Full text of Commercial and Financial Chronicle : December 23, 1916, Vol. 103, No. 2687

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IN C L U D IN G

Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers* Convention Section

VOL. 103

SATURDAY, DECEMBER 23 1916

©Trroracle.

1916.

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P ta Ono Year ................................................................................................. $10 0 0
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Canadian Subscription (Including postage! .............................................$11 60

Chicago_
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Cincinnati.
Cleveland .
Detroit . . .
Milwaukee
Columbus .

Subscription includes following Supplements—
B ank and Q uotation (monthly) I r a il w a y an d I ndustrial (3 tim es yearly)
R a ilw a y E arnings (monthly)
electric R ailw ay (3 times yearly)
St a t e and c it y (semi-annually) |B an kers ’ C onvention (yearly)

Dayton

T e rm s o f A d v ertisin g — P er In ch S p a c e
Transient matter per Inch space (14 agate lin es)...................................... 8 4 2 0
( Tw o Months
(s tim es)............................ 22 00

Lexington .
A k ro n ___

Standing Business Cards
H ix M o m h s '13 (2 < t i m e s ) ! 60 00
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Bloomington___
Quincy___
South Bend

W I L L I A M I*. D A N A C O M P A N Y , P u b lis h e r s ,
F ro n t, P in o and D cp e y ste r S ts., N ew Y o r k .
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.: George 8. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company.

CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &o., Indicates that the total bank clearngs of all the clearing houses of the United States for the week ending to-day have
boon SO,260,010,804, against SO,684,096,699 last week and $3,795,004,138 the corre­
sponding week last year. Christmas fell In the week last year.
Clearings—Returns bg Telegraph.
Week ending Dec. 23.

1916.

1915.

Per
Cent.

New York..........................- ...................
B oston_____________________________
Philadelphia_______________ ________
Baltimore............ ....................................
Chicago.............. ............................... .
St. Louis.................. .................- ...........
New Orleans________________ _______

53,141,623,740
189,440,310
266,059,728
36,997,681
410,185,416
105,234,225
39,583,950

82,288,657,686
149,982,001
188,429,385
37,329,903
297,899,977
83,868,102
25,468,257

+37.3
+ 26.3
+ 41.2
— 0.9
+ 37.7
+ 25.5
+ 55.4

Seven cities, 5 days______ _________
Other cities, 5 days............ ....................

84,189,125,056
975,468,917

*3,071,636,091
723,308,047

+ 36.4
+ 33.5

Total all cities, 5 days........ ...............
All cities, 1 day...... ................................

*5,164,593,973
1,095,410,921

*3,795,004,138

+ 36.1

Total all cities for week......................

$6,260,010,894

$3,795,004,138

+ 65.0

T ho full details for to week covered b y tho above will be given next
Saturday. W o cannot furnish them to-d ay , clearings being made up b y tho
clearing houses at noon on Saturday, and honco In tho above tho last day
o f tho week has to bo in all cases estimated, as wo go to press Friday night.
W o present bolow detailed figures for tbo week ending with Saturday
noon, Docem bor 16, for four years:
Week ending December 16.
1916.

1915.

Inc. or
Dec.

1914.

|

1913.

S
S
%
4
3
Now York--------- 4,227,023,996 2,871,031,617 + 47.2 1,597,262,646 1,769,281,453
304,980,027 240,192,415 + 27.0 152,095,890 175,013,060
Philadelphia----75,291,493
58,932,399 +27.8
Pittsburgh..........
45,980,051
52,364,066
49,341,908
55,973,568 — 11.8
Baltimore_____
32,923,882
38,369,134
19,860,013
14,422,583 +37.7
B u ffa lo..............
11,058,047
13,018,190
5,257,307
4,577,690 + 14.9
Albany................
6,076,550
7,333,722
9,397,151 + 13.8
10,691,945
Washington----7,812,621
8,013,863
6,126,056 + 21.5
7,440,401
Rochester..........
4,355,870
4,975,974
3,169,336
+ 8.0
3,422,109
Scranton............
2,983,674
3,742,740
2,911,613 + 26.1
3,670,466
Syracuso ............
2,641,889
2,991,429
2,382,939 + 22.7
Reading.............
2,924,508
1.777,855
1,872,769
3,193,488 + 34.8
4,305,272
Wilmington____
1,538,514
2,044,398
2,005,442 — 7.0
1,805,172
1,611,212
Wllkos-Barro__
1,996,836
Wheeling............
2,549,029 + 99.3
1,704,631
5,082,210
2,176,977
Trenton..............
2,105,391 + 52.4
3,209,097
1,797,270
1,797,272
Y o r k ..................
+ 7.0
1,209,180
1,130,578
919,970
Q4fi RA'l
E rlo ...... .............
1,297,443 +37.2
1,780,582
1,009,704
1,126,470
Binghamton___
934,200
+ 6.0
090,900
654,000
728,700
Grccusburg........
909,274
806,648 + 12.8
698,786
748,947
Chester..............
1,330,025
1,023,837 + 30.0
643,755
650,290
Altoona..............
625,000
553,330 + 13.0
607,105
641,033
Lancaster..........
+ 9.4
1,870,464
1,710,138
1,271,958
1,490,500
M ontclair..........
650,281
478,630 + 37.2
491,034
742,692
Total MIddlo. 4,733,743,696 3,286,906,127 + 44.0 1,877,817,520 2,092,061,078
Boston................
Provldcnco ------H artford............
New Haven........
Springfield........
Portland_______
Worcester..........
Fall River........ .
Now Bedford__
Lowell................
H olyoke............
Bangor................

280,152,120
11,687,200
8,272,027
5,393,437
4,824,143
2,962,000
4,622,185
2,042,139
1,872,316
1,179,383
1,089,878
714,830

192,350,968 - 1-45.6
10,902,300
+ 7.2
7,615,866
+ 8.6
4,397,017 + 22.7
3,337,392 + 44.6
2,345,976 +26.3
3,197,215 + 44.0
1,490,460 + 37.0
1,357,263 + 37.9
1,093,972
+ 7.9
099,466 +55.8
488,507 + 46.7

144,277,498 ' 157,316,395
7,729,800
8,573,200
4,639,210
4,828,053
3,457,081
3,334,904
2,812.545
2,791,201
1,740,301
1,938,537
2,330,312
2,697,343
1,081,629
1,510,816
1,217,733
1,508,874
799,952
809,058
605,167
732,793
417,302
424,102

Tot. New Eng. 324,811,058' 229,276,402 + 41.2! 171,115,130 186,465.276
Note.— For Canadian clearings sco ‘ ‘Commercial and Miscellaneous News.'
♦.Returns not available.




Decatur..
Mansfield
Jackson. .
Danvlllo .
L im a ___
Jacksonville,
Lansing . . .
Ann Arbor.
Owensboro
Adrian___

NO. 2687
Week ending December 16.

Clearings at—

PUBLISHED WEEKLY.

Clearings at—

Electric Railway Section
State and City Section

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111.

San Francisco__
Los Angoles____
Seattle___
Spokane...
Salt Lake C ity ..
Portland............
Tacom a. . .
Oakland___
Sacramento........
San Diego..........
Fresno................
Stockton ............
Pasadena______
San Jose________
North Yakima..
Reno ..................
Long Beach____
Total Pacific..

1915.

Inc. or
Dec.

1914.

1913.

S
S
S
%
*
494.706.14Ci 358.270.06C1 +38.1. 298,375,66£i 334,473,169
38,891,699I
33.216.60C) +17.1
25.660.15C)
27,792,500
66,236,632
39,159,41f1 +69.1
22,891,76£)
26,260,639
57,566,707'
38.219.74S1 +50.61 24,518,0651 30,380,466
25,391,877
19,928,357’ +27.4 )
16,696,31S!
16,975,838
13,447,084
10.904.06C1 +23.3l
8,351,202!
9,049,012
12,076,800
8,321.60C) +45.1
6.376.40C1
6,733,800
11,113,843
8,244,727’ +34.8
6,115,596l
0,486,273
5,823,521
4,013,500i +31.0
3,101,305.
4,288,026
5,749,597
4,230,025 + 35.7
3,356,369
3,173,765
3,554,114
2,347,380 + 51.3
1,941,160
2,387,015
2,473,640
2,246.501 + 10.1
1,481,464
1,185,079
1,718,472
1,232,000 + 39.5
1,088,173
1,228,423
1,687,276
1,404,519 + 20.2
1,291,103
1,146,471
3,484,771
2,205,717 +58.0
1,229,642
1,430,549
1,241,695
720,995 + 72.3
701,197
1.030,984
5,318,000
2,794,000 + 90.3
1,766,000
1,980,000
1,502,097
985,623 + 54.5
902,080
1,061,075
3,272,950
1,963,000 + 06.7
1,539,126
1,420,251
868,928
733,607 + 18.4
666,663
688,594
1,071,114
818,130 + 30.9
745,912
896,513
942,304
835,000 + 12.8
696,857
636,791
1,194,369
991,231 +20.5
828,480
825.043
859,6X9
645,863 + 33.1
472,324
534,315
787,904
623,867 + 26.3
580,941
511,047
1,027,514
773,953 +32.8
518,448
575,000
519,007
530,693 —2.2
410,484
507,517
871,647
530,000 + 64.5
408,438
508,958
378,430
322,569 + 17.3
206,894
340,052
1,324,130
816,418 + 62.2
500,999
515,000
318,144
250,000 + 27.3
220,479
237,628
884,306
328,053 + 167.7
503,946
511,933
70,349
64,780
+ 8.6
53,444
74,440
765,834,692 548,678,518 + 21.4 433,718,177 486,335,426
88,506,611
31,977,000
19,156,921
6,536,833
13,500,000
15,311,818
2,518,499
5,178,169
3,017,934
2,268,197
2,561,549
1,884,150
1,227,118
913,763
765,015
484,913
636,410
197,044,900

61,391,816
25,771,302
13,536,405
4,421,862
9,292,227
11,834,410
2,216,749
4,554,792
2,683,749
2,359,731
1,426,730
1,212,596
1,191,195
746,602
460,000
309,205
572,524
143,981,954

+ 44.2
+ 22.1
+ 41.5
+47.8
+ 45.3
+29.4
+ 13.6
+ 13.7
+ 34.8
— 38.9
+ 79.6
+55.4
+ 3.0
+22.4
+66.3
+ 56.8
+ 11.2
+ 36.9

53,276,693
20,807,268
11,433,013
3,821,390
6,832,155
10,674,002
2,077,610
3,556,249
2,018,763
1,940,544
1,169,917
1,101,124
735,954
646,089
419,282
260,947
528,154
121,359,154

50,152,307
23,160,866
13,408,614
4,302,974
7,861,286
13,287,478
2,215,418
3,452,566
2,357,820
2,330,772
1,304,965
994,671
861,712
675,000
400,000
291,773
127,058222

Kansas City___
Minneapolis___
Omaha..............
St. Paul_______
D en ver..............
St. Joseph..........
Duluth...... .........
Dcs Moines___
Sioux C ity .........
W ic h it a ...........
Lincoln ..........
T o p e k a ..........
Davenport . .
Fargo..................
Helena............ .
Cedar R ap ids...
Pueblo........
Waterloo............
Colorado Springs
F rem ont............
Billings..............
Hastings............
Aberdeen............
Total otli.Wcst

124,254,200
89,017,377
37,655,964
37,098,784
30.635,917
21,400,670
17,208,665
15,867,300
16,181,900
12,035,972
14,025,928
8,896,191
8,319,302
9,638,901
6,817,602
5,158,591
5,300,000
5,440,575
4,438,101
3,387,305
2,657,359
2,367,331
1,623,945
2,207,797
1.591,516
2,333,539
2,914,546
2,285,412
1,652,085
1,850,000
1,562,165
675,092
422,083
2,111,872
2,215,426
1,390,643
785,433
624,936
364,667
1,093,847
851,579
389,104
277,186
966,257
1,030,325
287,523,188 225,267.965

+ 39.6
71,811,832
+ 1.2
29,848,274
+ 43.2
17,088,803
+ 8.4
13,590,058
+ 34.4
9,891,894
+ 57.7
6,418,503
— 13.7
4,565,047
+ 32.2'
4,164,489
+ 40.7
3,036,110
+ 22.6
3,911,416
+27.5
2,373,253
+ 45.8
1,459,968
+38.7
1,180,517
— 19.9
1,538,238
+ 38.3
1,294,495
+ 18.4
1,530,992
+ 60.0
1,010,737
— 4.7
1,134,412
+ 77.0
635,981
+ 71.3
348,533
+28.4
534,340
+ 40.4
289,032
— 6.2
685,902
+ 27.6 178,462,309

St. Louis............
New Orleans___
Louisville ..........
H ouston_______
Galveston_____
Richmond_____
Memphis............
A tlanta..............
Fort Worth........
Savannah ..........
Nashville______
N orfolk________
Birmingham___
Augusta............ .
Jacksonville*__
Little Rock........
Chattanooga___
Knoxville............
Charleston..........
M o b ile ............ ..
Oklahoma..........
M acon................
Austin_________
Vicksburg..........
Jackson........ .....
Muskogeo_____
Tulsa..................
Meridian............

137,792,974
44,559,968
24,609,295
13,700,000
7,178,701
23,316,047
15,259,168
30,795,302
12,528,033
0,949,403
10,210,734
0,972,224
3,930,573
2,966,363

+37.4
+ 59.4
+22.7
+ 16.1
+29.0
+ 46.9
+ 37.6
+ 50.3
+ 14.2
+ 13.3
+ 22.4
+ 29.3
+ 35.8
+ 14.6

78,585,352
20,230,060
11,355,135
8,380,786
5,148,286
9,917,822
7,664,462
15,179,527
9,786,933
5,662,486
5,906,535
4,496,393
2,726,092
1,771,508

87,441,157
26,160,688
15,257.313
10,002,286
4,159,000
9,670,841
12,511,918
19,979,778
9,620,783
7,161,493
8,689,665
5,300,584
3,767,207
2,568,060

3,535,280 + 13*3
2,676,658 + 60.9
2,049,110 + 18.0
2,192,455 + 44.4
1,095,814 + 18.6
3,102,274 + 86.2
4,798,691 — 67.2
4,000,000. — 12.5
336,378, + 10.7
502,747| + 7.4
1,176,428 + 48.0
2,263,091 + 132.7
400,600
+ 0.9,

1,915,773
2,334,720
1,578,903
2,080,497
1,031,487
2,726,780
3,800,274
1,784,611
342,422
455.055
836,743
1,348,176

3,102,180
2,822,955
1,729,571
2,220,228
1,521,118
1,856,004
5,296,932
3,000,000
454,456
531,054
1,020,397
1,728,278

207,046,818

257,573,946

Total Southern

4,007,026
4,307,165
2,417,584
3,165,261
1,300,000
5,776,498
1,572,390
3,500,000
372,537
540,111
1,741,277
5,265,571
404,300

100,263,069
27.961,530
20,055,565
11,803,752
5,564,214
15,871,454
11,091,812
20,848,393
10,968,212
6,135,952
8,343,520
5,391,523
2,894,048
2,588,520

375,138,56s| 277,551,090

+35.2

57.495,862
30,331,163
17,146,573
11,802,294
8,912,067
9,760,961
5,043,377
5,144,360
3 [659,621
3,369,297
2,128,4X0
1,883,128
1,523,002
602,450
1,333,440
1,781,192
1,078,705
1,349,821
662,063
370,779
696,364
200,000
424,714
166,700,243

Outsldo N. Y . 2,457,072,703 1,840,630,339 + 33.5 1,392,256,462 1,546,912.783

2 3 64

THE CHRONICLE

|Vol. 103.

ments which would be deemed satisfactory as a
guarantee against its renewal or the kindling of any
THE F IN A N C IA L SITUATION.
Very naturally the developments in connection similar conflict in the future as would make it
with the moves to bring about peace among the bel­ possible frankly to compare them.” The note points
ligerent countries of Europe have overshadowed out that “ the object which the statesmen of the
everything else. They have not only dominated belligerents on both sides have in mind in this war
the markets of every description, but have been the are virtually the same, as stated in general terms to
one topic of general and universal discussion— of such their own people and to the world. Each side
commanding importance as to rule out everything desires to make the rights and privileges of weak
else as trivial by comparison. It is not strange peoples and small States as secure against aggression
that this should be so. W e are dealing with mo­ or denial in the future as the rights and privileges
mentous events at perhaps the most momentous of the great and powerful States now at war. Each
period in the history of the human race— a time when wishes itself to be made secure in the future, along
all the great and powerful nations of the world, with all other nations and peoples, against the re­
with the single exception of the United States, are currence of war like this, and against aggression or
engaged in a conflict which in its sanguinary charac­ selfish interference of any kind. Each would be
ter is without parallel and without precedent, so far jealous of the formation of any more rival leagues to
preserve an uncertain balance of power amid multi­
as human knowledge goes.
Tuesday of this week was the day on which David plying suspicions; but each is ready to consider the
Lloyd George, after an illness of a few days, was formation of a league of nations to insure peace and
scheduled to make in the English Parliament his first justice throughout the world. Before that final step
pronouncement since his assumption of the Premier­ can be taken, however, each deems it necessary, first,
ship, and also to give answer, on behalf of Great to settle the issues of the present war upon terms which
Britain and the other Entente Powers, to last week’s will certainly safeguard the independence, the
peace overtures of Germany and the other members territorial integrity and the political and commercial
of the Central Powers, namely Austria-Hungary, freedom of the nations involved.”
The note took pains to state that the terms upon
Bulgaria and Turkey. M r. Lloyd George made
response in precisely the way expected of him. He which the war shall be concluded, the people and
bade defiance to Germany and said in effect that be­ Government of the United States “ are not at liberty
fore the Entente Powers would enter into peace to suggest;” but the “ President feels altogether justi­
negotiations with Germany and her allies there would fied in suggesting an immediate opportunity for com­
have to be an understanding that Germany meant parison of views as to the terms which must precede
to conform to the requirements laid down by the those ultimate arrangements for the peace of the
former Premier, M r. Asquith, and would agree that world which all desire and in which the neutral
there should be “ restitution, reparation and guaran­ nations, as well as those at war, are ready to play
tees against repetition.”
So that there should be their full responsible part.”
The President’s action has not met with unqualified
no mistake Mr. Lloyd George emphasized the state­
approval and seems hard to justify, either from a
ment by saying that there would have t o b e “ complete
restitution, frill reparation and effectual guarantees.” diplomatic or a common sense point of view. The
At the same time, however, he did not close the door President of the United States occupies an exalted
against the offering of terms that would accord with position and his duties and responsibilities, not only
these requirements, and this was considered a favora­ to his own countrymen but to the world at large, are
ble feature, as it left a way open for the actual carry­ in proportion to his position. We arc sure that Mr.
Wilson recognizes this. He has demonstrated over
ing on of negotiations.
This, as stated, was on Tuesday. Late on Wednes­ and over again, in speech and address, that in deal­
day there came a totally new and a wholly unexpected ing with world affairs the United States, speaking
development. It transpired that President Woodrow through its chief executive, should not act from
Wilson had directed the Secretary of State to sene selfish or material considerations, but should pro­
an identical note asking the belligerent countries to ceed in a spirit of helpfulness and benefit with a view
state the aims and objects they have in view and the to rendering a service to mankind. It cannot be
terms upon which they are ready to conclude peace, denied, either, that the world is confronted with the
in order to see if some common ground cannot be most calamitous event that has ever stained the pages
found upon which the belligerent countries might get of history, with millions of men on the two sides
together and arrange the settlement so earnestly engaged in mortal combat to destroy one another.
desired by all persons with humane instincts. The We are prepared to admit, too, that the President has
President expressly disclaimed any intention to acted from unselfish and disinterested motives, his
intervene in the peace overtures of Germany, and only purpose being to do his best in an endeavor to
took occasion to state that his suggestion had not put an end to this fratricidal struggle which is a
been prompted by a desire to play a part in connec­ disgrace to humanity and to civilization. Never­
tion with these overtures, but on the contrary had theless the move seems ill adroit. It is resented by
been in his mind for a long time. He would have those— and their name is legion— whose sympathies
delayed offering his suggestion until these overtures are with the Entente Powers and by these powers
had been independently answered, except that his themselves. The move is also viewed with suspicion
proposal “ also concerns the question of peace and in many quarters as being made in the interest of
may best be considered in connection with other Germany and her allies. The President certainly
ought not to be open to suspicions of that kind, and
proposals which have the same end in view.”
His request is “ that an early occasion be sought to the insinuation is an unworthy one and wholly
call out from all the nations now at war such an groundless. Nevertheless, such a suspicion has been
avowal of their respective views as to the terms upon created, and the fact that it exists must balk the
which the war might be concluded and the arrange­ President’s efforts. The world is in a mood for peace



D eo. 23 1916.]

THE CHRONICLE

as never before, and wants to see it brought about
with all possible speed, but the President docs not
appear to have found the right way for advancing the
idea.
The markets have one and all been discounting
the coming of peace with a positiveness that has at
times appeared highly significant. In this respect
the present week has been an exact duplicate of last
week. The stock market on several successive days
fell into a state of utter collapse; the grain markets,
after a sharp recovery in the early part of the week,
again broke badly; and most significant of all foreign
exchange rates at this centre on Berlin at one time
made a sharp further rise. We noted last week that
the Reichsmark after having dropped Tuesday morn­
ing of last week to the lowest figure on record, namely,
65% c. (the value of 4 marks being the basis of quot­
ing) had by the end of the week advanced to 74c.
On Thursday of this week the price got up as high
as 75% c. but with the close yesterday only 73%
cents. The Austrian kronen which last week Tues­
day got down to 10.98 and rose to 13.25 by the end
of the week, was not, however, so well main­
tained the present week, the close yesterday
being at 11.95 cents.
In the grain and stock markets the fluctuations
have been exceedingly wide and wild from day to
day, and even from hour to hour, the market re­
sponding energetically to the varying changes in
sentiment, in accordance with the varying character
of the news. After the great shrinkage in wheat
prices last week, following the announcement of the
German peace overtures, the wheat market experi­
enced considerable recovery early this week, as one
member after another of the Entente group declared
its distrust of the German move, and the prospects
of peace accordingly seemed to vanish. On Tuesday
morning of this week the first effect of Lloyd George’s
speech was to cause a further sharp upward spurt in
price, or at least that was the effect as the early
part of the speech came over the wires and it appeared
that Mr. Lloyd George insisted that an understand­
ing that there must be complete restitution, full
reparation and effectual guarantees against repeti­
tion was an indispensable prerequisite to the Entente
group’s entering into negotiations, a further rise of
7c. bringing the May option for wheat at Chicago up
to $1 71% , as against SI 53% the previous Friday.
When, however, it developed that Lloyd George’s
speech left the door open to Berlin to make a definite
statement of terms, the price again plunged down­
ward with great rapidity, a low point of SI 55
being reached on Thursday. Yesterday, however,
as it seemed likely that the effect of President
Wilson’s notes would be nil,the price jumped up to
SI 68. Similarly the M ay option for corn at Chicago,
which last week had declined from 93% c. to 88c.,
recovered to 94% c. by Tuesday, dropped to 88% c.
on Thursday and closed yesterday at 93% c.
The course of the stock market has been similar
to that of the grain markets, only that the collapse
has been more pronounced and confidence at one
time on Thursday seemed to have completely vanish­
ed. Here also the first effect of Lloyd George’s
speech on Tuesday was to cause a sharp upward spurt
since it seemed to offer small chance of early peace;
but this was followed by renewed break as it became
apparent that the door to peace negotiations had by
no means been shut inasmuch as Lloyd George did
not definitely decline to receive peace proposals.




2265

Wednesday morning, after some further slump, the
market steadied for a time, only to break still further.
For the two days together the losses were exceedingly
large and severe, the railroad shares, however, holding
firm except in the case of certain specialties like
Reading common, which during the speculative activ­
ity of 1915 and 1916 had been boosted upwards
much like the war stocks. Southern Railway shares
during the excitement showed wonderful strength
and both the common and the preferred shares
reached the highest figures of the year, these stocks
being evidently used to steady the whole market.
On Thursday morning, with the daily papers con­
taining on their first pages in large type the Presi­
dent’s note to the belligerent countries, the bottom
began to drop out of the market. Prices opened at
several points decline from the close on Wednesday
night, notwithstanding this close itself showed such
heavy losses, and the downward movement proceeded
throughout the rest of the day. In the case of highly
speculative issues like U. S. Industrial Alcohol there
were declines of several points between sales. On
the other hand, in the case of United States Steel, the
shrinkage proceeded in a pretty orderly fashion,
though even here on Thursday morning Steel com­
mon opened at several points further decline and at
a wide range, the price varying in different parts of
the crowd around the post and the opening figures
being reported all the way from 104% to 106, as
against 108 at Wednesday’ s close. From the high point
of the year, namely 129% Nov. 27, Steel common has
been down to 100% this week. International Mercan­
tile Marine shares have been especially weak and
during the month the preferred has dropped from
119% to 84% , and the common from 48% to 22.
Fortunately soberer views prevailed yesterday, and
the market enjoyed a pronounced rally. The opening
was several points higher and during the day further
sharp recovery ensued, so that Steel common closed
at 107% ,International Mercantile preferred at 92%
and common at 26% .
The market this week has been paying the penalty
for the speculation for higher prices so recklessly
carried on earlier in the year. It has been an exceed­
ingly anxious time for the brokerage houses who have
been distributing large bonuses to their employees,
and had been looking forward to an unusually cheer­
ful Christmas only to find that the outlook had
changed and become invested with some element of
danger. Happily the improvement recorded yester­
day has served to allay fears on that score.
The winter wheat report of the Department of
Agriculture for December 1, made public on M on­
day last, indicates a planted area moderately larger
than the acreage sown in the fall of 1915 but a status
of the cereal below the average of recent years at
date. To be more specific, the planting this fall
in the whole country is estimated to have been
2.3% (or 887,000 acres) in excess of that of 1915,
making the area now 40,090,000 acres, and conse­
quently the territory seeded to winter wheat is
the largest ever devoted to that grain with the ex­
ception of that of 1914,below which it falls 363,000
acres, or a little under 1% . The high prices re-,
ceived for the crop now being marketed fostered
belief in a very considerably increased planting and
this obviously was the intention, but it was largely
defeated by the unusual dryness of the soil at seed­
ing time over practically the whole winter wheat

3366

THE CHRONICLE

producing area. Changes in area, however, have
been very general and at the South, notwithstand­
ing the very high prices ruling for cotton for some
months past, a further addition has been made to
the land given to wheat. In Iowa an increase of
10% is to be noted, in Michigan 8 % , in Illinois 5% ,
in Ohio 4 % , and in Kansas 3 % . On the other
hand, the area is left unchanged in Indiana and
Montana. Missouri shows a slight decrease and a
smaller planting is reported in the far West and
on the Pacific Coast.
In the condition of the crop on December 1 a
decline of 2 points from the corresponding date of
1915 is offically announced— 85.7 contrasting with
87.7— and from the high status of 1913 a falling
off of 11.5 points is to be observed. The ten-year
average at 90.2, moreover, is 4.5 points higher
than now. It is to be explained, however, that
the current low condition is quite universally as­
cribed to the lateness of the planting which not
only has precluded the possibility of the attainment
of usual growth at this time but it is a fact also
that some late seedings have not yet germinated.
Although the Hessian fly is in evidence to some
extent, particularly in Kansas, little reference is
made to that pest. Any conclusions that might
be drawn from this report would be the rankest
speculation. Current condition, even though be­
low average, counts for much less than how the
crop will come out of the winter.
Building operations in the United States for N o­
vember 1916 present no features calling for extended
comment. As in all the compilations for monthly
periods since July of 1915 there is evidence in the
November statement of activity in construction
work, but taking into account the fact that in this
latest month the number of permits issued was
actually less than a year ago, and the estimated
outlay under the contracts entered into only very
little heavier, it is safer to attribute the gain shown
to higher cost of material than to an increase in
the volume of work arranged. In any event it is
no more than natural that after the unprecedented
antecedent activity there should be some let up and
particularly at the time of year when work is prose­
cuted with more or less difficulty.
Our compilation for November shows for 165
cities a total of intended expenditure of $75,188,226
in contrast with $72,278,461 in 1915 and less than
50 millions in 1914. Greater New York exhibits
a quite notable decline in contemplated outlay,
the estimated cost of operations under the permits
issued during the month in the five boroughs reach­
ing only $8,950,279, against $13,801,990 in 1914,
the let up being in the three leading divisions— Man­
hattan, Brooklyn and the Bronx. The aggregate
for the outside cities (164 in all) is $66,237,947,
against $58,476,471. The Middle West section
(28 municipalities) reports a total of $26,804,845,
against $23,307,269 last year, and the territory
west of the Mississippi River (24 cities), but not
including the Pacific Coast group, furnishes an
aggregate of $6,665,437, or one-half million dollars
in excess of 1915. The aggregate for the 42 cities
in the Middle Atlantic division (excluding Greater
New York) at $15,777,041 is 3% millions above a
•year ago; New England cities to the number of
24 give a total three-quarters of a million under
last year; the South discloses a result about a third



[Vol .

103.

of a million above 1915 and a similar showing is
made by the Pacific Coast.
For the eleven months of the calendar year 1916
a total of operations much above that of last year
is revealed by our compilations, and, in fact, the
heaviest in the history of the country, $952,299,016
for the 165 cities, contrasting with $774,603,337 in
1915 and 900 millions in 1912. Greater New York’s
aggregate for the period at $211,156,250 is 52}4
millions more than in 1915 and outside of this city
the comparison is between $741,142,766 and $615,­
649,448. Of this latter gain of approximately
126 millions, 60 millions is contributed by the
Middle West, 22 millions by the Middle Atlantic,
12 millions by the Pacific Coast, 20 millions by the
other West, 9 millions by the South and 3 millions
by New England.
Returns from the Dominion of Canada for N o­
vember make a better exhibit than a year ago, but
when contrasted with several earlier years the show­
ing is rather poor. Reports at hand from 51 cities
show contemplated costs of $4,059,879 for the
month ($3,591,950 East and $467,929 West), against
$3,521,599 ($3,382,619 and $138,980 respectively)
in 1915. For the eleven months of the current
calendar year the projected disbursements at the
same 51 cities foot up $35,960,548 ($28,644,988
East and $7,315,560 West), comparing with $31,­
121,487 ($25,695,539 and $5,425,948) a year earlier,
$98,143,008 ($63,381,639 and $34,761,367) in 1914
and an aggregate of over 140 millions in 1913.
Commercial failures statements have for some time
past fittingly supplemented returns of bank clear­
ings, railroad earnings, building operations and for­
eign commerce in indicating a generally satisfactory
situation in the affair of the United States, and the
showing for November 1916 is in no essential feature
less favorable than for the months which have pre­
ceded it. This becomes clear when it is noted that
the number of insolvencies for the month was not
only less than for most preceding similar periods
of 1916 and much smaller than in November of either
1915 or 1914, but less even than in 1913. The
volume of liabilities, too,’although of greater magni­
tude than in October, was of less than average pro­
portions and higher than in November of any year
since 1910. It is worthy of note, also, that the num­
ber of large defaults— those for amounts of $100,000
or over— was few in November. In fact they were
only 15, including a real estate holding concern in this
city with liabilities of over 3 million dollars. Elim­
inating that and one other insolvency in the mis­
cellaneous class we have, as covering large failures
among manufacturers and traders, an indebtedness
of only $2,313,419, or the smallest total in a decade.
According to Messrs. R . G. Dun & Co., whose
compilations furnish the basis for our conclusions
and deductions, the number of insolvents in Novem­
ber was 1,251 against 1,565 in 1915 and 1,815 in 1914;
the liabilities standing at $14,104,621 and $15,694,­
434 and $25,489,498, respectively. Disasters among
manufacturers this year were the smallest in aggregate
of liabilities since 1910, the total at $4,859,478 com­
paring with $6,748,987 last year and $13,079,589 in
1914. In trading branches, too, the indebtedness
was relatively small at $5,532,625, against $7,472,292
and $10,070,005.
For the eleven months of 1916 the failures numbered
15,941, a marked drop from the high record total

D ec. 23 1916.]

THE CHRONICLE

of 1915 (20,452) and contrasting with 16,342 in 1914.
The situation as regards liabilities also was very
much better, the comparison being between $179,­
466,982 and $282,680,874 and $327,154,697. The
total is in fact the smallest since 1911 and but a little
in excess of the amount then recorded, an excellent
exhibit taking into account the steady increase in
the number of firms in business in the meantime,
manufacturing defaults account for only $67,876,301
of this year’s aggregate, this comparing with $105,­
084,918 in 1915 and $120,068,132 in 1914. Trading
debts were likewise much less than last year, or the
year before, the contrast being between $85,036,349
and $141,118,714 .and $151,887,979, with the Claflin
failures the large item in this last total. Bankers’ ,
agents’ , &c., indebtedness, too, shows noticeable
contractions, the figures for the three years standing
at $26,554,332 and $36,478,242 and $55,135,580
respectively.
Canadian failures returns for November make a
decidedly favorable comparison with recent years
both as regards the number of insolvencies and the
total of indebtedness. Briefly, there were 112
defaults for $1,012,802 in the month this year against
217 for $4,393,101 in 1915 and 306 for $7,093,799
in 1914. For the eleven months the comparison
is between 1,586 for $23,278,347 the current year,
2,462 for $38,018,021 last year and 2,516 for $26,­
760,995 in 1914. Trading debts of $11,108,283
contrast with $19,732,986 a year ago; in the manu­
facturing division the comparison is between $8,­
270,433 and $12,851,419, and among brokers &c.
between $3,900,631 and $5,433,616.
While no formal reply has as yet been forwarded
by any of the Entente Powers to the peace proffers
tendered by our own Government on behalf of the
Central Powers, there appears clear evidence that
the replies will be a mere request that Berlin, on
behalf of Germany and her allies, be specific in the
terms it is prepared to offer and accept. Lloyd
George, the new British Premier, in his formal speech
on Tuesday in the House of Commons declared that
the answer to be given by Great Britain would be in
full accord with all its allies. Naturally, there had
been an interchange of views, not upon the German
Chancellor’s note, because that had only recently
arrived, but upon the speech which impelled it; and
as the note itself was practically only a reproduction
or a paraphrase of the speech, the subject matter of
the note itself had been discussed informally between
the Allies. Lloyd George was “ glad to be able to
state that we each separately and independently
arrived at the identical conclusion.” We comment
elsewhere on the speech and also give a complete re­
port of it on a subsequent page and shall quote here
only one paragraph to show its tone and spirit as follows:

We feol that we ought to know, before we can give favor­
able consideration to such an invitation, that Germany is
propared to accede* to the only terms on which it is possible
peace can be obtained and maintained in Europo. Those
terms have beon repeatedly stated by all the leading states­
men of the Allies. They have been stated repeatedly here
and outside. To quote the Leader of the House last week:
“Reparation and guarantee against repetition, so there
shall bo no mistake, and it is important that there should
be no mistake in a matter of life or death to millions.”
Lot me repeat—complete restitution, full reparation and
effectual guarantees.
A sudden shift in the interest from Lloyd George’s
speech occurred on Wednesday evening when the



2261

State Department furnished for publication the
text of two notes (which also appear on a subsequent
page) drawn up by President Wilson and Secretary of
State Lansing and dispatched to the capitals of the
warring countries. These notes were virtually iden­
tical, one being addressed to the Entente countries;
the other to the Central Powers, the only difference
being in the language made necessary by reference
to the German Chancellor’s speech. While not
going so far as to propose peace or mediation they
suggested that “ an early occasion be sought to call
out from the nations now at war such an avowal of
their respective views as to the terms upon which
the war might be concluded, and the arrangements
which would be deemed satisfactory as a guarantee
against its renewal or the kindling of any similar
conflict in the future as would make it possible
frankly to compare them.”
It is of interest to observe that these notes were
signed on M onday and dispatched on Tuesday
or the same day as the British Premier delivered
his address, although they were not made public,
as already noted, until Wednesday. In London
they were not published until yesterday (Friday)
morning, and not until this morning in Berlin. This
is a feature that explains in a measure the course of
our own security markets during the earlier days of
the week. On Monday the tendency in the financial
district was to await the statement to be made on
Tuesday by the British Premier. If that official
maintained the firm attitude that the Allies as a
whole had previously displayed, then it was consid­
ered that the prospect for peace was not so encourging as to cause active liquidation in the war industrial
securities. If, however, there should be a tendency to
compromise and negotiate then the reverse was held
to be true. What really happened, however, was that
the Premier’s speech was as strong if not stronger
than any official statement made by the Asquith
Ministry. Nevertheless active liquidation of se­
curities, chiefly of the war industrials set in that
carried prices down on an amazing scale. It has
therefore been suggested that important interests
had by some means obtained intimation in advance
of definate publication concerning the President’s
latest note and had acted upon the plausible theory
that the assumption by the President of such a posi­
tion would go a long way further than the German
Chancellor’s speech and note in bringing eventual
peace out of the present horrifying chaos.
On Thursday extreme demoralization in the local
market for securities, as noted further above, and sym­
pathetic weakness in other domestic financial centres
resulted from the publication of the President’s peace
notes. The situation was further aggravated by the
publication of a remarkable statement by M r. Lan­
sing, our Secretary of State, purporting to furnish
further explanation of the purpose of the notes and
declaring that “ we are drawing nearer to the verge of
war ourselves.” This remarkable statement created
such a spirit .of nervousness and obviously was so
largely responsible for the enormous liquidation of
Stock Exchange securities that immediately took
place, that after a conference with the President,
Mr. Lansing issued (after Stock Exchange hours) a
second statement designed to correct what seemed
a natural interpretation of the first.
Press advices from London yesterday declared that
the British Government will make no statement at the
present in regard to President Wilson’s peace note,

23 68

THE CHRONICLE

considering it a question that can be dealt with onlyin communication with the other members of the
Entente. Announcement to this effect was made in the
House of Commons by Andrew Bonar Law, Chan­
cellor of the Exchequer and government leader in
the House. However, King George, in proroguing
Parliament yesterday until Feb. 7 left no reason to
doubt the unwavering position of the Government.
“ The vigorous prosecution of the war must be our
single endeavor,” he declared, “ until we have vin­
dicated the rights so ruthlessly violated by our enemies
and established the security of Europe on a sure
foundation. M y Government,” the King continued,
after summarizing the nation’s aims in the war,
“ was reconstructed with the sole object of furthering
those aims unaltered and unimpaired.” King George
thanked the House of Commons for “ its unstinted
liberality” in providing funds to cover the burdens
of the war. “ In this sacred cause,” theKing declared,
“ I am assured of the united support of all my peoples.
I pray God may give us his blessing.”
The Duma at Petrograd on Friday of last week
passed unanimously a resolution opposing the ac­
ceptance of the German peace proposals. The
resolution, which is given on a subsequent page, was
adopted after a spirited speech by the Minister of
Foreign Affairs.
The diplomatic developments in connection with
the war have completely overshadowed the military
operations this week. The latter have not been
essentially important, seasonal weather being in
large measure undoubtedly responsible for the
pause. In the Dobrudja region of Rumania where
the Russo-Rumanian forces seem to have turned
upon the invaders, the Teutonic Allies are reported
to have been driven from heights in the region of
Balabanica and Bachkoi and the Russians and
Rumanians are now said to be engaged with them
in a violent battle for other positions along this
line. Later reports indicate another turn in the
tide in favor of the Teutons, however. In Ru­
mania proper the Teutons are advancing along
sides of the Insu-Racovitzeri road, though they
are meeting with steady resistance.
Along the
Pirlita-Stankuca front the Teutonic Allies have
pushed back an advance guard of the defend­
ers.
Otherwise very little of an important na­
ture has occurred, aside from a repulse of German
troops early in the week by which the French re­
gained the entire occupancy of the Chambrettes
Farms northeast of Verdun at about the centre of
the French advance of last week. Prisoners !;aken
in the latest French thrust on the Verdun front are
now said to total more than 11,000 officers and
men. During the night of last Sunday British
airoplanes successfully bombed the enemy’s river
craft west of Kut-el-Amara and later strong recon­
naissances were made to the west of Shumran at the
end of the Tigris. During the last few days, to
quote the British official report, “ the enemy’s po­
sitions about Sannayyat and Kut and his shipping
west of the latter place were heavily bombarded
with satisfactory results. The bridge over the Hai
river near its junction with the Tigris was destroyed
by our fire.” A dispatch from Berlin says that
Field Marshal von Mackensen, responding to a
telegram of Emperor William offering congratula­
tions on the capture of Bucharest, says: “ Bucharest
was one goal but not the final one.” The German



[V ol .

103.

reply to American inquiries regarding the sinking
of the American steamer Columbian which was
torpedoed off the coast of Spain on November 8,
is in brief that the vessel being once released after
having been stopped by a German submarine sent
out wireless warnings of the submarine’s zone of
operations in violation of neutrality. The British
Premier on Tuesday last announced in the House
of Commons that it had been decided to give recog­
nition to the agents of former Premier Venizelos
of Greece. General Joffre on Monday handed
over the command of the French armies of the
north and northeast to Gen. Robert George Nivelle the new Commander-in-Chief. The principal
officers of the Grand Headquarters Staff will re­
main at their post until Gen. Nivelle forms his own
staff.
Advices cabled from London do not indicate any
spectacular results following President Wilson’s note
containing the suggestion of a comparison of the peace
ideas of the various belligerents. The note, however,
did not appear in the English press until yesterday
(Friday) morning, and is not to be printed in Berlin
until to-day. The market for Americans, of course,
was depressed in sympathy with the spectacular weak­
ness in New York. Aside from the President’s note it
was the address on Tuesday by David Lloyd George,
the new Premier, that was the outstanding feature of
the week in British financial circles. The firmness
displayed in the speech seemed to be heartily and
widely endorsed. It is expected, however, that the
general effect on the investment market will eventu­
ally be in the direction of a curtailment of business
and to quote one correspondent, “ there will doubtless
be some selling on the fear that the prevention of
‘ profiteering’ (a newly coined word in England,
meaning the illegitimate profits due to the war)
may involve a raid on legitimate profit taking.
Hence, while the Premier’s speech inspires the most
justifiable optimism its first effects are likely to be
a hesitancy and perhaps a temporary depression of
the markets.”
On Thursday, before President Wilson’s note was
published, the feature of the stock market was a
smart rise of
in the war loan> after a lar8e
business, estimated in some quarters at around
£2,000,000. “ It requires a large order at the pre­
sent time,” says the Associated Press’s London
correspondent, “ to move the price more than
The reason for the rise or the buying orders was not
ascertainable, but it was attributed in part to the
investment of year-end funds and in part to the same
reason which caused the decline in war stocks in
America. French, Italian and Russian bonds also
were marked up.” Another correspondent in Lon­
don, cabling under date Dec. 21, declares “ the
prospect of peace has upset some sections of the
stock market, including war industrials and shipping
shares. Shipping company holders are further
worried lest the new Government control should
reduce the war freight profits. The Japanese stock
panic indicates that peace expectations are the main
element, as also does the strength of the British
war loan and Consols.”
A new list of 160 mobilized “ dollar securities”
subject to the additional income tax of 10% (2s. in
the £) if held by private stockholders has been an­
nounced by the British Treasury. The list includes
Canadian Pacific, a fact which is widely criticised on

Dec. 23 1916.]

THE CHRONICLE

2269

the ground that it leaves the way open for the acquisi­ on this scale.” But the context of his speech shows
tion by foreign interests of the road. A recent that he has never contemplated such a possibility.
issue of the London “ Times” suggests that the British Every one knows that the war cannot continue in­
Treasury has in mind the mobilization of securities definitely at the present rate, but so long as it does
we will be able to finance it without anxiety.
held by British subjectsin the United States as follows:
When the war is over we will be faced with a big
It seems to have been assumed by some that bill, but that is our own affair entirely. The outside
American securities kept in New York by British world need only concern itself with the present posi­
investors cannot be sold or deposited with the tion, which, from our point of view, is perfectly satis­
Treasury owing to the physical possession regulation. factory. As one who has been occupied with the
This assumption is erroneous, for the terms of the study of conditions after the war, I believe that the
declaration of physical possession in the case of only way for us to meet the war bill is for every one
transfers to the Treasury enable securities to be to work harder and increase the rate of production.
accepted, even if they have.not been in physical
The German peace offer is extremely significant
possession in this country, provided they have been coming at the present moment. I am not in favor
in the same ownership continuously since September of refusing it without consideration. M y view is that
1914, and have not been in enemy ownership since it ought to be carefully considered and then, if not
the outbreak of war. A large number of American acceptable, to be answered by Britain with the lat­
securities are held in the United States by British ter’s reasons for its non-acceptance and indications
subjects, and it is the patriotic duty of the holders to of what would be acceptable to Britain and her allies.
sell or lend them to the Treasury. The fact that
the securities may be unstamped will be no bar to
Discounts in London are rather firmer, so far as the
their acceptance by the Treasury. Apparently the attitude of discount houses themselves is concerned,
Treasury prefers to purchase rather than borrow
but rates have not been advanced. The money
securities for which there is a market in New York,
market is slightly firmer owing to increased seasonal
because it is a cheaper and easier method of raising
dollars there, the only expense being that of buying demands, but no stringency of a substantial character
and selling. A greater number of dollars can be has been evident.
raised in New York by using borrowed securities as
The important announcement has been made that
collateral at a smaller outlay than is involved in the weekly sale of remittances to India will be
purchase, but the expense of the borrowing opera­ restricted to definite amounts. This suggests some
tion is greater and much more labor is involved.
Holders of American securities should take care to shortage of silver currency in India, which may inter­
keep themselves informed of the additions which are fere with the financing of export trade, which has
made from time to time to the list of securities to been very active, owing to the prosperous season.
which the Treasury has applied the penal tax. For Prompt remedial measures will doubtless be taken.
as the pressure of offers relaxes new securities are
An increase of all railroad fares in Great Britain of
added to the list of those which the Treasury is willing 50% was announced by the Board of Trade in the
to purchase or borrow.
House of Commons on Wednesday, its object being
Shipping shares as well as shares of coal mining and the restriction of unnecessary traveling in the interest
other industrials have been under pressure in London, of economy. Consols closed at 55_h£, comparing with
owing to the Government’s new policy of national­ 543^ a week ago.
izing these industries— that is to say, bringing their
operations under Government control. The tax on
Evidence appears to be accumulating daily that
excess profits has produced £73,699,000 up to Dec. 16,
Britain is now undertaking in a frank way the com­
according to Andrew Bonar Law, the new Chancellor
plete mobilization of labor and industry as a whole.
of the Exchequer, in a speech on Wednesday in the On Wednesday the President, Prothero, of the Board
House of Commons. The original estimate for the of Agriculture, announced at a Guildhall meeting
full year ending March 31, the Chancellor said, was of farmers that the Government proposes to fix 60
£86,000,000, an amount which he now considers shillings as the contract per quarter of wheat— in
likely to be greatly exceeded. The revenue of the other words, about §15 per eight bushels. Lloyd
United Kingdom for the week was £11,560,000, and George, in his speech on Tuesday, declared that the
the expenditures £61,230,000. Sales of Exchequer new Ministry had decided to take over complete
bonds during the period were £10,025,000. The control of all shipping as they now have control of
amount of ireasuiy Dills outstanding was increased all railways. Recently, it will be recalled, the Welsh
£74,000. Supply bills issued were £30,960,000.
coal mining industry was taken over. The Minister
While the peace proposals, indefinite though they of Shipping in the Cabinet, Sir Joseph Paton Maclay,
are, are being so freely discussed, it hardly is likely will consider the speedy construction of ships to re­
that the British Chancellor will go ahead with plans place the shortage occasioned by the war. The new
for bringing out the new long-term war loan early in Premier also announced the appointment of Lieut.January, as it is understood was the plan of Sir Col. Sir Neville Chamberlain as director of universal
Reginald McKenna, the former Chancellor. The national service. This step he said, had come about
new loan would undoubtedly be a 5% one and would through the new Government determination that
be exchangeable for the bonds representing the old every man be employed on work of national im­
43^% issue. There has been some disposition to mis­ portance, if it were necessary to make a swift answer
construe the new Chancellor’s remarks, to which we to Germany’s national effort— meaning the recent
referred last week, that “ we cannot hope to go on in­ “ Man Power Bill” enacted at Berlin. This plan of
definitely on the present scale, but we can go on long the projected national service has attracted attention
enough to make sure that it will not be from financial in the United Kingdom on a scale only second to the
causes if we fail to obtain victory.” Richard Vassar Lloyd George speech.
Press dispatches state that
Smith, Chairman of Lloyds, the largest bank in Eng­ comment everywhere indicates the readiness of the
land, made the following statement on this subject nation to mobilize. The description of Rowland E.
to the correspondent of the New York “ Tribune:”
Prothero, President of the Board of Agriculture, of
Some people have been perturbed at Bonar Law’s Britain as a beleaguered city, and his dictum, “ the
use of the sentence: “ We cannot go on indefinitely war may be won or lost on our cornfields and potato



2270

THE CHRONICLE

[Vo l .

103.

lands,” are featured as furnishing the keynote to a is made by the Minister of Commerce that only
situation which calls for the utmost national effort. 1,340,000,000 of a total of 4,480,000,000 francs of
The parliamentary correspondents of the newspapers paper benefiting from the moratorium, which was
contribute reports from the lobbies of the broad lines held by the Bank of France in August 1914, remains
of the Government’s scheme, which some say em­ unpaid. Mail advices from Paris give details of new
braces all males of sixteen to sixty and others seven­ taxes proposed in France to care for increased war
teen to fifty-six. The civil conscripts, according to expenditures next year. One tax would assess
these accounts, must place themselves at the disposal mobilizable men not actually performing military
of the State for the duration of the war, and must duty 12 francs each, and also an additional amount,
consent to be transferred to any part of the country graded according to the income tax paid by the
where their services are needed. Filling the ranks person assessed. Another would be a national levy
in the essential war industries, such as shipbuilding, on dogs. Heavier taxes arc planned on mines, clubs,
railroads and mines, will be the first step.
Enroll­ horses and vehicles, incomes, personal estates, traffic
ments will not, however, be confined to manual in alcoholic drinks, and many other things. Prices
workers, and everybody, from the leisure rich down­ are to be raised on tobacco, a Government monopoly,
wards, must either volunteer or eventually be forced and taxes will be laid on the domestic consumption
into national work. The employment will be of coffee, tea, cocoa and condiments. Under the
plan the income tax will be raised from 2 to 5% ,
allotted according to respective capacities.
There is to be a register, in every locality, of war, and the exemption lowered from 5,000 to 3,000 francs.
industrial or productive requirements, which, of The tax on personal estates will be increased from
course, will vary from time to time. A schedule of 4 to 5% .
indispensable and non-essential trades is to be
Pooling of shipping of the Entente Powers to the
drawn up. Non-essential industries will be shut
exclusion of all countries now at war with them is
down without compunction, so that the labor em­
ployed in them may be available for munitions or suggested for the economic struggle expected after
productive industries. War workers are needed to the war by Georges Ancel, a Deputy from Havre.
release fit men for the army, to supply the expanding M . Ancel argues that the benefits of pooling, as illus­
needs of munitions factories, and to help in creating trated by the prosperity of shipping combinations,
national wealth by occupation in productive employ­ should be taken into consideration in connection with
ments. To stimulate the mobility of labor is nearly the rebuilding of the French merchant marine and
as important as to add to the quantity of labor. It in consolidating the position which the Allies have
is estimated that at any given time 40% of the men gained through the blockade of Germany and Aus­
engaged on war work in Great Britain are either idle tria. As soon as the seas are open to her merchant
or not occupied to their full capacity, owing to the fleet, M . Ancel says, Germany naturally will make an
lack of mobility. One of the chief functions of immediate and violent effort to recovei her shipping.
Neville Chamberlain will be to stimulate mobility It is his opinion that she expects discrimination
by transferring men in batches to places where they against her flag in ports of I ranee and Great Biitain,
are most urgently required. In order to reduce the and will endeavor to bring about a union of neutral
housing difficulty to a minimum, power will be taken shipping interests to be pooled with her own to help
to billet war workers in private houses in the localities her to compete under their flags in those ports. To
checkmate this move, M . Ancel proposes the admis­
where they will be employed.
sion of neutral shipping to the pool of the Entente
Very little is passing on the Paris Bourse at the Allies on condition that the neutrals agree not to enter
moment. Germany’s peace proposals have been any combinations with shipping interests flying the
without stimulating influence, and the markets are flag of any nation now at war with the Entente.
merely awaiting the result. Munition stocks have
Official rates at the leading European centres have
been depressed by active liquidation. On the other
remained at 5% in Paris, Vienna and Copenhagen,
hand, the increase by the Chamber of Deputies of
in Italy, Sweden, Portugal and Norway; 6%
the tax on war profits from 50 to G Jq might also
O
in London and Petrograd, and 4 ^ % in Switzerland,
explain the selling on the ground of fears of other
burdens to come. A proposal has been made to Holland and Spain. In London the private bank
for sixtyremove the tariff from metals during the w ai, a plan rate continues to be quoted at
day and ninety-day bills. Cables from Berlin re­
that was suggested at the outbreak of hostilities,
but was opposed by miners and manufacturers who port 4y$% as the nominal private bank rate at that
did not believe that the war would last so long. The centre. No reports have been received by cable of
recent French victory at Verdun has been the source open market rates at other European centres so far
of increased confidence. Copper stocks bioko quite as we have been able to discovci. IVIoncy on call in
severely recently on peace rumors from the United London is still quoted at 4 ^ % .
States, coupled with British restrictions of private
The Bank of England reports an additional decline
purchases of the metal. The approach of the end
in its gold item of £758,124, Note circulation was
of the year and the mid-month settlement, combined
increased £1,267,000; hence the total reserve was re­
with internal politics and the Greek embroglio con­
duced £2,025,000, while the proportion of reserve to
tinued to restrain the market. On Nov. 12 1914
liabilities declined to 20.65%, against 21.70% a
“ adjourned payments” on the accounts of French
banks under the moratorium were 8754,200,000. week ago and 22.70% at this date last year. Public
deposits again decreased £3,931,000, and other de­
On Oct. 5 1916 they had been reduced through
posits £2,481,000. Government securities remain
voluntary liquidation to 8270,600,000. A cable bom
unchanged. Loans (other securities) showed an in­
Paris states that an extension of the moratorium for
1hreadneedlc Stiects
three months from Jan. 1 is provided in a decree crease, namely, £621,000.
gold holdings now stand at £54,347,800, against
published in the “ Journal Officiel.” Announcement



Dec. 23 1916.]

THE CHRONICLE

£51,019,134 in 1915 and £70,378,414 the preceding
year. Reserves total £32,573,000, comparing with
£34,443,000 last year and £52,608,000 in 1914.
Loans aggregate £104,679,000. This compares with
£102,450,000 in 1915 and £103,293,000 two years
ago. The Bank reports as of Dec. 16 the amount of
currency notes outstanding as £126,510,897, against
£124,058,127 last week. The amount of gold held for
the redemption of such notes remains at £28,500,000.
Our special correspondent is no longer able to give
details by cable of the gold movement into and out of
the Bank for the Bank week, inasmuch as the Bank
has discontinued such reports. We append a tabular
statement of comparisons:
BANK OF ENGLAND’S COMP.ARATIVE ST ATEMENT
1916.
1915.
1914.
1913.
1912.
Dec. 20.
Dec. 22.
Dec. 23.
Dec. 24.
Dec. 25.
£

£

£

£

£

Circulation............ 39,224,000 35,097,000 30.220.000 29.361.000
29,272,565
Public deposits----- 53,580,000 53,134,000 37.458.000
9,421,000 12,435,571
Other deposits........ 109,007,000 98,733,000 115.405.000
42.072.000 39,059,033
Govt, securities----- 42,187,000 32,840,000 14.805.000 11.199.000
13,034,568
Other securities----- 104,680,000 102,450,000 103.293.000 35.930.000
36,781,501
Reserve notes’* co in 33,573,000 34,443,000 52.608.000 22.187.000 19,506X02
Coin and bu llion ... 54,347,800 5 1 ,091,134 70,378,404 33,098,465 30,328,567
Proportion of reserve
to liabilities........
20.65%
22.70%
34.41%
43.07%
37.85%
6%
5%
Bank rate................
5%
5%

The Bank of France during the past week trans­
ferred the huge sum of 207,494,375 francs to the
amount of gold standing to its credit abroad, raising
the amount so held from 1,385,185,950 francs, to
1,592,680,325 francs and reducing the amount held by
the institution itself from 3,680,827,775 francs, to
3.483.945.675 francs. In the total holdings of gold
both at home and abroad there was, therefore, a net
increase for the week of 10,612,275 francs, or from
5,066,013,725 francs to 5,076,626,000 francs. Last
year the amount held at this time (all in vault) was
5,070,563,499 francs and in. 1914 4,158,460,879
francs. The gold holdings abroad first became a
feature of the returns on June 8 1916, when the
amount was reported as 69,182,975 francs; now the
aggregate as stated above is 1,592,680,325 francs.
During the same period the amount of gold held by
the Bank has decreased from 4,676,061,938 francs to
3.483.945.675 francs. Combining the two items
we have a net gain in the grand total since June 8
1916 of 331,381,087 francs, or from 4 745 244 913
francs to
5,076,626,000 francs. In thefollowing
table we show the changes week by week in the gold
reserve of the Bank from June 8 1916 to dateGOLD RESERVE OP TH E B A N K OP P R AN C E. ’
t it

;

j

.

W eekending—

„ Bank.

Francs.

Abroad.
Francs

Tnfnl

*"4= M S S i s i s

2 9 --------------4,492,201,097 170,107,636
July 6 ............— 4,498,64.'),443 271.055.668
13 ..........4 ,5 0 4 ,4 8 7 ,3 5 5 271.055.668
2 0 _______4,509,222,283 271.055.668
271.055.668
2 7 . ................4,515,457,548 271.055.668
A ug. 3 ------------ 4,522,135,934 271.055.668
1 0 . . ..............4,426,380,856 371.965.271
17------------ 4,430,175,672 371.965.271
--------------4,335,172,029 472,885,788
„ . --------------4,238,958,193 573.773.871
Sep t. 7 ------------ 4,243,545,828 573.773.871
14 ---------4,247,825,666 573.773.871
2 1 ---------4,152,170,201 674.553.075
28------------ 4,158,198,210 674.553.075
O ot. 5 ------------ 4,165,888,287 674.558.075
12..............--4 ,1 8 1 ,9 7 5 ,8 5 0 674.558.075
19-------------4,211,226,617 674.558.075
26............---4 ,2 4 7 ,4 2 1 ,2 4 7 674.558.075
Nov. 2 . ...............4,115,807,288 876,212,957
9 ................. 4,133,179,615 876,219,95?
16-------------3,944,965,6021,078 038 626
D oc.

23-----------3,957,016,5781,079,072 906
32__......... 3,764,625,4961,280,921 624
7
............. 3,669,587,175 1,385,185 950
14--------------3,680,82 7,7 751,385 ,18 5 ,950
2 1 ...................3,483,945,6751,592,680,325




4,756,918,795
4,763,256,765
4,769,701,111
4,775,543,023
4,780,277,951
4,786,513,216
4,793,191,602
4,798,346,127
4,802,140,943
4,808,057,817
4,812,732,064
4,817,319,699
4,821,599,537
5,826,723,276
4,832,751,285
4,840,446,362
4,856.533,925
4,885,784,692
4,921,979,322
4,992,020,245
5,009,399,572
5,023,004,228
5,036,089,484
5,045,547,120
5,054,773,125
5,066,013,725
5,076,626,000

2271

1 he silver item showed a loss for the week of
8.882.000 francs. Total silver on hand amounts to
304.751.000 francs. This compares with 352,280,­
960 francs in 1915 and 355,951,992 francs the previous
year. Note circulation registered the large increase
of 116,706,000 francs. General deposits expanded
158.398.000 francs, while bills discounted increased
18.770.000 francs and Treasury deposits 4,667,000
francs, although the Bank’s advances declined 13,­
390,000 francs. Note circulation is now 16,500,658,­
000 francs. A year ago the amount was 13,201,110,­
315 francs and in 1914 10,042,899,720 francs. Gen­
eral deposits now stand at 2,180,208,000 francs,
against 2,033,194,876 francs last year and 2,650,596,­
234 francs two years ago. Bills discounted total
594.201.000 francs, which compares with 385,397,­
636 francs in 1915 and 258,305,468 francs the year
preceding. Advances aggregate 1,334,793,000 francs
against 1,161,092,685 francs in 1915 and 745,378,221
in 1914. Treasury deposits are 31,321,000’ francs
Last year they amounted to 362,834,800 francs and
in 1914 to 450,466,780 francs. The figures here given
for 1914 are taken from the annual report of the
Bank for that year, showing its condition as of Dec.
24 1914. Publication of weekly returns was discon­
tinued with the outbreak of the war and was not re­
sumed until Feb. 4 1915.
The weekly statement of the Imperial Bank of
Germany, as of Dec. 15, shows the following changes:
Total coin and bullion increased 308,000 marks;
gold increased 114,000 marks; Treasury notes'
decreased 35,973,000 marks; notes of other banks
increased 2,502,000 marks; bills discounted showed
the substantial reduction of 63,121,000 marks;
advances increased 1,328,000 marks; investments
declined 2,120,000 marks; other securities were in­
creased 82,481,000 marks; notes in circulation
registered an expansion of 69,639,000 marks; deposits
were reduced 128,687,000 marks, while other liabili­
ties increased 44,453,000 marks. Total gold holdings
aggregate 2,518,872,000 marks, as against 2,437,­
768,000 marks a year ago, and 2,051,999,000 marks
in 1914.

The local money situation may be considered to
have resumed nearly normal conditions. The clos­
ing of the year and the preparation for the January
disbursements usually exercise a more or less stimu­
lative influence upon call money rates. This proba­
bly explains the reason demand rates have touched
as high as 5% this week. On the other hand the
enormous liquidation that has been such an outstand­
ing feature of the stock market has unquestionably
released a large volume of funds and as there seems
no present likelihood of a resumption of an active
investment demand or of speculation in anticipation
ol higher prices the prospects appear fairly encourag­
ing for an easy money situation during the earlier
months of the new year. The developments in the
direction of peace will also be likely to exert a specific
influence. In the event of a termination of hostili­
ties coming within the zone of reasonable expecta­
tion the view seems to be widely held that there will
be a slowing down of business activity which would
of course carry with it a corresponding reduction
in the demand for banking accommodation. Since
the Reserve Board issued its warning against the
banks investing in foreign treasury bills there has
been little real talk of floating large additional foreign

THE CHRONICLE

2212

[Vo l .

103.

Chicago.

Richmond.

Boston.

loans at this centre. Some rumors have been cur­ a favorable one and again showed a substantial in­
rent of a new Anglo-French loan. Bankers, however, crease in reserves. There was an increase in loans of
who would undoubtedly be associated with negotia­ only $11,972,000 and net demand deposits registered
tions of this character deny specifically that there has the large expansion of $45,928,000, although net time
been anything definite attempted or that even pio- deposits decreased $276,000. Reserves in “ own
liminary conversations have taken place. Mean­ vaults” were increased $13,827,000 to $427,164,000,
of which $360,609,000 is specie. Last year the
while gold continues to come freely from Canada.
amount in own vaults was $503,150,000, including
Referring specifically to money rates, call loans
$445,760,000 in specie. Reserves in Federal Reserve
this week covered a range of 2 @ 5 % , which com­
vaults also expanded, namely $13,581,000, and now
pares with 3 M @ 1 0 % last week. Monday 5 % was
total $179,659,000, comparing with $161,261,000 in
the high, 3% % low and 4 y 2% ruling. On Tuesday
Reserves in other depositories were expanded
4 )£ @ 4 )4 % was the range for the day and 4 )4 % the 1915.
$1,294,000 to $55,044,000, against $55,241,000 last
basis for renewals. Wednesday the minimum was
4 % and 4*4% the high and ruling quotation. On year. Note circulation increased $65,000. The ag­
gregate reserves were increased $28,/02,000, biinging
Thursday the maximum moved up to 5% with 4 %
the low and renewal basis. Friday’s range was the total to $661,867,000, as compared with $719,­
still 2 @ 4 % and renewals at 3 % .
Fixed maturi­ 652,000 at the corresponding date a year ago, while
ties were firm, despite the issuance of anothci the surplus reserve gained $20,656,480 and stands at
favorable bank statement last Saturday. Prospects $94,447,320. This compares with an excess reserve
of the forthcoming heavy demands for funds at the of $158,858,300 in 1915. As a result of the expan­
turn of the year, served as a deterrent upon the sion in deposits, reserve requirements this week weie
operations of lenders, and quotations remained at increased $8,045,520.
last week’s levels of 4 ^ @ 4 ) 4 % for sixty and ninety
Sterling exchange continues to occupy the same ar­
days and 4 @ 4 ^ % for four, five and six months’
bitrary position that has been its feature foi many
funds. A year ago sixty-day money was quoted
months. Rates have fluctuated very slightly and with­
at 2J 4@ 2l % , ninety days at 23
A
dj@ 2% % , four
and five months’ at 2 % @ 3 % and six months at out any real regard for the demand or supply of bills.
3 % . Mercantile paper continues in good demand There is, of course, a notable absence this season of the
with business still restricted by inadequate offerings. demand for remittances usually associated with the
Sixty and ninety days’ endorsed bills receivable entrance of the new year. So many securities have
been returned to our side of the Atlantic that the icand six months’ single names of choice character con­
mittances on account of dividends and coupons is
tinue to be quoted at 3 % @ 4 % . Names not so^well
a more or less negligible quantity, and as such a laige
known still require 4 % . Banks’ and bankers’ ac­
portion of American securities that have not already
ceptances are quoted as follows:
Delivery been sold are in the hands of the British Treasury, it
-------------Spot Delivery-----------within
Ninety
Sixty
Thirty
30 Days. is not improbable that the entire mattei of the Janu­
Days.
Days.
Days.
3K @2K 3K @ 2K 3K @ 3K
ary payments is in the hands of J. P. Morgan & Co.,
Eligible member bunks........ ............. — 3 K @ 3
3K@3K
3K@3
3K @ 3
Eligible non-member b ills--.................... 3K @ 3 K
Exports
4K@3J.ii 4 K @ 3 K 4 K ® 3 Yx the Treasury’s agents in our own country.
Ineligible bills........................................... ® 3^
There has been no change in rates by any of the of merchandise continue to go forward on a large
Federal Reserve banks during the week as far as scale. The gold movement has included imports
from Canada of $14,700,000 at New York and $9,­
our knowledge goes. Prevailing rates for the
700,000 at Philadelphia, while $500,000 was ex­
various classes of paper are shown in the following.
ported to Cuba. On Dec. 21 the New York Sub­
Treasury transferred $700,000 gold to New Orleans,
6
3
*3
I presumably for export.
At
1
classes
3
55
1
a
2
OF
3
Comparing with Friday of the week previous,
N
c
2
i<3
3
3
1
C
8
<3
•3
sterling exchange on Saturday was a shade easier
*3
S3
5
8
I
and demand reacted to 4 7560@4 7570 and cable
Commercial Paper—
transfers to 4 76 7-16; sixty days remained at 4 71
4
4
3K 3
3K 3K 4
1 to 15
@ 4 72. On Monday the general disposition appeared
11 to 30
4
4
4
4
4
4
4
15 to 30
4
4K 4
4
4
4
4
4
4M 4
to be to await the British Premier’s reply to Ger­
31 to 60
4K 4K 4
4
4K 4
4
4
4K 4
4
61 to 00
many’s proffer of peace before entering into new com­
Agricultural and
Live-Stock Paper—
6
4K
6
4K 5
4K 6
4K 5
5
01 days to 6 months maturity 5
mitments, and the volume of trading was small; ner­
Promissory Notes of Member
Banks—
vousness and irregularity marked the days opeia4
4
3H
3
4
3K 3K 3K 3K 3K 3
1 to 15 (lays maturity........ 4
tions, with declines to 4 75)4 for demand and 4 71%
Trade Acceptances—
3K
3K 4
3K 3K 3K 3
3K 3K 3M 3
1 to 30 days maturity3 >4
for sixty days; cable transfers remained at 4 76 7-16.
3)4 4
3K 3K 3
3% 3K 3K 3K 3H
31 to 60
'•
“
3)4
3K 3 K 3 K 3H 3K 4
3K 3K 3K 4
61 to 90
"
”
Sterling rates again showed weakness on 1 uesday and
Commodity Paper—
3
3
3K 4
fractional recessions followed the publication of Mr.
3K 3
3K
4
1 to 30 days maturity__ 3 3)4 4 3
3M 3
13V
4
31 to 60
“
“
3
3K 4
Lloyd George’s speech in Parliament, which, while
3 y. 3
3y
4 "
61 to 90
“
“
-------- .
leaving the way open for further discussion, was not
looked upon as indicating an early cessation of hos­
RESERVE BANKS.
Bankers Acceptances.—Authorized discount rate tor all Federal Reserve banks:
tilities; demand bills declined to 4 75 7-16@4 7545,
minimum, 2% ; maximum. 4% .
and sixty days to 4 71 11-16, although cable trans­
fers continued pegged at 4 76 7-16. On Wednesday
Federal Reserve Bank; 3 % to 4% .
Commercial Paper.— Bills purchased In open market by Dallas Federal Reserve
the arrival of more gold from Canada and renewed
Bank; 3 to 6% .
Bills of Exchange.— fi\\ purchased In open market by Atlanta Federal Reserve buying of cables by the fiscal agents of the British
\a
Bank; 3K t o 5 K % .
Bills With or Without Member Bank Endorsement.— Bills with maturities of 90 day* Treasury served to bring about a firmer tone, al­
or fess*puro as d In open market by St. Louis Federal Reserve Bank; 2 to 4% .
though actual quotations were practically unchanged,
Last Saturday’s bank statement of New York
demand ranged at 4 75 7-16@4 75% , while cable
Clearing House members, which will be found in
transfers and sixty days were still quoted at 4 76 7-16
more complete form on a later page of this issue, was

j& ssrsss& JS^v& s& Bsnisi




Dec. 23 1916.]

