classification of revenues and expendi­
tures in an order effective July 1 1914. Owing to
this change in the method of stating the accounts,
direct comparison between the last two years and
this preceding period is not possible. Using the
figures for what they arc worth, however, compari­
son between the 1914 results on the old basis and
the 1915 figures on the new basis, showed a loss in
gross injthejlatter year of $5,296,304, attended by a
decrease in expenses of $3,279,933, leaving a loss in
net of $2,016,371. The fact that now for 1916 we
have a rocovery of $2,908,635 of this loss in gross
with only a trifling addition to expenses, after the
severe curtailment of the previous year, invests the
showing'Jwith added significance. The result is due
mainly tojgreater efficiency of operations, a fact
which becomes very manifest when we study the
details of the expenses and find that cost of conduct­
ing transportation actually decreased in the sum of
$74,91 l|in hico of the greatly extended amount of
traffic moved and handled.
Besides greater efficiency in other directions, the
improved net follows from the special attention
given the development of the train-load. In the late
year the number of tons of freight moved one mile
increased 395,900,185, or 22.61% , while freight-train
mileage increased no more than 365,753 miles, or
5.44% . The report tells us that this followed from
increasedjcar and train-loading and the use of super­



2037

heated locomotives. The addition to the average
train-load during the twelve months was 39 tons.
Conditions on the Atlantic Coast Line system are
not such as to admit of a very high train-load, never­
theless the lading of the trains is being steadily
raised. For 1916 the average tons of freight moved
per train mile was 274 against 235 tons in 1915, 225
in 1914, 224 in 1913, 210 in 1912, 207 tons in 1911
and 201 tons in 1910. At these figures comparison
is with 194 tons in 1908-09, with 185 tons in 1907-08,
with 178 tons in 1906-07 and with but 167 tons in
1905-06. On account of the character of the ton­
nage, rates realized rule higher on the Atlantic Coast
Line system than on most other large systems, but
this average is tending downward, and for 1916 was
10.85 mills, against 12.03 mills per ton mile in 1915,
12.17 mills in 1914, 12.03 mills in 1913, 12.30 mills
in 1912, 12.15 mills in 1911, 12.73 mills in 1910,
12.59 mills in 1909 and 13.13 mills in 1905. The
effect of the larger train-load is to give the road in­
creased earnings per train-mile, notwithstanding the
decline in average rate realized. For 1916 the trains
earned $2 98 per mile run, against $2 83 in 1915,
$2 73 in 1914, $2 69 in 1913, $2 59 in 1912, $2 52 in
1911, $2 56 in 1910, $2 44 in 1909, $2 29 in 1908,
$2 20 in 1907, $2 17 in 1906 and $2 08 in 1905.
With the great increase in net earnings and also
an increase in other income, the income account once
more makes a very gratifying exhibit. In the pre­
vious year the Atlantic Coast Line reduced its divi­
dend from a basis of 7% per annum to 5% , and this
rate was continued through 1916. The requirement
for this 5% is only $3,427,900, as the company’s
stock is $68,558,000. The income available for the
purpose on the year’s operations was more than twice
this amount, being $7,589,057. In brief, over 11%
was earned on the shares.
This, however, gives an exaggerated idea of the
return on the actual investment in the property.
A statement contained in the 1913 report is again
incorporated in the present report and is instructive
as to the small amount that is being earned on the
property investment, showing under what trying
conditions our railroads are obliged to operate. The
statement covers the last ten years, and gives for
each of the years the total of the investment in the
property, the amount of net income applicable to
bond interest, dividends, improvement of property
and strengthening of credit, and the rate of return
which such net income represents on the amount of
the investment. We reproduce this table here. It
will be observed that the property investment has
risen from $187,519,495 to $223,598,709, but that
the return on the investment, though having im­
proved considerably in the late year, was yet only
6.18% , while the annual average for the whole of the
ten years is below 6 % , being only 5.77% .
Year ended
June 30.
1907.............................
1908....... .....................
1 9 0 9 . . . ......................
1 9 1 0 - . . ......... ............
1911______ _________
1912.............................
1913-----------------------1914_______________
1915.............................
1916.................... ........

Properly
Investment.
$187,519,495
188,914,505
196,600,199
190,632,216
201,239,805
205.319,088
217,284,946
222,149,101
223,054,678
223,598,709

Available
Income.
52
22
09
45
66
67
62
91
32
32

$9,002,929
9,131,634
10,979,931
12,934,306
13,061,766
12,785,780
13,757,970
13,105,934
10,333,861
13,812,079

34
48
19
80
59
55
85
81
37
94

Per Cent on
Investment.
4.80
4.83
5.58
6.58
6.49
6.23
6.33
5.90
4.63
6.18

Annual average___
$206,231,874 67
$11,890,619 59
5.77
Note.— Property investment does not include either cash or material
and supplies on hand.

The Atlantic Coast Line R R . controls the Louis­
ville & Nashville R R ., but the latter is operated as a
separate property, and the same is true of the

THE CHRONICLE

3028

Charleston & Western Carolina and the Northwestern
Railroad of South Carolina, which are also controlled.
Altogether nearly 13,000 miles of road are owned or
controlled. Control of the Louisville & Nashville is
held through the ownership of $36,720,000 out of the
$72,000,000 outstanding capital stock of that com­
pany. The road being operated separately, the
Coast Line Railroad’s investment in the same ap­
pears merely in the dividends received on its holding
of the stock of the company, the semi-annual divi­
dend on which was restored to 33^% in August 1916
after the previous cut to
^% .

23

RESERVE BOARD DISAPPROVES INVESTMENTS IN
FOREIGN TREASURY BILLS.
A warning to national banks against the locking up of
their funds in the purchase of treasury bills of foreign
Governments, involving long-term obligations, was issued by
the Federal Reserve Board on Monday last, N o v . 27 . This
edict of the Board followed the issuance of a statement last
week by the Advisory Council of the Board, which an­
nounced itself as in “ entire accord with the views expressed
by the Board suggesting caution and moderation in the use
of those credits, which, being open for a long period of
renewals, lose their character as essentially self-liquidating
transactions of short m aturity.” The Reserve Board in its
statement of M onday takes occasion to “ disclaim any inten­
tion of discussing the finances of or reflecting upon the finan­
cial stability of any nation, but wishes it understood that it
seeks to deal only with general principles which affect all
alike.” Very naturally, however, the Board’s enunciation
has been discussed almost entirely in connection with the
proposal of J. P . Morgan & Co. to sell in the United States
British Treasury notes for 30, 60 or 90 days, and secured by
gold reserves held in Ottawa. H . P . Davison, of the firm,
was reported in newspaper accounts to have conferred with
members of the Board and with President Wilson on the
subject on N o v . 18 in the matter, and out of this have
grown rumors that the purpose was to have banks in the
Reserve System authorized to purchase British Treasury
bills as if they were bills of exchange to cover commercial
transactions. A s we have noted in another item, J. P .
Morgan & C o. announced yesterday that they have been
instructed b y the British and French Governments to with­
draw the proposed offering.
In its pronouncement concerning investments in short­
term obligations of foreign countries, the Reserve Board
states that “ while the loans may be short in form and
severally m ay be collected at maturity, the object of the
borrower must be to attempt to renew them collectively, with
the result that the aggregate amount placed here will remain
until such time as it may be advantageously converted into
a long obligation.” Commenting upon “ the form which the
most recent borrowing is taking,” the Board sets out that
“ it would appear so attractive that unless a broader and
national point of view bo adopted, individual banks might
easily be tempted to invest in it to such an extent that the
banking resources of this country employed in this manner
might run into many hundreds of millions of dollars.” The
Board, therefore, states that it deems it its duty “ to caution
the member banks that it does not regard it in the interest
of the country at this time that they invest in foreign treasury
bills of this character.” The Board adds that it “ does not
consider that it is called upon to advise private investors,
but as the United States is fast becoming the banker of
foreign countries in all parts of the world, it takes occasion
to suggest that the investor should receive full and authori­
tative data— particularly in the case of unsecured loans— in
order that he may judge the future intelligently in the light
of present conditions and in conjunction with the economio
developments of the past.”
The following is the statement of the Board in its entirety:
In view o f the contradictory reporta which have appeared in the press
regarding its attitude toward the purchasing b y banks in this country o f
Treasury bills o f foreign Governm ents, the Board deems it a d u ty to define
its position clearly. In m aking this statement the Board desires to dis­
claim any intention o f discussing the finances o f or reflecting upon the finan­
cial stability o f any nation, but wishes it understood that it seeks to deal
on ly with general principles which affect all alike.
T h e Board does not share the view frequently expressed o f late, that
further Importations o f large amounts o f gold must o f necessity prove a
sourco o f danger or disturbance to this country. T hat danger, the Board
believes, will arise only in case the Inflowing gold should remain uncontrolled
and bo perm itted to becom e the basis o f undesirable loan expansions and
o f Inflation. There are means, how ever, o f controlling accessions o f gold




[Vol. 103

b y proper and voluntary co-operation o f tho banks or, if need be, by legis­
lative enactm ent. A n im portant step in this direction would be tho antici­
pation o f the final transfer o f reserves contem plated by tho Federal Reserve
A ct to becom e effective on N o v . 16 1917.
T his date could be advanced to February or M arch 1917. M em ber banks
w ould then be placed on the permanent basis o f their rosorve requirements
and fictitious reserves would thon disappear, and the banks havo a clearer
conception o f actual reserve and financial conditions. It will then appear
that while a large increase in the cou ntry's gold holdings has taken place
the expansion o f loans and deposits has been such that there will not remain
any excess o f reserves, apart from the im portant reserve loaning power o f
the Federal Reserve banks.
In these circumstances the Board feels that m ember banks should pursue
a p olicy o f keeping themselves liquid; o f not loaning down to the legal lim it,
but o f maintaining an excess o f reserves n ot with reserve agents, whore their
balances aro loaned out and constitute no actual reserve, but in their own
vaults, or preferably, with their Federal Reserve banks. Tho Board
believes that at this tim e banks should proceed with m uch caution in locking
up their funds in long-term obligations or in investments which are short­
term in form or nam e, but which, either b y contract or through force o f
circum stances, m ay in the aggregate have to be renewed until normal
conditions return.
T he Board does not undertake to forecast probabilities or to specify cir­
cumstances which m ay becom e im portant factors in determ ining future con­
ditions. Its concern and responsibility lies primarily with tho banking
situation. If, how ever, our banking institutions have to Intervene be­
cause foreign securities aro offered faster than they can be absorbed b y
investors— that is, their depositors— an element would be introduced into
the situation which, if not kept under con trol, would tend toward Insta­
bility and ultimate Injury to tho econom ic developm ent o f this country.
T h e natural absorbing power o f the investment market supplies an im ­
portant regulator o f the volum e o f our sales to foreign countries to excess o f
the goods that they send us. T he form which tho m ost recent borrowing
is taking, apart from reference to its intrinsic m erits, makes it appear par­
ticularly attractive as a banking investm ent. Tho B oard, as a m atter o f
fact, understands that it is oxpected to place it prim arily with banks. In
fa ct it would appear so attractive that unless a broader and national point
o f view be adopted, individual banks m ight easily be tem pted to invost
in it to such an extent that the banking resources o f this country em ployed
in this manner m ight run into m any hundreds o f millions o f dollars.
W hile the loans m ay be short in form and severally m ay be collected at
m aturity, the ob ject o f the borrower m ust be to attem pt to renew thorn co l­
lectively, with the result that the aggregate amount placed here will re­
main until such tlmo as it m ay be advantageously converted into a long­
term obligation.
It would, therefore, seem as a consequence that liquid funds o f our banks,
which should be available for short credit facilities to our merchants, manu­
facturers and farmers, would be exposed to the danger o f being absorbed
for other purposes to disproportionate degree, especially in view o f tho fact
that m any o f our banks and trust com panies aro already carrying sub­
stantial amounts o f foreign obligations, and o f acceptances which they are
under agreement to renew. T he B oard deems It, therefore, its duty to
caution the member banks that It does not regard it in tho interest o f the
country at this time that they Invest In foreign Treasury bills o f this char­
acter.
T he Board does not consider that It Is called upon to advise private in­
vestors, but as tho United States is fast becom ing tho banker o f foreign
countries in all parts o f the world it takes occasion to suggest that the In­
vestor should receive full and authoritative data— particularly in tho case
o f unsecured loans— in order that ha m ay judge tho future intelligently
in the light o f present conditions and in conjunction with the econom ic
developments o f the past.
T he United States has now attained a position o f wealth and o f interna­
tional financial power, which in the natural course o f events it could not
have reached for a generation. W e must bo careful not to Impair this p o­
sition o f strength and independence. W hile it is true that a slowing down
in the process o f credits extension m ay mean somo curtailment o f our ab­
norm ally stimulated export trade to certain countries, we need not fear
that our business will fall o ff precipitately should wo becom e m ore con ­
servative in the matter o f investing In loans, because there are still hun­
dreds o f millions o f our own and foreign securities held abroad which our
investors would be glad to take over, and, m oreover, trado can be stimu­
lated In other directions.
In the opinion o f the B oard, it is tho duty o f our banks to remain liquid
In order that they m ay be ablo to continue to respond to our hone require­
m ents, the naturo and scope o f which none can foresee, and in order that
our present econom ic and financial strength m ay be maintained, when,
at the end o f the war, wo shall wish to d o our full share in the work o f inter­
national reconstruction and developm ent which will then lie ahead o f us,
and when a clearer understanding o f econom ic conditions as they will then
exist, will enablo this country more safely and intelligently to d o its proper
part in the financial rehabilitation o f the world.

It was stated on Tuesday that the Reservo Board’s warning
would effect no change in the plans of J. P . Morgan & C o.
with respect to its offering of British and French Treasury
notes about Deo. 1. It was stated at the same time that
the notes were to be paid at maturity, and that this was
the intention from tho very outset of the negotiations. As
to the interest rate, it is said that a somwhat higher rate than
was originally planned would bo fixed in view of the ad­
vancing money rates. A member of tho firm of J. P .
Morgan. & C o. took occasion to explain on Tuesday more in
detail the meaning of their statement of N o v . 24, announcing
that the notes would be offered. That statement had said
that the notes would be offered in “ limited amounts.” It
was explained on Tuesday that by “ limited” was meant
“ relatively small” amounts. In somo quarters the an­
nouncement had been interpreted to mean that the issue
would be limitd, as distinguished from the unlimited issues
abroad. The firm’s statement of the 24th announcing its
proposal to offer the Treasury notes, read as follows:
In response to Inquiries we are able to stato that the British and French
Governm ent Treasuries have each authorized the sale in this market o f a
limited am ount o f their short-term bills, running at various maturities
from thirty days to six m onths.
.
These bills, which In form aro m uch similar to N ew Y ork C ity rovenue
bills, will be payable in dollars in New Y ork C ity . T h ey will probably be

Dec. 2 1916.)

THE CHRONICLE

available for purchase on or about D ec. 1 and at rates based largely upon
m oney market conditions.

The announcement concerning the withdrawal of the
notes, made yesterday, appears under a separate head in
to-day’s issue of our paper.
One of tho local bankers who took occasion to comment
upon the Reserve Board’s action was J. E . Rovcnsky, Vice­
President of tho National Bank of Commerce, who was
quoted as follows:

2029

sale, the financial representatives of those Governments ex­
plaining that the latter’s action was due to the “ desire to
show every regard to the Federal .Reserve Board.” The
Board’s statement of last Tuesday advising against the in­
vestment of short-term foreign Treasury bills, is given in full
in another column, wherein we also refer to the announce­
ment made by J. P . Morgan & Co. on N o v . 24 of the offering
which it had proposed to make. Its statement of yesterday
with regard to the withdrawal of the issues said:

M y objection to tho principle laid down in tho Federal Reserve B oard’s
statement Is w holly concerned with its effect on the market for our securi­
W o have been instructed b y the British and French Governm ents to
ties abroad. W ® have borrowed hundreds o f millions abroad, and will need withdraw their treasury bills from sale. W e havo accordingly expressed
hundreds o f millions m ore for tho developm ent o f tho vast cou ntry in the
to those institutions and investors which had already placed orders with
interior. N ow , there are but four ways in which Europe can pay for what us for these securities the wish to bo released from tho obligation to deliver,
is boing bought from us. Europe m ay export goods to us, or send us
and they havo been good enough to accede.
gold, or sell back to us our own securities, or sell us her notes and bonds.
This action is because, as explained b y the British Chancellor o f the
A t tho present tim e Europe cannot possibly pay for goods bought from
Exchequer and b y the French Minister o f Finance, these governments
us by exports o f other goods. W o d on ’t want a flood o f gold . Then, if we desire to show every regard to the Federal Reserve Board, a governm ental
refuse to take E urope’s evidences o f debt, there remains tho m ethod o f b od y o f which the Secretary o f the Treasury and the C om ptroller o f the
repurchasing our own securities.
Currency are ex-officio members.
lin t if these securities are sent back in largo volum e, and tho European
W e m ay add that tho sale o f a limited amount o f these treasury bills,
markets almost denuded o f them, when the war is over these issues will payable in dollars in N ew Y ork, havo never been an essential part o f the
scarcely be quoted on tho European exchanges. The m arket for them Allied Governm ents’ financial plan, but have for some time been under
there will lie narrow, and no investor cares to buy a security for which consideration with a view to furnishing a credit medium that would a cco m ­
there is an inactive or a narrow m arket. So, after having spent three- m odate the American banking demand for an instrument o f short m aturity
quarters o f a century in building up a market for our issues abroad, wo and o f such limited volum e that the Governm ent could always undertake
shall have ourselves destroyed it at a blow . And should wo want to
to lay down gold in N ew Y ork sufficient to meet the matured bills.
borrow again in the years to com e, we would have to re-establish that
It was believed further that these bills would have furnished, at the end
market at great cost and pains.
o f tho war, an excellent measure o f protection to the American financial
situation, inasmuch as these steadily maturing obligations o f the foreign
governm ents would have tended to prevent heavy drafts o f gold from this
A t the State Department on Tuesday specific denial was market.

given to the report that tho action of the Reserve Board in
warning investors, including member banks, against locking
up their funds in long-time foreign obligations, was based
either on tho assumption that neutrality would be violated,
or for tho purpose of retaliation for other acts. While
members of the Reserve Board are said to have discussed the
now policy with tho State Department, they aro reported tQ
have been informed that tho question at issue had no inter­
national significance, so far as tho diplomats could see, but
was a purely domestic matter.
A . D . W ei ton, head of the Department of Public Relations
of tho American Bankers’ Association, had the following to
say on Wednesday, according to tho “ Financial Am erica,”
regarding the warning issued by tho Federal Reserve Board:
Tills is the first tim o in tho history o f the country when wo have had an
authoritative b od y take such an action when business was proceeding at a
headlong pace. In tho last half-century wo have had constantly recurring
instances o f periods o f prosperity culm inating in financial crashes. Tho
Federal Reserve Board is in possession o f far m ore exhaustive and authentic
inform ation than any single bank or group o f banks, and hence is in a
position to caution bankers not to yield to tho temptations to placo their
institutions in an unliquid condition.
When officials o f tho Bank o f England desire to seo business slow up they
raise tho discount rate. This Is just as much a warning as it has been found
necessary to give, and the practice has been em ployed successfully for
years. W hen the European war started the discount rate was raised to
10% b y the Bank o f England, which was equivalent to a suspension o f all
com m ercial activities until an inventory had been taken and until it was
ascertained just where the country stood financially.
Tho rediscount rate o f the Federal Reserve System has not been developed
as yet to tho point where it reflects witli accuracy the business conditions
o f tho United States. I f the banks o f tho country wero freely rediscounting
paper it would mean something to have tho rediscount rate lowered or
raised b y tho Federal Reserve Board. B ut until such a timo when a sharp
advance in these rates will admonish bankers that they aro proceeding
unwisely, the only recourse o f tho Board will bo to issue warnings o f the
nature o f their recent utterance.
This adm onition was not intended as a notice not to go ahead witli the
sale o f tho British and French Treasury bills. Its purposo was sim ply to
advise tho bankers not to purchase a proportion o f such obligations as
m ight later prove embarrassing. As far as tho Individual bank is con­
cerned, the Exchequer notes are not renewable, it is true. But tin' Federal
Reserve Board does not see the individual bank. It looks at the banking
system o f tho country as a whole. Realizing that tho Allied Governments
liavo no intention o f paying these obligations at m aturity, but obviously
intonds renewing them , at least until tho war is over, tho Board perceived
tho danger o f tho cou n try’s financial capacity becom ing choked witli long­
term transactions.
Suppose an individual bank does b u y S i,000,000 wortli o f these obliga­
tions and insists upon paym ent lit m aturity. The bills will have to bo re­
financed in this country and it will develop into a case o f ono bank washing
its hands at tho expense o f another. At tho close o f tho war, if tho belliger­
ents dosiro to refund these bills into long-tim e securities, the banks o f this
country will bo practically forced to sanction the procedure.
T lioy will bo in the position o f an individual who has extended credit to
another until finally it comes to tho placo whero tho d ebtor is unable to
meet ills obligations, but offers to give a long-tim e m ortgage. H aving no
Other alternative, tiro creditor m ust accept. This was tho eventuality
which the Federal Reserve Board feared in issuing its warning to American
bankers. It is tho first essential o f a com m ercial bank to keep itself in
a liquid state and the duty o f tho B oard to check a tendency in tho opposite
direction.
_____________________
'

PI. P. Davison, who gave out yesterday’s statement on
behalf of J. P. Morgan & C o., said that there had been a
heavy inquiry for the securities since the announcement was
first made and that a large amount of applications were
received yesterday. M r. Davison would advance no opinion
as to the method that would be followed by Great Britain
and France as to future contracts for munitions or the pay­
ment for tho same. In response to the question as to
whether those countries did not have a large amount of securi­
ties which could be used as collateral for further loans, M r .
Davison said: “ They still have unlimited wealth and vast
amounts of securities.”

ELLIOTT C. McDOUGAL ON RESERVE BOARD'S
WARNING.
I he action of the Federal Reserve Board in warning
member banks against the purchase of foreign treasury
notes leads Elliott C . M cD ougal, President of tho Bank of
Buffalo at Buffalo, N . Y . , to point out that State bank and
trust companies, if inclined to take a selfish viewpoint of
tho situation, might felicitate themselves that tho probable
result of the Board’s pronouncement would be to inuro to
the benefit of the State institutions. W o quote what he
has to say below:
Although cautiously worded, the effect o f the pronunciam enlo o f the
Federal Reserve Board discouraging investments in foreign securities, which
pronunciam ento is theoretically sound but practically unsound, will be
exactly tho same as if the notico were flatly served upon national banks
to the effect that they are not to be allowed to use their best judgm ent
concerning the conduct o f their own businesses, and that any national bank
disregarding the warning will be in disfavor with tho Federal Reserve
Board. T he interests involved are trem endous. T hey touch the general
prosperity o f this country and tho welfare o f hundreds o f thousands o f Indi­
vidual stockholders o f national banks. It is not im proper to say at this
tim e that bankers d o not regard an opinion from the Federal Reserve Board
as highly as thoy would regard an opinion from tho Federal A dvisory C oun­
cil, which latter b od y is com posed o f trained bankers who have the co n fi­
dence o f tho entire banking fraternity o f the United States. It is clearly
the duty o f tho Federal A dvisory Council to speak at once with no uncertain
voice. Should Stato banks and trust companies look at this situation from
a selfish and narrow view point, they m ight congratulate themselves that
the probable result will bo to throw to Stato banks and trust com panies,
on even m ore profitable terms than now prevail, much m ore desirable
business that otherwise would go to national banks.

RESERVE BOARD A N D ADVISORY COUNCIL SEE NO
DANGER IN GOLD IMPORTS.

The view that no dangers need come from further im­
portations of gold in settlement of our heavy trade balances,
provided proper methods aro employed to control the gold
and to prevent undue expansion, was expressed by members
of tho Federal Reserve Board and the Federal Advisory
Council in a statement issued last week following a two-days’
joint conference. The statement also contained the infor­
mation that tho Council was in “ entire accord with the views
already expressed by the Reserve Board, suggesting caution
J.P . MORGAN tfc CO. ANNOUNCE WIT HDRAWAL OF and moderation in the use of those credits, which being open
BRITISH AN D FRENCH TREASURY BILLS.
for a long period of renewals, lose their character as essen­
Therexpected offering of British and French Treasury bills, tially self liquidating transactions of short m aturity.” The
which, in accordance with tho previous announcement of recommendation was renewed by the Council that the
J. P . Morgan & C o ., was to havo been mado yesterday, will National Bank A ct bo amended so as to enable national
not tako place. The firm, in a statement issued yesterday, banks in Reserve and Central Reserve cities to establish
mado it known that instructions had been recoived from tho branches, and the Council also recommended that Congress
British and French Governments to withdraw tho bills from be asked to amend the Federal Reserve Act “ so as to provide




2030

THE CHRONICLE

that tho final steps specified in tho Act be taken early in the
year 1917, instead of in November of that year, as now
provided, so that balances with reserve agents should cease
to bo counted as reservo after February or March 1917.”
W o print tho statement below :
Tho Federal A dvisory Council, which closed its regular quarterly session
hero to-d ay , devoted its attention to a survey o f business conditions through­
out tho cou ntry, the reservo conditions in the several districts, and in this
connection to a consideration o f the situation produced b y tho large and
continuing imports o f gold.
M em bers o f tho Reserve Hoard and o f tho A dvisory Council expressed the
view that there are no dangers that need com e from further importations of
gold in settlement o f our heavy trade balances, provided proper methods
are em ployed to control tho gold and to prevent undue expansion. Tho
consensus o f opinion is that a general adherence to a policy o f prudence and
conservatism would be tho surest means o f maintaining our present prosper­
ous conditions.
T he Council announced itself as in entire accord with the views already
expressed b y the Reserve B oard, suggesting caution and moderation in tho
use o f those credits which, being open for a long period o f renewals, lose
their character as essentially self liquidating transactions o f short maturity.
T he Council renewed its recom m endation that the National Bank A ct
bo amended so as to enable national banks in Reservo and Central Reserve
cities to establish branches within thoso cities.
Another recom m endation m ade b y tho Council was to ask Congress at
its approaching session to amend tho Federal Reservo A ct so as to provide
that tho final steps specified in tho A ct be taken early in tho year 1917
Instead o f in N ovem ber o f that year as now provided, so that balances with
Reservo agents should cease to be counted as reservo after February or
M arch 1917. This change would reduce m aterially tho present excess
reserves and tho so-called “ reserves" now kept b y country banks with
correspondent banks w ould henceforth bo considered properly as bank
balances only.
This is a cliango which under tho law must bo mado not later than N ov . 10
1917. In tho opinion o f tho P'ederal A dvisory Council and o f tho Federal
Iteservo B oard, it would bo effected now or in the near futuro without in­
convenience and to the real benefit o f tho country. Both bodies agreed
that it would be highly desirablo to mako this change at a time when wo are
certain that it can bo done without any shock or jar, and when the increase
o f real reservo with tho Federal Reserve banks would be so effective in
strengthening tho control o f the cou ntry's gold supply and would at tho
same tim o minimizo any apprehension that might bo felt because o f its
increasing volume.
W hile all members o f the Council represented excellent business con­
ditions in their districts, statements were mado that here and thero some
indications o f increasing demand for credit facilities are to bo noted, as
well as a tendency on tho part o f somo banks toward over-investment o f
funds.

Tlio members of the Advisory Council are:
Daniel C . W ing, President o f tho First N ational Bank of Boston; J. P*
M organ o f J. I*. M organ & C o ., N ew Y ork; L. L . R ue, President o f tho
Philadelphia N ational Bank; W . S. R ow e, President o f the First N ational
Bank o f Cincinnati; J. W . N orw ood o f tho N orw ood National Bank o f
Greenville, S. C .; C . A . L yerly, President o f the First National Bank o f
Chattanooga; James B . Forgan, Chairman o f tho Board o f tho First Na­
tional Bank o f Chicago; C . T . Jaffray, Vice-President o f tho First
National Bank o f M inneapolis; E . F. Swinnoy, President o f tho First N a­
tional Bank o f Kansas C ity; T . J. R ecord, President o f the C ity National
Bank o f Paris, T e x ., and Herbert Floishhacker, President o f the Anglo &
London & Paris National Bank o f San Francisco.

In dilating upon tho statement printed above, so far as it
concerned tho attitude of the Advisory Council and the
Reserve Board toward the purchase by member banks of
short term notes of foreign countries, the New Y o rk “ Tim es,”
of the 26th inst. said:
T ho meaning o f this statement becamo clear to-d ay. It is that tho banks
o f tho Reservo system must not allow themselves to accept paper which
they will find necessary to extend b y successive renowals and oventually
convert into an investment. T he statem ent is a mild and somewhat
cryp tic caution. It is expected that a later utterance on tho subjoct from
the Reserve Board will bo m ore explicit. [This later pronouncem ent o f the
Board is published in another colum n in to-d a y ’s lssuo o f our paper.—
E ditor.]
It is understood that tho A dvisory Council was unanimous in tho position
taken, and no differences are found in tho Rosorvo Board as to requiring the
banks to adhoro to tho original and central purpose o f tho Reserve system
which is to confine the operations o f the banks to the com m ercial activities
o f the American people. Tho present fear is that as each m onth passes
thero will bo a continual increase o f tho am ount o f foreign notes presented
to our banks until finally they would absorb tho excess currency and en­
croach seriously on the liquid resources o f tho entiro banking system .
T ho A dvisory Council had in mind British Treasury notes and others that
have been offered for discount recontly.
So far only one transaction on a largo scalo has been recorded where
Governm ent notes have been accepted by an American bank in a manner
to challenge tho attention o f tho Federal Reserve B oard. In this deal
French Treasury notes were taken with tho understanding that at tho end
o f ninety days they should have five further renewals. W hat will bo done
with this paper at tho end o f the fifteen m onths is problem atical. It is
clear, in tho opinion o f officials concerned, that the transaction passes out
o f tho category o f ordinary liquid banking transactions, and is virtually
a long-tim o loan, as tho notes will unavoidably bo refunded in long-term
bonds. T ho opinion is held here that any m ultiplication o f such business
w ould soon dofoat tho purpose o f tho Resorvo systom and result in making
m oney harder and tho dem and for rolief by re-discount o f our onw dom estic
paper grow immeasurably in order to tako caro o f tho foreign loans.
M em bers o f tho Federal Reserve Board say they have approached tho
m atter with fair and open minds. Their discussion, it is said, was free from
any suspicion o f bias or anything other than an absolutely neutral view.
It sim ply happens, they say, that just at this tim o British notes com o into
tho limelight and it would bo just tho samo if Russian or German or Italian
notes were offered.
That it is a very ticklish m atter is adm itted. But tho law, it is said, is
oxplicit as to tho character o f discounts allowed. T hey must bo o f a
com m ercial and dom estic character and tho paper o f a foreign governm ent
is not eligible for discount b y a m ember bank. T he notes o f tho G overn­
m ent o f tho United States but not tho notes o f a foreign Bower m ay bo
discounted. Tho regional banks could not, under tho law, discount tho
notes o f a foreign governm ent. M em ber banks m ay, but they m ust keep
to tho law, and tho m aturity o f such notes is fixed by law at ninoty days.
I t Is assorted that any agreement by m om ber banks generally to accept




[Vol . 103.

tho notes o f a foreign governm ent for repeated renewals and ultimate
conversion into bonds would bo in violation o f tho law and would bo cen­
sured b y tho Iteservo Board.
Thero is no fear that British Treasury notes or the notes o f any o f the
great Powers will not prove to bo good. T ho necessity o f preserving tho
external credit o f these Powers, ic is believed, would cause them to protect
their notes. W hatever they might see fit to do as a matter o f military
necessity or national defenso as to their internal credit, they would not
vitiato their financial agreements in this country. These British and other
treasury notes aro in dollars and cents, and not shillings and pounds.
Grea,t Britain would not undertake to exercise taxing power over them as it
m ight over similar notes, which have been placed in its own banks to tho
am ount o f over $5,000,000,000, constituting that much addition to its war
debt, already well up toward $20,000,000,000. T ho British Governm ent
could place a tax o f 5 0% on its internal treasury notes and tho holders
could not help themselves. B ut this, it was pointed out, would never bo
done in tho case o f the notes proposed to bo offered to American banks.
T he explanation was mado to-d ay that with tho practical certainty that
any such volum e o f Treasury notes as is proposed to bo placed in our banks
could not be taken up at their m aturity or even after repeated renewals,
tho debtor nation would be forced to go into tho security market and try
to got buyers for bonds in order to take up tho notes. Tho belligerent
countries, it was said, aro now pressing hard for help in both our coinmerical banking resources and also in our investment market. Long
before tho war ends it is altogether likely that tho American investor will
have bought all tho war securities ho can absorb. Then to go into that
market with the tremendously accumulated volum o o f bank acceptances
and endeavor to convert them into twenty-year bonds would bo to invito
refusal from an investment public already overstocked with European
war bonds.
As tho matter was explained to-d ay these, roughly, aro phases o f a danger
that seems to bo loom ing up beforo tho banking system o f tho United States.
It is not unlikely that within a short time some action looking to a practical
adjustm ent o f tho m atter will bo forthcom ing. The Reserve Board has
been alert to tho possiblo dangers to the member banks in accepting foreign
Treasury notes without realizing that they were entering into a prolonged
transaction inconsistent with the ruling purpose o f tho Reserve systom to
keep our banking resources always liquid and available for our own co m ­
mercial needs. In effect, It was said, the situation is com parable to tho
present condition where tho export o f foodstuffs is croating steadily highor
prices for our own people. As to that, however, thoro Is no law o f pro­
hibition, but thero is restriction on banking, and it was said to-day that
enforcement was likely to bo applied.

SYNDICATE CLOSE BOOKS FOR FRENCH M U N IC IPA L
LOANS AGGREGATING $60,000,000.
Kuhn, Loob & Co. of Now York C ity, syndicate managers,
closed tlio subscription books on N o v . 28th for the $20,00 0,­
000 city of Bordeaux, $20,000,000 City of Lyons and tho
$20,000,000 City of Marseilles 6 % three-year gold bonds,
offered at 98 and interest, yielding about 6 % % , the par­
ticulars of which were given in these columns on N o v . 25,
pago 1933.
As stated by us last week tho syndicate underwriting thoso
bonds agreed to take $36,000,000 “ firm” out of tho $60,­
000,000, the other $24,000,000 being subject to option. Of
tho $36,000,000 thero have been sold to the public about
65 to 7 0 % , tho remainder being for tho present hold to­
gether under the control of the syndicate managers for grad­
ual placing with the public.
It is understood that the recent firmness of money rates,
tho announcement of tho intended placing of French and
English Treasury notes in America to an unstated amount,
(an intention which is not to bo carried out now) and
especially tho resultant militant position takon by tho
Federal Reserve Board on the subjoct of purchases by
banks of short term foreign Government securities, militated
against the complete success of tho offering.
In face of
theso handicaps tho results on thoso bond issues, it is felt,
must bo regarded as boing as good as could bo cxpoctod.

LOAN OF $5,000,000 APPROVED BY CHINESE
PAR LIAM EN T.
Tho $5,000,000 6 % three-year gold loan, recently negotia­
ted between tho Republic of China and tho Continental &
Commercial Trust & Savings Bank of Chicago and Chandler
& C o ., Inc., of New York and Philadelphia, and later dis­
posed of by theso bankers to tho public at 97 A and inter­
est, yielding tho investor about 6 .9 0 % , was approved by
tho Chineso Senate on N ov . 24. There was slight opposi­
tion, it is said, to tho loan. Several days ago tho loan was
passed upon favorably by tho Lower House of tho Chineso
Parliament. Full particulars of tho loan were given in our
issuo of last week, pages 1934 and 1935.

SWEDISH GOVERNMENT PAYS $5,000,000 6 %
TREASURY NOTES DUE DECEMBER 1.
Tho $5,000,000 2-year 6 % Treasury notes of tho Swedish
Government put out at par and interest in Doc. 1914 by
Kuhn, Loeb & Co. and tho National City Bank, both of New
York C ity, were paid off yesterday (Dec. 1), tho dato of their
maturity. Tho principal purpose of this loan, as previously
stated by us at tho timo wo published tho particulars of tho
issue in tho “ Chroniclo” of Dec. 5 1914, pago 1692, was to
provide tho Swedish Government with credits in this country
for the purchase of various commodities.

Deo. 2 1916.]

THE CHRONICLE

2031

BRITISH TREASURY'S CALL FOR ARGENTINE A N D
CHILEAN SECURITIES UNDER SCHEME B.

but to create a permanant court for the settlement of dis­
putes which may hereafter arise among the nations of the
In a notioo published in the London papers of November 2, world.
M r . Schiff, whose remarks have attracted no little at­
the Lord Commissioners of the British Treasury in further­
ance of their plans for the regulation of foreign exchanges tention, in pointing out tho urgency of immediate action by
announced that of tho securities suitable for deposit under tho League without waiting for tho present conflict to cease,
the Scheme B , they desired to receive on deposit as soon as asked whether it was really tho intention “ to sit still and
possible all tho holdings of Argentine and Chilean securities await the movement when, of the powers now facing each
set out below:
other, one side or the other shall have become completely
A r g e n tin e G overn m en t.
exhausted and vanquished, brought to its knees and com­
C h ilia n G o v e rn m e n t.
3 A % External Bonds, 1889.
4 'A% Loan, 1885.
pelled into the acceptance of whatever terms the victors
4% Bonds, 1897.
4 'A% Loan, 1886.
4% Railway Guarantees Rescission
may deem well to grant, before the proposed League to
4 'A% Loan, 1887.
Bonds, 1897-99.
4 'A% Gold Loan. 1889.
Enforce Peace shall, through America’s initiative, be brought
4% Loan, 1898.
4 'A% Bonds, 1S93.
4% Bonds, 1899.
4 'A% Loan, 1895.
into existence” ? “ Can it for a moment be imagined,” said
4% Bonds (1900), Laws 3378 and 3783. 4 A % Cociulrabo Railway Bonds.
4% Bonds (1900), Laws 3378 and 3885. i'A % Gold Loan, 1906.
M r. Schiff, “ that a peace entered into as just outlined can
4% Bonds, 1908.
4 'A% Bonds (Law of 7th September,
4% Loan, 1910.
have real permanency, and that a League to Enforce Peace,
1910).
4 'A% Internal G old Loan, 1888.
5% Loan, 1892.
however powerful in the long run, be able to maintain a
‘i'A % Sterling Conversion Loan, 1888-89. 5% Loan, 1896.
5% Loan, 1884.
5% Loan, 1905.
peace thus concluded?”
“ The league of nations,” he
5% Loan, 1886-87.
5% Loan, 1909.
5% Treasury Conversion Bonds, 1887.
5% Loan, 1910.
added, “ we strive to organize can become of value only if it
5% Loan, 1887-88-89 (North Central 5% Loan, 1911, 1st Series.
be brought into the world as a twin to a peace at once just
Railway Extension).
5% Loan, 1911, 2nd Series.
5% Railway Bonds, 1890.
5% Annuities, Series A.
and satisfactory to all of tho present belligerents. Thus
6% Buenos Aires Water Supply and 5% Annuities, Series B.
Drainage Bonds, 1892.
5% Annuities, Series G.
alono, we believe, as we fervently hope, the present deplor­
Port of Buenos Aires 5% Debentures.
Chilian Northern Railway Com pany 5%
5% Internal G old Loan, 1907.
able and unfortunate conflict, when ended, can be followed
1st M ortgage Debentures (Guaran­
5% Internal G obi Loan, 1909.
teed by Chilian Government).
by lasting and, if necessary, enforceable peace.”
His
5% Internal Gold Loan, 1910.
Port of the Capital (Buenos Aires) 5%
remarks in full were as follows:
Bonds.
5 % Irrigation Bonds (1st Series).

Scliomo B , as wo have heretofore noted, comprises
Canadian and neutral Government securities mobilized by
tho British Government; Schomo “ A ” constitutes tho
American mobilized securities.

SAO PAULO, BRAZIL, LOAN OF $5,500,000 ALL SOLD.
William Morris Imbrie & Co., Tho Equitablo Trust C o .,
Sponcor Trask & Co. and E . H . Rollins & Sons, all of
Now York City composing tho syndicato which handled tho
$5,500,000 G% City of Sao Paulo, Brazil, serial external
gold loan, described in these columns last wcok, advise us
that tho entiro issue has been disposed of. Tho bonds,
which aro in denomination of $1,000 and dated Dec. 1 191o|
wero offered to the public upon tho following terms:
Amount.
3 5 5 0 ,0 0 0
5 5 0 .0 0 0
5 5 0 .0 0 0
5 5 0 .0 0 0
5 5 0 .0 0 0

M aturity.
Price. Yield. Amount.
Maturity.
Ja n .
1919 100.00 6 %
$ 5 5 0,00 0 Jan . I 1924
Ja n .
1920 99.31 6 k %
550 .000 Ja n . 1 1925
Jan .
1921 99.11 6 14%
550 .0 0 0 Jan . 1 1926
Ja n .
1922 97 .8 0 6 'A %
550 .000 Ja n . 1 1927
Ja n .
5 50 .000 Ja n . 1 1928
1923 97 .5 2 6 A %

COMPARATIVE FIGURES OF CONDITION OF
C A N A D IA N BANKS.
In the following we compare tho condition of the Canadian
banks, under tho last two monthly statements, with tho re­
turn for Juno 30 1914:
ASSETS.
G o ld an d s u b sid ia ry c o in —
In C a n a d a _______________
E l s o w h e r o _______________
T o t a l .........................................
D o m in io n n o te s _________________
D e p o s it w ith M ln ’er o f F in an ce
fo r s e cu rity o f n o to circu la tio n
D e p o s it In cen tra l g o ld reserves
D u e fro m b a n k s________________
L oa n s an d d is c o u n ts ____________
B o n d s , s ecu rities, & c ....................
C a ll an d s h ort loans in C a n a d a .
C a ll an d s h o rt loans olsew here
than in C a n a d a ...........................
O th er assets_____________________

Oct. 31 1916. Sept. 30 1916. Jun e 3 0 1914.
4 8 ,6 6 7 ,4 2 8
18.593,157

4 5 ,0 9 6 ,2 5 2
19.929,893

28,9 4 8 841
17.160:111

6 7 ,2 6 0 ,5 8 5
122 ,667 ,01 7

1 34 ,433 ,65 2

4 6 ,1 0 8 ,9 5 2
9 2 ,1 1 4 ,4 8 2

6 ,8 5 6 ,8 3 7
3 5 ,6 6 0 .0 0 0
204 ,107 ,82 1
9 0 6 ,1 0 6 ,2 6 8
2 7 0 ,1 1 0 ,0 9 6
9 0 ,4 1 2 ,0 2 3

6 ,8 5 4 ,2 6 6
2 4 ,0 1 0 ,0 0 0
1 82 ,383 ,95 2
8 7 3 ,1 4 1 :4 2 7
2 6 9 ,4 2 9 ,3 2 6
8 8 ,1 4 5 ,8 5 1

6 ,6 6 7 ,5 6 8
3 ,0 5 0 ,0 0 0
1 23 ,608 ,93 0
9 2 5 ,6 8 1 ,9 6 6
1 0 2 ,344 ,12 0
6 7 ,4 0 1 ,4 8 4

173,877,5.86
7 6 ,3 0 2 ,3 6 3

1 3 7 ,120 ,16 7
7 1 ,2 0 9 ,7 3 8

1 8 9 ,316 ,21 6
76,3 3 3 122

T o t a l ........................... .................. 1 ,9 6 8 ,9 4 0 ,0 1 5
L I A B I L IT I E S .
•J)
C a p ita l a u t h o r iz e d ...................... 188 ,866 ,66 6
C a p ita l su b s c r ib e d ........................ 113 ,431 ,66 6
C a p ita l p a id u p -----------------------113 ,030 ,87 8
R es erv e f u n d ___________________
113 ,022 ,93 3

1 .8 9 3 ,6 0 4 ,5 6 8 1 .5 7 5 ,3 0 7 .4 1 3

113,
113,
113,

192 .866 .66 6
115 .431 .66 6
1 1 4 ,811 ,77 5
113 ,368 ,89 8

C i r c u l a t i o n _____________________
145 ,031 ,66 7
135 ,285 ,03 1
9 9 ,1 3 8 ,0 2 9
G o v e rn m e n t d e p o s its ___________
62,0 4 3 ,2 0 1
4 8 ,0 4 5 ,8 1 3
4 4 ,4 5 3 ,7 3 8
D em a n d d e p o s its _______________ 6 5 5 ,4 3 1 ,1 6 2
6 0 3 ,8 9 3 ,0 3 4
4 5 8 ,0 6 7 ,8 3 2
T Im o d e p o s its __________________
81 4 ,2 9 7 ,4 0 4
8 1 6 ,374 .17 1
6 6 3 ,6 5 0 ,2 3 0
D u o to b a n k s____________________
2 6 ,9 4 6 .1 0 8
2 5 ,5 4 0 ,2 3 9
3 2 ,4 2 6 ,4 0 4
B ills p a y a b le ____________________
4 ,7 1 4 ,7 9 3
4 ,5 0 4 ,3 2 5
2 0 ,0 9 6 ,3 6 5
O th er lia b ilitie s_________________
14,2 3 4 ,5 8 9
14,1 3 4 ,0 6 3
12,6 5 6 ,0 8 5
T o t a l, n o t in clu d in g cap ital
reservo f u n d ...................... 1.7 2 2 ,6 9 8 ,9 2 4 1,6 4 7 ,7 7 6 666 1 3 3 0 488
N ote.— O w in g t o th o o m ission o f th o ce n ts in th o n f fi d i ’
fo o tin g s In the a b o v o d o n o t e x a ctly agree w ith
g iv e n ^ ^ ^ ’

thetota?s

th°

JACOB II. SCHIFF WOULD HA VE U. S. LAUNCH PEACE
Tho duty of tho United States to take the initiative in
a movement to bring about peaco among the warring nations
was urged by Jacob II. Schiff of Kuhn, Loeb & Co at the
annual dinner on November 24 at tho Ilotal Astor, this city
of tho Leaguo to Enforce Peace. Former President of tho
United States, William Howard Taft, who as President of
tho Leaguo, presided at the dinner, cited as its purposo an
endeavor, not to enter upon moves to ond tho present war,




A ll oy e s aro tu rn ed t o A m e r ic a in th o h o p e th a t o u r c o u n t r y m a y ta k e th e
in itia tiv e in c a llin g in to b e in g a w o rld -w id o m o v e m e n t d e s tin ed t o g iv e
a ssu ran ce th a t , a fte r th e te rrib le c o n f lic t n o w ra g in g across th e A t la n t ic
shall h a v e e n d e d — a n d all m a n k in d d esirso t o s ee it e n d e d b e fo r e v e r y lo n g __
th o w o rld sh all n o t a gain b e c o m e s u b je c te d to th o terrors a n d t o th e b r u ta li­
ties w h ic h , in o u r o w n t im e , h a v e u n ch a in e d passion s as n e v e r s in ce th e
d a rk a ges, an d in d e fia n c e o f ail civ iliz a tio n h as s e t n a tio n a ga in st n a tio n
in fie r c e an d m o rta l c o m b a t .
E v e n n o w , w h en n e a rly t w o years a n d a h a l f
h a v e passed sin ce th ese c o m b a ta n ts h a v e sp ru n g u p o n o n e a n o th e r , thistita n ic stru g g le is n o t o n ly still r a g in g , b u t is c o n s ta n tly g r o w in g in fu r y .
N o d o u b t , b e ca u se o f th is te rrib le ex p e rie n ce , m a n k in d is n o w pa ssin g
th ro u g h th o m o v e m e n t w h ich h as b e e n r e c e n tly in itia te d in th is c o u n tr y
fo r the fo r m a tio n o f a L e a g u e t o E n fo r c e P e a ce has e v o k e d im m e d ia te '
in te re st, n o t a lo n e in A m e r ic a , b u t a lm o s t e v e ry w h e re — an d p erh a p s n o w h ero t o a g re a te r e x te n t th an w ith in th o n a tio n s en ga g o d in this furiousw o rld w ar.
The lines u p o n w h ich th e L c a g u o t o E n fo r c e P e a ce is t o b o c a lle d i n t o
b e in g aro , as I u n d e rsta n d it, m o s t sim p le . T h o p r o p o s itio n is t o fo r m a
u n ion o f n a tio n s , largo a n d sm a ll, t o e n te r in to a fir m an d la stin g p a c t
fo r th e s e ttle m e n t o f d iffe r e n c e s , o f w h a te v e r n a tu re , w h ich m a y arise
be tw e e n eith er o f th e m h e re a fte r, th ro u g h th o m e d iu m o f a W o r ld C o u r t,
b a ck e d b y an a d e q u a te f o r c e t o c o m p e l, ifn e c e s s a r y , o b e d ie n c e t o th e c o u r t ’s
m a n d a te s.
I1h is , as I u n d e rsta n d i t . Is in s h o r t t o b o th o p ro g ra m o f th o p r o je c t e d
L e a gu e t o E n fo r c e P e a co , w h ich m e n o f v is io n in o u r c o u n t r y p r o p o s e t o
call in to e x iste n ce . T h o p r o p o s itio n is w ell tim e d , is d e s tin e d , i f p r o p e r ly
ca rrie d in to e ffe c t , t o b e c o m e fa r-re a ch in g and w ell w o rth th e b est e ffo r t
o f th o h igh e st in te lle cts a n d th e stro n g e st energies in o u r n a tio n ; n o r ca n it
b o d o u b te d th a t , a fte r p resen t passion s shall h a v e su b sid e d a n d passed
a w a y , th is m o v e m e n t is ce rta in t o fin d re a d y s u p p o r t a n d c o -o p e ra tio n
a m o n g th e lea d in g n a tio n s o f th o w o rld . W e ro th is e x p e c ta tio n n o t ju s ti­
fie d , life in th is w o rld o f ours w o u ld in c o m in g ages b e c o m e a lm o s t In tolera b le.
o h a v e fo rtu n a te ly a lre a d y hoard th e v o ice s o f g reat sta te sm e n o f lea d in g
b e lligeren ts in in d o rse m e n t an d s u p p o r t o f th o s te p s n o w be in g ta k en in
o u r o w n c o u n t r y t o o rg a n iz e this lea gu e. T h e e xpression s th a t h a v e re­
c e n t ly been m a d o a b r o a d in this re sp e ct aro m o s t e n co u ra g in g , b u t is it n o t
p r o p e r t o ask a t th is ju n c tu r e w h e th e r it ca n b o im a g in e d th a t w h a t w e c o n ­
te m p la te t o d o c a n b e c o m e su cce ssfu l if— as has been h e r e to fo r e r e p e a t­
e d ly e m p h a size d — th e c a r r y in g in to e ffe c t o f th is m o v e m e n t is t o p ro ce e d
a lto g e th e r in d e p e n d e n tly o f th o u n fo r tu n a te c o n d itio n s th a t n o w p r e v a il,
an d i f o n ly a fte r p e a c e has fo llo w e d th e presen t c o n flic t , th o L e a g u e to E n ­
fo r c e P ea ce sta rt u p o n its ca r e e r ? Is it, re a lly , m a y I a s k , th e in ten tion t o
sit still and a w ait th e m o m e n t w h en , o f th o P o w e rs n o w fa c in g ea ch o th e r ,
o n o side o r th e o th e r shall h a v e b e c o m e c o m p le t e ly exh au sted a n d v a n q u ish ed
b r o u g h t t o its knees an d c o m p e lle d in to th o a c c e p ta n c e o f w h a te v e r term s
th o v ic to r s m a y d e e m w ell t o g ra n t, b e fo r e th o p r o p o s e d L e a g u o t o E n fo r c o
P e a ce sh a ll, th ro u g h A m e r ic a ’s in itia tiv e , b o b r o u g h t in to e x is te n ce ?
C a n it fo r a m o m e n t b o im a gin ed th a t a p e a c o , e n tered in to as ju s t
o u tlin e d , can h a v e real p e r m a n e n c y , a n d th a t a L e a g u e t o E n fo r c o P e a co ,
h o w o v e r p o w e r fu l, c o u ld , in th e lo n g ru n , b o a b lo t o m a in ta in a p e a c o th u s
c o n c lu d e d ?
So y o u see, h o w e v e r w o m a y d esire, in o u r e n d e a v o r t o establish th is
leagu o o f n a tio n s , t o h o ld a lo o f fro m th o existin g u n fo r tu n a to s itu a tio n in
E u ro p e , w o shall m e e t w ith co n d itio n s w h ic h , a t th o v e r y o u ts e t w ill m o s t
lik e ly je o p a r d iz e th o fu tu re u tility o f o u r m o v e m e n t. B e ca u so o f this w e
shall eith er h a v e t o p o s tp o n e th o c a r r y in g o u t o f o u r p re se n t p la n s until
p e a co in E u ro p e sh all h a v e b e c o m e re -e sta b lish e d — until its term s bo k n ow n
and u n d e rs to o d — en a b lin g u s, u n d er th o a ctu a litie s, t o k n o w e x a c tly
w h at w o m a y h a v e t o deal w ith ; o r p r o c e e d rath er in th o d a rk w ith o u r
presen t m o v e m e n t, in th e h o p o and e x p e c ta tio n th a t b e fo r e lo n g e ffe c t iv e
m easures shall b o ta k en t o b rin g to g e th e r th o w arrin g n a tio n s, w h ich fo r
th o tim e b e in g , are s o v e r y fa r a p a rt and h a v e s o u tte r ly lo s t e v e r y i)’o in t
o f c o n t a c t fo r an a greem en t o n te rm s w h ich b o th sides shall c on sid er as
re a so n a b le .
I t has re c e n tly been said b y a le a d in g L o n d o n d a ily th a t “ A m e r ic a has
b o c o m o th e tru stee o f th o interests o f h u m a n it y .”
T h is is a tru ism in
w h ich w o o u rselves t h o r o u g h ly b e lie v e , an d i f th is b e s o , is it n o t h ig h t im e
th a t, as a g o o d tru stee, A m e r ic a ta k e co u ra g e an d in itia te step s w h ich
sh a ll, in d e o d , resu lt in th e p r o te c tio n o f th e interests o f h u m a n ity , w h ich
l ’r o v id c n c o has fo r th e tim e be in g p la c e d in to o u r g u a r d ia n s h ip ?
T h is
c o n flic t , as th o situ a tio n has sh a p ed its e lf, is n o t lik e ly t o en d v e r y s o o n
an d w ill c o n tin u e u n til s o m e p o w e rfu l fa c to r s — n o tw ith s ta n d in g th e d is ­
co u ra g e m e n t th is m a y a t fir s t r e c e iv e — s te p b e tw e e n these im p a ssion a to
bolligeron ts an d persist, u n til b o th sides n a m e term s u p o n w h ich p e a c o m a y
b o discu ssed s o th a t g ra d u a lly a basis fo r n e g o tia tio n s m a y thus b e c o m o
o v o lv o d .
P erh a ps it Ls b e tte r th a t I d e v e lo p th is n o fu rth e r. M y o b je c t is s o le ly
t o p o in t o u t w here o u r c o u n t r y 's d u t y app ears t o lie an d in w h ich m a n n er
w o ca n h o p o th a t th is m o v e m e n t fo r th o esta b lish m e n t o f a leagu e o f
n a tio n s t o assure th o m a in te n a n ce o f p e a ce , a fte r p e a c e h as been re­
e sta b lish e d , m a y b o m a d e e ffe c tu a l an d su ccessfu l.

2032

THE CHRONICLE

IVol. 103.

F r o m th e be g in n in g w e h a v e be e n ca ro fu l t o lim it th is m o v e m e n t t o on e
I f ex p erien ce c a n te a c h a n y th in g , th e s itu a tio n w h ic h a n te d a te d th e
th e p u r p o s e o f w h ich is t o b rin g a b o u t an ag re e m e n t a m o n g t h o n a tio n s
p re sen t g re a t c o n f lic t a n d th e c o n d itio n s w h ic h b r o u g h t it a b o u t h a v e sh ow n
a
fte
r t h o p resen t w ar w h ich w e h o p e w ill m alco im p o s sib le o th e r w ars in
co n c lu s iv e ly th a t, h o w e v e r grea t th e desire m a y b e t o m a in ta in p e a c e , this
th e fu t u r e .
c a n n o t b u t p r o v e an a b o r t iv e en d e a v o r i f th o r o u g h ju s tic e b e tw e e n n a tio n s
A s t o M r . S c h iff, h e is o n e o f th o s tro n g e s t a n d m o s t v a lu a b le m e m b e r s ,
d o e s n o t p r e v a il— i f lu st a n d d esire fo r aggression b o e v e r p r e v a le n t; i f
a n d th e re so lu tio n a d o p te d this a fte rn o o n in n o w iso r o fle c ts u p o n h im .
e c o n o m ic b arriers are s o u g h t t o b e e re cte d b y o n e n a tio n a g a in st th e o th e r ,
F
u
rth e r m o r e , M r . S c h iff n e v e r in te n d e d t o s p e a k fo r th o L e a g u o w h en h o
s o as t o ga in tra d e an d a t th e sa m e tim e lim it its e x p a n sio n o n t h e p a r t o f
e xp ressed his c o n v ic tio n s , a n d n e v e r h a d a n y id ea th a t his rom ark s w o u ld
o th e r s , a n d if s ch e m in g fo r th e a c q u is itio n o f now te rrito rie s a n d fo r now
b o m is in te rp re te d as e xpressivo o f th o a ttitu d e o f th e L e a g u e .
sph eres o f in flu e n ce b e th e c o n s ta n t o n d e a v o r o f p o w e r fu l a n d in trig u in g
g o v e r n m e n ts .
An organization of the New York branch of the American
A L e a g u e o f N a t io n s t o E n fo r c e P e a c e ? W h a t o th e r p u r p o s e h a d th e
Neutral Conference Committee was perfected at a luncheon
s o -ca lle d “ T r ip le E n te n te ” b u t t o m a in ta in p e a c e a n d t o p r o t e c t t h e n a ­
at the Hotel Astor last Saturday presided over by David
tio n s c o m p o s in g it a g a in st o th e r n a tio n s w h o m ig h t q u e s tio n th e fo r m e r ’s
rig h t t o th e now te rritories th e y h a d a lr e a d y ta k e n o r w ish e d t o gain
Starr Jordan and held at the instance of M r . Schiff, Oswald
p o ssession o f ?
I n th is w a y a m o s t p o w e r fu l lea gu e t o m a in ta in and
Garrison Villard and Hamilton H olt. The chief purpose of
e n fo r ce p e a c e w a s a lr e a d y in e x iste n ce b e fo r e E u ro p o w a s h u rle d in to th e
the Branch is to “ carry into effect many of the plans of the
presen t c o n flic t . I t p r o v e d w ith o u t fo r c e a n d v a lu e , b e ca u se t h e p u rp o s e
fo r w h ic h it h a d b een fo r m e d a n d th e s itu a tio n it s o u g h t t o p e r p e tu a te w ere
American Neutral Conference Committee for arousing the
se lfish a n d n o t b a sed u p o n e q u it y an d ju s tic e t o a ll. P e rh a p s I a m g o in g
American public to a sense of what it may contribute toward
s o m e w h a t t o o fa r , b u t w h e r e o f th e h e a rt is fu ll it flo w s o v e r , a n d m y desire
stopping the war.” Wednesday’s resolution of the League
is t o p o in t o u t th e w a y in w h ic h a lo n e , as I see i t , th e m o v e m e n t in w h ich
w e are en g a g ed c a n b e m a d e su cce ssfu l a n d o f d u r a b le v a lu e .
to Enforce Peace was introduced by M r . H olt, who is said
I f in th is g re a t a n d in flu e n tia l n a tio n w e fe e l im p e lle d — as w e s h o u ld b e —
to have signed the call for the “ stop-the-war” luncheon.
t o a c c o m p lis h s o m e th in g th a t shall la s tin g ly a c c r u e t o th e b e n e fit o f h u ­
m a n it y , th a t shall p e r m a n e n tly an d e ffe c tu a lly en d in tim e s t o c o m e all
In disclaiming any connection between the two organiza­
w a r , w o n eed b e g in b y m a k in g c e r ta in t h a t t h e p e a c e w h ic h is t o fo llo w th e
tions, M r . H olt was quoted in the “ Sun” of Thursday as
p reson t w a r shall b o p o s s ib le o f e n fo r ce m e n t, t h a t its d u r a b ility b e a s s u re d ,
saying:
b e ca u se it b e b a sed o n e q u it y , rig h teou sn ess, a n d ju s tic o t o a ll.
T h e re is n o c o n n e c tio n b e tw e e n th e t w o o rg a n iz a tio n s . M r . S c h iff d id
T h e leagu e o f n a tio n s w e s tr iv e t o o rg a n iz o c a n b e c o m o o f v a lu o o n ly i f it
n o t assu m e t o sp e a k fo r th o L e a g u e t o E n fo r c e I’ e a co , w h o so p u r p o s e is to
b e b r o u g h t in to th e w o rld as a tw in t o a p e a c e a t o n c e ju s t a n d s a tisfa c to r y
b rin g a b o u t p e rm a n e n t p e a ce . T h e A m e r ic a n N e u tra l C o n fe r e n c e C o m ­
to all o f th e p resen t b ellig eren ts. T h u s a lo n e , w o b e lie v e , as w o fe rv e n tly
m itte e , o n tho o th e r h a n d , a d v a n ce s t w o p ro p o s a ls : “ H as n o t th o tim e c o m e
h o p e , th e p reson t d e p lo r a b lo a n d u n fo r tu n a te c o n flic t , w h en e n d e d , ca n b o
fo r e a ch o f th e belligeren ts t o sta te w h a t it is fig h tin g f o r ? ” a n d “ H a s n o t
fo llo w e d b y la stin g a n d , i f n ecessa ry , e n fo r ce a b le p e a c e .
th o tim o c o m e t o o ffe r m e d ia tio n to b r in g a b o u t a c o n s tr u c tiv e p e a c e ? ”
I fin d m y s e lf en tire ly o u t o f to u c h w ith t h e e m in e n t sp e a k e r w h o , tw o
d a y s a g o , in a p u b lic a d d ress, p a in te d in s u ch d a r k c o lo r s th e fu tu r e o f th e
As indicating the concern in England aroused by M r.
w o rld — w h o g a v e it as h is ju d g m e n t th a t th e p re so n t te rrib le a n d d e s tr u c ­
Schiff’s utterances, a cable to the “ New York Times” from
tiv e w a r is o n ly th e b e g in n in g o f a series o f t ita n ic c o n flic t s ; th a t o u r
London on Thursday said:
c o u n t r y — s h o u ld it n o w ta k e a d v a n ta g e o f its g r o a t p o s itio n a n d in flu e n ce
W h ile th o m a jo r it y o f th o L o n d o n an d p r o v in c ia l n ew sp ap ers a ro co n te n t
t o h e lp th e w a rrin g n a tio n s t o c o m e to g e th e r aga in — w ill a t th e en d o f th e
t o k e e p silen ce o n p e a c e to p ics , th e N o r t h c liffo press t o -d a y m a d o its c h ie f
w ar b o h a ted b y th e A llie s w ith a h a tre d n o less th a n th a t n o w fe lt fo r us b y
fe a tu ro a d e n u n cia tio n o f J a c o b H . S c h iff’s A m e r ic a n N e u tra l C o n fe re n ce
th e C en tra l P ow ers. T o m o , I m ig h t a d d , it is n ew s th a t th e C o n tra l P o w ­
C o m m itte e . C a b le g ra m s c o n v e y in g o x tra cts fr o m c o m m e n ts o f the
ers— w h ile fo r th e p resen t th e y m a y m isu n d ersta n d us— h a te us.
“ N e w Y o r k T im e s ” a n d o th e r N o w Y o r k p a p o rs an d fr o m th o sp e e ch o f
T h e s o , in m y o p in io n , m o s t u n w ise p u b lic u tte ra n ce s are re p resen ta tive
Ja m es M . B e c k h a v e s u ffic ie n tly In dicated A m e r ic a n o p in io n o f M r . S c h iff’s
o n ly o f an eiom en t a m o n g o u r fe llo w -citiz e n s w h ic h w o u ld h a v o u s p la y a
p
r o p o s a l. L o r d N o r t h c liffe co n sid e rs it o f s u ch im p o rta n ce t h a t th e
sim ilar ro le in M e x ic o as w as p la y e d b y s o m e o f th e n a tio n s n o w a t w a r , in
“ T im e s ” a n d th o “ D a ily M a il” d o v o t o lo a d in g e d ito ria ls t o th o s u b je c t,
S o u th A fr ic a , A ls a c e -L o r r a in e , C h in a , M o r o c c o , T r ip o li, in B o s n ia a n a th o
besid es p u b lish in g a lo n g a rticle b y D . T h o m a s C u rtin re p re se n tin g M r .
H e rz e g o v in a , in P e rs ia , a n d in o th e r co u n trie s; th e e iom en t w h ic h , as th e
S c h iff as " a d e a d ly e n o m y o f th e A llie s ,” a n d an a rch -in trig u e r o n b e h a lf
speak er I refer t o h as expressed i t , w o u ld b e w illin g t o h a v e o u r c u o n tr y
o
f G e rm a n y .
e n ter th is w a r, t o a id in e n fo r cin g a p e a c e , as I h a v o e n d e a v o re d t o show
In a ce rta in m easu ro th o “ T im e s ” (L o n d o n ) e d ito ria l c o n fu s e s th e
an d as h o c o r r e c t ly expressed it, w h ich w o u ld o n ly b e th e be g in n in g o f a lon g
L e a g u e t o E n fo r c e P e a ce , o f w h ich e x -P re sld e n t T a ft is th o h e a d , w ith M r .
series o f fu rth er t ita n ic c o n flic t s .
S
c
h iff’s A m e rica n N e u tra l C o n fe r e n c e C o m m itte e , tlio ro b y a llo w in g its
T h o v e r d ic t o f th o A m e r ic a n p e o p lo ren dered o n th e 7 th o f N o v e m b e r
readers t o d e r iv o th e im p ression t h a t th o L e a g u o t o E n fo r c e P o a co is p r o ­
w o u ld , as I b e lie v e , b e th o r o u g h ly m is u n d e r s to o d , i f su ch b e th e p e a c e th e y
G e rm a n in c h a ra cte r. T h is is p o s s ib ly an a c c id e n ta l e rro r, fo r th o sam e
w ish th eir G o v e rn m e n t to fa v o r an d t o aid in b rin g in g a b o u t, b u t I d o u n ­
c o n fu s io n d o e s n ’ t a p p e a r in M r . C u rtin ’s article o n w h ich th o ed iro ria l is
d e r s ta n d — a n d I b eliov e th e m a jo r it y o f the A m e rica n p e o p lo u n d erstan d s—
w h a t is m ea n t b y th e p u b lic expression o f th e v ie w s w o h a v e r e c e n tly h eard
based.
fr o m s o m e o f o u r fello w -c itiz e n s w h o c a n n o t fo r g iv e th e P re sid e n t fo r
In answer to the criticisms of the English papors, M r.
h a v in g th u s fa r su c c e e d e d in k eep in g us o u t o f w ar.
Schiff on Thursday night issued a statement in which he
I,
t o o , b e lie v e , a ft e r p e a c e h as o n c e be e n r o -e s ta b lis h e d , th is c o u n tr y
denied that he had moved for immediate peace. His state­
w ill, as is e v id e n t, n o lo n g e r b e a b le t o s ta n d a sid e , n o r s h o u ld it d o s o , b u t
s h o u ld assu m e th e lea d in g p a r t a m o n g th e n a tio n s f o r th e v o u c h s a fin g o f th e
ment follows:
m a in ten a n ce o f p e a c e , a n d n o t in o r d e r t o b e c o m e d ra w n in to a series o f
T h e c riticis m in L o n d o n p ap ers o f w h a t I sa id la st F rid a y e v e n in g a t th e
tita n ic c o n flic t s .
L e a g u o t o E n fo r c e P e a ce d in n e r e v id e n tly results fro m an in c o m p le te or
W e read in th e B ib le , a fte r a lm o s t ah life o n e arth h a d be e n e xtin gu ish ed
g a rb le d r e p o rt w h ich m u st h a v e be e n c a b le d t o E n g la n d .
I h avo b y no
b y th e D e lu g e , G o d p la n te d th e ra in b o w in to th e skies t o se rv o as a sign
m ean s m o v e d fo r im m e d ia te p e a co .
F o r I w ell k n o w th is w o u ld bo u tte rly
th a t n ev er again sim ila r c a la m ity shall b e fa ll th o w o rla .
im p ra ctic a b le a n d n o t desira b le In th o p o s itio n s th e v a rio u s belligeren ts
M a y th u s w ith th e r e s to ra tio n o f p e a c e th e Stars a n d S tripes b e c o m e th e
h o ld a t th e p re se n t tim o .
•
s ig n u n to th o p e o p le s o f th e earth th a t i f A m e r ic a ca n p r o v e n t it, n e v e r
I h a v e so u g h t t o b rin g a b o u t th a t e v e n w h ile th is fu r io u s c o n flic t p ro ce e d s
again shall cru el w a rfa re d e v a s ta te th e h a b ita tio n s o f m a n . A m e r ic a ,
it o u g h t t o b e de sira b io t o b rin g th e belligeren ts t o th o r e a liz a tio n , i f p ea ce
tru stee o f th o in terests o f h u m a n ity — A m e r ic a , h e lp e r o f th o n ow w arrin g
is t o c o m e , th a t b e tw e e n th em selves th e y n eed b o fo r o lo n g t o c o m e t o u n d e r­
n a tion s t o fin d th em selv es an d o n e a n o th e r aga in ; a n d a fte r th is b e a c c o m ­ s ta n d an d agree w h a t aro th e causes a n d th e p r o b le m s o f tills g r o a t w ar— as
p lish ed — A m e r ic a , in u n ison w ith o th e r n a tio n s , g u a rd ia n o f th e p e a c e
a re su lt o f w h ich th e w o rld w ill h a v e t o b o m a d o o v e r . I t is b y n o m ean s
o f th e w o rld .
to o s o o n t o g iv e th is p h a so co n s id e ra tio n .
I h a v o fu rth e r e n d e a v o re d t o m a k o it clea r th a t unless p e a c o b o fin a lly
c o n c lu d e d w ith an u n d e rsta n d in g o f th is a s p e c t o f th e stru g g lo p e a c o is n o t
W ith a view to discounting any impression which may have w o rth m a k in g , fo r it c a n n o t b o th o desiro o f th e n a tio n s th a t th o c o n c lu s io n
gained ground that M r . Schiff’s views reflected those of the o f p o a c o shall m a rk o n ly “ th o b e gin n in g o f a series o f tita n ic s t r u g g le s ."
League to Enforce Peace, the Board of Management of as h as r e ce n tly been p ro p h e sie d b y an e m in o n t m a n w h o has s p o k e n so
p e ssim istica lly a n d d is co u ra g iu g ly o f th e fu tu r e . W ith o th e rs I a m d e e p ly
that organization at a meeting on Wednesday adopted a im p ressed th a t it is m o s t d e sira b io t o b rin g b o t h th o A llie s a n d th o C en tral
resolution in which it was declared that “ the League is P o w e r s t o a rea liza tio n o f th o n e ce ssity o f a t least c o m in g to g o th o r in th is
committed only by its program and the authorized interpre­ re s p e c t, fo r a t s o m e tim e th e y w ill h a v e t o d o th is in a n y o v o n t.
I shall n o t d ig n ify th o p erson al a tta c k s u p o n m o in E n glish p a p e rs b y
tation thereof, and not by the views expressed by private ta k in g n o to o f th e m . I k n o w th is is b y n o m oa n s th o v o ic e o f th o E n glish
n
a
tio n . B u t a d m irin g , lo v in g , an d h a v in g o v o r y p ro fo ro n co fo r A n g lo individuals.” It was furthermore set out in the resolution
S a x o n g o v e rn m e n ta l in stitu tio n s, fo r th e m a in te n a n ce o f w h ic h it is indeed
that the League “ is not a stop-the-war movement,” but w o rth w h ile t o b rin g o v e r y s a c r ifice , m a y I n o t s a y t o th o s o w h o seek to
contemplates a league of nations to be set up after the pres­ c a lu m n ia to m o th a t a tta ck s u p o n h o n e s t u tte ra n ce s an d a tto m p ts t o d is ­
ent war. The meeting was attended by William H . Taft, c r e d it fre e expression o f o p in io n are n o t th o h ost m e th o d s b y w h ic h t o retain
an d t o gain in cre a sin g ly th o s y m p a th ie s o f th o A n io rica n p e o p lo .

President of the League; Alton B . Parker, Charles Stewart
Davison, Judge William II. W adhams, Theodore Marburg,
George Munro Forrest, jTalcott Williams, Herbert S.
Houston, Hamilton H olt, Finley J. Shepard, John Bates
Clark and William H . Short. The following is the resolu­
tion as adopted:

T h o L ea g u e t o E n fo r c e P e a ce , as it has fre q u e n tly d e cla r e d , is n o t a s to p th e-w a r m o v e m e n t. I t c o n te m p la te s a league o f n a tio n s t o b e s e t u p a fte r
th e p resen t w ar.
W e ta k e th is o p p o r t u n it y t o d e cla re th a t th e L e a g u o is c o m m it t e d o n ly
b y its p ro g ra m a n d t h e a u th o riz e d in te rp re ta tio n th e r e o f, an d n o t b y the
v ie w s expressed b y In d iv id u a l m e m b e rs.

After the meeting M r . Taft in explanation said (we quote
from the “ New Y ork Times” ):
B eca u se o f t h e m is in te r p r e ta tio n o f th o s p e e ch m a d e la st F rid a y n ig h t
b y J a c o b I I . S c h iff, t h o resolu tion w as p assed b y th e C o m m itte e o f M a n a g e ­
m en t as rep resen tin g th e L ea g u o t o E n fo r c e P e a ce . M r . S c h iff, w h o is
p r om in en t in th o L e a g u e , is s tr o n g ly in fa v o r o f s to p s b e in g ta k o n t o bring
a b o u t p e a c e in E u ro p o , b u t th os e are his in d iv id u a l v ie w s an d n o t th o se o f
h o L ea g u o. A s a m a tte r o f fa c t , in an o r g a n iz a tio n o f this sizo th ere m u st
i e a n d aro all sorts o f v ie w s rep re se n te d , b u t th o se vie w s are p u r e ly in ­
d iv id u a l s o fa r as th e L ea g u o is c o n c e r n e d .




LEAGUE TO ENFORCE PEACE AN D VIEWS
CERNING THE MOVEMENT ABROAD.

CON­

A t the dinner of the League to Enforce Peaco, hold at the
Hotel Astor on N o v . 24, William H . T a ft, President of the
League, entered into an explanation of its purposes. Jacob
H . Schiff, as noted elsewhere in to-day’s issue of our paper,
likewise addressed the gathering. M r . T a ft, in setting out
the purposes of the League, spoke in part as follows:
T h e L ea gu e t o E n fo r c e P e a ce is n o t an asso cia tio n o r an organ ization
th o p u rp o s e o f w h ich is to en d th e p reson t w a r in E u ro p e . T o -n ig h t w e
m e e t t o g iv e a fu rth e r " p u s h ,” s o t o sp e a k , t o th e L ea gu o. F r o m ab roa d
w e h a v e th e co r d ia l s y m p a th y an d e m p h a tic a p p ro v a l o f L o r d B r y c e and
o f V is c o u n t G re y o f G re a t B rita in , th o a t tc n tlv o s y m p a th y o f P rem ier
B ria n d o f F ra n ce , an d o f C h a n co llo r v o n B e th m a n n H o llw e g o f th o G erm an
E m p ire .
T h e sta te m e n ts o f those e m in e n t m en are n o t b in d in g , o f c o u rs o .
lh e y
o n ly te n d t o sh ow th at w h a t w e are p ro p o sin g is n o t a d re a m , th a t it is n o t
c h im e rica l, b u t in Its general lines co m m e n d s Itself t o p ra ctica l statesm en
lo o k in g fo rw a rd t o tho c o n d itio n th a t w ill c o n fr o n t th e bo lllge ro n t P ow ers

D m 2 1916.]

THE CHRONICLE

a n d th e oth er c ou n trie s o f the w o rld w h en this w ar h as e n d e d a n d p e a ce
com es.
T h o L ea gu e co n te m p la te s a p erm a n en t c o u r t t o d e c id e Issues arising
betw een Its m em bers If th e y c a n b o se ttle d o n p rin cip les o f law a n d e q u ity ,
a p erm a n en t com m issio n o f co n c ilia tio n t o hear fa c ts a n d argu m en ts an d
recom m en d a co m p ro m is e in re sp e ct t o a n y d iffe re n ce s arising betw e e n
m em bers o f th e L oa gu e w h ich c a n n o t b o se ttle d b y a c o u r t as a m a tte r o f
la w , an d a un ion o f all th e e c o n o m ic m ean s o f repressions a n d all the
m ilita r y fo rc e s o f th e m em bers o f th o L e a g u e t o resist h ostilitie s b e g u n b y
on e m em b er o f th o L o a gu e aga in st an o th e r b e fo r e th o q u estion s in issue
h a v e been h eard an d d e c id e d b y the c o u r t a n d a co m p r o m is e re co m m e n d e d
b y th o com m ission .
,

Senator William J. Stone, of Missouri, Chairman of the
Committee on Foreign Relations, pointed out at the dinner
that the League “ stands pronouncably for world peace.”
He furthermore expressed the hope that “ this potential body”
also stands with equal fervor for peace at home. Some of
his further remarks were as follows:
T h is m o v e m e n t o f y o u r s is a m o v e m e n t w ell w o rth w h ile t o b e pressed.
A n d I s a y th is, k n o w in g as y o u d o e v e r b e tte r th an I , th e d ifficu ltie s in th o
w a y . T o e ffe c tu a te th is r e a lly s tu p e n d o u s sch em e— the lik e o f w h ich
h ith erto is u n k n ow n o f m e n — w ill re q u ire treaties a n d g ra v e agreem ents.
Q u estion s o f n a tion a l h o n o r , o f v ita l in terest, a n d so fo r t h , w ill c o m e u p ,
an d th e y w ill n o t b e , a n d c a n n o t b e , ig n o re d . I t w o u ld b o easy t o p o in t
o u t su ch qu estion s as th e y a ffe c t o u r o w n nation al p o lic y a n d o u r ow n
n a tion a l life . T h e re are qu e stio n s k n o w n t o all o f us— q u e stion s I need
n o t pau se n o w t o discuss— w h ich o u r p e o p lo d o n o t re g a rd as ju sticia b le
q u e s tio n s , a n d w h ich I d o n o t b e lie v o th e y w o u ld b o w illin g t o arbitra te.
W h a t is tru e o f o u r n a tio n is true o f o th e r n a tion s. T h e L e a g u e , o f cou rse,
recogn izes til's co n d itio n . T h e re fo r e , it p ro p o se s th a t th o n a tio n s agree t o
su b m it “ all ju s ticia b le q u e s tio n s ’ ’ t o th e ju d g m e n t o f an intern ationa l
tribu n al. S o fa r , g o o d .
B u t there are n o n -ju s tic ia b ie q u estion s. H o w is th o lin e t o b o draw n ? I
co n fe s s m y s e lf som e w h a t co n fu s e d .
H o w e v e r , as t o su ch qu estion s, th o
L ea gu e p rop os es , as I u n d e rsta n d , t o s u b m it all su ch qu e stio n s t o “ a co u n cil
o f c o n c ilia tio n fo r h earin g, co n sid e ra tio n an d re c o m m e n d a tio n .’ ' T h a t is
th e lan gu ag o o f y o u r p ro p o s a l. H o w fa r a n d t o w h a t e x te n t n a tion s m ig h t
agree t o release c o n tr o l o v e r n o n -ju s tic ia b ie q u e stion s b y su b m ittin g them
ev en t o a " c o u n c il o f c o n c ilia tio n . ’ is, I tak e it, as y e t w h o lly co n je ctu ra l.
B u t a fte r a ll, w h y n o t s o su b m it t h e m ? A n d y e t , w h ile s o qu estion in g, I
a p p reh en d th a t serious d iffic u lt y w ill b o e n cou n tered in ge ttin g p ast tills
p o in t w hen n egotia tio n s are op e n e d u p .
I t w o u ld seem , h o w e v e r, as i f s o m o basis o f agre e m e n t c o u ld b e a rrived
a t , w ith p rop er safegu ards again st th o abu se o f w h a t I m a y ca ll an am iable
a u th o r ity , t o m ak e the sch em e a w o rk a b le on e ; still, a lth o u g h te n ta tiv e ly
fa v o r in g th o p r o p o s a l, m y v is io n is n o t c le a r w ith re sp e ct t o it.
I w an t
p ea co; b u t, a lso, ov e n m o r o th an p e a c e , I w a n t n ation al h o n o r an d secu rity.
S till, n o d o u b t, it is w ise to sa y— a t a ll e ven ts I ta k e th e ch a n ce o f sa yin g—
y o u sh ou ld g o forw a rd w ith y o u r great p ro g ra m , crossin g bridges as y o u
rea ch th em .
M r . P resid en t, a b o u t a ll I ca n a d d t o w h a t I h a v o said is this: T h a t w ith
tho grea t, fu ndam ental pu rpose o f this League— n o b le a n d beau tiful as it is
— t o hum anize and m o ld th e w o rld in to a m ore in tim a te b ro th e rh o o d , I
d eep ly sym p a th ize.

A number of messages from representatives of the warring
nations, bearing on the League and its objects, were read at
the dinner, somo of which wo quote below:
I t h in k p u b lic u ttera n ces m u st h a v e a lr e a d y m a d e it c le a r th a t I sin ce re ly
d esire t o see a league o f n a tio n s fo rm e d an d m a d e e f fe c t iv e t o se cu re fu tu r e
p o a c e o f th e w orld a fte r th is w ar is o v e r . I regard th is as th o b e s t, i f n o t
th o o n ly , p r o s p e c t o f p re se rv in g tre a tie s a n d o f s a v in g th e w o rld fro m
agg rossiv o w ars in y e a rs t o c o m o . I f there is a n y d o u b t a b o u t m y se n ti­
m en ts in th e m a tte r , I h o p o th is te le g ra m in r e p ly t o y o u r o w n w ill re m o v e
It.
V IS C O U N T G R E Y ,
M inister for Foreign A ffa irs o f Great Britain, London, N ov. 23.
A M B A S S A D E D E L A R E P U B L IQ U E F R A N O A I8 E ,
A U X E T A T S -U N IS .
Washington, Le N ov. 21 1916.
A t th o sa m e tim e as y o u r le tte r I r e c e iv e d th is m o r n in g o n o fr o m o u r
P r im e M in is te r , M . B ria n d , d e stin e d fo r y o u , a n d w h ic h I e n c lo s e here­
w ith . Y o u w ill b e a b le , i f y o u th in k fit , t o a v a il y o u r s e lf t o its c o n te n ts
a t t h o fo r th c o m in g b a n q u e t o f th o L e a g u e t o E n fo r c e P e a ce .
JU SSE R A N D .
M I N I S T R Y O F F O R E IG N A F F A IR S , F R E N C H R E P U B L IC .
Paris, Oct. 25 1916.
I h a v o th o h o n o r t o a c k n o w le d g e th o r e c e ip t o f y o u r c o m m u n ic a t io n , th e
co n te n ts o f w h ich I h a v o n o te d w ith liv e ly in te re st. In b a s in g y o u r e ffo r t
o n t h o fu n d a m e n ta l p rin cip le o f resp ect fo r th e rig h ts a n d w ishes o f th e
v a riou s p e o p le s o f th o w o rld , y o u are ce rta in o f b e in g o n c o m m o n g ro u n d
w ith th o cou n tries w h o , In th o p resen t c o n f lic t , aro g iv in g th eir b lo o d an d
th eir resou rces, w ith o u t c o u n tin g th e c o s t , t o s a v e th o In d e p e n d e n ce o f th e
n a tion s.
P ieaso rec e iv o , M r . C h a irm a n , th o assurances o f m y h ig h c o n sid e ra tio n .
A . B R IA N D .
G E R M A N EM BASSY,
Washington, N ov. 16 1916.
I a m g la d t o b e a b le t o in fo r m y o u th a t th e C h a n c e llo r o f th o G e rm a n
E m p iro h as au th oriz e d m o t o tra n sm it t o y o u th o fo llo w in g o x tra cts o f th e
sp e e c h w h ich H is E x ce lle n c y d e liv e re d o n th e 9 th in s t ., b e fo r e th o C o m ­
m itte e o n W a y s an d M e a n s o f th o G e rm a n P a rlia m e n t:
" W e h a v o n ev er c o n ce a le d o u r d o u b ts w ith regard t o th o q u e s tio n w h eth er
p e a c o c o u ld b o p erm a n e n tly gu aran teed b y su ch In tern a tion a l o rg a n iz a tio n s
as a r b itra tio n c o u r ts . I sh a ll, h o w o v e r , a t th is p la c o n o t d iscu ss th e th e o ­
r e tica l a sp ects o f th o p r o b le m , b u t w o m u s t n o w a n d a t t h e tim e o f th e
co n c lu s io n o f p o a c o fr o m th o p o in t o f v ie w o f fa c ts , d e fin o o u r p o s itio n w ith
regard t o th is q u e s tio n . W h e n a t an d a fte r th e en d o f th o w ar th o w o rld
w ill b e c o m e fu lly c o n s c io u s o f its h o r r ify in g d e s tr u c tio n o f lifo a n d p r o p e r ty
th en th rou g h th o w h o lo o f m a n k in d w ill rin g a c r y fo r p e a c e fu l arran gem en ts
an d u n d ersta n d in g s w h ic h , as fa r as lies in h u m a n p o w e r , shall a v o id th o
retu rn o f su ch a m o n stro u s ca ta s tro p h e .
T h is c r y w ill b e s o p o w e r fu l an d so ju s tifie d t h a t it m u s t load t o s o m e
osu lt. G e rm a n y w ill h o n e s tly c o -o p e r a te In th o e x a m in a tio n o f o v e r y
n d o a v o r t o fin d a p ra c tic a l s o lu tio n o f th e q u e s tio n a n d w ill co lla b o r a te
o m a k o Its rea liz a tio n p o s s ib le . T h is all th o m o r e , i f th o w a r, as w o o x p c c t
an d t r u s t, w ill c roa to p o litic a l c o n d itio n s w h ic h d o fu ll ju s tic o t o t h o fre e
d e v e lo p m e n t o f all n a tio n s — th o sm all on e s as w e ll as t h o gre a t n a tio n s.
T h o n it w ill b o p o s s ib le t o realize th e p rin cip le s o f Justice a n d fre e d e v e lo p ­
m e n t o n la n d an d o f th e fre e d o m o f th e seas.




2033

T h e fir s t c o n d it io n fo r e v o lu t io n o f in te rn a tio n a l re la tio n s b y w a y o f
a r b itra tio n a n d p e a c e fu l c o m p r o m is e o f c o n flic t in g in terests s h ou ld b e th a t
n o m o r e aggre ssive co a litio n s a re fo rm e d in fu tu r e . G e rm a n y w ill a t all
tim e s b e ready” t o e n ter a le a g u e fo r t h o p u r p o s e o f re stra in in g th e d istu rb ers
o f p e a c o .”
I h o a b o v e o ffic ia l d e c la r a tio n o f th e G e rm a n G o v e rn m e n t Is s o ex p licit
th a t I w o u ld o n ly sp o il Its e ffe c t b y a d d in g a n y th in g t o it o n m y ow n
p a r t , w ith t h e e x c e p tio n o f th e w ish th a t th e h o p e s o f th e Im p e r ia l C h a n ­
c e llo r m a y s o o n b o r e a liz e d .
I r e m a in v e r y sin c e re ly y o u r s ,
____________________

J. B E R N S T O R F F .

FORMATION OF SOCIETY OF NATIONS FOR LASTING
PEACE PROPOSED A T PARIS CONFERENCE.
A lasting international peace can be made possible only
by the foundation of a Society of Nations whose guiding
principle shall be the settlement of difference by law and
and not by force,” declares a resolution adopted by the
Congress of the League of Rights of M an in the session at
Paris on November 3. The resolution framed and approved
after long discussion said:
T in s s o c ie t y shall b e b a se d u p o n th e r e c o m m e n d a tio n o f th e rig h t o f
n ation s great an d sm all t o in d e p e n d e n ce , u p o n th e in stitu tio n o f co m p u ls o ry
a rb itra tio n a p p lic a b le t o all in tern a tion a l c o n flic t s w ith o u t e x ce p tio n and
reserve, a n d u p o n th e o rg a n iza tio n o f in tern ation a l fo rce s c a p a b le o f
repressin g b y a p p ro p ria te p en a lties all a tte m p ts a t r e v o lt o r aggression.
T o insure lastin g p e a c e in th e fu tu re th o tr e a ty m u st n o t c o n ta in germ s o f
w ar o r r even ge. I t shall co n se cra te th e rig h t o f p o o p le ’s t o d ispose o f their
o w n d estinies, a n d shall n o t p r o v id e fo r th e d ism e m b e rm e n t o f states o r
a n n exation s o f te r rito r y aga in st th e w ill o f th e p o p u la tio n . O n th e c o n ­
tra ry it s h a ll annul a n n exa tion s im p o se d b y fo r c e , such as th a t o f A lsa ceL orrain e.
I t shall c re a te an e c o n o m ic re g im e u n d er w h ich ce rta in te m p o r a r y m eas­
ures a p p lie d as penalties shall guaran tee t o each p e o p lo exercise o f its
ligitim a to a c tiv itie s w ith o u t p e rm ittin g th e existen ce o f a n y aggressive
orga n iza tio n fo r e c o n o m ic c o n q u e s t.
J u stice requ ires t h a t th o fu tu r e p e a c o tr e a ty shall p r o v id e penalties
a g a in st th e re sp o n sib le a u th o rs o f w a r a n d p u n ish m e n t t o th o se w h o w age
w a r in d e fia n ce o f th e la w o f n a tio n s t h a t states w h o are aggressors shall
m a k e re p a ra tio n p r o p o r tio n a te t o th o en o rm o u s d a m a g e do n e ; a n d fin a lly ,
a s y s te m o f g u aran tees w h ic h , w it h o u t in frin gin g th e p rin cip les den ou n ced
a b o v o , a n d n o t a b ly w it h o u t h a v in g re cou rse t o fo rc ib le a n n exation , shall
safegu ard th e w o rld aga in st fu rth e r aggression.

The Congress in conclusion after considering declarations
mado by the Entente statesmen, expressed the hope that the
allied Powers give an earnest of their intentions by deciding
to submit all their eventual conflicts to arbitration and form
a confederation among themselves as the first outline of a
future Society of Nations and welcome the adhesion thereto
of all States, small and great, who remained outside the
struggle.
_____

HALL CAINE ON UNTOWARD RESULTS OF PEACE
A T THIS TIME.
Tho views of Hall Caine, the able English writer, on the
effects of an enforced peace among tho warring nations,
furnishes an interesting insight into the attitude of Great
Britain’s subjects on the arguments for effecting a reconcilia­
tion among the fighting nations at this time. M r. Caine’s
convictions have been presented to the New York “ Times”
in answer to the series of articles from the pen of “ Cosmos,”
which havo appeared in that paper during the past two
weeks under the head “ All W ant Peace; W h at M ust Be Its
Basis?” In portraying Great Britain’s ideas on the subject,
M r . Caine states that the belief in England is that to end the
~war “ at this inconclusive stage, when neither side can be said
to have reached a military conclusion, would be the surest
way to create other wars, by giving time for recuperation and
a renewal of hostilities which neither of the belligerents has
repented of or seen the futility of pursuing.” A s to the
result of making peace, now, after two-and-a-half years of
war, “ with an unrepentant enemy on the grounds of ex­
pediency alone,” M r . Caine thinks there would be only one
result— “ the complete breakdown in Europe of all moral law
in tho government of nations and all faith in the divine rule
of the world.” W e print below his expression of opinion
as conveyed to the “ Tim es:”
London, N ov. 25.
To "Cosm os” :
T h e N e w Y o r k “ T im e s ” has d o n e m o , w ith o th e r s , th e h o n o r o f a sk in g m e
t o r e p ly t o y o u r p le a fo r im m e d ia te p e a ce . I r e c o g n ize in y o u r o p in ion s
an d in y o u r m e th o d o f p re se n tin g th e m a m a rk e d re se m b la n ce t o th e o p in ­
ion s a n d m e th o d s o f ce rta in d istin g u ish e d a n d h o n o re d E n g lish m en , b u t as­
s u m in g th a t y o u aro an A m e r ic a n , I b e g in b y s a y in g th a t y o u r w h olo a rgu ­
m e n t, s o fa r as it has be e n m a d e k n o w n t o us o n th is sid e o f th e o c e a n , la b ors
u n d e r th e d is a d v a n ta g e o f y o u r a lo o fn e ss fr o m th e e m o tio n s e x cite d b y th e
w a r. W e h a v e it o n a n cie n t a u t h o r it y th a t th e lo o k e r s -o n see m o s t o f the
ga m e ; b u t It w ill n o t b e d e n ie d t h a t th e p la y e rs feel m o s t o f it, and w e th in k
it is n e ce ssa ry t o feel as w ell as t o see th is w ar in o r d e r t o k n o w w h ic h is th e
m o m e n t m o s t fa v o r a b le fo r a d iscu ssio n o f p e a ce .
I th in k y o u h a v e fa ile d t o see t h a t th e firs t c o n d itio n o f s u ch a d iscu ssion
is n o t th o m ilita r y p o s itio n o f th e bellige re n ts, b u t th e ir sp iritu a l tem p er
Y o u s a y th a t th o sim ila r ity o f t h o r e ce n t u tte ra n ce s o f V is c o u n t G re y and
H e rr v o n B e th m a n n I lo llw e g g iv e s h o p e o f a fo rm u la t h a t w o u ld s a tisfy
b o t h , b u t w e t h in k th e p e a ce sp e e ch o f th e G e rm a n C h a n ce llo r w as inspired
b y th o id e a o f p e a c e w ith G e rm a n v ic t o r y b e h in d i t , an d w o are n o t su r­
prised th a t th e G e rm a n p e o p le s h o u ld th in k th a t th o s o -ca lle d p e a c e speech
o f th e B ritish F o re ig n S ecre ta ry w as in spired b y a c o r re s p o n d in g id ea o f

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THE CHRONICLE

p o a c o w ith a v ic t o r y fo r th e A llies b e h in d it. N o t u n til o n o o r th e o th e r o f
these M in is te r s a p p roa ch es th o s u b je c t w ith o u t th e th o u g h t o f v ic t o r y , o r
w ith th e id e a o f s u b m is s io n , o r th o th e o r y o f a d ra w n w a r, ca n co n d itio n s
c o m e t o th a t p o in t w h ic h is fa v o r a b le t o a d iscu ssio n o f p o a co . W o see no
s ig n w h a to v e r o f th a t c o n d it io n eith er in E n g la n d o r G e rm a n y a t th o p res­
en t m om en t.
Cause of War Still an Issue.
W o g a th er th a t y o u th in k it is useless t o c o n c e r n o u rso lv e s n o w w ith a n y
q u e s tio n o f th e cau ses o f th e w a r . W o , on th o c o n t r a r y , th in k th a t th is is
n o t o n ly n ecessa ry , b u t in e v ita b le , t o a n y h o p e fu l co n s id e r a tio n o f p o a co .
W o th in k th e w a r h a d its o r ig in in a p lo t ; th a t this p lo t fo u n d its c lim a x in
th o A u s tria n u ltim a tu m t o S erbia; th a t Serbia c o u ld o n ly h a v o a c c e p te d
t h a t u ltim a tu m b y cea sin g t o b o a n a tio n ; th a t th o G e rm a n A m b a s sa d o r at
V ien n a c e r ta in ly an d th o K a is e r p r o b a b ly , k n o w an d a p p ro v e d o f th o term s
o f t h e u ltim a tu m b e fo r e it w as d is p a tc h e d ; th a t th e d e lib e ra te o b jo c t o f tho
u ltim a tu m w as to b rea k th o p e a c e o f E u ro p e in th o in terests o f G e r m a n y ’s
design s; th a t G e rm a n y reg a rd ed th e w a r, n o t m e r e ly as a n ecessary e v il,
b u t as a la u d a b le m ean s o f o b ta in in g d o m in io n , an d th a t th e s u b ju g a tio n o f
S e rb ia a n d th o v io la tio n o f B elg iu m w ere th o lo g ic a l o u t c o m e o f this fa lse
a n d w ic k e d p o lic y . W e see n o ov id e n c e th a t G e rm a n y lias re p e n te d o f th a t
p lo t , an d n o p r o s p e c t o f a la stin g an d a u th e n tic p o a co u n til she d o e s re p e n t
o f it, o r s u ffe r fo r n o t d o in g so.
W o a lso g a th e r th a t y o u th in k t h a t in asm u ch as it is im p o ssib le a t th is m o ­
m e n t t o discu ss th o m o tiv e s o f th o b e llig e re n ts, it o u g h t t o be s u ffic ie n t fo r
us t o r e c o g n iz e th a t , e q u a lly w ith o u rse lv e s, G e rm a n y beliov es sho is in th o
r ig h t.
B u t th a t G e rm a n y b e liev e s she is in th o rig h t m a k e s h er, in o u r v io w ,
a ll th e m o r e w ro n g , an d a d iscu ssio n o f te rm s o f p o a co all th o m o re im p o ssi­
b le .
O n ly w h en sh o roalizos th a t sho is in th e w ro n g ca n w o a p p ro a ch a
d is cu s s io n o f a p o a c e th a t w ill bo p e rm a n e n t, b e ca u s e b a se d n o t m e re ly o n
m ilita r y n ece ssities, b u t o n a p r a c tic a l r e c o g n itio n o f th o p ro co p ts o f m oral
la w .
O f s u ch a rea liz a tion w o see n o sign in G e rm a n y a t proson t.
Y o u th in k th a t th e tim e has c o m e fo r a co n s id e ra tio n o f p e a ce b eca u se
G e rm a n y m u s t n o w k n o w th a t sho c a n n o t w in tho w a r, and b o ca u so th o
A llies m u s t see th a t th ey ca n o n ly w in a t a c o s t th a t w o u ld bo s ca rce ly loss
d isa strou s th a n d e fe a t; b u t w o th in k this is a c o n d it io n th a t is less than
h a lf w a y tow a rd p o a c e . O n ly w h e n G e rm a n y sees sh o m u st c e rta in ly
lo se th o w a r, o r w hen th o AlIIos feel th a t the w o rs t disasters w h ich m a y
resu lt fro m g o in g o n w ith it w ill n o t b o a to n e d fo r b y th o triu m ph o f th e
p rin cip les t h e y are fig h tin g fo r can tho f a v o r a b le m o m e n t c o m e fo r p o a ce th a t
w ill b e fo u n d e d m erely on ca lcu la tio n s o f loss o r g a in .
W o see n o o v id e n ce
w h a to v e r, th a t th o b elligeron ts are y e t w illin g t o a c c e p t these c o n clu s io n s .
'
Wicked Waste in Ending War N ow .
W o g a th er th a t y o u th in k th a t b eca u se th o w a r has g o n e on s o lo n g w ith ­
o u t p r o d u c in g a n y resu lts o x co p t im m e a su ra b le m ise ry it sh o u ld s t o p ,
h a v in g fa ile d in w h a tev er o b je c t th e belligeron ts e x p e c te d fro m it; b u t it
is ju s t b eca u s e th o w a r h as th u s fa r p rod u cer! n o d e fin ite m ilita r y rosults
th a t w o th in k it c a n n o t s t o p . W e th in k t h a t t o en d th o w ar n o w a fte r so
m u c h s u fferin g a n d s a c r ifice b y a n y fo rm o f in c o n c lu siv e p o a co , w h ich w o u ld
p r o v e an d establish n o th in g , w o u ld b o w a s te — w a n to n , w ic k e d , irre trie v a b le ,
in ox cu s a b lo, b lin d , a n d b lin d in g w aste su ch as w o d a ro n o t fo r o n o m o m e n t
c o n t e m p la te . W o th in k s u ch a p o a c o w o u ld b o treason t o th o d e a d ,
d is lo y a lt y t o th o liv in g , an assau lt o n th o a u th o r ity o f G o v e rn m e n t, an
o p e n a p p e a l t o th o law lessness o f a n a rc h y , a d e lib e ra te o u tra g e o n tho
p rin cip les o f p a tr io tis m , and ev en o n th o sa cre d p re ce p ts o f re lig io n .
Y o u th in k th o tim e fa v o r a b lo fo r a d iscu ssio n o f p o a co b oca u so th o A llie s,
th o u g h th e y m a y w ell w in , c a n n o t w a n t, an d w o u ld n o t , p r o b a b ly , b o
a b le u tte r ly t o cru sh th eir on em ies. B u t th o u g h s u ch o f us as k n o w h is to ry
an d ta k e a h u m a n view o f w ar an d its p r o b a b lo r osu lts h a v o n o v o r h o p e d fo r
o r d roa m ed o f th e e x te rm in a tio n o f G e rm a n y as a n e m p ire , w o h a v o , in d e e d ,
h o p e d fo r and d rea m ed o f th e d e s tr u c tio n o f th o G e rm a n p o litic a l ideal
w h ic h is b a s e d , as w o see it, o n th o id e a th a t c iv iliz a tio n , c u ltu re , a n d th o
go n ora l w e lfa re o f th o h u m a n fa m ily aro so cu re d b y th e d o m in io n and
t y r a n n y o f th o s w o r d , w ith its in e v ita b le c o n s e q u e n ce s o f th o v io la tio n o f
th o lib erties o f little n a tion s an d th e general G e rm a n iz in g o f th o w o rld .
A ft e r t w o a n d a h a lf years o f w a r w o see n o sign y e t th a t G e rm a n y h as p a rte d
c o m p a n y w ith this ideal a n d , th e re fo re , n o in d ica tio n o f a p e a c o th a t c o u ld
b o b u ilt o n C h ristia n p rin cip les o f th o eq u a l rig h ts o f all p e o p le s.
Y o u th in k th a t t o p r o lo n g th o w ar a t a c o s t o f m o r e an d w o rse s u ffe rin g
w o u ld load t o s u ch o x a c e r b a tlo n o f the feelin gs o f th o b o lligeren ts as w o u ld
b o d eleteriou s t o th o fu tu r e p o a c e o f E u ro p o . W e th in k , o n th o c o n tr a r y ,
th a t t o en d It a t th is in c o n c lu siv e sta g o , w h en n eith er sid e ca n b o sa id to
h a v o roa ch od a m ilita r y c o n c lu s io n , w o u ld bo th o surest w a y t o cro a to o th e r
w a rs, b y g iv in g t im e fo r r ecu p e ra tio n an d a ren ew al o f h ostilitie s, w h ich
n eith er o f th e b elligeron ts has rep e n te d o f o r seen th o fu t ility o f p u rsu in g.
Y o u th in k th a t th ou g h G e rm a n y m a y h a v o boon th o sin ister aggressor
s h o has learn ed lior lesson an d th a t i f p e a co co m o s n o w sho m a y b o rolied
u p o n t o d o her b est t o p r e v e n t m o r o w ars.
W e t h in k , o n th o o th e r h a n d ,
th a t th e o n ly losson G e rm a n y has y e t loarn ed is a m ilita r y lesson , th e lesson
th a t h as c o m o o f s o ttin g t o o low a v a lu o o n th e p o w e r , co u r a g o , an d resou rces
o f her e n em ies, a n d th a t th o o n ly sa fe gu a rd o f en d u rin g p e a ce is th at sho
s h o u ld also learn th o m ora l lesson th a t co m e s o f seein g tho usolessness o f
w ar as a m oan s to w a rd h u m a n w e lfa ro . O f th a t lesson G e rm a n y , s o far
a s w o c a n see, has y e t learn ed n o th in g .
W hy the War M u st Go On.
Y o u th in k , s o fa r as I c a n ju d g e , th a t i f p o a c o c a m o n ow b o th b e lligoron ts
w o u ld ro c o g n izo th o f o lly o f w ar as a m oans o f s o ttlln g in te rn a tio n a l d is p u te s ,
a n d s o h a v in g Join tly loarn od th eir losson w o u ld s tr iv o to g e th e r t o a v o id
its recu rren ce.
W o t h in k , o n th o c o n t r a r y , th a t s u ch r e c o g n itio n c o u ld o n ly c o m o t o
b o th at o n c o a fte r c o m p lo to exh a u stion an d th on th o o n ly valu o o f th o lesson
w o u ld b o t o th o rest o f th e w o rld , A m e r ic a , fo r o x a m p lo .w h ic h su ro ly c a n n o t
n eed It. I t is p r o b a b ly tru e th a t a fu ll sen se o f th o f u t ility a n d foolish n ess
o f w ar w ill c o m o to th e w o rld o n ly o u t o f th o s p e c ta c lo o f th o gre a t p a rt o f
it r u in ed , v a n q u is h e d , an d la id w a ste , b u t o v e n th is d o c s n o t s h a k o o u r
fe e lin g th a t w orse th a n th o u tm o s t ruin th a t ca n b e w ro u g h t b y w a r, to rrib lo
a n d a w fu l as th a t m a y b o , is th o s p iritu a l e n sla v e m e n t th a t m a y b o p re ­
v e n te d b y it. G o d fo r b id th a t th o v e r y loast o f us a g ain st a n y h o p e fu l p le a
fo r p oa ce s h o u ld s a y o n o w o rd th a t w o u ld p r o lo n g th o h orrors o f w a r , b u t
w o o f th o A llie d n a tion s h a te w a r w ith s o d o o p a h a tre d th a t th o h o p o o f
e n d in g it o n c o fo r all inspires us t o c a rry it o n .
I t is ju s t b eca u se o u r h earts
a ro b ic e lin g fro m th o frig h tfu l s a crifice s w e are n o w m a k in g d a y b y d a y in
t h o b e s t o f o u r b lo o d an d brain th a t w o fe e l, te r rib ly a n d c ru e lly h ard as it
is t o s a y it, t h a t th e y m u s t c o n tin u e t o b le e d . N o r d o w e th in k th a t those
im p u lsos c o n flic t eith er w ith th o b e s t in terests o f c iv iliz a tio n , o r w ith o u r
fa ith .
W o aro a c u te ly an d m o s t p a in fu lly co n s c io u s th a t in stru g g lin g fo r w h a t w o
b e lio v o w ith all o u r sou ls t o b o rig h t w o h a v o b e e n c o m p e lle d t o s u b m it th o
issu e o f o u r ca u so t o a p o w e r w h ich has in its e lf n o th in g to d o w ith rig h t.
W o k n ow th a t o u r religion teach es us th a t C h rist p r o n o u n ce d a n a th e m a o n
w a r, an d th a t as s o o n as C h ris tia n ity shall h a v e establish ed its a s ce n d e n cy
w a r w ill ce a s e , b u t w o a lso k n o w an d h a v o la te ly been m a d e m o s t b itte r ly t o
feel th a t w ar I-s so m e tim o s n ecessa ry t o k e e p th o w o rs t elem en ts o f h u m a n
n a tu ro In c h o k , th a t an app eal t o m ig h t m a y b o th o last resou rces o f rig h t,
a n d th o r e fo r o it is rig h t t o fig h t an d t o c o n tin u e t o fig h t fo r a rig h te o u s




[Vol. 103

ca u so . O n th is fo u n d a tio n w o o f th o A llie d n a tio n s w ith e x trom e r e lu cta n ce
in A u g u s t 1914, b u ilt o u r b e lie f in th o n e ce ssity o f o n torin g in to th o presen t
c o n flic t .
A n d w h a t w o u ld b o th e resu lt n o w i f a fte r t w o an d a h a lf y o a rs o f a w ar
w h ic h has c o n v u ls e d E u ro p o , sw e e p in g arm ies o f m en Into in n u m era b le
g ra v e s , an d b rin g in g m ise ry t o m illio n s o f w o m e n an d ch ild r o n , w o w ere t o
m a k e p e a c o w ith an u n re p e n ta n t e n e m y o n th o g ro u n d s o f e x p e d ie n c y
a lo n e ? W o th in k th oro w o u ld b o o n ly o n o r o su lt, th o c o m p lo to b re a k d o w n
in E u ro p e o f all m o ra l law in th e g o v e r n m e n t o f n a tio n s an d all fa ith in th *
d iv in o ru lo o f th o w o rld .
Confidence in the United Slates.
W o aro p r o fo u n d ly g ra te fu l t o th o U n ite d S tates fo r th o w a tch fu l o y o it
h as a lw a ys k e p t an d is still k e e p in g o n th o p r o s p e c ts o f p o a c o , an d w o sleep
w ith m o r e se c u r ity fro m a c e r ta in ty th a t th o o n o w o rld e m p iro w h ich
rem ain s o u ts id o th is m a e lstro m o f d e v a s ta tin g fo rc e s w ill s to p in w ith
p ro p o s a ls t o ond th o w ar th e in sta n t it b e c o m e s rig h t a n d p o s s ib lo to d o s o .
M o a n tiin o w o rest c o n te n t w ith th o p a r t o f A m e r ic a is n o w ta k in g a n d w ill,
w o tr u s t , c o n tin u e t o ta k e . T h a t part is th o p a rt o f th o frie n d a n d c h a m p io n
n o t o f olth er be llig e re n t, b u t o f h u m a n ity .
In o u r v io w it h a s b o o n a lo n g
s te p fo rw a rd fro m th e rig id and frozen n e u tr a lity w h ich A m e r ic a im p o s e d on
h er p e o p lo at th e b o g in n in g o f w ar t o th o re ce n t w a r m -b lo o d e d d e c la r a tio n
o f lior P re sid e n t th a t h e n ce fo rw a rd n e u tra lity is im p o s sib le t o a g ro a t n a tio n
in a n y c o n flic t w h ic h a ffe c ts t h e w elfaro o f a vast p a r t o f th o h u m a n fa m ily .
T h a t is n o t a now d o c tr in o , b u t it is a gro a t d o c t r in o . I t w as th o d o c tr in e
w h ereon th o m ig h ty E n g lish m a n , O liv e r C r o m w o li, m a d e E n g la n d n o t
o n ly th o m o s t p o w e r fu l b u t th o m o s t h o n o r o d a m o n g th o n a tio n s o f th e
w o r ld , an d in th o m id s t o f th e re v iv a ls o f m e th o d s o f w arfare w h ich soom to
u s t o b o d e s titu te o f all d is tin c tio n b e tw e o n rig h t an d w ro n g , a n d t o d e se rv e
n o o th e r n am es th an m u rd e r an d s la v e r y , w o sh all b o satisH od If A m e rica
sh o u ld c o n tin u o t o s ta n d s te a d fa s tly fo r th o h ig h p rin cip le s , o n w h ich e v e r
sid e assailed , th a t th o law s o f h u m a n ity , w h ich are im m u ta b le , shall n o t bo
o u tr a g e d .
T h a t o f its e lf will help t o k e o p th o s p irit o f ju s tic e a liv e in the
w o rld an d g o fa r to w a rd b rin g in g noaror th o d a y o f p e a c e .

The attitude of Lord Northcliffo, owner of tho London
“ Times” and London “ Daily M a il,” toward peaco overtures,
was indicated in the following wiroless mossage to the New
York “ Times” on N o v . 23:
London, Nov. 2 3 .— T h e su g g e stio n th a t G ro a t B ritain sh o u ld co n sid e r
p o a ce ca n o n ly b o regard ed as h o stile .
O ur citizen a rm y is o n ly now re a d y fo r w ar.
T h e re are n o p e a ce d iscu ssion s in this c o u n t r y at all, an d th ere w ill bo
n o n e w h ile G e rm a n y o c c u p ie s a n y p o r tio n o f th o A liio d te r rito r y .
L O R D N O R T H C J L IF F E .

EDWARD EWING PRATT ON PREPARATIONS FOR THE
PERIOD AFTER THE WAR.
Recognition of the fact that peace in Europe will bring
with it problems as great, if not greater than tho problems
that arose at the opening of the European war was urged
upon the Nebraska Manufacturers Association by Edward
Ewing Pratt, Chief of tho Bureau of Foreign and Domestic
Commerce at the annual convention of tho association at
Omaha on November 21.
“ Altogether the most serious development in Europo so
far as we are concerned,” said tho speaker, “ is the increasing
centralization of economic resources and finances.” Contin­
uing he said:
R e g u la tio n o f tra d e an d c o m m e r c o has been a fo a tu re o f p a s t w ars.
I n n o w a r, h o w o v e r , has th a t re gu la tio n g o n e fu r th e r th an in th o p resen t
c o n flic t . F o r o x a m p le , G ie a t B ritia n su o sid iz e s a co m m e r c ia l b a n k in g
o rg a n iz a tio n in I t a ly . G re a t B ritia n has arran ged t o b u y th e A u stralian
z in c o r e o u t p u t d u rin g th o w ar and fo r ton years th e re a fte r. G re a t B i itian
has le n t its s u p p o r t t o an A n g lo -R u s sia n C h a m b e r o f C o m m e r c e fo r th o
p u rp o s o o f p r o m o tin g c o m m e r c o b etw een R u ssia a n d G ro a t B ritia n . A n d
n o w G re a t B ritia n p ro p o s e s , m o ro im p o rta n t an d fa r-ro a ch in g than the
o th e rs , t o s u p p o r t a new k in d o f B ritish tra d in g b an k w h ich w ill e n d e a v o r
t o b u ild u p in a p r a c tic a l w a y th ro u g h fin a n cia l s u p p o r t G roa t B ritia n 's
fo re ig n tra d o .
I t m a y b o th a t w ith th e c o n c lu s io n o f th e w ar th is ce n tra liz a tio n o f
e c o n o m ic resou rces w ill ceaso.
I am in clin ed t o b o lio v o , h o w o v e r , th a t
d u rin g th o pe rio d s o f r e c o n s tru ctio n th o G o v e rn m e n ts o f E u ro p o will tak e
o v e r m a n y fu n c tio n s th a t w ero fo rm e rly exercised b y in d iv id u a ls an d gro u p s
o f in d iv id u a ls, an d w ill regu la te m o r e an d m o r o in d e ta il th o m o v e m e n ts
an d o p e ra tio n s o f in d u s tr y , c o m m e r c o , an d fin a n c e . I lo o k fo rw a rd to an
increased ce n tra liz a tio n o f p u rch a sin g . I lo o k fo rw a rd t o c lo se r c o o p e r ­
a tio n be tw e o n G o v e rn m e n t an d business in E u ro p o . A lre a d y in certa in
lines w o are d e a lin g w ith co m b in e s o f E u ro p e a n p u rch asers. T h is w as
tru e b e fo r e th o o u tb r e a k o f th o w a r. I t is lik e ly to bo tru o a fte r th o w ar.
A n d theso c o m b in e s a lre a d y sta rte d in E u ro p e , an d th o s e w h ich h a v o been
fo rm e d d u rin g th o w ar aro lik o ly t o a ffe c t v e r y s eriou sly th o in d u stries an d
m ark ots o f th o U n ite d S tates.
C o o p e ra tio n in th is ’c o u n tr y fo r p u rp o se s o f fo ro ig n tra d e is a real n e­
cessity u nd er these circu m s ta n ce s , and I be lie v e th a t a m easu re w ill bo passed
a t th o n e x t session o f C on gress th a t w ill p e rm it o u r m a n u fa ctu re rs t o c o ­
o p e r a te fo r th o p u rp o so o f d e v e lo p in g o u r fo ro ig n tra d o . T h is w ill p u t
th em o n a basis sim ilar to th a t o f th o m a n u fa ctu re rs an d ex p o rte rs o f o th e r
co u n trie s an d w ill e n ab lo u s, p erh ap s m o r o th an a n y o th e r th in g , to m e e t
e ffe c t iv e ly th o g r o w in g c e n tra liz a tio n o f e c o n o m ic resou rces in foreign
c o u n trie s .
W o c a n n o t e x p e c t t o h o ld o u r presen t d o m in a n t p o s itio n in fo ro ig n tra d o ,
u n til w o roalizo fu lly th e im p o rta n ce o f s u ch tra d e . T o o m a n y p e o p lo ,
e sp e cia lly in th o M id d le W e s t, h a v o lo o k e d u p o n fo ro ign ord e rs as a side
Issue, c o n v e n ie n t an d p r o fit a b le , b u t n o t a t all n e ce ssa ry . T h o war has
ch a n g e d th is a ttitu d e so m e w h a t.
O u t hero in th o grain c o u n t r y , y o u
k n o w n o w w h a t e x p o r t tra d o ca n d o fo r p rice s. Y o u w orn alilo t o g e t
re c o rd p rice s fo r re co rd c r o p s . W h a t w o u ld h a v o lia p p o n cd t o p rice s if
y o u h a d h ad n o fo re ign o u tle t fo r y o u r u n u su a lly b ig c r o p s ?
J u st w h a t
h a p p e n e d t o th o c o t to n b e lt w hen its fo ro ig n trado w as s u d d e n ly c u t d o w n
a t th e s ta rt o f th o w ar.
I t is tru e th a t o u r fo ro ign tra d o is o n ly a sm all p a r t o f ou r to ta l business—
it is ex tim a te d at 5 t o 10 % .
B u t it is a m ig h ty im p o rta n t 5 o r 1 0 % .
It
o fte n m ean s tho d iffe r e n c e be tw e e n p r o s p e r ity a n d s ta g n a t.o n .
I t Is a
great sta b liz e r o f business c o n d itio n s .
A firm w ith a p ro s p e ro u s fo re ig n tra d e d e p a rtm e n t can d e p e n d on fo re ign ord ers t o k e e p its w heels g o in g
w h en th in gs aro slu m p in g at h o m e . T h e w ar has m a d e this all p lain en o u g h ,
and n o w h e re h a v o th e b e n e fits o f foreign trado been m ore n o tice a b le th a »
o u t hero in th o M id d lo W e s t.

Dec . 2 1916.1
ADAMSON

THE CHRONICLE

EIGHT-HOUR ACT DOCKETED
SUPREME COURT.

W IT H

The suit of the Missouri Oklahoma & Gulf R R ., which was
selected in a conference held by Government and railroad
attorneys in Kansas C ity, M o ., N o v . 24, to test the consti­
tutionality of the Adamson Eight-Hour Law, was placed on
tho docket of the United States Supreme Court on N o v . 28.
This was the Government’s last step in perfection of its
appeal from Federal Judge Hook’s decision holding the law
unconstitutional. The Department of Justice notified the
Supreme Court Clerk’s office that next Monday a motion
would be presented to set a date for early argument. The
case of the Atchison Topeka & Santa Fe and other railroads
which had applied to Judge John C . Pollock in the United
States District Court at Kansas City, K a n ., were, by agree­
ment of counsel for the Government and railroads, postponed
until after a decision by the Supreme Court. A n announce­
ment was made by Frank Hagerman, special assistant to
the Attorney-General, and Walker D . Hines, Chairman of
the Committee of Railroad Counsel, that similar postpone­
ments would be requested in all courts of the country where
injunction suits have been filed. The situation was explained
in a formal statement issued by M r . Hines as follows:
T h o r a ilr o a d s era p leased th a t th is r r ra n g o m e n t has b een m a d e f c r the
p r o m p t c o n s id e r a tio n o f this w h o le s u b je c t b y th e S u p rem o C o u r t , a n d w e
shall d o all in ou r p o w e r t o a id In s ecu rin g th o earliest p o s s ib le a rgu m e n t
a n d d e c is io n .
W h e n o u r c o m m itte e w as In stru cted severa l w eoks a g o b y
th o ra ilroa d e x e cu tiv e s t o assist in th o p re p a ra tio n o f th o b ills o f c o m p la in t
t o b o filo d b y tho v a rio u s ra ilro a d c o m p a n ie s , w o w e ro also In stru cted t o
ta k o u p a t th o p r o p e r tlm o , w ith th o A t to r n o y -G e n e ra l, th o q u e s tio n o f
m a k in g a test ca se fo r th e Su p rem e C o u r t.
I t w as a c o in c id e n c e th a t o n last T u e s d a y , th o d a y th o D e p a r tm e n t o f
J u s tlc o t o o k its fir s t ste p s in c o u r t a t K an sas C it y , w ith a v lo w o f g o ttln g
a te s t ca so, th reo m e m b e rs o f o u r co m m itte e , In o n tlro ig n o ra n ce o f th o s e
stop s, c a lled o n th o A tto r n o y -G e n e ra l a t W a s h in g to n t o see If a to s t case
c o u ld b o a rra n ged .
T h o to s t c a s o w ill presen t th o m a tto r in th e b ro a d e s t w a y t o th e S u p rem o
C o u r t . T h o m a in alle g a tio n s o f th o bill In th o to s t caso as t o g ro u n d s o f
a t t a c k a n d as t o general fa c ts are id e n tica l w ith th o m a in a lle g a tio n s In th o
b ills filo d b y th o r a ilro a d co m p a n ie s g e n e ra lly . F u rth e rm o re , th o s tip u la ­
t io n p r o v id e s t h a t w e m a y also p resent th e w a g e sch ed u les o f o th e r c o m ­
p a n ies, w h ic h w e m a y doom n e ce ssa ry , t o lllu stra to th o p r o v is io n s o f th o
A ct.
.
R e c o g n itio n o f th o Interests o f th o r a ilro a d co m p a n ie s gen erally in th o
test ca so Is a ffo r d e d b y th e p r o v is io n o l th e s tip u la tio n th a t th o C h airm an
o f o u r c o m m it t e e , re p re se n tin g th o railroad s go n e ra lly, shall b o c o -co u n s e l
In th o tost ca s o In th e Su p rem o C o u rt.
T h o p r o v is io n in th o s tip u la tio n th a t o u r b o o k s an d a cco u n ts shall b o
k e p t in s u ch m a n n e r th a t If th o A c t Is u p h e ld th e a m o u n ts d u o th o e m ­
p lo y e e s u n d er th e c o u r t ’s co n s tr u c tio n o f th o A c t m a y b o asce rta in e d an d
p a id , Is n o t o n ly In a c c o r d a n c e w ith th o su g gestion s o f J u d g e H o o k a n d th o
w ishes o f th o D e p a r tm e n t o f J u s tic e , b u t also in a c c o r d a n c e w ith tho
p o s itio n th a t w e h a v e ta k e n fro m th o o u ts e t. T h o bills o f c o m p la in t file d
In b e h a lf o f th o ra ilro a d co m p a n io s co n c lu d e w ith th o fo llo w in g s ta te m e n t:
‘ ‘ C o m p la in a n t says th a t it is w illin g , p o n d in g th o c o u r t ’s fin a l d e te rm in a ­
tio n as t o th o v a lid it y o f said A c t , t o ta k o su ch step s as m a y b e a p p ro v e d
b y th o c o u r t f o r th e p u rp o s e o f p r e v e n tin g a n y o m p lo y e o s fro m su ffe rin g
loss b y roason o f th o te m p o r a r y In ju n ctio n heroin p r a y e d fo r , a n d t o th a t
en d c o m p la in a n t p r a y s th o c o u r t t o In d ica te w h at step s It shall ta k e b y
w a y o f k eep in g sp ecia l a c c o u n ts , g iv in g b o n d , o r oth e rw ise fo r th o p u rp o so
o f assuring c o m p le te p r o t e c tio n o f all its o m p lo y e o s .”

2035

is alleged in the third reason, and the fourth states that the
bills of complaint are without equity because the railroads
have an adequate remedy at law. The fifth point advanced
is that the act is constitutional and binding on the railroads.
Instructions have been sent from the Federal AttorneyGeneral’s office, that each District Attorney named as a
defendant must make separate answer. W hile the time
allowed by law for the filing of answers has not expired as
yet, the presentation N o v . 28 of the motions to dismiss
was decided upon to protect the Government against losing
the cases through default, while awaiting the outcome of
the Government’s test case at the hands of the Supreme
Court.
D.
B . Lucey, United States Attorney for the northern
district of New York with the approval of Attorney-General
Gregory, entered a motion in the United States District
Court to dismiss the injunction suits to prevent the enforce­
ment of the Adamson law, brought by the N ew York Cen­
tral and Erie railroads, on the ground that the facts as stated
by the railroad companies were not sufficient for the issuance
of injunctions. The motions will be heard on D ec. 5.
In addition to those railroads already reported in the
“ Chronicle” of N o v . 18 and N o v . 25, as having instituted
injunction suits, the following are some that have also filed
suits: The Southern Railway on N ov. 23 filed in the United
States District Court of Richmond, a bill of complaint
serving notice that it would ask the Court for an injunction
restraining the operation of the Act until questions in con­
troversy are settled. The Norfolk & Western R y . C o. has
also filed suit against the operation of the law. The hearings
in these cases have been set for Dec. 4. In Indianapolis on
N ov . 24, both the Pennsylvania and the Pittsburgh Cincin­
nati Chicago & St. Louis filed suits attacking the constitu­
tionality of the Adamson A ct. On the same date a similar
suit was started at Chattanooga, Tenn., by the Cincinnati
New Orleans & Texas Pacific R y.
Announcing that the Southern Railway System lines are
asking tho Courst to interpret the Adamson Law pending
an attempt to enforce its provisons, Fairfax Harrison said
on November 23:
T h e re is su ch an irre co n cila b le d iffe re n ce betw een the in te rp reta tion o f
th o la w u p o n w h ich th e law yers agree an d w h at th o m en w a n t th a t it is
a p p a re n t th a t ju d icia l in te rp re ta tio n a n d c la rifica tio n o f th e law is n ecessary
in th e in terest o f all co n c e r n e d . Q u ito fra n k ly , w e are n o w u n a ble to a p p ly
th e la w b e ca u se w e d o n o t k n o w w h a t it m eans. W e k n o w w h a t th o m en
w a n t, b u t th e la w ye rs s a y th e la w d o e s n o t g iv e th em th a t, b u t gives th em
so m e th in g else w h ich e v e r y ra ilroa d m an ager k n o w s th e y d o n o t w a n t.
T h e m en a r e n a tu ra lly d isa p p o in te d th a t th e qu e stio n is n o t s ettled a n d s o
are th o m an agers, b u t w e m u st a ll h a v e p a lie n te an d g o o d tem per a n d tr y
t o a v o id p assion w hile w e gro p e o u r w a y o u t o f th e fo g .

In discussing the proposals for the greater Federalization
of the regulation of railways which have been submitted to
the Newlands Joint Committee now in session in Washington,
Judge Pollock embodied in his order provision for the M r . Harrison stated that the lines of the Southern Railway
keeping of these special accounts. A statement issued by* System are taking no part in urging such proposals upon
G . Caroll Todd, special assistant to the Attorney-General, Congress.
________________
and E . Marvin Underwood, Assistant Attorney-General,
PR ELIMINARY CONFERENCES OF ADAMSON
touched on points more fully set forth in M r. Hines’s state­
L A W COMMISSION.
ment. Judge Hook’s opinion in the case of the Missouri
Oklahoma & Gulf R R . was referred to in the “ Chronicle”
The Commission, headed by M ajor-Gen. Goethals, named
of last Saturday. Tho hope of all parties concerned is that under the Adamson Eight-Hour Railroad Act to investigate
the Supremo Court will render a decision before Jan. 1, when the workings of the law, held its first meeting in New York
tho Adamson law is to go into effect. The present plan of on November 23. The full Commission was in attendance,
the railroad and the Government attorneys is to have the consisting of M ajor-Gen. George W . Goethals, Chairman;
record completed in the Supreme Court as speedily as Edgar E . Clark, of the Inter-State Commerce Commission,
possible. United States District Attorney Clyno of Chicago, and George Rublee, of the Federal Trade Commission.
advised Judge Landis on the 1st inst., that on Dec. 4, the D r. M ax O. Lorenz, assistant statistician of the Inter-State
day sot for the hearing before him, on tho Adamson law Commerce Commission, who is secretary of the Goethals
which was to bo held in Chicago, a stipulated agreement to commission, was likewise present. The railroads were
abide by the decisoin of Judge Hook of Kansas C ity, M o ., represented by the following: Robert S. Lovett, Chairman
who declared tho Adamson A ct unconstitutional, will be of the board of the Union Pacific; William W . Atterbury,
filod by tho railroads and Government, pending an opinion Vice-President of the Pennsylvania; Hale Holden, President
by tho United States Suprome Court. Tho move it was of the Burlington; Daniel C . Willard, President of the Balti­
said is in the interest of expediency.
more & Ohio; William H . Truesdale, President of the Lacka­
United States District Attorney Kano in Philadelphia wanna; Benjamin F . Bush of the Missouri Pacific; L . F .
filed N o v . 28 motions in the United States District Court Loree, President of the Delaware & Hudson and Frederick D .
to dismiss the suits of the Pennsylvania, the Reading and the Underwood, President of the Erie. M r. Rublee took occasion
Lehigh Valley railroads attacking the constitutionality of to state to reporters while the meeting was in progress that
tho Adamson eight-hour law on five technical grounds. its deliberations were informal, and preliminary to the
Tho first point raised according to the Philadelphia “ Ledger” inauguration of proceedings on Jan. 1. He said:
T h o C o m m issio n is h o ld in g an inform al co n feren ce w ith the railroad
is that tho suits seek to enjoin tho enforcement of a crimina1
statute and do not state facts sufficient to show that the pre­ P resid en ts, f o r th e p u rp o se o f discussing m e th o d s as t o h ow o u r Investiga­
tio n re ga rd in g th e o p e ra tio n o f th e A d a m so n law is t o b o c o n d u c te d .
vention of prosecutions thereunder is essential to safe­
I m u st em p h asize th o fa c t th a t th e co n fe re n ce is in form al a n d th e p ro­
guarding the rights of property, whilo tho second is that the ce e d in g s, th e re fo re , are n o t p u b lic . A fte r o u r m eetin g w ith th e railroad
P residents w e shall c o n fe r w ith th e b ro th e rh o o d ch iefs. T h e w ork o f the
suits are brought against tho United State without its consent. C o m m issio n d o e s n o t really be gin u n til Jan . 1 und er tho A d a m son A ct', so
Lack of sufficient facts to constitute an action in equity w o c a n n o t sa y w h at o u r plan s are t o b e fo r the intervenin g je r io d .




2036

THE CHRONICLE

A n informal talk with tho representatives of the brother­
hoods was held by tho Commissioners on Tuesday of this
week, and at its conclusion M r. Clark was reported in the
‘Tim es” to have said:
T h e m eetin g w as fo r th e p u rp ose o f g iv in g th e representatives o f th o 4 0 0 ,­
000 train e m p loy ees an o p p o r tu n ity o f te llin g th e C o m m ission w h a t th e y
co n sid ered w o u ld b o th o p ro p e r fo r m an d s c o p e o f its in v e stig a tio n und er
th e w ork in g o f th o law .
T h o b r o th e r h o o d ch ie fs w ere a d v is e d b y th o C o m m issio n t o select a
sta tisticia n t o represent th em b e fo r o th e C o m m is s io n . T h e railroads h a ve
be e n g iv en tho sam e p riv ile g e . T h e se t w o statistician s w ill m eet th e sta tis­
tician o f th e C om m is s io n , a n d tog e th e r th e y w ill fo rm u la to tho re p o rts fo r
th o C om m ission .
B eca u se o f th o b rea d th o f th o la w th e b r o th e r h o o d s ca n n o t bo' d ep en d ed
u p o n t o fu rn ish th o sta tistica l in fo r m a tio n necessary fo r u s. F o r in stan co,
th o fo u r b r o th e r h o o d s represent o n ly a b o u t 4 0 0 ,0 0 0 m em bers, w h ereas th o
law a ffe c ts e v e r y m an e m p lo y e d b y railroads w h o is engaged in th e m o v e ­
m en t o f trains. In th o c o n d u c t o f o u r in v e s tig a tio n w o th erefore in ten d to
g o t ou r in fo rm a tio n fro m th e ra ilroad s b y e sp e cia lly p rep ared fo rm s . W e
h a v e n o in ten tion o f h old in g p u b lic h earings. S h o u ld a n y person o r persons
desire t o b e h eard b e fo ro th e C o m m is s io n , o r i f w e are u n a blo t o g o t at
certa in fa c ts b y m eans o f th o fo rm s , w o w ill ca ll w itnesses, b u t n o t o th e r ­
w ise.
Y o u m u st u n d ersta n d th a t t h o C o m m is s io n has n o o ffic ia l stan din g a t this
tim o, n or w ill it h a v e u n til J a n . 1, w hen th o A d a m s o n law is sch edu led
t o g o in to e ffe c t.

ROGER W. BABSON URGES LABOR TO INCREASE ITS
USEFULNESS.
In a talk on “ Labor’s Only IIopo” beforo an audience at
Ford Hall at Boston on November 26, Roger W . Babson,
of Wellesley Hills, in advocating tlio elimination of manual
labor made tho assertion that those who spend all day doing
something with their hands which could bo done by machinery
are parasites upon society as much as are the idlo rich.
Those who get the highest pay M r . Babson pointed out,
are tho men who do the least manual labor, and ho main­
tained that they should, “ because their enterprise, imagi­
nation, courage, perseverance and willingness to co-operate
make them tho greatest producers.” “ A rise in wages, without
an equal increase in production,” said M r . Babson, “ means
higher prices notwithstanding a unanimous vote of Con­
gress to tho contrary.” W o quote from M r. Babson’s
observations as follows:—
A fellow o n c o said t o m e : “ i d o n ’ t p u t m y fa ith in G o d , I p u t m y fa ith
in d e m o c r a c y ."
D o y o u k n o w th a t it is a v e r y fo o lis h s ta te m e n t, as if
w e p e o p le c o u ld ch a n g o th o law o f n ature b y v o t in g ! I f y o u v o t e th a t ce r­
ta in w ater sh ou ld run d ow n hill, su ch a v o to w ill w o rk ; b u t it w ill d o n o g o o d
t o v o t o th a t w a ter shall run u p h ill. Y o u c a n ’ t m ak e y o u r p a y e n v e lo p e
b u y y o u a n y m o r e g roceries b y v o tin g . A rise in w ages, w ith o u t an equal
increase in p r o d u c tio n , m ean s h igh e r prices— n otw ith sta n d in g a u na ni­
m ou s v o t o o f C on gress t o th o c o n tr a r y . A m in im u m w ago law — w ith o u t
an equ a l increaso in e ffic ie n cy — m eans h igher p rice s, an d s o o n .
“ U n ion is s tr e n g th ,” a n d y o u w o rk m e n are t o b o co n g ra tu la te d o n th o
w a y y o u lia v o u n ited w ith on o a n oth er t o fo rm y o u r la b o r unions; b u t y o u
are t o b o p itie d fo r n o t g o in g fu rth e r. W h e n it c o m e s t o an intelligent
use o f y o u r u n ion s fo r increasing p r o d u c tio n , y o u lia v o a b s o lu te ly fa ile d .
Y o u are u n ite d , b u t fo r w h a t? T o increaso p r o d u c tio n an d go t r ich o r?
N o — b u t rath er t o restrict p r o d u c tio n an d ge t p o o r e r . Y o u fellow s m u st
in v en t ch ea p er a n d b e tte r w a y s o f d o in g th e w ork w h ich y o u are n o w d o in g .
T h e n there w ill b e m oro t o d iv id e and y o u ’ ll ge t m oro.
A lth o u g h y o u Labor p e o p le are w o rk in g w ith o u t a n y sonso o r reason,
y e t each possesses the m o s t w on d e rfu l possib ilitie s, as d id N iag ara b e fo re
its w a ter p ow er w as d e v e lo p e d .
I f y o u ’d o n ly d e v e lo p you rselves p h y ­
s ica lly , sp ir itu a lly , m e n ta lly an d c o -o p e r a to o n e w ith tho o th e r, y o u 1500
m en hero to n ig h t c o u ld o w n h a lf o f B o s to n in a g e n eration .
F o r th o la st 40 years m an u factu rers lia v o be e n th in k in g s im p ly o f m e ch a n ­
ical m a ch in ery an d lia v o en tire ly n e g le cte d th o h u m an m ach in e. L e t m o
tell y o u th a t d u rin g th o n ext 40 ye a rs th ere w ill b o a g reat ch a n ge . T h o
c a p ta in s o f in d u stry are learn in g th a t th o h u m an cle m e n t possesses v a s t
possib ilities; th a t o n o m an m a y g iv o t o th em o n o idea w h ich is w o rth m ilion s o f d olla rs.
____________________________________

[Vol. 103.

high cost of living, took this action to enable its foi'ce to tido
over tho holiday period without stinting themselves. W . II.
O’Connell, the President of the bank, explained that this
bonus was entirely apart from tho gift that is always mado
to employees at Christmas.
Tho firms recorded below aro somo of thoso which liavo
mado announcement this week of their plans to increase
their employees’ wages. The wages of 10,000 employees in
tho Bayonne, Elizabeth and Claremont refineries of the
Standard Oil C o. of Now Jersey were raised yesterday
(Dec. 1), according to tho official announcement mado at
tho offices of the company at 26 Broadway. Laborers will
be advanced from $2 20 to $2 50 for an eight-hour day, and
workers now receiving less than $2 20, most of whom aro
apprentices, will also bo increased.
Tho company’s statement says:
B e c o g n itio n o f th o in crea sed c o s t o f liv in g is respon sible fo r th o ch an go in
tho w ago scale as w ell as th e m ain ten an ce o f th o establish ed p o lic y o f the
c o m p a n y in k e e p in g p a ce w ith o r ah e a d o f th o w ago ra to in o th er industrial
e stablish m en ts. In tho presen t in stan co tho sch ed u le th a t a ffo cts unsk illed
la b o r is in a d v a n c e o f n e a rly all b ig m a n u fa ctu rin g c o n ce rn s, co m m o n labor
re ce ivin g 3 1 M ce n ts an hou r fo r e ig h t h ou rs, again st 25 t o 27
ce n ts an
h o u r fo r nino or ten hours.
W itli th o a d v a n ce p re v io u sly m ado in tho w ago sca lo , an d w ith o u t
roferen co t o th o re d u ctio n o f tho h ou rs o f la b o r , th is brin gs th o Increaso In
w ages p a id sin co A u g u s t 1915 t o a to ta l o f 3 7 % .
In a d d itio n t o these a d v a n c e s in S e p te m b e r 1915, th o Stan d ard Oil C o .
a d o p te d th o e ig h t-h o u r d a y basis w ith tim o a n d o n o -lia lf fo r o v e rtim e .
T h is ch a n g o in w o rk in g h ou rs w as m a d o w ith o u t loss t o e m p lo y e e s in d aily
w ages an d rosu lted in an in crea sed c o s t t o th o c o m p a n y o f 2 3 % .
T h o c o m b in e d increase in w ages p a id sin co A u g u s t 1915, an d th o a d o p tio n
o f th o e ig h t-h o u r d a y , th e re fo re , represent a to ta l increase o f la b o r c o s t to
th o c o m p a n y o f G 0 % .

X
A

N o reference is mado to tho strike of two months ago. A t
that time tho 2,000 workers of tho Bayonno plant returned to
work, receiving no promises as to thoir demands. Tho com­
pany’s action is said to bo moro liberal than tho demands of
the strikers.
Tho American Clothing Manufacturers’ Association issued
tho following statement in this city N o v . 28:
T o m e e t th e increased c o s t o f liv in g th o A m e rica n c lo th in g m an u factu rers
h a v e a greed t o g iv o an increaso o f p a y t o w ork ers in a ll bran ch es o f tho
tra d o fr o m th o w eek b e g in n in g D e c . 18. T h is w ill result in an a d v a n ce o f
a b o u t 35 t o 4 0 % , a ffe c tin g 3 2 ,0 0 0 w o rk m o n , representin g fa m ilies consisting
o f a p p ro x im a te ly 1 60 ,000 . T h e se a d v a n c e s represen t an increaso o f a b o u t
$ 8 ,0 0 0 ,0 0 0 , o n an o u t p u t o f a b o u t $ 1 2 5 ,0 0 0 ,0 0 0 .

It was said that this action was caused by a threatened
strike on the part of tho workers. Several weeks ago the
M en ’s Garment Workers’ Union, tho Amalgamated Clothing
Workers of America, served notico on tho manufacturers
that if, by D ec. 1, tho workers had not received a wago in­
crease of $2 a week and a decrease in working hours of from
fifty to forty-eight, thero would bo called a strike of 60,000
garment workers.
.
In tho Stato of Rhode Island about 10,000 rubbor workers
will receive a 1 0 % “ emergency” increase as a result of tho
action taken by the various mills of tho Stato. A notice
posted at the mills controlled by the Woonsockot branch of
the United States Rubber C o ., reads as follows:
T h e p resen t a b n o rm a l w o rld c o n d itio n s lead tho m a n agem en t to fe o l tho
need o f an e m e rg e n cy increaso in th o earnings o f e m p lo y e e s , an d it a c c o r d ­
in gly m akes th o fo llo w in g a n n ou n cem en t:
“ B e g in n in g as o f N o v . 2 7 , a cash b o n u s p a y m e n t o f 1 0 % o n each e m ­
p lo y e e ’s w e e k ly earnings w ill b o a d d e d t o his p a y each w eek u n til S ep t. 1
1917, a n d th irty d a y s ’ n o tico thereafter w ill bo g iv e n o f its d isco n tin u a n ce .

Colonel Samuel P. Colt, President of tho United States
Rubber C o ., said N o v . 23: “ This action is not taken by the
GENERAL ADVANCES IN WAGES.
Unitod States Rubber C o ., but by tho individual companies.
Tho movoment on tho part of largo firms, corporations and In each caso tho bonus has boon granted by tho directors of
associations to aid their employees to meot tho abnormal each company, acting separately.” Ho said that tho in­
living conditions of tho day is still in progress. In our issue crease made would amount to about $1,000,000 a year.
In the vicinity of, and at, Pittsfield, M a ss., N o v . 24, six
of Saturday last, wo reported the increases in wages made by
a number of corporations. This week tho Central Trust Co. woolen manufacturers announced an increaso of 1 0 % , effec­
of this city, in recognition of the high cost of living, an­ tive D ec. 4, in tho wages of thoir employees. Tho total in­
nounced its intention to set aside a fund out of which will crease in wages sinco Jan. 1 of this year has been 2 7 % in
bo paid to each employee a substantial bonus. A t a special these mills. Tho plants granting thoso increases aro: Jamos
meeting of tho trustees of tho company on N o v . 24 a roport and E . II. Wilson, the Pontoosuc, Russell, Berkshire and the
of an investigation into present living conditions showed an Tillotson mills in Pittsfield; tho Sawyer-Regan mills in
increase of 3 1 % . A separate check, it is said, covering this Dalton, tho Hinsdale mills in Ilinsdalo, tho Iloosao and
3 1 % increaso, will bo given to each employee every month, Strong and Hewitt mills in North Adam s, and tho Adams
while present living conditions prevail. About 110 employ­ mills in Adams. A t Worcester, M ass., tho Hopovillo Manu­
ees will benefit by this action, and they will also receive their facturing Co. announced on N ov . 24 that it would raise tho
usual Christmas bonus of 5 0 % of their annual salary. The wages of its 200 employees from 5 to 1 0 % . On tho saino date
Equitable Life Assuranco Society has also mado provisions tho American Printing Co. announced that on Dec. 4 its
for tho assistance of its employees in tho present high cost 1,500 employees will receive a wago increaso of 1 0 % . Eigh­
of living, the plan being to givo an increase in salary of 1 0 % teen thousand employees in cotton mills of Lowell, M ass.,
to ovory employee whoso annual salary is less than $1,800. were also told that their wages would bo increased, beginning
About 800 employees of tho homo office, in this city, it is Dec. 4 . Silk and worsted manufacturing companies of
said, will bo affected by this increase. Tho directors of tho Passaic, Lodi, Clifton and Garfield, N . J ., will advance tho
Citizen’s National Bank of Baltimore voted an extra month’s wages of all their workers 1 0 % on Dec. 4. Sinco tho begin­
pay to its junior employees in tho way of a Thanksgiving ning of tho year tho wages of mill workers liavo boon ad­
offering. It is said that the bank’s officials, recognizing tho vanced, it is stated, from 20 to 2 5 % . Tho companies which




THE CHRONICLE

Dec 2 1916.]

2037

mado these increases wero the Botany Worsted M ills, the to the enlarged scope of tho Foundation’s activities, which
Forstman & Huffman C o ., the Garfield Worsted M ills, the make it advisable that its President shall devote all of his
time to the work; because of his other activities, M r . Rock­
Passaic Worsted Spinning C o ., tho Gera Mills and the Now
Jersey Worsted Spinning C o. On N o v . 27’ 2,200 Augusta efeller is not in a position to do this. M r . Rockefeller will
cotton mill operatives employed in tho five manufacturing become Chairman of the Board of Trustees, a newly created
office. D r. Vincent, before becoming the President of the
plants received an increase of 1 0 % in wages.
An increase of 1 0 % in wages was announced N o v . 27 by University of Minnesota, was Dean of the Faculties of A rts,
officials of the Superior Steel Co. of Carnegie. This increase Literature and Sciences in the University of Chicago. It
affects 1,700 employees. A similar increase was announced was after he became identified with the Educational Board
by tho Standard Steel Car C o. in New Castlo, P a ., on the of the Rockefeller Foundation that he impressed M r . Rock­
samo date. Following the movo mado by the U . S. Steel efeller with his executive ability.
Corporation, a 1 0 % increaso in wages was given to more
than 3,000 employees of independent steel concerns in the
Sharon, P a ., district. Announcement was made by the Ala­ AMERICAN FEDERATION OF LABOR— ACTION ON
EIGHT-HOUR L A W A N D OTHER DELIBERATIONS.
bama Coal Operators’ Association, at Birmingham, A la ., on
A t tho closing session on N ov . 25 of tho two weeks’ con­
N o v . 28, that 20,000 men will bo given general wage increases.
The advance will not bo exactly oven, since tho greatest per­ vention in Baltimore of the American Federation of Labor,
centage of increaso will go to tho miners who make the all workers, organized and unorganized, were strongly urged
smallest wages. Tho immediate effect of this increaso is to to concentrate their efforts to secure an eight-hour workday
raise tho pay-rolls about $50,000 a month. Every operating as soon as possible. This was advocated in a committee
company in tho district participates in this increase.
Iho report adopted by the Federation, this report pledging “ the
Edward Ford Plato Glass C o ., at Toledo, Ohio, announced unswerving support of tho American labor movement to the
Action on three resolutions, each
N ov. 27 that the wages of 1,800 employees would bo increased eight-hour principle.”
8 % . This increaso is effective D ec. 1. In an address before calling for a universal eight-hour day by legislative proceed­
the Engineers’ Club of Chicago N ov . 25, John W . Leary ings was side tracked, wo learn from the Baltimore “ Sun,”
President of tho Association of Commerce, announced that a through tho recommendation that they be referred to a com­
total of twenty-fivo business concerns in Cicago voluntarily mittee for a report in 1917. The “ Sun” says:
T h o ele m e n t th a t w a n te d a universal *eight-h our d a y right a w a y w as the
had added $10,000,000 to their yearly pay-rolls, affecting
10,000 employees.
Tho Foro River Shipbuilding Co. granted a 1 0 % increaso
to all employees below tho grade of foreman and assistant
foreman. This means an addition of $350,000 a year in
wages to bo shared by 2,400 men. Tho International Har­
vester Co. by an increaso of 1 0 % in tho wages of its Chicago
force, effective Dec. 1, added about $1,000,000 to its yearly
pay-roll. That ten thousand workers in South Bend, Ind.,
would receive a 1 0 % increaso through tho voluntary action
of three concerns— the Oliver Chilled Plow C o ., tho M ishawka Rubber Co. and the Mishawka Woolen C o.— was
announced N o v . 29. The raiso is tho second mado by tho
woolen company this year. It was announced in Pittsburgh
on N ov . 29 that the American Window Glass C o. had ordered
a blanket increaso of 1 0 % for all its employees excopt offico
workers. The advance will affect about 8,000 men. This
ordor is effective D ec.4. A t Boston N ov . 29 tho W . H .
McElwain C o ., shoe manufacturers, with plants in Boston
and New Hampshire, announced an increase of 10% in wages
and a reduction in working hours from 55 to 52 hours a week
of 6 ,GOO employees. Notice was issued at Springfield,
M a ss., N ov . 29 by the United States Envelope Co. that an
“ emergency” bonus of 10 % would be paid to its 2,500 work­
ers. An additional bonus of 2J ^ % will be paid those who
have lost no time during tho present month. Tho ordor
applies to all factories of the company, six of which are in
Massachusetts, two in Connecticut and ono each in W a u ­
kegan, 111., Indianapolis, Cincinnati and San Francisco;
2,500 employees will benefit by it. A t Marinotto, W is.,
N ov . 29, General Manager Ryan of tho Kimberly Clark
Paper Co. announced that persons in the employ of tho com­
pany for two months would receive a bonus check for $12.
A t Westbrook, M e ., tho Warren Paper M ills announced
N ov . 29 that its 1,400 employees would recoivo a wage in­
creaso of from 7 to 8 % . On tho same dato tho Grafton &
Knight Manufacturing Co. of Worcester announced an in­
crease of 1 0 % in pay for its 1,800 employees. On N o v . 30
tho Newport News Shipbuilding & Dry Dock Co. issued no­
tice of a 1 0 % wago increase to its employees. A t Gardiner,
M o ., on tho same dato the R. P. Hazard C o ., shoe manufac­
turers, announced a 10% increase in wages, affecting 1,000
employees. Tho Cleveland Whitehill C o. of Newburg,
N . Y . , manufacturers of trousers and overalls, announce
N ov. 29 a 1 0 % increase in wages for its 300 employees.
Tho Miesch Manufacturing Co. of Paterson, N . J ., ribbon
manufacturers, posted a notice N o v . 29 that it had decided
to raiso the wages of its employees 1 0 % .

./. I). ROCKEFELLER JR. TO RETIRE A 8 FOUNDATION

HEAD.
That John D . Rockefeller Jr., President of tho Rock­
efeller Foundation, will retire from that post M a y 15 1917
and will bo succeeded by D r. Georgo Edgar Vincent at
present President of the University of Minnesota, was
announced N o v . 28. M r . Rockefeller’s retirement from
tho Presidency of the institution is explained as being duo




so cia list e le m e n t, an d it w a n ted a lo t o f o th e r th in gs, t o o , a m o n g th em the
re so lu tio n p r o te s tin g again st m ilitarism . G o m p e rs k e p t o u t o f th is fighfc
e n tire ly , th o u g h o th e r leaders w ith re p u ta tio n s fo r c o n se rv a tism fo u g h t
a gain st th o re so lu tio n s. T h e y w ere b ea ten a n d th e S ocialists w o n , w h ich
d id n o t te n d t o m a k e th em feel a n y less k in d ly to w a rd G o m p e rs. A n d
w hen th o “ G ra n d O ld M a n ,” as th e y ca ll h im , g o t u p an d hurled foren sic
th u n d e rb o lts a t th e h ead s o f “ th e m aster c la s s,” te llin g th o “ P h arisees"
t o be w a re , a n d c a llin g u p o n la b o r t o resist ca p ita l— “ resist t o th e u tm o s t”
— ho m a d e th e ra d ica ls feel th a t h e w as o n e o f th em a n d th e co n serv a tiv es
d e cid e d th a t it w as tim e fo r th e m t o w ak e u p .

Tho following is also taken from the same paper:
A n o th e r s o p w as th ro w n t o th e ra d ica ls in th e resolu tion de cla rin g th at
co u rts w h ich “ p e rv e rt a n d a b u se ” th o in ju n c tio n “ m u st b e d is o b e y e d .”
T h o d e fia n ce s o f law a n d o r d e r , a m o u n tin g a lm o s t t o tre a so n , th a t w ere
u ttered w ore fo llo w e d n e x t d a y b y a p ro p o s a l t o establish a legal d ep a rtm en t
th ro u gh w h ich th e "a b u s e s ’ o f th e co u r ts c o u ld b o c o m b a te d in a la w -a b id ­
ing w a y . T h e p ro p o sa l w as v o t e d d o w n , b u t n o t becau se th e sen tim en t
o f treason p re v a ile d . I n s u fficie n t fin a n ce s an d an e c o n o m ic a l sp irit had
m ore t o d o w ith i t.

A resolution condemning militarism in all forms as being
a brutalizing influence was introduced by the special com­
mittee appointed to draw up an expression of the Federation
on the subject and was unanimously adopted.
Another resolution adopted by the Federation calls for an
investigation of the paper shortage by the Department of
Justice and the Federal Trade Commission. The convention
likewise adopted the report of the Committee on International
Labor Relations, dealing with tho cause of labor in Mexico,
this report, according to the New York “ Evening P ost,”
said in part:
T h e stru gglo n o w in progress in M e x ic o is th o e ffo r t o f a nation al t o free
Itself fr o m irrespon sible use o f G o v e rn m e n ta l p o w e r a n d fro m th o fetters o f
ty r a n n y . AVe a ffir m th e rig h t o f e v e r y n a tio n t o w o rk o u t its o w n d estin y
in a cc o r d w ith th o c o n c e p ts an d genius o f its o w n p e o p le . T h o la b o r m o v e ­
m e n t o f th e U n ite d S tates, th ro u g h th o P resid en t o f th e A m e rica n F ed era ­
tio n o f L a b o r an d its E x e cu tiv e C o u n c il, h as been h elpfu l in m ain tain in g this
rig h t fo r th o la b o r m o v e m e n t o f M e x ic o , a n d w o re co m m e n d th a t su ch in ter­
cou rse a n d co n fe re n ce s as m a y b o d e e m e d h e lp fu l t o th is p u rp ose be
co n tin u e d .
■
O no im m ed iate co u rse o f a c tio n presen ts its e lf.
P resident G o m p ers s u b ­
m itte d t o this co m m itte o a d e c r e e issu ed b y G e n . V e n u stia n o C arran za
F irst C h ie f o f th o C o n s titu tio n a lis t G o v e rn m e n t in M e x ic o C it y , o n A u g . 1
1916. T h a t decroe is o f vital im p o rta n ce t o th e v e r y e xisten ce o f th e la b or
m ovem ent; o f M e x ic o . I t is based u p o n a p r in cip le o f universal sig n ifi­
ca n ce t o th o w ork ers o f all co u n tries.
Since this d e creee represents a te n d e n cy m an ifested b y o th e r g o v e r n ­
m ents, t o d o n y w age-ea rn ers th e n ecessary, fu n d a m e n ta l rig h ts o f free w o rk ­
ers, wo foel it th o d u t y o f th is c o n v e n tio n t o v o ic e th e cause o f la b o r in all
cou n tries. B ocau se o f the p ecu lia r a d v a n ta g e s w h ich o u r n ation an d our
la b o r m o v e m e n t n o w e n jo y , w e ca n g iv e expression t o th o unalterable d e ­
te rm in a tio n o f th e w ork ers e ve ryw n e ro t o refu se t o relin qu ish a right se­
cu re d o r m in im ize o u r d em an d s fo r fre e d o m an d ju s tic e .

A feature of tho opening days of tho convention was the
annual report of the Federation’s executive council. In
discussing international labor relations the report spoke of
tho effort to ha\re a world labor congress held at tho time
and placo of the holding of a A\rorld peace congress at the
end of tho European A v ar, and the rejection of the suggestion
by organized labor in Great Britain and Germany, A v h ic h
“ necessarily requires that our proposition be abandoned.”
This attitudo led to the adoption of this suggestion by the
Council:
Since th o firs t p ro p o sa l su b m itte d b y th e A m erica n F ed era tion o f L a b or
t o th o la b o r o rgan ization s o f E u ro p e has been d e fin ite ly re je cte d b y th em ,
w o su ggest th at th o organ ized la b o r m o v e m e n ts o f th ose co u n trie s th a t shall
p a rticip a te in th e general p e a ce co n fe re n ce t o d eterm in e term s a n d c on d ition s
o f p eace a t th e c lo s e o f th e w ar shall urge u p o n th eir re sp e ctiv e go ve rn m en ts
th a t tho w age-earn ers shall b e represented in an o ffic ia l co m m ission fro m
their resp ective co u n tries.

2038

THE CHRONICLE

T h e sa m e p o lic y o u g h t t o b o pu rsu ed also b y organ ized la b o r m o ve m e n ts
o f n eu tral cou n tries If it sh all b e d e term in ed th a t n eutral co u n tries also •will
p a r ticip a te in th e gen era l p e a c e co n fe re n ce .^ T h u s re p resen ta tive w age
earners w o u ld b e sea ted w ith o th e r represen tatives o f th e nation s in general
c o n fe re n ce c o n n e c te d w ith th e fo rm u la tio n o f p e a ce term s. I n this w a y
th e ideals a n d n eeds o f w a g e earners w o u ld b e p resen ted a n d con sid ered
b y th e general offic ia l b o d y .

Reviewing the anti-trust and injunction regulation the
report said:
T h e en a ctm en t o f th e la b o r p ro v is io n s o f th e C la y to n a n ti-tru st A c t
has fo r c e d em p loy ers w h o w ish t o uso a n ti-tru s t legislation an d th e in ju n ctiv e
p rocess t o assist th em in d efea tin g the e ffo r ts o f e m p lo y e e s t o secure higher
w ages a n d b e tte r c o n d itio n s o f w o rk , t o tran sfer their e ffo rts fr o m F ederal
t o S ta te co u r ts . T h e resu lt m ak es in crea sin gly im p o rta n t th e necessity
fo r th e en a ctm en t o f S ta te law s t o p re v e n t th e abu se o f ju d icia l agencies
a n d th e perversion o f leg isla tion t o exclu sive serv ice in b e h a lf o f e m p loyers.
T h e uses t o w h ich w rits o f in ju n c tio n a n d a n ti-tru s t legislation h a v e been
p u t h a v e m a d e th em v ir tu a lly strik e b reak in g in stitu tion s an d u n io n d e stro y ­
in g agen cies. S u ch a c o n d itio n is su b ve rsive t o p ro p e r resp ect fo r ou r
g o v e r n m e n ta l in stitu tion s a n d t o th e r e p u b lic itself.

Such a condition, the report said, resulted in the .framing
of a model anti-trust and injunction limitation bill, pre­
sented to the San^Francisco Federation convention and
urged by it upon central organizations and the rank and file
to be insisted upon as proper laws.
The decision, the report set out, was based on the theory
that “ labor is property,” which it asserted is a dogmatic
ruling and based upon past decisions of judges. A s bearing
on the decisions affecting labor by the Federal courts, the
report referred to"the Dartbury hatters’ case on this point,
saying :
T h e great w r o n g .t h a t w as d o n e in th e D a n b u r y H a tte rs ’ caso m a y b e
e r a d ic a te d a fter lon g years.
T h e a g e d , in firm D a n b u r y h atters h a v e been
• ord ered t o p a y th e S h y lo c k a w a rd cla im e d b y th e A n t i-b o y c o t t A sso cia tio n .
T h e sh a d ow o f th e H a tte r s ’ ca so w h ich fo r years h u n g like a threatening
p a ll o v e r th e la b o r m o v e m e n t still has p o w e r t o m en ace.
T h e d ecision o f th e U n ite d S tates Su p rem e C o u rt in 1912 established a
p re c e d e n t w h ich ju d g e s aro try in g t o m ak e la w , a lth o u g h the highest law ­
m a k in g b o d y o f th e c o u n t r y — th e a g e n c y t o w h ich th e n a tio n d elegated th a t
fu n c tio n — has en a cted leg islation t o re m e d y th e gre a t w ron gs d o n e b y th at
d e c is io n . J u stice, h a m p ered b y th o ju d icia r y , w ork s s lo w ly an d in d e vio u s
w ays.

The report set out that a decision by the United States
Circuit Court of Appeals, in the case of A . S. Dowd against
the United Mine Workers of America begun six weeks
before the Clayton Law was enacted and involving operations
of Arkansas coal mines, “ seeks to rivet upon wage-earners
the precedent” of the Hatters’ case “ and to carry that in­
terpretation to even greater lengths of injustice.” The
report furthermore stated that the Court laid down the
principle that an unincorporated body could be sued for
threefold damages alleged to have been caused by striking
miners and that a strike may be an interference with inter­
state commerce, and all members of the union, whether in
the striko or not, become liable for damages. It added:
T h e decision is an ex a m p lo o f colo ssa l in ju stice . I f th at decision Is al­
lo w e d t o b e c o m e p a r t o f th e law o f th is c o u n tr y , it w ill result in th e de­
s tru ction o f u nionism .

Speaking of the eight-hour-day law passed by Congress
to avert the recently threatened railroad strike, the report
said: “ For nearly a century the labor movement of America
has conducted a campaign for the establishment of a maxi­
mum oight-hour work day,” and characterized tho legisla­
tion by Congress as “ a notable movement.” It added that
the eight-hour day was established “ as a primary step in
conserving the lives and the working power of wage-earners.”
In taking the position that the principle of the eight-hour day
should bo conceded as a right that ought not be arbitrated,
the report stated: “ Neither President Wilson nor the rail­
way brotherhoods rejected the principle of arbitration, as
tho railroad presidents have wrongfully claimed. Those
matters aro arbitrable which concern property and property
rights.” The report also contained the following:
T h e w age-ea rn ers o f th e U n ite d States w ill o p p o s e a n y pro p o sitio n to
im p ose o n th em co m p u ls o ry in stitu tio n s w h ich disguise in v o lu n ta ry serv i­
tu d e. T h e y h o ld th a t t h e p rin cip le in v o lv e d in v o lu n ta r y in stitu tion s is
t h e k e y t o p ersonal a n d industrial fre e d o m an d th a t this p rin cip le is o f m ore
im p o rta n ce t o th em th a n a n y o th er co n sid e ra tio n . In v o lu n ta ry an d c o m ­
p u ls o r y la b o r o n c e e n fo r ce d , even fo r a single h o u r, w ill n o t half, a t its te m ­
p o r a r y en fo rce m e n t, b u t w ill g o o n a n d b e c o m e p erm an en t.

Secretary of Labor William B . Wilson was the principal
speaker at tho opening session of the convention and accord­
ing to the Baltimore “ Sun” he brought to the convention a
realization of the Government’s more than friendly attitude
toward labor, whether organized or not, and ho took it
upon himself to defend organized labor against charges of
selfishness. ^Regarding the proposition that organized labor
helps all labor and is not selfish, ho said:
L egislators aro n o t p r o n e t o a c t o n hum an itarian legislation , unless there
is som e pressure b r o u g h t t o bear u p o n th em a t h o m e . A n d w hen th e
w ork ers a t h o m o are u n organ ized , w hen th e m en are w ork in g o n ly as in d i­
v id u a ls , th e y are in e ffe c tiv e in bringing a b o u t th e passage o f law s necessary
to th e w elfare o f th e p eo p le . W h e n rem edia l legislation in this c o u n tr y has
been secu red , it has been th e d ire ct result o f the in flu e n ce b r o u g h t t o bear
b y organized la b or.
W h a t m oro altru istic” w o rk , th en , is there th an th a t w h ich han ds o u t
benefits to its enem ies?




[Vol . 103.

Secretary Wilson said he might be then sitting in the hall
as a delegate instead of the Government’s representative,
if trades-unions had not secured the creation of a branch of
the Government devoted to the wage-earner’s interests.
W ith the institution of the proceedings brought by the
railroads to test the Adamson Eight-Hour Law at the time
of the opening of the Federation’s Convention, Samuel
Gompers, its President, when asked whether the trainmen
would strike if the law was not put into operation on Jan. 1
as provided under the A ct, was quoted as saying:
A n d w hy n ot?
W h y n o t ? W h y s h o u ld n ’ t th e y ? I f in tron ch ed w ealth
th ro u g h th e r a ilro a d m a gn a tes s h o u ld g o against tho a c tio n o f C on gress
la st su m m e r, an d again st th e expressed w ill o f th o A m e rica n p e o p le a t th e
p o lls last T u e s d a y — i f it s h o u ld g o again st th ese, th en w h y s h o u ld n ’ t th o
railroad train m en s trik e ?
B u t there w ill b e n o strik e . T h e ra ilro a d m agn ates w ill n o t dare Inter­
fere w ith th o o p e r a tio n o f the la w . I t w as p r o v id e d in th e b ill th a t th e law
b e c o m e o p e r a tiv e o n Jan . 1. T h e re m a y b o c o u r t pro ce e d in g s (a lth o u gh I
d o n o t b e lie v e thero w ill b e ): b u t th o c o u r ts w ill n o t restrain the law fro m
b e co m in g e ffe c t iv e o n th e d a te p r o v id e d .

On N o v . 17 the Federation by a unanimous vote de­
clared against that provision of President W ilson’s legis­
lative program “ making illegal any railroad strike or lock­
out prior to the investigation of the merits of the case.”
The committee report, which was adopted, recommended
that the convention “ tako an unequivocal position against
compulsory institutions and in favor of the maintenance
of institutions and opportunities for freedom.”
The
convention had before it that section of the Executive
Council’s report dealing with the railroad brotherhoods’
threatened strike. Referring to the bill introduced in Con­
gress for the purpose of preventing strikes and interruptions
of transportation, modeled after tho Canadian Compulsory
Investigations A ct, the report says:
T h is e ffo r t t o a g a in s u b je c t w age-ea rn ers t o in v o lu n ta r y servitu d o has
aro u se d th e d e te rm in e d resistan ce o f w age-ea rn ers ge n e ra lly. T o their
d e cla ra tio n s aga in st in v o lu n ta r y se rv itu d e th o p ro p o n e n ts o f th e legisla­
tio n h a v e re p lie d th a t, a lth o u g h a strike w o u ld b e m a d e Illegal un d er th e
p r o p o s e d la w an d strikers crim in a ls, y e t In dividu al w ork ers w ero n o t d e ­
p r iv e d o f th o rig h t t o q u it w o rk .
It is pu ro s o p h is try th a t o n ly au gm en ts th o sense o f in ju stice th a t w ageearners m a y feel fo r in d u stria l w ro n gs t o a llo w th em b y law tho rig h t o f
in d iv id u a ls t o q u it w o rk a n d t o d e cla re th a t th e y c a n n o t agreo w ith fe llo w w o rk e rs, th a t co n d itio n s aro s o b a d th a t their o n ly h o p e o f ju s tico an d fa ir
d e a lin g lies in agreein g to g e th e r t o q u it w o rk , th a t is, t o refu so t o p re fo rm
their usual tasks— t o striko.

Problems of industrial justice and redress for industrial
wrongs, the report concluded, cannot be worked out by laws.
Tho creation of a Federal Commission to investigate all
phases of the increased cost of living and recommend to .
Congress “ measures designed to remedy this situation and
to prevent its recurrence,” was demanded in a resolution
adopted on the 17th. The resolution declared that “ among
the chief beneficiaries of this abnormal situation aro tho bit­
terest enemies of organized labor.”
All of the officers of the Federation, from President Gom­
pers down to Frank Morrison, the Secretary, wore re-elected
without opposition. John W . Hays of Indianapolis, Secre­
tary of the International Typographical Union, had planned
a fight against Morrison, but he withdrew at tho last minute
and was not nominated.

J. J. ARNOLD OUTLINES PROPOSALS FOR CONSTRUC­
TIVE RAILROAD SUPERVISION.
As a means of bringing about “ really constructive super­
vision covering transportation lines in tho United States”
John J. Arnold, Vice-President of the First National Bank
of Chicago advances the view that tho Inter-State Commerce
Commission be strengthened and tho country divided into
traffic regions, in each of which a sub-commission should be
located. All sub-commissions, he states, should investigate
conditions affecting transportation within their respective
districts and make full report to the Commission, which
should be given authority over minimum, as well as over
maximum rates. It is proposed that exceptions to the
findings of the sub-commissions should be presented and
argued before the Commission itself. This proposal was
contained in a report made by M r. Arnold as National
Councillor representing the Illinois Bankers’ Association,
covering the special meeting of the National Council of the
Chamber of Commerce of the United States, held at W ash­
ington on N o v . 17 and 18, to consider railroad situation.
W e quote below that part of tho report presented by M r .
Arnold to the Illinois Bankers’ Association containing the
recommendation referred to:
In th e o p in io n o f th e re p resen ta tives o f th o ra ilro a d s, th o C o n g re ss o f th e
U n ite d S tates s h o u ld exerclso its fu ll a u th o r ity In re g u la tin g c o n im o r c e ,
an d th o fir s t ste p in th is d ir e ctio n sh o u ld bo “ F ed era l In c o r p o r a t io n ." T h e
In to r -S ta to C o m m e r c e C o m m is s io n s h o u ld b o stren gth en ed and th o co u n tr y
s h o u ld b o d iv id e d in to t r a ffic r e g io n s , In ea ch o f w h ich a su b -co m m is s io n
s h o u ld b e lo c a te d . A ll su b -co m m is s io n s s h o u ld in v e s tig a te c o n d itio n s

Dec . 2 1916.)

THE CHRONICLE

2039

a ffe c t in g tra n s p orta tio n w ith in th e ir re s p e c tiv e d is tric ts a n d m a k e fu ll
r e p o r t t o th o In te r -S ta te C o m m e r c e C o m m is s io n , w h ic h b o d y s h o u ld b e
g iv e n a u th o r ity o v e r m in im u m as w oll as o v e r m a x im u m ra te s . E x ce p tio n s
t o th e fin d in g s o f th e su b -co m m is s io n s sh o u ld b o p re se n te d a n d a rgu ed b e fo r e
th e In te r -S ta te C o m m e r c e C o m m is s io n itso lf.
In this w a y it is b e lie v e d th a t r e a lly c o n s t r u c tiv e s u p e r v is io n c o v e r in g
tr a n s p o r ta tio n lines in th o en tiro U n ite d S tates c o u ld b o h a d . T h e w o rk
o f th is b o d y n a tu ra lly w o u ld h a v e t o in c lu d e th o in te re sts o f th o railroad s
as w ell as th a t o f th o e m p lo y e e s , b u t o v e r a n d a b o v e e v e r y t h in g else, th o s e
o f th e p u b lic . T h e business m e n ’s su p re m o in te re st in tra n s p o r ta tio n is
c o n tin u o u s an d u n in te rru p te d s e r v ic o , fo r w h ic h th e y w ill a lw a y s b o w illin g
t o p a y en ou gh t o assuro a d e q u a to ro v e n u o o n th o c a p ita l in v o s te d in o u r
tr a n s p o r ta tio n c o r p o r a tio n s . O n th is a c c o u n t F e d e ra l su p e r v is io n c o v e r in g
th e issu an co o f ra ilro a d secu rities also w as u rg e d .
T h e q u es tion o f G o v e rn m e n t ow n e rsh ip d id n o t lo o m u p as s tr o n g ly as
w as foa red , o n th o p a rt o f s o m e , w o u ld b o th o case. T h e H o n o r a b le W illia m
C . A d a m s o n , V ic e -C h a ir m a n o f th e J o in t C o n g re ssio n a l C o m m it te e o n
In te r -S ta te C o m m e r c e , In h is ad d ress, em p h a sized th e fa c t th a t o v e n th o u g h
th o G o v e rn m e n t t o o k o v e r th e ra ilro a d s, th e p re se n t h o ld e r s o f ra ilro a d
s ecu rities w o u ld u n d o u b te d ly h a v e t o ta k e o v e r th e n o w s e cu ritie s issu ed b y
th o G o v e r n m e n t an d th a t in a sm u ch as th o m a n a g e m e n t w o u ld req u ire
o x p e r t k n o w le d g e , th o p resen t ra ilro a d o ffic ia ls w o u ld u n d o u b t e d ly h a v e
t o b o e m p lo y e d , a n d in his ju d g m e n t th is w o u ld m e a n th e b u ild in g u p o f th e
gre a te s t p o litic a l o lig a rc h y th a t th o w o rld has e v e r k n o w n .

to the proposed change was voiced by Messrs. Kerfoot,
Plant and Price, on the ground that the Commissions of the
Southern States in which they operate have fiscal years
ending June 30; they argued that with the change of date by
the Inter-State Commerce Commission it would be necessary
for their accounts to cover different periods. They stated
however, that if a change was made by the Federal Com­
mission they would endeavor to persuade the Commissions
of the Southern States to adopt a similar course. M r . W hite,
commenting on a declaration made by M r . Kerfoot that
December is the worst month for express company accounting
officers, observed that inasmuch as the Commission allows
three months for the completion of reports, the express com­
panies could probably comply with the order, especially in
view of the fact that January, February and March are
recognized as the lightest months in express transportation.
M r . Martin in setting forth his views at the hearing, ac­
cording to the “ Journal of Commerce,” said:

STA TE RAILROAD COMMISSIONERS OPPOSE FEDERAL
RAILROAD CONTROL.

A fisca l y e a r e n din g o n Jun e 30 p r o d u c e s re p o rts w h ich t o us a re rid icu lou s.
W o r k In th e N o r t h is season al. A r e p o r t as o f Ju n e 3 0 re la tin g t o , fo r
in sta n ce, iron o r e , m ea n s n o th in g b ecau se th e b u lk o f th e o re is h au led a fter
Ju n e 3 0 . T h e sam e is tru e re g a rd in g c o n s tr u c tio n w o rk o n th e railroads.
I t b egin s in th e m id d le o f A p ril a n d en d s a b o u t th e m id d le o f N o v e m b e r .

Before adjourning on November 17 the National Asso­
ciation of Railroad
Commissioners, which opened its
convention in Washington on November 14 adopted a
resolution creating a committee on car servico and demurrage,
with instructions to confer with tho Inter-State Commerce
Commission and request immediate action to relieve the
nation-wide car shortage. Frank H . Funk, State Public
Utilities Commissioner of Illinois, was made chairman.
The new committee will seek Congressional action granting
the Interstate Commerce Commission authority to issue
rules governing car-shortage emergencies. A special com­
mittee was appointed to consider public ownership and oper­
ation of railroads and other public utilities. The convention
also adopted resolutions recommending regional commissions
to handle railroad questions generally, and creation of a com­
merce council to represent the people before the Interstate
Commerce Commission.
The meeting was marked by the agitation led by Robert
R . Prontis, President of the Association, for tho preserva­
tion of State control over purely intra-state transportation.
M r . Prentis referred to the activity of the railroads in the
interests of Federalization and according to the “ Financial
America” charged that railway corporations are behind a
proposition to “ smash” State regulation and declared that
in their effort to accomplish the result a nation-wide campaign
of advertising in newspapers and magazines had been begun
by the carriers. The following is also taken from the paper
quoted:
“ I f th o e ffo r ts shall s u c c e e d ,” h e 6ta te d , “ th en q u e s tio n s regard ed as
se ttle d fr o m th o fo u n d a tio n o f th o G o v e rn m e n t w o u ld b o u n s e ttle d an d th o
g ro a t a c c o m p lis h m e n ts o f th o S tates o f th is U n io n fo r th o last 3 0 years
in th olr e n d e a v o r t o exercise s c ie n tific c o n tr o l o v e r th e p u b lic s e r v ic o c o r ­
p o r a tio n s , w h ich th e y h a v e cre a te d a n d fo s te r e d , w ill h a v e been u n a va ilin g
a n d o b s o lo t o .”
l i e d e c la r e d th e N o w la n d s r e s o lu tio n , ask in g fo r th o a p p o in tm e n t o f a
b o a r d t o in v es tig a te th o s u b je c t o f g o v e r n m e n t c o n tr o l a n d regu la tion
a n d In tersta te a n d fo re ig n tr a n s p o r ta tio n , t o b e In e ffe c t an a t t e m p t to
d e s t r o y S ta to co m m is s io n s as regu latin g b o d ie s .
H o sa id th o le g islation
w as in sp ired b y th o gre a t ra ilw a y org a n iz a tio n s o f th o c o u n t r y , w h icli h a v e
en d e a v o re d t o crea te a se n tim e n t so o v e rw h e lm in g as to c o n v in c o C on gress
th a t th o tim e has c o m o t o m a k o a c h a n g e . T h e ra ilro a d s, h o s a id , w ished
t o esta b lish region al b o a rd s s u b o r d in a te t o a c o n tra l a u t h o r it y in W a s h in g ­
ton .
M r . P ron tis t o o k a slap a t th o carrlors w h en h o s ta te d t h a t their
c r y o f p o v o r t y h a d resu lted in g a in in g fo r th em th o gre a te s t oarnings in
th o h is to r y o f r a ilroa d in g . H e ch arges t h a t th o se lfish n ess o f th e p u b lic
s to c k h o ld e r s , w ago earners and p o litic ia n s are th e c h ie f tro u b le s o f th e ra il­
roa d s. T h o am a zin g p ro s p e rity o f th o carriers, h o s a id , w ill im m e d ia te ly
reestablish th olr c r e d it unless th e y co n tin u e t o d e s tr o y it th em se lv e s.
T h o c o m m itte e on railroad s e r v ic o , a c c o m m o d a tio n s a n d cla im s m a d e a
re c o m m e n d a tio n t o secu re le g islation th ro u g h C o n g re ss, p la c in g upon
cla im s b y carriers fo r u n d erch a rgin g th o sa m o lim ita tio n as is establish ed
by la w u p o n cla im s b y sh ip p e rs fo r o v e r c h a r g e s .

PROPOSAL TO CHANGE REPORTING YEAR OF RAIL­
ROADS TO CALENDAR YEAR.
Tho proposal for the substitution of the calendar year for
tho present reporting year ending June 30, was urged by
railroad interests at a hearing before tho Inter-Stato Com ­
merce Commission on N o v . 13. It is pointed out that in
other branches of the Government the calendar year is used
as tho basis for tho fiscal return. Those at tho hearing
included, R . A . W hite, General Auditor of tho New York
Central, and F . N a y , Comptroller of the Rock Island, who
represented tho Association of American Railway Accounting
Officers: B . P . Kerfoot, who represented the express com­
panies operating in tho South; A . PI. Plant, Auditor of the
Southern Railway; II. C . Prince, Comptroller of the Atlantic
Coast Lino and G . R . M artin, Vice-President and chief
accounting officer of the Great Northern. Some opposition




Tho “ Journal” added:
M r . N a y c o r r o b o r a te d t h e d e c la r a tio n s o f M r . M a r t in , a n d q u o te d a t
len gth fr o m a r e p o r t b y th e A s s o c ia tio n o f R a ilw a y E n gin eers, th e m em b ers
o f w h ich w ere co m p la in in g t h a t b e ca u se th e y h a d t o m ak e re p orts in th e
m id d le o f th e season s w hen th e y w e re d o in g m o s t o f th e ir w o rk , th e s ta tistics
th e y h ad o n h a n d a t th e be g in n in g o f th e se a s o n w ere o f p r a c tic a lly n o
va lu e t o th em .
S ixteen p e r c e n t o f t h e m ile a ge o f th o ra ilro a d s o f t h e c o u n t r y w ere rep re­
se n te d in th e m ild o p p o s it io n v o ic e d b y M e ssrs. K e rfo o * , P la n t a n d P rin ce.
T h e y s a id , h o w e v e r , th a t th e y w ere s a tisfie d th a t an o v e rw h e lm in g m a jo rity
o f th e m ile a ge o f th e ra ilro a d s o f th e c o u n t r y w a s in fa v o r o f th e c h a n g e.
F o u r fa ir ly la rge ra ilro a d s are re p re se n te d in th e o p p o s it io n , b u t th e ch a n ge
w ill w o rk n o p a rticu la r h ard sh ip o n th e m , w h e n ce th e b e lie f th a t th e C o m ­
m ission w ill m ak e its p r o p o s a l e f fe c t iv e w ith th e b e gin n in g o f 1917.

A t the annual meeting of the National Association of Rail
way Commissioners in Washington on N o v . 15, the Com­
mittee on Railroad Accounts submitted a report urging
that the Inter-State Commerce Commission change the
reporting year so as to agree with the calendar year. Its
report said:
Y o u r C o m m itte e in its r e p o r t p resen ted t o th e A s s o c ia tio n a y e a r a g o
ca lle d a tte n tio n t o th e p r o p o s a l o f su b s titu tin g th e ca le n d a r y e a r fo r th e
p resen t re p o rtin g y e a r e n d in g J u n e 30 an d re co m m e n d e d th a t th o va riou s
S ta te c o m m issio n s a tte m p t t o p r o c u r e , w h erever n e ce ssa ry , a u th o r ity fro m
their re sp e ctive S ta te legislatures t o m a k e su ch su b stitu tio n sh o u ld fu rth er
con sid e ra tio n o f th e m a tte r lead t o th e c o n clu s io n th a t th e ch a n g e is desirablo. T h is re co m m e n d a tio n w as a p p r o v e d b y th e A sso cia tio n . D u rin g th e
presen t y e a r th is C o m m itte e h as g iv e n fu rth e r c o n s id e ra tio n t o th e m a tter
an d it n o w re co m m e n d s th a t th e In te r -S ta te C o m m e rce C o m m ission an d
th o se S ta to c o m m issio n s p ossessin g th e req u isite a u th o r ity c h a n g e th e
re p o rtin g y e a r fo r ste a m ra ilw a y c o m p a n ie s fr o m th e presen t tw e lv e -m o n th
p e rio d to th e ca le n d a r y e a r a n d th a t t h e o th e rs m a k e s u ch ch a n g e as soon
as a u th o r ity c a n b e o b ta in e d .

STATE RAILROAD COMMISSIONERS FAVOR FEDERAL
CONTROL OF RAILROAD SECURITIES— ACTION
CONCERNING WAGE AGREEMENTS.
Legislation which would give to the Inter-State Commerce
Commission power to regulate stocks and bonds of railroads
was recommended in a report presented to the National
Association of Railroad Commissioners at its recent con­
vention in Washington by its Committee on Capitalization
and Corporate Relations composed of Edwin O . Edgerton,
Chairman, California; John F . Shaughnessy, Rhode Island;
W illiam - C . Bliss, Nebraska; Paul B . Trammell, Georgia;
Clyde B . Aitchison, Oregon; Judson C . Clement, Washing­
ton, D . C .
Another of the recommendations advocated the enact­
ment of legislation (national and State) “ to provide for
voluntary wage agreements; methods of arbitration and for
Federal and State intervention in emergencies to adjust wage
conditions in railroad and public utility service.” W ith
reference to the question of wages and labor difficulties dealt
with in this recommendation the report set out that :
I f th e I n te r -S ta te C o m m e r c e C o m m is s io n is t o pass u p o n th e issues o f
secu rities, n o e ffo r t s h o u ld b e sp a re d t o assure c o n t in u it y o f s e r v ic e , a n d ,
th e re fo re , a u n ifo rm ity o f re ve n u e s u p o n w h ich th e v a lu e o f these secu rities
m u st d e p e n d . W e b e lie v e , th e r e fo r e , th a t a m e th o d s h o u ld b e fo u n d t o
a d ju s t th o in du stria l p r o b le m s o f th o carriers a n d th e p u b lic u tilities s o th a t
a d e q u a te w a g o scales co m m e n s u r a te w ith o u r A m e rica n s ta d a rd s b o in sti­
tu te d a n d re a d ju ste d fr o m tim e t o tim e , an d th is, i f p o s s ib le , w ith o u t
b re a ch o f re la tio n sh ip b e tw e e n th e c o r p o r a te en terprises a n d th e ir em ­
p lo y e e s .
T h o p u b lic c a n a ffo r d t o p a y ra tes w h ich w ill a d m it o f , n o t a m e a g re
w a g o c o m p e te n c e , b u t a ge n e ro u s w a g o a llo tm e n t ca lcu la te d t o b r in g a b o u t
th o h ig h e st de g re e o f s a tis fa c tio n , c o m fo r t a n d e ffic ie n c y o f th o ra ilw a y
a n d p u b lic u tility e m p lo y e e . I t is o u r v ie w th a t th e re g u la te d in du stries
w herein th e p o w e r o f g o v e r n m e n t is e x e r te d , sh o u ld b e c o m e m o d e ls as t o
w a g e scales an d all th a t g o o s t o m a k e u p th e p r o p e r r e la tio n s h ip betw een
e m p lo y e r an d w a g e earner.

The recommendations contained in the report, in which
two of the members of the committee did not fully concur,
included the following

2040

THE CHRONICLE

(1) T h a t th e I n te r -S ta te C o m m e r c e C o m m is s io n bo g iv e n p o w e r to
e g u la te th e s to c k s an d b o n d s o f th o I n to r -S ta to carriers.
(2) T h a t th o In te r -S ta te C o m m e r c e C o m m is s io n o r s o m e o th e r F ed eral
a g e n c y , b e em p o w e re d to reg u la te th o ra tes, p r ice s , s to c k s an d b o n d s o f
th o in te r-S ta te p u b lic u tilities.
(3) T h a t C on g ress e n a c t th e n ecessary le gisla tio n t o p r o v id o fo r a
n a tion a l in c o rp o ra tio n a c t fo r in te r-S ta te railroad s an d in te r-S ta te p u b lic
u tilities.
(4) T h a t th e In te r-S ta te C o m m e r c e C o m m is s io n b e e m p o w e re d to
e xorciso ju r is d ic tio n o v e r m erge rs, c o n s o lid a tio n s an d in cu m b ra n ce s o f
in te r-S ta te railroa d s.
(5) T h a t th e I n te r -S ta to C o m m e r c e C o m m is s io n b e g iv e n a u th o r ity t o
oxerclso ju r is d ic tio n in r c ce iv o rs h ip p ro ce e d in g s , p r e fe ra b ly t o th o fu lle st
e x te n t, b u t a t least o v e r all m a tte rs re la tin g t o c a p ita liz a tio n .
(6) T h a t F ed era l an d S ta te s ta tu te s b e a m e n d e d , w h e re n e ce s s a ry , t o
p e r m it o f th o issues b y railroad s a n d p u b lic u tilitie s o f a c o m m o n s to c k
w ith o u t a p a r v a lu e .
(7) T h a t th o In te r-S ta te C o m m e r c e C o m m is s io n a n d th o S ta te p u b lic
u t ilit y co m m is s io n s b e p e r m itte d t o in v o k e th o a id o f th o F ed era l T r a d e
C o m m is s io n to d e te rm in e th e reason ablen ess o f th o c o s t o f essential m a ­
terials o f ra ilroa d an d p u b lic u t ility c o n s tr u c tio n .
(8) T h a t a d e q u a te legisla tion b o e n a c te d , b o th n a tio n a l an d S ta te , t o
p r o v id e fo r v o lu n ta r y w a g e a greem en ts; m e th o d s o f a r b itra tio n , a n d for
F ed era l anti S ta te in te rv e n tio n in e m ergen cies t o a d ju s t w a g o c o n d itio n s in
railroa d s a n d p u b lic u tility s e r v ic e ; n o th in g co n ta in e d in s u ch legislation
t o req u iro m en t o w ork a ga in st th eir w ill.
(9) T h a t s u ch legislation as is co n s iste n t w ith th o p u b lic in terest b e
e n a c te d fo r th o en h a n cem en t o f railroad c r e d it an d fo r th o p r o t e c tio n o f
A m e rica n railroad s a gain st th o c o m p e t it io n in th o A m e r ic a n m a rk e t fo r
fu n d s fo r p r iv a to e x p lo ita tio n in fo re ig n c o u n trie s .
(10) T h a t a n ew c o m m itte e b o a p p o in te d b y th is a s s o cia tio n t o s tu d y th o
q u e s tio n o f th o rela tion sh ip b etw e e n G o v e rn m e n t an d th o ra ilro a d s; c o n ­
sid er th o p o s s ib ilitie s o f c o -o p e r a tio n b e tw e e n th o G o v e rn m e n t an d th o
ra ilroa d s , a n d r e p o r t t o th is a s s o c ia tio n a t its n e x t a n n u al m o o tin g .

RAILROAD COMMISSIONERS SEEK RESTORATION OF
RA TE-M AKIN G POWERS HELD BEFORE
SHREVEPORT DECISION.

[Vol . 103.

t^ c _ r e s p e c tiv o C o m m ls s io n s [w o u id [ th en a p p ly lt o la ll| bu sin ess, S ta to an d
Liuor-State, an d th e re a fte r th e re c o u ld b o n o S h re v e p o rt ca so In th a t te rri­
t o r y an d w ith re sp e ct t o th a t c o m m o d it y . W h ile in m y o w n m in d th e d e ­
ta ils o f th o p la n w h ich I h a v e s u gge ste d are fa ir ly clea r an d a p p o a r t o m e
t o b o p r a c tic a b le , y o u m a y see d iffic u ltie s o f w h ich I h a v o n o t th o u g h t.
I
shall n o t a tte m p t at th is tim e t o discu ss th o d e ta ils , b u t le a v o y o u w ith th is
gen eral s u g g e stio n o f p r o v id in g a legal basis fo r c o -o p e r a tio n be tw e e n tho
S ta te C o m m issio n s a n d th o In te r -S ta to C o m m e r c o C o m m is s io n in all p r o ­
ce e d in g s in v o lv in g th e p rin c ip le o f th o S h ro v o p o rt caso.
W ith r e sp e ct t o th is o n e su g g e s tio n , th a t o f p r o v id in g a sta tu s b y law fo r
c o -o p e r a tio n b e tw e e n th o S ta to C o m m is s io n s a n d th o In te r -S ta te C o m ­
m e r ce C o m m is s io n , I a m h a p p y t o b o a b le t o s a y th a t I sp e a k n o t o n ly fo r
m y s e lf b u t in o ffic ia l c a p a c it y fo r th o I n te r -S ta to C o m m e r c o C o m m is s io n .

It is pointed out that the carrying through of tho proposal
contained in the resolution of tho Railroad Commissioners
would tend to restore the rate-making powers oxercised by
the Stato Commissioners prior to the Supremo Court’s
decision in tho Shreveport case. In a report on railroad
rato cases, in which a review was had of tho Shroveport
case and the decision growing out of the same, W . H . Stuts­
man of North D akota, the “ Journal of Commerco” an­
nounces, had the following to say:
T h o s u b s ta n ce o f th is d e c is io n is th a t C o n g re ss a n d , b y d e le g a tio n , th o
In te r -S ta te C o m m e r c e C o m m is s io n , has p o w e r , u n d e r th o C o n s titu tio n a l
a u th o r iz a tio n , t o re g u la te c o m m e r c e a m o n g th o so ve ra l S ta te s , t o fix th o
r e la tio n w h ic h s h o u ld e xist b e tw e e n a S ta to an d an in te r-S ta te ra te , an d
w h en this has be e n d o n e th e S ta te ra te m u st b e a d ju s te d a c c o r d in g t o th o
r e la tio n s o fix e d .
W h ile th o m e m bers o f th o S ta to C o m m is s io n s an d m a n y oth ors jo a lo u s o f
th o rig h ts o f ea ch S ta to t o m an age its o w n intern al affa irs w e re n o t co n ce rn e d
w ith th e qu a rrel be tw e e n L o u isian a a n d T e x a s , a n d m ig h t h a v o b e e n w illin g
perh ap s t o c o n c e d e th a t th e S ta te rates in this in sta n co w e re m u c h to o low
an d w oro p u rp o s e ly m a d e s o b y th e T e x a s a u th o r itie s , in o r d e r t o gain an
a d v a n ta g e , u n fair o r o th e rw is e , o v e r L o u isia n a sh ip p in g Interests, y e t th e y
fe lt th a t th o p rin c ip le o f law a n n o u n ce d in th is d e c is io n w o u ld p r o v e disas­
tro u s to tholr co n te n tio n fo r th o rig h t t o c o n tr o l lo ca l tr a n s p o r ta tio n fa c ili­
tie s. T h o d e cis io n w as ren dered in Ju n o 1914 an d a t th e fo rth c o m in g
m e e tin g o f th is A s s o c ia tio n in N o v e m b e r o f th a t y e a r , C om m issio n e r
W illia m s o f T e x a s , th e n C h a irm a n o f th o C o m m itte e o n A m e n d m e n t o f the
A c t t o K o g u la to C o m m e r c e , o ffe r e d as p art o f th o c o m n iit t o o ’s re p o rt a
resolu tion c a llin g fo r an a m e n d m e n t t o S e c tio n 1 o f th o A c t , w h ich w as
fin a lly a d o p te d as fo llo w s :

A resolution endorsing a proposed amendment to tho
Inter-Stato Commerco Act stipulating that no decree of the
Inter-State Commerce Commission is to bo interpreted as
absolving any railroad from obeying tho dictate of a Stato
A n d , p r o v id e d , th a t n o th in g In this A c t , n o r th o e x crciso o f a n y a u th o rity
Commission was adopted by the National Association of b y th e In te r-S ta to C o m m e r c e C o m m is s io n b y v irtu e t h e r e o f, shall a b s o lv e
a n y railroad o r o th e r co m m o n ca rrier fro m o b e y in g a n y ra to , ru le, re gu la ­
Railroad Commissioners at their annual convention at tio n o r p r a c tic e o f a n y S ta te w ith re sp e ct t ; the tr a n s p o r ta tio n o f passengers
r o p e r ty , o r th e r e c e iv in g , d e liv e ry , .o r a g o o r h a n d lin g o r p ro p e rty
Washington on N o v . 16. The action of the Commissioners owrh oplly
w ith in o n o S ta te an d n o t shippetl to o r fro m a fo re ig n c o u n t r y , fro m
followed the announcement made by Chairman Moyer of o r t o a n y S ta te o r t e r rito r y , as a fo re s a id , unless an d u n til th ere shall h a ve
b e e n a ju d g m e n t o f a c o u r t o f c o m p e te n t ju r is d ic tio n h o ld in g su ch rate, ru le,
the Inter-Stato Commerco Commission, in an address wel­ re gu la tio n o r p r a c tic e Im p osed as a fo r e s a id , t o b o u n rea son a b le an d un->
coming tho convention, that an amendment to tho Inter­ la w fu l.
The above report was followed by tho submission of the
State Commerce Act providing for joint action between the
Inter-State Commerco Commission and State Commissions roport of the Committee on State and Federal Legislation
so as to avoid conflict was proposed officially by the Com ­ made by L. B . Finn of Kentucky. This committeo moved:
1. T h a t w e h e r e b y en d o rso S e n a te Hill N o . 5242 o f th o 0 4 th C o n g re ss ,
mission. M r. M eyer, according to the “ Journal of Com­ fir s t session , sa id bill b e in g a m e n d a to r y t o th e A c t t o K o g u la to C o m m e r c e
merce,” pointed to the fact that in tho early days of regula­ a n d c a rry in g o u t th e p ro v is io n s o f th o W illia m s re so lu tio n p a sse d b y this
tion most emphasis was laid upon rates, this resulting in A s s o c ia tio n a t Its ann ual c o n v e n tio n h e ld in th o y e a r 1914.
2. T h a t in all cases arising b e fo r e th o I n te r -S ta te C o m m e r c o C om m issio n
obscuring tho vision of the whole field and in proventing that a S ta te th ro u g h its D e p a rtm e n t o f J u s tico o r R a ilr o a d o r P u b lic S ervice
symmetry in legislation which national interests demand. C o m m is s io n , o r a n y in terested sh ip p o r w h o Is a p a r ty t o th o p r o c e e d in g ,
“ Whether or n ot,” he said, “ a shipper shall pay, or a rail­ s h o u ld h a v o th e sa m e rig h t t o se cu ro a c o u r t ro vio w o f th o ord o rs o f th e
In to r-S ta te C o m m e r c e C o m m issio n In cases in v o lv in g n e g a tiv o ord ers m a d e
road receive 10 cents or lOhjj cents for tho transportation of b y th o sa m e C o m m is s io n , as is n o w a llo w e d in cases in v o lv in g a ffir m a tiv e
a certain commodity between certain points is of relatively o rd e rs.
3 . T h a t th o A c t t o R e g u la te C o m m e r c o s h o u ld b o s o a m e n d e d as t o g iv e
minor significance compared with tho operation of this
t o th o I n te r -S ta to C o m m e r c e C o m m is s io n th o p o w e r t o c o m p e l p ro p e r
countrywide transportation machino in tho most efficient, p u b lic ity as t o th e Issuance o f all se cu rities m a d e b y In te r-S ta to co m m o n
economical and beneficial manner in tho interests of the carriers, h o w e v e r th e y m a y be a u th o r iz e d .
4 . W o b e lie v e th e tim e o f th e In to r-S ta to C o m m e r c o C o m m is s io n and the
whole country.” In taking up the Shreveport rate case,
tim e c o n su m e d in th e d is p o s in g o f cases w o u ld b o co n s e r v e d b y tn o creation
Chairman M eyer, wo learn from tho “ Journal of Commerce,’ ’ o f s u b o r d in a te region al co m m is s io n s , ea ch o n o c o m p o s e d o f th re e m en a p ­
p o in te d fo r fix e d p e rio d s an d r e c e iv in g salaries sim ila r t o th o se r e c e iv e d by
had the following to say:
T h o I n te r -S ta to C o m m e r c o C o m m is s io n h a s n o v e r re a ch e d o u t in a n y
m a n n er w h a ts o e v e r w ith a v lo w o f s e izin g u p o n S h re v e p o rt s itu a tio n s an d
ex orcisin g its a u th o r ity in a d ju s tin g su c h ra te s. T h o c o m p la in t in th o
orig in a l S h r e v e p o rt case w as b r o u g h t b y o n e o f th e S ta te s in th o U n io n
p ossessed o f as m a n y so v e r e ig n rig h ts as a n y o th e r S ta to , r e s p o n s iv e t o a
spieclal e n a c tm e n t o f its L eg isla tu re . S u b s e q u e n t co m p la in ts o rig in a tin g
in w id e ly s ep a ra ted S ta tes, a b o u t 100 in all u p t o d a te , w e re file d b y m u n ici­
p a lities , o rg a n iz a tio n s o f business m e n , c o r p o r a tio n s a n d in d ivid u a ls— all
p a rties w h o h a v e a p e r fe ct rig h t u n d er th o law t o b rin g s u c h c o m p la in ts .
T h e s e co m p la in ts h a v in g b e e n f ile d , it w as th e p la in d u t y o f th e C o m ­
m ission t o w h ic h I b elon g t o p r o c e e d w ith th e m In th e re gu la r w a y a n d in
th o s a m e m an n er in w h ich o th e r cases are d is p o s e d o f . T h is w o h a v e d o n e
t o th o b e s t o f o u r a b ility In a c c o r d a n c e w ith law a n d in o b o d le n c o t o o u r
o a t h o f o f fi c e .
F rom m y p o in t o f view S h re v e p o rt situ a tio n s are p rim a rily ra to qu estion s
a n d n o t q u estion s o f c o n s titu tio n a l lim ita tio n s a n d s t a t u t o r y p o w e r s in
a d m in is tr a tio n . I f y o u a n d I w ill sit d o w n t o g e th e r s o le ly w ith th o v lo w
o f w o rk in g o u t S h ro v e p o rt rato p r o b le m s , fo rg e ttin g fo r th o tim e b o ln g all
th o con tr o v e r sie s a b o u t s o v e r e ig n ty , c o n s titu tio n a l a n d le g is la tiv e p o w e r,
I b e lie v e th a t in e v e r y in sta n co it w ill b o p o s s ib lo fo r us t o a rriv e a t a sa tis­
fa c t o r y a n d ju s t resu lt. In fa c t th o m o r o w o d e b a te th o fo rm s o f g o v e r n ­
m en t an d th e rela tion s o f th o S ta to t o th o F ed era l G o v e rn m e n t In S h rove­
p o r t cases th o m o r o w o aro lik e ly t o o b s c u r e th o p r a c tic a l ra to p ro b le m s in
w h ich y o u a n d I aro jo in t ly in terested a n d w h ich presen t th o q u e stio n s o f
v ita l c on cern t o th o citiz en s o f th e re s p e c tiv e S ta te s.
T h is leads m o t o su ggest w h a t I fir m ly b e llo v o t o bo a p ro m is in g s te p In
th o d ir e ctio n o f progress in ra ilw a y re g u la tio n ; n a m e ly , In S h ro v o p o rt cases
t o p r o v id e b y law fo r th o c o -o p e r a tio n o f th o S ta to C o m m is s io n s a n d th o
In te r -S ta to C o m m e r c o C o m m is s io n a n d th u s t o g iv e o u r jo in t a n d c o ­
o p e r a t iv e e ffo r ts a d e fin ite legal s ta tu s.
U nder a p la n su ch as I h a v e in m in d , w hen a c ase In v o lv in g th o S h ro v o p o rt
p rin c ip le arises, th o resu ltin g in v e s tig a tio n w o u ld b o c o n d u c t e d jo in t ly b y
th o S ta to C om m ission s an d th e I n te r -S ta to C o m m e r c o C o m m is s io n . E v e r y
S ta to C o m m is s io n d ir e ctly in v o lv e d w o u ld b o g iv e n an o p p o r t u n it y , in a c ­
c o r d a n c e w ith la w , to p a r ticip a te In th o d e lib e ra tio n s a n d t o assist in fo rm u ­
la tin g th o fin a l co n clu s io n s u p o n a r e c o rd jo in t ly m a d e . T h o o n o ra to
w ith in th e z o n e o f reason ablen ess esta b lish e d th ro u g h th o jo in t o ffo r ts o f




th o m om bers o f o u r F ed era l C o u rts , w ith o r w ith o u t a m e m b e r o f th e
In te r -S ta te C o m m e r c o C o m m is s io n s ittin g as .a m e m b e r o f said t r ib u ­
n al; th o rig h t be in g re se rv e d t o In terested p a rtie s o f s e cu rin g a re v ie w b y
th o In te r -S ta to C o m m e r c o C o m m is s io n u n d er c o n d itio n s a n a lagou s n ow
p re v a ilin g In regard t o a p p eals fro m (lie low er F ed era l C o u rts t o th o S u ­
p rem o C o u r t o f th e U n ited S ta te s.
5 . T h e re s h o u ld b o c r e a te d a se p a ra te bu reau fo r th o p u rp o s e o l p rosoc u tin g cases b e fo re th e In te r -S ta te C o m m e r c o C o m m is s io n , o r th o A t to r n o y G eneral s h o u ld assign t o o n e o f his assistants th o s p e c ific task o f a p p earin g
b o fo r o th o said C o m m is s io n o n b e h a lf o f th o p u b lic ge n e ra lly in cases in ­
v o lv in g a lleg ed v io la tio n s o f th o A c t t o R e g u la te C o m m e r c o , as th o A t to r n e y G eneral a n d h is o th e r assistants a p p e a r b o fo r o th o S u p re m e C o u r t o f th e
U n ite d S ta te s a t th o p resen t t im e . T h o a fo re s a id A ssista n t A t t o r n e y -G e n ­
eral sh o u ld e xercise th e fu n c tio n s o f a c o m m e r c o c o u n se l fo r th o U n ited
S tates; h o s h o u ld h a v o a fix e d sa la ry an d a d e fin ito te rm o f o f flc o , d o v o tin g
his en tiro tim e t o this w o rk ; an d h o s h o u ld b o g iv e n a d e q u a to fa cilitie s fo r
th o e ffic ie n t p e r fo rm a n ce o f his d u tie s . T h is w e b e llo v o t o b o o f p a ra ­
m o u n t Im p o rta n ce as it w ill g iv e e ffic ie n t re p re s e n ta tio n t o th o in terests o f
th o p u b lic gen era lly in cases in v o lv in g m a tte rs o f largo im p o rta n ce .
T h is p r o v is io n d o e s n o t co n te m p la te a n y lim ita tio n w h a te v e r u p o n o th e r
Iiarties a p p e a rin g o n b e h a lf o f the p u b lic , n o r u pon th o C o m m is s io n ’s e m ­
p lo y m e n t o f its o w n co u n se l t o a p p e a r in s u ch cases as it m a y d ir e ct.
6 . F u rth e r, w o r e s p e c tfu lly p e titio n th e In te r -S ta to C o m m e r c o C o m m is ­
sio n to m ak o th o fo llo w in g m o d ific a tio n s o f its rules o f p r a c tic e ;
(a) T h a t u n til s u ch tim e as th o en tire C o m m is s io n , o r su c h su b o rd in a te
co m m issio n s as m a y h e re a fte r b e c r o a te d , shall sit an d h e a r (lie en tiro e v ld o n c o in all cases b e fo r e sa id C o m m is s io n o r co m m issio n s in w h ich a S ta to
m a y bo a p a r t y , th e C o m m is s io n , p r io r t o th o en te rin g o f a fin a l o r d e r ,
sh o u ld p re p a re an d p u b lish a to n ta tlv o o r d e r , a c o p y o f w h ich sh o u ld bo
s e rv e d o n all parties t o th e p ro c e e d in g , an d o p p o r t u n it y g iv e n t o all p arties
a ffe c te d b y s u c h p ro p o s e d o r d e r u p o n rea so n a b le n o t lc o to a p p e a r an d sh ow
cau so w h y su c h te n ta tiv e ord e r s h o u ld n o t b e m a d e fin a l.
(b ) T h a t th e In te r-S ta te C o m m e r c e C o m m is s io n s h o u ld ren d er n o d e ­
cision s in a n y cases In w h ic h a t least o n o m e m b e r o f th e C o m m is s io n shall
n o t h a v o h eard th o en tire e v id e n c e , e x ce p t w h e re a re fe ro e e o r exam iner
m a y bo a p p o in te d t o ta k e th o t e s tim o n y , in w h ich caso th o said rofereo or
exam in er s h o u ld r e d u ce t o p r in te d fo rm his fin d in g s o f fa ct ln [th e lr e n tire ty .

Dec . 2 1916.]

THE CHRONICLE

an d tho sa m e sh ou ld b o se rv e d u p o n a ll in te re ste d p a rtie s, a llo w in g a d e q u a te
tim e fo r e x cep tion s t o b o file d b e fo r e th o c a so Is s u b m itte d t o th o C o m
m ission.

POOR CROPS A N D HIGHER PRICES FOR FARM IMPLE­
MENTS HELD RESPONSIBLE FOR INCREASED
FOOD COSTS.
To poor crops and the increasing cost of what the farmer
has to pay is attributed the rising prices of farm products
by the National Grange of Patrons of Husbandry, which
in annual session at Washington on N o v . 24, issued a state­
ment analyzing the high cost of living. If any embargo is
to be placed to help the situation, tho statement says, they
should be on manufactured products, particularly munitions
of war. Prohibition of gambling in foodstuffs and provision
for more storage houses under control of the farmers them­
selves also are suggested. The statement, drafted by a
special committee, under instructions from tho Grange,
reads as follows :

2041

away with election gambling, indorsed the Casey bill pend­
ing in Congress to encourage production of denatured alcohol,
and adopted a resolution declaring that distribution of free
seed by Congressmen was a waste of the public money.
A resolution indorsing the initiative and referendum was
discussed, but no action was taken.
A resolution adopted by the American Federation of Labor
at Baltimore on N o v . 24 urges upon President Wilson and
Congress
the necessity of placing an embargo on the
exportation of wheat and other foodstuffs, as far as our
international legal or treaty rights will permit, until prices
are restored to normal,”
Unfavorable comments upon the proposed bill providing
for a food embargo, which Representative Fitzgerald expects
to introduce in Congress when it convenes, have been made
by some Senators and Congressmen, among them Senator
Borah of Idaho, who said:

T h o ro has beon con s id e ra b le a g ita tio n in th o new spapers a n d m agazines
I <lo n o t e x p e c t t o see th e p r o p o s e d e m b a r g o m easu re g e t fa r . I t seem s
th rou g h ou t th e c o u n t r y in regard t o th o h igh c o s t o f liv in g , an d m a n y
u n lik e ly th a t a n y o n e w o u ld se rio u sly p r o p o s e an e m b a r g o o n f o o d p r o d u c t s
u n turo an d u n ju s tifia b le sta te m e n ts h a v e b e e n m a d e w ith refe re n ce t o th o
an d e x e m p t c lo th in g .
F u rth e rm o re , w h ile w e s till p ro fe ss t o b e a C h ristia n
resp on sib ility o f th o fa rm e r in regard t o th e m a tte r.
n a tio n w o w o u ld h a r d ly p u t an e m b a rg o o n fo o d p r o d u c ts t o d e crea se th o
T h e re fo r e , in o rd e r th a t th o c o n s u m in g p u b lic m a y h a ve so m o o f th o
c o s t o f liv in g an d co n tin u e t o sh ip arm s an d a m m u n itio n s t o in crea se ou r
fa cts p ertain in g th ere to , y o u r co m m itte e s u b m its th e fo llo w in g s tatem en t:
p r o fit s . B y th e tim e th e m easu re s h o u ld in clu d e e n o u g h ite m s t o g iv e it
In m a n y co u n trie s w ith ch e a p la b o r a n d h ig h -p r ic e d lands th o yie ld p er
a re s p e c ta b le n u m b e r o f v o t e s it w o u ld b reak d o w n o f its o w n w e ig h t.
aero exceeds th a t o f th e U n ite d S tates. T h e A m e rica n fa rm e r, w ith ch eap
I d o n o t b e lie v e an e m b a r g o w o u ld re a ch th e h ig h c o s t o f liv in g e x c e p t on
lands an d h ig h -p r ic e d la b o r , p ro d u ce s m a n y tim es as m u ch p er m an as
th e th e o ry th a t it m ig h t u ltim a te ly p r o d u c e in d u stria l r u in . T h o la s t m a n
d oes th o fa rm er o f a n y c o u n tr y in th o w o rld .
in th is c o u n t r y w h o s h o u ld w a n t an e m b a r g o is th o la b o r in g m a n .
T h e h igh p rice o f fa r m p r o d u c ts is d u o t o several causes. S om o o f tho
N o w as t o fe e d in g a n d ca rin g fo r th o s e w h o m a y b e in w a n t it seem s
m oro im p o rta n t on es are: T h o c lim a tic c o n d itio n s o f th is c o u n tr y d u rin g the
m o t h a t in v ie w o f th o s tu p e n d o u s p r o fit s w h ich w e h a v e m a d e o u t o f th is
past y e a r w ere, p erh a p s, o n e o f th o leadin g causes o f c r o p sh o rta ge . A lo n g ,
w a r, w h ile o th e r s w e re s a c r ificin g e v e r y th in g , th a t i f w o s h o u ld fa il as a
c o ld , w ot sp rin g , fo llo w e d b y v e r y h o t , d r y w e a th e r, exten d in g o v e r a larger
p e o p le t o g o d o w n in o u r p o c k e t s an d t o fe e d a n d c lo t h e th e h u n g ry d u rin g
area o f th e c o u n tr y th an is u su a lly th o ca se , re d u ce d acreage an d yie ld t o a
th is c o m in g w in te r it w o u ld b e th o fin a l p r o o f t h a t th o la st o u n c e o f c o n ­
m oro m ark ed d egree th an has been th o caso fo r a n y p re v io u s y e a r.
For
s cie n ce h a d b e e n oa te n a w a y b y o u r in s a tia b le pa ssio n fo r p r o fit s .
exa m p le, th o w h eat in th o N o rth w e s t w as a c r o p fa ilu re ; tho c o r n c r o p w as
^ os, lot s fe e d A m e r ic a , b u t le t ’s d o it n o t o n ly u p o n w ise , b u t u p o n
In m a n y section s a p artial fa ilu re , as w ell as th o p o t a t o an d ve ge ta b le
h u m a n e a n d u n selfish p rin c ip le s . In v ie w o f all t h o fa c ts a n d c o n d itio n s
crop s.
1 th in k it is m o r e o r less h u m ilia tin g t o h a v e th is ta lk a b o u t an e m b a r g o .
I t m u st b o b orn e in m in d th a t th o h igh p rice s h a v o stru ck th o fa rm er in
w h atever ho b u y s as m u ch as it has th e c it y c o n su m e r. F a rm la b o r is
scarcer an d h igh er th an e v e r b e fo re in th is c o u n t r y . E v e ry th in g th o farm er
BUSINESS CONDITIONS I N N E W YORK FEDERAL
b u y s , w h oth or m a ch in e ry , fe rtiliz e r, fe n c in g , c lo th in g , o r th o necessaries
RESERVE DISTRICT.
o f lifo , has increased in p rice b y leaps an d b o u n d s . T h is is also tru o o f
ta x a tion , th o increaso b e in g in m a n y se ctio n s 5 0 % o r m oro d u rin g th o last
Tho New York Federal Reserve Bank in its statement to
fiv o years.
tho Reserve Board concerning business conditions for the
In form er d a y s e v ery th in g th o fa rm e r n eed ed w as p r o d u c e d o n his fa rm
month, notes that a number of new high records were made
o r in his im m ed ia te n e ig h b o rh o o d . T h is is all c h a n g e d , and th e fa rm er o f
t o -d a y is th o largest con su m er o f m a n u fa ctu re d p r o d u c ts , e v e n , in to o
during the month in commercial and industrial activities.
m a n y cases, b u y in g his m eats and flo u r.
W e quote from the report the following:
O ur c it y cou sin s h a v o ch a n g e d their m e th o d o f liv in g qu ito as m u ch as w e
A ll b u t a fe w r e p o r ts in d ica te th a t n o s la ck e n in g w as n o te d in th o hard
h a v o. I n s te a d o f b u y in g in qu a n titie s, as fo r m e r ly , th e y liv e in cra m p e d
w o rk o f m a n u fa ctu re rs an d traders t o s u p p ly th o gre a t d e m a n d s o f c o n ­
qu a rters, w ith a k itch e n e tte 6 b y 8 , an d b u y in v e r y sm all qu a n titie s, o r
su
m
ers. M o r o railro a d fre ig h t cars w ere n e e d e d o n N o v . 1 th a n a t a n y
llv o o u t o f ca rton s an d ca n s, an d in m a n y cases w ith little regard t o h o m o
tim e in r e c e n t y e a rs , th e sh o rta g e b e in g 108 ,010 ca rs. E x c e p tin g on e
eco n o m ics . W ith this ca n b o c o u p le d e xp en sive m e th o d s o f d istrib u tio n
m
o
n
th in 1909, th ree m o n th s in 1912, an d o n e m o n th in 1913, th ero has
w h ich is n o t th o fa u lt o f th o farm er.
b e e n a n o v e r s u p p ly o f cars d u r in g th e la st e ig h t y e a r s . T h o fu r th e r a d v a n c e
T h o fa c t th a t n ea rly o n o -lia lf o f th o civ iliz e d w o rld has le ft th o field o f
n p rice s w h ich b e g a n th ree m o n th s a g o has d e v e lo p e d in t o a w id esp read
p r o d u c tio n an d on tered u p o n th o w o rk o f d e s tr u c tio n has increased tho
an d rath er s p e c u la tiv e m o v e m e n t in c o m m o d itie s an d se cu rities
d em an d fo r all k in ds o f p r o d u c ts an d g o o d s . W o b o lio v o th a t p rices w ill
W h e a t is q u o t e d a t th o h ig h e st p r ice sin c o 1898. C o r n is d e a re r th a n a t
b o higher fo r several years, esp e cia lly fo r m a n u fa ctu re d g o o d s.
a n y tim e s in co th e C iv il W a r . C o t t o n so ld a t 2 0 .0 4 c . o n O c t . 25
V a riou s
A s to th o p ro d u cts o f tho fa rm , th o fix in g o f prices Is m a in ly b y th o law o f
k in d s o f steel an d leath er h a v o risen r a p id ly o f la te , s o m e gra d e s o f each
s u p p ly an d d em a n d in th o m ark ets o f tho w o rld . T h e fa rm e r c o m p o te s
co s tin g 1 0 0 % m o r e th a n a y e a r a g o .
w ith th o ch ea p est p a id la b o r o n earth . W h e n h o sell's s o m o o f his p ro d u cts
T h o a v e ra g e salaried m a n fin d s it b u r d e n so m e t o m e e t th e a d d ition a l
as h o d id o n ly a few years a g o , a t less th a n c o s t , h e ge ts n o redress n o
c o s t o f su ch necessaries as f o o d , c lo th in g , fo o tw e a r an d c o a l. M e r ch a n ts
red u ction in taxes, n o r in a n y th in g h o b u y s , a n d it w o u ld b o v e r y u n fair
and large b u y e rs o f raw m aterials aro u n ce rta in a n d an xio u s a b o u t m a k in g
w hen ho is g e ttin g a fa ir p rice fo r so m o o f his p r o d u c ts t o p la co an em b a rgo
im p o rta n t c o m m itm e n ts . M a n u fa c tu r e r s o f s ta n d a rd g o o d s w h ich sell
on w h a t h o p ro d u ce s t o low er th o p rice an d u ltim a te ly red u ce th o su p p ly .
a t sta n d a rd rates m a y b o o b lig e d to re v ise lo n g establish ed term s
S o th a t an e m b a rg o o n w h e a t an d o th e r cereals w o u ld in th o lo n g run
L a b o r is f u lly e m p lo y e d a t h igh w ages. I t is n o te d th a t s a v in g is c o m m o n
m oan decreased a crea g e . B u t i f e m bargoes are t o b e p la ce d t o h e lp tho
e n o u g h a m o n g th e fo re ig n e le m e n t b u t o fte n re m a rk e d th a t o th e r w ork m en
situ ation th e y sh ou ld b o o n m a n u fa ctu re d g o o d s , p a rticu la rly m u n itio n s
ge n e ra lly aro s p e n d in g t o o fre e ly fo r lu xu ries a n d n o t ta k in g a d v a n ta g e o f
o f w ar. T h is w o u ld g iv e tho fa rm er m o ro la borers an d red u ce th o p rices
an unusual o p p o r t u n it y t o la y b y s o m e th in g fo r a r a in y d a y . T h e re seem s
o f w h a t h o b u ys.
t o b o less d is p o s itio n t o s trik e th a n in r e c e n t m o n th s . W ith th e a p p ro a ch
W o b oliov o th a t In so m o in stances p r o d u c tio n lias been restricted b y
o f w in te r th e la b o r s itu a tio n is e x p e cte d t o b o so m e w h a t easier as certa in
trusts and m o n op olies . T h is is p a rticu la rly tru o o f th e m ea t s itu a tio n ,
o
u ts id e a c tiv itie s w ill ce a se d u rin g tho c o ld w eath er.
as m a n y o f th o v illa g es, to w n s an d cities in m a n y s ection s aro n o t p e rm itte d
to k ill their ow n m eats becau se o f th o u n fa ir co m p e titio n fro m th e p a ck in g
interests. W o fu rth er b e lie v e th a t, w liilo th o c ro p s h a v e beon sh o rt v e t
ADVANTAGES SEEN BY J. G. LONSDALE I N TRADE
there Is p le n ty fo r all in this c o u n tr y , an d som o t o sell. B u t a t th o sam e
ACCEPTANCES.
tim e e c o n o m y sh ou ld b o p ra ctice d alo n g all lines.
T h o high p r ice o f p o ta to e s an d ve ge ta b le s this y e a r d oes n o t m ean that
In dwelling upon the advantage of the trade acceptance,
the sam e p rice w ill p revail n ext y e a r. B y ta k in g a ten -yea r average the
John G . Lonsdale, President of tho National Bank of Com­
p rod u cer is n ot g ettin g a liv in g p r ice , a n d u nd er presen t co n d itio n s w o aro
merce in St. Louis, is quoted as stating that “ it will eliminate
gofcting o n ly a fa ir p rice . A t presen t p rices so m o articles, su ch as m ilk
tak in g in to a c c o u n t their fo o d v a lu o , aro still ch e a p .
’
certain serious evils which have developed with the increase
O th er causes m ig h t b o en um erated thus:
of credits under the open account system .” The following
T h e alarm ing increase o f in sect an d fungus pests.
G a m b lin g in fo o d p ro d u c ts , w h ich sh o u ld b o p r o h ib ite d .
aro his observations in the matter :
T h ero sh ou ld b o m oro s torage h ouses in th o c o u n tr y , an d u n d er tho
W h ile I a m o p tim is tic a b o u t gonoral c o n d it io n s , an d fin d th o o u t lo o k
co n tr o l o f th o farm ors them selves.
m o r o th a n p r o m is in g , 1 w a n t t o p a rticu la rly la y stress o n th o b ig a d v a n ­
T h o d u p lica tion in de liv e ry s ervice in th o v illa g o , t o w n , and c it v also th o
tages w h ich w ill b e g ain ed b y S t. L o u is an d h er tr ib u ta ry te r rito r y in
lack o f m arketin g facilities in so m e to w n s an d cities.
y’ ‘
u tilizin g th e tra d e a cce p ta n ce s o f in d iv id u a ls a n d business o rg a n iz a tion s
T h o A m erican farm er is farm in g as w ell as h o ca n a ffo r d .
H o w ill increaso
th r o u g h o u t th e S ou th w est.
tho yield s as ho g ets p a y fo r increased p r o d u c tio n .
In creased p r o d u c tio n
F o r s o m o tim e w o h a v e been c o n d u c tin g a c a m p a ig n u n d e r th o h ead
m ean s increased c o s t , an d unless p ricos w arra n t th is increaso th o farm ers
o f a c c e p ta n c e s , an d w e realize, u n d er th e F ed era l R e s e rv e A c t . d o m e s tic
c a n n o t g o ah ea d. W ith th e h igh p rices n o w pre v a ilin g m a n y farm ers
and fo re ign a cce p ta n ce s h a v o p r o v e n a v a lu a b le m o d e rn m e th o d o f trans­
aro g ettin g n o returns fo r their la b o r. W ith th o in crea sed d e v e lo p m e n t o f a c tin g business. In S e p te m b e r 1915 th e o ffic e r s an d d ir e cto r s o f th o N a ­
scien tific k n ow led ge turned o v e r t o th e farm er th ro u gh a g r ic u ltu r a l co lle g e s
tion a l A s s o c ia tio n o f C r e d it M e n , in ann ual m e e tin g in K an sas C it y ,
experim ent station s an d pa rticu la rly th o w o rk d o n e b y th o n a tio n a l D e n a r t ’ passed a re so lu tio n s ta tin g it w as w ith d e e p in terest th e y v ie w e d th e
m on t o f A g ricu ltu re, w ith o th e r a gen cies, w e ca n assure th o A m o rlca n Con
g r o w in g te n d e n cy to w a rd s th e s u b s titu tio n o f tra d e a c c e p ta n c e s fo r op e n
sum er th a t th o farm er o f A m e r ic a , i f g iv e n a fa ir ch a n ce and a sq u a re deal
a c c o u n ts , as a fo rm o f co m m e r c ia l c r e d it, an d r e co rd e d th eir b e lie f th a t
w ill n o t o n ly con tin u o t o feed A m e rica , b u t w ill h a v o so m e to spare
’
tra d o a cce p ta n ce s p resen t co n v e n ie n c e s an d e co n o m ie s w h ich s h o u ld
A resolution condemning the movement for tho enactment ap p e a l t o th o e n co u ra g e m e n t an d s u p p o r t o f co m m e r c ia l c r e d it g ra n tors .
T r a d o a cce p ta n ce s as a fo rm o f liq u id c r e d it, aro fa v o r e d b y th e F ed era l
of legislation placing an embargo on exports of foodstuffs R e s e rv e B o a rd as a class o f co m m e r c ia l p a p e r a c c e p ta b le fo r r e d is co u n t
was adopted by the Grange during its session on tho 24th a t F od era l R e s e rv e b a n k s , an d th e tra d e a c c e p ta n c e sy s te m w ill elim in a te
ult. Discussion of a divided committee report on the ce rta in seriou s e v ils w h ich h a v o d e v e lo p e d w ith t h e in crea se o f cred its
u n d e r th e o p e n a c c o u n t s y s te m .
.
Adamson Act ended by tho Grange tabling a resolution
T h is is all a q u e stio n o f o v o lu tio n an d e d u c a tio n , b e ca u s e w o k n o w th a t
th
e
tra
d
o
a
c
c
e
p
ta
n
c
e
,
b
a
n
k
a
c
c
e
p
ta
n c e , and o p e n d is c o u n t m ark ets h a v e
denouncing tho law. Tho Grange approved legislation to
license all commission merchants, asked for legislation to do been e m p lo y o d fo r m a n y years in G e rm a n y , F ra n co an d E n g la n d a n d
w ith th e a ggressiven ess, an d e ffic ie n cy o f th e A m e rica n p e o p le , w o h a v e




2042

THE CHRONICLE

w ith in o u r k c o p in g , m e th o d s t o elim in a te lo s t m o t io n , w h ic h w o u ld also
h a v e a te n d e n c y t o c u r b th o p r a c t ic e o f o v e r -se llin g a n d o v e r -b u y in g , as
b u y e r s , rea lizin g th eir ob lig a tio n s w o u ld b o d is c o u n te d , an d th eir cre d it
p u t to a te s t, w o u ld b o m o r e k e e n ly a liv e t o th o n e ce ssity o f m e e tin g their
o b lig a t io n s . S uch a s itu a tio n w o u ld h elp sm all m e rch a n ts t o b u y an d
sell ch ea p er an d th u s, in a m easu re, s o lv o th o h igh c o s t o f liv in g , w h ich is
n o w an issu o. L a rg o con c e r n s , o w in g t o th o fa c t th a t th e y o b ta in d is ­
c o u n ts u n d er th o o ld m e t h o d , h a v e a larger m a rgin o f p r o fit , a n d th o
sm a ll m e r ch a n ts , b e in g und er this d is a d v a n ta g e , o r ta x , m u st p ia c o th o
c o s t o n th e u ltim a te co n s u m e r.
U n der th o tra d e a c c o p ta n c o s y s te m , h o w ill b o p la c e d o n a m o r o equa l
basis, a n d th o d is c o u n t w ill n o t fig u re so largely in th o tr a n s a c tio n .
T h e ro aro s o m a n y c o m m o d it ie s , like c o t to n an d g r a in , tr ib u ta ry t o
S t. L o u is , th a t w ith th ese bein g fin a n c e d , in a sim ila r m a n n e r b y a c c e p t ­
a n ce s , d r a w n a g ain st s a m o, a n d secu red b y th o c o m m o d itie s m e n tio n e d ,
w ith th e c u s to m a r y m a rgin an d in su ran ce, it w o u ld a ffo r d g o o d p r o te c tio n ,
a n d b rin g a b o u t a s ta b iliz a tio n o f ra tes, besides k e e p in g w h a t is k n o w n
as cr e d its in a liq u id c o n d it io n , w h ere sam e c o u ld b e m o b iliz e d m o r o t o an
a d v a n ta g e .
. ,
,
A ll sign s p o in t to t h o d a w n o f a new era in business a n d fin a n c o , b o th
g o in g h a n d in h a n d , an d w o m u st a t all tim o s roalizo th a t th ero is n o th in g
s o s en s itiv e as a m illio n d olla rs, unless it b o t w o m illio n d o lla rs, b eca u se
w ith a n y a d v erse a g ita tio n , m o n e y tak es w in g s a n d flie s , a n d o n th e o th e r
h a n d , th ero is n o th in g s o restless as th e restlessness o f m o n e y w h e n it is
n o t b e in g p r o p e r ly e m p lo y e d .

McLANE TILTON’S CONTINUED EFFORTS ON
BEHALF OF COUNTRY BANKERS.
The efforts of McLano Tilton, President of tho First
National Bank of Pell City, A la., to bring about a change in
the Federal Reserve Act so as to effect an adjustment, in
tho interest of the country banks, of tho exchange problem,
aro onco moro brought to tho foreground in anticipation of
the opening of Congress next week. In a circular addressed
to tho country banks M r. Tilton urges that thoy communi­
cate with their representatives in Congress in an appeal
to secure the enactment of a pending amendment which
which would tend to tho restoration of conditions, so far as
exchange and interest rates are concerned, existing before
the Reserve A ct became operative. M r. M cLane’s letter
says:
A b o u t tw o -th ird s o f th o p c o p lo o f th o U n ite d S tates liv e in sm all tow n s
o r in rural d is tric ts . T h o ban k s s u p p ly in g c r e d it t o th e se p e o p io h a v e
a v era g e ca p ita l o f m o d e s t d im e n sio n s. I t is th o un ion o f c r e d it fa cilitie s
o f theso b a n k s w ith th o la b or o f these p e o p io t h a t p ro d u ce s th o agricu ltu ra l
w ea lth o f th e n a tio n u p on w h ic h its p ro s p e r ity tu rn s. N o o th e r a g o n cy
c a n s u p p ly this c r e d it. T h o u g h those fa c ts aro tru e , fe w m e n , h ig h in
g o v e r n m e n t o n b a n k in g a u th o r ity a p p re cia te th e m . T h o b a re s te m e n t
o f th o fa c ts sh ou ld c a rry th e d e d u ctio n th a t th o ca u se o f theso sm all ban ks,
t w o -th ir d s in n u m b er o f all b a n k in g co n ce rn s, is th o cau se o f tw o -th ird s o f
th o p e o p io o f th e U n ited S ta tes, th e v e r y p e o p io w h o so b a n k in g a n d cr e d it
req u irem en ts th o law an d e x e c u tiv e ord ers c a n least a ffo r d t o d isregard .
B u t th eso req u irem en ts h a v e be e n d isre g a rd e d , w h e th e r b y design o r w ith ­
o u t in ton tion m atters n o t. T h is s itu a tio n has c o m e a b o u t b e ca u se co u n tr y
ba n k ers h a v e been u n w illin g o r u n a b le t o d o w h a t s h o u ld h a v e been d o n o
t o p r o t e c t th em selves an d th eir c u sto m e rs.
M o n t h s a g o I v e n tu re d t o s o u n d a n o te o f w a rn in g. M a in ly it fell
u p on d e a f ears. T h o respon ses w ere in s u fficie n t t o p r e v e n t th e tro u b le s
th en th rea ten in g an d n ow h ere. V ig o ro u s an d p ersisten t e ffo r ts fr o m th o u s­
an d s o f in d iv id u a l b a n k s is n ecossary t o c o n v in c e C on gress th a t th o ne­
cessities o f theso ban ks an d thoir c u sto m e rs is th o d u t y o f th o n a tio n . S tate
b a n k s are n o less co n ce rn e d th a n n a tio n a l b a n k s , an d s h o u ld n o t d e c e iv e
th em selv es w ith th o delu sion th a t th o y aro n o t a ffe c te d b y th e c o n d itio n s
c o m p la in e d o f .
. . . . .
B o th th o n ation a l b a n k an d th o F ed eral roservo a c t r e co g n ize d ossential
d iffe re n ce s botw een c ity an d c o u n tr y b a n k in g . T h o y w oro p a r tly m o t b y
d ifforon ca s in th o fu n d a m en ta ls o f c a p ita l an d reservo re q u ire m e n ts. T h o y
w ere n o t m e t in a m o r o im p o rta n t p a rticu la r, a d is tin c tio n in su p e rvisio n
as a p p lie d t o ro u tin o m a n a g em e n t. It is u n w iso an d u n n ecessary t o force
c o u n t r y ban k s to to o th o sa m o lino b o th w iso an d n ocessary fo r c it y in sti­
tu tio n s . T h o e ffo r t to d o s o h as b o c o m o a h e a v y , an a lm o s t im p o ssib le
bUA g a in n o d is tin c tio n lias been m a d e b o tw e o n th o risk an d c o s t o f c r e d it
In c it y an d c o u n t r y . A s ta tu to . lo n g a d e a d le tte r, e c o n o m ic a lly d e a d
c o u tu rics b e fo r o its p assago. has been r o v iv e d t o h o ld in terest rates t o a
p o in t th a t p erm its o f n o p r o fit to th ou san d s o f c o u n t r y b a n k s, a p o in t th a t
th o ch a ra cte r o f th o risk , its s e cu rity an d te r m , d o n o t Ju stify. In his
K a n s a s C it y add ress M r . W a r b u r g a d v o c a te d a llo w in g largo co r p o r a tio n s
t o p a y a h igh er th a n legal ra te u p o n o c c a s io n . H o w m u c h m o r o urgen t
th a t th o m an o f sm all o r n o m ean s sh o u ld e n jo y th is p riv ile g e w h en its
d en ia l m a y d r iv e h im t o b u y in g g o o d s o n cr e d it a t a fa r greater p r o fit t o
th e seller a n d m a y m ea n h is g o in g w ith o u t b o th m o n o y an d g o o d s ?
A n d fin a lly thero is th o ex ch a n g e p r o b le m . T o o m u c h has been said
a n d w ritten a b o u t it t o b o resta te d hero. T h e su m an d s u b s ta n ce o f tills
business is th a t c o u n tr y ba n k s are be in g fo rc e d t o p e r fo rm a s e r v ic e w ith ­
o u t co m p e n s a tio n , c o n tr a r y t o th o iotter a n d sp irit o f o u r in s titu tio n s ,
p u ttin g p r o fits in th o p o c k e ts o f c it y ban ks an d businoss h ouses th a t th o y
d o n o t d e s e rv e a n d d e n y in g a so u rce o f le g itim a te re ve n u e th a t m a n y
th ou sa n d s o f us c a n n o t a ffo r d t o d o w ith o u t.
T h eso aro o n ly three o f th o p ro b le m s fa cin g u s. O thers w ill d em an d
a tte n tio n w hen these are d isp o se d o f . T h o qu estion is h o w ca n w o dispose
o f t h e m ? T h ero h a v o b een p ro te sts and resolu tion s w ith o u t end and c o m ­
m ittees w h oso nam e Is le g ion . T h e y h a v o thus fa r been u n a vailin g because
th e co m m itte e s d id little o r n oth in g and th e re solu tion s w ere b a re ly w orth
th e p a p er o n w h ich th e y w ere w ritte n . T h e o n e thing lack in g is th e essen­
tia l a n d th a t is w o rk , in tellig e n t, v ig o ro u s w o rk , in th o rig h t d ire ctio n .
W id e ly s ca ttered u n its, u n org a n iz e d , w ith o u t leadersh ip, little o r n o v o ic e
In the A m erica n o r S ta te b a n k associa tion s, co u n tr y ban kers h a v o been
helpless an d w e h a vo su ffered th o fa te o f th e helpless.
C la u d e K itc h in . H ou se m a jo r it y leader, has in tro d u ce d a b ill in C on gress
In ten d ed to restore oxchango co n d itio n s as th o y w ere p rio r t o tho passage
o f th o Federal R eserv e A c t . T h is bill I I . R . 17606 will c o m o u p fo r con sider­
a tio n in D e ce m b e r . M r . K itc h in tells m e ho w ill press it fo r passago and
w ith prop er e ffo r t o n ou r p a rt it ca n b e p assed. T o b a c k u p M r . K ltc h ln ’s
effo r ts in ou r b e h a lf w o m u st co m m u n ic a te in person o r b y letter w ith ou r
C on gressm an an d Senators h a vin g our sto ck h o ld e rs an d cu stom ers t o d o
th e sam e th in g. In fo rm th em o f the fa c ts in th e ca so , an d their bearing
u p o n y o u r in com e s o th oy w ill u n d erstan d . T h a t th o y d o n o t und erstand
n o w is th o reason w h y section 16 o f tho F ederal R e se rv e A c t w as e ver passed




(Vol 103.

I h a v o c o m e t o W a s h in g to n t o d o m y feeb le p a rt in this m a tte r, a n d thanks
t o sm a ll v o lu n t a r y c o n tr ib u tio n s o n th o p a r t o f so m e ban ks in A la b a m a ,
I a m a b le t o sen d o u t this letter a n d oth ers th a t w ill fo llo w it t o m o ro than
2 0 ,0 0 0 c o u n tr y b an k ers in th o U n ite d S tates.
T h o im p ression p re v a ils th a t c o u n tr y ban ks m ak e u n d u ly large p ro fits .
T ills is u n tru o becau se in a t least o n e reserve d is tric t, w hero high interest
a n d e x ch an g e rates ru lo, n e t earnings are less than 7 % . I also hear it said
th a t a m a jo r it y o f c o u n t r y ba n k s fa v o r p ar clea rin gs. W o all k n o w th at
this is u n tru o, an d its u n tru th m u st b o c o n c lu s iv e ly establish ed b y y o u r
letters t o Senators an d C on gressm en .

PROPOSAL FOR SETTLING BALANCES A T N EW YORK
CLEARING HOUSE BY DRAFTS ON RESERVE BANKS.
Concerning the proposition now being agitated for a
change in the regulation governing the settlement of balances
at tho New York Clearing House so as to enable the adjustment
of credits and debits by drafts on the Federal Reserve bank,
tho Boston Clearing House in the following points out that
this practice has been in operation by it for the past two
years:

,

,

T h o b an k ers o f N e w Y o r k aro a g ita tin g a ch an ge in th o rulo gov e rn in g
s e ttle m e n t o f ba la n ce s a t C learin g IIo u so w h ic h w ill p erm it a d ju s tm e n t
o f cre d its an d d e b its b y d ra fts o n th o F ed era l R eserve ban ks.
It is interesting t o n o te th a t this sy ste m has been in v o g u o in B o s to n fo r
tho last tw o years. T h is sy ste m w as in tro d u ce d t o B o s to n th rou gh th e
e ffo r ts o f M r . R u g g lc s , th o m an agor o f th o B o s to n C learing IIo u so .
T h e F ed eral R e se rv e B a n k w as ele cte d t o m em bersh ip here o n N o v .
13 1914 a n d o n th e 16th o f the sam o m o n th o p e n e d te m p o ra ry h ead quarters
o n M ilk S treet. T h o s e ttle m e n t o f ba la n ce s a t th o C learing H o u se b y
c h e c k w e n t in to e ffe c t o n th e 18th o f tho sam o m o n th and sin co th a t tim o
all b a la n ce s h a v e be e n se ttle d b y ch e ck s o n th o Federal R eserve B a n k .

Regarding the movement in New York the Now York
“ Tim es” of Novemebr 24 had tho following to say:
A ch a n g e in th o rules g o v e rn in g tho settle m e n t o f balances a t th o C lea r­
ing IIo u so w h ich w o u ld p e rm it o f th o a d ju s tm e n t o f cred its an d d e b its
b y d ra fts draw n o n tho F ed era l R e s e rv e B a n k is be in g agitated b y ban kers
w h o aro d esirou s o f m ak in g tho m o s t o f th o facilities offered b y the R oservo
B a n k . T h u s fa r th e su ggestion has n o t be e n fo rm a lly taken u p b y tho
C le a rin g H ou se C o m m itte e , w h ich w o u ld h a v e to pass u p o n th o m a tte r,
b u t it is u n d e rs to o d th a t th o p ro p o s a l w ill s o o n re ce ive serious co n sid e ra tio n .
O ne o f th e o b s ta cle s in th o w a y o f tho p la n is th o fa c t th a t tw e n ty -n in e
o f th e s ix ty m e m b e rs o f th o C learin g H ou se are S tate ban ks a n d trust
co m p a n ie s w h ich aro n o t m em bers o f tho F ed eral R e s crv o R a n k . T h o
fa c t th a t th e S tate ba n k s c o u ld n o t u tilize th o R e s e rv e B a n k fo r th o s e t­
tle m e n t o f ba la n ce s is n o reason , it is s a id , w h y the N a tio n a l ban ks should
n o t b o p e rm itte d t o a v a il th em selves o f tho co n v e n ie n t m o th o d o ffe r e d
b y th o R e s e rv o B a n k .
In B o s t o n , w hero th ere are n o S tate b a n k s an d
w here th o C le a rin g H o u s e m em bersh ip co n sists e x clu s iv e ly o f N a tio n a l
in stitu tio n s, d a ily C learin g H o u se ba la n ce s aro se ttle d b y d ra fts o n tho
R e se rv e B a n k .
.
T h o use o f th o R e s e r v o B a n k fo r clea ring p u rposes is a d v o c a te d o n tho
g ro u n d th a t u n d er su ch a p la n b a n k s w o u ld be ab lo t o disponso w ith the
e xp en se, in co n v e n ie n ce , an d risk o f sen din g m essengers t o the d e a l i n g
H ou se w ith large q u a n titie s o f g o ld an d c u r r e n c y . M o r e o v e r , it is argued
th a t i f N a tio n a l ban k s c o u ld s e ttlo their ba la n ce s throu gh th e F ed eral
R o s e rv o B a n k th e y w o u ld bo m o re in clin ed t o exerciso th o o p tio n given them
t o c a rry a ll, o r a n y p o r tio n , o f th e ir legal reserves w ith tho rescrvo b a n k
nstead o f th eir o w n va u lts.
,
U n d e r tho p resen t s y s te m , ba la n ce s resu ltin g fro m tlio m o r n in g s clea r­
ings m u st b e p a id in cash o r in C learin g IIou so d e p o s it c e rtifica te s before
1 o ’c lo c k P . M . B a n k s w h ich aro d e b to r s m u st send o v e r their m o n o y
b e fo r o th a t h o u r; an d b a n k s w h ich aro c re d ito rs are required t o sen d their
re p resen tatives t o th o C learin g H ou se a fte r 1 o ’ c lo c k fo r th o p u rp o s e o f
b rin gin g b a c k th o m o n e y d u o th e m . T h o C learin g IIou so d oes n o t p a y o u t
a n y m o n e y u n til e v e ry d o lla r m ak in g u p th e d a y ’s b a lan co is p aid hi.
D a ily b alan ces a t th o C learin g H o u se h a v e run as h igh as $ 6 0 ,0 0 0 ,0 0 0 ,
an d th o p resen t sy ste m has n ecessitated th e ca rtin g o f tills largo a m o u n t o f
m o n o y t o th o C le a rin g IIo u so b y re p resen ta tives o f d o b to r b a n k s, a n d the
c a rtin g b a c k o f th e sam o a m o u n t b y re p resen tatives o f the c r e d ito r ban k s.
T ills transfer o f m o n e y is n o t o n ly h a z a rd o u s, b u t is c o s tly t o th o b a n k s,
w h ich fre q u e n tly hire ta x ica b s fo r th eir m essengers, h a v o th em a c co m p a n ie d
b y special o ffic e r s , a n d a t th o sa m o tim o p a y p rem iu m s fo r h o ld -u p insur­
a n ce . I f th o b alan ces w ero p a id t h r o u g h th e F cd ora l R e se rv o B a n k all
this w o u ld b o a v o id e d .
.
I t w as p o in te d o u t y e s te rd a y th a t an arran gem en t c o u ld b o p e rfe cte d b y
w h ich th o C learin g H ou se ba la n ce s o f the N a tio n a l ban ks c o u ld b o a d ju ste d
b y sim p le b o o k entries o n th o ledgers o f th e R e s e r v e B a n k , w hero all the
N a tio n a l ban ks h a v o d e p o s its . A t th o presen t tim o o n ly o n o S tato b a n k ,
th o C o rn E x ch a n g e , an d o n o trust c o m p a n y , th e B ro a d w a y , aro m e m bers o f
th o F ed era l R eservo B a n k o f N o w Y o r k .
I t Is b e llo v cd th at th o fa cilitie s
fo r a d ju s tin g C learin g IIo u s o ba la n ce s th rou gh tho R eserve B a n k w o u ld
in d u co m ore o f th o S ta te in stitu tio n s t o Join th o R oservo system .

N E W YORK RESERVE B AN K WARNING AGAINST
CHECKS STAMPED “ PAYABLE IN EXCHANGE.”
Following the promulgation by the Fodoral Reserve Board
of a ruling that checks stamped “ payable in oxchango at
current rates” aro not valid negotiable instruments and hence
may not be received for collection or credit, tho Federal
Reserve Bank of New York has issued a circular notifying
members that such instruments cannot be received by it.
Tho Board’s ruling was published in those columns Oct. 7.
Below is the circular of the Now York Roservo Bank:
F E D E R A L R E SE R V E B A N K OF N E W Y O R K .
*
N ew York, N ov. 18 1916.
To the Cashier:

Checks Restricted as to Payment.
SIr%— s in c o th o in a u g u ra tio n o f th o in tra -d is tr ic t c o lle c tio n sy s te m this
b a n k h a s re c e iv e d fr o m its d e p o s ito r s a n u m b e r o f ite m s w h ic h c a r r y re­
s t r ic t iv e cla uses su ch as: “ P a y a b le In N o w Y o r k o x ch a n g o , ’ o r P a y a b le
In o x ch a n g o a t cu rre n t r a te s .” o r sim ila r ph ra se s. W h ile v e r y fe w item s
b e a rin g s u ch re strictio n s o r ig in a te in tills d is t r ic t , e n o u g h aro re c e iv e d b y
o u r m e m b e r b a n k s fro m o u ts id e d is tric ts t o nxako it a d v is a b le fo r us t o call
th o m a tte r t o th eir a tte n tio n . W o , th o re fo ro , g iv o b e lo w th o t e x t o f a
c o m m u n ic a tio n r e c e iv e d b y us f ro m th o F ed era l R e s e rv e B o a r d , as fo llo w s :

Dec. 2 1916.]

THE CHRONICLE

“ T he B oard has been Informed that In som e o f tho districts a number o f
member banks have Induced depositors to draw checks upon them with tho
clause ‘Payable In exchange at current rates' printed or stam ped upon tho
face o f tho checks.
“ Our counsel holds that checks so payablo aro not valid negotiable
Instruments, Inasmuch as they aro not made payablo in a sum certain in
m oney, as required by law, but are made payablo in dom estic exchange.
JIo Is, therefore, o f tho opinion that Federal Reserve banks have no au­
thority, under tho law, to charge such quasi-checks to the accounts o f
member banks, but must accept paym ent in exchango according to tile terms
o f the check. The com m on law definition o f a chock is a written order for
m oney drawn on a bank or banker, and o f a draft, a written order drawn
b y one person upon another, directing the paym ent o f m oney on account
o f tho drawer.
“ Section 1C o f tho Federal Reserve A ct provides that ‘ E very Federal
Reserve bank shall receive on deposit at par from m ember banks * * *
checks and drafts * * * ’ but does not authorize Federal Reserve banks
to receive for credit or for collection orders for exchango or other nonnegotiablo instruments.
•
“ T he Hoard therefore advises all Federal Reserve banks to n otify their
m ember banks that such Items cannot bo received for collection or credit,
and that all instruments not payable expressly and unconditionally In
m oney will bo returned at once to the senders."
In accordance with this ruling o f tho Federal Iicservo B oard, wo therefore
n otify you that Instruments o f the character above described or those con­
taining any other qualification or restriction which Impairs or destroys
their negotiability cannot bo received by this bank either for collection
or credit.
In view o f tile danger both to banks and the public caused b y tho circula­
tion o f such instruments, we hope that our member banks will co-operate
witli us by not forwarding sucli items through our collection system .
R espectfully,
R . II. T R E M A N , Deputy Governor.

RICHMOND RESERVE B AN K URGES DEPOSIT OF
MEMBER BANKS' VAULT RESERVE W ITH
RESERVE BANKS.

2043

bo quickened into life and used in tho form o f additional loans to members
or becom o the basis for an issuo o f currency to nearly twice its volum o when
needed for tho paym ent .o f bank deposits. Its power and usefulness in
tho hands o f tho Reserve banks Is m ultiplied.
T ho m atter o f currency supply has been settled b y tho Federal Reserve
System , but is basod upon tho gold supply.
Hon. Paul M . W arburg, in his -masterful address before tho convention
o f tho American Hankers’ Association in Kansas C ity , urged tho concen­
tration o f the gold supply in the Federal Reserve banks. This is for no
other reason than to givo additional strength to your own protective
system .
It is clearly desirable that member banks, in their own interest, should
add to tho credit power o f their own Federal Reservo bank, in whatever
way it m ay be done, whether thero m ay bo present or apparent neod for it
or not. It is sufficient if the credit power bo there, and to this end any
portion o f their vault reserve not needed for operation should be kept
whero it will do them tho m ost good , and Federal Reservo notes used for
counter paym ent to tho fullest extent possible.
It is wasteful to use gold for general circulation. Under tho Federal
Reserve System thero is no possible incontivo to hoard it. G old can
always b.o obtained b y members from Federal Reservo banks when it is
neodod.
.
For the inform ation o f member banks a statement is given below o f the
amount and percentage o f gold reserve o f tho Federal Reserve banks on
N o v . 17:
,
T, .
Amount.
Percentage.
64.3
....................................................... - .......... $25,684,000
86.5
i‘
m ................ ................................................. 180,524,000
3- J h ilad elp h ia -.........................................
32,766,000
73.4
4........................... - ..................... ............... 30,832,000
72.8
92.9
9,259,000
2- A tla n ta ----------62.7
7. C h i c a g o ---------------54,145.000
79.9
----------------------13,772,000
8. St Louis
67.4
9. M inneapolis-----------------------------------------15.457,000
73.6
10. Kansas C it y ................................
18,798,000
68.6
DaHas
16,019,000
74.4
12. San hrancisco................
14.758,000
57.5

Tho Federal Reservo Bank of Richmond like the Now
T otal for system ................................
$435,645,000
,77.9
. .*
York Federal Reserve Bank is
also urging member
Inasmuch as tho suggested m ovom ent o f vault reservo is altogether in
banks to avail of tho privilege now accorded member banks tho interest o f m omber banks collectively, should our members desire to
of carrying in tho Federal Reservo banks of their district transfer and maintain with us any portion o f their vault reservo which ex­
any portion of their reserve which thoy had been required perience lias shown to bo in excess o f operating requirements, wo will pay
tho transportation charges on such reservo sent to us consisting o f gold or
to hold in their own vaults. It has issued a circular to its gold certificates.
members to that effect. Authority to concentrate member
G old certificates should bo sent b y rogistorod m all, and will bo insured
bank reserves in tho Federal Reservo banks is conferred in under our own policies when sent according to our previous directions.
W e will refund tho postago and registration feo, and pay for insurance.
the recent amendment ot tho Federal Reservo A ct. In call­
G old coin should bo sent b y express, chargos collect, and will bo received
ing attention to the amendment and its purpose, tho circular at face value when not m utilated.
'Ih o abrasion o f gold coin stored for years, and frequently handled, is
of tho Richmond Federal Reserve Bank argues that “ now any
very considerable, and it is probable that tho gold coin in your vaults is
part of this reserve, when in gold, in tho keeping of Rosorvo worth much less than its faco valuo.
1 ho shortage in weight on $1,600,000 coin sent to us whon roserves were
banks, may bo quickened into life and used in tho form of
transferred amountod to $1,040, equivalent to about sixty-four cents
additional loans to members, or becomo the basis for an issuo fiist
per thousand.
of currency to nearly twice its volumo when needed for tho
This offer will remain good until Jan. 1 1917, and it is, o f course, assumed
payment of bank deposits. Its power and usefulness in the that it will bo the purpose o f members sending us unneeded vault rcservos
t 011r expense to maintain such proportion with us as m ay bo conveniently
hands of tho Rosorvo banks is multiplied.” The Richmond ,->
done.
Iloservo Bank goes still further and announces that should
Hut to sond us gold or gold certificates, and then im m ediately replace
members desiro to transfer and maintain with it any portion tho vault reservo in other form s o f lawful m oney, will not servo tho purpose
of their vault reserve, in oxcess of operating requirements, it in view, sinco the drafts o f members on us aro all ultim ately paid in gold*
It is tlie am ount o f reserve kept with us which counts.
will pay tho transportation charges on such reservo sent to it
If, however, for any reason at any tim e after sending us this reserve,
consisting of gold or gold certificates. These gold certifi­ mombers should desiro to again build up their vault resorvo, tho excess
cates will be insured by tho Bank under its own policies, and above the amount required to be kept with us m ay, o f course, bo withdrawn.
W hile any excess o f reserve in tho Fedoral Reserve Hank m ay be counted
will bo received at face valuo when not mutilated. Tho as tho equivalent o f vault reservo. it should be borne in mind that if the
offer of the Richmond Reserve Bank remains good until amount o f vault reservo specified b y tho A ct is not actually held. It must
bo m ade up b y a corresponding excess in tho Federal Reserve Bank, or tho
Jan. 1 1917. Tho Bank points out that for members to for­ law
will be violated.
ward to it gold, or gold certificates, and then immediately
It will bo o f interost to know that tho total amount o f vault reserve held
roplaco tho vault reservo in other forms of lawful monoy, b y tho banks o f this district, according to the Com ptroller’s statement o f
will not servo tho purpose in view, sinco tho drafts of membors Juno 30, which is the latest statement available, was $23,298,000. This
was $4,030,000 in oxcess o f the amount required to bo kept b y tho A ct.
on tho Bank aro all ultimately paid in gold. W e givo tho
It is doubtless well within tho power o f any bank to determine b y its
experience what proportion o f vault reservo m ay with convenience and to its
circular below in its entirety:
Circular N o. 53.
F E D E R A L R E S E R V E H A N K OF R IC H M O N D
V A U L T R E S E R V E S,
November 23 1916.
To Members of the Federal Reserve Bank of Richmond:
Our circular N o. .18, dated Sept. 18, advised you o f tho amendment to
tho A ct affecting Vault Reserves and o f tho ruling o f tho Federal Reserve
Hoard thereunder, as follows:
Amendment: "U p on tho a ffin nativo vote o f not loss than five o f its
members tho Federal Reserve Hoard shall liavo power from tim e to time
by general ruling covering all districts aliko, to permit member banks to
carry in tho Fedoral Reserve banks o f their respective districts any portion
o f their reserves now required by Section 19 o f this A ct to bo held in their
own va u lts.”
Ruling: “ E ffective Sept. 18 1916, and until further notico, any momber
bank so desiring shall bo permitted to carry in tho Federal Reserve Hank o f
its district any portion o f Its reservo now required b y law to be hold in its
own va u lts.”
Tho ch ief purpose o f tho amendment is to givo vitality to that portion
o f tho cash resorvo o f banks not needed for actual operations and by
concentrating It in Federal Reservo banks to onlargo tho credit power o f
thoso banks, to strengthen their control over tho gold supply and so in­
crease their protectiveness and usefulness to tho banking system and tlieroforo to tho nation.
Ono o f tho effects o f the amendment is to reliovo banks to tho extent
that they m ay bo ablo to tako advantago o f tho law, o f the trouble danger
and oxponso incident to tho custody o f a largo am ount o f m onoy '
Thero aro probably few banks which havo not kept in their vaults for
years, counted over and over by committees and bank examiners an
am ount o f cash, frequently in gold, largely in excess o f tho needs o f opera­
tion , partly bccauso com pelled to d o so by law and partly because o f a
spirit o f com m ingled apprehension and caution which was a natural product
o f tho old banking system.
Legal resorvo so kopt could not bo availod o f, and might well bo said to
bo dead, although hold as a guaranty o f tho paym ent o f deposits and
serving as tho moasuro o f tho credit power o f tho banks. Hut now any
part o f this rosorvo, when in gold, in tho koeplng o f reserve banks, m ay




advantago be transferred to the Reserve Bank.
R espectfully,
G E O . J. S E A Y , Governor.
M em ber banks wiil notico that tho form o f report to tho C om ptroller
now provides that lawful reserve in vault and in Fodcral Reserve banks bo
com bined in ono item in their published reports.

ST. LOUIS FEDERAL RESERVE B A N K ISSUES PER­
M A N E N T CAPITAL STOCK CERTIFICATES.
Tho member banks in tho Federal Reserve District of '
St. Louis were notified by Governor Rolla Wells on N o v . 15
that tho St. Louis Federal Reserve Bank would be prepared
on Dec. 1 to issue permanent capital stock certificates in
oxchango for the temporary receipts issued to them, covering
payments of first, second and third installments of their
subscription to tho capital in the bank.

AUSTRIA N AMBASSADOR REFUSED SAFE CONDUCT
BY GREAT BRITAIN.
Count Adam Tarnowski von Tarnow, who was recently ap­
pointed Austrian Minister to this country, has been refused a
safe conduct by Great Britain. He is now in Holland and was
expected to sail for this country Dec. 10. The Foreign Office
at London sent Ambassador Page a note on N o v . 27, in which
it is said to have definitely declined to grant a safe conduct
to the new minister. The events leading up to the Count’s
appointment are reviewed in the “ Chronicle” of N ov . 25.
According to tho London dispatches the reason for the re­
fusal may bo paraphrased as follows— Even if international

2044

THE CHRONICLE

law forbade the refusal of such a safe conduct the actions
of Austrian and German Embassies and consulates abroad
have been so much in excess of regular diplomatic functions
that the British Government feels justified in withholding
its consent for such diplomats to travel to their posts. It is
stated that should Great Britain’s action be adhered to, it
would prevent a new Turkish Ambassador and successors to
Captains B oy-E d and Von Papen, former Naval and M ili­
tary Attaches of the German Embassy, from reaching the
United States. Reports from Washington, N o v . 28,
announce that the formal rejection of Austria’s request for
a safe conduct for its diplomatic envoy, sent to Ambassador
Page has been received at the State Department. Though
the matter was discussed by President Wilson and Secretary
Lansing, the Secretary was quoted as having said that the
course of this country had not yet been determined. The
text of the British note has not been made public. Officials
of the British Embassy at Washington, are reported as haying
said the action of their government was in all probability
not final. It was pointed out by them that the United
States had not asked for Count Tarnowski’s safe conduct and
therefore England’s action is not a direct refusal to heed the
wishes of this Government. Aside from the belief that
England would not desire to arouse adverse feelings in the
United States by interference with the ancient and generally
unquestioned right of a neutral government to receive an
ambassador or minister, officials had counted upon Great
Britain’s record in the M ason and Slidell case to prevent
such an action as reported in the cable dispatches of the 27 th.
Basing precedence on the protest made by Great Britain in
the above explained case, it is said that were Count Tarnowski to make for this country in a neutral vessel he would
not be disturbed by Great Britain. Action similar to that
taken by England, concerning a safe conduct for the Austrian
Minister has been taken by the French Government, accord­
ing to cable advices received from London, N o v . 28.
According to advices received from Washington N o v . 29,
notes have been sent to Great Britain and France by the
United States making a definite request for reconsideration
by those Governments of their rofusal to issue a safe conduct
through their blockade lines for Count Tarnowski. The
notes are said to refer to the unfavorable impression that a
continued refusal would have on public opinion in the United
States. It is said that the notes point out that it is a sov­
ereign nation’s inalienable right to exchange Ambassadors
and insist that a third nation, even in time of war, is not
justified in denying that right. Great care is taken to base
the representations solely on the grounds of international
right as distinguished from mere international courtesy,
making it clear that the United States is not asking a favor
or assuming the attitude of a pleader.

[Vol. 103

criticized. . A case cited is that of a Brazilian vessel, sailing
from the United States to Brazil which is alleged to have
been seized, taken into Martinique and forced to surrender
some of its merchandise which was bound for Brazil.
British trade restrictions have caused South American
nations to be hard hit. An official announcement was made
some time ago in Chile that the Chilian Ambassadors to
Argentine, Brazil and the United States had been requested
to seek joint action on the British blacklist. Neither the
Chilian or Brazilian proposal had been definitely sub­
mitted was the statement made by the State Department
at Washington on November 12.

THE CHANGE I N THE RUSSIAN PORTFOLIO AN D
ITS SIGNIFICANCE.
M.
Neratoff, Assistant Russian Minister for Foreign
Affairs was appointed to the position of Foreign Minister,
according to Reuter’s Petrograd correspondent. The
reports were received at London N o v . 25. M . Neratoff
succeeds the former Premier who held the foreign portfolio
as well. The change made in the Russian Premiership was
received at London with the keenest interest as marking
the culmination of a series of events in Russia which were
almost entirely obscured by the rigid censorship. Com­
menting editorially on the significance of the changes, “ The
London Daily N ew s” said:
Tho m ost Important fa ct In the whole m atter is that the p ro -G e rm a n
agitation which has lately been going on in Russia has now been finally
crushed.
_

A somewhat similar position
Chronicle” which said:

is taken by the “ Daily

The fall o f Premier Sturmer was due to criticism on tw o grounds. First
the disorganization o f the Russian food supply; second, tho alleged attem pt
to prom ote a patched-up peace. Regarding tho latter criticism wo can
only say that whatever the facts m ay have been tho history o f tho last ton
days has shown that tho D um a and tbo arm y aro entirely against such a
peace and have tho same con viction regarding the need o f a decisive victory
as England and France.
.
It was m anifest that the debates o f tho last ton days wero o f a most
critical nature. “ Tho C hronicle” continues, “ but only tho m ost incom plete
impressions o f the crisis could be gained hero, as tho speeches o f tho m ost
prom inent members o f the Progressive b loc were suppressed and foroign
correspondents were com pelled to restrict their cables to oblique hints
regarding the nature o f the discussions.”
T he main facts revealed wero that the members o f the Governm ent, with
the significant exception o f W ar M inister C houvaieff, refused to meet the
Duma; that legal prosecution was proposed against Professor Paul M ilukoff,
the form ost member o f tho Progressive b loc, for a speech which no news­
paper was permitted to report; that unprecedented enthusiasm greeted
tho speeches in tho D um a, at a later date, o f the W ar and M arine M in ­
isters, who pledged themselves to fight the war to a finish, and that tho
Russian Governm ent itself later issued a com m unication denouncing In
strongest terms “ assured rumors regarding alleged negotiations for a sep­
arate p ea ce.”
^
__

AM ERIC AN STEAMER CHEMUNG SUNK.

While flying the American colors, the American steamship
Chemung, bearing a cargo of cotton and steel, which are
contraband, was sunk off Cape Gata, Spain, by an Austrian
submarine. Advices to this effect were received by the
BRAZILIAN PROPOSAL FOR RESISTING TRADE
State Department at Washington from the American ConsulRESTRICTIONS.
General at Valencia, John R . Putnam, on N o v . 28. It was
The formation of a league of neutrals to resist trade re­
reported from Paris on the same date that the commander
strictions and other encroachments by belligerents was the
recent proposal by the Brazilian Societyjof International of the submarine gave the crew little time to leavo the
boat, insisting at the same time that tho American flag be
Law to the Brazilian Parliament. Details of the same were
lowered. This was resisted by Captain Duffy and his crow
made public at Washington on November 12 through the
of 35, made up of 10 Americans, including the captain, the
official gazette of the Brazilian Parliament. It is proposed
others being of different nationalities. The flag was not
that all the present neutral nations make up this league.
lowered. The ship was shelled and then torpedoed, aftor
Should another war break out the league would automatically
the crew had been removed. The crew, after taking to the
go into effect according to the plans of those identified with
the movement. Because of the constant encroachments life-boats, was then towed by the submarine to within five
miles of the Spanish coast and abandoned. Tho Spanish
by warring nations on neutral trade, the Society urges the
steamer Ginor picked up the crow and landed them at Valencia.
Brazilian government to move quickly in obtaining the
N o loss of life is reported. The case is rogardod as a parallel
cooperation of all neutral nations so as to be able to declare
to those of tho William P . Frye and the Leolanlaw. It is
a uniform series of neutral rights and to see that those rights
expected, as in those cases, that financial reparation will be
are enforced. Rights suggested are the immunity of enemy
made for the ship. The Chemung sailed from Now York on
goods under a neutral flag, complete liberty of tradejbetween
N o v . 8 for Genoa and Naples, and stopped at Fayal, Azores,
neutral nations regardless of ultimate destination, freedom
from any extra-territorial actions, such as blacklisting on N o v . 20. She was owned by tho Ilarby Steamship Co.
of New York; was built in 1888 at Buffalo, and was 327 feet
and the forbidding of any alien to inform a foreign govern­
ment of matters which might lead to belligerent restrictions. long and of 3,062 tons gross.
Violations of these rights would be met under the plan
Ten vessels were reported sunk by mines or torpedoes, in
first by the withdrawal by the neutral league of the privilege
cable advices received N o v . 28. Their aggregate tonnago
of friendly treatment for the offending nation, including
the trade rights. In case a consul or diplomatic official was about 20,000 tons. The following is tho list of the
should be concerned, his credentials would be handed him sinkings:
at once. If this proved unavailing hostilities might follow.
The report though directed at both belligerents, is said to bo
more concerned with British trade violations. Though the
efforts of this country are recognized, they are declared to
be ineffective. The blockade of the Allies is particularly




R hona, British, 649 tons.
C ity o f Birmingham, British, 7,498 tons gross; a physician and threo
members o f crew drow ned.
Belle lie . N orwegian. 1,883 tons gross.
Vlsborg, Norwegian. 1,311 tons gross.
Christaforos, Greek, 2,345 tons.
M ihail (M ichael, 2,514 tons gross, or M oh ail, 2,437 tons gross).

Dec . 2 1916.]

Alfred do C ourcey (164 tons gross) and M alvin a (112 tons gross), both
French sailing vessels.
The Itansgartli, British, 1,553 tons.
T he Allison or A lert, British,

In addition, tho Danish steamer Villomos is reported to
have been captured by the Germans.

SUGAR FROM ABROAD INTO RUSSIA FREE OF D U T Y .
The American-Russian Chamber of Commerce has issuod
an announcement to the effect that at a meeting of the
Council of Ministers in Petrograd, a decision was passed
permitting tho importation of sugar from abroad into Russia
free of all duty until Sept. 1 1917. The quantity of sugar
allowed to pass into Russia from all the frontiers is not to
exceed twenty million poods. Sugar imported from abroad
will be subject to the regular oxcise tax on sugar of 2 rubles,
80 kopecs per pood, which is an increase of 80 kopecs. Thero
is said to be a great demand for sugar in tho Russian market
at tho present time, and an especial demand for confectioner’s
sugar for consumption in candy factories.

ITALY'S T A X ON WAR PROFITS.
Tho following concerning a decree issued at Rome es­
tablishing a tax on war profits in Italy, has been made
public through tho British Board of Trade:
War Profits Tax.— Tho taxes on war i>rofits have been raised, and tho
following are tho revised taxes now imposed: Taxos varying from 12 to
35% aro levied on all direct war profits exceeding 8% o f tho capital invested,
and on indirect war profits taxes are levied varying from 5 to 3 5% o f tho
profit according as it amounts to from one tenth to 3 % o f tho ordinary
incom e.
_ _

SANTO DOMINGO PLACED UNDER M IL IT A R Y RULE.
Military rule has been proclaimed in Santo Domingo by
the United States N avy to suppress oxisting political chaos
in tho republic and pave tho way for guaranteeing future
quiet by establishing there such a financial and police pro­
tectorate as tho American Government now exercises over
Haiti. Eighteen hundred marines will maintain ordor for
the present and at least until elections aro held in January.
Tho officers will supervise the conduct of Government by
native officials and disburse tho customs rovenues which
American receivers have been collecting by treaty arrange­
ment for nino years. Tho navy proclamation issued N ov . 29
was put into effect without bloodshed. Tho following state­
ment was given out at Washington N ov. 30 by Secretary of
the N avy Daniels:
Captain H. S. K napp, in com m and o f tho United States forces in Santo
D om ingo, reports that, in com pliance with instructions received, m ilitary
governm ent was proclaimed b y him in Santo Dom ingo 4 p. m . N o v . 29.
An order regarding carrying arms or having them in possession lias boon
put into effect. Paym ent o f salaries o f Governm ent officials will bo re­
sumed immediately.
T ho proclam ation was well received. Conditions arc reported as being
normal and tho great m ajority o f tho people regard tho proclam ation with
favor.

Tlio press dispatches from Washington state th a t' al­
though no publicity had been given to tho Government’s
decision to adopt such measures, Captain Knapp’s action
was the result of plans carefully worked out by State and
N avy Department officials after conferences with Minister
Itussoll, recalled from Santo Domingo for the purpose, and
consideration of full reports from tho naval officers on tho
scene. Captain Knapp, recently sent to relieve Rear A d ­
miral Pond in Dominican waters, carried with him completo
instructions for his task.
.
The necessity for a drastic stop has been considered since
tho overthrow several months ago of President Jiminez by
Goneral Arias, a strongly anti-American revolutionist. W ith
Arias in control tho Dominican Assembly elected Frederico
Enriquez President, but the United Statos refused to recog­
nize the now Government and withhold tho balanco of cus­
toms revenues loft after tho regular payments of intorest on
tho foreign debt. Consequently tho native officials and em­
ployees will draw their first pay since tho downfall of Jiminez
when on Dec. 2 tho American officors begin to disburse
some $000,000 of accumulated export duties.
Secretary Daniels explained on N ov. 30 that the form of rule
set by Captain Knapp did not contemplate any infringement
of tho civil rights or processes of the native Government.
Tho marines will maintain order and prevent revolutionary
agitation, but tho municipal and civil laws will still bo ad­
ministered by Dominican courts.
Captain Knapp was selected for tho job because of special
fitness growing out of his servico on tho neutrality board.
That duty led him into a careful study of tho situation in
Haiti and Santo Domingo. His report says that probably
9 0 % of the native business men and others who desire




2045

THE CHRONICLE

permanent peace on the island approve the steps that have
been taken and those which are in contemplation.
Upon tho election of a President by the Assembly to be
chosen in January, tho United States will ask for the ratifi­
cation of a treaty similar to that now in force with Haiti,
providing for American supervision of Dominican finances
and for a native constabulary officered by Americans.

PROHIBITION

OF

CANADIAN
FOOD
REGULATIONS.

COMBINES

The Order in Council making it an offense in Canada to
combine to increase the prices of the necessaries of life are
set out in the Canada Gazette of N o v . 25. W e referred
last week to Canada’s Action in the matter. Below we print
the regulations as given in the“ Gazette” :
P .C . 2777.
A T T IIE G O V E R N M E N T HOUSE A T O T T A W A .
Friday, the lOt/i day of November, 1916.
•
rresent:
His Excellency the Administrator in Council.
His Excellency the Administrator in Council with a view to prevent the
undue enhancement o f the cost o f living, is pleased, under the power in
that behalf conferred b y Section 6 o f the W ar Measures A ct, 1914, or
otherwise vested in tho G overnor General in Council, to make the following
regulations respecting the price, sale, con trol, storage, transport, e tc., o f
tho necessaries o f lifo and the same aro hereby made and enacted accord­
ingly:—
1. For tho purpose o f these regulations the expression—
“ C ouncil” means tho governing b od y o f a m unicipality.
“ Necessary o f life " means a staple and ordinary article o f food (whether
fresh, preserved, canned, or otherwise treated), clothing and fuel, including
tho products, materials and Ingredients from or o f which any thereof are
in whole or in part m anufactured, com posed, derived or made.
“ M unicipality” means any cou nty, district, township, parish, city,
tow n, villago or other area within a province which is governed m unici­
pally b y a council or similar b od y.
“ Person” includes natural persons and bodies corporate.
2. (1) N o persons shall conspire, com bine, agree, or arrange with any
other person,—
(а) to limit the facilities for transporting, producing, manufacturing,
supplying, storing or dealing in any necessary o f life, or
(б) to restrain or injure trade or com m erce in relation to any necessary
o f life; or
(c) to prevent, lim it or lessen tho manufacture or production o f any
necessary o f lifo, or to enhance the price thereof: or
(d) to prevent or lessen com petition in the production, m anufacture,
purchase, barter, sale, transportation, insurance or supply o f any necessary
o f life.
(2) N othing in this section shall be construed to ap p ly to com binations
o f workmen or employees for their own reasonable protection as such work­
men or employees.
(3) Section 498 o f the Criminal C ode shall, as respects necessaries o f
lifo only, until the repeal o f this section o f these regulations, bo deemed to
have been repealed.
3. (1) N o person shall accumulate or shall withhold from sale any necossary o f lifo beyond an amount thereof reasonably required for the use or
consum ption o f his household or for the ordinary purposes o f his business.
(2)
E very person who shall at any time hold any necessary o f life beyond
an amount thereof reasonably required as aforesaid, and every person who
shall hold for the purpose o f sale, whether as m anufacturer, wholesaler,
jobber, retailer or otherwise, any stock-in-trade o f any necessary o f life!
shall offer for salo the said excess am ount, or the said stock-in-trade, as
the case m ay be, at prices not higher than aro reasonable and just.
Provided however that this section shall not ap p ly or extend to any ac­
cumulating or withholding b y any farm er, gardner, or other person, o f the
products o f any farm , garden or other land cultivated b y him; nor shall any
m anufacturer, wholesaler o f jobber, because o f anything herein contained,
bo under obligation to sell to other than such classes o f persons as are ac­
custom ed to purchase from manufacturers, wholesalers or jobbers, re­
spectively, nor shall any person be under obligation to sell otherwise than
in accordance with the ordinary course o f business.
4. T he M inister o f Labour m ay, b y notice in writing under his hand
or that o f his D ep u ty, require any person who operates, controls or manages
any cold storage plant, packing house, cannery, fa ctory, mine, warehouse,
or other premises in which or in any part o f which any necessary o f life is
prepared, manufactured, produced or held b y such person for himself or for
another, or who in any manner deals in any necessay o f life, to make and
render unto such M inister, within a tim e set in such notice, and such per­
son shall make and render unto such M inister precisely as required by him,
a written return under oath or affirmation showing in detail—
(а) tho species and am ount o f any necessary o f life held b y such person
at any indicated tim e or times, Including any tim e preceding tho making
o f those regulations, where and for whom said necessary is held, and if
held for another, upon what terms held;
(б) the time when any or all o f such necessary o f life was prepared,
manufactured, produced, acquired, or taken into possession:
(c) the cost o f such necessary or life, including all charges and expenses
o f an overhead or other nature, affecting such cost;
(d) the price at which such necessary o f life, if already sold, has been
sold, or, if unsold. Is held for sale;
(e) such other inform ation concerning any necessary o f life as the M in ­
ister m ay require, including a full disclosure o f all existing contracts or
agreements which such person, or his principal or agent, m ay have at any
time entered Into, with any other person, touching or concerning the sale
or resale prices o f any necessary o f life, or the period o f time during which
any necessary o f life should be held, as bailee or otherwise, before sale or
resale, or limiting the quantity o f any necessary o f lifo which should be
sold to any one buyerjorjeom bin ation o f buyers or within any limited
district.
5. W henever tlie’ Council o f any^M unicipality shall declare b y w ay of
resolution that in its opinion excessive prices are being demanded within
tho limits o f such m unicipality for any necessary o f life, such Council
m ay, b y notice in writing under the hand or its Clerk or other authorized
officer, require any person dealing within tho 'm unicipality in such n e c­
essary o f lifo, and locally situate therein, to*make and render unto such
Council, precisely as*required b y it, a written return under oath or affirm a­
tion, showing In detail—

2046

THE CHRONICLE

(а) T he am ount o f such necessary o f life held b y such person for sale or
disposition within such m unicipality at any indicated tim e or tim es in­
cluding any tim e preceding tho making o f these regulations;
(б) T he time when any or all o f such necessary o f life was acquired, pro­
duced, or brought within or into such m unicipality;
(c) T he cost o f such necessary o f life. Including all charges o f an over­
head or other nature affecting such cost;
(d) T he price at which such necesary o f life is held for sale or at which
any sales o f part o f the same or o f similar necessary o f life have been m ade
b y such person within such m unicipality at any indicated tim e or tim es,
including any tim e preceding tho m aking o f these regulations;
(e) If, after the receipt o f any such return, such Council shall consider
that any circum stances justify reference o f the return and a statement o f the
conditions to the M inister o f Labor for further investigation at his hands, or
if no return, or what the Council shall consider an untrue or misleading
return, is m ade, such Council m ay, b y way o f resolution in writing expressing
the facts and the C ouncil’s conclusion therefrom , report to such M inister.
6. (1) If, after the receipt b y the M inister o f L abor o f any return m ade
to him or to any m unicipality in purported com pliance with these regula­
tions, such M inister shall consider that any circumstances so justify, or if,
after a return under these regulations has been required, none is m ado or
none is m ado within the tim e set in the notice requiring such return or
within such further tim e as the M inister o f Labor m ay upon special applica­
tion to him allow , the said M inister shall have power to investigate the
business and to examino the premises, books, papers and records o f tho
person m aking or failing to m ake such return, as the case m ay bo, and, for
those purposes such M inister m ay appoint an examiner or examiners and
m ay authorize in writing any examiner so appointed to en ter and oxamlne
tho premises, books, records and papers o f such person, and to take evidence
under oath or affirm ation o f any person who such examiner m ay believe
has knowledge relating to such matters as ought to have been Included
within a proper return according to circumstances.
(2) E very person who is in possession or control o f any such premises,
books, records or papers shall give and afford to such examiner admission
and access thereto whenever and as often as dem anded.
(3) N o person shall in any manner impede or prevent ar attem pt to
im pede or prevent any such investigation or examination.
(4) E very person in any mannor required b y such examiner to give
evidence under oath or affirm ation touching or concerning th e matters
com m itted to such examiner for investigation shall attend beforo said
examiner and give evidence whenever so required.
.
7. W henever, in the opinion o f the M inister o f L abor, after an investiga­
tion and exam ination held in pursuance o f the powers conferred b y these
regulations, an offense against any o f these regulations Is disclosed, said
M inister shall rem it to the A ttornoy General o f any Province within which
such offense shall havo been com m itted, for such action as such A ttorney
General m ay bo pleased to Institute because o f tho conditions appearing,
certified copies o f (a) any return or returns and resolutions o f any m unici­
pality which m ay have been m ade, rendered or passed pursuant to these
regulations and are in tho possession o f the M inister and relevant to such
offense and o f (6) the evidence taken on any such investigation or examina­
tion and the roport o f the examiner.
8. (1) N o prosecution for a contravention or non-observance o f any
provision o f these regulations shall be com m enced without the w'ritten
leave o f tho A ttorn oy General for tho province In which the offense is
alleged to havo been com m itted, expressing whether such prosecution shall
bo by way o f indictm ent or under Part X V o f the Criminal C ode.
(2) Such prosecution shall bo com m enced only in the cou nty or m unici­
pality in which som e or all o f the necessary o f lifo with respect to which the
alleged offense was com m itted were situated at the tim e o f tho commission
o f the offense, or in the county in which tho person charged resides or carries
on business.
9. (1) A n y person who contravenes or fails to observe any o f tho p ro­
visions o f these regulations shall be guilt y o f an indictable offenso and liable
upon indictm ent or upon sum mary con viction under Part X V o f theCriminal
C od e to a penalty not exceeding five thousand dollars, or to imprisonment
for any term not exceeding tw o years, or to b oth fine and imprisonm ent as
specified; and any director or officer o f any com pany or corporation who
assents to or acquiesces in the contravention or non-observance b y such
com pany or corporation o f any o f the provisions o f these regulations shall
bo guilty personally and cum ulatively with his com pany or corporation
and with his co-directors or associate officers.
(2) F or the purpose o f tho trial o f any Indictment for any offenso against
theso regulations Section 581 o f the Criminal C ode, authorizing speedy
trials w ithout Juries, shall apply.
R O D O L P IIE B O U D R E A U , Clerk of the Privy Council.

DISCUSSION ON DYESTUFFS TARIFF, D URABILITY
OF AMERICAN DYES, &o.
The question as to whether the tariff for dyestuffs provided
under the recent Act of Congress was of sufficient volume
to permit the development and expansion of American manu­
facturers figured in the discussions of the delegates to the
National Silk Convention in Paterson on N o v . 23. The
belief that the ad valorem duty of 3 0 % and the specific duty
of 5 % per pound on stipulated dyes was sufficient was
expressed by I. F . Stone, President of the National Aniline
& Chemical C o .; on the other hand, W . Beckers, of the
W . Beckers Aniline & Chemical Works, held to the opinion
that the specific duty should not exclude indigo, alizarines,
& c ., but should include all dye imports. M r. Stone delivered
a lengthy address at the meeting on “ The Manufacture of
Aniline D yes in America, the Progress M ade and W h at is
Promised for the Future,” intended to demolish the idea
that American made colors are not as good as those of Ger­
many or other countries; a part of the address was printed
as follows in the “ Journal of Commerce:”
There is a popular impression that American m anufactured colors are
not as good as those m anufactured In E urope, Germany particularly, and
this is an impression I wish definitely to correct, in that ii is not a fa ct, for
tho reason that the American colors are m ade from practically tho same
chemical form ulae as the European colors and are practically the same
products In every w ay, the only difference being that European m anu­
facturers, from their long experience, m ay got a larger yield from the same
form ulae than the newer American manufacturers, and the American costs
m ay therefore be m ore, but this does not affect the products, which in m y
opinion are equal In every way to the products m ado in Europe.




[Vol. 103.

F or silk manufacturers, for instance, som e o f tho samo colors which they
used before the war, havo been available since tho war, v iz ., azo yellow ,
orange, scarlet, black, fast red, bism arck brown, nigrosine, indulincs,
M ethylene blue, m ethyl violet, & c., therefore theso colors aro just as good
now as thej ever were, and the goods dyed from them should naturally be
the same asbefore the war. Some o f the special colors, how ever, such as
rhodainino, auramino, V ictoria blue, acid light blue, acid green and acid
violet, have n ot yet been m anufactured for tho reasons I have already men­
tioned, that is, lack o f tho necessary raw materials and lack o f the ability
o f any one to take up everything all at once. But these colors, as I have
already said, will, In m y opinion, bo m anufactured before another year
has passed. Some o f these colors have, how ever, been im ported from
England and Switzerland, so that som e o f them have been available, and
tho fancy shades produced from them have therefore been m ore or less
obtainable.
In addition to theso analine products for silk dyeing, such vegetable
dyes as logw ood, indigo, gam bier, & c., have been obtainable, so that
speaking generally the silk manufacturer's have boon able to secure prac­
tically all tho staple products which they used for their purpose, and aro now
in a very satisfactory condition as to their d yestu ff supplies.
F or woolen m anufacturers wo are now able to supply chrom e colors
suitable for m en’s wear, sweaters, heavy woolens, & c ., in black, oluo, brown,
green, yellow and red, which are practically equal as to fastness to any colors
which have heretofore been m anufactured in Europe, and for ladies’ dress
goods, piece dye worsteds, carpets, worsted yarns, & c., we are ablo to fur­
nish som e acid colors in practically every shade, which are in every way
equal to European colors.
F or cotton goods wo are able to furnish sulphur black, suitable for all fast
work except bleaching, practically all direct colors suitable for all cotton
work except a small proportion o f wash fabrics such as shirtings, and basic
colors such as blue, red, brown and green for printing, &c.
F or leather and other industries we are also ablo to furnish practically
every color which is needed.
Therefore, the whole situation is at present very satisfactory, and as I
have said, every American consum er should be ablo to obtain practically
everything he needs for next year.
I m ight say that it has been particularly m isunderstood b y tho public
that American colors are not as fast as European colors were, and it seems
to be the custom now for saleswomen and others In tho stores, as well as
tho garment dyers, to specifically state that thoy d o not guarantee colors,
because they aro no longer able to get the foreign colors, and I wish to say
in this conneccion that as far as I know , no m anufacturer or retailer has
ever guaranteed colors evon befoto the war, although this fact m ay not
havo been m entioned, and tho only reason it is m entioned now is through a
misunderstanding o f tho situation. Such fancy colors as ladies usually
want in silk, worsteds, & c., such as pinks, light blues, light greens, helio­
trope, & c., were nover fast, and as far as I know there have never been any
colors which would dye them fast. In any event, tho word “ fa st" is m ore
or less a m isnom er, as a color which is absolutely fast to everything, such as
washing, fulling light, exposure, alkalies, acids, &e., is practically unknown,
so it is only com parative fastness which is meant In speaking o f fast co lo rs ,
and to this extent the present American colors, such as they are, aro just
as fast as the same colors made in Europe. There aro somo colors called
vat colors, which are unusually fast in tho above connections, but thoy are
not manufactured in this country and havo never been used to any large
extent for light shades. For all ordinary fastness we aro now ablo to fur­
nish colors for cotton, wool and silk in blacks, blues, browns and some other
shades, so that tho question o f fastness is no longer a question, and it is
usually only mentioned b y customers who havo tho wrong Improssion o f
conditions.
Tn connection with the high prices now charged b y American m anufac­
turers o f colors, many consumers are under the impression that this is
because o f the high cost o f manufacture here as com pared with E urope,
but as a matter o f fa ct the reason is the abnormal conditions. In thao the
raw materials used for the manufacture o f colors, like benzole, fo r instance,
aro very much higher than norm ally, being used for explosives and other
war purposes, and this high cost o f raw materials, together with tho high
cost o f labor, under the present conditions, is what causes the high prices
for American colors, and b y tho w ay these high prices also rule in Europo,
as is shown b y the extrem ely high prices asked for such colors as have been
brought over from Germany b y tho submarine D eutschland, and other colors
which are being imported from Switzerland, tho prices on all o f theso Im­
ported colors being higher oven in proportion than tho American colors.
W henever normal conditions again prevail and raw materials and labor aro
at normal costs, then tho prices o f American colors, as well as European
colors, will resumo the normal figures. In any ovent evon American manu­
facturers who buy dyestuffs have no reason to com plain o f tho high cost,
because they, on tneir part, havo in m ost cases advanced tho cost o f their
products more than the proportionately higher cost o f dyestuffs, as the cost
o f dyestuffs as a general rule Is a very small percentage o f tho cost o f manu­
factured textiles, either w ool, cotton or silk, and American textilo m anu­
facturers to-day aro m ore prosperous as a rule than thoy over wero.
In conclusion I wish to call special attention to tho three Important points
in m y remarks:
First. That tho colors made in Amorlca are fully as good In every w ay as
those made in Germany or any other country.
Second. That we are able to furnish colors for m ost purposes which are
fully as fast as German or other Europcean colors, and there is thoreforo no
excuse nor reason for people not being ablo to got theso fast colors on such
materials on which they form erly required fast colors.
Third. Tho definite answer, In connection with the manufacture o f d ye­
stuffs in America, is, therefore, as you will understand from theso romarks,
that the present condition o f the dyestuff supply is very satisfactory, and
the future outlook is still m oro satisfactory, in that wo will make more co l­
ors, and everything indicates that tho larger part o f the business will re­
main In tho hands o f American m anufacturers evon after tho war, instead
o f in the hands o f European manufacturers, w ho in form er years havo had
a practical m onopoly o f thisjbuslness.

STATE INHERITANCE T A X DEDUCTIBLE I N FIG­
URING FEDERAL INHERITANCE TA X.
A ruling to the effect that State inheritance taxes are de­
ductible from the gross ostate of a decedent in determining
the tax under tho Federal Inheritance Tax Law was issued by
tho Treasury Department under dato of N o v . 17. W e
quote tho decision below:
(T . D . 2395.)
Treasury Department, Office of Commissioner of Internal Revenue,
Washington, D . C., Nov. 17 1918.
Collector Internal Revenue, Pittsburgh, Pa.
Sir— R eplying to your letter o f tho 14th Inst, inquiring whothor State
Inheritance taxes aro deductible’ from tho gross ostate o f a decedent in de-

Dec. 2 1916.]

THE CHRONICLE

2047

law s cre a tin g tax lim its w h ich n o w e x ist in s o m e p la c e s , a n d w e th in k s h ou ld
o n ly b o s u ggested w h e re it is a b s o lu te ly im p o s sib le t o s ecu re th e t o t a l a b o li­
t io n o f th o ta x lim it.
N o n o o f u s, as in v e s tm e n t b a n k e rs, aro av e rse t o m u n icip a l b o r r o w in g .
W e a re , h o w e v e r , av e rse t o reckless b o r r o w in g a n d w e are v e r y k een ly
co n c e r n e d in m u n ic ip a l p a y in g an d in th e s e c u r ity b a c k o f t h o b o n d s
w h ic h w o sell. A n d it is rig h t h ere th a t o v e r y m e m b e r o f th o A s s o c ia tio n ,
ce rta in ly e v e r y o n e w h o is a t all in te re ste d in m u n icip a l b o n d s , has a large
fie ld o f a c tiv e e n d e a v o r, t o s o urge in o u r dealin gs w ith m u n icip a l o ffic ia ls
th e im p o rta n ce t o p a y as th e y g o as t o m a k e it fa s h io n a b le w ith all issu in g
m u n icip a litie s.
W o k n o w th a t m u n icip a l c r e d it is h ig h , an d w e ca n g a u g o th e c r e d it o f
a p a rticu la r m u n ic ip a lity , fir s t , b y its p resen t low d e b t r a te , a n d , s e c o n d ,
b y its gen eral ch a ra cte r a n d re c o rd .
In th o last a n a lysis th e la tte r s e c u r ity
is th o b e s t, an d th o lo w d e b t ra te is o f v a lu e o n ly in s o fa r as it represents
th o c o n s e r v a tiv e ch a ra cte r o f th e m u n ic ip a lity .
W h a t w e w a n t is a m o r e
REMEDY FOR OVER-EXTENSION OF MUNICIP AL p erm a n en t an d a m o r e general s e cu rity — th e s e c u r ity o f a p e rm a n e n t p o lic y
CREDIT RESTS I N SOUND LEGISLATION.
w ritten in to o u r S ta te c o n s titu tio n s an d sta tu te s, w h ich shall Insure th o
liq u id a tio n o f m u n icip a l d e b t a n d p r e v e n t th e grad u a l p ilin g u p o f th a t
In our issue of Oct. 7 we gave considerable space to the
d e b t.
various addresses and reports presented at the annual con­
A d d e d im p o rta n ce a tta ch e s t o th ese fa c ts w h en w e re m e m b e r h o w r a p id ly
vention of the Investment Bankers’ Association of America. m u n icip a l a u th o ritie s are en largin g g o v e rn m e n ta l fu n c tio n s . I n m a n y
c o m m u n itie s w e see th e m n o t o n ly o w n in g an d o p e r a tin g th e w a te r s y s t e m s ,
The pressure on our columns, however, prevented extended b u t a cq u irin g th e gas a n d e le ctric lig h t, a n d in so m e cases s tr e e t ra ilw a y p r o p ­
reference to all of the reports, one from which but a brief erties. T h e m o r e b o r r o w in g th e m u n ic ip a lity d o e s , th e m o r e im p o r t a n t
extract was made being that of the Municipal Bond Commit­ it is th a t it b e d o n e w e ll. S o th a t th o fir s t p o in t w h ic h y o u r C o m m it te e
has e n d e a v o re d t o em p h a size d u rin g its w o rk o f th o y e a r, a n d d esires t o
tee. Since the subject is an important one, wo take occasion im p ress u p o n this c o n v e n tio n , is th o im p o rta n ce o f lim itin g th e life o f th o
to refer here to the report more at length. William G . b o n d t o th e p r o b a b le life o f th e im p ro v e m e n t.
T h is brings us t o discu ss v e r y b r ie fly th e serial b o n d . I t is g r a t ify in g
Bakor Jr., Chairman of the Committee, submitted the
t o re c o rd here th e p re v io u s w o rk d o n e b y th e A s s o cia tio n as a w h o le and
report in which it was observed that “ municipal bond legis­ th ro u g h its in d iv id u a l m e m b e rs in em p h asizin g th e im p o rta n ce o f th e
lation has never received the attention which its importance serial b o n d . Y o u r C o m m itte e believ es th a t th is w o rk is b e g in n in g t o b ea r
demands.” “ Billions of dollars of bonds of this character,” fru it a n d th is fo rm o f b o n d is b e c o m in g m o r e an d m o re p o p u la r , n o t o n ly
w ith th o b u yer b u t w ith t h e issu in g m u n ic ip a lity . T h e re has b e e n a g re a t
he noted, “ are now outstanding— the total net indebtedness deal w ritten in fa v o r o f th e serial b o n d an d its im p o rta n ce has b e e n e m p h a ­
of States and municipalities, according to the best figures I sized tim e an d a ga in o n th e flo o r o f o u r c o n v e n tio n s , th e e m p h a sis fre ­
can get at the close of 1915 being approximately $4,350,000,­ q u e n tly be in g la id o n its lo w e r n e t c o s t t o th o ta x -p a y e r . M a k in g d u e
a llow an ces fo r e x c e p tio n a l cases, there can b e n o q u e s tio n b u t t h a t th e
0 0 0 .” M any millions of it, he added, “ to-day represent the ave ra g e m u n icip a l sin k in g fu n d has b e e n p o o r ly k e p t , th a t its ra te o f y ie ld
cost of improvements which have long since been thrown into is fre q u e n tly less th an th e ra te o f interest o n th e b o n d s , a n d th a t o c c a s io n ­
the scrap-heap, so that the credit and taxing power which ally it is d iv e r te d o r o is sip a te d . T h e fa c t is th a t a g re a t m a n y lo n g -te r m
b o n d s aro n o t retired o u t o f th e reven u es a t m a tu r ity . T h e y are re fu n d e d
should be available for present needs is being drained to pay in w h o le o r in p a rt a n d th e d e b t e xte n d e d b e y o n d th e orig in a l a u th o r iz a tio n .
for the deficit of former generations.”
“ Strong as that B u t w h on all has b e e n said o n b o t h sides o f th e q u e s tio n , th ere rem ain s th e
credit is to-day,” the report continued, “ we know that there p rim a ry an d sim p le f a c t th a t i f a m u n ic ip a lity c a n b o rro w w it h o u t extra
c o s t in s u ch a w a y th a t it w ill b e ab le t o m e e t Its d e b t a t m a t u r it y , then
is a limit to such methods of financing, and that it is precisely th ere is n o reason w h a te v e r w h y it s h o u ld tr y t o b o rro w in a n y o th e r w a y .
W e th in k th e in v e stm e n t ban ker o f th o last g en eration w as p r o b a b ly
at the time when the credit seems strongest that the danger
of its over-extension is greatest.” The following further la rge ly resp o n sib le fo r th e lo n g -te r m b o n d . O n ly a few years a g o m a n y
o f us fe lt th a t su ch issues w ere m o r e d esirable as in v e stm e n ts an d w e w ere
extract is taken from the report:
w illin g t o p a y m o re fo r th e m . T h e e d u ca tio n o f re ce n t ye a rs, h o w e v e r ,
I t seem ed t o y o u r c o m m itte e th a t in a large m easure th e r e m e d y lies in
has been in fa v o r o f a w iser p o lic y .
so u n d legisla tion . T h e sta tu te is to th o m u n icip a l b o n d w h a t th e m o rtg a g o
T h e s e c o n d p o in t o n w h ich y o u r C o m m itte e desires t o la y e m p h a s is ,
is t o c o r p o r a te b on d s. A c t in g as an a sso cia tio n , w h o so m e m b e rs h a v e
t h e r e fo r e , is t o u rg e a c o n tin u a tio n o f th e e ffo rts w h ich w e h a v e b een
p u ttin g fo rth fo r several years in fa v o r o f the serial b o n d .
s o ld , an d aro sellin g, the m u n icip a l b o n d s o f th o c o u n t r y , w o a im t o p r o te c t
Y o u are all fa m ilia r w ith th e increasingly large a m o u n t o f b o n d s w h ic h
th o h ig h secu rity w h ich these b o n d s u n d o u b te d ly h a v o , t o m ak e the A m e r i­
are be in g so ld b y c o u n tie s , o r d istricts th e re o f, fo r the p u rp o s e o f im p r o v in g
c a n m u n icip a l b o n d n o t o n ly th e b e st seller t o -d a y , b u t th o sa fe st s e cu rity
th e roa d s. T h e re are perh ap s m o re c o u n tr y ro a d b o n d s o n th e m a rk e t at
p ossiblo— to m o rro w an d alw a ys.
T h o m os t fam iliar safegu ard again st m u n icip a l b o r r o w in g is th a t o f th o
p resen t th an a t a n y tim e in th e h is to ry o f th e c o u n tr y .
d e b t lim it. T h o ta x lim it fo u n d in a fow States is a ls o in ten d ed as a safe­
In issu in g these b o n d s , th e c o u n t y au th o ritie s, s o m e tim e s b e ca u se o f th e
g u a rd , a lth ou gh its e ffe c t is fre q u e n tly the increase o f lo n g -te r m in d e b te d ­
sta tu te s , s o m e tim e s b e ca u se o f th e a ttitu d e o f the ta x -p a y e r s , h a v e m a d e
ness, becau se o f th e in a b ility t o m e e t present needs o u t o f th e ta x le v y .
t h e b o n d s p r a c tic a lly p r o te c te d o n ly b y th e p r o p e r ty in th e d is tric t o f th e
T h o d e b t lim it a lon o has p ro v e n t o b e n o t a lto g e th e r a s a tisfa c to r y s a fe ­
c o u n t y in w h ic h th e ro a d s are b u ilt.
I t seem s t o us th a t th is is u n w ise an d
g u a r d . I t furnish es n o p r o te c tio n again st lo n g te rm lo a n s, a n d n o p r o ­
c o s t ly .
W h y sh ou ld a c o u n ty n o t b o rro w its fu n d s a t th e ch e a p e st p o s s ib le
v ision fo r a ctu a l liq u id a tio n .
ra te?
T h e y h a v e n o in te n tio n o f a v o id in g p a y m e n t— th e re fo re , w h y n o t ,
W h o n a c it y is w ell w ith in its d e b t lim it, th o o ffic ia ls fo r th o tim e b e in g ’ in stead o f m a k in g it a s e m i-c o u n ty b o n d , create a d ir e ct and fu ll c o u n ty
m a y in cu r a d e b t fo r a n y p u rp o se , e xten d in g its p a y m e n t b e y o n d its n eeds,
o b lig a tio n ?
In m o s t cases this w o u ld m ean a real s a v in g in t h e r a te a t
w h ich tho m o n e y w o u ld b e lo a n e d an d th e c o u n t y w o u ld b e b e n e fite d t o th a t
u n til s om o years later th o c it y fin d s itse lf bu rden ed w ith th o d e b t o f a fo rm e r
e x te n t.
In f a c t , w e un d erstan d th a t th is p r a c tic e n o w o b ta in s rig h t here
g en era tion an d p rov en te d b y its d e b t lim it fro m m e e tin g its im p e ra tiv e
in y o u r o w n S ta te o f O h io .
presen t n eeds. T h o p r o m p t an d e ffe c tiv e liq u id a tio n o f in d ebted n ess
Y o u r C o m m itte e e n d e a v o re d t o o b t a in r e lia b le d a ta r e g a r d in g th e
s h o u ld b e th o fir s t c on sid e ra tio n — t o m ak e each ge n e ra tio n p a y its o w n w a y .
p r o b a b le life o f th e ro a d s w h ich are bein g b u ilt in v a r io u s s e c tio n s o f th e
U n fo r tu n a te ly , in a v e r y fe w States h a v e there been a n y real e ffe c tiv e
c
o
u
n t r y fro m th e p ro ce e d s o f these road im p ro v e m e n t b o n d s. T h is in v e s ­
m easures taken t o c o m p e l su ch p a ym e n ts o f b o n d e d d e b t , and th e g ra d u a l
tig a tio n d e v e lo p e d th e f a c t th a t th e H ig h w a y C o m m issio n o f th e S ta te o f
a c c u m u la tio n o f u n p aid d e b ts creates a p o litic a lly e ffe c tiv e d e m a n d fo r
T e n n essee has in pre p a ra tio n a p a m p h le t in w h ich th e c o n d itio n o f th e
increase in th e d e b t lim its. W e s h o u ld , in fa c t , c o m m o n co a t th o o th e r
ro a d s b u ilt fro m b o n d issues w ou ld b e th o r o u g h ly a n a ly z e d .
W e are
e n d . P rop er fin a n cin g is o f m ore im p o rta n ce than d e b t lim its, and p ro p e r
a d v is e d th a t th is in fo r m a tio n w ill n o t be re a d y fo r d is trib u tio n p r io r t o
fin a n c in g in th o issuing o f b o n d s m oans first an d alw a ys th o c o m p le to liq u i­
th e first o f n e x t ye a r. T h e re has also been Issued b y th e N a tio n a l D e p a r t ­
d a tio n o f e v e r y d e b t w ell w ith in th e life o f th e Im p ro ve m e n t fo r w h ich it w as
m e n t o f A g ricu ltu re a b o o k le t en title d " H ig h w a y B o n d s ,” b e in g a c o m p ila ­
in cu rred .
Y o u r C o m m lttc o has so u g h t d u rin g th o p a s t y e a r t o em p h asize th o im ­
tio n o f d a ta an d ana lysis o f e c o n o m ic featu res a ffe c tin g th e c o n s tr u c tio n
p o r ta n c e o f this p a rticu la r ph a se o f m u n icip a l le g isla tio n , an d it is perh ap s
an d m a in te n a n ce o f h ig h w a y s fin a n ce d b y b o n d issues, w h ich w e c o m m e n d
on e o f tho m os t d iffic u lt po in ts t o o v e r c o m e w ith th o a v erage m u n icip a l
t o th e m em bers o f th e A sso cia tio n . W e h a v e also fo u n d th a t s o m e c o u n tie s
o ffic ia l. W h en it is d o n e , h o w e v e r— w hen th o ta x p a y e r o f to -d a y is m a d o
are issuing their b o n d s w ith sp ecial ta x p ro v isio n s fo r th e m a in te n a n ce o f th e
t o p a y fo r tho fu ll e n jo y m e n t realized b y h im fro m m u n icip a l Im p ro ve m e n ts
road s b u ilt w ith th e p ro ce e d s a n d th a t the results w here th is is d o n e h a v e
— th o d e b t lim its w ill rarely b o reach ed . T h e o v il t o b o c o m b a te d is a
p r o v e n s a tis fa c to r y .
U n fo r tu n a te ly , th is p r o v is io n is n o t m a d e in all
v e r y real on e— th e in evita b le desire t o g e t so m e th in g fo r n o th in g , t o b r o r o w
cases, b u t th o general a ttitu d e o f th e c o u n tr y to w a rd r o a d b o n d s is ce r ta in ly
o n th o c r e d it o f p o s te r ity fo r o u r o w n c o m fo r ts a n d lu xu ries— a dosiro t o
im p ro v in g .
W it h th o idea in v ie w o f c a rry in g t o a d e fin ite c o n c lu s io n , a t least in
w h ich p o litic a l o ffic ia ls aro v e r y p ro n o an d ta x p a y e rs n o th in g lo a th .
s o m e sm all d e g r e e , th is im p ro v e m e n t in b o n d le g is la tio n , y o u r C o m m itte e
B e fo r e lea vin g th o question o f lim its, y o u r C o m m itte e desires t o ca ll
a tte n tio n t o th e p ra ctice w h ich u n fo rtu n a te ly still o b ta in s in s o m o S ta tes,
h a d p rep ared b y c o u n s e l a su gge stive d ra ft o f a m u n icip a l b o n d A c t t o b e
u sed , n o t as a m o d e l, bu t as a w o rk in g basis fo r sta tu te s, t o b e a d a p te d t o
o f lim itin g th e tax le v y in g p o w e r referred t o a b o v o . w h ich legislatures
h a v e in ten d ed as a safeguard again st increase o f d e b t . T h is seem s t o y o u r
th o co n s titu tio n a l requ irem en ts a n d n eeds o f th e d iffe r e n t S ta tes. A s th e
title in d ica te s , th is A c t w as n o t a m o d e l in th e sense th a t it w as su ita b le
C o m m lt tc o s o th o r o u g h ly o u t o f d a te th a t fu rth er c o m m e n t hero is perhaps
fo r o v e r y p a rticu la r lo c a li t y , b u t th at it c o n ta in e d essential p r o v is io n s an d
u n n ecessa ry, e x c e p t t o urge y o u , w h en ever p o s s ib le , t o uso y o u r b e s t
en d e a v o rs t o sh ow h ow u tte rly illo gica l an d c o s t ly su ch p ro v isio n s aro. A
safeguards f o r s o u n d m u n icip a l fin a n c in g . I w ill n o t read a c o p y o f th is
large b u y e r o f m u n icip a l b o n d s called to the a tte n tio n o f y o u r C o m m itto e
d r a ft , as c o p ie s aro a v a ila b le .
a p r o v is io n on th is p o in t co n ta in e d in th e s ta tu te s o f O n ta rio , w h ich w e
Y o u r C o m m itte e also b egan th e p re p a ra tio n , w it h th e assista n ce o f
th in k im p o rta n t en ou gh t o e m b o d y in th is r e p o r t, th a t it m a y b o o f uso t o
c o u n s e l, o f a p a m p h le t e m b o d y in g th e general pa rticu la rs g o v e r n in g b o n d
m em b ers in dealin g w ith a s itu a tio n w here it m ig h t n o t b e p o ssib lo t o o b ta in
issues. In it w o a tte m p t t o sh ow th e ev ils t o b e c u re d an d rem edies t o be
th e to ta l a b o litio n o f th e ta x le v y in g lim it:
a p p lie d . W e e n d e a v o re d t o p o in t o u t t o m u n icip a l o ffic ia ls t h e b etter
w a y fo r th em t o issue th eir b o n d s , an d as fa r as p o s s ib le t o p o in t o u t t o
" ( 1 ) S u b je c t t o S u b -s e ctio n 13 o f S e ctio n 3 9 7 , th o co u n c il o f e ve ry
m u n ic ip a lity shall in each y e a r assess and le v y on th e w h ole rateable
th em th a t it w as t o th e ir interest t o o b s e r v e th e o rd in a ry c o n v e n tio n s , and
p r o p e r ty w ith in th o m u n ic ip a lity a sum s u ffic ie n t t o p a y all d e b ts o f tho
d e m a n d s, w h ich m u n ic ip a l b o n d b u y e rs m a k e , b e lie v in g th a t t h e y w ou ld
c o r p o r a t io n , w h eth er o f p rin cip a l o r in terest, fa llin g d u o w ith in th o year
u
ltim a te ly see th a t it w as g r e a tly t o th e ir a d v a n ta g e t o s o c r e a te th eir
b u t shall n o t assess and le v y in a n y y e a r m o re th an tw o ce n ts o n th o do lla r
bon d s fro m th e be g in n in g o f th e p r o ce e d in g s as t o m a k e th em m o s t d esirable
o n th o assessed va lu e o f su ch p r o p e r ty a c c o r d in g t o th o last revised assess­
m en t ro ll, ex clu siv e o f s c h o o l and lo ca l im p ro v e m e n t ra tes.
an d m o s t m a rk e ta b le . T h is p a m p h le t w ill b e re a d y fo r d is tr ib u tio n , y o u r
“ (2) I f th o aggregate a m o u n t o f th e rates necessary fo r p a y m e n t o f th e
C o m m itte e h o p e s, in th e near fu tu r e . N o plan has b een d e c id e d u p o n as
c u rre n t annual exp en d itu res o f th o c o r p o r a tio n a n d th o prin cip a l and
in terest o f s u ch d e b t exceed s th o ra te m e n tio n e d in S u b -s e c tio n 1, th e c o u n ­ th e best o n o th ro u g h w h ic h t o h a v e it rea ch its fin a l d e s tin a tio n . I t w ill in
d u e tim e b o p u b lish ed in full in th e " B u l l e t in .”
c il shall assess an d le v y su ch fu rth e r su m as m a y b o n e cessary t o disch arge
su ch d e b ts , b u t shall n o t c o n tr a c t a n y fu rth e r d e b t u n til th o ann ual rates
I sa id in th o be g in n in g th a t it seem ed t o y o u r C o m m itte e th a t " i n a large
are rod u cod t o th a t r a t e ."
m e a s u re " th e re m e d y fo r th e ills o f m u n icip a l fin a n cin g lies in s o u n d legisla­
Tltls suggestion of what might bo called “ a protected tax limit" is made, tio n . I w a n t t o e m p h a size th e w o rd s “ in a large m e a s u re ,” b ecau se in a
v e r y real sense th e r e m e d y also lies w it h th e m em bers o f th is A s s o c ia tio n in
not becauso wo think it desirablo, but because it is an improvement ovor tho

ter m in in g th e F ed era l ta x d u e un d er T it le I I o f th e R e v e n u e A c t o f S e p t. 8
1916 y o u are In form ed th a t a m o n g th e d e d u ctio n s fr o m th e gross estate
s p e c ifie d in S ection 203 , p a ra gra p h a , su b -p a ra g ra p h 1, o f th e a b o v e m e n tio n e d A c t is th e ite m " s u c h o th e r ch arges a g a in st th e e state as are
a llo w e d b y th e law s o f th e Ju risdiction , w h e th e r w ith in o r w ith o u t the
U n ite d S tates, u n d er w h ich th e e sta te is be in g a d m in is te r e d .”
S in co it d oes n o t a p p e a r o p e n t o q u e s tio n th a t S ta te in h e rita n ce taxes
are a p r im a ry ch a rge again st an e state a n d a llo w a b le as c re d its t o e x e cu ­
tors an d a d m in istra tors in e v e r y S ta te im p o sin g s u ch taxes, th e y are cle a rly
d e d u c t ib le fro m th e gross e state o f th e d e c e d e n t w h oso p r o p e r ty and
in terests are lia b le t o th e F ed era l tax Im p osed in T i t le I I o f th e A c t o f
S e p t. 8 1916.
R e s p e ctfu lly ,
\V. H . O S B O R N , Commissioner o f Internal Revenue.
A p p r o v e d : B Y R O N R . N E W T O N , Acting Secretary of the Treasury.