THE CHRONICLE

2273

and 4 71 11-16. Peace talk was the chief influence
lost $2,918,000 net in cash as a result of the cur­
in Thursday’s market, which showed increased firm­
rency movements for the week ending Dec. 22.
ness; cable transfers did not get above 4 76 7-16 anc
Their receipts from the interior have aggregated
sixty days 4 71 11-16, but demand was slightly higher
$7,083,000, while the shipments have reached
at 4 75 7-16@4 7545. On Friday the market ruler
$10,001,000. Adding the Sub-Treasury and Fed­
dull and slightly easier. Closing quotations were
eral Reserve operations and the gold imports,
4 71 11-16 for sixty days, 4 75 7-16 for demand
which together occasioned a gain of $17,946,000,
and 4 76 7-16 for cable transfers.
Commercial
the combined result of the flow of money into
sight finished at 4 7534, sixty days at 4 70 13-16
and out of the New York banks for the week ap­
@ 4 70% , ninety days at 4 68% , documents for
pears to have been a gain of $15,028,000, as fol­
payment (sixty days) at 4 70 13-16@4 70% , and lows:
seven-day grain bills at 4 74% . Cotton and grain
for payment closed at 4 75%.
Into
Out of
Net Change in
Week ending Dee. 22.
Banks.
Banks.
Bank Holdings.
In the Continental exchanges this week’s move­ Banks’ Interior movement.
$7,083,000 $10,001,000 Loss $2,918,000
ments have been erratic and widespread, as a result Sub.-Treas.& F . H . oper. & gold Jmpt. 47,739.000 29,793,000 Gain 17,946,000
T o ta l.............
$54,822,000 $39,794,000 Gain $15,028,000
of the stirring events which have been transpiring. ------------------------------- --------------------------------------"
Considerable hesitation was evident pending the .
-------------- ucuyic iiiu iu a u c s on e
announcement of Premier Lloyd George’s speech in m the principal European banks:
Parliament, replying to the German peace proposals,
D ecf 21 1916.
Dec. 23 1915.
following which weakness developed with declines Banks of
Gold.
| Silver. | Total. '
Gold.
| Silver. | Total.
to as low as 71 for reichsmarks and 11.50 for Austrian
£
£
1
£
£
England.. 54,347.800
kronen, while Italian lire tumbled to 6.92% , another Francea.. 139,357,827
54,347,8001 51,091,134
- - - ........ 51,091,134
11,963,680 151,321,507
Germany. 125,943,600
826,100
new low record. Subsequently, however, there was Russia * .. 146,510,000 10.523.000 ,126.769,700 202,822,520 14,091,240.216,913,760
122,066,450 1.749,500,123.815,950
,157,033,000 160,815,000 2,855,000,163,670,000
Aus-Ilun.c
12.140.000
a sharp rebound, and sight bills on Berlin rallied to Spain___ 51.578.000 29.670.000 63.718.000 51.578.000 12,140,000; 63.718.000
48.815.000
78.485.000 34.406.000
64,523,000
Italy____
75% and kronen to 12.25. Before the close how­ Netherl’ds 35.972.000 2,924,000 38.896.000 45.251.000 30.117.000; 49,678,000
48.677.000
571,200 49,248,200 35.659.000 4,427,000;
Nat.Bel.h 15.380.000
ever a moderate reaction took place. Operations of Swltz’iand 12,801,100 600,000 15.980.000 15.380.000 334,700 35.393,700
600.000 15,980.000
12,801,100 9,949,200
Sweden . .
speculative interests were held to be partly responsi­ Denmaik. 10.157.000 VoV.ooo 10.157.000 0.297,000 .............. 1 9,949,200
-----------6,297.000
8.076.000
8.183.000 5.917.000
247.000 6,164,000
6.064.000 3.659.000
ble for the violent fluctuations in German and N orw ay.. 6.064.000
.............. [ 3,659.000
Tot. week.
G9.324,980| 773,004,307
Austrian exchange. Lire shared in the general Prev.week 703,679,327 09,815,5151 782,818,550 744,291,304 60,561,440810,852,744
713,003,035
740,988,842 60,739,230807,728,072
early strength, and reacted to 6.87, with the close
are cxcluslve
£63.707,213
reactionary. Rubles moved more or less in sym­ held abroad----* ™ e goId hohlinga ol the Bank of Russia for both years In the above statement
pathy with the other exchanges, though not specially 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.
active. Francs were firmly held and practically
unaffected by current developments. Demand bills
on Berlin finished at 73% against 73% and 74 last
GERMANY, THE ENTENTE POWERS A N D
week.
Kronen closed at 11.95, compared with
AM ERICA.
13.30 a week ago. The sterling check rate on Paris
The two historic events of the present week have
has remained at 27.81%, the previous close. In
unquestionably been the speech of Lloyd George to
New York sight bills on the French centre closed at
Parliament, on Tuesday, in answer to the German
5 84% , against 5 83% ; cables at 5 83% , against
note, and President Wilson’s note to the belligerents,
5 82% ; commercial sight at 5 85% , against 5 84
dated M onday but not made public until Wednesday
and commercial sixty-days at 5 89% , against 5 8 8 % ’
night. These two important documents must be
on Friday of last week. Rubles finished at 30 30 ’
considered each in the light of the other. Lloyd
This compares with 30.25 the week preceding. Lire
George’s speech has been awaited with an intensity of
closed at 6 88 for bankers’ sight and 6 87% for cables
interest which has probably attached to no public
as against 6 69 and 6 68% last week.
'
utterance of the kind since Sir Edward Grey’s speech
Ih e neutral exchanges were irregular, though
to Parliament on Aug. 3 1914, announcing Great
relatively firm, and reflected in some measure the
Britain’s decision to participate in the war.
course of events in the warring countries. Swiss
The new British Premier showed evidence that he
exchange continued active and strong. Scandi­
fully recognized the immense responsibility devolv­
navian rates were firmer, while Spanish pesetas
ing on him. “ I appear before the House of Com­
remain at the high levels of the previous week.
mons to-day,” he began by declaring, “ with the most
Guilders ruled steady.
Bankers’ sight on Am­
terrible responsibility that can fall upon the shoulders
sterdam finished at 40% , against 40% ; cables
ofanylivingman.” Taking up the German peace over­
at 40 15-16, against 40 15-16; commercial ’ sight at
ture as it stands, Mr. Lloyd George next gave hearty
40 11-16, against 40 11-16, and commercial sight at
endorsement to the statements already made regard­
40 11-16, against 40% a week ago. Swiss exchange
ing it by France and Russia. Since this referred to
closed at 5 04 for bankers’ sight and 5 03 for cables
the declaration of the Russian Foreign Office that
comparing with 5 03 and 5 01 last week. Greek ex­
“ Russia cannot speak of peace with an opponent who
change (which may still be classed as neutral) has
has proclaimed himself the victor,” and that the
been advanced to 5.12% , against 5.12, the previous
German note, except as an effort to impress neutrals,
quotation. Copenhagen checks finished at 27.00
“ does not merit serious consideration,” and since
against 27.00. Checks on Norway closed at 27 8 o’
Bnand had said to the Deputies at Paris that the
which compares-with 28.00 and checks on Sweden
German proposal was merely a “ snare,” the Premier’s
finished at 29.40, as against 28.90 on Friday of last
exordium appeared on first reading to promise an
week. Spanish pesetas closed at 21.00. This com­
unqualified refusal even to listen to Germany.
pares with 20.60 the week preceding.
This impression was partly emphasized by Lloyd
George s citation from Lincoln’s statement during
The New York Clearing House banks, in their
our own Civil War, that “ we accepted the war for an
operations with interior banking institutions, have
object, a worthy object,” that “ the war will end when



1

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:

THE CHRONICLE

[Vol . 103.

The position thus created was unquestionably
that object is attained,” and that “ under God I hope
difficult, and the outlook doubtful. At precisely
it will never end until that time.” “ There has been,” ,
Lloyd George went on to say, “ some talk about the this juncture, and in advance of the formal declara­
tion of the Entente Allies, came President Wilson’s
proposals of peace. What are those proposals:
He answers, “ There are none,” and states that to note to all the belligerents. The salient statements
enter under such circumstances into a conference of this document were that the President’s note
would be “ putting our heads into a noose with the was in no way connected in its origin with the over­
tures of the Central Powers; that it had been pre­
rope end in the hands of the Germans.’
Was there then left no field for possible negotia­ pared before those overtures were made; that the
tion? Lloyd George’s next statement qualified con­ President suggests the seeking of an early occasion
siderably in this respect what had gone before. “ We “ to call out from all the nations now at war such
feel,” he continued, that “ we ought to know, before an avowal of their respective views, as to the terms
we give favorable consideration to such an invitation, upon which the war might be concluded and the
that Germany is prepared to accede to the only terms arrangements which would be deemed satisfactory
on which it is possible for peace to be obtained and as a guaranty against its renewal or the kindling
maintained in Europe.” Those terms the Allies had of any similar conflict in the future, as would make
already stated, through responsible Ministers. As to it possible frankly to compare them.” The President
what they were, Lloyd George continued, and so declares himself “ indifferent as to the means taken
that there shall be no mistakes (and it is impoitant to accomplish this,” though “ he would be happy
that there should be no mistake in a matter of the himself to serve, or even to take the initiative in
life or death of millions), let me say complete its accomplishment, in any way that might prove
restitution, full reparation, and effectual guaran­ acceptable.”
This position is ostensibly taken on the general
tees.”
, .
ground of humanity, and on the specific diplomatic
Did the Chancellor’s speech convey any intima­
tion of these terms, or of any others? The Premier ground that the interests of the United States are
answers, No. “ The very substance and style of vitally concerned in the war. The question neces­
the speech constituted a denial of peace on the only sarily arises at once, was the President’s action
terms on which peace is possible.” In particular, wise and timely or unwise and complicating to the
the speech “ resounds with the boast of the Prussian entire peace negotiation? It cannot be doubted
military triumph; the very appeal for peace was that the prevailing sentiment in the United States
delivered ostentatiously from the triumphal chariot favored our Government’s refraining from any
of Prussian militarism.” But what then is to be word of recommendation pending the statement
England’s attitude? “ We will therefore wait until of the Entente Allies. If construed by any bellig­
we hear what terms and guarantees the German erent as interference, his action might conceivably
Government offers other than those, better than embitter controversy and harden obstinacy— much
those, surer than those, which she so lightly as did the overtures of the French Government in
the line of mediation during our Civil War.
broke.”
The President, however, distinctly repudiates the
The reply of the Allies, which will be a concerted
intention either of mediation or of a direct request
document, has not yet been given at this writing.
Awaiting that declaration, these inferences are plain for peace. He “ is not proposing peace; he is not even
enough: first, that neither England or her allies offering mediation.” He reiterates at the end of the
would consider the German note or consent to a note that his purpose is merely to provide occasion for
conference without first learning Germany’s own both sides to state their terms. On this basis it is
terms; second, that preliminary ultimatum of the argued, by those approving the President’s action,
Allies would require not only return of the occupied that his note might remove technical diplomatic
territories, but also some reparation, presumably difficulties which would surround frank statement of
financial, whose nature and character are left un­ terms to one another by the opposing parties.
stated, but which will be assumed by most people Whereas circumstances might easily arise, with the
as applying to Belgium and berbia, and possibly matter left entirely to the belligerent Powers, for
to France; third, some provision, equally indefinate, breaking off the whole negotiation before either side
whereby repetition of such past actions and policies had made definite proposals, the President’s sugges­
of Germany as brought on the present war, could tion, it was argued, left at least an opening whereby
each side might communicate its terms to a neutral
be absolutely prevented.
.
It was obvious at the start that these require­ Government without cither party being in any way
ments, especially as stated, really amount to heads further committed as to conference or negotiation.
On general principles, there might be much to say
of controversy. Therefore the reasonable inference
for such an attitude by our Government. But it
from this sufficiently vague outline of counter­
proposals was that under certain circumstances must also be remembered that general principles do
negotiations might be possible, but only when Ger­ not of themselves dictate correct procedure in inter­
many’s own terms should be clearly stated. This, national communications of this sort, that is de­
however, left the situation in great doubt. Several termined, first by the established usages of diplomacy
results seemed possible— refusal of Germany to and second by the particular circumstances of the
submit the proposals unless a conference were agreed hour. The strongest argument against the Presi­
to and consequent rejection of the whole German dent’s note is that diplomatic usage pretty consistplan by the Allies; publication of the German pro­ entlv prescribes that such a communication, urging
posals followed by outright and final rejection of a special course of action on opposing foieign bel­
them by the Allies, or reply of the Allies to the ! ligerents, should be publicly resorted to only with the
German proposals by submitting the minimum previous assent of both belligerent parties, anti that
terms of the Allies, with such consequences as must the special circumstances of the moment were that
those parties already had their mutual relations under
be left to conjecture.



D ec 23 1916.]

THE CHRONICLE

2215

advisement, with a view to formal statement of their
policies, without any request by both of them for a BUSINESS M EN URGE RESTORING THE RAIL­
neutral's action in the matter.
W AYS AS AGENCIES OF PROSPERITY.
We do not overlook the President's further state­
I he Railway Business Association is sending out a
ment that our own neutral interests have been “ most bulletin (Form B 258) containing a “ Declaration by
seiiously affected by the war," and that our concern Business Men of a number of proposed methods of
for the war’s termination is inspired by the need of restoring the railways as an agency of national
determining “ how best to safeguard those interests, prosperity. If he approves these methods, the
if the war is to continue." Yet it cannot be over­ lccipient is asked to so state on a postal card in­
looked that precisely the same language might have closed and to use other cards inclosed for calling more
been addressed by the British Government to the direct attention of such Congressmen as he chooses
United States in 1862 or 1863 or 1864— a time when to the subject.
at least the material interests of Great Britain, espe­
I he declaration," which is a condensation of a
cially the supply of raw material for her textile indus­ bulletin concerning “ Congress and the Railways,"
try, were “ seriously affected” in a manner which is of great interest, and may be commended with
contrasted absolutely with this war's effect on the very slight qualification, except that to speak of
material interests of America. But every American
proposed methods for restoring the railways as
knows how our people then would have regarded a an agency of national prosperity" seems somewhat
public expression of official England's wish that the
too pessimistic. They are not yet lost; if we as­
peace discussions" with Confederate envoys at sume that a situation of menace may be a condition
Niagara Falls or Hampton Roads should be made the piecedent to safety by arousing recognition of dan­
basis of Mr. Lincoln's policy.
ger, we might almost say, paradoxically, that they
There remains the further intimation of Mr. Wil­ are not in danger. We should prefer, instead of
son's note, that the situation of neutrals, in relation
lestoiing, to declare the need and timeliness of
to the belligerents, was fast becoming intolerable. seeking methods of preserving and enlarging them
But if the whole case of the note were rested on this,
as an indispensable agency in both national pros­
it would be a diplomatic incident such as would have perity and national existence.
been an urgent suggestion by President Madison to
The declaration says, first, that improvement
Napoleon and the British Ministry in 1809 or 1810,
of existing and construction of new lines have been
that they make peace because of the intolerable dif­
seriously retarded. This is merely stating the most
ficulties caused by war to the foreign relations of the
obvious industrial and commercial fact of the times,
United States. The obstacles in the way of any use­
and one matched in importance only by the neces­
ful adoption of such an attitude were quickly shown,
sity of bringing about conservation of wastes.
this week, by the extraordinary series of statements
Second, “ transportation development, primarily
put out on Thursday by Secretary Lansing; of which
oi commercial and agricultural purposes, is the
the first asserted that “ we arc drawing nearer to the
foundation of transportation for defense." This
verge of war ourselves, and therefore are entitled to
is absolutely and unqualifiedly true, and it could
know exactly what each belligerent seeks, in order
not be better stated. With the demonstration
that we may regulate our conduct in the future,"
before our eyes of the immeasurable service of her
and of which the second, issued three hours later
rail lines to Germany’s gigantic military campaign,
feebly declared, “ I did not intend to intimate that
it is incomprehensible how any thinking person can
the Government was considering any change .in its
miss the lesson. Transportation is the first letter
policy of neutrality,” and “ I regret that my words
in any effective national defense and preparedness;
were open to any other construction, as I now real­
there is nothing in sight to show that the rail will
ize that they were."
.
not continue to be the first letter in effective trans­
When the responsible Foreign Secretary of the G ov­
porting; and any lines not primarily or chiefly use­
ernment gives out a public statement, in the face of
ful for the purposes of peace could be of slight value
both America and Europe, which might mean that
for those of war. If this country needs an effective
this country, being almost dragged into the war was
and stable condition of preparedness as a means
deliberating which side to support if we should come
and warrant of the long peace for which we are all
m, and when he forthwith had to apologize with eoual
anxiously looking (and the events of this year, we
publicity for having said what he did not mean it is
must admit, have been tending to somewhat dis­
a fair presumption that the fault lay largely with the
turb those of us who have honestly doubted the
diplomacy which occasioned those amazing utter­
necessity of any preparation) then it is impossible
ances. Whether and how far the other aspects of the
to lay too much emphasis upon the necessity of
President’s note to the belligerents— its appeal to
regarding the railways as in the first rank and of
humanity, and its indirect proffer of American help,
seeing that they both thrive and grow.
if desired, to unravel a mere diplomatic deadlock and
fluid, the declaration says that rail development
entanglement as to beginning peace negotiations__
has ceased because of “ the belief of investors that
may make our Government an actual factor in the
governmental influences will keep railway earnings
further negotiations— it is impossible yet to say.
too low in proportion to inescapable railway ex­
Events move so quickly nowadays that prediction in
penses. This has. been often said, and it is un­
such matters is always hazardous. German approval
qualifiedly true. Railway financing in the last
of Mr. W iison s action has been prompt and emphatic'
lew years has been done as the circumstances per­
but then it is Germany which is publicly suing for
mitted, not as was desirable; there is no certainty
peace, on terms as yet unknown. The signs of the
of long continuance of the present rate of earnings,
moment do not indicate any enthusiastic reception of
and even if there were such certainty it would fur­
the I resident’s suggestions by the Allies. What will
nish no warrant that burdens and troubles would
come later, we shall hardly know until the European
not continue with at least an equal step; moreover,
diplomatic situation has developed further.
the “ governmental influences" do not asjyetfgive



2376

THE CHRONICLE

any indications upon which tho private investoi

[Vol. 103.

Congress may or may not “ want to know” what
the most substantial part of the country thinks, but
Congress needs to know and should be made to
know. Leaving it to surmise will not answer the
purpose. The country should now speak, and
with no uncertainty in either earnestness or mean­
ing. This is a time for investigation that comes
to definite knowledge and rational action. The
Railway Business Association does well in urging
thinking persons to make themselves heard.

can safely rely.
#
.
Declarations four, five and six say that reorganiz­
ing railway supervision rests mainly on Congress, that
“ incorporation and the regulation of secuiity is
sues should be F ederal/’ and that “ supervision of
rates which affect inter-State commerce should
be made Federal by statute.” The first of these
three only states an obvious fact; there has been
considerable public expression (some of it quite
weighty) towards the second of these; the thiu
THE PROBLEM OF FOOD.
agrees with the trend of court decisions to the effect
It is an interesting circumstance that the action
that Federal must be paramount over State authority
by which the Government in England is to
on this subject.
assume such degree of control over the supply and
Propositions seven and nine are that power to
distribution of food as may be found necessary seems
fix minimum as well as maximum rates should be
to have been anticipated by Mr. H. G. Wells in
given the Inter-State Commerce Commission, and
a little book on “ The war that will end war,” written
that Congress should authorize “ regional sub-com­
early in the autumn of 1914. In a chapter entitled
missions,” subordinate to the present general one,
“ Hands off the people’s food,” this well-known
“ and exercising administrative jurisdiction over
writer vigorously condemned the selfish rush to lay
areas corresponding to traffic movement.
Whethci
in food supplies beyond present needs, laigely by the
it is wise to accept these in even such general form
class whom he called “ automobile-driving Villadom.
may be still open to question, but there can be no
At that time the rush for private provisioning and
reasonable unwillingness to have them brought
private speculation, and the needless anticipatory
forward into the reach of light and scrutiny. As
raising of prices, was resisted and checked, in a
for the remaining proposition that there should lie
helpful and suggestive degree, by the action of the
a distinct declaration of a governmental policy and
co-operative societies, which thus gave a lesson upon
intention “ to permit such rate systems as will yield
their value in emergencies as well as ordinarily. As
to the roads revenue sufficient to perform adequate
we have learned in this country, it needs only a hint
service and to attract investments for improve­
of forthcoming trouble to start an upward movement
ments and extensions,” this should be done, pre­
in necessaries; as Senator Stone, of Missouri, un­
ferably by statute, but certainly by some unmis­
wittingly testified in September, “ the very threat of a
takable commitment which the world cannot mis­
general strike” set food prices on a jump.
understand. Here lies the main crux of the matter.
5 Mr. Wells urged requisitioning all excessive private
There has been no declaration against such ade­
stores, and he seemed to hint at Sir lliom as Lipton
quate rates, but there has been none for them; the
and Lord Devonshire, whom he mentioned to com­
grinding between the two millstones of dcci easing
mend their semi-public position as to food, as possible
rates and increasing expenses has gone on without
candidates for the difficult undertaking, and one of
coherent plan or distinct announcement, until we
have arrived where we are; it is an unsatisfactory those is now talked of.
This action regards the food supply as a war
and menacing condition, with no warrant of soon
problem, which it certainly is, and the English press
turning away from it or even of recognizing it.
commend it almost unanimously, regretting that it
From a condition some forty or more years back,
was not undertaken long ago as a precautionary
in which railways were so eagerly wanted and wooed
measure. A limiting of meals in restaurants to three
that hardly any inducement that might bring them
courses will apparently count less in real service than
was deemed worth hesitating over, we have drifted
the regulation of the percentage of flour which may
to another extreme in which they are misunder­
be milled from wheat and the possible prohibition
stood, underrated, suspected, or actually attacked
_
.
as burdens on prosperity instead of contributing of “ sweets.”
Some regulation, of preparing and using lood
to it. What errors may have been committed in
materials at least, if not also of their supply, would
the former time, on either side, are no excuse for
not be unsuitable in this country also, provided it
errors now and are powerless to either atone foi
can be made voluntary by a course of education on
or mollify them. The “ Chronicle” has sometimes
the subject instead of adding another to the alieady
used figures of speech and has cited old fables still
toppling load of Government paternalistic under­
good to illustrate the intimate industrial relation
takings. As truly, although less forcibly, the problem
of railways to ourselves; but if any man will onl>
of subsistence has become a war measuic lieic as in
set his imagination at conceiving the state of the
Europe. “ War bread” has an unpleasant sound as a
country and of his own little circle in it, at.tho end
term, yet it is more than possible that such a bicad
of say six days of total cessation of all tiain move­
might be really a better bread. I he dieting cxpciiment, he will not need any fables to make him see
ment on a dozen selected subjects in Chicago (not
how closely the lines of rail are like the veins and
the first experiment of its kind) aims to prove that
arteries of his body.
an adult can live healthfully and well at not over
The document which is the occasion of these re­
40 cents a day, and is at least interesting; but there is
marks contains several pages of names of business
a very old precedent recorded in the Book of Daniel,
men and corporations in the country that have
when that young man asked the chief eunuch to
already signed the “ declaration,” and one sentence
“ prove” him and his three companions by a diet of
prefixed is worth noting: “ Hearings by a joint com­
“ pulse to eat and water to drink and then judge
mittee of Congress are now in progress; what
whether their “ countenances” were not better, at the
Congress wants to know is what business men
end of ten days, than those who ate “ of the portion
think.”



D ec. 23 1916.]

THE CHRONICLE

of the king’s meat.” The test was a triumph for
Daniel; at the end of the trial “ their countenances
appeared fairer and fatter in flesh” than those of all
who shared the luxurious diet. The “ meat” was
obviously a generic term for everything which the
gustatory nerves might fancy, as the “ pulse” was
generic for one class of vegetables; but the lesson is
still good, and undoubtedly the whole of the vege­
table, and nor merely some fashionably chosen part,
went to demonstration in the “ countenances” of the
youths.
.
Custom has long preferred white bread, just as
long habit has wasted bread and all other food. We
have not learned yet that all the cereals can be
utilized to the last crumb and that we are a nation
of wasters. We burn several hundred millions of
property annually which care might save; we fritter
away our time and energies in quarreling, through
strikes and other forms of defiance of rudimentary
natural laws; and our domestic economy is so widely
removed from economical that it is hardly extrava­
gant to say, as a general proposition, that the Ameri­
can family, by ignorance in the ranks of the poorer,
and combined ignorance and thoughtless neglect on
the part of the wealthier, wastes enough food to
nearly support one other family of average size if the
waste could be properly turned to service. If this
statement seems extravagant, consider the general
ignorance in buying meat, for one example; the
“ back-door” through which goes a stream of waste in
most public or domestic establishments; the assumed
helplessness of the mistress who pays the bills and
the indifference of the servant who never sees them
or possibly extracts a percentage from them; the
disregard of all that is contemptuously regarded as
“ leftover;” the general habit of pleasing the mouth
rather than consulting the peace of the stomach, and
so on.
The abundance of our dower of material resources
has led us into this bad habit; we have wasted our
forests, have scratched our soil instead of really
tilling it, and have acted on the assumption that any
care would be superfluous trouble when we had so
much of everything. A change has come to this
seductive abundance. Undoubtedly we do noed
more tilling of the soil, together with the better tilling
which alone is needed to greatly increase productive
yield; but we also need, and perhaps more seriously,
to bend intelligently and heartily to creating a
national habit of conservation. We can begin this
now and at home, by studying for better subsistence
without increase of outlay, while prices are pushed
upward, partly by relative scarcity and swollen de­
mand, and partly by the union of fear with specula­
tion. We need not talk of “ embargoes” ; the em­
bargo really needed is an embargo on inefficiency and
waste, which are rooted in combined ignorance and
indifference.
This is one of the lessons the supreme conflict can
teach us; ultimately, it may be one of the blessings
for mankind obtained by such awful cost. Shall we
ask, or expect, or wait for, some compulsory step
by government, some of the usual investigations, or
for government to teach us how and get us started?
When government assumes to teach efficiency and
thrift, it is like the turtle setting up a school of avia­
tion. We need no governmental compulsion as yet,
nor even governmental instruction, except that pos­
sibly some of the bureaus which have been multiplied
so may be able to make some suggestions not already




2277

generally known. Instead of grumbling at the
farmer, the middleman, or the retailer, every one of
whom does as any of us would do in trying to get
all he can for himself, we should apply the cure
where the trouble is: right in our own homes. Try
to use materials which have been less used and less
competitively demanded; try to adapt the regimen
to present circumstances; and, above all, try to get
the utmost service from every item and ease the
pressure of demand by cutting off wastes. Right
here is our line of work open. By following it studi­
ously and determinedly we can help other nations as
well as ourselves, and other generations as well as
ours.
OUR HARVESTS IN 1916.
It is not too much to say that the general crop
outturn in the United States in 1916, as indicated by
the final estimates of production of the grain and
other important crops of the country made public
by the Department of Agriculture Dec. 15, and which
quite fully confirm the earlier official approximations,
is cause for distinct disappointment in most quar­
ters. Directly ascribable to adverse climatic condi­
tions, every leading crop of the country except to­
bacco and cotton shows a reduction in yield from 1915,
with the decline most decided in wheat. And it is
to be said of cotton that from a very much larger
planted area (the largest on record, in fact) the indi­
cated yield is but little greater than the previous sea­
son. The farmer, of course, has no reason for com­
plaint; on the contrary, he has been greatly benefited,
since, owing to the very much higher prices prevail­
ing quite generally, his appreciably smaller product
has nevertheless brought to him a satisfactory re­
turn .
The advance in the prices of the products of the
soil this year can be said to have been almost uni­
versal, and it certainly has been very pronounced.
This is clearly indicated by the statement of the De­
partment of Agriculture, that the price index of all
crops on N o v .l was 43.7% higher than a year earlier,
and 40.2% greater than the average of the preceding
five years (1910 to 1914, inclusive). Concurrently,
the production index is given as about 15% lower than
1915 and 3% below the five-year average. Aside
from this general statement, we note that the farm
price of wheat on Dec. 1 was $160.3, against only
91.9 cents in 1915 and the five-year average (1910-14)
of 86.5; corn, 88.9 cents, against 57.5 and 57.7; oats,
52.4 cents, against 36.1 and 38.2; barley, 88.2 cents,
against 51.6 and 59.5; rye, $1,221, against 83.4 cents
and 74.2; potatoes, $1,461, against 61.7 cents and
59.2; tobacco, 14.7 cents, and 9.1 and 10.4, and cot­
ton, 19.6 cents and 11.3 and 10.5. These few in­
stances will suffice to show how decided has been the
advance in prices this year, but the comparison could
be carried on through the smaller grain crops and vege­
tables, fruits and nuts and in some cases as great or
even greater advances be shown as in beans, cab­
bages, onions, flaxseed (now used considerably as
food) and broom corn.
The corn yield of the year is given at 2,583,241,000
bushels, or 411 million bushels less than the produc­
tion of 1915 and 541 million bushels below the bumper
outturn of 1912. A decreased yield from 1915 is
reported from all the large producing States except
Iowa, where the crop then showed material contrac­
tion. The product is especially short in Missouri
Ohio, Illinois, Texas, Oklahoma and Kansas, and

3378

THE CHRONICLE

most noticeably so in the two last named, the drought,
which explains the general shortage, having re­
duced the yield there to 133^ and 10 bushels, respec­
tively, per acre. Offsetting to some extent the un­
favorable quantitative showing in comparison with
last year, quality is reported at 83.8% of a normal,
which is a material improvement over the 77.2% then
indicated. The per cent of frosted corn, moreover,
is stated as much less this year than last, insuring
a higher feeding value. The season, in fact, was
unusually favorable for maturing the crop and for
drying out and saving in good condition any corn
that was frosted.
The wheat crop of 1916, at 639,886,000 bushels, is
the smallest produced since 1911, and falls 386 mil­
lion bushels below the record yield of 1915. The loss
in 1916, moreover, is shared in by both the spring and
winter varieties, but the former most largely. Fallplanted wheat came out of the winter less favorably
conditioned than usual, and the loss in area through
winter killing was considerable in amount— over
3 million acres— leaving under the crop only 34,828,­
000 acres, or nearly 6 ^ million acres less than the
area harvested in 1915. In M ay, moreover, the
ravages of insects in important localities, more par­
ticularly in Kansas and Oklahoma, and to some ex­
tent adverse weather, reduced the promise mater­
ially, so that the final outturn has proved to be only
482 million bushels, the smallest crop since 1912, and
not greatly in excess thereof, and falling 192 million
bushels below 1915 and 202 millions under the 1914
record. Spring wheat area was decreased to the ex­
tent of 8.2% this year, and the late wet spring,caus­
ing a rather poor seed bed, gave the grain a late start.
Weather conditions in June were quite satisfactory,
but during July and August an extraordinary epi­
demic of black rust worked almost incalculable dam­
age in Minnesota, the Dakotas, Nebraska and M on­
tana, and further injury resulted from blight due to
the extreme heat at filling time and from hard storms.
The result is seen in a yield less than in any year since
1894— only 158,142,000 bushels, against the highwater mark of 351,854,000 bushels last year, 206 mil­
lions in 1914 and 330 millions in 1912. Quality,
moreover, is low, being stated officially as 71.3%,
against 90.7 last year, and is 16.7 below the average
for ten years. It is evident that a crop of wheat of
only 640 million bushels leaves but a very small ex­
portable surplus after providing for home consump­
tion and seed requirements. There were, however,
something like 150 million bushels carried over from
the previous crop.
In the case of oats, from an area a little larger than
that of 1915, the Department 'makes the production
about 297 million bushels (over 19%) smaller, giving
a crop of 1,251,992,000 bushels. The crop had a late
start in the North Atlantic section and suffered in
some States from drought. In Southeastern States a
spring drought unfavorably affected the plant; a dry,
hot term at the filling period made much of the crop
light in the North Central States, and some damage
resulted from black rust in the spring-wheat area.
Green bugs were very destructive in Texas, Okla­
homa and Southern Kansas, and droughty conditions
during the early summer in many Far Western States
and late spring freezes and summer frosts in highest
altitudes of the Western plateau wrought damage
there. The barley crop at 180,927,000 bushels is
alsojbelowlmost recent years, exhibiting a loss o f,48
million^bushels from 1915,£andjk
theJryejyield for^the




[Vo l .

103.

season, at 47,383,000.Ibushels, falls behind a year
ago, as does buckwheat. To indicate the aggregate
production for the last five years of the five principal
cereals referred to above (corn, wheat, oats, barley
and rye), we give the following tabulation:
CROPS OF WHEAT, CORN, OATS. BARLEY AND
Total
Department.
Production.
1916.

Department.
1915.

Department.
1914.

Department.
1913.

RYE.
Department.
1912.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
2.583.241.000 2.994.773.000 2.672.804.000 2.446.988.000 3.124.746.000
639.886.000 1.025.801.000 891.017.000 763.380.000 730.267.000
Wheat___
Oats______ 1.251.992.000 1.549.030.000 1.141.060.000 1.121.768.000 1.418.337.000
180.927.000 228,851,000 194.953.000 178.189.000 223.824.000
Barley___
35,664,000
41,381,000
42,779,000
47,383,000
54,050,000
T o t a l - - 4,703,429,000 5,852,505,000 4,942,613,000 4,551,706,000 5,532,838.000

It will be observed from the foregoing that the total
of the five cereals is not only 1,149 million bushels
smaller than for 1915, but 239 millions less than for
1914jm d only 152 millions above the very restricted
aggregate of 1913. Contrasted with the composite
high production of those crops, the decrease is more
than 1,300 million bushels.
Following its plan of former years, the Department
continues its efforts to indicate the financial return
to producers from their various crops, using as a basis
the farm value per unit on Dec. 1. This, in any event,
is a rather inconclusive method of arriving at value,
but without further comment we append as a matter
of record the result for the five principal grain crops
as officially announced:
FARM VALUES ON DECEMBER 1.
Crops.

1916.

1915.

1914.

1913.

1912.

$
S
S
S
5
C o m ____ 2.295.783.000 1,722,680,000 1,722,070,000 1,692,092,000 1,520,454,000
Wheat___ 1.025.765.000 942.303.000 878.680.000 610,122,000 555.280.000
656.179.000 559.506.000 499.431.000 439,596,000 452.469.000
95.731.000 112.957.000
159.534.000 118.172.000 105.903.000
Barley___
37,018,000
23,636,000
45,083,000
26.220.000
57,857,000
T otal.. . 4,195,118,000 3,387,744,000 3,243,102,000 2,863,761,000 2,664,796,000

The~white potato crop at 285,437,000 bushels is
the smallest produced since 1908, and was exceeded in
several years prior thereto. Material damage to the
crop occurred in July and August as a result of ex­
ceptionally dry weather and some injury by insects
was reported, the losses being greatest in the North­
west.
The hay crop, furnishing an exception to the almost
general rule, has turned out a little better than a year
earlier, 109 million tons comparing with 107 millions.
Tobacco, although not doing as well as at first ex­
pected, is another exception, as the yield at 1,150,­
622,000 pounds establishes a new high record by 47
million pounds, that being the gain over 1910, and
it exceeds 1915 by 88 million pounds.
Cotton suffered materially from unfavorable wea­
ther conditions and in lesser degree from the ravages
of the boll weevil, with the result that a planted area
quite generally believed to have been the heaviest
on record (and so indicated by our investigations, if
not by those of the Department) has returned a crop,
according to the official estimate of Dec. 11, only
320,000 bales of lint in excess of the short crop of 1915.
But while the crops of the country have been short
as a rule, the return to the producer has apparently
been appreciably better than ever before secured.
In fact, the Department makes the return from 327,633,600’acres, covering the crops already mentioned,
and flaxseed, rice, sweet potatoes and sugar beets,
in addition, $8,743,293,000, against $5,512,591,000
in 1915 and $4,973,527,000 in 1914. Moreover,
as furnishing a clearer idea of the very satisfactory
financiaFoutcome of 1916, it is to be stated that from
an area only 3-10% greater than last year, the value
of the specifically noted crops on the basis of Dec. 1

Dec . 23 1916.]

THE CHRONICLE

2219

prices was 58.6% in excess of 1915. The average
It has become a matter of official knowledge that
farm values on Dec. 1, as reported by the Depart­ the available tonnage at the close of the war cannot
ment in each of the last seven years, for some of the handle even the returning Canadian armies in less
leading crops are subjoined:
than eighteen months. The Canadian Government
AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS.
recently issued a warning to relatives of soldiers
against proceeding overseas because of the great dif­
1914.
1915.
1916.
1913.
1912.
1911.
1910.
ficulty of booking passages to America until months
Cents. Cents. Cents. Cents. Cents. Cents. Cents.
Wheat_____ .per bushel 160.3
91.9
98.6
79.9
76.0
87.4
88.3
“
R y e .............. _
122.1
83.4
after the declaration of peace. While the Federal
86.5
63.4
66.3
83.2
71.5
“
52.4
O a ts ............ _
36.1
43.8
39.2
31.9
45.0
34.4
“
88.2
Barley_____
51.6
immigration authorities here are preparing to launch
54.3
53.7
50.5
86.9
57.8
"
C orn ............ _
88.9
57.5
64.4
69.1
48.7
61.8
48.0
Buckwheat. . “
112.9
78.7
76.4
a strong campaign for agriculturists as soon as peace
75.5
66.1
66.1
72.6
Potatoes----- .
*'
146.1
61.7
48.7
68.7
50.5
79.9
55.7
Flaxseed ___ “
248.0
174.0
126.0
120.0 115.0 182.0 232.0
arrives, it is frankly recognized that the Governments
Rico________
88.6
90.6
92.4
85.8
93.5
79.7
67.8
of Great Britain, France and Russia may see fit to
The average value of hay Dec. 1 is given as $11 21 place a form of embargo on emigration. Should
per ton, against $10 63 in 1915 and $11 12 in 1914; of Great Britain, or indeed any of the Allies, request the
tobacco as 14.7 cents per pound in 1916 against 9.1 Canadian Government to suspend all emigration
cents and 9.8 cents, respectively; of cotton, 19.6 cents propaganda within their boundaries until the national
Government gets its bearings, it is difficult to know
per pound against 11.2 cents and 6.8 cents.
It is interesting to note in connection with the fore­ how Canada could dp anything but acquiesce.
Students of immigration recognize, too, that the
going, and as serving to further explain the dominant
democratization of British laws and customs, under
high prices, that official estimates indicate much
smaller wheat harvests in 1916 than in 1915 in a num­ the force of war, the grip of socialistic schemes, as in
ber of other large producing localities. The official es­ the State control of railways, mines, shipping, food
timate for Canada is only 159,123,000 bushels, or less distribution, the throwing open of the game preserves,
than half the yield of 1915, and giving an exportable are spelling out a new agricultural and settlement
surplus of but 99,500,000 bushels. South American policy in the British Isles, with a new division of
crops are less than a year earlier, and the same is true profits and new wage scales for agricultural laborers.
of those of India. The United Kingdom and the Many of the old causes of British emigration thereby
countries of Continental Europe, too, quite generally seem bound to disappear. Low wages, squalid living
report smaller yields, and advices from Australia are conditions, have already been suspended long enough
of a nature indicating that the year’s exportable sur­ to make farm labor unwilling to submit to them again.
plus is measurably below that of a year ago. In all, In the face of better conditions in England, Scotland
the world’s production of wheat in 1916 appears to and Ireland, the magnet of free land in Canada loses
have been as much as 750,000,000 bushels less than part of its power. Doubtless the British tax rate will
run high, but Canada, too, will have about 100 mil­
that of 1915.
lion dollars war charges per annum (including pen­
CROPS OF WHEAT. CORN. OATS. POTATOES AND COTTON SINCE 1889.
sions), or about $14 per capita.
Wheat.

Corn.

Bushels.
Bushels.
1890
...... 399.262.000 1.489.970.000
1891
..
611.780.000 2.060.154.000
1892
...
515.949.000 1.628.464.000
1893
..
396,131,725 1,619,496,131
1894
...... 460,267,416 1,212,770,052
1895
...... 467,102,947 2,151,138,580
1896
...... 427,684,347 2,283,875,165
1897
...... 530,149,168 1.902.967.933
1898
...... 675,148,705 1,924,184,660
1899
.... 547,303,846 2.078.143.933
1899 (Census).. 658,534,252 2,666,324,370
1900
...... 522,229,505 2,105,102,516
1901a.................. 748,460,218 1,522,519,891
1902
...... 670,063,008 2,523,648,312
1903
...... 637,821,835 2,244,176,925
1904
..................... .....................
552,399,517 2.467.480.934
1905
...... 692,979,489 2,707,903,540
1906
...... 735,260.970 2,927,410,091
1907
...... 634.087.000 2.592.320.000
1908
.... . 664.602.000 2.668.651.000
1909................ ] 737.189.000 2.772.376.000
1909 (Census). . I 683,349,697 2,552,189,630
1910ft.................. 635.121.000 2.886.260.000
1911
...... 621.338.000 2.531.488.000
1912
...... 730.267.000 3.124.746.000
1913
...... 763.380.000 2.446.988.000
1914
...... 891.017.000 1
2.672.804.000
1915
________________________
10258010001 2.994.793.000
...... 1
1916
639.886.000 '2,583,241,000

Oats.

Cotton*

Potatoes.

Bushels.
Bales.
Bushels.
523.621.000 8,655,616 148,289,696
738.394.000 9,038,708 254,423,607
661.035.000 6,717,147 156,654,819
638,854,850 7,527,212 183,034,203
662,086,928 9,892,761 170.787.338
824,443,537 7,162,476 297,237,370
707,346,404 8,714,011 252,234,540
698,767,809 11.180.960 164.015.964
730,905,643 11,235,383 192.300.338
796,177,713 l 9,439,559 228,783,232
943,389,375
273,318,167
809,125,989 10,425,141 210,926,897
736,808,724 10,701,453 187,598,087
987,842,712 10,758,326 284,632,787
784,094,199 10,123,686 247,127,880
894,595,552 13,556,841 332,830,300
953,216,197 11,319,860 200,741,294
964,904,522 13,550,760 308,038,382
754.443.000 11.581,329 297.942.000
807.156.000 13,828,840 278.985.000
,007,353,000 10.650.961 376.537.000
,007,129,417
389.194.965
.186,341,000 12,132,332 349.032.000
922.298.000 16,043,316 292.737.000
,418,337,000 14,128,902 420.647.000
.121,768,000 14,884,801 331.525.000
.141,060.000 15.067.247 409.921.000
,549,030,000 12,953,490 359.721.000
,251,992,000 d l l ,511,000 285.437.000

C E N T E N A R Y OF SA V IN G S B A N K S .

One hundred years ago, on Dec. 2 1816 the first savings
bank was opened in the United States and the centenary
of this event has just been celebrated by the Philadelphia
Savings Fund Society which was the first institution of the
kind established in this country. The Society has also pub­
lished an elegant book*, giving its history for the 100 years.
In 1810 a savings bank had been established in Scotland,
accounts of which attracted the deep interest of Condy
Raguet, of Philadelphia. Mr.Raguet was a native of that
city of French descent. He had served as a colonel in the
War of 1812, was a scholar, had become a successful merchant
and was also president of a financial institution. He was
( so deeply impressed with the advantages of a savings bank
| established in Edinburgh that he advised with three com­
panions as to the expediency of founding such an institution,
, the companions being Richard Peters, Jr.,Thomas Hale and
Clement C. Biddle. The four men, who are known as the
a These are tho revised grain figures of the Agricultural Department Issued
tho Census reported Its results for 1899, showing much
t ^ k t h M m o l ^ f founders, promptly took steps to organize a society and on
the Department, ft These are tho revised grain figures issued a ftT th o Census re
ported Its results for 1909, showing smaller totals for wheat and corn than these nf Dec 2 1816 the Philadelphia Saving Fund Society opened
the Department. * Theso are our own figures of the commercial
of the Department of Agriculture, and does not Include llnters
'
1 ; for the reception of deposits, using the office of the secretary
and treasurer, George Billington, for the purpose.
I The name of a colored laborer of Philadelphia comes down
IM M IGRATION TO CANADA AFTER THE WAR. in history as the first savings bank depositor. He was Curtis
Roberts and the amount of his deposit was five dollars. On
Ottawa, Canada, December 20 1916.
April 21 1817 the depositor added another five dollars to his
As to Canada’s prospects of securing a heavy im­ credit and on April 1 1819 when the account was closed,
migration from European countries following the war Mr. Roberts was paid one dollar in interest in addition to
many Canadian bankers, railway chiefs and political his principal, his savings having increased ten per cent,
leaders now seem agreed that the Dominion cannot j At the close of the first month the Society had sixteen
reckon upon any overnight acquisition of new popu­ i accounts with $1,043 of deposits and it is reported that the
j treasurer slept with tho deposits, keeping a revolver under
lation, but must patiently wait its turn. Sir Vincent j bis pillow. The rate of interest paid was varied having been
Meredith, President of the Bank of Montreal ex­ | 4.8 per cent, in the early years. The highest rate paid was
pressed the belief of many thoughtful Canadians last j 5.4 per cent, from 1859 to 1864 and the lowest 3 % from 1881
week when he warned against the rosy assumptions 1 to 1907. After most careful consideration the interest rate
j was fixed in 1909 at 3.65% at which it still remains. This
that the wave of war-time prosperity would comforta­
a fter

la r g e r

cron

d

bly merge into a second period of lavish immigration.



I

*“ A H istory o f Tho Philadelphia Savings Fund Society, 1816-1916 ’
b y James M . AVillcox, President o f J. B . Lippincott C o ., Philadelphia. ’

2280

THE CHRONICLE

[Vol.

103.

are
into one
rate is equivalent to l%per day upon a deposit of $100, which for tho community,tobut when savings$ 13 1 ,collectedthere may
central depository the amount of
0 0 0,000
fact simplifies computations.
In a century the number of depositors has grown to 2J3,UUU be practically loaned to tho transportation companies $87,­
to help handle tho traffic of tho whole
and the amount of deposits to $131,070,240 while the surplus 000,000the purpose of the now undertaking wascountry.
But
and contingent fund amounts to $12,000,000 and undivic c to aid tho wage earners to save for a rainy day particularly
to holp
profits to $4,600,000, making the total resources over $147,­ mechanics to acquire capital to set themselves and in busi­
up
000,000. This record is exceeded by the Bowery Savings es. How nearly this purpose is accomplished is shown by
Bank which has the largest amount of deposits of any insti­ classification of tho 42,170 now depositors for tho year 1915.
tution of the kind in the United States. ^
_ Owing
accounts
gain ^the
When first formed the Philadelphia Saving Fund Society numbertooftho closing of many year was the net8,000. in The
depositors for that
about
was merely an association. The expense of organization Society makes this classification of now accounts opened in
was borne by voluntary contributions of the managers who
with tho President, Andrew Bayard, numbered 25. It 1915:
Females—
was provided that no manager should receive any compen­ W ago earners--------- .---------------- 1,539 WMalesoarnors_________________ 10,801
ago
Salaried em ployees------------------sation for any service rendered to tho Society and this pro­ W ives o f wago oarners--------------4,873 A gricu ltu rists--------------------------- 6,025
328
vision continues to-day. The managers began to realize W ives o f salaried e m p lo y e e s.. 6.343 Professional m on______________ 468
69
that they would bo responsible for any losses which might Business w om en--------------------- 332 B usinessm en----------------------------- 1,191
Professional w om en--------------ors
occur through bad investments and as they received neither Dom estic servants------------— 2,109 Moinoccu_______________________ 1,387
p ation ------------------------218
em ployees.................
compensation nor profit for their labors this was deemed Salaried_________________________2,669 N
ors
H 'l
a le s ______________________
to be unjust. It was therefore determined to have tho Moinoccu p ation ---------------------------3,704 Mem ales------------------------------- 20,418
N
F
21,752
Society incorporated and in 1819 a charter was obtained.
Tho original plan contemplated tho distribution of profits F e m a le s................................... 21,752 T o t a l .................. - ................. 42,170
once in three years among depositors of record during the Tho nativity of tho samo number of depositors for that
preceding year, but it was soon demonstrated that this period is as follows:
also was impractical and when a charter was procured pi ovi­ Countries
N o.
Countries—■
sion was made for the accumulation of profits over tho costs U nited States..............................23,870 Canada _____ .................... 84
..................
of administration and interest paid, the profits to form a Russian E m piro........................... 6,988 Switzerland .. .................... 81
61
Indies...
surplus fund. The surplus served a number of purposes Ita ly ----------------------------------------2,937 Eestm a rk ___
............
44
Ireland _______________________ 2,409 D e n
................
26
It protects the Society from loss incurod by bad investments Austrian E m pire----------------------- 2,124 A s i a ________
14
Belgium
m piro.................
which, however, have been very few. It enables the man­ Gorman E-------------------------------- 1,665 _______________
in
I3
agers upon purchasing bonds at a premium to charge off tho England . ---------------------------- J25 S poalla n..............................
d ---------------------------------8
Rum ania
252 H
South A m erica...........................
5
premium at once without resorting to amortization. It Scotland -------------------------------- 224 A u s tra lia _____________________ 2
and Sweden................
220
enables the managers to keep a large amount of cash in bank, N orwcay_______________________ 219 A frica _______________________
1
G reo o
about 6% of tho total deposits in order to provide against a Turkish E m piro— ........................... H 2
I7f)
sudden demand for money by depositors, who however may
bo required to give from two weeks to 60 days notice of with­ During tho first full year of tho European war, that is
during 1915, withdrawals were slightly in excess of deposits
__
drawals.
It is recorded that in tho crisis of 1860-61 “$146,000 were but deposits have increased over $5,000,000 during tho cur­
swept away to meet tho calls of depositors, a sum which rent year, bringing conditions back to normal, though it is
claimed that the increaso in deposits is not commonsurato
would be regarded now as inconsiderable.
In 1866 when tho deposits were something moro than with the industrial activity which affords employment for
$5,000,000, a minority of the board objecting to tho con­ all who will work and at unusually high wages. This may
be partially accounted for by the higher cost of living but
struction of a new building, urged:
"T h o fact that at this moment tho difference between tho gold value and more largely by indulgences in luxuries not lierotoforoperthe currency value o f the assets o f tho Saving Fund is about $1,450,000, or
nearly double tho imaginary surplus which our President in his published
Although tho Philadelphia Saving Fund Society was tho
estimate o f the 11th M a y represents that wo hold, while it is nearly threo
times tho actual contingent fund, is enough in itself to show tho present to first to begin business in this country “The Provident Insti­
be a time for caution, not experiment, econom y, not extravagance; calling
tution for Savings in tho Town of Boston” was tho first of
for tho careful handling o f our resources, keeping them in a position most
tho kind to be incorporated, it having procured a charter a
surely and m ost readily convertible, rather than planting them in a fixed
and unavailable form .”
_ _
fow days afterward.
_____________
Among the reasons urged for the erection of a new building
was not only better protection against firo but attention was
BOOK NOTICES.
drawn to “the remarkable skill of tho burglar as developed A
M
P
.
By Charlos Zuoblin.
in late years. It was also noted that “a now class of obliga
Now and Rovisod Edition. Tho Macmillan Company,
tions had been created called coupon bonds which liko bank
Publishers, New York, 1916. Prico $2 00.
notes were readily current and easily transferable,
A moro accurate titlo for this book would bo Tho Progress
observation was made in 1866.
of Municipal Ownership,” for at pago 359 the author says
According to immutablo law times of prosperity and in a footnote: “Tho acute roador will liavo noticed that tho
adversity affected tho business of tho Society. On Dec 31 wholo volume deals with nothing but municipal ownership.’
1837 it was recorded:
Not all municipal ownership is municipal progross; and
“ On F eb. 1 1837 when tho action o f our expanded currency was most only a small part of progress duo to municipal ownership
felt tho number o f depositors then extended to 9,489 and tho amount of
Not all the oxporimonts
deposits to $1,274,921; whereas at tho end o f last year tho number o f de­ in tho new meaning of tho word.
positors had fallen to 6,680, and tho amount o f deposits, oxclusivo o f in­ in theoretical advanco will provo to bo permanent, or to sub­
terest. to $736,746, a reduction o f 2,809 in tho number o f depositors and o f
servo tho public good. Tho world was not mado in a day,
$538,174 in the amount o f deposits."
The first investment was mado on Dec. 17 1816, when a nor will it be remade in twoindays. It is far moro easy to
“Tho City Beautiful” a book than olsowhoro. The
United States Government 6% bond for $450 was purchased buildproblem, even as Jefferson’s prophetic vision saw^ it,
city
at a premium of 1%. The first departure from this course alarmed him “liko the ringing of a firo boll in tho night.”
was made 16 months after tho organization of tho Society There is an old adago that if tho roformoi could return to
when it was decided to sell a portion of tho I ederal bonds tho sceno of his labors and look upon the futility of all he
and reinvest the proceeds in bonds of the city of Philadelphia, wrought, ho would at once willingly rotiro to tho shades of
but a favorable opportunity for such an exchange did not oblivion. Yet tho world doos move, and great good is being
occur until June 4 1818 when $2,300 of City bonds were
in tho
of lifo.
bo
bought for $1,444.53, being a discount of 6%. The scopo accomplishedreforms conduct growth isWhat must tho lomomis that
slow, and
city of
of investments was still further widened in 1818 when bered in allresult of complox causes operating undor natural
to-day tho
purchases of mortgages upon real estate were authorized
.
, ..
In 1822 a collateral loan was mado with shares of the Bank law.
Tlieso
by
of the United States as security, but this form of investment ballot. cannot bo abrogated by tlio will of man, noruponins
Socialism cannot bo successfully grafted
a
has been altogether abandoned.
republican form of government. Its success depends upon
Railroad and canal loans first mado their appearanco on
lifo which transforms
individual and the
tho books of the Society in 1836, and this form of invest­ a scheme of all-ombracing. And in tho far as municipal im­
State, and is
so
ment has increased until $87,000,000 of railroad bonds are
now owned by tho Society. This illustrates the advantages to provement is groundod upon socialistic principles, it must
tho community at largo of tho Society. Earnings in small tend to adisharmonize Amorican citizonship, to further com­
amounts hoarded by individuals would accomplish nothing plicate system of taxation for tho support of government.



—

—

^ r° -

ao

m e r ic a n

u n ic ip a l

rogress

D ec. 23 1916.]

THE CHRONICLE

3281

and to further sproad tho inequalities of life which now exist. Zueblin is troubled that “big business men in Chicago”
To realize this one has only to imagine a city so given over should endeavor to stem this latest craze and preserve some
to tho free enjoyment of public utilities that tho city dweller,
public
with minimum of effort, may bask in the culture and repose sanity in education at thoZueblin expense. comfort in the
It is all so easy! Mr.
finds some
of supreme content, while his brother in the country, by com­ two
York
parison, remains a hewer of wood and a drawer of water, over great railway stations in New at an City, triumphant
almost insuperable difficulties
producing the chief means by which the larger government 8250,000,000. But, fatal error, they aroestimated cost of
not connected;
is sustained, and thus protecting the city in its isolation and and one has to step forth on New York’s “nineteenth cen­
providing, in large degreo, this fine freedom of the city dweller. tury streets. And then he concludes: “No engineering
Nor is this to deny that the city i s a political corporation or financial ingenuity can conceal the incapacity of the great­
and capable within itself of owning and operating certain est railway men in the country to grasp the social signifi­
utilities for the general good.
“social
Mr. Zueblin has been an oxtensive lecturer on the problems cance of transportation.” Now pray, just what is thedo with
transportation ?” Has it anything to
discussed in this book and has attracted wide attention by significance of or the unearned increment? Is it peculiar to
the
his views. His information is extensive, his investigations poorsingle tax
over-burdened New York alone? And would a com­
and studies covering the United States and Europe. He is
government
an engaging writer, and his apothegms, or pithy sayings, mission form of and city in be able to send it down the pike
in every State
the Union? And 8250,000
are incisive, but he has not presented both sides of the case. failed to buy any portion of it! It must be as expensive ’a000
nd
He is an ardent partisan of his cause.
as scarce as radium!
“Why should any city lack what man has worthily made But after citing all the incipient efforts, scattered over the
in any other city?” he asks. Why, indeed? Are there no whole country,
“municipal ownership,” and laud­
conditions which are beyond human control? Aro location, ing practically at and in “open-air schools” to “municipal
all,
topography, sizo, matters of human control? Why do wo trading,” the authorfrom an afterthought. We quote from
has
have cities at all? Why towns? Why not scatter manu­ page 372:
factures, for one influence, and lesson this congestion, which
m,u nIciPal ownership
with
presses the individual down ? And yet with all its problems erehin t ^ et,nCy^! ° Wardtcrlal advantages to thoraisesmsom e questions owni
m?
com unity o f public
T 'fc
In opposition to a tim e-honored con ten tion, it m ay be urged that
and evils will anyone deny that the city represents col­
has / l L
P pr?
Privat°
“ ative. W
a private
m p ly
lectively the highest activities of all our human progress? stahflh vJ1 ner. forfaD m°,teS to a po!n t^ where il m ay hen sa<d to havec oreached
lza ° D
t
It is this fanatical zeal for reform which would work a have h c L T n 7 , ‘ “ Provements wiil be m uch fewer be the future than they
in
whero
in a w ellmagic transformation that endangers municipal progress have been in“ the°past, functionthe possession o f unusual privileges investors,
“ “
insures a steady incom
the
itself, and tends to produce fovorish unrest not only in, but t m ay be said°thatllcv tim e is ripe fo r public ow nership.e to he needs o f the
the
T
remote from, cities. Hundreds of country towns where lifo
V ' l 5 " fUrthered b y the enjoym ent o f t h e ^ e v e n u ^ ^ T m such
H
better, sti11- y
a reduction in the cost o
flows smoothly, where social intercourse is ennobling and t^ c o m m nodif or service. Tbheth° possibility o f also bo benefited b set-f
com m unity will
where labor meets fair reward, without wholly consuming the com mthe ityPita> and energy involved in this a ctiv ity . and enabling ythese "
ca
lifo, are trying to copy great cities in internal improvements.
^ a neW o u ^ efc *n tk® sup p ly o f other human wants.
T h e great fun ction o f private capital and private initiative is In experi­
Yet it costs, for an example, as much to pave a street in a m entation and developm ent o f undiscovered and unrecognized resources.
country town as in a metropolis, where the abutting property Was anything
transparently
is perhaps worth many millions. The result of those ex­ proposition: whenever more initiative and absurd than this
private capital
cessive and ill-timed improvements is a straining of laws and have developed an private
undiscovered and unrecognized resource
a disregard of the rights of ownership. There aro plonty to
where it will
investment, it
of men willing to voto public improvements at tho private is tthe point taken over bypay a return on the order that this
ion to be
the municipality in
exponse of tho othor fellow.
same private
may develop
Tho author himself furnishes a pertinent examplo of tho resource until capitaltoo, shall pay, some other unrecognized
that,
when
turn is to be
injustice of much of this so-called municipal progross. We taken over by the State or municipality ? it in then note the
But
quote from page 358:
last paragraph. Experimentation and development” is
Kansas C ity , M issouri, assesses the whole cost o f parks on land henAfPod
the great function of private capital.” Then it i s needed
In 1908 the city was divided into six park districts
One park a tle a s t '
was to be provided in each district. L and outside the city
t o b fb o u g h t
and it does do the work, after all; and tho whole case against
b y general taxation or bond issues. T h e best m r t
i™,7?
b .
That any one can
in the W est has been paid for ou t o f
SySt° m private ownership falls to the ground.
imagme private capital doing this initiative development,
This unearned increment is a salve to the beliefs and deeds
no hope of reward, with a certainty of forced
of many a reformer. Why not toll the truth about a case of with by the State or municipality afterwards, is a appropria­
tion
sort of jus­
this kind, namely, that the tax bills were issuod against ad­ tice and optimism that has not appeared in the discussion of
joining proporty and tho property holder paid cash which
matter heretofore.
made the improvement, and then got his money back as this importantthat much of this municipal ownership is a de­
The fact is
best ho could. Mr. Zueblin talks about a boulevard at Kan­ lusion
almost confiscatory taxation and the
sas City running through a slum, a “logical” route for a so-cal ed Where, by of benefits, private property has paid
boulevard in the making of a city beautiful. All you have the bill, itassessment by all the people of the municipality
is now owned
to do is to get your slum first and then rub Aladdin’s lamn who are stockholders the political
and turn it into a park or boulevard. To any one who knows tically all the rest ofofthe so-called corporation. But prao^
municipal ownership is
the topography of Kansas City, the grading of streets^hero not owned—it is owed—is a debt, and the burden shifted
at the expense of private owners is nothing short of hardship
generation. At
Seattle is now regrading a portion of the city, throwing the to another late statement bythis point it is well to remember
that by
the Bureau of Census,
water in another direction, at great expense to property ot cities aand minor civic divisions, less sinking fundthe debt
holders. When you come to analyze it, who pays the bills is placed (1913) at 82,985,555,484, which is a littleassets
more
for municipal progross, tho man who works and saves or tho than the principal of the public debt of the United States for
spendors who aro perfectly willing to enjoy ?
the same year, given as 82,926,434,343 66. And with this
Again, Mr. Zueblin is incensed because, as he saysinvested largely
“Big business men in Chicago aro trying to undermine colossal debtconstant annual in “unremunerative activities ”
thoy are a
burden upon private property
tho educational system by organizing vocational education ror maintenance and operation.
soparato from tho city school system, making it amomhlo
There
advance in the administration of city gov­
capitalistic bias.” As if this iatost fad in !dLaMon ‘tocc ernment.has been is
But it
human toil for sustonance is imperative with us all could utilities bought with,unwise to attribute the benefits of public
or operated under, a
and would ameliorate all our woes! This idea of turning tailing on private property (bonds and system of taxation
the school into a shop and tho student into an apprentice is municipal ownership.” The advance liesdirect levies) to
in better
hardly to be dignified as good common sense. Why shouldn’t ization, direction and operation. It would be strangeorgan­
if
business and business men teach] vocational training? municipal mind did not profit by experience, it would the
be
Who olso under tho sun is capable of teaching it? But this more than, strange if the municipal heart should not quicken
is the latest evolution of educators, who in a single genera­ under the call of “humanity,” for where, pray, is there a
tion have gono from languages to mathematics, mathematics concrete examplo of the
not in the great
to natural science, natural science to psychology (mental oity. But this advance unit, humanity, ifmunicipal owner­
is not because of
Power by any old subject-mattor), psychology to political
is at the
private property,
economy (tho citizen before tho individual), and now, in the ship, it system, inexpense ofof a higher spiritualunder a capi­
talistic
the light
guidance on
face of questioning as to what they do regard as the basis
those who administer the city’s
round which to construct a curriculum, tho answor is “voca­ the part offor a division of the case, as the affairs. would say
Wo
lawyers
tional training, and in our grade schools.” And Mr —thatask is really owned and not shifted from one set
which



ih

wm

THE CHRONICLE

2383

of capitalists to another from that which is not owned; that
which is, because of better methods of administration, under
the old system, from that which is operated under the new,
and that which is sporadic and not yet a fixed policy from
that which is permanent in American cities. Let this be
done upon the following statement contained m Mr. /go ­
blin’s preface: has witnessed the first m unicipalized, streett railway „
Already this century
and telephono in Am erican cities; a national epidem ic o f street paving and
cleaning; the quadrupling o f electric lighting service and the nationai ap­
propriation o f display lighting; a successful crusade against dirt o f all kinds
— sm oko, flies, germs— and the diffusion o f constructive provisions for
health like baths, laundries, com fort stations, m ilk stations, school nurse
and open-air schools; fire prevention; the humanizing o f the police and the
advent o f the policew om an; the transforming o f som e m unicipal courts into
institutions for the prevention o f crim e and the cure o f offenders, the elabor­
ation o f the school curriculum to give every child a com plete education,
from the kindergarten to the vocational course in school or university or
shop; m unicipal reference libraries; the com pletion o f park system s in m ost
largo cities and the acceptance o f the principle that the smallest city w ith­
out a park and playground is not quite civilized; the m odern playground
m ovem ent, givin g organized and directed play to you ng and o ld , t;he
social centre; the dem ocratic art museum: m unicipal theatres the com ­
mission form o f governm ent; the city manager; hom o rule for cities, direct
legislation— a greater advance than the whole nineteenth century com -

103.

tional relations and a knowledge o f international practice. It will givo u
at least a few bankers who are linguists, because thoy w ill have acquired
practical fa cility with languages b y rcsidenco in foroign capitols as managers
o f Am erican branches. T ho ideal banker o f tho future will know tho prac­
tices and personalities o f tho w orld ’s financial contrcs, and with that broader
experience will form habits o f broader thinking. W ith such a wider ex­
perience and broader knowledge will go hand-in-hand a great m odesty
about our relations to tho financial affairs o f tho w o rld . Our ideal banker ° f
tho futuro will not bo boastful concerning tho ability o f Am erica to dom inate
world banking, because ho will bettor know tho difficulties to been countore
in tho w orld’s banking field and m ore clearly apprehend the limitations
that aro upon us. One o f tho best things abou t tho ideal banker o f tho
future, knowing his own country and tho world better than wo d o , will be
that ho will escape provincialism , ho will avoid sectional prejudices, a
upon such a foundation ho will develop such fair-m inded policies as will
attract to him confidence and friendship and ropelsuspicion and antagonism^
W ith such an equipm ent, ho w ill becom e m ore than an ideal bunker and
will m ore nearly approach being an ideal citizen, because ho will l ave the
equipm ent and experience which will lead him to think clearly and on the
broadest lines in regard to tho relation o f his business, financially, econom i­
cally and socially, to his com m unity and to h iscou n try .
I f this country is to com o to a position o f groat influence in international
financial affairs, if we aro truly to m erit a leading position as world bankers
we must do a good deal m oro than m erely creato hugo totals- O d io u s ly ,
wo must grow a gonoration o f bankers thoroughly com petent to handle
tho problem s o f International finance. N ot all bankers will need that raining
but those who aro engaged w ith tho responsibilities o f deveioping our Inter­
national position will, in one respect at least, need tho help o f ov o iy ba
hU ho country W e can have no great international position in finance unless
wo have at hom e bankers who will rise above sectionalism . 1 hero must bo no
provincial jealousies o f one section by another, o f one city b y a n o th e r .ifw o
aro to exert our best force in the field o f international finance. A lm ost any
intelligent m an would recognize the fallacy ot a com m unity in the interior
o f tho country objecting to shouldering a just share o f tho responsibility
for m ilitary preparedness because it happened that tho borders o f tho coun­
try were far away from that com m unity, and tho danger o f invasion o f such
a com m unity therefore was rem ote. In just the same sense the banker
in the small interior town should com prehend that ho is as vitally krt«rreted
in tho international exchanges as is any great bank
o f that seems to mo perfectly dem onstrable. I ho state o f the ta to n a t °
oxclianges affects tho gold reserves. T he reserves are related to the whole
credit structure o f tho cou ntry. There are put in action forCM directly
affecting tho interests o f a bank In Oklahom a the m om ent that a gold d c>mnH affects a reserve in N ow Y ork .
A nurely agricultural com m unity should understand that it m ay have as
real as intereS in the developm ent o f foreign trade as d o industrial centres
d ire ctly1
Concerned with the m atter. In like m anner, labor ought to see
that its welfare is as truly related, if less directly, to sound financo as
aro the fortunes o f tho capitalists concerned. W o are all interested in
what is right what is fair and what is efficient. T he loafer, the slackor,
tho incom petent, hurts us all. An unwisely conceived and badly directed
enterprise does not stop with causing loss to the people who put m oney into
it. It indirectly injures every workingm an, every class o f stwiety. Un­
sound financo, inefficient industry, unwise enterprise m ay each lu their
way bo as wasteful to a nation as war itself. T he restrictive rules o fUinio i
labor which m ay cut in ha lf the unit o f a d a y ’s w ork, or the restrictions
o f unfair trado com binations, which prevent tho econom ics o f a free p ay
o f business will both bring in their train real hardship to bo borno by socioty.
Bad governm ental policy that unwisely interferes with business m ay bo as
costly as tho preparation to m eet an invading foe from tho outsido.