THE CHRONICLE

2048

th eir a ttitu d e to w a rd m u n icip a l b o n d issu es. Y o u r C o m m it te e ce rta in ly
has n o desire t o in d ica te t o th e in d iv id u a l m e m b e rs o f th is b o d y w h eth er
in a n y p a rticu la r c a se r m u n icip a l b o n d is s u ffic ie n tly safe fo r th em t o b u y .
W h a t w o are u rgin g is a g .in s t s u ch an en th u siasm fo r business as w ill allo w
us t o s a n c tio n a loan b y a m u n ic ip a lity w h e n m a n y , or a ll. o f th e safeguards
w h ich sh ou ld b e th r o w n a ro u n d th e lo a n , a re la c k in g . T n e r e is n o th in g
w h ich w ill s o im p ress u p o n th e m in d s o f m u n icip a l o ffic ia ls th a t thoir law s
are w ro n g , t h a t th eir s in k in g fu n d s are ill-k e p t, th a t t n e ir m e th o d s o f
h an dlin g m u n ic ip a l a c c o u n ts a re o u t o f d a t e , as fo r r e p re s e n ta tiv e in v e st­
m en t b an k ers t o r efu se t o h a n d le th eir b o n d s . T h e m e d icin e m a y n o t
b e pleasan t fo r th em t o ta k e , a n d it m a y b e c o s t ly fo r us t o g iv e , b u t in th e
fin a l an a lysis it is b e t t e r f o r b o t h th e m an d u s.
W ith th o h o p e th a t s om e legisla tion o f th is c h a ra cte r, w h ich m ig h t b e
rega rd ed as a m o d o l fo r oth er S tates t o fo llo w , c o u ld b e pa sse d , an earnest
en d e a v o r w as m a d e t o en a ct a n ow m u n icip a l b o n d law fo r the S ta to o f
N ew Y o r k , b u t u n fo r tu n a te ly a t th o last m o m e n t th e bill fa ile d o f passage.
W e b e lie v e , h o w e v e r , th a t as a resu lt o f th e s en tim en t fo r th o b ill, o r a
sim ilar o n e , w h ich w as d e v e lo p e d , th a t it w ill b o p ossible in th o near fu tu re
t o c a rry th is p rog ra m th rou g h .
In th o S ta to o f N e w Jersey a new m u n icip a l
b o n d law w as e n a c te d , w h ic h , w h ile n o t in a n y senso id e a l, y o u r C o m m it te e
feels w as a d e c id e d stop fo rw a rd , p e rh a p s th o m o s t strik in g a d v a n c e b ein g
th o su b s titu tion o f a single s ta tu to g o v e rn in g tho issu in g o f m u n icip a l b o n d s
fo r th e h u n d red s o f in d iv id u a l law s p r e v io u s ly o n th o b o o k s , m a n y o f them
c o n flic tin g o r u n certa in . W o b e lie v e t h a t w ith a few am e n d m e n ts, w h ich
tho p r a c tic a l w ork in g o u t o f th e law w ill p r o b a b ly m ak o n e ce ssa ry , th e law
w ill g r e a tly im p ro v e th o issu in g o f m u n icip a l b o n d s in th a t S ta te .
Y o u r C o m m itte o has been g r a tifie d b y th o n u m b e r o f requ osts fro m
v ariou s m u n icip a lities th r o u g h o u t th o c o u n t r y fo r in fo rm a tio n w h ich w o u ld
be h elp fu l t o th em in im p ro v in g th eir m u n icip a l b o n d s ta tu te s .
T h ese
inqu iries h a v e been h a n d led b y th o cou n sel o r b y tho m e m b e r o f th o C o m ­
m itteo m o s t c lo s e ly in t o u c h w ith th o s itu a tio n in v o lv e d .
In o n e S ta te a
m om b er o f th o C o m m itte o w as requ ested t o b e present a t a m e e tin g o f th o
L ea gu e o f M u n ic ip a litie s fo r th o S ta to , in w h ich th o L ea gu o re q u e s te d th at
w e su b m it t o th em a fo rm o f A c t p r o v id in g th a t all th eir b o n d s s h o u ld b o
issued in serial fo rm . A n o th e r in terestin g illu stration o f th is is th o e ffo r t
a t th is tim e bein g m a d o b y m em bers o f th e A sso cia tio n in T e x a s t o cre a te
a sen tim en t in th a t S ta te fo r a radical ch a n g e in its m u n icip a l b o n d la w s .
W o w ere ad v ised o n ly y e s to r d a y th a t th e id e a o f m ak in g th o m a tu r ity o f
b o n d issues, esp ecia lly ro a d b o n d issu es, m o re nearly co r re s p o n d w ith th o
lifo o f th e r o a d s , is m e e tin g w ith general a p p ro v a l and th o serial b o n d is
also lo o k e d on w ith fa v o r .
A n u m ber o f o th e r Instances c o u ld b6 c ite d ,
ail o f w h ich p o in t in th o o n o d ir e ctio n : th at th e co n sta n t w o rk o f ou r
m em bers is g ra d u a lly beg in n in g t o te ll.

THE COST OF COAL.
A summary statement of all the elements entering into
tho cost of coal, with some special discussion of tho resource
cost, was furnished in a paper presented at the American
Mining Congress at Chicago on November 14 by George
Otis Smith and C.|E.Lesher of the United States Geological
Survey. In submitting tho treatise tho authors of the
paper announced that it was not tho purpose of this analysis
of costs to offer any cure-all for tho high price of coal; any
one who is at all cognizant of the trend in price of labor
and material can see, they contended, little hope of relief
in lower costs for these items. Any study of costs in the
coal industry, thoy added, finds its point in the question
not who, but what fixes the price of coal. The cost of
mining coal, like the cost of living, is increasing. Exact
mining costs, however, to quote further from the paper,
cannot be determined until tho operators have accomplished
their reform of standardizing accounting. Study of present
conditions in tho coal mining districts fails to encourage
the idea of Govermental operation of tho 7,000 coal mines
in this country, Messrs. Smith and Leshor state, “ more
in line with the trend of public sentiment in the last decado,
however,” (we quote again from their observations) “ is
Governmental control in the interest of the consumer by
regulation of prices, and to judge from the facts of experience
in the regulation of transportation of other public utilities,
the public coal commissions will bo given sufficient discre­
tionary powers to safeguard tho interests of producer and
consumer alike, and even mandatory requirements, either
legislative or executive, will be subject to judicial roviow.”
A large part of their remarks follow:
T h e p rice o f c o a l is a m a tte r o f v ita l co n c e r n t o th e average citiz e n .
N o less im p o rta n t, h o w e v e r , is th o q u e stio n w h a t ou r c o a l a ctu a lly co sts
t o p r o d u c e an d th o interest in this s u b je c t is ty p ic a l o f the p o p u la r interest
in th e largo p r o d u c tiv e enterprises o f the c o u n tr y .
T h e co n s u m p tio n o f c c a i in the U n ite d S tates fo r h eatin g a n d c o o k in g
s b etw een I a n d 1 lA tons p er c a p ita . A carefu l estim ate fo r 1915 is 1.1
ton s, w h ich h ap pen s to b o Identical w itii the figu re d eterm in ed fo r sim ilar
c o n s u m p tio n in G rea t B ritain in 1S98. T h is n on -in d u stria l c o n s u m p tio n
is greatest in cities a n d in this c it y o f C h ica g o in 1912 it w as n early 2 tons.
O f cou rse e v e r y citizen in d ire c tly p a y s fo r his share o f the to ta l c o n s u m p tio n
w h ich last yea r am ou n ted t o 4 .6 to n s p er ca p ita .
A g a in it m a y b e th a t b ecau se t o a larger degroo th o c o s t o f m etals is
ch a rged t o ca p ita l o u tla y rather th an t o th e o perain g exponse o f lifo , w o
a p p recia te less k een ly tho un it price o f these m aterials th a t are n o t im m e d i­
a te ly con s u m ed w ith th o u sin g. A t a n y ra te , p u b lic o p in io n is m oro
easily b ro u g h t t o a high tem perature b y con siderin g the price o f co a l than
b y con sid erin g th o p rico o f a n y o th er p r o d u c t unless w e c x c o p t gasolin e,
recen t discussion o f w h ich has been a lm o st oxplosive.
L o o k in g b a ck w a rd as w ell as fo rw a rd , on o n eed n o t bo an alarm ist to
suggest th a t in the w h ole fie ld o f p r o d u c tiv e business the c o a l industry
seem s th e on e m o s t lik ely t o be th reaten ed w ith G o v e rn m e n t o p era tion .
T h o fo o d s tu ffs are p ro d u c e d on lan d o w n e d an d op e ra te d b y the m illion s,
an d s o fa r as th o p r o d u c tio n o f th e raw m aterial fo r th e m is c o n ce rn e d ,
“ m o n o p o ly ” is an u n k n ow n w o rd , b u t w hon w o think o f c o a l, term s like
“ b a ron s” a n d “ tru sts” in s tin c tiv e ly c o m e t o m in d . F o r theso reasons
tho determ in a tion o f certa in fa c ts co n n e cte d w ith co a l p ro d u c tio n an d tho
analysis o f tho c o s t elem en ts th at e n ter in to th e price o f co a l c o n s titu te
a tim ely s u b je c t fo r discussion.




[V©l. 103.

T o - d a y high prices are being re ce iv e d fo r c o a l b y th oso w h o are able
t o p ro d u ce an d deliver m oro than th eir ou tsta n d in g c o n tr a c ts require.
In o th er w o rd s, a fe w traders m a y b o a b lo an d w illin g to ca p ita liz e the
urgent n ecessity o f the co n su m e r an d th eir o w n a b ility to d e liv e r.
The
p rem iu m fo r fuel n ow be in g p a id gen era lly b y th o con su m ers o f th o co u n tr y
an d b y such traders as have be e n ca u g h t s h o rt in thoir c o n tr a c ts is in reality
n o t p ro p e rly chargeable t o c o s t o f c o a l bu t t o c o s t o f ca r an d la b o r sh ortage,
ju s t as in th e tim es o f stress a c c o m p a n y in g la b o r troubles the p re m iu m p aid
b y their con su m ers is a p art o f the p rice th o c o u n t r y p a y s fo r strikes.
F o u r general item s o f c o s t m u st b o con sid ered as n o rm a lly c o n tr lo iin g
the price o f co a l to th o co n su m e r— resource c o s t , m in in g c o s t , tra n sp o rta tio n
c o s t , a n d m ark e tin g c o s t .
U n der usual co n d itio n s ea ch o f these ite m s
includ es a m argin o f p r o fit w h ich m a y seem eith er oxcessivo o r in a d e q u a te ,
a c c o r d in g to y o u r p o in t o f v io w . Y e t an u n b ia se d co n s id e ra tio n o f those
co st item s is a b s o lu te ly essential as a p re lim in a ry to th e d e cisio n b y th e
p u b lic w h ether w e aro b u y in g co a l a t a fa ir p r ice , an d i f n o t w h y n o t.
A s lo n g as it is th o p o p u la r v io w th a t tho p rico o f c o a l is m ado u p o f on e
p art oacii o f m in in g c o s ts a n d fre ig h t co s ts t o t w o p arts each o f o p e ra to r’s
p ro fits an d railroad d iv id e n d s , w ith the c o s t o f a certa in a m o u n t o f needless
w aste o n th e sid e , th o d o m a n d fo r in v e s tig a tio n w ill c o n tin u o , an d in s o
fa r as thero is a n y elem en t o f tru th in this v io w , legislative a ctio n is ju s tifie d ,
even th ou gh the p rescribed re fo rm m a y a p p ro a ch tho extrem e o f p u b lic
o w n ersh ip a n d o p e r a tio n o f m in es a n d r a ilr o a d s .
A s th e in itial ite m o f c o s t , th o a m o u n t c h a r g e d a gain st th o m ark eted
p r o d u c t as th e va lu e o f th e c o a l in th o g r o u n d , w h ich fo r b r o v it y m a y b o
term ed th o reso u rce c o s t , is p e rh a p s th e ite m m o s t o fte n o v e r lo o k e d b y
th e c o a l co n s u m e r, an d fo r tills reason th at p h a so o f th e s u b je c t w ill b o
fu lly co n s id e r e d a fte r th e o th e r item s aro tre a te d .
T h o icem o f c o s t fir s t t o b e co n sid e re d represents th a t p a rt o f th o v alu e
g iv e n t o th o to n o f coal b y th e m in e o p e ra to r an d th e m ln o w ork er. T h is
m a y b e term ed m in in g c o s t, b u t it m u st in clu d o th o o p e r a to r ’s selling costs
an d o th e r o v e rh e a d expenses as w ell as th o m in in g c o s ts p r o p e r w h ich
in clu d e th e larger exp e n d itu re s fo r w ages, su pplios, a n d p o w e r . T h is
c o s t plus th o resou rce c o s t— th o r o y a lty o r d o p lo tio n ch a rg e — a n d th o
p r o fit or loss o n th o sale m ak e up th o v a lu e at th o m in o m o u th . T h e m in ing
c o s t varies n o t o n ly be tw e e n m in es o f d iffe re n t co m p a n ie s in separated
fie ld s b u t e v e n betw een a d ja c e n t m in es o f the sa m e c o m p a n y in th o sam e
fie ld . B o th n a tu ro a n d m a n c o n tr ib u te t o s u ch v a r ia tio n .
I t is n o t p r a c tic a b le t o assign a v e r y e x a ct fig u ro t o th o m in in g c o s t—
th e ce n s u s o f 1909 in d ica te d an a v e r a g e o f $1 a to n fo r bitu m in o u s co a l
an d $1 86 f o r a n t h r a c it e , b u t theso fig u re s a r e be lie v e d b y so m e o p e r a to r s
t o b o to o lo w .
It is p o s s ib le , h o w o v e r , to s h o w in a gen eral w a y th e d is ­
tr ib u tio n o f this item ; th o c o s t o f m in ing is d iv id e d b otw een la b o r , 70 to
7 5 % ; m a te ria ls, 16 t o 2 0 % ; general expon se a t m ln o a n d o ffic e a n d in su ran ce,
2 t o 4 % ; taxes, less than 1 % t o 3 % fo r bitu m in o u s c o a l, an d 3 t o 7 % fo r
an th ra cite ; sellin g expenses, n o th in g t o 5 % : a n d r e c e n tly to theso item s
has been a d d e d the d ir e ct an d in d ire ct c o s t o f w o rk m e n ’s co m p e n s a tio n
w h ich m a y reach 5 % fo r b itu m in o u s c o a l. T h e ch arges fo r la b o r , m aterial,
a n d general o ffic e expenses aro e asily u n d e rs to o d , as is also a ch a rg o fo r
d e p re cia tio n o f p la n t an d m a ch in e ry ; b u t taxos au d soiling oxponses aro
im p o rta n t item s th a t m a y b o o v e r lo o k e d b y th o casu al o b se rv e r. S om e
figu res r e c e n tly p u b lish e d sh ow t h a t tho taxes le v ie d in W e s t Virginia
last y ear o n co a l lan d s an d c o a l-m in e im p ro v e m e n ts — th a t is, o n th o in ­
d u stry as a w h o le — w ere e q u iv a le n t t o n e a rly 3 co n ts p er to n o f co a l p r o ­
d u c e d , w h ich is d o u b tle ss fu lly as m u ch as tho p r o fit m a d o b y m a n y o f
the o p e ra to rs in th a t S tate.
T h o c o s t o f soilin g c o a l is n oth in g fo r tho c o m p a n ie s th a t use th oir ow n
p r o d u c t, in clu d in g th e Steel C o r p o r a tio n an d a large n u m bor o f others,
an d is little o r n o th in g fo r th o p ro d u ce rs w h o sell n early all thoir co a ls to
s u ch largo con su m ers as the railro a d s. C o m p a n ie s th a t p r o d u c o c o a l fo r
d o m e stic use an d th e gon eral run o f steam trad e m u st fig u ro o n a selling
c o s t as h igh as 10 ce n ts or m oro per to n , th o c o s t d ep e n d in g o n tho e x te n t
o f their business. T h e averago selling c o s t fo r b itu m in o u s c o a l is p r o b a b ly
5 t o 10 cen ts a to n . a n d fo r a n th ra cite the usual ch argo o f sales agencies is
re p o rte d a s 10 ce n ts a to n fo r ste a m sizes a n d 15 co n ts fo r tho prepared sizes.
T o h elp to w a rd a rea liza tion o f th o m a g n itu d e o f this tra n sp o rta tio n
ite m , it m a y bo‘ p o in te d o u t , first, th a t a ll b u t 1 4 % o f the o u t p u t o f th o
c o u n t r y ’s c o a l m in es, a ggregatin g 532 m illio n t o n s , is m o v e d t o m arket
b y rail o r w ater, an d s e c o n d , th a t n early h a lf o f th e b itu m in o u s co a l (4 7 %
in 1915) a n d m oro th an tw o -th ird s o f th e a n th ra cite (7 1 % in 1915) is
sh ipped ou tsid e o f th e States in w h ich it is p r o d u ce d .
A s has a lre a d y beon su ggested, the tr a n s p o r ta tio n ra to in fo rc e fro m
a n y c o a l fie ld to a n y m ark et c a n re a d ily b o learned b y tho co n su m e r w h o
w ishes t o figu re this ite m in th o c o s t o f tho c o a l h o b u y s.
T h e re fo re
in th o present gen eral co n sid e ra tio n o f th o s u b je c t it is su ffic ie n t t o sta to
the averago va lu o o f this ite m . I n th o in te rsta te tr a ffic , b o th rail an d
w ater, bitu m in o u s c o a l p r o b a b ly p a y s an a vera go fre ig h t o f n e a rly $2
per to n . In o th er w o rd s, th o tra n sp o rta tio n c o s ts m ore th an th o p r o d u c t
a n d , as s o m e parts o f th o c o u n tr y aro ju s t n o w learn in g, is som e tim e s
m o ro d iffic u lt t o o b ta in . T h e v a lu o o f co a l lik e th o va lu o o f s o m a n y oth er
c o m m o d itie s , is a p la ce v a lu e .
.
T h o average fre igh t ch argo o n a n th ra cite is h igh er th an th a t o n b itu m i­
n ous c o a l, firs t becau se th o rates are higher an!) se c o n d beeau so a cco rd in g
to tho rop orts o f th o In tersta te C o m m o rco C o in m is io n , all m o v o m e n t
co n sid e re d , th o c o a l is carried a greater distan ce.
T h o c o s t o f han dlin g tho c o a l, exclu siv e o f fre ig h t, fro m th o tim o it
loaves th o p ro d u ce r until it is in th e co n s u m e r’s fu el b in , m a y bo term od
tile m ark etin g c o s t . I t ca n re a d ily b o soon th at a largo p a rt o f th o coa l
p r o d u ce d is n o t s u b je c t to this c o s t fo r m o s t largo usors o f s te a m c o a l,
such as th e railroads an d th o c o k e m a n u fa ctu rers, p la c o c o n tr a c ts d ir e ctly
w ith th o p ro d u cin g co m p a n ie s o r thoir soilin g agen cies an d b u y in th e
o p e n m ark et o n ly w hon th eir needs o x ceed th o deliveries u nd er thoir c o n ­
tra cts. M u c h o f th e c o a l, h o w o v o r , b o th a n th ra cite a n d b itu m in o u s,
passes th ro u gh th e han ds o f a w h olesale dealer o r jo b b e r b e fo re it is received
b y the retail dealer w h o pu ts it in ou r cellars o r in th o bin s o f a p o w e r p la n t.
C o a l th a t g e ts a lo n g w a y fro m th e m in e m a y pass th ro u gh m a n y hands
b e fo ro it reaches the co n su m e r, an d it n o t o n ly p a y s co m m ission s all alo n g
th e line b u t is s u b je c t to shrinkage an d d e te rio ra tio n , b o th o f w h ich enter
Into th o fin a l selling p rice t o th o con su in or.
B rok ors aro u sually satisfied
to m a k o a gross p r o fit o f perhap s 10 ce n ts a to n , b u t as several brokers
m a y m ake a “ turn o v e r ” o n th o sam o car b efore it is u n lo a d e d this elem en t
o f c o s t m a y b e several tim es th a t a m o u n t.
A b o u t h a lf o f tho a n th ra cito an d aro u n d 1 5 % o f the b itu m in o u s co a l
is retailed in less th an ca rlo a d lo ts , an d the greatest n u m b e r o f in divid u als
aro d ir e ctly co n ce rn e d in th o m ark etin g o f this p o r tio n , regardin g tho
p ro fits on w h ich thero is the w idest d iv e rg e n ce o f o p in io n . T h o m argin
in the retail business betw een c o s t o n cars an d p rico deliv e re d is betw een
S I .25 an d S2 a to n an d is n o t m ore than e n o u g h t o g iv e o n th o averago
a fa ir p r o fit . T h o shrinkage a n d . in p a r t, th e d e te rio ra tio n aro togeth er
se ld o m less than 1 % o f tho w e igh t a n d m a y ex ce e d 4 % , an d th o retail
dealer also m ust p r o v id o in his selling p rico fo r u n c o llc c tlb lo a cco u n ts.
A d v e rtisin g is a large expense— in p a rt ca rrie d b y th o retailer d ire ctly
b u t all bo rn e b y th e in d u stry. T h o largest single ite m in th o c o s t o f
retailin g is o f cou rse th at representin g tho la b o r o f h an d lin g an d tho lo ca l
ca rta g e , w h ich to ge th e r m ak e u p a b o u t h a lf tho m a rk e tin g c o s t .

Dec. 2 1916]

THE CHRONICLE

2049

T h c r o n ow rem ains to b o co n sid e re d th e fir s t m a jo r ite m , o r th e resource
b y a c o r p o r a tio n th a t w o u ld n e e d t o issue 6 % b o n d s. S uch is a n illustra­
c o s t , w h ich is w h a t th e o p e ra to r has t o p a y fo r th e c o a l in th o g r o u n d —
tio n fr o m a ctu a l e x p e rie n ce in c o a l-la n d v a lu a tio n — th e 4 o r 6 m illion
th o id le resou rce, w h ich ho sta rts o n its ca reer o f u sefulness. T h is c o s t Is d o lla rs in v e ste d in these O k la h o m a c o a l la n d s n o w w o u ld r e q u ir e a final
expressed as a r o y a lty o r a d e p le tio n ch a rge .
retu rn o f 160 m illion d o lla r s in ro y a ltie s t o b a la n ce th e a c c o u n t.
O n o o f th o latest leases b y a largo c o a l-la n d o w n e r p r o v id e s fo r th o
M o r o r e c e n tly M r . C u sh in g th e e d ito r o f “ B la c k D ia m o n d " has fig u red
p a y m e n t o f 2 7 % o f th e sellin g p rice o f th o c o a l a t th o b re a k e r. T h is
th o c o s t o f a m o n o p o lis tic c o n tr o l o f th o a v a ila b le c o a l resou rces east o f
percen ta g e is th erefore n o t o n ly a r o y a lt y fig u re d o n tn o m in era l re so u rce ,
th o R o c k y M o u n ta in s o n th e basis o f th o U n ite d S tates “ G e o lo g ica l S u r v e y ”
b u t also a co m m is s io n b a se d o n th e m in e r’s w a g e . T o b rin g th is right
o stim ato o f t w o m illion m illio n to n s. A t a v a lu a tio n o f c o a l in th o g rou n d
h om o t o y o u a n d t o m e , It m a y b o sa id th a t t h o p ra c tic a l resu lt is th a t If o f o n ly 1 c e n t a to n , w h ich as he sta te d is less th a n has been p a id fo r large
th e a n th r a c ite w o burn in o u r ran ge th is w in te r h a p p e n s t o c o m e fro m
h o ld in g s, this d e a l Avould requ ire a ca p ita liz a tio n o f 20 b illio n d olla rs,
th a t p a rticu la r p r o p e r ty , w o w ill p a y fu lly S i a to n Into th o tre a su ry o f
an d th o fix e d charges o n th e b o n d s o f this U n ited States C o a l C o rp o ra tio n
th o c it y tru st th a t ow es Its o xlston eo t o th e fa r-se e in g b u sin ess senso o f
Avould requ ire an in terest ch argo a lo n o o f $2 a to n against a p r o d u c tio n o f
a h a rd -h ea d ed citiz en o f P h ila d e lp h ia .
W h e th e r su ch a r o y a lt y Is exce ssive
600 m illio n to n s a y e a r. M r . C u sh in g ch aracterizes s u ch a fin a n cia l
o r n o t, th o fa ct rem ain s th a t th is is tho tr ib u to p a id t o p r lv a to o w n e rsh ip .
u n d e rta k in g in m ild term s as h o p e le ssly im p o ssib le , a n d y e t his figu res,
T h o p resen t a v e ra g e ra to o f r o y a lt y o n a n th r a c ite Is p r o b a b ly be tw e e n
Avhich d o n o t in clu d e taxes, are m o s t en lig h ten in g as a ffo r d in g so m o m easure
32 .and 3.5 cen ts a ton on all sizes, w h ich is fro m 12 t o 1 4 % o f th o soilin g
o f th o c o s t o f possessin g an u n d e v e lo p e d resou rce.
In c id e n ta lly , these
va lu e at th o m in e . T h e m in im u m ra to (a b o u t 1 0 % ) Is fo u n d In s o m o o ld
sta rtlin g figu res fu rn ish a s tro n g a rgu m en t fo r th e present p o lic y o f th e
•eases, a n d th o m a x im u m (20 t o 2 7 % ) in leases m a d o in th o last f iv e years,
N a tio n a l G o v e rn m e n t in re ta in in g o w n ersh ip o f th e p u b lic c o a l la n d s,
It. V . N orris s ta tes th a t in th o late six tie s, w hen th e ann ual o u t p u t o f
a t least u p t o th o tim e w hen th o m a rk e t c o n d itio n s ju s tify th e op en in g o f
a n th ra cite w as a ro u n d 15,0 0 0 ,0 0 0 to n s , ro y a ltie s w ero 8 t o 10 ce n ts a ton
a m in e an d then eith er leasin g o r sellin g a tr a c t o n ly largo e n o u g h fo r
on p re p a re d sizes, b u t th a t n o ch a rg e w as m a d o o n th o sm a lle r size s. In
th a t o p e r a tio n . T h e co n su m e r o f th o n e x t ce n tu r y s im p ly c a n n o t a ffo r d
th e seven ties th o ra te rose t o 25 ce n ts o n p re p a re d , o n e -h a lf th a t o n p e a ,
t o h a v o p r iv a te ca p ita lists in ve st t o -d a y in co a l la n d fo r th eir g reat g ra n d ­
ch ildren t o lease.
a n d on o -fo u rtli o n sm aller size s. I ly th o m ld d lo eig h tie s, w h e n th o o u tp u t
w as a th ird Avhat it Is iioav, th o ra te Avas a b o u t d o u b le th a t o f th o se ven ties
T h e b u rd e n th a t seem s e v ita b le u n d e r un regu lated p r iv a te o w n ersh ip
o f a natural resou rce lik e co a l is th a t be ca u se th o lands c o n ta in in g these
— th a t is, 40 t o 50 cen ts on th e larger size s an d 5 t o 10 ce n ts o n th o sm aller
sizes. T h o te n d e n c y is still u p w a rd b y reason o f increa ses in th o rates
n ation a l reserves o f h e a t an d p o w e r aro ta xe d an d b ecau se th e in d ivid u a l
o r c o r p o r a tio n p r o p e r ly ch arges u p in terest a t cu rren t rates o n his large
fo r in term ed ia te sizes a n d th o o p e r a tio n o f r o y a lt y rates ba sed o n a p er­
h o ld in g , th o co n su m e r m u st p a y a resou rce c o s t w h ich tak es in to a c c o u n t
ce n ta g e o f th e sellin g v a lu e , an Increasin g q u a n t it y . F ig u re d o n th e
tho lo n g p e rio d o f u n d e v e lo p m c n t. E v e n th o h igh rates o f r o y a lt y on
o u t p u t fro m th o G ira rd lan ds, w h ich is n e a rly 3 % o f th o to ta l p r o d u c tio n ,
e gross return t o th e esta te fro m Its coal lands Is o v e r 50 cen ts a t m . •'
th o lan ds o f th o G ira rd E sta te m a y be fo u n d less exce ssivo th an th ey
N o r is tho increase in v alu e o f an th ra cite lands a n y less strik in g . A t
seem if a ce n tu r y ’ s taxes an d interest ch arges are fig u re d . Y e t th o fa c t
t h o beginning o f tho last c e n tu r y , as s ta te d b y M r . N o rris, th o g roat b u lk
rem ain s th a t tho r o y a lt y fo r an th ra cito represents a m u ch larger p r o ­
o f theso lands Avero p a te n te d b y tho S ta te o f P e n n sy lv a n ia fo r $2 t o $4
p o r tio n o f th o c o s t o f th e m in ed c o a l th an a n y bitu m in ou s ro y a ltie s . M o r e ­
an acre; in the m id d le o f the ce n tu r y th o p rice o f tho b e st la n d rose t o $50,
o v e r , avo b e lie v e th o h igh est r o y a lt y p e r v a d in g in tho a n th ra cite region
an d in 1875 oven t o $500. N o w $3,0 0 0 an aero has been p a id fo r virgin
has fa r m o re in flu e n ce in fix in g th e sellin g p rice than th e low er rates o f
c o a 1 la n d , and little is o n th o m a rk e t a t th a t. In con sid erin g these increases
th o o ld er leases.
in land valu es, th e e ffe c t o f interest and taxes m ust n o t b o o v e r lo o k e d .
A n y s tu d y o f co s ts in th o c o a l in d u s try fin d s its p o in t in th o qu estion
S h ou ld y o u be interested in su m m in g u p all those variou s co sts and
n o t Avho b u t w h a t fix e s th e p rice o f c o a l. T h e c o s t o f m in in g c o a l, like
strik in g a b a lan ce betw een la b o r ’s share an d c a p ita l’s retu rn , y o u w o u ld
th o c o s t o f liv in g , is in crea sin g. E x a c t m in in g co sts, h o w e v e r , ca n n o t
fin d th a t tho m in e Avorker, th o train m a n , an d th o w agon d riv e r to g e th e r
b o de te rm in e d u n til th o o p e ra to rs h a v e a cco m p lish e d th eir re form o f
receive ful.'y h a lf o f th o p rice ot th e a n th ra cito d eliv ered at y o u r h ou so,
sta n d a rd iz in g a c c o u n tin g . T o o o fte n tho o p e ra to r in clu d es in his a c c o u n t
a n d ih e saino three classes o f la b o r re ce ivo n o t less than h a lf th o p rico p aid
o n ly th o t w o la rg e st an d m o s t o b v io u s item s, la b o r and m aterial. T h u s ,
b y th e average con su m er fo r th o ch ea p er s o ft c o a l. In a sim ila r m anner
Avhcn th e m a rk o t fo r b itu m in o u s c o a l is d u ll, th e c o m p a n y w h ose land
th e a vera ge return on t h o cap ital in vested in la n d , m in in g p la n t, railroads,
co s ts little o r n o th in g is a b lo t o set a low er lim it o f price th an th e c o m p a n y
an d coal y a rd m a y b o ro u g h ly ca lcu la te d , Avith th o result th at la n d lo rd ,
Avhoso co a l m u st stan d a ch a rg e o f 5 t o 10 ce n ts p er to n o r e ven m o re , be
b o n d h o ld e r a n d s tock h o ld e r o f co a l c o m p a n y a n d railroad to g eth e r r e ce iv o
th a t ch argo c a lle d r o y a lt y , d e p le tio n , o r a m o rtiz a tio n . A t su ch tim es
a b o u t $1.15 fro m th o to n o f an th ra cito a n d o n ly 50 t o 75 ce n ts fro m th o
th o op e ra to r w ith th o larger resou rce c o s t m u st sell at a real th o u g h n ot
ton o f bitu m in ou s co a l, a n d o f eith er ot th ose a m o u n ts tho m in e o p e r a to r ’s
a lw a ys re co g n ize d loss, b u t o f cou rse w ith th o h o p e o f re co u p in g h im self
share is on ly a sm all fra ctio n .
a t tim es o f high p rices lik o th e presen t, i f fo rtu n a te ly h o has a n y c o a l to
I t is n o t th o pu rpose o f this analysis o f co sts t o o ffe r a n y cu re-a ll fo r
soil n o t a lre a d y co n tr a c te d fo r.
E v e n Avith th o averago lo w resou rce c o s t o f b itu m in o u s c o a l, th e state
th o high p rice o f c o a l,y e t som o co m m e n t o n th o fa c ts p resented m a y possess
o f c o m p e titio n th a t is tie d u p Avith id le an d h a lf-w o rk e d m ines results in
valu o. A t least certa in lines o f a p p ro a ch ca n b o p o in to d o u t as n o t vo ry
an a vera go to ta l c o s t th a t is little beloAv th o average soiling p rice. O f
p rom isin g. F or ex a m p le , a n y o n e w h o is a t all co g n iz a n t o f the trend
cou rse in th is business th ere aro th o se , b o th largo op erators a n d sm all,
in p rico o f la b or an d m aterial ca n see little h o p e o f relief in loAver co sts fo r
Avho m ake a p r o fit in lean as w ell as in fa t years, ju s t as there are those
theso item s. F u rth erm o re , o b s e r v a tio n o f tho a d va n ce s m a d e in m ining
m eth od s in tho last d e c a d e o r tAvo a ffo rd s slight w arrant fo r b e lie f in a n y
fo r w h o m th e p rosperou s years are t o o in frequ en t t o k eep th em o u t o f the
ch a rg o o f Avasteful op e ra tio n . A s con su m ers o f co a l w o m ig h t d o Avell han ds o f receivers.
t o im ita te tho e c o n o m y n ow e n fo rce d b y the p rod u cers in tiieir engineering
In th e a n th ra cito fie ld s th e m in in g c o s ts a n d esp e cia lly tho resource
p ractice. In th o N orth e rn A n th ra cito fie ld m a ch in o m in ing is e xtra ctin g
co s ts aro h igher. B u t hero, w ith an a vera ge m ark et d em an d th at n orm a lly
c o a l fro m 22 and 24 in ch b e d s, an d th r o u g h o u t tho an th ra cito region tho
exceeds o r a t least equ a ls th e ava ila b le su p p ly (and w ith th e passing years
avorago r ecov ery c f co a l in m in in g is 6 5 % , as against 4 0 % o n ly 20 years
th is d is p a rity m u st b o e x p e cte d t o in crea se), thero results n a tu ra lly a lack
a g o . N o r are th e b itu m in o u s op erators a n y less progressive In their c o n ­
o f c o m p e titio n fo r th o m ark ot.
E v e n gen tlem en ’s agreem ents aro u n ­
serv a tion o f th o coa l th e y m in e.
necessary as lo n g as e v e r y o p e ra to r c a n rea so n a b ly e xp e ct t o sell his p r o d u c t,
Y e t it m ust b o rem em b ered th at con se rv a tio n o f a natu ral resou rce
an d th o m ark et p rice o f a n th racite a t the m in o m u st th erefore tend t o be
th ou g h it Avill u n d o u b te d ly b o o f d ire ct e c o n o m ic b o n o fit in th o fu tu re,
fix e d b y th o o p e ra to r w h o has the largest m in in g an d resou rce c o s t rather
is n o t essen tia lly a ch eap en in g process; in fa c t , these increased recoveries
th an b y his n eigh bor Avho m a y b e d o u b ly fa v o r e d Avith a m in o less expensive
o f c oa l h avo in largo p a rt b e c o m e p ossible o n ly b ecau se o f a h igh er m arket
t o w o rk an d a lease less e xa ctin g in term s.
p rice. A n d , follotvin g fu rth e r this lino o f th o u g h t, avo m a y sa y th a t tho
C o n fe s s e d ly , this analysis o f th e c o s t elem en ts th at enter in to th e price
increased s a fety in th o c o a l m ines th at has c o m e th rou gh th o co m b in e d
o f co a l em phasizes o u r la c k o f s p e cific fa c ts , Avhich can be su p p lied in the
effo r ts o f the coa l co m p a n ie s , th o S tate in sp ectors, an d th o Federal Bureau t fu tu ro o n ly th ro u gh “ in stallation o f u n iform c o st-k e e p in g m e th od s and
o f M in e s n ecessarily in v o lv e s so m o increase in c o s t o f o p e ra tio n , b u t tho
u n ifo rm an d im p ro v e d a c c o u n tin g s y s te m s ” t o q u o te fro m the d eclaration
few cen ts per ton thus ad d e d t o th o c o s t is a sm all p rico to p a y fo r the
o f pu rposes o f th o P ittsb u rg h coal p ro d u ce rs. W ith th e results o f such
sa tisfa c tio n o f h a v in g th e stain o f blooel r e m o v e d fr o m tho co a l avo b u y .
b o o k k e o p in g in h a n a , m ere de fin ite re p ly ca n b e m ade t o th o p u b lic ’s
T h a t fo rm o f socia l insurance w h ich is noAv e n fo rce d th rou gh the w o rk ­
app eal fo r re lie f fr o m high p rices. Y e t o v e n n o w it m a y b o p ossible to
m e n ’s co m p e n s a tio n law s a lo n e ad d s fro m 2 t o 5 ce n ts a t o n t o th o c o s t o f
suggest h o w th a t re lie f Avill ev e n tu a lly b e o b ta in e d . S tu d y o f present
co n d itio n s in tho c o a l m in ing d istricts fails t o encourage tho idea o f g o v e r n ­
co a l.
In the item o f tra n sp o rta tio n perhap s tho m o st p ro m isin g m oan s o f relief m en tal o p e ra tio n o f tho seven thousand c c a l m in es in this c o u n tr y . M o r e
is th a t o f red u cin g the length o f hau l. T h o u g h m a n y a co n s u m e r’s prefer­
in lino w ith th e trend o f p u b lic sentim en t in th o last d e ca d e , h o w ev er, is
en ce for coa l fr o m a distant fie ld o v e r that fro m a fie ld nearer h o n r is govern m en ta l c o n tro l in the interest o f tho con su m er b y regu lation o f p rices,
based o n special requ irem en ts, th o d ecid in g cle m e n t in the preferen ce o f
an d t o ju d ge fro m th e fa c ts o f experience in tho regulation o f tran sportation
oth er consum ers is s im p ly th o p rice , and this in turn m a y b o la rge rly due
o f o th er p u b lic utilities, th e p u b lic co a l co m m ission w ill b e g iv e n su fficien t
to a d ifferen tial freigh t scale, w h ich *s thus n o t in tho p u b lic Interest if d iscre tio n a ry p ow ers t o safeguard tn e interests o f p ro d u ce r and con su m er
w o ad m it tire prem iso th at it is w astefu l t o bu rn co a l in h au ling coa l into
a lik e, an d o ven m a n d a to ry requirem en ts, eith er legislative o r e x e cu tiv e ,
coa l districts or p ast su ch districts, e x ce p t in so far as q u a lity requirem en ts
Avill b o s u b je c t t o ju d icia l review .
a b s o lu te ly ddm and tho lo n g -h a u l c o a l. T h o recen t castAvard m o v e m o n t
C o m p e titio n seem s t o h a v e fa iled o f late years t o b e n e fit th e con su m er
o f tho h igher-grade co a ls , in p a rt cau sed b y th o e x p o rt d e m a n d , m a y
o f c o a l. In tn e bitu m in ou s fields tho c o m p e titio n Avlienover present
in v o lv o som e increase in tho averago length o f haul and thus in tho trans­
has been w asteful an d In the an th ra cito fields there has been practical
p o r ta tio n cost o f c o a l n o t e x p o r te d , b u t on th e o th e r h an d this e n fo rce d
absen ce o f h e a lth y c o m p e titio n , and Avhether t o o great o r t o o little c o m ­
a d ju s tm e n t m a y lead s o m o con su m ers t o d is c o v e r nearer h o m o sou rcos o f
p e titio n , tho result is the sam e— t o increase th e actu al c o s t o f bitum inou s
co a l eq u a lly avcII suited t o their pu rposes.
co a l b y saddlin g th o in d u stry and its p r o d u c t w ith tho fix e d ch arges on
R e d u c tio n in m arketin g costs is a reform so clo s o t o the con su m er that
id le o r sem i-idle, m ines and t o raise th e price c f anth racite coa l b y fa vorin g
h o sh ou ld bo ab le t o fin d fo r h im se lf w h a tever re lie f is p ossible.
Professor
th o burden s o f high resource costs.
M e a d , o f the U n iv ersity o f P e n n sylva n ia , is a u th o r ity fo r th o statem en t
In estim atin g th e aggregate losses incurred b y s o c ie ty b y reason o f the
th at th o deliv ery o f c o a l is c o s tin g th o dealers 50 cen ts a to n m ore than is
largo n u m b er o f m ines n o t Avorking a t fu ll c a p a c ity , tho fa c ts t o b o c o n ­
necessary.
sidered aro th a t th e capital in vested in m in e equ ip m e n t asks a Avago based
T h ero o n ly rem ain s, therefore, th e fir s t ite m o f a ll— tho v a lu o o f tho
o n a y ear o f 365 d a y s o f 24 h ou rs, Avliile la b o r ’s ye a r a ve ra ge d last year
c o a l in th o g rou n d , o r rather th e return Avhich tho la n d -o w n e r is asking
o n ly 230 d a y s in th e a n th ra cite m ines and o n ly 203 d a y s in th o b itu m in ou s
f o r this n a tu ral resource. T h o fo rtu n a te h o ld e r o f c o a l la n d , Avhcthcr a
m ines Avith o n ly 5 t o 8 hour* t o the d a y .
v o r y hum an in d iv id u a l o r a soulless co r p o r a tio n o r a largo trust estate
A s co a l is m ore an interstai j than in tra sta te c o m m o d it y , a n y regulation
adm in istered fo r b en e v o le n ce o n ly , is lik e ly t o e n d e a v o r t o g e t all that
o f prierts needs t o b o u n d er F e d e ra l‘c o n tr o l, an d t o be n e fit b o th con su m er
th o tr a ffic Avill bear.
E sp ecially in tho possession o f a limited resourco
an d p ro d u ce r such co n tro l can n o t s to p w ith tra n sp orta tion an d m in ing
like an th racite, th e te n d e n cy has been an d will co n tin u e t o b o t o increase
co sts b u t m u st stan d re a d y t o exercise fu ll rights as a trustee o f th e p eop le
roy a lties as the y ea rs pass, an d the o n ly p e n a lty Im posed b y the S tato fo r
o v e r th e co a l in th e g r o u n d . T h e p riv a te OAvner o f coa l la n d , Avhich d e­
high roy a lties seem s to be h igh taxes, Avhich to o o fte n , in d eed , serve to
rives its real va lu e fro m s o c ie t y ’s needs has n o m oro sacred right t o d ecid e
ju s tify th o high resou rco c o s t p u t u p o n co a l in tho g ro u n d . F in a lly,
Avhether o r n o t th a t coa l shall be m in ed w hen it is needed b y s o c ie t y or
In considering r o y a lt y rates o r d e p le tio n ch argo avo m ust n o t o v e r lo o k the
t o fix an ex h o rb ita n t price o n this indispensable national resou rce than
in terest th a t accu m u la tes th ro u g h o u t tho p eriod botAveen th o purcliaso
th e c o a l o p e ra to rs h a vo t o c o m b in e fo r the pu rposo o f e xa ctin g an excessive
o f th o coal lan d an d tho re m o v a l o f tho last ton o f c o a l.
p r o fit fro m th e co n su m er, o r the railroads t o ch argo all th a t th e tra ffic
In placin g a valu o u p o n th o ChoctaAV lands so m o years a g o th o “ G e o ­
m a y bear. T h e pro p o sa l t o brin g landoAvner u nd er tho sam e rule as m ine
logical S u r v e y " figu red tho aggregate royalties a t cu rren t rates as 160
o p e ra to r an d co a l carrier m a y seem r a d ica l, b u t w here is th e p o in t a t Avhich
m illion dollars hut if that a m o u n t o f r o y a lty Avero t o b o c o lle c te d through
co a l b e co m e s th o resou rco u p o n Avhich industrial s o c ie ty d ep e n d s fo r its
th o six or seven cen tu ries required fo r m in in g th o t w o th ou san d m illion
v e r y life.
tons und er this la n d , tho present valu o o f tho land w o u ld bo o n ly 6 Vi m illion
P u b lic regu lation , h o w e v e r, w ill be fa ir an d Indeed in th o lo n g run will
d olla rs If purchased b y tho F ederal G o v e rn m e n t o r o n ly 4 m illion if p u r ­
p ro v e ben eficial t o tho h a n d o w n e r as Avell as t o th e c o n su m e r, t o th o m ine
ch ased b y tho S tato o f O k la h o m a , a n d o v e n loss if tho p r o je c t Avero fin a n ce d
Avorker as avcII as t o th e o p e r a to r , b ecau se a n y su ch a g e n cy as th e F ederal




T r a d e C om m ission , in its c o n tr o l
w o in terp ret the presen t a ttitu d o
O perators are w illing to rest their
co s ts on w h ich their p r o fits m a y

o f p r ic e s , m u st d e te rm in e c c s ts ; an d as
o f the w h o le co a l-m in irtg in d u s try th e
case o n a fa ir d e te r m in a tio n o f a ctu al
th en b o fig u ro d .

W H A T IRRIGATION HAS DONE FOR THE WEST.
According to the Committee on Statistics and Standards
of the Chamber of Commerce of the United States, practically
all agricultural products can bo grown more successfully on
irrigated lands than on those which aro not irrigated. More
than that, says the Committee, the average production per
acre on irrigated lands of almost every agricultural product
exceeds that of non-irrigated lands by from 10 to 5 0 % ,.
according to the nature of the product. The Committee,
of which A . W . Douglas of St. Louis, is the Chairman, asserts
that irrigation is in fact the most intensive and highest known
form of modern, scientific agriculture. Tho crops aro
practically assured, save in such contingencies as the damage
that comes to fruit from frosts and freezing. There aro no
devastating droughts nor destructive rainfalls to contend
with as in humid lands. It is even asserted there are fewer
insect enemies as a whole because, it is said, tho surrounding
desert offers no harbor of refuge nor breeding place for
such posts. A n idea of the growth of the area under irriga­
tion is revealed by the National Chamber Committee in
tho following figures:
N o . Farms Irrigated in A rid Regions.
1889 ............. .................................- 54,136
1899 .............................................. .1 0 7 ,4 8 9
1909 .............................................. 158,713

in stan ces all o v e r th o w o rld . B o t h S tate law s a n d c o -o p e r a tlv o requ ire­
m e n ts pre scrib e an d regu la te e v e r y in te llige n t d e ta il o f p r o p e r ,c u lt iv a t io n ,
o f g r a d in g , o f p a c k in g , an d o f m a rk e tin g . T h is is w h y th o a p p le s o f t h e
irr ig a te d lands o f th o AVest an d N o rth w e s t sell in th o E a ste rn citio s , w h e n
in s o m o so ctio n s th o h o m o g ro w n fru it o f e q u a l q u a lity r o ts on the trees,
b o ca u s o o f la ck o f in te llige n t c o -o p e ra tio n a m o n g th o gro w e rs in all t h e
d e ta ils o f p r o d u c tio n an d d is trib u tio n .

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Only fifty shares of bank stock Avero sold at tho Stock
Exchange this Aveek and no sales of either bank or trust
company stocks Avere made at auction. Extensive tables re­
porting bid and asked quotations, deposits, surplus, & c., of
banks and trust companies in all important cities in the
United States are published monthly in the “ Bank and Quo­
tation Section,” the November issue of Avhich accompanies
to-day’s “ Chronicle.” Bid and asked quotations for all N oav
York City bank and trust company stocks are also published
Aveekly in another department of this paper, and will be
found to-day on page 2069.
Shares. B A N K — Nero York.
Low.
5 0 - - N a t . B a n k o f C o m m e r c e ____190

High. Close.
194
190

Last previous sale.
N o v . 1916— 195

A Marconi Avireless to us advises us that M r. X . Castelli
has been appointed General Manager of the Swiss Bankveroin
in London, and that the appointment has been received
with general satisfaction in tho city Avliere M r. Castolli
has been known for many years.

Acreage Irrigated in the A rid Regions.
3,6 3 1 ,3 8 1 acres
1889........................
189 9______________
7 ,5 1 8 ,5 2 7 acres
1909............................................. 13,738,486 acres

The total valuo of crops raised on irrigated land was $181,­
617,490 in 1909. A t present the area under irrigation is
estimated at fifteen million acres, with the possibility in
time of increasing this to fifty million acres. A statement
of the Committee says:
T h o C o m m itte o is o f th o o p in io n th o m o s t fa r-re a ch in g , s c ie n tific a n d
c o m p r e h e n s iv e m e th o d o f irrig a tio n is th a t u n d erta k en b y th o F ederal
G o v e rn m e n t u n d er th o a u th o r ity o f th e R e c la m a tio n A c t o f 1902. T h o
S alt R iv e r p r o je c t near P h o e n ix , A r iz o n a , m a y b o ta k e n as t y p ic a l o f these
en terp rises. T h o lan ds u n d er irrig a tio n h a v o ann u al rain fa ll o f fro m three
t o ten in ch es, b u t th o s ou rces o f th o Salt an d V e rd e R iv e r s aro in th o su r­
r o u n d in g h ig h a ltitu d es w h ere th o p r e c ip ita tio n ranges fr o m ten t o tw e n ty
in ch es.
A s a c o n s e q u e n ce o f th is g re a t e n gin eerin g a c c o m p lis h m e n t, th o fo rm e r
d esert v a lle y o f th o Salt R iv e r has b e c o m e a lo ca l agricu ltu ra l c e n tre , p r o ­
d u c in g all m a n n er o f fru it an d ga rd en tr u c k , as w ell as th o gre a t agricu ltu ra l
s ta p les , an d esp ecia lly lo n g fib e r E g y p t ia n c o t t o n , fo r th o la tte r is be in g
c u ltiv a t e d u nd er c lim a tic a n d soil c o n d itio n s sim ila r t o th o s o p re v a ilin g in
th e v a lle y o f th o N ile . T h o s to re d w aters in these d a m s are used t o d o v o lo p
ele ctr ic p o w e r , w h ich is so ld t o th e su rro u n d in g c o u n t r y fo r c o m m e rcia l
a n d in d u stria l p u rp oses.
In 1915 th o to ta l v a lu e o f th o a gricu ltu ra l p r o d u c ts o n th o la n d irrigated
b y th is p r o je c t w as 8 3 ,7 0 0 ,0 0 0 .
R e c e n t ly , th ere w as c o m p le te d an e ven
larger d a m at E lep h a n t B u tt e , near E n g lo , N e w M e x ic o .
I t im p o u n d s th o
flo o d w a ters o f t h e R io G ra n d e and h as gre a te r s to r a g o c a p a c it y th an th o
g re a t A s sou a n d a m o n th o N ile . T h o a ctu a l a p p lic a tio n o f w a ter t o th e
la n d is u su a lly d o n e b y m ean s o f m ain can als o r d itch e s , w h ich c o n v o y th e
p rin cip a l s ou rce o f s u p p ly t o th o g r o w in g c r o p s th ro u g h sm aller Iatteral
d itch e s . I n s om e cases, th o lan d is c o m p le t e ly flo o d e d ; in o th e rs , th e w ater
is d is trib u te d b y m oan s o f fu rro w s.
T h o p rin cipa l so u r c o o f irriga tio n w ater is fr o m stre a m s, a c c o r d in g t o th o
C o m m it te e .
In fa c t , it is s a id , th e y c o n s titu te a b o u t 9 4 % o f th o to ta l
s u p p ly .
So g roat is th e v a r ia tio n in th e flo w o f m a n y stream s th a t in so m e
seasons th o y aro m erely u n c o n n e cte d and in fre q u e n t p o o ls , o r else be d s o f
d r iftin g s a n d . M o r e o v e r , it is n o t en ou gh th a t th e ro b o w a to r, b u t it m u st
lik ow iso b o a v a ila b le. T h o v o lu m e th o C o lu m b ia R iv e r rolls t o th o sea is
in su ch d eep ch a n n els, w ith m u c h su rro u n d in g h ig h la n d , th a t its w aters
c a n b o u sed o n ly b y p u m p in g .
A n o th e r sou rco o f s u p p ly is w h a t is k n o w n as g r o u n d w a te r, co m p risin g
sprin gs an d w olis. S prin gs aro ge n e ra lly d is trib u te d o v e r th o arid lan ds,
b u t th oir a v a ila b le s u p p ly is sm a ll. W e lls aro d iv id e d in to flo w in g w olis
a n d th o s o th a t h a v o t o b o p u m p e d .
In o n o o r th o o th e r o f th ese shapes th oy
aro larg oly used in S ou th ern C a lifo rn ia , th o P e c o s V a llo y o f N o w M e x ic o ,
in S ou th ern T e x a s , in th o T e x a s P a n h a n d le , th o L la n o E s ta c a d o o r sta k e d
p la in s.
In s o m o se ctio n s th o y aro largoly d riv e n b y w in d m ills. Irrig a tio n
b y w ells has o f lato assu m ed m u ch Im p o rta n ce in K a n sa s, becau se o f an
a b u n d a n t s u p p ly , a t ea sily reacliod d e p th s , o f g ro u n d w a to r o r u n d erflow
th r o u g h o u t th o A rk a n sas V a lle y . T h o o u t lo o k is fo r co n s id e ra b le increase
o f irrig a tion in t im e fro m th is so u rco .
In 1909 th o w a te r s d p p ly fro m th e
w olis irrigated 4 5 0 ,0 0 0 o f th o to ta l o f o v e r 1 3 ,0 0 0 ,0 0 0 acres.

“ Given sufficient water in the production of tho usual
staple products, thero is practically no gambling Avith fato in
the shape of weather,” tho National Chamber Committee
declares. It adds:
T h o fa rm er is n o lon g er up a ga in st th e fo rce s o f a natu re w h ich is cruel
as o fto n as sh e is k in d , fo r th o fa to o f his v e n tu re lies a lm o s t e n tire ly in his
o w n h a n d s.
I f ho p a y s fo r w a te r th a t east o f h im is p r o v id e d b y tho c lo u d s ,
h o is in oro than co m p e n s a te d b y increa sed p r o d u c tio n p er aero, th e a lm o st
en tire a b sen co o f c h a n c e o f loss b y n a tu ro ’s c a la m ito u s h a p p o n in g s, and the
c o r ta in ty o f rosults. M e a n w h ilo , th e c o s t o f m a in te n a n ce is co m p a r a tiv e ly
sm a ll.
H is roal p ro b le m is t o fin d an a d e q u a to m a rk e t fo r his p r o d u c ts , fo r he is
u su ally a lon g , lon g w ay fro m th o g reat cen tres o f d e m a n d an d c o n s u m p ­
tio n , an d th o sparsely settled s u rro u n d in g c o u n tr y rarely giv e s h im s u fficie n t
o u tle t.
H o has likow iso t o o v e r c o m e th o h a n d ica p s o f c o s t ly tra n s p o rta tio n ,
an d tho m ish aps and d e la y s o f lo n g tran sit. In gen era l, h e has d o n o so
b eca u se n ecessity c o m p e lle d , and in m o s t h u m a n fa sh io n b y a p p ly in g the
p rin cip a l o f c o -o p e ra tio n to all his e n d e a v o rs .
M o r o th an th a t, h e has m a d e
his m a rk ots and h old s th em b y ju d icio u s a n d u n ceasin g a d v e rtisin g , and
b y establish in g in th o v e r y be g in n in g a re p u ta tio n fo r th o e q u a lity o f
his p r o d u c ts .
It is sm all w on d or, th erefore th a t th o F ru it G ro w e rs A s s o cia tio n s o f tho
F ar W o s t sh ip thoir p r o d u c ts n o t o n ly ail o v e r this c o u n t r y , b u t in m a n y




[Vol. 103.

THE CHRONICLE

2050

As thero are many points about tho exemption of bonds
from the personal property tax in Now York State which
are not clear to the average porson avIio is subject to that
tax, tho Guaranty Trust Co. of Now York has issued a
booklet entitled, “ Bonds Exempt or Exemptible from tho
Personal Property Tax under tho Mortgage Tax LaAV of tho
State of N cav Y o rk .” This booklet contains a large list
of such bonds, giving information concerning such points
as these: The amount of tax; tho exemption socurod;
Avhat bonds aro not exempt; why certain bonds secured by
the same mortgage may bo exempt and others not oxompt;
Avhy some bonds are only partially tax exomp; tho optional
exemption of a bond by tho holder; tho importance of knoAVing Avhether a corporate bond is secured by a mortgage
recorded in the State of N oav York; tho advantage of paying
tho mortgago tax as against tho secured debts tax; and how
tho mortgage tax may bo paid.

A trust company servico, the valuo of Avhich is not generally
knoAvn, is that involved in tho direct custody of securities in
behalf of customers. This and other points concerning
this “ custody” servico are brought out in a 75-pago book,
“ Tho Safe-Keeping of Securities,” just issued by tho Guar­
anty Trust Company of N oav York. Tho company offers
to send tho book free to those interested.
A t the request of Eugeno Lamb Richards, State Superin­
tendent of Banks, a full meeting of tho members of The
Association of tho State Banks of tho Stato of N oav York Avill
be held at tho Hotel Onondaga, Syracuso, N . Y ., Tuosday
next, Dec. 5, at 3 p. m . Tho meeting is called for tho purpose
of acting upon several amendments to tho constitution, one
of Avhich provides for making tho Association praotically
a Stato clearing houso association Avith poAvers to do for its
members anything that a Federal Reservo bank can do for
its members, and at much less exponso. Tho Association,
or its members, cannot issuo currency, but tho suggested
amendments give tho Association poAvcr to procuro currency
or gold for shipment to its members in cases of emergency.
A meeting of tho Board of Governors of tho Investment
Bankers Association Avas held last M onday at tho Waldorf
Astoria Hotel, LeAvis B . Franklin, Vice-President of tho
Guaranty Trust Co. and President of tho Association pre­
siding. Members of the Board from all parts of tho oountry
Avere present. Only routine business pertaining to tho
Association’s affairs Avere discussed and acted upon. It Avas
decided by tho Board to hold its noxt annual convention
in Baltimore, some time betAveen Sept. 15 and Oct. 20 1917,
a definite dato to be sottled upon at its next mooting. This
will be tho first time the Association has convoned in B alti­
more, although the Board of Governors has mot in that city
in the past.
The Guaranty Trust Co. of N oav York has applied to tho
Stato Superintendent of Banking for authority to establish
a branch in Paris. The company already has a branch
office in London and tho opening of a Paris offico is said to
havo been found necessary because of tho growth of the

Dec . 2 1916.]

THE CHRONICLE

company’s business in Franco. A representative of the
bank, Alexander Phillips, has been in Paris for some time
for tlio purpose of handling the details incident to the es­
tablishment of tho branch bank. The Farmers’ Loan &
Trust Co. and tho Equitable Trust Co. are among the New
York institutions which already have branches in Paris.
William P. Bonbright & C o ., In c., 14 W all St. this city,
have just leased for a long term of years commodious quarters
in tho Equitable Building. They will occupy tho northeast
corner of tho main floor together with the basement, mezza­
nine, and part of the second floor. A privato elevator
system will bo installed. A now entrance will bo made on
tho Nassau Street sido, and one in the main corridor. W ill­
iam P . Bonbright & C o. expect to take possession of their
now quarters about tho first of M arch.
Tho New York Agoncy which we announced last week
will bo opened on M onday noxt by tho Bank of British
W est Africa, L td ., will bo under the management of Robert
Roland Appleby. The agency, which will bo located at 0
W all Street, will bo prepared to issuo letters of credit, make
remittances by draft or cable, and negotiate or collect bills
payablo in England, W est Africa, Canary Islands and
Morocco. Tho annual statement of tho bank, whose head
office is in London, was referred to at length in our issuo of
Saturday last.
Morris K . Parker, heretofore manager of tho bond depart­
ment of tho Equitablo Trust Co. of this city, has been chosen
Vice-President in charge of tho bond and investment de­
partments to succeed Reginald W . Prossprich, resigned. M r.
Pressprich will continuo, aftor Jan. 1, in the bond business
under tho firm liamo of R . W . Pressprich & C o ., this city.
A Foster Higgins, formorly President of tho Knicker­
bocker Trust C o ., of this city, died on N o v . 28; ho was in
his eighty-sixth year and was a nativo of M acon, G a. M r.
Higgins served as President of the Knickerbocker Trust,
now tho Columbia Trust C o ., during the panic period of
1907 and assisted in the rehabilitation of the Knickerbocker.
Ho was well known in the insurance world and was considered
the foremost adjustment expert in this country.
M r.
Higgins was formorly a director of the Albany Trust C o.,
of Albany, N . Y ., tho Crocker-Wheeler C o., and the Knick­
erbocker Safo Deposit C o. Ho was also a former President
and Treasurer of tho Mexican Northern Railway. A t tho
time of his death M r . Higgins was a director of tho Som brereto Mining C o., and a momber of tho insurance bro­
kerage firm of Johnson & Higgins, 49 W all Street.
Tho W . It. Graco & C o’s. Bank of this city, which was
organized in Juno 1915 by that firm to conduct its banking
business, has recently increased its capital from 8100,000
to 8500,000 and its surplus from 825,000 to 8500,000. Josoph
P . Graco is Chairman of tho board of directors of tho bank,
and J. L. Schaefer is President.
Andrews & C o ., bankers of Now York and Chicago,
have purchased tho twelve-story building at 27 and 29 Pino
Street, erected several years ago by tho banking firm of
Kuhn, Loeb & C o., who occupied tho lower floors previous
to their removal to thoir present quarters at Pino and W il­
liam Streets. Tho property was purchased from tho 27
Pino Stroot Corporation, C . C . Marshall, President, who
purchased it from Kuhn, Loeb & Co. in July, 1912.
Whilo
tho prico is not mado public, it is understood the property
was valued at 81,000,000, notwithstanding tho fact that tho
former owners appraised the property at 81,327,400, of which
the ground was estimated as being worth 8827,400. The
building covers a plot of 50.1 on Pine Street and extends
back 94.8 to tho United Statos Assay Office and the Gallatin
National Bank Building. The present owners, now located
at 34 Pine Street, aro to occupy the ground floor and base­
ment, which are already arranged for a banking office, the
basomont containing a vault.
As wo havo heretofore noted, tho shareholders of tho
Ilarriman National Bank of this city will vote at tho annual
mooting on Jan. 9 next to increaso tho capital stock of the
bank from 8500,000 to 81,000,000, paying for the now shares
of tho stock with a 10 0 % dividond which it is tho intention
of tho bank to declaro at that time. Tho figures of the
statomont of tho bank as just published in accordance with
tho call of tho Comptroller of tho Currency show capital,
surplus and undivided profits aggregating 81,775,000, and




2051

deposits of 827,400,000, an increase in tho latter item since
the last previous call of the Comptroller, Sept. 12, of 8 2 ,­
500,000 in tho two months. When the Harriman National
Bank received its charter on March 20 1911, the deposits were
84,100,000. These figures place the Harriman National
Bank among the 100 banks of the United States, according
to tho last estimate, showing deposits of 825,000,000 and
over. The Harriman National Bank has the distinction of
being unaffiliated with any other institution.
The prolonged and much contested litigation between the
defunct Carnegie Trust C o. of this city and Samuel II. Kress,
a director of the company up to tho time of its suspension
in January 1911, has been settled out of court, it is said,
by Superintendent of Banks Richards. As a result of the
settlement M r. Kress, it is stated, has agreed to pay 879,500
to the liquidators of the trust compnay. This amount
is comprised of 874,500, the assessment on 745 of Carnegie
Trust stock owned by M r. Kress and 85,000 in settlement
of a suit instituted by the State Banking Department
against Kress for his alleged negligence as a director of the
trust company, in permitting the discount of the so-called
“ fertilizer notes” which figured in the prosecution of William
J. Cummins, Chairman of the Executive Committee of the
Carnegie Trust, who is now serving a prison term for his
transactions with the company.
Tho indictment found against James T . W ood, formerly
Vice-Chairman of the executive committee of the defunct
Northern Bank of this city on a charge of “ having concurred
in making a report to the State Banking Department re­
garding the pecuniary condition of the Northern Bank,
containing a material statement which was false and known
by him to bo false,” was dismissed on N o v . 28 by Justice
Shearn of the Supreme Court of this city. The indictment
was obtained against W ood on N o v . 1 1912. The charge
was based on the entry in the report of the Northern Bank
of 8208,000 as cash, whereas it was alleged that sum was
represented by checks of the Bankers’ Realty & Security C o .,
of which M r. W ood was formerly President; these checks
were said to have constituted an overdraft, the latter com­
j pany at the time the report was made, Oct. 27 1910, having
it is claimed no balance in the Northern Bank. M r. W ood
had been released on 82,000 bail. Frederick K . Morris,
an ex-employee of the Bankers’ Realty & Security C o ., who
furnished much of the important evidence advanced by the
Stato in tho case, died last year.
A 5 % dividend, it is said, is being paid to the 10,500
depositors of tho Northern Bank of this city, by Stato Supt.
of Banks Eugene L . Richards. The dividend being dis­
tributed amounts to 8275,500 and depositors of the bank
havo received to date 7 0 % of their holdings. Total divi­
dends declared amount to 83,006,707.
Ilonry C . Mooro has resigned as director of tho Trenton
Trust & Safo Deposit C o ., of Trenton, N . J ., in order to
devote his time to the Presidency of the Broad Street Nation­
al Bank, of Trenton, which office he assumed on N ov . 27.
Tho election of M r . Mooro as head of the Broad Street
National Bank to succeed the late Gen. Wilbur F . Sadler,
was noted in these columns last Saturday.
Tho officers and directors of the Oneida County Trust
C o ., of Utica, N . Y . will open for inspection, today, (Dec. 2)
thoir now banking quarters at 73-75 Genesee Streot, Utica.
Tho company represents a reorganization of the Second
National Bank, of Utica, opened for business on M a y 8
1910 in tho Second National Bank Building. Thomas R .
Proctor is Chairman of the Board and Charles B . Rogers,
President.
The Rhode Island Hospital Trust Co. of Providence, R . I .,
is to erect an 11-story office building on Washington Row,
from Westminster Street to Exchange Place, Providence, in
which it will make its home. Work on tho new building
will be commenced in the near future. Tho exterior of the
proposed structure is to be of limestone, and tho design
will preserve, to a great extent, the best features of Colonial
architecture. The company will occupy the first floor of the
building, where tho general banking rooms will be situated
and also the basement in which will be located a safo deposit
vault of tho most modern construction. In view of tho fact
that tho building now occupied by the trust company ooccupies tho south half of tho site for the proposed building, the
now structure will bo built in two sections, when tho first
half is completed the bank will occupy it and the old building

2052

will then be demolished to allow the completion of tho second
half, which it is expected will bo finished in 1918. The
Rhode Island Hospital Trust C o. has a capital of $2,500,000;
surplus and profits of over $3,200,000, and deposits aggre­
gating more than forty-nine millions of dollars. H . J. Wells
is President.
A new institution, the State Bank of Boston, M a ss., tho
first State bank to bo incorporated in Massachusetts since
the passing of tho National Bank Act in 1863, will begin
business in tho near future at Salem and Parmenter streets,
Boston. The new bank will have a capital of $100,000 and
will be headed by Thomas Nutilo as President. Tho Boston
“ Transcript” reports that the certificate of incorporation
was obtained from the Secretary of State, instead of tho
Massachusetts State Board of Bank Incorporation, becauso
the bank was being organized under the old bank law.
The “ Transcript” says:
I n M a ssa ch u setts th e o ld law seem s t o h a v e rom ain od o n th o sta tu te b o o k s
s u b s ta n tia lly as b e fo re C on gress en a cte d th o n a tio n a l la w , t o re lie v o th o
s trin gen t fin a n c ia l stress ca u se d b y th e C iv il W a r an d th o G o v e r n m e n t’s
d iffic u ltie s in n e g o tia tin g its b o n d s in th o v o lu m o needed t o m a in ta in its
m ilita r y fo rc e s .
N a tio n a l ban k s are in c o rp o ra te d u n d er a u th o r ity o f th o C o m p tr o lle r o f
th o C u rr e n c y in W a sh in g ton an d tru st c o m p a n ie s in M a ssa ch u se tts m u st
secu re th eir c e r tific a te s o f in c o rp o ra tio n fro m th o B o a rd o f B a n k In c o r p o r a ­
tio n , w h ich o f la to h a s been e x c e e d in g ly c a re fu l a b o u t gra n tin g th em t o
sm a ll tru st c o m p a n ie s d o w n to w n .
C h a p te r 115, R e v is e d L a w s , p r o v id e s th a t ten o r m o ro p orson s m a y fo rm a
c o r p o r a tio n fo r th o p u rp os o o f c a r r y in g o n th e business o f b a n k in g . T h o
ca p ita l s to c k o f s u ch b a n k s h a ll b o n o t less than 3 1 0 0,00 0 o r m o ro th an 3 1 ,­
000,000, t o b e p a id in g o ld o r s ilv e r in o n o y , o n o -h a lf w hen th o b an k go e s Into
o p era tion a n d th e b a la n c e in o n o y e a r . T h o m o n e y in th o v a u lts o f th o
ban k m u st be exa m in ed b y three co m m issio n e rs b e fo r o th o b a n k o p e n s its
d o o r s , and th o in c o rp o ra to r s o f th o S ta to b a n k h a vo a p p lie d t o G o v e rn o r
M c C a ll t o a p p o in t these c om m issio n e rs. T h e ban k is a u th o rize d to m a k o
loa n s u p o n s u ch s e c u r ity as th o s to c k h o ld e r s con sid er e x p e d ie n t, an d in
th is resp ect m u ch greater la titu d o is a llo w e d b y olthor a n a tio n a l ban k o r
a tru st c o m p a n y . A t n o tim e aro th o loan s m a d e t o o x ce e d o n o -h a lf th e
a m o u n t o f th o c a p ita l s to c k o f th o b a n k , an d th e d ire cto rs aro h o ld pe rso n ­
a lly lia b le fo r excess o f d e b t b e y o n d th a t p ro v is io n .
T o gu a rd a g ain st cou n te r fe itin g it is p r o v id e d th at tho a u d ito r o f th o
C o m m o n w e a lth sh a ll cau so t o b o sp e c ia lly en graved b ills t o b o issued b y
th e b a n k , an d th e pla tes, d ies an d m a teria ls aro t o rem ain in th o possession
o f th o a u d ito r .
I f a ban k s to p s p a y m e n t th o s to ck h o ld e rs aro h e ld p e rso n ­
a lly lia b le fo r th e p a y m e n t o f all cir c u la tin g n o te s issued b y a ban k an d
rem ain in g u n p a id .

Tho petition recently filed by inhabitants of Milton and
M attapan, M ass., with the Massachusetts Stato Board of
Bank Incorporation for tho organization of a new banking
institution to be known as tho M ilton Trust Co. has been
refused. N o definite reason for the action given by the
Board, according to the Boston “ Transcript.” A t a hearing
in which tho petitioners of tho proposed new bank argued
that the rapid growth of the M attapan Sq. district required
more convenient banking facilities the Blue Hill National
Bank of M ilton, which is said to have opposed tho organ­
ization of tho M ilton Trust C o ., advanced the argument
that if moro convenient banking facilities wero required
some Boston institution would have opened a branch in
that district.
John W a y and M . Albert Linton were elected Vice­
Presidents of the Provident Life & Trust C o ., of Philadel­
phia, P a., at a directors’ meeting N o v . 27; William C . Craige
heretofore Assistant Trust Officer and Title Officer was
made Assistant Trust Officer and General Solicitor. M r..
W ay has served as Assistant Treasurer of tho company,
which title and office ho will continue to hold. M r . Linton
heretofore served as Associate Actuary of tho company and
he will also retain that post.
Irving Kohn, of Kohn, Adler & C o., has been chosen
to the directorate of tho Penn National Bank, of Philadelphia,
P a ., to succeed the lato Robert C . Lippincott.
Ralph R . Stearly has been chosen President of tho Ex­
celsior Trust and Savings Fund C o ., of Philadelphia, P a.,
to succeed Henry G . Wellbrook who declined reelection.
All other officers of the company have been reelected.
The Excelsior Trust and Savings Fund Co. was organized
in 1900, and now has a capital of $300,000, surplus and
profits of over $150,000 and deposits of moro than a mil­
lion dollars.
Stockholders of tho Central Trust Co. of Chicago, 111.,
on N o v . 24, ratified tho recommendation of their directors,
who, as noted in our issuo of Oct. 28, voted to raise the
capital of the company from $4,500,000 to $6,000,000. Tho
new issuo of $1,500,000 of stock is to bo offered pro rata to
stockholders of record of N o v . 24, at $150 a share, on tho
basis of ono new share for every three shares of stock hold.
Tho premium of $50 a sharo on tho stock, it is said, will bo




{ Vol . 103

THE CHRONICLE

carried into tho surplus, increasing tho company’s surplus
fund to $1,750,000. Subscription books will close Dec. 11.
The Central Trust Co. is ono of tho largest in Chicago, and
is headed by Charles G . Dawos.
F.
E . Pearson, Vice-President of the Pipestone National
Bank, of Pipestone, M in n ., has been chosen Superintendent
of Banks in Minnesota by G ov. J. A . A . Burnquist, to suc­
ceed Albert II. Turrittin whose term oxpires this year.
Andrew E . Fritz, of St. Cloud, M in n ., has been reappointed
Public Examiner. M r . Turrittin, tho retiring Superinten­
dent of Banks, had headed tho banking department since
M a y 1914, having been chosen to succeed Kelsoy S. Chase
who resigned to become President of tho Peoples Bank of
St. Paul. M r. Turrittin previous to his appointment to the
banking department was connected with tho Benton County
Stato Bank, of Sank Rapids, M inn. Tho abovo appoint­
ments are for three year terms, and will go into effect on
January 1.
William C . Tompkins has rosigned as Auditor of the
Third National Bank, of St. Louis, M o ., to accept a position
with the First and Old Detroit National Bank, of Dotroit,
M ich . M r . Tompkins liad been Auditor of tho Third
National for tho past four years and previous to that time
was connected with tho First National Bank, of Chicago.
William Murphoy, heretofore head of tho bond department
of the Citizens & Southern Bank, of Savannah, G a ., has
been chosen to the newly created position of Assistant to
tho President. M r. Murphey has been in tho omploy of
tho bank for several years and had for somo time acted as
Secretary to tho President.
Mills B . Lane, President of
the Citizens & Southern Bank, as noted in our issuo of Oct. 28,
is also President of tho American National Bank of M acon,
Ga.
Tho First National Bank, of Portland, Oregon, opened for
business in its new building at Fifth and Stark Streets,
Portland, on N o v . 20. Tho new marblo structure in which
the bank is now quartered is considered ono of tho most
beautiful bank buildings on the Pacific Coast. Tho oxterior
of tho building was designed after tho Athonian Parthenan.
The interior ombraces about 40,000 sq. ft. of floor space,
including tho basement where tho safo deposit vaults are
located. Tho new structure is also tho home of tho Security
Savings & Trust C o., and the Security Safo Deposit C o .,
auxiliary institutions of tho First National. The First
National Bank has a capital of $2,500,000; surplus and
profits in excess of $1,100,000 and deposits of over 20 mil­
lions of dollars. A . L. Mills is President.

IM P O R T S A N D

E X P O R T S OF GOLD A N D
S A N FRAN CISCO.

SILVER A T

Tho Collector of Customs at San Francisco has furnished
us with tho details of tho imports and oxports of gold and
silver through that port for tho month of October, and wo
give them below in conjunction with tho figures for preceding
months, thus completing tho results for tho ton months
of the calendar year 1916.
IM P O R T S O F G O L D

AND

S IL V E R

AT

SAN

F R A N C IS C O .

Silver.

Gold.
Coin.

Bullion.

Total.

Coin.

Bullion, Ac

1916.
J a n u a r y ..............

$

S

S

S

S

M a r c h ..............-

4 ,8 6 6 ,5 0 0

O c t o b e r ------------

8 7 ,0 0 0
2 ,4 3 3 ,3 3 3
2 ,4 3 3 ,2 5 0
4 ,8 6 6 ,6 6 6

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

1 ,1 8 8 ,2 9 0
2 8 4 ,3 4 7
0 ,0 4 4 ,4 3 0
4 4 8 ,1 5 8
6 1 9 ,5 6 7
3 4 8 ,5 4 1
5 1 7 .9 5 2
2 ,7 6 4 ,6 8 4
2 ,9 7 3 ,4 0 4
5 ,2 5 6 ,3 1 3

2 2 ,2 1 8
8 9 ,3 1 3

68,010
5 1 ,7 5 0

Total.
S

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

2 2 4 ,6 8 6
1 6 6 ,1 7 9
2 3 5 ,6 8 4
1 9 9 ,4 1 0
3 9 7 ,3 2 6
2 9 5 ,5 6 7
3 0 4 .8 7 2
2 7 4 ,8 4 3
4 1 7 ,3 6 7
2 3 5 ,0 1 5

5 ,7 5 8 ,9 3 7 2 0 ,4 4 5 .6 8 6

2 3 1 ,8 9 1

2 ,5 1 9 ,6 5 8

2 ,7 5 1 ,5 4 9

10 m o n t h s 1 91 5 4 2 ,2 7 7 ,2 1 2 1 1 ,7 5 5 ,8 0 4 5 4 ,0 3 3 ,0 1 0

3 7 4 ,8 0 6

2 ,0 4 7 ,4 7 4

2 ,4 2 2 ,2 8 0

T o t a l 10 m o s 1 4 ,6 8 6 ,7 4 9

EXPORTS

OF GOLD

AND

S IL V E R

FROM

SAN

Sllrer.

Gold.
Months.
Coin.
1916.
J a n u a r y .............
F e b r u a r y ...........
M a r c h .................
A p r i l ...................
M a y ......................
J u n e ____________
A u g u s t ................
S e p t e m b e r ------O c t o b e r .............

Bullion. |

s

S

7 2 ,0 0 0
2 ,6 1 2 ,2 5 0
4 ,0 -1 6 ,3 8 1
3 ,7 9 3 ,9 2 2
4 .7 0 7 .6 7 0
1 ,0 5 3 ,7 2 5
1 ,1 2 6 ,7 5 0
2 ,5 9 4 ,2 0 0
2 .8 7 0 .6 7 0
1 ,2 9 1 ,7 2 0

6 0 1 ,2 6 1
2 0 0 ,1 1 0
2 ,0 5 0 ,6 5 0
1 ,0 9 3 ,6 9 8
2 ,1 1 8 ,5 0 9
6 5 2 ,0 4 3

1

3 ,4 0 1 ,1 7 1
1 ,0 3 4 ,6 0 4
1 ,0 3 4 ,1 9 8

Total.

Coin.

\Bulllon.Ac

S

$

S

S

3 7 0 ,4 9 1
9 7 4 ,0 7 6
2 ,1 9 9 .9 4 8
3 6 1 ,3 1 0
7 0 ,0 4 2
2 3 2 ,6 3 8

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

1 ,4 9 7 ,1 7 7
1 ,6 4 8 ,9 0 8
4 7 4 .0 9 9

1 ,5 2 7 ,5 2 7
1 ,7 3 9 ,1 0 8
4 7 4 ,0 9 9

2 5 2 ,2 3 3

7 ,8 2 9 ,2 8 9

8 ,0 8 1 ,5 2 2

4 .2 5 4

5 .6 7 5 .7 0 7

5 .6 7 9 ,9 6 1

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

T o t a l 10 m o s 2 4 ,1 6 9 ,2 8 8 1 2 ,1 8 6 ,2 4 4 3 6 ,3 5 5 ,5 3 2
10 m o n th s !9 1 5

7 0 .9 2 5

F R A N C IS C O .

...1

70 933

6 ,6 0 0
2 0 ,6 5 0
5 1 ,2 3 0
4 7 ,2 0 3
3 0 ,3 5 0
9 0 ,2 0 0

Total.

IM PORTS A N D

E X P O R T S FOR O C T O B E R .

The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for October and
from it and provious statements wo have prepared the
following interesting summaries:
F O R E IG N T R A D E M O V E M E N T OF T H E U N IT E D ST A T E S.
(In the following tables three ciphers (000) are In all cases om itted.)
M E R C H A N D IS E .
--------------------- Exports-------------------------------------------Imports ----------------1914.
1914.
1915.
1910.
1915.
1916.
$154,743
$122,148
$267,879
$204,067
$184,351
January_____ $330,030
125,123
148,045
173,920
193,935
401,784
299,806
February____
157,982
182,555
410.742
187,499
213,590
296,612
M a r c h ______
173,762
160,676
A p r i l _______
102,553
218,236
398,569
294,746
164,282
142,285
229,189
M a y ________
474,804
161,733
274,218
157,529
157,695
245,795
June_________
464.686
268,547
157,072
143,245
159,677
182,723
J u ly ................
444,717
268,469
154.139
141,804
129,768
199,316
August______
200,609
510,107
110,367
164,039
139,711
September___
151,236
150,052
515,007
300,655
149,173
138,080
O cto b e r_____
176,424
336,152
194,711
490,613
126,467
N ovem ber___
155,497
327,670
205,878
114,657
171,833
D ecem ber___
359,306
245,633
............ $3,555,669 $2,113,624

T o t a l .........

............ $1,778,597 $1,789,276

G OLD .

anil a ry-------February____

J u ly ................

1916.
$10,213
13,085
10.774
11,503
11,919
8,312
9,395
11,780
G.849
7,054

1915.
$692
1,054
924
814
1,277
2,822
2,192
1,128
2,034
2,939
3,661
11,889

1914.
$0,914
9,079
2,632
407
10,835
48.107
33,609
18,126
21,887
50,202
14,527
131

______

$31,426

$222,016

D ecom bcr___
T o t a l .........

1916.
$15,008

1915.
$0,896
12,727
25,020
10,203
31,130
62,342
17,263
01,641
42,002
79,609
60,982
45,413

1914.
$10,44 3
3.20U
7,842
3,460
1,973
3,817
3,302
3,645
2,762
6,945
7,392
4,109

$451,954

$67,388

6,010
9,776
0,122

27,322
122.735
02,108
41,239
92,502
97,509

1916.
$4,030
4,947
5,748
4,850

A p i l l ..............
M a y . _______
June------------July - ..............
August...........
S ep tem b e___
O cto b e r _____
N ovem ber___
D e co m b cr___

6,212

4,644
4,336
5,815
6,530
0,016

T o ta l.........

January____
February___
M a r c h _____
A p r i l ______
M a y _______
Juno_______
J u l y .............
August.........
Septem ber..
O ctob er____
N o v e m b e r..
December . .

1915.
$5,188
3,425
3,150
4,371
4,741
3,969
3,965
3,378
3,366
5,237
6,971
6,831

1914.
$ 4,009
3,592
3,882
4,543
4,845
4,639
3,953
3,027
5,390
3,972
3,838
5,3 2

$53,599

$51,602

E X C E SS O F E X P O R T S
—Merchandise ■
1010.
1915.
i9 1 4 .
$
3
S
+115, 6 8 5 + 1 4 5 ,7 3 1 + 4 9 ,3 2 4
+ 207, 8 4 9 + 1 7 4 . 0 8 3 + 2 5 ,8 7 5
+187. 152 + 1 3 8 ,0 3 0
+ 4 ,9 4 4
+ 1 8 0 , 3 3 3 + 1 3 4 , 1 7 0 — 1 1 ,2 0 9
+245 0 1 5 + 1 3 1 ,9 3 3 — 2 ,5 4 9
— 457
+ 218 8 9 1 + 1 1 0 , 8 5 2
+ 201 9 9 4 + 1 2 5 , 2 2 4 — 5 , 5 3 8
+ 3 1 0 , 8 5 1 + 1 1 8 . 8 0 5 — 1 9 ,4 0 1
+350, 9 0 8 + 1 4 9 ,4 1 9 + 1 0 ,3 4 1
+314, 18 9 + 1 8 6 ,9 7 9 + 5 8 ,0 3 1
+ 1 7 2 ,1 7 3 + 7 9 , 4 1 1
+ 1 8 8 ,4 7 3 + 1 3 0 ,9 7 0

............+ 1,777,072 + 324,348
Imports.

T o t a l ____
+ Exports.

1916.
$1,852
2,596
2,880
2,170
2,725
3,183
2,426
2,517
2,880
2,891

1915.
$2,287
2,400
2,477
2,603
2,352
3,623
3,003
3,804
2,737
3,219
3,370
2,603

1914.
$2,384
1,911
2,667
2,214
1,755
1,822
1,240
2,097
1,804
2,724
2,705
2,739

$34,484

$25,959

-<7old1910.
1915.
3
3
— 4.795 — 0,204
+ 7,009 — 11,073
+ 998 — 24,090
+ 5,381 — 15,389
— 15,403 — 29,859
-1 1 4 .4 2 3 — 49,520
— 52,713 — 15,071
— 29,459 — 60.513
— 85,713 — 40,028
— 90,455 — 70,730
............— 57,321
............— 33,524

-Silver1910.
1915.
S
3
+ 2,784 + 2,901
+ 2,351 + 1 ,0 2 5
+ 2 ,8 6 8
+679
+ 2,080 + 1 ,7 6 8
+ 3,487 + 2,3 89
+ 1.461
+347
+ 1,910
+962
+ 3,298
— 426
+ 3,050
+629
+ 3,125 + 2 ,0 1 8
............ + 2 ,5 9 5
............ + 4 ,2 2 8

.............— 420.528

......... + 19.11.'

100 ,000 ou n ce s t o C a lc u t t a
Q u o ta tio n s fo r b a r silve r p e r o u n c e
N > v . 3 ____ .32H cash
No
i s o v . 4 ____ 32?+
q u o ta tio n
N o v . 6 ____ 3 3 Ys
fix e d
fo r
6"
fo rw a rd
N o v . 8 ____ 3 4 Y
d e liv e ry .
N o v . 9 ____3 4 M
t.364

Im­
ports.

Excess
of
Ex­
Exports ports.

$
$
$
1 $
$
*
1910.. 4,441,120 2,007,599 2,433,527 101,484 480,397/378913!
1915.. 2,807,094 1,451,208 1,410,420 15,875 315,560/329685:
1914.. 1,602,113 1,548,153 113,900207.959 45.887102,072!
1913.. 2,005.283 1,460,334 544,949! 74,503 51,591 22,972:
1912.. 1,870,058 1.510,883 359.775 44.058 50,077 /O.fllo!
1911.. 1,065,867 1,265,523 400,3441 22,2471 49,279/27,0321

$
53,740
40,795
42,453
53 897
58,520
54,015

Im­
ports.

Excess
of
Exports

$
20,127
28,505
20,515
29,909
40,980
37,101

S
27,613
12,290
21,938
23,928
17,534
17,514

/E x c e s s ol Imports.

EN G LIS H F I N A N C I A L

Four
Mos.
Excess
(0005
of
omit­ Exports. Imports.
Exports.
ted).

Gold.

1916.. 1,900,505
1915.. 1,165,886
1914.. 015,270
1913.. 839,001
1912.. 771,042
1911.. 678,040

Ex­
ports.

Im­
ports.

M A R K E T S — PER CABLE.

N o v . 25. N o v . 27.
1—
S a t.
M on.
Silver, per o z : ...................... d . 35 3-16 35 5-16
55>*
Consols. 2.t* p ercen ts........... 5 5 «
British 4 'A per cents........ 95J*
951*
French Rentes (in P a ris )..fr . 61.10
61.10
French W ar Loan (old),
87.85
5% (in Paris)................. fr. 87.85
L ondon,

N ov.

28. N o v . 29. N o v . 30. D e c . 1.

T u es.

W ed .

35 5-16

T h u rs.

F r i.

61.10

551*
95M
61.10

35 15-16 35 %
55Y
55 Y
951*
95K
61.10
61.10

87.85

87:90

87.90

55Y
95H

35Y

87.90

The price of silver in New York on the same days has been:
Sliver in N . Y ., per o z - .c t s . 731*

74

731*

74J*

H oliday

75X

C an a d ia n B an k C learin g s.— Tho clearings for the week
ending N ov . 25 at Canadian cities, in comparison with the
same week in 1915, shows an increase in the aggregate of
3 6 .0 0 % .
Week ending November 2 5 .
Clearings at—

Canada—

M ontreal............................
T oronto....... .............. ..........
W in n ip e g ..... .....................
V a n co u v e r..................—
Ottawa ..............................
H a lifa x ........... ...................
Calgary...............................
H a m ilto n ..... .....................
St. J o h n ___________________
Victoria......... - ...................
L o n d o n ........... - ................
E d m o n to n ........................
R e g i n a ......................................
B r a n d o n .................................
L e t h b r i d g e .............................

Saskatoon......... .................
M oose J a w .............................
B ran tford........... ...............
Fort W illiam ....................
New W estminster...........
M edicine H a t . . ................
K itchener..........................
T ota l

1916.

1915.

$
9 1 ,8 0 6 ,7 0 9
5 8 ,3 0 7 ,2 1 2
6 6 ,8 0 4 ,8 4 9
7 ,2 5 9 ,4 5 3
5 ,5 2 1 ,2 3 6
4 ,3 1 2 ,7 0 0
2 ,8 4 0 ,5 8 0
7 ,6 9 0 ,4 1 5
4 ,7 1 9 ,0 5 7
1 ,9 5 9 ,9 8 1
1 ,6 0 0 ,0 0 0
1 ,9 7 8 ,2 4 0
2 ,9 5 4 ,5 0 8
3 ,9 9 1 ,0 7 0
6 8 9 ,7 0 9
1 ,1 0 1 ,1 7 2
2 ,4 1 3 ,7 0 7
1 ,8 6 8 ,4 6 4
7 8 7 ,4 8 0
7 2 1 ,9 7 7
3 2 7 ,9 2 8
8 0 4 ,8 5 5
6 4 4 ,3 2 9
5 4 5 ,8 5 4
5 7 2 ,5 9 0

S
5 9 ,1 8 8 ,8 2 9
4 5 ,2 0 5 ,4 9 4
5 4 ,8 4 8 ,9 8 4
5 ,7 3 4 ,3 5 1
4 ,1 6 0 ,7 7 5
3 ,1 1 9 ,8 8 7
2 ,1 1 1 ,7 3 2
5 ,2 1 3 ,9 1 6
3 ,2 3 0 ,7 3 0
1 ,4 4 9 ,1 3 6
1 ,4 6 3 ,5 5 8
1 ,6 4 2 ,3 8 0
2 ,2 8 0 ,7 3 1
2 ,7 7 9 ,3 7 9
8 3 7 ,0 5 3
6 5 0 ,3 3 7
1 ,7 5 1 ,5 2 8
1 ,4 1 6 ,0 4 0
5 0 7 ,2 1 8
6 3 1 ,6 8 3
2 1 3 ,9 7 3
4 9 1 ,9 7 7
4 3 2 ,4 7 2

s
22,698
15,940
10,942
20,575
24,851
20,172

Im­
ports.

Inc . or
Dec.
%
+ 5 5 .1
+ 2 9 .0
+ 2 1 .6
+ 2 6 .6
+ 32 7
+ 3 8 .2
+ 3 4 .5
+ 4 7 .0
+ 4 5 .8
+ 3 5 .2
+ 9 .4
+ 2 0 .5
+ 2 9 .6
+ 4 3 .6
— 1 7 .7
+ 6 9 .4
+ 3 7 .8
+ 3 1 .9
+ 5 5 .2
+ 1 4 .2
+ 5 2 .9
+ 6 3 .6
+ 4 9 .0

1914.

1913.

$
4 5 ,4 4 5 ,5 8 1
3 0 ,6 0 5 ,8 8 8
3 1 .9 4 0 ,4 1 7
6 ,2 1 6 ,6 1 3
4 ,1 2 6 ,9 3 6
2 ,8 8 7 ,7 1 1
1 ,6 4 1 ,3 4 4
3 ,1 1 4 ,6 1 7
2 ,2 3 3 ,3 0 2
1 ,2 9 3 ,8 6 7
1 ,5 1 1 ,9 0 1
1 ,4 1 1 ,3 9 5
2 ,2 9 2 ,4 8 3
1 ,8 7 5 ,0 6 2
5 3 7 ,2 2 9
3 6 7 ,5 8 9
9 9 9 ,0 5 4
8 7 0 ,1 9 9
4 9 8 ,7 9 2
6 2 1 ,7 5 8
2 9 0 ,4 2 1
3 2 8 ,4 8 7
4 1 4 ,2 9 5
al

S
5 4 ,8 1 5 ,5 1 1
4 0 ,7 9 5 , 4 5 8
4 6 ,9 0 2 ,2 1 5
1 0 ,3 8 6 ,0 3 4
4 ,0 0 9 , 9 3 6
2 ,9 1 1 , 0 5 6
1 ,9 8 3 ,9 5 0
5 .1 C 9 .3 7 2
3 ,3 5 8 , 3 3 8
1 ,5 5 7 ,8 9 2
2 ,8 8 4 , 9 9 6
1 ,5 5 4 ,5 6 9
4 ,1 5 3 , 7 7 4
2 ,9 9 0 ,6 5 1
8 3 6 ,0 4 2
6 4 7 ,8 5 2
1 ,9 8 0 ,8 5 4
1 ,3 4 9 ,7 6 2
5 7 4 ,2 1 2
1 ,0 7 4 ,4 5 6
4 4 9 ,6 2 0
5 9 5 ,1 6 2

N ot Include d In tot
N ot include d in tot al
i

Canada________ 2 7 1 .1 1 1 .6 3 7 1 9 9 ,3 6 8 .7 6 3

Silver.
Excess
of
Ex­
Exports ports.

$
S
s
$
S
722,502 1,237,983 35,078 293,417 Z258339
585,458 580,428 8,293 200,630 /192343
48,034123,984 15,144 108,840
507.230
580,747 258.2.54 10,828 23,681 /12.853
620.231 144,811 10,602 25,413 /14.751
501.777 176,269 8,996 15,507 /0,511

+ 3 8 .0 1 4 1 .5 2 4 .9 4 1 1 9 0 9 8 1 .7 1 2

D IV ID E N D S .
Excess
of
Exports

$
S
10,715 11,983
12,703 3,183
7,925 9,017
11,837 8,738
15,721
9,130
15,140 5,032

/E x c e s s o f Imports.

T H E E N G L IS H GOLD A N D S IL V E R M A R K E T S .

W o reprint tho following from tho weekly circular of
Samuel Montagu & Co. of London, written under date of
N ov . 9 1910:
GOLD.
T h o h old in g o f g o ld b y th o B a n k o f E n gla n d again st Its n o te Issues sh ow s
an ln crea so o f £16 2.29 0 as co m p a re d w ith last w e e k 's re tu rn . T h o net im ­
p o r t o f g o ld In to In d ia fo r m o n th o f O c t o b e r 1916 w as a b o u t £1,216,500<




B a n k r a t e _________________________ 6 %
B a r g o ld p e r o u n c e s ta n d a r d .7 7 s . 9 d .

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

S h e r b r o o k o . - ........................

Similar totals for the four months since July for six years
make tho following exhibit:
Merchandise.

|
5 5 0 ,0 0 0 o u n c e s t o S hanghai
sta n d a rd :

T h o q u o ta tio n t o -d a y fo r ca sh d e liv e r y is 1 13-16 a b o v e th a t fix e d a
w eek a g o .
____________________________________

Q u e b e c .....................................

Silver.

Gold.
Ex­
ports.

T h o s t o c k in B o m b a y co n sists o f 3 ,9 0 0 b ars as c o m p a r e d w ith 4 ,0 0 0 b ars
last w e e k . T h o s t o c k in S hanghai o n N o v . 4 1916 co n siste d o f a b o u t 2 3 ,­
0 0 0 ,0 0 0 o u n c e s in sy c e o an d 8 1 6 ,5 0 0 ,0 0 0 as c o m p a r e d w ith a b o u t 2 3 ,0 0 0 000
ou n ce s in s y c e o an d $ 1 6 ,4 0 0 ,0 0 0 o n O c t . 28 1916. T h o fo llo w in g sh ip m en ts
w ere m a d e fro m San F ra n cis c o d u rin g th e w e e k :

$ 0 m m c Y c i a l a n tl I B 1 s c c l u m c o u s J J c x u s>

O R IM P O R T S .

Totals for merchandise, gold and silver for ton months:
Merchandise.
Ten
Mos.
Excess
(000s
of
omit­ Exports. Imports.
Exports.
ted).

S IL V E R .
T h e m a rk e t has d e v e lo p e d c o n s id e ra b le stre n g th c h ie fly as a c o n se q u en ce
o f firm exchanges fr o m C h in a , w h ere th e e x p o r t season is in fu ll s w in g . T h e
p o s s ib ility o f p u rchases fo r th is q u a rte r w as fo re s h a d o w e d in o u r c ircu la r
hast w eek an d th e e ffe c t u p o n p rice s has be e n as e x p e c te d — v e r y m a r k e d .
C h in cso pressuro w as fe lt in o th e r m a rk e ts m o r e th a n in th a t o f L o n d o n ,
b u t p rice s hero re sp o n d e d in q u ic k s y m p a t h y a n d so m e w h a t s e n s a tion a l
a d v a n ce s h a v e been r e c o rd e d . O n th e 3 d in st. th e q u o ta tio n s ro se 1-16 t o
3 2 } * , w h ilst o n th e fo llo w in g d a y s rises o f ■+, J*, 5 -1 6 , 11-16 an d Ys t o o k
p la ce in su cce ssio n . T h e stre n g th o f th o m a rk e t re ca lls th a t in th e ea rly
p a rt o f M a y w h en th e a d v a n c o w as n o less th a n 3 1 5-16d . in o n e w eek .
T h e In d ia n B azaars c o n tr ib u te d t o th o c o m p e t it io n fo r su p p lie s as w ell as
th e m o re d ista n t E a s t, w h ilst th o d o m a n d fo r co in a g e c o n tin u e s t o b e a c t iv e .
T h e In d ia n c u rre n cy fig u re s b e lo w seem t o in d ica te th a t p u rch a se s fo r th e
In d ia n m in t are n o t k e e p in g p a c o w ith its re q u ire m e n ts . T h e la s t th r o e
In d ia n cu r r e n c y returns re ce iv e d b y c a b le g iv e d e ta ils in la cs o f ru p ees as
.o llo w s :
O ct. 31.
O c t . 15.
O c t . 22.
7 1 ,9 9
N o te s in c ir c u la t io n _______________________________ 7 1 ,8 7
7 3 ,3 0
R e s e rv e in silve r c o in an d b u llio n _______________ 26",23
2 5 ,9 9
2 5 ,6 3
G o b i c o in an d b u l l i o n _____________________________10.(56
11.02
12.55
G o ld in E n g la n d ___________________________________ 11,92
11,92
11,92

The daily closing quotations for securities, & c., at London,
as reported by cable, havo been as follows tho past week:

S IL V E R .

January.........
February------

2053

THE CHRONICLE

Dec. 2 1916.]

The following shows all tho dividends announced for the
futuro by largo or important corporations:
D iv id en ds a n n o u n c e d this week are pr in ted i n ital ics.

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

R a ilroad s (Steam ).
2>*
D ec. 29 Holders o f rec. D ec.
Alabama Great Southern, ordinary......... ..
1
D ec. 29 Holders o f rec. D ec.
Ordinary (extra)..... ..................................
3
Feb. 23 Holders o f rec. Jan.
Preferred.................... ........................... ......
Y
Feb. 23 Holders of rec. Jan.
Preferred (extra)_____________________
to
D ec.
Atlantic Coast Line Com pany (quar.)___ $1.50 D ec. 11 N ov. 30
3J+
Jan. 10 Holders o f rec. D ec.
Atlantlo Coast Line R R ., com m on...........
2Y
Deo. 30 Holders of rec. N ov.
Boston & Albany (qu ar.)....... .....................
Boston Revere Beaoh & Lynn (qu ar.)___
1J*
;Jan. 1 Holders o f rec. D ec.
Buffalo cfc Susquehanna, common................
3
D ec. 30 Holders o f rec. D ec.
Preferred _____________________________
2
Deo. 30, Holders o f rec. D ec.
Canadian Pacific, com . (quar.) (N o. 8 2 ).
2Y
Jan. 2 Holders o f reo. Deo.
2
D ec. 30 Holders o f rec. D ec.
Chesapeake & O nlo.......................................
75c. D ec. 4|Nov. 21
to
D ec
Chestnut Hill (quar.)...................................
1J* Jan. 2 Holders of reo. D eo.
Chicago & North Western, com . (qu ar.).
2
Jan. 2 Holders o f reo. D eo.
Preferred (qu ar.).......................................
3
D ec. 12 D ec. 2
to
D eo.
Cln. N . O. * Tex. Pacific, com m on.........
3 Y 'D ec. 12 D ec. 2 to
Com m on (extra).........................................
D eo.

2a
2a
22a
22a
10
19a
30«
15a
12
12
la
8a
3
la
la
11
11

THE CHRONICLE

2054
Name of Company.
R a ilroa d s (Steam ) C o n clu d e d .
Delaware A Hudson Co. (quar.) — ............
Delaware Lackawanna A Western (extra)..
Detroit A Mackinac, com. and pref..............
Erie A Pittsburgh (guar.).............................
H ocslng V a lle y _________________________
Illinois Central leased lines______ _____
M obile & Birmingham, preferred_______
N ew York P h lla .* N orfolk, com . (q u .)-Phllu. Germantown & Norristown (quar.)
Pittsb. Ft. Wayne & Chic. reg. gu. (quar.).
Special guaranteed (quar.) — ..................
Reading C o. first pref. (q u a r .) ................
Reading C om pany, 2d preferred (qu ar.).
Southern Pacific C o. (quar.) (N o. 4 1 )__
Union Pacific, com m on (quar.)................
S treet an d E le c tr ic R a ilw a ys.
American Railways, com m on______ _____
Arkansas Valley liy., L. & P., pref. (qu.)..
Brooklyn Rapid Transit (quar.)....... ............
Cities Service, com m on (m on th ly)............
Preferred (m on th ly)_________ ________
Eastern P o w e r * Light., pref. (qu ar.)-----Frankford A Southwark, Phlla. (quar.)-----Indianapolis Street Ry....... ...........................
Iowa Railway A Light, preferred (quar.)..
Louisville Traction, common (qu ar.)-----Northern Ohio T rac. & L., ccm . (qu ar.). .
Second A Third Streets, Phlla. (quar.)-----United L ig h t * R y s., com . (qu.) (N o. 8 ).
Flrst preferred (quar.) (N o. 25)______
United Rys. A Elec., Ball., pref___________
M iscella n eou s
Ajax Rubber ( q u a r .)...................................
Allouez M ining (quar.)__________________
American Bank N ote, pref. (qu ar.).........
Amerloan Brass ( e x t r a ).._____ __________
American Chicle, preferred (quar.)...........
American Express (qu ar.)______________
Special dividend.........................................
AmericanOraphophone, com. (qu.) (N o.47)
American International C orp., com m on. .
Amer. Iron A Steel M fg., com.Apf.(qu.)..
Amer. Laundry M achinery, com m on-----American Linseed, preferred (N o. 7 ) -----American Locom otive, com mon (q u a r .)..
Preferred ( q u a r .).....................................
American Radiator, com m on (quar.)-----American Sower Pipe....... .......... ..................
Amer. Smelting * Refining, com . (quar.)
Amer. Sugar R efg., com . & p icf. (quar.).
American Thread, preferred......................
American Woolen, common (quar.)______
Preferred (quar.)_____ '_________________
Atlantic Gulf & W . I. S. S. Lines, c o m .. .
Preferred (qu ar.)_____________________
Atlantlo Refining (qu ar.).............................
Atlas Powder, common (quar.)___________
Common (extra)............................................
Baldwin Locomotive Works, pref_________
Bethlehem Steel, common (quar.)..... .......... ..
Preferred (quar.)______________________
Booth Fisheries, pref. (quar.)....................
Borden's Condensed M llk,pf.(qu.) (No.60)
Brooklyn Union Gas (quar.; (N o. 6 3 ;__
E x tra ............................................................
Buckeye Pipe Line (quar.)_____ ________
Calumet & Hecla M ining (quar.)________
Calumet & Arizona M ining_____________
E xtra......................................... ...................
Canadian Gen. El., Ltd., com.(qu.) (No.70)
Central Leather, common (extra).............
Preferred (qu ar.)_____________________
Charcoal Iron C o. of A m ., preferred.........
Chesebrough Manufacturing (quar.)____
E x tra _____________ ___________________
Chicago Telephone (quar.)_______________
Childs C o., com mon (qu ar.)____________
Common (extra)_____________________
Preferred (quar.)______________ ______
City A Suburban Homes__________________
Cleve. * Sandusky Brewing, oom m on___
Cleo. A Sandusky Brew., pref. (quar.).........
Colorado Fuel A Iron, preferred_________
Colorado Power, common (quar.)..................
Colorado Power, preferred (quar.) ____
Consolidated Gas (quar.)............................
Cons. Gas, El. L. A P., Balt., com. (quar.).
Consumers' Power (Mich.), pref. (quar.)..
Continental Oil (qu ar.)...............................
Copper Range C o. (qu ar.)..........................
E x tra ______ _____ _____________________
Special..........................................................
Cosden Oil * Gas, com . (qu ar.)................
Common (extra)......... ...............................
Crescent Pipe Line (quar.)........... ............
Cresson Cons. G. M . A M.(mthly.)(No.50)
Extra.............................................................
Crucible Steel, pref. (quar.) (N o. 5 0 ;____
Preferred (account accumulated d iva.).
Cuba Cane Sugar, preferred (quar.)...........
Cuban-Amerlcan Sugar, com . (quar.)___
Preferred (qu ar.)_____________________
Cumberland Pipe Line__________________
Diam ond M atch (quar.)______ __________
Dominion Power A Trans., common______
Dominion Textllo, L td., com . (quar.)___
Drtggs Seabury Ordnance, 1st pref. (quar.).
Second preferred (quar.)_______________
du Pont (E. I.) de Nem. A Co., com. (quar.)
Common (special)........................ ............ du Pont (E. I.) deNem. Powd.,com. (qu.).
Preferred (quar.)______________________
Eastern Shore Gas A Elec., pref. (quar.)___
Eastern Steel, first preferred (quar.)____
First preferred (accrued dlvs. to date),
Eastman K odak, com mon (quar.)______
Preferred (qu ar.)_____________________
Electric Properties Corp., common________
Prefer)ed (quar.)_________ ____________
Elk Horn Coal Corp., preferred___________
Equitable III. Gas L., Phlla.. pref..............
Federal Mtnlng A Smelt., pref. (q u a r .)..
Freeport Gas, pref. (quar.)........................ ..
Galena-Signal O ll.com . (qu ar.)_________
Preferred (qu ar.)________ ____________
Ocneral Chemical, com mon (quar.).........
Com m on (extra) .......................................
Com m on (special).....................................
Preferred (qu ar.).......................................
General Electric (quar.)........................ ......
General Fireproofing, com. (slock die ) ____
Globe Soap, com. (qu ar.)_______________
1st, 2d and special pref. stocks (qu ar.).
Globe Wernicke, common (quar.)__________
Goodrich (B . F.) C o., com m on (q u a r .)..
Preferred (qu ar.).......................................
Great Atlantic A Pacific Tea, pref. (quar ) .
Great Lakes Steamship (qu ar.)..................
E xtra........... .................................................
Great Lakes Towing, pref. (quar.)................
Great Northern Iron Ore Properties_____




When
Per
Cent. Payable.
D ec.
D ec.
Jan.
D ec.
Deo.
Jan.
Jan.
Deo.
IX
$1.50 Dee.
I X Jan.
I X Jan.
50 o. Doo.
50c. Jan.
i x Jan.
Jan.
2

2X
§5
2>4
8734c.
2
2
2

$1
IX
IX
X
X
IX
$4.50
3
IX
1
IX
S3
1
134
2
S3
IX
5
134
$1.50
$2
IX
75o.
IX
I
k lX
IX
IX
4
iX

IX
IX
■2X
ix
ix
5
ix
5
2
8
'Sla
7X
IX
IX
IX
IX
1
$2
$25
$2
$1
■IX
2
IX
10c.
3
60o.
2
1
X
ix
2
2
2
h30
34
IX
\x
IX
IX
3
$1.50
$1
SI
12)4o.
5c
75c.
100.
15c.
1X
MX
IX
2)4

Books Closed.
Days Inclusive.

20 Holders
20 Holders
2 Holders
9 Holders
30 Holders
2 D ec. 12
1 D ec. 2
19 Holders
4 N ov. 21
2 Holders
2 Holders
11 Holders
11 Holders
2 Holders
2 Holders

of
of
of
of
of

roc.
rec.
reo.
rec.
rec.
to
to
of rec,
to
of reo.
of reo.
of rec.
of rec.
of rec.
of rec.

Name of Company.

N ov. 27a
Deo. 2<i
D ec. 15
N ov. 30a
D ec. 15a
Jan. 4
Jan.
1
Nov. 30a
Deo. 3
D ec. 11a
Deo. 11a
N ov. 2Sa
D ec. 19a
N ov. 20a
D ec. la

Deo.
Deo.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Dec.
Jan.
D ec.
Jan.
Jan.
Jan.
N ov.

15 Holders of reo.
15 Holders of rcc.
2 Holders of rec.
1 Holders ol rec.
1 H ollers of reo.
15 Holders of reo.
1 Holders of reo.
1 D eo. 23
to
to
31 Dec. 21
1 d D cc.l 1 to
15 Holders of rec.
1 Holders of rec.
2 Holders of reo.
2 Holders of rec.
29 Holders o f reo.

N ov.
N ov.
D eo.
D ec.
Deo.
N ov.
Deo.
Jan.
D ec.
D ec.
N ov.
D ec.
Deo.
Dee.
N ov.

29a
29
9
15
15
29a
la
1
31
15
25a
la
15
15
28

D ec.
Jan.
Jan.
Deo.
Jan.
Jan.
Jan
Jan.
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.
Deo.
Deo.
Deo.
Jan.
Jan.
Ian.
Jan.
Feb.
Jan.
D oc:
Deo.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Deo.
Dec.
Dec.
Dec.
Jan.
D ec.
Jan.
Dec.
Deo.
Deo.
D eo.
D eo.
D eo.
D ec.
D ec.
Dec.
D ec.
Dec.
Jan.
Deo.
Deo.

15 Holders of reo.
3 Holders of rec.
2 Holders of reo.
20 Holders ol reo.
2 Holders of rec.
2 Holders of rec.
2 Holders of rec.
2 Holdens of rec.
30 Holders of rec.
1 Holdeis o f rec.
to
10 d D c . 1
1 Holders of reo.
3 Holders of rec.
22 Holders of rcc.
to
30 Deo. 22
to
20 Deo. 10
15 N ov. 25
to
2 Holders of reo.
1 N ov. 15
to
15 D ec. 12
to
15 Dec. 12
to
1 Holders of rec.
2 Holders of rec.
15 Holders of reo.
11 Deo. 2
to
to
11 Deo. 2
1 Holders of rec.
2 Holders of rec.
2 Holders of rec.
21 Holders of reo.
to
15 D ec. 2
2 Holders of reo.
2 Holders of rec.
15 Holders of reo.
20 Holders of rec.
20 Deo.
7 to
20 Dec.
7 to
1 Holders of reo.
30 Holders of reo.
2 Holders of reo.
30 Holders of rec.
20 Holders of reo.
20 Holders of rec.
30 Holders of reo.
2 to
11 D eo.
11 D eo.
2 to
11 Deo.
2 to
2 to
4 Doe.
29 Holders of rec.
29 Holders of rec.
22 Holders of rec.
15 Holders of rec.
15 Holders of reo.
15 Holders of reo.

N ov.
D ec.
D eo.
N ov.
D ec.
N ov.
N ov
Deo.
D ec.
D ec.
D ec.
D eo.
D ec.
Jan.
Deo.
D ec.
N ov.
D eo.
N ov.
D ec.
D ec.
D ec.
D ec.
N ov.
Deo.
D ec.
D eo.
D ec.
D ec.
D ec.
D eo.
D eo.
Deo.
N ov.
D ec.
D ec.
D ec.
D ec.
D eo.
D eo.
D ec.
N ov.
N ov.
D oc.
D eo.
D eo.
D eo.
D ec.
D ec.
D ec.
D ec.
D ec.
N ov.
N ov.

29a
13
15a
30
22
29a
29a
15a
15
20a
10
15a
18a
5a
30
19
26
la
30
27
27
29a
15a
20
10
10
9a
15a
15a
21
15
1 la
14a
24
2a
10
10
15a
la
9a
15
29 a
29a
29
11
11
11
4
15a
15a
12
30
30
10a

Jan.
D ec.
Deo.
D ec.
Deo.
Deo.
Deo.
Dec.
Deo.
Deo.
Dec.
D ec.
Jan.
Jan.
Jan.
IX
5
D ec.
I X Deo.
2
D ec.
I X Jan.
I X D ec.
IX D ec.
I X Deo.
2 IX D ec.
I X Fob.
Feb.
ix
IX Deo.
i x Deo.
h28
Deo.
2 X Jan.
I X Jan.
IX Deo.
I X Dec.
3
Dec.
3
D ec.
1 X Deo.
i x D ec.
3
Deo.
D ec.
2
2
M ar.
Feb.
5
Feb.
15
134 Jan.
Jan.
2
/5 0
IX Deo.
IX D ec.
2
D ec.
Feb.
1
I X Jan.
i x Deo.
2
Dec.
Dec.
2
I X Jan.
750. D eo.

2 Holders of rec. D ec. 18a
16 N ov. 26
to
Deo. 16
15 Holders o f reo. N ov. 25
15 Holders of reo. N ov. 25
15 Holdeis of reo. N ov. 25
20 Holders of rec. D eo. 11
20 Holders cf reo. D eo. 11
to
15 N ov. 22
D ec. 15
10 Holders of rec. N ov. 29
10 Holders of rec. N ov. 29
21 Holders of rec. D ec. 7a
21 Holders of rec. D ec. 7a
2 Holders of rec. D ec. 15
2 Holders o f reo. Deo. 15a
2 Holders of reo. D ec. 15a
18 H oldeis of rec. D ec. 1
15 Holders of reo. N ov. 29a
15 Holders o f rcc. N ov. 30
2 Holders of reo. D eo. 15
15 Holders of reo. N ov. 30a
15 Holders of reo. N o v . 30a
15 Holders of reo. N ov. 29
15 Holders of rec. N ov. 29
1 Holders of rec. Jan. 22
1 Holders of reo. Jan. 22
4 Holders of reo. N ov. 24
15 Holders of reo. D eo. 1
15 Holders of reo. D eo. 1
1 Holders of roc. N ov. it'! Oa
1 Holders of roc. Nov d.'iOa
11 Holders of reo. D eo. 1
11 Holders of reo. Deo. 1
15 Holders of rec. D ec. la
15 Holders of roo. D ec. 0
15 Holders of reo. N ov. 22a
1 Holders of rec. N ov. 28
3(1 Holders of rec. N ov. 29a
30 Holders of reo. N ov. 29a
1 Holdors of rec. Feb. 2 la
1 Holders o f rcc. D ec. 30a
1 Holders of rec. D ec. 30a
2 Holders of rec. D ec. 18a
15 Holders of reo. Deo. 16a
Holders of rec. N ov. 30
15 N ov. 30
to
D eo. 15
15 N ov. 30
D ec. 15
to
1() Holdeis of reo. N ov. 30a
15 Holders of reo. Feb. 2a
2 Holders of reo. Deo. 21a
1 Holders of reo N o v . 29
22 Dec. 12
D ec. 22
to
22 D ec. 12
D ec. 22
to
2 D eo. 16
Jan. 2
to
to
20 Deo. 3
D eo. 20

M iscella n eou s (C o n c lu d e d ).
Gulf States Steel, common (N o. 1)______
Gulf States Steel, 1st preferred (q u a r .)..
Gulf States Steel, 2d pref. (qu ar.)_______
Harbison-VValker ltefrac., pref. (q u a r .)..
Harrison Bros. & C o ., Inc., com . (quar.).
Hart, Schaffner A Mart, ptef. (quar.)___
Haskell A Barker Car (No. 1)____________
Hawaiian Commercial & Sugar (monthly)
E x tra ..................................... .......................
Illinois Brick (extra).......................... ............
Illinois Pipe Line...........................................
Independent Brewing, com m on_________
International Cotton Mills, pref. (quar.)..
International Salt (quar.)........... .............
Extra____________ _____ _______ ______
International Silver, preferred (quar.)___
Interstate Electric Corp., pref. (quar.)-------Kerr Lake M ining (quar.) (N o. 45)----Kress (S. H .) A C o ., pref. (qu ar.)_______
La Belle Iron Works, common-----------------Preferred (quar.)______________________
Preferred (account accumulated dies.) —
Lackawanna Steel, com mon (quar.)
Com m on (extra)..............................
Laclede Gas Light, common (quar.)
Preferred________________________
Liggett A Myers Tobacco, pref. (quar.)__
Louisville Gas A Elec., pref. (quar.)_____
Mackay Companies, com. (qu.) (No. 4 6 )-Preferred (quar.) (No. 52)
M agm a Copper C o. (quar.)
Marlin Anns, preferred________
Maxwell M otor, Inc., com . (quar.)
First preferred (q u a r .)..
Second preferred (qu ar.)__
Mergenthaler Linotype (quar.)
E x tra ...........................................
Michigan Light, preferred (quar.)
M ontana Power, com . (quar.) (N o. 1 7 )..
Preferred (quar.) (N o. 1 7 ;_________
M ontreal Cottons. Ltd., common (quar.)
Preferred (q u a r.;______________
Muskogee Gas A Elec., pref. (quar.)
National Biscuit, com . (quar.) (N o. 74).
National Carbon, common (quar.)
Common (extra)_____________
National Lead, com mon (quar.)
National Lead, pretetted (quar.)
National Refining, pref. (quar.)
National Sugar Refining (quar.)
National Surety (quar.)
National Transit...........
New Jersey Zinc (extra)......... .................
New York Air Brake (quar.) (N o. 56).
E x tia ___________ _________ _________
New York Transit (quar.)....... ..............
Extra______________________________
Nlles-Bomont-Pond, com . (qu.) (N o. 58).
Northern Pipe Line.
Ohio Oil (quar.)
E x tr a .............
Oklahoma Prod. A Refg. (quar.)
Owens Bottle Maonlne, com m on (qu ar.).
Common (extra) ___________
Preferred (quar.)........................
Pabst Browing, pref. (qu ar.)____
Packard Motor Car, pref. (quar.). .
Pennsylvania Wa*er A Power (qu.)(No.V2)
People's Nat. Gas A Pipeage (quar.)______
Pettihone-Mullikcn Co., first pref. (quar.).
Second preferred (quar.)__
Philadelphia Electric (qu ar.)____________
Porto Rican-American Tobacco (q u a r .;..
Stock dividend....... .......... .............. ..........
Pressed Steel Car, com . (quar.) (N o. 24)
Producers Oil (quar.)
Quaker Oats, com m on (quar.)
Preferred (quar.)___
Quincy M ining (qu ar.)__________
Railway Steel-Spring, com . (quar.)
Piefeired (quar.)_____
Really Associates (No. 28)
Republic I r o n * S te e l, pref (qu.) (N o. 53)
Pref. (account accumulated dividends)
St. Josepn Lead C o. (quar.)........................
Extra (from reserve for am ortization). .
Scovtll Manufacturing (extra)................
Sears. Roebuck A Co., pref. (quar.)......... .
Shawlnlgan Water & Power (q u a r .)___
Solar R e fin in g ________________________
South Penn OH (quar.)............................
E xtra.........................................................
South Poi to Rico Sugar, com mon (quar.)
Preferred (quar.)
South West Pa. Pipe Lines (quar.)
Standard Gas A Elec., pref. (quar.)
Standard Oil (California) (quar.) (N o. 32)
Standard Oil (Kansas) (quar.) (N o. 4 0 ) ..
Extra ......... .............................
Standard Oil (Kentucky) (quar.)
Extra......... ......................
Standard OH (Nebraska)
Standard OH of N. J. (quar.;
Standard OH of Now York (quar.)
Standard Oil (Ohio) (qu ar.)______
E x tra ....... ........................................
Steel Co. of Canada, Ltd., common.
Stutz Motor Car of Amer.........
Swift A C o. (quar.) (N o. 122)
Texas Com pany (qu ar.)____________
Todd Shipyards Corporation (quar.)..
Tonopah Belmont Develop, (quar.)___
Tonopah Extension Mining (quar.)___
Extra_____________________________
Underwood Typewriter, common (quar.)
Preferred (q u a r .)......................................
Union Bag A Paper Corporation (qu ar.).
Union Carbide (qu ar.).................................
Union Oil of California (quar.)....................
Un'on Slock Yards of Omaha (quar.)_____
United Cigar Store.s of Am er., pref. (q u .).
U. S. Gypsum, preferred (quar.)................
U. S. Industrial Alcohol, pf. (qu.) (NoAl)
U. S. Steamship........................ .......... ..........
U. S. Steel Corporation, com . (qu ar.)__
Common (extra)______________________
Utah Consolidated Mining (qu ar.)______
Western Light A Power, preferred (quar.)..
White M otor (qu ar.)............. .......................
Woolworth (F. W.) Co., pref. (quar.)____.
Worthington Pump A Mach., pref. A.(qu.)
Yale A Towne Mfg. (quar.) (No. 8 7 )_____
Yukon Gold Co. (quar.)________ _____ ___

(V
Per
When
Cent. Payable.

q u

Books Closed.
Days Inclusive.

Jan. 2 Holders of reo.
Jan. 1 Holders of rec.
Feb. 1 Htdders o f rcc.
Jan. 20 Holders of res.
D ec. 15 Holders of rec.
I X D ec. 30 Holders of rec.
Jan. 2 Holders of reo.
75c
25c. Deo. 5 Holdors of rec.
Deo. 5 Holders o f rec.
SI
Deo. 20 Holders of reo.
2
12
Dec. 18 Holders of rec.
to
25o. D ec. 15 D ec. 7
Dec. 1 Holders of rec.
i«
i
Dec. 30 Dec. 16
to
i
D ec. 30 Dec. 16
to
1 x Jan. 2 D ec. 15 to
1 Holders of rec.
IX Deo
25o. Deo. 15 Holders of reo.
IX Jan. 2 Holders of roc.
1
Jan. 31 ffolders of roc.
2
Dec. 21 Holders of rec.
h2X Dec. 21 Holders of roc.
IX Dec. 30 Holders of reo.
3
Dec. 30 Holders of reo.
to
I X D ec. 15 Dec. 2
to
2 X Dec. 15 Deo. 2
1 Holders of rec.
IX Jan.
IX Dec. 5 Holders of rcc.
i x Jan. 2 Holders of rec.
1
Jan. 2 Holders of rcc.
50c. Deo. 30 Holders of rec.
1
7
Holders of rec.
234 Jan.
IX Dan. 2 Holders of me.
2 Holders of rcc.
IX Jan
234 Deo. 30 Holders of rec.
2X Dec. 30 Holders o f rec.
IX Jan. 2 Holders of rec.
1
Jan. 2 Holders c f reo.
IX Jan. 2 Holders of reo.
1
15 Holders of rcc.
IX Dec. 15 Holders of rec.
IX Dec. 15 Holders of rec.
i x Jan. 15 Holders of rec.
2
15
2
15
i
Dec. 30 Holders of roc.
Deo. 15 Holdors of rcc.
ix
1 Holders of rec.
2
Jan.
1M Jan. 2 Holders of rec.
Jan. 2 Holders of rcc.
3
50c Dec. 15 Holders of rec.
5
Dec. 11 Holdors of rec.
/2!4 Deo. 22 Holders of rcc.
12X Deo. 22 Holders of reo.
4
Jan. 15 Holders of rec.
Jan. 15 Holders of rec.
2
to
2X Dec. 20 D ec. 7
5
Jan. 3 ffolders of rec.
$1.25 D ec. 20 N ov. 28
to
$3.75 Deo. 20 N ov. 28
to
1244c. Dec. 23 ffolders of reo.
Jan.
1 Holdors of rec.
75c.
50c.
Jan. 1 Holders of rec.
IX Jan. 1 Holders of rcc.
I X Deo. 15 D oc. 7 to
IX Dec. 15 Holders of rec.
IX Jan. 2 Holders of rec.
50c. Dec. 23 Holders of rec.
I X Jan. 2 Holders of rcc.
IX Jan. 2 ffolders of rec.
39 He Dec 15 Holders of rec.
4
Dec. 7 N ov. 16
to
elO
Den. 7 N ov. 16
to
I X Dec. 6 Holders of rec.
2 X Deo. 31 H oldeis of reo.
2)4 Jan. 15 Holders of rec.
I X Feb. 28 Holders of rec.
Deo. 18 Holders of rcc.
$5
IX Deo. 30 Holders o f reo.
I X Deo. 20 Holders of rec.
Jan. 15 Holders of rec.
3
I X Jan. 1 Holders of reo.
hi
Jan.
1 Holders of rcc.
25o. D oc. 20 Dec. 10 to
D ec. 20 D ec. 10 to
$1
10
Dec. 1 Holders of rcc.
1 Holders of rcc.
I X Jan.
I X Jan. 10 Holders of rec.
5
Dec. 20 N ov 30
to
5
D ec. 30 Deo. 14
to
6
D ec. 30 Deo. 14
to
Jan. 2 Holders of rec.
5
2
Jan. 2 Holders of rcc.
3
Dec. 30 Holders of rec.
IX Dec. 15 Holders of rec.
'2X Deo. 15 Holders of reo.
3
Doc. 15 D ec. 1 to
2
Dec. 15 D ec. 1 to
4
Jan. 2 D ec. 16 to
Jan. 2 Dec. 16 to
1
Dec. 20 Holders of rec.
10
Dec. 15 Holders of rcc.
5
2
Dee. 15 Holders of rcc.
3
Jan. 1 Deo. 2
to
1
to
Jan. 1 Dec. 2
4
Jan.
1 Holders of rec.
$1.25 ,Jan. 2 [folders of rec.
2
Jan.
1 D ec. 10 to
2X Dec. 31 ffolders of rcc.
$1.75 Dec. 30 Holders of rec.
1244c. Jan. 1 Dec. 16 to
5c. Jail. 1 Holdors of rcc.
10c. Jan. 1 Holders of me.
134 Jan. 1 Holders of rec.
1X Jan. 1 Holders of rec.
134 Deo. 15 Holders of rec.
2
Jan. 3 Dec 17
to
134 Dec. 20 Holders of rec.
to
134 N ov. 30 Nov. 21
IX Dec. 15 Holders of rec.
to
IX Deo.tf.30 D ec. 15
I X Jan. 15 Holders of rec.
10c. Dec. 30 ffolders of reo.
to
1X Deo. 30 Deo. 2
to
1
Dec. 30 Dee. 2
$1.50 Dec. 20 Holders of rec.
to
1
Dec. 1 N ov. 19
Dec. 31 Holders of rcc.
$1
IX Jan. 2 Holders of rcc.
I X Jan. 2 Holders of rcc.
IX Jan. 2 Holders of icc .
to
1 734c. Doc. 31 Dec. 9
2
IX
IX
134

103

Deo.
D ec.
Jan.
Jan.
D ec.
Deo.
D eo.
N ov.
N ov
Deo.
N ov.
D ec.
N ov.
Jan.
Jan.
Jan.
N ov.
D eo.
D ec.
Jan.
D ec.
D ec.
D ec.
Deo.
D ec.
D ec.
D ec.
N ov.
Dec.
D ec.
Deo.

15a
Ifa
15a
10a
11a
20a
15
24
24
9
20
14
28
1
1
1
25
la
20a
20
9
9
15
15a
15
15
15a
25a
9a
9a
8

D ec.
Deo.
Dec.
Dec.
Dec.
D ec.
D ec.
D ec.
D ec.
Dec.
N ov.
D ec.

11a
l la
11a
2a
2a
15
15a
15a
5a
La
29
28 a

D ec.
N ov.
D ec.
D ec.
D ec.
N ov.
D ec.
Deo.
Deo.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
Dec.
Deo.
N ov.
D ec.
Dee.
Dec.
Dec.
N ov.
D ec.
Dec.
N ov.
N ov.
D ec.
Feb.
N ov.
Deo.
D ec.
Jan.
Deo.
Deo.
Deo.
Deo.
N ov.
Dec.
D ec.
D ec.
Jan.
Jan.
Dec.
D ec.
D ec.
N ov.
N ov.
D ec.
Dec.
Jan.
Jan.
N ov.
N ov.
N ov.
Deo.
D oc.
D ec.
D oc.
Jan.
N ov.
Dec.
D ec.
D ec.
Dec.
Dec.
Dec.
D ec.
Jan.
D ec.
D ec.
N ov.
D ec.
Dec.
D ec.
Deo.
Deo.
N ov.
D ec.
Dec.
Dec.
Deo.
D ec.
D ec.

8a
24a
15
11
15a
30a
1
la
la
23
£3
20
13
13
13
11
22a
22a
22
15
30a
19
16
20a
20a
24a
7
7
15a
29
30a
la
27 a
15a
5a
5
10a
lfla
20
20
28
15a
29
20
1
1
15a
15a
15
29
20
15
15
1
1
20a
20a
24a
20
20
16
15
3
29a
15
21
11
11
20a
20a
5a
2
6
11
29a
22
30
16
10
10
25
1
15a
9
2
22
13

a Transfer books not closed for this dividend, b Loss British Income tax. d Cor­
rection. e Payable In stock. /P a y a b le In common stock. QPayable In scrip,
ft On account of accumulated dividends, l Declared 1% , payable one-half D ec.
20 and om'-half March 20 1 9 1 7 . k Declared 3 % , 1 ) 4 % payable as above and 114 %
July 1 1 9 1 7 to holders of record Juno 15 1 9 1 7 .
1 Declared 12 >4% regular and 12)4% extrn, payable In quarterly Installments of
5% each on D ec. 22 1916, M ar. 23, June 22, Sept. 21 and Dec. 21 1917, to holders
of record D ec. 1 1910, M ar. 1, Juno 1, Sept. 4 and D ec. 4 1817, fespeetfvely

National Banks.— The following information regarding
national banks is from tho offico of tho Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S F O R C H A R T E R S .
F o r o r g a n iz a t io n o f n a t io n a l b a n k s :
T h o N a t io n a l C i t y H a n k o f T a n in a , F la .
C a p i t a l __________________ $ 3 0 0 , 0 0 0
T h o J e ffe r s o n N a t io n a l B a n k o f W h it e h a ll, M o n t .
C a p i t a l _____
2 5 ,0 0 0
'l 'l i o F i r s t N a t i o n a l H a n k o f l ’ u r d o n , T o x . ( t o s u c c o o d H a n k o f
P u r d o n ).
C a p i t a l __________________________________________________________
2 5 ,0 0 0
T o ta l

2055

THE CHRONICLE

Deo. 2 191S.]

c a p i t a l ________ _________________________________ ____________ ________$ 3 5 0 , 0 0 0
E X P IR A T IO N

OF C H A R T E R .

T h e N a tio n a l B a n k o f W a ld o n , W a ld e n , N . Y .
C a p i t a l _____________ $ 1 0 0 , 0 0 0
B u s in e s s t a k o n o v e r b y t h o T h ir d N a t i o n a l B a n k o f W a ld e n .

B y Messrs. R . L . D ay & C o ., Boston:
S h a r es.
S to ck s.
$ p er sh .
3 T a u n t o n N a t i o n a l B a n k _______ 1 20
10 L a n c a s t e r M i l l s ________________ 893 4
1 B e r k s h ir e C o t t o n M f g __________1 98
13 M e r r i m a c k M f g . ,
p r e f ________ 8 8
10 W a m s u t t a M i l l s , c x - d l v _____ 1 1254
1 0 0 H a m il t o n M f g ___________________ 8 4
2 1 W a lt h a m B l e a c h . A D y e W k s . 115
10 A r li n g t o n M i l l s __________________ 12034
1 D w i g h t M f g . , $ 5 0 0 p a r ............ 1 1 5 0
4 C o r d i s M i l l s . . .................
12034
1 0 P a c i f i c M i l l s ---------------------------------18734
1 N a s h u a M f g ., e x d iv ., $ 5 0 0 p a r.7 9 1 3 4

Imports and Exports for the Week.— The following are
the reported imports of merchandise at New York for the
week ending N ov . 25 and since the first week of January:

L IQ U ID A T IO N .
T h o F ir s t N a t i o n a l B a n k o f T o x l ln o , T o x .
C a p i t a l ___________________ $ 2 5 , 0 0 0
L iq u id a tin g a g e n t , W . W . R I x o y , T o x lln o , T o x .
A b so rb ctl b y
t h o F ir s t S t a te B a n k o f T o x lln o , T e x .

F O R E IG N IM P O R T S A T N E W Y O R K .
F or W eek .

1916.

F o r t h e w e e k ................
P r e v io u s ly r e p o r t e d .

$ 2 2 ,4 5 5 ,6 6 8
1 ,1 1 9 ,8 9 2 ,8 9 9

$ 3 1 ,1 2 7 ,0 4 8
8 5 6 ,4 9 2 ,2 9 4 |

S 1 6 ,2 2 4 ,3 6 4
8 6 5 ,6 3 0 ,6 2 2

S 2 0 ,6 4 7 ,5 4 3
8 6 7 ,4 5 9 , 5 0 7

T o t a l 4 7 w e e k s ___ $ 1 ,1 4 2 ,3 4 8 ,5 6 7

$ 8 8 7 ,6 1 9 ,3 4 2 :

$ 8 8 1 ,8 5 4 ,9 8 6

$ 8 8 8 ,1 0 7 , 1 1 0

Auction Sales.— Among other securities, tho following,
n ot u su a lly dealt in at the Stock E xch a n ge, wero recently sold
at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, New York:
S h a res.
S to ck s.
P e r ce n t.
7 0 S t . L o u is C a r C o . , p r e f e r r e d - 25
714 M a n s f ie l d G a s L t . c u m . p r e f .
$50
e a c h . - ...................S l O p e r s h .
0 1 st N f t t . B a n k o f J e r s e y C l t y - 3 2 9
38 J osep h F a h y s A C o ., c o m . - - 55
5 ,0 5 0 H u d s o n N a v i g a t i o n o ld s t o c k 1014

S h a r es.
S to ck s.
5 p er sh .
1 C h ic o p e e M f g ., p r e f., e x - d l v .. 97
12 P e r e M a r q .- R R . , 1 s t p r e f .
154
c t f . d e p _______________________
3 N a s h u a A L o w e l l R R .................... 172 34
3 8 W a l t h a m W a t c h , c o m m o n ___ 19
4 2 I n t e r n a t . B e l l T e l . , L t d . , In
li q u i d a t i o n , $ 1 e a c h _________
12c.
5 N . B e d f o r d G a s A E . L .r i g h t s .
734
B onds.
P e r c e n t.
$ 3 0 0 C o m m o n w . o f M a s s . 4 s , 1 9 5 3 .1 0 3
500 P ere M a rq . R R . d e b . 6 s, 1912,
c t f . d e p _______________________
554

EXPORTS

B onds.
P e r c e n t.
$ 2 ,0 0 0 A u t o m o b i l e C l u b o f A m o r .
2 n d 4 s , 1 9 3 0 . . - ..................
70
5 ,1 5 0 D r y D o c k E . n . A B . R U .
5 s , 1 9 1 4 .................
14
1 0 .0 0 0 C o m p a p l a M e t a lu r g ic a M o x l l c a n a 1 st 5 s , 1 9 3 1 ...................... 2 0
3 0 .0 0 0 B a t h E l e c . & G a s L t . 1 st 5 s ,
1 9 4 0 , w it h 1 40 s h a r e s s t o c k
a s b o n u s ______________________ 2 0

FROM

1915.

NEW

YORK

1916.
F o r t h e w e e k _________
P r e v io u s ly r e p o r t e d .

1914.

FOR

1915.

$ 6 6 ,7 5 7 ,7 4 6
2 ,5 4 0 ,8 8 8 ,4 7 1

IM P O R T S

OF

W EEK

1914.

$ 5 7 ,7 1 2 ,8 2 5 1
1 ,5 7 9 ,6 3 2 ,2 4 8 !

T o t a l 4 7 w e e k s ___ $ 2 ,6 0 7 ,6 4 6 ,2 1 7 S I , 6 3 7 ,3 4 5 ,0 7 3 !
EXPORTS AND

THE

1913.

S P E C IE

|

1913.

S 1 7 ,2 8 4 ,5 0 3
7 6 4 ,6 7 4 ,1 8 9

$ 1 4 ,8 4 0 , 9 7 0
7 7 1 ,2 6 4 ,6 3 1

$ 7 8 1 ,9 5 8 ,0 9 2

$ 7 8 6 ,1 0 5 ,6 0 1

AT

NEW

YORK.

B y Messrs. Barnes & Lofland, Philadelphia:
S h a res.
S to ck s.
p e r sh .
4 S o u t h w a r k N a t i o n a l B a n k ---------1 5 0 %
1 3 P e n n . C o . f o r I n s . o n L iv e s ,
A o ___________________
7 2 5 H -7 2 6
1 C o m E x c n a n g o N a t i o n a l B a n k .3 7 7
2 0 B r id g e p o r t N a t . B a n k , B r id g e ­
p o r t , l ’ a ...........................................- 8 2 5 4
14 F a r m e r s A M e c h a n ic s N u t .B a n k 13314
6 2 F o u r t h S t r e e t N a t i o n a l B a n k . . .2 8 5 1 4
2 5 F r a n k lin N a t i o n a l B a n k ................4 9 2
1 5 T e x t i l e N a t i o n a l B a n k .................. 103
2 0 W e s t P h il a . B a n k , 5 0 e a c h ------- 45
2 0 M u tu a l T ru s t C o ., $50 e a c h ..3 0 -3 0 %
1 0 B a n k o f N o r t h A m e r i c a ................2 5 8
6 5 A m o r . P ip e & C o n s t r u o . C o . 3 1 % - 3 1 'A
2 5 F ir s t N a t . B a n k , P h i l a . .2 0 5 1 1 -2 0 5 1 4
5 G ir a r d N a t i o n a l B a n k ........... 3 7 4 -3 7 4 J 4
12 A m a lg . A s b e s t o s , L t d . , p r e f -------151
3 7 A m a lg . A s b e s t o s , L t d . , c o m -------\ lo t
2 5 C o m . T i t l e I n s . A T r u s t C o -------2 3 2 'A
4 P h il a d e lp h ia T r u s t C o .....................8 07 34
1 0 A m e r ic a n D r e d g i n g .......................... 1 10

S h a r es.
S tock s.
$ per sh .
10 D e L o n g H o o k A E y e . ..................... 9334
10 P h il a . W a r e h o u s in g A C o l d S t o r . 90
10 B e r g n e r A E n g e l B r e w i n g , p r e f . 75
2 B e r g n e r A E n g e l B r e w in g , c o m . 2 0
15 P h ila d e lp h ia W a r e h o u s e __________1 20
15 P e n n s y lv a n ia F ir e I n s u r a n c e ____4 5 7
5 P e o p l e 's T r u s t , $ 5 0 e a c h . ................. 4 0
2 P h il a d e lp h ia A T r e n t o n R U _____2 3 7 2 4
2 0 F ir e A s s o c i a t i o n o f P l i l l a ., $ 5 0
e a c h ............................................. 345-3453-4
5 4 D e la w a r o R R . , $ 2 5 e a c h ....................4 4 %
2 l ’ h l la . B o u r s e , p r e f . , $ 2 5 e a c h . . 235 4
2 0 I I . K . M u l f o r d C o . , $ 5 0 e a c h . . . 6834

W e e k en d in g N o t . 2 5 .

G r e a t B r i t a i n _________
F r a n c e ................................
G e r m a n y ......... ..................
W e s t I n d i e s ......................
M e x i c o ................................
S o u t h A m e r i c a ..............
A ll o t h e r c o u n t r i e s . . .

S h a r es.
S tock s.
$ p e r sh .
5 0 A r li n g t o n M i l l s ............................ 1 1 9 -1 2 0
5 0 W a r r e n B r o s . C o . , 2 n d p r e f - - - 31
B onds.
P e r ce n t.
$ 1 0 ,0 0 0 P e o r i a W a t . W k s . p r io r
lie n 5 s , 1 9 4 8 ............................. 9 0

T o t a l 1 9 1 6.
T o t a l 1 9 1 5.
T o t a l 1 9 1 4.

S in ce
Jan. 1

W eek .

$ 1 6 2 ,4 7 5
3 3 ,4 0 0

S 6 ,8 3 4 ,0 7 8
3 3 ,4 0 0

5 1 3 ,4 0 4

$ 3 7 ,1 3 1 , 5 0 7
3 7 ,3 7 5

4 0 0 ,2 5 0
5 ,0 0 0
2 ,8 0 0 ,0 0 0

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

1 ,6 7 6
1 0 0 ,2 8 2
1 1 0 ,4 2 8
2 8 ,0 9 4

9 ,8 2 7 , 1 7 0
3 ,4 1 1 , 7 0 7
8 ,7 9 1 , 1 1 5
2 ,3 9 5 ,4 7 7

$ 2 5 3 ,8 8 4 $ 6 1 ,5 9 4 ,3 5 1
8 ,9 5 8 ,0 7 3 9 7 ,9 6 5 ,6 8 1
8 ,9 9 1 ,8 1 7
2 3 0 ,6 3 9

$ 3 ,4 0 1 ,1 2 5 $ 6 5 ,8 3 0 ,1 4 7
1 1 4 .1 3 0 i 1 6 ,2 4 5 ,3 1 8
1 4 ,9 7 2 1 2 8 ,2 2 4 ,8 8 3

T o t a l 1 9 1 6 ...................
T o t a l 1 9 1 5 ...................
T o t a l 1 9 1 4 . ................
S ilv e r .
G r e a t B r i t a i n ................
F r a n c e ................................
G e r m a n y ................... .
W e s t I n d i e s ...............
M e x i c o . . ................
S o u t h A m e r i c a ____
A l l o t h e r c o u n tr ie s .

B onds.
p e r c e n t.
5 2 .0 0 0 C h e s . A D e l . C a n a l 1 s t 4 s ,'1 6 61 34
1 ,0 0 0 S p r in g ! . C o n s . W a t . l s t 5 s , ’ 5 8 8 0
$ 1 ,0 0 0 N . S p r i n g f .W a t . 1 s t 5 s , 1 92 8 8 4
5 2 .0 0 0 B l r d s b o r o S t o n e C o . 1 st 5 s . . 5754
$ 5 ,7 0 0 P o c o n o P in e s A s s e m b l y H o ­
t e ls C o . 1 s t 6 s . ......................1 8 - 2 0

Im p orts.

S in c e
J a n . 1.

W eek .

B y Messrs. Francis Henshaw & C o ., Boston:
S h ares.
S lo ck s.
$ p er sh .
5 0 E d w a r d s M f g . C o ............................. 5 8
5 P a c i f i c M i l l s ........... ............................1 8534
1 T r e m o n t A S u ff o lk M i l l s ______ 1 40
1 7 _ W a r r e n B r o s . C o . 1 s t p r e f .,
$ 5 0 e a c h ..........................................3 13 4

E i p o r ts .

G o ld .

$ 9 5 2 ,4 8 5 $ 4 5 ,3 5 7 ,9 0 9
2 5 ,0 0 0
5 1 6 ,6 0 0

$ 2 ,4 9 5

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

2 5 1 ,2 2 6
7 5 ,9 2 4
8 5 ,9 8 1

$ 4 4 ,3 5 8
9 ,9 7 2

100

$ 9 7 7 ,4 8 5 $ 4 8 ,3 0 6 ,2 9 4 i
1 ,4 2 4 ,0 9 0 3 7 ,9 6 3 ,0 1 8
3 9 5 ,4 7 2 3 9 ,6 1 8 ,3 9 1

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

$ 4 1 5 ,7 2 6 $ 1 5 ,7 7 6 , 3 9 0
1 3 0 ,1 3 4
9 ,8 2 1 , 1 4 3
1 9 7 ,5 7 0
9 ,4 3 4 ,7 1 1

O f t h e a b o v e e x p o r t s f o r t h e w e e k In 1 9 1 6 , $ 3 ,3 0 5 ,2 5 0 w e r e A m e r ic a n g o l d e o l n .

T h e Federal Reserve B a n k s.— Following is the weekly statement issued by the Federal Reserve Board on N o v . 25:
F u r t h e r g a in s d u r in g t h o p a s t w o o k in d e p o s i t s , r e s u lt in g in s u b s t a n t ia l I n c r e a s e s o f t h e g o ld a n d t o t a l r e s e r v e s o f t h o F e d e r a l R e s e r v e b a n k s , a r e
I n d ic a t e d b y t h o w e e k ly s t a t e m e n t a s a t c l o s e o f b u s in e s s o n N o v . 2 4 1 9 1 6 , w h il e t h e la r g e r d e m a n d f o r li q u id fu n d s a s r e f le c t e d b y t h e h ig h e r m o n e y
r a t e s i n t h e N e w Y o r k m a r k e t d u r i n g p a r t o f t h o w e e k a p p a r e n t l y a c c o u n t s f o r t n e c o n s i d e r a b l e i n c r e a s e In t h o a c c e p t a n c e b u s i n e s s o f m o s t o f t h e b a n k s .
A g g r e g a t e g o ld r e s e r v e s s h o w a n in c r e a s e d u r in g t h o w e e k o f 2 4 .3 m illio n s , a ll t h e b a n k s e x c e p t N e w Y o r k a n d S t . L o u is s h a r in g in t h e in c r e a s e .
The
N o w Y o r k b a n k r o n o r t s la r g o g o ld tr a n s fe r s in fa v o r o f t h e o t h e r b a n k s o n a c c o u n t o f t h o fin a l r e s e r v e in s t a llm e n t d u e o n N o v . 1 6 .
T h e s e tra n s fe rs
a r e la r g e ly r e s p o n s ib le f o r t n o d e c r e a s o o f 1 2 m illio n s in g o ld r e s e r v e r e p o r t e d b y t h e b a n k .
C a s h r e s e r v e o t h e r t h a n g o l d in c r e a s e d a b o u t 1 .4 m i l l i o n ,
m a in ly a t t h o N o w Y o r k b a n k .
D is c o u n t s o f c o m m e r c ia l p a p e r o n h a n d I n c r e a s e d a b o u t $ 8 0 0 ,0 0 0 , n o t w it h s t a n d in g t h e c o n s id e r a b le r e d u c t io n s in h o ld in g s s h o w n b y t w o S o u t h e r n b a n k s .
I n c l u d e d I n t h e t o t a l d i s c o u n t s is a n a m o u n t o f $ 2 , 3 8 4 , 0 0 0 o f a d v a n c e s t o m e m b e r b a n k s u p o n t h e i r o w n n o t e s , a . i i n c r e a s e o f $ 1 , 5 6 5 , 0 0 0 o v e r t h e c o r ­
r e s p o n d in g t o t a l s n o w n t h e w e e k D e fo r e .
A c c e p t a n c e s o n h a n d fo r th o fir s t t im e e x c e e d 1 00 m illio n s . N o w Y o r k , P h ila d e lp h ia a n d S a n F r a n c is c o r e ­
p o r t in g th e la r g e s t g a in s u n d e r th is h e a d .
O f t h o t o t a l p a p e r , in c lu d in g a c c e p t a n c e s , 3 6 .6 p e r c e n t m a tu r e s w it h in 3 0 d a y s a n d 4 1 .4 p e r c e n t a ft e r 3 0
d a y s b u t w it h in 6 0 d a y s .
,
T r a n s a c t i o n s in U n i t e d S t a t e s b o n d s a r o r e p o r t e d b y f i v e b a n k s , r e s u lt i n g in a n e t in c r e a s e o f $ 3 1 2 ,0 0 0 In t h e a m o u n t o f s e c u r i t ie s o n h a n d .
N o
c l i a n g o is s h o w n in t h e a m o u n t o f T r e a s u r y n o t e s h e l d .
L a r g e ly a s t h o r e s u lt o f p u r c h a s e s b y t h e N e w Y o r k b a n k o f lo c a l c i t y n o t e s , t h e h o ld in g s o f
m u n ic ip a l w a r r a n ts s h o w a n In c r e a s e o f $ 3 ,5 6 9 ,0 0 0 fo r t h o w e e k .
T o t a l e a r n in g a s s e ts s t a n d n o w a t $ 1 9 5 ,3 5 3 ,0 0 0 , a n in c r e a s e o f a b o u t 9 m illio n s fo r
t h o w e e k , a n d c o n s t it u t e 3 5 1 % o f t h e b a n k s ' p a id -in c a p i t a l , a s a g a in s t 3 3 5 % t h e w e e k b e fo r e .
O f t h o t o t a l e a r n in g a s s e t s 5 2 . 3 % is r e p r e s e n t e d b y
a c c e p t a n c e s , 2 0 .2 % b y U n ite d S ta te s b o n d s , 1 1 .3 % b y w a r r a n t s , 1 0 .5 % b y d is c o u n t s a n d 5 .7 % b y T r e a s u r y n o t e s .
G o v e r n m e n t d e p o s it s s h o w a n e t In cre a so o f $ 1 ,1 4 8 ,0 0 0 , m a in ly a t t lie R ic h m o n d a n d K a n s a s C i t y b a n k s .
N e t b a n k d e p o s it s I n c r e a s e d $ 1 4 ,8 1 8 ,0 0 0 ,
la r g e l y a s t h o r e s u lt o f l i q u i d a t i o n o f c h e c k s a n d d r a f t s r o p o r t e d t h o w e e k b e f o r e in p r o c e s s o f c o l l e c t i o n a n d t h e r e f o r e t r e a t e d a s d e d u c t i o n s f r o m g r o s s
d e p o s i t s In t h e p r e c e d i n g w e e k l y r e p o r t .
F e d e r a l R e s e r v e b a n k n o t e s In c i r c u l a t i o n s h o w a s l i g h t d e c r e a s e .
A f u r t h e r I n c r e a s e b y S 2 , 3 7 9 , 0 0 0 i n t h o a m o u n t o f F e d e r a l R e s e r v e n o t e s I s s u e d is
s h o w n , t h e t o t a l o u t s t a n d in g b e in g n o w $ 2 5 8 ,0 8 1 ,0 0 0 .
A g a in s t t h is t o t a l t h e a g e n t s h o ld $ 2 4 1 ,5 6 6 ,0 0 0 o f g o ld a n d $ 1 6 ,8 4 8 ,0 0 0 o f p a p e r .
T h e banks
r o p o r t a t o t a l o f $ 2 4 0 ,4 4 8 ,0 0 0 o f F e d e r a l R e s e r v o n o t e s In c i r c u l a t i o n a n d a g g r e g a t e li a b i l i t i e s o f $ 1 4 ,2 9 6 ,0 0 0 o n n o t e s I s s u e d t o t h e m b y t h e a g e n t s .

Tho figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the oight preceding weeks, thus furnishing a useful comparison. In the second tab^e w®
show the resources and liabilities separately for each of tho twelve Federal Reserve banks. The statement of Federal Reserve
Agents’ Accounts (tho third table following) gives dotails regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
C

o m b in e d

R

e

.

o u r c e s

a n d

L

ia b i l i t i e s

o f

t h e

F

e d e r a l

R

e s e r v e

B

a n k s

a t

t h e

C

l o s e

o f

B

u s in e s s

N

N o t . 24 1 9 1 6 . N o t . 17 1 9 1 6 . N o t . 10 101 6 N o t . 3 1 9 1 6 . O ct. 2 7 1 9 1 6 J o c f . 2 0 1 9 1 6 . O ct. 13 1 9 1 6 . O ct.

o v

6

. 2 4

1 9 1 6.

1 9 1 6 . S ep t. 2 9 1 9 1 6

RESOURCES.
G o l d c o i n a n d c e r t if i c a t e s In v a u l t ------------------------- $ 2 8 3 ,7 3 0 ,0 0 0 5 2 9 3 ,4 4 1 ,0 0 0
G o l d s e t t l e m e n t f u n d . . ------------------------------- ---------1 7 4 ,S O I.0 0 0 1 4 0 ,8 2 1 ,0 0 0
G o ld r e d e m p t io n f u n d w ith U . 8 . T r e a s u r e r . .
1 .4 0 4 ,0 0 0
1 ,3 8 3 ,0 0 0

2 6 5 .8 9 7 .0 0 0 $ 2 7 8 ,1 5 7 ,0 0 0 $ 2 7 4 ,0 0 1 ,0 0 0 $ 2 6 1 ,5 1 5 ,0 0 0 $ 2 6 7 ,4 0 0 ,0 0 0 $ 2 6 5 ,6 2 6 ,0 0 0 $ 2 6 0 ,8 4 5 ,0 0 0
1 2 5 ,2 6 1 ,0 0 0
1 2 4 .4 2 1 ,0 0 0
1 2 2 ,5 8 7 .0 0 0
1 1 9 ,4 4 1 ,0 0 0
1 2 7 ,6 4 1 ,0 0 0
1 2 1 ,3 5 1 ,0 0 0
1 3 9 .5 7 1 .0 0 0
1 ,6 8 7 ,0 0 0
1 ,9 1 0 ,0 0 0
1 ,3 9 1 .0 0 0
1 ,9 2 9 ,0 0 0
1 ,3 9 4 ,0 0 0
1 ,4 1 8 ,0 0 0
1 ,3 0 8 ,0 0 0

T o t a l g o ld r e s e r v e -------------------------------------------- $ 1 5 9 ,9 3 5 ,0 0 0 $ 4 3 5 ,0 4 5 ,0 0 0
L e g a l t e n d e r n o t e s , s ilv e r . A o ..................................
1 7 ,0 7 4 ,0 0 0
1 6 ,5 8 0 ,0 0 0

4 0 0 ,8 3 6 ,0 0 0 5 4 0 7 ,1 9 2 ,0 0 0 $ 3 9 7 ,9 7 9 ,0 0 0 S 3 8 4 ,2 8 4 ,0 0 0 S * 9 4 ,3 4 8 ,0 0 0 $ 3 8 6 ,9 7 7 ,0 0 0 $ 3 8 7 ,1 9 5 ,0 0 0
1 3 ,9 9 1 ,0 0 0
7 ,8 1 1 ,0 0 0
1 1 ,3 7 7 ,0 0 0
9 ,9 7 6 ,0 0 0
0 ,8 8 4 ,0 0 0
1 0 .5 6 1 ,0 0 0
7 ,3 1 2 ,0 0 0

T o t a l r e s e r v e — ..................................... - .............. $ 4 7 7 ,9 0 9 ,0 0 0 $ 4 5 2 ,2 2 5 ,0 0 0 $ 4 1 4 ,1 4 8 ,0 0 0 $ 4 1 4 ,0 7 6 ,0 0 0 $ 4 0 7 ,9 5 5 ,0 0 0 $ 3 9 4 ,8 4 5 ,0 0 0 $ 4 0 5 ,7 2 5 ,0 0 0 $ 4 0 0 ,9 6 8 ,0 0 0 $ 3 9 5 ,0 0 6 ,0 0 0
6 % r e d e m p tio n f u n d u g ’st F . R . b k n o te s
5 0 0 ,0 0 0
5 0 0 ,0 0 0
3 7 0 ,0 0 0
4 2 0 ,0 0 0
4 2 0 ,0 0 0
4 2 0 ,0 0 0
4 5 0 ,0 0 0
4 7 0 ,0 0 0
4 7 0 ,0 0 0
-B ill* d i s c o u n t e d
M a t u r i t ie s
M a t u r i t ie s
M a t u r i t ie s
M a t u r i t ie s
M a t u r i t ie s

and b ou g h t—
w it h in 10 d a y s ..................................
f r o m 11 t o 3 0 d a y s ........................
f r o m 31 t o 6 0 d a y s ........................
f r o m 61 t o 9 0 d a y s -------------------o v e r 9 0 d a y s ----------------------------------

$ 1 7 ,4 6 5 ,0 0 0
2 7 .4 7 2 .0 0 0
5 0 .7 5 1 .0 0 0
2 5 .3 7 3 .0 0 0
1 ,5 3 2 ,0 0 0

$ 1 1 ,1 8 0 ,0 0 0
2 9 .2 4 2 .0 0 0
4 5 .9 8 2 .0 0 0
2 9 .5 6 0 .0 0 0
1 ,5 2 3 ,0 0 0

T o t a l ............................................... - .................... $ 1 2 2 ,5 9 3 ,0 0 0 $ 1 1 7 ,4 9 3 ,0 0 0

$ 1 1 ,8 0 7 ,0 0 0
2 3 .3 1 5 .0 0 0
4 5 .5 1 1 .0 0 0
2 8 .0 7 3 .0 0 0
1 ,5 8 7 ,0 0 0

$ 1 2 ,0 3 0 ,0 0 0
2 3 .2 7 8 .0 0 0
4 1 .4 7 3 .0 0 0
2 6 .7 1 9 .0 0 0
1 ,2 6 3 ,0 0 0

$ 1 6 ,8 0 8 ,0 0 0
2 0 .5 1 3 .0 0 0
3 9 .0 6 2 .0 0 0
2 9 .6 2 0 .0 0 0
1 ,2 1 3 ,0 0 0

$ 1 4 ,3 1 1 ,0 0 0
2 4 .4 6 1 .0 0 0
3 5 .9 2 8 .0 0 0
2 8 .1 4 7 .0 0 0
1 ,2 1 0 ,0 0 0

1 1 0 ,2 9 3 ,0 0 0 $ 1 0 4 ,7 6 3 ,0 0 0 $ 1 0 7 ,2 1 6 ,0 0 0 $ 1 0 4 ,0 5 7 ,0 0 0

$ 1 3 ,5 4 3 ,0 0 0
2 7 .1 7 5 .0 0 0
3 3 .5 9 1 .0 0 0
2 3 .9 8 6 .0 0 0
1 ,1 9 1 ,0 0 0

$ 1 5 ,0 6 1 ,0 0 0
2 7 .8 1 0 .0 0 0
3 2 .1 1 2 .0 0 0
2 4 .9 4 7 .0 0 0
1 .1 6 4 ,0 0 0

$ 2 1 ,4 0 8 ,0 0 0
2 3 .2 4 5 . 0 0 0
3 6 .5 2 7 .0 0 0
2 3 .8 8 2 . 0 0 0
1 ,5 1 6 .0 0 0

$ 9 9 ,4 8 6 ,0 0 0 $ 1 0 1 ,0 9 4 ,0 0 0 * 1 0 6 ,5 7 8 , 0 0 0

A c c e p t a n c e s (I n c lu d e d In a b o v e ) --------------------------- 5 1 0 2 ,0 9 2 ,0 0 0

$ 9 7 ,7 8 9 ,0 0 0

0 0 ,9 1 3 ,0 0 0

$ 8 5 ,0 8 1 ,0 0 0

$ 8 6 ,0 S 5 ,0 0 0 |

$ 8 2 ,6 9 2 ,0 0 0

$ 7 7 ,3 8 7 ,0 0 0

$ 7 7 ,4 3 8 ,0 0 0

$ 8 0 ,6 2 5 ,0 0 0

5 3 9 ,4 2 7 ,0 0 0
1 1 .1 0 7 .0 0 0
2 2 .1 6 6 .0 0 0

$ 3 9 ,1 1 5 ,0 0 0
1 1 .1 0 7 .0 0 0
1 8 .5 9 7 .0 0 0

3 8 .8 5 3 .0 0 0
1 1 .3 4 7 .0 0 0
2 0 .6 9 4 .0 0 0

$ 4 0 ,5 4 0 ,0 0 0
1 1 ,3 6 7 ,0 0 0
2 4 ,1 0 0 ,0 9 0

$ 4 0 ,4 6 9 ,0 0 0
1 1 .4 3 5 .0 0 0
2 9 .8 9 0 .0 0 0

$ 4 1 ,3 3 5 ,0 0 0
1 1 .6 9 7 .0 0 0
3 2 .5 4 3 .0 0 0

$ 4 2 ,6 4 2 ,0 0 0
1 0 .4 4 4 .0 0 0
3 1 .5 4 2 .0 0 0

$ 4 4 ,3 7 0 ,0 0 0
8 ,7 6 3 .0 0 0
2 9 ,0 8 5 ,0 0 0

$ 4 6 ,5 4 4 ,0 0 0
6 ,9 2 7 , 0 0 0
2 4 ,0 2 8 , 0 0 0

I n v e s t m e n t s : U . 8 . b o n d s -------------------------------------O n e -y e a r U . P T r e a s u r y n o t e s . .
M u n ic i p a l w a r r a n t s ...........................
T o t a l e a r n in g a s s e t s . . . . —




---------- $ 1 9 5 ,3 5 3 ,0 0 0 $ 1 8 6 ,3 7 2 ,0 0 0 !

1 8 1 ,1 8 7 .0 0 0 $ 1 8 0 ,7 7 0 ,0 0 0 $ 1 8 9 ,0 1 0 ,0 0 0 $ 1 8 9 ,6 3 2 ,0 0 0 $ 1 8 4 ,1 1 4 ,0 0 0 $ 1 8 3 ,3 1 2 ,0 0 0 $ 1 8 4 ,0 7 7 ,0 0 0

2056

THE CHRONICLE

[Vol. 103

N o v . 2 4 1 0 1 6 . N o v . 1 7 1 9 1 6 . N o v . 10 1 9 1 6 N o v . 3 1 9 1 6 . O ct. 2 7 1 9 1 6 . O ct. 2 0 1 9 1 6 . O ct. 13 1 9 1 6 . O ct. 6
R E S O U R C E 3 ( C o n c lu d e d ).
B r o u g h t f o r w a r d ( t o t a l, r e s e r v e A e a r n ’ g a s s e ts ) $ 5 7 3 ,7 3 2 ,0 0 0 3 6 3 9 ,0 6 7 ,0 0 0
F e d e r a l R e s e r v e n o t e s — N e t ______________________
D u e f r o m F e d e r a l R e s e r v e b a n k s — N e t ________

$ 1 5 ,4 1 4 ,0 0 0
4 3 ,2 6 3 ,0 0 0
2 ,6 5 1 ,0 0 0

1 9 1 6 . S ep t. 2 9 1 9 1 6

5 9 5 ,7 8 5 ,0 0 0 $ 5 9 5 ,2 6 6 ,0 0 0 $ 5 9 7 ,3 8 5 ,0 0 0 $ 5 8 4 ,8 9 7 ,0 0 0 $ 5 9 0 ,2 0 9 ,0 0 0 $ 5 8 4 ,7 8 0 ,0 0 0 $ 5 7 9 ,5 8 3 ,0 0 0

$ 1 4 ,2 5 6 ,0 0 0
5 9 ,7 7 3 ,0 0 0
6 ,1 2 1 ,0 0 0

1 7 .6 1 3 .0 0 0
3 5 .0 6 5 .0 0 0
2 ,4 8 3 ,0 0 0

$ 1 7 ,7 4 9 ,0 0 0
3 4 ,7 7 8 ,0 0 0
3 ,0 7 1 ,0 0 0

$ 1 6 ,8 4 6 ,0 0 0
3 3 ,1 9 7 ,0 0 0

$ 1 5 ,1 8 1 ,0 0 0
3 0 ,6 0 4 ,0 0 0

$ 1 5 ,2 8 0 ,0 0 0
3 0 ,0 8 9 ,0 0 0

$ 1 4 ,8 9 4 ,0 0 0
2 6 ,2 3 2 ,0 0 0

$ 1 4 ,2 5 0 ,0 0 0
3 1 ,3 6 5 ,0 0 0

T o t a l r e s o u r c e s ____________ _______________ $ 7 3 5 ,0 6 0 ,0 0 0 $ 7 1 9 ,2 1 7 ,0 0 0 $ 6 5 0 ,9 4 6 ,0 0 0 $ 6 5 0 ,8 6 4 ,0 0 0 $ 6 5 1 ,1 3 6 ,0 0 0 $ 6 3 3 ,3 1 2 ,0 0 0 $ 6 3 8 ,2 6 3 ,0 0 0 $ 6 2 8 ,9 5 1 ,0 0 0 $ 6 3 2 ,7 4 1 ,0 0 0
L IA B IL IT IE S .
C a p i t a l p a id I n _____________ ______________ ___________
G o v e r n m e n t d e p o s i t s ______________________________

F e d e r a l R e s e r v o b a n k n o t e s In c i r c u l a t i o n _____
A ll o t h e r li a b i li t ie s ..............................................................

$ 5 5 ,7 1 1 ,0 0 0
2 6 ,3 1 9 ,0 0 0
6 3 7 ,0 7 2 ,0 0 0

$ 5 5 ,7 0 4 ,0 0 0
2 5 ,1 7 1 ,0 0 0
6 2 2 ,2 5 4 ,0 0 0

5 5 .7 1 0 .0 0 0
2 3 .3 3 9 .0 0 0
5 5 6 ,4 6 2 ,0 0 0

$ 5 5 ,7 0 9 ,0 0 0
2 8 ,6 8 6 ,0 0 0
5 5 2 ,3 8 6 ,0 0 0

$ 5 5 ,7 0 3 ,0 0 0
2 9 .9 8 2 ,0 0 0
5 5 1 ,9 1 8 ,0 0 0

l]0 2 8 ]0 0 0
6 3 4 ,0 0 0

i ]o 3 o !o o o

1 ,0 3 0 ,0 0 0
5 1 9 ,0 0 0

1 ,0 3 1 ,0 0 0
4 2 5 ,0 0 0

1 ,0 3 1 ,0 0 0
5 3 6 ,0 0 0

5 9 0 ,0 0 0

$ 7 3 5 ,0 6 0 ,0 0 0 $ 7 1 9 ,2 1 7 ,0 0 0
O o ld r e s e r v e a g ’ s t n e t d e p . & n o t e li a b i li t ie s (a )
C a s h r e s e r v e a g 's t n e t d e p . A n o t e lia b ilit ie s (a )
C a s h r e s e r v e a g a in s t n e t d e p o s i t lia b ilit ie s a fte r
s e t t i n g a s id e 4 0 % g o ld r e s e r v e a g a in s t a g ­
g r e g a t e n e t li a b ilit ie s o n F . R . n o t e s in

2 6 ,1 1 6 ,0 0 0
5 3 8 ,1 0 2 ,0 0 0 + 5 4 2 2 4 3 0 0 0
1 ,0 3 2 ,0 0 0
4 8 4 ,0 0 0

5 2 6 !0 1 0 !0 0 0

5 2 1 > 4 o !o 0 0

1 ,0 3 3 ,0 0 0

3 ,0 3 3 ,0 0 0

1 ,0 3 3 ,0 0 0
4 6 4 ,0 0 0

6 5 0 ,9 4 6 ,0 0 0 $ 6 5 0 ,8 6 4 ,0 0 0 $ 6 5 1 ,1 3 6 ,0 0 0 $ 6 3 3 ,3 1 2 ,0 0 0 $ 6 3 8 ,2 5 3 ,0 0 0 $ 6 2 8 ,9 5 1 ,0 0 0 $ 6 3 2 ,7 4 1 ,0 0 0

7 2 .5 %
7 5 .3 %

7 2 .3 %
7 5 .1 %

7 2 .8 %
7 4 .1 %

7 2 .9 %
7 4 .1 %

7 6 .1 %

7 6 .0 %

7 5 .0 %

7 4 .9 %

3 5 9 ,7 7 3 ,0 0 0

$ 3 5 ,0 6 5 ,0 0 0

7 1 .0 %
7 2 .8 %

7 0 .4 %
7 2 .4 %

7 1 .6 %
7 3 .6 %

7 1 .4 %
7 2 .8 %

7 0 .9 %
7 3 .5 %

7 3 .4 %

( a ) L e s s I t e m s In t r a n s i t b e t w e e n F e d e r a l R e $ 4 3 ,2 6 3 0 0 0

$ 3 4 ,7 7 8 ,0 0 0

$ 3 3 ,1 9 7 ,0 0 0

$ 2 5 8 ,0 8 1 ,0 0 0 $ 2 5 5 ,7 0 2 ,0 0 0 $ 2 4 7 ,8 7 3 ,0 0 0 $ 2 4 0 ,5 3 4 ,0 0 0
1 7 ,6 3 3 ,0 0 0
1 7 ,0 3 2 ,0 0 0
2 0 ,2 6 1 ,0 0 0
2 0 ,5 9 6 ,0 0 0

2 0 | 2 5 4 !0 0 0

$ 3 0 ,0 8 9 ,0 0 0

$ 2 6 ,2 3 2 ,0 0 0

1 8 ,7 5 8 ,0 0 0

1 9 ,1 2 6 ,0 0 0

F ed e ra l R e ser v e N o te *—

In

1 8 ,7 5 9 ,0 0 0

1 7 ,4 2 9 ,0 0 0

c i r c u l a t i o n _____________ ______________ _______ $ 2 4 0 ,4 4 8 ,0 0 0 $ 2 3 8 ,6 7 0 ,0 0 0 $ 2 2 7 ,6 1 2 ,0 0 0 $ 2 1 9 ,9 3 8 ,0 0 0 $ 2 1 4 ,6 2 2 ,0 0 0 $ 2 1 2 ,0 4 4 ,0 0 0 $ 2 0 7 ,1 2 4 ,0 0 0 $ 2 0 1 ,3 6 4 ,0 0 0 $ 1 9 6 ,5 3 8 ,0 0 0

G o l d a n d la w fu l m o n e y w it h A g e n t _____________ $ 2 4 1 ,5 6 6 ,0 0 0 $ 2 3 8 ,4 5 8 ,0 0 0 $ 2 3 1 ,3 3 9 ,0 0 0 $ 2 2 5 ,0 6 0 ,0 0 0 $ 2 1 9 ,5 0 2 ,0 0 0 $ 2 1 5 ,3 2 9 ,0 0 0 $ 2 1 0 ,0 8 8 ,0 0 0 $ 2 0 4 ,4 7 6 ,0 0 0 $ 1 9 7 ,5 7 2 ,0 0 0
C a r r ie d t o n o t a s s e t s ________________ ________ ______
1 5 .4 1 4 .0 0 0
1 4 .2 5 6 .0 0 0
1 7 .6 1 3 .0 0 0
1 7 .7 4 9 .0 0 0
1 5 .2 8 0 .0 0 0
1 4 ,2 5 0 ,0 0 0
1 6 .8 4 6 .0 0 0
1 4 ,8 9 4 ,0 0 0
1 5 ,1 8 1 ,0 0 0
1 4 .2 9 6 .0 0 0
1 4 .4 6 8 .0 0 0
1 3 .8 8 6 .0 0 0
1 2 .6 2 7 .0 0 0
1 2 .3 1 6 .0 0 0
1 1 .9 6 6 .0 0 0
F e d e r a l R eserv e N o t e s ( A g e n t s ' A c c o u n t s ) —
$ 4 0 0 ,3 2 0 ,0 0 0 $ 3 9 3 ,2 2 0 ,0 0 0
8 9 .1 6 9 .0 0 0
8 4 .9 3 8 .0 0 0

3 8 9 ,5 8 0 ,0 0 0 $ 3 8 0 ,2 6 0 ,0 0 0 $ 3 7 8 ,7 6 0 ,0 0 0
8 3 .9 3 7 .0 0 0
8 2 .7 3 6 .0 0 0
8 1 .1 9 4 .0 0 0

7 9 ,8 3 8 ,0 0 0

A m o u n t c h a r g e a b l e t o A g e n t __________ $ 3 1 1 ,1 5 1 ,0 0 0 $ 3 0 8 ,2 8 2 ,0 0 0
I n h a n d s o f A g e n t _____________________________
5 3 ,0 7 0 ,0 0 0
5 2 ,5 8 0 ,0 0 0

3 0 5 ,6 4 3 ,0 0 0 $ 2 9 7 ,5 2 4 ,0 0 0 $ 2 9 7 ,5 6 6 ,0 0 0
5 7 ,7 7 0 ,0 0 0
5 6 ,9 9 0 ,0 0 0
6 2 ,6 9 0 ,0 0 0

$ 2 8 9 ,3 8 4 ,0 0 0 $ 2 8 6 ,5 5 2 ,0 0 0 $ 2 8 2 ,1 1 8 ,0 0 0
6 3 ,5 0 2 ,0 0 0
6 6 ,0 6 2 ,0 0 0
6 8 ,1 5 1 ,0 0 0
6 3 ,9 5 9 ,0 0 0

I s s u e d t o F e d e r a l R e s e r v e b a n k s ______ $ 2 5 8 ,0 8 1 ,0 0 0 $ 2 5 5 ,7 0 2 ,0 0 0
B ew

$ 3 6 8 ,1 0 0 ,0 0 0
7 8 .7 1 6 .0 0 0

7 2 ,0 4 2 .0 0 0

7 7 ,5 8 8 ,0 0 0

2 4 7 ,8 7 3 ,0 0 0 $ 2 4 0 ,5 3 4 ,0 0 0 $ 2 3 4 ,8 7 6 ,0 0 0 $ 2 3 0 ,8 0 3 ,0 0 0 $ 2 2 5 ,8 8 2 ,0 0 0 $ 2 2 0 ,4 9 0 ,0 0 0 $ 2 1 3 ,9 6 7 ,0 0 0

S ecu red —
B y g o ld c o i n a n d c e r t i f i c a t e s ............................. $ 1 4 4 ,7 7 7 ,0 0 0 $ 1 4 6 ,1 5 7 ,0 0 0
B y la w fu l m o n e y ___ ____________ ______________
B y c o m m e r c ia l p a p e r ............................................
1 6 .5 1 5 .0 0 0
1 7 .2 4 4 .0 0 0
C r e d i t b a la n c e s In g o ld r e d e m p t i o n f u n d . .
1 0 .7 3 9 .0 0 0
9 ,8 9 1 ,0 0 0
C r e d i t b a la n c e s w it h F e d e r a l R e s e r v e B ’ d .
8 6 .0 5 0 .0 0 0
8 2 .4 1 0 .0 0 0

1 4 3 ,4 3 9 ,0 0 0 $ 1 4 0 ,7 4 0 ,0 0 0 $ 1 3 7 ,9 8 0 ,0 0 0 $ 1 3 4 ,8 5 0 ,0 0 0 $ 1 3 2 ,2 4 8 ,0 0 0 $ 1 3 0 ,1 2 8 ,0 0 0 $ 1 3 1 ,6 2 8 ,0 0 0
1 5 .4 7 4 .0 0 0
1 0 .7 3 0 .0 0 0
7 3 .5 9 0 .0 0 0

1 6 .5 3 4 .0 0 0
1 0 .3 5 0 .0 0 0
7 7 .5 5 0 .0 0 0

1 5 .3 7 4 .0 0 0
1 0 .3 9 2 .0 0 0
7 1 .1 3 0 .0 0 0

1 5 .4 7 4 .0 0 0
1 1 .2 8 9 .0 0 0
6 9 .1 9 0 .0 0 0

1 5 .7 9 4 .0 0 0
1 1 .8 8 0 .0 0 0
6 5 ,9 6 0 ,0 0 0

1 6 .3 9 5 .0 0 0
9 ,7 6 4 ,0 0 0
5 6 .1 8 0 .0 0 0

1 6 .0 1 4 .0 0 0
1 1 .9 1 8 .0 0 0
6 2 .4 3 0 .0 0 0

T o t a l ....................................................................... $ 2 5 8 ,0 8 1 ,0 0 0 $ 2 5 5 ,7 0 2 ,0 0 0 ! $ 2 4 7 ,8 7 3 ,0 0 0 $ 2 4 0 ,5 3 4 ,0 0 0 $ 2 3 4 ,8 7 6 ,0 0 0 $ 2 3 0 ,8 0 3 ,0 0 0 $ 2 2 5 ,8 8 2 ,0 0 0 $ 2 2 0 ,4 9 0 ,0 0 0 $ 2 1 3 ,9 6 7 ,0 0 0
C o m m e r c ia l p a p e r d e l iv e r e d t o F . R . A g e n t . .

$ 1 6 ,8 4 8 ,0 0 0

$ 1 7 ,8 3 3 ,0 0 0

$ 1 6 ,7 3 5 ,0 0 0

'I n c l u d i n g b a n k e r s ' a n d t r a d e a c c e p t a n c e s b o u g h t In t h e o p e n m a r k e t ,

$ 1 6 ,0 6 5 ,OOO! $ 1 5 ,8 1 7 ,0 0 0

$ 1 6 ,3 3 8 ,0 0 0

$ 1 0 ,2 9 0 ,0 0 0

W E E K L Y S T A T E M E N T O F R E S O U R C E S A N D L IA B IL IT IE S O F E A C H O P T H E 12 F E D E R A L R E S E R V E B A N K S A T C L O S E
B o s to n .

N e w Y o r k . P h tla d e l'a . C lev ela n d .

$ 1 6 ,2 2 0 ,0 0 0

$ 1 7 ,0 5 4 ,0 0
--------------------- 0

t A m e n d e d figure**

R ic h m o n d .

RESOURCES.
%
s
X
$
$
G o ld c o i n A c t f s . In v a u l t 1 3 .6 9 6 .0 0 0 1 6 1 ,5 5 2 ,0 0 0 1 7 .6 9 0 .0 0 0 1 6 .1 4 4 .0 0 0 4 ,5 0 0 ,0 0 0
G o ld s e t t l e m e n t f u n d . . . 1 8 .3 8 0 .0 0 0
6 ,6 8 0 ,0 0 0 1 5 .5 3 7 .0 0 0 1 9 .7 9 8 .0 0 0 2 2 ,2 8 9 ,0 0 0
G o ld r e d e m p tio n f u n d . .
5 ,0 0 0
2 5 0 ,0 0 0
5 0 ,0 0 0
5 8 ,0 0 0
2 0 3 ,0 0 0

A t la n t a .

C h ic a g o .

S

$
5 .4 2 0 .0 0 0 2 7 .8 0 8 .0 0 0
5 .7 6 7 .0 0 0 3 0 .2 3 0 .0 0 0
2 6 9 ,0 0 0
2 0 0 ,0 0 0

S t. L o u is .

M l n n c a p . K a n . C ltv

OP

B U S I N E S S N O V . 24 1916

D a l la s .

San

F ra n

T o ta l.

X
$
s
$
8 ,3 *0 ,0 0 0 7,35*4,000 4 ,6 6 0 , 00C 4 ,1 8 2 ,0 0 0 1 2 ,3 5 8 ,0 0 0 2 8 3 .7 3 0 .0 0 0
4 .7 7 8 .0 0 0 1 8 ,9 8 8 ,0 0 0 1 9 ,4 0 5 ,0 0 C > 1 4 ,3 0 8 ,0 0 0 8 ,5 8 1 ,0 0 0 1 7 4 .8 0 1 .0 0 0
1 2 1 ,00C
5 1 ,0 0 0 '
3 0 ,0 0 0
1 5 7 ,0 0 0
1 ,4 0 4 ,0 0 0
1 0 ,0 0 0

T o t a l g o l d r e s e r v e _____ 3 2 , 0 8 1 ,0 0 0 1 6 8 ,4 8 2 ,0 0 0 '3 3 ,2 7 7 , 0 0 0 3 6 ,0 0 0 ,0 0 0 2 6 ,9 9 2 ,0 0 0 1 1 ,4 5 6 ,0 0 0 5 8 ,2 3 8 ,0 0 0 1 3 ,1 9 5 ,0 0 0 1 6 , 3 7 2 ,0 0 6 2 4 ,2 4 6 ,0 0 0 1 8 ,0 4 7 ,0 0 0 2 0 ,9 4 9 ,0 0 0 4 5 9 .9 3 5 ,0 0 0
L e g a l - t e n .n o t e s , s ! l v . . A c .
1 8 3 ,0 0 0 , 1 3 ,9 7 7 ,0 0 0 |
2 1 0 ,0 0 0 1 ,0 2 4 ,0 0 0 ]
6 5 ,0 0 0
2 9 6 ,0 0 0 ,
5 2 7 ,0 0 0 1 ,1 6 7 ,0 0 0
2 0 0 ,0 0 0 j
4 8 ,0 0 0
2 2 4 ,0 0 0
5 3 ,0 0 0 1 7 ,9 7 4 ,0 0 0
T o t a l r e - e r v e __________ 3 2 , 2 6 4 ,0 0 0 1 8 2 ,4 5 9 ,0 0 0 ] 3 3 ,4 8 7 ,0 0 0 3 7 ,0 2 4 ,0 0 0 2 7 ,0 5 7 ,0 0 0 1 1 ,7 5 2 ,0 0 0 [ 5 8 ,7 6 5 ,0 0 0 1 4 ,3 6 2 ,0 0 0 1 6 ,5 7 2 ,0 0 0 2 4 ,2 9 4 ,0 0 0 1 8 ,8 7 1 ,0 0 0 2 1 ,0 0 2 ,0 0 0 4 7 7 ,9 0 9 ,0 0 0
6 % r e d e m p . fu n d — F .R .
b a n k n o t e s ____________
B ills :
D is c o u n t e d —M e m b e r s 2 ,7 8 3 ,0 0 0
B o u g h t In o p e n m k t . . 1 3 ,3 3 9 ,0 0 0

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

T o t a l b llla o n h a n d . . . 1 6 ,1 2 2 ,0 0 0

3 5 ,2 6 8 ,0 0 0 1 4 ,4 0 3 ,0 0 0

In v e stm e n ts: U . S . b d s .
O n e -y r . U .S . T r . n otes
M u n ic i p a l w a r r a n t s . .

1 ,3 8 8 ,0 0 0 '
1 ,0 0 0 ,0 0 0 ,
1 ,3 9 2 ,0 0 0 ]

T o t a l e a r n in g a s s e t s . . 1 9 ,9 0 2 ,0 0 0
F e d . R e s 'v e n o t e s — N e t
D u e fr o m o t h e r F e d e ra l
R eserv e B an ks— N e tA ll o t h e r r e s o u r c e s ______

8 2 4 ,0 0 0
2 ,4 0 6 ,0 0 0
6 1 ,0 0 0 ;

3 7 0 ,0 0 ( j

1 7 8 ,0 0 0
1 ,2 0 5 ,0 0 0
8 ,4 0 4 ,0 0 0

1 .6 7 0 .0 0 0
1 .1 7 4 .0 0 0
1 .6 7 0 .0 0 0

2 4 5 ,0 0 0
6 ,8 9 3 ,0 0 0

2 ,6 9 5 ,0 0 0
9 6 3 ,0 0 0

2 .7 1 3 .0 0 0
4 .9 9 3 .0 0 0

7 ,1 3 8 ,0 0 0

3 ,6 5 8 ,0 0 0

0 ,6 5 4 ,0 0 0
6 1 8 ,0 0 0
3 ,6 3 7 ,0 0 0

2 9 4 ,0 0 0
1 ,0 7 0 ,0 0 0
6 1 ,0 0 0

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

8 8 8 ,0 0 0

2 9 4 .0 0 0

90 ’,6 6 6

6 ,7 5 4 ,0 0 0
4 7 8 .0 0 0

3 .8 7 4 .0 0 0
6 .1 3 2 .0 0 0

2 .3 3 6 .0 0 0
5 .0 0 6 .0 0 0

1 ,2 8 8 ,0 0 0
3 ,0 9 9 ,0 0 0

7 ,7 0 6 ,0 0 0 1 0 ,0 0 6 ,0 0 0

7 ,3 4 2 ,0 0 0

4 ,3 8 7 ,0 0 0

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

2 ,2 7 8 ,0 0 0 ! 2 ,4 6 7 ,0 0 0
8 9 1 ,0 0 0 [
7 0 0 ,0 0 0
6 3 3 ,0 0 0 1 ,2 0 8 ,0 0 0

7 .2 1 8 .0 0 0
1 .5 1 7 .0 0 0
2 .4 5 7 .0 0 0

5 ,0 8 3 ,0 0 0 1 0 ,1 4 9 ,0 0 0 2 1 ,1 9 8 ,0 0 0 1 1 ,1 4 4 ,0 0 0

7 9 1 ,0 0 0
6 1 ,0 0 0

4 ,4 1 2 ,0 0 0
2 5 1 ,0 0 0

7 6 9 ,00C
1 .8 1 3 .0 0 C

1 .2 3 9 .0 0 0

9 ,6 3 8 ,0 0 0 1 0 ,0 5 7 ,0 0 0
1 6 0 ,0 0 0
3 1 9 ,0 0 0

3 .5 1 2 .0 0 0
4 1 ,0 0 0

4 7 0 .0 0 0

2 ,5 8 2 ,00C i 2 ,5 0 5 ,0 0 0 1 1 ,4 7 6 ,0 0 0 1 2 2 ,5 9 3 ,0 0 0
9 ,1 6 0 ,0 0 f
9 6 3 ,00C
3 0 8 ,00C

8 ,7 6 2 ,0 0 0 1 3 .0 1 9 .0 0 C

1 ,0 2 8 ,0 0 0

1 0 0 ,0 0 0

1 .3 8 9 .0 0 0
3 4 2 ,0 0 0 2 0 ,5 0 1 ,0 0 0
1 .1 1 6 .0 0 0 1 1 ,1 3 4 ,0 0 0 1 0 2 ,0 9 2 ,0 0 0

4 ,2 7 0 ,0 0 0
7 0 5 ,0 0 0
7 7 ,0 0 0

2 .6 3 4 .0 0 0
5 0 0 ,0 0 0
1 .9 1 0 .0 0 0

7 ,5 5 7 ,0 0 0 1 6 ,5 2 0 ,0 0 0 1 9 5 ,3 5 3 ,0 0 0
1 ,3 5 6 ,0 0 0

2 ,2 5 9 ,0 0 0
2 0 3 ,00C

3 9 .4 2 7 .0 0 0
1 1 .1 6 7 .0 0 0
2 2 .1 6 6 .0 0 0

9 1 4 .0 0 0
5 4 5 .0 0 0

1 5 ,4 1 4 ,0 0 0

2 2 5 .0 0 0 a 4 3 ,2 6 3 ,0 0 0
2 ,0 5 1 ,0 0 0
2 1 7 .0 0 0

T o t a l r e s o u r c e s .............. 5 5 , 4 5 7 ,0 0 0 2 4 4 ,0 5 8 ,0 0 0 5 3 ,3 8 2 ,0 0 0 0 2 ,5 9 7 ,0 0 0 3 2 ,9 9 2 ,0 0 0 2 6 ,5 6 4 ,0 0 0 9 0 ,7 8 9 ,0 0 0
3 5 ,8 8 2 ,0 0 0 3 0 ,1 2 6 ,0 0 0 4 0 ,1 4 5 ,0 0 0 2 7 ,9 8 7 ,0 0 0 3 9 ,3 2 0 ,0 0 0 7 3 5 ,0 6 0 ,0 0 0
L IA B IL IT IE S .
C a p i t a l p a id i n ........... ..
5 ,0 0 7 ,0 0 0 ' 1 1 ,9 0 9 ,0 0 0 5 .2 2 6 .0 0 0 5 .9 9 3 .0 0 0 3 .3 4 1 .0 0 0 2 .4 8 0 .0 0 0 6 .6 8 3 .0 0 0 2 .7 9 4 .0 0 0 2 ,6 0 9 ,0 0 0 3 .0 5 1 .0 0 0 2 ,6 9 5 ,0 0 0 3 .9 2 3 .0 0 0 5 5 .7 1 1 .0 0 0
G o v e r n m e n t d e p o s i t s . . . 2 ,5 8 4 ,0 0 0 !
3 ,0 7 0 ,0 0 0 3 .4 0 0 .0 0 0 1 .5 2 6 .0 0 0 2 .7 8 1 .0 0 0 3 .5 3 8 .0 0 0 2 .4 7 3 .0 0 0 1 .8 2 8 .0 0 0
4 4 8 ,0 0 0 1 ,6 4 3 ,0 0 0 2 .2 8 2 .0 0 0 2 6 .3 1 9 .0 0 0
7 4 0 ,0 0 0
M e m b e r b k d e p o s l t s - N o t 4 7 ,6 4 9 ,0 0 0 2 2 8 ,9 7 9 ,0 0 0 4 0 ,3 6 5 ,0 0 0 5 5 ,0 7 8 ,0 0 0 2 4 ,5 3 7 ,0 0 0 1 6 ,2 5 9 ,0 0 0 8 1 ,6 0 3 ,0 0 0 2 6 ,4 2 9 ,0 0 0 2 6 ,7 6 9 ,0 0 0 3 4 ,2 3 4 ,0 0 0 2 2 ,1 0 0 ,0 0 0 3 3 ,0 7 0 ,0 0 0 6 3 7 ,0 7 2 ,0 0 0
F ed . R e s ’ v e n otes— N e t .
_______
2 .2 9 8 .0 0 0 4 .2 3 4 .0 0 0
1 .3 8 4 .0 0 0 1 ,5 4 9 ,0 0 0
4 .8 3 1 ,0 0 0
1 4 .2 9 0 .0 0 0
F . R . b a n k n o t e s In c l r c 'n
1 ,0 2 8 ,0 0 0
*
D u e t o F .R .b a n k s — N e t
4 ,2 3 9 ,0 0 0
A ll o t h e r li a b i li t ie s ...........
2 1 7 ,0 0 0
1 0 0 ,0 0 0
1 5 2 ,0 0 0
3 5 ,0 0 0
5 3 ,0 0 0
3 0 ,0 0 0
2 ,0 0 0
6 3 4 ,0 0 0
4 5 ,0 0 0
..............
!
— — 1
T o t a l li a b i li t ie s _______ 5 5 ,4 5 7 ,0 0 0 2 4 4 ,0 5 8 ,0 0 0 5 3 ,3 8 2 ,0 0 0 6 2 ,5 9 7 .0 0 0 3 2 ,9 9 2 ,0 0 0 2 6 ,5 6 4 ,0 0 0 9 0 ,7 8 9 ,0 0 0 3 5 ,8 8 2 ,0 0 0 3 0 ,1 2 6 ,0 0 0 4 0 ,1 4 5 ,0 0 0 [2 7 ,9 8 7 ,0 0 0 [2 9 ,3 2 0 ,0 0 0 7 3 5 ,0 6 0 ,0 0 0
F e d e r a l R e ser v e N o t e s —
I s s u e d t o b a n k s _______ 1 1 ,2 3 0 ,0 0 0 8 8 ,6 6 8 ,0 0 0 1 3 ,1 6 3 ,0 0 0 8 ,4 6 5 ,0 0 0 1 8 ,4 3 8 ,0 0 0 2 3 ,8 0 5 ,0 0 0 ] 3 ,1 4 8 ,0 0 0 1 6 ,7 2 2 ,0 0 0 11 8 .4 2 3 ,0 0 0 1 9 ,6 0 0 ,0 0 0 2 4 ,9 7 6 ,0 0 0 1 1 ,4 4 3 ,0 0 0 2 5 8 ,0 8 1 ,0 0 0
I n b a n d s o f b a n k s ____
8 2 4 ,0 0 0 ;
9 ,7 8 5 ,0 0 0
8 8 8 ,0 0 0
2 9 4 ,0 0 0
5 9 2 ,0 0 0
688,000| 1 .0 2 8 ,0 0 0
5 1 6 ,0 0 0 1 ,2 3 9 ,0 0 0 ,
2 5 6 ,0 0 0
1 6 7 ,0 0 0 1 ,3 5 0 ,0 0 0 1 7 ,6 3 3 ,0 0 0
F . R . n o t e s In c i r c u la t io n 1 0 ,4 0 6 ,0 0 0 7 8 ,8 8 3 ,0 0 0 | l2 ,2 7 5 ,0 0 0
G o ld a n d la w fu l m o n e y
w it h a g e n t _____________ 1 1 ,2 3 0 ,0 0 0 ] 8 8 ,6 6 8 ,0 0 0 1 3 ,1 6 3 ,0 0 0
C a r r ie d t o n e t a s s e t s ____
8 2 4 ,0 0 0 ]
9 ,7 8 5 ,0 0 0
8 8 8 ,0 0 0
C a r r ie d t o n e t l i a b i li t ie s .

8 ,1 7 1 ,0 0 0 1 7 ,8 4 6 ,0 0 0 [2 3 ,1 1 7 ,0 0 0 ] 2 ,1 2 0 ,0 0 0 1 6 , 2 0 6 , 0 0 0 1 7 ,1 8 4 ,0 0 0 1 9 ,3 4 4 ,0 0 0 2 4 ,8 0 9 .0 0 0 1 0 ,0 8 7 ,0 0 0 [ 2 4 0 ,4 4 8 ,0 0 0
8 ,4 6 5 ,0 0 0 1 5 ,5 4 8 ,0 0 0 ,1 8 ,8 8 3 ,0 0 0 ] 3 ,1 4 8 ,0 0 0 1 1 ,3 7 5 ,0 0 0 1 8 ,4 2 3 ,0 0 0 1 7 .9 6 0 ,0 0 0 2 3 ,2 6 0 ,0 0 0 1 1 ,4 4 3 ,0 0 0 2 4 1 ,5 6 6 ,0 0 0
i 1 9 t n nnn
2 9 4 ,0 0 0
------------1 1 ,0 2 8 ,0 0 0
1 ,3 5 6 .0 0 0 1 5 ,4 1 4 ,0 0 0
2 ,2 9 8 ,6 6 6 4 ,2 3 4 ,0 0 0
_______
4 ,8 3 V .o 6 o '
1 .3 8 4 .6 6 6 ' 1 ,5 4 9 * 6 6 6
------------1 1 4 .2 9 6 .0 0 0

a I t e m s In t r a n s i t , 1. e . . t o t a l a m o u n t s d u e fr o m le s s t o t a l a m o u n t s d u e t o o t h e r F e d e r a l R e s e r v e b a n k s ,

b O v e rd ra ft.

STATEM EN T OF FEDERAL RESERVE A G E N TS' ACCOU NTS NOV.
B o s to n .

N e w Y o r k . P h t la d e l'a . C lev ela n d .

R ic h m o n d .

A t la n t a .

C h lc a o o .

St. L o u is .

24 1916.

M tn n ea p .

K an. d ig .

D a l la s .

San

F ra n .

T o ta l.

F ederal R e se rv e N o te s —
S
S
S
$
$
S
R e o ’ d f r o m C o m p t r o l r 2 4 ,8 8 0 ,0 0 0 1 5 3 ,4 0 0 ,0 0 0 1 8 ,8 8 0 ,0 0 0 1 5 ,1 6 0 ,0 0 0 2 6 ,2 0 0 ,0 0 0 3 2 ,9 2 0 ,0 0 0
R e t u r n e d t o C o m p t r o l 6 ,6 7 0 ,0 0 0 5 1 ,8 1 2 ,0 0 0 5 ,7 1 7 ,0 0 0 3 ,3 9 5 ,0 0 0 6 ,1 1 2 ,0 0 0 3 ,5 9 0 ,0 0 0

%
S
$
S
$
$
$
9 ,3 8 0 ,0 0 0 2 2 ,5 4 0 ,0 0 0 2 2 ,5 0 0 ,0 0 0 2 4 ,2 2 0 ,0 0 0 3 5 ,3 2 0 ,0 0 0 1 4 ,9 2 0 ,0 0 0 4 0 0 ,3 2 0 ,0 0 0
1 ,3 5 1 ,COO 2 ,2 7 8 .0 0 0
7 5 7 ,0 0 0 1 ,9 0 7 ,0 0 0 4 ,0 0 3 ,0 0 0 1 ,5 7 7 ,0 0 0 8 9 ,1 6 9 ,0 0 0

C h a r g e a b le t o A g e n t . . . 1 8 ,2 1 0 ,0 0 0 1 0 1 ,5 8 8 ,0 0 0 1 3 ,1 6 3 ,0 0 0 1 1 ,7 6 5 ,0 0 0 2 0 ,0 8 8 ,0 0 0 2 9 ,3 3 0 ,0 0 0

8 ,0 2 9 ,0 0 0 2 0 .2 6 2 ,0 0 0 2 1 .7 4 3 ,0 0 0 2 2 ,3 1 3 ,0 0 0 3 1 ,3 1 7 ,0 0 0 1 3 ,3 4 3 ,0 0 0 3 1 1 ,1 5 1 ,0 0 0

In h a n d s o f F .R .A g e n t

6 ,9 8 0 ,0 0 0

1 2 ,9 2 0 ,0 0 0

3 ,3 0 0 ,0 0 0

I s s u e d t o F . R . b a n k . 1 1 ,2 3 0 ,0 0 0
H e ld b y F . R . A g e n t —
O o ld c o i n & c e r t f s ____ 1 0 ,6 0 0 ,0 0 0
C r e d it b a la n c e s ’
In g o ld re d e m p tio n f d
6 3 0 ,0 0 0
W i t h F . R . B o a r d _____
..............
N o te s secu red b y c o m ­
m e r c ia l p a p e r _________
..............

8 8 ,6 6 8 ,0 0 0 1 3 ,1 6 3 ,0 0 0

8 ,4 6 5 ,0 0 0 1 8 ,4 3 8 ,0 0 0 2 3 ,8 0 5 ,0 0 0

8 5 .8 5 3 ,0 0 0

3 ,8 2 0 ,0 0 0

7 ,9 4 0 ,0 0 0

2 ,8 1 5 ,0 0 0

5 2 5 ,0 0 0

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

6 4 3 ,0 0 0
8 ,7 0 0 ,0 0 0

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

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

T o t a l ............................. 1 1 ,2 3 0 ,0 0 0
A m ou n t o f co m m ’l paper
d e liv e r e d t o F . R . A g ’ t
..............

8 8 ,6 6 8 ,0 0 0 1 3 ,1 6 3 ,0 0 0




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

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

1 ,6 5 0 ,0 0 0

5 ,5 2 5 ,0 0 0

4 ,8 8 1 ,0 0 0

3 ,5 4 0 ,0 0 0

3 ,4 6 0 ,0 0 0

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

3 4 8 ,0 0 0 1 ,2 1 3 .0 0 0
.............. 1 5 ,2 0 0 ,0 0 0 1 4 ,2 1 0 ,0 0 0

1 9 8 ,0 0 0
2 ,9 5 0 ,0 0 0

9 0 1 ,0 0 0
5 ,3 1 0 ,0 0 0

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

5 .3 4 7 ,0 0 0

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

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

2 ,8 9 0 ,0 0 0

4 ,9 2 2 .0 0 0

8 ,4 6 5 ,0 0 0 1 8 ,4 3 8 ,0 0 0 2 3 ,8 0 5 ,0 0 0
..............

3 ,0 5 8 ,0 0 0

4 ,9 3 0 ,0 0 0

3 ,3 2 0 ,0 0 0

2 ,7 1 3 ,0 0 0

6 ,3 4 1 ,0 0 0

1 ,9 0 0 ,0 0 0

5 3 ,0 7 0 ,0 0 0

3 ,1 4 8 ,0 0 0 1 6 ,7 2 2 ,0 0 0 1 8 .4 2 3 ,0 0 0 1 9 ,6 0 0 ,0 0 0 2 4 ,9 7 6 ,0 0 0 1 1 ,4 4 3 ,0 0 0 2 5 8 ,0 8 1 ,0 0 0
5 ,1 6 4 ,0 0 0 1 3 ,3 3 0 ,0 0 0

4 ,2 7 0 ,0 0 0 1 0 ,3 4 0 ,0 0 0

.............. 1 4 4 ,7 7 7 ,0 0 0

M 3 ,0 0 0
7 9 0 ,0 0 0 1 ,2 9 0 ,0 0 0
8 4 3 ,0 0 0
4 ,2 5 0 ,0 0 0 1 2 ,9 0 0 ,0 0 0 1 1 ,6 3 0 ,0 0 0 1 0 ,9 0 0 ,0 0 0
..............

1 ,6 4 0 ,0 0 0

1 ,7 1 6 ,0 0 0

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

1 0 ,7 3 9 ,0 0 0
8 6 ,0 5 0 ,0 0 0
1 6 ,5 1 5 ,0 0 0

3 ,1 4 8 ,0 0 0 1 6 ,7 2 2 ,0 0 0 1 8 ,4 2 3 ,0 0 0 1 9 ,6 0 0 ,0 0 0 2 4 ,9 7 6 ,0 0 0 1 1 ,4 4 3 ,0 0 0 2 5 8 ,0 8 1 ,0 0 0
..............

5 ,3 4 9 .0 0 0

1 ,6 5 8 ,0 0 0

1 ,8 5 3 ,0 0 0

________

1 6 ,8 4 8 ,0 0 0

Dec. 2 1916.]

THE CHRONICLE

2057

Statement pf New York City Clearing House Banks and Trust Companies.— The following detailed statement
shows the condition of the New York City Clearing House members for the week ending N ov . 25. The figures for the sep­
arate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and also the
grand aggregates for the three preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N .
C L E A R IN G H O U S E
M E M B E H 8.
W e e k E n d in g
N o v . 25 1916.
( 0 0 s o m itt e d .)

N et
P r o fits .

C a p i t a l.

/ N a t . B ’ k s S e p t .1 2 \
\ s t a t e B ’ k s S e p t .2 0 j

M em b ers o f F ed eral
R eserve H unk.
B an k o f N . Y .t N .B .A
M erch a n ts' N a t. B a n l
M e c h . A M e t a ls N a t . .
N a tio n a l C it y B a n k ...
C h e m ica l N a t . B a n k . . .
A tla n tic N a tio n a l B a n l
N a t. B u tch ers’ A D ro v

C h a t h a m A P h e n lx N a t
H a n o v e r N a tio n a l B an]
C it iz e n s ’ C e n tr a l N a t .
M a r k e t A F u lt o n N a t .
C o rn E xch an ge B a n k Im p o rte rs’ A T ra d ers’ .
N a tio n a l P a rk B a n k ..
E a st R iv e r N a t. B a n k .
S e c o n d N a tio n a l B a n k
F ir s t N a t i o n a l B a n k . .
I r v in g N a t i o n a l B a n k .
N . Y . C ou n ty N a t. B k
C b a s o N a tio n a l B a n k .

N assau N a t . B a n k ..

$
S
2 ,0 0 0 ,0
4 ,8 8 7 ,0
2 ,0 0 0 ,0
2 ,4 1 9 ,0
9 ,4 5 5 ,2
6 ,0 0 0 ,0
2 5 , 0 0 0 ,0 a 4 2 .6 5 0 ,fl
8 .2 6 4 ,6
3 ,0 0 0 ,0
8 0 1 ,6
1 ,0 0 0 ,0
9 3 ,0
3 0 0 .0
6 ,3 7 8 .9
5 ,0 0 0 ,0
1 8 ,4 0 8 ,2
2 5 , 0 0 0 ,0
2 ,0 0 9 ,3
3 ,5 0 0 ,0
1 5 ,9 1 6 ,0
3 ,0 0 0 ,0
2 ,5 8 2 .2
2 ,5 5 0 .0
2 ,0 3 7 ,7
1 ,0 0 0 ,0
7 ,0 8 6 ,8
3 ,5 0 0 .0
7 ,6 3 0 ,9
1 5 ,9 0 9 ,7
5 ,0 0 0 ,0
7 7 ,3
2 5 0 ,0
3 ,4 5 2 ,2
1 ,0 0 0 ,0
1 0 ,0 0 0 .0 2 3 ,7 0 5 ,4
4 ,0 7 7 ,5
4 ,0 0 0 ,0
1 ,1 3 8 ,1
5 0 0 ,0
1 0 ,8 6 6 ,6
1 0 ,0 0 0 ,0
1 ,9 4 2 ,8
1 ,0 0 0 ,0
1 ,2 9 2 ,9
1 ,0 0 0 ,0
4 2 5 ,7
2 5 0 ,0
2 ,9 8 3 ,9
1 ,0 0 0 ,0
3 ,5 1 8 .9
1 ,0 0 0 ,0
7 4 9 ,2
1 ,0 0 0 ,0
1 ,1 2 3 ,0
1 ,0 0 0 ,0
1 .1 3 1 ,9
1 ,0 0 0 ,0
9 5 7 ,8
1 ,5 0 0 ,0

L oan s.
D is c o u n ts ,
I n v e s t m 't s ,
& c.

A vera ge.
$
3 2 ,7 9 3 ,0
2 4 ,0 6 6 ,0
1 2 8 ,7 2 9 ,0
4 0 2 ,3 4 6 ,0
3 9 ,0 1 3 ,0
1 3 ,2 2 6 ,0
2 ,8 0 8 ,0
8 6 ,8 5 5 ,0
2 3 3 ,4 4 3 ,0
6 9 ,2 0 8 ,0
1 2 9 ,7 7 5 ,0
2 6 ,9 4 2 ,0
1 1 ,0 2 7 ,0
9 3 ,2 7 2 .0
3 6 ,0 1 7 ,0
1 4 7 ,4 0 2 ,0
2 ,0 6 9 ,0
1 8 ,2 6 6 ,0
1 7 7 ,5 6 7 ,0
7 6 ,3 1 5 ,0
1 1 ,0 7 7 ,0
2 1 1 ,4 4 6 ,0
1 8 ,8 8 2 ,0
8 ,9 5 2 ,0
5 ,9 2 1 ,0
4 1 ,9 5 8 ,0
5 5 ,9 4 6 ,0
1 0 ,1 8 3 ,0
1 1 ,9 1 1 ,0
9 ,9 3 8 ,0
2 1 ,7 0 0 ,0

C o ld .

A vera ge.
1 ,7 3 4 ,0
1 ,4 3 4 ,0
1 2 ,7 1 0 ,0
4 8 ,7 5 0 ,0
2 ,8 0 7 ,0
1 ,5 7 4 ,0
6 9 ,0
4 ,9 7 2 ,0
1 7 ,1 9 8 ,0
3 ,8 4 3 ,0
2 1 ,0 6 3 ,0
1 ,0 0 1 ,0
1 ,0 6 3 ,0
6 ,5 0 0 ,0
1 ,6 3 0 ,0
1 0 ,3 7 6 ,0
1 2 2 ,0
1 ,1 2 8 ,0
1 5 ,5 8 7 ,0
6 ,6 6 6 ,0
4 3 7 ,0
1 8 ,4 0 4 ,0
1 ,5 0 7 ,0
1 ,0 8 5 ,0
1 5 0 ,0
3 ,9 2 7 ,0
2 ,7 1 2 ,0
7 3 2 ,0
3 9 7 ,0
4 0 1 ,0
1 ,8 8 8 ,0

S ilv e r.

A vera ge.
$
1 ,0 2 9 ,0
9 2 3 ,0
1 ,6 3 8 ,0
4 ,6 2 1 ,0
6 4 7 ,0
2 3 0 ,0
3 7 ,0
1 ,6 5 0 ,0
3 ,8 1 5 ,0
1 ,5 9 8 ,0
1 ,4 5 8 ,0
2 0 8 ,0
4 5 9 ,0
1 ,3 3 0 ,0
1 ,7 6 7 ,0
1 ,4 8 7 ,0
3 4 ,0
2 1 0 ,0
2 ,1 2 5 ,0
1 ,4 8 3 ,0
1 4 4 ,0
6 ,9 6 1 ,0
4 7 8 ,0
1 9 4 ,0
1 4 7 ,0
1 ,1 5 7 ,0
1 ,5 1 8 ,0
1 4 0 ,0
3 0 8 ,0
1 2 8 ,0
1 8 9 ,0

A vera ge.
s
5 0 4 ,0
8 4 3 ,0
5 ,4 9 9 ,0
2 ,7 3 2 ,0
9 1 1 ,0
1 9 3 ,0
2 3 2 ,0
1 ,1 7 0 ,0
3 ,5 7 2 ,0
2 ,1 9 7 ,0
9 1 3 ,0
1 ,1 2 8 ,0
4 2 1 ,0
4 ,2 8 5 ,0
4 7 2 ,0
2 ,5 6 7 ,0
2 9 5 ,0
4 8 6 ,0
2 ,1 6 6 ,0
2 ,3 7 9 ,0
7 3 2 ,0
3 ,0 7 9 ,0
1 4 1 ,0
4 4 5 ,0
3 2 3 ,0
1 ,2 0 1 ,0
3 8 9 ,0
2 1 5 ,0
4 6 6 ,0
4 7 1 ,0
5 4 0 ,0

A vera ge.
$

1 2 3 ,8 5 0 .0 2 0 2 ,9 7 4 ,2 2 ,1 5 9 ,0 5 3 ,0 1 9 1 ,8 6 7 ,0
»! N o v . 2 5
lj N o v . 18
N o v . 11
1N ov.
4
S ta te B a n k s.
N ot M em bers o f
F ed era l R eserce B a n k.
H ank o t M a n h a tta n C o .
B a n k o f A m e r i c a _______
G r e e n w i c h B a n k .............
P a c if i c B a n k _____________
P e o p l e ’ s B a n k ..................
M e t r o p o l i t a n B a n k ____
B o w e r y B a n k .....................

2 ,0 5 0 ,0
1 ,5 0 0 ,0
5 0 0 ,0
5 0 0 ,0
2 0 0 ,0
2 ,0 0 0 ,0
2 5 0 ,0

N a t .B a n k N a t .B a n k
N otes
N otes
[R eserv e
[N o t
f o r S tate
C o u n ted
In stitu ­
as
tio n s ] .
R e ser v e].

L egal
T en d ers.

A vera ge.
$
2 ,0
4 0 ,0
7 5 ,0
8 6 ,0
3 9 ,0
1 8 ,0
4 ,0
7 7 ,0
4 6 9 ,0
1 8 ,0
4 0 ,0
6 7 ,0
5 8 6 ,0
1 2 7 ,0
6 7 ,0
3 ,0
4 0 ,0
2 4 ,0
1 2 ,0
1 6 2 ,0
7 2 ,0
1 1 5 ,0
1 8 ,0
6 ,0
2 7 ,0
1 6 ,0
7 ,0
2 7 ,0
3 0 ,0
8 0 ,0

______

F ed eral
R e serv e
N o tes
[N o t
R e ser v e],

R eserv e
w ith
L egal
D e p o s i­
t a r ie s .

A a d it ‘ a l
D e p o s it s
w ith
L eg a l
D e p o s i­
t a r ie s .

A vera ge.
$
7 ,0
4 9 ,0
1 3 8 ,0
8 9 9 ,0
3 9 ,0
1 3 ,0

A vera ge.

A vera ge

3 9 ,0
7 0 ,0
4 6 ,0
4 .0
5 ,0
4 0 ,0

1 ,2 4 7 ,0

1 ,9 6 4 ,0

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

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

3 8 ,1 1 3 ,0

4 1 ,0 2 7 ,0

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

2 ,3 5 4 ,0

2 ,5 0 6 ,0 1 7 8 ,0 4 6 ,0

2 ,2 1 5 ,1 5 7 ,0

4 5 ,3 5 7 ,0

3 0 ,1 4 7 , 0

4 2 ,4 5 7 ,0
4 0 ,6 0 3 ,0
4 0 ,5 9 4 ,0
3 9 ,3 2 4 ,0

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

2 ,3 8 8 ,0
1 ,9 1 1 ,0
2 ,1 3 5 ,0
2 ,0 2 3 ,0

2 ,6 1 5 ,0
2 ,5 9 2 ,0
2 ,2 1 9 ,0
1 ,8 6 1 ,0

1 8 1 .4 1 1 .0
1 7 3 .8 7 9 .0
1 7 0 .8 7 0 .0
1 7 6 .0 8 7 .0

2 ,1 8 0 ,2 6 1 ,0
2 .2 5 3 .2 6 6 .0
2 .2 8 3 .2 8 5 .0
2 .2 4 3 .2 9 3 .0

4 5 .7 6 2 .0
4 5 .1 7 7 .0
4 1 .0 2 3 .0
3 9 .0 1 5 .0

3 0 .1 5 2 . 0
3 0 .0 5 6 . 0
3 1 .0 6 7 . 0
3 1 .3 7 7 . 0

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

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

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

9 4 ,0
5 6 ,0
1 8 9 ,0
1 7 0 ,0
3 ,0
4 5 ,0
3 3 ,0
1 1 ,0
5 0 ,0
1 3 9 ,0
7 0 ,0
6 3 ,0
3 0 ,0
8 7 ,0
1 8 0 ,0

1 3 ,0

3 ,1 6 3 ,0

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

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

2 9 2 .0
2 3 2 .0
8 1 2 .0
2 8 7 .0
1 .0 7 3 .0
1 .6 4 3 .0

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

6 0 ,0

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

T o ta ls , a v g e . fo r w eek.

1 1 ,9 5 0 ,0

2 6 .6 4 5 ,7

2 1 4 ,3 4 7 ,0

2 2 ,6 1 8 ,0

8 ,9 6 7 ,0

6 ,9 6 2 ,0

1 ,2 2 0 ,0

18
11
4

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

2 1 1 ,9 5 6 ,0
2 1 4 ,0 0 8 .0
2 1 3 ,2 6 5 ,0
2 1 3 ,4 5 4 ,0

2 3 ,1 5 0 ,0
2 0 ,7 5 8 ,0
2 2 ,6 1 0 .0
2 2 ,1 0 1 ,0

7 ,4 3 1 ,0
8 ,9 8 1 ,0
7 ,0 3 8 ,0
7 ,8 5 2 ,0

5 ,8 0 2 ,0
6 ,8 8 9 .0
7 ,1 8 5 ,0
7 ,4 3 3 ,0

1 ,1 9 7 ,0
1 .2 7 2 ,0
1 ,2 3 3 ,0
1 ,1 5 5 ,0

1 ,5 0 0 ,0
1 0 ,0 0 0 ,0
2 ,0 0 0 ,0
1 ,2 5 0 ,0
5 ,0 0 0 ,0
2 0 , 0 0 0 ,0
1 ,0 0 0 ,0
4 ,0 0 0 ,0
2 ,0 0 0 .0
1 ,0 0 0 ,0
3 ,0 0 0 ,0
1 ,0 0 0 ,0
1 ,0 0 0 ,0
2 ,0 0 0 .0

4 ,0 3 1 4
1 6 ,4 0 3 ,0
4 ,5 4 7 .1
1 ,6 9 2 .9
1 2 ,5 4 2 ,4
3 2 ,1 4 9 ,4
1 ,2 5 0 ,4
5 ,5 7 1 ,0
8 ,2 6 6 ,9
1 ,6 9 0 ,4
1 1 ,4 0 6 ,9
1 ,3 3 7 ,1
5 4 8 ,1
5 ,4 5 4 ,2

3 6 ,5 7 6 ,0
2 0 0 ,8 5 5 ,0
6 7 ,0 5 6 ,0
3 1 ,6 3 0 ,0
4 3 ,9 7 1 .0
3 7 5 ,2 4 1 ,0
1 0 ,2 3 1 ,0
2 7 ,6 0 0 ,0
8 7 ,6 6 8 ,0
2 3 ,0 4 3 ,0
7 5 ,7 3 1 ,0
2 0 ,1 9 5 ,0
1 3 ,4 9 1 ,0
5 9 ,8 6 8 ,0

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

3 1 3 ,0
6 6 5 ,0
1 9 ,0
1 1 ,0
1 8 5 ,0
1 ,4 7 1 ,0
4 8 ,0
3 4 2 ,0
2 2 5 ,0
9 2 ,0
8 0 6 ,0
2 4 0 .0
1 0 9 ,0
1 ,6 5 3 ,0

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

2 0 0 ,0
1 9 ,0
1 9 4 ,0
1 3 ,0
1 4 1 ,0
1 ,1 6 9 ,0
3 8 ,0
2 0 ,0
1 5 0 ,0
1 0 0 ,0
2 1 ,0
5 1 ,0
6 8 ,0
3 6 8 ,0

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

13 0
2 7 [0
1 9 6 ,0
4 7 ,0
9 9 ,0
6 ,0
1 3 ,0
4 1 ,0

5 4 , 7 5 0 ,0 1 0 6 ,8 9 1 .2 1 ,0 7 3 ,1 5 6 ,0

8 2 ,7 4 0 ,0

6 ,1 7 9 ,0

4 ,1 5 2 ,0

2 ,5 5 2 ,0

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

5 6 7 ,0

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

8 2 ,7 3 0 ,0
8 1 ,8 0 5 ,0
8 1 ,2 0 6 ,0
8 0 ,1 5 3 ,0

6 ,8 2 4 ,0
5 ,6 7 3 3 )
1 6 ,3 7 9 0
1 0 ,3 2 6 ,0

3 ,7 3 3 ,0
3 ,4 2 1 O
8 ’. i l 7 ’, 6

2 [3 4 4 ! o

G r a n d A g g r e g a t e , a v g e . 1 9 0 ,5 5 0 .0 3 3 6 ,5 1 1 ,1 3 ,4 4 6 ,5 5 6 ,0 2 9 7 ,2 2 5 3 ) 5 3 ,2 5 9 ,0
.............. — 1 1 ,8 0 3 ,0 - 3 2 ,2 3 6 , 0 — 1 .1 4 0 ,0

5 2 ,1 4 1 ,0
— 4 4 0 ,0

3 ,7 7 2 ,0
+ 7 ,0

2 ,3 5 4 ,0
+ 1 6 2 ,0

3 ,1 3 3 ,0
+ 1 6 6 ,0

__

2 5 3 ,4 1 5 ,5 2 2 ,0 2 8 5 ,1 3 3 ,0 5 7 ,1 1 9 3 )
— 3 2 ,5 9 9 ,0 - 3 6 ,0 6 7 , 0 + 1 ,0 6 8 ,0

5 1 ,9 9 2 ,0
— 9 2 1 ,0

3 ,8 4 3 ,0
+ 6 5 ,0

2 ,3 8 8 ,0
+ 4 7 7 ,0

3 ,2 9 0 ,0
+ 9 1 ,0

N ov.
N ov.
N ov.

18 3 ,4 4 8 ,1 2 1 ,0 3 2 1 ,2 0 0 ,0
11 3 ,4 5 4 ,8 2 3 ,0 3 4 4 ,7 1 7 ,0
4 3 ,3 5 7 , 0 4 7 , 0 | 3 4 9 ,5 4 8 ,0

5 2 ,9 1 3 ,0
5 5 ,2 4 6 ,0
5 4 ,9 0 4 ,0

3 ,7 7 8 ,0
3 ,6 5 6 ,0
3 ,4 9 9 ,0

1 ,9 1 1 ,0
2 ,1 3 5 ,0
2 ,0 2 3 ,0

3 ,1 9 9 ,0
2 ,8 6 8 ,0
2 ,4 3 8 ,0

5 ,1 6 5 ,5
6 ,3 8 3 ,9
1 ,2 4 4 ,3
1 ,0 1 9 ,6
4 5 7 .5
2 ,0 3 5 .7
7 9 9 ,0
7 9 7 ,1

N o v . 25
N o v . 18
N o v . 11
N ov.
4

c o n d it i o n
c o n d it i o n
G r a n d A g g r e g a t e a c t u a l c o n d it i o n

3 4 2 ,0
4 ,3 2 0 ,0
1 ,2 2 0 ,0
5 ,3 4 4 ,0

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

4 ,5 8 5 ,0
1 6 ,0 7 5 ,0
2 4 ,4 5 0 ,0

c o n d it i o n

668.0

3 ,0 5 7 ,0
5 ,9 4 8 ,0

A vera ge.
S
7 7 0 ,0
1 ,7 8 0 , 0
4 ,8 4 5 , 0
1 ,7 9 0 , 0
4 5 0 ,0
1 5 0 ,0
4 9 ,0
4 ,7 6 7 , 0
1 5 5 ,0
1 ,7 2 9 ,0
1 3 0 ,0
9 9 4 ,0
1 3 3 ,0

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

l,1 2 3 i0
6 9 5 .7

T o ta ls , a v g e . fo r w e o k .

1 9 .2 7 6 .0
5 .6 8 2 .0
1 1 .3 8 7 .0
2 .5 9 0 .0
1 .0 5 4 .0
7 .0 6 3 .0
2 .7 6 1 .0
1 2 .0 1 5 .0
2 3 8 .0
1 .1 1 7 .0
1 3 .9 0 6 .0
0 ,4 0 7 ,0
8 4 9 .0
1 6 .3 6 8 .0
1 .4 2 3 .0
1 .3 4 8 .0
4 5 0 .0
4 .2 8 3 .0
5 .0 0 5 .0
9 0 1 .0
9 6 3 .0

1 1 6 ,0
1 8 ,0
1 1 7 ,0
5 8 ,0
1 1 1 ,0

1 ,0 0 0 ,0
1 ,5 0 0 ,0

F r a n k lin T r u s t C o .
L in c o ln T r u s t C o .

S

8,221,0

1 6 8 ,0
5 ,0
4 3 ,0

W o a t S id e B a n k ...............
N . Y . P rod u ce E x . B k.
S t a t e B a n k ______________

F id e li t y T r u s t C o _____
E a w y e r s' T it le A T r u s t.
C o l u m b i a T r u s t C o '____

A vera ge.
S
1 ,5 0 9 ,0

1 .8 7 2 .0

A vera ge.
$
2 8 ,9 4 9 ,0
2 2 ,9 6 3 ,0
1 3 5 ,1 4 6 ,0
4 1 8 ,3 1 3 ,0
3 3 ,9 1 3 ,0
1 4 ,3 2 2 ,0
2 ,5 4 0 ,0
8 4 ,0 9 4 ,0
2 3 8 ,1 4 4 ,0
7 0 ,6 8 5 ,0
1 4 5 ,4 8 4 ,0
2 4 ,6 9 5 ,0
1 0 .9 4 7 .0
1 0 2 ,1 0 3 ,0
3 3 .4 7 0 .0
1 4 7 ,5 9 4 ,0
2 ,7 9 5 ,0
1 5 ,4 6 4 ,0
1 7 3 ,7 6 6 ,0
8 4 ,3 9 3 ,0
1 1 ,5 8 0 ,0
2 1 8 ,7 1 1 ,0
1 8 ,9 7 8 ,0
9 ,3 5 5 ,0
5 ,8 5 6 ,0
4 8 ,5 3 1 ,0
5 7 ,7 0 3 ,0
1 0 ,2 8 8 ,0
1 1 ,6 2 0 ,0
9 ,4 9 1 ,0
2 3 ,2 6 4 ,0

$

N a tio n a
Bank
C ir c u l a ­
tio n .

2 ,1 2 4 ,9 8 8 ,0
2 ,1 6 4 ,4 1 3 ,0
2 ,1 8 0 ,1 6 0 ,0
.............. 2 ,1 1 8 ,5 3 9 ,0

Q e r m a n la B a n k .

T r u s t C o m p a n ie s .
N ot M em bers o t
F e d e r a l R eserve B a n k .
B r o o k l y n T r u s t C o ____
B a n k e r s ’ T r u s t C o ..........
U . S . M tg o . A T ru st C o
A s t o r T r u s t C o ........... ..
T it le G u a r . A T r u s t C o .

N et
T im e
D e p o s its .

2 .3 4 0 .0
1 .0 9 2 .0
9 .6 0 6 .0
3 4 .5 4 3 .0
2 .5 6 9 .0
1 .1 8 0 .0
1 4 9 .0

1 3 3 ,0
4 7 ,0
2 5 1 io
4 8 ,0
1 0 ,0
3 2 ,0

6 ,6 6 0 ,0
3 ,9 2 4 ,0
1 ,0 7 7 ,0
4 2 4 ,0
2 3 5 ,0
1 ,1 3 2 ,0
.3 3 4 ,0
8 3 4 ,0
2 ,2 9 8 ,0
4 2 5 ,0
G 40 .0
9 3 8 ,0
2 6 9 ,0
1 ,2 5 0 ,0
2 ,1 7 2 ,0

NOV.
N ov.
N ov.

N et
D em a n d
D e p o s its .

N ov.

6 6 ,0 5 1 ,0
6 3 ,1 0 5 ,0
6 6 ,7 2 4 ,0

6 8 9 ,0

5 1 .0 2 6 .0
3 3 .5 1 5 .0
1 3 .1 8 5 .0
6 .1 1 5 .0

*645.6
3 ,0
2 4 ,0

1,000,0
"""Y.6

2.886.0

2 3 5 ,0

” 2 5 ,6

3 9 0 .0
4 6 7 .0

1 4 .2 7 9 .0
3 .6 1 2 .0
6 .7 3 5 .0
1 8 .5 6 5 .0
4 .8 7 7 .0
6 .6 0 7 .0
1 3 .5 3 2 .0
4 .8 6 3 .0
1 7 .4 8 7 .0
2 7 .3 9 1 .0

2 5 ,0

8 ,7 6 3 ,0

4 ,7 2 5 ,0

2 2 4 ,6 7 5 ,0

1 ,0 5 1 ,0

5 6 ,0
5 6 ,0
5 5 ,0
5 1 ,0

8 .6 4 0 .0
8 .2 4 5 .0
8 .4 5 8 .0
8 .4 8 2 .0

5 .1 1 5 .0
5 .2 7 2 .0
4 .4 4 7 .0
3 .7 2 6 .0

2 1 9 .8 8 6 .0
2 2 2 .0 0 8 .0
2 2 1 .6 7 5 .0
2 2 1 .8 8 9 .0

1 .0 5 1 .0
1 .0 5 1 .0
1 .0 2 6 .0
1 ,0 2 6 ,0

2 6 ,0
4 8 ,0
2 1 ,0

1 .5 0 3 .0
9 .0 3 5 .0
2 .4 7 7 .0
1 .2 5 3 .0
1 .4 4 5 .0
1 7 ,8 0 2 ,0
4 1 3 .0
1 .0 3 3 .0
3 .6 6 9 .0
1 .1 4 2 .0
3 .2 1 4 .0
9 1 2 .0
2 .7 9 6 .0

2 .1 5 9 .0
2 .2 6 1 .0
3 .3 7 2 .0
8 3 3 .0
8 1 0 .0
9 0 5 .0
3 6 6 .0
2 8 0 .0
2 9 ,0
6 3 4 .0
1 .8 2 1 .0
7 7 7 .0
4 3 4 .0
3 6 6 .0

3 0 .0 7 1 .0
1 8 0 .6 9 1 .0
4 9 .5 4 4 .0
2 6 .0 0 6 .0
2 8 .9 0 2 .0
3 5 6 .0 4 3 .0
8 ,2 8 8 ,0
2 0 .6 6 4 .0
7 3 .3 7 0 .0
2 2 .8 4 0 .0
6 3 .8 1 6 .0
1 8 .2 2 9 .0
1 3 .3 5 1 .0
5 5 .9 2 0 .0

5 .7 5 6 .0
2 4 .2 3 0 .0
1 8 .1 0 4 .0
6 .3 9 8 .0
1 .3 7 7 .0
2 7 .2 1 7 .0
9 2 3 .0
7 7 6 .0
1 8 .3 7 5 .0
1 .0 0 9 .0
7 .5 6 5 .0
2 .6 8 0 .0
6 5 6 .0
5 ,3 8 3 ,0

1 5 ,0 4 7 ,0

9 4 7 ,7 3 5 ,0 1 2 0 ,4 4 9 ,0

4 7 .5 9 8 .0
4 7 .2 8 8 .0
4 7 .1 5 5 .0
4 4 .7 2 8 .0

1 5 .8 9 5 .0
1 6 .5 9 2 .0
2 5 .3 5 2 .0
2 1 .2 5 6 .0

9 5 1 .8 2 8 .0
9 4 4 .3 2 5 .0
9 4 2 .6 3 2 .0
8 9 4 .5 4 3 .0

liff.O

2 1 7 .0
2 2 6 .0

2 0 ,0

3 0 ,0

5 2 6 io

8 3 8 ,0
1 ,9 9 0 ,0

668.0

1 9 ,7 7 2 ,0 3 ,3 8 7 ,5 6 7 ,0 1 6 6 ,8 5 7 ,0
- 4 , 4 6 6 ,0 — 4 5 ,3 8 9 ,0 — 1 ,5 3 7 ,0

21,010,0

3 0 ,1 4 7 , 0
— 4 7 0 ,0

1 6 8 ,9 9 5 ,0
+ 4 ,9 0 0 ,0

3 0 ,1 5 2 , 0
+ 9 6 ,0

2 1 .8 6 4 .0 3 .4 1 9 .5 9 9 .0 1 6 4 .0 9 5 .0
2 9 .7 9 9 .0 3 .4 4 7 .5 9 2 .0 1 7 0 .6 4 1 .0
2 4 .9 8 2 .0 3 .3 5 9 .7 2 5 .0 1 6 6 .8 6 6 .0

3 0 .0 5 6 . 0
3 1 .0 6 7 . 0
3 1 .3 7 7 . 0

— 8 5 4 ,0

a I n c lu d e s c a p i ta l s e t a s ld o f o r F o r e i g n B r u n c h e s , > 3 ,0 0 0 ,0 0 0 ,

A vera ges.

C a sh R eserve R eserv e In
i n V a u lt. D ep o s ita r ie s

T o ta l
R e ser v e.

a R eserv e
R e q u ired .

%
$
$
M em b ers F ederal
$
R e s e r v e H a n k . . . . 2 7 1 ,0 0 7 ,0 0 0 1 7 8 ,0 4 6 .0 0 0 4 4 9 .0 5 3 .0 0 0 4 0 0 ,9 9 6 ,1 1 0
8 ,7 6 3 ,0 0 0 4 8 ,5 3 0 ,0 0 0 4 0 ,4 4 1 ,5 0 0
S t a t e B a n k s * ................ 3 9 . 7 6 7 .0 0 0
T r u s t C o m p a n i e s * . . 9 5 . 6 2 3 .0 0 0 4 7 ,3 6 2 ,0 0 0 1 4 2 .9 8 5 .0 0 0 1 4 2 ,1 6 0 ,2 5 0
T o ta l
T ota l
T ota l
T ota l

N o v . 2 5 -------N o v . 1 8 ...........
N o v . 1 1 ---------N o v . 4 ---------

4 0 6 .3 9 7 .0 0 0
4 4 0 .2 0 6 .0 0 0
4 6 8 .1 5 7 .0 0 0
4 6 1 .4 8 9 .0 0 0

2 3 4 .1 7 1 .0 0 0
2 3 6 .4 1 3 .0 0 0
2 2 7 .3 2 1 .0 0 0
2 2 6 .6 6 9 .0 0 0

6 4 0 ,5 6 8 ,0 0 0
6 7 6 ,0 1 9 ,0 0 0
6 9 5 ,4 7 8 ,0 0 0
6 8 8 ,1 5 8 ,0 0 0

A c t u a l F ig u r e s
In c.

S u r p lu s
R e ser v e.

or D ec.
fr o m
C a sh R eserv e R eserv e In
P r e v i o u s ly e e k in V a u lt. D e p o s ita r ie s

T o ta l
R e ser v e.

b R eserv e
R e q u ired .

S
S
$
$
S
S
4 8 ,0 5 6 ,8 9 0 — 2 7 ,3 8 0 ,8 0 0 2 6 4 ,5 7 4 ,0 0 0 1 8 1 ,4 1 1 ,0 0 0 4 4 5 .9 8 5 .0 0 0 3 9 4 ,7 3 5 ,0 8 0
8 ,0 8 8 ,5 0 0
— 4 3 5 ,7 4 0 3 7 .5 8 0 .0 0 0
8 ,6 4 0 ,0 0 0 4 6 ,2 2 0 ,0 0 0 3 9 ,5 7 9 ,4 8 0
8 2 4 ,7 5 0
+ 1 8 ,8 0 0 9 5 .9 3 3 .0 0 0 4 7 .5 9 8 .0 0 0 1 4 3 .5 3 1 .0 0 0 1 4 2 ,7 7 4 .2 0 0

5 8 3 ,5 9 7 ,8 6 0 5 6 , 9 7 0 , 1 4 0 — 2 7 ,7 9 7 ,7 4 0
5 9 1 .8 5 1 ,1 2 0 8 4 , 7 6 7 , 8 8 0 — 2 4 ,9 6 1 ,4 3 0
5 8 5 ,7 4 8 ,6 9 0 1 0 9 ,7 2 9 ,3 1 0 ; — 2 ,6 3 8 ,6 3 0
5 7 5 , 7 9 0 , 0 6 0 1 1 2 ,3 6 7 ,9 4 0 + 6 , 6 3 9 , 1 3 0

3 9 8 .0 8 7 .0 0 0 2 3 7 ,6 4 9 ,0 0 0 6 3 5 ,7 3 6 ,0 0 0
4 3 3 .9 4 2 .0 0 0 2 3 5 .4 1 2 .0 0 0 '6 6 9 ,3 5 4 .0 0 0
4 6 6 .7 2 4 .0 0 0 2 2 6 ,4 8 3 ,0 0 0 :6 9 3 ,2 0 7 ,0 0 0
4 7 4 ,6 7 5 ,0 0 0 2 2 9 ,2 9 7 ,0 0 0 /7 0 3 ,9 7 2 ,0 0 0

S u rp lu s
R e ser v e.

In c. or D m .
fr o m
P r e v io u s W e e k

S
S
5 1 ,2 4 9 .9 2 0 — 2 1 ,4 1 9 , 3 5 0
6 ,6 4 0 ,5 2 0
+ 4 5 6 ,9 6 0
7 5 6 , S00
— 2 8 7 ,4 5 0

5 7 7 ,0 8 8 ,7 6 0 5 8 ,6 4 7 ,2 4 0
5 8 9 ,4 5 6 ,9 2 0 7 9 ,8 9 7 ,0 8 0
5 9 4 ,3 3 8 ,7 5 0 9 8 .8 6 8 ,2 5 0
5 7 9 .8 6 4 ,9 6 0 1 2 4 ,1 0 7 .0 4 0

—
—
—
+

2 1 ,2 4 9 , 8 4 0
1 8 ,9 7 1 ,1 7 0
2 5 ,2 3 8 , 7 9 0
1 3 .3 2 5 ,2 1 0

a T h i s Is t h e r o s e r v o r e q u ir e d o n N e t D e m a n d D e p o s i t s In t h e c a s e o f 8 t a t o B a n k s a n d T r u s t C o m p a n i e s , b u t In t h e c a s e o f M e m b e r s o f t h e F e d e r a l R e s e r v e B a n k a
I n o lu d o s a ls o t h e a m o u n t o f r e s e r v e r e q u ir e d o n N e t T i m e D e p o s l t s .w h l c h w a s a s f o l l o w s : N o v . 2 5 , $ 2 ,2 6 7 ,8 5 0 : N o v . 1 8 , $ 2 ,1 2 1 ,0 5 0 : N o v . 1 1 , $ 2 ,0 3 8 ,6 0 0 : N o v . 4 <1 9 3 6 4 5 0
b T h i s Is t h e r e s e r v e r e q u ir e d o n N e t D e m a n d D e p o s i t s In t h e c a s e o f 8 t a t e B a n k s a n d T r u s t C o m p a n i e s , b u t In t h e c a s e o f M e m b e r s o f t h e F e d e r a l R e s e r v e B a n k s
I n e lu d e a a ls o t h e a m o u n t o f r e s e r v e r e q u ir e d o n N e t T i m e D e p o s l t s .w h l c h w a s a s f o l l o w s : N o v . 2 5 , $ 2 ,2 8 8 ,1 0 0 ; N o v . 1 8 , $ 2 ,2 5 8 ,8 5 0 ; N o v . 1 1 , $ 2 ,0 5 1 ,1 5 0 ; N o v . 4 , $ 1 ,9 5 0 7 5 0




2058

THE CHRONICLE

The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York C ity not in the C lea rin g H o u s e , and these are
shown in the following table:

In addition to the returns of “ State banks and trust com­
panies in New York City not in the C lea rin g H o u s e " furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
in the whole State, The figures are compiled so as to distin­
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 98, p. 1601.
The provisions of the law governing the reserve require­
ments of State banking institutions were published in the
“ Chronicle” March 28 1914 (V . 98 , p. 96 8). The regula­
tions relating to calculating the amount of deposits and what
deductions are permitted in the computation of the reserves
were given in the “ Chronicle” April 4 1914 (V . 98, p. 1045)

S U M M A R Y O P S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G H O U SE S T A T E M E N T .
(F ig u r e s F u r n is h e d bg S late B a n k in g D e p a r t m e n t .) D iff e r e n c e s fr o m
.
N on . 2 5.
p r e c io u s w eek .
L o a n s a n d I n v e s t m e n t s ................................................................. S 7 5 0 ,6 9 5 ,1 0 0
I n c . 5 (5 ,4 5 0 ,8 0 0
6 1 ,6 0 7 ,3 0 0
In c.
7 9 1 ,7 0 0
G o l d ...........................- ......................................................- ..................
C u r r e n o y a n d b a n k n o t e s ............................................................
1 0 ,3 5 2 ,8 0 0
In c.
2 3 8 ,9 0 0
T o t a l d e p o s i t s .......................................... ............ ............................ 9 4 5 ,2 5 3 ,8 0 0
D e c . 7 ,3 8 6 ,2 0 0
D e p o s i t s , e li m in a t i n g a m o u n t s d u e f r o m r e s e r v e
d e p o s i t a r ie s a n d fr o m o t h e r b a n k s a n d t r u s t c o m ­
p a n ie s In N e w Y o r k C i t y , a n d e x c h a n g e s .................... 8 0 3 .3 7 9 ,5 0 0
In c.
6 ,8 6 7 ,5 0 0
R e s e r v e o n d e p o s i t s ......................................................................... 2 0 8 ,0 3 7 ,1 0 0
D e c . 1 1 ,6 8 5 ,9 0 0
P e rce n ta g e o l reserv e, 2 7 .7 % .
. RESERVE.
----------Slate B a n k s----------------------- T r u s t C o m p a n ie s ------C a s h In v a u l t s ....................
$ 1 3 ,4 6 8 ,5 0 0
1 0 .6 8 %
$ 5 8 ,4 9 1 ,6 0 0
9 .3 6 %
D e p o s i t s In b a n k a a n d t r u s t c o s ______ 1 9 ,5 1 7 ,9 0 0 1 5 .5 0 %
1 1 6 ,5 5 9 ,1 0 0 1 8 .6 8 %
T o t a l ......... ................................................... $ 3 2 ,9 8 6 ,4 0 0

2 6 .1 8 %

$ 1 7 5 ,0 5 0 ,7 0 0

[Vol. 103

2 8 .0 4 %

STATE

The averages of the New York City Clearing House banks
and trust companies, com bin 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:
C O M B IN E D

W eek en d ed —

R E S U L T S O F B A N K S A N D T R U S T C O M P A N IE S
GREATER
NEW
YORK.
W e o m it c ip h e r s in a ll th e se f i g u r e s .

L oa n s and
I n v e s t m e n ts

$
Sept
2 ______ 3 ,9 8 0 , 6 8 7 , 2
S e p t . 9 --------- 4 ,0 3 2 , 6 3 2 , 9
S e p t 1 6 ______ 4 ,0 2 8 , 9 9 6 , 0
8 e p t . 2 3 ______ 4 ,0 2 8 , 7 9 2 , 5
8 e p t . 3 0 ---------- 4 .0 5 9 , 9 3 2 , 9
O ct.
7 ........... 4 ,0 6 3 , 9 1 7 , 6
O c t . 1 4 ........... 4 ,0 7 0 , 4 1 8 , 5
O o t . 2 1 ______ 4 ,0 5 2 , 0 0 3 , 8
O c t . 2 8 ______ 4 ,0 3 8 ,4 0 8 ,1
N o v . 4 ........... 4 ,0 8 0 ,8 1 5 ,3
N o v . 1 1 ........... 4 ,1 3 8 , 2 6 3 . 5
N o v . 1 8 ........... 4 ,2 0 3 , 6 0 3 , 3
N o v . 2 5 ______ 4 ,1 9 7 ,2 5 1 ,1

D em a n d
D e p o s its .

S p e c ie .

$
3 .9 7 3 ,0 3 3 ,4
4 ,0 0 0 ,6 2 1 ,1
4 ,0 0 5 ,1 3 9 ,9
4 ,0 3 8 .2 7 1 ,9
4 ,0 8 7 ,1 0 9 ,0
4 ,0 6 8 ,9 6 9 ,1
4 .0 5 5 ,4 4 1 ,7
4 ,0 1 1 ,0 6 2 ,1
4 ,0 5 6 ,7 9 2 ,1
4 ,1 1 5 ,1 3 1 ,8
4 ,1 8 2 ,9 3 9 ,7
4 , 2 2 9 .4 6 8 .0
4 ,1 9 0 ,9 4 6 ,5

$
4 4 1 ,5 3 3 .7
4 1 3 ,5 6 1 ,9
4 1 1 ,8 7 4 ,2
4 3 1 ,1 1 6 ,0
4 3 3 ,8 2 0 ,9
4 2 6 ,1 6 6 ,0
4 1 4 ,5 6 0 ,1
4 0 0 ,5 5 2 ,0
4 3 6 ,9 4 1 ,7
4 5 3 ,8 8 6 ,5
4 0 4 ,0 2 5 ,3
4 4 2 ,8 5 1 ,0
4 1 0 .9 7 3 ,3

AND

TRUST

C O M P A N IE S .

S ta te B a n k s
S ta te B a n ks
T ru st C os.
T ru st C os.
in
o u ts id e o f
in
o u ts id e o f
O r ea t s r N . Y . G re a te r N . Y . O r ea te r N . Y . ^Oreater N . Y .

W e e k e n d ed N o v . 2 5

IN

BANKS

S
2 3 ,4 5 0 ,0 0 0

C a p i t a l a s o f J u n e 3 0 _____
S u r p lu s a s o f J u n e 3 0 _____

$
7 5 .5 5 0 ,0 0 0

$
1 1 ,7 8 3 ,0 0 0

S
1 4 ,9 0 0 ,0 0 0

1 7 3 ,2 3 9 ,3 0 0

1 4 ,0 5 4 ,0 0 0

1 4 ,3 8 1 ,6 0 0

L o a n s an d I n v e s t m e n t s ,.
C h a n g e fr o m la s t w e e k .

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

1 6 2 ,8 2 0 ,9 0 0
+ 5 9 3 ,0 0 0

2 5 9 ,0 8 9 ,5 0 0
+ 4 3 7 ,5 0 0

G o l d .............................................
C h a n g e fr o m la s t w e e k .

4 4 ,1 7 7 ,0 0 0
+ 1 ,5 1 0 ,8 0 0

C u rren cy an d ban k n o te s.
C h a n g e fr o m la s t w e e k .

2 1 ,7 5 6 ,0 0 0
+ 6 8 ,4 0 0

D e p o s i t s ____________________
C h a n g e f r o m la s t w e e k .

4 0 ,0 6 3 ,5 0 0

1 4 0 ,2 5 5 ,0 0 0 |
+ 2 ,4 0 1 ,0 0 0

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

1 6 ,6 7 0 ,5 0 0
— 9 ,0 0 7 ,3 0 0

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

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

5 9 5 ,2 1 1 ,5 0 0 2 ,0 5 5 ,0 2 6 ,6 0 0
+ 1 0 ,3 4 0 ,3 0 0 i — 1 4 ,3 3 1 ,3 0 0

1 7 8 ,0 2 5 ,7 0 0
+ 4 8 3 ,8 0 0

2 7 4 ,1 3 0 ,2 0 0
— 3 2 ,8 0 0

3 3 ,1 9 3 ,5 0 0
— 7 2 ,3 0 0

3 3 ,7 ^ 0 ,9 0 0
+ 2 3 6 ,8 0 0

R e s e r v e o n d e p o s i t s ...........
C h a n g e fr o m la s t w e e k .

1 1 3 ,2 4 2 ,3 0 0
+ 3 5 1 ,7 0 0

P . 0 . o r reserv e to d e p o sits
P e r c e n t a g e la s t w e e k . .
+

1

2 6 .2 %
2 6 .1 %

I n c r e a s e o v e r la s t w e e k .

—

3 4 8 ,5 3 2 ,8 0 0
— 1 5 ,2 1 4 ,9 0 0
2 1 .7 %
2 2 .0 %

2 2 .0 %
2 2 .1 %

1 7 .0 %
1 7 .5 %

D e c r e a s e fr o m la s t w e e k .

Non-Member Banks and Trust Companies.— Following is the report made to the Clearing House by clearing non­
member institutions whioh are not Included in the “ Clearing House return” on the preceding page:
______________ R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G
C L E A R IN G
N O N -M E M B E R S .
W e e k E n d in g
N o v . 25 1916.

C a p U a l.

N et
P r o fi t s .

L o in s ,
D is c o u n ts
( N a t . b k s . S e p t . 121
I n v e il\ 8 t a t e b k s . S e p t . 2 0 / m e o n , fee

M em b ers o f
F e d 'l R e s e r v e B a n k
B a tte ry P a r k N a t ...
F ir s t N a t . , B r o o k ly n
N a t . C i t y , B r o o k ly n
F ir s t N a t . , J e r s . C i t y
H u d son C o . N ., J .C .
F lr s t N a t . , H o b o k e n
S econ d N 3 t ., H o b o k .

A v e r a ie .
$
4 0 0 .0 0 0
3 0 0 .0 0 0
3 0 0 .0 0 0
400 000
2 5 0 .0 0 0
2 2 0 .0 0 0
1 2 5 .0 0 0

T o t a l _______________ 1 ,9 9 5 .0 0 0
S ta te B a n k s.
N o t M e m b e r s o f th e
F ed e ra l R e ser v e B a n k .
B a n k o f W a s h . H 't s .
1 0 0 ,0 0 0
C o l o n ia l B a n k _______
4 0 0 .0 0 0
3 0 0 .0 0 0
C o l u m b i a B a n k _____
2 0 0 .0 0 0
F id e lit y B a n k ..............
5 0 0 .0 0 0
I n t e r n a t io n a l B a n k .
2 0 0 .0 0 0
M u t u a l B a n k ________
2 0 0 ,0 0 0
N e w N e t h e r l a n d ____
1 0 0 ,0 9 0
Y o r k v ll le B a n k ...........
M e c h a n ic s ’ , B k l y n . . 1 ,6 0 0 ,0 0 0
2 0 0 .0 0 0
N o r t h S id e , B k l y n . .
T o t a l ........................... 3 ,8 0 0 ,0 0 0
T r u s t C o m p a n ie s .
N o t M e m b e r s o f th e
F e d e r a l R e ser v e B a n k .
H a m t lt o n T r u s t .B k ln .
M e c h a n ic s ’ . B a y o n n o
T ota l

$
3 2 8 ,0 0 0
6 8 5 .4 0 0
5 9 9 .1 0 0
1 ,2 8 6 ,0 0 0
7 6 2 .8 0 0
6 2 7 .9 0 0
2 9 2 .1 0 0

$

C o ld .

S ilv e r.

A vera ge.

A vera ge.

$

5 .0 0 3 .0 0 0
5 .4 3 7 .0 0 0
5 .8 3 9 .0 0 0
4 .8 9 1 .0 0 0
5 .0 9 1 .0 0 0
6 .2 0 5 .0 0 0
4 .0 3 2 .0 0 0

4 2 0 ,6 9 0 2 .2 3 2 .0 0 0
8 9 5 .0 0 0 8 .9 9 8 .0 0 0
6 8 2 ,3 0 0 8 .8 1 8 .0 0 0
1 9 1 .9 0 0
1 .6 9 2 .0 0 0
1 2 6 .9 0 0 3 .9 9 3 .0 0 0
4 8 7 ,1 0 0 6 .0 1 5 .0 0 0
2 3 3 .9 0 0 3 .9 2 5 .0 0 0
5 8 9 ,4 0 0 6 .4 4 8 .0 0 0
8 7 4 .0 0 0 2 0 .3 3 3 .0 0 0
1 9 5 .2 0 0 5 .0 9 5 .0 0 0

5 0 0 .0 0 0
2 0 0 .0 0 0

1 ,1 1 6 ,1 0 0
2 9 3 .7 0 0

7 0 0 ,0 0 0

1 .4 1 4 ,3 0 0 1 3 ,8 8 6 ,0 0 0

7 2 9 ,0 0 0

7 3 1 ,0 0 0

1 3 .0 0 0
1 6 5 .0 0 0
2 6 .0 0 0

5 1 .0 0 0
4 7 0 .0 0 0
3 0 1 .0 0 0
2 8 .0 0 0
5 1 ,0 0 0
2 5 8 .0 0 0

11,000

220.000

1 5 ,0 0 0
3 8 ,0 9 0 I

3 9 .0 0 0
4 0 .0 0 0

6 3 6 ,0 0 0

110,000

5 9 .0 0 0 1

7 9 ,0 9 0

I n d iv id ’ l.

T o ta l.

T ota l . . .
N ov. 1 8 ...
N ov . 1 1 ...
N ov.
4 ___
O o t. 2 8 . . .
“
2 1 ...
"
1 4 ...
"
7 ...
S ep t. 3 0 . . .
’’
2 3 ...

8 5 .3 2 4 .0
9 0 .6 0 1 .0
8 7 .1 6 0 .0
8 3 .1 5 8 .0
8 1 .2 6 0 .0
8 3 .4 7 0 .0
8 7 .6 2 4 .0
8 1 .2 7 0 .0
7 9 .2 5 2 .0
8 1 .5 2 4 .0

1 7 8 .7 0 2 .0 4 7 7 ,6 1 7 ,0
1 8 4 .6 8 2 .0 4 7 9 ,4 6 9 ,0
1 8 5 .3 2 8 .0 4 7 7 ,6 8 1 ,0
1 8 2 ,5 1 8 ,0 ! 4 6 5 ,7 4 8 ,0
1 8 0 .8 7 7 .0 4 5 7 ,9 2 3 ,0
1 8 8 .2 1 1 .0 4 6 4 ,4 7 3 ,0
1 8 8 .9 0 1 .0 4 6 9 ,4 8 0 ,0
1 8 3 .1 1 8 .0 4 6 0 ,0 2 2 ,0
1 7 5 .5 2 7 .0 4 5 1 ,6 4 0 ,0
1 7 5 .7 2 4 .0 4 1 3 .7 1 5 .0

6 5 6 .3 1 9 .0
0 0 4 .1 5 1 .0
6 0 3 .0 0 9 .0
0 4 8 .2 9 1 .0
6 3 8 .8 0 0 .0
6 5 2 .6 8 4 .0
6 5 8 .3 8 4 .0
0 1 3 .1 4 0 .0
6 2 7 .1 7 3 .0
0 1 9 .1 3 9 .0

R eserv e
H e ld

7 88 ^ 0 0 0
7 1 0 .0 9 0
7 9 2 .0 9 0
8 5 7 .0 9 0
9 2 5 .0 0 0

2 2 4 ,0 0 0

2 2 4 ,0 0 0 ;

220,000
2 9 0 .0 0 0
2 3 9 .0 0 0
1 7 1 .0 0 0
1 7 3 .0 0 0

$
1 9 ,4 9 5 ,0
5 ,1 0 1 ,0

1 0 6 .7 0 5 .0
1 1 4 .6 5 4 .0
1 1 3 .8 1 3 .0
1 0 7 .5 6 1 .0
1 0 4 .6 8 1 .0
1 0 9 .7 2 0 .0
1 2 0 .0 1 9 .0
1 1 9 .4 5 0 .0
1 1 1 .6 8 4 .0
1 0 8 .7 9 6 .0

2 1 ,6 0 0 ,0
3 1 .9 8 6 .0
3 1 .3 8 8 .0
2 6 .1 4 7 .0
2 3 .9 1 8 .0
2 8 .4 8 2 .0
3 7 .9 7 8 .0
3 8 .4 6 5 .0
3 2 .5 6 6 .0
3 0 .9 7 8 .0

N o t e .— N a t i o n a l b a n k n o t e c i r c u la t io n N o v . 2 5 , $ 8 ,9 6 9 ,0 0 0 : e x c h a n g e s f o r C l e a r ­
in g H o u s e ( I n c lu d e d In “ B a n k D e p o s i t s ’ ’ ) , b a n k s , $ 2 1 ,2 3 1 ,0 0 0 : t r u s t c o m p a n i e s
$ 2 ,3 8 8 ,0 0 0 ; t o t a l, $ 2 3 ,6 1 9 ,0 0 0 .
C a p i t a l a n d s u r p lu s a t la t e s t d a t e s : B a n k s . $ 6 4 1 7 5 ,6 0 0 ; t r u s t c o m p a n i e s , $ 4 1 , 2 9 5 ,2 0 0 : t o t a l , $ 1 0 5 ,4 7 0 ,8 0 0 .

$
398*666
122,000

7 3 ,0 0 0
6 2 6 ,0 0 0
5 0 3 .0 0 0
3 5 1 .0 0 0

N et
D em a n d
D e p o s its .

N et
T im e
D e p o s its .

N a t io n a l
Bank
C ircu ­
la t io n .

A vera ge.

A vera ge.

A vera ge.

t

2 ,0 7 0 ,0 0 0 3 1 ,1 7 3 ,0 0 0

2 3 8 .0 0 0
1 4 8 .0 0 0
4 7 ,0 0 0

3 .1 2 4 .0 0 0

2.102.000

5 2 .0 0 0 1 ,8 2 1 ,0 0 0
2 6 1 ,0 0 0 9 .8 3 0 .0 0 0
3 1 5 .0 0 0 9 .5 3 7 .0 0 0
1 .5 9 3 .0 0 0
3 0 .0 0 0
2 8 1 .0 0 0 3 .9 5 1 .0 0 0
5 1 3 .0 0 0 7 .2 9 7 .0 0 0
3 2 1 .0 0 0 4 .1 4 7 .0 0 0
6 2 0 .0 0 0 7 .0 3 5 .0 0 0
1 ,4 7 4 ,0 0 0 2 1 ,8 3 3 ,0 0 0
1 7 4 ,0 0 0 5 .0 7 8 .0 0 0

3 1 .0 0 0 4 ,3 2 7 .0 0 0

4 ,0 7 4 ,0 0 0 . 7 2 ,1 2 2 ,0 0 0

1 ,0 8 9 ,0 0 0

1 4 .0 0 0
1 7 .0 0 0

1 ,0 7 3 ,0 0 0
4 6 2 ,0 0 0

0 ,5 7 6 ,0 0 0
2 ,5 8 4 ,0 0 0

9 3 3 ,0 0 0
2 ,9 6 2 ,0 0 0

1 ,5 3 5 ,0 0 0

9 ,1 0 0 ,0 0 0

3 ,8 0 5 ,0 0 0

1 3 5 ,0 0 0
+ 1 4 ,0 0 0

1 8 7 .0 0 0
2 8 8 .0 0 0
1 1 5 .0 0 0
3 8 1 .0 0 0
1 9 4 .0 0 0
2 1 4 .0 0 0
9 7 ,0 0 0

5 ,7 4 9 ,0 0 0 1 ,4 7 9 ,0 0 0

5 9 0 .0 0 0
5 7 2 .0 0 0
9 0 ,0 0 0
2 3 7 .0 0 0
4 3 8 .0 0 0
2 1 8 .0 0 0
" 7 ,6 6 6
4 2 2 .0 0 0
1 .3 1 0 ,0 0 0
3 0 5 .0 0 0

3 2 8 .0 0 0
1 2 9 .0 0 0

S

s

5 .1 1 4 .0 0 0
4 .9 4 9 .0 0 0
5 .8 6 8 .0 0 0
5 .5 5 6 .0 0 0
4 .2 5 4 .0 0 0
2 .7 9 5 .0 0 0
2 .6 3 7 .0 0 0

120,000
4 0 2 .0 0 0
9 7 ,0 0 0
*7*0*,666
4 0 0 .0 0 0

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

000
,000
,000

1 2 1 .0 9 0 8 ,3 9 1 ,0 0 0 8 ,9 7 8 ,0 0 0 1 1 1 3 9 8 0 0 0 1 0 ,0 8 5
1 .4 7 7 .0 0 0
1 1 3 .0 0 0 1 8 .4 3 5 .0 0 0 9 ,2 8 9 ,0 0 0 1 1 0 0 6 8 0 0 0 1 0 ,8 7 2
1 .4 9 2 .0 0 0
1 0 1 ,0 0 0 ,8 ,2 2 0 ,0 0 0 9 ,3 6 8 ,0 0 0 1 0 9 4 1 0 0 0 9 1 0 ,9 0 0
1 .5 0 8 .0 0 0
1 0 3 ,0 0 0 :8 ,1 4 2 ,0 0 0 9 ,4 5 6 ,0 0 0 1 0 7 8 7 9 0 0 0 1 0 ,8 9 8 0 0 0 1 1 ,5 1 3 ,0 0 0
1 0 9 .0 0 0
8 ,1 7 1 ,0 0 0 1 2 ,2 7 8 ,0 0 0 1 01704,8
54
80
3 9,000 0 1 .5 1 0 ,0 0 0

Boston Clearing House Banks.— W e give below a
summary showing the totals for all the items in the Boston
Clearing House weekly statement for a sorios of weeks:
BOSTON

R teess
R e serv e.

S
8 0 .7 5 0 .0
2 5 .9 5 5 .0

7 3 ,0 0 0 3 ,5 7 8 ,0 0 0

*b.666

+5,000

S
S
3
$
7 9 , 5 0 1 , 0 1 7 4 ,6 7 0 ,0 3 3 4 .4 3 1 .0 5 0 9 .1 0 1 .0
5 ,8 2 0 , 0
4 ,0 3 2 ,0 1 4 3 .1 8 8 .0 1 4 7 .2 1 8 .0




4 8 9 ,0 9 0

5 7 .0 0 0
5 3 .0 0 0

N ov. 25.
$
N a t . b a n k . 3 9 2 .1 8 7 .0
T r u s t c o s . . 1 5 5 .0 0 8 .0
5 4 7 .1 9 5 .0
5 4 1 .8 9 6 .0
5 4 0 .1 7 2 .0
5 3 3 .4 3 3 .0
5 3 8 .0 6 9 .0
5 3 7 .8 0 2 .0
5 3 2 .2 3 0 .0
5 2 6 .8 1 8 .0
5 2 2 .7 9 9 .0
5 1 7 .5 1 9 .0

12.000

5 5 5 ,0 0 0
8 1 ,0 0 0

D e p o s it s .
Bank

A vera ge.

1 5 ,0 0 0

3 ,0 0 0
6 3 .0 0 0

22.000
9 1 .0 0 0
88.000
120.000 21.000

6 ,5 4 9 ,0 9 0 1 ,3 1 1 ,0 0 0 3 ,2 0 1 ,0 0 0
6 ,3 8 7 ,0 0 0 1 .4 4 1 .0 0 0 3 ,2 5 3 000|
6 ,3 5 4 , 0 0 0 4 , 3 3 9 , 0 9 0 i 3 , 129 0 0 0 1
6 ,4 3 1 ,0 0 0 1 ,3 6 0 ,0 0 0 3 ,1 8 1 ,0 9 0 1
6 ,4 1 8 ,0 0 0 1 ,4 0 1 ,0 0 0 3 ,1 7 5 0 0 0

A vera ge.

100,000

2 5 .0 0 0
9 0 .0 0 0
7 1 .0 0 0

1 1 8 8 6 1 0 0 0 6 ,5 5 4 ,0 0 0 1 ,4 6 2 ,0 0 0 3 ,4 6 3 ,0 0 0
5 6 8 .0 0 0
3 7 2 ,0 0 0
— 3 6 0 ,0 0 0
+ 1210001 + 2 6 2 0 0 0 - - 2 2 9 0 0 0 + 143 0 0 0
119221000
} 12323 0 00
117992 000
117032000
116096000

A d d it io n a l
D e p o s it s
w ith L eg a l
D ep os­
it a r i e s .

$

1 4 8 ,0 0 0

2 8 4 .0 0 0
8 9 3 .0 0 0

0 2 3 ,0 0 0 2 ,6 7 6 ,0 0 0

R eserv e
w ith
L egal
D ep os­
it a r i e s .

4 4 7 .0 0 0
4 8 1 .0 0 0
7 1 8 .0 0 0
6 6 0 .0 0 0
5 1 0 .0 0 0
4 4 0 .0 0 0
3 1 0 .0 0 0

68.000

W e o m it tw o c i p h e r s (0 0 ) i n a ll th e se f i g u r e s .
Due
fr o m
B in k s.

$

1 2 4 .0 0 0

Philadelphia Banks.— Summary of weekly totals of
Clearing House banks and trust companies of Philadelphia:
[ L oan s,
\ D lsc'ts <t
I n v e s t 'i s .

A vera ge.

1 3 4 .0 0 0
1 5 2 .0 0 0
7 3 .0 0 0
7 3 .0 0 0

1 7 .0 0 0
6 4 .0 0 0
3 2 .0 0 0
8 5 .0 0 0
1 4 7 .0 0 0
6 3 .0 0 0

4 ,0 9 6 ,3 0 0 6 7 .5 7 7 .0 0 0 4 ,5 6 6 ,0 0 0

G r a n d a g g r e g a t e ------- 6 ,4 9 5 . 0 0 0 '1 0 ,6 9 1 ,0 0 0
C o m p a r is o n ,p r c v .w k j
. . . .!
E x c e s s r e s e r v e . .1 $ 4 9 ,8 2 0 ! d e c r e a s e
G r a n d a g g r ’ t e N o v l 8 6 ,4 4 5 .0 0 0 1 1 9 ,6 9 1 .0 ) 0
G r a n d a g g r ’ t o N o v U | 6 . 4 9 5 .0 0 0 1 0 .6 9 1 .0 0 0
G r a n d a g g r ’ t e N o v . 4 ,6 , 4 9 5 ,0 0 0 1 0 .6 9 1 .0 0 0
G r a n d a g g r ’ t e O c t . 2 8 6 ,2 9 5 ,0 0 0 1 0 .3 1 7 .5 0 0
G r a n d a g g r ’ t e O c t . 21 6 .2 9 5 0 0 0 1 0 .3 1 7 .5 0 0

s

110,000

4 0 8 .0 0 0
1 6 9 .0 0 0
1 6 9 .0 0 0
1 9 4 .0 0 0
1 8 7 .0 0 0
1 7 6 .0 0 0
4 9 ,0 0 0

4 ,5 7 9 ,9 1 0 3 7 ,3 9 8 ,0 0 0 1 .3 5 2 ,0 0 0

V a t.B a n k iV af .B a n k
V o t e s [Re­ N o t e s [N o t
se rv e f o r
C o u n ted
S tate I n ­
as
s t itu tio n s] R e ser v e).

H O U SE .

C L E A R IN O
N ov. 25
1916.

C i r c u la t io n .......................................
$ 6 ,4 2 0
L o a n s , d ls o ’ ts & I n v e s t m e n t s . 4 4 8 ,4 0 7
I n d i v i d u a l d e p o s i t s , lu o l .U .S . 3 5 8 ,6 0 9
D u e t o b a n k s .................................. 1 3 1 ,1 9 9
T i m e d e p o s i t s ...............................
2 9 ,2 6 4
E x c h a n g e s f o r C le a r . H o u s e .
1 9 ,8 3 0
D u e f r o m o t h e r b a n k s _______
4 1 ,4 7 0
C a s h r e s e r v e .................................
2 5 ,7 2 9
R e s e r v e In F e d . R e s ’ v o B a n k s 2 9 ,6 8 1
R e s o r v o w it h o t h e r b a n k s ___
3 3 ,4 9 4
R e s e r v e e x c e s s In b a n k ..............
507
E x c e s s w it h R e s e r v e A g e n t . . 2 0 ,8 8 3
E x o e s s w it h F e d . R e s ’ v e B ’ k .
4 ,4 5 0

H OU SE M E M B E R S.
C h a n g e fr o m
p r e v io u s w ee k .

N o v . 18
1910.

N o v . 11
1916.

000 $6
,102,000

,0 0 0 ,I n c .
S3
,4 2 3 ,0 0 0 $ 6 ,4 3 5 ,0 0 0
OOOIDeo. 0 ,9 9 5 0 0 0 4 5 5
4 6 1 .8 6 9 .0 0 0
O O O iD ec. 1 0 ,4 8 6 0 0 0 3 6 9 ,0 9 5 ,0 0 0 3 5 7 .3 1 4 .0 0 0
0 0 0 ; D e c . 9 ,1 1 3
,3 1 2 ,0 0 0 1 4 6 .6 1 5 .0 0 0
000, In o.
313
,9 5 1 ,0 0 0 2 9 .2 9 2 .0 0 0
O O O iD cc
2 ,7 8 7
,6 1 7 ,0 0 0 2 1 .6 9 8 .0 0 0
nrw\ ia —
D e c . 5 ,2 3 7
.7 1 3 ,0 0 0 4 1 .0 3 9 .0 0 0
D ec.
347
,0 7 6 ,0 0 0 2 0 .0 9 4 .0 0 0
443
In c.
,2 3 8 ,0 0 0 2 4 .6 3 4 .0 0 0
D o c . 2 ,8 6 3 0 0 0 3 8 ,3 5 7 ,0 0 0 3 4 .8 2 3 .0 0 0
In c.
454
5 3 ,0 0 0
1 2 3 ,0 0 0
1 ,8 7 4
In c.
.0 0 9 ,0 0 0 1 7 .5 1 1 .0 0 0
3 ,0 9 4
,5 5 3 ,0 0 0
2 ,2 9 4 .0 0 0

000
000 10

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

D e c . 2 1916.]
g jfe ttfim *

2059

THE CHRONICLE

advanced to 1 1 2 % , the final figure being 112. Atchison
moved up from 1 0 4 % to 1 0 6 % . Southern Pacific led the
declines, falling from 1 0 0 % to 9 8 % , tho other movements
being in most cases, fractional.
American Smelting & Refining fell away from 122 to 1 1 6 %
and American Writing Paper pref., conspicuous in weeks
past for its upward movements, declined from 7 0 % to 6 5 % ,
the close being at 6 6 % . Anaconda Copper was irregular;
from 9 9 % it moved up to 102, the closing quotation, how­
ever, being 9 8 % ; the other copper stocks being weak.
Central Leather fell from 115 to 110 and Crucible Steel
covered a range of 5 % points, closing at 8 4 % . U . S. Steel
advanced from 12 6% to 1 2 9 % , thefinal figure being 125% xd .
F or d aily volu m e o f b u s in ess see p a g e 2068.
;
The following sales have occurred this week of shares not
j
represented in our detailed list on the pages which follow:
•

( B a i l i e * ______

TFaM Street, F rid a y N ig h t, D e c . 1 1916.
T h e M oney M arket and F in an cial S itu a tio n .— In ad­
dition to tho usual national holiday in restricting operations
at tho Stock Exchango, tho security markets have been more
or loss adversely affected by warnings of the presonce of sub­
marine war craft in adjacent waters and by an advance in
call loan rates to 6 % per cent. These warnings caused consid­
erable anxiety in shipping circles for a time, but as several
days havo passed without disturbance on this side, tho mat­
ter is rogarded with less apprehension.
Tho money market situation, on the other hand, continues
to bo ono of special interest and importance. Tho advance
in rates was duo primarily to the diminishing surplus roscrvos
of tho Now York City banks, as shown by last Saturday’s
bank statement. This situation has, however, ceased to bo
one of absorbing interest in view of the more important m attor sot forth in a message of caution, issuod by the federal
Reserve Board at Washington, to tho banking fraternity,
calling attention to a possiblo danger from too liberally investing in foroign Government securities.
the immediate
offoct of this message was, very naturally, a curtailment ot
tho demand and a rather pronounced decline in tho quoted
value of such securities. A resumption of gold imports on
a largo scalo and a declino of German and Austrian exchango
to tho lowest quotations yot reached havo also attracted at­
tention in banking circles.
, .
Tho usual result of such an avalanche of speculation as for
some tiino past has boon a menace to legitimate operations in
tho various commodity markets, as this week seen in a Huetuation of 60 points, or about $3 00 per bale, in tho price of
cotton and a similar movement in wheat.
Foreign E xch an ge.— Tho market for sterling exchange
ruled slightly lower, owing to tho uncertainties caused by
tho Federal Reservo Board’s warning against foreign treas­
ury bills. Tho Continental exchanges were irregular.

!
i

STOCKS
W e e k e n d in g D e c . 1 .

S a les
fo r
W eek .

P a r. sh a res $ per
A c m e T e a t e m o t f s . . 1 00 1 ,2 0 0 6 8
1
st
p
r
e
f
t
e
m
c
t
f
s
.
l
OO
400 98
j
1 50 4 2 %
A m e r U a n K N o t e _____5 0
i P r e f e r r e d ------------------- 5 0
1 00 5 1 %
> A m l l i k S & F p f c t f s 1 0 0 (>00 2 0 5
A m e r ic a n E x p r e s s ____ 1 00 2 2 0 1 3 4
A m Teleg & C a b l e ____ 1 00
6 5 61
j A m T e l & T e l r i g h t s _____ 1 5 ,9 0 0 ; 2
io n --1 0 0
800| 3 %
• AA ss ss eo tos D Irdye Ga lili zs a1t st
p f 100:
1 00 75
A s s o c i a t e d O H ________1 0 0
400' 6 9 %
t l . i o o 3 ,5 0 0 17
I AB at ltaonp tl ala all i rMmi n&i n gA--------2 0 1 ,8 0 0 : 1 %
j B r o w n S h o e ___________ 1 00
100| 75
I P r e f e r r e d ___________ 1 0 0 2 00 (1 01
B r u n s w ic k T e r m ! ___ l o o
100;
8%
; H u m s u r o s ____________ 100 4 0 0 8 5 %
B u s h T e r m i n a l ______ 1 00
100108
B u t t e r l c k ______________ 100
400, 1 6 %
C a n a d a S o u t h e r n ___ 1 00
6 57%
C a r C lin e i & O , p r e f . 1 00
200 50
C a s e (J I ) , p r e f ............ 1 00
200! 87%
C m a g o & A l t o n _____ 1 00
500| 18
C h ic S t P M & O , p f-1 0 0
100133%
C l u e t t , P e a b o d y & C o 1 00
200; 7 2
C o n s C E L & P ( B a l t ) 100 5 ,3 1 0 1 2 6
T o -d a y ’s (Friday’s) actual rates for sterling exchange were 4 71% for C o n 3 I n t e r s t a t e C a l l . . 1 0 2 ,300i 2 3 %
sixty days, 4 7 5 % @ 4 76 11-16 for cheques and 4 7 6 4 0 @ 4 76 7-16 for C o n s o l i d a t i o n C o a l - - 1 0 i 2 ,1 4 7 116
cables. Comm ercial on banks, sight, 4 7 5 % . sixty days, 4 7 0 % ; ninety C o n t i n e n t a l I n s u r _____25
900 59
days, 4 6 8 % , and docum ents for paym ent (sixty days), 4 7 0 % @ 4 7 0 % .
D e c r o & C o , p r e f _____ 1 00 1 ,0 0 0 96
C otton for paym ent 4 7 5 H and grain for paym ent 4 7 5 % .
D e t r o i t E d i s o n _______1 00
450148%
T o - d a y ’ s ( F r i d a y ’ s ) actual rates f o r Paris b a n k e r s ’ francs were 5 89% @
D e t r o i t U n i t e d _______1 0 0
100119%
5 90 for long and 5 85% @ 5 85% for short. Germany bankers’ marks were D u l a S oc A l t ________ UK)
200
5%
66 11-16@ 67 % for sight, nominal for long and nominal for short. Amster­
P r e f e r r e d ___________ 100
3 00 ! 1 2 %
dam bankers* guilders were 40 11-I6(«i4()% for short.
E l e c t r i c S t o r B a t t — 100
4 0 0 71
G a s t o n W m s & W n o p ir 1 ,0 5 0 4 1 %
Exchange at Paris on London, 2 7.81% francs; week’s range, 27.81%
francs high and also 27.81% francs low . Exchange at Berlin on London, I n t H a r v e s t C o r p . - . l O O 1 ,4 0 0 ' 83
P r e f e r r e d ___________ 1 00
1 00 ,11 2
not quotable. Tno range for foreign exchango for the week follows:
C a b les.
I o w a C e n t r a ! --------------- 1 00
100!
7
C h equ es.
Sterling, Actual—■ Sixty Days.
K a y s e r (J u liu s ) & C o . 10o
200 98
4 76 7-16
4 75 11-16
H igh for tho week___4 71%
K e o k u k <t D e 3 M - - . 1 0 C
100!
5
4 7640
4 75%
L ow for tho w eek___4 71%
K in g s C o E l L & P .. 1 0 0
125 1 2 1 %
P a r is B a n k ers' F ra n cs—
L a c le d e G a s ___________ 1 00
5 83%
782! 112
5 84%
H igh for tho week___5 89%
L ig g e t t A M y e r s , p f .lO C
100123
5 84
5 84%
L ow or tho w eek__ 5 90
L o o s e - W i l e s B i s c u i t - 101
500[ 2 2
G erm a n y B a n kers' M a rk s—
68%
1 s t p r e f e r r e d ______ I0<
200| 8 5
68 11-16
High for tho w eek___ ____
66%
L o r l ll a r d ( P ) , p r e f ___ 100
1 00 121
68 11-16
L ow for the w eek___ ____
M a y D e p t S t o r e s ___ 100
4 00 , 66
A m s te r d a m B a n k e r s ’ G u ild ers—
40 15-16
P r e f e r r e d ___________ 1 00
1 00 1 1 0 6 %
49%
High for tho week___ 40%
40 13-16
[4 0%
M i n n & S t L ( n e w ) . . 1 0c
925i 3 0 %
Low for the week___ 4 0 ) '
D o m e s tic E x ch a n g e .— Chicago, 15c. per SI ,000 discount. B oston, par. N Y C h i c & S t L l s t p f d 101
100, 8 0
St. Louis, 15c. per S I.000 discount bid and 10c. discount asked. San N o w Y o r k D o c k ____ 10C 3 ,1 1 0 2 0
P r e f e r r e d ___________ 100
Francisco, 10c. per 81,000 premium. M ontreal, .45875 to .3125 per
600' 50
__
81,000 discount. M inneapolis, 30c. per $1,000 premium. Cincinnati, par. N Y L a c k & W e s t - - - 1 0 l
10116%
N o v a S c o t i a S & C - _ 100 2 ,5 0 0 1 4 2 %
State and R ailroad B on d s.— Sales of Stato bonds at the O w e n s B o t t l c - M a c h . - 2 5 1 ,8 0 0 9 1
2 00 3 5
Board this week include 82,000 New York Stato 4 % s at P a c i f i c T e l & T e l _____1 00
100
P r e fe r r e d ....................100
1 1 5 % and $2,000 Virginia 6s trust company receipts at 5 8 % . I ’ a n - A m e r P e t & T p flO O ' 3 .S 0 0 99 87 %
Trading in railroad and industrial bonds has been relative­ P it t s b u r g h C o a l _____1 00 1 .0 0 0 5 0
300111
1 00
ly smaller than that of a week ago, but prices have, in sym­ P itPt rs e Ff etr rWe d&___________
C h i c — 1 00
1 4 (1 5 8 %
100| 1 0 3 %
pathy with other departments of the securities markets, de­ I P it t s S t e e l, p r e f _____ 1 00
d , p r e f - ..........100!
6 5 0 31
clined, tho movement being in some cases rather sharp. I QRuuict lkasni lv
e r M in in g . .1 0 0
400'
2
American Smelters Securities 6s lost part of the advance 1 S c a r s , R o e b u c k , p r e f 100i 1 0 0 1 2 7
i c o S u g , p f lOOj
100(120
registered during tho last fow days of last week, while Ameri­ ;| SS toaPn od ratrod R M
i l l i n g . . . 100
100102%
can Writing Paper 5s, in sympathy with tho shares, fell from j T e x a s C o r i g h t s _________ 1 3 ,2 0 0 2 5 %
1 0 0 !l5 5
9 0 % to 88. American Agricultural Chemical deb. 5s, on ; T e x a s P a c L a n d T r . .1 0 !
j T o l e d o S t L & W e s t . 100 4 ,8 0 0 ;
8%
tho other hand, moved up from 10 2% to 104. Rock Island
P r e f e r r e d ................... 100
300, 1 7 %
600 47
ref. 4s and deb. 5s, as usual spectacular, sold very heavily, U n it e d C i g a r M f r s — 100
5 0 0 76
the former declining fractionally, but the latter advancing U n1itste d p rDe freurgr __________100
e d ..............5<
900 5 2 %
from 7 6 % to 79, tho close being at 7 8 % . Chili Copper 7s U S R e a l t y & I m p t - . l O O
700 28
2
R e f g ___ 1 00 5 ,S 0 0 j
lost 1 % points during tho week, the closing price showing a j U SP rRe cf ed rurce &d __________
1 00 5 ,4 0 0 ; 2
gain of 1 % points from the low mark.
100, 2
i W h e e l & L E ctfs d e p . .
300
2%
p r e f c t f s d e p ______
Tho bonds of foreign governments were, as usual, promin­ ! W e2<l
2 0 0 ,1 3 7 %
l ls F a r g o E x p r e s s . 100
ently activo. Anglo-French 5s, American Foreign Securities W h i t e M o t o r (new). _ 1 00 2 .9 0 0 5 3 %

5s, Great Britain 5s and the various Dominion of Canada
issues being tho most in ovidenco. Tho Groat Britain three
and five-year 5 % s havo been in demand on tho curb.
Sales on a s-20-f basis, indicating, presumably, sales on
foroign account, have been larger, day by day, than those of
a week ago, tho aggregate figures being $89,500, as against
$54,000 tho corresponding days last week.
U n ited States B on d s.— Sales of Government bonds at
tho Board aro limited to $2,000 4s coup, at 11 0 % to 1 1 0 % .
F or to-d a y's p rices o f all the d ifferen t issu e s an d f o r the w eek’ s
ra n g e, see third pa ge fo llo w in g .

Railroad and M iscellaneous S to ck s.— The prospect of
further submarine activity off our own coast, the renewed
talk of peaco and tho warning issued by tho Federal Resorvo
Board to tho banks of tho country against the too free
extension of credit to foroign governments, all had a tendency
to weaken tho market for securities at tho Stock Exchange.
In fact, they seemed to be the prevailing influence affecting
the week’s financial situation in the bond and money mar­
kets as well as that of shares. From ii list of 15 most activo
railroad shares only six advanced, while from 30 industrials
25 fell away, in most cases sharply. Among tho former
group Reading was tho most spectacular. From 1 0 7 % it




R a n g e f o r W eek
H ig h est.

R ange sin ce J a n . 1
L o w e s t.

H ig h e s t

S p e r sh a r e . $ p e r s h a re $ p e r s h a r e .
sh a r e .
D eo
1 6 9 % N o v 2 5' 51
Aug 69% N ov
N o v 29 9 3 % S ept 9 8 % N o v
N o v 2 8 98
N o v 28 4 2 % N o v 28 3 8 % S ep t 44
O ct
N o v 27 5 1 % N o v 27( 5 1 %
O ct 53
J u ly
N o v 2 5 1 65
F eb
N ov
209
N o v 2 8 2 09
Jan
N o v 2 8 138
N o v 2 5 1 23
June 140%
Apr
D eo
1 z 6 3 % N o v 2 9 6 0 % J u ly 6 9 %
N o v 25
2% N o v 2 7 1 1 5 - 1 6 N o v 2% N o v
Jan
2%
O ct
N o v 27
8
3 % N o v 27
N o v 2 9 75
N o v 2 9 7t 0
N o v 75
N ov
U
XMOV
Jan
62 Jan
N o v 29 7 0 % N o v 28
77
N o v 2 8 18
N ov
N o v 25
1 1 % S e p t 18
2 N o v 27
Jan
D eo
1
1 % June
3%
N o v 27 75
N ov
N o v 27 5 0 %
Jan 76
N o v 28 101% N o v 2 5 9 5 %
M ay
J a n 102
N o v 25
8% N o v 2 5 ; 6 J u l} ' 14
Jan
N o v 2 9 8 5 % N o v 27
Jan
66 A u g
87
N o v 27
96
N o v 27 108
F eb
121
N o v 2 8 17
Jan
N o v 28
1 6 % N o v 31
N o v 28 5 7 % N o v 2 8 ( 5 6 S e p t
59
O ct
N ov
N o v 27
50 N ov
N o v 27 5 0
50
M ay
90
82 O ct
D eo
1 8 7 % N o v 27
N o v 2 9 19
D ec
1 1 8
F e b 21 % N o v
Aug
N o v 2 9 1 3 3 % N o v 2 9 1 3 1 % A p r 1 39
Jan
6 8 A p r 76
D eo
1 7 2% N o v 29
Dec
D ec
1 1 0 8 % M a r 130
N o v 27 130
Aug( 2 8 % N o v
N o v 25 18
N o v 2 9 25
N ov 118% N ov
N o v 2 8 1 1 8 % N o v 27 1 16
N ov
June 68
1 54
N o v 27 6 3 % D e c
F eb
M ay 98%
D ec
1 89
N o v 25 9 7
N ov
M a t 1 49
N o v 27 1 4 8 % N o v 29 131
J a n 121
N ov
N o v 28 119% N o v 28 70
5% D e c 1 4 % M a r 7 % N o v
D ee
1
D ec
1 10
Jan 1 5 % N o v
D ec
1 13
Apr 72% N ov
N o v 2 8 7 2 % N o v 2S 5 8
O ct
N o v 2 8 4 3 % N o v 29 4 1 % N o v 5 1 %
N o v 27 6 8 %
M a r! 87
N ov
N o v 27 87
N o v 2 8 112
N o v 28 1 0 4 %
A p r ll2
N ov
7
N o v 28
N o v 28
2
J u ly
7% N ov
8 0 % M a r r lO O
June
D eo
1 98% D ec
5
3
M ar
5% M ay
N o v 29
N o v 29
F eb
N o v 29 121% N o v 29 1 2 1 % N o v 131
N o v 2 1 0 3 % M a r( 1 1 8 % N o v
N o v 25 114
N o v 29 1 18
M a r ,1 2 4
N ov
N o v 29 123
N ov 2
14
S e p ti 3 4
O ct
N o v 27 24
N o v 21
M a r' 9 1 %
Jan
78
N o v 25 86
Jan 1 22 % S ept
N o v 29 1 1 5 %
N o v 29 121
N ov 2
J an ] 7 2 % N o v
50%
D eo
1 67
J an ] 1 09
M ay
N o v 29 1 0 6 % N o v 29 1 0 2 %
O c t] 3 6
O ct
N o v 29 3 1 % N o v 25 2 6
O ct 9 0 %
F eb
N o v 2S 75
N o v 28 8 0
9 % M ay] 24% N ov
N o v 25 22% N o v 21
25
A p r] 6 0 % N o v
N o v 25 5 0 % N o v 21
A u g 116% N ov
N o v 28 1 1 6 % N o v 25 115
N o v 1 56
N ov
N o v 28 1 5 1 % N o v 2 5 142
S e p tj 9 8 % N o v
N o v 25 9 5 % N o v 29:1 83
Jan
A p r! 44
N o v 28 3 5 % N o v 27; 3 2 %
Sept
Jan| 9 8
N o v 28 9 7 % N o v 2 8 ; 9 3 %
N ov
D ec
1 9 7 % N o v 100
N o v 27 100
N o v 28 2 2%
A p r! 5 0
N ov
N o v 2 7 50
N ov
D ec
It 1 0 0
M a r 1 15
N o v 2 9 113
N o v 28 1 58 % N o v 2 8 :1 5 5 % J u ly l 5 8 % N o v
F e b ll0 6
O ct
N o v 28 103% N o v 28 i 9 3 %
D ec
1;| 2 5
Feb| 3 4
D ec
D ec
1 34
2% N o v 27!( 2
N ov!
6%
Jan
N o v 27
June 127% M ar
N o v 2 9 ,1 2 5
N o v 2 9 127
F e b ;1 2 0
June
N o v 2 9 (100
N o v 2 9 120
M a r | l0 7 %
O ct
N o v 27 102% N o v 2 7 S6
N o v 2 9 ! 2 5 % N o v ! 27
N ov
N o v 28 27
N ov
155
D ec
1 ill5
M a y 158
D ec
D eo
1
5
A p r] 1 0 %
O ct
N o v 27 10
1 10
F eb 18%
D ec
N o v 27 1 8 % D e c
O ct 64
M ar
N o v 2 8 4 7 % N o v 29, 4 6
D ec
1 75
N o v 80
N ov
N o v 27 77
5 3 % N o v 27 5 2 %
N ov: 5 3% N ov
D ec
D ec
1 25
J u n e 49
F eb
N o v 2 9 32
1
June
2% N o v 27
3% J a n
N o v 27
4
Jan
N o v 29
3 % N o v 27
% Aug
2 D ec 1 2
O ct
N ov
3%
D ec
1
O ct
3
2
N ov
4
D ec
1
D ec
1
1 1 2 3 % M ay- 1 3 9 %
D eo
N o v 28 1 3 9 % D e c
O ct
N o v 28 5 5 % N o v 27 53 % N o v 5 9 %

O u tside Secu rities.— For reasons noted above sales of
securities on the Broad Street “ curb” have been smaller day
by day than last week, while prices havo generally declined.
Aetna Explosives moved between 7 % and 10 % and Carbon
Stool declined from 127 to 124. Haskell & Barker Car Co.
from 4 7 % advanced to 4 9 % , but fell away at tho close to
4 0 % . Marlin Arms was erratic, droppnig from 58 to 42,
advancing to 50 and closing at 48. Midvale Steel fluctuated
between 7 2 % and 6 8 % , the final quotation being 7 0 % ,
tho high, low and last prices of Submarine Boat, United
Motors and M axim Munitions were 4 3 -4 0 % -4 0 % , 62 % 5 9 % -5 9 % , and 6 % -6 -6 .
.
Standard Oil subsidiaries were not as active as a week ago.
Galena-Signal varied between 192 and 200. Prairie Oil &
Gas between 575 and 543, and closing prices for the two issues
boing 192 and 543, respectively. Standard Oil of Califor­
nia moved up 6 points to 376, tho final figure being 370.
Standard Oil of New Jersey added 3 points to its closing price
of a week ago. Illinois Pipe Line declined slightly. The
other oil shares were active and with only slight fluctuations
in value.
A complete list of “ curb” market transactions for tho week
will bo found on page 2068.

2060

N e w Y o r k S to c k E x c h a n g e — S to c c R e c o r d , D a ily , W e e k ly a n d Y e a rly
O C C U P Y IN G T W O P A G E S .
F o r r e c o r d o f s a le s d u r in g t h e w e e k o f s t o c k s u s u a lly I n a c t iv e , s e e p r e c e d in g p a g e .

H IG H

AND

LOW

SALE

S a tu r d a y
N ov. 25

M onday
N o v . 27

$ p e r sh a r e
104*4 1 05
1 00% 100%

S p e r sh a r e
105
105 %
1 0 0 % 100 %
1 23
123
86
86%
7 4 14 7 4 %
84% 84%
1 6 7 % 171
67 % 67%
14%
1 4%
4234 4 3
92%
93%
125
125%
127
127%
*170
1 85
34%
33%
*5 63 4 6 0
*83%
84%
*33
31
61
*45
so
1 52
*150
*233
240
20
*18%
44%
45
36%
38
52
53
42%
42%
117
118
44%
40%
1 05
1 05
1 8%
18%
74 % 74%
26%
26%
*59
60
23
23%

8 8 14
7 4 58
*84
169%
67%
*14%
43%
93
125%
1 27 %
*170
34%
*56%
*83%
*32
*59%
*45
*153
238
*18
4403
37%
51^4
42%
11734
45%
10-1%
1 8%
*74%
26
*59
*23
*43
*81%
*33
*133
*129
*118
7%
18
11%
11%
28
58
107%
40
58%
31
110
85%
110*4
56*t
*82%
♦ 90
10734
44%
*45%

86%
74*4
84%
170%
6734
1 4%
43%
93%
1 25 %
127%
180
34%
59
84
34
61
55
1 54
238
20
44%
37%
52
42%
117%
40%
104%
18%
75
26%
60
24%
50
82%
81%
*32
35
132%
1 34
*129
1 32
119
1 22
7%
18
11%
12
28%
58%
10734
40
58%
31
140%
85%
111%
56%
86
94
108%
44%
46%

27
27
50
50
*16
1 6%
*37%
33%
1 0 0 % 10058
27%
273(
* 66*4 6734
1734 18%
SO
50
*94
96
148
148%
*83% 84
14%
14%
27% 28%
14%
15
56%
58%
30%
31%
2 6 % 2634
45
45%
2
2
234
234
2%
2%
49%
51%
16*4
337«
1 2%
7%
36%
91
98%
*102%
1 05 %
*99%
64
*114
75
*117%
52
101
1034
77
27%
22%
5334
91%
*108
*834
•47
97
*100
1 20 %
*116
*140
*105
68%
119
*121
12734
_____
*109
53^8
*98%
69%
60
80
100%
122
70%
84%
107%
162%
650
*152
p a id ,

18
35
12%
8%
38
91%
102
101
106%
101%
64%
1 15
75%
118
54%
101
17
78
27%
23
53%
92%
1 09
10
49
97
101%
121 %
118
1 45
109
69%
119%
123
128%
_____
1 10
54*4
9 8%
71%
61
81
1 01 %
1 24 %
71
84%
108
162%
650
1 65

7
*17
11
11%
28
5734
106%
*40
58
30%
139 %
*85%
110%
56%
♦ 82 %
*92
1 08
44%
46
23*2
26%
49%
*16
38
100%
27
67%
17
49%
_____
1473S
♦ 82%
13%
27%
14%
56%
30
27
45*2
_____

51%
18
7 0%
1 2%
7%
35%
90
96
*102
103%
1 00
62%
*1 14 %
72%
*117
53
*98
16%
76%
2 7%
2 2%
53
89%
108%
*8%
47%
97
*100
1 18 %
116%
*140
*105
67%
1 17 %
* 1 21
128
220
*109
5 3%
98
65%
58
79%
99%
120
71
82%
107%
162 %
*600
*152

P R IC E S — P E R

T u esd a y.
N ov. 28

SH AR E, N O T PER

W ed n esd ay
N ov. 29

T h u rsd a y
N ov. 30

S p e r sh a re
S p e r sh a re
105
105%
105
105%
1 00 % 100 %
100% 100%
* 1 2 1 % 1 24
*121
1 25
853 t 8 6 %
85%
86%
74%
74%
74%
*74
84%
84
85
84%
1 68
1 67 % 169 %
168%
6734
6 7%
67
67%
*14
14%
14%
14%
4 2 3 i 4334
4234
42%
92*4 93
92%
93
1 2 5 % 1 25 % * 1 2 5
125 %
124
1 2 4 % 125 %
126
*170
185
*170
1 85
33
33
33%
37%
*5634 6 0
*56*4 6 0
*83%
84%
*83%
81
*3 2
32%
32%
34%
61
*59%
61
*59%
*45
*45
55
55
1 52
*150
1 52
*150
240
239
*23.8
239
22
*18
44
4 5%
44
44
30%
36%
37%
37%
51%
52%
51%
52
4
1
%
*4 1
42%
41%
117
11V % 1 17 %
117 %
44%
45*4
44%
4 5%
1 05
1 05
1 0 4 % 105%
17%
18%
18%
17%
73%
74%
74
7 4%
25%
2 6%
25%
20
58
59
*58
60
*22%
*22%
24
24%
*48
60
*48
51
82%
80%
8 2%
81% 82%
*3 2
35
35
*133
1 3 2 % *1.33
135
1 35
132
1 30 % 130%
*119
*119
120
121
1 20 %
*
*130
136
1 30
7
6%
7%
7%
1 7%
18%
1 7% * 1 7
18%
12
11%
11%
13
11%
12
13%
11%
11%
11%
2834
28
28%
28-% 3 0%
593o
58%
58
58%
5 8%
106 % 107%
107%
106% 107
42
41
* 3 9 % 41
*38
58
57%
58
57%
58
32%
32%
31%
3 3%
32%
140%
1 39 % 1 41 % * 1 3 8 % 1393.1
85%
*85%
*85
86
86
111%
1 1 0 % 111
110 % i n
5 6 34 57
56%
5 7%
56%
8534
*82
*3 2
85
81%
*
+
91
61
94
1 09 % 11031
109%
1 0 8 % 110%
44%
*44
44%
*44
45
45%
*45
46%
46
46%
23»o 2 t
27
*26
27
26%
26%
50
50
*47%
*18
50
16% * 1 6
16%
16
16
3734 3734
38
38
38
1003S * 9 8 %
100%
100
98%
27%
26%
2 7%
27%
28
67%
67
67
67
67%
17%
17
17
17
18
49%
49%
49%
48%
1834
_____ * 9 4
*91%
95%
95%
1483s 147% 148%
148% 1491s
8 3%
8 3%
83%
83%
83%
14
15
13%
13%
15
2734 2 7 %
28
29%
29
14% * 1 4 %
15
15
15%
5 6%
5 6 % 563.1
58
5 /%
29%
30%
30
31-8
30%
20*4 2 7 %
26% 26%
27
43
*43
43
45%
46
1%
1%
1*4
1%

51%
19%
36%
70%
14%
8%
38
91
10034
101
107
100
64%
115
76%
118
54%
1 02
17%
78%
27%
23%
54
933|
108%
10
47%
97%
101
122
117
145
1 09
69
1183s
123
1283s
220
1 10
54%
98
70%
61%
81
102
123
7 1%
85%
1 07 %
1 64%
650
161

*49

51

18
35
*70
1 2%
8
34
89%
95
*102
102%
*100
61%
114
7 1%
117%
52%
*98
16%
74%
27%
22%
53
88%
♦10734
*9
*47
96
100%
115%
116%
143
*105
64%
117%
*122
127%
216
109
53
98%
64%
56
79
98
119
70
80%
108%
160
625
*155

19%
35%
72%
14
8%
3 53 i
90%
97%
104
104*4
100*8
623|
111
7 3%
1173i
5 23 i
102
16%
77
2 7%
22*4
53*4
90%
108 %
11
49
96
100 %
119%
116 %
143
109
68
1 18
123
128%
219%
1 09
53%
98%
66*4
58%
79
99*4
121
70%
83%
108 %
162%
625
1 65

• B i d a n d a s k e d p rtoea ; n o s a le s o n
* E x -d lv ld e n d .
* F u ll p a i d .




2%
*19

2%
51

18%
35
*70
1 3%
8
33%
893t
96
*103%
103
98%
61%
til
72
*1 1 7 %
52
♦98
16%
74%
2 7%
22
521.1
88%
*107
9%
47%
96%
99%
I I 534
1 16 %
*140
*105
05%
117%
512 2
128
217%
♦ 108%
53%
9 8%
6 5%
56%
*78
98
119%
*70
7 6%
108
161
6 01
*155

183.4
30%
70
13%
8%
3 5%
90%
97%
104
1 01 %
99%
623,i
111
73%
118
52
1 02
17%
70%
27%
22%
53%
90
1 08 %
10
48
97
1 00
118%
1 16 %
1 45
109
66
11734
122
128%
21934
110
5 4%
9 8%
66%
58
88
9 9%
122%
7 0%
81*4
10.8
161%
619
160

this day.

S p e r sh a re

CENT.
F rid a y
D ec. 1

S per
105%
100%
♦122
8 6%
*74%
85
*166%
673.1
14%
43
93%
1 25 %
*125%
*170
37
57
*83%
34 ~
*5 9l>
*45
151
Z238
18%
45
37%
5 2%
42%
117
43%
105
18
♦ 74%
25%
*58
*23
*48
81%
*32
*133
*129
11834

S ales to
W eek
Shares

.

Q
0
*
£
0

t E x -r ig h t s .