PaMunicipal regulation is neither operation nor ownership.
With the cost of all government increasing, all tho time,
when will this bondod debt of nearly three billions by our
American cities bo paid, and municipal ownership really
begin? When debt and interest are paid and this capital
shifted from income-paying bonds to “experimentations and
development” of “unrecognized resources,” we may begin
to talk about the benefits of municipal ownership. Mean­
time, private property and human toil will continue to pay
the current bills.
But certainly we will avoid confusion if wo separate a more
efficient administration, a more enlightened vision, a moro
scientific regulation and coordination, and thoir resultant
benefits, from tho dream-benefits of a system which knows
not private property in a golden ago when the unearned in­
crement is no more.
We commend this book of Mr. Zueblin’s to all students
of municipal problems for its wealth of illustration, its com­
prehensive scope and its entertaining style, but its conclu­
sions are certainly faulty beyond measure.
Investment Bankers and Brokers of America. Com­
piled and published by Henry W. Sites, 80 Lafayette
St. Price $10 00.
This claims to be tho only publication of its land. It gives
the names of practically every investment banker stock and
bond broker in the United States and Canada. In addition
the book lists banks and trust companies haying an organized
bond department, and variably shows tho name of the
manager of stock, bond, municipal department, members
of the firm or officers, with previous connections, locations
of branch offices, and names of their managers; also, repre­
sentatives and correspondents, original offerings and prices,
titles of literature regularly issued, when OTgamzed, capital,
&c. Tho names are classified according to States, tho
cities being arranged in alphabetical ordei.
For each State there is a digest of recent laws affecting
the sale of investment securities; and, where there is a
Railroad or Public Utility Commission a digest of the
statute creating the Commission, showing its power and
jurisdiction. Each city is prefaced by the names of the
securities listed on its stock exchange, and also the members.
For each stock exchange there is included a digest of the
constitution and b y - l a w s . ________
MR.

[Vo l .

S o mrntOT OTpcndlturcs in —
or thoso n otion , that ,r o today on *,god
in tho death grip o f m ilitary strugglo.
voico o f
T he voice o f tho people is neither tho voico o f G od nor Is it tho voico or
wisdom if the minds o f tho people are untrained to think
U th y
are filled with

VA N D ER LIP ON TH E ID E A L b A ^ ™
at° I v T I I E
t
A N D T H E C O U N T R Y 'S O P P O R T U N IT Y .

FUTURE

In his address last Saturday before The Banker’s Club of
Chicago, under the title of “A Country with an Opportuni­
ty ” Mr Frank A. Vanderlip spoko in Ins usual interesting
and instructive way, picturing the ideal banker of the future
and pointing out the wonderful advantages and opportunities
open to the United States at this juncture of the worlds
affairs if we will only bo wise enough to avail of them. Wo

c S r l y . they ne­

glect' t o g iv^rthat thinking political force, a treasonable blow is being struck
a t Th0
ereO^ l atscO
IencO 5 ° p o u S e co n o m y. Some o f its principles are as
ef
definite as laws o f m athem atics. It makes understandable principles and
laws that can no m oro bo broken with im punity by a nation than m oral
,
, i rfiffjipflwl l>v an individual. I boliovo sound thinking
in regard to tke princip m an counting on his fingers m ay ovolvo enough
needs o f this nation. A man count
^ & 8lmp,e „ fo
A man
i X n X t o a s h i/lo principle o f political econom y m ay still think with
seems s sufficient degree o f accuracy about his ordinary affairs
But
when that m an, ignorant o f tho principles o f political econom y, joined to
others equally ignorant, begins en masse and nationally to project his Judg­
ments beyond directing tho sim ple affairs o f his llfo so that his dhxussions
are weighed and givo substantial direction to tho courso o f socioty or tlm
aro woigneu, anu g
,
which m ay follow from such lack o f
action o f governm ent then the S d
us there are examples o f the densest
understanding. Is appal g.
‘ rlnw from accepting unsound thoorles o f
ignorance o f the consequencei t h a t f low
. V o output o f whose

X t

political econom y. A
«
m aterially less than ho could with ease
d a y ’s work is comc ous y
in go rostrlctlng production ho helps his
produce, because h
‘ m ultiplication tablo o f econom ics;he creates
class, sim ply does not know the»muit l
hfa fellows. One
a condition that inevitiibly^i^acts^upon^l ^ ^
^ ^
from govern_
could mu

py

‘

v with equal easo, whorounsound thinking about

*»
PaWoba a country o f econ om ic illiterates
yroa
dangerous to

I know o f no illiteracy m oro
the leaders o f the country

f T T Z n a w there is going to be a still greater need In the future. It
to think soundly, there
g
wo al0 com ing into a tim e when it
requires no prophotic vision
. lrnDortant national decisions. T ho effect
o f ' l h i o “ S o n , ' °wffl'b o m oro r„r L c h l n g . Iho d M c n lt ie . involved in

*n
f

positions ^ t f a m l l t o U y
con tact with tho P ~W om s

1 *

financial centres o f the
that branch banking is going

r°r
|ofor A mer ica'is to X m as a school to Educate the bankers o f the future,
tJ
S
S
. new generation o f bankers an understanding o f interna­




■
k

s t e s s e

than has been true a
^
to guoss a t tho character o f tho problem s,
gin to measure tho « t o n t ., c
i „ de ed, I think that our people
that the world ca b y.
tl l o f tho nature o f that cataclysm , and
as a whole have but d U h •c o ^ e p t io n j
A part o f tho country has
the inevltabloness
and ita sense o f proportions and relationships
been submerged In
aud a 'e a t e r part, which has only
S e X c X t h l s 0 prosperity in a reflected way and has viewed b oth the war

Deo. 23 1916.]

THE CHRONICLE

2283

itself and its reflex action upon our industries in a som ew hat far-away and
every turn an unusual num ber o f foreign names o f firm s that havo been
detached manner, lias developed a point o f viow o f aloofness from the w orld’s
ss
tragedy. It has been a spoctacio, but it lias not gripped their souls. They / ’ “ sln® f ?r conturies, ono m ight alm ost say. T he acts o f rulers drove
*vo merchants out o f tho continental countries and it was
look with horror on tho carnago, with satisfaction on the profits but with in pr° gros®
th3r
f0Und sa fo ty - and w ere perm itted to develop their
an unrelated sort o f superiority to both , and feel that as a nation it is best
for us to avoid being involved in any o f tho consequences. Indeed, no fnrtDnr lm0S o fb u s ln cs f untram m eled and unhindered and, aided b y tho
further circumstances that Groat Britain always has ruled ih e s ^ s Lorn
small number o f tho pcoplo look upon tho intorior o f tho United States as
don has grown up to bo tho com m ercial em porium o f tho world and will
tho only im portant section o f tho world that is still quito sano, and their
ch ief wish is for us to proceed quietly on a courso that will keep us out o f
Z n
.”
° ° e “ n ' r OUr
of
suprem acy have
troublo. T o m o, this seems an utter lack o f im agination, a blindness o f
T he United States o f Am erica now has an opportunity that has been
vision , a com pleto failuro to understand tho unity o f tho industrial com m er­
thrust upon i t - b u t it is well to rem em ber that opportunity knocks but
cial and financial w orld. Unless I utterly m isjudge affairs, tlioro are going
onco at your door. W o aro on tho right track in perfecting our various
to develop for this country problems o f tho gravest im port— problem s that
organizations and it is m eet fo r m e to say that tho s a le s m a n -t h e ln t e r wiH need for their correct solution tho attention o f the m ost enlightened
m ediary between tho buyer and tho s e ll e r - i s doing tho right thing in perm inds. This country will need leaders with an apprehension o f true prin­
ecting his organization, and tho gentlemen responsible for this step in
ciples o f a ctio n -lo a d e rs who will have decision and force in form ulating
policies and putting them into execution, tho like o f which tho cou ntry lias the right direction aro to be congratulated that thoir efforts are meeting
th such marvelous success. Organization, how ever, goes further and
not nooded in our tim e. Tlioso problom s that will pross on us for solution
can noithor bo repelled nor postponed by tho pacificist nor b y tho advocate deeper into the b lood, and m ust bo fundam ental In every respect in order
to m eet with success.
o f proparodnoss. Some o f tlioso questions that must bo answered will com e
W hen tho world again assumes its normal attitude toward trade, com petidiroctly from tho field o f this torriblo war, but others will dovolop within
t on will be exceedingly keen and we hero in this cou ntry wili h ^ e to
our own bordors, .among our own pcop lo, and out o f our own characteristics.
eliminate from our m m ds a great m any o f the ideas that so far have preStato socialism in Kuropo m ay develop problem s, tho like o f which have
novor concerned our m inds. W o m ay havo to meet collective buying, state- vai ed to our disadvantage and one particular one is that we aro the su­
aided industries, form s o f governm ental co-operation with business quito per or beings o f tho earth. N aturally our merchants running along tho
outsido our rango o f thought. Governm ental control o f ocean-borno com ­ lines o f least resistance prefer to sell to the hom o consum er, and dem and
m erce, and novel factors in international flnanco will bo subjects for na­ man^fae^ at th® doors ° f tho fa cto ry - whereas tho foreign m erchant and
tional consideration. Indeed, there m ay ultim ately com o out o f tho groat m anufacturer, duo to tho overcrow ded con dition, and to a m ore or loss
war cliangos in form s o f governm ent that will havo profound and world-wide h?sPo In r^ ^ f Cl enteIe t fc h ° m e ’ SC€ks a m arkot for his wares outsido o f
influonco.
unon t L
try,K fnd ther° mcotil1g omlssaries from other countries bont
obJect’ naUlral,y has to put forth his very best endeavors
Such matters as tlioso aro am ong tho things that ono m ay soo when ho «
h mlsslon a successful ono. In this the salesman is ably assisted
looks outward, but thoro aro otlior m attors quito as gravo that aro develop­ hv
ing diroctly about us. A t tho present m om ent, wo aro in tho m idst o f a Imnks- f n l i T r 1 through tho various consular agencies, e tc., and b y the
situation created b y tho autocratic power o f groat labor unions, tho right or in a1 fArn^n nohl8, reS?
1
t0 Say that tho creation o f a foreign bank
a foroign country from tho European standpoint has altogetlir a m ore
wrong solution o f which will bo followod b y consequonccs which go to tho
^
th° CreaUon o f an Am erican bank ? n the s me
“
very foundations o f tho govornm ont. W as thoro over greater need in tho
SO
T h ® ^American bank or banker confines him self, and properly
world for just weighing o f human rights and econom ic laws?
o , to tho banking business puro and sim ple; whereas the foreign bank or
W ithin this wock I hoard tho reprosontativo o f tho four groat railway
extends his fostering caro not alone to the banking interests o f his
unions stato his viows boforo tho E conom ic C lub o f N ow Y ork . T o m y
l: aan£ry but als0 to the industrial and com m ercial interests, and it
m ind, while clothed with gracoful languago, whilo presented with a smilo,
baf. ° ft
beoa a m atter o f reproach with certain countries that items
they woro viows that contained tho ossonco o f anarchy. W o wero told wo
must not pass certain laws becauso they would not bo obeyed; wo woro given tails t ? tho^homo o°fff0reign banks aro Pr°m p tly reported in all their do­
r ° l ? b ? me o f f ic e - c o p ie s o f invoices, bills o f lading, marks and
clear intimations regarding tho pow or o f theso organizations- but thero
was not ono hint o f tlioir d uty or responsibility to society. For m y part
with a X v t o T ° f th,°, g,00ds’ bcin8 carefully annotated and dispatched
thcir hom o people im itate tho order if possible. In
I am hopeful that such uttorancos d o not truly voico tho attitudo o f any a vrnat m L 1 h
groat part o f tho pooplo o f A m orica, indeed, that they d o not truly voico ha™ e r o ^ f Vf* h° y baV° been successful and in other instances they
tho attitudo o f any great part o f organized labor; but they certainly em- Am erican mer?h f * r SU?h
° Xt0nt that m any o f tho South and Central
phasizo tho noed for a national awakening to tho nocossity for fundam entally
f°r
- '« ■ tho b a n t, or
sound thinking on econom ic problom s. Tho necessity for tho discussion o f
. f b “ {,°reign
o f the United States has always boon im portant,
these subjects is not academ ic, but m ost practical and m ost Intimately
t highly specialized so far as tho m anufacturer is concerned. Tho prin­
and Immediately rolatcd to our wolfaro and our lives
It is easy to soo that tho unsound, tho unwise, tho wrong solution o f tlioso cipal business, how ever, was confined to dealings with European countries
and covered m ainly cereals and m eat products through tho intermediary
problom s that aro pressing upon us will cost us an immeasurable sum o f
. ® Uropoan houses. Consequently, tho salesman’s art was
potontial wealth, o f individual happiness, o f national progress- but if tho
cost o f wrong decisions is immeasurably groat, how imm easurably groat also voods in t o |nt° tho, transaction, and as a natural result the selling o f
goods to foroign peoples has not been developed. A t ono time where de­
will bo tho roward o f right decisions. N ovor since tho boginning o f time
was thoro such an opportunity. N ovor did a pcoplo havo boforo thorn a pression was the rule o f the d ay in this cou ntry Am erican m an ufactured
choico o f tw o roads that lod to such different destinations. N ovor did a oncleavorod to create foreign markets fo r their surplus products and in
?ertain extent successful inasmuch as it was a quostion o f life
nation havo flung at it so m any gifts o f opportunity, such inspiration for and d ° r? i !° a <
tbem ’ J!ut when prosperity again overtook the
achiovom ont. W o havo always know n that naturo had boon lavish that land t h n l WlUi mOSt
d , tho experience gained at that tim o was very soon lost sight o f. C onin a m aterial way everything was ready at hand and neodod but industry
thrift and right living to bring material success to tho cou ntry and to all o f soquontl y , to-d ay where the world clamors for our goods it is our op p ory to again got into tho saddle and stu dy the requirements o f foreign
its pooplo. Hut on top o f that com es what sooms alm ost a conspiracy
o f events to tost our m oral fibre. A flood -tid o o f wealth, o f opportunity pooplos and to adapt ourselves to their m ethods o f thinking. O f course
,s an. ausP*cious one, as tho United States is the only country
which added to our resources, puts upon tho peoplo o f this cou ntry a re­
sponsibility o f trustcoship to tho w orld. W o aro like tho heir o f an enor­ whore goods can bo bought and tho task o f tho salesman is com paratively
an easy one. B ut it is his opportunity which ho should not neglect,
m ously woalthy father. N ono too well trained, nono too oxporioncod, with
tho ploasuro-loving qualities o f you th , wo havo suddenly b y a world tragedy to hold'* ith°r bankl“ f wor,d havo found out to our loss that it does not pay
h ° rCSt ° f the w ° rld • There is hadly a bank in tho coun­
boon mado hoir to tho groatest estato o f opportunity that imagination over trv tn .
t y to-d ay that does not engage in foreign business o f som e kind or another
pictured. I'ho last tw enty years has soon a fivo-fold dovolopm ont. I
? ocessary to }m vo men conversant with every phase
would hesitate to suggost what tho noxt twonty yoars m ay soo if wo rightly n i n d 0 n«
o f foroign life. I hat is just exactly where tho pinch com es in. T ho bankmanago this horitago. W ill wo look upon It as wo suroly should look upon
ng system o f tho United States hitherto has been conducted m oro or less
it, as a groat responsibility ? W ill it sober us, mako us seo that our national
in a prim itive manner, and can bo likened m oro to that o f a pawnbroker
Judgmonts and decisions aro now o f world-w ido significance ? W ill wo keop
in m ind that with this now wealth, this wealth in material things and vastly t lan to real scientific banking. N ow problem s aro now confronting us.
groator wealth in potontial opportunity, havo com o responsibilities ? Wo in every thing this enormous influx o f gold has created an affect that is
will gain tho ostoom o f tho world and tho satisfaction o f tho approval o f our unprecedented. It is beginning to open the oyos o f our Am erican bankers
own national conscience in just tho measure that wo m oot and rightly dis­ that thero is a futuro in store for them and unless wo take advantage o f
tho opportunity and learn while tho learning is good tho later doveloncharge thoso responsibilities.
b n u y uis
m onts will spell disaster.
p
Tho flood tido has been o f groat benefit to us in now fields
It has
m ado tho D ollar fam ous, where form erly it was held in contom pt
Our
JOHN E. GARDIN ON FLOOD TIDE OF PROSPERITY
big neighbors to tho South o f us, as you all know , aro in tho process o f d e­
velopm ent. Thoirs is practically a virgin cou ntry, hitherto torn to shreds
b y revolutionary elements, and it is only within tho last generation or so
that tho turbulent element has been overcom e, and our frionds in those
countries aro earnestly setting to work to be good neighbors.
AVo havo always been concerned with our own affairs to such an extent
tlmt wo havo paid very littlo attention to tho business o f Central and
South Am orica. leaving it to tho European bankor and European Industrial
m agnato to exploit theso countries m ainly to thoir own benefit; and in
d ° blg ‘ w cr® ts havo bccn necessary, and tho financial arrangements
d
ossontial for this purpose practically placed these countries in bondago
t ° the European financiers, as long as It suited them .
I ho crisis cam o at tho outbreak o f tho European con flict and all credit
arrangements that had existed for years woro suddenly canceled.
Y ou
can imagino tho dilem m a o f the debtor countries finding themselves de­
prived o f support overnight upon which thoy had confidently counted in
®rd6f. * ° “ a ntain their standing as nations. This sudden disruption o f
credit faci itics in part affected every phase o f life. Notw ithstanding our
own troubles in this respect at that tim o wo im m ediately stepped into the
broach, and havo m ado friends whero wo never expected to m ako them
boforo
Tho assistance that the United States gave to tho South American
countries ran into tho hundreds o f m illions o f dollars directly and indirectly.
I io big countries on tho eastern coast thus were able to finance their
crops o f w ool, coffee, m eat and other products so essential to tho wolfaro
o f hum anity. T ho dollar prior to that timo was an unknwon quantity
and was held in such absolute contem pt that if dollar oxchango had to be
sold a heavy discount was im pounded and in tho ovont o f a purchase a
heavy premium was exacted. This disparity now has disappeared and
tlio American dollar, standing to-day for its full content o f gold as pre­
scribed b y law, is now on a parity on the basis o f its own merit
A s an illustration I m ay say that the N ational C ity Bank o f N ew Y ork
T ho littlo Island was tholiavon o f rofu g ofor tho opprossod o f all nations
and within tho hospitablo walls o f London T ow n was gathorod tho brain sinco tho outbreak o f European hostilities has financed Com m ercial Let­
o f turbulent E urope. T hat is ono reason why in London ono moots at ters o f C redit, covering shipment o f the staple products o f Central and South
American countries, not alone to American ports but to all parts o f the

Setting out that a flood tide of seeming prosperity is with
us, John E. Gardin, Vice-President of the National City
Bank of Now York, speaking before tho New York Sales­
manship Club in New York on tho 21st inst., called upon
his hearers to beware that we aro not living in a fool’s paradiso. Commerce that is thrust upon us owing to the inca­
pacity of other nations to trade is, ho said, of a fleeting
naturo, and, whilo certain advantages will bo gained by deal­
ing under such circumstances, it must bo regarded as an
artificial condition and therefore cannot possibly havo
stability. Essaying that banking and commerce aro inti
mately related, Mr. Gardin added that “our banking situ­
ation should havo been where it is to-day fully fifty yoars
ago, and the lack of development in this respect is duo to tho
manacles that havo been placed upon tho banking community
over sinco tho politician took tho matter into his own hands ”
Pointing out that England owes her supremacy in banking
as well as in commercial matters mainly to tho absonco of
legislative restrictions, he further observed that at the outset
of her career she was in a somewhat similar position so far
as her commorco was concerned, in that it was forced upon
her. Continuing, he said:




838-.1.

THE CHRONICLE

[V ol .

103.

follows plenty— tho m oon never drew a tido to tho shoro but that it lot it
fall back again and left tho rocks and sands bare.
W o aro bound to havo tho obb tido in this cou ntry som o tim o, and it is
tho ebb tido that will try m en’s capacity. T h a t tim o will bring tho tost
of salesmanship. It is easy to sell goods when tho tido o f wealth and
com fort is full, when men aro making m onoy and ablo and willing co spend
freely and buy heedlessly. T ho best man in your business is tho ono who
can koop up sales when profits aro lopped o ff, and tho public has becom e
*n Even8after tho flood tide has turned into tho ebb tido this condition will
wary and critical and uncertain— whon times aro becom ing hard. That
rom ain, but it is on ly to be regrotted that tho fight was m ado so easy for
us
N evertheless, stops aro being taken through com petent efficiency is tho testing timo for tho expert.
N ow , I d o not mean to say that with tho com ing o f poaco, all dem and will
to maintain this con dition, and tho United States will henceforth always
drop suddonly, factories closo, men bo thrown out o f work, and hard times
h old its rank in tho concert o f nations as far as its financial ability to ho p
com o at once. T hat is impossible in tho nature o f tho larger contracts on
its neighbors is concerned.
. . .
,
which business is being done. But wherever it is possiblo to stop buying,
Speaking o f gold , tho titlo o f m y discourse is well justified b y just ono
buying will, temporarily at least, stop. A nd that is because tho mind of
illustration, and that is tho am ount o f accum ulation o f tho yollow metal
business will bo possessed or obsessed b y one thought— tho dread o f falling
that has takon place in this cou ntry during tho last threo years. In Ju y
prices. A nd prices will fall. Just as suroly as oxcossivo domand has beon
1914 our gold stock was $1,887,270,000. T o-d a y it Is $2,741,669,000.
putting up prices, dollar added to dollar in a dizzy upward flight— tho
W hilo tho figures threo years ago were seemingly largo still at tho same tim e
cessation o f that dem and will turn prices tho other way and bring them
it m ust bo borno In m ind that tho thon sum total lacked p otentiality duo
down
A nd this will cause hesitation and curtailment, which will continuo
to the fa ct that only about $600,000,000 was centralized in tho banks
until tho now demand to build up stricken Europe com es. That obb tido
available as a basis o f credit. W hat gold has com o into tho country sinco
must bo m ot, and when it com es, it m ay bo mado o f short duration by
then Is under control and amounts to about $900,000,000 which moans
on tho basis o f fivo to ono, under tho present requirements o f tho I'edoral valiant salesmanship.
T hat is tho timo to press and cnlargo tho business wo aro now establishing
Itesorvo Law , a possiblo credit expansion o f $4,500,000,000.
with neutral countries like South America and China, and with that groat
empiro, Russia, which, though engaged in war, has a steady and enormous
capacity for things, outsido o f war material, to supply its vast internal and
WOULD PEACE ADVANCE THE PRICE OF COTTONJ
dom estic wants. And if tho tido from Europe obbs heavily for a timo, good
salesmanship m ay bo ablo to havo created a flood tido o f sales to these other
places, which will offset tho declino.
_
.
But in tho com petition with foreign goods hero, it must bo pointed out
how much depends upon tho m anufacturers. T ho best o f salesmanship
will not offset inferior goods'. American products noarly all along tho lino
aro good, but like American machinery— a llttlo rough. Closo attention
is not given to detail and finish. In normal times, oven at lower prices
Frankness com pels us to adm it that tho bearish views expressed in our such goods d o not go as against tho finer foreign outputs. W o must
general letters o f N o v . 16 and 22 have been Justified b y tho outcom e m ore im prove our manufactures b y intonso application to this feature, and by
T ho salosman i
p rom p tly than wo had anticipated; and, indeed, had it not been for tho pro­ em ploying foreign expert workmen to teach our m en.
posals looking tow ard peace recently put forward by tho Central 1 owers, t not getting a square deal if his firm ’s goods aro in fcrioi.
It is perfectly possiblo that wo shall not havo the groat depression fol­
appears almost certain that tho decline would have been oven m ore drastic
lowing tho closo o f tho war which is predicted by somo. A ug. 1914 and tho
than has boon tho caso.
m onths closely following tho beginning o f tho war, wero filled with gloom y
T hat those proposals will result in an early peaco sooms to us highly im ­
probable; but at any rate, in view o f tho fact that any overtures whatever predictions o f what would happon to tho United States. ’1 hoso predicted
o f a peaceful nature have been m ade, it is clearly in order that the effect ot things really began to happen until enormous m unition buying and
their consum m ation on the value o f cotton should now bo carefully p ond - other export buying took place. These had not boon foreseen. N or
had the vast scopo o f tho war and its insatiable consum ption o f funds, ma C
r<Perhaps three-fourths o f tho members o f tho trade entertain tho bolief that ing necessary tho shifting o f tho financial centre to this country. Instead
a cessation o f hostilities would result in an im m ediate and sustained ad­ of°bringing disaster, tho war brought prosperity.
T ho shock o f plunging into an uncertainty such as peaco will bring, must
vanco beyond oven the highest level already attained. It is therefore,
havo its effects. H ow long this effect will last no ono can predict. But
with som o hesitancy that we give expression to a contrary opinion, hoping,
how ever, that, though it fail to carry con viction , our argumont m ay at after that, it is possiblo, that tho same factor which m ado tho predictions
o f 1914 turn out untrue (tho enormity o f tho war), will chango tho expected
least claim consideration.
, . ,
In our judgm ent, tho almost unprecedented height which tho price o f c o t­ result- in other words, m ay not tho vast destruction which has takon placo.
ton has recently reached has boon prim arily and principally duo to the avid accom panied b y a drastic drain o f materials, as rehabilitation is undertaken,
and insistent dem and for cotton products o f many kinds on tho part o f the call for supplies and manufactures from tho United Statos to such an ex­
warring nations, and arising directly out o f tho demands o f war Itself, neces­ tent as to offset tho loss o f war domands.
In any event, tho period o f obb tido, whether long or short and whether
sity knowing no law either econom ic or otherwise; for it m ust bo borno in
m ind that tho ultim ate consumer for peaceful purposes has as yet been its effects will bo serious or only tom porary, will call for tho best that is in
by no means fully tested as to his willingness or his ability to purchase tho business brains and tho business forces o f tho Unltod States.
freely at current values.
_.
.
...
Is it not likely when this abnorm al and irresistible dem and has been with­
drawn b y tho supervention o f peaco econom ic laws will again com e into play;
PROBABLE COURSE OF U.S. GOVERNMENT BONDS.
and d o not these laws point to a subnorm al consum ption on tho part o f
thoso Peoples w ho have been prostrated physically, financially, and to a
greater or less degree, nervously and m entally, b y tho terrific strain whe l
thoy have undergone during tho last tw o and a half years? W ill it >o in
any wiso possiblo for them , on the m om ent that strife ceases, to resume with
W ith the closing o f tho cuiront year all United States Bonds appear to bo
unabated vigor their peaceful pursuits? T o our minds it is inconceivable
closely held and difficu lt to dislodge In amounts sufficient to m oot tho de­
that this should be so. and wo need go no further back in history to find this
m and. Unless a substantial am ount o f additional Panam a 3s should bo
viow uphold b y tho facts than to tho yoars Immediately follow ing our own
advertised for sale within tho next threo m onths tho price level for all Issues
C ivil W ar, during which tho Southern States wero financially, com m ercially
and industrially almost inert.
" 'v ir tu a lly a ll o f'th o N ational Banks aio now content to retain their p rofit­
O f course tho analogy is not a perfect ono, but it is not too far fetched to bo
able circulation accounts and utilize their 2% bonds for that purpose. 1 hero
at least suggestive; though, indeed, it m ay well fall short o f oven a sugges­
is certainly a little if any inducement or offsetting benefit for a National
tion as to tho utter dem olition o f the financial and com m ercial standards
Bank to surrender its bonds to tho Federal Banks for redem ption at par,
which civilization has set up. It is not inconceivable that the belligerent
and co-incidently sacrifice a suro annual p rofit. Since tho bonds aro des­
countries m ay repudiate their national debts; it is not oven inconceivable
tined to bo always a dcsirablo acquisition for the Federal Banks Permit­
that they should dem onetize gold— almost no untoward change is incon­
ting thoso institutions to obtain considerable profit by converting them into
ceivable as a result o f destructive forces greater b y far than any other 3% *bonds, there should constantly bo a dom and for 2s sufficient to give the
which history records.
, , , _
. ...
bonds a market valuo o f fully par. In fa ct, an equivalent demand would
In conclusion, wo would ask thoso o f our readers who look forward with reasonably exist for bonds if quoted at a premium provided. N ational Banks
calm certainty to higher prices as a result o f peaco, and so m ay bo incline
decline to sacrifice their holdings at lower prices. I ho 1 ederal Banks need
to criticize our views as foolishly pessimistic, to recall their ow n mental the 2 % bonds and will bo tom pted to get them at any p neo which will result
attitudo during the early m onths o f hostilities when cotton well nigh los
In profitable conversions. R ecognition o f this situation has prom pted
all value. W as there ono am ong them who then foresaw 20c cotton at tlio
m any N ational Banks to postpone action and m any m ore will probably
end o f tw o years, in spite o f tho fact that tho world should still bo engulfed
decline to tender any o f their holdings to tho Federal Banks forrodom ption
in w ar? Assuredly not ono. W h y, thon. should thoy now feel such con ­
fidence regarding tho valuo o f their own viows as to tho effect o f peaco l
at Fach'succceding year will witness a growing shortage o f 2% bonds and
It is not our intention to voico a con viction on tho point, for wo have nono, ulflmaJely thero m ay bo all too few bonds to meet the desire o f N ational
but m erely to implant a d ou b t, for w hich, suroly. room m ay bo found in
Banks to creato and maintain thoir circulation accounts.
_____________
every open m ind.
AH purchases o f 2s by tho Federal Banks in the open m arket after Jan.
1 1917 will bo counted as a part o f their com pulsory redem ption o f 25 m il­
lion bonds which the N ational Banks havo the privilege o f tendering to
W IL L IA M C. CORNWELL ON THE EBB TIDE.
tho Federal Banks for red em p tijn during the com ing year.
I f there is any reason why a N ational Bank should liquidate its 2s at
nar other than a lack o f confidonco in tho continued successful operation
o f the ie w Bank A ct or because a bank desires to substitute somo other
issue to keep alive its circulation account, such a reason has never boon
.
plausibly set forth. _______

w orld, b y tim e drafts on the C ity o f N ow Y ork to the extent o f 70% o f a
tota l running into the hundreds o f millions o f dollars, whereas under the
form er practice the only com m ercial Instrument that was available for that
purpose was tho draft on L on d on . and the relation o f the tw o m ethods during
that period was 7 0% to 2 4 % , showing that tho American dollar in Its
stability as an exchange m edium is now fu lly appreciated b y our friei s

The probable course of cotton values after tho war is a
subject of wide interest. In tho following circular letter
ssuod under date of Doc. 19 Messrs. Thompson & Mullon o*Greensboro, N. C., advanco viows contrary to those gene"
erally entertained in the trade:

C. F. Childs & Co. of Chicago, in their circular for Deo.
15, have tho following to say with reforonco to probablo
cause of values for United States Government bonds.

The importance of boing prepared to meet the ebb tido
which is bound to follow tho flood tido of prosperity now
bein" enjoyed by tho United States was pointed out by WillianTc. Cornwell, of J. S. Bacho & Co., in addressing tho
New York Salesmanship Club at tho Waldorf Astoria on tho
21st inst. It is the ebb tido, said Mr. Cornwell, that will
try men’s capacity; that time will bring tho tost of salesman­
ship. Whether, he said in conclusion, the period of ebb tide
be long or short, and whether its offects will bo serious or only
temporary, it will, in any event, call for tho best that is in
tho business brains and tho business forces of tho United
States. The following extract is taken from his remarks:

Now wo havo tho world as a customer and almost without competi­
tion. That situation cannot last. Wo havo heard within a fow days the
flutter of peace. It is only a faint and far-off sound. But tho full melody
will break some time. Wo aro in tho flood tido of prosperity now. But
hatui'al law will prevail. Bleak winter comos after tho harvest—famine




FRENCH MORATORIUM AGAIN EXTENDED.

An extension of the French moratorium for threo months
from Jan. 1, is provided in a decroo published in tho “Journal
Officiel” of tho 20th inst., according to advices recoived
in the cables from Paris on that dato. Tho decree, it is said,
is accompanied by a note from the Minister of Commerce,
stating that tlioro romains unpaid only 1,340,000,000 of a
total of 4,480,000,000 francs of paper benefiting fromJJio
moratorium which was held by tho Bank of France in August
of 1914.

Dec .

10.
Advices concerning moratorium regulations issued by
Australia on Nov. 10 and received by tho High Commissioner
for Australia, were published in part in the London “Financial
Nows” of Nov. 20, as follows:
A U S T R A L IA 'S M O R A T O R IU M

E D IC T OF N O V .

The regulations under tho W ar Precautions A ct, made on tho 10th Inst.,
provide that tho moratorium shall apply to legal and equltablo mortgages
o f land or chattels, also to agreements for purchaso o f land and leases con­
taining a purchasing clause, but do not affect fluctuating trading advances
exceeding £2,000 made b y bank overdraft, secured by m ortgage, unless
the court, on tho m ortgagor’s application, determines that the regulations
shall apply. Tho court means tho High C ourt or Supremo C ourt, or,
where the mortgage docs not exceed £2,000, the cou nty, district, or local
court.
W ithout the court's leave a m ortgagee cannot call up the whole or part
o f the principal nor exercise power o f sale, tako steps for foreclosure, posses­
sion, or occupation, nor com m erco proceedings for a penal rate o f interest
or for breach o f any covenant other than tho paym ent o f interest, insurance,
or the maintenance or paym ent o f rates and taxes. W here the court finds
that the m ortgagor is unablo to redeem tho property or repay a portion o f
the principal the court must refuse leave, unless the m ortgagor’s conduct
has rendered him undeserving o f relief, or tho security is wasting, and
would be affected by a continuance o f tho m ortgage. The decision o f the
court shall bo final.
W here the due date for repaym ent is passed the time is by the regulations
extended on the following terms: Until application for leave is dealt with
b y the court, interest shall no payable at tho follow ing rates: In case o f
mortgage not exceeding £2,000 the rate provided In m ortgage, or 6 % per
annum, whichever is less. In the case o f m ortgago exceeding £2,000 the
rate provided in m ortgago, or 6 % , whichever Is greater. In the latter case
tho court m ay, on the m ortgagor’s application, fix a lower rate, but not
lower than the rate provided in tho m ortgago, or 6 % , whichever is less.
The regulations d o not apply to (a) m ortgagees’ agreements or leases
executed after Sept. 20 last, which contain a condition expressly excluding
tho regulations; (b) agreements for tho purchaso o f leaseholds interest in
land only, whenever entered into; (c) transactions covered b y tho soldiers
moratorium regulations; and (d) m ortgages to Starr-Bow kott societies.
CAR

SHORTAGE

D E C R E A S IN G ,

BUT

STILL

LARGE.

According to the official figures, the not car shortage
during November was reduced somewhat, but at tho end
of the month still aggregated 105,527 cars, this comparing
with 114,908 Nov. 1. Last year there was a net su rp lu s
of cars of 28,208 on Nov. 1 and of 37,402 on Dec. 1. The
circular of the American Railway Association dealing with
the statistics, issued under date of Dec. 18, contains the fol­
lowing remarks:
R oports made to the American R ailw ay Association b y the railroads o f
tho United States show that on D ec. 1 1916 there was a not freight car
shortage o f 105,527, as com pared to a shortage o f 114,908 cars on N o v . 1.
Tho net shortago on Sept. 30 was 60,697; on Sept. 1, 19,873. On A ug. 1
there was an actual net surplus o f 9,762 idle cars.
T he Association makes public a statement showing car shortages and
surpluses since Jan. 2 1907, when tho railroads began com piling these
figures regularly.
These figures show that for tho wholo period o f nearly eight years pre­
ceding the m iddle o f August this year tlicro has been a continuous net sur­
plusage o f cars not in uso on American railroads except for about ono month
in 1909, three m onths in 1912, ono m onth in 1913 and the m onth o f M arch
this year.
In 1908 there was at one tim e a surplusage o f over 413,000 cars, and at
no tim e during the year wero there less than 100,000 idlo cars.
In 1909 the maximum net surplusage was 332,513. In 1910 tho maximum
was nearly' 143,000 for July 6, and there was throughout that year a not
surplusage o f at least 7,000 cars not requisitioned b y shippers. For 1911
surplus cars numbered on M arch 15 over 207,000, and there ’was at no time
during tho year less than 20,000 cars standing idle.
In January 1912 there was a net surplusago o f approxim ately 136,000.
From N ovem ber 1913 until M arch 1916 thoro was a continuous surplusago
o f cars, the number running in October 1914 to over 200,000, when the
figures becam e so largo that tho American R ailw ay Association stopped
com piling them . Com pilation was resumed on Feb. 1 1915, when idle
cars still numbered over 279,000.
The number o f freight cars owned by tho railroads o f tho cou n tiy in­
creased during that same eight years from 1,991,557 on July 1 1907 to
2,518,855 on July 1 1916.

G R A N G E C O N D E M N S E IG IIT -IIO U R L A W .

The Pennsylvania State Grange at its convention at
Philadelphia in the Academy of Music on tho 14th inst.
went on record as against the Adamson Eight-Hour Law,
and rebuked Congress for onaoting the same. Tho con­
demnation of the law was contained in the report of the
Agricultural Committeo. The declaration approved by tho
farmers was as follows:
Tho farmer is neither an object o f pity nor subject for charity. Ho is
not asking for special favors nor class legislation. I f0 has practiced the
eight-hour law ever since Adam was driven out o f tho Garden o f Edon,
eight hours in tho forenoon and eight in tho afternoon and tho rost o f tho
time ho just works. Tho Grango scoks tho "greatest good to tho greatest
num ber,” and believes that this principle might well bo followed b y our
lawmakers. It is neither right nor just for our national Congress to enact
laws for a few at tho expenso o f tho m any. Arbitration is tho only fair
and just means o f settling disputes when tho parties thereto cannot agree.
N o legislation should bo enacted that oven tends to create class fooling
or widen the breach which now exists betweon capital and labor.
Capital should be made to understand that it is helpless without labor,
and labor should realize that it could not exist without capital. Each is
dependent upon the other. Congress should tako such stops and enact
such laws as will Impress upon both parties, that "ovory b od y is bigger
than a n yb od y .’ ’ And that it will not permit tho wheels o f progress to bo
blocked, even if it has to tako over tho railroads and operate them until
a peaceful settlement is obtained. It is extremely dangerous for tho
Governm ent to even attem pt to fix a wage scale or establish hours o f labor,
luness the hours so established, shall apply to all classes o f labor




2285

THE CHRONICLE

23 1916.]

Should tho law bo applied to agriculture or to tho labor on the farm it
would be a serious blow to tho farmer, as ho could never get Ids work done
under an eight-hour day, nor could he afford to pay a man for ton hours'
work when he worked but eight.
A

CLUB

FOR S A L E S M E N .

An organized effort is being made to establish a club house
in New York City to which all salesmen, sales managers,
executives and members of firms will bo eligible as members.
It is an effort which no vocational association could accom­
plish, because the Association of the Upholstery and Allied
Trades, or the Silk Association, or any other of the hundred
and fifty so-called vocational associations, have neither the
means nor the influence sufficient to finance so formidable
an enterprise. There would have to be an income of $50,000
or $60,000 a year at a conservative estimate, and it is thought
that such a sum can be easily guaranteed if the various as­
sociations now existing co-operate with the New York branch
of the Salesmanship Congress. This Congress held its first
session in Detroit July last. Thirty-one hundred men were
present, including some of the best-known salesmen and salesmanagers in America, representatives of the National Cash
Register Co., Thomas Lipton, Armour & Co., Burroughs
Adding Machine Co., National Lead Co., Barnes Knitting
Co., the Chalmers Automobile Co., representative firms to
which the subject of salesmanship is of vital importance.
A second meeting was held in New York a month ago, and
an executive committee of twenty-one was appointed. Al­
though the main object of the association will be academic,
with a view to raising the morale of the individual by the
standardization of higher ethics in salesmanship, it aims to
build a club house and furnish headquarters for all the com­
mercial travelers’ associations, giving them not only meeting
facilities, but luncheon and conventional facilities at a mini­
mum of cost. Already the idea has been heartily approved,
not only by the men, but by the firms, who are contributing,
it is said, liberally. This association will be primarily edu­
cational.
T H E L Y O N S (F R A N C E ) S A M P L E F A I R .
Attention is called to the fact that the Lyons Sample Fair
is to be held in Lyons, France, from March 1 to 15 1917.
Tho fair, which is the successor of the heretofore great Leip­
zig Fair, now closed because of the war, is open to wholesale
dealers only. An American Committee numbering among it
many of the most important representative business interests
in America, has been formed to further and foster Amerioan
exports by means of the Fair. George B. Van Cleve, of the
Van Cleve Co. of New York, has been chosen Chairman of
the American Committee, and has opened committee head­
quarters at 1790 Broadway, this city. Working in associa­
tion with the American organization, are committees in
France, Great Britain, Italy, Spain, Russia, Switzerland and
other allied and neutral countries, whose aim it is to bring
together at the next annual Lyons Sample or Wholesale Fair,
a large and representative gathering of wholesale buyers
from countries all over the world. Last year the Fair was
very successful and over $10,000,000 in actual wholesale
business is said to have been transacted during the Fair, and
more than $8,000,000 more was refused because of inability
on the part of manufacturers to make deliveries. In other
words, $18,000,000 in wholesale orders was offored to manufac­
turers at Lyons last year. It is conservatively estimated,
says the American Committee, that more than $40,000,000
in actual orders will be placed at tho 1917 Lyons Fair. Many
American manufacturers, it is said, will be represented at
the fair this year, many enthusiastic responses having been
received by the Committee from those already approached.
Tho opportunity which the Lyons Fair offers for American
commercial expansion are manifold says the American Com­
mittee, which has been voluntarily formed and is working
for the greater expansion of commercial exports of Americ*
Mr. Van Cleve, Chairman of the Committee, in speaking
of the opportunity offered by the Fair, said in part:
" I believe that American manufacturers have offered them through the
Lyons Sample Fair an opportunity to extablish themselves in m any foreign
markets at the smallest possible expenso and with tho least possible effort.
Europe, South America and the Orient need American goods. W e have
had all kinds o f schemes offered to secure this trade for the United States.
I consider an exhibit at tho L yons Sample or Wholesale Fair the most
practical, feasible and simplest o f them all.
“ Tho total expenses entailed, including exhibition space, the shipping of
samples and sending a man to France for the Fair is only a m atter o f from
$300 to $400.
“ W holesale buyers from all over the world attended the 1916 Fair and
tho hotel booking for buyers in 1917 are reported from Lyons to be very
heavy already. South America in particular sent a large contingent o f
buyers to the 1916 Fair.
“ W e want to see America well represented b y some o f her forem ost manu­
facturers, and Judging from precedent— that is, business done last year—

2386

THE CHRONICLE

an exhibit at Lyons on tho part o f an American manufacturer will be an
extrom ely profitable business proposition.”

C A N A D IA N GOVERNMENT AGAIN APPEALS
INVESTORS TO BUY A T HOME.

TO

The Canadian Government, through its Minister of
Finance, has again taken occasion to urge Canadian in­
vestors to apply their available funds in the interest of the
Government and to refrain from putting their money into
non-Canadian securities. A similar appeal was made to
the Canadians by the Government in July. The Ottawa
“Journal” of the 12th inst. prints the following with regard
to the latest request of the Government:
T ho M lnistor o f Finance expresses concern over the frequent offerings
in Canada o f non-Canadian stocks and bonds. lie earnestly hopes that
instead o f making such purchases Canadian investors will purchaso D o­
minion debenture stock or conserve their savings for Dom inion W ar Loans.
H e points out that tho hugo expenditure now made in Canada for tho
purposes o f war and for tho purchase o f shells and other munitions should
find its way back into Dom inion securities for tho purpose o f financing
further orders.
In answer to tho statement which is frequently made that a higher
rato o f interest m ay be obtained upon non-Canadian securities o f a specu­
lative character and that therefore there is national gain from such pur­
chases, tho M inister replies that while tho individual m ay make a higher
rate tho m oney which he has invested abroad is not available as it should
bo in war tim o for tho purposes o f tho governm ent.
M anifestly if all Canadian investors invested their funds in outsido
issues at speculative interest rates tho Dom inion Governm ent would not
bo able to float its dom estic loans.
Tho M inister says that all available Canadian funds and m ore will bo
required for war expenditure and tho purchase b y tho Imperial Governm ent
o f m unitions in Canada.

SCARCITY OF SMALL BILLS AND MINOR COINS.

In appealing for provision for tho employment of additional
workmen at the Philadelphia and other mints, F.J.vonEngolkon, Director of the Mint, pointed out before tho Houso
Committee on Appropriations on the 11th inst., that tho
banks have been able to get only a quarter to a third of tho
coins ordered. Mr. von Engelken’s remarks came up in
connection with tho presentation by the committee of the
Legislative, Judicial and Executive Appropriation Bill,
and the committee’s announcement that it had appropriated
$20,000 for salaries for these extra workmen at tho Philadel­
phia Mint, although tho director had asked for $30,000, in
addition to a deficiency appropriation of $110,000 for salaries
during the rush period. Tho $110,000 item, it is stated, will
be included in tho general deficiency appropriation bill to bo
reported later. The Director said that tho deficiency appropri­
ation asked for was’required to pay salaries of 190 additional
employes during the remainder of the fiscal year.
The shortage of small coin and bills has been tho subject of
correspondence between Charles A. Hinsch, President of
the Fifth-Third National Bank of Cincinnati and tho Trea­
sury Department as will bo seen by the following letters
which have passed between the two in the matter:

[Vol . 103.

withintlio last day or so. I assure you that overy offort is boing mado by
this Departm ent to meot tho requirements o f banks and business generally
throughout tho country for small coins and small bills, and that wo aro
attem pting to mako tho distribution impartially.
Very truly yours,
(Signed) A . J. P E T E R S , Assistant Secrotary.

NOMINATION OF GOVERNMENT SHIPPING BOARD.

The members of tho Government Shipping Board created
under the Ship Purchase Bill were nominated by President
Wilson yesterday. The nominees aro William Donman of
San Francisco, for a term of six years; Bernard N. Baker of
Baltimore for a term of five years; John A. Donald of Now
York City for a term of four years; James Barber White,
Kansas City, Mo., for a term of three years, and Theodore
Brent of New Orleans, La., for a term of two years. Tho
Democratic members of the Board aro Messrs. Denman,
Baker and Donald, while the Republicans aro Messrs. White
and Brent.
Mr. Denman is a lawyer with experience in Admiralty
cases. He is a graduate of tho University of California.
He was Chairman of a committeo to investigate municipal
corruption in San Francisco in 1908 and has been prominent
in a movement in California for tho election of non-partisan
judges. Mr. Baker has had wido experience as a ship-owner
and for thirty years was President of tho Atlantic Transport
Line. Ho is a native of Baltimore and a graduato of tho
Sheffield Scientic School at Yale. When tho Shipping Bill
was pending he acted as a close adviser of Secretary McAdoo,
tho chief advocato of the measure. Mr. Donald has had a
life-long experience in the steamship business. Ho was born
in Scotland but becamo a citizen of the United States in 1890.
He is Chairman of the Board of Education of Staton Island
and is connected with various business concerns. Mr. White,
a Republican, is a lumberman and oxportor. Ho was bom
in Now York Stato, is President of the Missouri Lumber
& Mining Co., Louisiana Central Lumber Co., tho Forest
Lumber Co. and an officer or director in many other con­
cerns. Mr. Brent was born in Muscatine, la. He is a rail­
road man and from 1906 to 1910 was assistant to tho Vice­
President of tho Rock Island-’Frisco Lines. Each member
of the Board is to receive a salary of $7,500.
ADVANCES IN WAGES.

In addition to those heretofore mentioned by us tho follow­
ing large concerns have recently announced special distribu­
tion among their employees to meet the prevailing high cost
of living.
Directors of the Southern Pacific Railroad Co., have au­
thorized tho payment of a 10% bonus to all employees not
affiliated with the brotherhoods. 5% will bo paid on Jan.
1 and 5% on July 1 1917. Frederick W. Underwood, Presi­
dent of the Erie Railroad Co., announced on tho 14th inst.
that one month’s full pay would bo granted to all employees
D ec. 1 1916.
lio n . W m . G . M cA d oo,
not under contract schedules and who havo been employed
Secretary o f tho Treasury,
by the company for two years or moro. This bonus will
W ashington, D . C .
M y dear M r. M cA d oo:—
reach the employees by Christmas. The Lackawanna Rail­
I
desiro to call your attention to the fact that wo are experiencing great
road Co., on Dec. 15 announced through its President, Wil­
d ifficulty in supplying the demand made upon us b y our correspondents for
liam II. Truesdalo, that a bonus ranging from 6 to 10%
m inor coin.
T ho Sub-Treasury hero lias always shown a co-operative spirit and tho would bo distributed to employees receiving $2,000 or less
relations are entirely satisfactory, but they aro unable to furnish us with
a year. Soven thousand employees aro affected, it is said,
the denom inations needed b y our m any correspondents who have depended
and the bonus amounts to $400,000. Directors of tho Atlas
upon us in tho past to supply cheir needs.
This is especially true o f the district lying south o f us, and I thought pos­ Powder Co. announced that they havo decidod that instead
sibly if I called tho m tter to your individual attention, that you would in­
of tho 10% bonus tho corporation has beon giving employees
stitute an inquiry at onco for tho purposo o f ascertaining tho conditions,
at tho end of each year, it will, until further notice, on account
with a view o f relieving tho situation.
It m ay bo that remedial legislation will bo necessary. Surely the progress of the abnormal cost of living, distribute each month 10% of
o f tho country should not bo impeded by a lack o f tho necessary denomina­
the monthly wage received. This ruling is retroactive as of
tions o f coin and paper m oney to handlo our expanding business.
In addition to tho minor coin mentioned above, wo experience great dif­ Dec. 1 1916 and affects all employees receiving $250 or loss
ficulty in securing ones, fives and tens. I would bo greatly pleased if your per month.
Tho directors stato that tho monthly bonus is
investigation would cover this situation as well.
an emergency measure subject to cancellation at their dis­
W ith kind regards, I am.
Very sincerely yours,
cretion. The distribution is in addition to tho 10% bonus
C H A R L E S A . H IN S C H , President.
for 1916, which has already beon awarded. Tho 20% in­
crease which the du Pont Powder Co. has beon paying for
D ec. 5 1916.
M r. Charles A . Hinsch, President,
a year to its salaried employees will bo increased boginning
T ho Fifth-Third N ational Bank o f Cincinnati,
with the now year, to 30%. Tho extra paymont is to bo
Cincinnati, Ohio.
continued until further notice, according to theannouneomont
D ear Sir:—
In the absonco o f tho Secretary I beg to acknowledge receipt o f your letter made at the head offices of tho company on Dec. 20.
Tho
o f D ec. 1 regarding your inability to procure from the Sub-Treasury in Cin­ action follows the announcement, as reported in our issue of
cinnati supplies o f subsidiary and minor coin, as well as bills o f small denom ­
last week, that tho 20% war bonus paid payroll oinp oyees
ination.
T ho demand for small coins and small bills this fall has been unprece­ would bo mado permanent.
dented. and it has been impossible for the Departm ent to meot all tho de­
The Westinghouso Lamp Co., said to bo the largest manu­
mands o f tho banks throughout the country, but every effort has been made
to d o so and tho mints havo been running overtim o and worked to their ful­ facturer of tungsten lamps in tho world, with a plant in
lest capacity. E very effort has also been made to cancel high denomina­ Newark, N . J ., on the 14th inst., announced a bonus of 8 1-3%
tion bills when rccived and to issue in lieu thereof bills o f small denomina­
on weekly salaries, effective Dec. 16. It will mean an addi­
tions.
T ho Sulj-Treasury at Cincinnati has boon considered equally with the tion of one month’s pay in tho year to tho wage of about 3,000
other Sub-Treasuries, and in addition I havo sent a new supply o f coin there employees.




D ec. 23 1916.]

THE CHRONICLE

The directors of the Metropolitan Lifo Insurance Com­
pany have announced that they will distribute $125,000
to homo offico employees whoso yearly salary is $2,000 or
less. Notices were posted at the plants of tho H. C. Frick
Coke Company throughout Pennsylvania on Dec. 15, an­
nouncing an increase of 10% in wages. Approximately
40,000 men are affected. This is tho third increase given
the Coke workers this year. An increase in wages of 5%
for its 3,000 motormen and conductors was announced on
Dec. 15 by the United Railway Co., of St. Louis, Mo.
Tho Crane Valvo Company of Chicago, 111., on Dec. 20 an­
nounced a 10% bonus for its 12,000 employes. The amount
to bo distributed will bo approximately $1,000,000, and
payment will be made between Christmas and Now Years.
The Gulf Refining Company of Texas has announced that
its employees will receive a bonus for each day worked,
amounting to from 20 to 30 cents per person. Tho bonus
is effective at once, and will continuo during the high cost
of living period, providing business conditions warrant.
An extra cash payment exceeding $6,000,000 will be
distributed to a certain class of employees of tho companies
comprising tho Bell Telephone system, to aid them in meet­
ing tho present abnormal living conditions, according to
an announcement made on Dec. 15 by Theodore N. Vail,
President of tho American Telephone & Telegraph Co.
Tho payment, it is stated, will bo equivalent to two or thrco
weeks’ salary in proportion to length of servico. It is not
intended, it is said, to bo a distribution of profits, nor do
all employees participate. Tho Wells Fargo Express Com­
pany is to distribute a bonus among its 8,000 employees in
all parts of tho United States. Tho bonus will amount to
approximately $1,000,000. Employes who have been in
tho omploy of tho company for a year or moro and who
receive a yearly salary of less than $2,000 will participate
in tho 8 1-3% bonus declared. It will bo paid in quarterly
installments on Jan. 1, April, July and October. Tho
American Express Company has announced that all em­
ployees who have been in tho service of the company for a
year or moro, and whoso yearly salary is $2,000 or less
would be awarded a bonus of an extra month’s salary. It
is estimated that 12,000 employees will sharo in this bonus,
and the total amount involved will bo about $1,250,000.
Tho bonus will bo payable in quarterly installments on tho
first of January, April, July and October.
Tho International Shoo Company, ono of tho largest
shoo manufacturing concerns in tho world, announced on
Dec. 19 that, beginning this week, the employees of its St.
Louis factories would receive a weekly bonus in addition
to tho regular salary, and that $125,000 in cash bonuses
would bo distributed among its employees in its factories
outside of St. Louis. Tho International Shoe Company
operates fourteen shoo factories throughout Missouri and
Illinois, and, it is said, soveral thousand men and women
employees will bo affected by tho new policy. •
PROPOSED EFFORTS TO ADJUST TRAINMEN’ S
CONTROVERSY.

Intimations that negotiations were under way between
tho leaders of tho four railroad brotherhoods and tho con­
ference committeo of tho railways looking to a settlement
before January 1 of tho controversy which rosulted in tho
enactment of tho Adamson eight-hour law wore given by
W. G. Leo, President of the Brotherhood of Railway Train­
men, in addressing tho members of tlio Economic Club in
Indianapolis on tho 14th inst. and tho Central States Con­
ference on Watcr and Rail 1 ransportation at Evansvillo
on tho 15th inst. In his Indianapolis discussion Mr. Leo,
when questioned as to whether tho Adamson law gavo tho
Brotherhood tho thing for which they had contended, was
quoted in tho Indianapolis “Nows” as saying:
I d o not know ; I d o not know what that law m oans, and I havo novor
yot found anybody who did know . 1 am willing to pay a nico sum to tho
person who can toll mo what It means.

Tho “Nows” further quoted Mr. Leo as follows:

W o did not ask for any such law, and wo had no intimation whatever
that such a law was going to bo passed until Prostdont W ilson appeared
before tho join t session o f Congress. T ho only thing that I foarod was that
tho Congress would pass a com pulsory arbitration law.
A fter Prosidont W ilson called tho railroad oxocutivos and our com m ittoo
to Washington from Now Y ork , tho President, after soveral conferences
with both sides, ono day handed us a typewritten proposition. This con ­
sisted o f tonus conceding tho eight-hour d a y , and tho postponem ent o f
tho other dem and, as to paym ent for ovortim o, until experience should
actually disclose tho consequences o f tho eight-hour d a y.
In tho m ean­
tim e it was suggested a commission bo appointed to hold investigations.
In twenty-four hours our representatives had voted to accept this
proposition, although it meant tho dropping o f m oro than 50% o f our
dem ands.




2287

T ho four railroad brotherhoods aro not opposed to arbitration, b u t
they wero opposod to arbitration with ono party dictating the term s. It
must bo understood that wo d id not dem and an arbitrary eight-hour d a y.
A nyone who is fam iliar with tho railroad operative problem s knows that
such a thing is im possible.
W hat wo did ask for was a basic oight-hour d ay with tim o and oneh a lf for ovortim o. W o did not think that this question was arbitrable,
for tho sim ple reason that 65,700 miles o f railroad on tho southern and
southwestern roads are now being operated on that basis and have been
for years. T hat would bo like arbitrating a question o f whether a man
cou ld live in a house ho had built.
Another question that we faced when wo m et tho railroad conference
com m ittee in N ew Y ork was that they told us that there were a number
o f roads in tho cou ntry which they did not represent and could not speak
fo r . W o did not bcliovo this was true.

Another speaker at tho Indianapolis gathering was Blewett
Lee, General Solicitor of the Illinois Central R. R. who
spoke in favor of the Inter-State Commission being em­
powered to fix the wages of railroad employees if they have
the right to determine the rates which the roads shall charge
the public. Ho stated that Congress should also pass the
law which the President has advocated and which, he said,
is similar to the Canadian law, providing for no strike or
lockout pending a public investigation of the dispute in
question.
At the Evansville gathering W. G. Lee, of tho Train­
men’s Brotherhoods in declaring that both sides to the con­
troversy which culminated in tho passage of the Adamson
law were carefully considering plans for .settling the entire
question before January 1 and for clearing and expunging
the records in the case, said:

I know I am not betraying confidences when I say some o f tho very
best brains high up in tho cham bers o f tho operating departments o f the
railroad favor som ething satisfactory to both sides, and they have discussed
it with us. I left them only W ednesday night in N ow Y ork and will bo
back there very soon. W o hope to work it out. W e know that if we d o n ’t
work it out for ourselvos, tho em ployees and the em ployers, som ebody is
going to work it out for us, and it will not bo acceptable to either side.
W o know that for tw enty-five years these organizations have dealt
across tho table in tho m ost friendly spirit, and wo believe there is sufficient
intelligence on b oth sides o f tho tablo to enable us to get together, man­
like, and thrash these things out and reach m iddlo ground.

Mr. Lee is also said to liavo predicted that if the present
negotiations come to a successful end tho disputes between*
the railroads and employees will bo taken out of politics by
tho establishment of some kind of a Federal commission
to take the place of the present Board of Mediation and
Conciliation. Ho said that the members of this proposed
board should bo practical men from both sides, appointed
by tho Government and answerable to the President, with
full authority to hear and dispose of all controversies that
arise. 3 e said that a board composed of four brotherhood
men and four railroad representatives, cut loose from the
organizations and from their railroad interests, would form
a commission to the fairness of which he would be willing
to subscribe. “With a commission on this order,” he said,
“it is my opinion that 90% of all so-called grievances that
originate would be settled satisfactorily.” Mr. Lee, it is
further stated, said it was the hope of the brotherhoods
to effect a settlement outside and independently of the
provision of tho Adamson wage law and to go back to Wash­
ington before January 1 and ask President Wilson to forget
that they ever appeared beforo him. He intimated that
the railroad leaders also share this hope.
Tho reports that the railroad and brotherhood heads
planned conferences to propose tho repeal of the Adamson
Act and the substitution of a working agreement of their own
making, provoked Representative Adamson, author of the
law, to declare on the 17th that Congress would “spank both
sides to tho controversy if necessary.” Mr. Adamson, who
is tho House representative of President Wilson in railway
legislation matters, let it bo known that ho is willing to co­
operate in any plan employees and employers may evolve
for tho interpretation of his law as applied to working con­
ditions, but will vigorously opposo repeal of it, and he thinks
the majorities of both houses will do likewise. On tho 17th
ho said:
Congress will not agreo to any repeal o f the Adam son law, tho measure
was passed In good faith and it is a constitutional enactm ent regulating
hours o f labor and not wages. Lot tho roads and their men settlo their wage
disputes.
I hopo that the negotiations between tho railroads and their employees
will result in an agreement which will not make further legislation nocessary,
but Congress will see that the public gets a fair deal. I f it becom es neces­
sary to spank both sides, wo’ll spank them ; though I hopo that w on’s be
necassary.

Representative Adamson, it is said, looks upon the efforts
of tho railroads and brotherhood heads to got together opti­
mistically. He says tho result of tho Presidential election
made the employers more eager for peace than they were last
fall and that the growing belief that the Proident stands for a
compulsory arbitration law has put tho brotherhood leaders
in a conciliatory frame of mind.