27
29
51
51
1 6%
16%
38% 39
9834 9934
27%
29
67%
69
18%
l/%
48*8 4 9
*94%
95%
* 1 4 7 % 148%
S 3%
84
14%
14%
*20
28
1534
15%
57%
50%
31%
32
26l.i 2 8%
43
4 0%
1%
2%
6
4%
3
2%
51
*48%
19
36
*69
14%
8
34%
893.1
95*4
103 %
103
*99
62
111 %
73
*1 1 7 %
53
*98
17
7 6%
2 7%
22
52%
8834
*107
10
481.1
97
1 00 %
115 %
1 10*2
*140
*105
66
*116
*1 2 1 %
127%
218
108 %
5 3%
98%
65
56%
81%
98%
121
70%
7 5%
108
1 60 %
620
160

On

H ig h e s t

L o w e st

2 ,6 0 0
800
900
700
1 6 ,8 0 0
4 0 ,6 0 0
3 ,4 0 0
4 ,4 0 0
1 ,7 5 0

37
O c t 27
6 2 % O o t 18
5 7 % J u n e lO
156 O c t
4
242
N ov 6
23% O ot 25
5 2% O ot 25
43% J an
3
59% J an
3
64% Jan
3
127% J a n
4
50% Jan
3
1 09 % O o t
5
2 1 % Jan
3
77% J an
3
32% J a n
4
04% J an
3
2 0% O c t 2 6
87*8 O o t

R e a d i n g .......................................... 5 0
1 st p r e fe r r e d .......................... 5 0
2 d p r e fe r r e d ............................. 50

1 00 % A p r 2 2
33
A p r 17
56
N o v 15
26
M ay 5
1 14 M a t 1
84% F e b 25
108% S e p t 2
55
S e p tl2
78
F e b 17
8S J a n 26
7 5 % J a n 31
4 1 % F e b 19
4 1 % F e b 21

60i.i
114%
45%
77%
31%
1 47 %
89%
1187s
60
88
98%
115%
46
52

S t L o u is S o u t h w e s t e r n _____1 00
Do
p r e f . . . ........................ 100
S e a b o a r d A i r L in e __________ 100
Do
p r e f ........... ....................100
S o u t h e r n P a c ifi c C o ..............1 00
S o u t h e r n R a i l w a y ................... 100
Do
p r e f ................ ............ 1 00
T e x a s A P a c i f i c _____________ 1 00
T h ir d A v e n u e ( N e w Y o r k ) 1 00
T w i n C i t y R a p i d T r a n s i t . . 100
U n io n P a c i f i c . . ........................100
Do
p r e f ............................... 100
U n it e d R a il w a y s I n v e s t ___ 100
Do
p r e f ........ .......................100
W a b a s h ...................................... 100
Do
p r e f A . ........................ 1 00
Do
p r e f B d o ...................100
W e s t e r n M a r y l a n d ........... . . 1 0 0
Do
p r e f ........... ....................100
W h e e lin g A L a k e E r i e ____ 1 00

16 M a y 4
0 . >2 S e p t /
14 A p r 22
3 4 % A p r 24
9 4 % A p r 22
18 A p r 24
56
A p r 24
6 % F e b 14
48
N ov22
94
M ar24
1 29 % A p r 22
*80
Sept 1
7% M a y 9
17
S cp t.1 0
13% S e p t l 3
41% M a r 1
25
A p r 22
24% F e b 28
40
M ar 7
1% N o v 2 8

N Y C e n t r a l A I l u d R i v e r . 1 00
N Y C h i c A S t L o u i s ..............100
N Y N I I A H a r t f o r d ...........100
N Y O n t a r io A W e s t e r n . . . 1 0 0
N o r f o l k A W e s t e r n ___ _____ 100
Do
a d j u s t m e n t p r e f ___ 100
N o r t h e r n P a c i f i c ......................100
P e n n s y l v a n i a .......................... .... 5 0
P it t s C ln C h i c A S t L o u i s . . 100

5 4 .4 0 0
1 .6 0 0
3 ,6 0 9
2 ,9 0 0
1 3 ,9 0 0
3 3 ,8 0 0
3 1 ,3 0 0
1 0 ,2 0 0
3 ,9 0 0
1 ,6 0 0
300
1 ,2 0 0
1 ,9 0 0 W is c o n s in C e n t r a l . . ........... 100
I n d u s t r ia l & M is c e lla n e o u s
600
4 ,6 0 0
500
2 2 ,5 0 0 A la s k a G o ld M i n e s ...................10
1 2 ,0 0 0 A la s k a J u n e a u G o ld M l n 'g . 1 0
4 5 ,7 2 0 A lll s -C h a l m c r s M f g v t C . . 1 0 0
6 ,1 0 0
Do
p r e fe r r e d v t 0 ____ 100
8 ,3 0 0 A m e r A g r ic u lt u r a l C h e r a . . l 0 0
100
Do
p r e f ................................100
1 7 ,1 0 0 A m e r ic a n Beot. S u g a r ______ 100
300
Do
p r e f _________________ 100
2 7 ,8 0 0 A m e r ic a n C a n _______________100
500
Do
p r e f ...............................100
6 1 ,4 0 0 A m e r ic a n C a r A F o u n d r y . 100
200
Do
p r e f . . ...........................100
3 ,6 0 0 A m e r ic a n C o t t o n O i l ........... 100
100
Do
p r e f ................................100
5 ,3 0 0 A m e r ic a n H i d e A L e a t h e r . 100
1 7 ,1 0 0
Do
p r e f . ............................ 100
2 ,7 0 0 A m e r ic a n I c e S e c u r i t i e s . . . 100
7 ,2 0 0 A m e r ic a n L in s e e d ...................100
4 ,3 0 0
Do
p r e f . . . ........................ 100
3 1 ,4 0 0 A m e r ic a n L o c o m o t i v e _____100
100
Do
p r e f ................................100
2 ,7 0 0 A m e r ic a n M a l t C o r p ........... 100
4 ,4 1 0
Do
p r e f ..................... ..........100
1 ,7 0 0 A m e r S m e lt e r s S e e p r e f B . 1 0 0
1 ,5 9 7
Do
pref S er A sta m p e d 1 7 5 ,6 0 0 A m e r S m e lt in g A R e f i n i n g . 100
600
Do
p r e f ................................100
100 A m e r ic a n S n u f f ........................ 1 00

19
36
70
14%
8%
35%
90
97%
103%
1033.J
100
0 2%
111 %
76%
118
53
102
17%
7 9%
27*4
22%
52*4
9 0 ‘2
108'.|
1 1%
51*4
9 7%
101
117 %
116%
145
109
67
"9 ,2 6 6 A m S t e e l F o u n d r y ........... . . 1 0 0
4 ,8 0 0 A m e r ic a n S u g a r R e f i n i n g . . 100
116 %
121%
105
Do
p r e f ................................100
128%
1 5 ,2 0 0 A m e r T e le p h o n o A T e l e g - . l O O
218
1 ,2 0 0 A m e r ic a n T o b a c c o ........... . . 1 0 0
108%
200
Do
p r e f ( n e w ) ................ . 1 0 0
5 4%
1 0 ,5 0 0 A m W o o l e n o f M a s s _______ 100
9 8%
500
Do
p r e f . . ...........................100
673.1 3 1 ,8 5 5 A m W r i t in g P a p e r p r e f . . 100
68%
1 5 ,8 0 0 A m Z i n c L e a d A 8 ...................2 5
81%
1 ,2 0 0
9 9 % 1 4 5 ,9 0 0 A n a c o n d a C o p p e r ____________5 0
1221’
1 0 ,0 0 0
70%
2^400
773.1 9 6 ,1 0 0 B a ld w in L o c o m o t i v e ........... 1 00
108
1 ,8 2 3
Do
p r e f ................................100
162
2 ,0 0 0
620
7 0 0 B e th le h o m S t e e l . . .................100
1 60
^
250
Do
p r e f __________________100

} L e s s t h a n 1 00

38% D e c
1
6 2 % O c t 27

0
3
1
1

shares,

3%
10
3%
3%

33

Sept
Apr
Sopt
Sopt

A p r 19

L ow est

1 p e r sh a re
108% O ot
1 02
F e b 2126
N ov22
90
Jan
■;
80
J a n 15
88% J u n o (
1 83 % J a n
S
71
O o t 1C
16 N o v 4
4 7 % O o t 27
102% J a n
3
13618 J a n
5
1 3 4 % Jan
3

140
1 32
1 30
137
8%
24
1 4%
14%

M i s s o u r i K a n s a s A T e x a s . 1 00
Do
p r e f ........... ....................1 00
M i s s o u r i P a c l f l o ..................... 100
T r u s t c o e t fs o f d e p o s i t _____

PER SH AR E
R a n o e f o r P r e v io u s
Y ea r 1915

PER SH A R E
R a n o e S in ce J a n . 1
b a sis o f 1 0 0 -s /m r s lo ts

sh a re
R a ilr o a d s
Pa
$ p e r sh a re
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87
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74%
2 ,4 1 0
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p r e f ............................ .1 0 C
7 2 % A u g 31
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85
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168%
11,304 C a n a d ia n P a c i f i c __________ 101 * 1 6 2 % M a r
12,601 C h e s a p e a k e A O h i o . ........... 10(
6 8%
58
A pr 2‘
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p r e f __________________lo t
33
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59
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2
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34
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61
55
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M a r l3
200 D e la w a r e A H u d s o n ________10C
151
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500 D e la w a r e L a c k A W e s t e r n ..5 C
239
216
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19
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8% M ar3C
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4 5%
4 ,0 0 0
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p r e f _________________ 10C
32
A p r 22
3 8% 3 2 ,2 0 0 E r i e .................................................. 10C
5 ,4 0 0
53
48
A p r 22
Do
1 st p r e f ........................10C
1 ,8 0 0
43
41
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1 16 % A u g 3C
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Iro n O re p r o p e r t ie s ..N o p a r
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18
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15% F e b 15
1 ,7 0 0
74%
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p r e f _________________ 100
71
F e b 15
26%
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23% A p r 28
60
300
Do
p r e f __________ _______1 00
58
A u g 18
2 0 0 L a k e E r lo A W e s t e r n ______ 100
24*2
10 M a y 2
51
82%
7 ,0 0 0 L e h ig h V a l l e y ............................. 5 0
7 4 % J a n 31
35
1 00 L o u is v i ll e A N a s h v i l l e _____100
1 35
1 21 % M a r 1
132
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1 28 A p r 2 8
119%
7 0 0 M i n n S t P a u l A S S M _____100
116% A p r 24

1 1 ,2 0 0
8%
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20
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18
13*4
6 ,0 0 0
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13
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601.;
5 ,3 0 0
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5334
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33
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57
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500
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04
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45
200
40%
500
46%
K*

STOCKS
NEW YO RK STOCK
EXCHANGE

O ct
O ct
O ot
Jan
O ot
O ct
D ec
D oc

6
5
27
4
15
26
26
1
1

D eo 1
O ot
6
N ovi 1
J a n 10
D ec
1
O o t 16
M ay22
Jan
4
O ot
4
Juno 5
J a n 13
S ep t2 7
F e b 29
M a y 19
N ov 8
29
D ec
1
52% N o v 3
18% J a n 13
4 2 % O o t 10
1 0 4 % .Tan
4
3 0 % O o t 10
7 2 O c t 10
1 9% N o v 2
68% June22
99 Juno 8
153% O o t 24
8 4 % S o p t2 9
2 1 % Jan
4
39% J an
3
17 J a n
3
59% D e c
1
3 2 % J a n 15
34% M a r2 7
5 5 O c t 16
6 J u ly 10
l 8 i 2 J u iy 6
5 0 % J u ly 2 0

63
J u ly 3 1
77
N ov 3
26% J an
7
11% A u g 30
10% J a n
7
6% O ot
9
19 J u ly 19
38
N ov25
92
N ov 9
7 0 % J u l y 18
102
N ov25
63
A p r 22
103% D e o
1
96
M ar23
61% F eb
1 10S12 N o v 2 2
102 J u n e 2 2
93
A p r 24
68% S ep t2 9
5 0% J u n e 2 7
1 08 % J u l y 13 1 1 5 % H e p t3 0
78 J an
3
52 J u ly 8
1 15 % A u g 9 1 19 % M a r 11
5012 A p r 22
5 8 % O c t 23
M a r 15
98 Jan
6 102
8% J u n o 3
2 0 % O o t 17
45
M ar 1
79% O ot 23
3 1 % F e b 19
2 5 J a n 20
2 7 % N o v 10
17% J u l y 14
62% N o v i 3
38% M a r 1
98% N o v 9
5 8 J u ly 14
N ov 9
9 9 % J u l y 13 1 09
12% O c t 19
5% June 3
51% D e o
1
* 3 1 % J a n 14
8 1 % J u ly 13
97% N o v 2 7
N o v l8
9 1 % J u l y 11 1 02
122% N ov22
8 8 % A p r 22
118 % O o t 21
109 % A p r 22
149 % J u n o 8
130 M a r 23
1 10 J a n 27
1 06 % M a r 22
72% N ov 21
44
A p r 24
1 0 5 % A p r 22
125% O o t 25
115 % M a y 5 1 2 3 % O o t 2 4
126 % F e b
1 * 1 34 % S o p t2 9
1 88 F e b 16 2 2 9 % N o v 3
1 05 % A p r 24
1 13 S o p t 2 3
42 J an 1 1
58% N o v 8
M a r 10
9 2 J a n 10 102
11 J a n
8
76% N o v 2 0
9 7 % A p r 10
2 9 % J u ly 10
fiO lg J u lv 11
105% N o v 2 0
77
A p r 22
61 J u l y 12
0 5 % J u ly 14
104 J u n o 2 0
1 5 0 ta S n n t2 5
4 1 5 " J a n 11
1 26 J u l y 2 1

a Ex-dlv. and rights, ft New at o o k ,

s

73%
118%
1 10
167
700
1 86

N o v 10
Jan
3
M ay24
N ov20
N o v 18
N o v l7

|

H ig h e s t

$ p e r sh a re
$ p er sh ort
9 2% F e > 111% N o v
96
Ja 1 102% N o v
1 16 N o v
98
M a
96
D ec
63% F e )
79% N o v
67
Fe
93
Apr
83% A ui
194
N ov
138 J u %
64% N o v
35% J u lj
17% N o v
1 0% Jar
41% N ov
25% M a j
101% D e c
7 7 % J U lj
1 35
D ec
120% S ei
135% N o v
1 1 8 % J u ly
N ov
1 63 J u l> § 1 8 0
38% A pr
1 0% J u l>
52
O ei
§21
Jar
77
O ct
38% N o v
24
M ar
60
N ov
62
N ov
35
S ep
154% N o v
138% A u g
238
N ov
1 9 9 % Jar
1 0% N o v
4
Jan
29% N o v
6% Jan
45% N o v
197g F e b
69% N o v
32% F eb
54% D e c
27
F eb
128% N o v
1 12 % J a n
54
O ct
25% J an
1 13
Apr
99
J u ly
25% N o v
18% J u l y
82
N ov
70 J u ly
35% N o v
20% F eb
65% N o v
54% F eb
1 6% D e c
5
Jan
41% D ec
83% N o v
64% F eb
2 7 % O ct
130% N o v
1 04 % J u ly
1 32
D ec
1 25 J u n e
126% N o v
1 06
Jan
136
D ec
1 5% A p r
4
Sep
40
Apr
10% S e p
1 8% A p r
1% J u ly
7% N o v
3
D ec

81% M a r
30 June
43
F eb
21% Jan
99% Jan
S0% Sep
99% F eb
5 1 % F eb
65
M ay
69% M ay
40% Sep
40
F eb

110% D e c
46% D e c
89
O ct
35
Apr
122% D e c
90
June
118% D e c
61% N ov
86
N ov
9 8 % ’J u n e
85% N ov
45
June
44
Apr

J u ly

23
45%
20%
43*4
104 %
26
65
177g
64%
1 00
141%
84%
27%
47*4
17%
49%
32%
35%
60%
6%
19*1
8%
45

N ov
D ec
N ov
N ov
D ec
N ov
N ov
Apr
O ci
Apr
N ov
N ov
O ct
O ct
N ov
N ov
N ov
O ci
O ct
N ov
N ov
N ov
N ov

21%
9%
7%
33
48
90
33%
83
25
91%
40
1 11 %
39
91
1%
19%
20%
7%
24
19
75
3%
21%
78
86
56
100
1 11
1 03
24%
99%
1 09
1 16
195%
1 03 %
46
95
5
67%

D ec
D ec
Jan
F ob
Jan
M ar
Jan
F eb
F eb
Jan
F eb
M ay
fa n
Juno
F eb
Jan
Jan
Jan
Jan
M ar
M ar
Apr
M ay
Jan
O ct
Jan
Jan
Jan
Jan
M ar
F eb
F eb
Jan
D ec
Jan
N ov
D ec
J u ly
D eo

40%
13%
49%
85%
74%
101%
72%
95
68%
113%
98
1 18
64
102 %
14%
59%
35
31%
60%
74*4
1 05
13%
37%
88%
92
1 08 %
113
1 05
110 %
74%
1 19 %
1 19 %
130 %
252%
111
56
98%
15
71%

Apr
N ov
O ct
D ec
N ov
N ov
D ec
N ov
O ct
N ov
O ct
Aug
O ct
N ov
O ct
O ct
Apr
O ct
O ct
O ct
N ov
O ci
D ec
M ay
D ec
D ec
N ov
Apr
N ov
O ct
N ov
N ov
N ov
Apr
N ov
O ct
N ov
Apr
D ec

c2 4 %

F eb

11
29
1 1%
3 0%
81%
12%
42
8%
35
90
115 %
*79
8
2 Hi
12%
43%
25%
9%
25
%

Sep
H ep
J u ly
J u ly
F eb
J u ly
J u ly
J u ly
Jan
J u ly
Jan
M ar
Jan
M ar
O ct
O ct
O ct
Jan
Jan
J u ly

28

91% N o v

26% M a r
92
M ar

154%
114

O ct
Sep

40%
91

600
1 84

O ot
O ot

Par J25 per share.

Jan
Jan

< F ir s t I n s t a llm e n t

3061

N e w Y o r k S t o c k R e c o r d — C o n clu d e d — P a g e 2
F o r r e c o r d o f s a l e s d u r i n g t h e v re e lc o f s t o c k s u s u a l l y I n a c t i v e , s e e s e c o n d p a g e p r e c e d i n g .

a n d

$ p er sh a re
6 8 % 69
24% 25
63%
54
1 1 4 'g 1 15
• 1 1 4 % 1 16

110

111

l o w

s a l s

M ond ay
N ov 27
$ p e r sh a re
6 8 's 7 0
24*4 2 6 %
54%
56
112% 115

167 * lib*

p r ic e s

T u esd a y
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} p e r sh a r e
68
69%
25% 27
54%
56%
110*4 1 1 2 %
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1 07
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32
33*4
67
68
54% 57
47% 49
48% 49

—

p e r

s h a r e

W ed n esd ay
N ov. 29.

• B i d a n d a s k e d p r ic e s ; n o s a le s o n t h is d a y .
s E x -d lv ld c n d .
» Par $ 1 0 0 p e r s h a r e .




n o t

p e r

3 p e r sh a r e
$ p e r sh a r e
08%
70
25*2 2 6 %
55*8 6 6 %
1 1 0 % 112*4
115
1 15
109
112%
3 1% 32%
67
68
55
56*4
47*2 4 8
*48% 49
135
1 35
99%
99%
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1 15
26
27%
109
110
82%
85%
123
1 24
65%
67
98*4 9812
216*8 2 2 0 %
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110
427g 4 4
21
22%
73%
73*2
*10
24
45
45
♦ 31 5
325
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116%
179
179*8
*600
800
120*2 1 2 0 %
6 8 % 69%
* _____ 1 14
1 04 % 1 07
52*2 5 2 %
170
1 75
113
114

32% 34%
6 8 % 70%
55% 59%
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114
114
114
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1 15
27%
28%
25%
27%
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108*2 IO 8 S4 1 0 7 % 1 0 8 %
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88*2 8 9
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83%
86*2
♦122
123
123
123*2
‘ 70%
7*1*4
65%
68%
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70*2
99
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98%
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98*4 9 8 %
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230
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230
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230
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1 12
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112
4 2 % 44*8
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43%
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22% 22%
23
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74
76
75
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24
23
23
23
23
49
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48
48
48*4 * 4 5
322
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320
320
324
324
110*2 115 116*2
•115
116*2 ♦ 11 5
1
7
8
%
179*2
180
181%
180*4 181
♦ 60 0
800
580
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875
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120% 120*2 1 2 0 % 1 21
6912
7 0%
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70*4 7 1 %
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113*2 1 1 3 % * 1 0 9
1 07 %
110*2 111
1 0 6 % 111*2 1 0 5
52
52*2
52
54%
54
55
172*2 170
170
180
179
180
1 14
1 15
112
114%
108
115
170
175
174
180
♦175
182
6 8 % 7 0 % "<39*4 7 0 %
69%
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25
23
23
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24*4 25*2
55
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52
52
52% 55%
53*8 5 5 %
121% 122% 122 126 %
122
125
118
124
4
4
%
4
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4
4
%
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45*8 47*2
47
47*4
116*8 1 1 8 % 115*2 117*2 1 15 % 1 1 6 %
1 1 7 % 1 19
40%
47%
46% 48
46*8 48*8
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62
64
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63% 67%
60
67%
1 0 3 % 1 05
103
1 04
103
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10434 1 0 4 %
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87
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86
87
85
86*2 ♦ 85
75
76%
75
75%
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76*2 76*2
55%
67
5712 6 0
56*2 5 7 %
6 8 *s 59*2
101*2 104 % 102*8 1 0 3 %
1 0 4 % 10512 1 0 2 % 1 0 6
37
38
37
38*4
3 8 % 38*2
39
39
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300
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300
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300
290*4 295*2
230
230
•225
230
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230
♦ 23 0
239
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85
85
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85
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65*2 * 6 5
66
65%
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74
75
73*4 7 5 %
73*8 7 4 %
81% 82
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82
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4934 49*4 *48*2 5 0
48% 49
♦ 48% 49*4
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100
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99
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99
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44%
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44%
46*4
45% 47%
105
108
10734 110*4 1 0 2
101
1 04
1 08
1 17
1 17 %
117
117*4 116*2 117
*121
123
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122
122
122* 122
125*4 1 30
■125*4 1 30
■125*4 1 3 0
♦125*4 1 2 9
83
83
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84
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84
32*2 33*4
32*2 33*2
34%
34%
3484 " 3 3 %
♦97*2 1 00 %
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6 7 % 67*2
67*4 6 8
67*2 69*4
69
69
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1 15
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115
•111
115
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29%
29
30%
30*4 3 2
31
31*2
177% 180
177
178
183
178
179% 180
70%
70%
70*2
70
70*2 71*2
69*2 69*2
99
1 03
104*2
1 0 5 % 1 0 2 % 107
97*2 08*4
5% 0%_
6*2
0%
6*4
6*4
6% 6*8
25*2 26*8 ♦25*2 26*2
26*4 2 7 %
26*8 2 0 %
1 09
♦ 109*2 111
110*2
108*2 108*2
45%
45*4
45
45*2 4 6 %
47%
46% 4 7%
49*2 5 4
47%
51%
48*2 5 0 %
48*2 5 0 %
110 110% 110 111
110 111
112
1 14 %
83
8 1% 83%
86% 82*4 8 4
8 5 % 86*4
•106
107*2 * 1 0 6
1 0 7 % 1 07 %
108
107*2 * 1 0 6
♦ 13 3
134
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1 33
133
134
134
*1 6 6 *2 1 6 7
♦ 166% 167
166*4 166*4 166*4 166*4
60
60%
58
59
59
61%
58*2 5 8%
103*2
1 0 3 % 1 03 % * 1 0 2
*102
104
*1 0 2 *2 1 04
32
33
32
33*2
32*2 3 4 %
33%
34*4
86*2 88% 8 5 % 88*4
8 8 % 92%
90*4 91*2
110 110
1 1 5 % 1 15 %
116
1 16
78
78
78
78
77%
77%
*78**2 78**2
♦225
232
230
*227
234*2 2 3 0
230% 232
32% 33%
32%
33
33% 34%
3 3 % 34*4
83%
84%
8884 8 9
84
85*2
85*4 90*4
222
♦217
222
•217*2 2 2 2
217*2 217*2 ♦ 215
1 23
1 2 2 % 124*2 1 2 0
1 2 3 % 125*4 1 2 3 % 1 2 4
109*4 1 10
109*4 H O
1 0 9 % 109*2
65%
64% 64%
63
65
63%
66
66
• 24%
25
24%
25
24%
2 4%
25
25*2
2 3 0 % 2 3 4 % 0 2 0 4 *2 209*4
231*4 2 3 8
237
235
52*2 53
53
52%
52*4 5 3
53*2 53*2
103% *1 0 0
103-2 102
102
♦101
103*2 ♦ 10 0
105
1 05
*1 01
1
05
1
0
5
%
105
•105
107*2
14%
14%
1 4%
13%
14*4
14%
1 4%
14%
*80
85
82
82
84*4 8 5
*84
88
114
1 1 9 % 115*8 1 18
115
1 1 8 % 118*2 1 18
98%
98*8 98*2
98%
9 8 *s 9 8 *s
98*2 98*2
* 1 1 9 % 1 20
*118
1 20
*1 1 9 % 120
•11 9% 120
1 60 % 1 6 1 % 1 59
160*2
1 61 %
1 6 1 % 1 6 1 % 161
25
25*8
25
26
25%
25%
26
26%
65
65
*63%
66
65
66
65%
65%
1 3 8 % 133*2 136*4
1 3 7 % 1 33
1 3 5 % 136*8 1 31
104
104
1 05
*103
*103
*103
105
105
64*4
63%
64% 6 7
63%
66
66
66%
1 13 % 1 1 3 % 1 1 3 % 1 13 %
1 13
113
• 112% 113
79
77
75*4 77*4
76%
79*2
77*2
78%
52
*51
*50%
51*4 ♦51
52
62
*50%
126*3 129*4 1 2 5 % 127 % 1 2 5 % 1 28
1 2 7 % 1 29
1 2 1 % 1 2 1 % 121*8 121*4 1 2 1 % 1 2 1 % 1 2 1 % 122
1 2 2 % 1 2 6 % 121
1 2 4 % 121
122%
1 21 % 127
2 2 % 25%
25*4
23
23
22
26%
23*4
47%
51
49
48%
47%
60%
47*8 48*4
*112
115
1 16
1 1 4 % ♦ 11 3
*112
• 11 3
1 16
69%
64*2 6 6
63%
67
64
67*2 6 9
101
102
1 03
1 0 0 % 101
1 0 2 % 1 0 2 % 101
62%
64%
64%
63%
62*2 6 3 %
6 3 % 647S
*72
76
*71
70
*72
76
♦ 72
76
3 7 % 38*2
37%
39
39
38
397g
38%
08*8 9 8 % » 9 8 %
98*2
98*8 98*2
138
137*1 1 37 %
1 38
137*2 1 3 8
1 3 8 ’ 138%
„ ___ * 1 2 5
1 27
*125
....
*125
*125
33
• 31% 3 3
34%
*31% 33
32%
32
97
98
98
• 96
100
96*4 96*4 *9 5 %
62
56*2 6 0 1 6 0
•56
60
•55*4 6 0
3 3 7g 3484
69*s 7 0 U
5784 5 9
48>« 4 9
49
4 9«2
136*4 136*2

,

T h u rsd a y
N ov. 30.

t J

c e n t

.

F r id a y
D ec. 1.

Sates f o r
th e
W eek
S h a res

PER SH AR E
R a n g e S in c e J a n . 1
O n b a s is o f 1 0 0 -s h a r e lo ts

STOCKS
N EW YO RK STOCK
EXCHANGE

L ow est

H ig h est

PER SH ARE
R a n g e f o r P r e v io u s
Y ea r 1915
L ow est

H igh est

I n d u s t r i a ! & M l s c . ( C o n . ) P a r < p e r sh a re
$ p e r s h a re
< p e r sh a re < p e r s h a re
68% 68% 1 8 ,7 0 0 B u t t e & S u p e r io r C o p p e r . . . 10
79% June
105% M a r 9
6 0 % J u l y 11
56% A ug
25*4 2 6
21,200 C a li fo r n ia P e t r o l e u m , v t c . 1 0 0
42% J an
‘
38% D eo
15 J u n e 2 7
8
J u ly
54%
55%
Do
p r e f __________________ 1 00
7 .9 0 0
81
D eo
80% Jan
40 June29
30
J u ly
* 1 0 8 % 1 1 1 % 8 7 .4 0 0 C e n t r a l L e a t h e r ........... ...........1 0 0
49
A p r 22
61% N o v
123 N o v l O
32% F eb
Do
p r e f __________________ 1 0 0 1 0 8 % J a n
300
110% N o v
100% Jan
117% N o v lO
116 *2 1 1 0 % 2 ,2 5 0 C h a n d l e r M o t o r C a r ............ 1 0 0
June 5
88*2 A p r 2 4 1 31
32%
3 3 % 9 1 ,3 0 0 C h i le C o p p e r ........... . .................. 2 5
1 9 % J u l y 14
26% N o v
3 9 % N o v l8
23% D e c
68*4 69*8 3 1 .6 0 0 C h i n o C o p p e r __________________ 5
57% N o v
32% Jan
74
N o v l8
4 6 % J u l y 11
56*2 5 7 % 3 2 ,9 0 0 C o l o r a d o F u e l <fc I r o n ............ 1 00
21% Jan
63% 8 e p t3 0
3 8 % A p r 22
66*2 S e p
48
60*4 68,100 C o l u m b i a G a s & E l e o _____ 1 00
50*i D e o
30% S ep t2 8
*48%
49*2
700 C o m p u tin g -T a b -R e c o r d ..1 0 0
5 2 % J an 22
49% D ee
4 0 % J u ly 2 4
41% N o v
1 3 5 % 1 35 %
144% J an
8
1 .9 0 0 C o n s o li d a t e d G a s ( N Y ) . . 1 0 0
150% O ct
113% J an
130% M a r
100 100
2 ,8 0 0 C o n t i n e n t a l C a n ____________ 1 0 0
S ep t2 0
127
O ct
7 5 % J a n 31 r i l l
40*4 J a n
*113
1 15
100 D o
p r e f .................................1 00 1 0 6 F e b
109% D eo
114
N ov27
88*2 J a n
26*4 2 7 % 1 1 8 ,2 0 0 C o r n P r o d u c t s R e f i n i n g . . . 1 00
28% N o v 2 3
21*2 O c t
8
Jan
1 3% A u g 8
110 110% 1 0 .6 0 0
Do
p r e f ...... .........................1 00
96% D eo
110% D e c
1
85 June26
65
Jan
83%
85
9 6 ,5 0 0 C r u c i b l e S t e e l o f A m e r i c a . 1 00
109% S ep
99*2 M a r 16
18% M a y
5 2 % J a n 12
* 1 2 2 % 124
1,100 D o
112% Sep
p r e f .................................1 0 0 1 0 8 % J a n 11 1 2 4 * 2 N o v 8
84
M ay
66
66% 7 5 .4 0 0 C u b a C a n e S u g a r ............N o p a r
76% O ct 30
52% A u g
98%
93%
5 ,7 5 0
Do
p r e f __________________ 1 0 0
9 3 J u l y 14 1 0 0 % O c t 2 8
♦ 21 6
230
4 0 0 C u b a n - A m e r i c a n S u g a r . . . 1 00 1 5 2 J a n
177
D eo
269% S ep t2 6
38
Jan
*104
112
S ep
Do
p r e f __________________ 1 00 1 0 4 % F e b
110 J u n e 8
93
M a r 110
43*8 4 3 %
1 7 ,1 0 0 D is t i ll e r s ’ S e e u r it le s C o r p . 1 0 0
54% A p r 29
50*2 O o t
41
J u ly 10
5% M a r
21% 22% 4 ,7 7 0 D o m e M i n e s , L t d ____________ 10
30% D eo
29*2 F e b 8
21
N ov29
116 June
74%
75
1,100 D r i g g s - S e a b u r y O r d ..............1 00
1 1 9 % S e p t 18
69 N o v l 7
*16
23
200 F e d e r a l M i n in g & S m e l t ___ 1 0 0
35 Jan
7
60 June
1 2% J u ly 13
8 M ar
46*2 46*2
57% J an
7
400
Do
p r e f __________________ 1 00
65 June
35% A p r 24
20 M a r
*315
325
200 G e n e r a l C h e m i c a l___________ 1 0 0 5 26 5 J a n 5 3 5 0 M a r 18 1 6 5
O ct
Jan 360
*115
116%
Do
p r e f __________________ 1 0 0 5 1 1 3 J a n
5 1167g N o v 4
M a r 17116% N o v
106
179
180
3 ,0 0 0 G e n e r a l E l e c t r i c ____________ 1 00 1 5 9 A p r 2 2
187% O ct 20
M ar
185% O c t
138
♦ 65 0
800
G e n e r a l M o t o r s ______________ 1 00 4 0 5 A p r 2 4 8 5 0
O ct 25
D eo
Jan 5 58
82
120*2 120% 1 ,9 6 8
Do
p r e f .................. ............. 1 00
1 0 8 J u ly 14 1 2 8 % S e p t 6
136
D eo
90% Jan
69*2 7 0
5 .5 0 0 G o o d r i c h C o ( B F ) ................. 1 00
80
A o r 10
6 7 % J a n 31
80% O ct
24*2 J a n
*113
113%
300
Do
p r e f .................................1 0 0 110*4 F e b
1 1 1 6 % M a r 16
114% O c t
95
Jan
106*8 1 0 6 %
8,200 G r a n b y C o n s M 8 4 P ____ 1 00
8 0 J u l y 12 1 2 0 N o v l 8
91
June
79*4 A p r
52
62*2
3 .0 0 0 G r e e n e C a n a n e a C o p p e r . . 1 00
52% D e o
56*2 N o v 2 0
34 June26
37
O ct
173
175
4 ,5 7 5 G u l f S t a t e s S t e e l tr c t f s . - . l O O
1 93 N o v l 6
71 M a y 4
2.000 D o 1 s t p r e f t r e t f s ............ 100
87 M a y 4 115 N o v 2 5
500
Do
2 d p r e f t r e t f s ........... 1 0 0
72 M a y 5 190 N o v l O
69%
70*4 66,100 I n s p ir a t io n C o n s C o p p e r ___ 2 0
74% N o v l 8
42% A p r 22
47*2 O o t
16% J an
*22
25
1 .5 0 0 I n t e r n a l A g r i c u l C o r p _____1 0 0
29% J a n
5
11 A u g 3 0
29% N o v
5*2 M a r
51
52%
3 .2 0 0
Do
p r e f .............................. . 1 0 0
74 J an
5
3 8 % J u ly 14
71% D e o
8
M ar
1 24
125
7 .2 0 0 I n t e r n H a r v e s t e r o f N J . . . 1 0 0
114 J u n e
108*2 J a n
7 126% N ov 29
90 M a y
44
46
5 1 .5 0 0 I n t M e r c M a r i n e e t fs o f d e p . .
5 0 % S e p tl4
1 3 % F e b 15
20*2 D e o
18
D ec
113% 116
5 6 ,3 0 0
Do
p r e f c t f s o f d e p _________
61% M a r 1 125% S e p t l l
77*2 D e o
55% N o v
47
47*2 3 5 .5 0 0 I n t e r n N i c k e l ( T h e ) v t C . . . 2 5
3 9 % A u g 2 2 5 6 % J a n 17
1 7 9 % D e c 223 *2 O c t
64
6 5 % 5 1 ,1 0 0 I n t e r n a t io n a l P a p e r ________1 00
12% D e o
9% M a r 1
8
Jan
75% N o v lO
104% 105%
8,000 D o
p r e f .................................1 0 0
42*2 F e b
1 1 0 7 % O c t 31
50% D e o
33
F eb
85
85
7 0 0 J e w e l T e a , I n c ................ ...........1 0 0
96
Apr
'
67
M ar 9
74%
74%
3 ,1 0 0 K e ll y - S p r in g f l e ld T i r e ........... 2 5
85% S e p t 6
6 6 J u ly 18
56%
5 7% 1 3 7 ,9 0 0 K e n n e c o t t C o p p e r ___ N o p a r
64% N o v 2 0
44% A u g 2
1 02 % 1 0 3 % 5 2 ,9 0 0 L a c k a w a n n a S t e e l.................... 1 0 0
94% S ep
1 07
N o v l7
64
M ay 5
28
Jan
37*s 3 7 %
3 ,3 0 0 L e e R u b b e r 4 T i r e . . . N o p a r
56% J u n e 5
37 N o v 2 8
♦ 29 0
300
3 0 0 L ig g e t t 4 M y e r s T o b a c c o . 1 0 0 2 4 0 A p r 14 3 0 5
D eo
N ov
207
Jan 260
*230% 2 35
100 L o r i ll a r d C o ( P ) .......................1 00 1 79 % J a n 19 2 3 9 % A u g 19 1 6 5 % J a n 1 8 9 N o v
*84
85
84
N ov
M a c k a y C o m p a n i e s _______ 1 00
91
F e b 10
72% Jan
7 8 A p r 14
*65*2 6 6
100 D o p r e f .................................1 00
69% Jan
68% June
65 N ov23
64% O ct
72%
73%
1 0 ,6 0 0 M a x w e l l M o t o r I n c t r c t f s . 100
92
O ct
99 8 ep t2 5
57% M a r 3
1 5% J a n
8 H4 81%
2,100 D o 1 st p r e f s t k t r c t f s . 100
93 Jan
103% D e o
78 A p r 22
43*4 J a n
♦ 48% 4 9
400
Do
2 d p r e f s t k t r c t f s . 1 00
60% J u n e 6
42% M a r 2
68*2 O c t
18
Jan
1 0 5 % 1 0 8 % 4 4 ,6 0 0 M e x i c a n P e t r o l e u m ...............1 00
129% Jan
8 8 % June28
124*2 D e o
51
Jan
*96*2 9 9 %
Do
p r e f ............................. . 1 0 0
89*2 J u n e 2 8 1 0 5 % J a n
104*2 D e o
67
Jan
45*8 4 6
2 3 ,4 0 0 M i a m i C o p p e r __________________ 5
33
Aug 3
49*8 N o v 2 0
36% D e o
17% J an
1 07
114%
1 1 ,3 0 0 M o n t a n a P o w e r .......................IOO
6 8 % M a r 1 114% D e c
79% D e o
42
Jan
*117
1 18
1,000 D o
p r e f __________________ 1 00 1 0 9 J a n
3 117% N o v 2 7
D eo
Jan 120
99
1 2 1 % 1 23
3 0 0 N a t i o n a l B i s c u i t ................. . . 1 0 0
Jan
1 1 8 S e p t 9 1 3 1 % O c t 19
A p r 132
116
*125*4 1 2 9 %
Do
p r e f . .............................. 100 1 24 J u n e 3 0 1 2 9 % M a y l 2
127*2 D e o
119 M a y
84
84
2 ,9 0 0 N a t C l o a k 4 S u i t .................... 1 0 0
8474 S e p t 12
90
Aug
71
M ay 9
M ar
68
33
33%
6 .3 0 0 N a t E n a m ’ g 4 S t a m p ’ g ___ 100
36
N o v l6
19% A p r 2 2
36*8 O c t
9% Jan
*99*2 101
Do
p r e f .................................1 0 0
9 2 J a n 19 1 0 0 N o v 2 1
97
D eo
79
Apr
♦67*2 6 9
1 ,9 0 0 N a t i o n a l L e a d ............................1 00
70% M a y
7 4 % S e p t2 1
60% A p r 22
44
Jan
*112 11434
200 D o
p r e f .................................1 00 1 12 F e b
115
N ov
9 117% O c t
104% Jan
30*4 31
4 2 ,0 5 0 N e v a d a C o n s o l C o p p e r ______ 5
17
N ov
15 J a n 31
34% N o v 2 0
11% F e b
♦173
179
5 ,5 0 0 N e w Y o r k A i r B r a k e _______1 0 0 1 1 8 J u ly 14 1 8 6 N o v 2 0
164% S ep
56% F eb
70%
72%
3 ,2 0 0 N o r t h A m e r ic a n C o ________ 1 0 0
75 Jan
81
Apr
65*2 A p r 2 6
64
Jan
1 07
1 1 8 % 4 8 ,5 0 0 O h io C i t i e s G a s ( T h e ) _____ 2 5
75 O ct
9 118% D eo
0
6% 7 ,6 0 0 O n t a r io S liv e r M i n i n g _____1 0 0
12% D e o
11% J an
r
2
F eb
5% N o v 2 7
25%
26%
3 ,4 0 0 P a c i f i c M a l l ......................................5
38
Aug
31
Aug: l
11% Jan
3
r8 % D e c
*107
1 18
376 P e o p l e 's G L 4 C ( C h i c ) . . 1 00 1 0 0 's M a y 5 1 1 8 O c t
)
106*2 D e c 1 2 3 % A p r
45%
4 6 % 5 _5 ,3 0 0 P h ila d e lp h ia C o ( F I t t s b ) ___ 5 0
3 8 J u n e lS
49
Sep
47% N o v : i
35% A p r
53%
57%| 1 871200 P it t s b u r g h C o a l c t f s d e p . 100
2 5 % J u ly 2 8
57% D e c
1 14
1 1 4 78
2 ,8 0 0
Do
p r e f c t f s d e p o s i t . . 1 00
100% A u g 25 1 14 % D e c
83%
8 5 1 2 1 ,4 0 0 P r e s s e d S t e s l C a r ................. 1 0 0
4 2 % J u ly 14
78% O ct
88% N ov ! >
2*5 M a r
*106
107%
100 D o p r e f __________________ 1 0 0 9 7 J u l y 18 1 0 8 N o v i
O ct
86
M a r 106
*132
1 34
100 P u b l i c S e r v C o r p o f N J . . . 1 0 0 1 14
a n 31 1 3 7 S e p t : '
D eo
100*2 A u g 1 2 0
1 65
166%
1,200 P u ll m a n C o m p a n y _________ 1 00 1 5 9 7s M a y l O 1 7 7 S e p t ; 1 1 5 0 % M a r 1 7 0 4 O c t
58*4 59*8 21,000 R a i l w a y S t e e l S p r in g ______ 1 0 0
32 A p r 22
54
O ct
’
19
M ar
*102 101
100 D o
p r e f . ....................
100
N ov
95% M a r 9
1
87
M a r 102
33
3 3 % 5 1 ,3 0 0 R a y C o n s o li d a t e d C o p p e r . . 10
2 0 June23
27* * N o v
37 N o v 2 *
1 5% J a n
87
88% 1 2 2 ,6 0 0 R e p u b l i c I r o n 4 S t e e l______ 1 0 0
42 June26
93 N ov2 1
57% D e o
19
F eb
*115
110
300
Do
p r e f __________________ 1 0 0 1 06 % J u n e 2 6 1 1 7 N o v 2 »
72
J an 112% D eo
♦75
79
5 0 0 S a x o n M o t o r C a r C o r p ___ 1 00
84% S ep t 1 i
75
N o v lO
*227
233
8 0 0 S e a r s . R o e b u c k 4 C o ........... 1 00
N ov
1 68 % M a r 1 2 3 3
*131*4 M a r 209 *2 F e b
32%
3 2%
8 ,3 0 0 S h a t t u c k A r ts C o p p e r . .
10
2 4 J u ly 11
84*4 8 5
9 .2 0 0 S lo s s -8 h e ff le l d S t e e l 4 I r . . l 0 0
667g D e o
3 7 J u l y 14
24
Jan
*217
222
100 S o u t h P o r t o R i c o S u g a r ___ 1 00 1 46 J a n 29 2 4 0 J u n e
164
D eo
40
F eb
1 18 % 120*4 3 4 ,6 0 0 S t u d e b a k e r C o r p ( T h e ) ___ 100
167 Jan
195
O ct
35*4 J a n
118% D e o
♦109*4 1 1 0
100 D o
p r e f ................................1 0 0 1 08 % 8 e p t 2 6 1 1 4 M a r
119% O c t
91
Jan
63
83
1,000 S t u t s M o t o r o f A m I n o . N o p a r
79*2 S e p t
63
N ov29
24%
24%
1 .5 0 0 T e n n e s s e e C o p p e r ____________ 2 5
6 6 % Jan
21*8 O c t 11
70
Sep
25% F eb
205*2 209*2 1 8 ,5 0 0 T e x a s C o m p a n y ( T h e ) _____1 00
177 % J u n e 2 7 2 4 1 % N o v
D eo
120 M a y 237
53
53
2 .5 0 0 T o b a c c o P r o d u c t s C o r p . . 1 0 0
48% S e p t 7
69*8 O o t
*102 1 0 3 %
1.200 D o
p r e f ............................... IOO
9 9 J u ly 14 1 0 9 % M a r
103
N ov
95 M a y
104
105
5 0 0 U n d e r w o o d T y p e w r i t e r ___ 1 00
8 6 J a n 12 1 1 0 O o t
07
O ct
55
F eb
14
13-8
4 .5 0 0 U n io n B a g 4 P a p e r ________ 1 0 0
4% M a y 9
18% O ot
9% D e c
4% Jan
81
81%
600
Do
p r e f ........... .................1 0 0
28 J an 27
227a J u ly
31% D e o
92
N ov
112 1 1 4
3 ,3 0 7 U n io n B a g 4 P a p e r ( n e w ) . 1 00
8 7 % O c t 16 1 2 9 N o v
98%
98*2
020 U n it e d C i g a r S t o r e s ............ 1 00
69 F e b 9
69
D e c 610% O ct
*118*4 1 2 0
Do
p r e f ....................... . . . 1 0 0
6 1 1 % F e b 10
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48% F eb 5
55*2 N o v
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Apr
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36% Sept
25
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« P a r $ 2 5 p er sh a re.

» E x -s to o k d iv id e n d .

2063

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

U . S . G ov ern m en t.
2 s c o n s o l r e g i s t e r e d ___ <11930
2 a c o n s o l c o u p o n ______ <11930
3 s r e g i s t e r e d ____________ * 1 9 1 8
3 s c o u p o n _______________ * 1 9 1 8
4 s r e g i s t e r e d ______________ 1 9 2 5
4 s c o u p o n _________________1 9 2 5
P a n C a n a l 1 0 -3 0 -y r 2 s . *1 9 3 6
P a n C a n a l 1 0 -3 0 -y r 2 s . .1 9 3 8
P a n a m a C a n a l 3 s g _____1 9 6 1
P h il ip p i n e I s l a n d 4 8 .1 9 1 4 - 3 4
F o re ig n G o v e r n m e n t.
A m e r F o r e i g n S e c u r 5 s ( w 1 ) . ’ 19
A n g lo -F r e n c h 5 -y r 5s E x te r lo a n .
A rg e n tin e — I n te rn a l 5s o f 1 9 0 9 ..
C h in e se (H u k u a n g R y ) — 5 s o f ' l l
C u b a — E x te rn a l d e b t 6s o f 1 9 0 4 .
E x t e r d t 5 s o f '1 4 s e r A ____1 9 4 9
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D o m in io n o f C a n a d a g 5 s w 11921
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1926
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9 9 i 2 100
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100*4101
1 0 0 * 4 _____
110
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9 9 U 1 00
102
_____
100
______

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S t e r lin g lo a n 4 s ____________ 193 1

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P r o v o f A lb e rta — d e b 4 % a .. l £
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104*4 1 05
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W e e k 's
R ange or
L a s t S a le

1
49
48
31

9 9 's
061*
95*8
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97
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17 115*4 118U
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9 0 * 8 -------- 100*2 J a n '1 3
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94*2 96*4 94*4 N o v ' l t
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91
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9 0 '2 91
62
85*2 S a lo
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8 4 * 2 -------8 4 78
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87*8 8 8 *i 88*2 N o v 'l C _____
841* 88*2
82*s 82*
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811* 831*
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88*2 S o p t ’ lC _____
881* 88*2
9 2 * 2 -------- 1 1 3 U F o b '1 5
60
61*
61
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57
62
54
55
5 4 78
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99
1 00
86*4 8 6 *2 ' 86*4 N o v ’ lC _____
83*4 8 7

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* No price Friday; latest this week.

71*4
71*2
94
9 4 78
92*2 N o v ' l C
86
80
85*2 N o v ' l O
86*4
86*2
105*8
105*8
104*2
105*2
100*2
100*2
97*4 N o v ’ lC
86*2
86*2
92
92
98
98
106*8 N o v ' l C
93*4
94
93*2
9 3 78
107*8 O o t '1 6
9 3 7g O o t T O
1 2 9 78 A u g '1 5
87*2
87*8
119*8 J u l y ’ 10
105
J u l y 15
99*8 F e b '1 6
94
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91*4
92
90*8 N o v ’ 16
95*2
96
100
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9 1 78
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100*4 O c t TO
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107
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107*2 N o v ’ lC
113*2 F o b '1 2
99*8 S e p t '1 6
109*8 N o v ’ lO
101*2 N o v ’ lC
97
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108*8 N o v ’ lC
109
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103*2 N o v 'l C
92
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102*4
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84*2 M a y 'I t
1 0 3 78 O c t TC
100*4 M a r '1 5
104
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117*4
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63
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Due April.

« Due May.

<7Due June,

D e l L a ck A W estern —
M o r r is A E s 1st g u 3 M S ..2 0 0 0
N Y L a c k A W 1 st 6 s _____1921
C o n s t r u c t i o n 6 s __________1 9 2 3
T e r m A I m p r o v e 4 s ------- 192 3
W a rre n 1st re f g u g 3 M 8 --2 0 0 0
D e l A H u d 1st P a D lv 7 s . . .1 9 1 7
R e g i s t e r e d _______________ 191 7

h Due July.

-D
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* Due Aug. 0 Duo Oct.

80*4 87*4
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98
99
84
80
1011* 1 02

V Due Nov.

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107*2
103*4
98*4
102*8
1 03
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86*.
N o v ’ lC
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1 Due Deo.

1

____
—
_____
_____
_____

97*4 1 00
96
98
92
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21*4 3 612
20
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104
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75
93
82
82
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91
74
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21
26
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1 00
1 01
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70
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88
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92*8
92
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1 05
78
100*2
90
1 00
1 03
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1 02
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106

04
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9 5 78
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1 0 3 78
1 0 5 78
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102“
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97
80
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102*2
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105
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1 0 1 78
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97
84
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90
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112*2
109*2
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104
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1021*
105
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121*4

107*8 1 09
106
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ill
91

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101
1 0 2 78
101
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82
88*8
83
86
63*4 79*4
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98
54
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....
65
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31
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21
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72
2
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9 3 78 97
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____

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C h i c B u r l A Q ( C o n .) —
96*2 9 8
97
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I ll i n o i s D I v 4 s _______________1 9 4 9 J - J
I o w a D l v s in k fu n d 5 s _____1 9 1 9 A - O
1 0 2 * 2 _____ 102*2 N o v ' l C _____
S in k in g f u n d 4 s _________ 1 9 1 9 A - O
99*4 1 02
99*4 O o t T O —
J o in t b o n d s .
S ee G r e a t N o r t h
4
98*8 S a le
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9 8*s
98*8
98
J u l y ’ 10
R e g i s t e r e d ______ _________1 9 2 7 M - N
9 9 7g _____
99*8 J u n o ’ 16
S o u t h w e s t e r n D l v 4 s ______ 1 92 1 M - S
32
94
S a lo
9 3 78
94*8
G e n e r a l 4 s ....................................1 9 5 8 M - S
36*2 38*2 3 6 I2 N o v ’ lO _____
C h i c A E 111 r e f A I m p 4 s g - . 1 9 5 5 J - J
30
36
32
N o v ' l O _____
U S M t g A T r C o c t f s o f d e p _________
1 0 4 * 8 _____ 107*2 A u g T O _____
1 s t c o n s o l g o l d 6 s ___________ 1 93 4 A - O
90*2 9 5
G e n e r a l c o n s o l 1 s t 5 s ______ 1 93 7 M - N
90*2 N o v ’ lO
82
M a y ' 10
R e g i s t e r e d ______ _________1 93 7 M - N
91
N o v ’ lO _____
91*8 9 3
U S M t g A T r C o ctfs o f dep
90*2 91
91
N o v ’ lO —
G u a r T r C o c t f s o f d e p ______________
97*4 F e b '1 3
P u r m o n e y 1 s t c o a l 5 s _____1 9 4 2 F - A
__
25
30
25*2 N o v ’ lO
C h i c A I n d C R y 1 st 5 s . . . 1 93 6 J - J
43
74
S a le
C h i c G r e a t W e s t 1 s t 4 s ........... 1 9 5 9 M - S
7 3 7g
74*8
1
1
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_____
1
114
114
C h i c I n d A L o u ls v — R e f 6 3 .1 9 4 7 J - J
1 0 0 * 4 _____ 100*4 O o t T O _____
R e f u n d i n g g o l d 5 s ...............1 9 4 7 J - J
85
_____
85
O o t T O _____
R e f u n d i n g 4 s S e r ie s C _____1 91 7 J - J
70
75
70
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I n d A L o u ls v 1 s t g u 4 s ___ 1 95 6 J - J
891* N o v ’ lO _____
8 9 * 2 _____
C h i c I n d A S o u 5 0 - y r 4 s _____1 95 6 J - J
10
96*8 S a le
C h i c L S A E a s t l a t 4 % a _____1 9 6 9 J - D
96*8
90*8
C h i c a g o M i l w a u k e e A S t P a u l—
18
9 2 78 S a lo
92*8
9 2 78
G e n 'l g o l d 4 s S e r ie s A ___ e l 9 8 9 J - J
92*8 F e b T O _____
R e g i s t e r e d ______________e l 9 8 9 Q - J - - - - _____
20
95
95*2 95*4
95*4
P e r m a n e n t 4 s _______________ 1 9 2 5 J - D
58
95*4 S a lo
95*8
96
G e n A r e f S e r A 4 % s _____ a 2 0 1 4 A - O
105
S a lo 1 05
26
105*8
G e n r e f c o n v s e r B 5 s _____<j2 0 1 4 F - A
8 0 * 4 _____
81
N o v ’ lO _____
G e n 'l g o l d 3 ^ 8 S e r B _____e l 9 8 9 J - J
4
102
102*4 102*8
102*4
G e n e r a l 4 % s S e r C ..............e l 9 8 9 J - J
29
92*8 9 2 78 9 2 78
9 2 78
2 5 - y e a r d e b c n 4 s ___________ 1 9 3 4 J - J
48
100*8 S a le 100
100*2
C o n v e r t i b l e 4 M s ___________ 1 9 3 2 J - D
1 0 3 * 2 _____ 103
J u l y ’ 16 ___ .
C h i c A L S u p D l v g 5 s _____192 1 J - J
106*4 - 105*4 N o v ’ lO _____
C h ic A M o R lv D lv 5 s . . . 1926 J - J
19
103*2
C h i c A P W 1 st g 5 3 ............ 192 1 J - J 103*2 S a lo 103*2
92
93
92
N o v ’ lO _____
C M A P u g e t S d 1 s t g u 4 s . 1 94 9 J - J
1
106
D u b u q u e D l v 1 s t s f 6 s . . . 1 9 2 0 J - J 1 0 5 * 4 _____ 106
J u n e '1 3
F a r g o A S o u a s s u m g 6 s . . 1 92 4 J - J 1 1 0 * 4 _____ 110
_____
1
0
1
*
4
_____
102*2
O
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t
T
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L a C r o s s e A D 1 s t 5 s ______ 1 91 9 j - J
6
1 0 3 7g _ _
103*8
1 03 78
W I s A M i n n D l v g 5 s ______ 1921 J - J
1 07
_____ 107
S o p t '1 0 —
W I s V a il D l v 1 s t 6 s ..............1 92 0 J - J
10312 _____ 102*2 N o v ’ lO —
M i l A N o 1 st e x t 4 M 8 _____J93 4 J - D
_____ 102*2 N o v ’ lO . . . .
1 03
C o n s e x t e n d e d 4 M s _____1 93 4 J - D
10
97
_____
98*4
98*4
O h io A N o r W e s t E x t 4 3 1 8 8 6 -1 9 2 6 F - A
9 7 * 4 _____
97
A p r TO - - - R e g is t e r e d .............. 1 8 8 6 -1 9 2 6 F - A
75
82*2 83*4 83*4
83*2
G e n e r a l g o l d 3 M s ..................1 98 7 M - N
81*4 O c t T 8
R e g i s t e r e d ______ ______ p l 9 S 7 Q - F
11
95
S a le
95
95
G e n e r a l 4 s ___________________ 1 9 8 7 M - N
5
--------- 9 5
95
95
S t a m p e d 4 s _______________ 1 9 8 7 M - N
6
1145g
115*8
1 15
1 15
G e n e r a l 5 s s t a m p e d ________1 9 8 7 M - N
n o
_____ 112*2 J a n T fl . . . .
S in k in g fu n d 6 s ______ 1 8 7 9 -1 9 2 9 A - O
109
_____ 109*2 A p r T 6 . . . .
R e g i s t e r e d .............. 1 8 7 9 -1 9 2 9 A - O
7
104*2 S a lo 104*2
S in k in g fu n d 5 s ........... 1 8 7 9 -1 9 2 9 A - O
104*2
1 0 4 * 2 _____ 103** A p r T O . . . .
R e g is t e r e d ________ 1 8 7 9 -1 9 2 9 A - O
102*8 103*4 103
N o v ’ lO —
D e b e n t u r e 5 s _______________ 1921 A - O
102*2 O o t T 6
R e g i s t e r e d _______________ 1921 A - O
1 0 3 7s _____ 103*4 O o t T O . . . .
S in k in g fu n d d e b 5 s ________1 93 3 M - N
IO U 4 J u n e ’ 10
R e g i s t e r e d ........................... 1 93 3 M - N
1 2 1 * 4 _____ 121*4 N o v ’ 10
F r e m E l k A M o V 1 s t 6 s . . 1 93 3 A - O
00*2 S e p t ’ 0 9
M a n G B A N W I s t 3 % a .l 9 4 1 J - J
M llw A S L 1st g u 3 M S ...1 9 4 1 J - J
107*8 O o t T O - - - M i l L S A W e s t 1 s t g 6 s . . . 1921 M - S 107*4 1 09
1 0 7 * 4 _____ 106*2 O o t T O —
E x t A I m p s f g o l d 5 s . . . 1 92 9 F - A
112
_____ 1 11 78 D e o T 5
A s h la n d D l v 1 st g 6 s ___ 1 9 2 5 M - 8
1 1 1 * 4 _____ 111*2 N o v ’ lO ___ _
M i c h D l v 1 s t g o l d 6 s ___ 1 9 2 4 J - J
1
92*2
93*2 93*2
93*2
M i l S p a r A N W 1 st g u 4 s . 1 94 7 M - S
1 0 1 * 4 _____ 107*8 M a y ’ 14
N o r t h w U n io n 1 s t 7 s g ___ 1 9 1 7 M - 8
11
108*8 1 0 8
108*4
S t L P e o A N W 1st g u S s .1 9 4 8 J - J 1 0 7
102*2 D e c T 6
W i n o n a A S t P 1 st e x t 7 s . 1 91 6 J - D
C h i c a g o R o c k I s l A P a c 6 s . . 1 9 1 7 J - J 1 0 1 * 8 _____ 102*4 N o v ’ 16 . . . .
1 01
S e p t ’ 16
R e g i s t e r e d _______________ 1 91 7 J - J
57
88
S a lo
88
8 8 *s
R y g e n e r a l g o l d 4 s __________ 1 9 8 8 J - J
85
_____
86
N o v ’ lO _____
R e g i s t e r e d ________________ 1 9 8 8 J - J
78*4 S a le
7 7 78
79*4 3 0 0
R e f u n d i n g g o l d 4 s __________ 1 93 4 A - O
1418
78*4 S a lo
76*2
80
3 0 - y e a r d e b e n t u r e 5 s _______ 1 93 2 J - J
97*4 9 8 78 9 8
N o v ’ lO . . . .
C o l l t r u s t S e r ie s P 4 s _______ 1 9 1 8 M - N
72
7
4
S
a
le
73*2
75
R I A r k A L o u is 1 st 4 M a . . 1 9 3 4 M - S
101*8 103
102
N o v ’ lO —
B u r C R A N — 1 st g 5 s . . . 1 9 3 4 A - O
1 00
______ 1 0 0 78 M a r ’ 14
C R I F A N W i s t g u 5 s . . 1921 A - O
M A S t L 1 s t g u g 7 8 _______ 1 9 2 7 J - D
9 9 * 4 _____
99*4 O o t T O _____
C h o c O k la A G g e n g 5 s . . 0 19 19 J - J
92
_____
97*8 J u l y ’ 15 . . . .
C o n s o l g o l d 5 s ..................... 1 95 2 M - N
_____
64
63
N o v ’ lO . . . .
K e o k A D e s M o i n e s 1 st 5 s 1 92 3 A - O
10
73
75
75
75
S t P a u l A K C S h L 1 s t 4 M s '4 1 F - A
118*8
118*4
118*8
N o v ’ 16 . . . .
C h i c S t P M A O c o n 6 s _____1 9 3 0 J - D
9 1 * 4 _____
87*4 F e b T O . . . .
C o n s Os r e d u c e d t o 3 M 8 . . 1 9 3 0 J - D
101*2 N o v ’ lO - - - D e b e n t u r e 5 s ______________ 1 93 0 M - S 101*2 1 04
1 18
_____ 1 1 8
N o v ’ lO . . . .
C h S t P A M i n n 1 s t g 6 s . . 191 8 M - N
1 18
_____ 1 18
N o v ’ lO . . . .
N o r t h W i s c o n s in 1 st 6 s ___ 1 9 3 0 J - J
104*2 105*8 104*2 N o v ’ lO . . . .
S t P A S C i t y 1 s t g 6 s _____191 9 A - O
1 0 5 * 4 _____ 105*2 N o v ’ lO . . . .
S u p e r io r S h o r t L 1 s t 5 s g . p l 9 3 0 M - S
--------- 8 3
83
N o v ' l O _____
C h l o T I I A 8 0 - e a s t 1 s t 5 s ___ 1 96 0 J - D
10
108
_____ 1 0 8
1 08
C h ic A W e s t In d g e n g 6 s .? 1 9 3 2 Q - M
2
70
77
77*4
77*4
C o n s o l 6 0 - y e a r 4 s _________ 195 2 J - J
1
91
______ 9 1
91
C l n H A D 2 d g o l d 4 M a ____ 193 7 J - J
60
70
1 s t A r e f u n d i n g 4 s _________ 195 9 J - J
80
_____
78
A u g T O _____
1 st g u a r a n t e e d 4 s __________ 195 9 J - J
40
_____
25
J u l y ’ 10
C l n D A I 1 st g u g 5 s _____1941 M - N
20
_____
88
M a r 'l l — C F in d A F t W 1 st g u 4 s g 192 3 M - N
65
J u l y ’ 14
C l n I A W 1 st g u g 4 s _____195 3 J - J
_____
94
94*8 D e o '1 4
D a y A M l c h 1 st c o n s 4 M s . 1931 J - J
65
J u l y ’ 14
I n d D e c A W 1 st g 5 s ______ 1 93 5 J - J
107*2 D e o '0 2
1 s t g u a r g o l d 5 s ............ . . 1 9 3 5 J - J
31
79*4 80*8 80*2
80*4
C l o v e C l n C A S t L g e n 4 s . . 199 3 J - D
85*4 87*8 87*2 O o t T O . . . .
2 0 - y r d e b 4 M s ......................... 1931 J - J
99*2 100*2 100*4 N o v ’ lO . . . .
G e n 5 s S e r ie s B ____________ 1 99 3 J - D
2
86
86*4 80*2
86*2
C a i r o D l v 1 st g o l d 4 s ______ 193 9 J - J
79
N o v ’ lO . . . .
7 7 78 8 0
C l n W A M D l v 1 st g 4 s . . 1991 J - J
83
83*4 8 OI2 N o v ’ lO —
S t L D l v 1 s t c o l l t r g 4 s ___ 1 99 0 M - N
8 2 U M a r ’ 14
R e g i s t e r e d _______________ 1 99 0 M - N
S e p t ’ 16 _____
8 3 * 8 --------- 8 3
S p r A C o l D l v 1 s t g 4 s _____1 94 0 M - S
84
N o v 1C . . . .
83*2 8 6
W W V a l D l v 1 s t g 4 s _____ 1 9 4 0 J - J
J u n e ’ lC _____
105*8 105*4 1 05
C I S t L A C c o n s o l 6 s _____1 92 0 M - N
92*4 O o t T O —
9 7 * 2 -------1 s t g o l d 4 s _______________ * 1 9 3 6 Q - F
8 8 ** M a y ’ 15
R e g is t e r e d ................... * 1 9 3 6 Q - F
S e p t ’ 10 . . . .
C l n S A C l c o n 1 s t g 5 s ___ 192 3 J - J 1 0 2 78 _____ 102
C C C A I g e n c o n g 6 s ___ 1 93 4 J - J 1 1 0 * 8 -------- 116*8 J u n e ’ 10
79
-------94
J u l y '0 8
I n d B A W 1 s t p r e f 4 s _____194 0 A - O
O I n d A W 1 s t p r e f 5 8 ___ d l 9 3 8 Q - J
7
2
7
3
78
72*8
N
o v ’ lO _____
A
O
P e o A E a s t 1 s t c o n 4 s _____1 94 0
1
30
40
30
36*4
I n c o m e 4 s _________________1 99 0 A p r
33
101
102*8 101*8
101*4
C le v o S h o rt L l s t g u 4 M 8 ...1 9 6 1 A - O
10
10
17
17*2
17*2
C o l M i d l a n d 1 s t g 4 s ................. 1 94 7 J - J
23
16
S a lo
10
10
T r u s t C o c e r tfs o f d e p o s it
46
93*8
03*4
93*8 S a lo
C o l o r a d o A S o u 1 s t g 4 s _____1 92 9 F - A
8
84*8
847«
84*4
S
a
lo
R e f u n d A E x t 4 M s ..............193 5 M - N
106*4 105*2 105*4 N o v ’ lC
F t W A D e n C 1 st g 6 8 . . . 1921 J - D
.
.
9
5
A
O
C o n n A P a s R l v s 1 st g 4 8 ____ 194 3
94
F e b TO
95
C u b a R R 1 s t 5 0 - y r 5 s g _____195 2 J - J _____

1**

J
J

99*4 102*4
1027*
_____1 0 0
_____1 09*4 I l l ' s
1121*
2 1 10

110*4
110*2
102*4
102*4
N o v 'l O
J a n '1 6
1 0 9 78
N o v 'l C
N o v ’ 16
J u n e ’ 16
O o t '1 6
N o v ’ lO
O c t '1 6
N o v ’ lO
O o t '1 6
N o v ’ lO
S e p t ’ 16
115*8
N o v ’ lO
A u g TO
68*2

71*2 S a lo
94*8 S a le
9 2 12 9 4
84*2 8 6
84
8 5 '2
86*8 S a lo
105*8 S a le
105*2 S a lo
100*2 S a lo
9 6 7s _____
85*4 8 7
91
91*4
98
S a le
10512 . .
9 3 78 S a le
93*4 S a le
106*2 1 07
9 4 * 2 _____
1 3 4 * 8 _____
87*8 8 8
1 2 0 * 8 _____
1 0 7 * 2 _____
9 9 * 8 _____
94
S a lo
93*2 95*8
91*4 9 2
_____
90
9 5*s S a le
100
S id e
108
1 09
92*2 S a le
87*2 S a lo
91*2 9 2
100
_____
1 0 7 7s 108*2
1 0 1 * 4 _____
107
_____
1 05
1 08
107
______
9 9 * 8 _____
1 1 0 * 2 _____
1 0 0 7s --------94
_____
1 0 6 * 2 _____
106*4 1 0 8
1 0 8 * 4 _____
1 0 3 * 4 _____
_____
93*.
108
_____
102*4 S a lo
82*4 87*4
1 0 3 * 8 _____
1 0 3 * 4 -------1 0 3 * 4 _____
96*8 9 7
117*2 S a le
1 17
S a le
103*2 103*4

H ig h
9 9?*

99ij 1001a

110*4
1 0 9 78
102
S a lo 1 02
102*4 S a le 102*8
109*8 n o
102*2
1 0 1 * 2 _____
97*4
109*8 110
109*4
100*4
109*8 1 1 0
1 09 78
-------- 100*2 100*2
94
9 4 U 93*4
105*8 1 06
105*2
1 0 5 1 4 _____ 105*4
1 0 5 U _____ 104*2
105*4 1 06
105*8
1 1 5 * 4 _____ 115*8
10912 _____ 109*4
114
115*8 115*8
109*2 110*4 1091*
-------88
85
5 7 78 58*8 58*2

J - D
A - O
J -D
5 F - A
5 M -N
1 J -D
6 J - J
7 J - J
(5 J - J
7 M -M
7 J - J
7 Q - J
1 J - J

9
9
0
1
9
0
2
9

99

55
15
30

jA-O
J - J
t F - A




P r ic e
F r id a y
D ec. 1.

BONDS
Y . STOCK EXCH AN G E.
W e e k E n d in g D e c . 1 .

R ange
S in c e
Jan. 1

N o. 7

103*8
104*4
105*8

A -O
A - O
J - J
M - S
M -N

M- S
Q - *
J -.
M -N
M - Is
M - S
M - S
F - A
A -O
J -D
J -D
J - j

H ig h
O c t '1 6
S e p t '1 6
N o v ’ 16
O o t '1 6
O c t '1 6
110*2
O c t '1 5
J u l y ’ 15
O ct TO
F o b '1 5

103*8
104*4
1 0 4 78

Q - J
A -O
A -O
N ov
N ov
M -N
J -D
J -D
J -D
M - S
J - J
J - J
M - S
M- S
M- S
J -D
M -N
J - J
J - J
M -N
[ A - O
( A - O
J - J
J - J
Q - J
j A -O
Q - J
—
J -D
J - J
M- N
M - N
J - J
M - S
A - O

1
6
J
9
9
2
2
)
6
1
5
0

Low
99*4
100*2
101
1 0 0 7s
110*4
110*4
98*4
97
103
100

98
S a le
98
9 3 78
937g S a le
92
93
93
t 7212 7 3 i2 7 2 78
9 8 18 98*4 9S *s
9 6 '4 96*4 96*2
8 6 1 * _____
86*2
9 9 78
99*8 S a le
9 9 14 S a le
99*4
100
S a le
99*4
t 8812 _____
88*2
t 88
8 8 I2 88*4
S0<8 S a le
80*4
t 72
73
72
t 45
47
47
39
35
40
96*4 S a le
96*4
1_________
95*2
t 7 8 78 S a le
7 8 78
9 8 %, S a lo 9 8 % ,

F-A
J -D

2 0 -y e a r c o n v e r tib le 4 % a .
3 0 -y e a r c o n v sec u re d 5 s .

W e e k 's
R a n g e or
L a s t S ale

P r ic e
F rid a y
D ec. 1.

B onds
S old

BONDS
Y. STOCK EXCH AN G E
W e e k E n d in g D e o . 1 .

1

H.

In te r e s t
P erio d

I n J a n . 1 9 0 9 th e E x c h a n g e m eth od o j f n o tin g bon d * te a e c h a n g e d , a n d p r ic e s a r e n o te a ll— " a n d I n ter es t” — e x c e p t f o r I n c o m e a n d d efa u lted b o n d s .

. . . .

77*2 HI
83** 90*4
99*4 101
82
87
75** 8 0
79
84*2
83
801*
84
84*4
1 05
105*4
91*8 92*4
102
102*2
116*8 116*8

03
77
23
40
99*4 102*8
7
18
0
18
90
94
82*8 871*
104*4 100*2
94

94_

85*4 8 7
100*8 1091*
102*4 104
98
98*4
1 03
1041*
104** 104**

« Option sale.

D e la w a r e & H u d s o n {C o n i) —
1 s t lie n e q u ip g 4 H s ________1 92 2
1 s t & r e f 4 s .................................194 3
2 0 - y e a r c o n v 6 s ____________ 1 93 5
A l b A S u s q c o n v 3 H s _____1 94 0
R e n s s A S a r a t o g a 1 s t 7 s . . 1921
D e n v A U G r 1st c o n g 4 s . .1 9 3 6
C o n s o l g o l d 4 H s ___________ 1 93 6
I m p r o v e m e n t g o ld 5 s ------- 1 9 2 8
1 s t A r e f u n d in g 5 s _________ 1 9 5 5
R i o O r J u n e 1 st g u g 5 s . . 1 9 3 9
R i o G r S o u 1 s t g o l d 4 s ___ 1 9 4 0
G u a r a n t e e d ______________1 9 4 0
R i o G r W e s t 1 st g 4 s ........... 193 9
M t g o A c o l l t r u s t 4 s A . . 1 94 9
U t a h C e n t 1 st g u g 4 s . a l 9 1 7

- J
- N
- O
-O
-N
- j
j - j
J -D
F - A
J - O
J - J
J - J
J - J
A -O
A -O
M -N
J -1 )
J -D
D e t R lv T u n — T er T u n 4 H s l9 6 1 M - N
D u l M l s s a b o A N o r g e n 5 s . . 1941 J - J
A -O
A -O
J - J
M -N
M - S
M -N
M - S
M - S
A -O
J - D
M - S
N Y L E A W 1st g fd 7 s .
J - J
J - J
J - J
J - J
P e n n c o l l t r u s t g o ld 4 s _____1951 F - A
A -O
6 0 - y e a r c o n v 4 s S e r ie s A
A -O
do
S e r ie s B _____
A -O
M -N
J - J
A -O
M -N
J - J
M -N
J - J
F - A
F - A
M -N
A -O
J -D
B t A I n d 1 st c o n g u g 6 s ___
J - J
A -O
A -O
A -O
J -D
1 - J
J - J
G re a t N orth ern —
J - J
Q - J
j - J
j - j
J - J
j - J
j - J
j - J
j - J
J -D
J -D
R e g is t e r e d
J - J
A -O
J - J
J - J
J - J
J - J
J - J
J -D
G r e e n B a y A W d e b c t f s “ A ''1_____ F o b
F eb
D e b e n t u r e c t f s " B ” _____
J - J
J - i
J - J
A -O
F - A
J - J
J - J
J - J
J - J
J - J
A -O
R e g i s t e r e d _______
'" 1 9 5 1 A - O
1 s t g o ld 3 s s t e r l i n g . . . “ " '1 9 5 1 M - S
*1951 M - S
R e g i s t e r e d _______
A - O
A -O
M -N
J ” J
M - N
M - N
J -D
L it c h f ie l d D l v 1st g 3 s _____1951 i “ J
L o u ls v D l v A T e r m g 3 H s~ >953 J - J
R e g i s t e r e d _______________ 1953 J ” J
M i d d le D l v r e g 5 s __________1921 F - A
O m a h a D l v 1 s t g o ld 3 s ___ 1951 F - A
S t L o u is D l v A T e r m g 3 s . 1951 J - J
G o l d 3 H s .............................. 1951 J - J
R e g i s t e r e d ...................... 1951 J - J
S p r ln g f D l v 1 s t g 3 H s ___ 1061 J - J
W e s t e r n lin e s 1 st g 4 s _____1951 F - A
R e g i s t e r e d _______________ 1951
B o l lo v A C a r 1 st 6 s _______ 1923
C a r b A S h a w 1st g o ld 4 s
1932 M - S
C h ic S t L A N O g o ld 5 s
1951 J - D
R e g i s t e r e d _____________ 1951
G o l d 3 H a .............................. 1951 J - D
R e g i s t e r e d ____________ 1951 J - D
J o in t 1 st r e f 5 s S e r ie s A . 196 3 J - D
M e m p h D l v 1 st g 4 s ___ 1951 J “ u
R e g i s t e r e d ____________ 1951 J - D
S t L o u t s S o u 1 st g u g 4 s . . 1931 M - S
I n d III A I o w a 1 st g 4 s ______ 195 0 J - J
I n t A G r e a t N o r 1 st g 6 s _____191 9 M - N
J a m e s F r a n k A C le a r 1 st 4 s . 195 9
K a n s a s C i t y S o u 1st g o ld 3 s . 195 0 A - O
R e g i s t e r e d __________________ 1 9 5 0 A - O
R e f A I m p t 5 s _________ A p r 1 9 5 0 j - j
K a n s a s C i t y T e r m 1 st 4 s . . . 1 9 6 0 j - j
L a k e E r ie A W e s t 1 s t g 5 s . . 1 9 3 7 J - J
2 d g o ld 5 8 _________________1941 j - j
N o r t h O h io 1 st g u a r g 5 s . . 194 5 A - O
L e h V a il N Y 1 st g u g 4 H s . . 194 0 J - J
R e g i s t e r e d ....................
1 94 0 j - j
L e h ig h V a l l f P a ) c o n s g 4 S .. 2 0 0 3 M - N
G e n e r a l c o n s 4 H s ______ 2 0 0 3 M - N
L e h V T e r m R y 1 st g u g 5 s . . 1941 A - O
R p ffld tp r w l.............
1041 A - O
• N o p r ic e F r. a y ; _____
o Due N ev.
> O p t i o n sa le




J
M
A
A
M
j

B id
101

A sk L ow
_____ 1 0 2

H ig h
N o v ’ 16

8712

875s

87%

87%

81%
88%
88
69%
87*4
34%
34%
79%

S a le
89%
89
S a lo
95
_____
_____
80%

81%
89
89
69%
8 7 34
61%
35
80
70

81%
N o v ’ 16
89%
71
N o v ’ 16
Apr ’ ll
J u n e ’ 16
80
70

941?
98%
81
80%
91%
104%
102%

__
99
_____
90
85
75
85
92% 93%
S a lo 1 0 4 %
103 % 1 0 2 %
1 06
96%
_____
92
1 0 3 % 105
1 04 %
1 0 8 % S a lo 1 0 8 %
90
_____
95%
1 0 1 % _____ 1 0 1
1 0 0 % _____ 1 0 0 %
1 0 1 % 1 03
101%
91
_____
94
1 0 8 % S a le 1 0 8 %
84%
8 5 is S a le
83
84
74
S a le
7334
7334
_____
74
90
90
_____
68
S a lo
6734
71
7 1 Halo
85%
8 5 % S a lo
1 07 % 108% 1 0 7 %
1 0 6 % _____ 101
1 2 3 % --------- 12234
1 0 1 % 104
1 02
1 0 6 % --------- 1 0 0
_____ 101
103%
98
S a lo
98
100%
_____
73_% 7 4
1 0 5 % _____ 1 0 5 %
1 0 4 % _____ 1 04
_____
81%
81%
106
25
35
100
101
99%
63
58
_____
108
95
94
95
95%
8 2 % _____
92
70%
70
_____

N o . L ow
H ig h
1 0 0 % 1 02
3
12
29
85% 8 8%
1
15
76
83%
83
89
8
78% 90
15
5 5% 73%
86% 88
___
4
1

1 0 3 % -------9 6 1 2 _____
9 4 % _____
108% 109%
124
_____
1 1 0 % _____

97
1 23 %
1 19 %
103%
1 02 %
96%
95%
86%
94%
109%
1 24
136%
109%

110
_____ 1 0 9 %
75% 79
74
14%
1 4 % S a lo
87
89% 8 7
93%
93% 9 5
88%
88 '
87
98%

_____
_____
_____
______

86% 86%
84
8 5 % _____
8 3 % _____

87%
88
94%
97%

90%

99
99
_____
90
90
_____
75
85
_____
9 0 -2 9 4
15 1 04
1 05 %
_____ 1 0 1 % 1 03 %

7 4%
J u n e '1 0
N o v ’ 16
68
7 1%
85%
N o v ’ 16
F e b *15
O ct TO
M a r ’ 16
A u g '1 6
Aug T 2
98
D e o ’ 06
N o v ’ 16
N o v ’ 16
S e p t ’ 16
N o v ’ 10
M a y ’ 12
N o v ’ 16
M a y TO
N ov’ ll
J u n e ’ 12
95%
A u g TO
O c t TO

07
71
77
—
7 2% 76%
....
88% 90%
11
67% 72%
48
70
84
205
84
88%
—
1 0 5 % 107 %

_____
_____
3
_____
_____
_____
_____

N o v ’ 16
O ct T 6
A u g 16
103 %
M a y ’ 16
N o v ’ 16
M a r ’ 10
N o v ’ 15
N o v ’ 16
J u n e ’ 16
N o v ’ 16
M a y ’ 06
A u g TO

7 1 08
21
83

96%
1 04 %
1 11 %
96%
102%
1 00
102%
111
86%

___ _ 1 2 1 % 123%
_____ 1 02
102
. . . . 102% 106
4

_____
.. ..
.. ..
.. ..

96%

7

99

72
81
105% 105%
1 04
104
81% 90
90
63

1 02
63

91%

95%

61%

70%

l9 6 2 Q - F
1935 J - J

T e x a s A O k la 1 s t g u g 5 s . . 1 94 3 M - S
M i s s o u r i P a c i f i c (r e o r g C o )
1 s t A r e f u n d i n g 5 s w h is s 1 92 3

....

M i s s o u r i P a c 1 st c o n s g 6 s . . . 1 9 2 0 M - N

96
1 20 %
1 19 %
1 01 %
10212
95%
96%

109% 110%

96%

97%

86
N o v ’ 16 ___ _
83
N o v ’ 15
8 5 % N o v ’ 16

83

86

84%

86%

88
88

J ’ ly ’0 9

90%

90%

2

92
N o v ’ 16
87%
M a y ’ 14
N o v ’ 16
Feb T 4
N o v ’ 16
A u g '1 2
J u n o ’ 10
Aug T 6
Ho d ’ 15
Jan TO

10
....
21

98
92
99
93
70
63
91
91
S a lo
88%
S a le
99
83% 8 3
_____
92
Halo 1 01 %
1 01 % 1 0 0
_____
91%
101
1 00 %
_____ 1 12 %
- - - - 1 11 %

R e f A ext 5 0 -y r 5s S e r A ”
D e a M <fc F t D 1 s t g u 4a

___ _
92% 94%
. . . . 1 09 % 1 0 9 %
. . . . 1 20 % 124

_____
....
....
15
....
....
.. ..

9 7% 99%
97% 98%
9 8 % 1 00 %

91%

V e r d i V I A W 1 st g 5 s l ”

92%
83
88%

1 st e x t e n s io n g o l d 6 s _____A 1 92 7 Q - J
G e n e r a l g o ld 4 s ..............
1938 M - S
M o n t g o m e r y D l v 1 s t g 5 s 194 7 F - A
S t L o u is D l v 5 s ___
192 7 J - D
S t L A C a ir o g u a r g 4 s . .
1931 j - j
1067a 1 08
J a s p e r B r a n c h 1 s t g 6 s . . . ' 192 3 j - j

90

93%

78%

82

101 % 1 02
70
71

N o v ’ 16
N o v ’ 16 _____
N o v ’ 10 _____
M a y TO
J ’ ly T 2
O ot TO
F eb ’ l l
O o t '0 9
76

81%
80
78%
89
92

81%
80
80%
91%
92

1 0 6 % 1 09

1 00

J u ly ’08
10 9 0
92
1 00
15
95
N o v ’ 16 _____
89%
4
70
66%
O c t ’00
91
16
89%
88%
8
85%
16
1 00
96%
N o v ’ 16
75
N o v ’ 16
92
3 100 %
1 01 %
O ot T 6
. . . 1 00
91%
5
89
13
101
99%
N o v ’ 16
1 10
J u n o ’ 10 —
111%

6

M - 8
F -A
F -A
M - S
M - S
M - N
F -A
C e n t B r R y 1 s t g u 'g ’ i s i r i i i j i o F - A
J -D
J - J
92% 93
2 d e x t e n d e d g o l d JSs “ I I l 9 3 8 j - j
A -O
A -O
J - J
J - J

83

___ _

....

R e g is t e r e d ..
'
n io i7
1 st c o l la t e r a l g o l d 5 s . .
1920
R e g is t e r e d
1020
4 0 - y e a r g o ld lo a n 4 s _____
1945
1 st A r e f c o n v 5 s _ .
195 9

87%
80%
84%

....

103 %

9212
1 00 %
93
71
94
89%
1 01 %
83%
92
1 03
1 02
9 2%
1 01 %
1 13
1 11 %

Due Fob.

P r ic e
F r id a y
D ec. 1.

B id
A sk
L e h V a l C o a l C o 1 s t g u g 5 8 .1 9 3 3 J - J 1 0 5 % -------J - J
92
J - J
8 8 % 91
L e h A N Y 1 s t g u a r g 4 s _____1 9 4 5 M - S
M - S
L o n g la id 1 st c o n s g o l d 5 S - - M 9 3 1 Q - J 1 0 6 % _____
9 4 % _____
1 st c o n s o l g o l d 4 s .................A 1 93 1 Q - J
89
_____
G e n e r a l g o ld 4 s ........................1 9 3 8 J - D
97
98%
F e r r y g o l d 4 H s ......................192 2 M - S
G o l d 4a
103 2 J - D
8 4% 85%
M - S
9 6% 98%
D e b e n t u r e g o l d 5 s _________ 1 93 4 J - D
8 8 % 8 9%
G u a r r e f u n d in g g o l d 4 s ___ 1 94 9 M - S
M - S
1027g 1 0 4
A -O
_____
N Y & R B 1 st g o l d 5 s . . . 1 92 7 M - S 1 0 3
101%
N o r S h B 1 st c o n g g u 5 s . o l 9 3 2 Q - J 1 0 0
94
95
L o u is ia n a A A r k 1 st g 5 s _____192 7 M - S
1 13
_____
L o u ls v A N a s h v g e n 6 s ______ 1930 J - D
1 1 0 % _____
G o l d 5 s . ..................................... 193 7 M - N
9 5% 95%
U n ifie d g o ld 4 s . ........... ..........1 94 0 J - J
93
95%
J - J
C o l la t e r a l t r u s t g o l d 5 s ___ 1931 M - N 1 0 6 % _____
E H A N a s h 1st g 6 s ______ 191 9 J - D 1 0 7 % _____
L C I n A L e x g o l d 4 H S . . . 1 9 3 1 M - N 1 0 2 % _____
N O A M 1 st g o l d 6 s ........... 1930 J - J 1 14 % _____
1 09 %
2 d g o ld 6 s ________________ 193 0 J - J 1 0 7
8 9 % _____
P a d u c a h A M e m D l v 4 s . . 194 6 F - A
_____
S t L o u is D l v 1 s t g o l d 6 s . . 1921 M - S 1 0 6
62% 63
M - 8
89
90
A t l K n o x A C l n D l v 4 s . . . 1 95 5 M - N
A t l K n o x A N o r 1 s t g 5 s . . 194 6 J - D 1 0 8 % _____
M - S * 1 0 6 % _____
K e n t u c k y C e n t r a l g o l d 4 s . 198 7 j - j
1 0 2 % 1 03
L e x A E a s t 1 s t 5 0 - y r 5 s g u .1 9 6 5 A - O
L A N A M A M 1 s t g 4 K s 1 9 4 5 M - S 1 0 0 % _____
81
82%
L A N - 8 o u t h M J o in t 4 s
195 2 J - J
R e g is t e r e d ___
*1952 Q - J
106
_____
N F la A S 1st g u g 5 s _____i9 3 7 F - A
N <fc C B d g e p e n g u g 4 ^ 8 - 1 9 4 5 J - J
9 9 * 2 _____
108*2
1 0 8 % _____
S A N A la c o n s g u g 5 s
1936 F - A
102 % S a le
G e n c o n s g u 5 0 - y c a r 5 s . 196 3 A - O
80
_____
L A J e f f B d g e C o g u g 4 s . . . 194 5 M - 8
M a n i la R R — S o u lin e s 4 s
103 6 M - N
M e x I n t e r n a t 1 st e o n s g 4s~ 107 7 M - S
M - S
J - D
113% 115%
M i n n A S t L 1 st g o l d 7 s . . . 1 92 7 J - D
P a c i f i c E x t 1st g o l d 6 s _____1921 A - O
103
103%
9 0 % S a le
1 st c o n s o l g o ld 5 s . . .
1 93 4 M - N

97%
123 %
1 21 %
1 03 %
102%
9 7%
96%

....

Aug T6
109% 110%
N o v ’ 10 ___ _
74
75
122
14%
11
14%
N o v ’ 16 ___ _
84% 88%
N o v ’ 16 - - - 9 0 % 98

102
S a lo 1 02
102 %
8 8 % 8 9% 8 6 % D e c T 6

BONDS
N . Y . STOCK EXC H A N G E .
W e e k E n d in g D e o . 1 .

M S t P A S S M c o n g 4 s ln t g u . 1 9 3 8 J - J
M - N
M 8 S A A 1 st g 48 ln t g u . 1 9 2 6 j - j
M is s is s ip p i C e n t r a l 1 s t 5 s . . . 1 94 9 j - j
M o K a n A T e x 1 s t g o l d 4 S .. 1 9 9 0 J - D
2 d g o ld 4 s ................................p i 9 9 0 F - A
1 st e x t g o ld 5 s . .................
194 4 M - N
M - S
G e n s in k in g fu n d 4 H S . . . 1 9 3 6 j - j
S t L o u is D l v 1 st r e f g 4 s
2 00 1 A A O
D a l i A W a c o 1st g u g 5 s
1 94 0 M - N
K a n C i t y A P a c 1 s t g 4 s . 1 99 0 F - A
M o K A E 1 st g u g 5 s _____194 2 A - O
M K A O k la 1 s t g u a r 5 s . . 194 2 M - N
M K A T o f T 1 st g u g 5 s . 1 9 4 2 M - S

92
82
87%
84
93%
74
79% 80
82
83
1 0 0 % _____ 1 0 2
70
72% 7 0
62
77
08*2
82
84
81%
79
..
79
_.
80%
9 1 % _____
91%
92
---------1 0 8 % 1 1 7 %
86
..
94%
1 0 7 % _____ 1 0 7 %
1 14
90

90%
88%
99
82%
92
101%
101
91
100%
112%
111 *2

92%
103
108%
95%
1 01 %
100
101%

87
86

8 9 % 92
82*4 84*2
8 7 % S a lo
8 2 % _____
9 0 % 93

02
100
S a le
93
94
69% 69%

35%
80%
72

S o p t ’ 10
N o v ’ 16 _____
F ob T 5
S e p t ’ 16

80
89%

35
73
01

S e p t '16
J a n ’ 16
J u l y ’ 16
N o v ’ 16
104 %
N o v ’ 10
M a r ’ OS
N o v ' 16
O ct T 6
1 08 %
S e p t ’ 16
J u n e ’ 16
A u g TO
N o v '1 6
N o v '1 5
108 %
8 5%

3 51
9 8 % S a lo
98%
99
9 8 % 9 8 % 9 8 % N o v '1 6 . . . .
1
1 00 %
1 0 0 % 100 % 1003g
9 7 % 1 02
1 2 1 % _____

R ange
S in ce
Jan. 1

l9 2 6 M - S

---------

62

90%

91

94
85
98%
95
77%
52%
45

94%
_____
99%
_____
S a lo
S a le
S a le

W e e k 's
R ange or
L a s t S a le

1 0 3 % S a le
1 0 6 % S a le
1 0 1 % _____
1 0 1 % _____
60
S a le
*57
58%

t Due June,

89%

89% J u ly ’ 16
1 06 %
94%
89%
97
99%
84%
97%
89%
95
1 04 %
102%
100
94%
113
109
95%
93%
1 06
107%
1 01 %
115
109%
89%
108
62
89
1 10

N o v ’ 16
J u n e ’ 16
N o v ’ 16
O o t '1 6
O ct ’06
N o v '1 6
N o v ’ 16
N o v ’ 16
Jan ’ l l
O ct T 6
S e p t ’ 16
A u g '1 6
94%
N o v ’ 16
A u g '1 6
96
8 e p t ’ 16
N o v ’ 16
N o v ’ 16
N o v ’ 16
N o v ’ 16
M a y ’ 15
N o v ’ 16
Apr T6
O ct T 6
89%
N o v ’ 16

88%
102%
101
81
95
105%
97%

S e p t '1 6
1 02 %
O c t '1 6
N o v ’ 16
F e b ’05
S e p t ’ 16
M a y ’ 16

H ig h
106%

90

104% 106%
94*4 96*4
85
90
97
99%

—
_____
_____
_____
—

84%
96
86%

86
97%
90%

101%
102%
99%
1 88
111%
108%
80
92%
93
10 3 %
—
107%
100%
il3 3 4
—
88%
107
61
13
85%
107%
105%
87%
23 100
_____
99%
_____
77%
_____
105%
97%

105
103
102
97%
113
110%
96%
93%
106%
107%
102
116*2
90%
108%
64
90
110
107
89%
1 03
101
82
107%
97%

1 0 7 % N o v ’ 16
105% 108%
14 1 0 0
1 02 %
1 02 %
103%
8 1 % A p r T 6 _____
80% 82%
77
79
lO i
113%
103%
90%

M a r ’ 10
N o v ’ 10
O c t ’09
N o v ’ 16
O ct T 6
90%

1

6
30

6 1 % N o v ’ 16
60
F e b '1 5
60
94

60
94

98%
94%
77%
51
45%
64
42%
40
69
72
84
80
76

N o v ’ 16
94%
7 9%
53
45%
64%
42%
40
N o v ’ 16
J u ly '1 0
84
N o v ’ 16
76

51

N o v ’ 16

113
115
1 02 % 103%
86
92
50

66

13
1

51%
91%

633^
94%

_____
1
13
110
5
50
1
5
___ _
_____
3
_____
1
1

97
90
70%
40
3734
51
36
37
69
60
74
50
48

99%
94%
79%
53
52%
64^4
48 '
46
69
72
89%
80
76%

49

63

25
98%
94
99
123 4
68
i n 100
1 03 %
1033J
3
8 9 % 106%
82
O ct T 5
1 0 0 % N o v ’ 16
83% 100%

98%
67*4
103%

60
68%
82
60
______ 1 0 0
67
771*
_____ 1 1 0 '
48
92
_____ 1 0 0 %
1 01
1 0 2 % 1 0 2 % 10234
102
8 3 % S a le
8 3 34
807g
79*4 80*4
82
_____
87
1137g

_____ 1 0 9 %
1 09
77
_____
77
9 9 % 102
1 01
91% . . .
88
_____
88%
107
1 0 7 % _____ 1 1 0 %
100
_
100
______ 1 1 3
T A P B ra n ch is t 6s
191 7 j - j
30
_____
30%
N a t R y s o f M e x p r lie n 4 H a . 195 7 j - j
35
96%
J - J
A -O
30
59
_____
40
N O M o b A C h ic 1st r e f 5 s
1960 j - j
7 3 % S a le
N e w O r le a n s T e r m 1 st 4 s . . 1 9 5 3 j - j
73%
1 1 3 % S a lo 1 1 3 %
N Y C e n t R R c o n v d e b 6 s . .1 9 3 5 M - N
F -A
8512 S a le
85%
R e f A lm n 4 U a “ A ’ ’
2013 A - O
96
S a le
95&s
N Y C e n tr a l A H R g 3 H S ..1 9 9 7 j - j
85
S a le
85 '
8 4 % _____
84*4
J - J
921*
M -N
92% 92%
_____
93*2
M -N
77% 78% 78
L a k e S h ore co ll g 3 H S ...1 9 9 8 F - A
76
79
F -A
76%
783? S a le
7 4 % _____
F -A
78
J - D
6 3 % _____
95
9 6 % _____
B e e c h C r e e k 1 st g u g 4 s . . 1 93 6 J - J
94
96
R e g is t e r e d ________________ 1 9 3 6 J - J
95%
2 d g u a r g o l d 5 s ................... 193 6 J - J 1 03
_____ 1 04
J - J
B e e c h C r E x t 1st e 3 H a
519 51 A - O
89
_____
89
C a r t A A d 1 st g u g 4 s ........... 1981 J - D
1 0 4 % _____
G o u v A O s w e 1 st c u e 5a
194 2 J - D
94
94% 6 4
M o h A M a i 1 st g u g 4 s . . 1 9 9 1 M - S
8 7 % _____
89%
N J J u n e R g u a r 1 st 4 s . . . 1 98 6 F - A
81
_____
M -N
85
1 0 6 % _____ 1 0 6 %
N Y A N o r t h e r n 1 s t g 5 s . 192 3 A - O
9 1% 92% 92
N Y A P u 1 st c o n s g u g 4 s 199 3 A - O
_____ 1 13
J - O 1 17
R W A O c o n 1st e x t 5 s . . 5 1 9 2 2 A - O
1 0 3 % 1 0 4 % 1 04 %
1 02
_____ 1 04
R W A O T R 1st g u K 5 8 ..1 9 1 S M - N

d Due April. • Due May.

R a n ge
S in c e
Jan. 1

L ow
H ig h N o . L ow
104
1 0 5 % N o v ’ 16 —
105
O ct T3

40% 44%
37
40
6 9 % _____
6 7 % _____
84
S a le
78
82
76
S a le
51
S a lo
46
60
9 8 % S a le

B on d s
S old

W e e k 't
R ange or
L a s t S ale

In te r e s t
P e r io d

P r ic e
F r id a y
D ec. 1.

B onds
S old

BONDS
Y . STOCK EXCH AN G E
W e e k E n d in g D e c . 1.

In te r e s t
P e r io d

S .

2063

New York Bond Record—Continued—Page 2

Dec. 2 1916.1

h Due July.

3
60
39% 60
N o v ’ 16 _____[ 4 0
58%
N o v ’ 16
82
85
F eb T 3
A u g 16 _____
50
67
D e c *13
M a r ’0 6
N o v ’ 16
1 100
J u ly T 6 _
100
1027*
9
99*4 1 0 3 %
J ’ ly T 4
9
84
74% 85
O c t '1 2
35 6 8
82
S e p t '1 6
Feb T 6
O ct T 6
O ot T 6
O ct T 6
1 07
M a r ’ 16
J u ly ’04
Aug T6
A u g *16
F e b '1 3
O c t '1 6
M a y ’ 15
73%
113 %
8 6%
96*4
86%
84*4
927*
78
O ct T 6
O ct T 6
J u l y ’ 16
N o v ’ 16
M a y ’ 16

102
109
75
77%
99% 102
88%

88»4

2
110% 110%
100«4 1 0 1 %
30
35

30%
35

30

30

8
69
7434
153 1 10 % 1 1 7 %
37
8 1 * ? 8 6 78
917* 9 6 i4
212
1 42
81% 86%
3
6 lj
90
90
3
74
79*4
73*4 78
74

78

9 4% 96%
93*4 95«4
1 04
104

N o v ’ 16

88

89

M a r ’ 16
F eb T 6
J u n e '1 6
S e p t ’ 16
N o v ’ 16
M a y ’ 16
N o v ’ 16
J u n e ’ 10

94
89%

94
89%

Jt Due Aug.

105% 106%
88
92
1 03 % 104%
.......................

o Due Oct.

New York Bond Record—Continued—Page 3

N .

BONDS
Y . STOCK EXCH AN G E
W e e k E n d in g D e c . 1.

N Y C e n t A H R R R ( C o n .) —
R u t l a n d 1 s t c o n g 412a ___ 1 9 4

I l

J
J
J
J
A
J
J
J
M
M
M

- J
- J
- J
- J
-O
- J
-D
-D
- S
-N
-N

J - J
A -O

J - J
IY1- S
Q -M
J - J
M - S
M -N
A - O
A -O
A -O
t O . _ _____ ____ 1 'J J l M - N
W e s t S h o r e l a t 4a g u a r . . . 2 3 6 1 J - J
R e g i s t e r e d ______ ________ 2 3 6 1 J - J
M - N
J - J
F - A
R Y N I I 4 H a rtfo rd —
M - S
m - a
A -O
J - J
M -N
J - J
J - J
F - A
J - J
J - J
A -O
J - J
** *- u w u c n 100 t a
M -N
B <fe N Y A i r L in e l a t 4a_
F - A
J - J
M - S
M -N
M -N
N Y P r o v & B o s t o n 4 a __
A -O
N Y W ’c h e s & B la t aer l 4
J - J
N H & D e r b y c o n a c y 5 8 . _ x » ao M - N
B o a to n T e r m in a l la t 4 a _ ..1 9 3 9 A - O
J - J
J - J
M -N
J - J
M - S
J - J
N Y O A W r e l 1st g
M - S
M - S

4

w ^ i u c u o ut oat/ ,
N e w R iv e r 1st g o ld (

v / ju m ii - t o . .
C C 4 T 1 st g u a r g o ld 5 a .

S t P A N P g e n g o ld 6 a _ .
R e g is t e r e d c e r t i f i c a t e s .
S t P a u l A D u lu th 1st 6 a .
2 d 5 s ................... ...............

N o r P a c T e r m C o 1 s t g fl

F -A
M -N
M - A
F - A
A - O
A -O
A -O
J - J
J -D
M - S
M - S
J - D
J - J
M -N
O - J
O - J
Q - F
Q - F
J - D
F -A
Q - A
F - F
A -O
J -D
Q -M
J - J
J - J
J -D
J - J
M -N
M - S
M -N
M -N
F -* A
J* - D
1M - S
F - A
M - N
,J - J
.
IM - S

C o n s o l g o l d 5 a .........................
C o n a o l g o l d 4 a ...........
1943
C o n s o l g o l d 4 a ......................1 1 9 4 8
C o n s o l 4 > $ a ......................
1960
G en era l 4 H 8 w h en Issu e d . 1965
A l le g V a l g e n g u a r g 4 a . 1 9 4 2
D R R R A B 'g o l a t g u 4 s g .1 9 3 6
P h ll a B a l t A W 1 st g 4 a . 1 94 3
S o d u s B a y A S o u la t g 5 8 .2 9 2 4
S u n b u r y A L e w is 1 st g 4 a . 1 9 3 6
U N J R R A C a n g e n 4 a . .1 9 4 4
P e n n s y lv a n ia C o —
G u a r l a t g o l d 4 H s ................. 1 9 2 1 .J - J
R e g i s t e r e d ______ ________ 1 9 2 1 .J - J
G u a r 3 H s c o ll tru s t reg A . 1937 M - S
G u a r 3 H a c o ll tru s t ser B .1 9 4 1 1
F - A
T r u a t C o c t f s g u g 3 M s _ _ _ 1 9 1 6 ]M - N
G u a r 3 H a tr u a t c t f s C _____1 9 4 2 .J - D
G u a r 3 H a t r u s t c t f a D _____1 9 1 4 ,J - D
G u a r 1 5 - 2 5 - y e a r g o l d 4 a . . 1 9 3 1 ,A - O
4 0 - y e a r g u a r 4 a c t f a S e r E . 1 9 5 2 IM - N
C l n L e b A N o r g u 4 a g ___ 1 9 4 2 M - N
C l A M a r la t g u g 4 H a . . .1 9 3 5 M
1 -N
C l A P g e n g u 4 H a s e r A . . 1 9 4 2 .J - J
S e r ie s B ___________________ 1 9 4 2 .A - O
In t red u ced to 3 ^ 8 ..1 9 4 2 A - O
S e r ie s C 3 H a ......................... 1 9 4 8 M - N
S e r ie s D 3 H a .......................I 9 6 0 F - A
E r ie A P i t t s g u g 3 H a B . . 1 9 4 0 J
, - J
S e r ie s C ................................... 1 9 4 0 .J - J
G r R A I e x la t g u g 4 H a l9 4 1 J
, - J
O h i o C o n n e c t 1 s t g u 4 a ___ 1 9 4 3 :M - S
P it t a Y A A s h 1 st c o n s 5 a _ 1 9 2 7 M - N
T o l W V A O g u 4 M a A . . . 1 9 3 1 ,J - J
S e r ie s B 4 H a .......................1 9 3 3 ,J - J
S e r ie s C 4 s ------------------------ 1 9 4 2 M - S
P C C A S t L g u 4 H a A . . . 1 9 4 0 A - ,O
S e r ie s B g u a r .......................1 9 4 2 A -- O<
S e r ie s C g u a r ____________ 1 9 4 2 *M' - *N
S e r ie s D 4 a g u a r __________1 9 4 5 M - N
S e r ie s E 3 H 8 g u a r g o l d . 1 9 4 9 F - A
J - D
M - N
S o r lc s I c o n s g u 4 H a . .
F -A
C S t L A P la t c o n s g fis .
A
O

P r ie s
F r id a y
D ec. 1.

B id
A t* L ow
8 5 % _____
813 4
70
_____
70
67
_____
92
98
_____ 101
103
110
103
97*2
9 8 5 s _____
8 5 78 8 6 % 86*4
8 4 > 4 _____
85*2
96*4 9 6 H 96*4
955a S a le
95%
95

D e c '1 5
J u ly ’ 16
J a n *09
M a r ’ 12

106*4
105
98
87
90
82% 86
8 2 12
88
89
83
94
S a le
94
91
_____
90*4
81
81% 81
02
9 2 % S a lo
91
_____
91
100
_____ 100*4
99*4
9 9 U _____
99
9914 99*4

A u g '1 6
J u ly '1 6
A p t ’ 12
F e b ’ 14
J u n e ’0 8
S e p t ’ 16
88
9434
A u g '1 6
81
9 2*2
91
O o t '1 6
J u I y ’ lG
99*4

1 0 6 U _____
1 0 6 % _____
91
_____

7 9 % _____
7958 S e p t ’ 16
71
_____
71
N o v ’ 16
68
71
68
N o v ’ lfl
77*8
7 7 % 7 7 78 775a
7 7 i2 785a 77*2 N o v '1 6
69*2
68
6912 6 9 %
112-34 S a lo 11134
1123s
7 9 > a _____
91*i Jan T 2
---------8 0 %
79*1 A p r ’ 1 6
_____
91
8 9 ia
82

80
92%
_____
83

R ange
S in ce
Jan. 1

i s

H ig h N o . L ow
H ig h
D e c ’ 15
N o v ‘ 16 . . . .
08*4 7 0
J u n e ’ OU ____
2
101
97*2 101
2 103
103
103
J u ly T G _____
9 7 l 2 97*2
13
86*2
83*2 8 6 l 2
1 83
85*2
86
37
9 4 % 9612
9 6 i2
68
9334 9 6
9 5 78
N o v ’ 16
94
95

104%
103
130*8
123*4

IO 6 I4 _____
103
_____
1 1 5 i f _____
1 1 3 1 a _____

102

___

108
88
62

_____
_____
69

—

82% 85
1 86*4 90*2
17
91
95%
.. -0034 9334
1 77*3 84*4
22
87*4 9 3
10
8 6 % 91
. . . . 100*8 1 02
.. ..
9934 1005a
5
97*2 100*8
.. ..
7 9 % 81*4
_ __ _
71
73
_____
68
72
1 77*4 81*2
_____
77*4 8 2
1 68*4 77*2
10 110
110

91*2 N o v '1 6 _____
89
N o v ’ lfl _____
2
81*4
81*4

_____
86
8 1 % S a lo
77
84
1 01
120
1215a
1 19
96

79
85
_____
_____
122U
_____
S a le

91%
139
138
138
OOU
1 0 2 l2
94U
94U

S a lo
S a lo
142
1 42
91
_____
95
S a le

67*4 S a le
6 5 % _____
9 1 % 92
110
113
_____
107
1 00*2 _____
8 8 * 2 _____
87*8 88*2
1 1 0 % 11 ll|
85% 86
99
100
99*2 9 9 78
9 9 * 2 _____
_____
102
99*4 99*58
99*2 100*4
106*4 S a le
1 02
S a lo
9 7 * 4 _____
9 5 * 8 _____
99
_____
93
____
0 9 % _____
102

S a le

8 7 * 2 _____
87*a S a le
8 7 * 4 _____
8684 S a le
9534 _____
9 3 * 4 _____
91
_____
9934 100*4
104
_____
104
_____
88
_____
89
_____
88
_____
88
_____
88
_
100
101
9 4 * 8 _____
1 0 4 3 a _____
1 0 0 * 4 _____
1 0 0 * 4 _____
9 0 * 4 _____
1 0 2 l 2 _____
10213 _____
102
_____
9 6 * 8 _____
9 5 * 4 _____
9 5 7i _____
9 5 78 _____
103
_____
1 0 7 * 2 _____

99*2
69*4
9 9 7i
835s

M a r ’ 12
S e p t ’ 16 . . . .
D e o ’ 14
F e b *14

14
81*4
82
92*2 J u n e '12
70
A p r '1 6
85
N o v ' 16
101
N o v 'l f l . . . .
120
O o t '1 6
2
122
122
1
120*2
120*2
21
95*2
96
93*4 D e o ’ 15
9134
92
12
2
139
139
1 41
N o v ' 10 _____
138
138
1
3
80
DO’ S
103
S e p t ’ 16 . . . .
1
94*4
94*4
94*4
94*2 2 1 5
92*4 N o v ’ 16
43
67
67*4
6 5 78 N o v ’ 16
9 1 % S e p t '16
110*4 O o t '1 6 “
109*2 O c t T 5
107
O c t '1 6 _____
100*2 N o v ' 1 6 . . . .
91*2 S e p t '1 6
9 0*t F e b '1 6 . . . .
l l l i j S e u f l i ) _____
22
85*4
86
100
N o v ' 1 6 ___
9 9 % N o v '1 6 . . . .
99*4 N o v ’ 16 _____
103
N o v ’ 16 _____
5
99*4
99*4
99*4 N o v ’ 16 _____
20
106*4
106%
102
1025a
95
0 73s O o t T O . . . .
94*a S e p t ’ lO _____
99*2 N o v ' 1 6 —
102
J a n '0 3
99*2 O c t T 6 —
10134
102
100
Aug T 0
8 6 l2 J a n T O
87*a
87*a
1 0 0 'a J a n T f l
8 6 *a J u ly l 6
8634
80%
95%
95%
92
Aug T 6
91
N o v ’ 16
100
N o v ’ 16
1 0 3 7a O o t T 6
104
D eo T 5
91*4 F e b *12
90*a O c t T 2
89*2 S e p t ’ 16
8 8 % O ot T 6
90*a J ’ l y T 2
100
100
93
M a y '1 4
109
M a y ’ 10
100*4 O o t T O
100*4 O o t T f l
94
A p r TO
1 0 l 7a O o t T f l
102
N o v ’ 16
97*4 J u l y '1 5
95*4 O o t T f l
95*4 O o t T 0
95*4 J a n T 4
96% O o t T fl
101
A u g '1 6
107*2 S e p t ’ 16

a Due Jan.

104

106*4 1 0 6 U
105
105

107
_____ 165*2 M a y '1 5
9 1 U _____
87
J ’ l y '1 4
88
A u g ’ 13
9 0 * 8 _____
75
7 5 i2 75*4 N o v ’ 16 . . . .
A u g '0 9
1 0 0 U _____ 1 0 7

* N o price Friday; latest Did and asked.
•Option s a le .




W e e k 's
R ange or
L a s t S a le

79*4

79%

91%
89
79*2

93
89
83

72

82

69*4

70

77%

84

70
78
97
1 18 %
120%
119
91*2

79
85
101
120
122
122
96

88*4
113*2
114
115*2
88
103
91*2
91%
90*2
65%
63*2
91%
1095a

92
146%
143
145
90*2
103%
94U
94%
93*2
675s
65%
91*2
113

107
100%
90
90
111
83*4
93
98
98*4
102%
98*4
98
104*2
1 00 %
96%
94%
98%

107"
101%
91%
90*2
111*2
88
101
99%
99*2
103*4
9958
100*4
106%
103*2
97%
90
99%

99*8 1 0 0
63

100%
100
88%
5
85
9934
_____
86%
5
85
1 94%
92
_____
90%
99
_____ 1 0 3 %

102%
101*8
86%
87%
100%
86*8
88
96
92
91
100
105*2

89*2
88%

89*2
90

1

9 5% 100

_____
....

100*4
100*4
93%
_____ 101
101%

_____

• Due Feb.

9434
92

100*4
100*4
94
102%
102%
90*|
95*4

9 5% 95%
101
1 021,
1071* 1 0 7 %

« Due May.

j%

BONDS
N . Y . STOCK EXCH AN G E
W e e k E n d in g D e o . 1.

P e o r i a A P e k in U n l a t g 6 s . .1 9 2 1
2 d g o l d 4 H 8 ............................6 1 9 2 1
P e r e M a r q u e t t e — R e f 4 a ____ 1 95 5
R e f u n d i n g g u a r 4 a ................ 1 9 5 5
C h i c A W e s t M i c h 5 a ........... 1921
F l i n t A P M g o l d 6 a _____1 9 2 0
1 s t c o n s o l g o l d 5 a ________1 9 3 9
P t H u r o n D i v l a t g 5 a . .1 9 3 9
P h il ip p i n e R y 1 s t 3 0 - y r a f 4 s 1 937
P i t t s S h A L E 1 st g 5 8 ........... 1 9 4 0
1 s t c o n s o l g o l d 5 8 .................... 1 94 3
R e a d i n g C o g e n g o l d 4 a _______1 99 7
R e g i s t e r e d _______________ 1 99 7
J e r s e y C e n t r a l c o l l g 4 s . . . 1951
A t l a n t i c C i t y g u a r 4 a g ___ 1951
S t J o a A G r I s l 1 s t g 4 a ........... 1 94 7
S t L o u is A S a n F r a n ( r e o r g C o t —
P r i o r L ie n s e r A 4 a ..................1 9 5 0
P r i o r lie n s e r B 5 a .................... 1 9 5 0
C u m a d j u s t s e r A 6 8 ............ 1 9 5 5
I n c o m e s e r ie s A 6 a..................1 9 6 0
S t L o u is A S a n F r a n g e n 6 a . 1931
G e n e r a l g o l d 5 a ................ 1 93 1
S t L A S F R R c o n a g 4 a . . 1 99 6
G e n e r a l 1 5 - 2 0 -y r 5 s _____1 9 2 7
T r u s t C o c tfa o f d e p o s i t ..
do
S ta m p ed . _
S o u t h w D i v 1 s t g 5 a _____1 9 4 7
R e f u n d i n g g o l d 4 a ........... 1951
R e g i s t e r e d ....................... 1951
T r u a t C o c t fs o f d e p o sit,
do
S t a m p e d ..
K C F t S A M c o n a g 6 a . .1 9 2 8
K C F t S A M R y r e f g 4 s . 1 93 6
K C A M R A B 1 s t g u 5 a . 1 92 9
S t L S W j l s t g 4a b o n d c t f a . . 1 98 9
2 d g 4a In co m e b o n d c t f a .p l9 8 9
C o n s o l g o l d 4 a ......................... 1 93 2
l a t t e r m l A u n l f 5 a ..................1 95 2
G r a y 's P t T e r 1 s t g u g 5 a . _ 1 94 7
8 A A A P a s s l a t g u g 4 s _____ 1 94 3
S F A N P l a t ak f d g 5 a ............ 1 91 9
S e a b o a r d A i r L in e g 4 a ............ 1 9 5 0
G o l d 4 a s t a m p e d ___________ 1 9 5 0
A d j u s t m e n t 5 a ...................... 0 1 9 4 9
R e f u n d i n g 4 s . ......................... 1 9 5 9
A t l B lr m 3 0 -y r 1 st g 4 s _ _ e l9 3 3
C a r C e n t 1 s t c o n g 4 s _______1 94 9
F la C e n t A P e n 1st g 5 a ...1 9 1 8
1 s t la n d g r e x t g 5 s ............ 1 9 3 0
C o n a o l g o l d 5 s ...... ..............1 94 3
G a A A la R y 1st c o n 5 s ._ o l9 4 5
G a C a r A N o la t g u g 5 a . .1 9 2 9
S c a b A R o a n 1 s t 5 a ________ 1 92 6
S o u th e rn P a c ific C o —
G o l d 4a ( C e n t P a o c o l l ) . .* 1 9 4 9
R e g i s t e r e d ______________* 1 9 4 9
2 0 - y e a r c o n v 4 s ____________ p l 9 2 9
2 0 - y e a r c o n v 5 s ................. . . 1 9 3 4
C e n t P a c la t r e f g u g 4 a . .1 9 4 9
R e g i s t e r e d ........................... 1 9 4 9
M o r t g u a r g o ld 3 H s ..* 1 9 2 9
T h r o u g h S t L l a t g u 4 s . 1 95 4
G H A 8 A M A P 1 s t 5 S .. 1 9 3 1
2 d e x t e n 6 s g u a r ...............1931
G li a V G A N 1 st g u g 5 a . .1 9 2 4
H o u s E A W T 1 st g 5 8 . . . 1 93 3
1 s t g u a r 58 r e d ___________ 1 93 3
H A T C 1 st g 5 s in t g u . _ . 1 9 3 7
G e n g o l d 4 a I n t g u a r ____ 1921
W a c o A N W d i v 1 st g 6 s ’ 3 0
A A N W 1 s t g u g 5 a ............ 1941
L o u is ia n a W e s t 1 st 6 a _____ 1921
M o r g a n 's L a A T 1 s t 7 S .. 1 9 1 8
l a t g o l d 6 s ...... ........................1 92 0
N o o f C a l g u a r g 5 s ............... 1 93 8
O r e A C a l 1 st g u a r g 5a ___ 1 92 7
S o P a c o f C a l— G u g 5 s . . . 1 9 3 7
S o P a c C o a s t 1 st g u 4a g . . 1 93 7
S a n F r a n T e r m l 1 s t 4 a ___ 1 9 5 0
T e x A N O c o n g o ld 5 8 ...1 9 4 3
S o P a o R R l a t r e f 4 s .............1 955
S o u t h e r n — 1 st c o n a g 5 a _____1 99 4
R e g i s t e r e d ............................ 1 99 4
D e v e l o p A g e n 4a S e r A ___ 1956
M o b A O h io c o l l t r g 4 a ___ 1 93 8
M e m D i v 1 s t g 4 H s - 5 s ___ 1996
S t L o u is d i v 1 st g 4 a ........... 1951
A l a C e n 1 st g 6 a .......................1 91 8
A l a G t S o u 1 s t c o n s A 5 s . . 1943
A t l A C h a r A L l a t A 4 H a 1944
1 s t 3 0 - y r 5 s s e r B _____1 94 4
A t l A D a n v l a t g 4 s ...............1 94 8
2 d 4 a .........................................1 94 8
A t l A Y a d 1 st g g u a r 4 a . . . 1 9 4 9
E T V a A G a D i v g 5 s ____ 1 93 0
C o n 1 s t g o l d 5 s .................... 1 95 6
E T e n r e o r lie n g 5 s _______ 1 93 8
G a M i d l a n d 1 st 3 s . .............. 1 94 6
G a P a c R y 1 s t g 6 s ................ 1 92 2
K n o x A O h io 1 st g 6 s _____1 9 2 5
M o b A B l r p r io r lie n g 5 a . 1 94 5
M o r t g a g e g o l d 4 s ............... 1 94 5
R i c h A D a n d e b 5 s s t m p d . 1 92 7
R i c h A M e e k 1 st g u 4 s ____ 1 94 8
S o C a r A G a 1 s t g 5 a ............ 1 91 9
V i r g in ia M i d s e r D 4 - 5 s . . . 1 9 2 1
S e r ie s E 5 a ............................1 92 6
S e r ie s F 5 s _________________1931
G e n e r a l 5 a ..............................1 93 6
V a A S o ’ w ’ n 1 st g u 5 a . .2 0 0 3
l a t c o n a 5 0 - y e a r 5 s ____ 1 95 8
W O A W 1s t c y g u 4 s _____ 1 92 4
S p o k a n e I n t e r n a t 1 st g 5 s . . . 1 95 5
T e r A o f S t L 1 s t g 4 H a ............ 1 93 9
1 s t c o n g o l d 5 a ........... 1 8 9 4 -1 9 4 4
G e n r e f u n d s f g 4 s __________1 953
S t L M B r id g e T e r g u g 5 a . 1 93 0
T e x A P a o 1 st g o l d 6 s ________ 2 0 0 0
2 d g o l d I n c 5a ......................... * 2 0 0 0
L a D i v B L 1 st g 5 8 ............... 1931
W M i n W A N W 1st g u 5 a l 9 3 0
T o l A O C l a t g 5 a .......................1 93 5
W e s t e r n D i v 1 st g 5a ............ 1 9 3 5
G e n e r a l g o l d 5 s ____________ 1 9 3 5
K a n A M l a t g u g 4 s _______1 99 0
2 d 2 0 - y e a r 5 a .......................1 92 7
T o l P A W 1 s t g o l d 4 8 ............... 1 91 7
T o l S t L A W p r lie n g 3 H 8 .1 9 2 5
5 0 - y e a r g o l d 4 s ......................... 1 95 0
C o l l t r 4 s g S e r A .................... 1 91 7
T o r n a m A B u f f 1 s t g 4 S ..A 1 9 4 6
U lste r A D e l 1 st c o n g 5 a .. . 1 9 2 8
1 s t r e f u n d g 4 a ......... ............... 1 9 5 2
U n i o n P a c i f i c 1 s t g 4 a ________ 1 9 4 7
R e g i s t e r e d ....................
1 94 7
2 0 - y e a r c o n v 4 a _____________1 9 2 7
1 st A r e f 4 s .............................. * 2 0 0 8
O re R R A N a v e o n g 4 s . . 1946

# Due June.

A Dus July.

IVol. 103.
P r ic e
F r id a y
D ec. 1.

I I

Q - F
M -N
J - J
J - J
J - D
A - O
M -N
A -O
J - J
A -O
J - J
J - J
J - J
A -O
J - J
J - J

B id
100
87
31
31%
101%
1 15 %
91
47%
40

9 5 38
95
9534
93
79*4

W e e k 's
R ange or
L a s t S a le

A sk L ow
H ig h
_____ 1 0 2
N o v ’ 16
_____
87
M a r ’ 10
31
31
S a le
S a lo
31
31%
110
9 9 % N o v 'l f l
117*4 1 0 5 % N o v ’ 16
_____
78
O o t T fl
4 9 % 5 3 % N o v ’ lfl
49
60
A p r T fl
100*8 A u g T fl
S a le
S a lo
96
_____
S a le

79*4

80

A -O
J - J

M -N
A - O
A -O
M - N
J - J
J -D
J - J

85%
78%
111%
77%
89
78*2
64*2
69
69

J
J
A
A
F
A
M
J

- J
- J
-O
-O
- A
-O
- S
- J

J
J
J
J

-

J
J
J
J

J -D
J - D
M - S
J -D
F - A
F - A
J - D
A -O
M -N
J - J
M -N
M -N
M -N
J - J
A -O
M -N
J - J
A -O
J - J
A - O
J - J
M -N
J - J
A -O
J - J
J - J
J - J
J - J
A -O
M - S
J - J
J - J
J - J
J - D
J - J
J
J
J - J
J - J
J - J
M - N
M - S
A - O
J - J
J - J
J - J
J - J
A -O
M -N
M- S
M - S
M -N
J - J
A -O
F - A
J - J
A -O
F - A
J -J
A - O
J -D
M ar
J - J
F - A
J - J
A -O
J -D
A -O
J - J
J - J
J - J
A -O
F -A
J - D
J -D
J
J
J
M
J

- J
- J
- J
- S
-D

A Due Aug.

N o . L ow

101
1 01 %
102
_____
1 0 3 % _____
1 0 4 % _____
1 0 0 % -------1 0 5 % S a lo
92
93
92
94
9434 9784
100
10034
104
105
85*2 8 0
1 0 1 * 2 _____
100
S a lo
64
70
_____ 8 9 %
_____
95
1 0 4 % _____
99
100*4
89
92
82*8 8 3 %
97
98
55
60
8 1 % 83*2
62
S a lo
23
60
83
87
1 0 0 % 101*4

24

104
un
90
82%
97%
56
83%
00%
18%
83
100%
74
99*2 S a lo
99
98
99% 0 8
93»4 9 4
03%
9 1 % S a lo
91*4
93% 93% 9 2 %

0 Dus Oot.

93%
92*4
94%

00%
95%
97%

59

82

265
72
290
176

67*2 73*2
83% 90%
74
891,
39
05
109
113
5 1 0 0 % 103*4
0 8 % 78
...
45*4 8 2 1 ,
60
46
82
11
43% 79
89
93
67*4 83*4

22

62%
61%
109%
75
00
75%
62
60%
60

80%
75%
701,
00
80%
70
72
72

62% 70%
i o n , 1011,
74
8 4 t,
78% 83%
64
70
05*2 7 2
82
87%
88
88

102'% 1 0 3 %
1 0 2 ', 1 03 5,
101% 103

83%

89

173
86*4 8 9 %
194 102*2 1 0 7 %
VV 8 7 % 0 1
....
86*4 8 9
5
84% 01%
....
84
86%
_____ 1 0 2
1 02
99
1 00
. . . . 100*4 1 0 0 %
. . . . 101
102%
100
103%
100
107%
—
94% 96
1 1 0 1 *2 1 0 1 %
_____
....

104% 104%
105
105

4 1 00 %
_____ 1 0 7 %
94%
....
82%
95
123
89*2
2 7 100
_____ 1 0 0 %
216
69
6
75
1 1 00
_____
80
_____ 1 0 2 %
98*2
94%
3 1 00 %
.. ..
81%
_____
79%

102%
107%
97
92%
95
92%
103%
1 00 %
77%
78
104
84%
103*4
99%
90
103%
85%
81%

_____
....

105
1 07 %
101%
60
1 07 %
110%
100
71%
101%

_____

1 01
N o v ’ 10 . . . .
1 0 2 % J u n o ’ 16 _____
1 0 3 % A u g T fl . . . .
107U
105*4
91
94
91%
10034
105
85*2
100*4
9'JV,
04
8.3

H ig h

87
87
6
14
31
80
14
35
_____
83
99*4
_____ 1 0 1
105%
74
78
_____
40
63%
50
51
. . . . 106% 100%

S a le
6
85%
85%
80
1 11 % i m ,
2
n ii4
6
78*2 7 9
79
_____
90
J u n e ’ 10 _____
16
79
79%
79*2
6884 8 4
N o v ' 18
S a lo
10
09
69
70
6884
6S34
a
_____
67
S a lo
22
07
07
101V , O o t '1 0
81*2 8334 8 1 % N o v ’ 16
81*2 8 I 84 8 2 % N o v ' 1 6 —
84
6 7 % S a le
07
07%
005,
705a
57
70*2 S a lo
18
85*2 8 7 % 8 0
8 0 ',
8 8 * 4 _____
88
J u n e ’ 10 . . . .
1 0 0 % _____
1 0 1 8 4 _____
10334 _____ 1 0 2 3, O o t '1 0
10234 _____ 1 0 2 3 . N o v ' 1 0 _____
1 0 2 % _____ 1 0 2 3s N o v '1 0 . . . .
102
_____
87*2 8 8
8 7 !j
88
_____
87*2
8 7 % S a le
87%
88*4
104-% S a lo 104*2
104%
9034 S a le
9 0 34
00%
8 9 % _____
8 7 % S o p t ’ lO
91
91*2 9 1
91
---------85*2
8 5 1 , O o t '1 0
1 0 2 % 104*2 1 0 1 % O o t T 6
9 9 * 2 _____ 1 0 0
O c t T fl
lO O U J a n '1 0
---------1 01
101
N o v ’ lfl
101
102% 100
O ot TO
1 0 6 % _____ 100*4 N o v ’ lfl
90
_____
90
O ct TO
____ _____ 1 0 9 % N o v ’ 15
1 0 1 % S a lo 1 0 1 %
101%
1 0 5 % _____
1 0 3 % 1 0 5 % 104*4 J u l y ’ 16
105
J a n T fl
10034 _____
10034 10184 1 0 2 %
102%
1 0 7 % _____ 1 0 7 % S e p t ’ 10
95
00% 96
O o t T fl
8 5 % 8 6% 0 25 , N o v '1 0
93
90
95
N o v ’ lfl
92*4 S a le
92%
9234
1 0 H , S a le 1 0 1 %
1 02
-------- 102%
1 0 0 ', A u « '1 0
76
S a lo
76*2
7034
77
S a lo
77
77
1 0 0 % 100% 1 0 0 %
1 00 %
8234 8 4 % 8 4 % N o v '1 6
1 0 2 % 104
1 0 2 % S e p t '1 6
0884 9 9 % 9 9 % O o t T f l
93*2 9 4 %
O c t '1 0
1 02
1 03 % 102*4
10234
81% 82% 82
N o v ’ lf l
---------8 2
8 1 % M a r ’ 16
_____
75
1 0 5 % _____ 1 0 5
N o v ’ lfl
1 0 7 % 107*2 1 0 7
N o v 'l f l
1 00 % 101% 101% O o t T 6
62
60
60
N o v ’ lfl
1 00 % 107*4 100V , O u t '1 6
1 0 8 % _____ 1 0 8 % N o v ’ lfl
1 0 3 * 2 _____ 1 00
S e u t 'l O
7 2 * 4 _____
71*4 M a y T fl
1 0 3 % _____ 1 0 'i 'l N o v ' 1 0

R ange
S in c e
Jan. 1.

___

92
95*4
95*2
95
95
1
95&1 N o v ’ ie _____

7 0V ,
7 1 j4
7 1 % S a le
90
S a le
89%
90
82
S a le
813,
8212
56*2 S a le
55%
66%
1 1 1 % _____ 111*2 N o v ’ lfl
1 0 3 % _____ 1 0 3 %
1 03 %
8 0 % _____
78
M a y ’ 16
79*2 8 0
80
N o v ’ 16
80
S a lo
79%
80
7634 7834 7 6 %
76*2
92*2 S e p t ’ 16
8 4 * 4 _____
83*4 O o t ’ 10

J
J
J - J
J - J
J u ly
J - J
J - J
J - J
M -N

B onds
S old

2064:

103*2
105*4
99*2
57
1 06 %
108
105%
71%
1 03 %

100*2 102
102
102%
1 02
103%

N o v '1 0 . . . . 102%
20 102%
105*4
N o v ’ 10
89
3
94
91
O o t TO
91%
N o v ’ 10
98%
1 1 03 %
105
N o v ’ 10
84%
N o v ’ 10
ll'J l,
69
10014
95
35
N o v ’ 16
G o t '1 0
88

107*4
106*4
91
94%
93
100%
107*4
88
10X1,
101%
64
90

103
105*4
O ot T 6
101
102%
N o v '1 0
1 90
00
94
1 82
82*2
84%
N o v ’ lfl . . . .
97
99
N o v ’ lfl . . . .
60
01
N o v ’ 16
78*2 8 3 %
62
4
54
63
M a r ’ 10
18% 18%
A p r T fl
83
86
N o v ’ 16 ___
09*| 101*8
M a r ’ 15
115
95% Idd
99%
95
99
99
11
53
92*2 9 0
94*4
47
89% 92%
91%
N o v ’ lfl —
91% 93%

9 Due Nov.

« Dus DM.

If.

BONDS
Y . STOCK EXCH AN G E
W e e k E n d in g D e l , 1 .

U n io n P a c if i c ( C o n ) —
O r e S h o r t L in e 1 st g O s____1 9 2 2 F - A
l e t c o n a o l g 5 a ___________ 1 94 6 J - J
G u a r r e f u n d 4 a ___________ 1 92 9 J - D
U t a h <& N o r g o l d 5 s _____ 1 9 2 6 J - J
1 s t e x t e n d e d 4 s ________ 1 93 3 J - J
V a n d a lla c o n s g 4 a S o r A _____ 1 9 5 5 F - A
C o n a o l 4a S e r ie s B __________1 9 5 7 M - N
V e ra C r u i & P 1st g u 4 H # --1 9 3 4 J - J
V ir g in ia n l a t 5a S o rle a A _____1 96 2 M - N
W a b a a h la t g o l d 5 a ___________ 1 9 3 9 M - N
2 d g o l d 5 s ....................................1 9 3 9 F - A
D e b e n t u r e S e r ie s B ________ 1 9 3 9 J - J
l a t H en e q u ip a f d g 5 s _____ 1 92 1 M - S
1 s t lie n 5 0 - y r g t e r m 4 s ___ 1 9 5 4 J - J
D e t & C h E x t 1 s t g 5 a _____1 94 1 J - J
D e a M o l n D l v 1 s t g 4 a _____1 9 3 9 J
O m D l v l a t ? 3 ^ a ..................194 1 A - O
T o l <fc C h D l v l a t g 4 g _____1 94 1 M - 8
W a b P it t a T e r m la t g 4 a _____1 95 4 J - D
C e n t a n d O ld C o l T r C o ce r ts
C o l u m b i a T r C o c o r t f s ______
C o l T r c t f a f o r C e n t T r c t f s _____
2 d g o l d 4 a ....................................1 95 4 J - D
T r u s t C o c e r t f a ________
W a s h T e r m l l a t g u 3 > $ a _____ 1 9 4 5 F - A
1 s t 4 0 - y r g u a r I s ___________ 1 94 5 F - A
W e s t M a r y l a n d l a t g 4 s _____ 195 2 A - O
W e s t N Y A P a l a t g 5 s _____ 1 9 3 7 J - J
G e n g o ld 4 a __________________ 1 94 3 A - O
I n c o m e 5 s __________________ p l 9 4 3 N o v
W h e e lin g A L E l a t g 5 a _____ 1 92 0 A - O
W h e e l D lv l a t g o l d 5 s _____ 192 8 J - J
E x t c n A I m p t g o l d 5 a _____ 1 9 3 0 F - A
R I t la t c o n s o l 4 a ___________ 194 9 M - S
2 0 - y e a r e q u ip a f 5 s ________ 1922 J - J
W i n s t o n - S a le m S B 1 st 4 s ___ 1 96 0 J - J
W la C e n t 5 0 - y r 1 st g e n 4 a ____ 194 9 J - J
S u p A D u l d l v A t e r m 1 st 4 s '3 6 M - N
S t r e e t R a ilw a y
B r o o k ly n R a p id T r a n g 5 s . .1 9 4 5 A - O
la t r e f u n d c o n v g o l d 4 a ___ 2 0 0 2 J - J
6 - y e a r s e c u r e d n o t e a 5 s ____1 91 8 J - J
B k C i t y la t c o n 5 a . . 1 9 1 8 -1 9 4 1 J - J
B k Q C o A S c o n g u g 5 « _ .1 9 4 1 M - N
B k l y n Q C o A S 1 st 5 a _____ 1941 J - J
B k l y n U n E l 1st g 4 -5 a — 1 95 0 F - A
S t a m p e d g u a r 4 - 5 s _______1 95 0 F - A
K in g s C o u n t y E la t g 4 s . 1 9 4 9 F - A
S t a m p e d g u a r 4 s ________ 1 94 9 F - A
N a s s a u E le c g u a r g o l d 4 3 .1 9 5 1 J - J
C h i c a g o I ly a la t 5 a ___________ 192 7 r - a
C o n n R y A L i s t A r e f g 4 H * 1951 J - J
S t a m p e d g u a r 4 H s ________ 1951 J - J
D e t U n it e d 1 st c o n s g 4 H » - - 193 2 J - J
F t S m it h L t A T r la t g 5 a . . . 1 9 3 6 M - 8
H a v a n a E l e c c o n a o l g 5 s _____ 1 95 2 F - A
H u d A M a n h a t 5a S e r A _____ 195 7 F - A
A d j u s t i n c o m e 5 a .................... 195 7
N Y A J e r s e y la t 5 a ________ 193 2 F
A
I n te r b o r o -M e tr o p co ll 4 ^ 9 -1 9 5 0 A - O
I n t e r b o r o R a p T r a n la t 5 s . .1 9 6 6 J - J
M a n h a t R y ( N Y ) c o n a g l a . 1 99 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
M e tr o p o lita n S tre e t R y —
B w a v A 7 t h A v 1 st e g 5 8 .1 9 4 3 J - D
C o l A 9 th A v 1st g u g 5 s . . 1993 M - S
L e x A v A P F 1 st g u g 5 a . . 1 99 3 M - 8
A
M e t W S E l (C h ic ) l a t g 4 s . .l 9 3 S F
M l l w E l e c R y A L t c o n a g 5a 192 6 F - A
R e f u n d i n g A e x t e n 4 H S . .1 9 3 1 J - J
M l n n e a p S t 1 st c o n a g 5 a ____191 9 J - J
M o n t r e a l T r a m la t A r e f 5 s . 1941 J - J
N e w O rl R y A L t g en 4 ^ 8 .- 1 9 3 5 J - J
N Y M u n f c l p R y 1st a f 5 s A 190 0 J - J
N Y R y s la t R E A r e f 4 s . . . 194 2 J - J
3 0 - y o a r a d j In c 5 s ________a 1942 A - O
N Y S t a t e R y s 1 st c o n s 4 H s . 1 90 2 M - N
P o r t la n d R y 1 st A r e f 5 a _____ 1 93 0 M - N
P o r t l d R y L t A P la t r e f 5 a . 194 2 F - A
J
P o r t la n d G e n E l e c 1 st 5 8 .1 9 3 5
8 t J o a R y , L . I I A P 1 st g 5 a . 1 93 7 M - N
S t P a u l C i t y C a b c o n a g 5 a . . 1 93 7 J - J
T h i r d A v e 1 st r e f 4 s ................. 1 9 0 0 J - J
A d j In c 5 s ................................ a l 9 6 0 A - O
T h i r d A v e R y 1st g 5 s ..............1 93 7 J - J
T r l-C lt y R y A L t l s t s f 5 a ..1 9 2 3 A - O
U n d e r g r o f L o n d o n 4 H * » _____ 1 93 3 I - J
I n c o r a o f l s ___________________ 194 8
U n io n E l e v ( C h i c ) l a t g 5 s . . 1949 A - O
U n it e d R y a I n v 5a P it t s Isa. 192 6 M - N
U n it e d R y a S t L 1 st g 4 s _____193 4 J - J
S t L o u is T r a n s i t g u 5 a _____1 92 4 A - O
U n it e d I I R s S a n F r a f 4 s . . . 1 9 2 7 A - O
V a R y A P o w 1st A r e f 5 s . . 1 9 3 4 J - J
G a s a n d E le c tr ic L ig h t
A t l a n t a G L C o 1 st g 5 a .............194 7 J - D
B k l y n U n G a s 1 st c o n s g 5 s . 1 94 5 M - N
B u f f a l o C i t y G a a la t g 5 s . . . 194 7 A - O
C l n c i n G a a A E l c o 1st A r e f 5 s 1 95 6 A - O
C o l u m b u s G a s la t g o l d 5 s . . 1932 J - J
C o n a o l G a s c o n v d o b 0 s _____ 192 0 Q - F
C o n s G a s E L A P o f B a lt 5 - y r 5 s '2 1 M - N
D e t r o i t C i t y G a s g o ld 5 s ___ 1923 J - J
D e t r o i t G a a C o c o n a l a t g 5s 191 8 F - A
D e t r o i t E d is o n la t c o l l t r 5 s . 1 93 3 J - J
l a t A r e f 5a s e r A _________ A 194 0 M - 8
E q O L N Y la t c o n a g 5 s . . 193 2 M - 8
G a s A E l c o B e r g C o c g 5 s . . 1949 J - D
H u d s o n C o G a s 1st g 5 a _____ 194 9 M - N
K a n C i t y ( M o ) G a s l a t g 5 s . 1922 A - O
K in g s C o E l L A P g 5 s _____193 7 A - O
P u r c h a s e m o n e y 0 s ________ 199 7 A - O
C o n v e r t i b l e d e b 6 s ________ 192 5 M - 8
E d E l III B k n la t c o n ; 4 a . 1939 J - J
F
L a c G a a L o f S t L 1 st g 5 a . . e l 9 l 9
R e f a n d e x t l a t g 5 s ............... 1934 A - O
M i lw a u k e e G a s L 1 st 4 s _____ 192 7 M - N
N e w a r k C o n G a s g 5 s ________ 1948 J - D
N Y G E L II A P g 5 s _____ 194 8 J - D
P u r c h a s e m o n e y g 4 s _____ 194 9 F - A
E d E l II 1st c o n a g 5 a _____ 199 5 J - J
N Y A Q E l L A P 1 st c o n g 5 s 193 0 F - A
P a c if i c G A E l C o C a l G A E
C o r p u n i f y in g A r e f 5 s ____193 7 M - N
P a o l f l o G A E g e n A r e f 5 s . . 1 94 2 J - J
P a c P o w A L t la t A r e f 2 0 - y r
5 s I n t o r n a t S e r i e s .................... 193 0 F - A
P a t A P a s s a ic G A E l 5 a _____ 1 94 9 M - 8
P e o p G a s A C 1 st c o n a g 6 a . . 191 3 A - O
R e f u n d i n g g o l d 5 a __________194 7 M - S
R e g is t e r e d _________________1947 M - S
C h G - L A C o k o 1st g u g 5 s . 193 7 J - J
C o n G C o o f C h i l s t g u g 5 a 1930 J - D
I n d N a t G a s A O il 3 0 - y r 5 s 193 0 M - N
M u F u e l G a s la t g u g 5 a . . 1947 M - N
P h il a d e lp h ia C o c o n v 5 s _____ 1919 F - A
C o n v d e b e n g o l d 5 a ________ 1922 M - N
S t a n d G a s A E l c o n v a f 6 s . . 192 0 J - D|
S v r w n w ' lrrhf|n^ la f a 1«i
iq r .l I
nl

New York Bond Record—Concluded—Page 4
P r ic e
F r id a y
D e c . 1.
B id
A sk
103
1 08 ig
1 0 7 5 g _____
9312 S a lo
1 01
_____
923? 1 0 0
9 1 * 4 _____
9 1 3 ? _____
--------- 8 7
99*2 S a lo
1053? S a le
9934 I 0 0 i2
80
. . .
97
. . .
82
._
1 0 4 * 2 _____
80
_____
74
76
85
86
1
3
I 6, S a le
____
3
2*2
>4
I4
85U
8 6 l2
94*; 95*2
75*2 S a l o .
1 05
S a lo
8534 S a lo
37
100
98*2
9 9 * , S a le
78
7 8 *,
98*4
80*4 88*4
8 75 , 88*4
88
89*,

W e e k '*
R a n ge or
L a s t S a le

B onds
S old

Dec. 2 1916.)

R a n ge
S in ce
Jan. 1

L ow
H
108
10
1 07
10
933g
8
102
M ar
90
Apr
913g O o t

N o.
2
11
80
—
—
—
_____

L ow
1071,
1 06
91
1 02
90
90*4
91

H ig h
1 09
1 0 7 7,
94*,
1 02
95*,
91*,
91*2

99*4
105*2
9934
105
100
65
10434
80
74
86

47
97*4
14 1 0 3
21
98
_____ 1 0 5
—
96*8

995,
106
100*2
105
1 00

9
10
10
O ot
M ay
D eo
ic
Aug
N ov
June

Ug
2
<

7 5 .2
105
85*2
37
1 00
99*2
99*g
78
80
86*2
88
88

105
O ot T
N ov’l
O ot T
99*
78
S op t’ l
N ov’l
88*
88

3 1 03
105
_____
—
72
74
_____
82
87
—
*4
4*4
24
*2
3*4
—
*2
3*2
—
1*
37,
_____
*4
7,
—
]8
*4
—
831S 84*4
27
11
2

71
76*2
103*4 105*2
8 11, 847,
—
37
37
—
98
102
_____
90
09*2
99*,
1 97
1 68
80
80
80
84*2 8 8
84
88*2
5
85
905,

100*4 S a lo 1003?
77*, :
75*2 78
lOO*, S a lo 100*2
102
:
101 7,
—
95*2 94*2 ;
1 01
]
100*4 101*4 101
100*2 101*2 1 0 1 * 4 :
847g
83*4 8 7
83*, 86
85
735, 7 1
74
:
9 7 *g
97*2 S a lo
101*4
101*2 (
101*2
lO U g
83*2 S a lo
831a
84
.
94
95
94*4
7 0 1 , S a lo
70
28
S a lo
26
100*2 S a lo 100 *»
7234
7234 S a lo
9834
9 S 78 S a lo
93
92
93
93
93
S a le

6 100*,
741,
126 100
100*2
93*2
IIII
25 100
_____ 1 0 0 *,
_____
82*2
5
82*2
_____
73
18
95*4
—
99*2
—
10U ,
27
741,
_____
—
87
134
68*2
02
25*,
1 100*2
53
72*2
160
97*2
1 88*2
2
89

99*4 99*2
09
9 97 , 9934
98
99*2 100*2 1 0 0
30
102*4
102*8 103
93
92*4
____
101
100*4
93*2 90*4 9 4
8 3 34
85
99*2
99
745,
7 4 3 , S a lo
497,
497, S a lo
8534
87
S a lo
91
92
—
78
1 00
95*4
96
101*2
102 *g
8 13 , S a lo
81
7534
7 6 1 , S a lo
1 07
107*4 1 08
100*2 1005, 100*4
94
95*2
72
80
69
84
85
70
70*2 7 6
75
01*4
00
53
51*2 6 0
30*2
36*4 S a lo
91
S a lo
91

20
_____
—
_____

104*4
107
19*4
100*2 101
1 25
IO 734
10U2
101
10412
10012

1 20
S a lo
102

9934
9314

993,
93

--------- 9 5
lO O tj . . .
1 1 4 7, U 5
1023g 102*2
--------- 9 9 7 ,
10234 _____
1 02
. . .
88
91
1 0 0 7 , _____
9834 _____
93
93*5,
101*4 S a le
102*4 103*4

92*8
99*2
115
1023,
99
103*4
101*4
91
10034
99*4
93
IO U 4
102*4
**2*4

95
96
1021, 1 0 2 *,
81
83^
7 5 * , 843?
106
1 0 8 *,
98*4 1 0 0 7,

IIII
_____

1 0 1 3,
M a y ’ 15
F e b ’ 13
N o v ' 10
N o v ’ 16
N o v ’ 10
N o v '1 6
O ot T 6
S e p t ’ 16
1 02
10234
937,
M a r ’ 10
10534
86*2
O o t ’ 16
A u g '1 6
100
93
S e p t ’ 16
O c t '1 5
S o p t ’ 16
102*2
S e p t '1 3
103*4
IO U 4
91
M a r ' 10
N o v '1 0
93*4
101*2
N
N oo vv ’ 10
10

93*4 100*4
98
100*fc
99
1 01

14
11

i i ”
17
_____
1
44
10

1 08

94*4
75*4
31*4
1 02
70*2
99*2
93*2
93*4

101
102*2
93
93
100*4 101
92
95
80
80
99
99
73*2 7 9
497, 037,
83
88*2
88*2 94*2
78*2 8 0

2
_____
1

1 02
1 0 2 *,
86*2
86*2
77*4
08*4
102
101*2
855,

_____
2
_____
_____
32
46
4

;
;
1

1 03
|
107
54
,
101
1
97
125
10734

S a lo 104*8
1013g 101*2
100*2
100 "
100
103
'
0 3 7g
9 0 7g '. . 9 0 7g
105
1 0 5 ’ 4 105*4
117
118
1 1 7 *,
120
1 25
1 38
8734 . .
88*2
1 02
S a lo 1 02
10214 10234 102*4
93Sg 9 3 7g 9 3 5 ,
1 0 3 i2 _____ 1 0 3 5,
1 05
S a lo 1 0 5
8 OI2 S a lo
86*2
1 0 8 * 4 _____ 108*2
1 0 0 ' a _____ 1 0 0 ’ 4
99*4
927g

99*
N ov’l
N o v 'l
M a r’ l
O ot T
N ov’l
Aug T
94
Aug T
S e p t’ l
75
501
87

103*4
81
io n .
102*4
94*2

68

72

67
59*2
53
30
87

77
62
597,
46*4
923,

1 05

105

101

1 01

32
42

120
107
101
101*2
11 102*4
9 100*4

1 27
108*2
102*2
101*2
1 0 4 7,
102*8

_____ 103
1037,
_____
9 0 7 , 91
_____ 1 04
106*4
___ - 114 7, 118*2
_____ 126
128
_____
88
88*4
3 lOO*, 1 05
2 4 100 7, 102*4
3
91*4 9 3 7 ,
_____ 103 5, 1 0 3 5,
18 103
105*4
7
83*4 8 7
_____ 1 08
1 09
lOO*, 101*4
28
5
....

9 75, 100
92
937,
92

93*2

_____
24

1 1 4 * , 115*2
1 0 0 3 , 102*4

1
1
10
_____
_____
10
11
—
-------

1 0 0 7,
101
86
1 0 0 *,
*96*4
88
981,
99*4

103*4
101*2
91
100*4
99*4
94
102 7,
102*4

* N o p r io e F r i d a y ; la M a t M d a n d a a k a d . « D u # J a n . 4 D u # A p r i l , t D u e M a y




BONDS
Y . STOCK E X CH AN G E
W e e k E n d in g D e o . 1 .