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[Vol. 103

tion and they must insist that the end is a most complete
and effective guarantee against tho possibility of that caste
ever again disturbing the peaco of Europe.” “Further,”
ho said, “now that this great war has been forced by the
Prussian military leaders upon France, Russia, Italy and
ourselves, it would be a cruel folly not to see to it that this
swashbuckling through the streets of Europo to tho dis­
turbance of all harmless and peaceful citizens shall be dealt
with now as an offense against tho law of nations.” “We
will, therefore,” ho added, “wait until we hear what terms
and guarantees the German Government offers other than
those, better than those, surer than those which sho so
lightly broke. Meanwhile wo ought to put our trust in an
unbroken army rather than in a broken faith.” The spoech
was also devoted to the efforts of tho British Government to
complete and make even more effective the mobilization of
all the country’s national resources. The principal feature
T ho danger o f paralyzation o f our industries, which threatened last of the Premier’s program is a measure for national service
summer, must not bo perm itted to occur again. N o m atter what m ay bo
matching Germany’s latest scheme, whereby every citizen
tho agreement o f tho railroad oxocutivos and tho brotherhoods, there must
bo legislation which would prevent such a strike in the event o f a disagree­ will be liable for enrolment to perform work for which the
ment between tho roads and their em ployees. T ho intorest o f tho public authorities consider him best equipped.
Arthur Neville
In such a controversy is param ount, greater than that either o f the roads
Chamberlaine, Mayor of Birmingham, is to be director of the
or their em ployees.
Tho New York Sun, in announcing on the 19th inst. that national service, with civil and military directors responsible
Samuel Gompers, President of the American Federation of to him. The full text of the speech, as received by cable by
York
:
Labor, is expected to use his influence for tho repeal of the the New Tuesday,“Times,” is as followsLloyd George, Prime M in ister.
London,
Dec. 19, 5:40 p. m.— David
eight-hour law, said:
rose in the H ouse o f Commons at 4:10 o'clock this afternoon and said:

While it is pointed out that neither labor nor Congressional
leaders have official reports as to just what phases of the rail­
way situation the conferees have taken up, the belief is
current in Congressional circles that the foremost feature
of the final agreement will be an interpretation of the Adam­
son law so satisfactorily to both sides that a suit to test the
constitutionality of the Act, now before the Supreme Court,
may bo withdrawn. Repeal of the law, it is thought, hardly
will be suggested.
Information to the effect that the reported conferences be­
tween the brotherhoods and railroad executives would have
no effect upon his program of railroad legislation was im­
parted to callers by President Wilson on the 18th inst.
Senator Newlands, chairman of the Senate Interstate Com­
merce Committee, predicting on the same date the passage
of the compulsory investigation feature, was quoted as
follows in the New York “Tribune:”

Samuel G om pers, head o f tho Amorican Federation o f Labor, is expected
to apply his influence hero and in W ashington for tho repeal o f tho Adam son
eight-hour law. For m ore than a m onth there has been a quasi alliance
betweon tho “ B ig F our” and tho Federation.
A n unwritten agreement is in force between them to fight laws which in
thoir belief threaten tho power o f labor organizations. A s tho law now is
hold b y tho brotherhoods to be inimical to their oxistonco Gom pers has given
his prom iso to request President W ilson personally and also intercede
beforo Congress to have tho law stricken from tho books.
“ Big F our” leaders are convinced that tho operation o f tho Adam son law
and the enactm ent o f com pulsory arbitration, as requested b y President
W ilson in his message to Congress on D e c.5 will reduce their power to negli­
gibility. Their organizations, thoy fear, will have no m ore influence in
railroad affairs than benovolont fraternal associations.

Warren S. Stone, President of tbo Brotherhood of Loco­
motive Engineers, speaking on the Adamson law before the
Society for Ethical Culture in this city on the 19th inst., is
said to have announced that President Wilson will go to
Congress to obtain another eight-hour law if tho present Act
is declared unconstitutional. The “Times” in reporting this
states that Mr. Stone told his audionce that less than two
weeks ago tho President told him that the Administration was
unshaken in its determination to give tho four railway
brotherhoods the eight-hour day.
It was reported on the 19th inst. that the renewal of tho
conferences planned between the railroad and brotherhood
representatives would be deferred ponding the announce­
ment of tho arbitration award in the switchmen’s contro­
_______________________
versy.
LLOYD GEORGE’ S ANSWER TO THE GERMAN
PEACE OVERTURES.

The all-absorbing feature of the week, so far as concerns
the developments growing out of the proposal last week by
Germany that the warring nations enter into peace nego­
tiations, has been the speech in the House of Commons on
Tuesday of England’s now Premier, David Lloyd Goorge,
in which he made known the attitude of the Allies toward
Germany’s overtures, followed by President Wilson’s note
to the belligerents sounding them on the suggestion as to
an exchange of views on peace terms. Germany, as indicated
in our issue of Saturday last, in proposing that peace negotia­
tions be entered into was joined in the move by the other
Central Powers—Austria-Hungary, Bulgaria and Turkey—
the several communications embodying the proposals being
submitted through neutral nations. The proposal was dis­
patched to the Allied Governments by President Wilson
without comment on the 16th inst. and the note was handed
to tho British Government by tho United States Ambassador,
Walter II. Page, on the 18th inst., in London. In his speech
this week, England’s Prime Minister declared that no
consideration could be given Germany’s invitation un­
less Germany offered complote restitution, full reparation
and effectual guarantees. Asserting that Germany had pre­
sented no actual proposals of peace (merely offering to enter
into negotiations to that end) Promier Lloyd George stated
that “to enter, on the invitation of Germany, proclaiming
herself victorious, without any knowledge of the proposals
she intends to make, into a conference, is putting our head
into a noose with the rope end in the hands of the Ger­
mans.” Tho Allies, he said, “entered into this war to dofend
Europe against the aggression of Prussian military domina­



I
shall havo to claim tho indulgence o f tho IIouso in m aking tho few o b ­
servations that I have to mako in m oving the second reading o f tho bill. -4
I
appear before tho IIouso o f C om m ons to-d ay with tho m ost terrible
responsibility that can fall upon tho shoulders o f any living m an. A s the
ch ief M inister o f tho C row n, and in tho m idst o f tho m ost stupendous war
in which this cou ntry ever has been engaged, a war upon which its des­
tinies depend, the responsibilities which rest upon tho Governm ent have
been accentuated b y tho declaration o f tho German Chancellor, and I
proposo to deal w ith that at once.
T ho statom ont m ado b y him in tho Gorman Reichstag has been follow ed
b y a note presented to us b y tho United States M inister, without any note
or com m ent. T ho answer which is given b y tho G overnm ent will bo given
in full accord with all our various allies. A lready thero has been an inter­
change o f v io w s.n o t upon tho note itself, because it has o n ly rocontly ar­
rived, but upon tho spirit which propelled tho note. T ho noto is only a
paraphraso o f tho speech, so that tho subject-m atter o f tho noto itself has
been discussed inform ally with tho Allies, and I am glad to bo ablo to say
that wo arrived separately at identical conclusions.
I
am very glad that the first answer was given to the German Chancellor
b y France and b y Russia. T hoy havo unquestionably tho right to givo the
first answer. T ho enem y is still on thoir soil and thoir sacrifices havo been
greater. Tho answer thoy havo given has already appeared in all tho papers
and I stand horo to-d ay on behalf o f tho Governm ent to glvo a clear and
dofinito support to tho statement they havo already m ado. A nd horo let
m e say that any m an or set o f men who w antonly and without sufficient
causo prolongs a terrible con flict like this has on his soul a crim o that oceans
could not cleanse; on tho other hand, a m an or sot o f men who from a sonse
o f war weariness abandoned tho strugglo without achieving tho high purposo for which wo entered upon it w ould bo gu ilty o f tho m ost ghastly
poltroonery ever perpetrated b y any statesman.
Quotes Lincoln's Words.
I
should like to quote the woll-known words o f Abraham Lincoln under
similar conditions:
" W o accepted tho war for an o b je ct, a w orthy ob je ct. T ho war will ond
when that o b je ct is attained. Under G od I hopo it will nover end until
that tim e .”
A re we to achiovo that ob ject b y accepting tho invitations o f tho German
C hancellor? T hat is tho on ly question wo havo to put to ourselves.
Thero has boon som e talk about tho proposals o f peaco. W hat are those
proposals? Thero aro nono. T o enter, on tho invitation o f Germ any,
proclaim ing herself victorious, without any knowledge o f tho proposals she
intends to m ake, into a conference, is putting our heads into a nooso with
tho ropo end in tho hands o f tho Germans.
This country is not altogether without experience in these m atters. It
is not tho first tim e wo havo fought a great m ilitary despotism , which was
overshadow ing E urope, and It will not bo tho first tim e wo shall help to
overthrow It. W o havo an uncom fortablo historical m om ory o f these things.
W o can recall how ono o f tho greatest o f theso despots, having a purposo to
servo in tho organization o f his nefarious schem o, appeared in tho garb o f
tho angel o f peaco. IIo usually appeared under tw o conditions— when he
wished for tim o to assimilate conquest and reorganize for fresh advances;
or, secondly, when his subjects showed sym ptom s o f fatigue and war weari­
ness. T ho appeal was always m ade in tho nam e o f hum anity. H e de­
m anded an ond o f bloodshed, at which ho professed him self to bo horrifiod,
but for which he him self was m ainly responsible. Our ancestors wore
taken in and bitterly did they and Europo ruo It. T ho tim o was devoted to
reorganizing his forces for a deadlier attack than ever upon tho liberties
o f Europe.
Stands by Asquith’s Terms.
Exam ples o f tho kind cause us to regard this noto with a considerable
measure o f reminiscent disquiet. W o feol wo ought to know boforo wo give
favorable consideration to such an Invitation that Germ any is prepared to
accedo to the only terms on which it is possiblo for peaco to bo obtained and
m aintained in Europo.
.
W hat aro theso term s? T hey havo been repeatedly stated b y all the
leading statesmen o f tho Allies. A ll I can d o is to quoto what tho Loader
o f the H ouse, M r. Bonar Law, said last week whon ho m ado practically tho
same statement o f terms as thoso put forward b y M r. Asquith— "restitu­
tion , reparation, guarantees against repetition.”
So that there shall bo no mistakes (and it Is im portant that thero should
bo no m istako in a m atter o f tho Ilfo and death o f m illions), let mo say co m ­
plete restitution, full reparation and effectual guarantees.
D id tho German Chancellor uso a single phraso that would indicato that
ho was propared to accept such term s? W as thero a hint o f restitution?
W as thero any suggestion o f reparation? W as tlioro any indication o f any
security fo r tho futuro, that this outrago on civilization would not again be
perpetrated at tho first profitable op p ortu n ity?
T ho very substanco and stylo o f tho speech constituted a denial o f poace
on tho only terms on which peace Is possiblo. Ho Is not ovon conscious

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THE CHRONICLE

2289

now that Germ any has com m itted an offense against the rights o f froe
AVo aro doing our best to make it impossible that that disaster should
nations. Liston to this quotation: “ N ot for an Instant had thoy (tho Cen­ lead to worse. T hat is why we have taken within the last fow days very
tral Powers) swerved from tho con viction that a respect for tho rights o f strong action in Greece. AVo mean to tako no risks thero. AVe decided
free nations is in any degree incom patible with their own rights and legiti­ to tako definite and decisive action, and I think it has succeeded. AVe have
mate interests.” W hen d id they discover th a t? W here was the respect decided also to recognize the agents o f that great Greek statesm an, M .
for tho rights o f other nations in Belgium ?
Venizelos.
T h a t, It is said, was for solf-dofenso. M en aced, I suppose, b y tho over­
The Triumphs on the Somme.
whelming arm y o f Belgium , tho Germans were intim idated into invading
I should like to say ono word about the lesson o f the fighting on the
Belgium, burning Belgian cities and villages, massacring thousands o f western front— not about the m ilitary strategy, b ut about the significance
Inhabitants, old and you ng, carrying survivors into bondage— yea, carry­ o f tho whole o f that great struggle— one o f the greatest struggles in the
ing them into slavery at the very m om ent when the noto was being written history o f tho world. It is full o f encouragement and o f hopo.
about tho “ unswerving con viction o f tho respect for tho rights o f other
Just look at it— an absolutely now arm y. T he old had done its d u ty and
nations.”
.
spent itself on tho achievement o f its great task. T his is a new arm y. B ut
W hat guarantee is thoro that these terrors will not bo ropcatcd in the a year ago it was ore in the earth o f Britain; yea, and o f Ireland. I t became
future? T hat if wo enter into a treaty o f peace, we shall put an end to iton: it has passed through a fiery furnace, and the enem y know that it is
Prussian m ilitarism ? I f there is to be no reckoning for those atrocities fine steel.
by land and sea, are we to grasp the hand which perpetrated them without
Y e t this absolutely new arm y, now m en, new officers. Generals new to
any reparation being m ade?
this kind o f w ork, have faced tho greatest arm y tho world has ever seen, the
AVo have to exact damages. W e havo begun; already it has cost us m uch.
best equipped, tho best trained, and they have beaten them , beaten them
Wo must exact it now , so as not to leave such a grim inheritance for our battle after battle, d a y after d a y, week after week, from tho strongest inchildren.
trenchm ents ever devised b y human skill. T hey havo driven them out
Criticises Speech and N ote.
b y valor— b y valor that is incredible.
M u ch as wo all long for peace, deeply as wo are horrified at the war,
AVhen you read the story o f it, thero Is som ething which is full o f hope for
their note and speech give small encouragement to hope for an honorable tho futuro, which fills you with pride in the nation to which they belong. It
and lasting peace. AVhat hopo is given in that speech? The whole root is a fact full o f significance for us and for the foe. It is part o f his reckoning.
and cause o f this bitterness— tho arrogant spirit o f the Prussian m ilitary
Ho sees that arm y grow under his very eyes. A great French General said
caste— will It not be as dom inant as over if wo patch up a peace now ?
to m o, “ Y ou r arm y is a new arm y. It must learn— n ot m erely its Generals,
Tho very speech resounds with tho boast o f the Prussian m ilitary n ot m erely its officers, but its men— what to d o and how and when to d o I t."
triumph; tho very appeal for poaco was delivered ostentatiously from tho
Therefore, basing our confidence upon theso facts, I am as convinced as I
triumphal chariot o f Prussian militarism.
over was o f uRimato victory If tho nation proves as steady, as valorous, as
W o m ust keep a steadfast oyo on the purpose for which wo entered tho ready to sacrifice and ready to learn and to endure as that great arm y o f
war. Otherwise the great sacrifices we aro making will bo all in vain. The our sons in France.
German noto states that for the defense o f their existence and for the freedom
The N ew M inistry.
o f national developm ent, tho Central Powers wero constrained to tako up
I should like now to say a word or tw o abou t tho G overnm ent itself.
In
arms. Such phrases cannot but deceive thoso who listen to them . T hey doing so I am anxious to avoid all issues which excito irritation or con tro­
aro intended to deceive the German nation into supporting tho designs versy. There is no tim e for that. It m ust n ot be assum ed, how ever, if I
o f tho Prussian military casto.
d o so, that I accept as com plete the accounts which havo been given o f the
AVho over wished to put an end to their national existence or to tho froedom
w ay tho Governm ent was form ed. M y attitude tow ard tho policy o f the
o f their national dovoiopm ent ? W e welcom ed their developm ent so long late adm inistration, o f which I was a m em ber, and fo r all o f whoso deeds I
as it was on behalf o f poaco. Tho greater their developm ent in that direc­ am just as responsible as any one else, has been given in letters or m em oran­
tion, the greater would hum anity bo enriched b y that developm ent.
d a, and m y reasons for leaving it have also been given in a letter. I f it
T hat was not our design and it is not our purpose now . Tho Allies wero necossary I should, on personal grounds, welcom e the publication o f
entered into this war to defond Europo against tho aggression o f Prussian those, b ut I am convinced that controversies as to tho past will not help us
military dom ination and they must insist that tho end is a m ost com pioto as to the future. T herefore, as far as I am concerned, I place them on one
and effective guarantee against the possibility o f that casto ever again sido and got on with what I regard as tho business o f the Governm ent un­
disturbing tho peace o f Europo.
der theso trying conditions.
Prussia, sinco she got into tho hands o f that caste, has been a bad neighbor
I should liko to say som ething first o f all as to the unusual character and
— arrogant, threatening, bullying, shifting boundaries at her w ill, taking com position o f tho Governm ent as an executive b o d y . T h e H ouse has rea­
one fair field after another from weaker neighbors and adding them to her lized that thoro been a separation between the functions o f the Prime M inis­
own dom inions, ostentatiously piling up weapons o f offense, ready on a ter and tho Leader o f tho House.
T hat was because wo came to the con­
m om ent's notice to be used.
clusion that it was m oro than any one m an, whatever his energy or physical
N o M ore Swashbuckling.
strength, could d o to undertake both functions in tho m iddle o f a great war.
Sho has always been an unploasant, disturbing neighbor to us. Sho got
T ho task o f loader o f the House is a very anxious and absorbing one. I
thoroughly on tho nerves o f E uropo, and there was no peace near where havo not been ablo to attend the Ilouso very m uch duringtheiast two or
sho dwelt.
threo years, but I havo been hero often enough to realizo that tho task o f
It is difficu lt for thoso who wero fortunato enough to livo thousands o f loader o f tho H ouse o f Com m ons Is no sinecure, even in a war.
mllos aw ay, to understand what It has m eant to thoso who lived near.
There arc threo characteristics in tho present Adm inistration in which it
Evon horo with tho protection o f the broad soas between us, wo know what m ay bo said that it has departed, perhaps, from precedent. First o f all
a disturbing factor tho Prussians wero with their constant naval m enaco. thero Is tho concentration o f the executive authority in a very few hands.
But evon wo can hardly realizo what it has m eant to Franco and Russia. Tho second is tho choosing o f men o f adm inistrative and business capacity
Sevoral tim es thero wero threats. Thoro wero tw o o f them within tho rather than men o f parliam entary experience, where we wero unablo to o b ­
lifetime o f this generation which presented an alternative o f war or humilia­ tain both for the headship o f Governm ent departm ents. T he third is the
tion.
franker and fuller recognition o f the partnership o f labor In the governm ent
Thoro wero m any o f us who had hoped that internal influences in Germany o f this country.
would havo boon strong onough to chock and ultim ately to eliminate this
N o Governm ent has ever been form ed which has had such a num ber o f
hectoring. All our hopes proved illusory, and now that this great war men who all their lives havo been associated with labor and the labor organi­
has boon forcod b y tho Prussian military leaders upon Franco, Russia, zations o f this cou ntry. A ro realize that it is im possible to con du ct a war
A
Italy and ourselves, it would be a cruel folly not to see to it that this swash­ without getting the unqualified support o f labor, and we aro anxious to o b ­
buckling through the streets o f Europo to the disturbance o f all harmless tain their assistance and counsel for the conduct o f tho war.
and peaceful citizens shall bo dealt with now as an offense against tho law
A Structure fo r War.
o f nations.
T ho fa ct that this is a different kind o f organization from any that pre­
T ho m oro word that led Belgium to her own destruction will n ot satisfy coded it is not necessarily a criticism o f its predecessors. T hey were peace
Europo any m oro. AVo all bollovod it; we all trusted In it. I t gavo away structures; thoy wore organized for a different purposo and for a different
at tho first pressure o f tem ptation, and Europo has boon plunged Into this condition o f things. T ho kind o f craft which you have for river or canal
vortex o f blood. AVe will therefore wait until wo hear what torms and tra ffic is n ot oxactly the kind o f vessel you would construct for the high seas.
guarantees tho Gorman Governm ent offers other than thoso, better than I have no doubt that tho old Cabinets (I am not referring to the last Cabinet,
thoso, surer than those, which she so lightly broke. M oanwhiio wo ought but to tho old system o f Cabinets where you had the heads o f every depart­
to put our trust in an unbroken arm y rather than in a broken faith.
m ent represented inside the Cabinet) wero better adapted to navigate the
For tho m om ont I d o not think that it would bo advisable for m e to add parliam entary river with its shoals and shifting sands and, perhaps, to cruise
anything upon this particular invitation. A form al reply will bo delivered in hom o waters. A Cabinet o f twenty-three, how ever, was rather topheavy
by tho Allies in tho courso o f tho next fow days.
for a galo.
Paints Stern Picture o f Situation.
I d o not say that this particular craft is best adapted for parliamentary
AVhat is tho urgent task in front o f tho G overnm ent? T o com pioto and navigation, but I am convinced that it is the best for war. In war you
mako evon m ore offcctivo tho m obilization o f all our national resoursces, want quick decisions above everything. L ook at tho last tw o and a half
a m obilization which has been going on sinco tho com m encem ent o f tho w ar' years. I am not referring to what has happened in this country. AVhen
so as to enabio the nation to bear tho strain, howover prolonged, and to I say thoso things I would rather the House o f Com m ons would look at
march through to victory , howover lengthy and how over exhausting m ay the war as a whole. T ako the concern o f tho Allies as a whole (and here
bo tho task. It is a gigantic task, and let mo givo this word o f warning__
I am certain I will get the assent o f m y right honorable friend, M r. As­
If thoro bo any who havo given their confidonco to tho now administration
quith.) T ho Allies have suffered disaster after disaster through tardiness
In expectation o f a speedy victory thoy will bo doom ed to disappointm ent.
in decision and action, very largely for reasons which I will give later on,
I am not going to paint a gloom y picturo o f tho m ilitary situation, (if I and in which I know I am in com plete agreement with m y right honorable
did it would not bo a true p ictu ro), but I must paint a stern picturo, because friend.
that accurately represents tho facts. I havo always Insisted on tho nation
Value o f the Small Cabinet.
being taught to roalize the actual facts o f this war. I havo attached
It is true that in a multitude o f counselors there is wisdom , but that was
enormous Importance to it, at tho risk o f being characterized as a pessimist. written for Oriontal countries in peace times. Y ou cannot run a war with a
I behove that a good m any o f our misunderstandings havo arisen from
Sanhedrin. T hat is the meaning o f a cabinet o f flvo, with ono o f its mem­
exaggerated viows which have been taken about successes and from a dis­ bers doing sentry duty outside, manning tho walls and defending the
position to troat as trifling real setbacks.
council cham ber against attack, while we are trying to d o our work inside
T o d o so, to imagine that you can only get tho support and tho best — and a vory difficult task it is.
help o f a strong people b y concoaling difficulties, is to show a fundam ental
Some concern has boon expressed as to the relations o f the small executive
m isconcoption o f our peoplo. Tho British people aro Just as sweet-toothed with the other members. It has been suggested that there is danger o f a
as a n yb od y , and thoy liko pleasant things being put on tho tablo, b ut that lack o f co-ordination and o f com m on direction. It has been wondered how
Is not tho s tu ff thoy havo boon brought up on, and that is not what tho wo could ever m eet. One very respected newspaper suggested that there
British Em piro has boon nourished on. Britain has nover shown at its ought to bo weekly dinners to discuss matters o f com m on concern.
bost, oxcopt when it was confronted with a danger real and understood.
AVhat is tho d ifficulty? AVhonevor anything concerns a particular de­
Rumania and Greece.
partm ent, wo follow tho timo-honored precedent and the head o f that
Lot us look at the East for a m om ent. T ho Rum anian blundor was an department, with his officers, attend the executive period. T hey im ­
unfortunato ono, but at the worst it prolongs tho war; It docs not alter tho m ediately got into con tact with each other and discuss tho problem which
fundam ental facts o f tho war. I cannot help hoping that it m ay evon havo requires to bo discussed.
a salutary effoct in calling tho attention o f tho Allies to tho obvious defects
Thoro is another change— the amalgamation o f the old W ar Com m ittee
In thoir organization, not merely tho organization o f each, but tho organiza­ and tho Cabinet. T ho old W ar Com m ittee had what the Cabinet had not;
tion o f tho whole. I f it does that and braces thorn to fresh efforts, it m ay It had a Secretary who kept a com plete record o f all decisions, which no
provo, bad as it Is, a blessing. T hat is tho worst. T hat has been a roal Cabinet over had. AVith the Cabinet it was always a question o f m em ory.
setback. It is tho darkest cloud, and it is a cloud that appeared on a N ot even m y right honorable friend or any o f his predecessors ever took
clearing horizon.
a noto o f tho decisions.




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M r . Asquith.— It is very desirable that this should bo know n; it is the
infloxiblo unwritten rule o f tho Cabinet that no member o f the Cabinet
shall take any note or record o f its decisions except tho Primo M inister,
and ho does so for the purpose o f sending his lettor to tho King.
The Prime M inister.— I am very m uch obliged to m y right honorable
friend for reminding m o. T hat is so. That Indicates what a real differ­
ence thero is between tho W ar C om m itteo and tho Cabinet. In the W ar
C om m ittee a full record is taken o f every decision. T ho minutes are sent
around to each member for correction. The matters dealt with thero are
just as confidential (I might say even m ore confidential) as tho vast m ajor­
ity o f questions decided in the Cabinet.
I com o to one point which has caused som e dism ay— tho new Ministries.
B ut each M inister answers for his department exactly in tho same way
as under tho old system , each M inister is accountable for his department,
and tho Governm ent as a whole is accountable to Parliam entary control.
T ho control o f Parliament always lias been and must bo suprem e, because
it represents tho nation, and thero is not the slightest attem pt to derogate
from tho com plete control o f Parliament, which is responsible to tho
nation.
M y right honorable friend, tho H om e Secretary, in introducing tho bill,
and the Leader o f the House subsequently gavo a very detailed account of the
public work o f tho new M inistries. T ho M inistry o f Labor has been urged
for thirty years b y organized labor unions, and m y experience in tho
M inistry o f M unitions has taught mo that it is desirable that thero should
bo a department which is not altogether in tho position o f an em ployer
whenever thero is a dispute about labor or wages. I hope that this depart­
m ent will not confine itself sim ply to disputes, which is but a small part
o f tho industrial problem with which it has to deal. I hope it will becom e
in a real senso a M inistry o f Labor.
A t tho M inistry o f M unitions I had the duty to sot up something, which
is known as tho welfaro departm ent, to make labor conditions bettor and
t o make labor less repellant and m ore attractive and healthful. A number
o f very able volunteers aro organizing that departm ent. I am glad to
say that they belong to tho Society o f Friends, w ho, though they havo a
rooted objection to war, havo never declared during this war that they
cou ld not tako part in national w ork. T h ey are working hard in this
departm ent, and I am hoping this department is assisting the m obilization
o f labor for tho purpose o f war.
Nationalizing Shipbuilding.
M y right honorable friond has already indicated to tho IIouso what we
proposo to d o with regard to shipping. It was never so vital to tho lifo o f
tho nation as now during this war. It is tho jugular vein, which if severed
w ould destroy tho life o f tho nation. W o are taking over all tho ships of
this country on tho samo conditions as wo have taken over tho railways,
so that during the war shipping will bo nationalized in tho real senso o f the
term . T ho prodigious profits which wore m ado out o f freights havo con­
tributed in no small measure to tho high price o f com m odities.
One o f the greatest shippers in tho United K ingdom has undertaken to
con d u ct this great enterprise for tho welfare o f tho country. He is now in
conference with tho A dm iralty and I hope soon to inform tho IIouso o f tho
plans ho recomm ends to bo taken, not merely the taking o f ships already in
tho cou ntry, but for speedy construction o f m ore, so as to make up tho
wastago which, I think, is inevitable during a groat war, especially when
you aro dealing with thoso piratical m ethods which characterize tho mari­
tim e p olicy o f tho German Empire.
In this case the Governm ent say, as the lato Governm ent said, they are
dealing with a national com m odity, which is essential to tho life o f tho na­
tion , and I think thoy aro right. T ho position is being carefully consid­
ered, and wo shall bo able to place our plans before you before wo separate.
The Grave Food Problem.
N ow I must say something about food . T ho food problom is a grave
problem and would becom e graver unless not only tho Governm ent, but the
nation, is prepared to grapple with it without loss o f tim o.
T ho main facts aro that the available harvests o f tho w orld havo failed.
In times o f peace wo could always niako up tho deficiency o f ono particular
cou ntry b y resorting to anothor. I f America failed, there was Russia or
tho Argontino, but tho Argentine promises badly, as well as Australia, and
Russia is not available.
Under tho circum stances, it was decided b y tho lato Governm ent to ap­
point a F ood Controller, and wo actually appointed him , an able and oxporioncod administrator, a man o f great determination and force o f char­
acter. And ho is assisted b y ono o f tho greatest agricultural exports in
this IIouso. A t tho hoad o f tho Board o f Agriculturo wo havo a man sin­
gularly gifted, who has as thorough a knowledge o f tho principles and prac­
tices o f this question as any man in this or any other cou n try.
I havo felt it important that wo should secure tho best brains in tho coun­
try to bear on this very difficult and dangerous problom . T ho problom is
a doublo ono. It is ono o f distribution and o f protection. In respoct o f
b oth wo must call on tho peoplo o f this country to make real sacrifices, but
It Is essential, if wo d o so, that the sacrifices should bo equal. Overcon­
sum ption b y tho fortunate must not bo allowed to croato a shortage for tho
loss w ell-to-do.
I am suro that wo can depend on tho men and women o f all conditions, to
uso tho ordinary phrase, to play the gam e. A ny sort o f concealm ent hurts
tho nation when it is fighting for its lifo. Therefore, we must appeal to tho
nation as a whole (without the help o f tho nation wo can accom plish noth­
ing) to assist us in so distributing our resources that thero shall bo no man,
wom an or child who suffers from hunger becauso som e eno has been getting
to o m uch.
W hon it com es to production, every availablo squaro yard o f land must bo
mado to produce food , and tho labor availablo for tillago should not bo
turned to mero ornamental purposo until tho food necessities o f tho country
havo been adequately safeguarded. T ho best uso must be m ado o f the land
and o f all availablo labor to increase tho food supplies o f tho country. All
thoso who have tho opportunity must feel that it is thoir duty to tho State
to assist in producing and contributing to the com m on stock from which
every ono draws. If wo d o this wo get rid o f any privation, every ono hav­
ing plonty o f tho bost and healthiest food .
Calls for National Sacrifice.
B y that means alone will the nation bo ablo to carry on tho war to tho
trium phant issue to which wo aro all looking forw ard. It means sacrifico,
but what sacrifico? Talk to the man who has returned from tho horrors
o f tho Somme or who has boon through the haunting wrotchedness of a win­
ter cam paign, and you will know something o f what those gallant men aro
enduring for their country. Thoy aro enduring m uch, thoy aro hazarding
m uch, while wo are living in com fort and security at homo.
Y o u cannot have abscluto equality o f sacrifico in war; it is impossible, but
you can havo equal readiness o f sacrifico from all. Thero aro hundreds o f
thousands who havo given their lives; thero aro millions who havo given up
com fortablo homes and exchanged them for daily com m union with death.
M ultitudes have given up thoso they lovo best.
Lot tho nation as a wholo placo its com forts, indulgences, and elegances
on a national altar consecrated b y such sacrifices as these men havo made.
L et us proclaim during tho war a national Lent. T ho nation will bo better




[Vo l . 103.

for it— stronger m ontally, m orally, and physically. It would strengthen
its fibro and would ennoble its spirit.
W ithout it wo shall not get the full benefit o f this struggle. Our armies
m ight drive tho enemy out o f tho battered villages o f Franco across tho
devastated plains o f Belgium; thoy might hurl thorn across tho R hino in
utter disarray, but unless tho nation as a whole shoulders part o f the bur­
dens o f victory thoy will not profit b y tho trium ph.
Further Curb on War Profits.
It is not what a nation gains, but what a nation gives, that makos it groat.
W hile a nation is making such enormous sacrifices, as I have already pointed
out, it is intolerable that .any section should bo perm ittod to mako excep­
tional profits out o f tho sacrifices o f others and b y that means actually in­
crease tho burdens borne b y others.
A good deal has already boon done b y the lato Administration to arrest
unfair profit-taking out o f the war, but tho Governm ent havo com o to tho
conclusion that they cannot ask tho nation for moro sacrifices without tak­
ing ovon m oro drastic stops then thoy havo yet taken.
Thero aro several ways o f dealing with this problem . One is tho annexa­
tion o f war profits; tho othor is tho cutting down o f prices so as to mako
excessive profits impossible. T ho M unitions A ct adopted b oth o f thoso
expedients. E ighty per cent, o f tho excess profits in controlled firm s were
annexed, and, in addition, there has been more searching and minute re­
vision o f prices in controlled firms, and an enormius reduction already lias
been achieved in those firm s.
Tho problom is now being carefully examined b y tho Chancellor o f tho
E xchequer and others, and wo hope to bo ablo to make an announcement
o f tho course tho Governm ent intend to adopt shortly. It is quito clear
that if tho nation is to be asked to mako further sacrifices to win tho war,
the w ay should bo cleared b y action o f this kind.
To M obilize Labor Resources.
I now com e to a very difficult subject and ono which is equally vital to
tho success o f this country in this great war. I have hitherto talked largely
o f tho m obilization o f tho material resources o f tho nation. I now com o to
tho m obilization o f tho labor resources o f tho country, which aro ovon moro
vital to our success than tho form er. Let thero bo no mistako about it.
W ithout this wo shall not bo ablo to pull through. T ho mero haphazard
supply and demand will not accom plish what is necessary to savo tho nation
within tho timo that it is essential it should bo accom plished.
It is not a question o f yoars, it is a quostlon o f m onths, porhaps o f wooks,
and unless not only m oro o f tho material resources o f the cou n try, but tho
labor o f tho country is used to tho best advantage and overy man is called
upon to render such services to tho Stato as ho can best givo, victory m ay be
beyond our reach.
Tho problom with which we are confronted is a simple ono. Nearly, a
year ago wo decided that in order to maintain our armies in tho field tho
nation must havo com ploto control over all its m ilitary resources in men.
But it is im possible to tako men into tho arm y w ithout taking thorn from
civil em ploym ent, and it is our ob ject to establish such a system o f recruiting
as will ensure that no man is taken into tho arm y who is capablo o f rendering
m oro useful service in industry.
T o com p loto our plans and to havo tho organization o f our national
sources p orfect wo ought to havo pow er to seo that ovory man w ho is not
takon into tho arm y, whatever his position or rank, is roally em ployed on
one o f national im portance.
For instance I was constantly appealed to, whon Secretary for W ar, to
reliovo men for agricultural work. W o wero quito propared to d o so, but
thoro was absolutely no guarantee, if they were released, that thoy would bo
used for agricultural purposes. T ho momont thoy wero roloasod from tho
arm y, thoy wero free to go to the m unition works or to any other work
whoro thoy thought they could sell their labor to tho bost advantage. W o
could not bo suro that thoso men would bo usod for agricultural purposes;
wo must havo assuranco.
Thero aro a considerable number o f peoplo skilled in tillago, but, although
thoy aro not producing food , wo cannot em ploy thorn. I boliovo thoro aro
scores, if not hundreds o f thousands o f cases o f tho kind which. If you could
utilizo them to tho bost advantage, would produco great quantities o f food
in this country.
T he difficulty In agriculture is skilled mon. Y ou m ay havo tw o or three
skilled mon on a particular farm , but you m ay havo other farms whoro thoro
aro no skilled mon at all. W ould it not bo possiblo for tho skilled mon to
look after, not ono, but several farms, which could bo worked with tho aid
o f unskilled mon and w om en, or—
M r. Lambert— W ill tho right honorable gentloman let us know what tho
Governm ent is going to d o about it?
M r. Lloyd George— I thought I had mado it perfectly clear. O f course, I
could not give tho whole o f tho details, but I assure tho right honorable gontloman that schemes o f very great magnitude havo boon prom ulgated and
are being put into operation.
The m attor was considered b y tho W ar Com m itteo o f tho lato Govern­
ment, and it was unanimously decided b y them that tho timo had conio for
tho adoption o f tho principle o f universal national sorvlco. It was ono o f
tho first mattors taken up b y tho present Governm ent. T ho W ar Cablnot
has adopted tho conclusion com o to b y tho W ar Council, and plans for car­
rying it into effect havo already been prepared.
To Establish National Service.
In order to do this wo propose to appoint a Directorate o f National
Servico, to bo in chargo both o f tho military and civil sido o f tho national
service. T ho civil and m ilitary sido o f tho directorate will bo entirely
soparato.
It is not proposed to make any change with regard to m ilitary sorvlco,
but with regard to civil service it is proposed to sot up a registration o f m uni­
tion volunteers with similar conditions as to rates o f pay and separation
allowances.
I havo no doubt that wo shall got an adequate supply o f volunteers, but
if it is found impossible to get the numbers wo roquiro, wo shall not hesitato
to com o to Parliament and ask for powers to niako our plan roally effective.
T ho nation is entitled to tho best services o f all its mombors.
W o havo been fortunato in inducing tho Lord M ayor o f Birmingham, M r.
Novillo Chamborlaino, to accept tho position o f Diroctor-Gonoral o f National
Sorvlco. It was with difficulty that ho was induced to uiulortako this
onorous du ty. It Is tho recognition o f its urgoncy that induced him to un­
dertake tho task. He would immediately proceod to organize a system o f
enrollment for industrial work in tho hope that boforo long ho would bo ablo
to report that ho has secured a sufficiently largo arm y o f industrial workers
m obilized for war purposes.
I wish it had been possiblo to say something about Ireland, but circum ­
stances havo mado it impossible for mo to dovoto m y timo to tho problems
which havo arisen in that country. I havo had ono or tw o interviews with
the C hief Secrotary and others, but unfortunately I havo had to loavo tho
question in order to attend to so m any other pressing mattors.
All I havo to say is this: I wish it were possiblo to rom ovo tho misunder­
standing between Great Britain and Ireland which has for centuries boon tho
cahse o f misery and embarrassment to ono and woakness to the othor. I

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2291

When the Premier entered the House he was cheered en­
thusiastically from all quarters. Former Premier Asquith,
who entered a moment later, also was cheered vociferously
by the Liberals.
The cables to the “Times” report that every seat on the
floor and in the galleries was filled. The diplomatic repre­
sentatives of Great Britain’s allies occupied seats in the gal­
lery for distinguished strangers. On the benches reserved
for Lords were many members of the]upperIhousa who took a
prominent part in bringing about the recent change of Gov­
ernment. Among them were Lords Northcliffe, Reading,
Burnham, Islington and Pirrie. There was also a scatter­
ing of Dominion Ministers, including Premier Massey and
former Premier Ward of New Zealand. John Redmond,
leader of the Irish Nationalists, referring to the Permier’s
remarks with regard to Ireland, appealed to him to take
drastic action for a settlement of tho Irish question, but not
to link it with difficulties of anything of the nature of con­
scription for Ireland.
Premier Lloyd George’s speech was followed byjan address by
former Premier Asquith, in which the latter endorsed the
policies of his successor. After stating that his first duty
was to extend congratulations, which he did with all his
heart to Lloyd George upon his accession to the most impor­
tant office in the service of the Crown, Mr. Asquith made a
pointed reference to the question of peace, saying:

should have considered it a war moasuro o f the first importance, and
should have considered it a great victory for the Allied cause.
I tried once to rem ove the misunderstanding between England and Ire­
land. I was drenched with suspicion o f Irishmon b y Englishmen and o f
Englishmen b y Irishmen, and, worse and m ost fatal o f all, suspicion by
Irishmen o f Irishmen. It was a quagmire o f distrust which clogged m y
footsteps and m ade progress impossible. That is the real enemy o f Ire­
land. I f that could bo slain, I believe it would accom plish an act o f recon­
ciliation that would make Ireland greater and Britain greater and make tho
United K ingdom and tho Empire greater than they over wore before.
That is why I have always thought and said that tho real solution o f the
Irish problem is largely one o f better atmosphere, and in that I speak not
merely for m yself but for m y colleagues.
W o shall strivo b y every means and at m any hazards to produce tho at­
m osphere, but wo ask tho men o f all races, o f all creeds, to help us, not to
solvo a political question, but to help tis to do something that would bo a real
contribution to the winning o f tho war.
I must say one word about tho Dom inions—
A n honorable member— W hat about the n avy?
M r. Lloyd George.— Tho achievements o f tho navy speak for themselves.
I d on ’t know that anything I could say would bo in the least adequate to
recognize the enormous and incalculable services that tho groat n a vy o f
Britain has rendered, not merely to the Empire, but to tho whole o f the
Allies. N ot merely would victory have been impossible, but tho war could
n ot have been k ep t going even for two years and a half, had it not boon for
th o services o f tho navy.
To Call Imperial Conference.
N ow , com ing to the Dom inions— tho Ministers have repeatedly acknow l­
edged tho splondid assistance which the Dom inions have givon o f their own
froo will to tho old country in its championship o f the cause o f hum anity.
Tlioy have recognized throughout that our fight is not a selfish ono, that it
is not merely a European quarrel, and that there wore great world issues
which their children were as concerned in as ours.
The new administration is just as full o f gratitude as the old for tho superb
valor which our kinsmen have shown in so m any striking fields, but I want
to say that wo feel that tho timo has com o when tho dominions ought to be
T ho country has just received som e so-called peace proposals from Ger­
m ore form ally consulted as to tho progress and course o f the war, as to tho
m any. True, these proposals aro wrapped up with tho fam iliar dialect o f
stops that ought to be taken to secure victory, and as to the best m ethods o f
Prussian arrogance. B ut how com es it, after tw o yoars o f war, that a
garnoring its fruits.
Power which professes itself conscious o f m ilitary superiority and ultimate
W o proposo, therefore, at an early date to summon an imperial conference
victory , begins to whisper, nay, even to shout so that all the world can hear,
to place the whole position before the Dom inions, to take counsel with them the word “ Peace” ?
as to what further action wo can take together in order to achieve an early
Is this from a sudden access o f chivalry? W hen did the Gorman Chan­
and com plete triumph for the ideals which they share with us.
cellor becom e so sensitive to the dictates o f hum anity?
As to our relations with the Allies, I said earlier In tho yoar that there wore
W o must look elsewhere for the origin o f these proposals. T h ey are
tw o things wo ought to seek as allies. One is unity o f aim and tho other
born o f m ilitary and econom ic necessity. W o all yearn for peace, but it
unity o f action. Tho first wo have achieved. N ever have allies worked
must bo an honorable, not a shame-faced peace. Thoro must bo no patchedin greater harm ony and m ore perfect accord then the Allies in this groat
u p , precarious com prom ise. It must be a peace which achieves the purpose
struggle. There has been no friction, no misunderstanding.
for which we entered the war. Such a peace wo would gladly accept. A n y­
Tardiness in War Action.
thing short o f it wo are bound to repudiate b y every obligation o f honor
But when I com o to unity o f action, I still think there is a good deal left and, above all, b y the d ebt we owe those who have given thoir lives to the
to be desired. I havo only to refer to the incidents in Rumania, and each cause.
man can spoil out for him self what I moan. Tho enem y has got the tw o
I see nothing in the note from Germ any which gives m e tho least reason
supremo advantages o f internal linos and ono great dom inant pow er that to believe that they are prepared to give us reparation and security. I f
practically dominates the course o f tho war. W o havo notthor o f thoso ad­ thoy aro in such a m ood , if thoy are prepared to give us reparation for the
vantages, and wo must, therefore, achievo tho same end b y other moans.
past and security for tho future, let them say so.
Our advantages are advantages which timo will im prove. N o ono can
say that wo havo mado tho bost o f tho time. Thoro has been a tardiness
o f decision and action. Before wo can take full advantages o f the enormous
resources at tho com m and o f tho Allies there must be some m oansjof arriving
at quicker and readier decisions and o f carrying them out.
There must bo more consultation betweon men; in the matter o f the direc­
tion o f affairs there must bo less feeling that each country has got only its
own front to look after. There must be a just policy o f a com m on front
as there is on the other side. Austrian guns are helping the German in­
fantry and German infantry is stiffening tho Austrian arm y. Tho Turks
are helping tho Germans; Austrians and Bulgarians mix with all. Thoro is
T ho prospects regarding finance and transport are serious, but not so
an essential fooling that there is but one front, and wo have got to get that serious as to justify misgivings or alarm. But the difficulties will not be
m ore and m ore, instead o f having overwhelming guns on ono side and bare solved, as som e seem to think, who mistake bustle fo r business, and vehe­
breasts and gallant hearts on tho other.
m ence for strength, b y short cuts or a series o f coups de main.
Regrets Break with Asquith.
I agree with M r. L loyd George about Rum ania. I t has been a bad busi­
I end with ono personal note, I m ay say, and I say it with all sincerity, ness and It is impossible to apportion the degree o f responsibility therefor.
that It was ono o f tho deepest regrets o f m y life that I partod with tho right But it is a good illustration o f tho urgent necessity o f m ore intimate co ­
lionorablo gontloman opposite (M r. A squith). Some o f his friends know operation.
how I strovo to avert it. For yoars I sorvod under tho right honorable gon­
tloman , and I novor had a kinder or m ore indulgont chiof. I f thore were
any faults o f temper they wore entirely mino, and I havo no d oubt that I
must havo boon very difficult at times. N o M em ber o f Parliament has
greater admiration for his brilliant intellectual gifts and no man was happier
to servo undor him that I for eight yoars. W o differed as men o f such dif­
ferent temperaments must necessarily diffor, but wo never had a personal
quarrel.
Issues That A re Above Party.
In spito o f serious differences it was with deep, genuine grief that I felt it
On taking up tho high office with which His M ajesty has charged me
to be necessary to tender m y resignation to m y right honorable friend but I send to you on behalf o f the people o f tho old country a message to our
thoro aro m omonts when personal and party considerations must sink into brothers beyond the seas. There Is no faltering in our determ ination that
actual insignificance, and if in this war I havo given scant heed to tho call o f tho sacrifices which we and you have m ade and have still to make shall not
party (and so I havo) it has boon bccauso I realized from tho m omont when bo in vain, and that tho fight which wo are waging together for hum anity
Prussian cannon hurled death at a peacoable and inoffensive little country and civilization shall bo fought to a triumphant issue. W o realize that we
that a challenge had been sent to civilization to decido an issuo higher than shall still need overy man that wo can put in the field, every pound that
party, doeper than party, wider than all parties— an issue upon tho settle­ rigid private and public econ om y can provide, and every effort which a
ment o f which will dopend tho fate o f men in this world for generations after united people can put forth to help In this heavy task o f our soldiers and
tho existing parties will bo fallen like dead loaves on the highway. Thoso sailors.
T ho splendid contributions to the com m on cause already m ade b y the
aro tho issues that I want to keep in front o f the nation so that wo should
not falter In our faith in our cause.
Dom inion give m e sure confidence that thoir determ ination is no less
Says Britain Saved Europe.
high than ours, and that, how ever long the path to final victory , wo shall
Thoro is a timo in overy prolonged war, in tho passionate rage o f tho con ­ tread it side b y side.
flict, when mon forget tho high puiposo with which thoy entered into it
This is a struggle for international right, international honor interna­
tional good faith— tho channel along which peace on earth and’ good will
among mon must follow . Tho em battlem onts, laboriously built up b y
generations o f mon against barbarism, were broken and had not tho m ight
o f Britain passed Into tho breach Europe would havo boon inundated with
On behalf o f the Canadian people, I send to our kinsmen o f the M other­
a flood o f savagery and unbridled lust o f power.
land our determination as resolute as when we ranged ourselves in the
Tho trained sense c f fair play am ong tho nations, tho growth o f an inter­ E m pire’s battle line two years ago. All our sacrifices would be worse th a n
national consciousness for tho protection o f the weak against tho strong, o f a useless unless the purpose for which this war was undertaken is achieved in
strongor consciousness that justice has a more poworful backing in tho world such v icto ry as assures the future peace o f the world.
than grood, the knowledge that any outrago upon fair dealing botwocn na­
Y ou r message reached me in the Western Provinces o f Canada, while
tions, groat or small, will meet with prom pt and inovitablo chastisomont engaged in com m ending and supporting proposals for better organization
— thoso constitute the causeway along which hum anity was ptogrossing o f our national service and for more effectual utilization o f our nationa
slow ly to hlghor fields.
resources from the Atlantic to the Pacific. I have found everywhere the
Tho trium ph o f Prussia would swoop It all away and leave m ankind to strongest determination that both tho human energy and the national re­
struggio, holpless, in tho morass o f horror. T hat is why since tho war be­ sources o f this Dom inion shall be utilized to such purposo as will throw
gan 1 havo known but ono political aim. For that I havo fought with a tho full strength o f Canada into the struggle.
slnglo aim. That was to rescue mankind from tho m ost overwhelm ing
A t Regina and at Brandon I read your words to tw o great gatherings and
catastrophe that has over yet menaced Its well-being.
the response which they evoked was splendid and inspiring. W e shall




While it was a relief to be free from the almost unsupporta­
ble burden of the Premiership, said Mr. Asquith, it was also
a matter of regret to leave unfinished the task for which he
had labored so long. He did not assume the role of apologist
for the late Government, and he denied that there had been
slackness on its part. Speaking of the general situation he
said:

Incidentally, the following cable received by Sir Robert
Borden of Canada from Lloyd George with his accession
to the Premiership, asserted that “there is no faltering in
our determination * * * that the fight which we are
waging together for humanity and civilization shall be
fought to a triumphant issue.”

On the 20th inst. Sir Robert sent the following message
to David Lloyd George, amplifying his reply to the dispatch
received from the head of the British Government on assum­
ing the Premiership:

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Indeed, tread the path sldo b y side, in full realization that the sacrifice,
how ever great. Is for a cause transcending even the Interests and destiny
o f our Em pire and in supreme confidence that this path alono can ead to
tho ultimate triumph o f d em ocracy, liberty and civilization.

Coincident with the delivery to Great Britain of the note
setting out the proposal of the Central Powers, Ambassador
Page presented tho document to the Fronclx Government.
The Swiss Minister at Rome handed tho note to Italy and
through the same Government the message was presented
to Belgium and Portugal. Tho Netherlands Minister
tendered tho proposals to Serbia in behalf of Bulgaria.
A dispatch published in the Cologne “Gazette” and re­
ceived at London on the 15th inst., in a Reuters dispatch
from Amsterdam, quoted the German Emperor, in address­
ing the troops in Alsace recently, as saying:
C onfident that wo are com pletely tho victors, I yesterday m ade a p ro­
posal to tho enem y to discuss the question o f further war or peaco.
W hat
will com e o f it I d o not yet know . It is a m atter for tho enemy now to
decide if tho fighting is still to go on. I f the enem y still thinks ho has
not had enough, then I know you will-------

Here tho Emperor, said tho correspondent, made a “war­
like gesture” which “produced a fierce smilo on the faces
of all his mon.” Tho steadfastness of the troops in the
West, tho Emperor said, tho dispatch continued, had made
it possible to deal destructive blows in tho East. He spoke,
the correspondent relates, in “words most wrathful in con­
tempt of that people in the East which had thought to stick
a dagger in the back of our ally.” Tho judgment of God
had fallen on them, tho Emperor declared, in the campaign
which had been conducted according to tho brilliant plans
of Field Marshal von Ilindenburg. Tho Emperor added:
“The old God of Battles directed. We were his instruments,
and wero proud of it.”
A caucus of tho Conservative Party in tho Reichstag
adopted a resolution, published on the 15th, declaring that
the peace offer made by tho Contral Powers is based on a
program of concreto peace conditions. These conditions
aro unknown, the resolution continued, but it adds that it
is evident no negotiations will be carried on in order to obtain
“peace at any price, but the conditions planned should
guarantee a peaco which will safeguard Germany’s future.”
Tho preamblo to tho resolution declares that tho peace offer
is a “matter of the highest historical importance.” Tho
resolution, it is stated, recalls the feeling of self-reliance
expressed in the simultaneous orders to tho army and navy,
and declared that it is probable that tho Entente, neverthe­
less, will interpret tho peace offer as a sign of weakness.
The Conservative Party, it adds, had suggested that the
whole Reichstag add to the announcement of the peace offer
a demonstration of an unflinching will to win, which cer­
tainly would have been expressed by all parties, with tho
possible exception of the extreme left wing of tho Socialists.
The resolution also recalls tho announcement of tho Imperial
Chancellor that tho German nation through its chosen repre­
sentatives will have an opportunity to tako a definito stand
on the question of the aims of the war, and concludes by
stating that the Conservative Party expects “that tho advan­
tage gained by tho blood of our bravo troops will bo made
tho basis of a peace, which, according to human undei’standing, will guarantee tho military, economic and financial
futuro of our country.”
ATTITUDE OF FRANCE, RUSSIA AND IT ALY TO­
WARDS GERMANY’ S PEACE OVERTURES.

The French victory at Verdun was acclaimed by all the
London papers on the 16th inst. as the French roply to the
Gorman Emperor’s speech to his troops in Alsace and Chan­
cellor von Bethmann-IIollwog’s claim of the invincibility of
German arms. On the 15th inst. Stephon Pichon, Senator
and former Minister of Foreign Affairs in Franco, whose
views were said to roflect tho general opinion, was quoted in
the New York “Tribune” as saying:

N o Frenchman worthy o f the namo can misunderstand tho purposo o f tho
German step. Tho hypocritical phrases b y which It is accom panied change
nothing. It Is tho most wide-open trap over set.
I f Germany really intended to end tho war under conditions that cou 'd bo
discussed, sho would not bo satisfied to say that her proposals could serve
as a basis for the establishment o f a durablo peaco. Sho would formulato
propositions. She says nothing definite because if she did tho world would
readily understand tho impossibility o f her claims.
T ho best reply any neutral country can mako to Bothmann-IIolhveg is:
‘ ‘Y ou invited mo to intervene so that negotiations for peaco could bo under­
taken. Y ou give mo no particulars on tho peaco you are disposed to mako.
How can I be an intermediary for tho discussion o f plans o f which I know
nothing? Tell me first what your proposals aro, and then I will see If I can
transmit them .”
I d o not know whether this roply will bo mado or not, as I am not in
the secrets o f the Chancellery, but I am suro that if it wero mado it would
cu t short tho German m anoeuvre. Germ any’s aims in tho war have novor
been dofined, because each o f tho Central Powers want s conquests and




[Vol. 103.

annexations in Franco, Russia, Belgium, Italy, and tho Balkans, but they
cannot got togothor and docldo on tho extent o f tho annexations.

On tho 13th inst., when the French Chamber of Deputies
by a vote of 314 to 165 adopted a resolution of confidence in
tlio new Government, Premier Briand, in a speech relative to
Germany’s proposals, warned France to boware of its onomies. He added that France would not do less in the premises
than the other members of the Allied conference. He is
quoted as follows:

I have tho duty to place m y country on guard against posslblo poisoning.
When a country arms itself to tho teeth, when it seizes mon ovorywhore in
violation o f tho laws o f nations and enforces labor upon them , I should be
guilty if I did not cry out to m y country, “ L ook out. T ako care.”
I have tho right, in tho first placo, to say to our onomies for tho hundredth
tlm o, “ T ho blood is on your hands, not upon ours.” N o t that I doubt tho
clearsightedness o f m y country, but, in tho face of theso attem pts to spread
dissention am ong tho Allies, I exclaim , "T h e Fronch Republic will not do
less than tho con vention.”

On the 15th inst. the Russian Duma, by a unanimous vote,
passed a resolution declaring against tho acceptance of the
peace negotiations proposed by the Teutonic Powers. Tho
text of the resolution follows:

The D um a, having hoard tho statement b y tho Minister o f Foroign A f­
fairs, unanimously favors a categorical refusal b y tho Allied Governments
to enter, under prosont conditions, into any peace negotiations whatovor.
It considers that the German proposals aro nothing moro than fresh p ro o f
o f the weakness o f tho enemy and a hypocritical act from which tho enem y
expects no real success, but b y which it seeks to throw upon othors tho re­
sponsibility for tho war and for what happoned during it, and to exculpate
itsolf boforo public opinion in Germany.
Tho Dum a considers that a premature peace w oidd not only bo a brief
period o f calm , but would also involve tho danger o f another bloody war and
a renewal o f tho deplorable sacrifices b y tho people. It considers that a
lasting poaco will bo possible only after a decisivo victory over tho military
power o f tho enemy and after dofinito renunciation b y Germany of tho aspi­
rations which render her responsible for the world war anti for tho horrors
b y which it has been accom panied.

The adoption of the above followed an address by the now
Russian Foreign Minister, M. Pokrovsky, who, stating that
he spoko with tho full authority of the Czar, had tho follow­
ing to say concerning the proposals of the Contral Powers:
In addressing you im m ediately upon having been appointed Ministor of
Foroign Affairs, I am not in a position to givo you a detailed statement on
tho political situation, but I feol constrained to inform you without delay
and with tho supremo authorization o f his Imperial M ajesty o f tho attitude
o f tho Russian Governm ent regarding tho application o f our onemics, of
which you havo heard through news telegrams.
W ords o f peaco com ing from tho sido which bears tho whole burden o f
responsibility for tho world conflagration, which it started, and which is
unparalleled in tho annals o f history, however far back ono goos, wero no
surprise to tho Allies.
In tho courso o f tw o and a half years o f war Germany has m ore than
onco mentioned peace. Sho spoke o f It to her armies and her people each
tim e sho entered upon a military operation which was to bo decisivo. After
each m ilitary success sho put out feelers for a separate poaco on ono sido
and another and conducted a propaganda in tho nautral press. All those
efforts havo met with calm and determined resistance b y tho Allied Powers.
Seeing now that sho is powerless to mako a broach in our unshakablo
allianco, Germany makes an official proposal to opoti poaco negotiations.
In substance, the German proposal contains no tangiblo indications re­
garding tho nature o f tho peaco which Is desired by tho enemy armies which
devastated and occupied Belgium, Serbia and M ontenegro and part o f
Franco, Russia, and Rumania.
The Austro-Germans havo just proclaimed an illusory independence for
part o f Poland and b y this are trying to lay hands on tho entire Polish
nation. Tho m otives o f tho Gorman step will be shown m oro clearly if ono
takes into consideration tho dom estic conditions o f our enemies.
W ithout speaking o f tho unlawful attem pts to forco the population o f
Russian Poland to tako arms against Its own country, it will suffice to
mention tho introduction o f general forced labor into Germany to under­
stand how hard is tho situation o f our onomies.
T o attem pt at tho last moment to profit b y their fleeting territorial
conquest before their dom estic weakness was revealed— that was tho real
meaning o f the German proposal. In tho ovont o f failure, they will exploit
at hom o tho refusal o f the Allies to accept peaco in order to rehabilitate
tho tottering moralo o f their populations.
But there is another senseless m otive in that they fail to understand
tho truo spirit which animates Russia. Our enemies doceivo themselves
with tho vain hope that they will find among us mon cow ardly onougli to
allow thomselves to bo deceived, if only for a m om ent, b y the lying pro­
posals.
That will not bo. N o Russian heart will yield: all Russia will rally more
closely around its august sovereign, who declared at tho very beginning of
tho war that ho would not mako peaco until tho last enem y soldlors had loft
our country, and for tho general collaboration which constitutes tho only
sure means o f arriving at tho end wo all havo at heart, nam ely, tho crushing
o f tho enemy.
Tho Russian Governm ent repudiates with indignation tho mere Idea of
suspending tho strugglo, thereby permitting Germany to tako advantage
o f tho last chance sho will havo o f subjecting Europo to her hegemony. The
innumerable sacrifices already mado would bo In vain if premature peace
wero concluded with an enemy whose iorces have beon shaken but not
broken, and an enemy who is socking a breathing space by making doceitlul
offers of a permanent peaco.
In this inflexible decision Russia is in com pleto agreement witli all her
valiant allies. W e aro all equally convinced of tho vital necessity o f carrying
on tho war to a victorious end and no subterfuge b y our enemies will prevent
us from following this path to tho ond.
_

A further exposition of tho Russian Government’s attitudo
toward the German peaco proposal was contained in tho fol­
lowing statement obtained from tho Russian Foroign Office
on the 16th inst.:
A com pleto and em phatic rojoction b y Russia o f Gcrihany's offer can
hardly havo been necessary to convinco Amorlca and other neutrals o f tho
attitudo which tho Allies will tako toward G erm any’s insincere and thoatric
poaco proposals. Germ any’s wish to impress tho neutral nations must

D eo. 23 1916.]

THE CHRONICLE

have failed through tho very nature o f the proposal and tho transparency o f
the m otives which inspired it.
T ho nation honestly desirous o f com m encing peace negotiations uses
inoro dignified and direct m ethods. She does not advertise her intentions
throughout tho world before her proposals have been transmitted to the
powers concerned.
The German declaration has tho character o f a sensational act o f pu b ­
licity, calculated to prepossess tho neutral powers. B eyond this it does not
merit serious consideration. W hat tho enemy suggests is a peaco dictated
by her and in accordance with tho very idoas which tho Allies are fighting
to destroy— ideas o f German hegemony o f tho Prussian typo.
Iiussia cannot speak o f peaco with an opponent who has proclaimed him­
self tho victor. The rejection o f Germ any’s proposal in no senso places Rus­
sia in the position o f a nation not desirous o f a durablo peaco or insonslble
to tho urgont necessity o f rescuing Europe ffom the calam ity which has cast
Its shadow over the ontiro world. B ut Russia will continuo to suffer this
calamity and add indefinitely to tho sacrifices which sho has already made
rather than submit to tho greater catastrophe threatened b y German Im ­
perial ambitions.
W hat Russia, in com m on with her allies, desires is not a destroyed Ger­
m any, but tho final defeat o f theso ambitions o f Gorman dom ination.
When Germany desires a fair and lasting peaco Russia will bo disposed to
consider tho timo ripe for peaco negotiations.

In an address before tho Duma, on tho lGth inst., Michael
Rodzianko, tho President of that body, gavo tho reasons why
in his opinion, tho proposals should not bo accepted. Reutor’s Petrograd correspondent quoted M. Rodzianko as fol­
lows:

“ Tho enemy proposes peaco in circumstances which are exceptionally ad­
vantageous to lilm. IIo claims to bo tho conqueror. W o cannot trust our
adversary. Ho is a worn-out felon who seoks not lasting peaco, but a tem po­
rary armistice in order to rccuperato beforo making a fresh onslaught on
tho Allies with greater violence than over.
“ In tho second place wo aro united to our allies b y indissoluble ties, by
com m on sacrifico, b y blood which lias been shed. Our ob ject is tho sup­
pression o f German militarism. W o desire that tho world shall bo ablo to
livo freo from tho threat o f tho German fist, on tho basis o f right, freedom ,
and equity.
" W o shall agree to negotiate only when tho cnom y is finally beaten. In
concert with our valiant allies wo shall sign a peaco which shall guarantee
poaco to the whole world. This is tho solution o f tho historic problems
wh ich will repay us for what wo have suffered.
‘ ‘ W o say to all nations: ‘The enem y in tho midst o f a clatter o f arms is
seeking an honorable issue from tho struggle, foreseeing defeat in tho near
futuro.’
" W o say to Germany: ‘ Y ou began tho war.
Y ou have brought unspeak­
able suffering upon humanity. W hen you have been brought to your
kneos you will bo held responsible."’

3293

I d o not desire to use exaggerated language, but tho accent o f boastfulness
and the la ck -o f sincerity which characterize the pream ble to tho enem y's
note certainly inspire no belief that these mysterious peace conditions
which tho Central Empires announce they havo tho intention o f exposing
later on, with tho ob je ct o f guaranteeing tho existence .honor and free
developm ent o f their peoplo, d o constitute an answer to the postulates we
havo laid dow n .

Baron Sonnino appealed to the deputies of all parties, in
the words of Premier Briand of France, not to permit the
move of tho Central Powers to “poison the mind of the peo­
ple,” and urged them to refrain from “playing the enemy’s
game” by giving way to rash or untimely manifestations
which might implant tho germs of division and discourage­
ment. lie asked them not to veto any order of the day
which might let it bo supposed that the attitude of Italy
differed from that of her Allies. Amid an outburst of cheer­
ing for Baron Sonnino tho Chamber voted, it is stated, the
order of tho day “pure and simple,” implyingiconfidence in
the government, and further ordered that the Foreign Minis­
ter’s speech be placarded throughout Italy. The vote on
the order of tho day was 27G to 40.
Dispatches from Rome on tho 18th inst., according to a
statement issued at tho Vatican, reported]that Pope Benedict,
whoso active interest in the peaco move was solicited by the
German Government, has no intention of attempting to
mediate among the belligerents at present. The statements
says that neither tho Pope nor tho Holy See have made or
wish to make any comment regarding Germany’s peace
proposals, and that therefore any announcements attributed
to them are absolutely unfounded. It is added that the
Pope naturally has an ardent desire for peace, but that he
does not bolieve that any intervention at the present momen
would hasten its conclusion.
P R E S I D E N T W I L S O N ' S N O T E TO T H E B E L L I G E R E N T S
S U G G E ST IN G E X C H A N G E OF V I E W C O N C E R N IN G

PEACE TERMS.
A communication which President Wilson has addressed
to the belligerent powers proposing that “soundings be
taken in order that we may learn . . . how near the
haven of peace may be for which all mankind longs with an
intense and increasing longing,” has been one of the un­
locked for developments of the week. The President ex­
pressly states in
is
peace;
Tho Italian Foreign Minister, Baron Sonnino, on being as indicating thatthe note that hewas not proposing by the
his suggestion
not inspired
questioned in tho Italian Chamber of Deputies rolative to proposal of Germany for peace negotiations, it is stated
the suggested peaco negotiations, was quoted in tho dis­ in the note that his suggestion is one he has long had it in
patches on the 14th inst. as saying:
mind to offer, and that he is somewhat embarrassed to
T ho Swiss M inister has presonted to mo a noto from tho German G overn­
ment and its three allies, proposing that negotiations for peaco begin. Tho present it at this particular time because it may seem to
Swiss M inister added that ho m ado this com m unication in his capacity as have been prompted by the recent overtures of the Central
representative o f German interests In Italy and that it was n ot his intention
Powers. What the President suggests is that “an early
to perform any function o f mediation whatever, but sim ply tho function
occasion be sought to call out from all the nations now at
o f transmission.
.
I ropliod to him that I took notice and thanked him . In ordor to reply to war such an avowal of their respective views as to the terms
tho question I am able to doclaro that in tho note there is no precise indica­
tion concerning tho conditions upon which poaco negotiations m ight bo upon which the war might be concluded and the arrange­
attem pted. In addition to tho text o f tho noto, a translation was com ­ ments which would be deemed satisfactory as a guaranty
municated b y tho Stefani News A gency. In tho original French toxt t h o ' against its renewal or the kindling of any similar conflict
words m aking allusion to conditions o f peaco woro as fo llo w s : (Baron
in the future as would make it possible frankly to compare
Sonnino then read from tho original noto.)
T h a t is all I As for tho rest, it consists o f arguments about tho war.
them.” The notes, there wore two drafts—one to the
I replied to tho Swiss M inister that naturally I would have to act in
Entente powers and the other to the Central Powers—have
accord with m y colleagues o f the other allied Governm ents respecting tho
reply to this note, which has boon concertcdly prepared am ong the four been dispatched to all the belligerents through Secretary
enemy powers.
Lansing; they are identical save for one paragraph, the
On tho 18th inst. Baron Sonnino announced in tho Chamber wording of the one sent to Great Britain and her allies,
of Deputies that soveral resolutions which had been intro­ differing slightly from that addressed to Germany and the
duced in tho Chamber in regard to the peace proposals other Central Powers, While the notes were not made
seemed to bo based on tho supposition that tho Government public until Thursday they bear Monday’s date-the day
had or would have concrete and precise indications as to tho preceding tho speech of Lloyd George indicating Great
bases on which negotiations would bo oponed. With respoct Britain’s stand toward Germany’s proposal. Below we
theroto he said:
give the note to Great Britain and her allies—France,
As I said on the day beforo yostorday, this supposition does not correspond
with tho facts. There is no sign o f conditions or bases for negotiations in Italy, Japan, Russia, Belgium, Montenegro, Portugal,
tho onom y’s note. I possess no inform ation in regard to eventual conditions
Roumania and Serbia.
o f poaco boyond the noto from tho enemy which I road in the Chamber.