S y ra cu se L ig h t & P o w e r 5 s . . 195 4 J - J
T r e n t o n G & E l l a t g 5 a _____1 9 4 9 M - S
U n io n E l e c L t & P l a t g 5 s . . 1 93 2 M - S
R e f u n d i n g * e x t e n s io n 5 8 .1 9 3 3 M - N
U n it e d F u e l G a a l a t a f 6 s . 1 9 3 6 J - J
U t a h P o w e r & L t l a t 5 s _____1 94 4 F - A
U tic a E le c L t & P 1st g 5 s . .1 9 5 0 J - J
U t i c a G a a & E l e c r e f 5 s ______ 1 95 7 J - J
W e s t c h e s t e r L t g g o l d 5 a _____1 95 0 J - D
M is c e lla n e o u s
A d a m s E x c o l l t r g 4 s ________ 1 9 4 8 M - S
A la s k a G o l d M d e b 6 a A _____1 92 5 M - S
C o n v d e b 6 a s e r ie s B _______1 92 6 M - S
A r m o u r & C o 1st re a l e s t 4 H a ’ 39 J - D
B o o t h F is h e r ie s d e b 8 f 6 i . . 1 9 2 6 A - O
B r a d e n C o p M c o l l t r a f 6 a . 193 1 F - A
B u s h T e r m in a l 1 s t 4 a ________ 1 95 2 A - O
C o n s o l 5 a _____________________ 1 9 5 5 J - J
B l d g s 5 s g u a r t a x e x _______1 9 6 0 A - O
C h i c U n S t a t 'n l s t g u 4 H s A 1 9 6 3 J - J
C h i le C o p p e r 1 0 - y r c o n v 7 a . 1 9 2 3 M - N
C o m p u tin g T a b - I le c a f 6 3 ..1 9 4 1 J - J
G ra n b y C o n s M S * P e o n 6 a A ’ 28 M - N
S t a m p e d _____________________ 1 9 2 8 M - N
G r e a t F a lla P o w l a t a f 5 a . . 1 9 4 0 M - N
I n t M e r c a n M a r i n e 4 H s _____1 92 2 A - O
C e r t if i c a t e s o f d e p o s i t
N o w 1 st * c o l l t r s f 6 s . . 194 1 A - O
I n t N a v ig a t io n 1 st s f 5 s _____1 92 9 F - A
M o n t a n a P o w e r 1 s t 5 s A ___ 194 3 J - J
M o r r i s & C o la t s f 4 H a _____ 1 9 3 9 J - J
M t g e B o n d ( N Y ) 4a s e r 2 . . 1 9 6 6 A - O
1 0 - 2 0 -y r 5 s s e r ie s 3 _______193 2 J - J
N Y D o c k 5 0 - y r l a t g 4 s ___ 195 1 F - A
N ia g a r a F a l ls P o w e r l a t 5 a . 1 93 2 J - J
R e f & g e n 6 s _______________ a l 9 3 2 A - O
N t a g L o c k & O P o w la t 5 s . . 1 95 4 M - N
O n t a r io P o w e r N F la t 5 s . . 194 3 F - A
O n t a r io T r a n s m is s io n 5 s _____ 1 9 4 5 M - N
P u b S e rv C o r p N J g e n 5 a .. 1959 A - O
T e n n e s s e e C o p 1 st c o n v 6 a . . 1 9 2 5 M - N
W a s h W a t e r P o w e r 1 st 5 a . .1 9 3 9 J - J
M a n u fa c t u r in g & In d u s tr ia l
A m A g C h e m 1 st c 5 s _______ 1 9 2 8 A - O
C o n v d e b e n 5 s _____________ 1 92 4 F - A
A m C o t O il d e b e n t u r e 5 s ___ 1931 M - N
A m H i d e & L 1 s t a f g 6 a _____1 9 1 9 M - 8
A m e r I c e S e c u r d e b g 6 a _____ 1 92 5 A - O
A m S m e lt S e c u r it ie s a f 6 s . . 1 92 6 F - A
A m T h r e a d l a t c o l l t r 4 s _____ 1 9 1 9 J - J
A m T o b a c c o 4 0 - y e a r g 6 s ___ 1 94 4 A - O
G o l d 4 s . . ...................................1951 F - A
A m W r i t P a p e r 1 st s f 5 s . . . 1 91 9 J - J
B a ld w L o c o W o r k s 1 s t 5 s ___ 1 9 4 0 M - N
B e t h S t e e l 1 s t e x t s f 5 s _____ 1 92 6 J - J
1 st & r e f 5 s g u a r A ________1 9 4 2 M - N
C e n t L e a t h e r 2 0 - y e a r g 5 s . . 1 92 5 A - O
C o n a o l T o b a c c o g 4 s _________ 1951 F - A
C o r n P r o d R e f a f g 5 s ........... 1931 M - N
1 s t 2 5 - y e a r s f 5 a _________ 1 9 3 4 M - N
C u b a n - A m S u g a r c o l l t r 6 a . .1 9 1 8 A - O
D is t i l S e c C o r c o n v 1 st g 5 8 - 1 9 2 7 A - O
E I d u P o n t P o w d e r 4 H a ___ 1 9 3 6 J - D
G e n e r a l B a k in g 1 st 2 5 - y r 6 a . 1 93 6 J - D
G e n E l e c t r i c d e b g 3 H a _____194 2 F - A
D e b e n t u r e 5 s _______________ 195 2 M - S
111 S t e e l d e b 4 H a ......................... 1 9 4 0 A - O
I n d i a n a S t e e l 1 s t 5 s ....................1 95 2 M - N
I n g e r s o l l- R a n d l a t 5 s .............. 1 93 5 J - J
I n t A g r l c u l C o r p 1 st 2 0 - y r 5 s 1 9 3 2 M - N
I n t P a p e r C o 1 st c o n g 6 s . . . 1 9 1 8 F - A
C o n a o l c o n v s f g 5 s ..............1 9 3 5 J - J
L a c k a w S t e e l la t g 5 a ________1 92 3 A - O
la t c o n s 5a S e r ie s A ........... 1 9 5 0 M - S
L ig g e t t & M y e r s T o b a c 7 s . . 194 4 A - O
5 a . . . ............................................. 1951 F - A
L o r l ll a r d C o ( P ) 7 s ................... 194 4 A - O
5 a .......................................... ..........1951 F - A
M e x i c a n P e t r o l L t d c o n 6 s A 192 1 A - O
l a t lie n * r e f 6 s s e r ie s C . . 1 9 2 1 A - O
N a t E n a m & S tp g la t 5 s . . . 1 9 2 9 J - D
N a t S t a r c h 2 0 - y r d e b 5a_____1 93 0
J
N a t i o n a l T u b e 1 s t 5 s _______ 195 2 M - N
N Y A i r B r a k e l a t c o n v 6 s . . 1 92 8 M - N
R a i l w a y S t e e l S p r in g —
L a t r o b e P la n t la t s f 5 s . . 1921 J - J
I n t e r o c e a n P 1 st a f 5 a . . . 1931 A - O
R e p u b I & S 1 0 - 3 0 -y r 5a a f . 1 9 4 0 A - O
S t a n d a r d M i ll in g 1 s t 5 s _____193 0 M - N
T h e T e x a s C o c o n v d e b 6 8 ..1 9 3 1 J - J
U n io n B a g & P a p e r 1 st 5 s . . 1 9 3 0 J - J
S t a m p e d _____________________ 1 93 0 J - J
U S R e a lty A I c o n v d e b g 5s 1924 J - J
U S R e d & R e f g 1 s t g 6 s _____1931 J - J
U S R u b b e r 1 0 -y r c o l t r 6 s . . ! 9 1 8 J - D
U S S m e lt R e f & M c o n v 6 a . 1 92 6 F - A
U S S t e e l C o r p — ■1 c o u p _____<11963 M - N
S f 1 0 - 6 0 -y r 5 s / r e g ______ d l 9 6 3 M - N
V a - C a r C h e m la t 1 5 - y r 5 s ___ 192 3 J - D
C o n v d e b 6 a _______________ , 1 9 2 4 A - O
W e s t E l e c t r i c l a t 5 s D e c ___ 192 2 J - J
W e s t i n g h 's e E A M n o t e s 5 a . 1 91 7 A - O
C oal &
Iron
B u f f A S u s q I r o n s f 5 s ______ 193 2 J - D
D e b e n t u r e 5 s ______________a l 9 2 6 M - S
C o l F A I C o g e n s f 5 s _____1 94 3 F - A
C o l I n d u s 1 st A c o l l 5 s g u . . . l 9 3 4 F - A
C o n s I n d C o a l M e 1st 5 s . . . 1 93 5 J - D
C o n s C o a l o f M d I s t A r e f 5 3 .1 9 5 0 J - D
C o n t i n e n t a l C o a l 1 st g 5 s ___ 195 2 F - A
G r R l v C o a l A C 1 st g 6 s . . h l 9 1 9 A - O
K a n A II C A C l a t a f g 5 s . . l 9 5 1 J - J
P o c a h C o n C o l li e r 1 st s f 5 s . 1 95 7 J - J
S t L R o c k M t A P 5s s tm p d .1 9 5 5 J - J
T e n n C o a l g e n 5 s ______________ 1951 J - J
B lr m D l v 1 s t c o n s o l 6 s ___ 1 9 1 7 J - J
T e n n D l v 1 st g 6 a ________a l 9 l 7 A - O
C a h C M C o 1 st g u 6 s _____192 2 J - D
V i c t o r F u e l 1st a f 5 s ..................1953 J - J
V a I r o n C o a l& C o k e 1 st g 5 s . 194 9 M - S
T e le g r a p h & T e le p h o n e
A m T e l e p A T e l c o l l t r 4 s ___ 192 9 J - J
C o n v e r t l b e 4 s ........... ............. 193 6 M - S
2 0 - y r c o n v e r t i b le 4 H a _____1 9 3 3 M - S
C e n t D la t T e l 1st 3 0 - y r 5 s . . 194 3 I - D
C o m m e r c ia l C a b l e 1st g 4 s . . 2 3 9 7 Q - J
R e g i s t e r e d __________
.2 3 9 7 Q - J
C u m b T A T 1 st A v e a 5 s ___ 1937 J • J
K e y s t o n e T e l e p h o n e 1 st 5 s . . 193 5 I - J
M o t r o p o l T e l A T e l la t s f 5 s 191 8 M - N
M i c h S t a t e T e l e p 1 st 5 s _____1 92 4 F - A
N Y A N J T e l e p h o n e 5a g _ 1 9 2 0 M - N
N Y T e l e p la t A g e n s f 4 H S . 1 9 3 9 M - N
P a c T e l A T e l 1st 5 s ..................193 7 I - J
S o u t h B e ll T e l A T 1st s f 5 s . 1941 J - J
W e a t U n io n c o l l t r c u r 5 s ___ 1 9 3 8 J - J
F d a n d r e a l e s t g 4 H a _____1 9 5 0 M - N
M u t U n T e l g u e x t 5 s _____1941 M - N
N o rth w e st T e l gu 4 H a
s g _. .1
-1 9 3 4 J - J

2065

P r ic e
F r id a y
D ec . 1.

W e e k 's
R ange or
L a s t S a le

R ange
S in c e
Jan. 1

B id
A ik L ow
H ig h
86
______ 85*2 J u n e ’ 12
1 0 1 * 2 ______ 101*2 J u n e ’ 14
1 0 1 * * ,_____ 1 0 1 5 ,
101 5,
1 0 1 5 , N o v ’ 10
101
S a le 100*2
1 01
9 5 3 , S a le
95*4
96
1 0 0 * , ______ 102*4 M a r ’ 1 5
98
A u g '1 5
1 0 0 * 4 _____
1 0 4 3 , 105*4 105*2 N o v ’ 16

L ow

H ig h

10034 1 0 1 » ,
1015, 1014,
9 9 7 , 101
93*2 96*4

104*4 1 0 5 5 ,

85
86
86*, 88
85*4 S a le
9414 S a le
9 3 3 4 _____
99
S a le
8 7 l 2 _____
9134 9 2 1 ,
89
S a le
1 0 0 i2 S a le
146
S a le
87
88
111
S a le
110
112
101
101«4
10934 _____
108*2 H I
9 6 5 , g a ie
110
_____
100
S a le
9 3 * 8 _____

85
N o v ’ l#
86*2
86
88
117
85
85*4
85
105
94*4
95
93
95
9 2 3 , N o v '1 6
90
9212
99
99*8
97*2 99*2
87*2 O o t ’ 16
86*2 8 9
867, 927,
9 1 3 , N o v ’ 16
12
89
89
86
91
51
993, 1023,
100*#
100*4
144*,
1 5 0 * , 1 8 0 8 120*2 1 54
11
87
81
8 7 »*
87*2
10934
25 1015, 117
1 12
10 1 0 3
1 12
112
115
4
101*4
101*4
99*4 101*2
111
O ot T 6
95
1 11
10934
109*4
9 5 * , 111
96*4
9 6 7 , 1 67
96*4 99*2
110*2 N o v ’ 16
91*4 110*2
995,
xoo*,
9 5 * , 100**
933,
933,
92*4 9 3 5 ,
83
A p r ’ 14
94
J u n e ’ 16
94
94*2
74
_____
73*2 N o v ’ 16
71
75*2
102
S a le 102
102*4
100*4 102*2
105*2 1 08
105*2 O o t T 6
105*2 105*2
92*4 9 7
95*4
96
92
96
94
94*2 93*2
93*2
92
95*2
88
S e p t '1 6
86
90*2
” 9 2 7j
9234 9 2 5 ,
9 2 34
89*4 9 3 3 ,
94
94*2 94*2
95
88
125
---------100*2 1 0 3 * , J a n '1 4
1 03 1, s a le
104
S a le
97
S a le
104
g a le
87*2 S a le
116
S a le
9 8 7 , 991,
120
_____
82*2 8 5
88
S a le
104*2 1 05
10334 S a le
103
S a le
1 0 3 3 , S a le
8 1 * , _____
99
100
98*4 S a lo
102*4 102*2
74*4 S a le
101
1 02
"8 0 * 2 81
105*4 100*2
9 3 5 , g a le
10334 S a le
76*2 8 0
I O I 34 102
99*2 S a le
101*4 I O U 2
1 0 4 3 , S a le
1 2 7 1 , 127*2
102
102*2
1 2 6 5 , 127*4
101*2 1 0 2 5,
111
S a le
111
S a le
100
101
91
92
1 0 1 7 , 102
105*4 S a le
1 01
9734
101*2
98
106
93*4
93
69
18
1017,
111
107*8
1065,
1 00
10234
1 0 1 7,
1005,

103
103*2
97
1 04
87*2
116
99
120
82*4
877,
1 03
103*4
102*4
102*4
84*4
99
98*4
1 0 2 *,
72*2
101*8
85
80*2
107
93*2
10334
100
7934
1 0 1 7,
99*2
101*2
104*4
1 27
102*4
126*2
101*2
111
111
101
85*2
1 01
105*4

lO U g
98*2
S a le
9934
S a le
S a le
94
S a le
27*4
1021,
112
S a le
S a le
S a lo
S a le
1 03
101*4

101
98
101*4
99*4
1055,
93*4

9 6 * 4 _____
9 3 1 , 9 71 ,
9512 9 7
7 8 5 , 79
20
_____
93*4 9 4
35
_____
--------- 95*2
40
______
94*2 9 5
84*2 8 6
101*2 102
100
101*4
100
101
_____ 1 08
_____
80
86
88*2

99
99
95*2
79
73
93*4
993,
94*4
99
94*4
87
101*2
100*8
1 00
101
73
87*2

94
69
22
101*4

1115,
106*4

1065,
993,
102*2

1027,
101

103*,
108*2
975,
104
87*2
122
99
N o v ’ 16
N o v '1 6
9014
N o v ’ 16
104
103
1033,
O o t ’ 16
N o v ’ 16
98*4
102*4
74*4
101*8
M a r ’ 16
N o v '1 6
N o v ’ 16
937,
104
O o t ’ 13
7 97 ,
102*,
100
101*2
107*4
127*4
102*4
N o v ’ 16
101*4
111
1 11
N o v ’ 16
A u g ’ 16
102
1 06

6
747,
35 101*,
29
81
35
97*2
326
90
10 123*2
7 100*4
1225,
' l l 100*4
5 1065,
1 105
96*2
85*2
997,
1 01

101*,

8U ,
102*4
100
101*2
109
128
103*2
127*2
102*4
128
1251,
102
88*2
1025,
106*2

99*4 10112
94*2 98
9534 102*2
957, 1 0 0
104
1 06
80*, 94
8 2 * , 94*2
73
68
10*2 25*4
101 7 , 10312
109
115*,
1033 4 1 0 7 5 ,
1035, 1075,
96*4 1 0 0
1031,
1 00
1011, 1033,
100*4 1 0 1 5 ,

98
1015,

993,
106

94
94
69
25*4
1021,
112*2
1075,
107*4
100
102*4
103
1 01
N o v ’ 16
N o v ’ 16
95*4
79
M a r ’ 14
935,
F e b '1 4
M a r ’ 16
J u l y ’ 15
N o v ’ 16
N o v ’ 16
101*2
N o v ’ 10
N o v ’ 16
D e o ’ 14
A p r ’ 14
867,

907,
913,
S a le
S a le 100*4
100*4
107
S a le 1 06
103*2 102*2 N o v 16
73
N o v ’ 16
77
71
M a y ’ 16
100*2 S a le 100*4
1007,
98
A p r ’ 16
_____ 1 00
1 01
101*8 1 0 0 7 , N ov ’ 16
1011,
100
102*2 1 00
101*2 _____ 101*2
101*2
993,
997,
9 9 5 , S a le
1017,
1 01
S a le 101
I O U 4 S a le 101
101*4
101*8
100*2 101*8 1 0 1 *,
957, 975, 9 6*,
97*4
9 9 3 , _____ 101*4 A p r T 0
94
_____
94
94
907,
100*4
1 06
1 0 2 i2
73

5 1 0 1 7 , 103*4
2 6 7 ’ 96*4 1 0 8 1 ,
10
95*2 97*4
3 1 0 3 3 , 104*2
2
8 8 *,
85
2 0 0 106*4 122*2
9 7 7 , 99*4
11
120
118
82*2 89*4
65*2 9 4
104*2 1 0 5
102*2 104*2
997, 1031,
100»4 103*2
827, 84U
98*4 100*8
9 5 7 , 9912
101*2 1 0 3
693, 78
101
107*2
85
85
78
83*2
103*, 1085,
89*2 9 4 1 ,
101*8 1 0 5

96*2
90
92*4
74*,

99
99
98*2
82

90

94

94*4

9434

89
9412
84
88*2
1005, 103*,
lO O *, 1 0 2
100
102

827,

90*2

396
90*2
3 1 00
7 0 105 5 ,
101*2
73
71
99*4
98
1007,
991,
4
1 100*4
205
97*2
70
99*2
995,
22
7 1 00
945,
69
101*4
1
94

93*,
105*4
113*4
103*,
73
71
IO U 4
98
1011,
10U 2
101*2
997,
102
102*4
102*,
976,
10 U2
95

e D u e J u n e . A D u e J u ly , t D a n A u g . • D u e O o t . p D u e N o r . g D u # D e o .

1 O p tio n ' n l e

BOSTON STOCK EXCHANGE—Stock Record

2066
SHARE
S a tu r d a y
N oo. 25.

*179
180
81
81
*125
130
46
46
*212
220
* _____
4
* _____
40
*4*2
5
*4412 4 7
•150
1 54
*1 05 12 1 06 3)
*148
155
*76
78
*1 3 0 *2 1311a
93
93
* 9 9 l2 1 0 0
* 4 * 2 _____
30
30
5 8*s 58*8
*101
1 04
* 1 4 1 * 2 _____
_____
*26
*112
1 13
*56
57
*75
76

P R IC E S — N O T

M onday
N oo. 27.

180
180
180
79
80
81
1 2 9 i2 129*2 * 1 2 5
4534
*212
*212
♦
*
4
*
*
40
5
* 4 i2
47
* 4 4 i2
*150
154
IO6 I2 100*2
*150
155
77
77*2
1 3 U 2 13138
*91
100
9 8*s
5
2934
30
57
1 00
LOO * 1 0 1
142
*14U 2
*20
*26
27
*112
* 1 12 *2
57
56
56
75
75
75

*4>2
* 4 4 i2
*150
IO6 I4
*150
7712
*130-34
*9 1
*983$
*4*2
2934

98
IO 2 I4
* 1<2
* 1U 4
*118
*121
12778
*5 23 4
98
*77
* ------122*3
72
23*2
* 8*2
*232
•179‘2
100*2
9714
80
*179
*1
* _____
* _____
*27
*60
* _____
160
149

1 02
98U
1 03
IO2 I4
2
138
11
12
119
1 22
12812 1277g
5 3 >2
9834
98*4
_____
*77
99
99
124*2 1 2 0
72
71*2
237g
233)
9
* 8*2
233
232
18012 * 1 7 9
101
101
9734
9012
81
80*2
180
1 80
2
*1
17
39
_____
*27
_____
*60
1 26 3)
127
160
100
150U

50
*1512
1391.)
66*2
*32
16134
5812
*2 97 s
12738
*12114
938

50
50
*1 51 2
16
1 42
143*2
68
67*2
_____
*32
1 62
160*2
59*4
581.)
30
2978
1 29
1263s
1 213) ♦1213s
93)
914

99
1 03
15,
11

1 2 8 'g
983s
99
1 23
71*2
24
9
233
ISO
101
97*2
81
180
2

12634
161

50
16
1 46
68
1 613)
59
297S
1295s
121 3)
938

PER

T u esd a y
N oo. 28.

95
1025s
*158
* 11*2
117*8
1 20
127*8
*53
98
77
98
119
71
23
* 8*2
232
1 80
101
96
8012
*179
*1
*
*
*27
*60
125*8
160
145
1661s
50
1512
1 44
67
*32
1 60*i
58
29*8
125*8
*1 2 1 3 8
9 's

5U
•115
12*2
* 1*2
81
60
81
17*8
27g
*673)
93*2
625
*23
69*4
82*2
3
18
12
110
5434
20
5
64*2
93
39
5
6
16
* 5 'i
7*2
1 73 )
*334
*414
103
3 1 *8
* 7 l2
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30*2
9012
*9
28
23s
*2
31S
7 93 )
100
191.)
105
34
107
23)
IU 4
•33
7
20
7*2
45
8
.9 0
78
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3 *s
24
125*2
7%
7*4

5 I4
5U
5 lS
120
119
120
1 23 ,
14',,
13
13,
13,
158
80
8U2
81*2
61
5814 61
81
80
80
173)
173)
17
234
3
27,
6 8 I4
68
6.312
93
95
9 5 12
630
*625
243) 25
25
6 8 3 , 69*2
70
83
7 91 ) 821?
3
3
3
173,
181,
18*2
123,
12
12
11012 108*2 1 09
5434
54
54
20
231.1
23*2
5
5
*4*2
63
65
65*2
* 9 21 2 93*2
93
40*2
3 81 2 41
5
5
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578
5 78
6
15
16
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512
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8
8
712
18
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4
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105
1 02
31
31
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7
71?
163,
163) * 1 5
2978 3 0 L
30*2
8 9 '., 9 0
91
83,
91|
83,
28
29
29
21?
21)
25s
2
2
2*2
*3
3*4
3*s
80
78*2 8 0
1 02
101
102*1
1934
18*2
20
101*2
106*2 xlO O
333) 333)
34
10S
106
1 09
23,
23)
23,
1078 113,
1H2
3 33 ) * 3 2 l 2 3 31 a
7
05,
6*2
20
19*2 2 0
733
7*8
778
453,
45
45
8
7*2
8*1
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.8 9
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7 9 l2
76*2 79
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5H a
338
37S
37,
24-3)
2 1 >2 2 4 %
126
7 3,
73
7*8
71?
712
7 's
63
6*4
55
561?
55
56
* 21)
2%
214
2 l2

' Mid u d asked price*,

CENTUM

W ed n esd a y
N oo. 29.

TH ANKSG IV IN G
180
DAY
80
7 9 t 2 7 9 '2
130
*125
1 30
45-*4
43
43
L a s t S ale
*212
*
L a s t S ale
4
4
*
L a s t S a le
40
40
L a s t S a le
5
5
*4*2
L a s t S ale
47
*44>2 4 7
L a s t S ale
1 54
*150
154
1 0 6 l2
L a s t S ale
155
1 55
*150
77
77
77
1 31 % 1313s 13183
*92
_____
98*8 _____
5
5
*3*2
30
2912 29*2
57
5712 57*2
101
1 04
*1 01
1 42
142
1 42
27
27
*26
111
111
1 14
58
56
56
75
—
—
95
1 03
1214
11733
121
1 28 *,
54
9 8 '2
77
98
1 2 1 's
71
23*2
9
232
1 80
101
963,
81
1 80
2
17
39

1 26
1 60
1 45
1661s
50
15*2
1 46 3,
673 ,
I 6 U4
58
30
127
1 2 1 3,
9*8

*95
103
1*2
11*2
*11514
*116*1
127*8
*53'2
98*2
77*2
*
120
71
23
* 8*2
230
178*2
*101
9512
81
179
* .9 9
*
♦

97
103
1=8
11*2
1 1 6 *,
1 28
54
9S*s
77*2
9 8 12
122*2
71*2
23
9
230
178‘ 2
102
96
81
179
H2
17
39

*27
*60
125Sg 126
160
1 60
145
1 45
50
*15*2
145*2
6 6 I3
*32
159*2
571?
29*8
123*8
12U2
9*4

50
16
1 46
67
1 60 %
5734
30
125*1
121%
9*8

5
5
*412
5*1
120
1 18
1 20
1 2 0 l2
14
13
13
13
1*2
1*2
1*8
H?
7912
78
78
78*2
58*2
5612 5 8
5 6 's
79
80
*78
80
16*8
17
17
16*,
23,
2*8
2*2
21?
♦OS3,
6 9 *i
68*8 6 9 * ,
92
93
91*2 9 4
622
630
625
634
243S 2 5
2 2 l2 22*2
67
67*?
68
68
7 6 3 , 79
77
78*2
3
3
3%
3*1
173,
17*8
1 7 's
18%
103,
11*2
11
11
100
1 0 4 % 104*2 106
*52
52*?, * 5 2
53
20
19*8 21
20*2
5
4 *,
4*2
412
631?
63
63
63*2
*9212 931? *92*2 9 3 12
383,
38
38
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5
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*4*8
51,8
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5*8
512
518
15
15
15
141?
5*2
512
512
518
71?
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71?
7*2
1 6 34 17
1738 173,
4
4
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4-*8
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4*2
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101
1 0 0 l2 102
102
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3 0 *i
30
29*2
63,
63,
7
7
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16)3)
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28*2 2 9 * ,
28*2 2 9 12
88
8 8 *,
8 8 I3 8 9
83,
834
9
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2 6 5s 2 7 3 ,
2 6 3 , 2812
21?
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2*2
2*2
2
2
*2
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3
3*2
* 3 !S
77
78
77*2 7 9 3 ,
100
993,
98
98
I 8 I3 19
191g
1 8 's
99
97
99
97
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33
321? * 3 2 * ,
1 04
106
1 0 4 % 105
21?
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21?
2*2
11
1 0 *,
10
1 0 *>
♦32
33
*32*2 3 3
6*2
6*2
6*4
6*1
* 1 81 3 19*, ♦ 183, 19
758
734
71,
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443, 4 5
44*2 4 5
7*2
8
7*t
712
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.9 5
1 Hi
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753) 77
51*,
51*2
51*2 51*2
358
33,
35S
3*8
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21
22
1 2 1 % 122*2 1221?
*121
71?
71,
7 '4
7*1
7
7
7 's 6 1 5 -1 6
61?
6
6
5
54
55%
55
55*2
2 *, I
2
2*
2

a Ex-dlvldead and rights.




P R IC E S .

T h u rsd a y
N oo 30

L a s t S ale

L a s t S ale

L a s t S ale
L a s t S ale
L a s t S ale
L a s t S ale

F r id a y
D ec. 1

1 7 6 3 , 176*4
79*2 8 0
_____
_____
44
45
2 1 2 N o v ’ 16
4*2 M a y '1 6
39
M a y ’ 16
U 2 N o v ’ 16
45
S e p t '1 6
1 50
O c t ’ 16
_____ _____
1 50 N o v ’ 16
_____
_____
* 1 3 0 l2 _____
93
93
-------- -------5
5
28
29*,
5 7 3 , 58*4
_____ _____
_____
_____
21
34*2
_____ _____
57*8 5 7 's
.......................
*943, 97
1 03
1 05
*H 2
13,
_____ _____
_____
_____
118*2 1 1 8 %
1 27 % 1 28
54
N o v ’ 16
98*4 98*2
77
77
_____ _____
120*2 122*1
_____ _____
_____ _____
8*2 N o v ’ 16
_____
_____
_____ _____
101
101
96
97*2
80-3, 81
_____ _____
1
N o v ’ 16
16
J u n e ’ 16
35
N o v ’ 10
32*,
3 2 *,
60
N o v ’ 16
1 25 % 125 %
160
1 60
144*2 1 45

50
_____
146
66*2
L a s t S ale 3 2
N
15734
57*2
29*8
1 25 %
1 2 1 3,
9*4

50
_____
1 47
67
o v ’ 16
160 %
58
29*8
126*4
121 3,
93,

S a le»
o f the
W eek
S h a res

STOCKS
BOSTON STOCK
EXCHANGE

_______ <
55
35
225
210
15
30
75
288
16
55 (
1 ,2 1 5
5
114
25

R a n g e S in e * J a n . 1

Ex-etook dividend.

R a n g e f o r P rev io u s
Y e a r 1915
H ig h e s t

Do
p r e f.
io s t o n & W o
Do
p r e f.
D o pref

Do

p r e f.

D o p r e f s t a m p e d _________ 1 00
H & H a r t f o r d ........... 1 00

rY N

C o l o n y _________________ 100
la n d , p r o f ______________ 1 00

p r e f ______________
M is c e lla n e o u s
425
374
Do
p r e f.
280
.m e r F n e u m
Do
p r e f.
18
12
77
Do
p r e f.
5 ,8 5 9
_______ _
231
Do
p r e f.
100
m osk eag M
70
Do
p r e f.
.1 0 0
5 ,7 1 6
300
.1 0 0
Do
p r e f.
397
..............:
133
8
109
.1 0 0
2 ,1 1 2
.1 0 0
240
Do
p r o f.
30
..............
..............
Do
p r e f.
.1 0 0
5
D o p r e f ____________________ 100
1 68
495
300
3
1 ,5 7 0
10
3 ,4 6 7
305
Do
p r e f.
1 ,5 7 5
1 ,5 9 5
rn lte d S h o e M a c h C o r p _ . 2 5
546
D o p r e f ____________________ 2 5
8 ,3 3 9
.1 0 0
7
Do
p r e f.
.
5
3 ,8 2 5

1 7 4 ia S e p t 2 5
6 5 la A p r 2 4
122 S e p t l4
3 4 A u g 29
200 A ug 4
4 i2 F eb 29
39
M a y l9
4 M a r ls
42
F e b 28
150 O ct 25
1021a A p r 2 0
123 S e p t 1
69*t S e p t2 7
122 J a n
3
z 8 0 J a n 10
98
S e p tl9
434 N o v 9
28 D eo
1
5 6 i2 N o v l 5
97 Jan
3
135 S ep t2 1
20 M a y 1
1001a A u g 2 9
x55
S ep t2 1
69 J u ly l3

1 9 8 F e b 16
8 8 ia J a n 19
145
F e b 11
52
F e b 14
2 35 *2 M a y 2 9
5 Jan
8
40*2 F e b 2 9
5*2 J a n
5
45*8 J u l y l 8
154
J u ly 2 0
110 J u ly l4
1 6 2 F e b 19
87
F e b 14
1313s N o v 2 8
93
N ov 3
1 0 2 J a n 17
8*4 A u g 3 0
44
Aug 9
77»4 J a n
3
107 S e p tl4
157 F e b 26
34*2 D e c 1
125 M a r 1
67*2 J a n 19
86
F eb 25

170 M a r
73 June
109
F eb
20 F eb
225 Jan
5
D ec
40
Sep
5
N ov
39 Jan
157 F e b
101*2 J u l y
140 F e b
51
F eb
1 14 A p r
84
Aug
92
M ar
4 78 J u n e
3 3 J u ly
43
F eb
89
O ct
140
Aug
15 M a r
105 F e b
61
M ay
8 0 J u ly

198 Jan
96 Jan
138*2 O c t
37*2 O c t
240 June
10 M a r
60
M ar
9 S ep
47
J u ly
160 S op
110 A p r
165 Jan
70
N ov
120
F eb
88
M ar
103*2 N o v
10 S ep
50
Jan
87*4 O c t
98
Apr
157
Apr
30 N o v
125
Apr
72*2 J a n
93*2 F o b

6 4 A p r 24
95% M a r2 3
lia J u ly 8
11 O o t
5
100 A p r 22
1 1 4 ia M a r 1
12018 J a n 31
42 A u g 5
9 2 J a n 11
3
66 J an
98 J u ly 2 4
2 7 J a n 14
4 2 J a n 15
u>8 % A p r 2 8
81a A u g 16
2 3 0 O o t 31
15914 A p r 22
95 June 8
79
S e p t2 1
78 S e p t l4
155
M ay 4
i4 N o v 2 2
1 5 J a n 18
35 N o v 9
2 3 ia J u l y 18
50 J an 24
125% N ov2S
1 0 2 's J a n 11
117 M a y lO
1581a A p r 2 8
50 N ov25
15 F e b 3
125 F e b
5
3 5 J a n 14
2 8 J a n 14
1 3 6 ia J a n 31
50 June23
2 8 i2 J a n
3
79*4 M a r 1
115U F eb 5
6 % S e p t l8

1 02 N o v 2 5
1 05 D e o
1
3 U A p r 12
16 M a y 4
125U O ct 25
124 O ct 25
1341a S o p t 3 0
5034 N o v 8
1 0 1 % M a r l4
79
N ov 8
I O U 4 F e b 10
128 N o v 2 3
7 2 la N o v 1
25*8 J u l y 2 0
133s J a n 19
250 M a r 7
1 86 O o t 2 0
1 02 ia S e p t 8
10034 N o v i 7
8 9 F e b 14
181 N o v 2 0
2 * , J a n 15
19 A p r 10
44 F eb
8
32<4 D e o 1
05 N o v l4
140 M a r l7
105 N o v lO
165*4 N o v l 7
175 O ct
5
59
O ot 28
10*2M ay23
177 O ot
9
70
N ov 3
33 M a r 2
168*4 A u g 21
6 3 t2 M a y l2
31
S e p t l8
1293s N o v 2 7
1 2 2 *4 N o v 3
13 J a n
3

48 Jan
87*2 M a r
1*4 M a r
13 D e c
100 F eb
109 F e b
116 J a n
I 6 I2 A p r
77
F ob
59*8 J a n
97*2 M a y
4
F eb
9*s M a r

73*4 N o v
IO H 2 N 0 V
4*2 O c t
19*2 J a n
llO ia N o v
119
D eo
130*2 N o v
57*4 O c t
99*2 O c t
67
Apr
1 01
F eb
36
N ov
49
N ov

8*a D e c
230
M ay
138*4 F e b
9012 A u g
78 A p r
84
N ov
154 F eb
14 A p r
10 June
35
F eb
20
Apr
2 5 J u ly
x l2 7 * 4 J u n o

13*4 A p r
2 60 Jan
184*2 O o t
104
M ar
94
Aug
9 2 i2 J an
2 00 Jan
3 S ep
16*8 D e o
4 6 ia J a n
30 N o v
55
D eo
143 Jan

M in in g
1 ,2 9 5
1*4 F e b 17
5
5%
260
1 18
120
91
Aug 1
7 ,0 4 5
14
15%
11% S e p t 2
1 ,0 3 5
1*2
H2
*4 M a y 3
2 ,0 0 0
773, 783,
58 J u ly l7
2 9 l2 J u l y l l
5634 58*4 1 3 ,1 6 0
60 J u ly ll
1 89
Do
p r e f.
79*2 8 0
4 ,5 8 0
76s J u ly 2 9
17
17*,
1 ,2 9 3
2%
2*2
1*2 A u g
625
69
6 9 *i
0 O i2 J u l y l O
4 ,9 0 5
66 J u n e28
93*2 95*4
2610
615
179
515 J u ly l4
205
14 J u l y l 7
*23
24*2
40 J u ly ll
* 68*2 6 9
310
78
7 9 14 1 7 ,7 9 5
54% J u l y l l
3
3
880
2 J u ly l3
1 1% J u l y l 2
18*s
18% 1 0 ,4 5 0 E a s t B u t t e C o p p e r M i n ___ 10
11
ll* i
9 5 0 F r a n k l in ______________________ 2 5
0 Ju n c2 3
*106
1 08
125
79 J u l y l l
*52
53
200
3434 J u n c 2 0
20
20*2
2 ,8 9 6
1 0% J u n e 2 8
4*2
4*2
8 9 0 I n d i a n a M i n i n g _______________ 2 5
2 J u ly lO
2 ,5 1 1 I s la n d C r e e k C o a l __________
1
*66
_____
42 8 e p t2 7
25
Do
p r e f __________________
1
88 Jan 29
*92*2 93*2
40
40
2 ,7 1 5 I s le R o y a l e C o p p e r ___________2 5
25 J u ly l3
*43,
5
1 00
3% M a r 4
234 F e b 11
580
5*8
5*8
9>4 J u l y l 4
1 ,6 4 6 L a k e C o p p e r C o ____________ 2 5
14*2 15
314 J u l y l 5
270
5*2
5*2
345
1*2 A u g 3
*7
7*,
10 J u ly l3
1 7 *, 17*2
2 ,2 0 5 M u
C o n s o l __________________ 2 5
2 J u ly 5
15 M a y f l o w e r ___________________ 2 5
*3*2
4
*4*4
4*2
l> 2 J a n
5
8 1 0 M i c h i g a n _____________________ 2 5
1 02
102
1 ,9 2 3
7 7 i2 J u l y l l
175
15 J a n 2 8
*30*2 31
434 J u l y l l
6 2 5 N e w A r c a d i a n C o p p e r ______ 2 5
7
7
5
100 N e w I d r la Q u t o k s i lv c r ____
9 J u ly l9
15*2 1 5 '2
1 ,9 1 0 N e w I i l v e r C o m p a n y ........... 100
29
29%
2213 N o v 9
873, 88
815
Do
p r e f __________________ 100
79
N ov 9
9
9
5
2 7 5 N lp ls s ln g M i n e s ____________
0 M ar 1
6 ,5 4 9 N o r t h B u t t e ________________ 15
27*4 2 8
20 J u ly l3
*2*2
3
2 6 6 N o r t h L a k e _________________ 2 5
.5 0 J u n e 2
1*8 J u l y 15
6 0 i O J lb w a y M i n i n g ____________2 5
*2
2*2
U 4 J u ly l4
2 4 5 O ld C o l o n y ___________________ 2 5
*3%
3*2
6 0 J u l y 14
2 ,1 7 2 O ld D o m i n i o n C o ____________ 2 5
78*2 7 9 3 ,
70 J u !y l4
1 00
100*2
9 9 7 O s c e o l a _________________________ 2 5
lU a M a r 7
5 ,3 0 0 P o n d C r e e k C o a l ____________ 10
18*4
18*8
81 J u ly l2
98
99
7 97 Q u i n c y . . .......................
25
20*4 J u n e 2 2
*33
33*2
130 K a y C o n s o li d a t e d C o p p e r . 10
6 1 % J a n 31
1 0 6 * , 107
7 06 S t M a r y ’s M in e ra l L a n d . . 25
U 4 J u ly 2 8
7 7 0 i S a n t a F e G o l d & C o p p e r . . 10
2%
2*2
7 J u ly l3
5 ,7 9 0 i S h a n n o n ______________________ 10
1 0 % 10*2
L a s t Sale 3 3 % N o v ’ 16
24»4 J u l y l l
S h a t t u c k - A r l z o n a ____________ 10
4
Aug
7 0 5 i S o u t h L a k e ......................
6
6
25
12ia J u l y l 5
*18*2 19
9 0 i S u p e r i o r ________________________2 5
H a J a n 13
6 ,1 3 0 i S u p e r io r A B o s t o n C o p p e r . 10
7*,
7%
44
45
35
Aug
8 6 5 T a m a r a c k ...................................... 2 5
414 J u l y l 2
1 ,9 5 2 T r i n i t y ..............................................2 5
7*2
7%
.1 5 J a n 2 0
.9 9
l- s
1 1 ,6 1 0 i T u o l u m n e C o p p e r __________
6 4 <8 J a n
76
77*4 1 4 ,2 5 4 U S S m e lt R c f l n A M i n ___ 6 0
5 51
49
F eb
51*2 52
Do
p r e f ___________________ 5 0
334
3*4
3 H i F e b 11
5
2 ,0 1 0 U t a h - A p e x M i n i n g _________
2 2%
23
1 2 % J n n 15
7 , OSS U t a h C o n s o l i d a t e d _________
5
*123*4 123 3
165 U t a h C o p p e r C o . . ................. 10
75 Ju ne27
4 ,1 1 3 U t a h M e t a l A T u n n e l ______
6% J u ly l8
'
7*8
7%
234 J a n
1 ,5 6 0 V i c t o r i a ________________________ 2 5
* 6*2
7
334 M a r 2 7
1 ,5 8 5 W i n o n a ________________________ 2 5
6*2
03,
*54
55*2 |
45 Oot
8 3 0 1 W o l v e r in e _____________________ 2 5
li a A u g 12
9 9 0 W y a n d o t t _____________________ 2 5
2*4
2* 1

6

[V o l . 103.

H ig h e s t

59
207
5
183
.............. ]
_______ ]
.............. ]

BONDS
S ee N e st P age

5*4 N o v 2 0
1 2 5 i2 N o v l 8
20*2 J a n
7
2i2 N o v 20
8 3 ta N o v 2 1
97*8 A p r 10
86*8 N o v 1
18 N o v 2 0
6*2 F e b 5
105U M a r 9
101 N o v 2 0
040 N ov20
27
N ov20
73*8 N o v 2 0
87*4 N o v 2 1
3*s M a r l 7
20
N o v l8
1 3 i4 N o v 2 0
120 N o v 2 0
55*4 N o v l 8
2 3 'a N o v 2 0
612 N ov21
65
N ov25
93
N ov 1
43
N ov20
6*8 M a y 3
8 Apr 6
19*2 F e b 10
0 l a N o v 20
9 N o v l8
1 9la N o v 2 0
5 F e b 10
4*4 N o v 6
108 N ov 2 0
3 3 i2 N o v 2 0
10*.i J a n
4
24*4 J a n 19
313s N o v 2 0
93U N o v 2 0
9U N ov21
3212 N o v 2 0
4>aJau
3
2*s A p r 6
4 Jan
3
83
N ov2
105 N o v 2 0
21
N ov 2
109*2 N o v 2 1
3634 N o v 2 0
110 N o v 2 0
3*8 J a n
8
12*2 F e b 14
40*8 F e b 14
8*2 J a n
4
28*2 J a n
3
8 % O o t 31
56*4 J a n 14
1234 J a n
3
Ds D eo
1
81*8 N o v 2 1
5 33 ) A p r 11
5*8 A p r 10
3 0 l3 N o v 2 1
127*8 N o v 2 0
l l i 2 M a r l3
8*2 N o v l 8
8U N ov20
67*2 F e b 10
2*4 F e b 14

150

F eb

170

15
104*4
28
26
110
48
28
38
1 0 2 '.)
10*8

S ep
Jan
M ar
M ar
F eb
Aug
M ar
F eb
Jan
D ec

18*4 J a n
128
N ov
3612 D e o
30U S ep
163
N ov
65
M ay
30
Aug
89*2 D e o
117*4 O c t
14*8 N o v

4 Jan
O2 I2 DCC
21*2 D e c
.4 5 F e b
35*2 J a n
16*4 J a n
3*4 J a n
2 Jan
35*4 J a n
5 H 2 Feb
350 Jan
15 J a n
3 2*s J a n
3 0 Jan
1*8 J a n
8*2 J a n
4 i2 F eb
68 Jan
23 U F eb
11 J a n
2U J an
41
M ar
8 5 ia J a n
17*2 J a n
3 Aug
1*2 A u g
5*2 J a n
318 J a n
1 M ar
3 Jan
3 Aug
.6 0 M a r
46% J a n
ID s F eb
4*2 F e b
4 J u ly

5 's A tlg
22*4 J a n
1 Jan
.5 0 M a r
214 N o v
38*2 M a r
04 Jan
12 J a n
50 Jan
15*4 J a n
28 Jan
1 M ar
4 Jan
18*4 J a n
5U N o v
22*2 J a n
1 M ar
25 Jan
2*8 F e b
.2 0 J a n
20 F eb
2 8 Jan
2 Jan
9 <4 F e b
48*4 J a n
1 F eb
1*4 J a n
32
Jan
,5 0 M a r

47g
103
40*4
4*4
66
72U

O ct

Apr
Aug
Apr
Apr
D eo
N ov

9% A p r
4*4 A p r
80 June
78*4 A p r
630 A pr
25
Apr
57
N ov
65
D oo
5*4 A p r
I 6 I2 D e o
1 4U A p r
9412 A p r
52*8 D e o
2 4 i2 A p r
10*2 A p r
52
Aug
91*8 A p r
34
Apr
5*8 A p r
4*2 A p r
19*g D e o
9
Apr
6 D eo
17 A p r
8
Apr
3
Apr
98 D eo
17 A p r
1414 J u n e
13*2 A u g

87* N o v
387s A p r
4*8 A p r
3 ia A p r
7*8 A p r
04
D eo
93*2 A p r
19*8 A u g
95
Apr
27*8 N o V
0512 D e o
5 O ct
I lia A pr
38
N ov
7*4 J u l y
41*2 A p r
4*2 A p r
58*8 A u g
16*2 O c t
.0 3 A p r
54
D eo
60*2 D e o
5*8 J u n e
16*8 J u n e
81*4 D e c
412
5*8
70
2Q

Apr
M ay
Apr
Apr

it paid. *;Ex-rlghta. « Bx-dividend. » Ex Tamaraok stock. » Half-paid,

THE CHRONICLE

Dec. 2 1916.]

2067

Outside Stock Exchanges
S t o c k s — (C o n c l.)
B o s to n
to n

S to ck

B o n d

R e c o r d .—

E x ch a n g e

N o v .

T r a n s a c t io n s

2 5

to

D e c .

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 .

A m T e l & T e l c o ll 4 s . . 1929
A t l G A W I S S L 5 3 . . 1 95 9
C e n t r a l V e r m o n t ........... 1 9 2 0
C h ic J u n e & U S Y 5 a . 1940
C o p p e r R a n g e 5 a ........... 1 94 9
G t N o r - C B & Q 4 a . . . 1921
M a s s G a s 4 5 4 s -------------- 1 92 9
N E C o t t o n Y a r n 5 a . . 1929
N E T e le p h o n e 5 a _____ 1 9 3 2
N e w R i v e r 5 a __________ 1 93 4
P o n d C r e e k C o a l 6 a . . 1923
P u n t a A l e g r e S u g 6 a . 193 1
S w if t & C o l a t 5 a ____ 1 9 4 4
W e a te r n T e l & T e l 5 a . 1932
C h ic a g o

S t o c k

904 4
874 4
10144
90
984 4
9844
101

98
1 0144
100

9 04 4
8744
79
1 01 44
88
9 84 4
9 84 4
92
101
81
101
98
10144
100

S a les
fo r
W eek .
$
1 1 6 ,0 0 0
4 4 ,0 0 0
2 ,0 0 0
4 ,0 0 0
4 0 ,0 0 0
8 ,0 0 0
1 2 ,0 0 0
2 ,0 0 0
2 4 ,0 0 0
1 2 ,0 0 0
5 ,0 0 0
3 ,0 0 0
8 ,0 0 0
1 6 ,0 0 0

9 14 4
89
79
1 0144
no
984 4
984 4
92
1 02 44
814 4
101
99
1 02
101

E x c h a n g e .—

C o m p le te

t io n s a t C h ic a g o S t o c k E x c h a n g e fr o m
in c lu s iv e , c o m p ile d fr o m

45
6244
87
5
39
11
7544

A m e r S t r a w B o a r d ------- 100
B o o t h F is h e r ie s c o m . . . 100
P r e f e r r e d ---------------- . 1 0 0
C h i C ity A C R y p t sh co m
C h i c a g o E l c v R y c o m ------O h io P n e u m a t i c T o o l . . 1 0 0
C h i c R y s p a r t c t f “ 1 " ------C h i c R y s p a r t c t f “ 2 ” ------C h ica g o T it le A T r u s t-1 0 0

142
97
1 30
79

D ia m o n d M a t c h ..............1 00
H a r t m a n C o r p o r a t i o n ------H a r t ^ h a f f A M a r x c o m 100
I ll in o i s B r i c k ............... . . 1 0 0
L in d e A i r P r o d C o c o m . . .
L in d s a y L i g h t ..........................
N a t i o n a l C a r b o n ..............100

9744
3 07
19J4
290

N o A m e r P u lp A P a p e r co m
1544
P a g o W W F e n c e c o m . . 2 0 _______
P r e s t - O - L l t e C o I n o ..............
142
P e o p l e ’ s G a s L t A C . . . 100 10844
P u b S e r v o f N o III c o m . 1 00
P r e f e r r e d _____________ 1 00
1 0144
334
Q u a k e r O a t s C o ..............1 00
S ca rs R o e b u c k

c o m . . .1 0 0

22844

S te w W a rn S p eed c o m .1 0 0
S w if t A C o . . ..................... 1 0 0

105
1 4744

U n io n C a r b id e C o ______ 1 00
U n it e d P a p e r B d , c o m . 1 0 0

197
38

W a r d M o n t g A C o , pfcl . . .
B on d s—
A r m o u r A C o 4 4 4 s ___ 193 9
B o o t h F is h e r ie s 3 f 6 s . 1 9 2 0
C h i c a g o C i t y R y 5 s . . . 192 7
C lit o C i t y A C o n R y s 5 s '2 7
C h i c a g o R y s 5 s _______ 1 9 2 7

1 10

9944
8 24 4
97

C h i c R y p r 1 M g 4 8 .1 9 2 7
C h i c R y a d j In o 4 s . 1 92 7
C h ic a g o T e le p h o n e 5 s 1923
C h i c U n S t a 1 st g 4 4 4 s 1 9 6 3
C o m ’ w c a lt h E d is o n 5 s 1 9 4 3
O g d e n G a s 5 s __________ 1 94 5
P e o p le ’s G a s L A C —
R e f u n d i n g g o ld 5 s . . 194 7
C h i c G a s L A C 1 st 5 3 ’ 3 7
P u b S e r v C o 1 st r e f g 5 s ’ 5 0
S o u t h S id e E l e v 4 4 4 8 .1 9 2 4
S w if t A C o 1st g 5 8 ___ 194 4
W i ls o n A C o 1 st 6 s . . . 1 9 4 1
x E x d iv id e n d ,
a E x d lv .
P it t s b u r g h
p o rte d

N o v .

S tock s—

2 5

S to c k
to

423
65
90
45
61
87
5
37
1044
73
78
2 14 4
222
14 1 44
90
1 30
75
87
97
307
1944
290
133
1244
1244
1 33
1 08
1 13
10144
33244
ill
22844
120U
1 05
1 40
13 44
1 92 4 4
35
76
n o

1 0644
1 47 44
15
201
38
76
n o

9 44 4 9 4 44 $ 4 ,0 0 0
9344
93 44 1 3 ,0 0 0
994 4
994 4 5 0 ,0 0 0
814 4
824 4 2 4 4 ,0 0 0
97
97
4 ,0 0 0
8 91 4 8 91 4
2 .0 C0
71 '
72 '
3 ,0 0 0
60
60
6 ,0 0 0
41
41
3 ,0 0 0
3 ,0 0 0
1 02 4 4 10244
1 ,0 0 0
1 00 44 10044
4 3 ,0 0 0
1 02J4 103
7 ,0 0 0
974 4 9 7 X

H ig h .

9044 N o v
74
Jan
79
N ov
1 00 44 M a y
85
M ar
9 74 4 J u ly
964 4 M a r
75
Jan
101
N ov
75
Jan
87
F eb
98
N ov
Jan
9 84 4
Jan
99

93
Apr
8 94 4 N o v
Jan
834 4
102
Aug
91
99
F eb
Jan
9 94 4
92
N ov
1 04
M ay
8144 N o v
1 02
N ov
102
N ov
O ct
10244
O ct
1 02 44

re co rd

tra n sa c­

o f

to D e c . 1, b o th

R ange

s in ce

L ow .

924 4
83
9 84 4
694 4
90
86 M
6 62 $
60 '
3344
1 01 44
1 00
10144
9544

Jan

1

H ig h .
425
N ov
72
N ov
90
50
O ct
6344 D e c
88
O ct
OX N ov
41
N ov
13
N ov
79
M ar
80
Jan
2 / 2$
O ct
2 4 9 4 4 J u ly
147
S ept
98
F eb
1 33 4 4 N o v
D eo
7944
91
S ept
100
N ov
315
N ov
25
Aug
3 01
1644 N o v
18
N ov
1 47
118
O ot
1 18 44 S e p t
104
F eb
Jan
363
115
234 X N o v
F eb
127
Aug
119
175
O ct
O ct
1544
215
S ept
40
N ov
77
N ov
11744
O ct

Sept
M ar
Apr
S ept
M ay

94 X
93 X
100
824 4
984 4
92 %
J u ly ]
75
O ct
70
41
Juno
A p r 1 02 44
J u n e .1 0 0 54
J u ly
1 03
Jan
98

S S t e e l C o r p , c o m ___ 1 0 0
’ h o u s e A i r B r a k e ______ 5 0
’ h o u s e E l e c A M f g ___ 5 0
P e n n T r A W P c a m 1 00
P r e f e r r e d _____________ 1 0 0
B on d s—
I n d e p e n d e n t B r e w 6 s ...........
P l t t s b B r e w i n g 6s _____1 9 4 9
P i t t s C o a l d e b 5 s _____1931
W e s t P e n n R y s _______ 193 1
U
W
W
W

F ob
N ov
F eb
N ov
F eb

Jan
O ct
N ov
F eb
N ov
N ov

B a ltim o r e

S tock s—

E x c h a n g e .—
1, b o th

624 4
_______
_______
44
50
_______
_______
125
444
1844
90
99
06
96c
8
18
’ 1744
584 4
8744
5
20
9o
1 .5 0
_______
131
12
214 4
330
17o
„„
"4 0

18
6 14 4
1 1744
1 05
flo
44
48
4 44
1 2244
1 25
444
1844
894 4
1 33
98
654 4
91o
744
1744
1744
6 64 4
86
1 23
5
20
4 94 4
9o
1 .2 5
1 93
944
1 28
12
2 14 4
13
30o
1 7o
1 15
3 84 4

5 ,0 0 0
3 0 ,0 0 0
1 0 ,0 0 0
2 ,0 0 0
1 8 ,0 0 0
2 0 ,0 0 0

1 01 44 J u ly
M ay
102
Jan
94
Jan
8 84 4
Jan
984 4
1 0244 N o v

6 E x d l v . , e x r ta .

F o llo w in g

s a le s

N ov
N ov
Sept
Apr
O ot
O ct
c E x r lg h t a .
10244
103
904 4
924 4
1 02 44
1 03

w e re

re­

in c lu s iv e :

18
624 4
118
1 05
8o
44
50
444
1 2244
1 25
4 44
1944
94
133
99
67
1
8
1844
1744
59 X
874 4
1 23
544
204 4
4 94 4
13o
1 .5 0
1 93
1044
131
12
22
13
330
170
1 15
40

S a les
fo r
W eek .
S h a r es.
OK
1 ,2 7 6
130
35
9 ,3 0 0
250
1 05
1 25
10
70
915
240
1 ,9 7 5
50
665
570
7 9 ,1 5 0
995
985
280
1 ,4 5 2
244
15
1 ,6 5 0
315
50
2 2 ,0 0 0
2 ,5 0 0
20
1 55
695
1 ,5 0 0
3 ,1 9 1
25
1 8 ,4 7 2
5 ,1 0 0
245
560

R a n ge s in ce J a n . 1.
L ow .
15
3 4 44
116
100
3c
30
14 X
3
1 0954
715 4
254
1554
49
1 23
87
4954
87o
6 54
1554
14
38
70
98
4 54
M X
23 X
So
1 .1 0
193
OX
1 15
7o
*1754
12
5o
14c
1 09
25 X

H ig h .

June
O ct
20X
Juno
66
O ot
N ov
165
Apr
F ob
107
Aug
Apr
13o
O ot
Juno
45
N ov
M ar
50
D eo
J u ly
6
M ar
Jan
122X N ov
Jan
127
N ov
M ar
7
Sept
M ar
23
Sept
June
M X N ov
Jan
134
Sept
Aug
99
N ov
Apr
68
N ov
N o v 1 .0 3
N ov
J u ly
12
Jan
J u ly
Jan
24X
Aug
19
Jan
F eb
69 X N o v
Jan
D eo
87X
M ar
123
N ov
M ar
OX Aug
F eb
26
O ct
Apr
4954 N o v
Sept
1 5o
O ct
S e p t 1 .5 0
N ov
N o v 215
M ar
M ar
O ot
13X
Jan
131
N ov
Apr
130
N ov
M ay
22
N ov
M ar
14
M ay
Apr
45o
O ct
June
250
Jan
M ay
120
Jan
Juno
O ct
4 65 4

110
3 ,0 9 7
1 ,1 8 5
215
15

12654 12944
162
166
6444
6244
2444 2444
73
73

1 63
63

58
9 94 4

S t o c k

B a lt im o r e S t o c k

58
58
$ 3 ,0 0 0
73
7 3 5 4 $ 2 6 ,0 0 0
99
5 ,0 0 0
994 4
9 ,0 0 0
1 00 5 4 1 0 0 5 4

E x c h a n g e .— R e c o r d

E x ch a n g e fr o m
L ast
S a le.
P r ic e .

P ar.

A l a b a m a C o ______ _______ 100
1s t p r e fe r r e d ........... . . 1 0 0
2 d p r e fe r r e d ___________ 1 00
A r u n d e l S a n d & G r a v e l 1 00
B a lt i m o r e T u b e _________ 1 00
P r e fe r r e d ...............
lo o
C h a lm e r s O il & G a s ______ 5
C o m a s C I g M a c h , c o m ___
C o m m e r c ia l C r e d i t ______ 2 5
P r e f e r r e d ........................... 2 5
P r e fe r r e d B ...................... 2 5
C o n s o l G E L & P o w . . . 100
C o n s o li d a t io n C o a l _____100
C o s d e n & C o . . ...................... 5
C o s d c n G a s ........... .................. 5
P r e f e r r e d ..............................5
D a v is o n C h e m lc a l- .n o p a r
E lk h o r n C o a l C o r p ______ 5 0
P r e f e r r e d _____________
H o u s t o n O il t r u s t c t f s . . 100
P r e fe r r e d t r u s t c t f s . . 100
M o n o n V a l T r a c ..............100
P r e fe r r e d .........................100
M t V - W 'b ’ y M i ll s v t r . 100
P r e fe r r e d v t r _______ 1 00
N o r t h e r n C e n t r a l ..............5 0
P e n n s y l W a t & P o w . . . 100
S a p u lp a P r o d u c i n g _____
P r e f e r r e d ........................
_
S a p u lp a R e f i n i n g ................. 5
P r e fe r r e d ............................. 5
U n it e d R y & E l e c _______ 5 0
W a sh B & A n n a p , p r e f. .5 0
W a y l a n d O il A G a s _______ 5
B on ds—
A t l a n t i c C o a s t L in e R R —
C o n v e r t i b l e d e b 4 s . 193 9
A tla n tic C L (C o n n )—
C e r t 5 -2 0 4 s s m a l l . . .
B a lt S p a r P A C 4 5 4 s . 195 3
B o s to n S a n d A G ra v 6s
C h i c a g o R y 1 st 5 s _____1 9 2 7
C o a l A C o k e 1 st 5 s ___ 191 9
C o n s o l G a s g e n 4 M s . . 195 4
C o n s o l G E L A P 4 X 8 ’35
N o t e s __________ _______
C o n s o l C o a l 1 st 4 X 8 ___
R e f u n d i n g 5 s ..............1 95 0
C o n v e r t i b l e 6 s ______ 1 92 3
C o s d e n A C o 6 s _____________
C o s d e n G a s 6 s . . . ...................
E l k h o r n C o a l C o r p 6 s . 1 92 5
E l k h o r n F u e l 5 s ........... . 1 9 1 8
F a ir A C la r k s T r a c 5 s . 1938
I l o u s t O il d l v c t f s 1 9 2 3 -2 5
M e r c h A M in e rs T r a n s 6 s .
M l l w E l R y A L t 4 X 8 1931
M t V - W ’ b ’ y n o t e s 6 3 .1 9 1 8
N O G t N o r t h 5 s ______ 1 95 5
N o r f R y A L t 5 s ............ 194 9
N o r f o l k S t R y 5 s _______1 94 4
P e n n a W A P 5 s ______ 1 9 4 0
U n it e d R y A E 4 s _____194 9
I n c o m e 4 s ...................... 194 9
F u n d i n g 5 s . . . ............ 193 6
do
s m a ll______ 193 6
W a s h B A A 5 s ________ 1941
P h ila d e lp h ia

1 02 44 1 0244
1 03
1 03
90
90
904 4
9 04 4
101X
10144 102
10244
1 02 44 1 0244
2 % , a tock d lv . 4 0 % .

F rid a y
L ast
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 .




L ow ,

R a n gei s i n c e
L ow .

Jan.

1

H ig h .

B o s ­

R a n ge s in c e J a n . 1.

10 3 8 5
Jan
7 54
33
Jan
50
Jan
754 4
12
100
M ay
620
25
Jan
607
00
Jan
768
2 44 J u ly
1 ,4 0 5
15
J u ly
400
5
M ay
3 ,7 8 8
66J4 M a r
0
70
Apr
66
13
Apr
6 621 1
O ct
225 13944 J u n e
754
89
M ay
8 8 2 102
M ar
7 81
72
S ept
306
86
Aug
1 60
Jan
764 4
25 307
D ec
1 ,0 5 5
Jan
644
2 0 9 1 67
J u ly
82
1 ,3 0 5
D ec
1244
225
6
O ct
1 ,2 5 5
O ct
1 14 44
352
1 08
D ec
2 61
107
Jan
35 1 0 0
Apr
Jan
71 3 0 9
16 1 07
M ar
1 69
2 ,6 0 2
10 124
1 .8 8 7
8 24 4 A p r
Jan
1 1 ,2 4 0
1 2644
441
12
N ov
1 ,8 9 9 a l 5 5
S ept
6 .4 3 0
132$ J u n e
5 1 X June
150
03 1 1 2 4 4 J u n e

425
07
90
45
634 4
88
544
39
1244
7044
78
22
222
1 42 44
97
132
794 4
90
98
307
1944
298
133
1544
13 44
145
1 1044
11344
102
334
11 1
233
12044

10244

D e o .

A m e r lo a n S e w e r P i p e . . 1 0 0
A m W i n d G la s s M a c h . 1 00
P r e f e r r e d ................ — 100
A m W i n d G la s s , p r e f - . l O O
C a b l e C o n s o l M i n i n g ------- 1
C a n e y R i v e r G a s ------------2 5
C o lu m b ia G a s * E l e c - -1 0 0
C o n s o li d a t e d I c e , c o m . . 5 0
C r u c i b l e S t e e l, p r o f ------- 1 00
H a r b -W a lk e r R e f r a c -- 1 0 0
In d e p e n d e n t B r e w i n g ..50
P r o f o r r e d ----------------------- 5 0
L a B e llo I r o n W k s _____1 0 0
P r o f e r r c d .........................1 0 0
L o n e S t a r G a s ..........................
M f r s L ig h t A H e a t ........... 5 0
M t S h a sta C o p p e r ..
N a tio n a l F ir e p r o o f in g ..50
P r e f e r r e d ...........................6 0
O h io F u e l O i l --------- --------------1
O h io F u e l.S u p p I y ------------2 5
O k l a h o m a N a t u r a l G a s 1 00
O s a g o & O k l a h o m a C o . 100
P it t s b u r g h B r o w i n g _____5 0
P r e f e r r e d ........................... 5 0
P it t s b u r g h C o a l , c o m . . 100
P it t s b u r g h C o n M M & T 1
P l t t s b u r g h - I d a h o ................. 1
P l t t s b A L E r i e R R ------- 5 0
P it t s b u r g h O il A G a s . . 1 00
P it t s b u r g h P la t o G la s a .IO O
P it t s b u r g h S il v e r P e a k . . 1
P u r o O il , c o m m o n ................. 5
R i v e r S id e W e s t O il ,o o m 2 5
R o a s M in in g A M illin g . . . 1
S a n T o y M i n i n g ....................1
U n i o n S w it c h & S ig n a l. . 5 0
U S G l a s s .............................. 1 00

a t

in c lu s iv e :

t h e o ff ic ia l s a le s lis t s , is a s fo llo w s :

423
00

A m e r ic a n R a d i a t o r _____1 00
A m e r S h i p b u il d i n g ------- 1 00

b o n d s

N o v . 2 5

S a les
F rid a y
fo r
L a s t W e e k ’s R a n g e
W eek .
o f P r ic e s .
S a le.
H i g h . S h a r es.
P a r . P r ic e . L o w .

S to ck s—

in

1, b o th

F r id a y
S a le s
L a st
W eek ’s R ange
fo r
S a le
o/ P r i c e s .
W eek
P a r . P r ic e . L o w .
H i g h . S h a r es.

W eek ’s R an ge
o f P r ic e s .
L ow .
H ig h .

S a les
fo r
W eek .
S h a r es.

65
8354
65
39
12954
1 08 4 4
644
5
47
29
2644
12944
11844
1754
1444
5
50 X
2444
48
2354
6 74 4
65
7 64 4
2154
7544
8944
8 64 4
16
16
1054
1544
3654
39 X
5

345
10
215
251
200
130
5
250
150
10
956
1 ,9 3 9
7 ,7 5 4
6 ,9 3 4
5 ,7 7 9
2 3 ,0 9 8
986
4 ,1 9 0
1 ,6 9 5
8 ,3 6 9
3 ,1 4 4
245
5
606
510
64
2 ,0 5 2
37
34
8
10
1 2 ,7 6 3
400
1 ,4 1 0

55
8 35 4
60
3844
1 28
1 08
644
5
47
29
2 64 4
1 26 4 4
1 09
17
134 4
444
4 94 4
2344
45
20
64
64
764 4
2044
744 4
8 95 4
85
15
16
1054
1544
3 35 4
3 74 4
454

108

129X
11544
17X
13X
5
49 X
23X
45 X
23 X
67
65

8 95 4
85 X

15X
35X
39X
4X

9 45 4
9144
9 74 4
90
97
9044
954 4
93
1 07
1 04
9 35 4
1 08
1 03 54
10254
9 94 4
1 06 54
1 00 44
89
10354
9344
101
65
9954
1 04 44
9 55 4
8454
6 74 4
90
90
85

97

93
1 0744

111
1 0344
109"

67 X

S t o c k

N o v . 2 5 to

9 45 4 $ 6 5 ,0 0 0
9 14 4
9754
90
9 74 4
91
9 54 4
9 34 4
1C844
104
9354
1 12
1 04 54
1 04
1 00
1 11 44
1 00 44
90
1 03 5 4
9344
101
65
9954
10444
96
8544
6 95 4
90
9 04 4
85

700
1 6 ,0 0 0
1 ,0 0 0
8 ,0 0 0
4 ,0 0 0
6 ,0 0 0
4 ,0 0 0
2 1 2 ,2 0 0
1 ,0 0 0
1 ,0 0 0
2 4 4 .0 0 0
7 5 .5 C 0
9 2 ,0 0 0
7 1 ,0 0 0
2 7 8 ,0 0 0
4 ,0 0 0
5 9 ,0 0 0
2 ,0 0 0
3 ,0 0 0
8 ,0 0 0
1 0 ,0 0 0
2 ,0 0 0
1 ,0 0 0
1 2 ,0 0 0
2 1 ,0 0 0
1 6 2 ,0 0 0
1 ,0 0 0
1 ,1 0 0
2 ,0 0 0

E x c h a n g e .—

Jan
Apr
J u ly
Jan
Jan

1 29 4 4
1 66
714 4
26
7 45 4

N ov
N ov
M ar
N ov
N ov

49
M ar
64
M ar
9644 M a y
Jan
100

62
754 4
100
1 00 5 4

Aug
O ct
N ov
N ov

8054
1 33 4 4
5 34 4
17
44

o f

tr a n s a c tio n s

D e c .

1 , in c l.:

R ange

sin ce

L ow .
15
50
30
3544
63
8244
3 54
5
46
2644
2644
107
96
1 34 4
6
444
3544
15
31
134 4
57
57
69
10
69
8544
72
344
5
7 44
9 44
2 54 4
3 7 J4
3 44

Jan.

a t

1

H ig h .

Apr
Sept
Apr
Aug
Jan
Jan
Sept
O ct
Jan
O ct
June
M ar
F eb
Aug
Apr
Apr
Aug
Aug
Aug
Aug
J u ly
June
N ov
M ar
N ov
Sept
M ar
Jan
Jan
Aug
Jan
Jan
N ov
Aug

75
91
71
42
13344
109
8
5
50
30
2 64 4
130
1 18 4 4
2 64 4
184 4
644
7144
2444
48
2354
68
6544
7644
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76
9044
8644
18
17
1644
164 4
3 64 4
3 9 44
9 44

N ov
N ov
N ov
F eb
N ov
N ov
Jan
O ct
F eb
Jan
June
N ov
N ov
June
June
June
Jan
N ov
N ov
N ov
Jan
Jan
N ov
N ov
N pv
N ov
N ov
F eb
F eb
F eb
F eb
N ov
D ec
F eb

91

June

9544

N ov

9144
9544
90
96
85
9244
8644
1 02 44
104
91
1 02 44
1 01 44
100
9644
9 9 44
9844
79
101
9044
98
5544
95
103
90
82
6044
84 X
8344
84

Jan
Jan
N ov
M ay
Jan
M ay
Aug
O ct
N ov
J u ly
Sept
O ct
Aug
Aug
Aug
N ov
Apr
Jan
Jan
M ar
M ay
F eb
Jan
Jan
J u ly
June
Jan
M ay
Jan

92
9844
90
9944
91
9544
94
109
104
9444
112
1 05 4 4
120
100
1 11 44
1 01 44
90
104
94
10244
65
100
106
9644
8 54 4
6 94 4
90
9044
■8 7

J u ly
M ar
N ov
F eb
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
June
N ov
N ov
F eb
N ov
N ov
Apr
O ct
O ct
N ov
Aug
O ct
O ct
N ov
O ct
N ov
Jan

R e c o rd

o f

tr a n s a c tio n s

a t P h ila d e lp h ia N o v . 2 5 t o D e c . 1 , b o t h in c lu s iv e .:

S tock s—

F r id a y
W e e k 's R a n g e
L ast
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .

A l li a n c e I n s u r a n c e ___ . . 1 0
A m e r ic a n G a s o f N J . .1 0 0
A m e r ic a n M i l l i n g _____ . . 1 0
A m e r ic a n R a i l w a y s . . . . 5 0
P r e f e r r e d ..................... . 1 0 0
B a ld w in L o c o m o t i v e . . 1 0 0
P r e f e r r e d ____________ . 1 0 0
B u f f A S u sq C o r p v t c .1 0 0
P r e fe r r e d v t c ______ . 1 0 0
C a m b r ia I r o n ................ . . 5 0
C a m b r ia S t e e l _________ . . 5 0
E le c S to ra g e B a t t e r y . .1 0 0
G e n e r a l A s p h a l t ........... . 1 0 0
P r e f e r r e d ____________ . 1 0 0
H u n t A B road T o p . . . ..5 0
In su ran ce C o o f N A . . ..1 0
J G B r ill C o ..................... 100
K e n t u c k y S e c u r i t i e s . . .1 0 0
L a k e S u p e r io r C o r p . . .1 0 0
L e h ig h N a v i g a t i o n ___ . . 5 0
L e h ig h V a l l e y . .............. . . 5 0
L e h ig h V a l T r a n s i t ___ - . 5 0
P r e f e r r e d ____________ . . 5 0
M l n e h l ll A S H .............. . . 5 0
P e n n s y l S a lt M f g _____ - . 5 0
P e n n s y lv a n ia ................... - . 5 0
P h il a d e lp h ia C o ( P i t t s ) . 5 0
P r e f (c u m u la t iv e 6 % ) 5 0
P h il a d e lp h ia E l e c _____ 2 2 X
F h t la R a p i d T r a n s i t . . . . 5 0
V o tin g tru st r e c t a .. - . 5 0
P h il a d e lp h ia T r a c t i o n . . 5 0
R e a d i n g ............................. - . 5 0
1s t p r e fe r r e d _______ . . 5 0
2 d p r e fe r r e d ................ . . 5 0
T o n o -B e lm o n t D e v e l. . . . 1
T o n o p a h M i n i n g ........... . . . 1
U n io n T r a c t i o n .............. . . 5 0
U n it e d G a s I m p t ........... . . 5 0
U S S te e l C o r p ................ . 1 0 0
W a r w ic k I r o n & S _____ . . 1 0
W c l s b a c h C o ................... .1 0 0
W e s t J ersey A Sea S h . . . 5 0
W e s t m o r e la n d C o a l . . . . 5 0
W m C r a m p A S o n s .. . .1 0 0
Y o r k R a i l w a y s .............. . . 5 0
50
P r e f e r r e d .....................

20
___ . . .
" 9 7 "
7644
"6 9 4 4
60
445 4
1 3454
7IX
31
72
_______
27

"3 1 ’
87
824 4
" « 5 4
98
57
4 64 4
424 4
2 95 4
264 4
265 4
80
11X54

"

’ s '54,
%
474 4
914 4
1 2554

0

43
50
9 24 4
_______

20
120
754
34
97
76
10844
65
5 94 4
445 4
131
70
31
72
15
27
35
33
30
814 4
8 14 4
2244
4 34 4
5744
98
5654
4 55 4
42
2944
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4 35 4
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6 1 -1 6
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41
50
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3 84 4

20
120
8
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1 08 44
6944
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7 25 4
3 15 4
7 24 4
15
27
37
3644
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4 34 4
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1 12 4 4
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OX
4 75 4
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45
50
8044
944 4
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37

S a les
fo r
W eek .
S h a r es.

R a n ge s in ce J a n . 1 .
L ow .

|

H ig h .

1 52
O ct
1744 M a y
204 4
4 1 19
J u ly
123
F eb
60
6
J u ly
8
Jan
1 00
Jan
36
Apr
2844
66
F e b 100
M ar
9 34 4
1 60
69
J u ly 1 1 5 4 4
F eb
20 104
S e p t 1 09 44 M a r
346
Jan
38
6 94 4 D e o
200
54
J u ly
Jan
6 24 4
1 05
44
Jan
47
F eb
16
Jan
145
O ct
7 05 4
4 ,9 6 2
Apr
Apr
5 85 4
7 25 4
315
38
M ar
2 74 4 A u g
18
69
Aug
734 4 M a r
10
5
June
17
Nnv
45
25
Jan
O ct
2744
34
1 47
Apr
4844
Jan
348
3 64 4 N o v
1 64 4 F e b
5 5 ,9 6 6
J
a
n
8 44
3344 N o v
1 3 ,6 2 4
74
M ay
N ov
90
171
Jan
87
O ot
7 44 4
100
Jan
2344 M a r
18
Jan
38
177
4 44 4 M a r
5814 J u n e
21
56
F eb
J u ly 1 02 44 F e b
119
97
60
1 ,5 1 7
O ot
5544 A u g
2 ,7 5 2
4744 N o v
3 84 4 S e p t
1 ,0 1 2
45
Apr
3 94 4 J u ly
M ar
2 ,8 5 2
27
3044 N o v
M ay
17
200
2 74 4 N o v
17
M ay
1 5 ,6 2 5
2754 N o v
M ay
231 , 75
80
O ot
Jan
1 ,6 8 0
7 54 4
1 15 4 4 S e p t
10
464 4
O ct
4 24 4 M a y
13
4254
Jan
5144 M a y
1 1 ,4 2 6
4
M a r 5 7 -1 6 M a y
1 ,0 4 0
Jan
7
5 44 A u g
1 ,0 9 6
Jan
414 4
4 75 4 N o v
1 ,5 2 2
O ot
8 74 4 M a y
9344
2 1 ,9 2 4
7 95 4 M a r 1 29 44 N o v
11 VI J n n ft
5
944 A u g
452
41
J u ly
45
F eb
1 43
51
Jan
4854 S e p t
145
Apr
65 X
804 4 N o v
1 ,1 9 5
M ar
70
954 4 N o v
1 10
164 4 J u n e
844 F e b
1 45
Jan
39
M ar
3 44 4

THE CHRONICLE

2068
F r id a y
L ast
W e e k 's R a n g e
o f P r ic e s
S a le
P r ic e . L o w .
H ig h .

B onds—
A m e r G a s & E le c 5 s . -2 0 0 7

984*
824*

L a k e S u p e r io r C o r p 5 s 1 9 2 4
L e h ig h C o a l & N a v —
C o n s o l 4 4 * s _________ 1 9 5 4
L e h & N e w E n g 5 s ___ 1 9 5 4
L e h ig h V a ll e y —

1 03

G e n c o n s o l 4 4 * s _____2 0 0 3
L e h ig h V a l! T r a n s i t —
R e f * lm p t 5 s ______ 1 9 0 0
N a t P r o p e r t ie s 4-O s s m a l l . .
P e n n s y lv a n ia R R —
P W & B o t f s 4 s _____1 921
P e o p le ’s P a ss tr c t fs 4 s 1943
P h il u & W a s h 1 st 4 s . 194 3
P h il a d e lp h ia C o 1 st 5 s 1 9 4 9
C o n s & c o l l t r 5 s ___ 1951
P h ll a E l e c t r c t f s 5 s ___ 1 94 8
do
s m a l l _____1 94 8
T r u s t c t f s 4 s _______ 1 9 5 0
R e a d i n g g e n I s _______ 1 99 7
S p a n is h A m I r o n O s . . 1 9 2 7
U n it e d R y s I n v e s t 5 s . 1 9 2 0
W e l s b a c h C o 5 s ........... . 1 9 3 0
Y o r k R a i l w a y s 1 s t 5 s . 19 3 7

R a n ge s in ce J a n . 1.

1004*
924*

924*
1 05
66
954*

1 02 4* 1 0 3 4 *
1 0 3 4 * 1 04

2 0 ,0 0 0
1 7 ,0 0 0

91
914*
1 0 0 4 * 1 00 4*

1 0 ,0 0 0
4 9 ,0 0 0

924*
08

9 2 4*
68

4 ,0 0 0
400

994*
85
99J*
1 014*
92
105
1054*
90
954*
102
754*
994*
984*

994*
85
994*
1014*
9244
100 4*
1054*
90
954*
1 02
704 4
994*
984*

1 ,0 0 0
3 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 4 .0 0 0
2 ,0 0 0
1 ,5 0 0
8 ,0 0 0
1 8 ,0 0 0
2 ,0 0 0
3 2 ,0 0 0
6 ,0 0 0
7 ,0 0 0

S t o c k s — (C o n .)

H ig h .

L ow .
Jan
894*
894 4
1 04
M ay
93
M ay
M ar
1 05
794* M a y
76
Apr
Jan
204*

9 04 * $ 1 9 ,0 0 0
964*
96
96
5 00
1 0 ,0 0 0
1044* 1044*
7 ,0 0 0
984*
9 84 *
1 10
4 .5 0 0
1 10
8 2 4* 1 1 ,0 0 0
824*
610
80
83
5 3 ,0 0 0
50
55

964*

B a ld w in L o c o m 1 s t 5 s 1 9 4 0
C h o c O k & G u l f c o n s 5 s '5 2
E d is o n E l s tk tr o t f 5 s . 1910
E le c & P e o p le s tr c t f s 4s ’ 45

S a les
fo r
W eek .

974* N o v
97
|M ar
1 06
1 00
N ov
N ov
n o
824* N o v
83
N ov
55

Aug
Jan

1 03 4*
104

Feb
N ov

89
994*

Sept
Aug

94
1034*

F eb
F eb

91
05

Aug
Juno

93
704*

F eb
Apr

994*
85
994*
1 01 4 *
94
1 064*
1 00
984*
964*
1 02 4*
764 4
994*
984 4

F eb
N ov
F eb
N ov
F eb
N ov
N ov
N ov
Jan
O ct
N ov
Sept
N ov

101
103

99
82
9 84 4
1 00 4*
87
1034*
103
814 4
934 4
1014*
074 4
944 4
924*

Jan
M ay
F eb
Aug
Aug
Jan
Jan
M ay
M ay1
M ay
Apr
Jan
Jan

Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
_______________
D A I L Y . W E E K L Y A N D Y E A R L Y . ____________________
W e e k e n d in g
D ec. 1 1916.

S tock s.
S h a res.

S a t u r d a y ...........................
T u e s d a y ................... .......
W e d n e s d a y ......................
T h u r s d a y ........................
F r i d a y ................................
T o t a l .............................

S ta te, M u n
<b F o r e ig n
B onds.

R a ilr o a d ,
& C .,
B onds.

P a r V a lu e .

u . s.
B onds.

9 2 ,0 1 1 ,4 2 5

$ 2 ,2 5 5 ,0 0 0
4 ,7 5 5 ,5 0 0
3 ,7 8 1 ,5 0 0
4 ,2 9 3 ,0 0 0
H O L ID A Y
3 ,3 9 1 ,5 0 0

1 ,3 5 1 ,5 0 0

1 ,0 0 0

5 ,4 2 2 ,1 5 2 $ 4 6 4 ,2 8 1 ,5 5 0

$ 1 8 ,4 7 6 ,5 0 0

$ 5 ,0 2 1 ,5 0 0

$ 2 ,0 0 0

7 5 0 ,2 6 0
1 ,2 8 7 ,5 5 3
1 ,1 6 4 ,5 5 6
1 ,1 6 4 ,2 2 7

$ 0 3 ,0 0 8 ,0 0 0
1 0 7 ,7 5 8 ,4 2 5
9 8 ,4 7 6 ,1 0 0
1 0 3 ,0 2 7 ,6 0 0

1 ,0 5 5 ,5 5 0

S a le s at
N e w Y o r k S tock
E xch an ge.

W e e k e n d in g D e c . 1.
1916.

$ 4 1 0 ,5 0 0
1 , 1 0 1 ,0 0 0
1 ,1 0 1 ,5 0 0
1 ,0 5 7 ,0 0 0

$ 1 ,0 0 0

1915.

$ 2 3 ,5 0 0 ,0 0 0

1916.

1915.

$ 2 5 ,3 7 7 ,5 0 0

$ 1 ,0 5 8 ,7 9 6 ,9 5 0

$ 8 5 4 ,1 5 5 ,2 0 0

D A IL Y T R A N S A C T IO N S A T T H E B O S T O N . P H IL A D E L P H IA A N D
_____________________
B A L T IM O R E E X C H A N G E S .
________
B o s to n .
W e e k e n d in g
D ec. 1 1916.

S h ares.

S a t u r d a y ...................
M o n d a y ......................
T u e s d a y ......................
W e d n e s d a y ..............
T h u r s d a y ...................
F r i d a y ______ _______
T o t a l .....................
N e w
th e
to

Y o r k

2 9 ,6 4 9
6 5 ,8 7 1
4 7 ,4 7 5
4 1 ,5 8 1

$ 2 2 ,0 0 0
5 8 ,2 0 0
5 2 ,0 0 0
1 3 0 ,0 0 0

3 0 ,4 1 1

4 2 ,0 0 0

“ C u r b ”

tr a n s a c tio n s
D e c .

d a y

$ 3 0 4 ,2 0 0

2 1 4 .9 8 7

1, b o th

in

S h a r es.

B o n d S a le s.

o u ts id e

in c lu s iv e .

It

S h a r es.

2 6 ,0 1 4
$ 3 3 ,5 0 0
4 7 ,6 4 5
4 2 ,4 1 0
3 4 ,8 1 5
7 1 ,8 0 0
3 1 ,5 6 0
1 2 4 ,4 0 0
HOLI D A Y
4 8 ,0 0 0
1 3 ,7 9 8
1 5 3 ,8 3 2

$ 3 2 0 ,1 1 0

M a r k e t . — ’B e l o w

th e

B a ltim o r e .

P h ila d e lp h ia .

B o n d S a le s.

s e c u r ity
co v e rs

w e

$ 2 1 0 ,8 0 0
4 2 8 ,0 0 0
3 4 5 ,8 0 0
2 5 5 ,0 0 0

1 4 ,8 3 8

1 3 4 ,2 0 0

8 5 ,3 8 3 $ 1 ,3 7 3 ,8 0 0

g iv e

m a rk et

th e

B o n d S a le s.

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

a

fr o m

w eek

re co rd

o f

N o v . 2 5

e n d in g

F r i­

a f t e r n o o n . _______________________________________________________________________________

W e e k e n d in g D e c . 1 .
S tock s—

F r id a y
L ast
W e e k ’ s R a n ge
S ale
o f P r ic e s
P a r . P ric e . L o w .
H ig h .

A e t n a E x p l o s . r ___ ( n o p a r )
A l li a n c e T i r e & R u b b e r r lO
P r e f e r r e d r ........................10
A m e r D r u g g is t S y n d r . 1 0 0
A m e r S u m a t r a T o b ____ 100
A m W rit P a p e r c o m . . 1 0 0
B r l t - A m e r T o b o r d ’ y ___ £1

84*
5 4*
8 4*
2 4 4*
7

B u t l e r C h e m i c a l . r _______ 5
B u tte r w o r th -J u d s o n .r ( t ) .
C a li f P a c k in g C o r p . r . . ( t )
C a n a d ia n C a r & F y r . . 100

3 y.
0 9> *
33

C a n a d ia n N a t u r a l G a s ___ 1
C a r b o n S t e e l, c o m . r ___ 1 00

1

C a rw e n S teel T o o l . r . _ . 1 0
C e n t r a l F o u n d r y c o m r 100
P r e fe r r e d r ..................... 100
C h a lm e r s M o t C o r p r w l ( t )
C h a r c o a l I r o n C o o f A m - 10

1 64 *
204*
44

C h e v r o l e t M o t o r ............. 100
C u r t is s A e r o p A M ( n o p a r )
E m erson M o to r s , In c r .1 0
E m e r s o n P h o n o g r a p h _____5

166
23
2 4*
11>4

I m p C a r b o n C h a s e r . r ___ 1
In t e r c o n tin e n t a l R u b b .1 0 0
I n t A r m s * F u z e S e c ___ 2 5
J o p l in O r e A S p e l t e r . r . o . 1
K e y s t o n e T i r e A R u b b . . 10
K r e s g e (S S ) C o , c o m r . 1 0
L a k e T o r p e d o B o a t . r . . 10
M a n h a t t a n E le o S u p p ly 100
P r e f e r r e d _____________ 100

97
10
23
31*
484*
50

450
124*
114*

98




S a les
fo r
W eek
S h a res.

R an ge s in ce J a n . 1 .
L ow .
7
5
84*
1 14*
1 94*
2
16
15 H
2 4*
60
32
40
70
4*
55
3H
w 7 4*
11
20
33
544

104*
84*
5
55*
8 5*
84*
13
134*
21
25
8 5*
64*
204 4
204 4
201 4
21
35*
3 4*
07
6944
34
324*
44
40
88
80
i
4*
124
1 27
4
4 \i
154 *
104*
1 84* 21
38
44
30
344*
74*
8 4*
714
7H
1 00
*172
23
23
2
244
1 04*
114*
1 24 *
114 *

9 ,8 0 0
2 ,1 0 0
2 .0 0 0
1 ,1 0 0
1 ,1 0 0
6 ,6 4 0
200
2 ,2 0 0
500
3 ,8 0 0
2 ,7 0 0
375
435
2 ,1 0 0
260
000
1 8 ,3 0 0
1 ,0 0 0
2 ,3 0 0
1 .0 0 0
2 ,4 0 0
200
250
100
800
1 ,5 0 0
2 ,1 0 0

1 15
18
14*
84*
844

Jan
Aug
N ov
O ct
O ct

97
152
10
23
3 44
45
56
l o i *4
Vs
1 5 .'*
23
45o
1 54*
124*
115*
105
36
944 4

200
200
100
100
1 ,9 0 0
1 2 ,8 0 0
340
85
3 ,5 7 5
300
1 ,0 0 0
1 4 ,0 5 0
700
400
1 7 ,1 0 0
1 20
200
1 ,9 0 0

95
1 24
5
20
3 4*
334*
41
93 X
25c'
10
7
o35o
12
10
6 4*
105
32
944*

O ct
Sept
Aug
Sept
O ct
J u ly
Apr
J u ly
Aug
June
J u ly
Sept
Sept
Juno
J u ly

97
152
10
23
3 5*
49
*59
102
7 -1 6
154*
24
50o
10
125*
125*
1 05
304*
98

M a n h a t t a n T r a n s i t _____2 0
M a r c o n i W lr e l T e l o f A m . 5
M a r l in A r m s v t o (n o p a r ) .

1 3 -1 6
48

P f d v t o o n e -t h i r d p d 1 00
01
M a x i m M u n i t i o n s . r _____1C
M e x ic a n P e tro l E x p o r t r .
1 94*
M i d v a l e S te e l A O r d . r ___ 5
7 04 *
M i t c h e l l M o t o r s .r ( n o p a r)
574*
N at M ot C ar A V e h .r ..(t )
37
N Y T r a n s p o r t a t i o n _____10
N o r t h A m P u lp A P a p e r (t )
1 54*
P ie r c e - A r r o w M o t C a r r ( t )
554*
P o o l e E n g A M a c h r ___ 100
R lk e r A H e g (C o r p f o r ) . . 5
55*
R o o k I s la n d w l . r _____100
415*
93
P r e fe r r e d A w l . r ___ 100
P r e fe r r e d B w l . r ___ 100
784*
S eab’d St A M anganese (t)
S m it h ( A O ) C o r p (n o p a r )
414*
P r e f e r r e d _____________ 100
904*
S m it h M o t o r T r u c k . r _____
6 4*
S m it h A T e r r y T r a n s p p f 10
10
S p i c e r M f g . r ..................... 1 00
465*
S p r in g fie ld B o d y C o r p . 100
P r e f e r r e d _____________ 100
127
S t e e l A l l o y s C o r p . r ______ 5
5 4*
S u b m a r in e B o a t . . ( n o p a r)
404*
T e n n C o p p A C h e m w . . ( t ) _______
T o d d S h ip y a r d s .r (n o pa r)
92
T r a n s u e A W illia m s S te e l
F o r g in g C o r p r . ( n o p a r )
45
T r i a n g le F ilm C o r p v t c . 5
34*
U n it e d A l lo y s S te e l C o r p r t
535*
U n it e d D y e w o o d r w 1 .1 0 0
72
U n it e d M o t o r s . r . ( n o p a r)
U n it e d P r o f i t S h a r i n g ___ 1
U S L t A H t C o r p . r ___ 10
U 8 S t e a m s h ip ...................10
U n it e d Z i n c S m e lt ( n o p a r )
V o c a - P h o n o C o r p . r w 1 .. 1
W h e e l A L E r ie r w ___ 100
P r e fe r r e d r w ................ 100
W i ls o n A C o , I n o . ( n o p a r )
W r lg h t-M a r tin

594*
2
744
14*
53

A lr .r .-(t )

244*

Z i n c C o n c e n t r a t i n g . r ___ 10
F o r m e r S t a n d a r d O il
S u b s id ia r ie s
A n g l o - A m c r O i l __________ £1
B u c k e y e P ip e L i n o ______ 5 0

44*

164*
1 07

J u ly
N ov
N ov
June
O ot
M ar
Jan
M ar
Sept
N ov
Sept
N ov
F eb
Jan
Jan
Jan
N ov
Aug

O ct
N ov

H ig h .
25
55*
85*
1 45*
20
114*
2 04 4
214*
744
76
38
82
101
25*
133
7M
1644
22
44
394*
85*
7U
278
60
5 4*
144 *
13

F eb
D ec
D eo
Jan
O ct
O ot
N ov
Apr
O ot
O ct
Jan
Jan
N ov
N ov
N ov
D ec
N ov
N ov
June
Jan
Aug
Jan

97
D ec
172
O ot
Jan
214*
F eb
43
44* N o v
Jan
5 44 4
01
O ot
102
53o
Sept
•19
Sept
Jan
264*
0610
Aug
O ot
191*
Jan
tcl6 4 *
O ct
144*
107
40
O ot
98
D ec

I ll in o i s P lp o L i n o ..............1 00
I n d i a n a P lp o L i n e ............. 5 0
N e w Y o r k T r a n s i t _____100
N o r t h e r n P ip e L i n o ___ 100
O h io O i l .................................. 2 5

223
1 14

P r a lr lo P ip e L i n e ..............1 00

338

S t a n d a r d O il ( C a l l l ) . . . 1 0 0
S t a n d a r d O il ( K y ) _____100
S t a n d a r d O il o f N J . . . 1 0 0
S t a n d a r d O il o f N . Y . . 1 0 0
O t h e r O il S t o c k s
B a r n e t t O il A G a s . r _____1
C o n s 'd M e x O il C o r p 1___ 1
C o s d e n A C o . r ..................... 6
C o s d e n OH A G a s . r ______ 5
F e d e r a l O l l . r .......................... 5
H o u s t o n O il, c o m r . - . l O O
I n t e r n a t P e t r o le u m r ___ £1
K c n o v a O il ( p r o s p e c t ) ___ 1
M e t r o p o lit a n P e t r o le u m . 6
M i d w e s t O il c o m . r ________1
N Y - O k la h o m a O l l . r _____1
O il A E x p l o r a t io n r _____10
O k l a h o m a O il c o m . r _____1

117

700
267
3
14*
174*
14
64*
234*
11
4*
8
43o

10c

O k la h o m a P r o d A R e f g . , 6

1 14*

O m a r O il A G a s ...................1
S a p u lp a R e f i n i n g ______ r . 5
S a v o y O i l ...... ............................5
S e q u o y a h OH A R e f ______ 1
S in c la ir OH A R e f r ( n o p a r )
S o u t h e r n O il A T r a n s p ’ t 10
U n it e d W e s t e r n O l l . r ___ 1
U ta h P e t r o l (p r o s p e c t ) . . 1
V a c u u m G a s A O .L t d r . 1 . 1
V i c t o r i a O l l . r ........................1
W a y l a n d O il A G a s , c o m . 5
W e s t E n d O il A G a s r ___ 1
W y o m i n g P e t r o le u m r ___ 1
M in in g S t o c k s — •
A l a s k a -B r l t C o l M o t a ls i 1
A la s k a M i n e s C o r p ______ 1
A la s k a W c s t o v o r C o p . r . l
A m e r ic a n C o m m a n d e r ___ 1
A r iz o n a C h l o r i d e . r ____ 1 0 c
A r iz o n a C o p p e r f l e l d s . r . . l
A r k a n s a s A r iz o n a r ______ I
A t l a n t a M i n e s . r __________ 1

52o
11
124*
14*
62
8 4*

B ig J i m _________________ 1 0 c
B ig L e d g e C o p p e r C o _____1
B ls b e o C o p M A D e v _____1
B i t t e r C r e e k C o p r ..............1
B o s to n A M o n ta n a D e v . . 5
B u t t o C o p p e r A Z I n o ------- 1
B u t t e -D e t r o it C o p A Z ln o . 1
B u t t e A N Y C o p p e r ------- 1
C a la v e r a s C o p p e r . r ........... 5
C a le d o n ia M i n i n g _________ 1
C a li f-T r e a d w e l l M ____ <1
C a lu m e t A J e r o m e C o p r . 1
C a n a d a C o p p e r ......................5
C a s h B o y . ............................... 1
C e r r o d e P a s c o C o p ( n o p a r)
C o n s o l A r lz S m e l t ................ 5
C o n s o l C o p p e r M i n e s _____5
C o n s o l-H o m e s t e a d .,
r .l
C re sso n C o n G o ld M A M 1
D a r w in I .e a d -S M A D ___ 5
D u n d e e A r iz o n a C o p p . 1 .1
E m m a C o p p e r . r ........... — 1
F ir s t N a t i o n a l C o p p e r ___ 5
C .llp ln -E u r e k a M i n e s r . . l
G o ld fie l d C o n s ’ d ................ 10
G o ld ll e ld M e r g e r r _______ 1
G ra n d C a n y o n G o ld r — 1
G reen M on ster M in in g .r . l
G r i z z ly F la t s G o l d M _____1
H e c la M i n i n g .................. . 2 5 c
H o w o S o u n d . . ............. ....... 1
In d e p e n d e n ce L e a d - r . - '. l
I n s p lr a t lo n N e e d le s C o p r l 1
I r o n B l o s s o m . r ................ 10c

02o
1 5 -1 6
14*
480
2 4*
1 3 -1 0
91o
5 30
94*0
49o
14*
1 1 -1 6
8o
14*
7
14*
7 -1 0

S a les
fo r
W eek .
S h a r es

R ange

1 3 -1 0
34*
58
1 02 X
63
0 5*
20
724*
584*
395*
15
154*
*554*
1 00
54*
4 2 5*
9 15 *
80
294*
4 2 5*
97
0 4*
105 *
47 5*
92
1 30
55*
43
1944
92

1 ,0 0 0
10(
4 /1 0 (
8 (H
1 ,2 0 0
1 . 10C
1 .0 0 C
4 7 ,0 0 1
1 ,80C
1 . 10C
200
5 5 ,0 0 0
350
25
7 ,0 0 0
1 4 ,5 0 0
5 ,1 0 0
1 9 ,0 0 0
100
200
470
9 ,8 0 0
000
700
275
121
9 ,7 5 0
8 ,3 0 0
200
1 ,0 4 3

4*
3
23
70
48
4
1 74*
67
57
37
1 24 *
114*
42
864*
4 4*
3 6 4*
83
68
2 4 4*
42
96
5 4*
94*
40>*
61
101
2 4*
314*
194*
734*

45
4 0 5*
34*
3 5*
55
514*
72
60
100
101
59
624*
1
1 5 -1 0
2
2 4*
7 4*
74*
55*
5 4*
154
14*
184*
174*
53
54
57
584 4
1
1
24
2 0 5*
734*
78
4
4 4*

4 ,6 0 0
1 5 ,2 0 0
4 5 ,0 0 0
2 ,1 5 0
97
1 4 ,0 0 0
900
5 ,8 0 0
9 ,4 0 0
GOO
2 ,0 7 0
2 ,4 0 0
1 ,0 0 0
1 ,0 0 0
2 ,2 0 0
9 4 ,5 0 0
4 ,0 0 0
1 0 ,1 0 0

424*
14*
47
50
99
57
4*
14*
4
4 4*
14*
174*
49
• 50
4*
22
7 3 4*
34*

1 3 -1 6
34*
39
101
48
0
1 94*
685*
57
37
1 45*
13
554*
100
54*
38
914*
70
295*
42
964*
0
10
404*
88
127
4 5*
404*
194*
*89

1 04*
107
1 95
218
113
232
1 17
375
560
332
5 21
370
700
685
2 61

105*
1 09
200
225
114
234
117
387
676
338
625
370
700
090
270

7o
70o
73o
105*
154-s
1 3 -3 2 1 1 -1 6
_______
2
_______
55*
47o
45c
7 fic
3
3 4*
24*
24*
5o
5o
42
42
2 1 3-1 0
2 4*
3 4*
34*
15*
14*
7 4*
7 5*
144*
2
15*
2 4*
2 4*
4 5*
45*
________
53o
50c
48o
54*o
1 4o
12o
3 5*
344
14*
14*
8 5*
8 5*
65*
8 5*
1 7c
1 5 -1 0
1
1 11-10 1 9 -1 0

2
92o
57c
94*o
53o
14*
5*
8o
15*
14*
7 5*
1 5*
7 -1 0
9c
79o
18
1 3 -1 0
2 5*
5 4*
52c
76C
3 7 -1 0
2 5*
Oo
4 5 5*
2 5*
4
14*
8 5*
144*
2 4*
2 5*
5
57c
52o
Go
llo
444
15*
9
*9
20c
14*
14*

O ct
Apr
June
D ec
M ar
S epl
Apr
N ov
D ec
F eb
O ct
N ov
Sept
M ar
N ov
N ov
N ov
Aug
N ov
N ov
N ov
Aug
N ov
Apr
Apr
Sept
J u ly
N ov
J u ly
N ov
N ov
N ov
N ov
Aug
M ay
N ov
Apr
Sept
N ov
N ov
O ct
N ov
J u ly
O ct
Aug

7 0 0 1 1 4 4 * J u ly
20
90
June
65 151
F eb
245
June
1 55
78
Juno
93
31 2 0 0
J u ly
40
Aug
95
1 00 1 89
110 359
40 2 0 5
Apr
25 325
01 Z 234
Apr
5 428
Aug
72 4 9 5
Apr
310 200
M ar

3 5*
7 ,9 5 0
3
8 ,7 0 0
14*
144
3 ,1 5 0
175*
105*
1 5 ,8 0 0
134*
144*
05* 1 3 8 ,5 0 0
4 4*
24
1 0 ,0 0 0
194*
1 ,1 0 0
105*
114*
3 -1 0
5* 1 3 ,7 0 0
1 ,2 0 0
8
10 5*
1 8 ,0 0 0
llo
45o
0 ,3 0 0
1
15*
1 ,3 0 0
5*
4*
llo
0 3 ,5 0 0
94*c
1 0 ,9 0 0
14*
14*
114* 2 3 ,2 0 0
104 *
1
5 ,0 0 0
14*
45o
50o
1 2 ,0 0 0
4 ,5 5 0
104*
115*
200
12 5*
124*
1 7 -1 6
14* 3 1 ,3 0 0
1 7 ,7 0 0
02
57
3 ,9 0 0
8
8 4*
5* 1 5 - 1 0
3 ,3 0 0
3 0 ,0 0 0
05o
55c
15* 1 8 4 ,0 0 0
15*
1 7 ,4 0 0
*14*
15*
2 ,3 0 0
5
4 54
51)0
0 1 ,0 0 0
45o
7 ,2 0 0
25*
2 5*
1 1 -1 0
90c
50o
8o
4flo
15*
4*
7o
15*
14*
65*
15*

sin ce

L ow .

2 2 ,5 0 0
3 9 ,8 1 0
2 ,2 0 0
3 4 ,0 0 0
3 8 ,8 0 0
1 0 ,5 0 0
9 ,1 0 0
1 3 ,5 0 0
200
1 9 ,9 1 0
1 9 ,2 0 0
2 0 ,5 0 0
2 5 ,5 0 0
4 ,0 0 0
1 7 ,9 0 0
3 1,0 0 0
2 4 ,1 0 0
050
750
1 0 ,0 0 0
500
6 2 ,2 0 0
1 2 ,0 0 0
2 0 ,1 0 0
9 ,0 0 0
4 1 ,0 0 0
0 ,0 3 0
0 ,0 0 0
2 8 ,0 0 0
200
4 ,0 3 0
1 9 ,3 3 5
025
1 ,5 0 0
1 4 ,9 2 0
6 ,0 0 0
4 0 ,5 0 0
9 3 ,0 0 0
1 2 ,3 0 0
5 ,7 5 7
2 1 ,7 0 0
3 7 ,5 0 0
2 0 ,0 0 0
4 ,7 0 0

24*
1
13
6 4*
4*
12
94*
3 -1 0
8
38o
70o
4*
7o
4*
64*
4*
45 o
7 4*
9 4*
14*
354*
8
54o
35o
28c
1
34*
30o
2

Jan
N ov
Aug
Apr
F eb
Aug
June
Sept
D ec
Aug
June
O ct
M ar
Aug
N ov
Aug
M ar
Sept
Aug
O ct
M ar
Sept
Sept
M ar
Aug
O ot
N ov

Jan

1

H ig h .
24*
4 4*
83
10214
63
13
204*
77 H
7 3 4*
444*
104*
154*
65
1 50
64*
424*
944*
80
31
45
98
0 4*
114*
484*
1014*
139
54*
454*
194 *
95
404*
6 4*
55
72
101
04
2 1 -1 0
44*
8
84*
14*
204*
54
604*
3
36
80
64*

18
111
200
235
114
234
117
392
343
525
387
700
700
282
44*
14*
27
184*
6 4*
24
134 *
93o
25
850
14*
1
21o
14*.
12
14*
95o
10 4*
14 4*
14*
62
9 4*
2 4*
05o
IN ,
24*
94*
65o
34*

Jan
Jan
O ot
D eo
Jan
N ov
Jan
S ept
N ov
M ar
N ov
N ov
Jan
F eb
D ec
N ov
N ov
N ov
N ov
O ot
N ov
Sept
N ov
N ov
O ct
D eo
O ot
N ov
N ov
O ot
Jan
N ov
D eo
June
Jan
Jan
Sept
Juno
N ov
Sept
D eo
N ov
Sept
Apr

Jan
Jan
O ct
D eo
N ov
D eo

N ov
N ov
D eo
N ov
N ov
M ay
N ov
Juno
June
D eo
N ov
Jan
June
M ay
F eb
Aug
O ot
June
Nnv
O ct
Aug
F eb
M ay
N ov
D eo
N ov
June
N ov
N ov
Jan
F eb
N ov
N ov

O ct
2 50
N ov
2
590
Sept
920
N ov
O ct
7 0 o 1 J u ly
4*
8c
Jan
Jan
1 4o
3 flo
O ot
520
N ov
J u ly
350
34* S e p t
1 5 -1 0 N o v
4* N o v
7o N o v
2 3 4*0 J a n
l 7
A
F eb
O ot
14*
14*
1 7 -1 0 F e b
8
O ot
80o
N ov
2
N ov
4* N o v
4* N o v
41c
7o
M ar
60o
24* J u n e
4 4* J u n o
20
N ov
91o
O ot
14* N o v
O ct
14*
44* M a r
2 4* J a n
0 4* S e p t
40c
N ov
1 5 -3 2 A p r
70o
N ov
O ot
80o
3\<. N o v
14* A u g
1 3 -1 0 M a r
2 4* M a y
F eb 94*o
M ay
34*o
J u ly
474* N o v
3
N ov
14* J u ly
F eb
5
N ov
14*
14* N o v
4* J u ly
O ot
6
8 4* N o v
5 4* S e p t
104 * N o v
14* J u n e
3
O ot
174*c Jan
O ot
34*
3
J u ly
Jan
8 4*
5 00
N ov
67o
N ov
4 80
N ov
1 3 -1 6 J a n
Jan
50
N ov
21o
N ov
10o
O ot
150
1
Aug
0 4* N o v
51o
O ct
14* D e o
Jan
O ot
94*
34*
4 4* J u n e
94* N o v
O ot
lO o
28o
O ot
J u ly
50c
14*
O ct
J a iv
Apr
1
24*
s
eo

G en l A m er T a n k C a r—
F ir s t p r o f r ___ ( n o p a r )
G e n e r a l M o t o r s . r . w 1 .1 0 0
H a ll S w it c h <fc S ig n a l r . 1 0 0
P r e fe r r e d _r __________ 1 00
H a r t - B e l l C o r ......................5
H a s k e ll A B a r k o a r f n o o a r )
H o lly S u g a r C o r p (n o pa r)

8

F r id a y
W eek ’s R ange
L a st
S a le.
o f P r ic e s .
P a r . P r ic e . L o w .
H ig h

J a n . 1 to D e c . 1 .

1 0 1 ,0 4 3 ,7 3 6
S t o c k s — N o . s h a r e s ___
5 ,4 2 2 ,1 5 2
2 0 2 .6 4 0 ,8 7 5
2 ,7 2 7 ,3 3 9
P a r v a l u e ...................... $ 4 6 4 ,2 8 1 ,5 5 0 $ 2 3 3 ,8 6 0 ,3 4 5 $ 1 7 ,4 4 6 ,5 7 3 ,6 2 5 $ 1 3 ,8 2 1 ,1 8 4 ,0 9 0
B a n k s h a r e s , p a r ...........
$ 2 3 1 ,9 0 0
$ 5 ,0 0 0
$ 2 7 1 ,5 0 0
$ 0 ,2 0 0
B onds.
2 ,0 0 9 ,0 0 0
G o v e r n m e n t b o n d s ___
$ 2 ,0 0 0
$ 7 5 8 ,9 5 0
$ 1 0 5 ,0 0 0
2 5 ,2 9 8 ,5 0 0
S t a t e , m u n . , & c .. b o n d s
5 ,0 2 1 ,5 0 0
2 8 0 .7 4 7 .0 0 0
9 2 8 ,5 0 0
R R . & m ls c . b o n d s ___
1 8 ,4 7 6 ,5 0 0
7 7 7 .2 9 1 .0 0 0
8 2 6 ,8 4 7 ,7 0 0
2 4 ,3 4 4 ,0 0 0
T o t a l b o n d s _________

[Vol. 103

D e c . 2 1916.1
M in in a S t o c k s
( C o n c l.)

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 .

THE CHRONICLE
S a les
fo r
W eek .
S h a r es.

R a n ge s in ce J a n . 1 .

3069

_ New York City Realty and Surety Companies

L ow .
H ig h .
B id
A sk
B id
A sk
Jerom e V erde C o p p e r .I ..1
B id
1!
A sk
1 'A 1 1 5 -1 0 4 8 .0 0 0
I X J u ly
2% M ay
A l li a n c e R ’ t y
70
80
L aw y ers M t g
J e ro m e V ic to r E x t e n . r . l . 1
1 67
173
R e a lt y A s so c
_2X
2X
2 ,2 4 5
I X June
A m er S u rety
3 X Sept
150
1 55
M tg e B on d .
110
J im B u t l e r . r _______________ l
115
(B r o o k ly n )
99
1 02
98o
1
6 ,2 0 0
81c
J u ly 1 3 -1 6
J
a
n
B
o
n
d
A
M
G
295
300
N a t S u re ty .
260
J u m b o E x t e n s i o n __________1
267
U S C a s u a lt y 2 0 0
2 50
27o
1 3 ,9 0 0
21o
N ov
C a s u a lt y C o
1X
Jan
N Y T it le &
K e r r L a k e __________________ 5
U S T I t le G & I
5
60
65
5
700
4
F eb
C ity In v est g
*5X M ay
18
22
M t g e _____
90
97
K e w a n u s . r _________________1
W es A B ron x
10 c
lO o
llo
7 .2 0 0
8 H o J u ly
22c
Jan
P r e f e r r e d ..
60
67
L a R o s e C o n s ’ d M i n e s ___ 5
T it le A M G
1 75
9 -1 6 9 -1 0
180
500
X
N ov
1
M ay
L o m a P r le t a M i n e s 1_____ 1 " l x
1 5 -1 0
1 0 ,6 8 0
1H
1
N ov
I X N ov
L o u is ia n a C o n s o li d a t e d lO o
92c
87o
92o
2 2 .0 0 0
120
M ay
1
N ov
M a g m a C o p p e r ____________ 6
64 X
54
7 .9 0 0
60H
13
J u ly
6
9
N ov
M a r s h M i n in g r ___________ 1
1 3o
10 c
13o
4 6 .6 0 0
7o
N ov
41o
M ar
M a r y s v i ll e G o l d M i n i n g . 1
IX
IX
9 ,4 8 0
1
2X
Aug
*2 X
O ct
M a s o n V a l l e y ...... ....................
f” .
8
7X
OX
2 4 .5 0 0
2
J u ly
8
X
N
ov
M o K ln le y -D a r r a g h -S a v ..l
60o
58C
6 00
380
850
M ar
72o
M ay
M ia m i C o n so l M in e s 1 ..1
50o
5 00
OOo
4 4 .5 0 0
50o
S t a n d a r d O i l S t o c k s P e r Share
N ov
i
N ov
R R . E q u i p m e n t s — P e r C t B a sis
M i c h G o ld M i n & M i ll r . l
66o
640
70o
3 7 ,1 6 0
420
Aug
P a r b id .
70c
A sk.
Aug
B id . A s k .
M i n e s C o o f A m e r i c a ___ 10
1 ,0 0 0
2X
2X
A n g l o - A m e r O il n e w _____ £ i
*1614
O ct
IX
4
Jan
16*4 B a t lm o r e 4 O h io 4 X b ______
4 .3 f 4 .2 0
M o ja v e T u n g s t e n .r .
2
5 ,3 0 0
2X
3X
A t l a n t i c R e f i n i n g ........... . . 1 0 0 92C
2X N ov
8
M ay
930
B u f f I t o c h A P it t s b u r g h 4 X e
4 .3 7 4 .2 0
M o n i t o r S ll L A Z M * M 1
IX
4 .1 0 0
IX
IX
X
Apr
...........
1
00
4
5
0
B
o
r
n
e
-S
c
r
y
m
s
e
r
C
o
5
0
0
2 X M ay
E q u ip m e n t 4 s _____________
M o n s t e r C h ie f
____________
4 .3 7 4 .2 0
9 -1 6
1
1
1
,3
0
0
X
X
B u c k e y e P ip e L in e C o . . . 5 0 * 1 0 6
X N ov
109
X
N ov
C a n a d ia n P a c if i c 4 X u ______
4.5C 4 3 0
M o n ta n a G o ld M i n e s . r . . l
87o
89o
1 ,5 0 0
64o
June
C h e s e b r o u g h M f g n e w . . . l 00 4 8 0 5 0 0
1
A
u
g
C
a
r
o
C
l
i
n
c
h
!
A
O
h
io
5
s
_____
4 65 4 3 5
M o t h e r L o d e . r ____________ 1 3 6 H e
36o
38o
20o
Jan
4 4 .6 0 0
C
o
l
o
n
ia
l
O
H
________________
100
50
43o
A p r.
70
C e n t r a l o f G e o r g ia 5 s ________
4
25 3 7 5
N a n c y H an k s M o n ta n a r 1
91o
8 So
94o
3 4 .0 0 0
80o
N ov
C o n t i n e n t a l O H .................... 100 5 6 0
570
94o
D ec
E q u ip m e n t 4 X a __________
4 .7 0 4 4 0
N e v a d a U t a h B i n g h ’ m 2 .6 0
1 5 -1 6
1 5 - 1 6 15-1
1 .2 0 0
C r e s c e n t P ip e L in e C o ____ 50 *4 1
X N ov
43
OX
Jan
C h i c a g o A A l t o n 4 s _________
5 .2 f 4 9 0
N e w r a y M i n e s , L t d . r _____1
IX
IX
3 3 .0 0 0
IX
C
u
m
b
e
r
l
a
n
d
P
ip
e
L
i
n
e
.
.
1
0
0
1
15
34o
June
1 20
IX N ov
C h i c a g o A E a s t e r n 111 O X b 5 6 ( 6 .2 5
N . Y .A H o n d u r a s R o s a r io . 10
17
10X
10X
400
E u r e k a P ip e L in e C o _____100 2 3 5
14H
O ct
240
18
N ov
E q u lp m e u t * X b ........... .......
5.5C 5 2 5
N l p l s s l n g ............................
6
9
OX
o x
3 .9 0 0
G a le n a -S ig n a l O il c o m . . . 1 0 0 193
OX
F ob
195
OX N ov
C h i c I n d A L o u ls v 4 H s 4 .6 5 4 .4 0
N o r t h B u t t e D e v e l r _____1
X
1 .1 0 0
P
r
e
f
e
r
r
e
d
........................... . 1 0 0 1 40
145
X Juno
X
F eb
C h i c S t L A N O 5 s ...........
4 .5 5 4 .2 5
O h io C o p p e r _______________ 6
X
1 0 .6 0 0
I ll in o i s 1*1 p e L i n e ................. 1 00 2 2 3 2 2 7
3 -1 6
F eb
X N ov
C h ica g o A N W 4 H 8 . .
4 .2 5 4 .1 0
O h io C o p p e r n e w w l . r . - l
1 1 ,3 0 0
IX
IX
I n d ia n a P ip e L in e C o ____ 5 0 115
1X N ov
2
N ov
118
C h i c a g o R I A P a c 4 H s _____
6 .1 5 4 .8 0
O ld E m m a L e a s in g r . l O c
70c
OOo
7 30
4 2 .9 0 0
I
n
t
e
r
n
a
t
P
e
t
r
o
l
e
u
m
_________
£1
*
10*4
12c
Aug
83c
O ot
11 <4 , C o l o r a d o A S o u t h e r n 5 s ___
4 .6 5 4 .4 5
P e e r le s s J e n n ie
75c
76c
770
2 ,0 0 0
N a tio n a l T ra n s it C o _ .1 2 .5 C *19
75o
O ot
77o
O ct
20
j E r ie 5 s _________________________
4 .5 5 4 .3 5
P lt t s b u r g h - I d a h o C o , L t d 1
IX
3 , 1 0 0 1 1 -1 0 S e p t
IX
1X
N e w Y o r k T r a n s it C o .- .I O C 232
IX
N ov
238
[ E q u ip m e n t 4 H s - I I i r m
4 .5 5 4 3 5
P lt t s b J e r o m e C o p p e r . ! . ] 1 7 -1 6
1 9 .7 0 0
IX
IX
85o
J u ly
N o r t h e r n P ip e L in e C o . . 1 0 0 1 15
2H N ov
118
j E q u ip m e n t 4 s __________ I .
4 .5 5 4 .3 5
P r o g r e s s M i n in g * M I 1 1 ..1
1 1 -1 0
2 7 .0 0 0
X
X
O h io O il C o ................................ 2 5 * 3 7 5 3 8 0
X
O ct
Ji N o v
H
o
c
k
in
g
V
a
lle
y
4
s
__________
R a y H e r c u l e s . r ____________ S
4 5 0 4 .3 0
5 «
8 .9 0 0
o x
5X
2 X M ar
P c n n - M e x F u e l C o __________ 25 * 6 2
OX N ov
66
, E q u ip m e n t 5 s ______
4 50 4 30
R e x C o n s o li d a t e d _ r ______ 1
70o
67c
6 50
1 1 1 ,0 0 0
lO o
Aug
P ie r c e O il C o r p _______________25 * 16*4 17>4 Illin o is C e n t r a l 5 s _____________
75c
N ov
R och ester M in e s ..
4 3 0 4 .1 5
7 50
73o
70o
4 1 .9 0 0
50o
Sept
84o
P r s l r l o O il & G a s _________ 1 00 COO ,60 5
N ov
i _ E q u ip m e n t 4 H s ___________
4 3 0 4 .1 5
R o u n d M o u n ta in r
30o
37o
37c
538
34c
Sept
78o
P r a ir ie P ip e L i n e _________100j 3 3 3 :33 7
M ay
K a n a w h a A M ic h ig a n 4 X b
4 5 0 4 .3 0
S a c r a m e n t o V a l ........... r . . l
1 9 ,2 5 0 1 1 -1 6 S e p t
1 5 -1 6
IX
IX
2
S o la r R e f i n i n g ..................... 10Pj 3 9 0 4 0 0
N ov
L o u is v ille A N a s h v i ll e 5 s .
4 30 4 15
S t N ic h o l a s Z l n o r
1 5 .8 0 0
X
X
X Sept
960
S o u t h e r n P ip e L in e C o . . 1 0 0 2 1 5
Sept
220
M in n S t P A 8 8 M 4 H s . . .
4 .3 5 4 .1 5
S a n t o R i t a D e v e l o p . r ___ 1
1
1 5 -1 6
5 ,4 0 0
l
N ov
2
S o u t h P e n n O i l ..................... 1 0 0 5 2 0 5 3 0 i M is s o u r i K a n s a s A T e x a s 6 s
O ct
5 40 5 00
S a n T o y M i n in g
lS X o 1 0 X c
7 .5 0 0
13e
Aug
26o
Jan
S o u t h w e s t P a P ip e L in e s . 1 0 0 ' 110
115 II M is s o u r i P a c i f i c 5 s ___________
5 .4 0 5 0 0
S c r a tc h G ra v e l G o ld M . . 1
1 3 .7 0 0
X
X
X
X Juno
I X M a r I S t a n d a r d O B ( C a l ifo r n ia ) 100 3 6 3
367
M o b i l e A O h io 5 s ___________
4 .6 2 4 4 0
15
2 ,1 2 5
8 e c t l o n 3 0 M i n i n g ______ 10
14
13X
13
N ov
10X
N o v S t a n d a r d O il ( I n d i a n a ) . . 1 00 8 3 5 8 4 5
E q u ip m e n t 4 X s ...........
1
4 .6 2 4 4 0
S ilv e r K in g o f A r i z o n a ___ 1
1 1 ,6 0 0
X
X
600
N ov
1
N o v S t a n d a r d O il ( K a n s a s ) . . 1 0 0
545
5 55
N e w Y o r k C e n t r a l L in e s 6 s . .
5
S ilv e r K in g C o n s o f U t a h 1
4 .4 5 4 .2 5
4X
7 ,2 0 0
4X
4 X N ov
5
D e oc I S t a n d a r d O il ( K e n t u c k y ) 100 6 9 0
7
00
E q u ip m e n t 4 X b ..............
23o
32c
8 llv e r P ic k C o r i s o f . r ______ 1
34o
4 .4 5 4 2 5
3 8 .5 0 0
3c
F eb
34o
N ov
S t a n d a r d O il ( N e b r a s k a ) .10 0 5 7 5
5S 5
N Y O n t a r io A W e s t 4 H » - ~
1 5 -1 6 1 7 -1 6
S t a n d a r d S il v e r - L e a d _____1
4 .5 0 4 .3 0
1
3 ,4 5 0
J u ly
2
S t a n d a r d OH o f N e w J e r .1 0 0 6 7 8 6 82
Jan
N o r f o l k A W e s t e r n i X e ____
S u c c e s s M i n i n g . r ................. 1
57o
52o
O lo
4 .3 0 4 .1 5
2 6 .8 0 0
30o
Aug
950
S t a n d a r d O il o f N e w Y ’ rklO O 2 6 5
F eb
270
E q u ip m e n t 4 s ______________
S u p e r s t it io n M i n i n g . 1____1
36o
35o
42c
4 .3 0 4 15
4 0 ,1 0 0
22o
O ot
72 0
S t a n d a r d O il ( O h i o ) ........... 100 4 3 5
N ov
445
T en n essee C o p p e r r ig h t s ..
P e n n s y lv a n ia R R I X a ...........
2X
2X
4 .2 5 4 .1 2
1 ,0 0 0
2X
1
O ct
S w a n & F in c h ...... ................ 1 0 0 . 135
O
c
t
3
X
145
T o m m y B u r n s G o ld M o f 1
E q u ip m e n t 4 s _______________
OOo
S9o
92o
4 2 6 4 .1 2
8 0 ,3 6 0
62o
Sept
92o
98
U n io n T a n k L in e C o ____ 100
N ov
100
T o n o p a h B e l m o n t . r ........... 1 5 1 -1 6
S t L o u is I r o n M t A S o u 5 s . .
5
6 .3 0 5 .0 0
1 ,6 7 0
*5X
4
June
V a c u u m O i l .............................. 1 0 0 ' 3 7 0
OX M ay
380
T o n o p a l i E x t e n s i o n ______ 1 4 1 1-16
S t L o u ts A S a n F r a n c i s c o 6 s .
5
4X
5 .2 0 4 .9 5
1 3 ,5 5 0 3 1 5 -1 6 J a n
W
a
s
h
i
n
g
t
o
n
O
i
l
......................
10
*
4
2
7
X
M
a
y
47
T o n o p a h M i n in g
S e a b o a r d A i r L in e 5 s ................
4 .5 5 4 .3 5
OX
1 00
OX
OX Aug
B on d s.
P ercen t.
7X M ay
T o r tllllta C o p p e r r
E q u ip m e n t 4 X b ____________
3
4 .5 5 4 .3 5
800
3X
3
N ov
P ie r c e O il C o r p c o n v 6 s . 1 9 2 4;
85
4
N ov
87
T r o y A r lz C o p p e r C o r ___ 1
85o
S o u th e rn P a c ific C o 4 X b . . .
70o
4 .3 0 4 .1 5
87c
1 7 5 ,5 6 0
70c
N ov
8
5
c
N
o
v
U n it e d E a s t e r n ____________5
S o u t h e r n R a il w a y 4 M s ______
4X
4 .5 5 4 .3 5
4X
1 ,3 1 0
4k
3 H J u ly
O r d n a n c e S t o c k s — P er S h a re.
OX N ov
U n it e d M i n e s o f A r iz o n a r l 1 5 -1 6
T o l e d o A O h io C e n t r a l 4 s ___
85o
4 .7 0 4 .4 5
I X 1 0 7 ,9 0 0
55c
N ov
A e t n a E x p l o s i v e s p r e l ___ 100
51
IX
D ec
U S C o n tin e n ta l
17o
1 2o
18o
4 5 .0 0 0
4c
Aug
IS o
M ar
A m e r * B r it is h M f g ........... 100
10
T o b a c c o S t o c k s — P e r Sha re .
U n it e d V e r d e C o n C o p r . .
1
X
2 8 ,8 0 0
IX
D ec
X
P r e f e r r e d ............................. l o o j
20
IX N ov
U n it e d V e r d e E x t e n . r . 5 0 c
4 1 JP a r B id .
A sk.
40X
42X
7 ,0 0 0
Jan
OH
A t l a s P o w d e r c o m m o n . .1 0 0 171
45
Sept
A m e r ic a n C i g a r c o m m o n lO O 110
4%
U n it y G o ld M i n e s _________ 6
4X
1 15
4X
3 ,2 5 5
Apr
IX
P r e f e r r e d .......................... i o o ; 9 9
5
N ov
P r e f e r r e d _________________100
V e l v e t C o p p e r . r ___________ 1
2%
98
1 00
IX
2X
9 .2 2 J
B
a
b
c
o
c
k
A
W
i
l
c
o
x
..............100
124
I
X
N
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v
2
X
N
o
v
A m e r M a c h i n e A F d r y . . 100
70o
W e st E n d C o n s o lid a t e d .. 1
71o
SO
74o
90
3 .9 0 0
65o
Sept
B lis s ( E W ) C o c o m m o n . . 5 0 * 7 2 5
I X June
B r lt l a h - A m e r T o b a c o r d . . £ l
V V o ttla u fe r S ilv e r
12c
♦20
20*4
1 5o
2 3 .0 0 0
10c
N ov
P r e f e r r e d .............................. , 5 0 *8 1
23c
Juno
O r d in a r y , b e a r e r _______ £ i
W h lte C a p s M i n in g .r ,.1 0 o
* 2 0 l2 2 1
35e
40o
9 .9 0 0
22H oJune
C
a
n
a
d
a
F
d
y
s
4
F
o
r
g
ln
g
s
lO
O
2
1
5
6
2
o
O
c
t
C o n l e y F o i l _________________l o o 3 0 0 3 5 0
V Vlilto C r o s s C o p p e r r ------- 1
1 1 -1 6
X
1 0 ,9 0 0
X
X
O ct
P r e f e r r e d ...........................1 00
90
1
O ct
W h i t e O a k s M in e s C o n s r 5
J o h n s o n T i n F o il A M e t . 100 100
150
4X
4X
500
4X
3X
Aug
C a n a d ia n C a r 4 F d r y . . 100
43
10X M ay
Y c r r ln g t o n M t C o p ........... 1
43*.| M a c A n d r e w s A F o r b e s . . 100
36c
34c
37c
7 7 .5 0 0
18o
N ov
P
r
e
f
e
r
r
e
d
_______________1
00
79
3
7
o
N
o
v
8 0 |i
P r e f e r r e d ______ _______ . . 1 0 0
Y u s c a r a n C o n s o l . r ________6
100
102
X
X
1 .9 0 0
X J u ly
IX M ay
C a n a d ia n E x p l o s i v e s co m lO O 3 8 0
4 60
P o r to R le a n -A m e r T o b . . l 0 0 250
260
P r e f e r r e d ............................. 1 0 0 m o
110
B on d s—
R e y n o l d s ( R J ) T o b a c c o . 100 6 1 0 6 4 0
S
C a r b o n S t e e l c o m m o n ___ 1 00 121
A m er T e l A T e l now 5s r ._
P r e fe r r e d _________________1 0 0 122
9 8 X 1 00
08 X
125
1 7 0 ,0 0 0
08 X N o v
1
0
0
N
o
v
......................
l
o
o
i
1
00
1
s
t
p
r
e
fe
r
r
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B r it G o v t (U n it’ d K ln g G t
Y o u n g ( J 8 ) C o ....................1 00 140
1 50
2 d p r e f e r r e d . ................. 1 0 0 1 70
B r it & I r e l’ d ) 5 H S - 1 9 1 9
P r e f e r r e d _________________1 00 1 05
0 8 X 9 8 X 0 0 3 -1 6 1 0 1 0 0 0 0
110
98 X
D ec
C
o
l
t
's
P
a
t
e
n
t
F
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e
A
r
m
s
0
0
X
N
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v
5 H s --------- --------------1921
98
98
9 8 X 1 37 5000
98
N ov
9
8
X
N
o
v
M
f
g
.........................................1
00
8
8
0
910
C o n s o l A r lz S m e lt 5 s . 1939
63
S h o r t T e r m N o t e s . P er 'e m
62
65
2 2 ,0 0 0
25
M ar
C r o c k c r - W l i e c l e r C o c o m . 1 00
93 I 96
70
N ov
F r e n c h M u n ic i p a ls 5 H s ’ 19
97
98
07 X
1 0 5 00 0 0
97
N ov
d u P o n t (E I) d e N em ou rs
98
N ov
M e t r o p o l i t a n P e t r o le u m 6 s
[A m C o t O il 5 s 1 9 1 7 . . . M A N
1 00 *s 101
102H 1 0 3 X 7 0 .0 0 0
92 X
N ov
& C o , c o m m o n .............. 1 00 2 9 7 3 0 0
1 04 X N o v
A m e r L o c o m 5 s , J u l y ’ 17 j - j
M id v a le S t A O rd 5 s .r .l9 3 6
98
08 X
lOOQ 10034
6 2 .0 0 0
94
J u ly
1 00
F eb
D e b e n t u r e s t o c k _____1 00 101 4 0 3
[A m T A T 4 X a 1 9 1 8 _____
R u s s ia n G o v t 6 H s ................
1 00
100
1 0 0 H 1 0 0 ,0 0 0 1 0 0
1005s 10 0 7a
J u ly
E l e c t r i c B o a t .........................100 4 2 0
4 30
102X Sept
j A n a c o n d a C o p p e r 5 s '1 7 M - 8 1 0 0 i« 10012
N e w 5 H s ____________ 1921
94 X
94 X
0 4 X 1 0 5 .0 0 0
94
N ov
P r e fe r r e d ..............................l o o 4 2 0
130
94 X N o v
C a n a d ia n P a c 6 s 1 9 2 4 . M A S S 10 2 7 g 10314
S in c la ir O il A R e f 6 s . r . l 9 2 6
1 12
1 06
112
5 0 0 .0 0 0
9 4 X Sept
n e r c u l c s P o w d e r c o m ___ l o o : 3 7 6
384
112
.D e o
iC h ic A W e s t I n d 5 s '1 7 . M A S 100>4
S u lz b e r g e r * S o n s 6 s r ’ 41
1 02 X
10012
5 ,0 0 0
1 0 2 X 1 02 X
99
Aug
P r e f e r r e d ............................ 1 00 1 16
118
102X N o v
[E rie R R 5 .H s 1 9 1 7 _____A - O
W e ste r n P a o n ew 5s 1940
1003s 100*4
89X
90
4 0 ,0 0 0
81
Sept
H o p k in s A A lle n A r m s . . 1 0 0
15
25
00 X N o v
j G e n e r a l R u b b e r 5 s 1 9 1 8 J A D 1 0 0 l2 101
P r e f e r r e d ............................ lo t i
40
60
H o c k in g V a lle y 5 s 1 9 1 7 M - N
1005g 101
I n t e r n a t io n a l A r m s _______ 2 5 ! * 2 0
25
A N °KP a r va ,1',1,0 ;
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I L is t e d o n th e S t o c k E x I n t H a r v a s F e b 15 ’ 1 8 . F - A
1013s 101*4
* “ £ ? * £ , o ?n
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L a k e T o r p e d o B o a t c o m . . 1 0 ! * 111. 12
|K C R y s 5 H s 1 9 1 8 _____J A J
101
10112
v a lu e $ 1 2 f>0.
n O ld s t o c k , p a r v a lu e $ 2 5 .
oN ew stock ,
r U n lis t e d ,
i E x -100%
M i d v a l e S te e l A O r d n a n c e 50, * 6 9 * 70
|K C T e r m R y 4 H s ’ 1 8 - M A N
100
1 0 0 l2
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u E x -c a s li a n d s t o c k d i v id e n d s ,
v $10 p a id ,
to W h e n
N lle s -B e m c n t-P o n d c o m . 100 1 202
2 06
| 4 K S 1 9 2 1 .................- - . J A J
9934 10018
Issu ed ,
x E x -d iv ld o n d .
v E x -r lg h t a .
z E x -s to c k d iv id e n d .
f l j f r e ' w r e d .............................1 00 1 06
110
L a c le d e G a s L 5 s 1 9 1 9 . F A A 1001* 10114
S c o v l ll M f g .............................100 8 3 5
855
j M o r g a n A W r l g h t 5 s D e c . 1.18
9 9 78 10014
S u b m a r in e B o a t ___ (n o p a r .) *4 2
43
N e w E n g N a v 6 s 1 9 1 7 . M -N
99*4 1 00
W i n c h e s t e r R e p e a t A r m s 106 1 2 0 0
1 3 5 0 N Y N I I A I I 4 H '1 M a y 1917
997g 10018
P e n n C o 4 X b 1 9 2 1 _ _ J * d i £ 10 0 7 S lO llg
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P u b S c r C o r p N J 5 s ’ 19 M A P 100*4 101
B a n k s -iV .T
B id
A sk
I
B an k s.
A m G a s A E l e c c o m ________5 0 * 1 5 2
154
B id
A sk
R e m A m s U .M .C .5 s ’ 1 9F A A
89
90
.
B
id
A
sk
A m e r ic a * ..
550
P r e fe r r e d .................................s< * 4 9 t2 51
|M a n h a t t a n
335
345
S o u t h e r n R y 6s 1 9 1 7 ..M - S 2 I lO O 's I00<2
N e w Y o rk
A m e r IOxcli
245
240
A m L t A T r a c c o m m o n __ 1 00 3 7 9 "3 8 1
| M a rk & F u l
265
275
A s t o r ...........
U n it e d F r u it 6 s 1 9 1 8 . . M - N 10034 lO l lg
4
7
0
180
185
A t l a n t i c ------IM ech A M e
P r e f e r r e d ............................. 106 1 12
113
298
303
U ta h S e cu rC o rp 6 s’22 M - S l f
477
98U
482
175
1 85
B a t t e r y P ari
M erch a n ts
A m e r P o w e r A L t c o m . . . 1 0 0 ; 76
77
250
260
j W in c h e s R e p A r m s 5 s '1 8 M & P
t 150
98U
155
_____ |M e t r o p o l i s * .
400
B ow ery* . . .
P r e fe r r e d ............................. 100 8 6 i 2, 88
290
New Y ork C ity N otes—
;
7
7
5
7
9
0
200
A m e r P u b l ic U t ilit ie s c o m lO O 4 0 "
43
B ron x B oro*
jM e t r o p o l’ n
182
[69 S e p t 1 1 9 1 7 .................................... 101*5 1017*
187"
700
710
1 80
[M u tu a l* . .
P r e f e r r e d .......................... . . 1 0 t 7 4
75
B ron x N a t.
376
1 C a n a d ia n G o v t . N o t e s —
110
150
| N ew N e t h * .
C i t ie s S e r v i c e C o c o m . . . 100 3 3 0 333
B r y a n tP a rk *
1 40
215
220
5 s A u g 1 1 9 1 7 ..................... F A A
E m p i r e ___
IOOI4 1 0 0 l2
285
300
P r e fe r r e d ..
100 9 2 i2 93
Y ew Y orkC o
B u tch A D r .
1 15
725
545
N ew Y o r k ..
C o m ’ w ’ lth P o w R y A L . . 100 X 6 0 " 62
370
375
C h a s e .............
400
415
I n d u s t r ia l
1625
1
70
0
P
r
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fe
r
r
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d
...........
..................1
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z
8
3
P
a
c
ifi
c
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____
2
4
5
2
3
5
C h a t A P hen
270
8 4*4I
a n d M is c e lla n e o u s
260
210
P a r k ................
C h e ls e a E x *
1 25
560
D a y t o n P o w A L t p r e f . . . 10C
95
570
98
285
300
P e o p l e 's * . . .
C h e m i c a l ___
402
397
220
E l e c B o n d A S h a re p r e f . . 100
99
101
235
A m e r ic a n B r a s s ___________ 1 0 c 3 8 5 3 9 5
480
4
9
0
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P rod E x ch * .
C l t lz c n s C e n t
180
185
19
1 98
A m e r ic a n C h i c l e c o m _
100
H u d son
67
70
1 10
150
C i t y ................. 5 2 8
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56
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iN ew a to o K ’

Quotations for Sundry Securities

New York City Banks and Trust Companies
mpanie£




[Vol. 103

THE CHRONICLE

2070

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T o t a l b o t h c o s ____ O c t o b o r _ . 1 0 3 8 9 5 1 0 8 , 8 2 9 , 0 7 9 3 4 , 8 7 3 , 7 2 6 2 7 , 5 2 0 , 7 0 8
d O h l c & N o r t h W i s t S e p t e m b e r 9 ,2 9 0 ,0 8 7 8 ,4 0 3 ,6 8 9 2 7 ,1 2 7 ,8 0 7 2 3 .6 0 5 ,7 3 6
8 8 1 ,7 2 7
6 8 3 ,8 1 3
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2 7 2 .7 6 8
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1 8 2 ,5 3 5
1 6 1 ,7 3 2
8 5 .1 7 4
9 6 ,4 0 6
R i o G r a n d o J u n e ____ A u g u s t ____
C h i c R o c k I s l & P a c S e p t e m b e r 7 ,2 0 3 ,3 1 8 6 ,3 2 5 ,5 8 9 2 0 ,8 1 5 ,4 1 0 1 7 .9 0 1 ,6 5 3
2 4 7 ,4 6 8
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6 .5 1 1 .8 7 6
7 ,6 4 9 ,9 6 0
d O h ic S t P M & O m O c t o b e r . . . 2 ,1 2 9 ,0 2 6 1 ,8 4 5 ,3 3 4
5 7 9 ,6 1 8
3 8 7 .6 3 5
1 4 1 ,9 8 3
2 0 7 ,3 3 3
S t J o s & G ra n d Is l. S ep tem b er
5 3 3 .1 2 4
7 0 2 ,9 7 1
1 9 2 .0 0 0
C h ic T e r r e If & S E S e p te m b e r
2 4 4 ,6 2 2
1 ,8 7 2 ,4 0 4
9 5 1 ,7 0 3
2 3 7 ,.7 5 4
4 5 2 ,3 8 3 ,
S t L B r o w n s v & M . O c t o b o r ____
2 ,9 7 3 ,4 6 8
2 ,9 2 5 ,8 1 5
C ln H a m & D a y to n S e p te m b e r
9 4 7 , 3 9 3 1 ,0 5 8 , 6 3 1
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9 ,1 7 4 .8 1 4
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C o lo r a d o M id la n d . O c to b e r —
1 7 9 ,1 7 7
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6 ,2 5 0 ,5 0 9
6 ,8 5 9 ,1 0 1
3 8 1 .1 7 0
e C o lo ra d o & S o u th . 3 d w k N o v
3 7 5 ,1 2 9
2 6 9 ,0 0 0 1 6 ,0 4 5 ,1 9 8
4 .7 9 0 ,9 5 5
3 2 1 ,0 0 0
S t L o u is S o u th w e s t. 3 d w k N o v
2 9 ,2 4 6
6 8 .7 8 5
7 ,8 0 8
C o r n w a l l _____________ S e p t e m b e r
2 2 ,0 9 8
1 ,7 7 7 .0 8 7
5 .7 0 0 ,1 5 3
5 ,0 8 3 ,6 8 9
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C o r n w a ll & L e b a n o n S e p te m b e r
4 5 ,1 8 0
1 4 1 3 3 3 6 3 6 0 .2 9 9 ,1 7 3 5 3 ,5 8 6 ,1 4 1
S o u t h e r n P a c i f i c ____ O c t o b e r . . 1 5 6 9 2 1 5 3
1 ,2 4 8 ,6 4 7
1 ,6 5 2 ,2 6 2
4 1 1 ,9 2 3
C u b a R a i l r o a d _____ S e p t e m b e r
5 2 2 ,4 4 4
1 ,3 6 5 .7 6 4 3 0 ,6 6 0 .4 8 5 2 6 ,8 0 9 ,5 6 5
S o u t n e r n R a i l w a y . . 3 d w k N o v 1 ,6 3 0 ,9 3 3
6 ,2 4 8 ,4 3 5
6 ,8 8 8 ,5 2 7
D e la w a r e & H u d s o n S e p t e m b e r 2 ,2 4 7 ,0 5 4 2 ,0 7 2 ,9 8 3
4 ;7 3 8 ,5 4 7
4 ,5 3 3 ,9 2 0
2 3 8 ,3 3 4
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M o b ile * O h io ...
D e l a w L t fic k & W e s t , O c t o b e r —
4 ,5 3 7 ,2 1 8 4 ,4 4 6 ,4 8 2 1 7 ,8 0 6 ,4 8 4 1 5 ,6 4 1 ,0 6 4
4 ,6 4 9 ,2 9 9
3 .9 0 2 ,5 2 8
2 2 2 ,8 0 1
2 3 8 .0 6 3
C in N O * T o x P 3 d w k N o v
5 2 2 ,2 0 0 1 1 ,1 4 9 ,6 4 9 1 0 ,7 8 2 ,1 4 9
D e n v & R io G ra n d o 3 d w k N o v
5 6 3 ,0 0 0
2 ,3 0 1 ,3 2 9
2 ,0 2 4 ,9 1 3
1 1 3 ,5 7 1
1 1 4 ,7 6 7
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8 3 3 ,3 8 9
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8 2 1 ,6 4 5
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4 3 ,6 5 1
D e n v e r & S a l t L a k e '2 d w k N o v
4 0 ,5 0 0
1 ,3 5 9 ,5 2 7
1 ,4 9 0 ,9 0 6
4 6 6 ,7 8 7
5 0 2 ,0 8 2
S p o k P o r t & S e a ttle S e p te m b e r
4 8 8 ,9 3 3
6 0 5 ,8 3 3
1 9 1 ,7 0 1
D e t r o i t T o l & I r o n t IS e p t e m b e r
2 0 7 ,1 5 0
3 3 ,0 4 4
4 0 ,4 1 8
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2 ,1 2 3
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D e t r o it & M a c k in a c 3 d w k N o v
2 3 ,1 5 2
4 1 0 ,6 6 6
4 4 7 .3 4 7
1 4 8 .5 7 8
1 5 2 .0 3 1
T o n n e sso e C e n tr a l. S e p te m b e r
3 3 0 ,5 0 9
3 9 0 .4 9 0
1 1 5 ,1 8 5
D e t & T o l S h o r o L . IS e p t e m b e r
1 4 2 ,8 9 8
7 ,5 7 8 ,4 7 8
8 ,8 8 - 4 ,5 8 2
4 5 2 ,0 6 5
4 9 1 ,0 0 6
3d w k N ov
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D u l & Iro n R a n g e .. S e p te m b e r
8 9 8 .0 7 3
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T o l o d o P o o r * W e s t O c t o b o r ____
4 ,5 6 6 .3 7 5
6 ,1 4 1 ,2 2 9
D u l M i s s a b o & N o r S e p t e m b e r 2 ,1 5 9 .6 0 7 1 .5 6 7 .6 4 0
2 ,1 7 2 ,2 7 7
2 ,4 9 4 ,4 1 9
1 4 4 ,4 8 2
1 3 6 ,3 6 7
T o lo d o S t L & W o st 3 d w k N o v
1 ,3 5 0 ,1 8 6
6 1 ,0 1 6
1 ,5 3 4 .3 5 4
D u l S o u S h o ro & A tl 2 d w k N o v
6 9 ,5 1 6
1 8 9 ,7 0 4
2 4 6 ,9 4 7
7 7 .8 2 7
1 1 0 .6 0 7
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1 4 1 ,7 3 1
1 1 9 8 4 8 7 0 1 0 2 7 5 4 8 9 4 2 ,9 9 1 ,2 6 7 3 5 ,7 2 0 .8 8 2
U n io n P a c if i c S y s t . O c t o b o r . .
4 ,0 2 3 ,8 6 7
4 ,7 6 8 ,1 3 3
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1
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S ep tem b er
V i r g i n i a n ____________
3 ,2 2 0 ,2 9 9
4 ,6 1 4 ,6 2 1
8 3 7 ,0 1 0
,2 0 8 ,6 5 5
E l P aso & S ou W est O ctob er ..
1 3 ,1 4 1 .9 7 2 1 1 ,0 9 6 ,3 1 5
W a b a s h _______________ O c t o b e r . . 3 , 5 5 7 , 4 0 9 2 , 9 8 4 . 7 7 9
E r i o ____________________ O c t o b e r . . 6 , 6 6 4 , 3 3 1 6 , 5 6 6 , 9 4 3 2 6 . 0 6 3 , 2 8 3 2 4 , 4 3 9 , 5 0 1
4 ,2 1 3 .5 0 8
5 ,0 8 6 .6 3 3
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1 ,0 3 4 .8 9 9
1 ,6 7 8 .9 4 3
3 2 6 ,6 5 8
5 8 4 ,4 0 2
3 0 2 ,3 5 7
F lo r id a E a s t C o a s t . S e p te m b e r
3 1 8 ,8 2 2
1 1 4 ,5 2 4
1 1 9 ,7 4 2
W estern R y o f A la . S o p to m b o r
3 2 2 ,7 3 6
3 6 1 ,0 2 5
7 6 ,5 8 6
8 4 ,0 7 0
F o n d a J o h n s & G lo v O c to b o r ._
2 ,8 4 1 .9 1 2
3 ,7 6 4 ,1 7 6
8 6 2 ,8 1 4
9 1 3 ,5 0 9
O ctob or . .
W h e e l & L a k e E r ie
7 0 3 .9 1 2
8 8 5 .3 9 5
2 7 8 .9 4 7
3 2 6 .5 1 9
G e o r g ia R a il r o a d .. S e p te m b e r
4 ,3 4 3 ,2 1 0
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Y a z o o & M is s V a il. O c t o b o r
2 ,1 1 9 ,5 7 1
1 ,8 0 9 ,6 8 7
2 0 0 ,6 5 5
1 2 6 ,5 7 7
G r a n d T r u n k P a c .. 1 st w k N o v
9 3 5 .8 8 4 2 6 ,0 9 6 ,0 3 5 2 1 ,2 4 9 ,9 2 3
G r a n d T r u n k S y s t . 3 d w k N o v 1 ,2 0 2 , 2 9 1
7 2 3 ,1 0 8 1 9 ,0 5 6 ,5 9 4 1 5 ,2 5 0 ,5 3 8
P rev io u s
G r a n d T r u n k R y 1 s t w k N o v 1 ,0 0 4 ,1 2 4
C u rren t
2 ,9 4 0 ,3 1 5
3 ,3 6 1 ,8 8 4
1 9 6 ,0 2 5
1 8 0 ,1 2 2
Y ea r.
Y ear.
G ra n d T rk W e s t- 1st w k N o v
P erio d
V a r io u s F is c a l Y e a r s .
1 ,1 3 4 ,5 3 0
1 ,2 0 4 ,8 7 3
6 7 ,5 2 8
6 0 ,5 9 8
D o t G r II & M ilw 1 st w k N o v
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1 9 4 ,4 7 4
G r e a t N o r t h S y s t e m O c t o b e r . . 8 ,2 0 2 ,4 0 6 8 .9 8 5 ,5 8 0 3 1 ,9 0 7 ,9 4 6 2 8 ,8 6 8 ,3 6 8
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31
1 to
B u f f a l o & S u s q u o h a n n a R R -------- J a n
4 3 9 ,0 2 5
5 0 6 ,8 1 6
1 5 3 ,1 6 3
1 7 1 ,7 2 5
S ep tem b er
G u lf & S h ip Is la n d
S e p t 3 0 1 9 ,8 5 9 ,1 3 0 1 7 ,0 2 9 ,7 3 2
D o l a w a r o & H u d s o n ________________ J a n 1 t o
1 ,8 7 2 .9 2 6
2 ,4 0 7 .9 8 7
6 7 9 ,7 1 5
8 1 1 ,7 3 0
H o c k i n g V a l l e y _____ S e p t e m b e r
6 2 ,1 7 6 ,8 3 3 5 4 ,0 5 3 .5 4 2
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E r i o ...............................
Jan t
O c t o b o r ____ 6 , 8 1 9 , 1 8 2 6 . 0 9 3 , 0 0 6 2 5 , 6 1 6 , 7 8 6 2 2 , 2 5 8 , 2 5 8
I llin o is C e n t r a l.
163628982 136077865
O ct
to
N o w Y o r k C e n t r a l . ) ---------------------------J a n l
2 ,1 2 9 ,6 4 6
2 ,7 9 4 ,5 1 6
8 7 1 ,8 9 7
1 ,0 8 0 . 4 4 8
In te rn a t & G rt N o r S ep tem b er
1 7 .8 9 9 ,3 3 7 1 4 ,3 8 6 ,0 8 2
O ct
to
B o s t o n * A l b a n y ----------------------------- J a n l
3 ,4 8 6 ,6 7 6
3 ,9 5 6 ,4 1 5
9 7 7 ,1 8 4
O c t o b o r . . 1 ,0 9 6 ,0 1 0
5 ,0 4 6 ,7 4 1
K a n sa s C it y S o u th
6 ,1 3 9 .2 2 5
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4 7 6 ,3 7 6
5 9 9 ,9 9 1
1 6 0 .8 8 4
1 8 9 ,5 2 6
3 8 .1 9 0 ,7 0 2 2 9 .6 5 7 .9 2 3
L e h ig h * I lu d R iv e r S e p te m b e r
O ct
M i c h i g a n C e n t r a l -------------------------- J a n 1 t o
8 7 3 ,6 0 1
7 2 5 ,9 7 9
2 8 3 ,5 9 0
2 6 5 ,5 8 2
L e h ig h & N o w E n g . S e p te m b e r
3 8 , 6 9 7 . 2 5 8 3 1 . 0 3 4 ,9 7 0
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L e h i g h V a l l e y _______ O c t o b o r ____ 4 , 4 3 4 , 8 5 2 4 , 6 3 9 , 3 5 8 1 7 , 4 8 6 , 9 5 6
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to
C i n c i n n a t i N o r t h e r n ____________ J a n l
2 .8 7 2 .1 2 4
2 ,9 8 4 ,9 2 0
8 3 0 ,4 6 9
9 6 7 ,8 7 7
2 0 .0 7 9 .8 7 9 1 4 ,4 0 6 ,6 6 7
L o s A n g e lo s * S L . . S o p te m b o r
O ct
Jan l
to
P i t t s b u r g h * L a k o E r i o -------4 2 3 ,3 1 8
3 8 2 ,7 4 8
1 5 6 ,9 6 7
1 1 1 ,3 0 8
3 ,8 0 2 ,8 0 8
5 ,0 9 7 .1 7 4
L o u is ia n a * A r k a n s S e p te m b e r
O ct
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5 5 6 .1 4 3
5 3 6 .5 5 7
2 0 4 ,1 5 3
1 8 6 ,5 4 5
3 .0 0 2 ,5 9 6
2 ,5 2 9 ,6 4 0
L o u is ia n a R y & N a v S e p te m b e r
O ct
Jan 1 to
K a n a w h a & M i c h i g a n ------------2 2 ,5 4 1 ,1 4 4
2 9 9 3 42 4 4 7 2 3 8 2 5 0 8 4 0
O ct
/ L o u i s v i l l e * N a s h 3 d w k N o v 1 ,4 0 1 ,8 3 0 1 ,1 6 4 ,9 7 0 2 6 ,0 1 5 ,2 0 3
Jan 1 to
T o t a l a l l l i n e s ________________
4 ,1 0 2 .5 9 6
4 ,6 6 1 ,5 0 6
1 ,2 0 4 .6 9 4 1 ,0 2 1 .6 7 6
O c t o b e r ..
8 ,8 4 2 ,0 6 0
1 1 ,4 0 2 ,2 2 3
S
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M a i n e C e n t r a l ___
t
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N e w Y o r k C h ic a g o & S t L o u is
1 7 2 ,2 7 5
1 8 0 ,4 7 2
4 7 ,7 5 9
5 0 ,6 2 1
3 ,3 5 5 .0 1 6
3 ,3 5 0 ,5 2 6
O ct
31
M a ry la n d & P e n n .. O c t o b e r ..
Jan 1 to
N Y S u squ oh an n a * W estern .
4 1 0 ,7 1 7
5 5 0 ,2 3 2
1 3 9 ,7 4 4
1 9 0 ,4 0 7
M i d l a n d V a l l e y _____ S e p t e m b e r
J a n 1 to O c t ! 31 1 9 2 2 2 9 9 6 4 1 59839 0 8 9
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8 9 9 ,5 1 5
M i n e r a l R a n g e _____ 2 d w k N o v
O c t 1 3 1 1 ,0 4 9 .2 0 1
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2 8 2 ,3 8 7
2 ,5 1 7 ,3 7 9
3 ,0 5 0 ,9 1 5
M in n e a p & S t L o u is 3 d w k N o v
O ct , 31
C u m b e r l a n d V a l l e y ------------------- J a n 1 t o
8 7 9 ,5 0 3 1 4 ,4 7 5 ,9 0 4 1 4 ,1 6 5 ,2 1 3
6 3 6 ,9 7 1
3d w k N ov
M in n S t P & S S M
3 1 1 2 ,7 2 3 ,3 6 0 1 1 ,5 1 4 ,7 0 2
O ct
Jan 1 to
L
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7 1 ,8 4 8
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7 6 2 ,3 7 3
7 7 6 ,6 1 7
M is s is s ip p i C e n t r a l. S e p te m b e r
O ct
31
Jan 1 to
M a r y la n d D e la w & V ir g in ia
7 2 8 ,7 8 5 1 5 ,9 6 0 ,9 6 5 1 2 ,8 0 3 ,0 0 5
7 7 2 ,9 4 3
■g M o K a n & T e x a s . 3 d w k N o v
N Y P h ila d e lp h ia & N o r f o l k . J a n 1 t o O c t 31 4 ,3 6 2 ,8 7 0 3 ,4 3 9 ,1 7 7
1 5 .1 0 2 .3 6 4
h M i s s o u r i P a c i f i c . . S e p t e m b e r 6 ,1 9 8 ,5 5 0 5 ,2 2 7 .7 0 5 1 8 ,0 9 3 ,6 5 2
3 4 2 1 .0 5 2 ,4 1 1 1 7 .4 2 3 .9 2 4
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4 ,6 8 2 ,7 5 1
1 ,2 6 9 ,9 0 4 1 ,1 2 1 ,1 3 3
5 ,9 5 8 ,1 0 1
N a sh v C h a tt & St L O ctob er _
O ct
3 1 , 6 ,. 8 0 2 , 5 5 6
1 to
W e s t J e r s e y & S e a s h o r e ----------- J a n
1 7 8 5 1 6 8 8 1 6 2 1 9 4 4 3 7 0 ,9 4 6 ,1 2 3 6 0 .1 1 8 .8 7 6
j.N o w Y o r k C e n tr a l O c t o b e r ..
3 1 6 3 ,6 8 8 ,3 1 4 4 9 ,3 1 3 .6 8 8
O ct
to
P e n n s y l v a n i a C o m p a n y ------------------ r J a n l
6 ,2 6 6 ,5 7 5
7 ,5 3 6 ,4 3 5
1 ,9 3 5 ,4 3 7 1 ,6 2 5 ,0 9 0
B o s to n & A lb a n y O c t o b e r ..
31
4 ,9 2 0 ,3 8 6
4 ,3 7 9 ,4 2 5
O ct
t
o
1
J
a
n
G
r
a
n
d
R
a
p
i
d
s
&
I
n
d
i
a
n
a
--------2 ,2 8 0 ,6 0 1
2 ,6 7 1 ,3 7 8
5 9 9 ,5 4 2
6 8 7 ,7 1 1
O ctob er . .
n L a k o E r ie * W
3 1 4 2 ,1 6 0 .5 1 3 3 3 ,5 3 7 ,4 3 7
O ct
P it t s b C in e C h ic & S t L o u ls . J a n 1 t o
4 , 2 6 1 . 1 8 9 3 , 4 6 4 ,2 8 2 1 6 , 2 8 8 , 7 2 1 1 3 , 0 9 9 , 8 7 0
M ic h ig a n C en tra l O c t o b e r ..
3 1 1 0 ,8 4 5 ,3 4 4
9 .2 0 9 ,2 3 7
O ct
V a n d a l l a ------------------------------------ - - - J a n 1 t o
4 ,3 1 2 ,7 1 1 3 ,6 5 2 ,0 2 7 1 6 ,5 1 1 ,0 8 2 1 3 ,9 9 2 ,7 1 0
C lo v o O C & S t L O c t o b e r ..
31 2 4 5 4 3 6 123 2 0 5 1 6 3 060
O ct
to
1
J
a
n
T
o
t
a
l
l
i
n
e
s
—
E
a
s
t
P
i
t
t
s
&
E
r
i
e
6 0 0 ,6 6 4
7 1 2 ,0 8 4
1 5 6 ,3 6 0
1 8 1 ,8 3 8
C in c in n a ti N o r th O c t o b e r ..
3 1 11 2 3 0 2 8 1 0 4 9 7 , 7 5 7 . 6 9 6
O ct
— W e s t P itts & E r lo | J a n 1 t o
7
,
3
6
8
,
7
2
3
8
,
6
0
2
,
8
4
6
1
,9
8
9
,
8
0
1
2
,
1
8
5
,
3
4
3
P i t t s & L a k e E r ie O c t o b e r . .
3 1 :3 6 8 4 6 4 2 2 7 3 0 2 9 2 0 7 5 5
O ct
— A ll lin o s E & W . J a n 1 t o
2 , 3 4 3 ,5 43 1 , 7 3 0 , 7 4 4
4 8 6 .4 6 6
5 8 1 ,3 3 4
T o l & O h io C o n t . O c t o b e r . .
7 0 6 ,4 6 0 !
6 2 4 ,5 0 7
Aug 311
to
R i o G r a n d e J u n c t i o n _______________ D e c 1
1 ,2 0 3 ,8 2 2
1 ,1 7 9 ,4 8 3
3 3 2 ,1 8 4
2 6 6 ,8 0 4
K a n a w h a & M ich O cto b e r
S o p t 3 0 3 .0 1 0 . 1 6 7 1 2 .6 1 8 .5 0 2
to
i R u t l a n d ________________ ______________ J a n 1
1
0
6
6
6
2
5
9
0
1
2
6
8
2
1
6
9
6
2
8
5
2
5
7
9
5
32264055
T o t a ll U n as a b o v e O c t o b o r
A G G R E G A T E S

W e e k ly S u m m a r ie s .

2d
3d5
4 th
1s t
2d
;? d
4 th
js t
od
3d

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

Sept
Sept
Sopt
O ct
O ct
O ct
O ct
N ov
N ov
N ov

(3 0
(3 0
(3 5
(3 5
'3 4
(3 3
(3 3
(3 4
(3 3
(2 9

r o a d s ) --------r o a d s ) --------r o a d s ) --------r o a d s ) -------r o a d s ) -------r o a d s ) _____
r o a d s ) -------r o a d s ) -------r o a d s ) -------r o a d s ) --------

C u rren t
Y ear.

1 3 ,7 0 1 ,4 0 0
1 3 ,5 2 3 ,1 0 0
1 9 ,5 0 9 ,9 6 1
1 4 ,7 3 6 ,2 6 2
1 5 .1 4 9 .5 7 5
1 4 .6 8 1 ,6 2 6
2 0 ,9 0 0 ,3 2 2
1 4 ,9 8 0 ,3 4 2
1 5 ,2 8 4 ,5 2 7
1 4 ,4 3 0 ,3 8 3

P rev io u s
Y ea r

1 2 ,0 8 1 ,0 2 8
1 2 ,1 4 5 ,0 7 9
1 7 ,4 4 4 ,0 2 3
1 3 ,4 0 1 .1 8 7
1 3 .6 9 7 .7 9 5
1 3 .5 6 6 ,0 1 4
1 9 .5 7 6 .9 5 4
1 3 ,9 5 3 ,8 7 1
1 4 ,1 8 6 .3 3 0
1 3 .4 5 1 .8 2 4

O F

G R O S S

In crea se or
D ecrea se.
%
+ 1 ,6 2 0 ,3 7 2
+ 1 ,3 7 8 , 3 2 1
+ 2 .0 6 5 .9 3 8
+ 1 .3 3 5 , 0 7 5
+ 1 ,4 5 1 ,7 8 0
+ 1 ,1 1 5 , 6 1 2
+ 1 ,3 2 3 ,3 6 8
+ 1 ,0 2 6 , 4 7 1
+ 1 ,0 9 8 ,1 9 7
+ 9 7 8 ,5 5 9

E A R N I N G S — W e e k ly

%

1 3 .4 1
1 1 .3 4
1 1 .2 7
9 .9 6
1 0 .6 0
8 .2 2
6 .7 4
7 .3 6
7 .0 4
7 .2 7

in a n y o f o u r t o t a ls




t h V N o ^ t h ^

M o n th ly ^

1 M o n th ly S u m m a ries.
M ile a g e .C u r . Y r . P rev .
J a n u a r y _______ 2 4 7 . 6 2 0
F e b r u a r y ______2 4 5 , 5 4 1
M a r c h ................2 4 7 , 3 6 3
A p r i l .................. 2 1 8 , 6 1 5
M a y ..................... 2 4 8 , 0 0 0
J u n e ..................... 2 2 6 , 7 5 2
J u l y .....................2 4 4 , 2 4 9
A u g u s t ________ 2 4 5 , 5 1 6
S e p t e m b e r ..2 4 8 ,156
O ctob er
____ 8 3 , 5 9 8

a I n c lu d e s C le v e la n d L o r a in & W h e e lin g R y .
& I n c l m w *5 v a ™ v l n ® , * t h ^ r e c e l p l s
M in n e s o ta * P a c ific ,
d In clu d e s n o t ° A ^ M e 8a n d t h e V a n k f o r t & o “ n c ? L ^
C r e o k D is tr ic t R y . / I n c l u d e s L o u is v ille & A t la n t ic a n d th e F r a n g r o r t s u i n c i n n a u .
p
A lle g h e n y $ * a i l£ A ^ t e b u X K R . V l n d u d *

a n d

iu

Y r.
2 4 6 .8 3 8
2 4 4 .8 0 9
2 4 6 ,5 4 8
2 4 5 .7 7 3
2 4 7 ,1 8 9
2 2 5 ,8 0 3
2 4 3 ,5 6 3
2 4 4 ,7 6 5
2 4 7 ,4 6 0
8 1 .8 5 1

C u rren t
Y ea r.

2 6 7 ,0 4 3 ,6 3 5
2 6 7 ,5 7 9 ,8 1 4
2 9 0 ,8 3 0 ,4 0 6
2 8 8 .4 5 3 ,7 0 0
3 0 8 .0 2 9 ,0 9 6
2 8 5 .1 4 9 .7 4 6
3 0 8 ,0 4 0 ,7 9 1
. 3 3 3 ,4 6 0 . 4 5 7
3 3 2 ,8 8 8 ,9 9 0
8 2 ,1 5 8 ,2 7 3

P rev io u s
Y ear.

In crea se or
D ecrea se.

%

2 2 0 ,2 0 3 ,5 9 5
2 0 9 ,5 7 3 .9 6 3
2 3 8 .0 9 8 .8 4 3
2 3 7 .5 1 2 .6 4 8
2 4 4 ,5 8 0 .6 8 5
2 3 7 ,6 1 2 ,9 6 7
2 0 3 ,9 4 4 ,0 4 9
2 7 8 ,7 8 7 ,0 2 1
2 9 4 ,3 3 3 ,4 4 9
7 7 .3 0 9 ,5 8 1

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

2 1 .2 7
2 7 .6 8
2 0 .4 7
2 1 .4 5
2 5 .9 4
2 0 .0 1
1 0 .7 0
1 9 .6 1
1 3 .1 0
6 .2 7

« D o e s n o t In clu d o e a rn in g s o f C o lo r a d o S p r n g s & C r ip p le
t h e T e x a s C e n t r a l a n d t h o W i c h i t a fr a i ls l i n e s , h f n C h ic a g o In d ia n a * S o u th e r n R R . a n d D u n k ir k

N o r th e rn C e n tr a l.

* W e n o lo n g e r in c lu d e th e M e x i c a n r o a d ,

Deo. 2 1916.]

THE CHRONICLE

Latest Gross Earnings'tbylWeeks.— In'tho table which
follows wo sum up separately the’earnings for the third week
of November. The table covers.29 roads and shows 7 .2 7 %
increase in tho aggregate over the saino^week lastjyear.

2011
Total Oper. Total Oper. N et Rev.
Revenue.
Expenses, from Oper.

C h ic a g o G re a t W e s t .O c t '1 6 1 ,5 6 6 .0 7 9
’ 15 1 ,3 1 2 ,2 3 9
4 m o s '1 6 5 ,7 5 6 ,1 3 2
’ 15 4 .9 2 6 ,2 3 5

l.t 3 2 ,6 9 1
9 4 3 .0 8 2
3 ,9 2 4 .9 9 9
3 ,6 0 3 ,9 4 1

533 ,3 8 8
3 69 ,157
1,8 3 1 ,1 3 3
1 ,322.294

Net Inc.
aflerChgs.
•S
305 ,494
145,615
9 5 2 ,7 4 0
420.571

Gross
Net after
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income.
Charges.
Surplus.
S
$
S
$
S
S
New York Central—
A la b a m a G roa t S o u th e rn ___
O ct '16 17,851,688 5,677,204 1,630,711 7,307,915 3,429,541 3,878,374
A tla n ta B irm in gh am & A tla n tic
'15 16,219,443
B u ffa lo R o c h e s te r & P itts b u rg h
4,221,239
C a n a d ia n N o r t h e r n ___________
10 mos |16 168628982 5 3 ,7 0 2 ,7 ^ I S . M ® l l f l l f l l 3 4 $ ! $ ? 3?, 551,848
C a n a d ia n P a c i f i c _____________
15 136077865 38,954,586 14,242,484 53,197,070 33,579,890 19,617,180
C h osa p ea k e & O h i o ___________
Boston & Albany—
C h ic a g o G roa t W e s te rn _____
O c t '16 1,935,437
636,045
37,292
673,337
403.305
270,032
C h ic a g o In d & L o u is v i ll e ..
'15 1,625,090
525,110
33,957
559,067
373,118
185,949
C in c i N e w O rl & T e x a s P a cific
10 mos '16 17,899,337 5,747,744
347,024 6,094,768 4,110,821 1,983,947
C o lo r a d o & Sou th ern
T
5
14,386,082
3,940,701
i
6,041
297,359 4,244,060 3,761,312
482,748
D e n v e r & I tlo G r a n d e ____ I I I I
i
Lake Erie & Western—
D e tr o it & M a c k i n a c _______
Oct '16
687,711
247,362
9,900
257,268
100,397
156,871
G e o rg ia S ou th ern & F lo rid a
’ 15
599,542
176,105
10,217
187,322
90,980
95,342
G ra n d T r u n k o f C a n a d a —
10 m o s '16 6,139,225 2,011,725
111,582 2,123,307
832,516 1,290,791
G ra n d T r u n k W e n e r a ..........
1.202,291
9 3 5 ,8 8 4
266 ,4 0 7
'15 5,046,741 1,059,618
114,379 1,173,997
908,811
265,186
D o t G ra n d l la v & M iiw
M ichigan Central—
C a n a d a A t la n t ic ____________
O c t '16 4,261,189 1,380,825
80,627 1,461,452
689,335
772,117
L o u is v ille & N a s h v ille ________
1,401,830
2 3 6 ,8 6 0
_______
'15 3,464,282 1,102,196
85,784 1,187,980
610,029
577,951
M in n e a p o lis & S t L o u is _______I
282 ,3 8 7
204.701
17,626
10 m o s '16 38,190,702 11,703,305
910,353 12,613,658 6,859,362 3.754,296
I o w a C e n tr a l________________ /
'15 29,657,923 7,427,620
853,044 8,280,664 6,078,331 2,202.333
M in n e a p o lis S t Paul & S S M „ _ _
030,971
2 4 2 ,5 3 2
Cleve Cine Cldc & St L—
. M is s o u r i K ansas & T e x a s _______
772 ,943
4 4 ,1 5 8
M o b ilo & O h i o _________________
O c t '16 4,312,711 1,461,353
2 49 ,079
2 3 8 ,3 3 4
123,009 1,584,362
569.800 1,014,562
11,345
I tlo G ra n d e S o u t h e r n _________
13,900
T 5 3,652,627 1.138,917
12,000
78,983 1,217,900
558,242
1,900
661,658
S t L ou is S o u th w e s te rn _________
3 2 1 .0 0 0
10 m o s '16 38,697,258 11,456,845 1,204,052 12,660,897 5,926,450 6,734,447
2 0 9 ,0 0 0
52,0 0 0
S ou th orn R a i l w a y ____ _________ 1 ,030,933 1 ,3 6 5 ,7 6 4
'15 31,034,970 6,947,130 1.057,625 8,004,755 6,091,572 1.913,183
2 6 5 ,1 6 9
T on n ossoo A la b a m a & G e o rg ia .
2,123
1,619
Cincinnati
Northern—
504
T e x a s & P a c ific ______________
4 9 1 .0 0 0
4 5 2 ,0 0 5
Oct *16
181,838
38,941
61,532
670
62,202
16,188
46,014
T o lo d o St L ou is & W e s te rn ____
130,307
____
144.482
’ 15
156,360
8 ,1 1 5
48,803
— 791
48,012
35,977
12,035
W es tern M a r y l a n d _____________
2 3 8 ,7 2 0
202,501
10 m o s '16 1,607,294
3 6 ,2 2 5
460,368
.............
18,096
478,464
155,072
323,392
’ 15 1,308,144
248,440
— 6,830
241,604
120,162
121,442
T o t a l (29 r o a d s ____
14,430,383 13,451,824 1,235,247
2 5 6 .6 8 8
Pittsburgh A Lake Erie—
N e t Increase ( 7 .2 7 % ) .
9 7 8 ,5 5 9
Oct '16 2,185,343 1,050,225
86,426 1,136,651
237.801
898,850
’ 15 1,989,801 1.108,000
87,034 1,195,034
240,290
954,744
10 m o s '16 20,079,879 9,721,050 1,133,839 10,854,889 2,303,272 8,551,617
N et E arnings M on th ly to L atest D ates.— The table
’ 15 14,406,667 6,552,026
961,006 7,513,032 1,683,519 5,829,517
T oledo & Ohio Central—
following?shows tho gross and not earnings with charges and
O c t '16
581,334
181,087
72,238
253,325
129,173
surplus of S T E A M railroads and industrial companies re­
124,152
T5
486,466
155,329
57,909
213.238
122,089
91,149
ported this week:
10 mos TO 5,097,174 1,081,821
779,704 1,861,525 1,247,523
614,002
T
5
3,802,808
623,897
490,735 1,114,632 1,253,772 defl39,140
— — Gross Earnings------- - --------N et Earnings-----Kanawha A M ichigan—
Current
Previous
Current
Previous
O c t ’ 16
266,804
45,149
50,187
95,336
28,732
Roads.
Year.
Year.
Year.
Year
66,604
T5
332,184
115,367
31,016
146,383
32,019
114,364
S
$
$
$ ’
10 mos TO 3,002,596
868,822
442,739 1,311,561
290,542 1,021,019
A t c h T o p & S a n ta ^ F o .b .O c tl.3 ,5 9 1 ,9 9 9 11,3 8 4 .9 0 3 16,144,421 14 268 945
T5 2,529,640
718,584
153,147
871,731
300,197
570,534
J u ly 1 t o O c t j 3 1 -----------5 1 .3 0 4 ,5 4 3 4.3,5 0 6 ,9 1 6 ; 2 1.816,0.38 j l 6 310 052
Total all linos—
B a ltim o re & O h io b
. O c t lO ,6 5 7 ,5 3 4 10,004,431
3 ,0 6 0 ,9 2 2 3 T61T g 2
Oct T 6 32,264,055 10,740,782 2,091,060 12,831,848 5,604,272 7,227,576
J u ly 1 t o O ct 3 1 ............. 4 1 ,8 7 7 .5 2 1 3 7 .6 4 1 ,8 6 0 12.7 2 8 :9 2 0 12,8 2 5 .6 3 6
’, 15 28,525,795 10,201,391
________
. . . . ______ 2,025,836 12,227,227
5,288,854 6,938,373
lOm os 16 299342447 96,754,411 23,563,673 120318084 56,492,727 63, 825.357
C a n a d ia n N orth ern
. . . O c t 3 ,7 1 6 ,8 0 0 3 ,6 7 8 ,5 0 0
1 , 220,300
15 238250840 60,478,602 18,162,943 84,641,545 53,778,562 30,862,983
J u ly 1 t o O ct 3 1 ..............1 4 ,4 2 3 ,8 0 0 1 0 ,3 8 0 ,8 0 0 4 ,2 2 2 ,3 0 0
C a n a d ia n P a c l f lc - a O c t 13,2 3 7 ,0 8 6 13,4 4 3 ,2 1 4 5 ,6 7 4 ,7 4 0 6 . 579,434 „ F®,r ®°nt return on operating Investment for 12 months to O ct. 31 1916 has been:
Tki i 3! ? 11? 1’ Z
IJo8ton A Albany, 8.79% : M ich. C ent., 7.62% ; Clev. Cine.
J u ly 1 t o O c t 3 1 -----------5 0 ,8 8 9 ,1 5 4 4 0 ,4 1 3 ,2 0 7 2 0 ,2 8 9 ,3 7 8 1 7,567,453
I t
Northern, 9.96% : Toledo A Ohio Cent., 5.09% ; Pitts.
C e n tr a l o f G e o r g i a .b _ ._ O c t 1,411,781
1,1
. 8 3 ,2 7 6
C586.620 fc4.35.257
A Lake Erie, 17.21% : Lake Erie A W est., 5.28% : and Kanawha A M ich., 8.11% .
J u ly 1 t o O c t 3 1 ............. 4 .8 8 7 .9 5 5 4' ,1' 6*4 ,8 5 9 c l , 682 ,931 c l.2 7 6 .8 0 1
Gross
Net after
Other
Gross
Fixed
Balance,
C h ic a g o A A l t o n . a _____ O ct 1,717,163
l ,4 6 2 ,0 1 5
* 1 7 1,597
*408 ,853
Earnings.
Taxes.
Income.
Income.
Charges.
Surplus.
J u ly 1 t o O ct 3 1 _______6 ,4 7 1 ,0 1 6
5 ,4 4 0 ,9 8 3 * 1 ,9 2 1 ,3 9 6 * 1 ,4 0 7 ,4 1 7
$
S
•S
$
5
Pennsylvania
R
R
—
C h ic M iiw & St P a u l . b . O c t l O , 5 7 5 ,2 4 0 9__________
__________
__________
,5 1 5 ,7 7 1 4 ,0 6 9 ,0 5 5 3 ,8 8 8 ,4 2 9
J u ly 1 t o O ct 3 1 _______ 3 9 ,9 8 0 ,1 0 1 3 5 .2 8 1 ,6 6 7 15,160,401 1 3 .9 3 4 ,9 8 4
O ct TO 20,311,486 4,950,214
1,978,305 6,928,519 2,620,929 4,307,590
T
5
19,098,095
C o lo r a d o & S o u t h e r n .b .O c t 1 .6 2 5 ,8 3 4 1 ,4 8 5 .9 0 5
7 1 3 ,9 0 0
618 ,5 9 3
------- 5,314,057 1,737,624 7,051,681 2,407.084 4,644,597
, u„
J u ly 1 t o O c t 3 1 ............. 5 .7 5 8 ,4 1 5 5 .1 7 1 ,0 1 8 ---------------10 mos 16 192,229,964 47,615,509
19,293,019 66,908,528 24,602,924 42:305’ 604
2 .3 0 6 .2 8 6 *1,7 5 4 ,3 9 0
_ „ ^L5 159,839,089 36,982,851
18,158,163 55,141,014 22,762,589 32,378,425
D olJL ack & W e s t e r n .b . . O c t 4 ,5 3 7 ,2 1 8 4 ,4 4 6 ,4 8 2
1 ,8 4 0 .2 7 8
2 ,0 0 3 ,0 1 5
Baito
Ches
A
Atl—
J u ly 1 to O ct 3 1 ..............1 7 .8 0 6 ,4 8 4 1 5 ,6 4 1 ,0 6 4
6 .9 5 7 ,0 1 8 6 .2 8 2 .3 2 5
O ct T 6
118,892
18,541
2,530
21,071
21,319
def 248
D e tr o it & M a c k i n a c .a .- O c t
110.249
1 01 ,100
2 8 ,1 8 8
T5
92,135
3 1 ,7 2 8
dcf7,789
3,218
def4,571
22,526 def27,097
J u ly 1 t o O ct 3 1 ----------4 4 7 ,8 1 9
3 7 4 ,9 0 6
124,413
10 mos T 6 1,049,201
88.7 2 3
176,932
18,158
195,090
230,269 def35,179
E lgin J o lie t A F a s t . b . . . O c t 1 ,282,414
1,116,962
T5
989,515
81,810
4 8 1 ,3 5 5
561,071
20,777
102,587
232,259 defl29.672
J u ly 1 t o O c t 3 1 ----------- 4 ,7 6 8 ,1 3 3 4' ,0“ 2 3 ,8 6 7
Cumberland Valley—
1 ,782,596
1 .9 4 8 .3 2 6
O ct T6
366,882
180,921
E l P a so & S o u t h w e s t .b .O c t 1 ,208,655
15,589
196,510
8 3 7 ,0 1 0
28,687
167,823
6 1 9 .3 0 7 * 3 2 9 ,8 2 0
T5
304,361
136,964
J u ly 1 t o O ct 3 1 -----------4 ,614,621
10,064
147,028
30,068
3 ,2 2 0 ,2 9 9 2 ,4 4 8 ,3 3 9
116,960
1 .210,739
lO m o s ’ 16 3,050,915 1,424,610
165,282 1,589,892
209,692 1,380,200
E rie a .
-------------------------O ct 6 ,6 6 4 ,3 3 1
x1 ,638,129
.o o o .n u
z2 ,5„ 9
M1
1 ,2 6 6
6 ,5 6 6 ,9 4 3
T 5 2,517.379
920,758
132.580 1,053,338
192,608
860.730
. . . . J a " 1 t o <)ct 3 1 -----------6 2 .1 7 6 ,8 3 3 5 4 .0 5 3 ,5 4 2 1 5 ,6 0 9 :9 6 8 15:5 7 2 ,0 1 7
Long Island—
i n i n o l s C o n t r a l - a . . . . — O c t 6 ,8 1 9 ,1 8 2 6 ,0 9 3 ,0 0 6
1,717,503
1,208,629
O ct T 6 1,269,953
332,400
59,178
391,578
359,998
31,580
J u ly 1 t o O ct 3 1 .............2 5 ,6 1 6 .7 8 6 2 2 .2 5 8 :2 5 8
T 5 1,115,755
286,248
58,873
5,825,232
345,121
4 ,1 9 0 ,8 1 9
370,742 def25,621
10 mos T6 12,723,360 3,735,153
714,970 4,450,123 4,089,605
M a in e C e n t r a l .a -------------- O ct 1 ,2 0 4 .6 9 4 1 .0 2 1 .6 7 6
406 ,4 3 3
360,518
3 12 ,973
J u ly 1 t o O c t 3 1 ............. 4 ,6 6 1 ,6 0 6 4--------------T5 11,514,702 3,109,230
696,773 3,806,003 3,936,825 defl30,822
.1 0 2 ,5 9 6
1.4 6 3 ,3 9 2
1 ,169.619
M aryland Del A Va—
M In n eap & S t L o u i s . a . . O c t 1,0 3 1 .0 5 0
9 63 ,329
_________
.
/3 0 8 .3 3 2
/3 0 3 .2 4 6
O ct T 6
94,571
1,070
477
1,547
15,575 def 14,028
J u ly 1 t o O ct 3 1 .......... .. 3 ,8 5 8 ,0 5 5 3 ,6 0 2 ,0 2 5 / l , 147,338 /1 .1 2 6 ,9 0 5
’ 15
75,028
958
751
1,709
15,990 defl4,281
M in n S t P A S S M . a . . . O c t 2 ,0 6 4 ,4 7 2 2 ,5 8 7 ,7 6 2
8 5 2 ,1 2 0
1 ,305,746
10 mos 16
776,617
67,309
3,896
71,205
142,751 def 71,546
J u ly 1 t o O c t 3 1 ----------- 8 ,0 7 4 .0 3 5
7 ,7 1 5 ,8 7 2 3 .4 2 0 ,8 1 3 3 ,1 1 0 ,1 9 6
T5
762,373
66,388
6,443
72,831
145,257
def72,426
C h ic a g o D iv l s lo n .n ___O c t 1 ,185,387
N Y Phlla A N orfol k—
1.016,818
4 8 4 ,7 4 0
3 8 9 ,5 1 3
J u ly 1 t o O c t 3 1 ----------- 4 ,5 5 6 ,9 8 9 3 .9 1 6 .0 1 5
1,888,718
O ct T 6
463,075
141,325
4,458
145,783
1 ,435,703
32,053
113,730
N Y[Susrj A W e s t e r n .a . - O c t
275 ,235
T5
365,495
89,298
6,655
360,191
95,953
18,113
4 9 ,6 7 5
77,840
112,139
Jan 1 t o O ct 3 1 ---------- 3 ,3 5 0 ,5 2 6 3 .3 5 5 .0 1 6
10 mos T 6 4.362,870 1,358,298
90,286 1,448,584
372,064 1,076,520
7 9 4 ,5 7 0
1.0 0 5 ,5 7 8
T
5
3,439,177
730,018
N o rth e r n P a c if ic -b____ O ct 7 ,6 8 3 ,0 6 8 7 ,1 6 6 ,3 9 6 3 ,7 7 7 ,8 5 8
78,838
808,856
294,616
514,240
3 ,7 9 0 ,4 0 8
Phlla Balt A Wash—
J u ly l t o O ct .31---------- 2 9 ,0 3 2 ,8 3 4 2 5 :3 0 0 .6 9 8 1 3 .7 0 7 :0 3 4 11 798 522
O ct TO 2,247,789
480,062
126,671
606,733
292,646
314,087
N a sh C h a t t & S t L o u is b O c t 1 ,2 6 9 ,9 0 4
1 ,121,133
470 362
39s s a r
T 5 1,957,089
501,126
124,680
625,806
294,828
330,978
J u ly l t o O c t 3 1 _______ 4 ,6 8 2 ,7 5 1 4 .0 1 3 824
’1.4 2 7 ,2 4 5
- ? ? 8 ,8 4 5
10 mos TO 21,052.411 5,026.097 1,296,371 0,322,468 3,050,685 3,271,783
1,0 3 8 ,9 8 3
S o u t h o r n lR a ilw a y _ a . . . O c t 7 ,2 4 8 .0 6 9 6.137.’263 2 ,4 3 3 ,2 8 6
T 5 17,423,924 3,262,433 1,230,707 4,493,140 2,969,366 1,523.774
1 .8 7 9 ,6 8 8
ku.jwJuly 1 to-jO ct 3 1 .............2 5 ,7 5 4 .1 5 9 2 2 ,5 6 6 .1 3 8
Phlla
A
Camden
Ferry—
7 .5 7 5 ,6 1 4 6 ,4 1 5 ,3 3 1
Oct TO
81,634
46,063
M o b ilo A O h l o . a ---------O ct 1 ,068,071
1 042 929
5,649
51,712
1,034
50,678
192 ,872
2 52 .849
T5
73,791
41,213
5.591
J u ly .1 to J O ct 3 1 ............. 4 ,0 0 9 .0 9 6 s l s o o l & i l
46,804
1,069
45,735
7 2 7 ,0 1 4
789 ,9 5 0
10 mos TO
749,208
391,977
58,011
449,988
12,324
437,664
C ln N O & T e x I’ a c . a . O c t 1 ,0 6 8 ,8 9 8
890 847
414,131
212 ,6 5 9
T5
690,120
335,257
51,023
386,280
13,388
372,892
( J u ly 1 to :O c t 3 1 ............ 3 .9 3 4 .6 3 3 3 ,2 6 8 .8 0 7
1 ,3 4 8 ,1 6 9
West Jersey A Seashore—
808 ,7 5 5
A la G rea t S o u t h .a ___ O c t
5 2 5 ,1 3 2
491 101
Oct T 6
570,224
6,126
14,202
207 .7 6 0
20,328
145.634
55,206 def34,878
J u ly 1 t o O ct 3 1 ______
1,9 6 4 ,0 5 5
1 ,699:122
T5
525,176
9,513
15,237
24,750
6 5 8 ,9 0 8
471 224
67,447 def42,697
G o o rg ia S ou & F l a . a . - O c t
2 4 9 ,7 9 5
215 825
10
mos
TO
0,802,556
1,462,322
146.580 1.608,902
641,095
967,807
72.343
5 6 :2 7 0
It?. J u ly 1 t o O ct i3 1 ............
8 81 ,855
7 68 4)8 8
T 5 5,958,101 1,158,551
153,299 1,311,850
656,098
655,752
197»834
154i787
Pennsylvania Company—
W a b a s h .b ___________
O c t 3 .5 5 7 ,4 0 8 2 ,9 8 4 ,7 7 8
1
.3
4
8
.7
2
8
993
,549
O
c
t
'16
6,826,131
1,911,702
367,948
2,279,650 1,709,715
J u ly 1 t o O c t 3 1 . .......... 13,141,971 11,096,314
569,935
4 ,7 1 8 .6 3 9 3 ,3 3 9 ,8 0 3
T 5 6,344,042 2,093,920
400,848 2,494,768 1,772,550
722,218
W estern J M a r y l a n d .b ___ O ct 1,174,098
„ 935 ,9 1 0
10 mos '16 63,588,314 18,415,720 8,956,835 27,372,553 17,208,538 10,164,015
4 7 5 ,8 1 7
3 4 4 ,4 9 9
& J u ly 1 t o O ct 3 1 _______ 4 ,3 6 6 ,3 5 2 3 ,6 0 6 ,0 0 5
T
5
49,313,688
13,051,996
1,7 5 7 ,7 6 4
1 ,274,452
7,847,630 20,899,626 15,561,789 5,337,837
Y a z o O fA M iss V a lle y , a - O c t 1,603,145
Grand Rapids A Ind—
1.346,001
6 7 8 ,1 2 5
5 07 ,274
J u ly 1 t o O ct 3 1 ----------- 5 ,2 3 8 ,8 2 6 4 ,3 4 3 ,2 1 0
O c t ’ 16
516,825
108,439
3,777
112,216
82,943
1 .7 5 3 ,3 5 9
29,273
1,2 2 4 ,8 3 8
T5
453,808
104,384
4,330
108,714
67,693
41,021
Gross
10 mos 16 4,920,386
963,597
Net
Other
53,404 1,017,001
746,447
270,554
Total
Charges
Balance,
Earnings. Earnings.
T
5
4,379,425
826,236
48,792
Income.
875,028
679,605
195,423
Income.
A
Taxes.
Surplus.
Pitts
Cine
Chic
A
St
L—
$
S
5
S
5
S
Oct T 6 4,550,899 1,167,512
57,426 1,224,938
Cambria’* Indiana—
605,429
619,509
T 5 4,071,180 1,215,063
58,579 1,273,642
„
Sept '16
21,560
544,040
729,602
1,408
18,534
19,942
7,322
10 mos T 6 42,160.513 10,109,262
12,620
553,252 10,662,514 5.858,789 4,803,725
6,128
P"
'15
23,631
12,240
18,368
9,341
T 5 33.537,437 7.267,170
9,027
617,022 7,884,192 5,127,976 2.756,216
[ 3 ? m o s ’ 16
63,841
3,874
55,525
59,399
Vandalla—
22,664
36,735
14,839
1
’ 15
67,780
37,179
52,018
O ct T61 1,239,117
389,901
28,183
23,835
3,967
393,868
157,987
235,881
Chcsapoake*A Ohio—
T 5 1,092,066
263,480
5,296
268,776
156,763
112,013
O c t '16 4,315,499 1,534,997
50,370 1,585,367
10 mos T 6 10,845,344 2,272.041
61,938 2,333,979 1,551,578
813,090
742,277
782,409
'15 3,977,192 1,391,421
— 22,769 1,368,652
T 5 9.209.237 1,723,264
101,079 1.824,343 1,475,715
782,429
586,223
348,628
4 mos T 6 16,792,015 6,207,737
235,753 6,443,491 3,335,687 3,107,804
T 5 15,638,142 5,046,004
19,430 5,665,435 3,136,602 2,528,832
— Total East P . A E .--------Total W est P .A E .----------Total All Lines—
Gross
Net, after
Gross
Net, after
Gross
Net, after
Erlo—
W hole Penn. Earnings. Taxes, A c. Earnings. Taxes, &c. Earnings. Taxes, A c.
5,094,064
3 ldScp30’ 1617,213,815
816,908 5,910,972 4,451,199 1,459,773
R
R
.System
$
S
S
S
$
s
m os/
'1516,051,051 6,580,563
516,174 7,096,737 5,024,131 2,072,601
Oct T 6 25,806,480 6,339,898 13,285,224 3,591,485 39,091,704 9,931,383
N orfolk A Western—
T 5 23,856,611 6.526,518 12,115,162 3.698,825 35,971,773 10,225,343
m
J j Oct '16 5,266,244 2,381,078
203,030 2,581,108
595,467 1,988,641
10 mos 16 245,436,123 62,937,267 123028.104 31,990.184 368464,227 94,927.451
F<
4,888,127 2,213,967
91,407 2,305.374
548,713 1,756,601
15 205,163,060 47,795,953 97,757,696 23,017,794 302920,755 70.813,747
4 mo3 '16 20,576,560 8,995,399
633,142 9,628,541 2,287,399 7.311,142 1
.. T il2 rctur,n on Property Investment for the system East A W est was 6.95% for
'15 18.874,591 ‘ 8,116,261
361,687 8,177,951 2,206,624 0,271,127
tho 12 months ending O ct. 31 1916, against 4.90% for the same period In 1915.
Third week o f November




1910.

S
114,707
77,021
200,751
853 .0 0 0
2 .9 8 4 ,0 0 0
948 ,1 4 2
389 ,313
107,300
238 ,0 0 3
375 ,1 2 9
503 .000
23,152
55,9 0 9

1915.

Increase ■Decrease.
$
1,196
12,626
7,440
84,100
24,000
24,111
32,670
13,336
15,262
_______
40,800
1,996
6,5 7 5

$

[Vol. 103

THE CHRONICLE

4 m os
C o a l & I r o n C o ___ O ct
4 m os
T o ta l b oth C o s ..O c t
4 m os
R e a d in g C o m p a n y O ct
4 m os
T o t a l a ll C o s ...........O ct
4 m os

Profit in Rent,' In t.,
Gross
Operating. Taxes, A c .
Receipts.
$
$
•S
79 9 .5 0 0
16 5 ,6 0 0 ,7 6 0 2 ,1 1 2 ,8 6 0
77 0 .2 5 0
15 5 ,2 3 0 ,2 7 2 2 ,1 9 8 ,7 5 4
16 2 0 ,7 5 5 ,6 8 6 7 ,9 5 1 ,4 3 6 3 .1 9 8 .0 0 0
15 1 8 ,005.450 6 ,7 2 1 ,2 9 6 3 .0 8 1 .0 0 0
56 1 ,9 0 3
9.0 0 0
16 4 ,7 8 8 ,7 5 0
3 1 5 ,6 6 2
8 .0 0 0
15 3 ,5 9 8 ,8 0 7
3 6 .0 0 0
7 79 ,993
16 14 ,1 1 8 ,0 4 0
8 6,699
3 2 .0 0 0
15 9 ,5 1 5 ,2 5 8
80 8 .5 0 0
16 10,389,510 2 ,6 7 4 ,7 6 3
77 8 .2 5 0
15 8 ,8 2 9 ,0 7 9 2 ,5 1 4 ,4 1 5
16 3 4 ,8 7 3 ,7 2 6 8 ,7 3 1 ,4 2 9 3 .2 3 4 .0 0 0
’ 15 2 7 ,5 2 0 ,7 0 8 6 ,8 0 7 ,9 9 5 3 .1 1 3 .0 0 0
4 5 6 ,8 0 9
'16
_______
570,984
45 7 ,6 6 6
5 70 ,770
15
.............
1 .8 27.238
2 ,2 8 8 ,6 8 1
16
.............
1.830.666
2 ,2 5 7 ,9 3 1
’ 15
.............
3 ,2 4 5 ,7 4 7
1,265,309
’ 16
.............
1,235,916
3 ,0 8 5 ,1 8 5
15
.............
16
............. 11,02 0 ,1 1 0 5 .0 6 1 .2 3 8
'15
...... 9 ,0 6 5 ,9 2 6 4 .9 4 3 .6 6 6

541,912
3 8 0 ,9 9 5
1 ,5 6 2 ,8 9 1
866,103
d o f3 9 ,6 6 7
7 5 ,6 6 6
560 ,853
62 1 ,9 6 0
Balance,
Surplus.
S
510,317
442,281
2,527,239
1,779,327
155,531
205,042
786,951
594,964
49,894
45,893
507,232
234,662
Balance,
Surplus.
1 ,3 1 3 ,3 6 0
1 ,4 2 8 ,5 0 4
4 ,7 5 3 ,4 3 6
3 ,6 4 0 ,2 9 6
5 52 ,903
3 0 7 ,6 6 2
7 43 ,993
54,699
1,86 6 ,2 6 3
1 ,7 3 6 ,1 6 5
5 ,4 9 7 ,4 2 9
3 ,6 9 4 ,9 9 5
114,175
113,103
4 61 ,443
4 27 ,265
1 ,9 8 0 ,4 3 8
1 ,8 4 9 ,2 6 8
5 ,9 5 8 ,8 7 2
4 ,1 2 2 ,2 6 0

a N e t earn in gs h ere g iv e n are a fte r d e d u c tin g ta x e s,
b N e t ea rn in g s h ere g iv e n are b e fo r e d e d u c tin g taxes,
c A ft e r a llo w in g fo r u n c o lle c tib le reven u es an d ta x e s, o p e r a tin g In com e
fo r O c t . 1916 w as $5 2 1 ,4 5 4 , aga in st $ 3 7 9 ,5 1 2 , an d fo r p e r io d fr o m J u ly 1
t o O c t . 31 w as $ 1 ,4 3 9 ,3 8 4 in 1916, a g a in s t $ 1 ,0 6 4 ,4 1 4 .
/ A f t e r a llo w in g fo r a d d itio n a l in c o m e fo r th e m o n th o f O c t o b e r 1916,
t o ta l n et ea rn in gs w ere $2 8 0 ,5 5 2 , again st $25 7,63 7 la st y e a r , a n d fo r th e
p e rio d fro m J u ly 1 t o O c t . 31 w ere $1 ,0 6 1 ,7 3 7 th is y e a r , aga in st $ 1 ,0 0 3 ,3 9 6 .
) F o r O c t o b e r ta x es a n d u n c o lle c tib le r a ilw a y r e v e n u e a m o u n te d t o
$ 6 2 7 ,9 7 9 , a g a in st $ 51 3,83 2 in 1915; a fte r d e d u ctin g w h ic h n e t fo r O cto b e r
1916 w as $ 5 ,5 1 6 ,4 4 2 , a g a in st $3 ,7 5 5 ,1 1 3 la s t y e a r .
F rom J u ly 1 t o O c t. 31
ta x e s , & c ., w ere $ 2 ,3 0 7 ,3 5 8 in 1916. a g a in st $ 1 ,9 7 1 ,1 0 9 in 1915. T h e
retu rn on p r o p e r t y in v estm en t w as 6 .6 6 % fo r th e 12 m o n th s en d in g O c t . 31
1916, a g a in st 5 .1 0 % In 1915.
,
k F or O c t . 1916 n e t in c o m e a fte r m isce lla n e o u s ch a rge s w as $ 3 /4 ,4 3 5 ,
a g a in st $ 3 3 0 ,3 5 6 in 1915, a n d fr o m J u ly 1 t o O c t . 31 w as $ 1 ,6 2 0 ,2 8 1 in
1916, aga in st $ 1 ,1 2 0 ,1 0 0 .

E L E C T R IC R A IL W A Y AN D P U B L IC U T I L I T Y C O S.
Latest Gross Earnings.
Nam e of Road
or Company.

Week or
M onth.

A t la n t ic S h ore R y ___ O cto b o r . .
eA u r E lg in & C h ic R y S ep tem ber
B a n g o r R y & E le c tr ic S ep tem ber
B a to n R o u g e E lec C o S ep tem b e r
B o lt L R y C o r p ( N Y C ) S ep tem ber
B erk sh ire S treet R y . S ep tem b e r
B ra zilia n T r a c , L & P O c t o b e r ___
B r o c k & P ly m St R y . S ep tem b e r
B k ly n R a p T r a n S yst S ep tem b e r
C a p e B re to n E lec C o S ep tem ber
C h a tta n o o g a R y & L t S ep te m b e r
C ities S ervice C o ____ O c t o b e r ___
C e n t M is s V E l P r o p . S ep tem ber
C le v e P a ln e s v & E a st S ep tem ber
C lo v e S ou th w & C o l . S ep tem b e r
(?C olum bia G as& E lec. O cto b e r . .
C o lu m b u s (G a ) E l C o S ep tem ber
C o lu m (O ) R y , P & I S ep tem ber
g C o m ’ w ’ th P , R y & I O c t o b e r ___
C o n n e c tic u t C o _____ S ep tem ber
C o n s u m P o w ( M i c h ) . O c t o b e r ___
C u m b C o (M o ) P & L S ep tem ber
D a lla s E le c tr ic C o r p . S ep te m b e r
D a y t o n P o w & L igh t O cto b e r . .
p D e t r o lt E d is o n _____ O c t o b e r ___
D e tr o it U n ited L in es. S ep tem ber
D D E B & B a t t ( R e c ) S ep tem ber
D u lu th -S u p e r io r T r a c O c t o b e r ___
E a s t S t L ou is & S u b ­ S ep tem ber
E a stern T e x a s E l e c . . S ep tem ber
o E l P aso E le c tr ic C o . S ep tem ber
42d St M & S t N A v o S ep te m b e r
G a iv -H o u s E lec C o . . S ep tem ber
g G e o rg ia R y & P o w . A u g u s t ___
G ra n d R a p id s R y C o S ep tem ber
G roa t W e s t P o w Syst O c t o b e r ___
H a rrisb u rg R a ilw a y s . S ep tem ber
H a v a n a E l R y , L & P S ep tem ber
H o n o lu lu It T x L and S ep te m b e r
H o u g h to n C o T r C o . S ep tem ber
b H u d son & M a n h a t . O c t o b o r ___
Illin o is T r a c t io n ------- O c t o b e r ___
In te r b o r o R a p T r a n . S ep tem ber
J a ck son v ille T r a c C o . S eptem ber
K e o k u k E l e c t r i c ____ S ep tem ber
K e y W e s t E le c t r ic ___ S ep tem ber
L a k o S h ore E le c R y . S ep tem ber
L e h ig h V a lloy T ra n sit O c t o b o r ___
L ew ist A u g & W a terv S ep tem ber
L o n g Isla n d E le c t r ic . S ep tem ber
L o u is v llle R a i l w a y .. O cto b o r . .
M ilw E l R y & L t C o . O cto b e r . .
M ilw L t . H t & T r C o O cto b e r . .
M o n o n g a h e la Vail T r S ep te m b e r
N a s h v ille R y & L igh t S ep tem ber
N o w p N & II R y G & E . O c t o b e r ___
N Y C it y I n t e r b o r o .. S ep te m b e r
N Y & L o n g I s la n d .. S ep te m b e r
N Y & N o r t h S h o r e .. S ep tem ber
N Y & Q ueens C o ___ S ep tem ber
N e w Y o r k R a llw a y s . S ep tem ber
N Y & S ta m ford I t y . S ep te m b e r




Current
Year.

Previous
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
$
$
S
3 06 .438
3 03 ,527
2 4 ,486
25,367
183,594 168,334 1,537,671 1 ,4 3 1 ,0 2 0
6 05 ,775
584,204
7 1 ,400
74,833
154.298
17,285
137.026
16,446
540 ,027
5 70 .812
6 5 ,380
2 9,405
7 47 ,306
698,780
9 0,490
88,744
/703600 0 /6 7 9 3 0 0 0 /6 8 2 8 6 .0 0 0 /6 4 2 5 0 .1 1 0
89,774
9 5 ,354
12,497
12,040
247 4.87 8 2349,654 2 1 ,9 9 8 ,1 5 8 2 0 .5 3 4 ,2 5 7
353 ,782
3 3 ,8 0 4
2 82 ,010
3 3 ,6 3 9
94,588
9 12 ,304
785,034
105,056
1122,910 4 11 ,504 7 ,2 1 1 ,1 3 3 3,45 6 ,9 8 1
217 ,279
206 ,338
24,761
24.681
322 ,121
35 1 ,5 7 6
4 0 ,9 8 2
4 3,680
9 94 ,000
9 20 ,132
117,313 109,293
7 12 ,715 6 11 ,308 7 ,2 1 9 ,3 6 2 6 ,5 0 1 ,0 3 1
516 ,485
6 25 .163
7 7 ,6 5 8
61,827
28 9 ,9 7 5 266 ,435 2 ,5 7 6 .5 3 8 2 ,2 6 3 ,7 0 1
1458,380 1245,866 13.718,661 11,060,115
8 47 ,872 754.082 7 ,1 8 6 ,3 5 9 6 ,1 2 5 .2 1 9
41 8 ,9 1 0 3 42 ,666 3 ,7 9 1 ,5 9 4 3 ,0 9 5 ,8 0 4
270 ,012 2 49 .418 2 ,1 3 9 ,4 2 2 1,972.111
157,978 148,154 1,39 8 .1 3 0 1 ,313,599
855 ,387
99,239 1 ,2 8 4 ,4 6 9
146,084
90 5 .1 0 5 68 6 ,3 2 0 7 ,9 6 1 ,2 6 5 6 ,1 1 3 ,8 4 7
1433,414 1196,491 11,855,846 9 ,7 0 7 .1 4 2
35 9 .5 9 0
3 42 ,224
20,989
3 9 ,579
94 7 ,8 6 5
121,229 101,900 1,14 4 ,6 7 5
2 6 0 .8 8 8 206 ,405 2 ,1 8 1 ,0 1 9 1 ,786,250
510 ,566
604.851
68,914
7 2 ,388
788,501
7 02 ,128
78,36^
92,265
77,855 167,708 1,345,393 1 ,448,899
159,845 163.019 1 ,426,438 1,430,497
570.226 498 ,869 4 ,5 4 8 ,3 6 8 4 ,1 7 0 .5 2 2
8 68 .295
9 71 .822
111.638 100,771
3 20 ,252 295 ,472 3 ,0 5 2 ,0 5 9 2 ,4 2 4 ,1 1 7
686 .369
747,887
8 3 ,038
74.248
5 07 ,562 4 43 ,502 4 .4 0 7 ,4 5 3 4 ,1 0 8 ,9 3 5
4 83 ,517
49. SO,'
43 3 .1 2 4
58,620
20 3 ,8 9 4
23,389
2 44 ,575
2 6 ,730
513 ,465 4 77 ,723 4 ,8 4 5 ,3 1 8 4 ,5 3 7 ,2 4 4
1073,370 980,071 9 .8 7 3 ,1 5 0 8 ,9 7 1 ,4 2 3
3 0 0 7 ,10r‘ 257 9,17 8 2 7 ,4 5 8 ,5 8 0 2 4 ,6 3 6 ,8 5 5
4 6 ,942
46 0 .8 7 0
4 5 7 ,3 5 9
50,147
171,174
178,138
20,418
20,301
8 3 ,575
86,846
10,495
9,1 8 3
152,530 126.284 1,20 7 ,0 1 3 1,032,334
218 ,346 196,651 2 .0 7 8 ,8 8 7 1,717,569
6 06 ,217
558 ,761
7 3 ,130
78,549
2 00 .966
192,340
2 4 ,568
26,107
2 60 .558 25 2 ,6 6 9 2 ,5 5 7 ,9 9 3 2 ,4 4 4 ,9 6 5
599 ,992 515,984 5 ,6 7 3 ,8 0 4 4 ,8 4 4 ,9 0 1
160,691 128,531 1,520,919 1.233,605
708 .792
123.673
8 7 .812 1,100,121
206.901 184,243 1 ,7 60,147 1 ,5 6 4 ,6 4 3
761 ,538
8 68 ,077
8 0,890
8 7,252
515 ,523
49 1 ,4 9 6
2 4 ,0 2 8
60,321
3 28 .967
41,043
318 ,327
4 2,276
125.296
121,367
14,907
16.305
103,809 123.082 1,07 0 .8 0 0 1,038,300
5 64 .902 1175,441 9 ,5 9 8 ,4 9 0 10 ,0 2 7 ,7 7 0
294 .626
285,407
31,411
3 7 .3 1 0

Latest Gross Earnings.
Nam e o f
■
Road or Company.

Week or
Month.

N Y S ta te R a ilw a y s .
N \ W e stch e s & B o s .
N o rth a m p to n T r a c . .
N o r O h io T r a c & L t .
N o rth T e x a s E le ctric
O cea n E le c tr ic (L I ) .
P a cific G as & E l e c . . .
P ac L t & P ow C o rp . .
oP aducah T r & L t C o
P en sa cola E le c tr ic C o
P h ila R a p id T r a n s it .
P h ila & W estern R y .
P o r t ( O r e ) R y ,L & P C o
g P u ge t Sd T r , L & P
a R e p u b lic R y & L t . .
R h o d e Isla n d C o ____
R ic h m o n d L t & R R .
St J os R y , L , II & P .
S an tiago E le c L t & T r
Sav an n ah E le ctric C o
S econ d A v e n u e (R e c )
S ou th ern B o u le v a r d .
S ou thern C a l E d is o n .
S taton I s l’d M id la n d .
T a m p a E le ctric C o . .
T h ir d A v e n u o _______
T w in C it y R a p T r a n .
U n ion R y C o o f N Y C
V irgin ia R y & P o w e rW ash B a lt & A n n a p .
W e stch e ste r E le c t r lc .
W e stch o ste r S t R R _ _
a W e s t Pen n T r a c C o
Y o n k e rs R a ilr o a d ___
Y o r k R a ilw a y s _______
Y o u n g s to w n & O h io .
Y o u n g s to w n & S ou th

Current
Year.

Previous
Year.

$
O c t o b e r ___ 692,841 631 ,802
4 1,653
S ep tem ber
50,689
16,859
S ep tem ber
17,394
Septem ber
4 46 ,667 3 4 0 .9 1 8
161,045 142,738
S ep tem ber
S ep tem ber
19,207
18,121
S ep tem ber 1563.418 1558,689
O c t o b e r ___ 270.382 256 .523
2 3 ,864
Septem ber
2 6 ,0 2 0
22,013
S ep tem ber
2 3 .9 2 0
O cto b e r . . 241 7,09 6 221 9,10 5
O cto b e r . .
4 4,922
4 7 ,4 3 4
453,731 45 4 ,8 5 6
S ep tem ber
S ep tem ber
69 0 .4 7 5 6 09 ,782
O c t o b e r ___ 33 8 ,6 1 3 276 ,355
51 5 ,8 2 0 474.919
S eptem ber
3 6 ,873
3 9,172
S e p te m b e r
109 ,213 105,440
S eptem ber
3 9 ,182
4 5 ,1 9 9
A u gu st —
7 0 ,4 6 6
6 4,018
Septem ber
4 3 .9 5 6
83,075
S eptem ber
6 .5 5 3
20,166
S eptem ber
O c t o b e r ___
3 89 ,190 415 ,793
S eptem ber
3 3,939
3 2.527
78,756
S ep tem ber
7 9 ,286
Septem ber
167 ,852 32S .190
3d w k N o v 197 .440 186,689
S ep tem ber
106,109 245 ,296
O c t o b e r ___ 502,261 473,072
7 9 .2 0 3
71,696
O cto b o r . .
62.519
17,416
S ep tem ber
2 3 .397
S ep tem ber
18,372
O cto b o r . . 55 5 .7 8 7 4 57 .523
63,921
S ep tem ber
2 0 ,7 8 2
O c t o b e r ___
8 1 ,170
89,351
2 5 ,963
3 0 ,2 3 9
S e p te m b e r
17,135
17,534
A u g u s t ___

Jan. 1 to latest date.
Current
Year.

Previous
Year.

6 ,9 1 0 ,1 1 9
4 02 ,949
149,642
3 ,7 8 0 ,7 4 3
1,378,543
133,790
13,791,628
2 ,7 0 3 ,0 1 3
230,141
210 ,665
2 2 ,4 3 0 .2 8 9
4 27 ,718
4 ,0 3 1 .4 2 8
5 ,8 7 1 ,0 2 7
3 ,2 6 9 ,2 6 2
4 .4 0 1 .0 8 2
310 ,159
997 ,556
356 ,513
598,957
626,565
148,166
4,08 9 ,0 4 2
258 .329
712 ,405
2 ,8 3 9 ,7 6 4
9 .0 3 0 ,5 9 9
2 ,0 1 8 ,2 4 9
4 ,8 2 8 ,7 8 7
756 ,699
374 .106
181.107
5 ,1 3 7 ,3 5 9
5 09 ,490
799 ,508
251 ,084
126,937

$
6 .0 6 6 ,3 1 7
3 49 ,646
133,149
2 ,8 2 9 ,3 6 0
1,22 9 ,0 6 6
133,114
13,723 761
2 ,4 1 7 ,6 5 8
209 ,867
183,204
19,96 5 ,2 3 3
383,911
4 ,1 2 0 ,0 1 8
5 ,5 7 4 ,6 4 2
2 ,5 1 1 ,2 7 7
3 ,7 5 4 ,6 7 9
30 8 ,8 7 2
93 3 ,7 6 0
3 07 ,718
590 ,902
66 1 ,1 4 5
171,364
3 .9 8 5 ,7 6 2
268 ,082
72 6 ,7 7 9
2 ,8 7 5 ,7 0 8
8 ,3 7 3 ,0 5 0
2,099,65J>
4 ,2 9 3 ,5 4 9
684,161
4 4 4 ,3 1 2
130,477
4 ,1 4 4 ,4 0 9
544,997
6 78 ,563
2 14 ,383
112,143

b R ep resen ts In com e fro m a il so u rce s, c T h e se figu res arc fo r c o n s o lld a te d c o m p a n y . / E a rn in g s n o w g iv e n in m ilre is. g I n clu d e s c o n s titu e n t
c o m p a n ie s .

Electric R ailw ay an d O th er P u blic U tility N et E arn ­
in g s .— The following tablo gives tho returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
------ Net Earnings-------Gross Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
9 0 ,9 4 6
6 0 ,684
9 7 ,5 2 2
A la b a m a P o w e r .a _______ O ct
137 ,094
50 9 ,0 1 2
7 6 2 ,1 4 8
834 ,101
Jan 1 t o O ct 3 1 _______ 1,209,257
4
3 ,9 6 0
4
9
,0
4
8
101,426
A rkansas V a l R y L & P — O c t
108,424
4 9 2 ,3 4 3
1,162,433
5 56 ,270
N o v 1 t o O ct 3 1 . .......... 1 ,2 4 8 ,1 3 9
B razilian R y . L t & P o w .O c t c 7 ,03 6 ,0 0 0 c 6 ,79 3 .0 0 0 c 3 ,82 1 ,0 0 0 c 3 ,9 0 7 ,0 0 0
Jan 1 t o O c t 3 1 _____ c 6 8 ,2 8 6 ,0 0 0 c 6 4 ,2 5 0 ,1 1 0 c 3 8 .1 9 4 ,0 0 0 c 3 7 ,2 6 2 ,4 2 0
Illin o is T r a c t i o n .a . ............ O ct 1 ,0 73,370
980 .071
43 6 ,9 6 3
4 25 ,689
Jan 1 t o O ct 3 1 9 ,8 7 3 ,1 5 0
8 .9 7 1 ,4 2 3 3 ,7 1 3 ,7 4 1 3 ,5 0 3 ,3 8 7
N o w Y o r k T e l o p h o n o .b .O c t 4,82 8 ,2 4 1 4 ,0 4 5 .8 2 7 1 ,8 7 4 ,8 6 8 1,389,323
Jan 1 t o O ct 3 1 4 5 ,0 1 7 ,8 1 5
3 9 ,5 6 5 ,4 0 3 1 7 ,0 1 4 ,0 3 8 13,37 9 ,8 1 0
N o r States P o w e r .a _____ S ep t
48 5 ,1 7 5
40 7 ,1 7 9
2 5 5 ,7 6 7
2 23 ,107
O ct 1 t o S op t 3 0 5 ,8 2 2 ,7 0 2
4 ,9 0 3 .3 3 8 3 ,2 3 3 ,9 5 6 2 ,7 1 4 ,0 7 5
P h ila d e lp h ia C o m p a n y —
___
26 1 ,3 9 8
251 ,645
531 ,766
N a tu ra l G as D e p t _____ O ct 625 ,683
1,78 0 ,8 7 4
3 ,6 1 3 ,5 1 6 2 ,2 0 2 ,4 1 4
A p r 1 t o O ct 3 1 _______ 4 ,3 4 2 ,9 8 5
8 ,8 9 0
19,549
19,061
O il D e p a r tm e n t________O c t
3 1 ,2 4 8
64,737
124.326
109.631
A p r 1 t o O ct 3 1 ---------184.347
22 8 .2 5 5
2 28 ,313
469 ,881
E le c t L t & P o w D o p t .O c t
571 ,527
1 ,4 2 3 ,4 7 9
1,618,443
2 ,9 9 1 ,9 3 0
A p r 1 t o O ct 3 1 ----------- 3 ,7 3 7 ,3 5 3
436 ,483
40 8 ,8 0 4
81,191
Street R y D o p t ________O ct 1,181,675
7 ,3 3 4 .8 5 2 2 ,7 0 9 ,5 1 1 2 ,6 7 4 ,3 5 7
A p r 1 t o O ct 3 1 _______ 8 ,0 35,311
3 3 ,557
2
8
,9
2
2
6
2
,0
7
2
P o r t o R ic o R a ilw a y s ____O c t
6 3 ,3 2 9
3 06 ,963
34 0 .0 8 6
6 2 2 ,2 6 0
Jan 1 t o O ct 3 1 ----------69 1 ,2 3 4
3 46 ,809
W isc o n s in E d is o n .a ______ O ct
89 2 ,2 8 9
4 ,0 7 6 ,7 4 2
N o v 1 t o O ct 3 1 ---------- 9 ,9 7 4 ,0 1 9
Balance,
Fixed
N et, after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
i
$
$
A t l G & W I SS L in e s—
5 99 ,273
166,316
7 65 ,589
'1 6 2 ,6 7 2 ,3 3 7
26 1 ,5 9 8
181,273
442,871
'1 5 1,71 3 ,1 3 2
1,47 9 ,1 1 0 6 ,3 1 1 ,1 9 8
T 6 :2 4 ,329,248 7 ,7 9 0 ,3 0 6
1,46 7 .6 7 0 2 ,1 6 9 ,3 7 9
'1 5 14,732,133 3 ,6 3 7 ,0 4 9
* 2 4,323
14,248
3 6,668
121,229
'1 6
x 15.481
14,172
28,171
101.900
'1 5
* 222 ,457
142,292
3 5 1 ,0 9 0
'1 6 1 ,1 4 4 ,6 7 5
144,426
* 6 2 ,2 4 0
193.547
94 7 ,8 6 5
'1 5
*9 6 ,8 1 8
140,704
2 0 7 ,8 7 8
32 0 ,2 5 2
'16
115,981
* 9 0 ,0 4 8
187,540
2 95 ,472
'1 5
* 896 ,693
1 ,3 8 3 ,2 6 7
1 ,9 5 7 ,0 7 0
'1 6 3 ,0 5 2 ,0 5 9
* 7 9 0 .0 6 0
1,68 3 ,6 1 6
1,06 6 ,0 6 0
'1 5 2 ,4 2 4 ,1 1 7
6 6 ,9 3 4
282 ,626
2 15 ,692
5 13 ,465
'16
7 2 .6 1 6
4 77 ,723
2 85 ,118
2 12 ,502
'1 5
(a ll sources)
5 44 ,364
'1 6 4 ,8 4 5 ,3 1 8 2 ,6 9 4 .8 3 4 2 ,1 5 0 ,4 7 0
4 95 ,606
'1 5 4 .5 3 7 ,2 4 4 2 ,6 1 2 ,3 3 0 2 ,1 1 6 ,7 2 4
5 8 ,939
5 0 ,706
179,343
109,645
'16
4 5 ,1 0 9
4 6 ,497
9 1 ,606
136,832
'1 5
5 44 ,368
500,391
1,04 4 ,7 5 9
'1 6 1 ,661,273
33 8 ,2 8 2
4 20 ,328
7 58 .610
'1 5 1,197,713
*1 3 .8 5 6
19,747
3 3 ,0 4 5
8 7 ,2 5 2
'1 6
*12,161
19,874
3 1 ,8 0 3
8 0 ,8 9 0
'1 5
* 1 5 2 .8 7 0
194,247
3 44 .139
868 .077
'16
196,305
* 112 ,151
3 05 ,645
7 61 ,538
'1 5
171.775
100,760
*7 6 ,0 8 9
270 ,382
'16
*69.621
167,427
106 ,645
256,523
'1 5
*84 6 ,9 2 2
1,786,753
1,01 9 ,9 8 6
'1 6 2 ,7 0 3 .0 1 3
* 639 ,683
1 ,0 74.722
1,61 2 ,2 4 6
'15 2 ,4 1 7 ,6 5 8
2 2 2 ,7 0 3 * d e f5 0 5 ,5 0 8
3 90 .022 d e f2 9 8 ,2 6 3
'1 6
*78 ,1 6 0
2 1 9 ,6 0 7
9 68 ,648
2 85 ,315
'1 5
8 8 5 ,0 6 7 * d o fS 7 / ,980
d e f4 7 .4 2 5
'1 6 2,398,661
*407
,174
85
7
.4
1
4
3
,8
3
2
,5
8
2
1
,227,526
'1 5
Fixed Chgs. Balance,
Net
Gross
Surplus.
A Taxes.
Earnings. Earnings.
$
$
$
61,361
1 43 ,029
9 2 ,937
2 18 ,346
L o h ig h V a llo y T r a n .O c t '16
6 1 ,0 2 6
*4 2 ,0 1 0
9 1 ,839
196.651
'1 5
2403,022
597,791
8 8 6 ,7 3 8
10 m o s '16 2 ,0 7 8 .8 8 7
* 279 ,073
6 18 ,196
78 3 ,1 6 7
'15 1 ,717,569
6 9.573
8
0
,677
1 50 ,250
301.801
N e w Y o r k D o c k ___ O ct '1 6
3 3 ,801
8 1 ,4 4 6
115,247
2 63 ,515
'1 5
60 0 ,3 5 6
791 ,014
1 ,3 9 4 ,3 7 0
10 m o s '16 2,849,211
33 1 ,9 2 4
78 2 ,9 8 7
1,141,911
'1 5 2 ,3 1 9 ,1 6 2
192,137
1 4 t . 882
33 4 ,0 1 9
8 46 ,916
T w in C it y R a p T r a n O ct T 6
144.172
174,679
807 ,583
3 18 ,851
1 .8 0 1 ,3 5 4
1 ,4 34.877
10 m o s '16 8 ,4 4 1 ,9 0 4 3,23 6 ,2 3 1
1 ,4 1 6 ,4 2 0 1 ,3 8 5 ,8 9 7
'1 5 7 .8 2 2 ,4 4 0 2 ,8 0 2 .3 1 7
2 5 ,6 8 0
2 1 .466
4 7 ,1 4 6
89,351
Y o r k R y s ...................... O ct |16
19,646
2 4 .6 8 2
4 4 .3 2 8
8 1 ,1 7 0
178,272
2 8 4 ,1 7 7
4 62 ,449
882 ,125
11 m o s '16
104
,787
2
5
6
,7
98
36
1
,5
8
5
748,683
'1 5
.

R e a d in g C o m p a n y —
P h ila & R e a d in g ..O c t

Balance,
Surplus.

_

Fixed
N et. after
Gross
Charges.
Taxes.
Earnings.
$
$
S
26 2 ,8 8 5
804 ,797
C b ic S t P M & O m . - O c t '1 6 2 ,1 2 9 .0 2 6
650,432
26 9 ,4 3 7
'1 6 1 ,845,334
9 8 4 ,0 8 6
4 m o s '1 6 7 ,6 4 9 ,9 6 0 2 ,5 4 6 ,9 7 7
1 ,8 6 6 ,1 3 8 1 ,0 0 0 ,0 3 5
'1 5 6 ,5 1 1 .8 7 6
120,957
8 1 ,2 9 0
6 34 .209
N Y O n t & W c s t e m . O c t '1 6
122,095
197,761
76 5 ,4 5 7
’ 15
49 0 ,8 6 3
1 ,0 5 1 ,7 1 6
4 m o s '1 6 3 ,3 6 2 ,6 1 3
4 9 1 ,7 8 8
1 .1 1 3 .7 4 8
'1 5 3 ,3 6 6 ,5 6 9
Fixed,
Gross
Net, after
Other
Charges.
Income.
Taxes, Ac. Income.
$
S
S
S
Boston & Maine—
952,956
77,511 1,463,273
Oct '16 4,857,573 1,385,762
873,118
67,234 1,315,399
'15 4,429,911 1,248,165
332,872 6,231,308 3,704,069
4 mos '16 19,670,481 5,898,436
279,461 5,208,280 3,428,953
'15 17,164,169 4,928,819
Buffalo R och & Plttsb—
175,772
331,303
247,424
83,879
O ct '16 1,157,011
179,269
384,311
309,791
74,520
'15 1,052,238
706,387
291,284 1,493,338
4 mos '16 4,665,094 1,202,054
714,084
219,692 1,309,048
'15 3,976,566 1,089,356
Buffalo & Susquehanna—
23,917
44,444
73,811
29,367
Oct '16
142,807
25,400
71,293
38,566
32,727
'15
140,007
243,019
420,912
750,251
329,339
10 mos '16 1,401,154
257,541
492,203
322,563
169,640
•15 1,194,474

.

2012

Deo. 2 1916.1

THE CHRONICLE

3073

N ew

Y o r k S t r e e t R a il w a y s .
» m a in ta in in g an d o p e ra tin g th e p r o p e r t y , and w ill
~.G1 ° .SS. Earnings----------------- Net Earnings
Current
1 revious
Current
Previous
Companies.
Year.
Year.
"
Year.
Year.
& S o u t h w ^ t e r n j f y . (V 103 p . l & T ^ 1^
trUSt oblI« a tio n s o f V lr g ln li
*
$
$
L
Classification o f Tonnage Moved— Years ending June 3 0 (N o. o f Tons).
324 ,612
H u d son Sc M a n h a t a ___ S ep t
2 8 7 ,7 9 7
C162.129
C153.75
Jan 1 to S ep t 3 0 ............. 2 .9 6 5 ,5 3 6 2 ,7 1 0 ,4 6 3
' " r * culture.
’ nr'~
£*f}~
CoJ } \ and Stone,
Forest
M iscelTotal
1 ,570,428
1,4 3 3 ,5 9 8
of—
In te r b o r o R T (S u b) a - .S o p t 1 ,518,444
. 2 7 .9 1 8
o o ec o o
r £ cProducts, laneous.
o f A ll.
1,3
1 9 1 5 -1 6 ..1 4 ,8 9 2 o ,5 /13 2o,4? 8
8 9 4 ,6 1 8
7 8 6 ,0 5 5
8 ,5 3 2 53,251
220 801 8^ *>10 2 ,8 8 0 ,2 3 8
Jan 1 t o S op t 3 0 -----------1 4 ,5 9 6 ,7 3 8 1 3 ,1 1 8 "l7 6
1 9 1 4 -1 5 .-1 4 ,6 7 2
8 ,8 8 0 .4 3 0 7 ,9 6 8 ,1 8 2
9
,0
0
9
2
,0
9
8
,0
6
6
6
3
,613
183:838
66:813
2,4 3 6 ,0 1 1
In te r b o r o R T (E lo v ) a .S e p t 1 ,4 8 8 ,6 6 3
1,251 260
662 ,511
559 ,4 1 6
Jan 1 t o S ep t 3 0 .............1 2 ,8 5 1 ,8 3 9 1 1 ,5 1 8 ,6 7 5 5,7 5 4 ,8 0 1
G E N E R A L S T A T IS T IC S .
5 .2 3 9 ,2 9 4
T o t a l I n te r b o r o R T a S o p t 3 ,0 0 7 .1 0 7 2 570 178 1 .5 5 7 ,1 3 0
191
5-1
6.
1914-15.
1913-14.
191 2-1 3.
1 ,3 4 5 ,4 7 3
A v e ra g e m iles o p e r a t e d .
231
240
Jan 1 to S op t 3 0 ----------- 2 7 .4 5 8 ,5 8 0 2 4 .6 3 6 :8 5 ! 1 4 :6 3 5 ’, 232 1 3 '2 0 7 481
240
240
I’ assengers ca r r ie d ______
2 89 ,402
2 7 4 ,2 5 4
3 13 ,853
B r o o k ly n R a p T r a n a . . S e p t 2 ,4 7 4 ,8 7 8 2 ,3 4 9 654
838 390
o n ’oaa
3 1 3 ,9 9 6
Passengers carried 1 m ile 6,328,901
5
,7
2
7
,6
6
6
6
.6
4
6
,3
2
3
J a n l to S op t 3 0 ----------- 2 1 ,9 9 8 ,1 5 8 2 0 ,5 3 4 :2 5 7 7 ,5 6 8 ,9 3 6 7
~ ,1
9 41 41,8
’ 288
6 ,2 0 3 .9 2 0
A v .r e c t s . per pass. p .m .
2 .7 0 cts.
95
2 .7 4 c ts .
2.7 3 c ts .
2 81 c ts .
N o w Y o r k R a ilw a y s a - . S o p t
5 6 4 ,5 0 2 1 175 441
T o n s carried (reven u e)
2 ,8 8 0 .2 3 8
85,864
3 8 4 .4 7 2
____
_
2 ,4 3 6 .0 1 1
2
,5 0 9 ,9 7 2
2 ,2 6 3 .4 5 8
Jan 1 t o S op t 3 0 ............ 9 ,5 9 8 ,4 9 0 1 0 .0 2 7 ’, 770 2 ,7 9 9 ,0 4 9 2 ,9 5 5 ,8 1 7
T o n s ca rr. 1 m ile ( r e v . ) . 226:761 R 5 3 1 9 7 ;8 1 3 ’ 792
200,371 J 86 186 .781 .32 1
A
v
.
rects.
per
ton
p
er
m
.
0
.7
6
c
ts
.
6
.8
0
cts
2 9 .4 0 5
65 380
B e lt L in o a ........ ................ S o p t
d o f l 1,922
0 .8 5 cts;
0 .8 5 c t s .
20.7 7 7
G ross earnings per m ile .
Jan 1 t o S op t 3 0 — . . .
5 4 6 :0 2 7
5 7 0 .8 1 2
$ 8 ,4 6 9
87,4 9 3
101,504
117,207
S econ d A v o n u o a ---------- S o p t
43 956
83 075
d o f2 ,2 5 9
IN
C
O
M
E
A
C
C
O
U
N
T
FOR
Y
E
A
R
S
E
N
D
IN
G
%
J
U
N
E
30
$< 523
3 1 .4 4 2
turn 1?ort>y\Moo
.
uvj.
J an 1 t o S op t 3 0 — —
6 2 6 :5 6 5
6 6 1 .1 4 5
118 ,538
181 ,7 7 7
1914-15.
1913-14.
T h ird A v o n u o a . .
Sept
167 ,852
3 2 8 ,1 9 0
s l 9727 ™
15.417
114.656
$ 1 ,5 9 0 ,6 5 9 $ 1 ,7 0 2 ,5 7 5
P a ssen ger.......................................
”
* m A ’S s ,
Jan 1 t o S op t 3 0 ----------- 2 ,8 3 9 ,7 6 4 2 ,8 7 5 ,7 0 8
1,0 6 9 ,7 9 4
1,0 3 4 ,2 1 1
157 ,164
181 ,152
M a il, express, & c ____
*
rm coQ
D D E B ’w a y A B a tt a .S e p t
2 0 ,9 8 9
39,5 7 9
d o f2 ,9 0 5
9,9 1 9
44.9 3 6
4 6 ,7 9 7
In cid e n ta ls, & c ___
10812
Jan 1 t o S op t 3 0 .............
3 4 2 ,2 2 4
3 5 9 ,5 9 0
3 1 ,940
4 8 ,5 1 2
42d St M & St N A v o a S opt
7 7 ,8 5 5
167 ,708
d o f9 ,0 4 3
8 1 ,8 1 5
1 .345,393
$
1
,7
9
9
,3
0
1
1,4 4 8 ,8 9 8
524 ,1 4 6
6 0 4 ,3 9 9
$ 1 ,9 3 9 ,1 0 4
N Y C it y I n te r b o r o a ___ S opt
24,0 2 8
60,321
d e f4 ,3 1 5
2 2 ,6 4 7
- - $ 3 0 8 ,1 8 0
$ 3 1 6 ,3 2 8
Jan 1 to S ep t 3 0 .............
$ 2 7 0,65 9
4 9 1 ,4 9 6
5 15 ,523
148.836
163 ,9 0 2
4
2
2
,0
7
0
4 7 5 .9 3 3
S ou th ern B o u lo v a rd a . . S e p t
6,5 5 3
2 0 ,166
d o f l . 188
7 ,2 4 2
2
7
,4
9
6
2 6 ,1 4 9
Jan 1 t o S op t 3 0 _______
T
ra
n
sp
o
rta
tio
n
e
x
p
e
n
s
e
s
..____________
539
f
148,166
171 ,364
3 1 ,815
56,3 9 9
527,321
554 ,813
U n ion a _________________ S opt
106,109
2 45 ,296 d o f2 8 ,6 9 9
8 .7 1 6
45,491
4 3 .3 1 3
2 ,0 1 8 ,2 4 9 2 ,0 9 9 ,6 5 5
4 86 ,810
543 ,6 2 6
T o t a l o p e ra tin g e xp en ses____
W estch ester E le c t a ____ Sept
—$ 1 ,4 6 1 ,9 6 4 $ 1 ,3 3 8 ,7 0 6 $ 1 ,3 7 0 ,8 6 7
17.416
52,5 1 9
d o f0 .2 4 3
16,929
374 ,1 0 6
4 4 4 ,3 1 2
$46 0 ,5 9 5
74.2 4 8
$56 8 ,2 3 7
9 0 ,8 3 5
80,8 2 6
Y o n k o r s a _______________S opt
2 0 ,7 8 2
63,921 d o f 12,465
7 7 ,410
15,219
5 0 9 ,4 9 0
5 4 4 ,9 9 7
118,380
8 7 .8 8 8
$ 3 7 9,76 9
$49
0 ,8 2 7
L o n g Isla n d E le c t a ____ S opt
ITire
o
f
e
q
u
ip
m
e
n
t—
b
a
'la
n
ce
lI
2 4 .5 6 8
2 6 ,1 0 7
5 ,4 6 4
6 ,8 2 0
2 3 2 ,5 6 2
172 ,538
189 .045
Jan 1 t o S op t 3 0 _______
R e n ta ls , interest. A c .
192 .340
2 0 0 ,9 6 6
12,171
3 0 ,4 2 7
7 ,0 8 5
13.075
N Y & L o n g Isl T r a c a . . S o p t
4 1 ,0 4 3
4 2 ,2 7 6
5,9 3 6
12,156
T o t a l gross in c o m e ____
Jan 1 t o S opt 3 0 _______
3 1 8 ,3 2 7
3 2 8 ,9 6 7
- $65 4 ,8 2 5
3 6 ,390
$ 5 5 9,39 2
73,251
$69 2 ,9 4 7
R e n ta ls, interest, d is c o u n t ^ 'A c .......... $ 2 6 ,0 7 2
N Y & Q ueens C o a ____ S opt
103,809
$48,841
123,082
d e f4 ,0 4 4
$48 079
8 ,0 8 3
In terest on b o n d s & e q u ip m e n t notesi3 9 9 ,6 6 5
1,0 7 0 .8 0 0
4 0 3 ,9 2 0
1 ,038,300
d o f 201 d o f 13,366
3 7 5 ,4 6 9
C o m m o n d iv id e n d s ( 1 0 % ) ____
200,000
200,000
O cean E lectric (L I) a . .S o p t
200.000
19,207
18,121
A d d itio n s a n d b e tte r m e n ts____
7,778
9,35i
70
Jan 1 t o S op t 3 0 _______
564
133 ,790
133,114
4 9 ,8 8 5
6 6 ,1 2 8
N Y & N o rth Sh ore a ___S opt
14.947
16,305
5,321
5 ,9 9 2
Jan 1 to S opt 3 0 _______
121,367
125 ,2 9 6
3 7 ,375
B a l ^ c e , ^ ^ ^ u ° o r deficrt” ’— ".".".".'.8m \ $29:ol9 d e f i w ®
sur$ $ 6 8 :8 3 5
35,5 0 4
R ic h m o n d L t A R R a - .S o p t
36,8 7 3
3 9 ,1 7 2
-1 3,364
16,398
G E N E R A L B A L A N C E S H E E T J U N E 30.
3 10 ,159
3 0 8 ,8 7 2
8 0 ,8 0 0
8 1 .9 9 3
1916.
1915.
Staton Isl M id la n d a ___ S opt
1916.
1915.
32,5 2 7
3 3 ,9 3 9
8,4 5 2
s
s
8 ,5 5 9
Liabilities—
$
2 5 8 .3 2 9
S
2 6 8 ,0 8 2
2 2 ,3 5 7
Road A equipm ’ t.lO ,S19,149 11,196,136 Common stock___ 2,000,000
3 4 ,4 3 7
2,000,000
M isc. investments
40 797
40,773
Mortgage b o n d s .. 7,000,000 7,000,000
a N o t earnings hero give n aro a fte r d e d u ctin g taxes
£ a s h ........................
248.4S7
57,874 Equip, trust obilg.
944,000 1,084,000
Special deposits..
61,835
c M ih e L s
a m o u n tc d t o 381-523 In s °P t- 1916. a g s t. $ 82 ,774 in 1915.
53,375 Traffic, A c ., bals.
13,445
20,148
Traffic, A c ., bal­
Accounts A wages
131,083
106,396
ances __________
192,1/6
192,909 Matured lnt., A c .
60,925
53,375
Agents and con­
M
iscellaneous____
3,034
4,221
2,435
du ctors...............
1,033 Accrued interest..
71,396
72,644
Material and sup­
Accrued taxes-----45,’obo
42,163
p lie s ....................
198,077
148,907 Operating reserves
An index to annual reports of steam
75,953
57,977
Miscellaneous____
65,692
50,093 Accrued deprec’n .
817 899 893,078
railroads, street railways and miscellaneous companies which Reconst rue’n RogOther unadjusted,
ersvlile Branch.
324,695
liavo been published during the preceding month will bo
334,695
A c., accou n ts..
32,317
13,550
Other unadjusted
A d d ’ns to property
given on the last Saturday of each month. This index will
94,560
91,678
a c c o u n ts ............
16,266
21,570 Profit and loss___
680,000
658,195
no/ include reports in the issuo of tho “ Chronicle” in which

ANNUAL
Annual Reports.

REPORTS

it is published. Tho latest index will bo found in the issuo
of N ov. 25. Tho next will appear in that of Dec. 30.
30 1916.)
Tho balance sheet and citations from tho text of tho
annual report will bo published another week.
1912-13.
1.646
2 ,4 1 8 .3 8 8
8 7 ,7 1 3 ,1 4 2
2.1 2 7 cts.

G ross earnings per m ile .
T o n s per train m lio ____
Earnings—
P a ssen g er_______________
F re ig h t__________________
M a il, express, A c _______

(12//i

Annual

R e p o r t— Y e a r

en d ed

1 0 .111.975
1,167,393
1.383,529
3 ,8 8 6 .9 4 2
214 .057
251 ,673
4 6 5 ,1 7 8

1 .309,623
1.428,358
3 .7 2 2 .5 8 8
214 ,1 2 6
218 ,4 3 1
4 4 0 ,521

1.249,821
1 ,208.865
3 ,7 8 4 ,6 3 3
215 ,797
248 ,6 3 5
3 8 2 .2 4 2

T o t a l exn . A ta x es___
N o t op era tin g r e v e n u e ..
In terest on b on d s _______
D lv s . o n s tock s o w n e d ..
N e t r en t, lease o f r d .,A c .

7.4 9 2 .0 0 1
3 ,2 2 9 .5 1 1
3 0 .0 2 2
2 4 ,1 4 4
43,8 3 6

7 ,3 6 8 .7 7 2
2 ,7 4 3 ,2 0 3
5 3 ,2 2 2
4 .1 4 4
3 7 ,0 6 8

7 ,3 3 3 .0 4 7
2 .2 8 7 ,0 2 8
5 3 .1 3 2
14.144
3 8 .1 1 6

T o t a l not In com e ____
Deduct—
In terest on fu n ded d e b t .
I n t ., d ls c 't A ox c h a n g o .
M iscella n eou s c h a r g e s ..
H ire o f e q u ip ., b a la n c e .

3 ,3 2 7 ,5 1 3

2 ,8 3 7 .6 3 7

2 ,3 9 2 ,4 2 0

7 ,0 8 9 ,9 9 3
2 ,6 1 7 ,0 1 1
6 4 ,172
4 2 ,1 5 0
4 9 ,3 7 6
2 .7 7 2 ,7 0 9

2 ,1 4 9 .9 2 8
61.827
109,032
354.481

2 .1 3 9 .6 4 9
8 0 .5 0 9
3 8 .1 9 0
392 ,6 8 4

2 .1 0 4 ,8 2 8
8 8 ,4 5 9
3 0 .9 3 0
3 2 1 ,5 9 5

9 .6 2 0 .6 7 5 ~ l ) X 0 7 f m

T o t a l fix e d , A c . , ch g s . 2 ,6 7 5 ,2 6 8
2 ,6 5 1 ,0 3 3
2
b a la n c e . ™ , o r ^ e f — . s u r .6 5 2 .2 4 5 sur. 186.604 d e f.1 5 3 .3 9 2

Virginia &

Southwestern Railway.

(18/A A n n u a l R ep o r t-— Y e a r e n d e d J u n e 30 1916 )
Pres. Fairfax Harrison, Sopt. 19, wrote in substance:
Results.— G ross o p e r a tin g reven u es Increased g in o Ann
„ „. ’
o p e r a tin g expenses $12 3,25 8. o r 9 .2 0 % . T h e tonnaim o f
8i9 1 % * an(I
w h ich con stitu tes m ore than 8 0 % o f the c o m p a n y 's frelirhr !),t ' , 'n,n.o u s c o a l,
1 7 .7 7 % , 2,334,141 tons being m oved d u rin g T h e p a s t y e a r *
f f , c ' ‘ " c re a s e d
Capital Accounts.— In vestm en t In ro a d Incteannf *'in -ro a . . . ,
m on t in eq u ip m en t decreased $ 40 7,75 1, d u o to the r e t lr e m n n ^ r
o rd o r cars found u n p ro fita b le to repair.
re tire m e n t o f o ld b a d Lease to Southern Rg.— T h o railroad and o th e r p ro n e rtv , , „ i r . ___ i ■
.
V irg in ia A S outhw estern R y . w ere, on J u ly 1 l o j o fe-ised tn
‘soa ° f
fo r a term o f on e y ea r and thereafter fo r s u c c e s s I v o n t k X nr
Ky.
unless and until term in ated u pon n o tice given b y eith er n -irtv°ne,ft? 'lri ° a c b
c o m p a n y w hich ow n s all o f the o u ts ta n d in g ca p ita l sto ck yd f V h S i i T 'S
S ou th w estern R y .. d u rin g the life o f the lease w ill p e rfo rm t o e J u b ilc d i t t o

June

fo r th e p urchase o f $ 6 4 ,0 0 0 M ississip pi C en tral b o n d s
STN ! : ™ CS FOR YBARSt
r. Statistics—
J
1915-16.
Passen gers e a r n e d .......... ..
221 ,0 2 6
P assengers carried 1 m ile . 4 ,9 2 9 ,1 5 0
R e ce ip ts per pass, per m . 2.71 c ts .

JU N E 30 (
1Q14-1R

IN C O M E A C C O U N T .
Revenue—
1915-16.
1914-15.
F r e i g h t . . . .............................. $ 5 7 7,81 5
$ 5 3 5,19 8
P a s s e n g e r ........ .....................
134.815
139,745
M a il, express, A c ...............
jqo 066
96,4 8 4

T o t a l op er. r e v e n u e .. 10.7 2 1 ,5 1 2
Expenses—
M a ln t . o f w a y , A c _____
1,116,265
M a in t . o f e q u ip m e n t___
1,525,268
T ra n sp orta tion expenses 3 ,8 9 6 ,2 1 7
T r a ffic exp en ses.
212.151
G en eral, A c _____
272 ,196
T a x e s ____________
469 .903




T o t a l ---------------11,969,611 12,097,425

Mississippi Central Railroad.

The Minneapolis & St. Louis Railroad.
{R e p o r t f o r F i s c a l Y e a r e n d in g J u n e

O PE R A TIO N S, R E V E N U E S , E X P E N S E S , &C.
1915-16.
1914-15.
1913-14
A v e ra g e m iles o p e r a t e d .
1.646
1.646
1 646
..................
N o . passengers c a r r ie d ..
2 ,5 4 4 ,8 5 6
2 .5 7 4 .7 9 7
2 ,4 7 9 .6 0 2
P a ss, carried o n o m i l e . . 9 2 ,6 7 2 ,4 2 2
R a to p er pass, per m ile . 2.1 0 5 cts.
R o v e n u o freigh t to n s ___
6 ,1 9 4 ,3 3 2

.1 99’61

W - . ----J -S
1 12,097,425
- V . 103, p . 1509. 321 .

T o t a l o p e r . r e v e n u e ___
Expenses—
M a ln t . o f w ay A stru ctu re
M a ln t . o f e q u ip m e n t ____
I r a ffle e x p e n se s_________
T ra n sp o rta tio n e x p e n s e s .
G en eral e x p e n s e s ________

$13 0,13 1
154.273

$ 8 1 2,69 6

30 1916.)

dy

th

fu n d '

TES 164
.
1913-14.
1912-13
2 8 5 .4 9 9
318.321
6 ,2 5 5 ,8 6 6
6 ,7 7 6 ,8 5 3
2 .8 3 c ts .
2 .7 7 c ts .
„ 6 0 5 .0 7 3
5 9 9 ,9 1 0
2 3 ,9 9 6 ,7 1 6 2 4 .3 5 8 ,0 5 8
$ 5 ,7 6 7
$ 5 ,9 0 6
1913-14.
$65 4 ,7 0 4
179.069
111,969

191 2-1 3.
$ 6 5 6 ,3 5 5
190,156
122 ,025

$ 7 7 1,42 7

$94 5 ,7 4 2

$96 8 ,5 3 6

177 ,875
4L853

9 405

$122,721
165,106
9.5 4 2
162,081
4 2 ,5 7 4

$15 4 ,4 9 6
187.840
10.089
206 ,8 3 4
4 9 ,9 8 7

$ 1 3 7 ,9 7 3
176 .253
11.065
2 3 2 .4 8 6
5 2 ,6 20

T o t a l o p e r . e x p e n s e s ..
N o t o p e r a tin g r e v e n u e
T a x e s ....................

$ 5 1 3 ,5 3 6
$ 2 9 9,16 0
2 9 .3 0 9

$ 5 0 2 ,0 2 4
$26 9 ,4 0 3
2 8 ,7 8 8

$ 6 0 9,24 6
$ 3 3 6,49 6
2 9 ,5 3 4

$6 1 0 ,3 9 7
$35 8 ,1 3 9
3 4 ,4 0 0

O p e ra tin g In co m e ...........
O th e r In c o m e ____________

$269,851
8 4 .2 0 7

$24 0 ,6 1 5
$3 0 6 ,9 6 2
7 8 ,564
8 1 ,3 5 5
G ro s s c o r p o r a t e in c o m e $35 4 ,0 5 8
$ 3 1 9,17 9
” $38 8 ,3 1 7
B o n d , A c . , I n t e r e s t .......... $ 2 0 5,00 0
$ 2 0 5 ,0 0 0
$ 2 0 5 ,0 0 0
S in k in g f u n d .......................
49.200
4 9 ,2 0 0
4 9 ,2 0 0
♦ D iv id e n d s p a id .............(2 % )7 8 .7 i5 ( 2 % ) 7 8 :6 6 0 < 2 % )‘7 8:758

$32 3 ,7 3 9
8 6 .0 3 0
$40 9 ,7 6 9
$ 2 0 5 ,0 0 0
4 9 .2 0 0

e d u c t io n s...........
_____
T, T. o t a l d--------------—
$ 3 3 2 ,9 1 5
$33 2 ,8 6 0
* 3 3 2 ,9 5 8
$ 2 5 4 ,2 0 0
B a la n ce , su r . o r d e f — su r.$ 2 1 .1 4 3 d e f .$ l 3.681 s u r .$ 5 5 ;3 5 9 s u r .$ i5 5 :5 6 9
* D e d u c te d b y c o m p a n y fro m p r o fit A loss b u t sh o w n here f o r s im p lic it y .
B A L A N C E SH EET J U N E 30.
1910.
1915.
Assets—•
j
j
Liabilities—■
T '
I9>5'
Road A equ ipm ent-.8,204,344 8,270 208 Capital s t o c k ........... 3,940.000 3.940,000
Sinking fund.............. 230,500 171,045
Flrst^rntge. b o n d s ..4,100,000 4.100,000
M isc.phys.property.
9,479
9.479 Traffic, A c., balance
5,655
"
'
.....................
4,027
Cash with T reas.,A o.
70,315
39,713 Accounts
and wages. 32,140
22,083
Cash for coupon due
Accrued Interest____ 102:500
102.500
July 1 1915---------- 102,500
102,500 Accrued taxes______
12,681
13.661
Cash for sinking fund
M iscellaneous______
4,936
4.777
duo July 1 1 9 1 5 ...
49,200
49,200 Accrued depreciation 290.500
263,351
Sec. Issued (unpledg.) 115,000
69,500 Unadjusted, A o., ac­
Loans A bills receiv. 180.000
c
o
u
n
t
s
..............
20.085
_______ ______
w 600.000
11.450
Demand loans............
300.000
Sinking fund reserve 291,522
224,407
Material A supplies.
53.159
47,500 Additions to prop­
M iscellaneous............
01,088
08,005
erty ....................__
4S0
..........
Unadjus., A
*------------o., accts.
34.855
"* " "
15,817 Profit and loss......... x675,995
650.885
T o t a l ...................... 9,476,500 9.343,147
T o t a l ...................... 9,476.500 9,343,147
x A ft e r c r e d it in g in 1916 a d ju s tm e n ts ( n e t ), $ 2 .0 3 3 .__ V . 103, p . 1301

THE CHRONICLE

3074
Detroit & Mackinac Railway.

(Report for Fiscal Year ending June 30 1916.)
J. D . Hawks, V .-P . & Gen. M g r ., Oct. 13, wrote in subst.:
Results.— T h e Im p rov em en t w h ich b e g a n in N o v e m b e r co n tin u e d f o r t o e
ba la n ce o f the y ea r s o th a t earnings fo r th e y e a r w e re $ 1 ,1 7 5 ,7 2 6 , again st
« i n v v 7 fo r 1Q15 an d $1 210 .333 fo r 1914. E c o n o m ie s in o p e ra tin g
expenses w h ich w ere le g itim a te ly p o s s ib le b y reason o f th e be tte rm e n ts
m ad e fro m vea r t o y ea r a llow e d us t o sh o w n e t earnings loss taxes o f
636 o r S e e i n g t o e largest in 8 ye a rs e x c e p t in 1913. w hen ^ sh o w e d
$2Q2 112
T a x es increased $ 1 5 ,0 0 0 . I t is easy t o im a g in e w h a t w o u d
h a p p en i f oth er industries in M ic h ig a n w ore c a lle d u p o n t o g iv e u p o v e r 8 %
o f gross earnings fo r taxes.
Changes in Freight Tonnage Since 1897.
1916.
1897.
1906^
5 .1 0 %
P r o d u cts o f a g ricu ltu re -------------------------------9Q-i u w
3 7 .2 7 %
P r o d u cts o f m in e s ................................................... 1-55%
29.4 0 /„
2 6 .4 4 %
P r o d u cts o f fo re s t----------------------------------------- 8 q ' 97or
12 8 8 $ ’
2 9 .3 8 %

1914-15.
$39 7 ,7 2 3
P a ss e n g e r S
M
952 ,941
F r e i g h t ................................................
1 ,1 25,637
142,403
M a il, e xp ress, & c ----------------------------------146,912
T o t a l o p e r a tin g r e v e n u e s - . . ..................$1 ,4 9 3 ,0 6 7 $ 1 -8 6 9 .6 5 0
$ 2 2 5,40 5
$ 2 0 5,43 3
M a in te n a n c e o f w a y & s tr u c tu r e --------3 76 ,690
M a in te n a n c e o f e q u ip m e n t----------------357 ,941
44.6 9 0
T r a f f ic e x p e n s e s ................
J ” , /4 5
570 ,953
r r o -io
T r a n s p o rta tio n o x p e n s e s ...........................
6 6 ,806
6 6 ,0 3 2
G en eral e x p e n se s-------------3 0 ,465
2 5 ,1 5 9
M is ce lla n e o u s o p e ra tio n s
Cr. 862
Cr. 805
T r a n s p ’n fo r in v e stm e n t.
95,241
112,371
T axes

T ^ ^ 'p l M n U f f s ^ v w ^ F l S c h o r 0 P ^ ^ ° C o . 1 Y sla n c^ ^ ^ ?im C ^ .? UR ic h a r d s o n
L u m b e r C o . an d M ic h ig a n V en eer C o .]
OPERATIO NS, E A R N IN G S , & c „ FOR Y E A R S E N D IN G J U N E 3 0 .
1912-13.
1913-14.
1914-15.
1915-16.
416
404
397
M ile s o p e r a te d --------------387
Operations—
„
4 1 6 ,1 9 3
3 97 ,157
358 ,7 9 4
P assen gers ca rried ( N o .)
3 5 b ,220
14.2 5 0 ,7 6 0
14,0 8 8 ,0 6 8
P assengers c a rried 1 m ile N o t stated N o t s ta te d
2 .3 8 4 cts.
2 .3 9 0 c ts .
2.4 7 7 cts.
R a to per pass, p er m ile . 2.348 cts.
1,072,183
1
,087,778
9
0
0
,8
7
0
F reigh t (ton s) c a r r ie d . .
1,009,494
9
6 ,2 3 9 ,1 4 6
9
2
,6
5
9
,4
1
3
F reigh t (ton s) ca r . 1 m ile 7 7 ,4 7 7 ,6 5 5 6 9 ,3 8 5 ,0 0 7
0.851 cts.
0 .8 5 6 cts.
1.002 c ts .
R a te per to n per m i l e . . .
1.015 c ts .
$3,0 1 9
$3,024
$2,742
G ross earnings p e r m ile .
§ 5 .0 7 1
$
$
Earnings—
$ na9
818 ,460
795 ,307
695 ,580
F r e i g h t ................................
qfn'^ nR
339 ,8 3 5
3 36 ,572
3 03 ,072
P a s s e n g e r ----------------------on bou o
84,0 3 2
78,455
78,665
7J.15J
M a il, express, & c ----------1,175,727

1 ,077,317

1,210,334

1,242,327

132,937
207.414
25,043
398 ,010
34,1 8 0

135,505
200 ,024
24,668
3 9 8 ,8 8 9
3 4 ,6 4 9

147,398
195,752
28,5 4 5
448 ,3 3 0
32,855

166,415
174,768
26,969
443 .6 0 2
34,9 4 2

.

797 ,584
378 ,143
71,384

793 ,7 3 5
2 83 ,582
6 3 ,319

8 52 ,880
357 ,4 5 4
67,323

8 46 ,696
395 ,631
4 9 ,7 0 4

.

449 ,527

346 ,901

424 .7 7 7

445 ,3 3 5

.
.

9 2 ,0 0 0
97.5 0 6
7,701
4 7 ,5 0 0

9 2 ,000
105,904
24,761
47,500
(5 )1 0 0 ,0 0 0

92,000
103,518
7,592
4 7 ,500

100,000

9 2 ,0 0 0
82,491
6,496
4 7 ,5 0 0
(2 H ) 50,000

( 5) 100.000

344 ,707
104,820

278.487
68,4 1 4

3 7 0 ,1 6 5
54.612

3 5 0 ,6 1 0
9 4 ,7 2 5

T o t a l exp en ses.

T o t a l in c o m e .
Deduct—
T a x e s _________
M is c e lla n e o u s .

.
(5% )

T o t a l d e d u c t i o n s ..

1910.
1915.
A. ssets— ■
$
S
R o a d & e q u i p m e n t - 5 ,4 8 6 ,1 3 3 5 ,4 4 8 ,3 3 9
I n v e s t , in a f f i l . c o s . 1 9 3 , 8 0 0
1 9 3 ,8 0 0
1 ,5 8 0
P h y s ic a l p r o p e r t y —
1 ,5 8 0
120,200
O th e r in v e s tm e n ts .
1 2 0 ,2 0 0
6 7 ,3 9 8
M a t ’ ls & s u p p l i e s . .
7 3 ,1 4 2
5 7 3 ,5 7 3
C a s h ...............- ............. 8 9 3 ,5 5 1
43G
S p e c ia l d e p o s i t s -------1 ,0 0 2
4 ,2 4 2
B ills r e c e i v a b l e ______
4 ,1 8 7
1 3 ,3 3 1
T r a ffic . & c ., b a l s ..
1 0 ,4 0 9
3 7 ,5 3 7
A g e n t s ...... .......................
4 3 ,8 1 1
3 9 ,6 0 4
M is c e ll. a c c o u n t s ..
3 6 ,2 5 7
2 9 8 ,5 3 6
S in k in g fu n d s -------- 3 1 7 ,1 2 8
4 9 ,1 8 0
U n a d J ., & o . , a c c t s .
4 5 ,3 9 3
T o t a l ................ ..........7 ,2 2 6 ,5 9 3 6 .8 4 7 ,7 5 5

T o t a l ...................6 ,7 1 3 ,7 2 0 6,740,099

1916.
Liabilities—
$
„
C o m m o n s t o c k ______ 2 ,0 0 0 ,0 0 0
P r e fe r r e d s t o c k ______
9 5 0 ,0 0 0
F ir s t lie n b o n d s ______ 1 ,5 0 0 ,0 0 0
M o r t g a g e b o n d s _____1 ,7 5 0 ,0 0 0
D e p r e c i a t i o n r e s e r v e 2 7 9 ,0 8 8
B a n k o f th e M a n h a t­
9 0 ,0 0 0
t a n C o . l o a n . _____
A u d . v o u ch e r s, & C -.
6 1 ,2 4 1
T a x e s & m i s c e l l ______
8 2 ,4 5 9
P r o f i t & l o s s .................
931

1916.
1915.
Liabilities —
$
Si
C o m m o n s t o c k _____ 2 ,1 0 0 ,0 0 0 2 ,1 0 0 ,0 0 0
B d s . ( s e e R . & I . S e c . ) 2 ,0 0 7 , 7 8 5 2 ,0 0 7 ,8 0 0
T r a f t i c , & c., b a l s . .
9 4 ,0 5 1
7 0 ,5 7 2
A ccou n ts & w a g es.
8 9 ,0 2 0
6 8 ,7 0 3
M i s c e ll . a c c o u n t s . .
3 0 .0 0 0
2 9 ,8 2 6
A c c iu e d h i t ., & c —
2 8 ,2 7 9
2 8 ,2 2 4
M a tu r e d in t ., & C -7 1 ,5 3 8
A c c r u e d t a x e s ...........
O p e r a t in g r e s e r v e s .
4 0 ,7 1 1
2 3 ,0 6 3
U n a d ju s t e d a c c t s . .
2 2 ,6 1 7
1 5 ,9 8 1
A c c r u e d d e p r e c 'n . .
3 9 0 ,8 4 3
3 6 2 ,5 9 4
A p p r o p r i a t e d s u r p . - x 6 4 5 ,4 3 6
6 2 6 ,4 6 0
P r o f i t a n d l o s s ______ y l , 7 0 5 ,3 1 2 1 ,4 6 2 ,1 6 1
T o t a l ........................ 7 ,2 2 6 ,5 9 3

6 ,8 4 7 ,7 5 5

anv T h o s tfn )lu s $ ll ™ o f1 }1 2 ’i n 1916 Is*a p p ro p r ia te d as fo llo w s : F o r a d d itio n s
a n d b e t t e r m e n t s $ 8 6 4 J)92; in v e s te d in s t o c k o f a ffilia te d c o s .. $1 9 3 ,8 0 0
an d fre e s u rp lu s, $ 6 4 7 ,4 2 0 .— V . 103 , p . 1686.

CON DEN SED B A L A N C E SH EET JU N E 30.
1915.

9 7 ,7 9 8

xIn clu d es’ a d d itio n s t o p r o p e r ty th ro u g h in c o m o an d su rp lu s, $ 3 2 8 ,3 0 8 ,

» S 3 W ^ S i « S f f i S S ; S f t A» S : i * ^ . - . o o 6

1916.

$28 2 ,6 1 3
4 1 9 ,7 8 5
4 7 ,5 5 8
665 ,6 1 2
70,271
3 8 ,3 1 5

T o ta l d e d u ctio n s
. . . ____________
$27 2,38 1
$ 2 3 0 ,4 3 9
$ 2 /0 ,5 7 4
B a la n ce su rplu s _____________
$22 3 ,5 1 7
$ 1 3 1 ,2 1 0
$ 5 2 ,3 1 8
a O th e r In co m e in clu d e s In 191 5-1 916 h ire o f e q u ip m e n t & e, $ 5 9 ,0 9 8
re n ta ls, $ 2 9 ,0 9 8 ; inter&st $26,061 a n d d iv id e n d in c o m o , $ 8 2 ,4 3 9 .
B A L A N C E SH EET JU N E 30.

also leavin g a b a la n ce o f $931.

R o a d & e q u i p m e n t . . 5 ,6 3 9 , 5 0 3 5 ,6 4 5 ,5 5 3
3 7 ,3 7 3
A .S .& N . W . R y . b a l . .
4 5 0 .0 0 0
4 5 0 .0 0 0
D . & M . 1 s t lie n b d s .
5 0 0 .0 0 0
do
m t g e . b o n d s . 6 0 0 .0 0 0
5 5 ,7 9 9
6 1 ,1 4 8
M a t e r i a l s & s u p p lie s .
3 ,9 8 6
4 ,5 4 7
C a s h o n h a n d ..............
1 6 ,5 0 8
1 7 ,6 1 1
C o s . & in d iv i d u a ls ..
1 7 ,4 5 2
2 6 .3 4 9
D u e f r o m a g e n t s ------1 2 ,6 4 9
1 3 ,7 1 1
T r a f f i c b a l a n c e s -------779
851
M i s c e l l a n e o u s ..............

1 91 3-1 4.
$ 4 9 8 ,6 4 0
1 ,199,217
171.793

T o t a l o p e ra tin g expenses & t a x e s -------$ 1 ,3 8 5 ,5 7 4 $ 1 ,4 0 9 ,3 8 8 $ 1 ,6 2 1 ,9 5 3
P . C . e x p . & ta xe s t o e a r n ------------------(8 2 .2 4 )
( 94-40)
(»b .7 5 )
N o t o p e r a tin g r e v e n u e -----------------------$ 2 9 9 ,2 5 1
$ 8 3 ,6 7 8
----75,1 9 5
2 77 ,971
O th er i n c o m o ........................ - .....................a l9 b ,6 4 7
$ 3 2 2 ,8 9 2
$ 1 3 ,0 5 5
Rentals1 T o ln c o ra o .......... i n : : : : : : : :
* $ 14:991
* $ 15:049
110,519

ro a d fo r general business an d is a b le t o m ak e a g o o d slaowinfT
9^
aro g on e
I n f a c t, th e ro a d loses m o n e y in h au lin g logs a t p re se n t log
ta r iffs , and ca n bo w ell satisfied t o sim th e lo g b ^ i n e ^ w o ^ a t h i ^ o f
th e p a st. T h ou sa n d s o f acres o f g o o d fa r m in g lan d fro m w h ich tn e tin n ier

Expenses— ■
M a in te n a n c e o f w a y , & 13
M a in t . o f e q u ip m e n t ..
T r a f f ic exp en ses----------T r a n s p o r t a 'n expenses .
G en eral, & c ------------------- .

(Vol . 103.

1915.
_____$ „ „ „
2 ,0 0 0 ,0 0 0
9 5 0 ,0 0 0
1 ,5 0 0 ,0 0 0
1 ,7 5 0 ,0 0 0
2 7 5 ,5 1 9
1 3 0 ,0 0 0
7 7 ,1 7 8
5 7 ,4 0 2
--

T o t a l ...........................6 ,7 1 3 ,7 2 0 0 , 7 4 0 ,0 9 9

Vicksburg Shreveport & Pacific Railway.
(16 th Annual Report— Year ended June 30 1916.)
President Larz A . Jones, Aug. 16, wrote in substanco:
Pmnertii__ O f th e 171.47 m iles o f m ain tr a c k o p e r a te d , 161.99 m iles aro
la id w ith 7 5 -lb . steel rails an d 9 .4 8 m iles w ith 6 0 -lb . steel rai s.
-i-hern are 87 013 lineal fe e t o f brid g o stru ctu re o n th o m ain line be tw e en
and^Sh revonort o f w h ich 3 .3 8 9 fe e t are steel span s an d 3 3 .6 2 4 fe e t
w o o d e n t r £ t u T PT h e r o a r e also 134 fe e t o f steel brid ges a n d 340 lin ea l
feet o f trestles o n side track s. T h e steel b rid g e o v e r R e d R iv e r w as e x ­
te n d e d 360 fe e t a n d th o w o o d e n trestle a t tho oast a p p ro a ch 34 f t . , in cid o n t
t0Eqidpment^ - Y o u r c o m p a n y o w n s 35 lo c o m o t iv e s , 34 passenger tra in
cars an d 984 fre ig h t a n d o th e r cars.
100 a d d itio n a l b o x cars h a v e been
PUK esuted— A s ‘ c o m p a re d 1 w f t o 't o o 1 ye a r 1914-15, in w h ich th o revonuos
E d s o soverelyPfr o m th e d is tu r L a n c ^ in cid e n t t o th e E u riipoan w ar
there is an increase in o p e ra tin g revenues o f .$247.443, o r I 7 . » 4 % , a decrease
in operatoig^E xpenses o f $ 5 2 ,3 2 5 , o r 4 . 1 8 % . an d an i n c r a w m axes o f
$16 497 . N o t op e ra tin g reven u e show s an increase o f $ 2 8 3 ,2 7 1 .
lh o
c o m p a n y is n o w c o n trib u tin g 6 .4 3 % o f Its grogs o p e ra tin g ro ve n u o fo r taxes.
W h ile expenses still a b so rb p ra ctica lly 8 0 % o f th e gross re v e n u e , this is
la rg e ly d u o t o th e fix e d requ irem en ts o f th e s e rv ice an d a v e ry co n sid e ra b le
increase in th e v o lu m e o f tr a ffic co u ld b e h a n d led w ith re la tiv e ly sm all
in crea ses in o p e r a tin g expenses. M a in te n a n c e o f w a y oxpenses Inclu de
charges o f $ 1 1 ,6 3 8 in c id e n t t o th e re b u ild in g o f t o e R e d R iv e r B rid ge,
th e rela vin g o f 7.9 6 m iles o f rail an d th o use o f 8 5 ,0 2 9 ties, 18,579 ya rd s o f
g r a v e l b a f l l s t a n d 3 ,730 y a r d s o f earth . M a in te n a n ce o f e q u ip m e n t ex­
pense's Inclu de $38 509 f o r d e p re cia tio n o f e q u ip m e n t. T h o v a rio u s oxponse
a c c o t m t s a n d r e n t o l p a y m e n ts hicdude a to t a l expense o f $35 900 fo r use o f
th ^ b r id g e and tra ck s o f th o S t. L o u is South w estern R y . d u rin g t o e p e riod

or ttojr-jr ™
r e b u ild in g o f th e R o d R iv e r b rid g o a t a c o s t , w ith th o a p p ro a ch an d th e relln a u ish m e n t o f th o h ig h w a y p rivileges fo rm e r ly e n jo y e d .b y th e c it y o f
brid
S h re v e p o rt an d P a rish o f B oossie
n ie r o v e r th oe o ld b
rid g eo , o f $ 32 9,95 1, o f w h ich
Is in clu d e d in th e b e tte rm e n t a c c o u n t fo r th e cu rre n t y e a r. T h e
$ 1^3 244 is
c o s t o f im p ro v in g th o trestles In clu d e d in tth
o o b e tte rm e n t oxpenses fo r th e
v e a r w as $ 1 1 ,8 8 6 a n d c o v e r s 13,394 lineal fe e t o f trestle.
^ Kmir t'ri'iirht lo c o m o tiv e s h a v e been pu rch ased u n d er an e q u ip , tru st a t a
to ta l c o s t o f $83 353 an d 23 b o x ca rs h a v e been a d d e d t o th e fre ig h t e q u ip ­
m en t w id e 64 f r e ig h t ^
w ere re b u ilt o n im p ro v e d sta n d a rd . O n e frelgS t
{o c o m o t iT O ° ^ ^ f3 2 Kfre ig h t cars w O T esoid; 45 f r e ^ t c ^ w ere (»n d M n n ed

— V. 103, p. 1687.

Alabama & Vicksburg Railway.
(27 th Annual Report— Year ending June 30 1916.)
President Larz A . Jones, Aug. 18, says in substanco
Results.— T h e roven u os h a v e p a r tia lly r e r o v e r o d fr o m t h e e ffe c t s in
old en t t o th e E u ro p e a n w ar a n d s h o w an in crea se o f $ 1 9 1 ,7 5 9 , b u t th e y
are still b e lo w th e e a r n i n g /o f t o o t w o p r e v io u s y e a r s . O p e ra tin g expenses
sh ow a decrea se o f $ 4 0 ,9 4 4 , w h ile th ere Is an Increase in ta x e s o f $ 1 7 ,1 3 0 .
Friv f t h o u T ? h r r e v e n u ^ Crt o t o ! ye2a r l r e less th a n th e y w ere f iv e years
a g fS h a v e S
3
from* $56*000 In 1 91 0-1 1 t o $ 1 1 2 ,0 0 0 in 1 9 1 5 -1 6 ,
o r 1 00 % a n d n o w co n s titu te 0 2 -3 % ot y o u r g ross earn in gs.
Construction — A n agreem en t has beon re a ch e d fo r a se p a ra tio n o f
g r ^ a S h A v m . M e r i d i S . M is s
b y th e i n s t r u c t i o n
u b w a y fo r
street tr a ffic u n d er ou r tra ck s an d th o s e o f th e M o b ile & O h io i t . k ., a t
a t o ta l c o s t o f a b o u t $ 1 3 0 ,0 0 0 . o f w h ic h o u r ; c o m p a n y ^ ^ Y e ^ n a l s 5 u sed
\c f h k ofruptnrn h o w o v o r, Is lo c a te d in th e jVleridian te rm in a ls, useu
jo in t ly by 1 t h e A la b a m a G re a t S o u th e rn R . R . a n d N e w O rleans & N o r t h ­
eastern R . R ., th e larger p o r tio n o f tiie in terest ch a rges u p o n th is e x ­
p e n d itu r e w ill be rep a id as rental b y th o s e co m p a n ie s a n d th e e lim in a tio n
o f g r a d e crossin g s w ill g rea tly im p r o v e th e y a r d ia c i itie s.
,
Sinicina Fund.— $ 5 ,0 0 0 w ;is s o t a p a rt o u t o f th o in c o m o o f 1 9 1 4 -1 5 an d
a d d e d t i / t h e sin k in g fu n d fo r r e d e m p tio n o f V ick sb u rg & M e r id ia n 1st m
b o n d s . O f this f u n d , $170 000 is In v e ste d in ca r trus t w ar ran t s an d t h e r e
m a ln d e r is in ca s h . T h o a m o u n t in th o fu n d at Ju n o 30 1J16, is $31 7 ,1 2 8
l a n d s __ T h o lands u n so ld a t Ju n o 30 1916, ag g re g a te 3 ,0 3 6 acres.
Physical Condition.— T h e r e aro 1 9 ,0 4 3 fo o t o f b rid g e s tru ctu re in th e m a in
tr ic k o f w h ic h 2 369 lin ea l fo o t aro ste e l b rid g e s , 920 fe e t are c o n c r e to tres­
tle an d 15 751 lineal fo o t aro w o o d e n tro stlo . T h e r e aro a lso 3 ,4 2 9 lineal
feet o f trestle o n sld o track s. T h e re w as co n s tr u c te d 739 fo o t o f p e rm a n e n t
trestle 1 ^ * 9 4 2 fe e t o f t e m p o r a r y trestle a t th e V lck sb u rg incHnea O f t o o
i j o 712 in 11ps o f m ain tr a c k 1.25 m iles a rc la id w ith 9 0 -lb . ste e l rails* l o o .
56 m iles w ith 7 5 -lb . steel rails a n d 4 .9 7 m iles w ith 60-il>. steel rails. D u rin g
th o yea r th ere w as la id In m ain tra ck 0 .5 8 m llo o f 7 5 -lb . s^®eAnr^Us.An JFl
P la cem en t o f 60-11). ra ils. D u r in g th o ton ye a rs e n d in g Ju n o 30 1916, th o
fre ig h t e q u ip m e n t has bee n in crea sed fro m 1,092 cars to. 1 -^ 2 cars w h ile
th o c a rry in g c a p a c it y has been Increased fro m 3 2,77.) to n s t o 3 8 ,0 2 0 to n s ,
o r 16% • W o also o w n 35 lo c o m o t iv e s a n d 38 passon ger train ca rs.
O PE R A TIO N S A N D F IS C A L R ESU L TS (143M I L E S ) .
Operations.—
19 4m 095
1491*057
P assen gers c a rried .....................................
1,095
5 J 2 ,b b d
x o i ’ oGG
P a ss, c a rried o n e m ile .......... - ..............1 0 ,6 6 2 .9 0 5 1 0 ,0 0 3 .7 2 0 1 9 .$01,036
T o n s Pf g t P^ r r ? e d “ re v ) -----------1.195 299 1 ,0 6 1 ,0 1 0 , 1 ,2 5 1 .8 5 0
f i t c a r e f u l S i : : ; . ..................12 2 .®51.5 6 5 111.5 7 0 .8 8 2 i 2 4 ,i 1.483

R ato per ton POT m ile ,^
Gross earnings per




B $11 782

L $ 1 0 441

$ 1 3 ,0 7 4

19A n co1dD m on tPru7s t'a g r e e m e n t, series “ B , ” has be e n cre a te d fo r th e p u r­
ch ase of* th o fo u r fre ig h t lo co m o tiv e s re c e iv e d d u rin g the y ear- L ea se
o o r e l a m o u n tin g t o $ 5 8 ,9 9 5 w ere issu e d , m a tu rin g m o n th ly du rin g a p o riod
o t t t o e o T e a r s .t o o l i s t p a y m e n t fa llin g d u e F e b . 17 1 W 9 . ^
trust a g re e m e n t, 4 H % . sories “ C , wasi also^created o n Ju n e 1.5 1916 fo r
th e purch ase o f 100 b o x cars fo r d e liv e ry in S e p t. 1916. $ luu.uuu equipm ono
trusts^ w ere i^ m x l, m a tu rin g se m i-a n n u a lly , th o last p a y m e n t bein g d u e
Ju n o 15 1923.
O PERATIO NS A N D F IS C A L R ESU L TS (171 M I L E S ).
^ in e w q s
^ 3 8 2 179
n & f 'M
2.66 c ts .
R a te p or passenger p er m i l e . ............ 3.01 cts
777 ,165
i q « ’ n i 7 7 6 ,5 4 8 .0 4 2
T o n s o f roven u o f r e i g h t - - — - ...............
T o n s o f reven u e fre ig h t 1 m ilo .............° , i ! ! w /
1.04 cts.
R a te per to n p er m i l o .....................
L i b c ts .
$8,086
G ross earnings p e r m ile ...........................
$ j ,o ^ j
Earnings—
~ , Ro9n7 $13 3,57 3
P a sson ger........................................................
qqo ’ i i q
795,807
171854
F r e ig h t ................
157,357
M a il, express, & c --------------------------------l/r .a o i
$ 1 ,3 8 6 ,7 3 7
T o t a l o p e ra tin g r e v e n u e s ............ - $ 1 ,6 3 4 ,1 8 0
Operating Expenses and Taxes—
$ 2 6 0,75 8
M a in te n a n ce or w a y and s t r u c t u r e s ..
$ 25 7,41 J
333 ,1 1 1
M a in te n a n ce o f e q u ip m e n t ----------------4 2 ,6 4 2
T r a ffic expenses .........................................
505 953
529 ,400
T ra n sp o rta tio n e x p e n s e s.........................
uU o,2M
60,3 6 0
G eneral e xp en ses---------------------------------ok 137
26,221
M isce lla n e o u s o p e r a tio n s ........- ..............
fo .io i
0 .8 9 2
T ra n sp o rta tio n fo r in v e s tm e n t.............
105 176
88,679
T o t a l o p e ra tin g oxpenses an d taxes $ 1 ,3 0 4 ,4 5 1 $ 1 ,3 4 0 ,2 7 9
(96.65)
P ercen ta ge e x p . an d taxos t o o a r n s ..
UJ.jS2)
$46 ,458
N e t o p e ra tin g r o v e n u o .......... ..................
i i ’ oroi
243,734
O th er in c o m e .......... ...........................
a l5 o ,7 0 4
$29 0 ,1 9 2
T o t a l net in c o m e ____________________
$485,433
Operations—

523 22d

2 1 , 775:887

2 .6 5 c ts .
8 9 3 ,2 1 5
8 8 ,6 4 7 ,1 9 5
1.18 c ts .
$ 1 0 ,5 4 8

$ 5 7 7,97 5
1,044,281
186,718
$ 1 ,8 0 8 ,9 7 4
$2 9 3 ,0 2 9
3 5 6 ,3 7 0
4 2 ,9 3 0
624 ,012
6 0 ,486
31,691
8 3 ,862
$ 1 ,4 9 2 ,3 8 0
(82.50)
$316,594
59,409
$376,003

$17 5,48 0
$17 5,48 0
In te re st m l b o n d s .................... - ................
516 7,30 3
7,591
5,525
3 5 .1 5 4
In te re st, ren tals, & c . . . . ....................107,140
107,140
D iv . o n p r e f. s t o c k ( 5 % ) ......................
$290,211
$18 1 ,0 0 5
Tr n
......................
$309,597
o tt.,i
a i ---------.----------------------------irjfi
85,792
109,187
11 aao t h L S h lco m o T n ch id a s 'r e n t a l s ' $ 2 7 . 735:’ ' Ml-o o f m u ip m e n t . $ 3 2 ^ 4 ;
in terest in c o m o , $ 1 4 ,0 1 6 , an d d iv id e n d in c o m e , $ 8 1 ,6 3 9 .
S3

Deo. 2 1916.]

THE

BALAN C E

1916.
Assets—
S
Road & equipment 9,037.665
Inv. In a«U . c o s ..
173,800
M isc. phya. p rop .
9,450
628,295
Cash........................
Special d ep osits..
2,390
Agents....................
4,053
Material ^supplies
168,107
Traffic, & c., bal._
90,938
Bills receivable__
1,750
M lscell. accounts.
63,157
D iscount on fund­
ed d ebt........... ..
67,863
Unadjusted acc’ts.
33,337
T o t a l ..................10,180,803

SH EET

JU N E

C H R O N IC L E

2075

30.

1915.

$

L ia b il it ie s —
Com m on s t o c k .. . 2,850,500
Preferred s t o c k .. . 2,142,800
Bds. (S ecR .&I.Sec) 3,245,000
Equip, tr.notes.&o
152,440
Traffic, «fec., bals.
20,187
Accounts & wages
109,893
M lscell. accounts.
31 841
Accrued lnt., & c_ .
2o|942
55|708
Accrued taxes____
Operating reserves
20,918
UnadJ., & c., aco’ts
20,875
70 Accrued deprec'n .
380,897
37,099 Add'ns to property
1,843
Profit and lo s s ...x l,1 0 2 !8 9 9
9,869,300
T o t a l ..................10,180,803

8,815,443
173,800
9,450
545,934
1,685
8,354
157,702
08,473
204
51,087

1915.

$

2,850,500
2,142,800
3,245,000
10,412
118,124
29,451
29,247
46,036
154,699
24,086
365,043

j

S

S

S

S

S

S

B

RESU LTS

FOR

YEARS
-N e w

E N D IN G

N ev ad a -C a liforn ia -O reg on R ailw ay.
(23<i Annual Report— Year ending June 30 1916.)
Pros, Chas. Moran, Aug. 7, wrote in substance:

B

i

568 ,694

1 5
52
21
1 .7
,7 2
26
6

521 ,5 0 4

$72 3,64 2
114,400

$ 1 ,4 0 2 ,0 1 6

$ 1 ,3 2 9 ,1 7 8

(6)120,000

(6)120,000

(4 )4 0 0 ,0 0 0

D a la n ce, s u rp lu s .......... $ 2 ,3 1 0 ,5 8 4
lo

30.

--------- O ld C o m p a n y -------191 3-1 4.
1912-13.

1914-15.

N o t p r o fits fo r y e a r . . $ 3 ,0 1 1 ,4 1 5
P referred d iv id e n d s ____
a60 5 490
C o m m o n d i v i d e n d s . - t l ^ % ) 9 5 ,3 4 1

(t

O C T . 28 A N D

C o m, p a n y -

1915-16.

R e p a irs , d e p r e c ’n , & c . . } r e p o rte d . { §

a il

M

& SSSZ

’ 841,568

roq nnri * 3 Oft
° n ts » « l / o , o 0 0 In vested in s t o c k o f a ffilia te d
d u c tin g d iv id e n d s d ecla re d ?nU 1 9 1 6 .-—V . Sf§ 3 * ^ 1 6 8 8 . is sta te d b e fo r e d o -

H

$ 6 0 9,24 2

(7 )7 0 0 ,0 0 0

$ 8 8 2 ,0 1 6

$ 5 0 9,17 8

di vi d,o nds as a b o v e in 1915-16 in clu d e $316 222 Daid A f i v 1

599 Si t “ if ^ 1^ ° ° P , e4'^*1.ci.n. fo r tlle '.at0 y e a r sh o w s ,
s t o c k ..

$ 2 ,0 0 0 ,0 0 0 p r o f .sto c k an d

{/o)

%

o n $ 6 ,5 5 0 ,5 0 0 p r e f.

1915 3[Com m on s to c k d iv id e n d w as p a id a m o u n tin g t o 89 non
0 0 0 . th e re b y increasing th e c o m m o n s to c k fro m $3 !4 4 9 500 t o $ 5 ?4 f9 5 0 0 .'
2t}

a ga in st $94 in 1 9 1 3 -1 4 . I n t o c r e n o o f ! $8 5 1 9 T w h ic h a d d e d '
earn in gs o f $ 2 0 ,0 0 0 fo r th e p e r io d d u rin g w h ic h t h e linn
n o rn ia *
a te d , a c c o u n ts fo r th o d e f ic it .
0 lln o c o u ld llo t bo ° I )or-

reach V i m f Is u n d er c o n s tr u c tio n t o M o h a w k w h ic h w ill e n a b le th o r e a d t o

« a d « c C ro intn' ° n° ° f th° m°St modern alld Popul^su^e?

A s se ts—
T ia n t s ....................
Branch houses___
Car lino..................
Investm ents.........

M ile s o p e r a t e d ___
O p e r a tio n s —
T o n s c a r r lo d ___________
T o n s carried o n e m ile 11
W evenue p er ton p er m ile
P a ssen gers c a r r ie d ..
P a ssen gers c a rrie d 1 m llo
R e v . p e r p a s s , p e r m llo
IN C O M E

1913-14.
238

1912-

5 4 ,9 6 7
5 ,2 4 8 ,5 3 7
4 .3 3 0 c ts .
2 4 ,3 6 3
1 .905,412
5 .0 0 7 c ts .

5 0 ,4 9 6
5 ,4 7 1 ,6 4 3
4.061 c ts .
2 3 ,1 7 3
1 ,9 3 1 ,1 9 6
5 .6 3 9 c ts .

4 6 ,7 0 3
5 ,6 7 2 ,2 1 5
3 .8 7 7 cts.
2 3 ,7 4 7
2 ,0 2 8 ,0 3 9
5 .9 1 0 c ts .

4 7 ,0 5 4
5 ,3 1 6 ,0 2 7
4.2 4 3 c ts .
2 9 ,3 7 3
2 ,4 7 1 ,4 0 7
5-810 cts

YEARS

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

. T o t a l o p e r a tin g r e v e n u e s .
M a in to n a n c o o f w a y , & c
M a in to n a n c o o f eq u ip m en t’."................
t r a f f i c ex p en ses___

SrSSii
M is ce lla n e o u s

Other i n c o m e . . ! ! ! " ! !

3,661

$37 7,74 9
$ 1 5 4 ,4 2 5
4 8 ,7 5 8
8,091
129,475
2 3 ,2 0 4
3 ,6 0 5

$37 2 ,5 1 0
$10 4 ,2 0 6
5 4 ,489
10,629
1 0 3 ,6 1 “
2 6 ,6 3 9
2 ,8 4 6

2,’036

$36 7 ,5 5 9
$ 1 0 ,1 9 0
2 ,5 7 8

$302,421
$ 7 0 ,0 9 0
4 ,0 9 8

$ 1 2 ,7 6 8
$ 5 5 ,5 2 7
441
2 1 ,6 1 5
13,795
3 ,0 1 8
790

$ 7 4 ,1 8 8
$ 5 0 ,5 0 8

$ 9 5 ,1 8 5
$ 8 2 ,4 1 7

$ 9 0 ,0 4 4
$ 1 5 ,8 5 6

25:521

:::-

T o t a l d e d u c t i o n s ..
B a la n co , d e f ic i t ___ I ! ! I l l ! I ! 111! ! ! !
BALAN CE

1016.

30.
" 1913$ 2 1 9,88 6
108,897
119.852
4 1 ,0 4 9
2 7 ,4 3 0
5 ,5 9 0
5,3 4 3

116,923

In toros t on b o n d s ..........
”
R e n ts p a id , & c ........
...................... - - T a x os, & c . .......... .........
...............
S in k in g fu n d ...............
............. ..............
O th er in torost, & c .
E x tin g u ish m en t o f d is c o u n t on’ b o n d s

s i w ’o m
®u2,9 1 0
94 n i l
7 q ’ e5n
1
. __
«,7Ti im $25 599

SH EET

JU N E

$222,212

8369 991
$ 94*/'?
3 ,4 7 3
920

- V.-V-: : : : : : : : : : :

13.
238

1914-15.

9 2 9 jr < 4 * J

o p e r a tio n s !

N ^ °e a rX V u-V .V p“

E N D IN G

1 $227* 272
*95419

JU N E

212

2 0 ,9 8 8
13,940
4 ,3 1 f
83

30.

1915.

1918.
L ia b ilit ie s —
s
1915‘
Stock, co m m o n .. -1,450,000 1,450,000
Stock, preferred. - 750,000
750,000
18,144 Bonds
.....................1,277,000 1,235,000
Sinking fund..............
i«n
70
interest------10,642
10,292
£®fA
hr................... 24,849 22,531 Accrued
Accounts & w ages..
35,467
36,469
lju o from agents,<fcc.
4,068
9,947 Traffic balances______________ 10,640
20,322
Material & supplies.
24,938
31,053 Miscellaneous________________ 22,184
14,672
Trafflo balances____
10,321
4.120 Accrued deprec’n ___ 217 347
211,176
M lscell. accounts___
10,130
17,244 Approp. surplus------ a524,039
509,312
Profit and loss--------- b52,533
91,896
Total
.
;------"
T o t a l ......................4,349,851 4,329,139
a In clu d es In 1916 a d d itio n s to p r o p e r t y " $V l8 i’ r o ' 4 ,34®’ ®5 1 4,329.139
r otired , $ 9 8 ,8 7 0 , b o th th ro u g h in c o m e Pa n d
“ f t fu n d e d d e b t
A ssets—

$

Cudahy

^ i & o T t g u ^ S 'a m
s
a
s
f
ssh i w j s r a ^ j s y f B s r * rrom *2 lo S2 50 pcr
In com e—■
191 5-ifi
D Iv . B o s . & W . S t. R y ._
$75 ,937
O th er in c o m e ___________
15,636

,a:°m

C om pan y,

C hicago.
(■Report for Fiscal Year ending Oct. 28 1910 )
Pros. E . A . Cudahy, Chicago, N ov . 28, said in substanceT h e o p era tion s o f th e c o m p a n y , n o tw ith s ta n d in g th e lm ,,,.
i , 1,
>f*rCU t co n d itio n s existin g, h a v o been q u ite satisfact<irvnprCCOdented and
w a g e s h a v e boon in crea sed t o th o ex te n t o f p r a ctlo a iiv
raw m aterials an d oth er m a n u fa ctu rin g c o s ts h a v e u V iVr-VI V 1>0r y o a r c gross sales a m o u n te d t o a b o u t $ 1 3 4 ,0 0 0 ,0 9 0 w h i c h ^ £ „ JlLnc,i0 a s o d •
. h a v o .e v e r m a d e. O f th is a m o u n t s o m e th in g in e x c e ls o f°* o \ 0ni?o^S?«
.. boon r e c e iv e d fro m p r o d u c ts n o t d e riv e d fro m th e u i i i n V 0 0 0 ,0 0 0
ligh tered. A m o n g s u ch o u ts id e p r o d u c ts a r e b u t t e r I V i 01181}1 an d
»tton seed -oll p r o d u c t s , su ch as c o m p o u n d a n d s o a p s c le a n s e i^ V i c llc PS0*
. T h e profits, fro m these o u ts id e ite m s h a v e been m osV tnH F h c e r in o ,
I f w o had boon allow ed a rb itra rily as p r o fits th e sum
« , -s a tlsfa c t o r y .
4 c a ttlo sla u gh tered d u rin g th o y e a r, an d 7 5 c per i !,'i ’,0 \\°K h oad on
” lves sla u gh tered , and 5 0 c. p e r h ead on all sheen
!, . ' " P a ,ld
» as g reat as th e to ta l p r o fit w h ich the c o m p a n y h a s A
m o w o ,!ld
aerations d u rin g tho y ea r, n o t o n ly fr o m th e an im als s K m t
W en tire
5m ail b y -p r o d u c ts an d all th o o u ts id e lines n o t' d e riv e d ltF c d - hut also
lu r in g th o past y ea r in ou r sale o f m eats a n d o th e r nrodm ' i / i ! an im als,
.m als th e p r o fit s fro m fresh m e a t h a v o been on an - .v e r V 0r vod tro,n
« th an H e . p er p o u n d .
an a v e ia Re so m e th in g
,»n ou r op e r a tio n s , th erefo re , th e fa v o r a b le s h o w in g m a d e u- ,
.
A‘ .t..°,xtur.lf t o ° u r p r o d u c tio n an d tra d e in o th e r o r o O m - W ^ ? 1^ tr! a

r th o d iffe re n ce betw een th ose soilin g p r i c X o I l u s 's-Ues* n P 'h y o a r ' , O u t
H th e c o s t p rices o f th o anim als the c o m p a n y m u st • bsoH ,^'^-Products)
% sh rin k age ri w oig h t a fte r slau gh ter, all m a n u fq e in H n V ,V , 0xcass o f
til as o v e rh e a d an d m iscella neous co sts s u ch as Interest •en,<iXPon's as’ as
and o u t o f tiio rem a in d er m u st d e riv e its p r o fit .
ant* llsu ra n co *




c

f
« s

1914-15.
$ 5 5 ,6 8 7
15,635

1913-14.
$55 ,687
15.350

1912-13.
$ 50 ,625
___ 19,058

$ 71 ,037
$67 ,8 7 2
1,715

$ 6 9 ,6 8 3
$67 ,8 7 2
1,389

$69 ,587
31,4 5 0
1 1916
L ia b ilitie s — •

369,261
$42 2

T o t a l In c o m e ________
P re fe rre d d iv id e n d s ------M is c e lla n e o u s ___________

SOI 573
$8E 840
j 773

$71 ,322
$67 ,872
1.862

T o t u I ........ .......................
B a la n ce , su rp lu s___________

$86 ,613
S4.960

$69 ,734
$1,588

BALAN CE SHEET JU L Y
A s se ts

2 0 ,2 5 0 c o m . s h ’s B .& W .S t .R y ..
I,rc^- shares— N o par value
N o te s p a y . B . & W . S t. R y _ _ 1 8 5 '.6 6 o
‘ \6 fX °,P fm on sh a res.N o par value
1st M . b o n d s B .& W . S t. R y . 126,000 1o rofit
and loss, surplus______ S22.916
A c c o u n ts r e c e iv a b le _________
2 625
C a sh in b a n k _________________
9|291

s

P ackin g

T o t a l ..................41.988,173 38 806,789

o f o p e r a tio n , h o w o v e r , h a v e m a te ria lly i n c r e i e d Iargefv l w V ^
a d v a n c e in w ages o f o u r e m p lo y e e s. In cre a se d prices o f m ^ tP riW o f the
14.
p lies an d fu e l, and a su b stan tial increase o f sn ow and ice am i A io’ t SiUpT
e q u ip m e n t expen se h a v e also ad d e d t o th e to ta l e x X n s (^ o f n V n i? ? t lca l
E x clu s iv e o f th e a m o u n t o w in g t o th e e le e td e c o X a n i ^ t h S . 011’ ..
w a y c o m p a n y o n Ju n e 30 1916 had a flo a tin g in d^ btS fn S .4 o f *2*5 o n n f n r

1914-15.
$ 7 2 4,43 0
14,367

30
1913-14.
$68 6 ,0 2 6
6,451

$ 7 3 8,79 7
$ 2 2 8,84 7
120 ,425
8 1 ,8 5 4

$69 2 ,4 7 7
$233,821
128,459
7 8 ,3 3 8

$307,671
$1 2 0 ,7 2 4
4 9 ,301
2 3 ,8 3 2

3 2 5 1 ,8 5 9
$ 1 2 0 ,6 9 3
4 6 ,6 6 9
2 3 ,8 3 2

$58,120

$4^977

S T ' R Y - RESU LTS F0R Y E AR S E N D . JU N E

T r a n s p o r t a t io n _____
M is c e lla n e o u s .............! ! ! ! ! ! ! ! ! ...........

1
* 16 582

sisni 9^4.

1otal revenue_______

M0amteCn!Tngcetf anSPOrtatl0“ I""1111111
General exnonKAa

----------- ----------------

*273;| |

ISV”?0U
81,491

N e t re v e n u e ___
I n t e r e s t ________
T a x e s ____
P referred’ d iv id e n d s "(6 % ) " ! !

*310 921
»
312 0,29 4
50,652
oq
m ,

Com m on dividends......... ...............!'-(3 J i% )7 5 ,9 3 8 (2 ^ )5 5 ,6 8 8 (2 ^ )5 5 ,6 8 8

SUrplUS................................. — <T h e)

$

B osto n & W orcester Electric C om panies.
{Report for Fiscal Year ending June 30 1916.)
Pres. William M . Butler, Boston, Sept. 9, wrote in subsf •

Road &equipment..4,230,789 4,207 934

KkvtoVp-iVtV.

° c t - 2i ' 1 6 - O ct. 3 0 - 1 5 !

Pref. stock, 6 % . . 2,000.000 2,000,000
Pref. stock, 7 % . . 0,550,500 6.550.500
Common stock___ 5,449 500 3.449.500
“ a ? 118- - - ................ 3,273,500 3,519,000
Bills and accounts
p a y a b le ----------- 17,969.210 17,237,518
Surplus & profits.x6,745,463 6,050,271

O n O c t e 2 8 i m f i nt b e ^ 8 9 ’268 dividCT)d s o n a ll s to c k s p a id N o v 1 1916
u c t ’ 28 1916 th ero w ere n o c o n tin g e n t lia b ilitie s .— V . 101, p . 1884.

1914-15.
254

FOR

C O M P A N Y ).

L ia b ilitie s -

T o t a l ..................41,988,173 38,806,789

S T A T IS T IC S .

1915-16.
272

ACCO U N T

n S B f c ......................
P a ss en g er................................

(N E W

$

8,346,948
2,529,682
1.574,721
1,057,916

8,095,929
2,467,346
1,682,775
1,098,677
Cash ................ 2,222,449 2,639,840
Bills & accts. reo. 9,973,745 8,358,605
In v e n to ry ..............16,282,712 14,'463!6I7

i m f renn o,PiU ling t !1,0 ,y o a r ? 16'0 00 b o n d s h a v o beon b o u g h t b y th o s in k fu n d an d c a n c e lle d , a n d t o m o o t th o fo re g o in g exp e n d itu re s fo r im ­
p r o v e m e n ts , & c ., 58 b on d s h a v o been so ld a t 90 an d in terest
O P E R A T IN G

BALAN CE SHEET
O ct. 28 '16. O ct. 30 '15.

GENERAL

Assets—
1916.
Property InvcstX
......... $5,025,849
Cash In bank_____
48,244
Accounts rocelva’
_ bI« - - - ................
14,770
Speolal deposit.........................
Prepaid Insurance
4,153
Material, supplies
and coal.............
138,966
Discount on bonds
90,500

Total

$42,205

BALAN CE

68,199
12,376
39,072
4,605
127.571
90,500

SHEET

JU L Y

L ia b ilitie s —
Preferred stock___
Common stock___
Funded debt.........
Notes payable____
Other notes pay’Ie
Accounts payable.
Interest accru ed ..
Taxes accrued____
Pref. stock p r e m ..
Pref. dlv. reserve.
D eprec.,«tc.,res’ve
Profit and loss____

1.
1916.
$397,200
2,025,000
2,460,000
*185,000
25,000
51,885
45,000
36,909
39,720
7,944
48,441
x88,044

1915.
$397,200
2.025.000
2.460.000
*185,000
71,274
45,000
33,756
39,720
7,944
24,342
78.936

........... $5,410,143 $5,368,172

Th e Lake Superior C orporation, T o ro n to .
{Interim Report Dated Nov. 10 1916 )
Secretary Alex. Taylor, Toronto, N ov . 10, wrote in subst •

pa rison w it h o th e r steel p r o d u c ts .
n co n tin u o u s o p e ra tio n .

A ll S l l s h a ^ f b e ^ n a n l w i?! remaTn

THE

2076

C H R O N IC L E

S o m e d e l a y i s b e i n g e x p e r i e n c e d i n t h e c o m p l e t i o n o f t h e t w o no\ v 7 5 - t o n
o p e n -h e a r t h fu r n a c e s , D ut t h e y w ill p r o b a o l y b e c o m p le t e d b y t h e o i
y e a r , a n d t n e s t e e l p la n t s h o u ld t h e n p r o d u c e a b o u t 4 5 ,0 0 0 t o n s o r in g o t s
m o n th ly .
A n e w s o a k in g p it h a s b e e n b u ilt .
T h e o r e d o c k e x te n s io n h a s
b e e t! c o m p le t e d a n d t h e r e n o w o n ly r e m a in s a b o u t 3 0 0 i t . t o b o r e p u n t .
T h e e n d o f t h e y e a r s h o u ld s e e t h o fin is h o f t h e m o r e n n p o r t a ip c o n s t r u c ­
t io n w o r k .
O n a c c o u n t o f l a b o r c o n d i t i o n s , i t i s d o u b t f u l it b e y o n d a
t h ir d 7 5 - t o n o p e n -h e a r t h fu r n a c e , w e s n a il a t t e m p t a n y fu r t h e r n e w c o n ­
s tr u c tio n .
T h o m o s t fo r m id a b le w o r k y e t t o b e u n d e r ta k e n is , o f c o u r s o ,
t h G e n e r a U y ^ 't h ^ f h l a n c l a ^ s i t u a t i o n h a s i m p r o v e d a n d w i t h t h e a s s i s t a n c e
o f m o n e y s in t h e t r u s t e e s ’ h a n d s , & c . , y o u r d i r e c t o r s a r e h o p e f u l o f d e a l i n g
• w ith t h e n o t e s ’ s i t u a t i o n a s w e l l a s c a r i n g f o r n e c e s s a r y o ^ . f o ^ r u c t i o n .
A lgom a Central & H udson Bay B y . — T h e r e c e i v e r s h i p w i l l p e t e r m i n a t e d
a b o u t N o v . 3 0 a n d th e r e c e iv e r d is c h a r g e d ,
in a c c o r d a n c e w it h i t h e s c h e m e
o f a d ju s tm e n t a n e w b o a r d h a s b e e n a p p o in te d b y th e h o p d h o l d e r s o f b o t h
t h e T e r m i n a l s C o . a n d t h e R a i l w a y C o . u n d e r t h e p re sid e n cy o f R . H o m o
S m it h o f T o r o n t o .
A le x a n d e r T a y l o r w ill b e t h e r r o r e s e n t a t lv e o f th e
L a k e S u p e r io r C o r p . o n t h e b o a r d o f b o t h c o m p a n ie s (V . 1 0 2 , p . l u o o ;.
T h e r e c e iv e r ’s a c c o u n t s m a y b o is s u e d s h o r t ly . . M e a n w h il e c u r r e n t y
t h o e a r n in g s (a v a ila b le fo r in t e r e s t .a n d d e p r e c a t i o n ) fo r fo u r m o b t b s
e n d in g O c t . 31 a r e b e lie v e d t o b e a t th e ra te o f $ 5 0 0 ,0 0 0 p e r a n n u m .
1 he
r a i l w a y i t s e l f , i t is g a t h e r e d , h a s n o t d o n e o v e r w e ll , b u t i t s s t e a m s h i p s
a r e s h o w in g s a t is fa c t o r y e a r n in g s , w h ic h , h o w e v e r , m u s t fa ll o ft t e m p o ­
r a r ily d u r in g th o w in t e r m o n th s .
T h e e n t ir e la n d g r a n t n a s b e e n p a t e n t e d
t o th e r a ilw a y a n d w a y s a n d m e a n s a re b e in g c o n s id e r e d a s t o d e a lin g w it h
t h is la n d g r a n t in t h e b e s t in t e r e s t s o f a ll c o n c e r n e d .
A lgom a Eastern B y . — T h o P r e s i d e n t r e p o r t s in s u b s t a n c e : I ' o r t h o y e a r
e n d e d J u n e 3 0 la s t t h e r a ilw a y s h o w e d a s m a ll s u r p lu s , a f t e r d e d u c t i n g a n
I n te r e s t a n d re n ta l c h a r g e s , b u t w it h o u t a n y a llo w a n c e fo r d e p r e c ia t io n .
C o n s id e r a b le a d d it io n a l t r a ff ic o n a c c o u n t o f th e r e m o v a l o f th e r o a s t
b e d s o f t h e C a n a d ia n C o p p e r C o . w a s e x p e c t e d fr o m J u ly
o n ly b e g in n in g t o d e v e lo p .
C o a l h a n d l i n g a t L i t t l e C u r r e n t h a s O U 'e n o
c o n s id e r a b ly , th ro u g h la c k o f a b ilit y o f sh ip p e r s t o o b t a in b o a t s .
N o tw ith
s t a n d in g th is fa c t , h o w e v e r , th e e a r n in g s o f th e r a ilw a y s h o u ld im p r o v o ,
t h e m a i n f a c t o r i n t h i s d i r e c t i o n b e i n g t h e p r o b a b l e i n c r e a s e d o r e st p
m e n t s fr o m th e n ic k e l m in e s .
_______ _ „ „ „
___ „ . ___ .
„ ,.,i
T h e r a ilw a y h a s p a t e n t e d t o it n e a r ly 7 0 0 ,0 0 0 a c r e s o f
jp a n t * t
e f f o r t s a r e b e i n g d i r e c t e d t o w a r d s m a k i n g t h o m o s t o f t h i s ‘/ i t h e i n t e r e s t s
o f th e r a ilw a y g e n e r a lly , b u t m o r e e s p e c ia lly w it h r e fe r m c e i t o Its (fin a n c e s .
I n c r e a s e d t r a ff ic p r o s p e c t s h a v e c r e a t e d a d e m a n d fo r a d d it io n a l e q u ip
m e n t , w h ic h w ill h a v e t o b e m e t .
A s it is , m u c h e q u ip m e n t is .b o r r o w e d
fr o m th e A lg o m a C e n tr a l R y . a n d m a y h a v e t o b e re tu r n e d .
A rra n gem en ts
h a v e b e e n m a d e th r o u g h t h e L a k e S u p e r io r C o r p o r a t io n fo r th e p u r c h a s e o f
f i v e lo c o m o t i v e s , b u t i t w il l u n d o u b t e d ly b o .n e c e s s a r y t o a r r a n g e f o r .t h e
fin a n c in g o f a d d it io n a l c a r s .
In t h is c o n n e c t io n th e ^ a b i l i t y o f t h e la n d
g r a n t is s o m e w h a t h a m p e r e d b y r e s t r ic t io n s o n p u lp w o o d s h ip m e n t s . N e g o
t ia t io n s a re a t p r e s e n t u n d e r w a y t o L a v e th o s e r e s t r ic t io n s r e m o v e d .
S u s p e n s e A c c o u n t s — R e a d j u s t m e n t i n A b e y a n c e .— Y o u r d i r e c t o r s w i l l e n ­
d e a v o r t o a r r i v e a t a b a s is f o r a s u s p e n s e a c c o u n t in r e s p e c t o f in v e s t m e n t s
in s u c h a s O n t a r io L a k e S u p e r io r c3 o. a n d M ic h ig a n L a k e S u p e r io r P o w e r
C o
F r o m t h o v e r y n a t u r o o f th o s it u a t io n e a r ly a c t io n a s r e g a r d s r e a d ju s t ­
m e n t a s d is c u s s e d a t t h e la s t s h a r e h o ld e r s ’ m e e t in g m a y n o t b p p o s s ib le ,
e s p e c ia lly a s t h o u n c e r t a in t ie s o f th e E u r o p e a n s it u a t io n m a k e it d iff ic u lt
t o g a u g e t h e v a lu e s o f c e r t a in o f t h e L a k e S u p e r io r C o r p o r a t io n s h o ld in g s
in th e m o r e im p o r t a n t o f it s s u b s id ia r y c o m p a n ie s .
,,
„ a tm ,
I n v estm en t A c c o u n t .— T h is I n c lu d e s t h o fo llo w in g (s e e V . 1 0 3 , p . 8 4 0 ).

[Vol. 103.
A lg o m a S t e e l C o r p o r a t i o n , L i m it e d .