On tho 19th inst., tho Council of tho Russian Empire
adopted an order of tho day, identical with that passed by
tho Duma, declaring the Council unanimously in favor of
refusing to enter under present conditions into any peaco
negotiations with Germany.

Should propositions bo mado subsequently wo should considor what to
d o, but it would bo neither practical nor propor to discuss that question
to-day. M oreover, it should bo understood cloarly that no one o f tho
Entente Allies could take into consideration any condition whatover which
by hypothesis might bo eventually offered to him under separate form .
In the public interest and ou t o f respect to the Allied Governm ents I
cannot com m unicate to you anything whatever as to tho substance o f the
answer wo shall givo to tho noto o f tho four onom y powers. T he answer
will be published as soon as it Is drawn up.
W o all wish poaco, anti lasting peaco. But wo considor a lasting peaco
to bo a careful settlement, whoso duration depends not on tho solidarity but
on an exact balance among tho States, based on respect for tho principal
nationalities, rules laid down in tholaws o f nations and reasons o f humanity
and civilization.
I f wo woro in thoprosenco o f genuine proposals, with bases o f a nature
to satisfy tho general postulates o f civilization and justice which I havo
Just m entioned, nono would reject them abruptly. But tliero Is nothing
to show oven faintly that this is the caso, and there aro m any reasons for
believing the contrary.




Department o f State!
Washington, D . C ., D ec. 18 1916.
T ho President directs mo to send you tho following com m unication to be
presented im m ediately to tho M inister o f Foreign Affairs o f tho Governm ent
to which you aro accredited:
Tho President o f the United States has instructed me to suggest to the
[hero is inserted a designation o f the Governm ent addressedl, a course of
action with rogard to tho present war which ho hopes that the Governm ent
will take under consideration as suggested In the m ost friendly spirit, and
as com ing not only from a friend, but also as com ing from tho representa­
tive o f a neutral nation whoso interests have boon m ost seriously affected
by tho war, and whoso concern for its early conclusion arises out o f a mani­
fest necessity to determine how best to safeguard those interests if tho war
is to continue,
T ho suggestion which I am instructed to mako tho President has long
had it In mind to offer. He Ls somewhat embarrassed to offer it at this par­
ticular tim o because it m ay now seom to havo peen prom pted b y the recent
overtures o f the Central Powers. It is in fact in no way associated with
them 1 1 its origin, and tho President would havo delayed offering It until
1
thoso overtures had been answered, but for the fact that It also concerns the
,

2394

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quostion o f peace and m ay best bo considered in connection with other pro­
posals which havo tho samo end in view . T he President can only beg that
his suggestion be considered entirely on its own merits and as if it had been
m ade in other circum stances.
T ho President suggests that an early occasion bo sought to call out from
all tho nations now at war such an avow al o f thoir respective views as to tho
terms upon which tho war might bo concluded and tho arrangomonts which
would bo deem ed satisfactory as a guaranty against its renewal or tho kind­
ling o f any similar conflict in tho futuro as would m ako it possiblo frankly
to com paro thorn. Ho is indifferont as to tho means taken to accom plish
this. H o would be happy him self to servo, or oven to take tho initiativo
in its accom plishm ent, in any w ay that m ight prove accoptablo, but ho has
no desire to determ lno tho m othod or tho instrum entality. One way will
bo as acceptable to him as another, if on ly tho groat ob ject ho has in mind
be attained.
H e takos tho liberty o f calling attention to tho fa ct that tho objects
which the statesmen o f the bolligerents on both sides have in mind in this
war are virtually tho sam e, as stated in genoral terms to their own pcoplo
and to tho w orld. Each side desires to mako tho rights and privileges o f
weak peoples and small States as securo against aggression or denial in the
futuro as tho rights and privileges o f tho great and powerful States now at
war. Each wishes itsolf to bo mado securo in tho futuro, along with all
other nations and pcoplos, against tho recurrence o f wars like this and
against aggression or selfish interference o f any kind. Each would be jeal­
ous o f tho form ation o f any m oro rival leagues to preservo an uncertain bal­
ance o f powor amidst m ultiplying suspicions; but each is ready to consider
tho form ation o f a leaguo o f nations to insure peaco and justlco throughout
tho w orld. Beforo that final stop can bo taken, how ever, each deems it
necessary first to sottlo the issues o f tho present war upon terms which will
certainly safeguard tho independence, the territorial integrity and tho p o ­
litical and com m ercial freodom o f the nations involved.
In the measures to be takon to securo tho futuro poaco o f tho w orld, tho
peoplo and Governm ent o f tho United States aro as vitally and as directly
interested as the Govornm onts now at war. Their interest, m oreover, in
tho means to bo adopted to relievo tho smaller and woakor peoples o f the
world o f tho peril o f wrong and violence is as quick and ardent as that o f
any other peopio or G overnm ent. T hey stand ready, and oven eager, to
co-operate in the accom plishm ent o f theso ends, when tho war is over, with
every influence and resource at thoir com m and. But tho war must first bo
con cluded. T he terms upon which it is to bo concluded they are not at
liberty to suggest; but the President does feel that it is his right and his duty
to point out thoir intimate interests in its con clusion, lest it should presently
bo too late to accom plish tho greater things which lie beyond its conclusion,
lest tho situation o f neutral nations, now exceedingly hard to enduro, bo
rendered altogether intolerable, and lest, m oro than all, an injury be done
civilization itsolf which can never bo atoned for or repaired.
T he President therefore fools altogether justified in suggesting an im­
m ediate opportunity for a com parison o f views as to tho terms which must
precede theso ultimate arrangements for tho peaco o f tho w orld, which all
desiro and in which tho neutral nations as well as those at war aro ready to
play their full responsible part. I f the contest m ust continue to proceed
towards undefined ends b y s lo w a ttritio n ,u n tilth e o n o g ro u p o f belligerents
or the other is exhausted, if m illion after m illion o f human lives must continuo to bo offered up until on tho ono sido or tho other there aro no m ore to
o ffe r, if resentments m ust be kindled that can nevor cool and despairs en­
gendered from which thero can bo no recovery, hopes o f peace and o f tho
willing concert o f free peoples will bo rendered vain and idle.
T ho life o f the entiro world has boon profoundly affected. E very part
Of tho great fam ily o f mankind has felt tho burdon and terror o f this unprece­
dented contest o f arms. N o nation in tho civilized world can be said in
truth to stand outsido its influence or to bo safo against its disturbing ef­
fects. And yet tho concrete objects for which it is being waged havo nover
been definitely stated.
T ho loaders o f the soveral belligorents havo, as has been said, stated thoso
ob jects in gonoral terms. B ut, stated in genoral terms, they seom the same
on b oth sides. N ever yet havo tho authoritative spokesmen o f either sido
avow ed tho precise objects which would, if attained, satisfy them and their
peoplo that tho war had been fought out. T ho world has been left to con jocturo what definitive results, what actual exchange o f guaranties, what
political or territorial changes or readjustm ents, what stage o f m ilitary suc­
cess ovon, would bring tho war to an end.
It m ay bo that poaco is nearer than wo know ; that tho terms which tho
bolligoronts on tho ono sido and on tho other would deem it necessary to
insist upon are notsoirrccon cllab loa ssom oh av ofoa red ; that an interchange
o f views would clear tho way at least for conference and make tho permanent
con cord o f tho nations a hope o f tho imm ediate futuro, a concert o f nations
im m ediately practicable.
T ho Prosidont is not proposing peace; ho is not ovon offoring m ediation.
H o is merely proposing that soundings bo takon in order that we m ay learn,
tho noutral nations with tho bolligerents, how near tho haven o f peace m ay
bo for which all mankind longs with an intonse and increasing longing.
H o bolioves that tho spirit in which ho speaks and tho objects which ho seeks
will bo understood by all concerned, and ho confidently hopes for a responso
Which will bring a new light into the affairs o f tho w orld.
L A N S IN G .

fVoL. 103.

in order that we may regulato our conduct in tho futuro.”
Tho sensation which this announcement created brought
about the issuance of tho supplementary statement, tho
latter, coming after Mr. Lansing had been called to tho
White House to confer with the President, sotting out that
the Secretary of Stato “did not intend to intimato that the
Government was considering any change in its policy of
neutrality which it has consistently pursued in the face of
constantly increasing difficulties.” The two statements of
Mr. Lansing, in tho order in which they wero given out,
follow:

Tho reasons for tho sending o f tho noto wero as follow s:
It isn’t our material interest wo had in mind when the noto was sent,
but m oro and m oro our own rights aro becom ing involved by tho belligerents
on both sides, so that tho situation is becom ing increasingly critical.
I mean b y that that wo aro drawing nearer tho verge o f war ourselves,
and therefore we aro entitled to know exactly what each belligerent seeks
in order that wo m ay regulate our conduct in tho futuro.
N o nation has beon sounded. N o consideration o f tho German over­
tures or o f tho speech o f L loyd George was taken into account in tho for­
m ulation o f tho docum ent. T ho only thing the overtures did was to delay
it a fow days. It was not decided to send it until M on day.
O f courso tho d ifficulties that faco tho President were that it m ight bo
construed as a m ovem ent toward peace and in aid o f the German over­
tures. H o specifically denies that that was tho fact in tho docum ent itself.
T ho sending o f this noto will indicate tho possibilit y o f our being forced
into tho war. That possibility ought to servo as a restraining and sobering
forco safeguarding American rights. It may also servo to force an earlier
conclusion o f tho war. Neither tho President nor m yself regards this noto
as a peaco noto; it is merely an effort to get tho bolligerents to define tho
end for which thoy aro fighting.

The second statement said:

I havo learned from soveral quarters that a wrong impression was m ado
b y tho statem ent which I m ado this m orning, and I wish to correct that
impression.
M y intontion was to suggest tho very direct and necessary interest which
this country as ono o f tho noutral nations has in tho possiblo terms which
the belligerents m ay havo in m ind, and I did not intend to intimato that
tho .Government was considering any chango in its p olicy o f neutrality
which it has consistently pursued in tho face o f constantly increasing d iffi­
culties.
I regrot that m y words wero open to any other construction, as I now
roalizo that thoy woro. I think that the w holo tone and language o f tho
noto to tho belligorents show tho purpose without further com m ent on m y
part. It is needless to say that I am unreservedly in support o f that
purpose and liopo to seo it a ccep ted .

A movement to securo tho endorsement of tho Senato to
the President’s action in the forwarding of tho notes to tho
belligerent Powers was initiated by Senator Hitchcock on
Thursday, when ho introduced a resolution to that end.
Senator Borah, however, blocked tho movement, stating
that while ho did not find fault with tho President’s action,
ho did not propose to cast any vote or tako any stop until
he had given tho matter evory consideration which it was
possiblo for him to give it. A second attempt by Senator
Hitchcock to havo tho Senate endorse tho President’s noto
to the belligerents of Europe was mado yesterday when ho
asked for immediate consideration of a substitute resolu­
tion for tho ono offered by him on Thursday and referred
to tho Committee on Foreign Relations. The substitute
resolution which made no mention of the public sontimont
of the country, said:

“ Resolved, T hat tho Senato approves and strongly endorses tho action
taken b y tho President in sending the diplom atic note o f D ec. 18 to tho
nations now engaged in war, suggesting and recomm ending that theso
nations stato tho terms upon which peaco might be discussed.”

Minority Leader Gallinger blocked tho adoption of tho
resolution by asking that it go over. Senator Hitchcock
announced that ho would call it up again on tho first day
that the Senato meets after the Christmas recess and press
for its adoption.
Tho third paragraph, the wording of which represents tho In the House Representative Bailey endeavored to havo
only difference betweon the two notes, is as follows in tho case that body go on record as approving tho President’s action;
of the note sent to tho Central Powers (Germany, Austria- his resolution, howover, was referred to the Committee on
Foreign Affairs. ________________________
Hungary, Turkey and Bulgaria).
T ho suggestion which I am instructed to m ako tho President has long
P L A N S FOR T H E N A T I O N A L F O R E I G N T R A D E .
had it in mind to offer. Ho is somowhat embarrassed to offer it at this par­

ticular tim o, becauso it m ay now seom to havo been prom pted b y a desiro
to play a part in connection with tho recent overtures o f tho Central Powers.
It has in fact been in no way suggested b y them in its origin, and tho Presi­
dent would havo delayed offering it until thoso overtures had beon inde­
pendently answered but for tho fact that it also concerns tho question o f
p >aco and m ay best bo considered in connection with other proposals which
havo tho samo end in view . T ho President can only beg that his suggestion
bo considered entirely on its own merits and as if it had beon mado in other
circum stances.

CO N VEN TIO N

IN

JANUARY.

Tho formal call for tho Fourth National Foreign Trade
Convention to bo hold at Pittsburgh on Jan. 25, 26, and 27,
was issued to all American business men by James A. Farroll,
Chairman of tho National Foreign Trade Council and Presi­
dent of tho United States Steel Corporation, on tho 10th
inst. The call is based on tho Council’s research into
foreign trade since
The issuance of two statements by Secretary of Stato problems of held at Now Orleans tho last foreign trado con­
was
and
Lansing, the first intended as an explanation of tho action vention any problems arising in tho foreign says inf part:United States
Tho m
of tho Government in sending the abovo communications merit tho earnest consideration o f Americanstrado o tho all activities
representing
to the belligerents, and tho second statement seeking to cor­ related to over-sea com m erce and all sections o f tho country. T ho con ­
following questions;
rect an erroneous impression created by tho first statement, vention will consider among others the tho AVar, and tho measures necessary
after
marked the courso of events on Thursday. In his first to Conditions in Foreign M arketstrado, as well as tho foreign trado aspect
safeguard American foreign
tho American tariff system .
pronouncement of the day Secretary Lansing stated that the o f Co-operation In Foreign Trade D evelopm ent.
real thought in mind in dispatching the notes was that “wo Tho American M erchant Marino.
wore drawing nearer tho verge of war ourselves, and theroforo Foreign Investm ent o f American Capital as an A id to Oversea C om ­
wo are entitled to know exactly what each belligerent seeks, merce.




D ec. 23 1916.]

THE CHRONICLE

Problems o f tho Smaller M anufacturer and M erchant.
All Americans cngagod in, or desirous o f entering ovorsea'com m erco,
and particularly all Hoards o f Trado, Chambers o f Com m crco and other
commercial and Industrial organizations, are invited to participate, either
individually or b y appointm ent o f delegates, in a practical and construc­
tive discussion o f policies and practices necessary to moot keener com petition
which tho United States m ay encounter in world markets after tho war.
Tho proceedings will bo designed to bring out tho mutual interests o f tho
cliiof olomonts in foreign trado, nam ely, manufacturing, agriculture, and
other natural production, including mining and tho lumber industry,
merchandising, transportation and banking. In addition to prepared
addressos b y authorities on topics m entioned, tho convention will bo largely
given over to “ group sessions,” each dovoted to intonsivo discussion o f a
single problem, in which all delegates aro at liberty to participate. A
number o f gentlomon long experienced and successful in foreign trado will
act as volunteer trado advisers and im proved facilities will bo provided
for bringing into conference with them delegates who dcsiro information
and advice. Tho State Departm ent will detail sovoral United States
Consul Generals to tho convention for purposes o f individual consultation,
to provido inform ation to delegates; and tho Secretary o f Comm erce has
similarly assigned officially from tho Bureau o f Foreign and D om estic
Comm erce to duty at Pittsburgh during tho convention.

2395

the Bureau of Foreign and Domestic Commerce, United
States Department of Commerce, will outline a Government
plan whereby trained men may advertise through the daily
commerce reports, issued by the Government, their qualifica­
tions, and firms may advertise their needs of such men. The
interest of farmers in foreign trade is to be given particular
consideration in this convention. B. F. Harris of Cham­
paign, 111., a large farmer and close student of agricultural
economies, will speak on “Tho World Market for Agricul­
tural Products,” and Prof. T. N. Carver of Harvard Uni­
versity, now Chief of tho Division of Rural Organization,
United States Department of Agriculture, on “Foreign
Trade Policy from the Farmers Standpoint.” Melville E.
Stone, General Manager of the Associated Press, will address
the convention on “World News and World Trade—the
Effect of News upon the Prestige of the United States
Abroad,” and F. J. Roster, President of the San Francisco
Chamber of Commerce, will tell, “How Commercial Organ­
izations can aid Foreign Trade Development.” The
Foreign “Trado Special,” which now rivals the “Bankers
Special” running to the annual convention of the American
Bankers Association, in the number of important men it
carries, will run from New York as usual. The Pacifio
Coast, it is stated, is planning to send 150 delegates, most
of whom will travel on a “Pacific Coast Foreign Trade
Special” now being organized by the Chamber of Commerce,
the delegation to be headed by Captain Robert Dollar,
ship owner and oriental trader of San Francisco.

Tlio Council, which is a non-political and non-partisan
board of fifty prominent merchants, manufacturers, bankers,
farmers and other producers of natural commodities, rail­
road and steamship men, constantly engaged in investigation
of foreign trado problems and oncouragoment of sound na­
tional foreign trado policy, will present to tho convention
a report on “World Trade Conditions After the European
War.” This will mako public the result of a year of research
into war changes in European commercial and industrial
organization, tho possible effect of European economic
alliances upon tho foreign trado of tho United States, the
industrial reconstruction of devastated areas of Europe and
tho probable post-bellum competing power of various
G R E A T B R I T A I N 'S FOOD R E G U L A T IO N S .
nations. In this report the Council jwill offer certain
recommendations for national commercial preparedness, to In order to make the supply of food in Great Britain se­
meet changed conditions after tho war. W. W. Nichols, cure, King George on the 6th inst. signed on Order-in-Council
of tho Allis-Chalmers Co., Chairman of the American empowering the Board of Agriculture to take over unoccupied
Industrial Commission to Franco, will speak upon “Euro­ or occupied land for the purposes of cultivation. It is also
pean Reconstruction.” Willard Straight, Vice-President of learned that on the 5th inst. the London Board of Trade,
tho American International Corporation, will mako an under the Defenso of the Realm Act, issued an order to the
address upon tho “Foreign Trado Aspect of Tho Tariff,” effect that after Dec. 18 no meal exceeding three courses
dealing with methods whereby the tariff, whatever bo its may bo served in any hotel, restaurant or public place be­
underlying principle, may bo given adequate resources for tween 6 p. m. and 9:30 p. m., or two courses at any other
tho encouragement of foreign trado and its protection from time. The announcement added that it is proposed to issue
undue discrimination.
another order forbidding the eating of meat, poultry and
An entire session of tho convention will bo devotod to tho game on certain days. Provision for tho appointment of a
necessity of legislation, authorizing co-operation among Food Controller in England was made last month, and on
American exporters who aro now individually obliged through Nov. 17 tho powers of the Food Controller were published in
tho doubt surrounding tho application of tho anti-trust laws the London “Gazette” in tho form of a regulation made by
to foreign trade, to copo with Governmont-encouragod an Order-in-Council under the Defenso of the Realm Act.
combinations of foreign rivals and often to sell to combina­ Tho provisions cover the various points enumerated by Mr.
tions of foreign buyers equipped to depress tho prices of Runciman, the President of the Board of Trade, in his speech
American products. Tho necessity for enactment of tho on tho food supply question in the House of Commons Nov.
Webb Bill, now before tho Senate, will bo subject of an 15. The regulation provides that where the Board of Trade
address by Robert II. Patchin, Secretary of tho National is of the opinion that it is expedient that special measures
Foreign Trado Council, and the necessity for co-operation should be taken in the interest of the public for maintaining
in the export of natural commodities such as lumber,' copper the supply of any article of commerce, the maintenance of
farm products, as well as manufacturers will bo emphasized which is important as being part of the food supply of the
in each of these lines. Because of the attention to bo given country or as being necessary for the wants of the public,
at this convention to tho subject of co-operation, the Na­ the Board, by order, with a view to maintaining tho supply
tional Lumber Exporters Association has decided to hold of tho article, may apply any of tho seven provisions. Any
its annual convention in Pittsburgh beginning on the 24th such order may bo applied generally or to any special local­
Foreign buyers of American lumber have so effectively ity or to any special supplies of any article or to any special
played one set of producers against anothor that tho industry producer, manufacturer or dealer. Tho seven provisions
is in dire need, it is claimed, of tho relief promised by tho aro as follows:
1. A person
Webb Bill. John D. Ryan, President of tho Anaconda this provision shall not waste or unnocossarily destroy any article to which
applied,
Order
Copper Mining Co., will speak on this and related subject article declaresisthat any and if thoprocess,applyingorthis provision dto that
specified
action
other thing one is
at tho banquet. Chairman Edward N . Hurley, of tho wasto or unnecessary destruction o f tho articlo, that process, action, or
Federal Trado Commission, will also speak at tlio’banquot other thing doneo fshall bo doem od to bo wasto or unnecessary destruction
purpose
this provision.
on tho “Government and Foreign Trade.” Much attention for2.tho horo tho Order applying this provision to any articlo specifies the
W
used,
person shall not (subject to
will bo paid to tho foreign investment of American capital. purposes for which tho articlo is to bouse the aarticlo oxcept for tho purposes
any conditions contained in
Tho broad question of America’s position in tho world so specified, and whoro thotho Order)
Order prescribes any special manner in which
finance to bo handled by an oininont financial authority, tho articlo is to bo usod a person shall not (subject to any conditions con ­
whoso namo is not yet announced, while tho value of invest­ tainedWin tho Order) use tho articlo except In that manner. contains any
2.
horo
provision
ment in ovor-sea development enterprises in order to create directions or tho Order applying thisanufacture to any articlo o f tho article
regulations as to tho m
or production
a demand for American manufacturers, will bo discussed in such a manner as to secure that tho public aro supplied with tho article
in tho form m ost suitable in tho circum stances, all persons concerned in tho
by C. K. McIntosh, tho Vice-President of tho California m anufacture or production o f tho articlo shall com p ly with those directions
Bank, San Francisco, and a number of other prominent or regulations.
bankers from different sections of tho country. The probloms 4 . W horo tho Order applying this provision to any articlo contains any
ode o f sale
the distribution o f
of the smaller manufacturer and merchants, who tho Council directions oraregulations as to tho mtho availableorsupply o f that articletbo
to securing that
is
feels, it is nationally necessary should be encouraged to entor articlo withbestview throughout tho country or in any locality, all persons
put to its
use
tho salo or
foreign trade, will bo considered in “Group Sessions” to bo concerned in regulations.distribution o f tho articlo shall com p ly with those
organized and held by tho Council in co-operation with tho directions or tho Order applying this provision to any articlo contains any
5. W horo
American Manufacturers Export Association.
direction or regulations as to tho market operations in that articlo with a
view
Tho need of trained men in foreign trado and tho methods resultto fprovonting unreasonable inflation o f tho price o fmtho articlo as tho
o
for their training will bo considered at an educational sossion shall commarket operations, all persons concerned in tho arket operations
p ly with those directions or regulations.
6. A person shall not (subject to any exceptions contained in th Order
under tho chairmanship of Chancellor S. B. McCormick of applying this provision) directly or indirectly sell or offer for sale anye article
the University ofAPittsburgh. Dr. E. E. Pratt, Cliiof of to which this provision Is applied at a prico exceeding b y m ore than the



THE CHRONICLE

2296

amount nam ed In tho Order tho corresponding price o f tho artlclo at a dato
specified In tho Order (tho corresponding prico to bo settled in caso o f d if­
ference b y tho B oard o f T ra d e ), and where tho consideration for any sale
or offer consists w holly or partly o f any conditions m ade or offered to bo
mado In connection with tho transaction or Is otherwise not o f a pecuniary
character, tho value o f tho consideration or such part thereof as is not o f a
pecuniary character shall, for the purposes o f tho provision, bo taken into
account in determ ining tho prico o f tho article.
f c 7 . A ll persons owning or having power to soil or dispose o f any article
to which this provision is applied or any stocks thereof, shall, if required
by the B oard o f T rade, placo at tho disposal o f tho B oard the article or tho
whole or any part o f tho stocks thereof as m ay bo required b y tho B oard on
such terms as the Board m ay direct, and shall deliver to tho Board or to
any person or persons named b y them tho articlo or stocks in such quan­
tities and at such times as the Board m ay requiro. Such com pensation
6hall be paid for any articlo or stock so requisitioned as shall, in default o f
agreement, be determ ined b y the arbitration o f a single arbitrator, b u t in
determ ining tho am ount o f com pensation tho arbitrator shall have regard
to tho cost o f p roduction o f tho articlo and to tho allow ance o f a reasonable
profit without necessarily taking into consideration tho m arkot prico o f tho
article a t tho tim e.

A supplementary regulation gives power to the Board of
Trade, in cases where the Board is of opinion that informa­
tion is required with respect to any articlo of commerce, with
a view to the exercise of the powers of tho Board, to require
every person owning or having power to sell or dispose of
the article or concerned in tho manufacture or production of
the article, to make a return of stocks, contracts, prices, cost
of production, names and addresses of suppliers and supplied
and any other particulars for the purpose of testing tho aoouracy of any return or of obtaining information. In caso
of failure to make a return, an officer of the Board may
enter premises and carry out inspections and examinations.
Another supplementary regulation empowers tho Board to
direct the holding of sworn inquiries in any special cases
where they are of opinion that before exercising any of their
powers in relation to any articlo it is expedient to hold an
Inquiry with respect to that article in any locality. The
Local Government Board, the Secretary for Scotland, and tho
Local Government Board for Ireland, may, by arrangement
with the Board of Trade, confer on local authorities any pow­
ers and duties in connection wtih the enforcement of the
regulations.
Speaking forJthe firstjtimo as Food' Controller in the
House of Lords on the 14th inst., Lord Dovenport said that
the solution of the food question resolved itself into one
of a system of rationing, t To maintain tho food supplies
was not enough ho said but it was overwhelmingly essential
that they be determined fairly. The Food Controller said
that his first duty would be to ascertain the quantity of
food stocks available and tho stocks visible. Thero were
many unpatriotic people he said, who were trying to get
hold of supplies in excess of their needs. Lord Devenport
said:
“ M y rem edy will bo to adjust the supplies com ing into tho country so
that everybod y will havo an equal chance o f getting a fair share— no m ore
and no less. On account o f m any people buying up supplies sugar cannot
bo got at all. A rem edy must bo found for that. Possibly tho only way
will bo b y a system ol ration ing.”

It was obvious Lord Devenport added, that a general
diminution in the consumption of staple food was necessary.
At present this diminution could only bo brought about
only by voluntary abstinence but if voluntary abstinence
was not successful it would bo necessary to make abstinenco
compulsory.
CHANGES IN

C O LLECTIO N

C H A R G E S OF N E W

C LE AR IN G H O U SE .

YORK

The Now York Clearing House has mado certain changes
In its collection charges, tho amendments to becomo effective
Jan. 1 1917. Tho proposed changes wero made at a meet­
ing of tho Clearing House Committee on tho 13th inst. Tho
last previous change in tho rules, mado to bring tho collec­
tion system of the Clearing IIouso into harmony with that
of tho Federal Reservo system, was witnessed in July, the
changes then decided upon having becomo effective on
Aug. 1. Tho regulations then adopted were printed in these
columns July 15. The amendments just mado affect
section 3 (subsection a), 4 and 5. At present the rulo is
that for all items available one day after receipt (whether
such items are collected through tho Federal Reservo Bank
of Now York or otherwise), which tho Federal Reserve Bank
of Now York shall havo notified the Manager of tho New
York Clearing IIouso Association it will receive from its
members, a chargo shall bo mado of not less than 1 Yi cents
per item. Under tho change tho charge will bo discretionary
with tho collecting bank. Another change is that for all
items payable in Jersoy City and Hoboken, not collectible
through tho Now York Clearing IIouso, wliero the chargo
now is \ Yi cents por item; the chargo after Jan. 1 1917 will
also be discretionary. So far as section 5 and its amend­



[Vo l .

103.

ments are concerned, that section at present restricts the
clearing of country bank itoms through the collection de­
partment of the Clearing House to outside banks and trust
companies which had filed an agreement with the Manager
of the Clearing House before Aug. 1 1916; this timo limit
has been removed, and in addition the furthor existing
provision setting out that where such remittances aro re­
ceived at the Clearing Houso in time to bo cleared in the
regular morning exchanges of tho following day “the charge
shall in all cases bo discretionary with tho collecting bank”
has been broadened by tho added clause “whether such
items aro collected through tho collection department or
otherwise.” It is pointed out in “Financial Amorica” of
Dec. 21st that before tho expiration of tho time limit, 830
banks had filed agreements to conform with the immediate
remittance requirement and were placed on the select list,
while since that time 50 applications for admission have
been received. Thus it is stated the removal of the time
limit, which becomes effective Jan. 1, will swell the number
of banks in the Clearing House’s country collection system
to 880, and it is oxpected that more will be added from time
to time. Tho list now includes banks located in Connecti­
cut, Delaware, Maryland, District of Columbia, Massa­
chusetts, New Hampshire, New Jersoy, New York, Penn­
sylvania, Rhode Island, Vermont, Virginia and West Vir­
ginia, and several banks in Maine aro among the number
to bo added Jan. 1.
As amended, tho entire rules and regulations governing
collections now read:
N E W Y O R K CLEAR IN G nO U SE.
Rules and Regulations Regarding Collections Outside o f the d i g o f N ew York
(A s Amended Dec. 13 1916.)
Pursuant to authority conferred upon it by tho constitution o f tho Now
Y ork Clearing IIouso A ssociation, tho Clearing IIouso Com m ittoo o f said
Association establishes tho follow ing rules and regulations regarding collec­
tions outside o f tho C ity o f N ew Y o rk , (except as to itoms on clearing nonmombers) b y mombers o f tho Association, or banks, trust com panies, or
others clearing through such members, and tho rates to bo chargod for
such collections, and also regarding enforcement o f tho provisions hereof:
Sec. 1. Thoso rules and regulations shall apply to all membors o f the
A ssociation, and to all banks, trust com panies or othors cloaring through
such m embors. T ho parties to which tho same so ap p ly aro horoinafter
described as collecting banks.
Sec. 2. For all items collected for tho accounts o f, or in dealings with
tho Governm ents o f tho U nited States, tho Stato o f N ew Y o rk , or tho
C ity o f N ow Y ork , tho chargo shall in all cases bo discretionary with the
collecting banks.
Sec. 3. For all items (whether such itoms aro collected through the
Federal Reservo Bank o f N ew Y ork or othorwiso) which tho Federal Itosorvo
Bank o f N ow Y ork shall have notified tho M anager o f tho Now York
Cloaring IIouso Association it will recoivo from its membors, tho collecting
banks shall chargo as follows:
(a) For all items availablo ono d ay aftor recoipt— pursuant to said
notification— discretionary with tho collecting bank.
(b) F or all Items availablo tw o days after receipt— pursuant to said
notification— not less than one-fortioth o f ono por cent (1-40 o f 1 % ) of
tho am ount o f tho item s. (E xcept as to itoms referred to in Socs. 4 and 5.)
(c) For all items availablo four days after recoipt— pursuant to said
notification— not less than one-twentieth o f ono per cent (1-20 o f 1% ) of
tho am ount o f tho Items.
(d) For all items availablo eight days after recoipt— pursuant to said
notification— not less than ono-tenth o f ono per cent (1-10 o f 1 % ) o f the
amount o f tho itoms.
Sec. 4. For all itoms payablo in Jersoy C ity and H oboken, tho charge
shall in all cases bo discretionary with tho collecting bank.
Sec. 5. For all items payablo only at any bank or trust com pany which
lias filed or m ay hereafter file an agreement in writing with tho Manager
o f tho Now Y ork Clearing IIouso Association, signed b y ono o f its officers
to rem it In N ew Y ork Clearing IIouso funds at par on tho day o f rocoipt
thereof for all cash items properly drawn on it, transmitted b y tho collec­
tion departm ent, so that such remittances will bo received at tho Clearing
Houso in tim o to bo cleared in tho regular morning exchanges o f tho follow ­
ing d a y, tho chargo shall in all cases bo discrotionary with tho collecting
bank, whether such items aro collected through tho collection department
or othorwiso.
See. 6. F or all items from whomsoever recolvcd (except as to itoms
referred to in Sections 2, 3, 4 and 5) payablo at points in: C onnecticut,
Dolawaro, D istrict o f C olum bia, Indiana, Illinois, K en tu cky, M aine,
M arylan d, Massachusetts, M ichigan, M issouri, Now Hampshire, Now
Jersoy, N ow Y ork, Ohio, Pennsylvania, R hode Island, Verm ont, Virginia.
W est Virginia, W isconsin, tho collecting banks shall chargo not loss than
one-tonth o f one per cent (1-10 o f 1 % ) o f tho amount o f tho itoms.
Sec. 7. For all itoms from whomsoover received (except as to itoms
referred to in Sections 2 and 3) payablo at points in: A labam a, Arizona.
Arkansas, California, C olorado, F lorida, Georgia, Idaho, Iow a, Kansas.
Louisiana, M innesota, M ississippi, M on tana, Nebraska, N ovada, Now
M exico, N orth Carolina, N orth D akota, Oklahom a, Oregon, South C aro­
lina, South Dakota, Tennessee, Texas, U tah, W ashington, W yom ing,
tho collecting banks shall chargo not less than one-quarter o f ono per cont
(]4 o f 1 % ) o f tho amount o f the Itoms.
Sec. 8. T ho charges herein specified shall in ail cases bo collected at the
timo o f deposit or not later than the tontli day o f tho follow ing calendar
m onth. N o collecting bank shall, directly or indirectly, allow any abate­
m ent, rebato, or return for or on account o f such charges or m ake in any
form , whether o f interest on balances or othorwiso, any compensation
therefor.
Sec. 9. E very collecting bank, trust com pany or other corporation not
a member o f tho Association, but clearing through a member thereof,
shall forthw ith adopt by its Board o f Directors a resolution in tho following
terms, and filo a certified cop y thereof with tho Association as ovldence
as therein specified:
"W hereas, This corporation lias acquired tho privilege o f cloaring and
making exchange o f its checks through tho Now York Cloaring House

De c .

23 1916.]

THEiICHRONICLE

Association, and is subject to its rules and regulations. N ow , therefore,
bo it
Resolved, T hat this corporation hereby in all respects assents to and
agrees to bo bound b y and to com ply with all rules and regulations regarding
collections outside o f tho C ity o f N ow Y ork , which m ay bo established
pursuant to the constitution o f said Association, and that tho President
o f this corporation is horoby instructed to file a certified co p y o f this resolu­
tion with tho Clearing Houso Association as evidence o f such assent and
agreement on the part o f this corporation .”
Sec. 10. In case any m ember o f tho A ssociation shall learn that these
rules and regulations have been violated b y any o f the collecting banks,
it shall im m ediately roport tho facts to tho Chairman o f tho Clearing House
C om inittco, or, in his absence, to the M anager o f tho Association. Upon
receiving Information from any sourco that thoro has been a violation o f
the same, said Chairman, or, in his absonce, said M anager, shall call a
m ooting o f tho Com m ittee. T ho O om m ittoo shall investigate tho facts
and dotormino whether a form al hearing is necessary. In caso tho C om ­
m ittee so concludes, it shall Instruct the M anagor to form ulato charges and
present thorn to tho Com m ittee. A cop y o f these charges, togother with
written notico o f the tim o and placo fixod for hearing regarding tho same,
shall bo served upon tho collecting bank charged with such violation, which
shall havo tho right at tho hearing to introduce such relovant evidence and
subm it such argument as it m ay desire. T he C om m ittee shall hear what­
ever rolovant evidence m ay bo offered b y any person and whatover argu­
ments m ay be subm itted and shall determ ine whether the charges are
sustained. In case it roaches tho conclusion that they are, the C om m ittee
shall call a special m eeting o f tho Association and roport thereto tho facts
with Its conclusions. I f the report o f the Committee is approved by the Associa­
tion, the collecting bank charged with such violation shall pay to the Association
the sum o f five thousand dollars, and in case o f a second violation o f these rules
and regulations, any collecting bank may also in the discretion o f the Association
be excluded from using its privileges directly or indirectly, and, i f it is a member,
expelled from the Association,
Resolved, T h a t the foregoing rules and regulations aro heroby established
and a dopted, t o tako effect upon the first day o f January 1917
T H I S W E E K 'S D I V I D E N D D E C L A R A T I O N S OF
RESERVE B A N K S .

2297

changed, and members o f the N ew Y ork Reserve’ Bank m ay transfer money
to any o f the other eleven Reserve banks without paying "exch an ge,’!
which is equivalent to interest for the few days which would be consumed
in tho event that the m oney was actually shipped to the other bank. T hey
aro required to p a y on ly for the cost o f the telegram. This change In the
rules will encourage banks In this city to avail themselves o f the facilities
o f tho Reserve Bank to a greater extent than they have in the past.
LOWER IN T E R E ST RA TES A D V O C A T E D B Y COUNTRY
BANKERS A T

A

M E E T IN G

OF

THE

DELAWARE

STATE BANKERS.

At a meeting of the Delaware State Bankers Association
on Dec. 14 a resolution was adopted providing that on or af­
ter April 1 1917 the 52 banks represented will not pay, di­
rectly or indirectly, more than 3 per cent interest, on any
account whatever. The resolution is said to apply to all
banks and trust companies, with the exception of mutual
savings fund institutions doing business without capital.
A week earlier, on Dec. 7 a meeting of a number of the
members of the Tri-County Bankers Association of Mary­
land was held at Cambridge, Md., and a discussion of the
question of interest paid on deposits is said to have formed a
large part of the proceedings. The Tri-County Banker’s
Association is composed of bankers of Wicomico, Somerset
and Worcester counties in Maryland. A proposal that an
agreement be entered into between the banks of Dorchester
County and the other counties to pay only 3% interest on
savings deposits is said to have failed of action, some of the
bankers present stated that they could see no reason for a
reduction in the interest rato on savings deposits at the
present time.
The question of lower rates of interest has been the subject
of much discussion in other parts of the country. At a banquot of the Hagerstown, (Md.), Rotarian Club on Nov. 17
tho matter was discussed at length, consultations between
bankers of Frederick County, Md.,and Berkeley County, WJ
Va., have been held recently, with the view to reducing the
interest rate below the present 4%. While the discussions,
it is understood, have not as yet proved fruitful, the banks of
Hagerstown aro said to be hopeful that some plan can be
arranged under which the desired change of rates will be
accomplished.

The initial declaration of dividends by five Federal Reserve
banks was announced this week—the New York Reserve
Bank, tho Boston Federal Reserve Bank, the Philadelphia
Resorve Bank, the Cleveland and the Minneapolis Reserve
banks. Tho Now York Federal Reserve Bank announced
on Wednesday the declaration by the directors of a dividend
at tho rate of 6% per annum to cover the accumulated divi­
dends from Nov. 2 1914 to March 31 1915 inclusive, payable
Dec. 30 1916. It is stated that approximately $300,000 will
bo distributed in the declaration. The dividend declared
by tho Philadelphia Federal Reserve Bank, announced on
Wednesday, is also at tho rate of 6 % ; it covers the period
from Nov. 2 1914 to June 30 1915 and is payable Dec. 30
1916. It calls for a distribution of about $130,000. The R E S E R V E B O A R D V I E W AS T O W H E N A C C E P T A N C E S
dividond declarations of the Cleveland and Minneapolis
A R E C O M M E R C IA L PAPER.
Federal Reserve banks were also announced on Wednesday; The following under the above heading is published in the
they aro both at the rate of 6% and cover the first eight
for
:
months of operation, namely from Nov. 1914 to July 1 1915 Federal Reserve “Bulletin”duly DecemberThe B oard has found it
Y ou r letter o f October 5 was
received.
to
established p olicy f
and aro made payable Dec. 30. Tho Federal Res'orvo Bank necessary the adhere to oitshow m uch a bank moay not m aking any genera)
question f
of Boston yesterday announced its initial dividend of 6%, ruling on unless the inquiry should com e from theinvest in any particular
security,
bank desiring to make
payable Jan. 2 next to stockholders of record Deo. 30 1916! such investment: b ut I will state for your inform ation that the Board has
bank that if a
o
The dividend covers tho period from Nov. 2 1914 to Doc. 31 recently Informedo fa any particular firm is a bona fide owner for valuearef
the
and such
1915 and is participated in by 399 national banks and one sold acceptances with a m em berinstitution acceptancesacceptances
to or discounted
bank, the
could no doubt
trust company. All of the Now England territory, except be treated as com m ercial or business paper actually owned b y the party
negotiating them and would therefore be excepted
one county in Connecticut, is embraced in the First District. o f Section 5200. , In other words, if such paper is infrom the limitations
fact
or
Tho St. Louis Federal Reserve Bank is the only one of the business paper, actually owned b y the person negotiating com m ercial be
it, it m ay
twelve which has still to declare a dividend.
disposed o f b y a member bank, and none o f the parties thereto, i . e ., neither
NEW

YORK

FEDERAL

IN C R EASE I N

RESERVE

BANK

E X P LA IN l

ACCEPTANCE RATES.

In explanation of the advanco last week by the New Yorl
Federal Resorve Bank in its open market rate for prime
member bank acceptances, the New York “Times” of the
19th inst. printed the following:
Officers o f the Federal Reserve Bank o f N ew Y ork are annoyed b y the
pub icatlon o f the rates paid for acceptances bought b y the bank in the open
market. Although wide curroncy was given last week to tho fact that the
rate for sixty-day acceptances o f prime member banks had been advancod tc
2 H @ 2 H % and that the rate for ninety-day bills had been raised to 3 %
it was learned yesterday that tho Reserve Bank does not adhoro to any fixed
schedule o f rates in making purchases in tho open market
The Federal
Roservo Board in W ashington has set tho rango o f rates at from 2 to 4 %
and tho bank operates within this lim it. It was said yesterday b y an o ffic e
o f the bank that the rate paid was determined in each case separately, and
that thero wore no hard and fast rules which tho bank followed In thi<
respect. In buying paper tho Resorvo Bank exorcised Judgment and discro
tlon, and considered each offer on its merits, and different rates were paid
for acceptances during tho course o f the same day.

NEW

YORK

RESERVE B A N K
RESERVE B A N K

W A I V E S I N T F R F V T (1
TRANSFERS

In reporting that tho New York Federal Reserve Bank n
longer exacts interest from member banks for telegraph]
transfers made to other Roserve banks the New York “ Times
of yesterday said:
Heretofore the Federal Reserve Bank o f N ew Y o rk . In com m on wi<
p o t h e r Roserve banks, used to charge momber banks interest at the rai
o f 2% for one. two. three or four days, as the case m ight be. for tolograph
transfers made to Reserve banks in other centres. This interest charge wi
m ado in addition to tho cost o f the telegram . N ow the practice has be<




tho drawer, acceptor, or indorser, would thereby becom e liable to the m em ­
ber bank for m oney borrowod within the meaning o f Section 5200, and in
such cases the m em ber bank could acquire such paper without lim it, i - tr-i
November 4 1916. ______________________
B A N K E R S ' A C C E P T A N C E S SECU R ED B Y B IL L OF SALE
NOT

W IT H IN

M E A N IN G

OF R E G U L A T IO N S

G O V ER N IN G O PEN M A R K E T P U R C H A S E S
OF B IL L S OF E X C H A N G E .

A bankers’ acceptance, drawn for the purpose of purchasing
goods secured by bill of sale of stock in hand is not eligible
for purchase by Federal Reserve banks under the provisions
of Regulation B, series of 1916, dealing with open market
purchases of bills of exchange, trade acceptances and bankers’
acceptances. An opinion in which this view is expressed,
appears in the December number of the Reserve “Bulletin.”
whioh we quote below:
November 4 1916.
Sir.— Ono o f the Federal Reserve banks has purchased a number o f time
drafts accepted b y a certain corporation which are marked “ fo r the purchase
o f cotton seed and supplies for m anufacturing purposes.”
Tho corporation In question holds a so-called bill o f sale executed b y the
drawers conveying all their stock on hand consisting o f cotton seed, cotton ­
seed products, and other supplies. This bill o f sale Is in effect a chattel
m ortgage b y the drawers covering their stock on hand.
As indicated b y Regulation B , 1916, Federal Reserve banks m ay buy in
tho open market bankers’ acceptances growing out o f transactions involving:
(1) Foreign shipm ent o f goods ;
(2) D om estic shipm ent o f goods:
(3) The storage o f readily m arketable goods provided the acceptor o f the
bill is secured b y warehouse, term inal, or other similar receipts: and
(4) The storage o f goods which have been actually sold provided the
acceptor o f the bill is secured by tho pledge o f such goods.
The question presented is whether the acceptor o f the bills In question is
secured b y a “ warehouse, term inal, or other similar receipt.”

3298

THE CHRONICLE

A bill o f sale is not a receipt similar to a warehouse or terminal receipt;
it is m erely in substance a chattel m ortgage to goods in the hands o f the
drawer and not a receipt for goods sold in the hands o f som e third party
“ independent o f tho borrow er" as contem plated b y Regulation B and by
special instructions N o. (2).
It has been suggested that even if not secured b y a warehouse or similar
receipt the acceptor is secured b y a pledge o f goods sold and in storage as
provided in Regulation B , paragraph 4. quoted above.
It is the opinion o f this office that tho acceptances in question d o not
com e within this paragraph o f tho regulation because it is evident that tho
B oard contem plated that “ storago” means storago with som e party other
than tho borrow er or drawer.
It would seem, therefore, that oven if tho bill o f sale covering any and
all supplies on hand should bo construed to bo a pledge o f the goods sold,
nevertheless, they can not bo said to be goods in storago within tho meaning
o f the regulation. M oreover, it is the opinion o f this offico that a general
chattel m ortgage o f goods on hand securing the paym ent o f any and all
debts due to the acceptor is not a pledge o f specific goods sold and in storage
as contem plated b y R egulation B .
R espectfully,
M . C . E L L IO T T , Counsel.
T o H on. W . P . G . H A R D IN G . Governor.

103.

bills o f oxchango, or bankers’ acceptances as aro eligiblo for rediscount or
for purchase b y Federal Reserve banks under tho provisions o f this A c t ,”
& c. There Is no d ou b t, o f course, that bills o f oxchango and bankers’
acceptances, as distinguished from prom issory notes, need not bo in- ■
dorsed to bo acceptable as security, because such paper Is eligiblo not only
for rediscount under tho provisions o f Section 13, but is also oligiblo for
purchase under tho provisions o f Section 14 without tho indorsement o f
a member bank. In no event, therefore, need a member bank indorso
bankers’ acceptances or bills o f oxchango which are already In negotiable
form in order to m ako them oligiblo as security for its prom issory notes.
Tho question, therefore, resolves itself solely into a consideration o f
whether or not prom issory notes m ay bo used as security w ithout the in­
dorsement o f the borrow ing m em ber bank. Prom issory notes can not bo
purchased b y Federal Reserve banks in tho open m arket either w ith or
without the indorsem ent o f a m em ber bank, but Section 13 provides in
part t h a t :
“ U pon tho indorsem ent o f any o f its m em ber banks, which shall bo
deemed a waiver o f dem and, notice and protest b y such bank as to its
own indorsement exclusively, any Federal Reserve bank m ay discount
notes, drafts, and bills o f exchange arising out o f actual com m ercial trans­

NO TICE OF IN T E N D E D W I T H D R A W A L REQUIRED I N
ORDER T H A T OPEN ACCOUNT BE CONSIDERED
T I M E DEPOSIT.

The Reserve Board has ruled that in order to consider an
open account a time deposit under the provisions of Regula­
tion D, series of 1916, tho bank in which the deposit is made
must require thirty days notice of an intended withdrawal.
The Board’s opinion, as given in the Reserve “Bulletin” for
December, follows:
„ .
November 13 1916Sir.__ In reforonco to a letter from a certain national bank relating to tho
establishment o f tlm o deposits— open accounts, it appears from the copy
o f tho bank’s rulos that the depositor agrees “ that no withdrawals m ay bo
m ade oxcopt on wrltton notice given b y tho depositor at least 30 days in
a d va n ce.”
Regulation D , series o f 1910. in defining “ Tlm o deposits— open accounts,
provides that that term shall—
includo all accounts not evidenced by certificates o f deposit or savings
passbooks, in respect to which a written contract Is entered Into with the
depositor at tho tim o the deposit is made that neither the whole nor any
part o f such deposit m ay bo withdrawn, b y chock or otherwise except on
a givon date or on written notice given b y the depositor a certain specifiod
num ber o f days in advance, in no case less than 30 days.
It Is evident, therefore, that tho rules o f this national bank com ply with
tho requirements o f Regulation D , relating to tho establishment o f timo
deposits— open accounts. Tho difficu lty, h ow ever, is that tho bank dosires
t o perm it withdrawals o f these accounts before tho lapse o f 30 days after
notice; that is, thoy apparently believe that tho regulation merely gives
tho bank tho right to require 30 days’ notlco and that It does not contem ­
plate that such notlco must necessarily bo given in all cases and that tho
bank must not perm it withdrawal beforo tho 30 days have expired.
In tho case o f savings accounts two things aro required: (a) T ho presen­
tation o f tho passbook or certificate whenever a deposit or withdrawal is
made- (b) a printed regulation to tho effect that the bank m ay require 30
d ays’ notlco o f a withdrawal.
In tho caso o f tim e deposits— open accounts— there is no necessity for
tho presentation o f a passbook or any other form o f certificate, but it Is
essential that 30 days’ written notlco must bo given b y tho depositor and
that the bank must not permit tho withdrawal beforo tho lapso o f those
30 days.
.
It is tho opinion o f this offico, therefore, that tho rules o f tho national
bank In question aro satisfactory and In conform ity with the provisions o f
Regulation D , series o f 1916. provided it Is not tho p ractico o f tho bank
to permit withdrawals o f such accounts boforo tho oxplratlon o f tho 30
d a ys’ notlco required under tho agreement referred to. I f tho bank con­
templates perm itting such withdrawals, it is not com plying with tho
spirit and Intont o f tho B oard’s regulation and it should bo required to
m aintain tho same reservo against those deposits that it maintains against
other dem and deposits.
I f Regulation D , series o f 1916, woro not enforced in this manner, banks
cou ld very easily turn tho ordinary chocking accounts into tlmo deposits
m erely b y procuring tho agreement o f tho depositor that ho w ould glvo
30 days’ notice if the bank should requiro it.
R espectfully,
M . C . E L L IO T T , Counsel.
T o H on. \V. P . G . H A R D IN G , Governor Federal Reserve Board.

RESERVE BOARD’ S EDIC T CONCERNING INDORSE­
M E N T OF PAPER PLEDGED A S SECURITY FOR
PROMISSORY NOTE OF MEMBER B A N K .

Eligible paper pledged as security for a promissory note
of a member bank on which an advance is being made by a
Federal Reserve bank need not be indorsed by such member
bank if suoh eligiblo paper is already in negotiable form.
The Federal Reserve Board sots out an opinion to this effect
in the current number of its monthly “Bulletin.” Wo give
the opinion herewith :
___
October 26 1916.
Sir.__T ho attached letter raises tho question whother eligiblo paper
pledgod b y a member bank as collateral security for its prom issory note,
on which advances aro being m ado by its Federal Reserve B ank, should be
indorsed b y such m em ber bank.
.
I f tho paper to bo pledged as security is m ado payablo to tho order o f the
m em ber bank, it m ust, o f courso, bo indorsed by such member bank in
order that tho Federal Reservo bank m ay liavo legal title and bo in a position
to realize upon the security in case o f default. This question was dis­
cussed in detail in an opinion o f this office printed on pago 363 o f tho
N ovem ber, 1915, “ B ulletin.”
,__. . .
T ho only question to bo considered is whether tho m em ber bank should
indorso paper to bo pledged as security, oven though It is in negotiable
form w ithout such indorsem ent.
Section 13 o f tho Federal Reserve A ct, as amended, provides that any
Federal Reserve bank m ay m ake advances to its m em ber banks on their
prom issory notes, provided such notes “ aro secured b y such notes, drafts,




[V ol .

‘ The test o f eligibility o f a note is tho naturo o f tho uso to which its p ro­
ceeds are put. I f it is drawn for a com m ercial purpose, as defined b y tho
A ct, it is eligiblo paper, though, o f course, in procuring its rediscount tho
m em ber bank must com ply with certain conditions precedent required
either b y tho A ct or the regulations o f tho Board.
In tho opinion o f this offico tho indorsement o f a m em ber bank is a
condition precedent to tho rediscount o f eligiblo paper and is not ono o f
the essential elements o f eligiblo paper. It is merely a statutory condition
precedent to the rediscount o f paper which is eligiblo for rediscount under
the terms o f tho law; that Is, it is ono o f the steps incident to tho rediscount
o f eligible paper.
.
It would seem, therefore, that tho amendment to Section 13, authorizing
Federal Reservo banks to advance m oney to their member banks on tho
security o f their promissory notes secured b y such paper "as is eligible
for rediscount or for purchase b y Federal Reserve banks,” makes eligiblo
as socurity all notes, bills and acceptances o f tho kinds m ade eligiblo for
rediscount or purchaso b y Federal Reserve banks and does not require the
additional indorsement o f tho member bank o f such security. If tho
security is In negotiable form without tho indotsement o f tho m em ber
bank, that is sufficient becauso tho Federal Reserve bank would then have
tho requisite legal title.
As long as tho member bank is bound on its noto, its Indorsement on tho
security would in no way strengthen tho position o f tho Federal Rescrvo
B ank. Thero is only one obligation and that is on the note, and in case
o f default tho Federal Reserve bank could bring suit against the member
bank upon that note only. It could not also recover on tho m em ber bank’s
obligation as an indorser upon tho socurity for that noto. So in tho caso
o f insolvency, tho Federal Reservo bank could filo its claim only for tho
am ount o f tho original noto and not for tho amount o f tho noto plus tho
am ount o f the s e cu rity . It seems clear, therefore, that it would bo futilo
to require the additional indorsement o f tho m ember bank if tho paper
pledged as security is already in negotiable form , and that tho law does
not requiro such indorsement.
R espectfully,
M . C . E L L IO T T , Counsel.
T o H on .W . P . G . H A R D IN G , Governor. Federal Reserve Board.

C

PORTER TO V ISIT IN D U S T R IA L CENTRES OF
RUSSIA.

In. responso to a request from tho Russian-American
Chamber of Commerce in Moscow, asking the AmericanRussian Chamber of Commerco in New York to send a special
delegate to Russia to confer in regard to a number of import­
ant matters relative to Russian-American trade, E. C.
Porter, the Executive Secretary of tho Amorican-Russian
Chamber of Commerce, will sail for Russia early in January
and will remain in Russia for two months, visiting tho im­
portant industrial centres, including Petrograd, Moscow,
Kieff, Charkoff, Odessa and Tiflis. In speaking of this trip,
Mr. Porter said:
It is essential that Am erican business firm s should mako system atic and
concerted efforts to open up tho Russian field for Am erican business at
onco. Otherwise, tho termination o f tho war will find American business
Interests unpropared to take up in any largo way tho opportunities pre­
sented in tho Russian field .
T ho American-Russian Chamber o f Com m erco intends to d o everything
possibio to supply its mombors with first-hand inform ation regarding Rus­
sian conditions and tho possibilities for tho developm ent o f American busi­
ness in Russia. T he object o f this trip is to socure such inform ation and to
obtain a closer co-operation in tho work o f tho tw o organizations, to increase
tho effectiveness o f their servico and to confer in regard to a number o f
im portant matters which must bo considered at onco.
A m ong tho matters which will bo taken up aro;
1 Tho question o f socuring a rem oval o f somo o f thopresont restrictions
in regard to tho exportation o f Russian raw materials to tho United States.
It is generally roalized that thero is a largo market for Russian raw materials
in this cou ntry, and it would bo an advantage to tho Russian Interests and a
groat relief to tho American Industries, if somo arrangement could bo m ado
whereby these materials could bo brought into this country freely. It Is
hoped that somo plan cou ld bo devised whoroby something along those lines
could bo accom plished.
, . .
2. Another important m atter which is now boing considered by both or­
ganizations is tho question o f tho inauguration o f a permanent exhibition o f
American m anufactured articles in Russia. T he Russian-American Cham ­
ber o f Com m erce has already taken this m atter up actively with the Russian
business interests and with tho Russian Governm ent and it is believed that
im m ediately after tho termination o f tho war a largo exhibition o f American
manufactured articles will bo placed in suitable display room s in M oscow
and othor im portant industrial contros, under tho auspices o f tho tw o Cham ­
bers. Preparations for this exhibition must bo carefully worked out in
order to handle this m atter in a practical and effective way.
3. In viow o f tho present restrictions governing tho m ovem ent o f privato
freight into Russia resulting in confusion and misunderstanding, it is hoped
that through tho co-operation o f the two Chambers a plan can bo workod
out, whereby a certain amount o f privato freight can bo m oved forward into
tho Russian market, oven under tho present restrictions. Definite plans
havo boon prepared for such an arrangement and thoy will bo presented in
Russia for tho consideration o f tho Russian interests.

D eo . 23 1916.]

THE CHRONICLE

4. Prelim inary plans aro being considered for sending representative
trado commissions from Russia to tho Unltod Statos and from tlio United
States to Russia. The success o f tho work o f tho industrial commission
which has recently returned from Franco is a criterion o f tho valuo o f tho
work o f such com m issions. N othing could bo o f moro intorost or o f greater
valuo to tho business interests o f both countries than to havo such roprcson
tatlvo bodies o f business men visit tho tw o countries.

2399

on tho London Stock Exchange, their par value, thejiighest price at which
each has sold since 1911, and tho present price. It should be borne in
mind that the valuo o f tho gold ruble that circulatedlbefore 1899 was $0.77;
after the coinage law o f 1899 went into effect it was decreed that "fo r
Governm ent loans and securities which have been issued in m etallic or gold
rubles the capital and interest shall be calculated at^tho rate o f 1 ruble
and 50 kopecks for every nietallic or gold ruble.”
Highest
Price Pres­
Since
ent
1911. Price.

IN FO RM AT IO N CONCERNING RUSSIAN
SECURITIES.

Detailed information regarding Russian securities is fur­
nished in a communication received by the Bureau of
Foreign and Domestic Commerce, Department of Com
merce, from Special Agent Frederic M. Halsey of New
York, under date of Nov. 11, and published in a recent issue
of the Bureau’s official organ, “Commerce Reports.” In
addition to setting out some interesting features concerning
the desirability of Russian securities, Mr. Halsey among
other things indicates the Russian securities listed in Lon­
don and Paris, and supplies the following information rela­
tive to Russian Government loans of recent origin:

London Stock Exchange.
Per
Per
Russian Government loans:
Cent. Cent*
(1) 5% loan ot 1822..........
£111..............
128
94
(2) 3% loan of 1859-........
£100
82
60
(3) 4% rentes of 1894 ___
100, 200, 500 and 1,000 rubles.
96
a65
(4) 3)4% bonds................
125 gold rubles........ ............... .
91
64
(5) 5% loan of 1906.........
£19 17s. and multiples..............
90
106)4
(6) 4)4% loan of 1909_________
-do....................................
102)4
81
Bonds secured on Government rail­
way lines:
(7) Nicolas Ry. 4% bonds of 125 gold rubles, £20 or 500
96
74
1867-1869...... ............. .............
francs.
(8) Transcaucasian Ry. 3% bonds 125 gold rubles, £20, 500 francs,
83
60
of 1882.
236 florins.
(9) Consolidated 4% railroad 125 gold rubles, £19 15s. 6d.,
97) 4
71
bonds. Series 1 and 2.
500 francs, 239 florins.
(10) Consolidated 4% railroad
. . d o . . . ____ _________ _____
97
71
bonds. Series 3.
(11) Dvlnsk-Vltebsk R y. 4% 125 gold rubles, £20, 500 francs,
72
95
bonds.
240 florins.
Rail way bonds bearing Government
guaranty (principal and Int.):
(12) Armavlr-Tuapse Ry. 4 g % £20 (189 rubles) and multiples,
82
106)4
bonds of 1909.
(13) Black Sea-Kuban Ry. 4)4 %
-do........................ .........
81
100
bonds.
(14) Grand Russian Ry. 4% £100, 625 gold rubles, 1,200
68
93
(Nicolas Ry.) bonds.
florins.
(15) Kahetian Ry. 4)4% bonds £20 (189 rubles) and multlples.
SO
98) 4
of 1912.
(16) Kokand - Namangan Ry.
-do..................................
81
95)4
4)4% bonds.
(17) Moscow - WIndau - Rybinsk £20, £100, £500, £1,000...........
95
72
Ry. 4% bonds.
(18) Russian Southeastern Ry. £20 (189 rubles), £100 and £500.
93
83
4)4% bonds.
(19) Troitsk Ry. 4)4% bonds.. £20 (189 rubles) and multiples.,
82
100)4
(20) Wolmar Ry. 4)4% bonds
-d o....................................
98
78
(guaranteed principal and int.
by Government of Livonia).

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

Since September 1914 tho principal bond issues o f tho Russian E m ­
pire have been as follows: (1) 5 % Internal loan o f 1914, $255,000,000.
which was offered for sale on a 5.35% basis; (2) 5 % internal loan o f Feb­
ruary 1915, $255,000,000; (3) 5-year 5 'A % internal loan o f M a y 1915.
$515,000,000; (4) 10-year 5 )4 % internal loan o f N ovem ber 1915, $515,­
000,000, offered for public subscription at 95: (5) 5 )4 % Internal loan
o f A pril 1916, $515,000,000. In addition to theso loans there have been
large amounts o f Troasury bills, 4 % Exchequer bonds, special currency loan,
Im perial ruble credits, &c. Ton million pounds o f the Troasury bills, duo
February 1917 aro listed in London.
T hey wore offered February 1916
at 9 4 % .
A large number o f bonds issued under tho 5 )4 % loan o f 1916 have
found their way to tho United States, and a fairly active market for thorn
has boon established. T hoy aro obtainable for about $290 per 1,000 rubles
(oxcliango at par about $514 50 per 1,000 rubles). Tho bonds aro duo
Fob. 14 1926. Tho yield on theso bonds Is approxim ately 5 .5 5 % . In tho
event o f tho exchange valuo o f tho ruble advancing to par tho yield would
be approxim ately 8 .9 5 % . Interest payable in Petrograd and other Rus­ Municipal bonds:
(21) City of Baku 5% b o n d s.. . £20, £100, £500.
81
105
sian cities, free from Russian incomo tax. These bonds aro soiling in
(22) City of Helsingfors 4)4% £100 and £ 2 0 ...
78
101
bonds of 1909.
Petrograd at about 960 rubles per 1,000-rublo bond; denom inations, 100
78
101
(23) City of Helsingfors 4)4%
.d o .
78
rubles, 500 rubles and 1,000 rubles.
100) 4
bonds of 1911.
Under date o f July 10 1916 a 3-year 6 )4 % credit for $50,000,000 was
(24) City of Kief 5% bonds of £20, £100 and £500
82
99)4
ranged between tho Imperial Russian Government and a syndicato o f
1914.
(25) City of Moscow 5% bonds £20 (189 rubles)____
American bankers. This credit Is a direct external obligation o f the Rus­
88
105)4
of 1908.
sian Governm ent. The syndicato retains tho privilego o f purchasing from
(26) City of Moscow 4 )4 % bonds £20, £100, £500 and £1,0 00 ...
79
96)4
tho Russian Government $55,402,000 par valuo 5-year 5 )4 % gold bonds
of 1912.
(27) CltyofNlkolaief5% bonds. £20 , £ 100, £200 .........................
to bo paid for out o f tho ruble credit at tho rato o f 33 1-3 conts per rublo.
81
97
(28) City of Petrograd 4)4%
-d o...................................
79
96
Tho syndicato m ay, at its discretion, sell rubles, which aro credited to them
bonds of 1913.
at tho Bank o f Russia to an amount equal to three rubles for each dollar
(29) City of Riga 4)4% bonds of £20, £100, £500, £1,000..........
73
93)4
o f credit.
of 1913.
(30) City of Saratof 5% bonds £99 2s. 4d. (937.50 rubles)___
Tho Russian Government is to rocoivo h a lf o f any profit arising from tho
80
101) 4
of 1909.
salo o f tho rubles, and tho syndicato the other half. Tho amounts received
(31) City of Tammerfors 4)4% £ 20, £100.........................................
77
09)4
b y the syndicate will be distributed among tho holders o f tho credit, which
bonds of 1910.
was offered for public subscription. Tho yield to tho investor on obliga­
(32) City of Vllna 5% bonds___ £20 (189 rubles), £100 and mul­
99
65
tions o f this issue is, at 33 1-3 cents per ruble, 6 .2 5 % . Principal and inter­
tiples.
Loan of Grand Duchy of Finland:
est payable in United States gold without any deduction for Russian taxes.
(33 4)4% Govt, railway loan..
83
103
N egotiations aro stated to havo boen com pleted for tho purchase b y an
American syndicate o f a now issue o f $50,000,000 bonds o f the Russian
Paris Bourse.
Russian Government loans:
Governm ent. The loan will bo unsecured and will bo payable in Unltod
Francs
(34) 4% loan of 1880................ 100 francs,
71.75
States gold. Tho offering price will bo on tho basis o f a 6 )4 % yield.
(35) 4% loan of 1890................ .
.d o___
72.75
Tho estimated total dobt o f Russia as o f August 1916 was $14,800,000,000;
(36) 4% loan of 1893................
73.50
(37) 4% loan of 1894................
national incomo for 1915, $8,978,300,000. Estimated population 1916'
73.00
(38) 4% loan of 1901................ .
68.00
180,000,000. Tho per capita incom e o f tho nation exceeds $50- the per
(39) 3% loan of 1901-04...........
62.35
capita wealth is approximately $325. Included in tho estim ated total
(40) 3)4% loan of 1909............
80.50
dobt will bo found all floating debt and advances m ado b y other nations
(41) 3.80% Credit Fonder mu­ 400 francs.
284.00
tual loan.
P robably not m oro than ono-fourth o f all expenditures mado since July 1914
(42) 3% loan of 1896___ ______ 100 francs.
59.00
have been funded, tho balance being in tho form o f advances mado b y tho
Bonds secured on Government rail­
Bank o f Russia, b y Great Britain and Franco, or in notes, Troasury bills
way lines or Issued for conver­
&c. Tho nation’s total debt as o f July 1914 was estimated at $4 537 sion of railway loans:
(43) Dviask-Vltebsk R y. 4%
000,000.
bonds.
(44) Donets 4% bonds of 1893..
.d o .
68.50
(45) Kursk-Kharkof-Azof Ry.
.d o .
T ho era o f prosperity through which the United States is passing duo
69.50
4% bonds of 1894.
primarily to tho big increase in oxports, has awakened a widespread inter­
Railway bonds bearing Government
est in the field o f investments. Tho country has taken back from across
guaranty (principal and int.):
Percent. Francs
tho seas so many o f its own securities that it can no longer bo spoken o f as
(46) Moscow-Kief Ry. 4% bonds 500 francs.
363.00
(47) Ryazan-Ural Ry. 4% bonds
do___
365.00
a debtor nation. In addition to reinvestments in its own securities it has
(48) Northeast Ural R y. 4)4%
do___
398.00
m ado loans o f considerable sizo to Franco, Germany, Great Britain Argen­
bonds.
tina, Russia, Switzerland, N orw ay, Swodon, U ruguay, Italy Canada
(49) West Ural R y. 4)4% bonds
394.00
(50) Volga-Boulouma Ry. 4)4%
.d o .
N ewfoundland, &c. N ever in tho history o f this country has sucli a variety
420.00
bonds.
o f foreign securities been obtainable In its markets; yot tho supply is hardly
(51) Volga-Boulouma R y. 4%
.d o .
368.00
equal to tho demand. Short maturities, high yiolds. and tho prevailing
bonds.
(52) Moscow-W indau-Rybinsk
low ratos o f foreign exchange aro among tho features that make this class
.d o .
362.00
R y. 4% bonds.
o f securities attractive.
Russian Governm ent and municipal bonds and guaranteed railway
* Quotations on bonds listed on the London Stock Exchange are usually computed
securities havo been sold for many years In tho markets o f Europo, particu­ on a percentage of par basis.
larly in Great Britain, tho Netherlands, Germany and Franco ' but fow
a These bonds aro payable in rubles only and sell In Russia, since the outbreak of
havo boon purchased in this country. Tho Russian ruble has a normal the war, at a price considerably below the bonds held outside of the Empire, owing
parity o f $0.5146. T o-d a y, owing largely to tho country’s inability to ex­ to the fact that interest on the latter Issues is still payable at the original fixed rates
of exchange. Presumably like conditions govern the purchase of other external
port Its goods, the rublo has declinod in exchange valuo to $0,298.
loan bonds.
Noteworthy Features o f Russian Securities
Details o f Russian Bond Issues— Government Loans.
An examination o f tho list and description o f Russian securities con Descriptions o f the listed securities follow:
tainod In this report reveals tho following facts:
(1) Five per cent loan o f 1822. Issued, £6,001,030; abou t £3,650,000
(1) Principal and interest are usually payable at fixed rates o f exchange,
outstanding. Interest payable M arch and September. Bonds o f storling
which aro considerably higher than prasont rates.
(2) Principal and intorost aro usually payable in various currencies, denominations have a par value o f £111. Tho bonds sold during 1914
including pounds storling, florins, marks, francs and in several instances at 122 )4 - The Issue has no m aturity date and the bonds m ay be retired
only b y purchase In the open market.
United States gold.
(2) Throe per cent loan o f 1859. Originally issued, £7,000,000; abou t
(3) Tho bonds, which aro now selling at considerable discounts, are
£1,600,000 outstanding. A com pulsory sinking fund o f 1 )4 % accum u­
usually amortized, b y moans o f annual drawings, at par.
lative will purchase bonds in the open market. The bonds are thus readily
(4) Tho incomo roturn and tho yield to m aturity aro com paratively high.
salable. Interest payable M a y and N ovem ber.
(5) Present prices aro unusually low.
(3) Four per cont conversion loan (rentes) o f 1894. Issued, 2,830,000,­
(6) M ost o f tho securities m ay be obtained in small denominations.
000 rubles (100 ru b le s= £ 1 0 11s. 5 d .= 2 6 6 .6 7 fra n cs= 2 16 reichsm arks=
Principal Russian Securities Listed in London and Paris.
128 D utch florlns=$51 45 United States gold ). The coupons are subject
Tho following table shows tho principal Russian Governm ent loans, to a Russian tax o f 5 % . Interest quarterly, beginning January, payable
bonds secured on tho Government railway lines and railway bonds bearing
In rubles only. Bonds are redeemable at tho Governm ent’s option at par,
Govornm ont guaranties that aro listed on the London Stock Exchange or m ay be purchased In the open market. Listed In London, Paris, Berlin,
and the Paris Bourse, and the municipal bonds o f Russia that aro listed Amsterdam, Petrograd, Brussels and New Y ork.

The further facts furnished by Mr. Halsey are given below




THE CHRONICLE

3300

(4) Three and one-h alf per cent bonds (Issued 1894). Originally Issued,
£15,820,000 (100,000,000 rubles); about £14,800,000 outstanding. R e ­
deemable at par prior to 1976 through sinking fund that retires bonds semi­
annually. Interest quarterly, beginning January, payable in L ondon,
Paris, Berlin, Frankfort, Ham burg, Copenhagen, Am sterdam , I’ otrograd
and N ew Y ork . R ate o f exchange, 125 gold ru b les= £ 1 9 15s. 6 d .= $ 9 6 25
United States gold . These bonds were issued to p ay o ff railway bonds.
(5) F ive pen cent loan o f 1906. Issued, £89,325,000 (843,750,000
rubles), o f which £13,101,000 are listed in London (originally issued at
8 9 % ). Bonds redeemable at par prior to 1957 b y annual sinking fund
drawings, com m encing in 1917. Interest payable M a y and N ovem ber.
Bonds are also listed in Liverpool, M anchester, Bradford and Glasgow and
on the Continental markets. Interest payable in sterling, francs, reichs­
marks, florins, rubles, crowns, &c.
(6) Four and one-half per cent loan o f 1909. Issued, £55,580,000 (525,­
000,000 rubles), o f which £5,925,000 were sold in London at 88 % % • Pa[£19 17s. (187.50 rubles; 500 francs) and multiples. Bonds are redeemable
1919 to 1959 at par. Interest payable January and July.
Government Railway Bonds Listed in London.
(7) N icolas R ailway 4 % bonds o f 1867-1869. Originally issued, £23,­
100 000; about £18,000,000 outstanding. Annual sinking fund (accum u­
lative) will retire issuo at par prior to 1953. Bonds are secured on the prop­
erties o f tho N icolas Railw ay and are guaranteed, principal and interest,
b y the Russian Governm ent. T ho issue is considered a direct obligation
o f the nation. Interest payable A pril and October in Paris, London and
Am sterdam .
,
(8) Transcaucasian Railw ay 3 % bonds o f 1882. Originally issued,
55,651,250 rubles (£8,904,200); about £6,700,000 outstanding. R edeem ­
able at par prior to 1954 b y semi-annual drawings. Issuo declared part o f
the p u b lic debt. Interest payablo June and Decem ber. Principal and inter­
est payable in L ond on , Paris, Amsterdam and Berlin (before the w ar), tho
following parities being fixed: £ 2 0 = 5 0 0 fra n cs= 2 36 D utch f!or!n s= 1 2 5
gold rubles. Earnings o f Transcaucasian Railway for 1908 (latest obtain­
a ble), about £2,860,000 gross and £396,000 net; interest and sinking funds,
£ 1 , 1 4 4 ,000 ; deficit, £752,000; mileage operated, 1,133.
(9) Consolidated 4 % railroad loans (Series 1 and 2 ). Originally issued,
£27,685,000 and £49,120,784; about £25,500,000 and £45,000,000 ou t­
standing. Issues to retire earlier railway loans. Redeemable at par
prior to 1972 b y means o f annual sinking fund. Interest payable q uarterly,
beginning January. Bonds listed in London, M anchester, Sheffield,
Birmingham, Glasgow and (Series 2) on Continental markets.
(10) Consolidated 4 % railroad loans (Series 3 ). Bonds outstanding,
about £11,500,000. Practically the same features govern Series 3 as
^ ( 4 1 )\ jy in s k -Vitebsk R ailw ay 4 % bonds. Originally issued, £3,026,240;
about £2,500,000 outstanding. R epayable at par prior to 1952 b y semi­
annual drawings. Bonds Issued b y the Governm ent to acquire this p rop ­
arty.

Railway Bonds Guaranteed by Government.
(12) A rm avir-Tuapse Railway 4 ^ % bonds o f 1909. guaranteed, principal
and interest, b y the Russian Governm ent. Issued, £5,767,180; £5,747.000
outstanding. B onds were issued to construct and equip tho above named
railway, extending inland from the port o f Tuapse, on the Black Sea.
Issue redeemable at par b y 1993. Interest payable June and Decem ber.
(13) Black Sea-ICuban Railway 4 H % bonds, guaranteed, principal and
interest, b y the Russian Governm ent. Originally Issued, £1,913,760; all
outstanding. A direct obligation o f the railway. Tax-freo. Interest p ay­
able M a y and N ovem ber. B onds payablo prior to 1998 b y means o f
annual sinking fun d. This is a new railway, construction work having
____ - 10BQ
been recently com pleted.
(14) Grand Russian Railway (N icolas Railway) bonds, 4 % loan o f 1888.
Originally issued, £1,888,000 (11,800,000 rubles); £1,544,300 outstanding.
Coupons subject to a Russian 5 % tax. Interest payablo February and A ug­
ust
Redeem able at par prior to 1953. Although considered b y the
London Stock Exchange authorities as being classed with the various
bonds described in this section, theso bonds should properly be considered
a Government railway obligation, since they have been declared part o f
tho Empire’s national debt.
(15) Kahetian Railway 4 j^ % bonds o f 1912. Originally issued, £1,400,­
000- £1 398 160 outstanding. Sinking fund retires entire issuo at par in
81 annual drawings. R ailw ay, 115 miles In length, was opened during
the present year. Free from Russian taxes.
. . . . 1M .
(16) Kokand-N am angan Railway 4 H % bonds. Authorized, £420,100,
£400,440 outstanding. Free from Russian taxes. Interest payable A pril
and October. B onds unconditionally guaranteed, principal and interest,
b y the Russian Governm ent. Redeemable at par b y 1994 b y annual
^ ( I T ) 8 M oscow -W indau-R ybinsk Railway 4 % bonds. Originally Issued,
£2 975 000- £2,606,000 outstanding; guaranteed unconditionally, principal
and interest, b y the Russian Governm ent. Sinking fund o f approxim ately
one-half o f 1 % will retire whole issue prior to 1956. Exem pt from aU pres­
ent and future Russian taxes. This railway is o f considerable importance,
being about 1,367 miles in length. In addition to tho bonds, the com pany
has outstanding 13,509.300 rubles o f capital stock, which is held In Russia.
Bonds are listed in Continental cities.
(18) Russian Southeastern Railway A }4 % bonds. Issued, £3,096,300,
£3 064.300 outstanding. A direct obligation o f tho com pany guaranteed
b y the Governm ent. Redeemable at par prior to 1954 b y means o f annual
sinking fund. Interest payablo April and October.
.
.
(19) Troitsk R ailw ay 4 M % bonds, ^ a r a n t ^ , p ^ d p a l and t a t ^ ,
b y the Russian Governm ent. Originally issued, £3,695,960, £3,684,820
outstanding. A direct obligation o f the Troitsk R ailw ay. Redeemable
at par prior to 1995 b y sinking fund. Free from Russian taxes. Interest
April and O ctober, payablo at L loyd ’s Bank.
(20) W olm ar R ailway ty i.% bonds, Interest and sinking fund guaranteed
for 20 years from 1913 b y Government o f Province o f Livonia. Redeemable
at par b y 1993 through sinking fund. Interest payable Juno and Decem ­
ber
Railway is 72 miles in length and extends from Smiltcn and W olm ar
to the port o f Haynasch on tho Black Sea. Russian Governm ent m ay
purchase line after 1933. but to d o so must redeem loan at P ^ . Orfgtoany
Issued, £179,880; £179,040 outstanding. Share capital, 560.000 rubles,
issued at par; proceeds used toward cost o f construction.

Municipal Bonds Listed in London.
(21) C ity o f Baku 5 % bonds, Issued In 1910, 1911 and 1913. Originally
Issued, £2,303,300; £2,252,340 outstanding.
Interest payable January
and July in pounds sterling at London or in Russian rubles at B aku. R e ­
deemed at par b y annual drawings, 1911 to 1960. T he population o f Baku
is estimated at 350.000. and tho assessed value o f property about 96,000.000
rubles. Interest paym ents in London were slightly delayed during the early
stages o f tho war. owing largely to lack o f transportation facil ties.
(22 and 23) C ity o f Helsingfors 4 M % bonds o f 1909 and o f 1911. Origl
nally issued, £640,000 and £1,000,000; £614,000 and £969,660 outstanding.
Sinking fund will retire tho two issues b y means o f annual drawings prior
to 1962. Interest payable, loan o f 1909, M a y and N ovem ber; and loan o f




[Vo l .

103.

1911, June and D ecem ber. Bonds to bearer, £100 and £20; or in Finnish
mark’s, at 15.15 per pound; Swedish crowns, 18.10; German reichsmarks,
20.40. T h o tw o issues wero sold at 93 H and 97, respectively, in London,
at dates o f issue, and were also publicly offered in Helsingfors, Stockholm,
G oteburg, Strassburg and F rankfort-on-M ain. Helsingfors, the principal
city o f Finland, has an estimated population o f 165,000. T he total city
debt is estimated at £2,500,000.
(24) C ity o f K ie f 5 % bonds o f 1914. Issued, about £530,000; about
£520,000 outstanding. Issue will be retired b y 1965 through a sinking
fund that draws bonds annually at par. Denominations o f bonds, £20,
£100 and £500, and francs (25.20 per p ou n d ). Population o f city. 750,000;
city properties, including tramways, valued at £17,000,000. Liabilities,
£4,000,000. Issue secured on city property and revenue.
[C ity o f K ief 5 % m unicipal-tramway bonds o f 1914 (issued, £2,116,420
£2 106 140 outstanding) m ay also bo purchased at approxim ately 81, as
com pared with the offering price o f June 1914 o f 9 6 % . These bonds were
issued to purchase the city ’s tramway system and are free from all municipal
and national taxes in Russia. Rates o f exchange same as for N o . 24
Interest payablo April and O ctober. B ond drawings for redem ption at par.
October 1915 to 1964.]
(25) C ity o f M oscow 5 % bonds o f 1908. Originally issued, £5,423,969.
o f which £1,889,560 were offered in L ondon at 87 H antl tho balance mostly
in Paris; approxim ately £5,200.000 outstanding. Interest payable in
pounds sterling and in rubles. Par, £20 and 189 rubles; Paris bonds have
a parity o f £19 16s. lOd. Interest payable M arch and September. Free
from Russian taxes. M oscow has a population o f approxim ately 1,700,000.
Tho assets o f the m unicipality, including tram ways, & c., are valued at
nearly £25.000,000. T otal d ebt o f m unicipality, oxternal and internal,
approximately £15,600,000.
(26) C ity o f M oscow 4J^ % bonds o f 1912. Issued, £3,809,520; £1,739,­
160 outstanding. Principal repayable In 49 annual installments, beginning
in 1912 or b y purchase in tho open m arket. Interest payablo M a y and
N ovem ber. Par. £20, £100, £500 and £1,000; also issued in rubles,
(27)
’ C ity o f N ikolaief 5 % gold bonds o f 1912. Issued, £687,820; £678,­
780 outstanding. Interest payablo January and July. Redeem able at
par in 48M annual drawings, com m encing in 1913, or b y purchase in the
open market. Issued in pounds sterling, rubles and francs, tho rates of
exchango being 25.20 francs and 9.45 rubles to tho pound. Free from
Russian taxes and a first charge on the entire property and revenue o f the
city
N ikolaief is the principal grain port o f tho Black Sea, its population
being in excess o f 125,000. Public and private property (real estate)
is stated to havo a value o f more than £17,500,000.
(28) C ity o f Petrograd 4 H % bonds o f 1913. Issued, £7,037,037; prac­
tically the entire issuo outstanding. Interest payable April and October
in Petrograd, L ondon, Paris and Berlin. Freo from Russian taxes. Issue
redeemable in 67 years from 1914 b y annual drawings or b y purchase in the
open market. Exchange rate, same as city o f N ikolaief bonds N o . 27.
T he population o f Petrograd is in excess o f 2,000,000. T ho total debt o f
the city at tho outbreak o f the war was £12,000,000 (oxternal loans).
Revenue o f city for year 1914 about £5,500.000. Tho city owns its tram ­
w ay system (384,400,000 passengers carried in 1915), telephono system ,
” ‘e V S r o V r a s T « ? % b i n d , or 1013. Issued. £1.322.751; £1.283.040
outstanding. A cumulative sinking fund will retire tho issue in 39 years.
Interest payable M a y and N ovem ber. Freo from Russian taxes. Par,
£20 £100 £500 and £1,000, or their equivalents in rubles. R iga has a
population o f moro than 500,000 and had a public d ebt at tho outbreak of
t h ( 30 ) rC ity 2o f (Sa?atof 5 % bonds o f 1909.
a
Originally issued, £407,826;
£390 166 outstanding. Interest payable January and July. Redeemable
In 48 years from date o f issue b y means o f annual drawings at par. Bonds
to bearer. Denominations £99 4s. 2d. and 037.50 rubles
Free froni R us­
sian taxes. T he city has a population o f about 250,000. Total public
Indebtedness, about £550,000.
, ....
(31) C ity o f Tammerfors 4 ^ % bonds o f 1910. Originally issued, £119,­
000’ £110,250 outstanding. Interest payablo M arch and September.
Bonds to bearer, with parities o f £20, £100, and their equivalents in francs,
Finnish marks, &c. Bonds m ay bo purchased in t h o o p e n market or
drawn for redem ption, tho final m aturity date being 1950. Population o f
Tammersfors. about 50.000. Freo from Finnish taxes
(32) C ity o f Vilna 5 % gold bonds. Originally issued, £449,600, £446,820
outstanding. Interest payable M a y and N ovem ber in London In pounds
sterling. A sinking fund will rotlre tho issuo in 62 years from 1913. The
issuo was publicly offered in London In 1912 at 9 6 % , is free from Russian
taxes, Is secured b y all real estate belonging to tho city, and Is a first charge
on its revenues.
Finnish Government Bonds.
(33) Finnish Governm ent 4J^% railway loan. Originally issued, £1,­
800 000: £1,739,669 outstanding. Interest payablo January and July.
Redeemable in 56 years from date o f Issue b y means o f
draws bonds at par or purchases same in open market at below that figure.
Bonds were offered for public subscription in 1909 in England and Switzer­
land at 9 2 14% - Par. £20, £100 and multiples; 25.15 francs and multiples;
florins, &c.
Exem pt from Finnish taxes.
T h o population o f Finland
is estimated at 3,000,000.
Russian Government Loans on Paris Bourse.
(34) Four per cent loan o f 1880. Repayable at par b y means o f annual
drawings, tho last drawing to be made In 1961 . Originally Issued, 160,000.­
000 rubles; approxim ately 130,000,000 rubles outstanding. Quoted in
Paris, Amsterdam, and in German markets. Interest Payable M a y and
N ovem ber. Fixed rates: 500 fra n cs= 1 25 gold rubles==£19 18s. Id .
(351 Four uer cent loan o f 1890 (two series). D uo prior to 1970-71 and
payable b y means o f annual sinking funds. Issued, 165,000,000 rubles;
approxim ately 150,000,000 rubles outstanding. Bonds quoted •nP aris.
Amsterdam and Berlin. Interest payablo quarterly beginning M arch.
Fixed rates: 500 fra n cs= 1 25 gold ru bles=$96 2o United States gold—
£19 15s. 6 d .= 2 3 9 D utch florin s= 4 0 4 reichsmarks.
(36) Four per cent loan o f 1893. Issued, 44,o00,000 rubles; approxi­
m ately 42,000.000 rubles outstanding, Interest payalblo_
ginning February. Principal and Interest payablo in Paris BruKels
L ondon, Berlin and Hamburg (prior to w ar), and N ow Y ork at rates o f
“ S T o ” p» c » U o „ N
P
n°or3, m . Originally lasuod 113.600.1XK, rubl? ;
approximately 105.000,000 rubles outstanding. Redeomable at par in
81 drawings, the final drawing being duo In 1965. Principal and interest
payablo at places and rates prescribed under bond N o . 35. and also at
COm f S ' l S r n r t ^ a n o f 1901. Issued and outstanding, 159,000,000
c
rubles. Interest payable quarterly, beginning M arch. I^ u e d -h t
at Paris at 9 8 .5 % . N o redemption date, but Russia has the right to call
any amount o f the bonds at par at any time. Rates o f exchange as per
bond N o . 35. Interest payablo in tho same cities.
t ( 39 ) Three per cent loan o f 1891-1894. Originally issued, 166,625.000
rubles; approximately 150.000,000 rubles outstanding. Bonds redeemable

D eo. 23 1916.]

THE CHRONICLE

prior to 1974 by .annual drawings. B ond interest and principal payable
at samo cities and under same conditions as bond N o. 35. and also at Copen­
hagen, Denmark, witli rato o f principal 360 gold crowns.
(40) Four and one-half per cent loan o f 1909. See description o f bond
N o. 6.
(41) Three and eighty one-hundredths per cent Credit F on d er mutual
loan (conversion loan). Issued, 85,412,400 rubles; about 81,000,000
rubles outstanding. Redeemable b y means o f annual sinking fund in 81
annual payments from 1898 at par. Interest payablo January and July.
Parities, 150 ru bles=4 0 0 fra n cs= £ 1 5 1 7 s.= 1 9 2 D utch florln s= 3 2 4 reichs­
marks. Interest payable in Paris, London, Am sterdam , N ew Y o rk , & c.
(42) Three per cent loan o f 1896. Issued and outstanding, 100,000,000
rubles. Redeemable either b y purchase in the market or b y drawings at
par. Principal and interest (quarterly, beginning February) payable at
Paris, London, Amsterdam, Brussels, N ew Y ork , Berlin and Frankfort.
Parities, £00 fra n cs= $ 96 25 United States g o ld = £ 1 9 15s. 6 d .= 1 2 5 gold
ru blcs= 23 5 D utch florin s= 3 6 0 crow n s= 4 0 4 reichsmarks. T he original
offering price o f this loan in Paris, wliero practically the entire loan was
m arketed, was 92.3 per cen t, as com pared with the present quotation o f
59% .
Russian Railway Bonds on Paris Bourse.
(43) D vinsk-Vltebsk Railway 4 % bonds. See description o f loan N o . 11.
(44) D onets Railway 4 % loan o f 1893. Originally issued, 6,939,500
rubles; approxim ately 6,000,000 rubles outstanding. Redeemable at par
in 65 annual drawings, dating from 1894. Interest payable June and
Decem ber. Coupons subject to a Russian tax o f 5 % . Bonds to boarer.
Principal and interest payablo in Paris, London, Amsterdam and Berlin.
Principal, 500 fra n cs= 1 25 gold ru b lcs= £ 1 9 15s. 6 d .= 2 3 9 D utch flo r ln s =
404 reichsmarks.
(45) K ursk-K harkof-A zof R ailw ay 4 % bonds o f 1894. Originally
Issued, 7,070,875 rubles; about 6,200,000 rubles outstanding. Issued for
the conversion o f tho shares o f tho railway. Repayable at par b y means
o f 61 annual sinking fund drawings, beginning 1894. Coupons payablo
January and July and subject to a Russian tax o f 5 % . Parities tho samo
ns bond N o . 44.
In addition to bonds N os. 43, 44 and 45, thcro are listed on tho Paris
Bourse tho 4 % bonds o f tho Orel-Griasi Railway and the 3 % and 4 % bonds
o f tho Transcaucasian Railway. Tlieso issues aro not actively dealt In.
Tho Russian railway bonds with Governm ent guarantees,- quoted on tho
Paris Bourse (N os. 46-52), liavo tho samo redemption features as other
Russian bond issues. Tho V olga-Bouloum a (Bougoulom a)
loan was
offered for subscription in Paris during 1908. Tho total issuo is for 34,­
620,000 francs, and tho bonds are redeemable at par b y means o f annual
drawings, com m encing 1919 (final drawings in 1987). Free from Russian
taxes and unconditionally guaranteed, principal and interest, b y tho
Russian Governm ent.

\l %
A

REPORT OF THE SECRETARY OF THE TREASURY,
W. G. McADOO.

A feature of tlio report of tho United States Secretary of
tho Treasury, submitted to Congress on the 6th inst., is lauda­
tory references to tho Federal Reserve system. Wo quote
tho bulk of tho early part of tho report:
TREASURY DEPARTM EN T.
Washington, December 4 1916.
During the past year tho prosperity which sot In so strongly during the
fiscal year 1915 has grown in strength and volum o and is now widely
diffused throughout the United States. Fundamental econom ic con di­
tions have nover been m ore sound. In all lines o f industry efficiency o f
organization and production havo reached tho highest point in tho cou ntry’s
history. General confidence in tho future, healthful enterprise and dovelopm ont havo been marked characteristics o f tho year.
Tho financial strength o f tho U nited States— tho greatest In our history
— gives us a com m anding position in tho world finance. Wq. havo been
transformed from a debtor into a creditor nation. On N o v . 1 1916 tho
stock o f gold coin and bullion in the United States was estimated at $2,­
700,136,976, an increase o f 8714,597,804 in tho past 16 m onths. This is
the largest stock o f gold ovor held in the United States or in any other
country o f tho w orld. Through tho operations o f tho Federal Reserve
system and with our abundant supply o f gold as a basis, the credit resources
o f tho U nited States havo becom e m oro than sufficient for hom o dom and
and wo have been ablo to finance our great dom estic and foroign trado
without strain and to extend vast amounts o f credit to other nations
throughout the world.
The Federal Reserve System.
Tho experience o f tho past tw o years has brought into strong relief the
valuo o f tho Federal Reserve system .
It is not too m uch to say that our
great prosperity could not exist without it. Tho usefulness o f tho system
has been broadened recently b y tho am endatory A ct o f Sept. 7 1916, which
renders It m oro attractive to member banks and increases tho scope and
services o f the Federal Reserve banks. Duo to tho transference o f vault
and other reserves to Federal Reserve banks, authorized b y tho original A ct
and tho amendatory A ct, tho resources o f said banks aro now moro than
$650,000,000, while the total reserves held aro over $400,000,000, and. In
addition, m ore than $230,000,000 is held b y Federal Reserve agents as
special security against Federal Reserve notes. A bou t one-fourth o f tho
cou ntry's stock o f gold is thus m obilized in tho hands o f tho Federal Reserve
banks and agents.
Tho increasing strength and efficiency o f the Federal Reserve banks havo
enabled them to enlarge their direct service to tho business com m unity
through tho Introduction o f a definite and comprehensive system for tho
par clearance o f checks throughout tho country.
Rates o f discount at Federal Reserve banks havo continued low through­
out tho year, and m ost o f their open-m arket paper, consisting largely o f
acceptances growing out o f foreign trade, has been taken below a 2 A %
basis. Rates o f interest throughout tho country havo been reduced and
stabilized with great advantage to tho business o f tho country.
It would have been impossible to finance our vast dom estic and foreign
trade without the facilities provided b y tho Federal Reserve system .
N ot
only has it mot the normal and extraordinary needs o f business, but it has
established confidence securely. Business has been ablo to go forward
without apprehension, and the several crises which tho country has faced
in its international relations during tho past tw o years havo been accom ­
panied b y no disturbances and have caused not even a trem or in tho finan­
cial w orld. The crops o f 1915 and 1916 were financed without difficulty
and to tho great advantage o f tho farmers, and tho industrial troubles
which at one time 6ccmcd imminent, because o f the threatened railway
strike last summer, were not accompanied b y tho slightest financial uneasi­
ness. H appily, tho country has been at peace and business and enterprise
havo had tho largest opportunity for favorable developm ent under tho
most auspicious conditions.




3301

I f we mako intelligent use o f our great power and exceptional financial
resources, we can cope successfully with any conditions the future m ay
develop.
The Federal Farm Loan A ct.
The farmers o f tho U nited States have suffered m ore than any other
class o f our peoplo from a lack o f essential credits, b oth short and long
tim e, to carry on their business properly. Until the passage o f the Federal
Reserve A ct on D ec. 23 1913, It was extremely d ifficult fo r the farmer to
finance his requirements for producing, harvesting and marketing his
crops, and for maturing or fattening his live stock for market. The
Federal Reserve A ct expressly recognized agricultural or farmers’ paper
and put it on an equality with tho best com m ercial paper— giving it. In
fa ct, an advantage over com m ercial paper b y making agricultural paper o f
six m onths’ m aturity, or less, eligible fo r rediscount b y Federal Reserve
banks, while commercial paper with a m aturity longer than 90 days is
ineligible for rediscount b y Federal Reserve banks.
W hat has been accomplished b y this provision o f the Federal Reserve
A ct is this: The six m onths’ note o f the farm er, given for any o f the pur­
poses described, is now among the m ost liquid o f the assets o f a national
bank. Therefore, properly secured farm paper should be as m uch in
demand as properly secured com m ercial paper, and the rate o f interest on
the one should not bo relatively higher than tho rate o f interest on the
other. N or should there be any lack o f available credit for the farmer
under tho Federal Roserve system , because the local banks m ay now lend
to tho farmer In excess o f their cash resources b y rediscounting or selling
to tho Federal Reserve bank o f their district eligible farm paper— thus
constantly replenishing their resources and thereby enabling them to m eet
the legitimate demands that m ay bo made upon them . It is b y this means
that wo have secured, under tho Federal Reserve A ct, an elastic system o
credit and currency which is autom atically responsive to tho needs o
business and agriculture. As ovidence o f tho value o f this provision o
tho Federal Reserve A ct, it is estimated that during tho fiscal year ende
June 30 1916 about one-half o f all the paper rediscounted b y the membe
banks with the twelvo Federal Reserve banks o f the country was agriculture
paper.
T he Federal Reserve A ct also conferred upon national banks a power
they had never before possessed, nam ely, to make loans on farm mortgages
not exceeding five years in length. This makes it possible for the national
banks o f the United States to lend over $500,000,000 on such short-term
farm mortgages. Reports to the Com ptroller o f tho Currency show that
on June 30 1916 the national banks o f tho country had lent $45,737,000 to
farmers on mortgages o f this character.
W hile tho Federal Reserve A ct adm irably m et the needs o f the farmer
for short-time credits fo r tho various purposes o f agriculture and for farm
mortgages not exceeding five-year maturities, it did not and could not
provide for tho long-tim e amortization farm loans which are so badly needed
for the developm ent o f the farming industry o f the country. Therefore, It
was that on July 17 1916 the Federal Farm Loan Law was enacted, estab­
lishing a bureau in the Treasury Departm ent under tho charge o f the
Federal Farm Loan B oard. The A ct provides for a board o f five members,
o f which tho Secretary o f tho Treasury is a member ex-officio and Chairman,
and the remaining four members are appointed b y the President b y and
with the advice and consent o f the Senate. T ho President appointed
George W . Norris, o f Philadelphia, P a.; Herbert Quick, o f Berkeley
Springs, W . V a.; W illiam S. A . Smith, o f Sioux C ity , Iowa, and Charles E .
L obdell, o f Great Bend, K a n ., members o f the B oard, and designated
M r. Norris as Farm Loan Commissioner for tho period o f one year. These
gentlemen qualified and took office on A ug. 6 1916, and selected W . W .
Flannagan, o f M ontclair, N . J ., as Secretary. Permanent quarters have
been assigned to the Board in the Treasury Departm ent Building.
T he Board is directed b y the A ct to divide the cou ntry into 12 districts
and to locate In each a Federal Land bank. Each bank is to have a capital
stock o f $750,000. T he stock is to be offered first to the public. T he
Governm ent will subscribe all or any part o f the stock which m ay not be
taken b y the public.
Soon after its organization the B oard com m enced holding public hearings
in the different States for tho purpose o f securing the fullest possible infor­
m ation to enable it to determine intelligently the boundaries o f the 12
Federal Land bank districts and the location o f a Federal Land bank In
each district. A t tho time o f writing this report (N o v. 11 1916), hearings
havo been held in the following States:
Oregon,
N ew Jersey,
M aine,
California,
N ow Hampshire,
Pennsylvania,
N evada,
Connecticut,
.
M aryland,
Utah,
Massachusetts,
Virginia
W yom ing,
N ew Y ork,
N orth Carolina,
Colorado,
M ichigan,
South Carolina,
Kansas,
Florida,
W isconsin,
Missouri,
Georgia,
Iowa,
Nebraska,
A labam a,
South Dakota,
Illinois,
Louisiana,
M innesota,
Indiana,
Mississippi,
N orth Dakota,
Kentucky,.
Tennessee.
M ontana,
Ohio,
W ashington,
These hearings will be continued until all parts o f the U nited States have
been visited b y the B oard. A com prehensive and careful study o f the
farm loan needs o f the country is being m ade, and it is expected that the
Board will bo able to render its decision as to the boundaries o f the districts
and the locations o f the banks, and to establish tho banks themselves In
the early part o f the year 1917.
T ho Federal Farm Loan A ct creates a system under which the farmers
o f the country will be able to borrow m oney on farm mortgages at low
rates o f interest and on long tim e, nam ely, from 5 to 40 years, and b y
means o f small annual installments to retire or repay the entire principal
and Interest within the period o f the loan. Thus the Federal Reserve A ct
and the Federal Farm Loan A ct have covered the entire field o f farm
credits, the former b y providing tho short-tim e loans needed b y the farmer
and tho latter b y furnishing the long-tim e amortization loans which aro
essential to tho full and free developm ent o f agriculture, in so far as credit is
necessary to such developm ent.
T ho hearings already hfcld b y the Federal Farm Loan Board have shown
conclusively the necessity for this form o f long-tim e agricultural credit;
they havo shown that agricultural developm ent and p roductivity have been
hampered and restricted for lack o f such credits; they have shown that the
farmer has been the victim not alone o f high but o f extortionate rates o f
interest in almost every part o f the country, and that he has been helpless
in the face o f these conditions; they have shown that the want o f long-tim e
farm credits at low rates o f interest have constantly increased the evils o f
farm tenancy b y making it difficult, if not impossible, for men o f small
means to becom e farm owners; they have shown that small farmers who
want to borrow 81,000 or less on farm mortgages are unable to borrow on
any terms, as there are few . If an y, institutions or lenders who will take
small loans o f this character.
Under the Federal Farm Loan A ct these handicaps will be rem oved and
long-tim e farm credits, ranging from 5 to 40 years, will be available through

2303

THE CHRONICLE

out the country at low rates o f interest, not exceeding 6 % , and these
credits will be as accessible to the small farmer as to the big farmer and on
equal terms. It seems quite probable that when the Federal Land banks
are in full operation loans m ay bo m ade on properly secured farm mortgages,
under the A ct, at not m ore than 4 A % Interest per annum, with an addi­
tional paym ent on account o f tho principal o f not exceeding 1 % per annum.
On this basis the farmer will bo able to borrow m oney on properly secured
farm mortgages at 5 A % per annum, which will cover not only the interest
on the loan but a 1 % annual amortization paym ont, and in 35 years com ­
pletely extinguish the principal o f his loan. It is impossible to estimate
the beneficial effects this new system o f farm credits will have upon the
developm ent o f the farming industry, the prosperity o f the farmer, and the
general prosperity o f the entire country.
The Federal Farm Loan Board will, under the provisions o f the A ct,
file in due season an annual report to the Congress.
(T he text o f the Federal Farm Loan A ct is attached as an exhibit to this
report.)
Banks.
T he deposits o f the 7,589 national banks o f the United States on Sept. 12
1916 reached the unprecedented total o f $11,362,341,000, and on tho same
date their actual cash holdings amounted to $845,185,000. T ho 12 Fedoral
Reserve banks held $329,253,000 in cash on N ov . 12 1915, which amount
was largely increased during tho year, being $414,148,000 on N o v . 10 1916.
T he circulation o f the national banks secured b y the deposit o f United
States bonds witli the Treasurer o f the United States decreased from $722,­
754,924 to $679,650,913 during tho year ended N ov . 1 1916. This decrease
o f $43,104,011 was duo principally, if not exclusively, to the purchase o f
bonds available as security for circulation b y the Federal Reserve banks
under the provisions o f the Federal Reserve A ct.
Bank clearings are one o f the m ost sensitive and reliable indications o f
business conditions. The totals o f clearings for tho last six fiscal years
are given in the following table:
July 1 1910 to June 30 1911..............................
$157,664,101,000
July 1 1911 to June 30 1912.......................
166,081,127,000
July 1 1912 to June 30 1913......................................
174,211,066,000
July 1 1913 to June 30 1914.....................
169,040,562,000
July 1 1914 to June 30 1915................................................... *152,891,985,000
July 1 1915 to June 30 1916.............. - .................................. 224,338,270,000
* T he European war com m enced shortly after the beginning o f this fiscal
year.
Government Funds and Federal Reserve Banks.
B y virtue o f tho authority o f the Federal Reserve A ct, I designated the
12 Federal Reserve banks Governm ent depositaries and fiscal agents,
effective Jan. 1 1916, and discontinued the national bank depositaries in
the Federal Reserve cities, except one or in some cases tw o in each city
which wore retained as depositaries for post office and court m oneys. It is
a question whether or not such p ost-office and court m oneys constitute
Governm ent funds In the sense that the term is used in tho Fedoral Reserve
A ct authorizing the deposit o f publis funds in the Federal Reserve banks.
N early $7,000,000 was deposited in these banks at the outset, and the
Governm ent’s balance with them Increased until on July 8 1916 tho books
o f the Treasurer showed that the Reserve banks held $114,930,023 03.
A largo part o f this consisted o f incom e tax collections due June 30, but
this balance has been reduced largely since that date in the normal course
o f the Governm ent’s operations.
Conversion o f United States Bonds.
During the year $56,648,902 50 was received from national banks for
retirement o f circulation under the A ct o f July 14 1890, and was, in accord­
ance with the provisions o f that A ct, credited as public debt receipts;
retirement or redem ption to the am ount o f $24,633,010 50 was made and
was charged as public debt disbursements. T he large amount deposited
for retirement was largely the result o f purchases b y the Federal Reserve
banks o f 2 % United States bonds carrying the circulation privilege from the
national banks under the provisions o f the Federal Reserve A ct. On
F eb. 28 1916 I notified the Federal Reserve Board that under Section 18
o f the Federal Reserve A ct I would issue to the Federal Reserve banks
30-year 3 % gold bonds and 1-year 3 % gold notes, both without tho cir­
culation privilege, in exchange for an amount not exceeding $30,000,000
United States 2 % bonds so purchased, an obligation to be accepted from
the Federal Reserve banks binding them to purchase an equal am ount
o f the 1-year notes for gold at m aturity. The 1st days o f January, A pril,
July and O ctober were set as tho conversion dates corresponding to the
interest periods for the 2 % consols o f 1930. I subsequently notified the
Federal Reserve B oard that the Federal Reserve banks would be required
to convert their securities in the relative amounts o f the new issues indicated
b y the law , i. e., practically 5 0% in the 1-year notes and 5 0% in the 30-year
bonds. The wholo o f tho $30,000,000 has been converted, $15,761,000
3 % bonds and $14,239,000 1-year Treasury notes being Issued in exchange
therefor.
Interest on Government Deposits in National Bank Depositaries.
During tho year 1916 no deposits for crop-m oving purposes were m ade,
nor were thoy necessary in view o f the large credit facilities provided b y tho
Federal Reserve system , which has proven sufficient to meet the demands
o f agriculture and business. This accounts in part for the decrease in the
am ount o f interest recoived from Governm ent depositaries as com pared
w ith the previous year. Besides this the balances in the national bank
depositaries were reduced because o f the transfer o f funds to the Federal
Reserve banks. N evertheless, the interest collected on deposits o f public
funds for the fiscal year 1916 and covered into the Treasury as a miscellane­
ous receipt am ounted to $791,671 45. The amount o f interest received
on p ublic deposits for tho past six fiscal years is as follows:
$41,757 53
1 9 1 1 .............................................................. - .................................. —
1 9 1 2 ........................................................................................................
44,462 26
1913
1914
1915
1916 .

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

$122,218
1,409,426
1,222,706
791,671

89
07
93
45

T otal 1913 to 1916.....................................................................$3,546,023 34
The increase in the am ount o f interest collected since 1913 is due to the
fa ct that, beginning with June o f that year, interest has been charged upon
all public deposits, except those in Federal Reserve banks, at the rate o f
2 % per annum.
New Coinage.
T ho designs for the subsidiary silver coins now in use were prepared over
25 years ago. D uring tho fiscal year 1916 now designs for the dime,
quarter dollar and half dollar were adopted, which, for the first tlmo in the
history o f our coinage, are different for each denomination. M em bers o f
the Commission o f Fino A rts were conferred with and noted sculptors
were commissioned to prepare and submit m odels. M ore than fifty designs
were subm itted, from which three sets were chosen. The dimo is now in
general circulation. It is expected that the half and quarter dollars will be
in circulation before the holiday season.




[Vol. 103

T he designs o f the new coins havo been highly praised b y those having
oxpert knowledge o f such matters. T ho designs for tho dim e and half
dollar are the work o f M r. A dolph W einm an; the quartor dollar that o f
M r. Ilerm on A . M acN eil.
The Pan-American Financial Conference and the International High Com­
mission.
As noted in m y annual report for 1915, the International High C om m is­
sion is a b od y o f 20 national sections constituted b y the First Pan-American
Financial C onference, held in W ashington, M a y 1915, b y virtue o f the
diplom atic and consular appropriation bill, approved M arch 4 1915. It
was created to adjust and harmonize the principles and procedure o f com ­
mercial law and fiscal administrative regulations in the American republics,
and to seek a satisfactory solution for such legal problems as present
themselves in the field o f com m erce and public finance. Each section con­
sists o f nine jurists or financiers under the chairmanship o f the minister
o f finance. T he entire direction o f the Com m ission’s work is intrusted
to a central executive council o f three members. A t its meeting in Buenos
Aires, April 3 to 12 1916, the Commission designated W ashington as its
headquarters for the next tw o years, thus making the executive officials
o f the United States section tho central executive council. These officers
are: The Secretary o f the Treasury, President; H on. John Bassett M oore,
Vice-President; and D r. L . S. R ow e, Secrotary-General.
Acting upon the suggestion made in m y annual report for 1915, the
Congress appropriated in the A ct approved Fob. 7 1916, $40,000 for the
maintenance o f the United Stats section o f the International High C om ­
mission, and authorized the section to co-operate with the other sections
o f the Comm ission in taking action upon tho recommendations o f the First
Pan-American Financial Conference. This co-operation was to take the
form , first, o f attendance at the meeting o f the Commission at Buenos
Aires, and, second, to take such steps as should be recommended at-that
meeting. The appropriation was to be expended under the direction o f the
Secretary o f tho Treasury and to remain available until oxpended. O f the
total $18,068 82 has been expended, and the remainder is being expended in
carrying on the work.
The meeting o f the Commission at Buenos Aires will be the subject o f a
separate report b y the United States section o f the Comm ission, and conse­
quently there is no occasion to dwell upon its work at this time. It is
sufficient to point out that it perfected its organization and adopted a series
o f practical resolutions, to be carried out under the direction o f the central
executive council.
Tho Commission has sought to deal with practical questions in a prac­
tical manner. The work that It is doing m ay be described as o f two kinds.
W ith questions o f public finance and commercial law it is itself working
out and submitting constructive proposals. In the other subjects it is
trying to bring about more hearty and persistent co-operation and m ore
effective co-ordination o f effort and resources on the part o f those agencies,
public and prlvato, within whose province these other subjects fall. The
tangible results achieved in the first year’s operation o f the offico o f the
Commission warrant the beliof that the m ethod selectod for dealing with
these problems has been the correct one and gives great promise o f success.
Through the creation o f tho Commission tho ratification o f various tech­
nical conventions prepared at earlier Pan-American conferences has been
greatly hastened and facilitated. T ho R epublic o f Costa R ica ratified the
patent, trade-mark and pecuniary claims conventions directly following
the meeting o f the Commission, and other ratifications m ay bo expected
shortly. It is exceedingly important that these conventions bo ratified
because they will assure adequate protection to industrial and literary
property and settle disputed claims between governments and alien credi­
tors.
T he Commission has devised a plan under which commercial travelers
m ay operate freely in all countries signatory to a proposed international
treaty on tho subject. Tho various State and municipal fees would be
consolidated into one national fee, and tho samples carried b y commercial
travelers would be dispatched m ore p rom p tly. B oth tho financial confer­
ence and the high commission have laid much stress upon tho importance
o f facilitating tho work o f these indispensable factors o f modern commercial
intercourse; and as a result o f a resolution adopted at Buenos Aires the
Argentine Governm ent is now discussing a legislative measure providing
for the federalization o f provincial license fees.
T he Commission has also prepared for consideration a tentative treaty
draft providing for tho assumption b y all signatory powors o f an obligation
to regard as inviolable an international gold clearance fund which would
servo as the basis for international oxchange transactions. Thus the
physical transfer o f gold would be obviated in largo measuro. T ho uso o f
dollar exchange would be stimulated b y such a system . Closely related
with this subject is another point upon which tho Commission roports a
marked advance, v iz .: an International m oney o f account. This subject
has been debated for m any years in American conferences. This unit,
agreed upon April 10 1916, will be calculated to have a weight o f .33437
grammes and a fineness o f .900, or just one-fifth o f our own dollar.
The cause o f uniform law on commercial papor has boon prom oted b y the
Comm ission. Latin America is now com m itted to the uniform Hague rules
on bills o f exchange, and measures aro being taken to secure legislative
action thereon. Thus the legal theories valid in this hemisphere will be
reduced from a half-dozen to tw o. M oreover, several republics o f com ­
mercial importance aro now studying our Federal Bllls-of-L ading A ct
and our uniform State A ct or warehouse receipts as tho basis for domestic
legislation. Other subjects in commercial law aro likewise being studied
b y the Commission with a view to suggesting desirable m odifications in
existing law.
A natural corollary to the Com m ission's interest in commercial law has
been the Interest o f tho United States section in Federal legislation o f an
advanced character on these subjects. The fullest support was given to
the m ovem ent in favor o f a Federal Bills-of-Ladlng A ct— a m ovem ent
which for m any years had been endorsed b y various associations. B y the
passage o f the Federal Bills-of-Lading A ct, which goes into offect on Jan. 1
1917, the Congress has recognized tho necessity o f safeguarding our foreign
com m erce b y assuring the validity and negotiability o f its instruments.
U niform ity o f fiscal regulations has been ono o f tho chief interests o f this
Commission. A m ethod has been under advisomont for putting into offect
a series o f resolutions dealing with the classification o f merchandise both
for statistical and for tariff purposes and with tho question o f consular
documents and regulations. Tho Comm ission endorsed tho uniform statis­
tical classification o f Brussels, which would enablo customs statistics to bo
com pared with a maximum o f accuracy and a minimum o f labor and un­
certainty. A com plete and rellablo key to all classification terminology
in official use in tho American republics Is to bo undertaken; this volum e,
in com pact form and in the commercial languages o f Amorica, will involve
m uch patient labor, but will be o f Inestimable valuo. W hilo tho Commis­
sion realizes that each country must settle for Itsolf questions o f tariff rates,
it is exceedingly important to tho wholo commercial world that each country
state Its rates and schedules in familiar forms in ordor that uniform statis­
tics m ay be available to other nations.
T he Commission earnestly hopes that tho numorous postal interests o f
the American republics will bo co-ordinated and protoctod through tho

D ec. 23 1916.]

THE CHRONICLE

establishment o f a permanent Am erican postal union. In 1911 a South
American Postal Congress was held at M on tevideo, and the Commission
urged tho holding o f a second congress, this tim e Pan-Am erican, for the
purpose o f organizing a permanent postal union at M on tevideo. Such a
b od y would act as an international clearing house for all postal matters,
would draft postal conventions, and w ould probably bring about universal
tw o-cent postage in this hemisphere in a short time.
T he Commission has lent its cordial support to tho m ovem ent for tho
arbitration o f com m ercial disputes between tho members o f chambers of
com m erce in Latin America and in tho United States. Such agreements will
assure certainty o f prom pt examination and adjustm ent o f disputes, fo l­
lowed b y public registration o f the decisions, and b y thus squarely affecting
the credit and standing o f tho parties to the controversy will secure accep­
tance o f all reasonable awards.
.
For the first tim e in any international conference in tho world's history
an attem pt was mado to work out a com plete, constructive and co-operative
policy c f governm ental action In the entire field o f communications -water,
rail and telegraphic. T ho value o f tho Comm ission's recommendations in
this connection lies in tho fact that they co-ordinate in a general and com ­
prehensive manner tho com m unication needs o f tho American republics.
A s to shipping, the Commission followed tho courso o f the first I anAmerican Financial Conference and urged that action bo taken b y tho
Governm ent o f the United States to create an international merchant
marine proferring tho support o f tho other American Governm ents in tho
carrying out o f this task. T hat they had faith in tho efficacy o f this
m ethod o f overcom ing tho gravo disadvantages o f econom ic dependence
^jpQn Europo m ay bo seen from tho fa ct that several Latin—
American
Governments have since considered definite measures themselves looking
to the creation o f national m orcliant marines. A s to railway com m unica­
tion. tho Commission recomm ended that tho work begun b y tho PanAmo'rican Railway Com m ittee bo vitalized and vigorously prosecuted, so
as to com plcto tho surveys and estimates required for the intercontinental
railway and tho other International railroads, which, if not a part o f this
system , servo to foster com m ercial relations. As to telgcrapliic com m unica­
tion, tho Commission favored tho organization o f an international telegraph
service wherever possible on tho basis o f the European system o f transmis­
sion and terminal rates, and urged tho extension o f telegraphic lines.
Tho work o f tho International High Commission has been in com plete
co-operation and harm ony with tho State Departm ent, whoso effective
assistance is contributing greatly to tho efforts o f tho Comm ission. Tho
energies o f tho Commission are devoted to financial and com m ercial
problems and do not trench upon tho field o f diplom acy. Tho 19 LatinAm crican republics which havo becom o Interested In the Commission have
co-operated m ost heartily, and I am confident that tho national sections
appointed b y tho Latin-Ainerican nations and the United States constitute
■ a now and effective piece o f international machinery for tho furtherance
o f commercial and financial relations not covered b y diplom atic agencies,
which will result in stimulating and improving in a m arked degree trade
and friendly relations between tho various countries o f tho W estern H em i­
sphere.
A t tho m ooting o f the International High Commission at Buenos Aires,
April 3 to 13 1916, tho following resolution was unanimously adopted:
Resolved, T h a t it is highly advantageous that a Pan-American Financial
Conference o f the character o f that held in Washington in 1915 meet every
tw o years; that the next Pan-American Financial Conference take place in
1917 in W ashington, tho exact date to bo agreed upon subsequently among
the various Governm ents on tho initiative o f tho central executive council
o f tho International n ig h Commission; that tho ministers o f finance o f all
the countries o f tho American Continent bo urged to attend in view o f tho
fact that the financial questions there to bo discussed constitute the most
important problems o f these conferences, and in view also o f the fa ct that
tho presence o f these ministers is conducive to tho m ore effective carrying
ou t o f tho resolutions adopted.
Tho selection o f W ashington as tho placo for tho meeting o f tho Pan­
American Financial Conference in 1917 was renewed evidence o f tho good­
will and friendship c f Latin America for tho United States. • It is proposed
that this conference shall consist, as before, o f tho ministers o f finance of
the various countries and two other members to bo appointed b y their
respective Governm ents. I earnestly hopo that the Congress will extend
again tho hospitality o f tho United States to tho Latin-Am crican nations
b y appropriating for tho conference o f 1917 an amount equal to that
appropriated for tho financial conference o f 1915, nam ely, $50,000, for tho
•purpose o f onvertaining our Latin-Am crican guests on that occasion. I
cannot overstate tho value o f these conferences in bringing about a better
understanding and prom oting in this practical manner friendly relations
and enlarging trado and com m erce with our Southern neighbors.
Customs.
For tho fiscal year ending Juno 30 1916, tho receipts from customs
am ounted to $213,185,845 63, an increaso over tho aggregate receipts for
tho preceding fiscal year o f $3,399,173 42. Tho imports for this fiscal year
am ounted to $2,197,883,510, which is an increaso over the preceding fiscal
year o f approxim ately $484,000,000. Tho valuo o f tho exports for this
period was $4,333,658,865, an increaso in exports over the previous year
o f $2,768,589,340.
The conditions which led to the abrupt falling o ff in customs duties of
tho previous year still continuo. Tho European con flict has involved tho
nations o f continental Europo from which com e a largo part o f the dutiable
Imports, and for this reason tho customs receipts havo been substantially
curtailed. Before tho breaking out o f tho European war the amount o f tho
collections indicated clearly that under normal conditions tho present
tariff will produce all tho revenue which it was estimated to produce at tho
timo it was drawn, and since tho war tho recoipts under tho tariff bill havo
boon all that could bo expected under tho present conditions.
In somo directions the activities o f tho customs service, on account o f tho
falling o ff o f dutiable Imports, havo decreased as com pared with the con­
ditions prior to tho war. W hile tho amount o f revenue collected has de­
creased, both imports and exports havo Increased in volum e. B oth this
increased com m erce and tho maintenance o f tho neutrality o f tho United
States havo brought additional responsibilities to tho servlco.
Tho increase in drawback has also added to tho work o f tho Department.
In tho past year there was paid in drawback upon tho exportation o f goods
manufactured in whole or in part from imported dutiable materials tho
sum o f $15,370,945. This is an Increase o f over 100% o f the amount paid
during tho fiscal year 1915, when the amount o f drawback was $7,403,686.
This increaso in the amount o f drawback paid follows from tho increaso in
tho Industrial activities o f tho cou ntry, tho increaso in valuo o f tho Imports
being in great part duo to tho increased Importations o f raw materials for
manufacture in tho export trado.
Tho expense o f collecting tho rovenuo from custom s for tho fiscal year
1916 amounted to $9,813,085, notwithstanding the Increase in tho activities
o f tho custom s service and the added work incident to tho enforcement o f
the Seamen’s A ct. This indicates an actual saving as com pared with tho
provious year o f $117,176, a decrease from tho expenses o f conducting the
servlco In 1914 o f $628,093, and in 1913 o f $1,118,349. This decrease In
cost was mado possible by Improved mothods and b y tho I nstallatlon o f




2303

modern devices o f perform ing office work. T he expenditures for the pur­
chase o f such im proved devices in this year prevented a further reduction
in operating cost.
T he total number o f em ployees during the fiscal year has decreased from
7,079 to 6,881. T ho average com pensation o f the employees during the
same period has increased $26 per capita, from $1,311 to S I,337. T he
Departm ent has adopted the p olicy o f not dismissing efficient employees
solely because their services were not needed. T o avoid dismissals the
force has been shifted, in order that decreases in the force might be effected
through vacancies which would occur b y death, resignation or rem oval.
Discrepancies have existed in com pensation paid for the same service in
different parts o f the country, and it is the policy o f the Departm ent to
try as much as possible to standardize the com pensation paid in the various
districts, with due regard to tho local conditions. Increases in com pensa­
tion during the year amounted to $175,000, distributed to deserving em­
ployees throughout tho custom s service, which am ounted to a net increase
per capital o f $26. Despite this increase, there was a net decrease in
operation during the year o f $117,176.
The custom s service maintains an efficiency board for advice and assist­
ance to the Departm ent in -working out its problems. During the past
year this board has visited 11 custom s districts and has m ade recomm en­
dations to customs officers in those districts to standardize and increaso
the efficiency o f the service. W hen these recommendations are made
operative in fu ll, it is expected that substantial economies will be effected.
Tho system fo r the exchange o f inform ation relating to the value and
classification o f imported merchandise, through what is known as the
“ classification and valuation reports” (C . V . It.), has been greatly im ­
proved. This is accom plished b y having the various appraising officers
forward daily to the appraiser at the port o f N ew Y ork data taken b y
them from invoices, price lists and catalogues received, accompanied b y
samples when practicable. These reports are com pared with each other
and with the records and data at the port o f N ew Y o rk , and information is
sent out to the various appraisers o f changes in market prices and advances
in values. A ny transactions indicating fraudulent undervaluations are
mado tho subject o f special investigation. This has resulted in securing
an almost perfect uniformity in tho valuations and classifications o f the
same merchandise at the various ports and furnishes added means for the
detection o f fraudulent undervaluations.
T ho customs regulations have been revised for the first tim e since 1908,
and the new volum e has been issued as “ Customs Regulations o f 1915.”
T he entire work was performed b y employees in the customs service, de­
tailed for that purpose, without any extra cost to the G overnm ent. This
has saved the special appropriation which, in tho past, has been made b y
the Congress to revise these regulations.

*

*

*

*

*

*

*

Sinking Fund.
Attention is called to tho views expressed in m y report for the year 1915
(page 46), as follows:
T he Sinking Fund A cts should be revised. Either an actual fund should
be established, with definite and specific appropriation made therefor,
together with specific provisions for the administration o f the fund, or else
the existing A cts should be repealed and the Secretary directed to purchase
and retire interest-bearing obligations o f tho United States whenever the
same m ay be acquired advantageously and the condition o f the Treasury
will warrant such action.
Similar recommendations were m ade b y m y predecessor in the annual
report for the year 1911.
It is probable that tho present laws on tho subject were passed and later
continued in force under the belief that they -would aid in strengthening
tho public credit through tho period o f refunding the Civil W ar debt and
the return to a coin basis. Such reasons are now without any force what­
ever and no pledge o f a portion o f any specific revenue, as under the existing
sinking fund law, is either necessary or advisable as a support to public
credit, nor is any such assurance or guarantee needed that the interest­
bearing obligations o f the United States will be discharged when due.
T he existing Sinking Fund Law has been on tho statute books for more
than 50 years, having been enacted in February 1862, but It was im prac­
ticable to set up a sinking fund account during the Civil W ar period because
the Governm ent was then borrowing m oney and Issuing bonds therefor.
N o portion o f the debt cou ld, therefore, be purchased and retired for the
account. It was not until tho year 1869 that the account was set up
under the law o f 1862. Since 1869 purchases and redemptions o f the debt
for retirement thereof have been made annually when practicable.
On Feb. 21 1916, in accordance with a request therefor, the views o f this
Departm ent were transmitted to the C om m ittee on Finance o f the United
States Senate respecting Senate Bill 55, Sixty-fourth Congress, first ses­
sion, " A bill to authorize the Secretary o f the Treasury to use at his dis­
cretion surplus moneys in tho Treasury in the purchase or redemption o f
tho outstanding Interest-bearing obligations o f the U nited-States," intended
to accom plish the desired revision o f the laws relating to the sinking fund.
This bill was favorably reported in Senate R eport N o . 289, passed the
Senate April 24 1916, and is now pending before the Com m ittee on W ays
and M eans o f the House o f Representatives.
I earnestly recommend that said Senate Bill 55 be enacted into law
during the com ing session o f tho Congress.
Panama Canal.
The general fund o f the Treasury was charged during the fiscal year 1916
with $17,503,728 07 for Panama Canal account without the sale o f bonds.
O f this sum $9,239,563 69 for construction work is reimbursable from
proceeds o f bonds when sold. T he difference, $8,264,164 38, for fortifica­
tions and miscellaneous accounts, is b y law not to be so reimbursed. The
total amount expended for the Canal from the general fund to June 30 1916,
reimbursable from proceeds o f bonds not yet sold, was $228,711,200 17.
Contingent Fund.
I respectfully request that the Congress appropriate for the fiscal year
1918 the sum o f $15,000 as a contingent fund for the Secretary o f the
Treasury, a like amount having been appropriated for the fiscal year
1917. ‘
Condition o f the Treasury.
On June 30 1916 the balance in the Treasury o f the United States (ex­
clusive o f credits to disbursing officers) was $178,491,415 58, as against a
balance (excluding credits to disbursing officers) on June 30 1915 o f $104,­
170,105 78, showing an increase for the year o f $74,321,309 80. This was
tho largest balance in tho Treasury at the close o f any fiscal year since
Juno 30 1908.
T ho ordinary revenues o f the year were $779,664,552 49, an increase o f
$87,180,107 37 as com pared with 1915. Internal revenue receipts for the
year Increased $97,032,382 78, and custom s receipts increased $3,399,­
173 42. Miscellaneous receipts, including those from land sales, showed a
decrcaso o f $13.251,448 83.
T he ordinary disbursements for the year were $724,492,998 90, being
$5,610,592 90 less than for 1915. Disbursements on account o f the
Panam a Canal for tho year, amounting to $17,503,728 07, were paid out
o f the general fund. Tho total amount o f disbursements on this account
for the three fiscal years ending Juno 30 1916 is $81,517,712 05, all o f which

3304

THE CHRONICLE

has boon paid from the general fund and none o f which has been reimbursed
b y the lssuo o f bonds. Tho total amount expended for the canal from tho
general fund to June 30 1916, reimbursable from the proceeds o f bonds not
yet sold, is $228,711,200 17.
T ho estimate o f receipts and disbursements for the fiscal year 1917 shows
that although the current receipts will bo insufficient fully to m eot tho
current expenditures, thero will, nevertheless, be a surplus in tho general
fund at the end o f tho fiscal year, amounting to $114,937,995 43, including
unencumbered disbursing officers’ credits— that is, this sum represents tho
estimated balance in tho Treasury Juno 30 1917, free o f all current obliga­
tions, the entire am ount being available for the future expenditures o f tho
G overnm ent. This is upon the basis o f maintaining tho troops upon the
M exican border until tho 31st o f December 1916, and paying the entire cost
thereof out o f current revenues. Should the troops bo kept on tho border
for tho remainder o f tho fiscal year 1917, it would be necessary to reimburse
tho Treasury for oxponditures on this account b y tho salo o f Panama
bonds or b y additional revenue legislation.
T ho estimate o f receipts and disbursements for the fiscal year 1918 shows
that tho existing laws will not provide sufficient rovenues to tako care of
the unusual expenses o f the Governm ent due, for the m ost part, to tho large
expenditures required b y the A rm y and N a vy for preparedness, estimated
for that year at $367,194,000. I respectfully urge upon the attention o f tho
Congress the necessity for passing such measures as will provide additional
revenues to m eet tho situation.

CONFERENCES ON NEWS PRINT PAPER SCARCITY.

A supplemental hearing was begun on the 12th inst. by
the Federal Trade Commission in Washington on the news­
print paper situation. Manufacturers, jobbers, newspaper
publishers and others interested were invited to appear at
the hearing. At the conclusion of tho first day’s hearing of
the Commission the manufacturers proposed to meet a
committee of the National Newspaper Publishers’ Associa­
tion to work out, for the Commission’s approval, a plan for
an equitable distribution of the stocks of print paper. The
manufacturers’ proposal came as an unexpected development
when tho Trade Commission, after finishing with publishers
as witnesses called on the manufacturers to present thoir
case. Newspapor owners had told of wide differences in
paper prices in various parts of tho country and of the
inability of many small publishers to obtain paper at any
prices. Counsel for tho News Print Manufacturers’ Associa­
tion, which controls a large share of the output, declarod
it had been impossible to analyze in so short a time statistical
facts presented by the Commission’s investigators at the
outset of the hearing; that the chief complaint was from
small publishers unable to get paper because of the increased
demand and that the manufacturers, after conferring, had
decided they were open to any proposal for an equitable
distribution of their products. At first, it is stated, there
was an inclination on tho part of some of the publishers
present to hold back on the ground that the distribution was
but one of tho problems and that high prices and greater
production were more important questions. When told by
members of the Trade Commission that an agreement to
accept the Commission’s services in meeting the distribution
problem did not interfere in any way with the investigation
into price conditions, they agreed to co-operate with manu­
facturers, jobbers and the Commission in solving first the
distribution problem.
It is reported that at the outset the investigators for the
Commission presented for the first time facts uncovered in
their inquiry into news print prices. This information had
to do with profits in the mills and in jobbing houses and
with the question of supply and demand. Profits have in­
creased, it was shown, and the output has grown, although
growing consumption has taken up much of the increased
manufacture. Most of the newspapers of tho country,
including some 10,000 small dailies and weeklies, were
represented directly or through national and State publishing
associations. It was brought out that the increased price
of newspaper to them amounted to about $80-a ton, and
that to papers using 50 tons a year it meant an increased
cost of $4,000, which in many cases would wipe out the
paper’s entire profit. Witnesses told tho Commission that
already many papers had been forced out of business by
increased paper prices, and that hundreds had no chance
for survival unless there was an immediate reduction. H. B.
Varner, Chairman of tho News Print Paper Committee of
the North Carolina Press Association, a witness before the
Commission, filed with the Department of Justice on the
12th, a request that paper manufacturers be prosecuted for
alleged combination. His charge was that North Carolina
publishers who formed a committee to purchase paper were
told by the big papermaking concerns that tho mills could
not supply them because tho manufacturers had sold all their
1917 output to their customers. Mr. Varner’s charges, it
is reported, were turned over by Attorney-General Gregory
to Assistant Attorney-General Todd on the 15th inst.
After filing his charges with the Attorney-General, Mr.



[Vol. 103.

Varner is said to havo discussed possible remedial legislation
with Senator SimmoDs, who was quoted on the 15th inst. as
saying he believed that “unless the Department of Justice
finds some way to bust the news print paper trust the freedom
of tho press is in danger.” Senator Simmons was also
credited with the following:

Thao thoro is a com bination o f paper manufacturers is evident from
inform ation now beforo the Departm ent o f Justico. I believe it is an
international trust.
W ith out tho aid o f Canadian manufacturers I d o not think tho paper
manufacturers of the United States could hold up tho price o f print paper.
If tho Departm ent o f Justico, tho Attorney-General and tho Federal
T rado Commission aiter exhausting thoir powers find thomselves unable
to bust this com bination lot them call upon Congress for an increase in
power, and I am sure it will bo granted.