,

P rop erties. — Plant is located at Sault Ste. Mario, O n t., Canada.
r'ncipal products: Open-hearth steel rails, billots, merchant bars, light rails,
angle bars, small structural shapes, &c. Corporation owns about \300
acres o f land adjoining plant with considerable water frontage.
.
D ock s.— (a) C o a l dock 750 ft. long, electrically operated, unloading ca­
pacity about 150,000 tons per month; per season 750,000 tons, (ft) O r e dock
o f concroto construction, unloading capacity about 220,000 tons per month:
per season 700,000 tons: storage capacity 1,200,000 tons, (c) Rail dock
400 ft . long, with traveling hoists for loading rails, &c.
Oporates (1) B y - p r o d u c t c o k e o v e n s , two modern batteries o f 55 ovens e- eh,
producing approxim ately 40,000 tons coko per m onth, as well as tar, sul­
phate o f ammonia and gas. Tho sulphuric acid plant has a capacity or
450 tons per month. (2) B l a s t f u r n a c e s , two each with capacity o f 8.000
tons pig iron per month, ono furnace capacity 15,000 tons per month. (3) O p e n
h e a r t h p l a n t , eight stationary basic open-hearth furnacos o f 50 tons capacity
eacli and ono 300-ton eloctricaliy operated mixer. T w o now 75-ton b...AC
open-hearth furnaces aro under construction. (4) D u p l e x l la n e .— - o n o
150-ton mixer, together with a 200-ton tilting opon-hearth furnace. With
the com pletion o f tho new furnacos, it is oxpocted that production will
a jproxim ato 45,000 tons steel ingots per m onth. (5) R o l l i n g m i l l s viz., 2
bloom ing mills, 2 rolling mills and 2 merchant mills
(6) two stool steam­
ships (rail carriers), each having a capacity o f 3,300 tons. (7) Water­
works, electric-light and power plant, &c.
...
Also (a) operates tho Helen and M agpio iron minos. Helen hematite
oro is practically exhausted, but it is expected that tho sldorlto, o f which
there is a considerable quantity, will bo treatablo for uso in tho com pany s
blast fu m a c ^ , and controls (6) Cannelton Coal & Coke C o., which c vns
5 000 acres, with mines capable o f producing approxim ately 140,000 tons
per month during season o f navigation (V . 93, p . 874); (c) Liike S u p e r i o r
Coal C o., whoso property consists o f 2,100 acres from which about 30,000
tons por month aro mined; (d) Fiborn Lim estone C o ., winch owns.
unlimited quantities o f high-grado limestone and has rccontly acquired
the D olom ite property o f Ozark S tono C o.
C apital Indebtedness (as at Oct. 3 1 1 9 1 6 ) .

Purchaso monoy M . 5% bonds (duo 1944), secured
by 1st lien on properties o f old Algoma Stool C o .,
T a n
Lake Superior Power C o. and A lg. C om m ’l C o-$5,800,000 hold by L .S .O .
First & R ef. M . 5 % bonds, guar, by Lako Sup.
Corp. and secured by a first lien on proportios
o f Lako Sup. Iron & Steel C o. (now Algom a
Steel C o rp .), representing substantially tho
„
.. .
,
modern additions to tho steel plan t......... .......... -15,691,000 hold b y public
3-year 6% gold notes (duo M a r. 1 1917 ) , socured
by deposit o f $3,723,000 First & R ef. bonds o f
public
Steel C orp ora tion -.........................- - - - - .......... z,432,ouu noiu oy puu
Capital stocks^-com m on, $15,000,000; prefer-

o n ce, $ 1 0 ,0 0 0 ,0 0 0 (all v . t . c )
.
25,0 0 0 000 h old b y
Seo a lso p . 168 o f “ R a ilw a y & In du strial S e c tio n .— V. 103, p . 17 J5, lJUO.

G a sto n , W illiam s & W igm ore, In c ., Now Y o rk City.
(Official Statement to N . Y. Stock Exchange Oct. 4 1918.)
In connection with tho recent listing of tho capita. Si,v7ck,
tho company reported in substance:

O rganization. — Incorporated April 7 1916 under Business Co
-ations
Law o f N Y . State. Charter perpetual. Limit o f capital scoe,.
,000
shares without nominal or par value, all o f ono class. Am ount o f d lared
D E T A I L S OF B A L A N C E O N I N V E S T M E N T A C C O U N T J U N E 3 0 1 9 1 6
capital on beginning b u s i n e s s $12,000,000. Topic over the businep o f a
— S E C U R IT IE S A T P A R V A L U E .
corporation o f tho same name incorporated O ct. 10 1914, and
v -, lz,lJ“
A lg o m a C e n t r a l & H u d s o n B a y R y . C o . c o m m o n s t o c k (p a r $ l < p $ 5 ,0 0 0 ,0 0 0
b y charter to transact “ a general export and import l)usinass prl iO p...iy
A l g o m a E a s t e r n R v . C o . s t o c k (p a r S lO O L (S I .0 0 0 ,0 0 0 is p r e f . s t k . l 2 ,0 0 0 ,0 0 0
between tho United States and England, Prance.^Russia, SpMn, PortugM.
T r a n s S t. M a r y ’s T r a c t io n C o . s t o c k (p a r $ 1 0 0 ) .
- - - - - - - - - - 4 0 0 ,0 0 0
Italy, South Africa, China, Japan, Cuba and various South Am v lean
in
F ir s t m t g e . b o n d s , $ 6 0 ,0 0 0 : p r o m is s o r y n o t e s ( o l d ) , $ 8 2 ,1 2 8 - 1 4 2 ,1 2 8
tries. Also has power to acquire and own stocks, bonds and othoi ov l.
.s
B r it is h A m e r ic a E x p r e s s C o . s t o c k (1 ,0 0 0 s h a r e s o f' $ 1 0 0 1e a c h )
1 0 0 ,0 0 0
o f indebtedness o f any dom estic or foreign corporation. On April 1>
A lg o m a S te e l C o r p ., L t d . , s t o c k (p a r $ 1 0 0 ) ($ 1 0 ,0 0 0 ,0 0 0 p r e f . ) .2 5 ,0 0 0 ,0 0 0
p u X s T t h e enUre $1,000,000 capital stock o f the oid company.. tho old
P u r c h a s e m o n o y 5 % b o n d s --------------------------------------- - - - --------- b ------------ 5 5,8U U ,U U U
com pany being merged into tho now com pany and tho latter succ
ng
S p a n is h R i v e r P u lp & P a p e r M i ll s , L t d . , s t o c k (s in c e d is p o s e d
to all assets rights privileges and liabilities o f tho old com pany. In P-.
o f fo r ^09
_____ ____ ____________________ _—
OOu >« UU
merit for the $1,000,000 capital stock o f the old com pany .Jpv-duo stock
O n t a r io L a k e S u p e r io r C o . s t o c k (p a r $ 5 0 ) ($ 6 ,0 0 0 ,0 0 0 p r e f . ) - .2 0 ,0 0 0 ,0 0 0
to tho stockholders o f the latter 150,000 shams o fn o n -p a r value stock.
S u n d r y , s t o c k s , 2 d M . b o n d s , & c -------- . . . . . . . . -------------- -------------- 2 1 . 4 / u
T ho now com pany owns no roal estato. Its main offico , wiui z cu
M i c h i g a n L a k e S u p e r io r P o w e r C o . d e b it b a la n c e a ft e r s a lo o f
ployees'1is' loratecTat lT o‘ Broadway .“ N ew ^York C ity . It also l ^ s ^ a s t o
ag«>ygarage at Thirteenth A ve. and 25th S t., a tobacco warehouse at 12 Sout
c o r p o r a t i o n 's h o l d i n g s --------------------------------- --------------------------------------------------- v k o b i
W illiam Street and a general warehouse at 46 W est Street, IN. x ^ i y*
D i s c o u n t o n F i r s t M o r t g a g e b o n d s i s s u e d -----------------------------------------------io .jbi
i K u t s t a n d i n g $5,000,000 o f 6% serial gold notes (Guaranty ’ri
C o.
T otal par values_________________________ ____________ .------$ 6 2 ,1 8 8 ,8 1 6
o f N . Y ., trustee), dated April 15 1916; $1,000,000 duo, resne* vm y, o
B ook value as at June 30 1916, as shown in balance sheet at
Anril 15 1917 1918, 1919, 1920 and 1921 (V . 102, p. 1438, 1900).
that date, $47,974,556; less reserve, $710,953, for deprecia­
'The old com pany declared cash dividends on its capital stock from
tion o f investments: net book value o f . ------------------------------- .ztw.ouo
incornoration (Oct 10 1914) up to D ec. 31 1915 amounting to s ,()20A
and on Aug. 20 1915 a stock dividend o f $999,000. T he now com pany ua
T h e A lgom a C en tra l & H u d son Bay R a ilw a y C o
Mileage.— Includes (a) Sault Ste. M arie Ont., northwards 295.11 miles
paid an initial dividend o f $ 1 per share on its 300.000 sharos o f non-p.a . aluo
to connection witn tho N ational Transcontinental Ry connecting also with stock on July 26 1916 [also $1 N ov. 15 1916. E d.].
^
the Canadian Pacific and Canadian Northern; (ft) 26 miles;. M ich ii b s i d i a r y C o m , y tt/n t-o v v i i k i
plcoten Harbor to the main line at Mileage 165 from Sault Ste. M arie,
Stk.
Issued.
New
Co.r
Stk.
Auth.
Duration.
I n co r p o ra ted .
running through tho M ichipicoten iron oro range; (c) branch lines, 1 . 9 0
xA
$5,000,000 $1,090,000
Perpetual
miles and 9.52 miles, serving Helen and M agpie mines, respectively. (1) S team ship C o r p .)
Delaware, 1916;
Through the leased terminal tracks at Sault Ste. M ario has exclusive Con­
100,000
frs.
100,000
frs.
x A ll
(2) French C o .,
1 99 years
nection with works o f Algom a Steel C on )., Lake Superior
C oH *£•
Also embraces: (1) U p-to-date shops. (2) Sufficient roUlng stock.
Franco, 19151
X All
$50,000
$100,000
Perpetual
(3)
Far
Eastern
D
iv
.)
(3) Coal dock on St. M a ry’s River with storage capacity o f about 100,000
Dolawaro, 19161
tons o f coal and unloading plant electrically driven with a capacity o f about
X .1 •
$5,000
$5,000
(4) Cuban Com pany) Perpotual
2 500 tons per day. (4) Leased ore dock at M ichipicoten Harbor for deliv
Delaware, 1915]
cring oro to vessels, also small dock for unloading (Algom a Central le r (5) W alter O. Airey)
£U ,u00
£20,000
£25,000
Unlimited
mlL a«d Grani.— At present'about 2,000.000 acres on the railway in alternate
& C o ., L td ., Capo
township blocks, held in fee with all mineral and tim ber rights, e.xcept
T ow n 1915______ ;
60,000
120.000
120,000
(6) Portuguese C o., Indefinite (5
white pino, on which a stumpage charge is assessed: south of the C . 1 • RyEscudos
Escudos
Escudos
(195 miles from Sault Ste. M a rie). mineral and tim ber lands; north Of 0 . 1 .
Portugal. I " " ’ yrs. or moro)
x A ll
100,000
100,000
50 years
R y ., covered with a heavv growth o f spruce, sultablo for pulpwood, and (7) Spanish C o .,
.
posotas
posotas
Spain, 1916
when cleared Is well adapted to agriculture.
.
In procer
N
ot
issued
$50,000
Perpotual
Traffic.— N orthbound, principally manufactured products from Sault (8) South Amor. C o.)
of organ’
Ste. Marie for points on transcontinental lines east and west, also to lum­
Delawaro, 1916)
bering and mining operations along the line. Southbound, m ostly forest
x
A
ll
shares
owned
b
y
parent
com
pany
excopt
dircctorH'
products, iron oro and miscellaneous freight received from northern rail­
way connections for industries at Sault Ste. M ario.
I ho ore tonnage Is
m ostly transported to M ichipicoten Harbor for shipment bv y ^ c l
M incs
now in operation, Helen and M agpie iron ore mines on M ichipicoten D v.
and Goudreau pyrites mine at M ileage 177 on main line. Other properties
are under developm ent.
, . .
Capitalization Oct. 31 1916 (V . 102, p. 1058)— (L. S. Corp. Guar’.1st M . 5s). benefit o f the exclusive agency contracts which thei new ^om pan
Held by Public—
Held by Lake Superior Corp.—
American manufacturers for tho salo o f thoir products in iorcu .
1st M . 5s, guaranteed---$10,080,000 Comm on stock .................... S5,o ? 2 ’ nnn
Pref. stock, 5% non-cum 5,000,000 2d mortgage 6 s .- - - - - - - - 318.000
(V ('l)°TftePG n s1w ' m l l i a m s & W i g m o r e S t e a m s h i p C o r p o r a t i o n .
E quip, trusts Juno 3 0 - . 462,000 Terminals C o. stock held
.
A lg. Cent. Term . 1st 5s_ 4,999,526
by A. O . & H . B . R y . . 100,000
T h e A lgom a E astern R ailw a y C o.
,
c o n s is t o f ^ steamship Virginia . with a
weigh o f
Mileage.— Sudbury, O u t., to Little Current, a port on the Groat Lakes,
located on M anitoulln Island, 86 miles, crossing from mainland by stool
bridge. 586 feet in length, including a 368-ft. swing channel span. C on­
nects with C. P. R y. and C. N . R y. at Sudbury. Needs additional roiling ^ fth V G r la t ?A °&s Engineering WorKsu 5.500^tons each wMch M
stock. Terminals (of Algoma Eastern Terminals, L td ., v . 95, P- 1540)
at Ltttlo Current are operated under a long-term lease. Including coal dock o p L a t d M d ^ U m ^ ch M U irs from^their^vnor.^Giwtmi! Williai
Mg.
650 ft. in length, storage capacity 100.000 tons; coal-handling plant, daily T c a n a d a Ltd
In addition, the Globe Lino oporates un,
y
capacity 2,500 tons; commercial dock 400"ft. in length.
such otiior vesseis as its business requires. T he com pany, as »
cl
Land Grant.— Owns in fee, including all minerals and timber rights (ex­ tJons will perm it, will acquire by purchaso or construction . t
cept white pine (a) about 545,000 acres In Northern Ontario clay bolL
containing quantities o f spruco pulpwood: (ft) about 138,183 acres situated
between C . P. Ry. an d C . N . R y. at hoad o f Ground Hog R iver, selected
W?glnlh
e .-S S K x S a general export and im port busine ss
v
for timber value and mineral possibilities.
. , .
Traffic.— Operates through the Sudbury nickol district, which produces Ex(f)ua ° n n m^^
about 80% o f tho w orld’s supply o f this m etal. Serves the mines o f tho
Canadian Copper C o. and M ond Nickol Co Hie m ovem ent o f their ore
constituting the larger part o f the traffic
The Espanola millsi o f the Span
...... ...
Lsh River Pulp & Paper C o., 48
miles from Sudbury, also 4®ve^ P consid­
S S S S J S M i t t w ...
erable traffic. Carries coal to industries along the railway. M anitoulln at Shanghai and n the Mitsui llldg. » ‘
varlous
prominent
Amor,
Island Is well suited for agriculture, and much o f its traffic is transported
a number o f exclusive a g e n c y c ^ n t r i a j mentioned,
over this its only railway.
....
manufacturers for tho salt or tncir product
o n /in iy o d to trar
Capitalization of Oct. 31 1916.
Held ftv Public__
Held by Lake Superior Corp.—
1st M 5s (guar, by Lake
Com . stock ($2,000,000)-$] .000,000 Principal o f f k e a t A ^ t a d o 1 7i5, H avan^^C
A frica. Is organ
Superior C orp ora tion ).$2,500,000 Pref. stock, 5 % non -cum . 1.000.000
C om . stock ($2,000,000). 1,000.000
Held by Alg. Cent..Term —
Equipm ent trusts----------316,921 Alg. East. ^erm. 1st
O f the $100,000 A . E . Term . stk.. A .C .T . owns $99,300, A .E .R y .. $700.
T he

Lake




S u p e r io r

C o r p o r a t i o n . __

Deo 2 1916.]

THE

C H R O N IC L E

aArOape T o w n , P o r t E liz a b e th , Joh a n n e sb u rg, E a st L o n d o n an d D u r b a n .
W a lte r C . A ire y & C o . h ad fo r so m e years past s u c c e s s fu lly rep resen ted
va riou s m an u factu rers in S ou th A fr ica . O f the 2 0 ,0 0 0 shares o f th e ca p ita l
10,000 h a vo been a llo tte d t o W a lte r C . A ir e y , lO,0OO t o tlio new c o m p a n y ,
an d 5,0 0 0 are retain ed unissued In th o treasu ry.
(0) S o c i e d a d e L u z o - A m e r i c a n a D o s E s l a b e l e c i m e n l o s G a s t o n , W i l l i a m s
W i g m o r e , L t a . — K n o w n as a “ S o c ie ty b y Q u o ta s o f L im ite d L ia b ilit y .”
F o rm ed t o ta k o o v e r and d e v e lo p th o su cce ssfu l an d p r o fita b le business
co n d u c te d for m a n y years b y L im a, N o tt o & C a ., lo c a te d at 145 R u a d a
P r a ia , L is b o n , and w ith agen cies th r o u g h o u t th o P ortu gu ese C o lo n ie s .
• T ra n sa cts a general e x p o rt an d im p o rt business b e tw e e n P o r tu g a l an d her
c o lo n ic s and th e U n ited S tatos a n d o th o r c o u n trie s .
(7 ) S o c i e d a d I l i s p a n o - A m e r i c a n a G a s t o n , W i l l i a m s
W i g m o r e , w ith
p rin c ip a l o f fi c o a t 16 S e v illa , M a d r id , S p a in , w as organ ized t o h a n d le ge n ­
eral ex p ort an d im p ort business Detween Spain a n d t h e U . S ., e tc .
■• (8) S o c i e d a d G a s t o n , W i l l i a m s & W i g m o r e , L i m i t a d a , has ju s t been o r g a n ­
ized t o h a n d le th o n ow c o m p a n y 's bu sin ess in S o u th A m e rica n c o u n trie s .
C O N S O L ID A T E D

IN C O M E

A N D

P R O F IT

A N D

LOSS

ACCO U N T,

J ' ‘
I n fo m e —

1915— O ld C o . — 1916.
N e w C o . ,1916,
___
C
a l . ______
Y ea r.
T o A p r . 19./V/1.20 to A u g .'S X
F rom o p e r a tio n s __________________ $ 5 ,2 5 1 ,1 7 4
$ 1 ,7 0 7 ,0 7 6
$ 1 ,3 0 1 ,8 2 8
F r o m d iv s . a n d in t . on in v e s tm ’ t s .
4 2 ,5 0 0
4 3 ,7 0 2
6 ,6 5 0
M is c e lla n e o u s _____________________
17,883
9 ,9 4 5
7 ,9 3 5
In terest o a r n e d ____________________
13,383
6 2 ,857
2 0 6 ,2 3 0
T o b a c c o d e p a r t m e n t _____________
9 1 ,8 0 8
P iu y n i & O ch s, P etrog ra d A g e n c y
_______
100,000
T o t a l in c o m e ____________________ $ 5 ,2 8 1 ,1 5 2
G en era l exp en ses___________1--------- $ 1 ,7 0 9 ,5 7 4
I n t e r e s t ____________________________
2 4 4 ,6 1 6
D e p r e c ia t io n ______________________
2 8 ,4 7 5
T a x e s ______________________________
2,431
13,843
R e n ta ls _____________________________
A m o r t , o f d is co u n t on n o t e s ------------------T o t a l d e d u c tio n s ________________ $ l ,9 9 8 ,9 4 0
N o t i n c o m o .______________________ $ 3 ,2 8 2 ,2 1 2
O ld C o . ,
J a n . 1 to
A p r . 19’ 16.

N e w C o .,

$ 1 ,9 3 0 ,3 1 6
$41 6 ,3 9 5
2 5 4 ,4 4 4

$ 1 ,6 5 1 ,5 0 4
$39 4,47 1
2 5 9 .2 5 2

3 0 ,3 8 7
7,9 9 4
$ 7 0 9 ,2 2 0
$ 1 ,2 2 1 ,0 9 7
•
O ld C o . ,
J a n . 1 to

,425
6,1 5 6
12,736

~Y

$677,041
$9 7 4 ,4 6 3
N e w C o .,

A p r . 19 to
A p r . 19 t o
/li< 3 .3 1 ’ 16.
A p r . 1 9 ’ 1 6 . A utr.31'16.
$98 3,49 0
N o t i n c o m e . . $1,2 2 1 ,0 9 7
$97 4,46 3 P a l a n c o _____
$67 4 ,4 6 3
P ro v . s u r p lu s . 3 ,2 8 2 ,2 1 3
P r o f, fro m salo
o f b oa ts
752 ,7 4 3
----------T o t a l ..........$ 4 ,2 6 5 ,7 0 3
$ 6 7 4,46 3
O th er in c o m o - 2 9 .6 5 0
----------999 ,000
S to ck d iv s __
$97 4,46 3 Ites’v e fo r c o n G ross i n c o m o .$ 2 ,003 ,490
tin g ’s, & c__
_______
300 ,0 0 0
332 ,921
C a sh d iv s ____ 1 ,020,000
P r o fit A
L oss

P a la n c o ...
G & T P N ,

$ 9 8 3 ,4 9 0

W IL L IA M S &

$ 6 74 ,463 Sur. A p r . l 9 ’ 16$3,266 ,703
W IG M O R E , I N C ., U A L . S H E E T A U G .

$ 3 4 1 ,5 4 2
31 1916-

.A s s e t s ( T o t a l $ 1 9 ,8 3 8 ,8 5 3 )—
S to c k o f su b sid ia ry c o s ., $ 1 ,3 2 2 ,3 2 5 ; in ve stm e n ts in n e g o tia b le
: s e c ,p itie s o f sales c o m p a n ie s, & c ., $ 1 ,0 8 8 ,0 9 7 _________________ $ 2 ,4 1 0 ,4 2 2
C O t . „h han d and in b a n k , $57 4,85 2: again st c o n tr a c ts , $45 0,00 0
1 ,024,852
M iclian diso sold (paid fo r and in t r a n s it)______________________
2 ,4 0 2 ,1 0 3
A c c o u n ts r eceiv a b le, $ 6 ,9 2 9 ,9 3 7 ; b ills re ce iv a b le , $ 8 1 ,4 4 9 ____
7 ,0 1 1 ,3 8 6
’ 62
IV a A r e n su b sid ia ry co m p a n ie s and bra n ch o f fi c e s _____________
6- ,7—8 2 ,2
•tli; crest a c c r ’d , $ 37 ,312 ; suspense, $1,438; fu rn itu re, e t c ., $6,813
45,5 6 3
.D is c o u n t o n 6 % serial g o ld n o te s, $ 17 5,00 0; a m o rtiz e d since
.«• .A p r .,10 1916, $ 12 ,736 ; t o bo a m o rtiz e d d u rin g life o f n o te . .
162,264
'
b i a b l i i t i e s ( T o t a l $ 1 9 ,8 3 8 ,8 5 3 )—
D e cla r e d ca p ita l (shares w ith o u t p ar v a lu o 3 0 0 ,0 0 0 )____________ $ 1 2 ,0 0 0 000
5 ,0 0 0 i0 0 0
6 n5 sorial g o ld n o t e s -------------------------- ----------------------------------------------1C a r o n t liab ilities: B ills p a y a b lo , $ 45 0,00 0; d e p o sits o n c o n :< J:° tra cts, $32 8 ,6 0 0 ; a c c e p te d d r a fts , $ 35 2,97 1; a c c o u n ts p a y a T b io, $ 1 9 4 ,8 8 7 ................................................................................... ...........
1 ,3 2 6 .4 5 7
In terest-accru ed o n n otes a n d u n p aid d r a fts , $25 2 ,5 2 1 ; Insurance
1 a cc r u e d , $ 3 3 ,7 0 5 ...................... ............................................................. ..
286 ,2 2 6
1 R eserves; (a) F o r in c o m o tax, $ 30 ,357 ; (6) d em u rrage & exponses
663,337
on b o a t ch a rters, $ 50 7,78 1; (c) co n tin g e n cie s , $ 1 2 5 ,1 9 9 _______
. C ortunlsslons a c c r 'd , $20 7,85 6; in t. in su sponso, & c ., $ 1 3 ,4 3 3 ___
221 ,289
‘-pi.1 ; per co n s o lid a te d in co m o a c c o u n t a b o v o _________________
3 41 ,542
GASTON.

’

W IL L IA M S

&

W IG M O R E

S T E A M S H IP

C O R P O R A T IO N

■
I N C O M E A C C O U N T F R O M F E U . 22 T O A U G . 31 1916.
In l^ n p r F rom op era tin g ships, $ 70 3,52 3; fro m c o m m issio n , $ 2 2 ,513 $726,036
G en eral exjionses, $ 46 ,597 ; interest, $ 42 ,611 ; sh ip e x p ., $ 1 9 ,5 8 3 .. 108,791

N e t i n c o m o ................................... ...................................................................... $ 6 1 7,24 5
■,ess: R eserve fo r loss steam sh ip C a ro ly n . $17 5 ,0 0 0 ; an d fo r d o p r e c i s i o n , $ 1 0 0 ,0 0 0 :------------------------ ----------- ----------------------------------- $27 5,00 0
Surplus (as p er ba la n co sheot b e lo w ) ______________________________ $34 2,24 5
'

B A L A N C E S H E E T O F G . W . & W . S S . C O R P . A U G . 31 1916.
A s s e t s ( T o t a l $ 3 ,6 4 2 ,7 3 0 )—
P rop erties and in vestm en ts: SS. V irgin ia , $ 1 ,0 0 0 ,0 0 0 ; SS. V ig i. ,'a n c i a , $47 6 ,2 0 8 ; SS. C a ro ly n , $ 4 2 5 ,0 0 0 , and sc h o o n e r O . 11.
'
- B r o w n , $ 4 4 ,4 1 5 .. . -------------------------------- ------------- --------- ----------- . $ 1,945,623
1 0 % p a y m e n t on p urchase o f tw o b o a t s __________________________
9 4 ,000
Sf pck G a s to n , W illia m s & W ig m o r e o f C a n a d a , 10,240 s h a r e s ._ 1 ,0 2 4 ,0 0 0
M iscella n eou s p rop erties and in v e stm e n ts______________ ________
3,2 2 3
C a sh , $783)39; a c c o u n ts re ce iv a b le , $ 1 5 8 ,5 9 0 ____________________
237 ,5 2 9
G a s to n . W illia m s & W ig m o re , I n c ________________________________
3 38 ,354
L i a b i l i t i e s ( T o t a l $ 3 ,6 4 2 ,7 3 0 )—
C a p ita l s t o c k , $ 5 ,0 0 0 ,0 0 0 , less u n issued, $ 3 ,9 1 0 ,0 0 0 ____________ Q90 n m
G a s to n , W illiam s & W igm o re , I n c ., lo a n a c c o u n t, $1,745,000' '
’
a c c o u n ts p a y a b lo , $ 1 1 ,8 8 3 _____________________
R eserves: I*or loss o f SS. C a ro ly n , $ 17 5,00 0; fo r d epreciation " 1,756,883

$ 10 0,00 0; fo r expenses o f un fin ish ed v o y a g e s , $17 8,60 2
’
r.no
Surplus (seo in com o a b o v o ) ______________
_
"
■;'19 ’9.1 q
T h e fisca l y ea r o f th e n e w c o m p a n y ends A p r ffs ’ o and t h o 'a n n u a lm e e t
ing o f the stock h old ers Is h e ld at the p rin cipa l o f fic e o f th o ew c o i a n v in
N . Y . C it y on tho secon d T u e sd a y o f A p ril in each year
c o m p a n y in
D i r e c t o r s . — C harles II. S ab in , W illia m II. W illiam s M ilt o n T Budlnnir
, F red eric W . A llen an d Joh n W Prentiss, N . Y . C it y ; G e o r g e 'A * G a s to n ’
,%
'7H C it y , N . Y .; Jam es A . W ig m o re , C le v e la n d , O h io .
*
. .
i ’t s . — C harles H . S abin, C h a irm a n ; G e o rg e A
CJaston PpmlHmif"
'A . W ig m o r o , M ilto n J. B u d lo n g an d A m o s J M a c o V -P rosT s*1
.
a 11. W illia m s, T r e a s ., and R . I f. L eo M a r tin . S e c y - V . 103, p'.’

<rutt

,

.

.

son Electric Illu m in a tin g C om pany of B oston.
(p

(Report for Fiscal Year ending June 30 1910.)

T h o line c o n n e c tin g th o S u d b u ry D a m w ith o u r d is trib u tio n sy stem has
b e e n c o m p le te d an d a d d itio n a l transm ission linos h a v o been run fro m th e
L S treet s ta tio n t o th e S o m e rv ille an d C on gress S tre e t su b -s ta tio n s . T h e
su b m arin e c o n d u its c o n n e c tin g S o u th B o s to n w ith th e c it y p r o p e r h a v e
fo r several years been used t o th eir fu ll c a p a c ity and it w as th erefore d ecid ed
t o b u ild u nd er these t w o w a te rw a y s a su b m a rin e tunnel o f g reater c a p a c ity .
T h e F o r t P o in t C h an n el tu n n el has been co m p le te d an d th o R e se rv ed C h a n ­
nel tunnel w ill b e c o m p le te d th is au tu m n .
N e w S t o c k . — In v ie w o f these a d d itio n s an increase in th e c a p ita l s to c k
seoins d e sira b le , and y o u w ill p r o b a b ly b o c a lle d to g e th e r a t an early d a te.
W a g e s . — In c o m m o n w ith all o th o r e m p lo y e rs o f la b o r y o u r c o m p a n y has
h a d to m a k e m aterial increases in its p a y roll d u rin g th o y e a r. I t is esti­
m a te d th a t fo r th o co m in g y e a r th e to t a l p a y roll w ill increase a b o u t 1 2 % ,
so m e w h a t o v e r $25 0 ,0 0 0 . O n e -q u a rte r o f th is is d u e t o th o natural increase
in th o business; th e o th e r 7 5 % is d u e e n tire ly cith e r t o increases in p a y o r
d ecreases in th e w o rk in g h ou rs.
STA TE M E N T




O F O P E R A T IO N S

E N D IN G

JU N E

30.

1915-16.
K ilo w a tt s c o n n e c t e d ___
2 43 ,337
G ross e a rn in g s_________ $ 8 ,3 0 2 ,8 1 4
E x p e n se s (e x c l.d e p r e c ’n) 3 .6 2 5 .4 1 7

1914-15.
2 19 ,440
$ 7 ,4 2 9 ,1 2 4
3 ,4 2 6 ,8 3 2

1913-14.

1912-13.

$ 7 ,0 0 8 ,2 8 8
3 ,153,271

$6,3 6 5 ,8 7 4
2 ,7 2 4 ,1 9 9

N e t fr o m o p e r a tio n s . . $ 4 ,6 7 7 ,3 9 7
124,051
M is c e lla n e o u s p r o fit s ___

$ 4 ,0 0 2 ,2 9 2
118,910

$ 3 ,8 5 5 ,0 1 7
57,1 3 4

$ 3 ,6 4 1 ,6 7 5
103,957

$ 4 ,8 0 1 ,4 4 8
$ 9 5 4,76 0
276 ,2 3 5
2 ,7 0 2 ,1 8 4

$ 4 ,1 2 1 ,2 0 2
$ 8 4 3 ,4 5 0
3 7 1 ,4 7 5
2 ,4 5 7 ,1 7 4

$ 3 ,9 1 2 ,1 5 1
$78 5,71 3
3 9 9 ,6 1 5
2 ,2 5 2 ,3 1 9

$ 3 ,7 4 5 ,6 3 2
$79 7,61 7
390 ,0 6 5
1,950,333

In terest.

T o t a l d e d u c tio n s ____ $ 3 ,9 3 3 ,1 7 9 $ 3 ,6 7 2 ,0 9 9 $ 3 ,4 3 7 ,6 4 7
$ 3 ,1 3 8 ,0 1 5
U n d iv id e d p r o fit s _______
$ 8 6 8,26 9
$ 4 4 9 ,1 0 3
$ 4 7 4,50 4
$ 6 0 7,61 7
B A L A N C E S H E E T J U N E 30.
1916.
1915.
1916.
Assc/s—
L ia b ilitie s —
$
S
S
Installation
and
Capital s to ck ____22,518,200 20,480,000
property . __________________45,622,091 43,687,337
Install, on new stk ________
3,826,230
Unfinished Instal­
Premium on stockl7,906,897 15,562,967
lation__________
954,239
843,151 First mtge. bonds.
155,000
157,000
Cash in banks_______________ 489,388
1.178,752 Consol, bonds____ 1,250,000 1,250,000
Stock on hand_______________ 905,707
841,520 Coupon notes____
28,500
36,000
Miscellaneous_______________ 115,610
90,498 Accounts payable.
166,634
189,434
Notes & accounts
Notes payable____ 4,980,000 4,255,000
re ceiva ble________________ 739,653
609,903 Accrued taxes____
129,281
104,752
Cash in sinking
D ividends________
675,546
614,400
fund-------- --------21,018
20,346 Reserve for depr’n
862,854
664,531
Replacement a cct.
19,783
3,919
Profit and loss____
155,012
127,275
T o t a l ---------------48,847,700 47,271,507
— Y . 103, p . 1034.

H endee

T o t a l ............. ..48,847 ,706 47,271,507

M a n u fa ctu rin g Co. (“ In d ia n
Sprin gfield, Mass.

M otorcycles” ),

(Report for Fiscal Year ending Aug. 31 1916.)
„
_
P r o fit s ............ .....................
S in k in g f u n d ..............................
P referred d iv id e n d s ---------------M is c e lla n e o u s __________________________

1915-16.
$ 2 0 8 ,9 8 0
150 ,000
156,632
3 ,0 7 7

1914-15.
*$ 42 2,44 0
150,000
169,951
_______

1913-14.
$711,567
150,000
131,250
_______

B a la n ce ................. ...................................d e f.$ 1 0 0 ,7 2 9 s u r .$ 1 0 2 ,4 8 9 s u r.$ 4 3 0 ,3 1 7
* A fte r d e d u ctin g $ 1 2 6,39 0 d e p r e c ia tio n an d $ 5 5 ,0 0 0 reserve fo r taxes,
an d c r e d itin g $ 2 ,3 0 0 p r o fit retirem en t o f p r e f. s t o c k (fr o m first re se rv e ).
B A L A N C E S H E E T A U G U S T 31.
1916.
1915.
Assets—
$
3
L ia b il it ie s —
s
3
Real estate, plant
Com m on s t o c k .. .10,000,000 10,000,000
and good-will . a 10,559,184 10,633.203 Preferred s t o c k .. . 2,200.800 2,347,700
Investm ents_____
69,497
66,997 Trade creditors
222,314
241,028
Cash......... ...............
106,669
416,311 Reserve for taxes
Inventories.. b 2 ,173,430
1,896,678
(not due)............
55,000
55,000
Duo from custom­
Sink, fund pref.stk
150,000
150,000
ers.....................
549,928
412,985 A cer. ,& c. .pay-roll.
11,924
38,180
D uo from branches
87,881
263,015 S u rp lu s.................. c906,551
857,280
T o t a l ..................13,546,589 13,689,188

T o t a l .................. 13,546,589 13,689,188

a A fte r d e d u ctin g in 1916 $ 1 0 0,22 5 fo r sp e cia l to o ls d u o t o ch a n g e in
design s, b A fte r d e d u ctin g $ 2 8 8,54 6 fo r o b s o le te p arts an d m aterial,
c A fte r cre d itin g $15 0 ,0 0 0 c a n ce lla tio n o f s e co n d reserve p r o v id e d fo r re ­
tire m e n t o f p referred s t o c k .— V . 103, p . 1595, 410.

Lau rentide C om pany, L td .,

G ran d Mere, Q ue.

(Report for Fiscal Year ending June 30 1916.)
President George Chahoon Jr. says in substance:
T h e earnings sh ow n fo r th e past y e a r rep resen t th e n orm al g r o w th
o f th e c o m p a n y ’s p u lp a n d p ap er buslnoss. T h e o u t lo o k fo r th e c o m in g
y e a r is en co u ra g in g .
W o v io w w ith m u ch sa tisfa c tio n th e s tr o n g allia n ce m a d e w ith th e
Shaw inigan W a te r & P o w e r C o . fo r th e o p e r a tio n o f th o L a u re n tid e P o w e r
C o ., L td . T h o w o rk o n th e p o w e r d e v e lo p m e n t is p r a c tic a lly c o m p le te d ,
an d begin n in g J u ly 1 th o p o w e r c o m p a n y has been d e liv e rin g th e fu ll
a m o u n t o f p o w e r it has c o n tr a c te d t o s u p p ly u p to th e p resen t.
IN C O M E

ACCOUN T

YEAR

1915-16.

M ill n ets fr o m gro u n d
w o o d , su lp h ite p u lp ,
p a p e r, & c ---------------------$ 1 ,0 2 2 ,0 0 6
P r o fits fr o m lu m b e r, & c.
101,459
I n t . fr o m in v e s t m e n t s ..
120,819

E N D IN G

1914-15.

JU N E

30.

1913-14.

1912-13.

$94 3,27 2
9 1 ,334

$ 8 2 9,90 4
115,055

$ 9 1 1,99 8
104 .760

T o t a l .................................. $ 1 ,2 4 4 ,2 8 4
B o n d in t ., & c .
$226,899
B o t t ’ts t o p la n t, & c _ .
79,562
D iv id e n d s ( 8 % ) ...........
7 68 ,000
D e p r e cia tio n re s e r v e .
20,0 0 0

$ 1 ,0 3 4 ,6 0 6
$ 1 6 5,61 4
6 1 ,8 0 0
768 ,0 0 0

$944,959
$15 6,81 8
57,367
576 ,000

$ 1 ,0 1 6 ,7 5 8
$1 2 9 ,9 7 3
128,701
576 ,000

T o t a l d e d u c t io n s ____ $ 1,094,461
B a la n co , su rp lu s________
$ 1 4 9,82 3

$ 1 ,0 1 5 ,4 1 4
$ 1 9 ,1 9 2

$81 0,18 5
$13 4,77 4

$85 4,67 4
$ 1 6 2,08 4

D ed u c t—

■ 1 ■ sident Charles L . Edgar on Oct. 10 said in substanco:
. V .
-ring w ith th is ye a r all o f th o c o n n e cte d lo a d has h ™ n
. k i’
, 5 a n d , fo r th e sak e o f c o m p a ris o n , th o p?ovim ?s y m r h x f been
. ‘ V . ;•''‘tju rh lstO T yfm °
*
lncroaso ls 8 r ? a te r T h a ^ T n a n y o th e ?
f i v e m in o r changes in th e sch edu le o f rates h a v o boon m a d e hiirino- t i n
.T -rfine on O ct. 1 1915, so m e w h a t increasing th e disc^un ts u n d e ? th e
.
.J e o u s on orgy rate, and a n oth er on M a y 1 1916
l l
tt
called D -2 , g iv in g som ew h a t larger d isco u n ts t o a E ass o f argo c\ist< ers w h o had p rev iou sly be e n served u n d er tho D ra te . ThTOo rtS u c^ o S ^
"
rin g tho com in g year, a m o u n t to a b o u t $100 000
re a u ctio n s
, ,
. .U n d ivided p r o fi s this year are v e r y m u c h larger’ than fo r th o vears
.flJ lo
1 and 1914-15, and so m e w h a t larger p r o p o r tio n a te ly than fo r the
•r\'iir 1912-13, w h ich w as th o la st ye a r in w h ich th e general fin a n cial c o n d i•1ttAi)ns w ere noriiiiil.
A d d i t i o n s . — T h o v e r y large increase o f p ro s p e ctiv e now bu.sino.ss and tho
in sisten t d em an d for extensions h a v o m ad e it seem desirable t o revert t o
, th e o ld p o lic y o f m ak in g extensions. T h o now c o S t S o n w o V h M fo ?
‘ these reasons, been m u ch larger th an fo r 1914-15.
' or
O ur principal generating s ta tio n , lo ca te d o n I , S treet South P o sto n w as
o rig in a lly designed fo r three section s, o f w h ich th o fir s t tw o h a ve h e re to fo re
been e q u ip p ed w ith eight vertical G eneral E lectric turbines o f a total
c a p a c it y o f 96,0 0 0 k ilo w a tts, l o tako care o f tho increase i n 'business an
op era tion t a T o # ? * * 1 f° r a 3 0 '0 0 0 k ' w >horizon t:‘ l tu rbin e, to bo re a d y fo r

2077

BALAN CE
A s s e ts —

1916.
S

M ills,
buildings,
plant, & c--------- 4.894,610
Additions to plant
427,900
A dd’ns to real est.
106,157
Tim ber lands____ 2,179,744
Real estato (workmon’shouses,&c.) 478,981
Sidings & roll. s tk .
50,000
Power developm ’ t ________
Logs, mdse., & c . . a l , 846.758
Accts. & bills rec. 1,409,489
Cash in hand, * c _
133,412
Investm ents_____ 3,361,200
Miscellaneous____
25,509

20,000

SHEET

1915.
S

JU N E

20.000

30.

L ia b ilitie s —

S to c k ......................
5,203,902 B o n d s ----------------________ Bond Int.(dueJuly)
________ Com . dlv. and int.
2,152,058
(due Ju ly).........
W a g e s ----------------495,030 Bank loans......... ..
50,000 Bills payable_____
3,553,582 Accounts payable.
1,682,110 Contingent a c c t ..
912,590 Deprec'n reserve.
44,351 Imp. & bett. res’ve
106,332 Sundry res’ ve s,& c.
32,280 Surplus ..................

T o t a l..................14,913,761 14.232,235

20,000

1916.
$
9,600,000
b706,090
30,000

1915.
S
9,600,000
753,807
36,000

192,000
24,172
2,195,080
4,900
428,841
26,418
330,000
354,692
88,121
c927,447

192.000
54,328
2,037,437
6,965
370,468
25,535
310.000
114,479
29,592
701,624

T o t a l ...................14,913,761 14,232,235

a In clu d es in 1916 logs an d su pplies, $ 1 ,1 8 0 ,9 4 3 ; m erch a n d ise, $20 3 ,8 0 0 :
fo ra stry , $87 ,3 5 8 ; an d m ill su p p lies, $ 37 4,65 8.
b A fte r d e d u ctin g sin k in g
fu n d in v e stm e n t, $49 3 ,9 1 0 . c A fte r d e d u ctin g business p r o fits w ar ta x
t o Ju n o 30 1915, $20 ,0 0 0 , and cre d itin g $96 ,000 interest a p p lica b le an d
ch arged t o co n s tr u c tio n .— V . 103, p . 941 , 668 .

THE

2078

[Vol . 103.

C H R O N IC L E

(T he) Streets C o., C hicago.

T r u s t C o . as trustees o f th e d eben tu res t o declare tho p rin cip a l d u o . T h is is
a n o th e r s te p in th e d ire ctio n o f c o m p le tin g tho plan o f re o rg a n iz a tio n .

(Report for Period ending June 30 1910.)

Tho Bankers’ Trust Co. has accordingly declared tho prin­
cipal of tho $20,000,000 debentures to be duo and payable.
Seo plan, V . 103, p. 1887, 1980.

Pros. F . J. Reichmann, Sept. 18, wrote in substance:
T o th o a m o u n t earn ed fr o m A u g . 20 1915 t o Ju n o 30 1916 s h o u ld b e
a d d e d th e in c o m e o f th e o ld S tr e e t’s W estern S ta b le -C a r L in o J u ly 1 t o
A u g . 19 1915, in c lu s iv e , $ 5 ,8 9 8 , m a k in g th e to ta l su rplu s fo r th e fu ll fu s ca l
y e a r en d in g Ju n o 30 1916, 8 7 5 ,2 0 5 . T h is r e fle cts th o p o s s ib ilitie s d u rin g
p e riod s o f gen eral p r o s p e r ity , w hen railroad e q u ip m e n t is fu lly e m p lo y e d ,
as a g ain st the c o n d itio n s p r e v a ilin g w h en thero w as an a lm o s t c o n tin u o u s
s u p p ly o f id lo cars o n th e r a ilro a d s o f th e c o u n tr y .
T h e c o m p a n y now has 6 8 % o f its to t a l e q u ip m e n t p la c e d o n te r m loasos,
w h ich is a m aterial im p ro v e m e n t o v e r th e a v e ra g o n u m b e r o n te rm leases
fo r s o m e years p r io r t o Ju n o 1 1915, a n d th o c o m p a n y has s o m e u n fille d
c o n t r a c ts o n w h ich d eliv eries are b e in g m a d o .
S u b sta n tia l ex p en d itu res h a v e been m a d e d u rin g th o la st fe w yea rs fo r
a d d itio n a l s a fe ty a p p lia n c e s , w h ich h a v o been ra th e r h e a v ie r fo r th e last
y e a r , d u e t o th e f a c t th a t t h e y m u st b o c o m p le t e d , a c c o r d in g t o la w , b y
J u ly 1 1917. T h e se ex p en d itu re s fo r th e y ear u n d e r re v ie w h a v o a ll b e e n
ch a r g e d a g a in st in c o m e .
T h e c o m p a n y has in its troasu ry c o m p a n y b o n d s , p a r v a lu o $ 5 8 ,0 0 0 , fr o m
w h ic h t o m eet the sin k in g fu n d p r o v is io n o f $ 5 0 ,0 0 0 , d u o Ju n e 1 1917, an d it
w o u ld seem best t o a p p ly a ll su rplu s t o th o liq u id a tio n o f th e b o n d e d d e b t ,
a n d re lie v e th e c o m p a n y o f fix e d ch a rg e s as r a p id ly as p o s s ib le .
20 1915 T O J U N E 30 1916.
B a l a n c e _______________________$ 6 5 ,8 4 7
P r o fit o n b o n d s p u r . & c a n c ’d 3 ,4 6 0

IN C O M E A C C O U N T F R O M A U G .

N e t e a r n in g s _________________ $ 9 8 ,1 6 5
In te r e s t o n b o n d s ____________3 2 ,3 1 8

S u r p lu s _____________________ $ 6 9 ,3 0 7

B a l a n c e ____________________ $65 ,847
BA LA N CE

SH EET A S

3 0 1916 A N D A U G . 20 1915.
J u n e 30T6 Agff.20’ 15
L ia b ilitie s —
S
S
Capital stock ......... 1,000,000 1,000,000
5% equlp.gold bonds 750,000
800,000
Bcscrvcs for organi­
zation expenses__
______
15,000
Accounts payable___
98,223
143,676
Accrued bond ln t___
______
9,097
S u rp lu s......................
69,307

OF JU N E

J u n e 3 0 'lG A w .2 0 ’ 15
A s s e ts —
S
$
Cars, contracts, leas­
es, & c____________1,412,21911,803,520
Beal cst., bldgs, & c. 284,685/
Bonds parch, (cost). *53,987
---------Material on hand___
59,8481
Accounts receivable.
85,399) 163,034
Cash.............................
19,624)
1,213
Prepaid Insurance..
1,767

T o t a l ...................... 1,917,529 1,967,773

T o t a l...................... 1,917,529 1,967,773

♦ B o n d s p u rch a sed a n d in treasu ry (p a r $5 8 ,0 0 0 ) a t c o s t , $ 5 3 ,9 8 7 , as
a b o v e .— V . 101, p . 777 .

GENERAL
R A IL R O A D S ,

IN V E S T M E N T

IN C L U D IN G

NEWS

E L E C T R IC

ROAD S.

A labam a N ew O rleans Texas & Pacific J u n ctio n R a il­
ways C o., L td .—
T n o sh areh old ers in L o n d o n o n N o v . 10 a p p ro v e d th o sale
M o r g a n & C o . o f th e c o m p a n y ’s h o ld in g s in th e N e w O rleans
E a stern l i l t , an d th o Sou th w estern C o n s tr u c tio n C o . an d also th o
ch a n g es in ca p ita liz a tio n an d ch a r a c te r o f th o h o ld in g c o m p a n y .
V . 103, p . 1792. 1592.

to J. P .
& N orth
p ro p o s e d
C o m p a ro

A laska G overn m en t R o a d s. — Construction Delayed.—
A c c o r d in g t o a sta tem en t b y C a p t . F re d e rick M e a r s , o f th o A la s k a
R a ilw a y C o m m is s io n , th o c o m p le tio n o f th e G o v e rn m e n t railroad b etw een
Sow ard and F a irb a n k s w ill n o t b e c o m p le te d b e fo r o 1920 o r 1921, in stoad
o f 1918, as has been p r e v io u s ly a n n o u n ce d , w h ile th o p a rt b otw oen Sow ard
a n d A n ch o ra g o w ill n ot b o ro a d y fo r o p e ra tio n u n til 1918, in stead o f b y
N o v . 1917, as p la n n e d . C on s tr u c tio n w o rk , it is s ta te d , has boon h o a v ie r
a n d slow er th a n ex p e c te d , an d su p p lies h a v o been d iffic u lt t o o b ta in .
In stea d o f 2 ,0 0 0 m en a t w ork o n the T u rn a g a in A r m D iv is io n , as pla n n e d
b y th e en gineering co m m is s io n , th ere w ero less than 1 ,0 0 0 .— :V . 101 , p . 1091

A lgom a C en tra l & H u d so n Bay R y . — Receivership to

End— Earnings— Land Grant, tfee.—

C in cin n a ti H am ilton & D ay to n R y .— Coupons— Plan.—
K u h n , L o e b & C o . a n n o u n ce t o h o ld e rs o f tho G en eral M tg o b o n d s o f
1942 th a t u p o n surrender o n D e c . 1 o f tho c o u p o n s d u o o n th a t d a y th ey
w ill p a y $25 each fo r th o sam e, b ein g th e fa ce a m o u n t th e re o f.
A sta te m e n t b y D a n io l W illa rd , P re s, o f th o B a ltim o re & O h io R R .,
in regard t o tho re o rga n iza tio n p la n w ill b o fo u n d in V . 103, p . 1991.— V .
103, p . 1792, 1786.

C ities Service C o. — Acquisition of Kansas Natural Gas
Co.— Henry L . Doherty & Co. have given out tho following:
F o llo w in g th o a u th o r iz a tio n b y th e K a n sa s P . IT. C o m m is s io n t o th o E m ­
p ir e G as & P ip e L in o C o . , a C itie s S e rv ice su b s id ia r y , t o d o business In K a n ­
sas an d t o a c q u ir e th o s t o c k o f th e K a n sas N a tu ra l G as C o ., m o r e th a n a
s u ffic ie n t a m o u n t o f th o issu o has a lre a d y been d e p o s ite d w ith th o d e p o s i­
t a r y , a n d a c c o r d in g ly th o p la n o f a cq u is itio n is e ffe c t iv e , ’l’lio o ffe r o f
H e n r y L . D o h e r ty & C o . w as c o n tin g e n t u p o n th o d e liv e rin g o f a m in im u m
o f 4 0 ,0 0 0 sh ares, w h ich it agreed t o p u rch aso at $40 p e r sh are
T h o K an sas N a tu ra l G as C o . w as in c o rp o ra te d in 1904 in D e l., an d
g r a n te d a ch a rte r t o d o business In K a n sa s. T h o p ip e lines o f th o c o m p a n y ,
w h ic h In clu d e th e M a r n e t t M in in g C o . ’s lino in O k la . a n d th o K a n sa s C it y
P ip e L in o C o . ’s lino in K a n sa s, are tre a te d in th ree d iv isio n s : (a ) J o p lin
lin o, s u p p ly in g J o p lin a n d o th e r citie s in th e M is s o u r i le a d a n d z in c d is tric t,
as w ell as P itts b u r g h , O sw e g o an d several m o r e so u th e a ste rn K an sas c itie s .
(5) S t. J o so p h lin o, fro m O tta w a , K a n ., n o r th , s u p p ly in g T o p e k a , L a w r c n c o , L e a v e n w o r th , A tc h is o n , S t. .fosopli ( M o . ) , a n d a n u m b e r o f sm aller
pla ce s on r o u te . O tta w a an d S t. J o s e p h are d is ta n t fro m ea ch o th o r b y
a b o u t 80 m iles in a stra ig h t lin o,
(c) K ansas C it y lin o, fr o m O tta w a to
an d su p p ly in g K a n sas C it y , K a n ., an d K an sas C it y , M o .
T h o p o p u la tio n o f th o te rrito ry s e rv e d is e s tim a te d t o bo a b o u t 7 5 0 ,0 0 0 , .
w ith a b o u t 150,000 c o n su m e rs c o n n e c te d . T h e K an sas N a tu ra l roach es
o n o o f th o m o s t im p o rta n t m a rk e ts in th e M id -C o n t in e n t s e c tio n , a n d its
lines aro s o p la c e d w ith re sp e ct t o th o s o o f th e p resen t C itie s S e rv lco su b s id i­
aries th a t th e sy sto m s can b o in te r-c o n n e c te d , w ith resu ltin g o p e r a tin g e f­
fic ie n c ie s an d e c o n o m ie s , as w ell as v a s tly b ro a d e n in g th o o u tle t fo r th o ga s.
(C o m p a r o p la n , r e p o r t , & c ., V". 100, p . 40 1 , 1171; V. 102, p . 1252, 144 0.)
O n o o f th o co n s id e r a tio n s fo r th o K ansas U tilitie s C o m m is s io n agroolng
t o th o sale w as th a t all litig a tio n b e d ism issed an d th o receivers d is ch a rg e d .
Press disp a tch e s fro m K ansas sa y in su bstan co: O n e o f th o fa cto rs in
th e a p p ro v a l o f th e sale w as an agreem en t b y tho D o h o r ty interests th a t th o
p r ico o f gas co u ld b o retu rn ed t o th o p rice fix e d b y th o C o m m is s io n , w h ich
is 28 ce n ts per 1,000 c u . f t . fo r T o p e k a . T h is rato w as a p p ro v e d b y th o
C o m m issio n in an order m a d o n early a yo a r a g o .
In its ord er th e C o m m is ­
sion says it has fo u n d th at p u b lic co n v e n ie n ce and necessity w ill b e p r o ­
m o te d and tho p u b lic serv ice w ill be b ettered b y th o p u rch aso o f th o c a p ita l
s t o c k , b o n d s an d o th e r form s o f in debtedn ess o f tho K an sas N a tu r a l G as
C o . and its subsidiaries b y th o E m p ire G as & P ip o jin o C o .
It is u n d e rsto o d th a t th o 2 8-cen t rato w ill b o a c c e p te d b y th o D o h e rty s
w ith o u t litig a tio n In th o c o u r ts . A n y later p rop osed changes in rates, it is
u n d e rs to o d , w ill bo b ro u g h t b e fo ro th o U tilities C om m issio n in a regular
w a y . a fte r it has been d e m o n stra te d b y th o D o h o r ty s th at th o y ca n s u p p ly
th o ga s.— V . 103, p . 1592, 1412.

D elaware L ack aw an n a & W e ste rn . — Usual 1 0 % Extra.
T h e ann u al e xtra d iv id o n d o f 10 % has been d o cla rcd on tho $ 4 2 ,2 7 7 ,0 0 0
s t o c k , p a y a b lo D e c . 20 t o h o ld e rs o f record D e c . 2 , m ak in g, w ith th o usual
% q u a rte r ly , 2 0 % fo r th o y ear as fo r m a n y yoars p a s t.— V . 103, p . 1980.

Denver & Rio G rande R R . — Neiv Officer.—
A . E . Sw eet has been ch osen as G en eral M g r ., su cce e d in g Jam es R u sso ll,
w h o resign ed .— V . 103, p . 1508, 1493.

Erie R a ilro ad . — New Mortgage.—
T h o s to ck h o ld e rs on D e c . 1 a u th o rize d th o issuo o f a now R e fu n d in g an d
Im p r o v e m e n t m o rtg a g o . C o m p a ro V . 103, p . 1412, 1032.

Florida R ailw ay. — Sold for Taxes.—
T h is 52 m ile r o a d , ru n n in g fro m L iv e O ak t o F e r r y , F la ., w as re co n tly
so ld fo r S tate taxes, to ta lin g $19 ,0 0 0 and w as b o u g h t in b y G e o . L . D ro w
o f J a ck so n v ille fo r $ 3 5 ,0 0 0 .— V. 101, p . 47.

G rand T ru n k Ry. of C an a d a .— Sub. Co. Suits.—

Soo L a k e S u p erior C o r p . u n d er “ R e p o r t s ” a b o v o .— V . 103, p . 238 .

Algom a E astern R y .— Status— Rolling Stock Required.—
Seo L a k e S u p erior C o r p . u n d er “ R e p o r t s ” a b o v o .— V . 103, p . 238 .

B u ffa lo & S u sq u eh a n n a R R . C orp. — Common Dividend.
— Reflecting the successful management of the reorganization
interests, Edward B . Smith & C o ., of N . Y . and Phila.,
agents for tho voting trustees, announce that tho company
has declared a dividend of 3 % on the 83,000,000 common
v .t .c .iu addition to the semi-annual 2 % on the pref. v .t.c .;
both payable D ec. 30 1910 to holders of record Dec. 12.
Tho corporation paid its first dividend of 1 % on tho common
on Aug. 1, and another of the same amount on Oct. 31 last,
which, with tho present declaration, makes 5 % on tho
common stock for the year 1916.
B u f f a l o it S u s q u e h a n n a R R . C o r p . R e s u l t s f o r 12 M o s . e n d e d
O c t . 31 Y r .
1915-16.
O c t . 31 Y r .
1915-16.
1914-15.
$95 3 ,8 6 4
O p or. i n c o m e .$ 1 ,7 3 9 ,5 4 3 $ 1 ,4 4 8 ,5 7 4 G ross in c o m o .
N e t, a f t . t a x .
$ 4 5 1,96 6 $ 2 1 2,10 5 In te re st, r e n t­
als, & c ____
2 9 3 ,4 9 4
O th or in c o m o .
501 ,8 9 8
3 8 6 ,6 7 i
$66 0 ,3 7 0
G ross in c o m e .
$ 9 5 3,86 4 $59 8,77 6 N o t i n c o m o . .
T h e ro is ou ts ta n d in g $ 3 ,0 0 0 ,0 0 0 c o m m o n s t o c k and $ 4 ,0 0 0 ,0 0 0
p r e f .— V . 103, p . 664 . 60.

C an adian

N orth ern

31 si.
1914-15.
$ 5 9 8,77 6

O ct.

3 1 2 ,3 6 8
$28 6 ,4 0 8
4 % cu m .

Pacific R y .— Trackage.—

■ Seo V a n cou v er V ic to r ia & E a stern R y . & N a v . C o . b o lo w .— V . 101,p . 772 .

C en tral V erm o n t R y .— Litigation.—
Seo G ra n d T r u n k R y . o f C a n a d a b e lo w .— V . 103, p . 1883, 1508.

C hicago & N o rth W estern R y . — Bonds Paid.—
T h o c o m p a n y b eg a n p a y in g at m a tu r ity o n D e c . 1 th o $4,0 1 8 ,0 0 0
W in o n a & S t. P eter U R . F irst M tg o . b o n d s.
I t is u n d e rs to o d th a t G eneral
M t g e . b on d s o f 1897 w ill b o s o ld t o reim bu rse th e tre a s u ry .— V . 103, p .
1124, 1113.

Chicago R ock Isla n d & Pacific R y . — Agreement with
Important Chicago Interests as to Reorganization— New Pref.
Stock to Be Subject to Call, the 7 % Pref. at 105, the 0 % Pref.
at 102— Debentures Declared Due.— Seward Prosser, Chairman
of the reorganization committee, issued the following state• ment on N ov . 28:
A n in form a l co n fe re n ce w as h eld t o -d a y be tw e e n F re d e rick W . S c o t t ,
H a r ry B ron n er, Jam es A . P a tten an d C h a s . G . D a w e s an d th e represen ta­
tiv es o f the reorg a n iza tion co m m itte e o f tho C h ic a g o R o c k Island & P a c ific
R y . T h e co n fe re n ce resu lted in a c o m p le te un d erstan d in g betw een tho
interests represen ted an d as a result theso gen tlem en a n n o u n ce d th eir in­
ten tion o f d ep ositin g tho s t o c k w hich th e y ow n an d represen t w ith th o
reorg a n iza tion co m m itte e u n d er th e p la n .
T h e reorga n iza tion c o m m itte e has agreed , pu rsu a n t t o th o req u est o f
theso gen tlem en , w ho represent v e r y Im p orta n t s to c k h o ld in gs in th o R o c k
Isla n d , to m o d ify their plan so th a t th e 7% p r e f. s t o c k g iv e n in exch an g e fo r
n ow m o n e y b o callab le a t 105, a n d th a t th e 6% p r e f. s to c k p a y a b lo t o th o
presen t h olders o f d eb en tu res, b e retirablo a t 102.
T h e co m m itte e representin g th e d eb en tu res o f the C h ic a g o R o c k Isla n d
& P a cific R y . C o . has given n o tice t o receiver D ic k in s o n , pursu an t t o agree­
m e n t ad v isin g th a t th e co m m itte e w ill, u p o n N o v . 3 0 , requ est th o B a n k ors




T w o suits h a v o been file d in th o S u p orior C o u rt a t S p rin g fio ld , M a s s .,
b y J o h n M a rs ch o f C h ic a g o in a ctio n s t o re co v e r th o b a la n c o , th o p la in t iff
alleges is d u o h im for c o n s tru ctio n o f 58 m iles o f road botw oen F a lm e r,
M a s s ., and th e R h o d o Isla n d line. O no su it is fo r $ 3 ,0 0 0 ,0 0 0 against
Southern N o w E n g la n d R R . C o r p . (V . 99, p . 175 0), in co rp o ra te d in M a s s .
T n o o th er is fo r a sim ilar sum against S outhern N ew E n gla n d C o r p ., C e n ­
tral V e rm o n t R y . an d G ra n d T ru n k R y . o f C a n a d a .— V . 103, p . 1413, 1361.

K a n sas C ity S o u th ern R y .— Valuation.—
T h o I .-S . C . C om m issio n fin d s th at this system w ith its o q u ip m o n t c o u ld
b o re p ro d u ce d fo r $ 4 6 ,2 7 4 ,3 6 3 , a n d , loss d e p r e c ia tio n , has a v a lu o o f $ 3 8 ,­
2 5 8 ,9 0 9 . T h is v a lu a tio n tak es n o a c c o u n t o f th o r e -lo ca tio n o f a c o n s id e r­
ab le a m o u n t o f lino an d gra d e, nor d oes it in clu d e an e stim ated $ 2 ,5 0 0 ,0 0 0
fo r land and $ 2 ,7 0 0 ,0 0 0 fo r m aterial an d s u p p lie s . T h o C o m m issio n says:
“ E x ce lle n t m o tiv e pow er and o th e r e q u ip m e n t h a v o boon p ro v id e d , and
w h llo th o p r o p e r ty has n o t re co v e re d fro m th o results o f its earlier m an age­
m e n t, it has c o m e to b o o n o o f th o s u b sta n tia l and e ffe c t iv e railroads o f th o
c o u n t r y .”
A n y ap p e a l m ust b o m a d o b e fo ro J an . 1.— V . 103, p . 1115, 1128.

L eh igh & New E n g lan d R R . — Rumored Sale.—
I’ rass re p o rts s a y th a t it Is u n d e rsto o d in P h ila d e lp h ia th a t tho P e n n ­
s y lv a n ia R I t . is arranging to o b ta in 5 0 % o f th o s to c k o f tho L eh igh & N o w
E n g la n d fro m th o L eh igh C o a l & N a v ig a tio n C o .— V . 103, p . 1405, 130.

Lon g Isla n d R R . — Debenture Bonds.—
T h e c o m p a n y has a p p lied t o th e N o w Y o r k P . 8 . C o m m is s io n fo r a
su p p lem en ta l ord e r au th o riz in g tn o issu o o f $ 1 ,2 5 2 ,0 4 8 d e b e n tu ro b o n d s,
th e p roceed s t o b o used t o reim bu rse th o treasu ry fo r m o n o y s e xp en d ed
fo r co n s tr u c tio n w o rk .— V . 102. p . 2077.

M ah on in g & Sh en an go R y. & L ig h t C o.— Stock.—
Bodell & C o. have purchased and aro offoring, by ad­
vertisement on another page, a largo block of this com­
pany’s 7 % preferred stock, to not nearly 7 % . This company
is an operating subsidiary of the Republic R y . & Light Co.
(seo below), and reports earnings oquivalont to nearly four
times tho pref. stock dividend requirements.
See R e p u b lic R y . & L ig h t C o . b e lo w .— V . 101. p . 1807.

M assachusetts N orth eastern Street R y .— Bonds.—
T h e M assa ch u setts P . 8 . C o m m issio n has been asked t o s a n ctio n th o
Issuo o f $10 0,00 0 b o n d s .— V . 100. p . 55.

Mexico Tram w ays. — New Officers, &c.—
It. C . B ro w n , a V ice -P re sid e n t o f th e M o x ic o T r a m w a y s C o ., M e x ica n
ig h t & P ow er C o . and M e x ica n E le ctric L ig h t C o ., w as r e c e n tly o le cte d
resident o f theso co m p a n ie s to su cce e d tho lato D r . I’ earson. E . it.
e a c o c k , th e C h airm an o f tho L o n d o n co m in itte o , w as a p p o in te d a d ir e cto r
) represent th o b o n d h o ld e rs, an d G . T . C la rk so n , the re coivor o f tho
Iexica n L igh t & P ow er C o ., L td ., also jo in e d th o bo a rd s.
It. I I . M o r r y
as a p p o in te d Secretary in p la ce o f U . d o B . D a ly , resigned.
A t m eetin gs o f tho b on d h old ers last O cto b e r , p ro v is io n w as m a d o th a t
le c o n tr o l o f thoso c o m p a n ie s ’ affa irs m ig h t bo vested in the bo n d h o ld e rs
iro u g h the co m m itte e a p p o in te d in L o n d o n , b u t th a t u n til oth erw ise
oterm ined tho m an agem en t sh o u ld rem ain w ith th o d ire cto rs. N o n cce sty fo r raising a d d itio n a l m o n e y has y o t arisen. O f the to ta l b o n d s,
a m e ly , £12 ,3 3 0 ,3 7 1 , £ 9,268,555 h a v o been lo d g e d w ith th e co m in itte o ,
nd the rem ain der is largely held o n th e C o n tin e n t.
Sitico J u ly aftairs In
le x ic o h a v e n o t im p ro v e d , an d it is th o u g h t u n lik oly th a t a n y perm an en t
tability w ill b e r e a ch e d , unless so m e fo rm o f in terv en tion c o m e s a b o u t .—
■

—

oaa

1 <tQ9

Dec . 2 1916.]

THE CHRONICLE

Minneapolis & St. Louis HR. — N e w O f f i c e r .—
. Jam es R u ssell lias boon e le cte d V ice -P re sid o n t an d Cion Msrr
as

ToS r

s

. 1 5 “

Minn. St. P. Roch. & Dub. Trac. Co. —
«

«

su cceed-

**» i S S ^ S s S K r t r

«

F o r e c l o s u r e __

t0 - - a n ^ ^ e

Missouri Kansas & Texas Ry . — I n t e r e s t P a y m e n t .— The
interest matured June 11916 on First M . 4 % bonds, due 1990
($39,999,500 outstanding), is being paid at the agent of the
receiver, 61 Broadway, N . Y ., beginning N o v . 29 1916
but payment of int. due Dec. 1 1916 will not be made on that
d a y — V . 103, p. 1981, 1977.
T Missouri Pacific Ry.— P la n D e c la r e d O p e r a t i v e . — Kuhn
Loeb & C o ., Reorganization Managers under the plan of
reorganization dated July 1 1915 and modified July 25 1916,
announco by adv. on another page that they have declared
said plan as so modified operative as to all classes of securities
lor which provision is made therein.
Further deposits of bonds, shares of stock and claims, of
all classes for which provision is made in the plan, may bo
made on or before Jan. 5 1917, after which date no deposits
will be accepted except on such terms as the Reorganization
Managers may prescribe.
S u ch d e p o s its m a y b o m a d e eith er w ith d e p o s ita rie s o r s u b -d o p o s ita rie S
fo r th e R e o r g a n is a tio n M a n a g e rs a n d c o m m itte e s c o n s t it u t e d b y t ho agree­
m e n t o f r e o rg a n iz a tio n o r w ith th e d e p o sita rie s fo r th e c o m m itto o s w h ich
h a v o a p p r o v e d th e m o d ifie d plan a n d th e re s p e c tiv e o ffo r s m a d o th ereu n d er
E lectron s p e r m itte d b y th e m o d ifie d p la n o r b y th e o ffe r Y in a d e th ere­
u n d er m a y b e m a d o b y d e p o s ito r s w ith a n y o f th e d e p o s ita rie s o r s u b -d o p os lta rles a b o v e m e n tio n e d , b y p re se n tin g th eir ce r tific a te s o f deposit, fo r
a p p ro p r ia te s ta m p in g on o r b o fo r o J a n . 5 1017, a fte r w h ic h d a to n o su ch
d e p o s it o r sh all b o en title d t o m a k e a n y s u ch e le ctio n .

The protective committee for bonds of the Kansas & Colo­
rado Pacific R y . C o ., R . Fulton Cutting, Chairman, has also
declared operative the aforesaid plan as modified Oct. 13
1916. Seo on page 85 of “ Railway and Industrial Section,”
and in “ Chronicle” V . 101, p. 130.— V . 103, p. 406, 1508;
Foreclosure of First Collateral Trust Mortgage of 1890.—
Judge M ayer in the U . S. D ist. Court in this city yesterday
signed a decree ordering the sale under foreclosure of the
collateral securing the $9,636,000 First Collateral Trust 5s
o f. 189L ° i ? J hlch $426,020 of interest is in default. Upset
price $6,750,000.

—

I f a fte r m eetin g th e cla im s o f th e F irst T r u s t 5s a n y surplus rem ains
‘ ^ P r o c e e d s o f th e sale, th e b a la n ce Ls t o b o t u r r ic H lo v c r t o t h o G u a r 1 0 3 ? p f 1792 tru s tce fo r th o F irst & R e fu n d in g M o r tg a g o o f 1909.

R; ^ ' Chicago & St. Louis Ry.— Equipment Certificates.
i t v Y n ^ f f l n n o appl.le<1 t o .th e N e w Y o r k p - s - C o m m issio n fo r a u th o rl t y t o issuo $30 0 ,0 0 0 eq u ip m e n t tru st ce r tific a te s .— V . 103, p . 1032, 321.
Northern Ohio Traction & Light Co.— New Interests
Elect Officers and Directors.— This company recently ac­
quired by the Northern Ohio Elec. Corp. through control of
over 9 9 % of the common capital stock (see V . 103, p. 1508),
has elected the following officers and directors: B . C .
Cobb, Pres.;J. C . Woadock and T . A . Kenney, V .-P res., all
of New York; Frank Silliman Jr. of Philadelphia; A . C . Blinn,
V .-P -, Treas. & Gen M g r ., and Chas. Currio of Akron,
E . W . M oore, J R . N u tt, T . II. Hogsett, J. P . W itt and
J. P . Becker of Cleveland. Other officers are- F C

2079

diately with the Bankers Trust C o ., 16 W all S t., N . Y . C ity,
retaining the coupon due April 1 1917 for collection when
dde- The first coupon on tho new 4 J ^ % bonds will be pay1 4917. See full details as to plan in V . 103, p.
1593 — V . 103, p. 1889, 1981.
Springfield (O .) Term in al R y. & Power C o .— Successor
t o — Bonds Offered.— C . W . Anderson & C o ., Chicago, are
offering, at 101 and in t., $250,000 First M tge. 6 % Serial
gold bonds of 1916.
D a t e d D e c . 1 1916. D u e se ria lly as b o lo w
I n t T Xat
T r u s t C o . o f Illin o is, C h ic a g o , tru ste e . R o d . all o r p a rt o n a n v iivt ^ la t i
102 a n d h it . D o n o m . 850 0 a n d S i ,000 c * . I n t e r e s t'p a y a b le w it h o u t
d e d u ctio n fo r n orm al In com e ta x . M a tu r itie s : $25 000 D o c 1 1929 S 35
000 D e c . 1 1921 t o 1925, b o t h in c lu s iv e , a n d $50 0 0 0 D e e i
535'
D a t a f r o m L e t t e r o f P r e s . F. J . G r e e n e , S p r i n g'f i e m 7 o .', N o v i 01916
Organization.
Tno c o m p a n y su cce e d s th o S p r in g fie ld T r o y & P lq u a l t y
C o ., an d has a cq u ire d all th o p r o p e r t y o f th o la tte r c o m p a n y , in clu d in g
ce rta in fra nchises a n d c o n tr a c ts fo r th o salo o f lig h t a n d p o w e r
T h e la tte ?
p r o je c t has been t o s u c c e s s fu l o p e r a tio n sin ce 1904
T h o se b o n d s

proportles a«

s s ffiy a s s

a n d t o e r ^ a fn T n g b o n d s * ^ n 'b e G s s u a d o’n l jP io r ^ b e t t a m m t o ° M d U^ d^tlO u B
to th e exten t o f 8 5 % o f their c o s t. A first m o r t e ™ o „ a m ? d e n n v ° l l e q u ip p e d e le ctric ra ilro a d o f sta n d a rd co n s tr u c tio n a n d a la rgo c le c tr lc Ugiit an d p o w e r p la n t, to g e th e r w ith tw o s u b -s ta tio n s . A p p r a is e d b v on
gineers a t a d e p re cia te d p resen t valu e o f $ 1 ,2 5 3 ,6 7 9 .
C e rta in fra n ch ises
a n d c o n tr a c ts fo r th e safe o f lig h t a n d p o w e r are also in clu d e d
Property.— -The ra ilroa d exten d s fro m S p rin g fie ld t o T r o v O h io 39 m iles
an d is b u ilt e n tire ly o n p r iv a te rig h t o f w a y , ^ ? e p t in t iw n s a n d S t S '
AH b ridges a n d c u lv e rts aro o f steel a n d c o n c r e te , a n d th e o v e r h e a d svstSm
is o f tho m o s t du ra b le c o n s tr u c tio n . T h e p o w e r p la n t re p re se n tin g an in
v e s tm e n t o f o v e r $ 200,000, has an in sta lled c a p a & t y o f l 7^ h p
b e in g
tw ice th e a m o u n t requ ired t o o p e r a te th o r a ilr o a d
'
P"
e 8
Franchises.— T h ese aro a d v a n ta g e o u s a n d fre e fro m a n v b u rd e n so m e r e .
s tr ic tio n s a n d exten d w ell b e y o n d th e last m a tu r ity o f th e b o n d issue
t i on?
n f o f ° JtnLoS MidddT7
s ? f an
“ S
ealtWa,
ostp oa&ricu
ltu
l a n d ?ndusL
sec5,
A lia a lo W
>Vrcst
d ’ sW
erves
p u la tio
n raostimn.tnd
i t 4al
cn non

S 3 6 8 2 t ” l T m f gri2 t d - n n e X w t h ir e u y e a r s - a s

th is Y s t’i m ato.’ S12,4< ° '
Management.

1 9 1 7 . $ 3 0 ,1 6 9 ? ? 9 18!

W o b e lle v e a ctu a l results w ill co n s id e r a b ly ex ceed

-U nder t h e sa m e c o n t r o l a s th e p re d e ce s s o r c o m p a n y .

8
eFqnrtnrfieiH d t n ^ m y * ? / <
4u a R y -— Successor Company.—
See S p rin g fie ld (O .) T e r m . R y . & P o w e r C o . a b o v e .— V . 103, p . 198 1.
T h ird A venue R y ., N . Y . C ity ,— Dividend Omitted.— The
directors on N o v . 28, owing to the effects of the strike, de­
cided to omit the quarterly dividend on the $16,590,000
capital stock in Jan. 1917. Distributions at the rate of 4 %
per annum (1 % quar.) were begun Jan. 1 1916. President
h . W . Whitridge says in substance:
T h o s ta te m e n t fo r fo u r m o n th s show s th a t there is In th o o p e r a tin 'in co m e 6 o f
* V h 3.3 ’? 2,V an d th a t t h ? ro
a “ o M S t o Pt h 5 n e f
wn
ho?
h Hstrik
t r m ne has
h
t,t oermn,m
o stim
o eb on ast
tn e fou
net
cc oo s? tt oo rf w
a t Vthe
c o s tA th
T h ir d. *^a
A v ey n b
u oe R
y . dautod
rin g t th
r
T h a t p e rfo rm a n ce is p r a c t ic a lly o v e r .
^
lin es under th e ju ris d ictio n o f th e T h ir d A v e n u e
iv y . C o . is n o w n o rm a l, e x c e p t in th e to w n o f Y o n k e r s w h ore th e
h
an ^ ^ 9 ^ .
n o rm a l. T h e c o n se q u e n ce s o f th e s trik e w e

madt<&aCSho c ? e t? ofhS t r e e t ^ n d F ? aCt£iSi!i ?n , u a r“ if?nati« n W
e
A m lT g a l
o f M n e r°ca t y f Street and E le c tr lc R a ilw a y E m p lo y e e s o f U n ite d S tates

P°YrV1^ ? ecret^ y ’ and S - E - W o lff>Asst- s ec. & Asst. Treas!
— V. 103, p. 1509, 1413.

Ohio River & Columbus Ry.— Receivership Terminated.
T h n ^ « ein f,rS p P. o f f h s co m p a n y w as term in ated o n o r a b o u t N o v . 14.

Cofumbus ufi. C0 - V

9e9 ;p ai 13r n tUI'nCd ° VCr t0 th° ° hl° Rlver &

Pacific Gas & Electric Co.— Acquisition.— John Nicker­
son Jr. has received the following official information.
tn rv

d ir e cto r s o f th o c o m p a n y o x p o c t th a t a b o u t J a n . 1 th o c o m p a n y w ill
s? oss .°1i1 Pf o 10 ° ,v ° E le c tr ic C o r p o r a tio n , w h ic h o p o ra te s in t h o t e r r i-

t,“ °

S p ea k in g o f th is p u rch a so , an o ffic ia l o f th o P a c ific G a s C o saidaro secu rin g th ese p r o p e r tie s fo r a b o u t $ 1 ,6 0 0 ,0 0 0 all o f w h ic h nas
a d v a n c o d fro m cu rren t fu n d s . T h is new p r o p e r t y n iw h i
ii .
so m o w h e rc a rou n d $ 1 6 0 ,0 0 0 t o o u r n e t n o x t y e a r
S o f a r o u r ln c m M s t a ’te -

c e s s 's

j s s s k j

:

R ep u blic R ailw ay & L igh t Co. Sale of Sub. Co. S tock..1 his company has sold $3,500,000 pref. stock of the Mahon­
ing & Shonango R y . & Light Co. to Harper & Turner, In­
vestment Bankors, Philadelphia. From the proceeds will be
paid off the $2,988,000 5 % secured notos of the Republic
R y- & L t. C o ., dated 1915 and due D ec. 1 1918 but
called for payment on Dec. 11 1916, at 1 0 0 y 2 and int. ’
al(m gPw iU i^ u te te n tia M v , n?P.<i*'th is preferrpd 1 t0.c k ls d e p o s ite d as co lla te ra l
nfSPnon 1 onf,V.Sd
th o c o m m o n s to ck t o secu ro th o a foresaid $3 0 00 ,000 secu red o / 0 g o ld n o to s. O n a cco u n t o f th e s a tisfa c to r y earning*
o f th o su bsid iary p rop erties, th o dire cto rs o f th o R e p u b lic R y . & L ig h t C o

to roundm /t lte^^ectriclTght'^ d US positlon.to acquire additional proporti'es
^ n n sy 1 van*la. A f ^ rthe reti^ ^ ent of"the^ mlt^ths^RenMU Je ° ldo and
will havo only preferred and common stock out^andlni
otC?oV,pan5i
$ 6 ,2 0 6 ,0 0 0 . r e s p e c tiv e ly .— V . 103, p ? 1889? 1688.

d‘

$ 5 ,1 9 1 -400 an d

So u th ern Railway ^—Opportunity to Exchange.— The at­
tention of holders of Development and General M tge. 4 %
bonds is called to tho advertisement on anothor pago concern?
mg tho plan for tho creation of a new Refunding and Improve­
ment mortgage, which includes a proposal to exchange tho
Doveiopment and General M tge. 4s for new 4 ] ^ % bonds due
Oct. 1 1999. Holders of the Development and Genera
M tge. bonds aro requested to deposit their securities imme­




w h k w i , taXOS’ i a ? d
a d d itio n tliereto w o h a v e t o th o treasu ry b o n d s o f
w h ich th o m ark et v a lu e is $ 2 ,0 7 2 ,0 0 0 , b u t th is again b elon gs t o the d e p r e a riV v P W i 1 7 On7 ! nff ('n0.y f-ulr, d s ' 11 w o u ld n o t b o P ossible, therefore^ t o p a y
a d iv id e n d o n th e fir s t o f J a n u a ry . T o a v o id a ^ 'flo a tin g d e b t ” I r e c o m ­
m e n d e d . th e re fo re , th a t th e d iv id e n d , w h ich m ig h t h a v e boon p a id on
k n o w V h a f ThiJ-H*^‘ « T ho lm P °r ta n t th in g is th at s e cu rity h o ld e r ? s h o u ld
^ ? '. is PreParcd t o p a y a ll its o b lig a tio n s o f e v e r y s o r t an d
y g n « V ° V ,] tCr0^
a11 o f lts bon d s is a b s o lu te ly c e rta in .
framings.— See E a rn in g s D e p t , o n a pre vio u s p a g o .— V .1 0 3 , p . 1889,1033

U n ited L ig h t & R ailw ays .— Debentures Offered.— William
1 . Bon bright & C o ., In c,, are offering, by advertisement on
another page, at 99 and interest, a new issue of $1,500,000
6 % Convertible Gold Debentures, dated N o v . 1 1916, due
.Nov. 1 1926, but callable, all or part, upon 30 days’ notice,
any time prior to N ov . 1 1921 at 102 and int., and thereafter
at 101 and int. See map in “ Electric Railway” Section.

C o n v e r tib le , u p o n ten d a y s n o t ic e fro m N o v . 1 1918 t o N o v . 1 1923 in c lu ­
sive , in to 6% (Q -J) p r e f. s t o c k (red . at 105 and d i v . j a t th o rate o f $1 125
ESF y a }^® f° r e;ich 5 1 ,000 par va lu e d e b e n tu re . I n t . M . & N . a t N e w Y o r k
I n i s t C o ., N . Y . (tru s te e ).
D e n o m . $100, $500 a n d $1 0 0 0 c* & r * -$1 000
M o le stU ™ < ^ on m ?e cx c h i\rKcd ( ? r fu lly registered b o n d s o f $ 1 ,0 0 0 o r m uN
'c V Pa y th e norm al I<ederal in c o m e ta x n o t in excess
or J
l on n sylva n ia S ta te ta x re fu n d e d .
o f P re,s -, P r a n k T . H u ls w i t , C h i c a g o , N o v . 28 1916.
C e d ?a rR a n iH siT ^ ^ rr a,n7rV'd i7 'b lly 1910 in M a in e ; ow n s an d o p e r a t e s
Vi mi ^
; .G 7 C o ., F o r t D o d g e ( la .) G as & E le ctric C o ., L a P o r te
m
,' i
h
» ) 7 tri.C ,Co. - ' ? n d O ttu m w a ( la .) G as C o . I t also ow n s a large
C w inr 1 RaVm= i)p a ? 1 s,t o c k a 9d op erates: C a d illa c ( M ic h .) G as L ig h t C o .,
G ra n d U aS m t
C lty . R7r' 9 ° ' C h a tta n o o g a (T e n n .) G as C o .,
C l(aa r L a k n P fTa
d^ H a £ en i& M u s k e g o n lt y . C o ., M a s o n C it y &
T ri^ C ltv R v *
1 n 3p] e s ^ af & E le c C o ., M a s o n C it y , l a . , an d
S o i l V fn?TiVrvff Idim tf C °'5 a o f " d n c h m a n u fa ctu re an d sell gas a n d e le cnnnratl<mr nnffihm ^ * and P ow er, an d in street an d in teru rb an r a ilw a y
?n ^
Y m n ° I t nrZlalft53 c o m m u n itie s h a v in g a c o m b in e d p o p u la tio n o f 466 ,000
m 1 .110, at jiresent p o p u la tio n Is e stim a ted at 537,000.
lig h t andSn o w f i r ^ ? T e , '^—T h<i s’ lbs.idiary co m p a n ie s furnish e le ctr ic ity for
62609h »
ce n tra l station s w ith a to ta l gen eratin g c a p a c it y o f
h n o r ' a ’ t'oVal o f f79^ n n I,Vater PmiveV d e v e lo p m e n ts w ith a t o ta l o f 7,4 0 0
1
.h ' p ‘ ,T b e
an d p o w e r sy ste m in clu d es o v e r
lln e s^ ^ to M ?W 1w n w ^ i 22 f t Mnsmlfi^ ! 1 h n cs and 2'307 m iles o f d istrib u tin g
tion ’
Y h e co m p a n y operates w ith o u t co m p e ti682 m ilp ^ n f
f 1 f° bB,h tin « - h ea tin g an d p o w e r fro m 11 sta tio n s w ith
682 m iles o f gaa m ains and tn o annual o u tp u t is in excess o f 1 ,500,000,000
to m o rs TT h n T r 9 9 n i7 V C? nf b ln ,V h a v ® 5 6,475 gas an d 3 1 ,9 0 3 ele ctric c u s tra ck o'f 270 .48t mUes d in teru rb an raU w ays h a v e a to ta l m ileage o f single

J°’P00

n ss toSc k i0n-------*° *---- -SO^OOTOOO L” ‘hf J ! an<!s °f the Public,
C o mnmoP
m on
6% g o ld c o u p o n n o t o s . . . $2 ,2 5 0 ,0 0 0
P referred s to c k ( 6 % c u m .) 9 ,9 6 4 ,2 0 0 1 st & re f. m tg e . b o n d s . . . * 8 ,451,500
C o n v . 6% d e b cn tu re s (th ls
U n d e rly in g bo n d s & p re f.
is s u e ).................................. 1,50 0 .0 0 0
s t o c k s ............... .................. 1 6 .843.600
P iS n r w n f
d o p o s ito d as colla tera l t o th e 6% C o u p o n N o te s ,
w in 1m nsod^t? r?H kT ^ h!3 ,nn9Ct/ e<Js fro m th e salo o f $ 1 ,5 0 0 ,0 0 0 deben tu res
w ill bo used t o ro tire $ 44 3,00 0 (p a r valu e) o f u n d e rly in g b o n d s, $ 3 2 5,00 0 o f

2080

THE CHRONICLE

co m m e rcia l loan s (b ein g all th e loan s n o w o u tsta n d in g ) and all o th e r flo a tin g
in d eb ted n ess an d to p r o v id e an a d d itio n a l w o rk in g ca p ita l.
This Issue.— T h e d ir e ct o b lig a tio n o f th e c o m p a n y . N o m o r tg a g e m a y
b e cre a te d ju n io r t o th e F irst & R e fu n d in g M t g e . w ith o u t e q u a lly secu rin g
th is issu e. \ t n o tim e shall th ere bo o u tsta n d in g d eben tu res in excess ot
7 5 % o f th e to t a l o f 6 % p r e f. s to c k at th a t tim e issued an d o u tsta n d in g . O f
th is issue SI ,500,000 has been c e r tifie d fo r d e liv e ry at o n c e an d $50 0,00 0
la ter. N o fu rth er d eb en tu res m a y be issued unless earnings a v a ila b le for
Interest ch arges aro th ree tim e s trie req u irem en ts o n th e d e b e n tu re s th en
o u ts ta n d in g , in clu d in g th o s e ap p lie d fo r as w ell as th e in terest u p o n a n y
u n secu red in d eb ted n ess. A d d itio n a l First & R e f. M t g e . b o n d s m a y be
c e r tifie d o n ly fo r r efu n d in g o r acq u irin g u n d e rly in g se cu ritie s, o r fo r 7 o %
o f th e cash c o s t o f b e tte r m e n ts an d a d d itio n s .
In case n ow p ro p e rtie s are
p u rch a sed , r efu n d in g b o n d s m a y b o issued fo r 7 5 % o f re p la ce m e n t valu e.
Consolidated Earnings for Twelve Months ended Sept. 30.
1915.
1916.
1
1916.
G ross e a r n s ..$ 6 ,1 6 7 ,6 0 3 $6,758,4401 T o t a l p r io r ch arges
1,4 5 9 ,0 3 9
N e t , a fte r ta x .
|In t. o n $ 1 ,5 0 0 ,0 0 0 d e b s .
,§ Q ’2£S
o p . e x p . e t c .$ 2 ,3 8 6 ,9 1 9 $ 2 ,6 7 4 ,8 4 1 1B a la n c e ------------ -------------1 ,125,802
Afaintenance and Depreciation Fund.— T h e c o m p a n y m u st set aside
a n n u ally 1 2 lA % o f its gross earnings fo r m a in te n a n ce , & c. A n y p a rt n o t
s o u sed m a y bo exp en d ed fo r exten sion s an d a d d itio n s ; h o w e v e r , n o t t o bo
u sed as th e b asis fo r issu in g a d d itio n a l b o n d s.
.
Equity.— T h o o u ts ta n d in g p re f. a n d c o m m o n s to c k s , w h ic h aro ju n io r t o
th e C o n v e r tib le 6% d e b e n tu re s , at p resen t m a rk e t p r ice s a ggregate o v e r
$ 1 1 ,0 0 0 ,0 0 0 .
R e p r o d u c tio n va lu e h as been d e te rm in e d b y engineers t o b o
larg ely in excess o f th e secu rities o f u n d e rly in g co m p a n ie s , an d th e fu n d e d
d e b t , in clu d in g th ese d eb en tu re s . F o r fu rth er d a ta see V . 102, p . 1898;
V . 103, p . 1594. 1211.

U n ited R ailw ays, St. L o u is.— Plea for Settlement.— In a
full-page advertisement published in the St. Louis “ Repub­
lic” on N o v . 23, the company appeals to the city authorities
for a settlement of existing difficulties, saying in brief:
Status— Controversies.— T h o c o m p a n y d a ily tra n sp o rts m o re than a
m illio n passengers, and h a s in th o c it y o f St. L ou is a b o u t 6 ,0 0 0 em p lo ye e s
an d 4,000 h old ers o f secu rities.
T h e d iffe r e n c e s existin g b etw een th e c o m p a n y and th e c it y aro:
(1) M ill Tax M a tter.— T h o c it y is a tte m p tin g t o c o lle c t a 2 % tax on
ca c li cash passenger orig in a tin g in th e c it y lim its in a d d itio n t o a ll o th e r
ta xes n ow p a id . J u d gm en t w as o b ta in e d an d a ffir m e d b y th o M isso u ri
S u p rem o C o u rt an d th o U . S. S u p rem o C o u rt fo r th o ta x e s u p t o 1910,
a m o u n tin g , w ith interest, t o $ 1 ,8 3 9 ,2 0 5 . T h is su m w as p aid th o c it y on
Ju n e 16 1916. T h o c ity has bro u g h t su it fo r th o a ccru e d taxos sinco 1910,
a m o u n tin g , w ith in terest, t o d a te t o a b o u t $ 1 ,5 0 0 ,0 0 0 .
I h o annual tax
on present earnings is a b o u t $ 2 4 0 ,0 0 0 .
^
. .
.
(2) Duration of Franchises.— T h o c it y c o n te n d s th a t tho fra n ch ises oxpiro
as s p ecified in th e orig in a l ord in a n ces. T h o c o m p a n y c o n te n d s th a t a ll o f
these fra n ch ises w ere exten d ed t o 1939 b y th o S t. L o u is T ra n sit fra n ch ise
and to 1948 b y th e C en tra l T r a c tio n fra n ch ise . T h e R a ilw a y s C o . has
w o n its c o n te n tio n in th o C ir c u it C o u r t and th o m a tte r is n o w pen d in g on
a p p e a l in th e M is s o u ri S u p rem e C o u rt.
.
Taxes.— T h e c o m p a n y is a lre a d y the largest sin gle p a y e r o f taxes in th e
S tate o f M is s ou ri.
O ur taxes p a id fo r th o y ear 1915 (n o t in clu d in g tho
m ill tax) aggregated $ 7 6 3 ,6 4 9 , w h ich am ou n ts t o 6 .5 4 % o f th o g ross in com e
o f th e c o m p a n y .
O f th is to ta l $66 2 ,1 1 4 . o r 8 7 % , a ccru ed t o c ity and
s c h o o ls. O n Ju n e 16 1916 th e c o m p a n y p aid accru e d m ill taxes am ou n tin g
t o $ 1 ,8 3 9 ,2 0 5 , w h ich p a id th o m ill ta x u p t o 1910. Sinco th a t tim e th o
a ccru ed m ill ta x , w ith interest t o d a te , a m o u n ts t o a b o u t $ 1 ,5 0 0 ,0 0 0 .
1 he
ann u al m ill tax on earnings fo r the year 1915 am o u n te d t o $22 1 ,0 3 9 .
u
th is sum w ere a d d ed to th e taxes p a id , th e p er c e n t o f th e re ve n u e p a id in
taxes fo r th o y ea r 1915 w o u ld h a v e been 8 .4 4 % .
In a d d itio n t o th e p a y m e n t o f th o taxes as a b o v e s ta te d , th e co m p a n y
also p a v es an d m ain tain s th e sp ace be tw e e n its rails and o n o fo o t ou tsid e,
th e c o s t o f w h ich is a b o u t $ 2 5 0,00 0 a y e a r. T h is sum is r e a lly an annual
ta x o f a b o u t 2 % , b eca u se th e p a v in g is fo r th o b e n e fit o f th e o th e r users ot
th o streets, th o R a ilw a y s C o . u sin g n o p a rt o f th e p a v in g fo r th e passage o f
its cars. A d d in g this ta x t o th a t given a b o v e , th o R a ilw a y s C o . paid in
1915 In taxes, m ill ta x and p a v in g , a b o u t 1 0 .4 4 % o f its gross receipts.
D u rin g th e y ea r 1915 th o fo llo w in g p e rcen tages o f c o m p a n y gross reve­
n u e w ero p a id in taxes b y th o stre e t ra ilw a y co m p a n ie s in tho cities n am ed,
w hile o f th o to ta l Incom e o f th e va rio u s citie s th o percen tages in d ica ted
w ere d eriv ed fro m th e taxes an d c o n tr ib u tio n s o f street ra ilw a ys, d ire ctly
and in d ire ctly , in taxes, c o n tr ib u tio n s and fre o tra n sp o rta tio n o f p o lic e , e tc .

V an cou ver V ictoria & E astern R y. & N av igation C o.—
T h is c o m p a n y give s n o tice th a t it w ill a p p ly to th e P a rlia m e n t o f C a n a d a ,
at its n ext session , fo r an A c t c o n fir m in g an d r a tify in g an agreem ent
be tw e e n th o c o m p a n y and th e C a n ad ian N orth ern P a c ific R y . C o . re sp e ct­
ing: (a) th e jo in t use o f th o tra ck s o f th e V a n c o u v e r V ic to r ia & E astorn
R y . & N a v ig a tio n C o . betw een N e w W e stm in ste r and V a n co u v e r, B . C .;
(t>) th o jo in t use o f th o tra ck s o f th e C a n a d ia n N o rth e rn P a c ific R y . C o .
be tw e e n H o p e a n d Sum as L a n d in g , B . C .— V . 8 5 . p . 723.

W a b a sh P ittsb u rgh Term inal R y . — Holders of Full Paid
Bond Certificates Permitted to Receive at Once “ Certificates
of Interest” Entitling Them to Participate in Wheeling & Lake
Erie Reorganization.— The reorganization committeo in cir­
cular of N o v . 25 says in substance:
T h e p r o p e r ty s o ld a t th o fo re clo su re sale o f A u g . 15 1916 w as a cqu ired
in th o in terests o f th e re o rg a n iza tio n plan as am en ded (V . 101, p . 4 8 , 4 4 ;
V . 102, p . 2 5 2 ). S aid sa le has been c o n fir m e d b y th e U . S. D is trict C o u r t
an d th o h earin g b e fo r e th o U . S. C ircu it C o u rt o f A p p e a ls on th o a p p e a l
[ o f th e Fearon co m m itte e ] fro m said ord o r o f co n fir m a tio n has been set
fo r a rg u m e n t o n N o v . 28 1916.
.
T o a ll h o ld e rs o f fu ll p a id ce r tific a te s o f d o p o s it fo r b o n d s (i. o ., boarin g
n o ta tio n sh o w in g p a y m e n t u n d er p la n o f $300 in resp ect o f each $ 1 ,0 0 0 o f
b o n d s represen ted th e re b y ) w h o desiro th e sam e an d s h a ll present their
ce r tific a te s o f d e p o sit t o th o C e n tra l T r u s t C o . o f N . Y . fo r a p p ro p r ia te
sta m p in g th o re o rg a n iza tio n co m m itte e has de te rm in e d fo rth w ith t o dis­
tr ib u te “ C e rtifica te s o f I n te r e s t,” w h ich sh all s p e c ify th o a m o u n t o f s to c k
o f tho W h e e lin g c o m p a n y d e liv e ra b le t o th o h o ld e rs th o r e o f, if and w hon
th e re o rga n iza tio n o f th o te rm in a l c o m p a n y sh all b o co n su m m a te d u nd er
th o term in al re o rga n iza tio n p la n in a c c o r d a n c e w ith th o pro visio n s and
s u b je c t t o th o c o n d itio n s t o b o sot fo rth in said C e r tific a te s o f Interest.
T h e so ce r tific a te s w ill b e in three series, v iz .: Series A , s p e c ify in g $28 p ar
v a lu e 1st p r o f, s to c k o f th e W h e e lin g C o .; Series B , $21 0 2d p ro f, s to c k o f
W h e e lin g C o .; Serins C , $39 0 co m m o n s to c k o f W h e e lin g C o .
H olders o f C e rtifica te s o f D e p o s it s ta m p e d t o in d ica te tho d e liv e ry against
th o sam e o f C e rtifica te s o f In terest w ill not th e re a fte r b o en title d t o re ce ivo
u n d e r th o term in al re o rga n iza tio n p la n s t o c k o f th e W h eolitig C o . o r tru st
ce r tific a te s th e re fo r an d a ll s u ch righ ts sh a ll pass to th o h old ers o f C e r t ifi­
cates o f Interost d e liv e re d against C e r tific a te s o f D e p o s it s o s ta m p e d .
T h o m an agers o f th e s y n d ic a te p ro v id e d fo r in th o W heolitig reorganiza­
tio n plan ( V . 103, p . 1211) agree su b s ta n tia lly as fo llo w s: (1) U p o n th o
d e liv e ry t o th o m anagers at th o C e n tra l T r u s t C o ., 54 W a ll S t ., o n o r b o fo ro
D e c . 8 1916 o f said C e r tific a te s o f Interest a cco m p a n ie d b y p a y m e n t o f
$27 fo r each share o f s to c k o f tho W h e e lin g C o . sp e c ifie d in tho re sp e ctive
C e rtifica te s o f Interest so d e liv e re d , th e m anagers w ill issue fu ll-p a id re­
c e ip ts e n titlin g tho h o ld e rs th e re o f t o re ce iv o , w hen issu ed, s to c k o f th o
new c o m p a n y on th o basis m e n tio n e d in th o W h e e lin g reorgan ization p la n
as fo llo w s : 6 % n o n -c u m . p re f. (2d) s to c k o f th e new (W h e e lin g ) c o m p a n y
equal at p ar t o such p a y m e n t, a n d , in a d d itio n (a) $100 c o m m o n s to c k o f
th e now c o m p a n y fo r each $100 1st p r e f. s to c k ; (b) $90 co m m o n s t o c k o f
th o now (W h eelin g) c o m p a n y fo r each $10 0 2d p r e f. s to c k o f th o W h oelin g
c o m p a n y ; (c) $87 50 c o m m o n s to c k fo r each $100 c o m m o n s to c k ot W h e e l­
ing c o m p a n y .
i2 )T h a t instead o f requ irin g p a y m e n t in fu ll o n o r b e fo r e
D e c. 8 1916 o f $27 p er share t o a c c o p t th o p a y m o n t o n o r b e fo re D e c. 8
1916 o f $12 on each share o f s to c k and th o b a la n ce o f $15 o n o r b e fo ro six
m o n th s fro m D e c. 8 1916. w ith in terest t o d a te o f p a y m o n t a t 6 % p . a .
T h o a b o v e -m e n tio n e d privile ge to a cq u ire s to c k o f th e now c o m p a n y
m en tion ed in th o W h eelin g re o rga n iza tio n p la n expires D e c. 8 1916, and
the term in al co m m itte e has n o a u th o r ity t o p o s tp o n e th a t d a t e n o r t o defer
p a y m e n ts b e y o n d th o pe rio d s m e n tio n e d .— V . 103, p . 1093, 919 .

Relation of Street Railivay Taxes to Total Income of Co. and of City.
Co.
City
Co.
City
Taxes in 1915—
Rev.
RfVTaxes in 1915—
Rev.
Rev.
S t. L o u is , in cl. m illt a x 8 .4 4 % 5 .3 1 % C le v e la n d ----------------------5 .6 7 % 2 .0 8 %
'd o
n o t in c l.m ill ta x 6.5 4 % 4 .4 0 % P itts b u r g h _____________ 3 .7 6 % 2 .3 1 %
C h ic a g o ________________ 4 .1 5 % 3 .8 0 % D o t r o it - ............. - ........... 3 .3 4 % 2 .5 6 %
Changed Conditions.— T h o M il l T a x O rd in a n ce w as passed in 1903. Sinco
1904 the ra te o f w ages o f m o to rm e n an d c o n d u c to r s has increased 3 2 % ,
while th e c o s t o f all o f ou r m aterials and su p p lies has increased sinco 1910:
B ra k e s h o e s .6 0 % I G la s s________ 2 9 % IL u m b e r5 0 t o 7 5 % T o o l s t e e l- .4 3 8 %
T ie
C e m e n t_____ 5 1 % L u b r ic -4 0 t o 8 0 % R a il------------- 15 % IT te
s . s-_____
- - - - ­___ 4 0 %
C o p p e r w i r e l l 5 % |T r o lle y w ir e l3 3 % | Spikos-------- 1 1 0 % |Car w h e e ls .. 9 0 %
S in co J u ly 1 1910, w hen d iv id e n d s o n th o p re f. s to c k w ere d isco n tin u e d ,
t o Jun e 30 1916, th e fo llo w in g sum s w ere expen d ed u p o n th o p r o p e r ty : F o r
m a in te n a n ce, $ 9 ,9 1 2 ,3 4 7 ; fo r ren ew als, $ 5 ,3 7 1 ,8 8 0 ; fo r new co n s tru ctio n ,
$ 1 ,5 2 8 ,0 2 0 ; to t a l, $ 1 6 ,8 1 2 ,2 4 6 . T h is sum is 2 2 .9 8 5 % o f th e gross receipts
d u rin g th at p e r io d .
D u rin g th a t tim e th ere has also been expend ed $ 2 ,­
2 6 3 ,0 0 0 in retirin g m atu rin g b o n d s, m akin g a to ta l expen d itu re o f $ 1 9 ,­
0 7 5 ,2 4 6 , or 2 6 .0 7 9 % o f th e gross re ceip ts. N o n e o f this represented new
ca p ita l, b u t all w as p a id o u t o f th o earnings o f the p r o p e r ty .
T h o rate o f fare has rem ain ed th e sam e— fiv e cen ts— b u t its p u rch asin g
p ow er is co n s ta n tly d ecreasin g.
,
. ...
Duration of Franchises.— T h e co n s o lid a tio n o f th o street ra ilw a y s in this
c it y w as e ffe c te d b y m ean s o f th e S t. L o u is T ra n sit an d th e C en tral T raction
ord in a n ces, w h ich exten d ed th o franchises o f a ll roads acqu ired under theso
ord in a n ces t o 1939 and 1948, r e s p e c tiv e ly .
In 1911 th e Jefferson A v o .
fra n ch ise expired and th e c it y , b y legal pro ce e d in g s, a tta ck e d th o rights o f
ration
' e . T h e so pro ce e d in gs
th e c o m p a n y to c o n tin u o op e ra
tio n on J e ffe rso n A v
r e a lly a m ou n ted to an a tta ck u p o n all th o u n d e rlyin g fra n ch ises ot th e c o .
T h is c o n tr o v e r s y has been w on b y th e c o m p a n y in th o C ircu it C o u rt,
anti is n ow p en d in g in th e M is s o u ri S up rem e C o u rt on th e ap p ea l o r th e
c it y . I t m a y rem ain in th e S up rem o C o u rt several years w ith o u t fin a l
a d ju d ic a tio n .
In th e m ea n tim e , p e n d in g s u ch fin a l r u lin g , th o fin a n ces ot
th e c o m p a n y m u st rem ain in a c h a o tic c o n d itio n . W h ile w o h ave ev e ry
reason t o b e lie v e th a t w e h a v e rig h t on ou r side in this c o n te n tio n , th e m ere
fa c t th a t th o c it y has q u estio n e d th e fra n ch ises is e n o u g h t o ca st su spicion
o n th e p r o p e r t y 'in th e m in ds o f in vestors.
Necessity for New Capita!.— N ow c a p ita l w ill b o necessary fro m t im e -t o
tim e for exten sion s o f s e rv ice , new equ ip m e n t and b e tte rm e n ts . C a p ita l
c a n n o t bo c o e r ce d .
It m u st bo a ttr a c te d , an d it w ill be im p ossible fo r th e
c o m p a n y t o get su ch new ca p ita l, unless th e c lo u d is re m o v e d fro m the fra n ­
chises, an d unless ou r b u rden s are s u ffic ie n tly eased s o th at investors m a y
e x p e ct a return u pon th e ca p ita l com m en su ra te w ith the risks o f the, business.
S om e $ 9 ,7 4 8 ,0 0 0 o f u n d e rly in g b o n d s m atu re pre v io u s to 1924.
It th e
c o m p a n y is n o t prepared t o re -fin a n ce its u n d e rly in g b o n d s as th o y b e c o r n e
d u e, a receiversh ip for th o p r o p e r ty is im m in en t. Su ch a re ce iv e rsh ip
m ig h t last yea rs, and resu lt in a re o rg a n iza tio n o f th e c o n s o lid a te d system
o r it m ig h t result in a d ism e m b e rm e n t, t o th e d etrim e n t o f th e c it y .
Transfer System.— C o m p a rin g th e year 1915 w ith 1901, th o to ta l roven u o
passengers increased 75 % . th e transfer passengers increased 1 7 1 % , an d th o
to ta l passengers 1 0 0 % .
O n a c c o u n t o f th o increa se in tran sfers, th e a ve r­
age fare d ro p p e d from 3 .4 8 cen ts in 1901 t o 3 .2 3 cen ts in 191,>■ If th e 1901
rate o f fare had been receiv e d in 1915, th e re ceip ts o t th o c o m p a n y w o u ld
h a v e been $ 8 9 2,03 6 greater.
.
...
- ,,
Proposition by Company.— T h o c o m p a n y in th o se ttle m e n t o f a ll its d ltterences w ith the c it y w ill ack n o w le d g e its lia b ility fo r th e ta x o f o n e m ill per
p assenger up to and in clu d in g D e c . 31 1916, an d w ill p a y th e sam e, in clu d in g
in terest, up t o D e c . 31, in a n u m b e r o f equal ann ual p a y m e n ts th e tirst
D e c . 31 1916, an d t h e rem ain in g p a y m e n ts a n n u a lly u n til c o m p le te d .
T h o c it y t o (a) a d ju s t the p resen t m ill tax t o o n e w h ich is e q u ita b le ,
ta k in g in to a c c o u n t present o p e ra tin g c o n d itio n s , said ad ju stm e n t t o tak e
effe c t Ja n . 1 1917; (o) w ith draw its a tta c k o n th e v a lid ity o f the u n d erlyin g
franchises and w ill c o n firm u n til A p ril 12 1948 th o franchises o f all th o lines
n o w op e ra te d b y th o c o m p a n y .
, ,
„„„
W e believ e th at th e p u b lic is m o r o interested in th o ch a ra cte r o f th e ser­
v ic e than in th e a m ou n t o f taxes e xacted fro m th o c o .— V . 103, p . 839 , 4 9 4 .




[Vol . 103

W e ste rn Pacific R R . — First Mtge. 5s Offered.— E . II.
Rollins & Sons and Hayden, Stone & Co. are offering by adv.
on another page, at 90 and interest, to yield 5 .7 0 % , $10,000,­
000 (new loan) First Mortgage 5 % gold bonds, dated
Juno 26 1916, due March 1 1946, but redeemable at par and
int. on 60 days’ notice on any int. date.
D o n o m . $100, $500 and $ 1 ,0 0 0 c & r.
T ru s te e s , F ed eral T r u s t C o ., San
F ra n cis co , an d H en ry E . C o o p e r.
Interest p a y a b lo M . & S. a t th o a g e n cy
o f th e c o m p a n y in N . Y . o r San F ra n cisco w ith o u t d e d u ctio n o f th o n o rm a l
F ed era l in co m e ta x .
D a t a fr o m L e t t e r o f P r e s . C h a r le s M . L e v e y , S a n F r a n ., N o v . 18 1916.
Capitalization—
Authorized. Outstanding.
P referred s t o c k , 6 % ........................... - ............................ -$ 2 7 ,5 0 0 ,0 0 0 $27 .5 0 0 ,0 0 0
C om m on stock
. . . ............. ...................- ..................... 4 7 ,5 0 0 ,0 0 0 4 7 ,5 0 0 ,0 0 0
F irst M o r t g a g e '5 % b o n d s .......... ................................... 5 0 ,0 0 0 ,0 0 0 2 0 .0 0 0 .0 0 0
Organization.— W estern P a cific Railway, o f w h ich th o Railroad c o r p o r a ­
tio n is su ccessor, w as orga n ized in 1903 t o co n s tr u c t a m ain lino fro m
Salt L a k e C it y , U tah, t o San F ra n cisco , C a l., w h ich lino w as c o m p le te d and
p la ce d in o p e r a tio n in J u ly 1911. T h o c a s h in v e stm e n t in th o enterprise
w as in excess o f $ 8 0 ,0 0 0 ,0 0 0 .
D u o p rim a rily t o in a b ility to p r o v id o a d d i­
tio n a l c a p ita l fo r e q u ip m e n t and b ra n ch lines, w h ich is being p r o v id e d fro m
th o pro ce e d s o f theso b o n d s, a re o rga n iza tio n b e ca m o nocossary, resulting
in th o fo rm a tio n o f th o present c o m p a n y , all o f w hoso c a p ita l s to c k e xcep t
q u a lify in g d ir e cto r s ’ shares passed t o th e W estern P a cific R a ilro a d C o . o r
D elaw aro. T h e preferred an d c o m m o n s t o c k o f th o last n am ed (h old in g )
c o m p a n y w as d istrib u te d t o th o orig in a l First M o r tg a g e b o n d h o ld e rs in
exehan go fo r their b o n d s.
(See re o rg a n iz a tio n d a ta , V. 102, p . 155, 16U,
1061, 1542, 2167. 2 2 5 5 .)— V . 103, p . 6 2 . 408 .
These R onds— T h o W estern P a cific R R . C o . o f C a lifo rn ia , o w n in g its
p r o p e r ty free o f ail e n cu m bran ces, a u th orized and issued $ 20,000,000 I'irst
M o r tg a g o 5 % b o n d s t o p ro v id e fu n d s fo r th o fu rth o r d e v e lo p m e n t o f th e
s y s te m , an d It is th o b on d s o f th is issue th a t y o u h a v o pu rch ased.
I h o y are
an a b so lu to an d d ire ct first lien o n all p r o p r o ty , ta n g ib le and m ta n g ib lo,
in clu d in g e q u ip m e n t, and th e y w ill also c o v e r all p ro p e r ty hereafter a c­
quired s u b je c t o n ly to su ch lions as m a y exist th ereon a t th o tim e o f a c ■'
qu isltion
. T h e b o n d s represent a d e b t o f less th a n $ 2 1 ,6 0 0 per m ile o f
restriction s
KIlin itin p lI? ’und.— B e g in n in g Ja n . 1 1919 an d a n n u a lly th e re a fte r, as
earned, the sum o f $ 50 ,000 Is t o retire b y c a n ce lla tio n b o n d s o f th is issue.
Properties — O w ns and op erates 926 m iles o f stan dard ga u g e m ain lino
steam railw ay, w ith 32 m iles o f branches an d 181 m iles o f yard tra ck an d
sid in gs, exten d in g fro m Salt L a k e C it y , U tah, t o O a k la n d , C a l., and b y
fe rry to San F ra n cisco. T h e road crossos th o Sierra N o v a d a s a t a m axim u m
e le v a tio n o f 5,018 f t . , tho m a xim u m grade b e in g o n ly 1 % an d o n o v e r M
o f th o m ileage 4-10 o f 1 % . T h o low er a ltitu d e elim inates tile n ecessity o f
sn o w sheds and a v o id s excessive m ain ten an ce c o s ts, an d th o esp ecially low
grade is a fa c to r o f the firs t im p o rta n ce in re d u cin g th o co sts o f co n d u c tin g
tra n sp o rta tio n . 'The p h ysical p ro p e rty has been w ell m ain tain ed .
T h e c o m p a n y ow n s term inal p rop erties in San I*raneisco an d O akland
adeq u ato to han dle several tim es th o present business, and theso c o u ld n ot
b o d u p lica te d fo r less than $ 1 7 ,0 0 0 ,0 0 0 .
Passengers aro transferred b y
ou r o w n ferry fro m the O akland m olo to th e S tate lo rr y b u ild in g a t th o fo o t
o f M a rk e t S t., San F ran cisco, and freight is transferred v ia o u r o w n ferry
slin in San Fran cisco o v e r p riva to right o f w a y t o th o froigh t te rm in a l in
th o heart o f th e c it y . T h o entire S ta te-ow n od w a te r-fro n t o f th e c it y to
leased b y tho B elt L in o R R ., w h ich is o w n e d and o p e r a te d b y th o State.
T h e c o m p a n y ow n s in fee o v e r 17 acres in San F ran cisco adm it a b ly suited
fo r w arehouse and m an u factu rin g p u rposes. T h e term in al properties In
O akland com p riso 100 acres w ith a fro n ta g o o f a b o u t A m ile o n th e O akland
inner h a rb o r. T h o road enters Salt Lake C it y o n p riva te right o f w ay t o th o
Salt L a k o U nion D e p o t, ow n e d jo in t ly w ith th o D e n v e r & R io G ra n d o R R .
Equity.— T h o cash c o s t o f tho p ro p e rty acq u ire d b y th o W estern P a cific
RR. a n a tho p roceed s o f theso b on d s w h ich is n o w being expen d ed fo r e q u ip ­
m e n t, betterm en ts and bran ch lines, aggregate a b o u t $ 100, 000,000, or
fiv o tim es the par v a lu e o f th o o u ts ta n d in g b o n d s.
12 Months end Sept. 30 1916 (without Benefit of Proceeds of Present Issue).
G r o s s i n c o m e . . - - $ 7 , 9 3 8 , 1 5 6 1 I n t /o n $ 20 ,000 ,00 0 1st M.$1.000,od0
N e t (after taxes, re n t., & c .)$ 2 ,2 3 6 ,2 0 0 1S u r p lu s ------------------------------ $1,2 3 6 ,2 0 0
Proceeds of These Bonds.— T h o c o m p a n y w ill h a v e a v a ila b le In cash fro m
tho proceeds o f these b on d s a n d fu n d s in th o treasury a b o u t $ 1 9 ,0 0 0 ,0 0 0 .
l ’ la m call fo r th o ex p e n d itu re o f a b o u t $ 3 ,5 0 0 ,0 0 0 fo r e q u ip m e n t and a b o u t
$2 5 0 0 ,0 0 0 fo r betterm en ts. T h e se expen d itu res w ill e ffe c t su bsta n tia l
eco n o m ie s in hire o f e q u ip m e n t charges an d in m ain ten an ce o f w a y an d
stru ctu res, w hich sh ou ld op e ra te to increaso n et earnings b y an a m o u n t
c o n sid e ra b ly in excess o f the Interest o n theso a m o u n ts.
1 h o ba la n ce o r th o
a vailable fu n d s w ill b e a p p ro p ria te d prim a rily t o th o c o n s tr u c tio n o r a c -

J>EC. 2 I916.J

THE CHRONICLE
3

®

S S J S . " '“ »

" " P o r .a u c o In t o r n * ,

o f S ^ O o l o O l f u ' k Y ' k l l k k ' l l y b ^ n d d h w a l ? v to ta l (*t*t
$33 0,70 8, p r a c tic a lly all o f w h ich w o u ld

^ char£ 0h; a m o u n te d to

; f c x r , s . ' " ° “ " "» " > » * » " ' * » < • ■ i f M f f i j r i s s . i r a s s s g r s

2081

ga t ion b v ^ e V s ido nC? £ b y *he, fa c t . th a t th o lease has been u n d er in v e s tith e ra llr o a d T o c a n c e ? o r ^ o d m H f ° n f c i ® 12 h,a n d t b e y b a ™ n o t o r T g e d
pier and w e re ce iv e th e re fo r th n r fi,i^ I™ H ffs» S i P ?,oa l a t t b e C o m m u n ip a w
Instead o f 3 0 ^ a s a l l ^ ^ l n4? P u s h e d a llo w a n c e o f 12 c . p er ton
w ith the C o m m issio n and can h T t I T n PaiP° rS;
r h is t a r if f has been file d
s itu a te d on t h e ir r a ilr o a d ?
b
k e n a d v a n ta g e o f b >' a n y b o d y sim ila r ly
b u T in ls ^ I n d t L e y ^ t u a n y c k w

^ .’S . p w s j k s s s a s s ? « » ^ t t n ? ,» f “ * w
m ineral and agricu ltu ra l resources o f N e v a d a and U tah '1
*?n d tb o
w ell ad v a n ced in v o lv in g 145 m iles o f h n n *
N e g o tia tio n s are
a d d $ 7 0 0,00 0 t o grossW arnings am i t h w A n , c o n t ^ k J . <i T imat0 " ? »
tu ro o f o n ly a b o u t 10 % o f the fu n d s . M a n y ?fow ind
T ! ?, expe£ dIm in es, lu m b er com p a n ie s and fa cto rie s ai' " m f
, m , r , . .a l s o >;suc,h as
o f tho W estern P a cific R R . — V ? 103, p . 1 5 9 1 ,1 1 2 0 ° * lo c a te d 0,1 th e lines
W h eelin g & Lake Erie R R .— Alii pc! Co

v

See W a b a sh -P ittsb u rg h T e rm in a l R y . a b w o - V . 103,^p

i,

l a e n ew b o n d s are t o be d a te d D e c . 1 anil d u e D e c l lo a n * i ,.,,
.
b o s u b je c t to r e d e m p tio n , all o r p a r t, on a n v InU roit A
Vr,r Ut a,r? to
T h e y w ill a lso h a v e th e b e n e fit o f an
T V 'T T * '
m a x im u m a m ou n t o f th o issu e at a n y tim e ou fsi
Vi . .
o f th e
in retirin g b on d s at o r be lo w i he reclem ption W c o ^ D e h o m s S 8 e n o <i USed
r h e s o b on d s arc* t o b o secu red b v n Indira .,o
31}o m ‘s * M .C 00, & c.
o f a ffilia te d an d s u b sid ia ry c o m p - u d e s h i r i n g a^ v alu e’ o f W ^ S f
a m ou n t o l b on d s issu ed, a n d th e c o m p a n y i r n s h Z
L i l ' 3 ,% ,)f th o
o f 33 1 -3 % . T h e c olla te ra l o r lg in ^ y ^ t o d e n o s T t e d

, ;: T ,

e«A:”a

£

° f fche o u ts ta n d in g o b lig a tio n s o f its su b sid ia ry co m p a n ie s
S 5 S S 3 i ! S « £ ,,U O T a,c“ lly

^

f” r

^

C o m p a re V . 1C3, p . 1982.

■“

Arm our & Co .— Stock Increase— Directors— Sub

“

ifarta, % ^ ^ S S ^ J S & £ g Z . ' ! S ^ S

Colorado Fuel & Iron C o. — Dividend.—

the ssii oofnin n ‘i ) ° ' havre0/ orni,ecJ a syndicate to underwrite
tiio W 0 ,000,000 30-year 5 % collateral trust bonds and mem­
bers of tho syndicate are offering tho issue for public s u b ­
scription at 98 and interest, yielding about 5.15*7

X

is b etw een 2 ,7 5 0 000 an d '77)00 nnn<7nnuVSp? p c r s ’ , n ^ac, l • o u r to ta l business

1303.

r ■^m®^ican T elep hon e & Telegraph Co .— New Bonds__

S iS iu ^ f

' °-* tVc-

C o __

A d iv id e n d o f 3 0 % has been d e cla re d
p a y a b le D e c . 22 t o h old ers o f r e co rd D e c
p a id on a c c o u n t o f a ccu m u la tio n s.
T h is
o u t a ll arrears in th is s t o c k .— V. 103, p .

vacan cy,

o n th o <s;9 non non n m f
12
In A n . t l n a ' i n ^ f s t°7 k D avm nnf
J 'as aJso
1509, H i o " *
P r a c tica lly w ip e

C o n n e ctic u t Brass C orp o ration .— Capital Stock Sold —
t u T to c k & Tl?o t e ^ S° ld .at f 1? 1 ° p<>r sharo *500,000 capisubseribed.
WaS S° Veral timcs o r a "
T h e p ro ce e d s o f th is s to c k w ill b e used s o fa r a«
„
g a tio n s in cu rred t o a cq u ire th e m ills and tn ™,7
re(iu ire d , t o re tire o b liing basis, an d o th e rw ise to^ c n r r ^ ln ? f? h 7 ° p u t tb<an on an e ffic ie n t o p e r a tco n sists o f ro llin g o u t an d fin ish in g fo r thpItraSH ?^‘ f J,naIl c *n g ’ .
business
L y m a n , G e n . A fg r ., states th a t w i t h i n ^ sa d e 1b,'c t o r a s s .”
C h arles P .
b o c o m p le te d an d th e m ills w in th e n ^ b o °a h fJ tn a rene q u ^ e d a d d itio.Ils w ill
a v e ra g e d a ily p r o d u c tio n o f 80 finn i e l DPr a ?. J°. ro11 o u t o n o n e s h ift an
o v e r 5 .0 0 0 .0 0 0 lbs. o f sheet b r ^ a r X i n g n f l ^ i ^ y . O rd ers c a llin g fo r
In c o r p o r a te d in^D elaw are ith a n ^ a u t h o r i ’ N o v ' 27
o u ts ta n d in g , $ 1 ,00 0 ,0 0 0 . N o o u ts^ an d in e
StOCk o f S2 ’ 00°.0 0 0 ;
p u rch a se d b y o u r c o r p o r a tio n a n d t h o m n ^ W r ^ S L 7 h e P r o p e r ty has been
y i n g in th e m a n u fa ctu re o f sheet brass 'w ith ^ f‘ 7?an,lze? ' . . . c are sP ecialO o n n ., 7 m iles fro m W a te r b u r v
A fS
? b rick p la n t a t W e s t C h esh ire,
d a ily 3 0 ,0 0 0 lbs. o f fin ish e d sh eet brass J A '.m w c t i ,e ^ - h 0 a b le t o s b iP
r e a d y fo r use b y Jan 1
A new s te cl castl(1g sh op w ill be

8: yH6™*
P residen t.

b e e p in th o coa l

C alum et & A rizon a M ining C o .— Extra Dividend _

IN D U S T R IA L A N D M IS C E L L A N E O U S.
Seo L a k e S u p erior C o r p . und er “ R e p o r t s ” a b o v e .— V . 103, p .

dt0

perfokt'l'ik',v 11[!n k '| 11;,I a n ^ P T n .p V 'i'fa f,™
t *l c D is trict A tto r n e y an d are
b o o k s and v e r ify th o statem en ts m adot h e ^ i n CC° w lta n t K,h o u ld b '° ° v e r ou r
t o a ju r y o f o u r co m p e tito r s th e q u e s tio n w het her
ahS° ' V1 i m g t o loave
tried t o fo rc e a n y b o d y o u t o f b u s S - V . f f p . ^ h a v e , in a n y w a y ,

1890, ? 6 8 9 ~

stJ fJ E S ^^®el, f ' orP‘— Output— New Plant

K

“iJa
s-. “ Ssr? * 9s.- v- x, tn-.ii

u . a . A r m o u r w as also e lected a V ice

Seo E astern L ea th er O o . b e lo w .— V . 103. p .

& R o llin g M ills C o '- an d A f * ' S
S p rin g fie ld , M a ss — V . 103. p . 1 6 8 ^

1414 , 409.

\ -P res B u ffa lo (N . Y . ) B rass
1 re s ‘ C o m m e rcia l T ru s t C o .,

(W m .) Cramp & Sons Ship & E ngine B u ild in g C o .—

S t.
B aldw in Locom otive C o .— New Directors__
t o d e te rm in e at the present t im e .— V . 103, p . 1510 ^ 3 7 ^

^ LS im P 0ssl^^e

J ^ w l m T ? ^ Stock Y a rd s C o.-B on d s R esold .are sellin g on a 5 y2 % bases'
d a te d 1900 and d u e Ja n . 1 1926

h r-»erym .rtI^ f fc th0n* S
ern h o ld e rs a n d
lA fe S to c k
1 ’0 0 0 '°P ° ^ t M . 5s

5WSS
B eth leh em Steel Co .— Development.—
A t Baltimore on N ov. 21 Chairman Cliarles M
sa‘d in part: (See also V . 103, p . 1936.)

Selnvnli
1Wab

blast furnaces,S wiTh t im 'ii l lp m p H a u /p m v ^ o r o h ^ ^
fo u r n ew
o th e r auxiliaries; fo u r p la te m ills c a u lm
7 i
,,,
hf e q u ip m e n t, and
t o m a n u fa ctu re c o m p le te lines o ^ c o t n m e r c al strei^ m o f ®r.n Am p ro v o llJonfc
m erch an t bar m ills; 24 tin p la te •ni(l sh,s.i ,, i .. te
, la to s. ] th ree m o d e rn
fic le n t op en h ea rth and^lJessem er bloom i " t T i V vire r Vd mi,1; w x l s u ft o s u p p ly the n eeds o f all th e fiw eg &
! t e . a nl r o !,« i ! in.f? mi Its
fa cllitira , i n c l u d i ^ th e b u j i d i n g ^ a rmw d r v

t o o u **^shipbuild-

» Z t ° & 2 -& S £ g 8 $ i

<£W S S £

D istiH ing Co. pf Am erica.— Dissolution.—
n i 2 ^ s s 3 s ^ w s B a a s a ^ ^ . D^ " r ? ^ r ^

co ,r ® -

Bridge Co .— Control Acquired.—
o u ts ta n d in g b o n d s I f T h o f f i o n ^ V r i d g e T o “ f c tn a d ^ 0 " ^

s r . ? , 1*

? ®

i v

? 5 69 .500

“ & 5 ,a 5

D om inion L inens, L td .— Pref. Shares Offered — Fergu­
son, Sanson & Graham, Toronto, are offering, at S I00 per
S17rennn”V ' p ° ? UD of 2 0 % of common stock, the balaneeP0f
S175 OOO / % Prof. 1 artieipating cum. shares. An adv. shows:

p a y r o ll in B a ltim o re o f s o m e 8 2 0 ,0 0 0 00(L

*

20,000

' ' vith an annual

a b o u t - $50?00™ 000I.|S W o “s h ^ i h S v e ’ an ann ual c a n a -I ? n<1|0,|uiPm ent o f

ti’|

!^

of t ^

S

S

n

^

d w e lo p m a t

c o m ,n o n s t o c k
S S S ^ n d W h o " r,V o tm

hUS:

S K ’k iS ,s,l“

6qUaUy w ith tb e
^

h AT ^

’B i s ™\

"»■>" wMS plant aSdSSSfiffSS&.'Sli

c a r T e d ^ T l^ y T a T ^ ls T lT T m T 1
o u tsta n d in g , there w as
m o n th s n f i n i e i f rrf
'
^ 70 o n th o c o m m o n s t o c k fo r the first sit

V '' w i i v , e u u < i v o a u U U l/ii

a n d o rd a n ce p r o d u c ts .
----------- -T h o b u ild in g an d con s tr u c tio n p rogram fo r o ,,r
in v o lv e fu lly $ 1 0 0 ,0 0 0 ,0 0 0 .
W hen o S i n f i l » m p a n y as, a w h o l° w ill
th o 25 c o m p o n e n t parts o f B ethlehem s u l V w m p i o v 7 noni s ls c o m p le te d ,
ord n an ce-,u n k in g ; tou r p arts w ill' be s ld pi ih
o f » n l y o n e part
m a n u fa ctu re o f steel fo r co m m e r c ia l p u r p S S s - V ? * 103d , l ^
n
S' tho

B oston W oven Hose & R u b ber Co.
1916.
1911
A sse/s—
g
0
bands & building?.. 1,389,073 1,216,666
raten t«ery * t00,S- ’
785>105 763,983
Office furniture.. . . .
/
C a sh .. -------. 175,634
333,033
Accounts receivable. 743,208
562,094
M dse. Inventory____1.412A36
869,404

'■Bal. Sheet Sept. 1.-

Liabil Ules—
1<Ji 0 19bS j s
®‘ o ck --------2,000.000 1,250.000
lo a n s
t C k ......... 750,000
750,000
-------------------- 350 000
U S S S S r s s ^ --::
1893 8 8
-ro’i o o
Unpaid d iv id e n d .'::
Surplus &

.‘ 5,754

U ’§|o

guaranty.1,220,i17 1,684,411

Total ............. — 4,505,359 3,745,182
Total
T h e re w as transferred fro m th e surnlns
i--------- 4,505,359 3,745,182
d u rin g the cu rren t y ea r $ 7 5 0 ,0 0 0 .
1 U earnings t o c a p ita l a c c o u n t
N o w b u ildin gs and m a ch in e ry valued at 4-}•>.> - , „ ,
,
p la n t fro m earnings du rin g th e cu rren t vpiir
0 b a v o beon a d d e d t o tho
V olu m e o f net business fo r th e y e a r w a f $ 6 ,1 0 1 .4 6 2 - V
101
1888

Bl®u,r?s Br°?- N.
B^

^

H

S

V . C ity.
^
; ‘2 S S 5 J 5 “ Ixtonoe:

S uS

m s s




f f S

i f a

coZ\g
Z ^ f S ° r- mce

and Savage Arms Co
.jyj

10 M as. to Oct. 30 1 9 1 6 I 10 M-------as.-- to
vo Oct. 3 0 1X9J 1 6 Sales ---------------------------------- $6,203 985
G ross p r o f it s _______________ $ 2 ,9 6 7 ,9 0 8
O p e ra tin g e xp en ses_______3^357[689
A d m in is ., & c .. e x p e n s e s :.
907 065
7 5 ,0 0 0
M a n u fa ct u ring p r o f i t . . $ 2 ,846,296 B o n d in te re s t_____________
O th er in c o m e -------- -----------121 . 6 12 , N e t p r o f i t . . ................ - -.$ 1 ,9 8 5 ,8 4 3

Offici -f t e X n t

<1° " t

$7 50 per ton ; I
n o t , th erefore,
th o d a lly press.
-------------- —|
...........si2 —
. T h e statem en t th a t tho C en tral R R . o f N I i n s tn,.., ^ m . i
is a b s o lu te ly fa lso. T h ere is n o c o n n e c tio n w h a te ve r h S L o li i 0?. ,w lth us
u ,c r - o u r

D ou bieday, Page & C o., N. Y .— Stock Increase —

ti r , d « c o m p a n y file d a ce r tific a te at A lb a n y N Y o n N o v 93 tn
its a u th . c a p ita l s to c k fro m $ 1 ,0 0 0 ,0 0 0 t o S I .500 .0 0 0 . ^
' 2 3 , increasing
1

1 M % on the pref. stocks were also declared payable Feb

1

stock n S S S v S Ja 9 ^ 2 ’ ian,d, the
011
debenture
103 V) 8 4 6a
Jan- 25 t0 lo ders of recortl Jan. 10.— V .

g ra n te d a reh earin g. T h o o rd e r w as t o g o in to e ffe c t D e c . 1. a n d re q u e st
Is m a d e th a t th o o rd e r b e sta y e d p e n d in g reh earing. See V . 103, p . lb » y ,
.

E astern L eath er C o .— Pref. Stock Offered.— P. S. Moseley

& Co. are offering at 98^ and div. 1,000 shares, par 8100,
of 7 % pref. stock. A circular shows:

L a Belle Iron W orks C o.— Dividends.—

A d iv id e n d o f 1 % has been d e cla re d on th o $ 9 ,9 1 5 ,4 0 0 c o m m o n s to ck y
p a y a b le J a n . 31 t o h olders o f re co rd Jan . 20. T h is is th e fir s t p a y m e n t
o n th is s to c k sin co A p ril 1914. w h en H o f 1% w as p a id . A d iv id e n d o f
2 lA % on a c c o u n t o f a ccu m u la te d d iv id e n d s h as also boon d e cla re d on t h e
p r o f, s t o c k , a lo n g w ith th o regu lar q u a rte rly 2 % , b o t h p a y a b le D e c . 21
t o h o ld e r s o f r e c o rd D e c . 9. T h is w ip e s o u t a ll a ccu m u la tio n s o n th e
p r e f. s t o c k .— V . 103, p . 1415.

T h o s to c k is p referred as t o assets an d d iv id e n d s in liq u id a tio n , w ith
cu m u la tiv e d iv id en d s p a y a b le J . & J . C a lla b lo o n t h ir ty d a y s n o t ic e a t
10^ o M u S ^ ^ L c o r p o ^ ^ i n M ^ s . [M a r. 11 1914 as s u ccessor t o a
M a in e c o r p o r a tio n o f lik e nam o in c o r p . in L 9 1 6 E d .] .M i d ow n s ta n n e ry
nrnnori iiw; at N o r w o o d . M a s s .: a ls o ow n s th o e n tiro c a p ita l s to c k a n a c o n
?ro ls W in s lo w B r o s . & S m ith C o . (in existen ce sinco 177 6), w o o l p u lle rs an d
tan n ers o f N o r w o o d , M a s s .; W in s lo w & C o
w o o co m m ission ^ m erch an ts
o f B o s to n , and on o o r t w o oth er sm a ll c o n ce rn s , all o ld -e sta b lish e d .
C apitalization ( A u t h o r i z e d a n d I s s u e d ) .
^
B00 00()
C o m m o n s t o c k ---------------------------------- ------------- — ------------- --------------- 2 SOO’.OGO
M o r t g a g e 'b o n d s : 'd im '$ 2 5 ,0 0 0 a n n u a lly u n t il' 1926'.

on

'

q

M arlin Arms C orporation , New H aven, C o n n .— First
Dividend, 7 % , on Pref. Stock— Retirement of Pref. Shares.—
Tlie Bankers Trust Co. gives notice:

T h e v o tin g trustees lia v o re ce iv e d (1) an in itia l d iv id e n d o f $7 per sh are
on th o p r e f. s t o c k , d e cla re d at a m e e tin g o f th e b o a r d , h o ld o n N o v . 28
1916, an d w ill d istrib u te th o sam e t o h o ld e rs o f p r e f. stoc.c v . t . c . o f re co rd
D e c 1 1916 o r as s o o n as p r a c tic a b le th ereafter; (2) th e p ro c e e d s o f t h e
re tire m e n t o f s h a r e s o f p r e f s to c k $ 1 ,1 6 6 .($00 w h ic h th e y w i l l
rlict-.rihnta n r o ra ta ($33 33 per share) t o h old ers o f p r e f. s to c k v . t. c . or
r e c o rd D e c 1 1910, u p o n presen tation t o th o B a n k e rs T r u s t C o . a t a n y
tim e th e re a fte r d u r in g business h ou rs o f s u ch tru st c e r tific a te s fo r en d orse-

^

C o n ^ a c ° — ^ t o n - ^ a r c o n tr a c t betw e e n A r m o u r & C o . an d th o su b s id i­
a r y o f th e c o m p a n y f o r th o h a n d lin g o f A rm ou r£ sheep g^an an d w o o l
hiiQinAfn w h ic h r e c e n tly ex p ire d , h as be e n ren ew ed u n til
busin ess com p rises a b o u t on e-th ird o f the t o t a l sales an d sh o w s ann ual c o m ­
m ission s o f a p p ro x im a te ly 5200,000, b e i n g : t o retirei th e $ 2 5 .00Q
m o r tg a g e b o n d s m a tu r in g each y e a r a n d t o p a y 7 % d iv id e n d s o n ®2,&liu,

m [Tho0 n r o t '° s t q d f w iu t h i W re d u ce d fro m 3 3 ,5 0 0 ,0 0 0 to $ 2 ,3 3 3 ,4 0 0 , an d
th e r o m a t a d e r fe e x p e c t e d t o b o p a id in lik e in sta llm e n ts on M a r c h 1 1917
a n d Ju n o 1 1917, a s e o n te m p la te A a t o rg a n iz a tio n , l ^ l n g o u ts ta n d in g o n ly
th o 6 0 ,000 shares o f c o m m o n o f n o p a r v a lu o . Seo V . 101, p . 2148.]

0 ° / r f f ^ ^ — A sse/s! — A v e ra g e a n n u al n e t ^ ^ L ^ l l i l d o n d Z ^ ^ S O O O O O
1916 w as $748 608, eq u a l.t o ov e r fo u r tim es th o to t a l d iv id e n d o n $^,50U,UOU
p referred s t o c k . ^ N o t in c o m e fo r th o six m o n th s e n d in g Ju n o 3 0 1916 w as
“ ™ f f ' S l yn S c S ' S ? w u t o i o n . u . o v e r * 1 4 8 Bor . t o o » n d M

M a s s i l l o n Electric & Gas Co — New Bonds Offered.—
Henry & W est, Pkila., aro offering at 9 7 K and interest $540,­
000 (or less) First Mortgage 5 % Sinking Fund gold bonds,
dated July 1 19 10 , d u e J u l y 1 1956, but subject to call on any
interest date at 105 and int.

« * *

th ro u g h th e ir o w u e r e W p o t
th e c o m m o n an d p referred s t o c k .

E astm an K o d a k C o., R och ester, N. Y .— Dtndend.—

.

In te re st Is p a y a b le J . & J .
D e n o m . * 1 ,0 0 0 c * . . T r u s t e e .N .- Y . T ru st C o
F re o o f n o rm a l F e d e ra l Incom e t a x . P e n n a . S ta te ta x re fu n d e d .
D a t a fr o m L e t t e r o f P r e s i d e n t H e n r y L . D o h e r t y , N o v . 18 1 9 1 6 ‘
Neio Issues.— T o p r o v id e fo r fu tu re g r o w th , th e O h io P . U . C om m issio n
has au th orized th o c o m p a n y (a) t o c r e a t e . thIs « ew

t h e “ C h ro n ic lo ’’ o f O c t . 2 8 .— V . 103. p . 1595, 1<94.

Empire Tire & R u b ber

[Vo L. 103.

THE CHRONICLE

2083

C orp.— Pref. Stock Offered.—

Andrews &Co. as syndicate managers are offering by adv. on
another page at par (8100)81,500,000 7% cumulative and
convertible preferred stock of this new corporation, the suc­
cessor of the Empire Rubber & Tire _Co., established at
Trenton, N . J., in 1887. Each subscription for the preferred
stock carries with it the right to purchase four shares of the
common stock at 84 K (par 810). The preferred stock is
redeemable, all or part, at 110% and diva. upon three
months’ notice after Juno 30 1920. SeeV. 103, p. 1983.
F . & D. C o.— Trustee Appointed.—

Business.— C o n tr o ls , w ith o u t c o m p e titio n , th o e n tire

M a s s illo n

A t a m ootin g o f th o c re d ito rs o f th is c o m p a n y , ow n ers o f th o M a d is o n
•inuaro G o rd o n o r o n e r t v M a rsh a ll S . H a g a r w as a p p o in te d tru stco .
1 ho
X p a n y onN ov”
f l l e d X V o l u n t a r y p e t itio n in b a n k r u p tc y , to r w h ich
soo V . 103. p . 1891.

i ^ n a n a l 8F u U on

t o sell It cu rren t w h olesale, and th e c 9 n n c c t^n^ tranf^ i a S^ ?n n n 0

sssfl

srssa sa s ^ a ,s s ^ o£ J ® a s ^ ^ s a £ s f e s^ . :

Wlien n e t earnings are tw ico th o ann ual interest charges o n b o n d sn^b en o u t

F our States Coal & Coke C o . — Sale of Securities.—
m ho c o m m ltto o co n s istin g o f J . D . A y re s , H arrison N e s b it a n d V . V •
K e e fe r , rep resen tin g h o ld e r s o f th e 2 d M . cpnyorU bba
160
c o iv e r ’s c e r tific a te s , w ill sell a t a u c tio n in ^ ‘ “ ^ g h o n D ec^ 4 S 2 J 4 ,lb u
o f th o c o m p a n y 's c o m m o n s t o c k (v . t . c .) an d $ 235,328 o f its p r o ^ s t o c a
( v . t . c . ) . T h is s t o c k is all h e ld in a v o t in g tru st o x p ilin g N o v . 6 1918.
C o m p a re F o u r S ta tes C o a l C o . a b o v e .— V . 102, P- 5 * o .

. «

-

5 S f e ? ? i,| 8 4 ,i
G en eral M t « o . n o te h o ld e r s ’ c o m m itte e fo r a sum s ta te d as S 3 ,697,000, a n a
A s s u m p t i o n o f s o n ic S ! .316 .0 0 0 o f r e c e iv e r 's c e r tific a te s , & c.
(C o m p a r e

SSW ST: S

£ 1 st„ivi.W
os,

S

"

i y o o ---------------

S 2 ij : : 55

”

_

B--------_
K®

$83 361
clnua'cJ s ^ r h ^ N a t f o n a l P ^ 5 d S to o T C o ) lia s ju s t ^ n t i a c t ^ f o r
•i nnn h d service t o begin in a b o u t six m o n th s , w h en it w ill lo c e lv o th e
necessaryPe d u fp m e n t. I t is e stim ated th at an ann u al gross r e v e n u e ifto m

m in t® ’ w ith

T n o p r op erties aro v a lu e d a t $ 7 ,0 0 0 ,0 0 0 .

General Petroleum Co.,

7 ^ 1 1 1

O n e y e a r s intorost o n $ 54 0,00 0

^ T h e ’i n c O T p o r ^ o ^ ’o f th o \ lm v ^ o m p a n y a^e^ y ' v] l \ 5 ia^ 0ra ^ ’o^ c U ^ t o B -S p e
® ir 0 n g p p i ^ ^ ^ ^ U" ^ h o c ^ ^ n y ls^ o rg a n Y ^ A to 'ta k e ^ v e r
and” on era to c o a l m in es in M a r io n and K a leigii ™ u « t l » i , ^

J

w m ;

> § -■

San Francisco.— Earnings

3 Months to Sept. 3 0 .—
* Z a 2 ’ nnn
G ross p r o f it s ............................. | $ 0 7 .002 G ross In c o m e ..................
I n t e r e s t ..........................................$ $ 6 ,8 0 0
N e t , a fte r ta x es.......... .............. $7A ? ’i&!r D e p r e cia tio n , & c ------------------ 2 6 3 ,9 9 b
O th er i n c o m e .............................
21,797
G ross in c o m o
................*73 9 ,9 6 3
N e t p r o f i t - - ....................... ..$ 3 8 9 ,1 6 7
T h e n et p r o fit as a b o v e , $38 9,16 7 fo r th e th ree m o n th s is « U > M an n u a l
r a te o f $1 ,5 5 6 ,6 6 9 . a n d after^.deducting,
« . 8 3 1 .■ ^ ^ s f k 88 M t t « N » w w u 8 M
'^ 31 >*
815 .— V . 103. p . 1984, 1510.

Halcomb Steel Co.— Bonds Called.—

„

Michigan Stamping Co., Detroit.— Revised Statement.
A n o ffic ia l statem en t t o th e “ C h ro n icle
Sales . . . ________

sh ow s. ^

^

^

s V f . 0 4 3 $1,08 8 ,0 9 1 $ 1 ,4 0 3 ,5 8 7 $ 1 ,7 5 0 ,0 0 0 $ 3 ,0 0 0 ,0 0 0

-June, f l i ^ o r o S

S

,

o id n a n c e Co
See R e m in g to n A rm s-U n ton M ^ W c C a r t r ^

Contract.be lo w ^ ^

K n gllsh

h u n d red a n d sevon toen (517) 1st m t S ° - 6 % serial g o ld b o n t s ^ g „ g a tin g $ 4 1 5 ,5 0 0 , h a v e been ca lle d fo r p a y m e n t a t 105 an d in t. on Jan . 1 at
S yracu so T r u s t C o . . S yra cu se , N . Y . , tru stee.
.
. ,
,
Haskell & Barker Car Co., N. Y . - I n i t i a l D i v i d e n d .—
F iv e

An initial quarterly dividend of 75 cents per share has been
declared on tho 220,000 shares of atpek, payable Jan. 2 to
holders of record D ec. 15.— V . 102, p. o2o, 348.

Hevwood Brothers & Wakefield Co .— Extra Dividend.
A n ex tra d iv id e n d o f 5 % has been d e cla re d o n th o c o m m o n s t o c k In a d d it h £ “ th o ^ e m b a n n u a l liiv id e n d d e cla re d la st w e e k , p a y a b le D e c . 1 t o
h old ers o f record N o v . 2 4 .— V . 103. p . 1984.

Illinois Brick Co.— Extra Dividend.—

,, .

A n extra d iv id e n d o f 2 % has boon d e cla re d o n th e s t o c k , p a y a b lo D e c . 20
t o h old ers o f re c o rd D o c . 9 .— V . 102. p . 125...

Intornat’l Motor Truck Corp — Rights Expire.—
C o lu m b ia
s to c k o f th is c o m p a n y e x p ire d o n N o v . 2 8 .— V . 103, p . 18J1.

a n teo tlid co m p a n y a s te a d y p r o fit .

Closer Alliance with Baldwin
SMillslt& °GibbyC orpor^ tio n .— 8itccessor Co.— / ncorporated.
In a cco rd a n ce w ith the^plwj. o f [ ^ r g a n iz a t lo n o f ^
^
‘ o p e r^ T u g c o m ­
in receivers han ds M a y 12 la s t, 1 v . i u z , i
j^ . 3 2 ,0 0 0 shares o f ca p ita l

th | p r o f,

International Salt Co.— Extra Dividend.
A n extra d iv id e n d o f 1 % has be e n d e cla re d m L*he3l 6; b7^ l1|®r|t of^ recorS
w ith th o u su a l q u a rte r ly 1 % , b o th p a y a b l e D M . ^ - t O h olclw s o r r e c o m
D e c 15
D u r in g 1916 d iv id e n d s w ere p a id as fo llo w s . J a n .. A /<, an a i o
£ t e i ; 1 A pril'. X & ; J u l y , « %
a n d 1 % extra, and O c t .. l % . - \ . 103,

1 Inter-State Independent Tel.

& Teleg. 0 ° . — S a l e .—
T h e Illin o is S u p rem e C o u rt r e c e n t l y g ran ted th e A m e rica n Telephone &
T ele g r a p h C o . t h e rig h t t o p u rch a so th is p r o p e r ty .
\ . 100, p . 1441.

Kansas Natural Gas Co — Sale A r r a n g e d .^
S ee C itie s S e r v ic e C o . u n d er R l l . s a b o v e .— V . 103, p . 1985, 1 6 „0 .
Kings County Electric Light & Power Co., Brook­

lyn N. Y .— Not to Accept Rate Order— Rehearing Asked,.—




op e ra tin g c o m p a n y .

Soo plan in V . 103 P . 1415 • 4 JS<>'

1 Q1 fi —

Montana Power Co.— Consol. Bal. Sheet Sepl.SO'ia.
Sept.,3 0 19J6;15>
D e c . 31’ 15

Sept.30’ 16. Dec.31’ 15
A s s e ts —
S
Real estate, bldgs.,
equip, franchise.

T 3s nC o " Ao^^.86,811,677 84.674,130
r'jiqh_____________
641,873 1,770,470
A ccts .* notes rc c.
705,015
621,756
279,419
Materials & supp.
368,117
96,356
Sink.funddep.& c. "lO f,® 9''
2,531,707
Bond discount-. . 2,401,914
110,244
128,755
M iscellaneous-----T o t a l ..................91,221,959 90,084,147

T .inhlltlles —
8
8
Preferred stock___ 9,671,800 9,671,800
Common s t o c k .-.49,407,500
Funded d e b t..........27,614,000 27,764,000
150,000
Bills payablo------150,000
646,854
Accounts payable.
515,960
521,392
Accrued interest..
400,846
Dlvs.pay.Oct.2 '16
403,331
780,664
Doprec’ n resorvo.
"7 7 ,i.r>»
45,097
Other reserves-----72„)2J
S u rp lu s.................. 2,145,841 1,096,239

T o t a l ........... ...9 1 ,2 2 1 .9 5 9 00.084,147

""♦"includes sinking fu n d s , $1 8 ,4 7 3 a n d release ° f p r o p e r t y $ 8 0 ,1 3 4 .
See N . Y . S to ck E x ch a n g e listin g In V . 103, p . 1985, i5Jt>.

incr. 2 1916.)

THE CHRONICLE

M u n icipal Gas C o., A lb a n y , N . Y .— Stock I n c r e a s e .—

Securtly.— Secured b y pledge o f 96% o f the capital stock o f the Premier
M otor Corp. (o f D el., predecessor com pany) now owned and all hereafter ac­
quired. The indenture contains provisions restricting creation o f liens &c
J tant.— One or the m ost modern and best equipped in this country. It is
?,Lm ? d o ™ fa bricated steel construction and the main building is 882 ft.
“ 2 jS ,b7
ft. wide, which, together with the separate power house and
?dJ°m lng buildings, contains approxim ately 300,000 sq. ft . o f floor space.
m S i f tlge clt^ .o f Indianapolis on a tract o f 40 acres, which is entirely
m!?*v,\,£r?>c Irom lien, and has a direct connection with the lines o f the
an(I the Union Belt Line. The present accom m odations are
dpinHntofr.
Production o f at least 15,000 cars per annum. F or full
description o f issue, property, earnings, A c., see V . 103, p. 1893.

I no stocKROldors o f this company* on D oc. 1 authorized tho in o m s o in
capital stock from $0,250,000 to 810,000,000.— V . 103, p. 1985, 1892.

New Jersey Z in c C o.— 5 % E xtra D ivid en d .—
DavabkTDocd lV11tnnhnirtfa * ^ f has b ? ° " declared on the $35,000,000 stock,
1910 to date havo beona s ^folfowsf1^
Dolc ‘ U 5 % N o v m i O * / ' O r t W

V°fo3?py i°0905rl596ne I0> 5%

2083

W l o r f M f lb !% % ^ a ? .V ^

Newport; News S h ip b u ild ’g & D rydock C o .— R um or —
See (W m .) Cramp A Sons Ship & E ngin eB ld g. C o .above.— V .101 ,p .2070.

Regal Motor Car Co., Detroit.— O u t p u t .—

N ew Y o rk S h ip b u iW in g C o . — Sale— I n c o r p o r a tio n .—

„ J no present output o f the com pany is said to be about 25 ca