Tables prepared by the Commission were brought out at
the hearing to show the following conditions:

B oth Canadian and United States averages show no increaso in cost o f
paper m anufacture in tho first h a lf o f 1916 as com pared with 1915.
Selling oxpenses in tho first h a lf o f 1916 wero lower than in 1915, and p rof­
its per ton were higher. T ho percentage o f p rofit on investment figured
on b ook investment increased from 5.9 2 % in 1915 for 19 com panies to
9 .34% for 15 com panies in tho first h a lf o f 1916. Rates o f p rofit on the
cost o f investment w ould havo been oven higher cou ld tho figures havo been
obtained.
M arket prices increased in 1916 to a m uch greater oxtent than contract
prices.
Canadian m ills aro m anufacturing print paper at about $4 50 a ton less
than American mills.
B oth production and im ports increased in tho first h a lf o f 1916 over 1915
and 1914. A fter deducting exports, tho quantity available for dom estic
consum ption in tho first h alf o f 1916 was 17% greator than In tlio first half
o f 1915 and 9 % greater than in tho second h a lf o f that year. Deliveries,
how ovor, m ore than took caro o f tho increaso and stocks on hand at ail
points decreased 10,340 tons in tho first h a lf o f 1916.

Tho statistical data presented by tho Commission, phases
of which those who testified were asked to explain, concluded
with a series of questions as follows as to possible remedies:

W hat measures can bo adopted to bring about a m oro equitable distri­
bution o f paper am ong publishers?
W hat measures can bo adopted to prevent prices from rising to prohib­
itive lovels?
Is co-operation botween largo publishers and manufacturers feasiblo?
W ould an om bargo on exports bo advisable?
W ould publishers p rofit in tho long run by rofraining from entering into
contracts covering a long period o f tim o at a fixed p rico?
Can sm all publishers p rofit b y adopting tho plan o f co-oporatlvo buying?

The Commission in a statement issued on the 13th inst.
urged nowspaper publishers to be present or to telegraph
authority for others in attendance at tho meeting in Wash­
ington last Friday to consider the plan for relief of the
situation. At Friday’s conference it was indicated that
publishers of tho country’s larger dailies woidd oppose as
impracticable tho proposal that tho Commission undertake
supervision of tho distribution of American and Canadian
made news print paper available in the United States.
Resolutions were passed by the publishers, who represented
most of the newspapers throughout the country, asking that
tho Commission do all possiblo to bring about the manu­
facture of an adequate supply of nows print paper to bo sold
at fair prices. Forty newspapor associations were repre­
sented. The publishers were united in thoir determination
that tho conference called for the 16th between the trade
Commission and committees of publishers, paper brokers
and manufacturers should tako up not only tho question of
distribution but those of prices and increased production
as well. Tho resolution adopted by tho publishers sots forth
that the associations had conferred and decided that thoir
interests being mutual, they would “in presenting thoir
views to the Commission mako clear that thoir aims aro iden­
tical in so far as tho nows print paper situation is concerned,
and earnestly invite the co-operation of tho Commission in
effecting with the manufacturers provision for an adequate
tonnage at fair prices. Distribution under the Federal
Trade Commission, some of tho publishers of big newspapors
insisted, not only would bo illegal but would not solve the
two most important problems facing newspaper owners—
high prices and an alleged shortage of paper. Consequently
it was stated thero would bo an insistent demand that the
manufacturers agree to increased production by diversion
of paper-making machines back to tho production of news
print. Many machines are said to havo beon put in clioapor
grades of paper because thero has been a greator profit in
thoir manufacture.
On Friday last thero was also a conference in Now York
between three members of the Federal Trado Commisiosn
and thirty manufacturers of tho United States and Canada,
the manufacturers deciding at tho meeting to be represented
at Washington in the hearing beforo tho Commission. It is
stated that at the Now York conference representatives of
about 10,000 newspaper publishers, including the membership
of the National Editorial Association, wero in attendance,
prepared to submit a proposal to the manufacturers if they
wero called into conference, but they wero not called. The

Deo. 23 1910.]

THE CHRONICLE

2305

spokesmen at the Waldorf conference wore Ernest G. Smith, news print shortage exists. In a statement announcing this
publisher of the Wilkes-Barro “Times-Leader,” and E. H. the Commission said :
he Federal
considered
print situation
Tomlinson, publisher of tho Morristown (N. J.) “Daily in Tconferences,Trado Commissionrepresented the news m ittees o f tho to-day
at which woro
the
Nows
Record,” and President of tho N. E. A. In its account of Print M anufacturers’ A ssociation, tho Americancom
Publishers’ Association,
this conference, tho New York “Sun” said:
other publishers' associations, and the Jobbers' Association. It was found
W hat they are after is an equitable distribution o f nows print paper b y all
manufacturers and jobbers who will consent to tho pian and a working ar­
rangement for ono year, boginning Jan. 1 1917, whereby the price o f paper
"shall not exceed what shall bo determined to bo reasonable and ju st.”
M ost o f tho periodicals represented b y M r. Smith and M r. Tomlinson
aro in tho smaller cities and towns o f tho United States. T hey want the
Federal Trade Commission, after investigating tho cost o f manufacture, to
see that tho price to all consumers, small and large, Is standardized.
“ The small publishers,” said M r. Smith, “ aro paying a variety o f prices,
varying from 6 to 10 cents per 100 pounds, and 20% o f tho country papers
aro being driven out o f business. Big publishers with long contracts aro
getting their paper for about 3.25 cents at tho mill.
"A s the cost o f handling small lots is relatively higher and the credit
risks aro greater, wo aro willing to admit that tho smaller consumer should
pay about 1
cents per 100 lbs. m ore than tho big ono. Some o f tho big
newspapers uso 50,000 tons apiece annually, which Is about as m uch as all
tho little ones com bined consume.
“ W o aro ready to suggest that what Is a reasonable price be determined
b y the parties signing tho agreement which wo propose and that in case o f
disagreement tho m atter bo arbitrated or subm itted to the Federal Trade
Comm ission. W o ask that there bo no discriminations In price except as
regards differences In freight rates.”

The members of tlio Trade Commission present at the New
York conference wero William J. Harris, Joseph E. Davies
and W. H. Parry.
At Saturday’s conference in Washington between the
Trade Commission, tho publishers and news print paper
manufacturers and jobbers, held for the purpose of working
out a plan of equitable distribution of the nows print supply,
a conflict of opinion developed betweon the representatives
of the largo and small nowspapers. A plan proposed and ap­
parently favored by tho Trade Commission, manufacturers
and the small publishers, under which largo publishers would
relinquish 5% of their 1917.quota to the smaller publishers,
met with immediate opposition. Tho largo publishers de­
clared they woro being made tho victims of manufacturers
who, by diverting machines now on wall paper and wrapping
paper back to making news print, could solve tho shortage
problem within a few days. Both largo and small publishers
insisted that the plan called for no concessions by tho manu­
facturers.
The plan proposed providod that tho 5% turned back by
tho large establishments be apportioned among tho small
publishers at the averago contract price charged the large
publishers. This would be botween three and four cents
a pound. The jobbor would receive in addition about 1%
for handling. Committees of the publishers, manufac­
turers and jobbers wore named to continuo conferences with
the Trade Commission tho present wook in an effort either
to perfect tho plan proposed or to work out some other
acceptable plan. According to the Now York “Times,”
Frank P. Glass, President of the American Newspaper
Publishers’ Association, told the conference it was the
opinion of consumers generally that some factitious control
of the market was operating to manipulate prico and dis­
tribution of paper. Commissioner Davies said that the
Trade Commission was continuing its investigation of the
causes of tho present scarcity of papor and would try to fix
the responsibility where it should be placed. The “Times”
says :
Beginning with 1910, M r. Glass said, publishers had acted on warnings
given and cut their waste and freo copies and reduced consum ption in
m any cases by 2 5 % . This econom y represented at least 50,000 tons in
tho last six m onths. lie charged that whilo consumers could not got paper,
jobbers always wero ablo to get what they wanted. l ie also said the
quality o f paper nowadays was very poor. M a n y publishers, ho explained,
felt that any activity on their part to obtain relief b y concerted action
would result in their being punished b y a refusal to sell them paper at all.
M r. Glass read a telegram from tho Chicago offico o f a m anufacturer in
which an offer o f a five-year contract at $3 10 a hundred pounds was made,
and at tho same tim e tho N ew York offico o f tho same manufacturer had
announced that paper could not bo supplied at all until Juno. This was
taken to mean that actual manipulation o f tho market was in progress.

It was brought out at Saturday’s conference that although
the cost of production—as disclosed by the Trade Com­
mission’s investigation—had romained about stationary,
prices to the largo publishers had advanced from 2.15 cents
a pound on 1916 contracts to an averago of 3 10 on 1917
contracts, with an added item in that mills next year quote
prices at the factories instead of at tho place of delivery.
A prospectus issued by one manufacturing concern was
presented to show that the manufacturer endeavoring to
sell stock in his mill claims a profit of $15 a ton on papor
manufactured this year, in addition to a surplus accumu­
lated.
With the renewal of the conferences on Monday of this
week tho Commission addressed inquiries to all the interests
concerned throughout the country to ascertain if an actual



that certain essential inform ation concerning supply and dem and could
be obtained only through further inquiry.
It was, therefore, decided that the several com m ittees should be re­
quested to send telegrams to the companies and individuals they repre­
sented, requesting certain facts. T he com m ittee representing the news
print manufacturers was requested to secure inform ation as to tho amount
o f paper on hand and contracts for 1917; also inform ation as to supplies
to custom ers in six m onths’ periods for tho years 1915 and 1916. T he
com m ittee representing tho jobb ers’ association was requested t o furnish
inform ation as to tonnage delivered to them b y mills during the same
{jeriods; also tonnage prom ised them b y mills for the first six m onths of
1917. T he several publishers’ associations wero requested to furnish in­
form ation as to tonnage used in six m onths' periods in 1915 and 1916,
minimum quantity o f paper required b y each publisher in 1917, and tonnage
contracted for in 1917.
B ach o f the com m ittees im m ediately dispatched telegrams to their
several members asking for the above inform ation. T he commission finds,
how ever, that m any publishers and particularly the smaller publishers of
tho country, aro not affiliated with associations, and therefore will not
bo directly reached through the telegrams sent out b y the publishers’ com ­
m ittees. Such publishers are requested b y the Commission to send full
inform ation concerning their present situation as to supply and thoir m ini­
m um requirements for next year direct to tho o ffice o f the Commission in
W ashington. Answers to the requests o f the several com m ittees will be
sent to such com m ittees as directed in the telegrams.
T he Comm ission states that this inform ation is necessary in order that it
m ay reach a conclusion as to the practicability o f the proposed plan for an
equitable distribution o f tho supply of news print paper which was proposed
at the hearing held on Saturday.

On the same date the following telegram was sent to
publishers by L. B. Palmer, manager of the American News­
paper Publishers’ Association:

Answers to tho follow ing questions are earnestly desired b y the Federal
Trado C om m ission. T h e E xecutive C om m ittee o f tho C om m ittee on Paper
urge you to reply fu lly and correctly b y wiro, and believe that your com ­
pliance with this request will be in you r own interest As well as that o f the
public:
“ First— Tonnago o f paper used b y six m onths periods, Jan. 1 1915 to
D ec. 31 1916.
“ Second— Tonnage you want to contract for 1917.
■
“ T h ird — T onnago you can get along on for 1917.
“ F ourth— Tonnago contracted for 1917 or any part thereof, with date
o f expiration o f contract.
F ifth— Tonnago assured or promised but not under contract for 1917 or
any part thoreof, with data o f expiration o f said assurance."

It was stated by the members of the Commission on the
20th inst. that at least a week would elapse before complete
answers were received to the inquiries. When the informa­
tion is returned the manufacturers, jobbers and newspaper
publishers will be called for a final conference to discuss the
distribution plan proposed by manufacturers to insure small
publishers a proper paper supply.
Exports of paper and paper manufactures this year will
bo about $40,000,000, doubling those of any previous year,
according to figures assembled on tho 20th inst. by the Bureau
of Foreign and Domestic Commerce. Increasing exports,
some publishers charge, has been one factor in increasing
prices for news print paper. News print paper exports this
year have reached a total value of $3,430,000, against $2,­
260,000 last year, about half of it going to Latin-America.
Tho largest purchaser was Argentina, which took $905,000
worth; Cuba was second with $365,000, Australia third with
$302,000, and the United Kingdom fourth with $233,000.
On tho 15th inst. the Senate adopted a resolution offered
by Senator Kenyon directing tho committee on Printing in
view of the scarcity and increasing cost of print papor to
investigate tho subject and recommend what Government
publications might be temporarily suspended and what
economies might be practiced in the various Government
departments in the interest of conservation of paper. The
resolution follows:
W hereas tho cost o f print paper has so enorm ously increased; and
W hereas the demand for such paper is constantly increased; and
W hereas great quantities o f print paper aro used b y the Governm ent in
printing useless bulletins, pam phlets, books, e tc.,: and
Whereas in tho present em ergency regarding print paper tho supply should
be conserved; Therefore be it
Resolved, That tho Com m ittee on Printing o f tho Senate bo directed to
investigate the subject and to report to tho Senate within 30 days from the
passage o f this resolution as to what bulletins and publications, if any,
issued by tho G overnm ent m ay bo suspended tem porarily at least, and as
to what economies m ay be practiced in tho uso o f print paper and other paper
b y tho Governm ent in tho various Governm ent departm ents.

It was stated on the 19th inst. that a special rule to bring
up for immediate consideration a resolution of Representative
Mann of Illinois for an investigation of the increase in the
price of print paper, will bo reported out of the House Rules
Committee immediately after the Christmas holiday recess.
At a meeting held in Boston on the 7th inst., the Associa­
tion of National Advertisers adopted resolutions approving
“reasonable increases in the selling price of periodicals and
newspapers” because of the higher cost of white paper.

2306

THE CHRONICLE

[Vol. 103.

It is reported that the Canadian Government has ordered a alike from tho standpoints o f securing tho national revenue and o f safo
new scale of prices for print paper, to go into effect shortly. guarding our foreign trado.systom o f international trado relations now boing
Though much o f tho now
bolioves
The U. S. Federal Trade Commission has inquired for details proposed must remain tentativo during tho war, you r Com m itteoith each
that imm ediate provision for securing flexibility for dealing w
of the new schedule.
international trado situation as it arises is not on ly possiblo but essontial
for tho United States, if our foroign trado is to enjoy equal advantages with
an important placo
On the 1st inst. it was announced that the President of the that o f European nations. Such elasticity should holdfor national rovonue
in any
whother
general olicy bo
London Board of Trade had informed the Paper Commission only or tariff system , and trado itsrotection, pthrough provisions for negotia­
for industrial
p
m ercial
supplemented y others
dis­
that the Government had decided that the imports of paper tion o f compowers intreatiesExecutivo. T ho b Europoan vosting cortain long
tho
nations havo
materials must, from Jan. 1 next, be placed on the same foot­ cretionary to tho advantages o f acting undor this principle; but, while
been alivo
ing as the imports of paper. That is to say, the imports of various attem pts havo been mado in our ta riff legislation to provide for
except in tho caso
paper-making materials must bo reduced by one-half instead preferential arrangements, those,tho arrangements in o f C uba, havo boon
Carofid study
operation
of one-third as at present. In order to give effect to this de­ unsuccessful. which havo beeno ftried hero, in tho opinion o f your Cin Europo
as well as those
om m itteo
cision, it is stated, that the licenses issued by the Commission should thereforo bo im m ediately entered upon b y tho United Statos T a riff
Commission with
co-operation
com m ercial organizations for
for importation in respect to the supply already allowed for purposo o f dovisingtho definite plan ooff oxecutivo machinery to securo tho
tho
the two months January and February 1917, will be reduced essential elasticity oaf ta riff operation necessary to m oet well developed
so that allowance for that period will be one-fourth less than powers o f this naturo possessed b y other governm ents. Such a plan, your
Com
bolioves, should bo
it would have been if tho reduction had remained at one-third. tion m itteo earliest opportunity.incorporated in tho tariff system b y legisla­
at tho
Advices from Paris on the 9th inst. stated that thero had
been a semi-official announcement to tho effect that tho NEW RESTRICTIONS ON EXPORTS TO RUSSIA BY
French Government had decided to prohibit tho importation
ENGLAND.
of printing paper. Tho object, it was stated, was two-fold; Great Britain’s recognition of tho agreement between
to help raise tho exchange and to encourage tho French paper Russia and Sweden for regulation of imports into tho formor
industry, which, in view of the local resources in lumber, through the latter was said at the British Embassy at Wash­
ought to be independent of foreign supplies.
ington on the 8th inst. to bo wholly without design to impose
fresh restrictions on American or other neutral trado with
NEW YORK CHAMBER OF COMMERCE ON INTERNA­ Russia. The circular issued by the British Embassy was
supposed to provide new restrictions on American trado with
TIONAL ALLIANCES A N D AMERICAN TRADE.
The immediate need for a comprehensive study of tho bear­ Russia, since it set forth conditions to govern the shipments
ing of the foreign policies now being formulated by Europe passing through tho blockade lines into Sweden, through
upon the future of American overseas commerce was pointed which country most American exports to Russia aro handled.
out in a report presented to the Chamber of Commerce of Aside from goods destined for the Russian Government,
the State of New York on Nov. 2 by Willard Straight, only thirty-four commodities can be sent to Russia under
Chairman of the Chamber’s Committee on Foreign Com­ the regulations, and rigid conditions must be complied with
merce and tho Revenuo Laws. In a resolution contained in before letters of assurance for the shipments are issued. The
the report and adopted by tho Chamber tho latter authorized circular further stated that the list of goods for which the
its Committee on Foreign Commerce and tho Revenuo Laws British Embassy will issue letters of assurance to Amorican
“to enter into communication with the leading American exporters to Russia and Finland included the following for
commercial organizations hero and abroad, and with the which such assurances aro givon under the present regula­
Congressional committees and Federal departments and com­ tions:
Binoculars,
eters,
and citric
missions concerned with international relations, for the pur­ acids, dyos, medicam ents and therm omplatos, sulphur, tartaricmachinery
phosphorous,
pose of securing by scientific, co-operative study a mutual except lathos, varnishos, photographic bluo copporas, vogotablo soeds,
carbonate o f am m onia,
understanding of tho possible effects upon American foreign paraffin, oils, tar, wax, rosin, American cotton , salt and rico.
commerce, including both the import and export trade, of the The remaining articles on the list have not been subject
trade policies which may bo developed by the economic to such regulations before. They aro metals, excopt lead,
alliances.” The resolution proceeded:
rubber, leather, castor oil, graphite* jute sacks, wool, twine,
Bo it further
shellac, cocoanuts, Egyptian cotton, woolen blankets and
Resolved, That tho Chamber expresses its boliof that tho developm ent o f
tho foreign trade o f tho United States will bo best safeguarded and pro­ pepper.
m oted b y tho adoption o f moasures which shall assuro greator elasticity
Letters of assurance will be granted only if tho goods are
in tho negotiation o f tariff arrangements; Bo it further
consigned to the Aktiebolaget Transito, Stockholm, which
Resolved, That tho Chamber authorizes its C om m itteo on Foreign C om This company must
m orco and tho Bovenuo Laws to bo represented at any hearings which tho arranges all Swedish transit licenses.
United States T a riff Comm ission m ay hold , for tho purpose o f presenting first have granted such a license and must havo complete
its views as to tho fiscal and com m ercial aspects o f tho tariff problem , with­
information as to tho goods, gross and net woight, value,
out theroby com m itting this Chamber to any specific p olicy or individual
name of the sender, shipping line by which tho consignments
view which m ight bo expressed in such capacity.
As a preliminary to tho offering of the resolutions tho are to be transported, and namo and address of the con­
signee in Russia or Finland, together with tho original bill
report sot out:
T ho C om m itteo on Foreign Com m orco and tho Revenue Laws, having of lading and indorsed copy.
watched developm ents o f vital concern to tho com m erce o f tho United
Tho Swedish-American Line, tho Swedish-Amorica-Mexico
States growing out o f econom ic conferences and proposals for tho trado
alliances among tho Central and Entonto Allies and betwoon tho Kingdom s Line and the Scandinavian-America Lino aro named for the
o f N orw ay, Sweden and Denm ark, bolioves that thero is imm ediate need shipment of goods under this schomo, and fivo Now York
fo r a com prehensive study o f tho bearing o f tho policios now boing form ulated
banks have been suggested as agents and financiers. Freight
upon tho future o f American overseas com m erce.
T ho European com m orco o f this cou ntry, o f which agricultural and other must bo prepaid to the point of discharge in Scandinavia
raw products form so largo a part, in tho yoar boforo tho war, amounted to and must carry an agreement that if anything interferes
S2,3 8 2 ,101,597, or 55% o f tho total foreign trado. In developing and
holding this com m orco tho United States has on joyed tho bonefit o f most with its transit it may bo stored, sent by a different route
favored nation agreements. After tho war such arrangements which previous­ or returned to tho United States or one of tho Allied coun­
ly safeguarded tho exports o f agricultural and other raw products to Groat tries, always at the expenso of tho owners.
Britain and Franco aro threatened with abrogation in favor o f tho products
As explained at tho British Embassy on tho 8th inst., the
o f Russia, Canada, Australia and other allied countries and colonies now
bound togother so closely b y their com m on sacrifices. Our production circular, which was dated in October, was intended for the
o f manufactured articlos already increasing boforo tho war has boon groatly
information of trade interests and did not add in any re­
stim ulated during the past tw o years. There scorns to bo somo danger
that these oxports now abnorm ally largo m ay bo ultim ately reduced below spects to the list of articles which might bo passed through
tho ante-bellum figures becauso o f tho preferential arrangements botweon the blockade lines as the list had already existed for a long
tho members o f theso groups and botweon these groups and other countries.
time and had been published officially in England. More­
Though thoro seems ground for reasonable doubt whether it will bo
posslblo to put into full operation tho plans now contem plated b y those over, tho limitation upon tho importations as a whole was
econom ic and political groups, it must bo recognized that tho bost political, imposed actually by the Swedish Government, it was de­
econom ic and diplom atic minds o f Europo havo for tho last two years been
Intontly at work devising trado policies which if put into effect would clared, and not by Great Britain.
ellminato m uch that is inhoront in tho International tariff structure which
This is explained by tho fact that tho Swedish Government
has boon developed sinco 1871. In any case com m ercial troatios between has limited to a certain kind and amount tho goods per­
belligerents and neutrals have been terminated b y tho war and must ulti­
mitted to pass through Sweden to Russia, making its allow­
m ately bo replaced b y now instruments.
Y ou r Com m itteo fools, therefore, that the appointm ent o f tho United ances upon the amount and kind of goods which tho Allies
States T a riff Commission is a m atter o f peculiar im portance at this tim o. permit the Swedes themselves to obtain through tho block­
This Chamber lias for tho past soveral yoars favored a permanent non­
Tho limitation im­
partisan com m ission o f this kind. Its investigations, which should bo ade lines for their own consumption.
im m ediately Initiated, should furnish material o f unusual valuo in framing posed by the Swedes upon the character of goods that might
the now com m ercial treaties which tho United States will shortly be obliged
be imported, being in somo cases rather general in terms,
to negotiate. T he deliberations o f this Comm ission should furthermore
gira opportunity for discussion o f tho broad questions o f tariff p olicy viewed tho Russian Government was allowed itself to namo the



dec.

23 1916.]

THE CHRONICLE

commodities which it wished to be granted a preferential
right of transit through Sweden.
It was this list which the trade department of the British
Embassy adopted as an accommodation to the Russian and
Swedish Governments and promulgated in its circular as
the basis of letters of assurance.
A Washington dispatch to the New York “Times” under
date of Dec. 8 contained the following with reference to the
Russian trade question:
Jiy tho spring o f 1917 the Russian ports will bo open to almost every
com m ercial article, according to John H . Snodgrass, United States ConsulGonoral at M oscow , who Is spending several days at tho N ow York o ffice
o f tho Bureau o f Foreign and D om estic Com m ereo. Since the beginning
o f tho war on ly Governm ent cargoes, such as munitions or supplies needed
for tho arm y, have been adm itted. T ho effect o f this has boen to discourage
Am erican com m ercial transactions with Russia.
“ W ith tho increasing demand for com m odities,” said M r. Sondgrass,
“ and tho opening o f now railroads, the ports o f K ola and Archangol will
bo allow ed to receive consignments o f all kin d s.”

STATE

CONTROL

OF

SUGAR
IT A LY .

C O N SU M PTIO N

2307

between the two Governments, and consummation of
negotiations that have been in progress intermittently since
the Civil War.
On Oct. 24 a commission from the islands of St. Thomas,
St. Croix and St. John, "arrived in New York City, en route
to Denmark for the purpose of testifying as to the practica­
bility of selling the islands. J. P. Jorgensen, a lawyer of St.
Thomas, one of the delegates, stated that the sentiment of
tho people in the islands (St. Croix, St. Thomas and St.
John) was in favor of the sale. Reports from St. Thomas
on Oct. 6 stated that all the delegates were instructed to
recommend the sale and that the St. Croix delegates were
told not to recommend reforms. Andreas Stakeman and
Francis Coulter, two of the delegates returned to New York
on the 21st inst. on the steamship Oscar II. They said that
it was on their report indicating the desire of the residents
of the islands to become part of the United States that the
approval of the sale by the plebiscite was brought about.

IN
G R E A T B R I T A I N G R A N T S S A F E C O N D U C T TO

The following concerning a decree for the Government con­
A U S T R IA N AM BASSADOR.
trol of the consumption of sugar in Italy is reported in Com­ That the Entente Allies decided to grant a safe-conduct to
merce Reports of the 6th from the British Board of Trade Count Adam Tarnowski von Tarnow, the recently appointed
Journal of Nov. 23.
Austro-Hungarian Ambassador to the United States, was
A decroa lias been issued for the Governm ent control o f tho consum ption
the announcement made by the British Foreign Office on the
o f sugar in Italy , under which a com m ission is created at tho M inistry o f
15th inst. The Foreign Office explained, it is stated, that the
Agriculture to regulato the consum ption o f sugar, and a Governm ent com ­
missioner will bo appointed at all factories, efinerios, e tc., which produce safe-conduct was granted in consideration of the representa­
sugar. W ithout tho authorization o f theso officials no goods can bo dis­
tions made by the American Government. On the 21st inst.
patched or delivered.
Tho com m ission will determine tho am ount o f sugar to bo assigned m onth­ it was announced that France, as well as Great Britain, had
ly to each Province, both for direct consum ption and for industrial purposes. instructed her naval commanders to give unhindered passage
T ho local authorities aro in their turn charged with the distribution o f sugar
through the blockade lines to Count Tarnowski. On
in tho districts whicli they administer. Tho m anufacture o f any products
containing sugar is forbidden unless a special license, for which a tax lias to
the 11th inst. it was made known at Washington that another
bo p a id , has been obtained.
communication had been sent by the State Department to
Great Britain and France, with reference to a safe-conduct
P L E B I S C I T E F A V O R S S A L E O F D A N I S H I S L A N D S TO
for Count Tarnowski, through the Allied blockade. The
U N IT E D STATES.
communication repeated, as in the former note, that this
Advices received from Copenhagen on the 14th inst., an­ country regarded tho unhindered passage of a new envoy as
nounced that the plebiscite held in Denmark on that date part of the admitted right of diplomatic intercourse and
on the question of the sale of the Danish West Indies eiterated the opinion that the Allies were exceeding their
to the United States, resulted in 283,000 votes in favor of rrights in seeking to hinder such intercourse between this
the sale out of a total of 440,000 votes cast. On the same country and Austria. The note was very explicit, it is
dato the following resolution was adopted at a mass meeting stated, in pointing out, as in the note of Nov. 29, that the
held in St. Thomas (one of the Islands) and cabled to Copen­ United States did not demand the safe-conduct for the
hagen:
Austrian envoy, in its own name, but was merely explaining
" T h o island does not desire to bo governod b y Porto R ico, but wishes to
This
bo perm itted to m anago its own affairs under tho Fodoral G overnm ent, what it regards as the international law in the matter.
Am erican citizenship to bo accorded imm ediately on tho transfer, tho port note was prompted by the fact that no reply had yet been
to bo free and natives to be given preference in appointm ents to G overn­
received from either France or Great Britain, whereas the
m ent p ositions.”
from Rotterdam
The treaty providing for the purchase of tho Danish West new Ambassador was expected to sail our issue of Dec. 2.on
first
outlined in
Indies for the sum of 825,000,000, was signed by Secretary Dec. 16. The madenote was the House of Commons on the
In
before
of State Lansing and tho Danish Minister, Constantin Brun 19th remarks
inst.,
ex­
on Aug. 5. The treaty was ratified by the United States plained the Lord Robert Cecil, Minister of Blockade,safecircumstances regarding
a
Senate on Sept. 7. On Aug. 14, tho Folkething or lower conduct, to Count Tarnowski. The the requests for a safefirst request for
houso of the Danish Parliament voted in favor of the §alo of conduct, he said, was made by the Austro-Hungarian Govern­
tho Islands, provided a plebiscite favored tho sale. Before ment through Walter Hines Page, the American Ambassador,
and after the vote of tho Folkething many committees were this was refused.
the Foreign Office was informed by
formed in tho Landsthing—or upper houso of tho Danish Ambassador Page Then it was the desire of the American
that
Parliament, to consider the bill for tho ratification of the Government to receive Count Tarnowski and his suite, and
sale. Tho deliberations wore also markod by the proposal of
hoped that in
Promier Zahle that the government resign and that tho dif­ granted. Lordthese circumstances a safe-conduct would be
Robert added that the British Government
ferent factipns help in the formation of a new Cabinet repre­
had desire to refuse the request, and assurance
senting the various parties. Reports received from Copen­ givennothat Count Tarnowski and his suite wouldhad been
not be
hagen on Sept. 8, showed that all attempts to form a coali­ prevented from landing.
tion Cabinet had failed.
On Sept. 12 Premier Zahle introduced in the Landsthing a
bill having for its object, the settling of tho question by a A M B A S S A D O R G E R A R D ' S R E T U R N TO G E R M A N Y .
plebiscite or popular election before the salo of tho West James W. Gerard, American Abassador to Germany,
Indies bo submitted to tho Rigsdag. On Sept. 30 tho bill left for his post on the 5th inst., after an extended holiday
for a plobiscito on tho sale of tho islands was passed by both in the United States of nine weeks. Mr. Gerard carried
houses of tho Danish Parliament. Following tho approval with him on his return voyage many tons of food pressed
of the salo by the popular vote on tho 14th inst. the Folke­ upon him by his friends who had learned of the difficulty
thing, after a single reading on tho 20th inst., adopted the in obtaining provender in Germany. In addition to this
bill ratifying tho treaty. Tho voto was 90 in favor of and 16 he took with him the equivalent of 100,000 marks, which
against ratification. When the bill came up for discussion will be distributed through the Embassy to needy widows,
in the Folkething on tho 20th, fourteen members, of whom orphans and other war sufferers. The money was raised
six were conservatives and eight of the left party,’ joined in as a result of appeal issued on Thanksgiving Day by the
moving an amendment asking the Government t o negotiate American Relief Committee of which Geo. B. McClellan
with tho United States to purchase only St. John or St. is Chairman and John D. Crimmins, Treasurer.
Thomas, while Denmark would retain the other two islands.
This w'as rejected by 90 to 14. Tho proposal for the salo of
D E U T S C H L A N D 'S A R R IV A L I N G E R M A N Y .
all three islands was then adopted. The Landsthing voted Tho German commercial submarine, Deutschland, com­
favorably on the proposition on the 21st inst., the voto being pleting a quick trip home from the United States, arrived
40 to 19. Tho approval by Denmark’s Parliament of the off the mouth of the Weser on Dec. 10. According to wire­
treaty opens tho tray for a prompt exchange of ratifications less reports received from Berlin by way of Sayville, on that



3308

THE CHRONICLE

date, the Deutschland’s arrival at a German port marks
the successful completion of the second round trip of this
commercial undersea boat to the United States. On the
voyage just finished by the Deutschland, she made the
passage in nineteen days, having left New London, Conn.,
on Nov. 21. Her previous eastward trip from Baltimore
took twenty-three days. Her two westward voyages
occupied sixteen days and twenty-one days respectively.
A sister ship, the Bremen, which was also built for com­
mercial purposes, was lost on her first voyage. Paul G. L.
Hilken, Vice-President of the Eastern Forwarding Co., the
American agent for the undersea boat, stated oh the 10th
inst. that the Deutschland will make another trip to this
country within the next few weeks. He added that the sub­
mersible would make regular trips as long as the war con­
tinued. Mr. Hilken also said that the cargo taken to
Germany by the submarine was valued at $2,000,000.
While leaving here Nov. 21 last, the Deutschland met with
a serious mishap; by accident it rammed its convoying
tug, the T. A. Scott Jr., and was forced to return to port.
Five lives were lost as a result of the accident. Suits amount­
ing to approximately $200,000, were begun against the
Deutschland’s owners by the families of the deceased sea­
men. It was necessary for the Deutschland’s owners to
put up a bond of $97,500 before the Deutschland, which
had been attached by the Government, was permitted to
leave. A more detailed account of the accident is given in
the “Chronicle” of Nov. 25.
FEDERAL STEAMBOAT INVESTIGATORS EXONERATE
SUBMARINE DEUTSCHLAND.

As a result of the investigation made by the Federal
steamboat inspectors concerning the sinking of the tugboat
T. A. Scott, Jr., by the German merchant submarine
Deutschland Nov. 17 last, Paul Koenig, Captain of the
Deutschland was exonerated and the accident attributed to
a mistaken bell signal given by Captain John H. Gurney of
the sunken tug. Part of the report reads:

W o aro satisfied that the Deutschland was bolng navigated in a careful
and com petent m annor b y C apt. Paul K oenig, prior to the collision; that
he did all in his power to avert the collision, and that ho m ade all duo efforts
to effect the rescue o f the crew o f the T . A . S cott, J r., all o f whom wore
evid ently trapped at thoir posts o f d u ty, so quickly did tho tug sink.

Reference to the sinking was made in our issue of Nov. 25.
SCANDINAVIAN LINES TO INCREASE FREIGHT
RATES TO U. S.

According to a cable from Copenhagen on tho 15th inst.,
a dispatch from Malmo, Sweden, to “National Tidende,”
says a decision to increase freight rates to America by 75%
has been reached at a conference in Gothenburg of repre­
sentatives of tho Scandinavian-American Line, the Danish
United Steamship Co., the Norwegian-Mexico Line, tho
Swedish-American-Mexico Line and the largest Scandinavian
exporters.
Local representatives of Swedish, Danish and Norwegian
steamship lines, the New York “Commercial” reports,
stated on the 15th that they had not been officially advised
of a proposed advance on import freight rates, but recent
correspondence from their home offices indicated a new
tariff was being prepared, to go into effect Jan. 1.
RESIGNATION OF DR. VAN D Y K E A N D MINISTERS
TO COLOMBIA A N D SIAM.

The resignations of three diplomatic representatives of
the United States Government were announced at Wash­
ington on Dec. 4. Thoy were those of Dr. Henry van Dyke,
Minister to tho Netherlands; Thaddeus A. Thompson,
Minister to Colombia, and William Hornibrook, Minister
to Siam. The most important of these is, of course, that of
Dr. van Dyke, who was appointed Minister to tho Nether­
lands by President Wilson in 1913. Dr. van Dyke, previous
to joining the consular service, was for years Professor of
English Literature at Princeton University. The reason
assigned for his withdrawal from the diplomatic corps is his
desire to resume his literary work unhampered. Dr. van
Dyke’s resignation is said to have boon in the hands of the
President since September, but President Wilson expressed
reluctance to accept it and asked how long the Minister would
consent to remain at his post. Dr. van Dyke replied that
he desired to consult the President’s convenience and that
he was willing to stay until early in 1917, or until after his
successor was chosen and confirmed. In discussing his



[Vol . 103.

resignation, Dr. van Dyke is quoted as having said:

I purposely kept tho m atter o f m y resignation quiet during the electoral
cam paign because I did not wish any pollCical significance to be given to
it. It has nono. Tho main reason was m y wish to return to w ork as a
writer with full freedom to say what I think and feel.

Dr. van Dyke’s successor, it is surmised, will be John U.
Garrett of Baltimore, former Minister to Argentina, who left
the diplomatic service with the advent of the Wilson Admin­
istration. Mr. Thompson, Minister to Colombia, was
appointed in 1913; his home is in Austin, Tex. Mr. Horni­
brook was appointed Minister to Siam in 1915, and lives at
Albany, Ore. Mr. Thompson is a ranchman, planter and
lawyer, while Mr. Hornibrook is a publisher and has figured
in Oregon politics._____________________
COUNT VON ROEDERN I N ANSWER TO BRITISH
STRICTURES TO GERMANY’S FINANCES.

A reply made by Count von Roedern, Secretary of the
German Imperial Treasury to contentions of T . McKinnon
Wood, the British Financial Secretary to the Treasury,
respecting Germany’s finances was contained in a wireless
message received at Sayville from Berlin on tho 12th. The
facts furnished by Count von Roedern were set out in an
interview with a representative of the Associated Press,
what he had to say dealing with criticisms made by the
British Financial Secretary that Germany ^ was keeping
secret essential factors of the financial situation, Count von
Roedern in the discussion showing how the figures are con­
tained in the accounts published by Germany. The wire­
less account of Germany’s methods as explained by Count
von Roedern and printed in the New York “ Times” follows:
“ Germ any’s war finances aro an open b ook , from which an attentive
reader can learn tho height o f the war expenditures, tho maximum lim it o f
the floating d eb t, and details regarding war outlays o f tho Foderal States
and municipalities necessary for form ing a Judgment as to tho soundness o f
G erm any’s financial p osition.”
C ount von Roedern, like tho business men with whom tho correspondent
has talked , scouted tho possibility o f Germany em barking aftor tho war on a
p olicy o f "d u m p in g ," pointing to tho absonco o f accum ulations o f m anufact­
ured goods for such a purposo and the expected high cost o f raw materials
at tho conclusion o f tho war as preventive factors, but declared that the
restoration o f the normal oxchango rate o f tho mark would have been as­
sisted b v the restriction o f certain Im ports, partly owing to high prices and
tho simpler scale o f living introduced during tho war, and partly because
Germ any, under pressure o f necessity, had learned to uso hom o substitutes
for various raw materials, o r , as in tho caso o f nltrato fertilizer, to supplant
im ported articles with hom e products m anufactured at considerably lower
cost.
"T h e German G overnm ent,” said C ount von Roedern, “ has been pu b ­
lishing during tho war statements o f revenues and expenditures for tho pre­
ceding fiscal year in exactly tho samo fashion as boforo, nam oly, tho sub­
mission o f tho usual budgot in tho Reichstag. T his was done at tho bo­
ginning o f 1915 and 1916 and will be dono again in 1917. T ho war expendi­
tures for tho arm y and fleet d o not appear, it is truo, in tho budgot estimates,
but their maximum can b e obtained from tho am ount o f war credits votod
b y Parliament, Just as in England. Groat Britain does not publish a
detailed account o f war expenditures any m ore than doos Germ any.
" M r . W ood has declared that whilo wo publish tho am ount o f our war
loans we conceal tho floating obligations o f tho ompiro. W hoever takes
tho troublo to study carefully our financial arrangomonts will soo, on the
ono hand, the total war credits voted to tho present, and on tho othor hand
tho total long-term loans, the exact figures o f tho subscriptions having
been published. T ho difference between tho tw o sums represents a m axi­
mum amount for which short-term Treasury certificates m ay bo issued.
That m aximum, how over, Is, naturally, approached only on tho evo o f the
grant o f a now credit, and is at present far from bolng reached, sinco the
previous credit was authorized on ly last m onth. W ith oacli o f our five
war loans wo have been abio t o convoko tho greater part o f our outstanding
short-term obligations into tho fundod loan scope. This will bo tho case
in the fu tu re.”
W ith respect to tho com m unes in G erm any, tho Secretary said: " I will
only repeat what I recently said in tho Roichstag that tho ompiro Is refunding
to tho com m unes ono-fourth o f thoir expenditures for war relief, tho sum
thus repaid being roughly 500,000.000 marks. This statement makes it
possible to establish tho sum hitherto oxpendod b y the com m unos for fam ily
relief. Thus you seo Information on thoso supposedly secret items can
easily be obtained.
“ T hat tho Gorman productive forces and Gorman capital power are
abio to creato abd boar tho necossary outlay for Interest service on national
war loans nobody familiar with German capacity for achievement can for a
m om ent d ou b t. W o can, how over, point to a considerable achievement
already In taxation during tho war. Besides tho now permanent imperial
taxes wo havo adopted a tax on war profits, the results o f which aro yet
to bo seen. Unliko England, wo havo not included tho expected return
therefrom in tho budgot. Furthermore, various Federal States havo m ater­
ially increased thoir taxes. These, which aro principally for war relief,
aro naturally not included, as in England, in ono uniform national budget,
becauso Germ any, like the United States, is a federated State. Such ex­
penditures, how ever, can easily b e found in the Prussian budget, for ex­
am ple.”
" I t has boon Intimated b y tho British Financial Secretary that your loans
are largely p aper,” remarked tho correspondent.
"W h a t M r. W ood says about tho character o f tho German war loa n s,"
replied Count von Roedern, “ is Incomprehensible, com ing from tho mouth
o f an expert. IIow can any ono conceive that war loans can arise and
continuo to arise from nowly em itted paper m oney, when thoro aro only
7,000,000.000 in banknotes against 47,000,000,000 in loans? T he latter
represents national woaith placed at the disposal o f tho ompiro, nothing
else.”
W ith respect to a referonco to tho unfavorable rate o f German oxchange.
C ount von Roedern said:
"T h e depreciation o f tho German mark abroad is certainly rcgrotable,
but also unavoidable, and a passing phenom enon. It results sim ply from
tho fact that wo are excluded from tho trade o f the world and from op p ortu­
nities to export, whilo we continuo to havo a certain, if vory lim ited, im port.
This situation will change with the conclusion o f p eace.”

Dec . 23 1916.]

THE CHRONICLE

ARCHDUKE CHARLES STEPHEN SELECTED
AS REGENT OF POLAND.

Arcliduko Charles Stephen of Austria has been selected
to bo Regent of Poland, with the prospect of election as
King later, according to reports received from Warsaw via
London on the 13th inst. Archduke Charles is at present
the commander of tho Austrian navy, and is a brother of the
Queen Mother of Spain, and a cousin of tho late Emperor
Francis. Archduke Frederick, Commandor-in-Ckief of the
forces of Austria-Hungary, and Archduke Eugene, who is in
command of tho army operating against Italy, are his
brothers. Tho Polish State Council, which is to bo es­
tablished in the Polish territory occupied by German and
Austro-Hungarian troops, will bo a provisional body to
remain in offico until elections have been hold and a per­
manent administration has been set up, according to a
wireless from tho Oversea News Agency on tho 9th inst.
This is considered an important step toward tho Polish
autonomy as promised somo time ago. An account of the
granting of political autonomy to tho Poles was given in our
issue of Nov. 11 and 18. There will bo 25 members, com­
posing tho Council. Fifteen will bo appointed from tho
territory occupied by tho Germans and ten from tho territory
hold by tho Austrians. The sessions of tho Congress will
bo held in Warsaw and tho Polish languago will bo tho official
language spoken. Tho presiding officer of the Council will
be elected from tho Council’s midst, and he will be called
tho Crown arshal. It was reported on the 13th inst.
from Warsaw that tho Bavarian State Councilor, Count
Lerclionfeld, will act as German Commissioner with District
Councilor Zyclilinski as his representative. Tho Council
will givo advice with reference to all legislative matters and
will co-operato in tho creation of State institutions. It will
bo entrusted with tho drafting of all orders, relating to
general representation of both parts of the now Kingdom.
Tho Council will also liavo tho right to reach decisions in
regard to tho economic reconstruction of the country. The
German and Austrian administrations, it is stated, will
placo funds to its credit and tho Council will have tho power
of levying additional direct taxes and of contracting loans,
subject to tho approval of tho military authorities.

2309

national law (com pare also Paragraph 46, Section 1, Article 1 o f the Declara­
tion o f London on N aval W arfare) necessarily gave her the character o f a
hostilo merchantman so that she m ight bo captured and sunk as such.
T ho sinking itself was accom plished after the taking over o f the ship's
papers and the saving o f all human life.
I f tho Governm ent of tho United States, in its instruction to the E m ­
bassy in Berlin, states that the Columbian sailed under ballast, then it was
apparently incorrectly inform ed. T ho report m ado b y Captain Curtis in
tho London “ Tim es” o f N o v . 15 had already stated that the ship, when she
encountered tho submarino, had a cargo o f 9,000 tons. T he German com ­
mander, in addition, when Inspecting the ship's papers found, he has stated,
that tho Colum bian had 4,900 tons o f steel plates on board, in addition to
smaller quantities o f various goods, am ong which were copper, potash, soda,
m otor wheels and portions o f machines. A ccording to the descriptions
o f tho captain, tho steel plates were o f grenade steel, and, therefore, were
for the manufacture o f projectiles, and thus, according to Section 21, line
tw o, o f the German prize court orders, wero absolute contraband. Like­
wise tho copper cargo, according to Section 21, lino 38, o f tho prize order,
was absolute contraband.
Sinco tho ship was bound for G enoa, which as is known is an Italian land
and sea fortress and a base o f operations and provisioning o f Italian land
and sea forces, the judicial presum ption o f a hostile destination existed also
for that part o f tho cargo which, like m otor wheels, was only relative con­
traband.

The note, it is said, then goes on to add that the reports
made by the commander of the submarine have been trans­
mitted to a competent prize court at Hamburg, which will
decide as to the legality of the measures taken by the com­
mander, and will consider whatever claims may be made
against the vessel’s cargo.
The Columbian was sunk on Nov. 8 off the coast of Spain.
She was under American registry and under charter of the
France & Canada Steamship Co., with officos in this city.
Tho vessel sailed from New York Oct. 18 with a crew of 113
officers and men, mostly Americans, under the command
of Captain Curtis. No lives wero lost as a result of the
vessel’s destruction.
GERMANY JUSTIFIES SINKING OF LANAO.

The German Government’s reply to this country’s inquiry
on the sinking of the steamship Lanao, Oct. 28 last, was re­
ceived by the State Department at Washington on the 13th
inst. The Lanao was sunk by a German submarine off the
coast of Portugal while on its way to Havre. The German
contention is that the Lanao was sailing under the British
flag and was carrying rice, which is contraband to the enemy,
and that consequently tho German commander was justified
in sinking the ship after the crew had been placed in safety.
Reference to tho Lanao’s sinking was made in our issuq of
GERMANY UPHOLDS SINKING OF THE
Nov. 18. The text of the note which was submitted by the
COLUMBIAN.
German Foreign Office to Chargo Grow on the 8th inst. fol­
In a reply to an inquiry of the United States in rogard to lows:
tho sinking of the American-Hawaiian steamer Columbian,
Foreign Office, Berlin, December 9 1916.
T ho undersigned has
honor to reply
follow s
the
of
r.
the German Government has handed its answer to tho Ameri­ Grow, Charge d ’Affaires thotho United States asf A m erica,t odated note21st Mlt.
of
tho
u
can Charge d’Affaires, Joseph C. Grew, at Berlin. In the Foreign O ffico, N o. 14,420. R elative too tho sinking o f tho steamer
note it is contended by tho German Government that the L anao b y a German submarine.
O
last a German submarino encountered
Columbian after having been stopped by the submarine, was thoOn ayct. 28 avre and captured it as a prizo becauso ittho steamer Lanao on
to
was carrying
permitted to proceed when her flag and registry had been bandwto tho H y. Sinco tho submarino w'as unablo to con du ct thecontra­
enem
Lanao
determined. Later, it is alleged, tho submarine intercepted into a German or allied port w ithout exposing itself to the danger o f sink­
ing, it sank tho
after it had taken tho
T
wireless messages from tho Columbian warning of the U- was then sent onsteamertho Norwegian steamer crow on, board. washo crew
T rom p which
just at
boat’s prcsonco in thoso waters, which in tho German con­ tho tiino in sight. board
tention justified the vessel’s destruction, “for the Columbian T ho steamer Lanao belonged originally to tho Findlay M illar Steamship
sold in July 1916 to tho shipping firm o
by her wireless reports regarding tho position of the sub­ C o . o f M anila; it was,f how ever, and sailed sinco under tho English fla g .f
Hannovig
L
marine, which apparently wero intended to call thithor hostile T h o ownersBrothers o o fondon, Brothers aro tho sons o f the shipowner
o f tho firm
Hannovig
naval forces, had voluntarily put herself into service of tho Christian H annovig o f Berro, N orw ay, and aro like him Norwegian subjects.
T o undersigned requests M
uni­
hostilo defense against submarines and therefore had taken catehtho above to tho Governmr. Grew, tho Chargo d ’A ffaires, to com mself,
ent o f tho United States, and avails him
an immediate part in hostile action.”
& c.
Z IM M E R M A N N .
Tho note says, according to tho Ovorseas News Agency, Tho only question said to be at issue in the case is whether
that when tho vessel was sunk it was impossible on account of tho vessel was under American registry, in which case Ger­
tho woather to see for a distance of three nautical miles. many would bo liable for damages to her owners. It is ad­
Tho wind and sea were very high. Tho note as handed to mitted that tho Lanao was sold by her owners in Manila
Chargo Grow says in part:
boforo starting on her last voyage, but her master has
These wlroless messages prom pted tho com m ander to return and stop reported that the actual transfer of registry had not taken
tho steamer a second tim e. Although tho wind and weather had bocono
This point, it is stated, will bo investigated further.
still heavier, ho succeeded in again sighting and com ing up with tho C olum ­ placo.
bian, and reaching an understanding with her by signals that followed from
tho submarlno that her wireless apparatus was to bo used with diminished
Intensity— only for intercourse with tho submarine.
Tho submarlno then, together with tho Columbian and tho Norwegian
steamer Malto, which had been stopped previously and had a prizo crow put
on board, travclod in a westward direction during tho night, and in tho
morning, during hotter weather, inspected tho ship’s papers o f tho C olum ­
bian. A fter tho inspection tho com m ander docided to sink tho ship because
o f tho assistance sho had given contrary to neutrality
Tho crow, in their own boats, wero con voyed on board tho steamer
Balto, and later, together with the crew of tho lialto, put on tho Norwegian
stoamor Vaeringcn. Tho Vaeringon received an ordor to carry all tho crows to
tho Spanish port o f Camarillas, and executed tho order. T he captain o f
tho Columbian was at first kept b y tho com m ander o f tho submarlno on
board with him, but on N ov . 10 tho captain was landed b y tho submarine’s
com m ander at tho B ay o f Camarinas.
From tho statements mado above tho conduct o f tho com m ander o f tho
submarlno appears fully justified, for tho Colum bian, b y her wireless reports
regarding tho position o f tho submarino, which apparently wero intendod to
call thithor hostilo naval forces, had voluntarily put hersolf into the sorvico
o f tho hostilo defense against submarines, and, thereforo, had taken an im ­
mediate part in hostile action. Such action, under the principles o f Inter­




GERMANY REGARDS STEAMER ARABIA AS ARMED
TRANSPORT.

Inquiries made by Chargo Grow with reference to the sink­
ing by a German U boat of tho steamship Arabia in the
Mediterranean on Nov. 6 wero answered in a note from
Gormany made public the 7th inst. at Washington. It
is contended by the German Government that tho Arabia
was in reality “a transport ship for troops in the service of
tho British Government, which is to bo considered as an
auxiliary warship, according to international law, and can
thoroforo bo treated like a warship.” Tho note sets out that
if official data should be furnished showing that the vessel
was an ordinary passenger steamer, “this then would be a
case of regrettable mistake, from which the German Govern­
ment would promptly draw the appropriate consequences.”

2310

THE CHRONICLE

[VoL. 103

A brief review of the sinking of the Arabia was given in our Thero were ninety-one Americans on board tho vessel,
issue of Nov. 18. The German note, signed by the newly it is said, of whom sixty-eight wero white cattlemon and
appointed German Foreign Minister, Alfred Zimmer- twenty-two negroes. In addition, it is stated that thero
was a veterinary surgeon, Dr. E. A. Carpenter, on board.
mann, reads as follows:
Foreion Office, Berlin, Dec. 4 1016.
A detailed account of the sinking of tho ship, which reached
T ho undersigned has the honor to Inform M r . Grew, Charge d ’Affaires
the State Department by cable from Consul Keplinger at
o f tho U nited States o f Am erica, in reply to tho noto o f tho 21st ultim o.
Foreign O ffice, N o . 14,401, that tho investigation conducted b y tho Gor­
Malta on tho 20th inst. said that tho stcamor, fighting
m an Governm ent concerning tho sinking o f tho British steamer Arabia
through a strong gale and drenching rain in tho Mediter­
has led to the follow ing results:
ranean, was struck astern by what was believed to havo
On tho m orning o f N o v . 6 a German submarine encountered a largo
steam er com ing from tho Cerlgo Straits, 100 nautical miles west o f tho Island
been a torpedo, though no submarine was seen, and that
o f Cerlgo: tho steamer was painted black and had black superstructures, and
twenty-eight men, including the Americans, were drowned
n ot, as Is otherwise the case w ith tho I’ . & O. lino superstructures, a light
color; the steamer, which was Identical with tho A rabia, was not traveling through the capsizing of a lifeboat when tho crow left the
on tho route regularly used b y tho passenger steamers between Port Said ship.
Later a trawler came to the rescue and took the
an d M alta, as Is m ade plain on tho Inclosed m ap, but was taking a zigzag
Russian in tow, but the steamer went to the bottom tho
course tow ard tho west, 120 nautical miles north o f that route; this course,
next day. The consul said ho was informed that tho Rus­
on which tho submarine had passed three similar steamers at tho same
sp ot on tho same m orning, leads from tho Aegean to M a lta , so that the sian was not under Admiralty charter, although sho had
A rabia was m oving on tho transport route C erlgo-M alta, used solely for
delivered a cargo of mules at Saloniki, tho Allied military
war purposes, according to tho experiences until now . T h o com m ander
Tho United States Government, it is
o f tho submarine further ascertained that there were largo batches o f base in Greece.
Chinese and other colored persons in their national costum es on board stated, will make inquiries at once to determine definitely
tho steamer; ho considered them to bo workmen soldiers, such as aro used
If it develops that sho actually
In great numbers behind tho front b y tho enemies o f Germany; in spite o f tho status of the ship.
was a private vessel the German and Austrian governments
tho clear weather and careful observation, he did not pcrcoivo any women
and children.
will be asked whether one of their submarines mado the at­
In those circum stances, tho com m ander o f the submarine was convinced
tack. The Russian left Newport News, Nov. 16 for Alexan­
that In tho case o f this steamer ho was concerned with a transport ship for
She was in command of
troops In tho service o f tho British G overnm ent, which is to bo considered dria, Egypt, carrying 1,400 mules.
as an auxiliary warship according to International law, and can therefore Captain James Dickinson, and is said to havo formorly been
bo treated liko a warship. lie accordingly considered himself justified in
tho Leyland liner Victorian. She was of 8,825 gross tonnage,
attacking tho steamer w ithout delay, and sank It.
Should tho Am erican Governm ent give tho official data showing that built by Harland & Wolff, at Belfast, in 1895 for tho Leyland
tho Arabia was at the tim e o f tho torpedoing an ordinary passenger steamer Lino of Liverpool, which is now a part of tho International
tho action o f tho com m ander would not havo been In accordance with tho
Tho Russian was 512 feet long,
Instructions given him , slnco these Instructions aro now , as beforo. In Mercantile Marino Co.
agreem ent with tho assurances o f tho German noto o f M a y 1916. This 59.2 feet beam and 35 feet depth of hold.
Tho ship, it is
would then bo a case o f a regrettable m istake, from which tho German said, had been engaged in the horso and mule carrying trade
Governm ent would prom ptly draw tho appropriate consequences.
T ho undersigned requests tho Charge d ’Affalres to bring tho a bove for somo time and is reported to havo carriod no armament
to tho knowledge o f tho American Governm ent and avails him self,
when she left Newport News on Nov. 16.
‘
(Signed) Z I M M E B M A N N .
Although it is said iu official quarters that tho German note B A N K IN G , L E G IS L A T IV E AND F IN A N C IA L N E W S.
is not satisfactory to the United States, it is stated that no The sales of bank stocks at tho Stock Exchango this wook
immediate action will bo taken without comploto facts. It aggregate 25 shares. No sales of bank or trust company
was stated further that the entire matter hinges entirely stocks were made at auction.
upon the question as to whether the pledges given to tho Shares. B A N K — New York. Loio. High. Close. Last previous sale.
195
195
D ec. 1916— 19344
United States in tho Sussex case wero broken.
25 N a t. Bank o f C om m erce_____ 193
SINKING OF BRITISH

STEAMER CALEDONIA.

Announcement that the British steamer Caledonia was
sunk by a German submarine on Dec. 4, after she had tried
to ram the undersea boat, was contained in a statement
issued by tho Overseas News Agency on the 13tli instant,
as follows :
It Is officially reported on D ec. 4 tho British passenger steamer Cale­
donia, o f 9,200 tons, triod to ram a German submarine in tho M editer­
ranean w ithout having beon attacked b y the submarine. Shortly beforo
tho submarine had been hit by tho steamer. T he submarine then fired a
torpedo, which struck and sank the Caledonia. Tho submarine was
slightly damaged b y tho shock o f the ramming.
T w o passengers. M a jor Gen. Rananshaw, relieved com m ander o f tho
T w enty-Seventh British Division at Salonika, and Captain Vickermann
o f tho General Staff, with James Blaikie, Captain o f tho Caledonia, wero
taken prisoner b y tho submarine.

It will be remembered that Captain Charles Fryatt of
tho merchant steamer Brussels was executed last July by the
Germans for a similar action, and many demands wero
heard in England at the time that the British Government
should indulge in reprisals against the Germans for the act.
It was reported from London on the 14th instant that owing
to tho fear that a similar fate awaited Captain Blaikie of the
Caledonia, a campaign for reprisals by tho British Govern­
ment was being conducted by tho press, the Navy League
and the Merchant Service Guild. The fear, fortunately,
proves unfounded.
In the London House of Commons on the 19th inst. A.Bonar
Law, Chancellor of the Exchequer, said tho German Foreign
Office had given assurance that Captain Blaikie would not
share the fate of Captain Charles Fryatt. Personal assur­
ance to this effect, Mr. Bonar Law said, had been given to
tho American Embassy at Berlin. It was added that
Germany considered the Caledonia an armed crusier and
that Captain Blaikie, in attempting to ram the submarine,
was merely performing his duty.
T I E SINKING OF THE RUSSIAN.

Seventeen American muleteers and eleven of tho crew of
the British horse transport ship Russian aro said to havo
perished when the vessel was sunk by a submarine in tho
Mediterranean on Dec. 14. According to a statement made
by the British Admiralty:
Tho em pty westbound British horso transport ship Russian was sunk b y a
submarlno in tho Mediterranean on tho 14th. Elovon o f tho crow wero
killed, including tho chief officer, tho first officer, and tho second officer.
A lso soventoon American muloteers wero killod. Their names havo beon
com m unicated to tho American Consul.




Allen L. Lindley, of the firm of Lindloy & Co., 100 Broad­
way, this city, has been elected a member of tho Governing
Committee of tho New York Stock Exchange to succeed
the late J. S. Halle. Mr. Lindley was admitted to member­
ship in the Exchange on Oct. 9, 1902.
The New York Coffee and Sugar Exchange will be closed
to-day (Dec. 23) and next Saturday (Dec. 30), mombors of
the Exchange having voted in favor of tho two extra holi­
days. The Now York Produce Exchango will also be closed
to-day (Deo. 23).
Thomas Cochran, President of tho Liborty National
Bank, of this city, is to become a partner in tho banking
houso of of J. P. Morgan & Co. on Jan. 1 1917. Mr. Coch­
ran is 44 years old and is a nativo of St. Paul, Minn. He
is a graduate of Yale University, class of ’94. His first im­
portant position in this city was as Treasurer of a real estate
company, whoro ho came under tho notice of Henry P. Davi­
son, now a member of the Morgan firm, but at that time
Vico President of the First National Bank. Mr. Cochran
was chosen with Seward Prossor, now President of tho Bank­
ers Trust Co., to help in the organization of tho Astor Trust
Co., which was formed to take over tho business of the old
Astor National Bank. Upon tho organization of tho Astor
Trust he was chosen with Mr. Prosser to sorve as Vico Presi­
dent of tho company. Mr. Prossser later becamo President
of tho Liberty National and in 1914 when Benjamin Strong
Jr., resigned from the Presidency of tho Bankers Trust Co.
to accept tho Governorship of tho Foderal Reserve Bank
of Now York, Mr. Prosser was chosen head of tho Bankers
Trust, Mr. Cochran thereupon succeeding him as President of
tho Liberty National. During his administration tho
Liberty National has mado large growth, its total resources
in Oct. 1914 having been a little over 844,000,000, as com­
pared with total resources now of over $81,000,000. Mr.
Cochran is also connected with other largo business enter­
prises, being a director of tho Astor Trust Co., tho Bankors
Trust Co., tho Interborough Rapid Transit, tho Bankers
Commercial Corporation, tho Kennecott Copper Co., tho
Braden Copper Co., the Hecla Iron Works, tho United Dry
Goods Co., the Associated Merchants Co. and Lord &
Taylor. Mr. Cochran is a Governor of tho Bankors’ Club
of America, and is also a director of tho Liborty National

Dec. 23 1916.]

THE CHRONICLE

2311

Bank; ho will, however, resign from the latter position Many millions in cash and securities were transferred
on January 1 1917. Mr. Cochran’s admission to the across Fifth Ave. on Dec, 17th when the Fifth Ave. office
Morgan firm increases the number of members to twelve. of the Guaranty Trust Co. of New York was moved from
The New York firm of J. P. Morgan & Co. consists of nine tho southwest to the southeast corner of that throughfare
members, viz.: J. P. Morgan, H. P. Davison, Dwight Mor­ and 43d St. The deposits alone, of this office, total nearly
row, E. R. Stettinius, William P. Hamilton, Charles Steele, $40,000,000. The work of removal was guarded by special
William H. Porter, Thomas W. Lamont and Thomas Coch­ officers belonging to the bank, and by squads of city police­
ran. In addition E. T. Stotesbury, H. G. Lloyd and A. E. men and detectives. The task began with the close of
Newbold are members of the Philadelphia firm.
business Saturday, with the cutting away of the steel bars
on the 43d St.
trust company’s
and
Harvey D. Gibson, heretofore Vice-President of the continued untilside of the hour on Sunday. old quarters,Fifth
an early
The new
Liberty National Bank, of this city, has been chosen to the
office of
Trust Co. has one of the largest
Presidency of the institution to succeed Thomas J. Cochran, Ave.strongest the Guaranty world on the southeast corner of
and
vaults in the
who, as elsewhere noted, will become a member of J. P. 43d St.
in
and the
Morgan & Co. on Jan. 1. Mr. Gibson is a native of North buildings The vaults arethe Morgan the only Guaranty Trust
downtown said be
two
Conway, N. II., and is a graduate of Bowdoin College. it in size and invulnerability. to The main door of that equal
this vault
He was first employed by the American Express Co., in weighs
Boston, and then in New York. He later obtained control, lock of nearly 40 tons andislooks like the polished steel breecha great gun. It so accurately balanced, however,
with several business associates, of the Raymond & Whit­ that it can be swung to and fro by a hand’s pressure. The
comb Co., of which organization he became Vice-President. combination
vault
on the door, but on
When Seward Prosser, now President of the Bankers Trust at one side. of the is tho is notlatest handicap that the jamb
This
the safeCo., was chosen President of the Liberty National, he maker has placed on thevery
safebreaker. The mechanism of
invited Mr. Gibson to accompany him as Assistant to the the combination
away by some
President. Mr. Gibson later became Vice-President and explosive withoutmight be blownimpregnability of powerful
impairing the
the safe
was chosen a director of the bank in January 1915.
itself. Moreover the combination can be seen only by the
F. W. Walz has been chosen an Assistant Cashier of the
person who manipulates it. It is at the bottom of an
Liberty National Bank.
electrically illuminated steel cylinder that one looks into
like a telescope. The new quarters of the
The Christmas distributions to employees of the financial of the trust company are directly opposite itsFifth Ave. office
former
institutions throughout the country are noticeably liberal The Fifth Avenue Trust Co. started business location.
there in
the present year. Many of the distributions have already February 1898, and was merged with the Guaranty Trust
been noted in these columns during the past few weeks.
Some of the distributions announced within the last few Co. of New York in January 1910. At that time the de­
posits were $16,800,000; they are now approximately $40,­
days are as follows:
Tho Bankers Trust C o. o f this city on D ec. 16 distributed to its employees 000,000.
the Christmas bonus voted b y the directors. A com m ittee o f senior clerks
recently m ado an exhaustive study o f increased living costs, and in accord­
ance with its recomm endation the com pany distributed in a lum p sum
an am ount varying from 15% to 17% o f salaries as extra compensation
for 1916. This paym ent was in addition to tho bonus o f 5 % o f salaries
and the paym ent o f $20,000 into the em ployees’ pension fund which tho
com pany has m ado for several years past. Tho total distribution tills year
approxim ated 2 7% o f the salary roll.
Tho trustees o f tho Union Trust C o. of this city havo voted tho usual
10% bonus to em ployees, and in recognition o f the increased cost o f living
havo authorized a special and extra distribution as a supplementary wage
o f 10% o f tho am ount o f the salary o f each em ployeo during tho past year,
such paym ent to bo mado one-half Jan. 3 and one-half July 3. This is in
addition to tho usual adjustments o f salaries, which aro to bo m oro gonoral
than usual for the com ing year. The trustees also voted a special distri­
bution to tho officers o f the com pany to be m ado on a somowhat smaller
percentage basis.
Tho Chase National Bank o f New Y ork announced on D ec 18 that it
had decided to give a 10% bonus and a 10% permanent increase in salary
to its employees.
Tho New Y ork C ounty National Bank o f this city has granted a substan­
tial Increase in salary to its em ployees and will also givo them a Christmas
bonus of approxim ately 1 0% . Similar action has boon takon b y tlio West
Side Bank, 481 Eighth Avenue, this city.
Tho Atlantic National Bank o f this city is to pay to its employees who
havo boon in tho servlco o f tho bank for a year or moro a bonus o f 10% .
Tho National C ity C o ., tho bond selling organization o f tho National
C ity Bank, on D ec. 19 announced through its President, O. E . M itcholl,
that tho com pany had decided to pay bonuses o f from 1314 to 2 0% to all
employees whoso yoarly salary is $4,000 or less a year. Tho payments
will bo made in three installments, tho first o f which will bo at the end o f
this week. The bonus o f 20% awarded to tho em ployees o f tho National
C ity Bank was noted in thoso colum ns last week.
Tho Lincoln Trust C o o f this city is presenting all em ployees life insur­
ance policies covering tho amount o f their salary for ono year regardless
o f tho length o f time that they havo boon in tho em ploy o f tho com pany
T he Garfield National Bank o f this city has decided to pay to all its
employees a bonus o f 10% o f thoir yoarly salaries.
T ho Fidelity Trust C o. of this city has voted extra com pensation to em­
ployees ranging from 5 to 10% o f their yearly salaries, according to iongth
o f sorvice.
T ho Germania Bank o f this city lias announced that it will give to its
em ployees this yoar a Christmas bonus o f 1 0% , which is an increaso o f
5 % over tho bonuses distributed b y tho bank in other years.
Tho brokorago firm o f Hornblowor & W ooks at 42 B roadway, this city is
distributing to its em ployees a Christmas bonus o f 33 1-3% o f their annual
salaries. Other bonuses havo boon distributed from tim e to time during
tho past yoar, which, whon added to tho present bonus o f 33 1-3 <7 makes
tho total distribution for tho year 45 1-3% o f tho yoarly salaries
Harriman & C o ., bankers and brokers o f 111 B roadway, this city havo
distributed to their employees a bonus o f 5 0% o f thoir yoarly salaries ’
J. S. Bacho & C o ., bankers and brokers o f this city, aro distributing a
bonus o f 2 0% o f tho annual salaries to em ployees. On Juno 1 last a dis­
tribution o f 15% was m ado.
W illiam P. Bonbright & C o ., In c., is giving to its em ployees 5 % o f their
yea r’s salaries, and, in addition, 1% for evory yoar that each em ployeo
has boon with tho organization.
In accordance with their usual custom o f distributing a percentage o f
their yearly salary to em ployees at Christmas tim o, It. M . Grant & C o.
o f Now Y ork , Boston and Chicago, aro distributing 10% for 1916.
T ho Fulton Trust C o. o f this city has announced a bonus o f 10% o f the
annual salaries and general salary increases for its employees.
""—
T ho Nassau National Bank o f Brooklyn Borough, it is said, will dis­
tribute to its em ployees bonuses ranging from 15H to 17>4% o f tho annua1
salaries. Last year bonuses o f from 5J4 to 7 H % wero distributed. T ho
directors havo also authorized an increase in salaries beginning tho first
o f tho current year, which amounts to between 10 and 2 5 % .




Pointing out that Americans living abroad and foreign
holders of American securities appear to have found the
Federal Income Tax Law extremely complicated, the
Guaranty Trust Co. of New York calls attention to the fact
that it maintains an income tax department for the purpose
of explaining the intricacies of this law. This department
has received so many inquiries from abroad that on Dec. 14
it sent R. J. F. Allen, one of its assistant trust officers, to
its London office, and possibly later to its Paris office to
place his expert knowledge of the Federal Income Tax Law
freely at the disposal of those abroad needing assistance i n
making up their returns.
The Morris Plan Company of New York, at the end of its
second year of existence has declared a dividend of 1 %
payable Jan. 2 1917 thus placing the company on a 6% divi­
dend basis. The company has recently received authoriza­
tion from the State Banking Department for the opening
of its second branch in this city at No. 1 Union Square.
The first branch was established about a year ago in theBrone
at 149th street and Third Avenue. It is the intention of th
company to establish branches in different parts of the city,
as the growth of business and the demands for its facilities
warrant. Since its organization the company has made
20,000 loans amounting to a total of $3,450,000. These loans
havo been guaranteed by more than 70,000 persons, all of
whom have established their responsibility and credit with
the company. Sixty companies are now in operation
throughout the country, and many more are in course of
organization. It is expected that by next October one hun­
dred companies operating the plan will be in existence
throughout the United States. The Morris Plan Com­
panies, as noted in these columns heretofore, are organized
by the Industrial Finance Corporation of New York, which
also provides a small proportion of their capital.
At a meeting of the directors of the Columbia Trust Co.
on Dec. 21, a quarterly dividend of 3^% was declared,
payable Jan. 5 1917, to stockholders of record at the close
of business, Dec. 29 1916. The Columbia Trust Co.’s
stock is being increased to $5,000,000 and the dividend
declared to-day will be paid on that amount of stock. This
will place the stock on a basis of 14% per annum. The
usual dividend date is December 31, but, due to the large
amount of clerical work incident to the increase in capital,
the dato for this payment was made January 5 1917. New­
comb Carlton, President of the Western Union Telegraph
Co., was elected a member of the board to fill a vacancy.

2312

THE CHRONICLE

[Vol. 103

At a meeting of the board of trustees of the Equitable was connected with tho Hanover National Bank of New York,
Trust Co. of this city on Dec. 20 three now trustees were in various positions, for over twenty years.
elected. They are: F. W. M. Cutcheon of the law firm of
Byrne, Cutcheon & Taylor; Carl R. Gray, President of the Patrick Quinlan, one of the leaders of tho Industrial
Western Maryland Ry., and Henry R. Pierce of the law firm Workers of tho World and an agitator in the Paterson
of Sullivan & Cromwell.
(N. J.) silk weavers’ strike of 1913, who had been sentenced
to an imprisonment term for having incited tho strikers to
Philip T. Dodge, President of the International Paper
others, was released
Klenert
Co. and the Mergenthaler Linotype Co., has been elected injure Passaic County Courton Nov. 24 by JudgeTrenton.
in tho
of Common Pleas at
a director of the New York Trust Co. of this city.
Quinlan was adjudged guilty under tho indictmont of “in­
citing to riot” in the Paterson strike on May 14 1913. In
At a meeting of the directors of the Bankers Trust Co. commuting the prison term Judge Klenert re-imposed the
of this city, on Dec. 19, several promotions in the official fine of $500. The term served by Quinlan covers a period
staff were made. H. F. Wilson, Jr., heretofore Assistant of one year and nine months. Tho fine of $500 was paid by
Secretary, has been elected Vice-President. A new office of his friends, headed by Mrs. John Sloan of New York, a
Cashier was created and George W. Benton, formerly member of tho Quinlan Agitation Committee which has been
Treasurer, was appointed to fill the position. R. PI. Giles, working for his release. Judge Klenert in announcing the
formorly Assistant Treasurer, has been chosen Treasurer; decision of tho Court said:
R. Gregory Page, 3d, heretofore Assistant Trust Officer, has I havo received a petition signed b y nioro than 20,000 nam es, and I
over it carefully. I fcoi justified in reconsidering your
been appointed Assistant Secretary, and A. Clinton Livings­ have goneyou havo been sufficiently punished for you r past m isdeeds,case.
believo
ton, formerly of the personal loan department, is now an II Intend to allow you your liberty. I hopo that in tho future you willand
be
Assistant Trust Officer.
m ore careful o f you r speech and con du ct. T ho C ourt will vacato tho pun­
ishment previously im posed upon y o u , and sentence you to pay a fin e
H. F. Wilson Jr., the new Vice-President, had been an
Assistant Secrotary since 1909 and has been in the employ o f $500.
of the company since 1904. Mr. Benton, who will now bo The application for the organization of a new trust com­
known as Cashior, has been Treasurer of the company sinco pany in Atlantic City, to be known as the Metropolitan
it absorbed the old Mercantile Trust Co. in 1911. Provious Trust Co., was denied on Dec. 6 by George M. La Monte,
to that time ho was Treasurer of the Mercantile for many
of tho Department
and
years. R. H. Giles, the now Treasurer, has been an Assist­ State Commissioner Monte’s decision, it is of Bankingbased
Insurance. Mr. La
ant Treasurer sinco 1910, and prior to that time actod as upon a report made by Alvin L. Fowler, an said, was of tho
examiner
Chief Clerk of the company.
State Banking Department, who recommended that the
the grounds that there wore four trust
The Empire Trust Co. of New York has declared an petition be denied onnational banks in Atlantic City, which
companies and five
extra dividend of
and the regular quarterly dividend were, in his
sufficient to supply the demands of
of 2J^%, both payable Dec. 30 to holders of record Dec. community. opinion,proposed concern was to havo hadthe
The
a
23. This is the first extra distribution to be made.
capital of $100,000. The incorporators were ox-Mayor
The Central Trust Co. of this city has doclared an extra William Riddle, Max Weinman, Theodore W. Schimpf,
dividend of 16% along with the regular quarterly distribu­ Maurice Risley, Joseph Schwartz, W. Chandler Stewart
tion of 6%, both payable Jan. 2 to holders of record Dec.22. and Antonio Celia.
This time last year 10% was paid.
Henry Binns, President and owner of the Passaic Iron
The United States Mortgago & Trust Co. has declared & Brass Foundry of Passaic, N. J., and an organizor of tho
an extra dividend of 5% along with the regular quarterly Hobart Trust Co. of Passaic, died on Dec. 17. Mr. Binns
dividend of 6%, both payable Dec. 30 to holders of record was a founder of tho Manhattan Rubber Manufacturing Co.
of New York, and an organizer of tho New Jersey Engineering
Dec. 26.
& Supply Co. Ho was also a director of the Guarantee
The Fulton Trust Co. of this city will distribute a 10% Mortgage & Title Insurance Co.
bonus to its clerks and pay a general increase in salaries
during the coming year. The company has declared the Tho Citizens Commercial Trust Co. of Buffalo, N. Y.,
49th semi-annual dividend, the present payment being 5% during tho relatively short period of two months, from Sept.
and the 7th extra dividend, amounting to 2%, payable 20 to Nov. 29 increased its deposits and resources approxi­
to stockholders Jan. 2. The institution has issued a folder mately 35%. On Sept 20 tho resources of tho institution
on investments for the guidance of its depositors with some stood at $10,007,826, and on Nov. 29 wore $12,759,718, a
interesting comments on financial conditions by the Presi­ gain of $2,751,892. Deposits during tho same period rose
dent, Henry C. Swords. The company does not offer se­ from $7,484,024 on Sopt. 20 to $10,159,088 on Nov. 29, an
curities as a dealer to its depositors, but is willing to furnish advance of $2,675,064. Tho Citizens Commercial Trust
from time to time a list of securities of the class it buys for Co. has a capital of $1,250,000, and surplus and undivided
profits, as of Nov. 29 totaling $1,275,629. Tho company
itself and for tho accounts which it manages as agent.
is a comparatively now institution and represents a con­
The banking firm of Colgate, Parkor & Co. to-day an­ solidation of tho Citizens Bank of Buffalo, tho Black Rock
nounce tho removal of their offices to 49 Wall Street, this Bank and tho Security Safo Deposit Co. Tho company is
city. The concern will locate in the old offices formerly headed by Joseph Block, Chairman of tho Board, and Wil­
occupied by N . W. Halsey & Co. on tho second floor of this liam H. Crosby, President.
conveniently situated bank building. In tho now quarters,
the firm will have double tho office space which it had at 2 A new banking institution, the Oswego County Trust Co.
Wall Street. Colgate, Parker & Co. are well known as of Fulton, N. Y., is being organized and will acquire the
dealers in municipal and railroad bonds and also tho in­ assets of the First National Bank of Fulton. The new in­
stitution is to havo a capital of $100,000 (par $100) and
ternal and external loans of foreign governments.
paid-in surplus of $50,000. Thaddeus C. Sweet of Phoenix,
The Hudson Trust Co. of this city has declared a semi­ N. Y., is expected to servo as Chairman of its board of
annual dividend of 3J^%, payable Jan. 2 to holders of directors, and Edward Quirk of Fulton, will, it is thought,
record Dec. 20. This places the stock on a 7% per annum officiate as President. Louis W. Emorick, President of the
First National, will become Vice-President of the continu­
basis, as against 6% paid previously.
ing institution. L. C. Foster, now Cashior of tho First Na­
Tho Equitablo Trust Co. of this city in addition to the tional, it is understood, will be Secretary and Treasurer of tho
regular quarterly dividend of 6% has declared an extra Oswego County Trust. The now company oxpects to begin
distribution of 6%, both payable Dec. 30 to holders of business about Jan. 1 in tho present quarters of tho First
record Dec. 27. The institution has been paying 24% per National Bank of Fulton at Cayuga and First streets. The
annum, but with the extra amount just declared the annual incorporators of tho new Oswego County Trust Co. are as
distribution will be 30%.
.
follows:
Thaddeus C . Sweot o f P hoen ix, paper m anufacturer and Speaker o
Wilbur Munn has been chosen President of the Second tho Assembly.
capitalist and
estato ownor.
National Bank of Orange, N . J., to succeed Charles M. Close, Edward Quirk o f Fulton,ulton, Presidentroal tho First N ational Dank.
.
of
who resigned the Presidency of the bank on Nov. 9 as noted Louis W S. Emorick o f F f Syracuso, attorney and Vico-Presidont o f tho
Charles
Estabrook o
in our issue of Nov. 11. Mr. Munn, the new President, Post-Standard C o.



Deo. 23 1916.]

THE CHRONICLE

W ilbert L . Smith o f Syracuse, President o f tho L . C . Smith & Bros.
T ypew riter C o ., and Chairman o f tho board o f the N ational Bank o f
Syracuso.
•
Thom as G . M eachem o f Syracuse, Vice-President and General Manager
o f the N ew Process Gear Corporation.
Ralph S. Bowen o f Syracuso, form erly Comm issioner o f Public Safety
and m em ber o f tho insurance firm o f B ow en, Perry & Fobes.
A bram F . Nellis o f Phoenix, manufacturer.
Ilarral S. Tenney, Secretary o f the Syracuse Trust C o.
W indsor M orris o f Baldwinsville, an officer o f tho M orris M achine W orks
and President o f the First N ational Bank in that village.
B . W . Bennett o f Fulton, manager o f tho V olney Paper C o.
Thom as D . M cC hesnoy o f M in otto, head o f Colum bia M ills, Inc.
Frederick W . Zoller, President o f tho U nion Trust C o., Rochester.
Charles W . T ooke o f the Oswego Falls Pulp & Paper C o. o f Fulton.
John It. Sullivan o f Fulton, m erchant.
Ernest W . R ice o f H annibal, dealer in flour, feed and coal.
W illiam n erbert R obinson o f the Penn Spring W orks, Baldwinsville.

The First National Bank of Fulton, N. Y., was organized
before the Civil War and now has a capital of $57,500, sur­
plus and undivided profits of $36,000 and deposits of approxi­
mately $900,000.
Henry F. Price has resigned as treasurer of the Putnam
Trust Co. of Greenwich, Conn., to engage in publicity work
for banks and trust companies.
William Post and John D. Morgan have been elected di­
rectors of the Central National Bank, of Philadelphia, Pa.
Mr. Post is a Vice-President of the Central National and Mr.
Morgan is associated with John Farnum & Co., textile manu­
facturers.
John Williams Jr., has been chosen a director of the Re­
public Trust Co. of Philadelphia, Pa., to succeed tho late
Stephen B. Colladay.
Isaac M. Simonin has been chosen to the directorate of
the Central Trust Co. of Philadelphia, Pa.
Joseph Wayne, Jr., President of the Girard National
Bank of Philadelphia, Pa., has been chosen a director of the
Germantown Trust Co., and William M. Longstreth has
been elected to the Advisory Committee.
An article on “The War and After the War” by Isaac F.
Marcosson, has been reproduced in pamphlet form by the
First National Bank of Philadelphia. The article appeared
in the “Saturday Evening Post,” and is reprinted by the
bank by permission of the Curtis Publishing Co. In it
Mr. Marcosson describes, from personal observation in
Europe, what is being done to compete for the world’s trade
after the close of the war. We believe that a copy of the
pamphlet may be had upon application to the bank.
Livingstone E . Jones, President of the Saving Fund Society
of Germantown (Pa.) and J. Henry Scattergood of the
American Dyewood Co., have been chosen directors of the
First National Bank of Philadelphia, Pa. Carl H. Chaffee,
who has been associated with tho First National since 1911,
has been appointed an Assistant Cashier of the bank.
Charles A. Smith, heretofore Assistant Cashier of the
Chesapeake Bank of Baltimore, Md., has been chosen to
the Cashiership of the institution to succeed J. M. Hunter,
who has resigned, to engage, it is said, in the private banking
business.
“What is Money?” is the topic chosen for discussion in the
first volume of the Cleveland (O.) Trust Company Library
of Banking, now ready for distribution. Tho first of this
series of booklets on financial subjects treats in an interesting
manner of the development of money and the various kinds
of currency employed in the United States. The Cleveland
Trust has recently opened its fifteenth branch in the City of
Cleveland, at Lorain and West 99th St. The company is
headed by H. F. Gaff and has a capital of $2,500,000.
J. C. Cromwell, President of the Cromwell Steel Co. of
Lorain, Ohio, has been chosen a director of the Cleveland
(O.) National Bank. Mr. Cromwell is also President of
the Alliance Machine Co. of Alliance, Ohio, and is an officer
of the Garrett-Cromwell Engineering Co. of Cleveland. He
will retain his membership on the directorates of the Guardian
Savings & Trust Co. and tho Lako Shore Banking & Trust
Co., both of Cleveland.
Stockholders of the Garfield Savings Bank Co. of Cleve­
land, Ohio, at the annual meeting on Jan. 12 will take action
on the question of doubling the capital by increasing it to



3313

$500,000. The new stock if authorized, it is said, will be
issued from time to time in the directors discretion to keep
the capital in line with the institutions growth. The Gar­
field Savings Bank Co. is headed by James W. Stewart, as
President, and has surplus and profits of over $300,000.
The Security Savings Bank & Safe Deposit Co. of Cin­
cinnati, Ohio, at a special meeting of its shareholders on
Dec. 12, increased its capital from $100,000 to $200,000, and
has declared a stock dividend of $100 per share. The new
stock will be issued on Jan. 2 1917, to stockholders of record
of Dec. 20. The institution is headed by Julius Fleisehmann,
as President, and now has deposits of over $2,200,000.
Four directors were reinstated on the board of the Detroit
Trust Co. of Detroit, at the annual stockholders meeting
on Dec. 12. They retired from the directorate of the Detroit
Trust a year ago because of the requirement of the Clayton
Law, and their reinstatement was made possible, through
modification of the law by the recently adopted Kern amend­
ment. The four directors who resume their places on the
Detroit Trust board are: Richard P. Joy, President of the
National Bank of Commerce in Detroit, Aren S. Hawes, a
director in the Merchants National Bank, Daniel L. Quirk,
President of the First National Bank of Ypsilanti, Mich.,
and E. D. Stair, a director of the First and Old National
Bank. Henry G. Stevens, Secretary of the Stevens Land
Co. of Detroit, has also been chosen a director of the Detroit
Trust Company.
William V. Butler, Secretary of the Guaranty Trust Co.,
of Detroit, Mich., has been elected a director of the insti­
tution.
Arthur G. Bishop, President of the Genesee County
Savings Bank of Flint, Mich., and Francis Palms, Secretary
of the Michigan Stove Co., have been elected directors of
the Union Trust Co. of Detroit, Mich.
Oliver Pringle has been appointed an Assistant Cashier,
and S. C. Stallwood has been chosen an Assistant Secretary
of the Northern Trust Co. of Chicago, 111.
William C. Cummings, President of the Drovers Trust &
Savings Bank of Chicago, 111., it is said, is to become Presi­
dent of the Drovers National Bank of Chicago, to succeed
Owen T. Reeves, who has resigned, to accept the Presidency
of the Corn Exchange National Bank of that city. Mr.
Cummings, it is said, will remain as President of the Trust
and Savings Bank.
The North West State Bank of Chicago, has declared an
extra dividend of 1 % payable Dec. 30 1916 to stockholders
of record Dec. 23 1916. This makes a total for 1916 of 8%,
which it is proposed shall be the future dividend rate, payable
2% on the last day of each quarter, i. e. March 31, June 30,
Sept. 30 and Dec. 31. Dividends so far have been as fol­
lows: 1910, 4%; 1911, 5%; 1912, 6%; 1913 to 1915, both
years inclusive, 7%; 1916 until further notice, 8%; $15,000
s to bo transferred from undivided profits to surplus on
Dec. 30 making a total of $75,000 (all earned), being onequarter of tho capital. Previous transfers to surplus were
1913, $30,000; 1914, $20,000; 1915, $10,000. Joseph R.
Noel is President.
Charles K. Foster, Vice-President of the American
Radiator Co., has been chosen a director of the Union Trust
Co. of Chicago, III., to succeed the late James Longley
of Boston.
The Bankers Trust & Savings Bank of Minneapolis recently
began business with a capital of $1,000,000 and $200,000
surplus. Mr. John F. Bacon, who formerly represented
N. W. Harris & Co. and E. H. Rollins & Sons of Chicago,
has taken charge of the Bond Department of the new insti­
tution.
The officers and directors of the Franklin Bank of St.
Louis, Mo., opened for inspection on Dec. 11 their new
building at the northeast corner of Washington Ave. and
Broadway, St. Louis. The new building, which is a twostory white terra cotta structure, has a frontage of 67 feet on
Washington Ave. and 60 feet on Broadway, and represents
an outlay of $125,000, exclusive of the cost of the safe
deposit vaults. The interior of the bank is beautifully
finished in bronze, mahogany and marble. The safe deposit

3314

THE CHRONICLE

[Vo l .

103.

vaults are located in the basement of the building. The j of the bank total assets are reported in excess of a quarter
Franklin Bank commenced business May 1 1867, at Sixth of a billion, the increase for tho past twelve months boing
St. and Franklin Ave., as the Franklin Avenue Gorman $55,000,000, total assets amounting to $253,261,427, com­
Savings Institution with an authorized capital of $200,000, pared with $198,299,123 at tho end of last year and $179,­
of which $60,000 was paid in. The name of the bank was 404,054 at the end of 1914. In line with its policy, the
changed in 1879 to the present title, the Franklin Bank. Royal has evidently availed itself of tho large assets at tho
The bank now has a capital of $600,000, and surplus and disposal to keep itself in an exceptionally strong position,,
undivided profits of over $755,000, with deposits of over as represented by liquid assets in excess of 53% of tho total
$6,600,000. Officers of the institution are: George T. liabilities to the public, but at tho same timo has catored
Riddle, President; George O. Wippern and C. H. Duncker, in a special way to tho requirements of its customers, as
Vice-Presidents; Louis Kraemer, Cashier; J. L. Hauk, substantial gains aro reported in current loans and discounts.
Tho gain in total deposits for the year is over $45,000,0001
Assistant Cashier.
at the rate of close to $3,750,000 a month. While tho main
Holdings of U. S. Government bonds to the extent of features of tho annual statement indicate that attention has
$8,504,000 by the National Bank of Commerce in St. Louis centred on co-operation with customers and tho maintonanco
gives that institution, it is claimed, first place among the of a very strong position in order to bo continually prepared
banks of the country, so far as tho volume of Government during tho war period, there is a healthy increase in the
bond holdings is concerned. The bank’s total resources profits for the year, these amounting to $2,111,307 65,
under tho call of Nov. 17 amounted to $78,203,293, while equivalent to 17.87% on the average paid-up capital, com­
pared with $1,905,576 57, or 16.48%, in tho provious year.
its deposits aggregated $57,556,258.
After tho payment of tho regular dividends, making a con­
Stockholders of the Planters National Bank of Richmond, tribution of $50,000 to Patriotic Fund and allowing for the
Va., at their annual meeting on Jan. 9 will be asked to usual appropriations, the bank carried a surplus forward
consider and act upon tl proposition to increase the capital into tho new year of $852,346 28, as against $676,472 11
of the bank from $300,000 to $600,000. The Planters at the end of the provious year. Ono of tho recent impor­
National, it is pointed out, in proportion to tho capital tant developments of tho bank’s business rosults from tho
invested, has a greater surplus and profits than any other chain of branches which is has built up in tho British West
institution in Richmond. The stock of tho bank is now on a Indies and other Southern countries, and this has been a
20% basis, paying 10% semi-annually. Under the Comp­ material aid to tho growing foreign business of Canada.
troller’s call of Nov. 17, the bank reported surplus and profits
of $1,715,132, and deposits of $9,117,592. The bank is R. E. Saunders, New York agent (at 10 Wall Street) of the
headed by Richard H. Smith as President.
National Bank of South Africa, Ltd., has received cable
now
The Stato Bank & Trust Co., of Nashvillo Tenn., has advices from tho head office in London announcing thatEast,
have been opened at Barkly
absorbed tho Southern Bank & Trust Co., and in tho future branches of tho bank and Wellington, Capo Colony, South
the latter will bo operated as a branch of the State Bank Engcobo, Stellenbosch
______ _ _ __ _ _ _ __ _ _ _
& Trust. The consolidation of the banks was effected on Africa.
Dec. 15. Tho State Bank & Trust Co. acquired tho con­ R E V I S E D F O R M FO R R E P O R T S B Y N A T I O N A L B A N K S
trolling interest of tho Southern some timo ago, and, as
I N T E R IC M
S T IC T .
noted in our issuo of Aug. 5, both institutions were operated Revised forms, toI Ibo usedHin O N D D Itho Rrequired weekly
making
as affiliated banks under their separate titles. Tho Stato reports of net deposits and reserve, havo been furnished by
Bank & Trust Co. now has assets, it is stated, of more tho Richmond Federal Reserve Bank to members, to meet
than $1,200,000, and has as its President R. E. Donnell. the changed Reserve requirements which wont into offect
Other officers of tho institution are: Vice-Presidents, V. I.
respect to this now
Witherspoon, L. A. Bowers and It. W. Comer; Cashier, H. A. Nov. 16. With issued tho following form of report tho Rich­
explanatory circular:
Vantrease; Manager of tho Trust Department, Albert S. mond BankEhasR A L R E S E R V E B A N K OF R IC H M O N D .
F DE
Britt.
November 28 1916.
To the Member Dank Addressed:
Tho Atlanta Trust Co. of Atlanta, Ga., has declared a On N ov. 17 we mailed to each o f our member banks a supply o f rovisecl
bo used
making the
f not deposits and
3% dividend on its capital stock of $500,000. As heretofore form s torequired. inThese form s required weekly yroports omoot tiio changed
were altered b us
noted, the Atlanta Trust has enlarged its scopo of business reserve requirements which, by operation o f law, wont to offect on N o v . 16
rcservo
Into
by the addition of a farm loan department under the manage­ 1916. W e have had so m any cases in which tho form s were returned to
us filled out in a manner indicating that thoy wero not thoroughly under­
ment of II. O. Reeve, formerly Manager of tho farm loan stood, that wo havo deemed it necessary to prepare this lettor o f explanation,
department of tho Mutual Benefit Life Insurance Co. of which is boing mailed to all member banks. I f you have already under­
o f course,
Newark, N. J. The new department is making a specialty stood tho requirements correctly you will, ever, if youdisregard tills com ­
o would appreciate it, how
will look carefully
of aiding tho farmer who desires to break away from tho m unication. Wand ascertain whether or not tho form s aro boing sont to us
into the matter
one-crop idea, that cotton is tho only money crop. The filled out in the required manner, as this action on your part will tend to
f confusion and a considerable am ount f labor for us, and
Atlanta Trust Co. has as its President, Frank S. Etheridge, the saving owill avoid the possibility o f injustice to oyou in our estimate atf
tho
o
who is also President of tho Georgia Bankers Association. the timo it reserve balance which you aro required to keep with this
available
Other officers of the company are: Georgo S. Lowndes, Vice­ bank.
ono should
net demand deposits. That is to say,
President; Turner C. Tripp, Treasurer; Charles F. Everitt, allIn colum ndeposits, less bo recorded deductions allowed by tho Comptroller
any and all
Secretary and Trust Officer; Jack J. Spalding, Counsel; and o f demand
tho Currency in calculating reservo requirements. Excess balances
with approved reserve agents aro, under certain circumstances, allowed as
II. O. Reeve, Manager of the Farm Loan Department.
deductions. In every case in which it is proper to make such deductions
should
The directors of the Anglo & London Paris National Bank theynot be mado before tho final not figures are recorded in column ono.
Do
of San Francisco, Cal., have declared, in addition to tho deposits.includo in the figures in colum n ono 5-12s or any part o f timo
regular semi-annual dividend of 4%, a special dividend of In colum n tw o should bo recorded gross timo doposits. T hat is, tho
tho
1%, making 9% for tho year, as against 8% paid in divi­ deposits against which, undercarryprovisions o f tho. Federal Rcservo A ct,
are required to
a
dends in previous years. The dividend is payablo Dee. 31. inomber banksshould bo recorded, and reservo o f 5 f%tho T hoogross amount o f
time deposits
not 5-12s o
tim deposits.
Tho bank has a capital of $4,000,000, and is headed by In colum n three tho total reservo required should bo recorded. I f columns
o
properly
in colum n
Herbert Floischhackor, as President. Sig. Greenobaum is ono and twforhavo beencity banks filled oout, tho amountscolum n ono,threo
would be:
lteservo
15% f the amount in
plus
Chairman of tho board.
5 % o f tho amount in colum n two; for banks not in Reserve cities 12% of
column one, plus 5 % o f column two.
bo recorded
Tho Standard Bank of Canada (head office Toronto) an­ In colum n four should available that part o f tho reservo which is
to
kept as an
nounces the declaration of a dividend for the current quarter requiredcase bo a Reservo city bank, balance inintho Federal nReserve bank.
In the
of
amounts
tills colum will bo 6-15s
ending Jan. 31 1917 at 3 ) 4 % , being at tho rate of 13% per o f tho corresponding amounts in colum n threo. In tho case o f all banks
located in Reserve cities the amounts
colum four
bo 5-12s o
annum upon the paid-up capital stock of tho bank; it is pay­ not corresponding amounts in colum n threo.in D o notn recordwill column fourf
able on and after Feb. 1 1917 to shareholders of record as of tho amount o f your balance with the Federal Reserve bankinaccording to
tho
your books. Tills was called for in the provious form , but it is not roquired
Jan. 22 1917.
in tho present form.
I f you havo
any f
Tho annual statement of the Royal Bank of Canada, destroy them . onf hand havo onottho old form s, wo wouldo fsuggest that you
I you
received your supply
the now
made public on the 18th inst., reflects in a striking mannor kindly advise us, and wo will send you another supply imm ediately. forms,
Fleaso
do
without
the strides the Royal is making among tho loading Canadian ingnot make any variation in fillingdout the formsgiving usfirst com m unicat­
with us. If you havo any ifficulty in
tho information
banks and tho benefits it is evidently obtaining from tho exactly It asked
form , tell
tho circumstances as fully as
strong and effective banking organization it has built up possible,asand iswe will for in tho to suggest us rem edy. Y our co-operation
bo glad
a
thrughout tho Dominion. For tho first timo in tho history in this matter will bo greatly appreciated.



Dec.

23 1916.]

THE CHRONICLE

ENGLISH F I N A N C I A L M A R K E T S —PER CABLE.

DEBT ON WHICH INTEREST HAS CEASED SINCE M A T U R IT Y .
(Payable on presentation.)
Fu,n< ^ l ^ a a ° f 1891•continued at 2 % .called ror redemption May 18
0?
,
1900, Interest ceased Aug. 18 1900........
*4,000 00
Funded Loan of 1891, matured Sept. 2 1891...........
..............
20,950 m
Loan of 1904. matured Feb. 2 1904................ .....................................
„ n, n 00
Funded Loan of 1907, matured July 2 1907.. ................................
5)2 2 ^n m
Refunding certificates, matured July I 1907...1111........................
512,250 00
11,870 00
iL<ebt ™atured at various dates prior to Jan"T ~186l""and"other
‘ L
Items of debt matured at various dates subsequent to Jan. 1 1861
901,110 26
T o ta l___________ ______________________
*1,463,230 26.
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest. Amount
------Outstanding Nov. 30 1916Payable. Issued.
Reglstered. Coupon.
Total.

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

Week ending Dec. 22.
ner 99
De&.,10' D* r 18' Dec' 19- Dec- 20. Dec. 21. Dec. 22
weeK endinad
at.
Mon.
Tucs.
Wed.
Thurs
Frl
r; V0T O
7.------------------ <1.30 13-10 36 13-16 36 13-16 30 13-16 38 13-16 36 11-16

& C T un o (in I,a ^ ^ 60-35 6035
S
n
-----------------fr.88.15

88.15

60-35

88.15

60 35

88.20

C0^ 5

88.20

88.20

76)4

75«

The price of silver in New York on the same days has been

Sliver In N. Y., per oz-.cts.76Ji

7 6^

76J<

TREASURY CASH A N D CURRENT L IA B IL IT IE S .

®ash holdings of the Government as the items stood
Nov. 30 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Nov. 30.
xt

CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
|
Liabilities—
S
Gold coin---------- ---------- 920,810,389 9 1 Gold certificates out­
Gold bullion.................. 1,139,163,765 24
standing............................ 1,804,304,31900
Gold reserve....................... 152,1179,02563
Available gold In gen­
eral fund.......................... 102,690,81052
T otal.......................... 2,059,974,155 15
T ota l.......................... 2,059,974,155 1
Note.— Reserved against *340,681,016 of U. S. notes and *2,043,024 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars In
SILVER DOLLARS.
fuM0 L55“o irS S .
*
Liabilities—
497,122,776 00 Silver certificates out-

Assets—
Silver dollars..................

2s, Series 1906................. Q.-F. d54,631,980
2s, Series 1908-------------- Q.-F. e30,000,000
, „ 2s' Series m i ............... Q.-M. 50,000,000
3s, Conversion bonds..........Q.-J. 15,761,000
3s, One-year Treas. notes.Q.-J.
14.239 000
2Hs, Postal Savings Bonds:
1st to 10th series----------J.AJ.
8,245,100
11th series....................... J.AJ.
906,700

51,844,140
10,340
28.707,220
193,380
41,542,100 8,457,900
3,576.900 12,184,100
1,660,000 12,579,000
7,446,040
838,980

16,789,463

00

00

T o ta l.......................... 497,122,776 00
T o ta l........................ J"
497,122,770 00
GENERAL FUND.
Assets—
Liabilities—
Avail, gold (see above). 102,690,810 52 Treasurer’s checks out­
Available silver dollars
standing_________
5,619,065 92
(see above)........ .......
16,789,463 00 Deposits of Government
United States notes___
6,472,677 00
officers:
Federal Reserve notes..
1,932,035 00
Post Office Depart_
_
12,159,447 49
Fed. Reserve bank notes
54,865 00
Board of trustees.
National bank notes__
17,078,844 60
Postal Savings SysCert, checks on banks..
11,252 07
tern (5% reserve)
4,157,430 77
Subsidiary silver coin..
4,800,723 37
Comptroller of the
Minor coin....................
769,225 01
Currency, agent for
Silver bullion (available
creditors of Insol­
for subsidiary coinage)
7,707,684 27
vent banks_______
t ago 14.1 sn
Unclassified (unsorted
Postmasters, clerks of
’
’
currency, A c.)_____
871,738 42
courts, Ac
15,171,449 02
Deposits In Federal
Deposits for:
...........
Reserve banks_____
26,053,049 53
Redemption of Fed­
Deposits In national
eral Reserve notes
banks:
(5% fund)____
13,569,781 59
To credit of Treasurer
Redemption of Fed­
United States.’ ___
34,656,973 05
eral Reserve bank
To credit of other
notes (5% fund). . .
470,000 00
Governm't officers.
5,360,014 41
Redemption of na­
Deposits In Philippine
tional bank notes
treasury:
(5% fun d)............... 23,296,373 70
T o credit of Treasurer
Retirement of addi­
United States____
1,226,286 60
tional circulating
To credit of other
notes, Act May 30
Governm't officers.
2,192,508 65
1 9 0 8 ...
3,939,650
00
Exchanges of cur­
rency, coin, & c._ . 17,460,469 85

* l l ? 5 2 ^ i “ r o V y ^ r 8 T ^ r ^ V o ^ en C nVmed ,nt° a v e r s io n bonds and
n
°

iK M g S S o o S * “”«•« »™*»
.tS’.
^ &

£ t&

lS Z %

S S ? -g g £ ? £ s :

GROSS DEBT.
N ET DEBT.
Debt bearing no lnter’ t 5249,613,094 27 Gross debt (opposite).* 1 ,223,545,614 63
Debt on which Interest
1.463,230 26 Deduct- Balance avail­
has ceased.............. ..
able to pay maturing
Interest-bearing d e b t..
972,469,290 00
obllg'ns (see above).
1 1 2 ,972,439 17
Aggregate................ *1,223,545,614 53
Net debt...................*1,110,573,175 36

TREASURY CURRENCY HOLDINGS.—The following
compilation, also made up from the daily Government state­
ments, shows the currency holdings of the Treasury at the
beginning of business on the- first of September, October,
November and December 1916:
Sept. 1 1916 Oct. 1 1916 Nov. 1 1916 Dec 1 1916
Holdings In Sub-Treasuries—
S
S
«
' 1. 1JIts
Net gold coin and bullion.......... 288,506,199 275,579.465 268,965,399 255 669 836
Net sliver coin and bullion--------- 22,208,391 20,167 004 23,313 747 24 497 147
Net United States Treas. notes.. 4,485 577
-* ■
»—
4.232.944
4,977,143
6,472,677
Net national bank notes......... .. 21 ,627,’497 18,562,470 18,206,132
’
17,078,845
2^601! 1 40
Net Federal Reserve notes_____
2.702.945
2,245,315
1,932,035
Net Federal Reserve bank notes.
60 135
46,935
39,390
54,865
Net subsidiary silver.................... 15,929,801 11,396,107
9,160.753
4,800,723
Minor coin, A c________________
1,159,928
1,070,676
1.345,186
1,652,216
rJL°^!HC
?!SnlnSilb' J reaSur,es- - 350’638'6r>8 333,758,546 328,253,065*312 158 344
Less gold reserve fund...... ........... 152,979,026 162.979.026 152:979:026 152,979:026
Cash balance in Sub-Treasuries.203,659,642 180,779,520 175,274

SSlSSSKr^1
”""--4’43 1
9 2’21

20

To credit Treasurer of U. S -. 34,091.234
T o credit disbursing officers.. 5,130,783

34,428,704
6,099,757

„
V - ......... 39,222,017
Cash In Philippine Islands.......... 3,529,459

40,528,461
4,773,792

97,232,813

228,668,148 50

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

228,068,148 50

davA llI ir ? n n n ^ ? r T T Ury1 fflceK re,celve(1 before 11 a. m. are proved on the same
^
?
3
following. P W f
depositary banks are proved on the day of receipt or tho day
o f n o ^ 0oholnksCamia mntlMth. an}<
e
?unt avallablo to pay Treasury warrants, disbursing
offlrore oheota and matured publio debt obligations. Included in such obligations
J1 50 of outstanding national bank and Federal Reserve bank notes
r!!ti
irJ^nnrb? 0n a3J'lme‘1 by the United States on doposlt of lawful money lor
retirement (see Acts of July 14 1890 mid Don 2 1 mi
in *
* icir

their

30 1916.
Tho following statements of tho public debt and Treasury
cash holdings of the United States are as officially issued
as of November 30 1916.

039 159 179 318

« 8 t I ‘§S:JK
34,433,467
5,497,898

34,656,973
5.360,014

39,931,365
3,945,023

40.016,987
3,418,793

Net cash In banks, S u b -T re a s.2 9 5 ,8 3 4 ,3 2 9 2 6 5 .1 4 6 ,2 4 8 248 760 39 0 228 668 14 8
Deduct current liabilities........... 8 7 .5 4 6 ,7 6 3 8 4 ;0 4 3 ;5 3 6
9 7,2 32 ,81 3

&.S23MS

Available cash balance............208,287,566 181,102,712 153,937,002

1 3 1 ,435,335

‘ Includes Dec. I. *7,707,684 27 sliver bullion and *1,652.215 50 minor coin
A c., not included In statement “ Stock of M oney."
’
mmor com>

New York City Banks and Trust Companies

Banks-N.Y
Bid
Banks.
Bid
America*..
565
Manhattan
340
Amcr Exch 240
245
Mark A Fult 265
Atlantic__
180
185 Mech A Met 315
Battery Park 175
185 Merchants
240
Bowery* . .
400
Metropolis4 290
Bronx Boro 200
Metropol’n
182
Bronx N a t..
180 Mutual*. .
375
FIN AN CIAL STATEMENT OF U S. NOV.
BryantPark* 160
170 New Neth*
215
Butch A D r. 105
115 Yew YorkCo
{Formerly Issued as “ Statement of the Public Debt ” )
*
Chase
368
373 New York.
400
Chat A Phen 240
250 Pacific * . . .
270
Chelsea Ex*
125 Park..........
550
Chemical_
_ 397" 402
People’s * . . . 220
y
'
CltlzensCent 193
Prod Exch*.
C ity ..
520
530 Public *___ 230
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Coal A Iron. 190
200
Seaboard __ 445
Balanco held by the
Settlement w a rr a n ts ,
Colonial*... 450
Second____ 395
Treasurer of the United
coupons, and checks
Columbia* . 310
325 Sherman__ 120
States as per dally
outstanding:
Commerce.. tl93 tl95
State *____ 110
Treasury statement for
Treasury warrants__ * 2 ,6 7 6 ,3 5 9 82 Corn Exch*. 340
350 23d Ward*. 100
a
Matured coupons___
Cosmopol’n*
85
100
637,081 74
Union Exch. 160
Add— Net
excess.......... *1 31 ,4 3 5 ,3 3 5 30
of
Interest checks..........
East R iver..
75
3 6 7 ,5 5 9 27
Unlt States 500
receipts over paymonts
Disbursing o ffic e r s ’
F id elity*... 150
|
Wash H’ts*. 275
in Oct. reports subse­
checks__________ _
Fifth Ave*_. 4300 4800 Westch Av* 190
1 6,1 41 ,54 6 36
1,359,651 06
quently received........
Balance............................ 112,972:439 17 fifth .
250
275
West Side*.
First..
1100
York vin e*.. 525
Revised balance.............. *132,794,980 36
8132,794,986 36 Garfield___ 180
Brooklyn
Germ-Amer* 135
Coney Isl’d* 130
PUBLIC DEBT BEARING NO INTEREST.
German Ex* 390
First___
255
(Payable on presentation.)
Germania *. 475
500 Flatbush__ 170
Obligations required to be reissued when redeemedGotham___ 200
Greenpoint. 150
United States notes.................. ................
ea.
Hillside * . . . 110
Loss irnhl rodorvo
■“ “ "■
* “---------------5 3 4 ,0 8 1 ,0 1 6 63 Greenwich*. 315
X S gold reserve............................................................................. 6152,979,025 00
.C S
Hanover___ 695
Homestead *
Harrlman . . 425
Mechanics*. 128”
Excess of notes over reserve.
______
Imp A Trad. 505
515 M ontauk*..
......................................................*193,701,990 37
90
Obligations that will be retired on presentation":
Irving ........ 225
230
Nassau____ 200
Old demand notes............................. .......................
Nation’lCity 265
53,152 50 Liberty____ 950
National bank notes assumed by the United States on dVnXait n't
Lincoln____ 330
North Side*. 175
lawful money for their retirement........................
v
40 mn ini ko
People’s ___ 130
Fractional currency..................................................... H i : : : : :
”
42-2iS*Jt£ 22
6,847,759 90
• Banks marked with a (*) are State banks,
T o ta l....................................................................................
*249,013,094 27 change this week, t New stock, y Ex-rights.
dally Statement w m ' changed ‘ a ^ T ^ L u r e m e n ? ” 3^ w m ° rem ovod^ om the
general fund balanco and set up as a general fund liability SThi" a , ,fr? n? ‘ I1
'I
?
1890 Provides however, that this fund s ^ be lncluded M a nart nf
deVn debt above statement restores It to tho balance and maices it a 'n ilt of the
public J S 5 as required by law.
u makes it a part




799,060
67,720

8,245,100.
906,700
Aggregate of lnt.-bearing debt 1,181,141,990 901,956,560 70,512,730 972,469.290

** Net balance.Including
*79.615,303 72 to cred­
it of dlsburs’g officers. 131,435,335 30
T ° t a l..........................

51,854,480
28,900.600­
50,000,000
15.761.000
14.239.000

i u .8 2 5 .m ■ » * » » purcl*»M lor tto ,ioUns
“

rSSS^ssrtrm 47s’290’289 “

Ain generalSfund--------£ K !y fc-a sis

2315

2S
O

320
260
187"
225"
725
415
575"
235
198

365
140
270
165
120

115
138
105
205
275
200

140

Trust C o ’s, Bid
New York
Astor.......... 475
Bankers T r. 475
B’way Trust 155
CentralTrust. 790
Columblat . 1300
Commercial. 110
E m pire___ 285
Equitable Tr 570
Farm L A Tr 1780
Fidelity___ 208
Fulton_
_
285
Guaranty Tr 470
Hudson___ 140
Law Tit A Tr 135
|
Lincoln T r .. 110
1Metropolitan 417
Mut’l (Westchaster) . . 125
N Y Life Ins
A Trust.. 975
N Y T rust.. 605
TItleGuATr 395
Transatlan’c
Union Trust 425’ "
U S M tgA T r 455
UnitedStates 1015
Westchester .1 130
Brooklyn 1
Brooklyn Tr 605
Franklin_ j 255
_
Hamilton_ 1 265
_
Kings C o ...i 640
Manufact’ rs ! 150
People’s ___ 285
Queens C o _ .; 70

Ask
490
485
162
810
305
300
580
1830
215
300
480
150
140
115
422

1000
615
402
155
4*70*
1035
140

625
265
275
660
155
*80 "

t Sale at auction or at Stock Ex--

THE CHRONICLE
2316
New York City Realty and Surety Companies

Name of Company.

Bid
70
Alliance R ’ty
Amer Surety 145
Bond & M G 285
Casualty Co
City Invest g *18’
00
Preferred..

Ask
77
155
295
"22“
67

Bid
Lawyers Mtg 160
Mtge Bond. 108
Nat Surety. 250
N Y Title &
95
M tg e ------

Ask
167
112
257
100

Bid
Realty Assoc
(Brooklyn) 101
U S Casualty 200
65
USTltleG&I
Wes & Bronx
Title &M G 175

Ask
105

__

70

180

T R A D E AN D T R A F F IC R E T U R N S .

LAKE SUPERIOR IRON ORE SHIPM ENTS—The
total shipments of iron ore from the Lako Superior docks for
the season just closed aggregated 64,734,198 tons, an in­
crease of 18,415,394 tons over the movement last year and
of 15,663,720 tons over 1913, the previous record year.
The tonnage for December 1916 reached the unprecedented
total of 1,085,900 tons, comparing with 57,236 tons in Dec.
1915 and 1,411 tons in 1914. The “Iron Age” of Dec. 21
says: m ovem ent by water, together with the all-rail shipments (which are
The

R a ilro a d s (Steam ) C o n clu d e d .

Reading Company, common (quar.)---------Reading Company, 2d preferred (quar.).
Rensselaer & Saratoga------------------------Rome & Clinton.--------------------------------Southern Paciflo Co. (quar.) (No. 41) —
Toronto Hamilton & Buffalo----------------Union Paolfio, common (quar.)-----------Union Pacific, common (extra)..................
Valley R R. (N. Y .)....................................
Vandalla ....................................... .............
Western Ry. of Alabama..............................

[Vol. 103.
When
Per
Cent. / ayable.
SI
60c.
4
3K
IK
IK
2
2
2K
4
3

S tre e t an d E le c tr ic Railw ays

Books Closed.
Days Inclusive.

Ho
I'eb. 8 Holders of rec. Jan. 22
Jan. 11 Ho
Jan.
. an. 2 De
Jan.
. an. 1 De
. an. 2 He
. an. 2 Hr
. an. 2 Hr
. an. 15 Hr
•an. 2 Hr
. an. 15 Hi
an. 2 I)r

an. 1 Hr
•an. 2 Hr
■an. 2 IIr
Dec. 30 Hr
■an. 1 Hr
. an. 1 Hr
an. 2 II
Brooklyn Rapid Transit (quar.)............
’cb. 1 II
Carolina P ow er* Light, com. (No. 1 )-an. 2 II
Prefcrred (quar.) (No. 31).......... ........
an. 1 II
Chicago City A Conn. Rys., p ref...............
Jec. 29 I)
to Deo. 29
Chicago City Ry. (quar.)--------------- -------Dec. 29
3ec. 29 D
E xtra.................. ....... .........................to Jan. I
ran. 2 D
Cin. A Ham. Tract., com. (quar.)............
to Jan. 1
ran. 2 D
Preferred (qtiar.)...................... - ...........
run. 15 II
not known until the close o f the year), will probably nialvo a total tor 1916
ran. 15 H
Preferred (quar.)............ ...............
o f m ore than 66,000,000 tons. T he usual all-rail m ovem ent has been Cincinnati Street Ry. (quar.)---------17 to Jan. 1
fan. 2 I)
augmented in the past year by the ore shipped to the tw o Duluth fu rn a c^
Feb. 1 II
Cities Service, common (monthly)----o f the M innesota Steel C o ., which went in blast a yeai ago, probably
Feb. 1 II
Common (extra).............. — .........
am ounting to m ore than 500,000 tons.
.
Feb. 1 H
Preferred (monthly) ........ ..............
Jan. 1 II
Cities Servloe, common (monthly).
Ian. 1 H
Preferred (monthly)----------------Jan. 1 II
Cleveland R y. (quar.).................... to Jan. 1
Jan. 1 I)
Jan. 2 1
1
-Entire ScasonDec. 15
Jan. 2 1
1
1912.
1913.
1916.
1915.
1914.
Jan. 15
Tons.
Jan. 15 D
Tons.
Port__
Tons.
Tons.
Tons.
Consolidated Traction of N. J-------Jan. 2 IJ
5,399,444 5,234,655
E sca n a b a ______ 7,457,444 5,649,289 3,664,451
Feb. 1 II
Duquesne Light, pref. (qu.) (No. 8).
M a r q u e t t e -------- 3,858,092 3,099,089 1,755,(26 3,137,617 3,296,761
Jan. 2 II
Eastern Texas Electrlo Co., com. (No. 2).
A s h la n d .............. 8,057,814 5,146,772 3,363,419 4,338,230 4,797,101
Jan. 2 Ii
Preferred (No. 10)-----------------S u p e rio r________21,837,949 8 .342,793 11,309,748 13,788,343 14,240,714
Dec. 31 H
)
D u lu t h .................10,735,853 15,437.419 6,318,291 12,331,126 10,495,577
Deo. 31 H
2d preferred (quar.).
T w o H arbors
12,787,046 8,642,942 5,610,262 _10,075,718 _________
__ ___ _______ 9,370,969
Jan. 8 I
.
Jan. 1 L
Frankford & Southwark, Phlla. (quar.).
T otal
--6 4,73 4 ,1 9 8 46,318,804 32,021,897 49.070.478 47,435,77
Jan.
Jan. 2 D
Halifax Electric Tramway (quar.)---------- .
CO
953,947
707,826
8(6,6 38 (8 5 ,(6 9
A ll rail. -V -______
Jnn.
Dec. 30 D
Honolulu Rap. Transit A Land (quar.)..
Jan. 1 H
47,272,751 32,729,723 49,947,116 48,221.546 Illinois Traction, pref. (quar.) (No. 48). Grand t o t a l ..
(? )
to Jan. 1
Jan. 1 D
Indlanapolis Street R y.............. ....... - - Jan.] 2 I
Jan. 2 1
1
7% cum. 1st pref. (quar.)............
Jan ! 2 Ii
4% cum. pref. (quar.)..................
Jan. 1
Jan. 1 L
_
Interstate Rys., pref.........................
Dec. 31
Dec. 31 D
Iowa Railway & Light, preferred (quar.).D IV ID E N D S .
Dec. 23
Deo. 30 I
Little Rock Ry. A Electric, common------ .
Deo. 23
Dec. 30 1
1
Preferred.......... .........................— -■ .
Jan. 2
Jan. 3 1)
.
London (Canada) St. Ry...................... .
Deo. 15
Jan. 1 I)
.
Jan. lo
Jan. 15 1
.
Manchester Tract. L. A Pow. (quar.).
Deo. 30 I
D ivid en d s a nnou nced this week are printed in italics.
Deo. 31 1
.
Memphis Street Ry., pref----------------Feb. 1 I
.
Montreal Tramways (q u a r.).............
Books Closed.
Jan. 1 I
When
Per
Nashville Ry. A Light, pref. (quar.)..
Days Inclusive.
Dec. 30 I
.
Cent. Payable.
National Properties, common..............
Name of Company.
Jan. 15 1
.
Preferred..........................................
Jan.
Deo. 30 I
New Orleans Ry. & Light, common.
Railroads (Steam.)
Jan.
Deo. 30 I
2K Dec. 29 Holders of rec. Dec. 2a
Alabama Great Southern, ordinary--------Preferred (quar.)— ................ —
Jan. 2 I
Dec. 29 Holders of rec. Dec. 2a
.
1
1
Ordinary (extra)-----------------------------Feb. 23 Holders of rec. Jan. 22a
3
IK Jan. 2 I
Preferred (quar.).
Preferred------- ---------------------------------.)
1K Jan. 1 I
K Feb. 23 Holders of rec. Jan. 22a
Preferred (extra)-----------------------------) 87K c. Feb. 1 I
4K Jan. 2 Deo. 16 to Jan. 1
Albany & Susquehanna------------------------.
IK Jan. 15 I
3'K Jan. 0 Holders of rec. Jan. 2a
Albany & Susquehanna (special)-----------Jan. 2 Deo. 23 to Jan. 1
3
.
IK Jan. 2 I
Porto Rico Rys., pref. (quar.)............
Allegheny & Western (guaranteed)..........
.
2
Dec. 30 I
1
Deo. 24 Holders of rec. Dec. 24a Public Service Corp. of N. J. (quar.).
Ashland Coal & Iron Ry. (quar.)..............
21 to
Deo. 31
.
75c. Jan. 1 I
2K Feb. 1 Holders of rec. Deo. 29a Reading T ra ction ........................ .
Atchison Topeka & Santa Ee. preferred-Jan. 15 I
Jan. 2 Dec. 19 to Jan. 1
_ 1
3
Atlanta A West Point...... ................. .........
IK Jan. 15 I
3K Jan. 10 Holders of reo. Deo. 19a
Preferred (quar.) (No. 22)—
Atlantic Coast Line R R ., common..........
Jan. 1
50c. Jan. 2 Holders of reo. Deo. 20a Ridge Ave. Pass., Phlla. (quar.).
.
S3 Jan. 1 1
Beech Creek, guaranteed (guar.).......... ..
Jan. 1
IK Jan. 1 I
2K Deo. 30 Holders of rec. Nov. 30a
Boston & Albany (quar.)..........................
Deo. la
.
$3 Jan. 1 I
IK Jan. 1 Holders of rec. Dec. 15a
Boston Revero Beaoh & Lynn (quar.) —
3
Dec. 30 Holders of reo. Deo. 12a
IK Jan. 2 I
Buffalo & Susquehanna, common---------Dec. 21 1
.
3
Deo. 30 Holders of rec. Dec, 12a Springfield A Xenia Ry , common.
2
Preferred------------ ----------------------------Jan. 2 I
.
2
Feb. 1 Holders of rec. Dec. 30a Toronto R y. (quar.)....................
ik
Canada Southern------- --------- ...................
Jan.
Jan. 2 1
.
1
2K Jan. 2 Holders of reo. Deo. la
Canadian Paciflo, com. (quar.) (No. 82).
Jan.
IK Jan. 2 1
Deo. 29 Holders of rco. Dec. 22a
2
Preferred (quar.).
Central RR. of N. J. (extra)..................
.)
IK Jan. 2 I
Deo. 30 Holders of reo. Dec. 8a
2
Chesapeake & Ohio------------------------Deo. 26 Holders of rec. Deo. 19a
.
IK Jan. 2
2
Preferred (q u a r.)........................
Chicago Burlington & Quincy (q u a r.)...
. . $4.76 Jan. 1 1
1% Dec. 29 Holders of reo. Deo. 19a Union Passenger R y., Philadelphia.
Chicago Indlanap. & Louisv., com m on..
. . SI 5C Jan.' 1
Dec. 29 Holders of rec. Dec. 19a Union Traotlon, Philadelphia........
2
Preferred ------- ----------- ---------------Jan. 2 Holders of rco. Deo. la
.
2K Jan. | 2
United Electric Co. of N. J..............
IK
Chicago & North Western, com. (quar.).
Jan. 2 Holders of reo. Deo. la
.)
IK Jan. 2
2
United Gas A Elec. Corp., 1st pref. 0
Preferred (quar.) — ........ - ........... .......
Jnn. 2
Jan. 20 Holders of reo. Dec. 29a United Light & Rys., com. (qu.) (N
).
1
IK
Cleve. Cin. Chic. & St. L., pref. (quar.).
Feb. 1 Holders of rec. Dec. 30a
.IK Jan.* 2
3
First preferred (quar.) (No. 25).
Cuba RR., preferred--------------------------13 to Deo,
Dec. 23 Holders of rec. Dec. 14a United Traction & Elec., Prov. (qu
..
IK Jan.| 2
6
Delaware Rlv. RR. A Bridge (annual)..
Jan. 5 Deo. 21 to Jan. 5
..
IK Jan. 2
2
Utah Power & Light, pref. (quar.).
Detroit Hlllsdalo & Southwestern----Jan. 20
..
3
2 K Jan. 2 Holders of reo. Dec. 15a Virginia Ry. & Power, preferred...
Detroit & Mackinac, com. and pref..
l.)
75o Deo. 30
Jan. 15 Holders of rec. Jan. 8a
3
Dotrolt River T u n n e l.................. . .
Jan. 2
3.10 Jan. 2 Holders of reo. Deo. 20a Washington Water Pow., Spokane (qu.). _ 1
Elmira & Williamsport, preferred----Jan.
Jan. 2
Jan. 15 Jan. 1 to Jan.’ 14
3
West End St., Boston, preferred----- - - - $2
Georgia RR. A Banking (quar.)............
Jan.
6)
IK Jan. 2
Jan. 15 Jan. 1 to Jan. 14
1
Special...................... .................. —
Jan. 1
. . S5
Great Northern (quar.)............ .............
I K Feb. 1 Holders of rec. Jan. 5a West Philadelphia Passenger R y.
. . $1.75 Deo. 30
2
Deo. 30 Holders of reo. Deo. 15a Wisconsin Edison.............. ...........
Hooking V alley-----------------------------..
75c Deo. 30
Jan. 2 Deo. 12 to Jan. 4
2
Extra................ .........................
Illinois Central leased lines------------3)
IK Jnn. 2
Interboro. Consolidated Corp., pf. (qu.)
IK Jan. 2 Holders of rco. Deo. 11a
Deo. 21
Jan. 2 Holders of reo. Deo. 20a
5
i.
1
Interborough Rapid Transit (quar.) —
IK Deo. 21
IK Jan. 2 Holders of rec. Deo. 22a
Preferred (quar.)---------Joliet & Chicago (quar.)..........................
Dec. 21
Preferred (on account act
).
1
Kanawha & Michigan (quar.)................
IK Dec. 27 Holders of roc. Dec. 18a
Jan. 1 Deo. 17 to Jan. 1
1
Banks.
K.C. Ft.Scott & Mem., pref. tr. ctfs.(qu.)
to Jan. 2
..
14 Jan. 2
Jan. 15 Holders of rec. Deo. 30a America, Bank of---------1
Kansas City Southern, pref. (quar.)----Jnn. 2
..
3
Jan. 2 Holders of reo. Deo. 7a Atlantic National---------1
Laokawanna R R . of N. J. (q u a r.)...
Jon. 2
..
3
Lehigh Valley, com. A pref. (quar.)............ SI 25 Jan. 13 Holders of rec. Dec. 30a Battery Park National___
1
Jan. 2
Extra ................ ..........
Little Schuylkill Nav., R R. & Coal----- SI 25 Jan. 15 Deo. 12 to Jan. 15
9 to Jan.
1
Jnn. 2
..
3
(1
3K Feb. 1 Holders of rec. Jan. 191 Bronx National................
Louisville A Nashville_________________
Jan. 2 Holders of rec. Deo. 30
..
4
Jan. 2 Holders of rec. Dec. 15a Chase National (quar.)...
2
Lykens Valley RR. A Coal---------------------10 to Jan. 1
Jan. 1
..
3
Holders of reo. Jan. 8a
Feb. 1
Mahoning Coal R R ., common.................. $5
-2K Jan. 2 Dec. 20 to Jan. 1
Preferred.......... .............. - ............. ....... SI.25 Jan. 2 Holders of reo. Deo. 20a Chemical National (bi-monthly)........
Jan. 2 Holders of rec. Deo. 20
..
2
Maine Central, common (quar.)-----------IK Jan. 1 Holders of reo. Dec. 15a Citizens Central National (quar.)----Jan. 2 Dec. 20 to Jan.
1
..
7
Manhattan Ry. (quar.)------------------------IK Jan. 1 Holders of reo. Deo. 15a City, National (Brooklyn) (No. 129).
Dec. 30 Holders of rec. Deo. 20
..
3
Jan. 21 Holders of rec. Deo. 30a Colonial (quar.)..............................
2
Michigan C en tra l................. — ......... ..
3
Dec. 30 Holders of rec. Deo. 20
SI 25 Jan. 15 Dec. 23 to Jan. 14
E xtra.............. ........... ...................
Mine Hill A Schuylkill Haven....................
Jan. 1 Holders of rec. Deo. 20
..
8
Jan. 1 Deo. 2 to Jan. 1
2
Columbia...........................................
Mobile & Birmingham, preferred............
Jan. 2 Holders of roc. Dec. 20a
..
2
Morris & Essex----- --------- --------------------- $1 75 Jan. 2 Holders of reo. Deo. 9a Commerce, Nat. Bank of (quar.)----Jan. 2 Holders of rec. Deo. 20a
..
2
Jan. 2 Deo. 16 to Jan. 2
E xtra............................— ...........
New London Northern----- --------------------2K
Jan. 2 Deo. 24 to Jan.
1
..
4
Jan. 2 Dec. 16 to Jan. 2
Coney Island, Bank of...... .................
E xtra......................................................
K
Jan. 2 Holders of rec. Deo. 30a
. . 25
Fifth Avenue (quar.).......... ...............
New York Central RR. (quar.)-------------- SI.25 Feb. 1 Jan. 3 to Jan. 24
Jan. 2 Holders of reo. Deo.d30a
..
7
N. Y. Chicago & St. Louis, 1st preferred. p2K Jan. 2 Holders of rec. Deo. 21a First National (quar.)......................
Jan. 2 Holders of rco. Dco.r/30a
. . 20
2 K Jan. 2 Holders of rco. Dec. 21a
Extra.............................................
Second preferred............ - ............. .......
Jan. 2 Holders of reo. Deo.d30a
..
3
New York & Harlem, common and pref.. S2.5( Jan. 2 Holders of reo. Deo. 15a First Security— -------------------------IK Jan. 2 Holders of rec. Deo. 29
New York Lackawanna & West, (quar.)
IK Jan. 2 Holders of reo. Deo. 15a Flatbush. Bank of (quar.)..................
1
Deo. 30 Deo. 21 to Jan.
..
3
Ian. 15 Holders of reo. Dec. 30a Garfield National (quar.)..................
$2
Northern Central...... ................... .............
Jan. 2 Holders of rec. Deo. 22
. . 10
German Exchange.........................
Northern Pacific (quar.)..............................
IK Feb. 1 Holders of rec. Jan. 8
Jan. 2 Holders of roc. Dec. 31
..
2
Northern RR. of N. II. (q u a r.)............
IK Jan. 2 Holders of rec. Deo. 4a Gotham National (quar.)..................
1
Jan. 2 Dec. 22 to Jnn.
..
3
3 K Jan. 1( Holdeis of reo. Dec. 30a Greenpolnt National (Brooklyn)------Northern Securities.......... .......................
Jan. 2 Holders of rco. Deo. 20a
..
3
Jan. : Dec. 15 to Deo. 31
2
Greenwich (quar.)................ ...........
Norwich A Worcester, pref. (quar.)........ ..
Deo. 23 Holders of rco. Deo. 20a
..
3
Dec. 3( Holdeis of rco. Deo. 13a
E xtra.................. .................. .......
Philadelphia Baltimore & Washington— $2
Jnn.
Jan. 2 Deo. 23
..
6
Jan. 15 Holders of rec. Dec. 30
5
Hanover National (quar.)..................
Pitts. Cin. Chic. A St. Louis, common.
Jan.
Jan. 1 Dec. 24
..
2
Jan. 15 Holders of reo. Dec. 30
3
Homestead, Brooklyn......................
Preferred..........................................
Jan.
Jan. 2 Dec. 20
. . 12
Importers A Traders National_____
Pittsb. Ft. Wayne & Chic. reg.gu.(quar.)
IK Jan. 2 Holders of rco. Deo. lla
Jan.
..
7K Jan. 2 Dec. 31
Holders of reo. Deo. lla
Liberty National (quar.)....................
Special guaranteed (quar.)............ .
IK Jan. 2
Jan.
Jan. 2 Dec. 31
. . 10
Holders of rec. Deo. 15
$1.25 Jan.
E xtra---------------------- --------------Portland Terminal Co........................

Below we compare the shipments from the various ports
for the last five seasons:

tltommetxial auaintsccUaucous Stexus

The following shows all the dividends announced for the
future by large or important corporations:




American Cities Co., preferred (No. 11)..
Asheville Pow. & L., pref. (qu.) (No. 19).
Bangor lty.& Elec., pref. (quar.) (No. 21)
Birmingham Ry. Light A Poicer, pref.
Boston A Worcester Elec. Cos., pref..

IK
IK
IK
3
SI
IK
IK
K
IK
$2 25
2
1K
1
IK
IK
IK
IK
K
K
K
K
K
IK
IK
3
IK
2
1
IK
2K
3
IK
IK
3
$4.50
2
2
IK
3
IK
IK
1
30o.
IK
2
3
3
1
2
IK
2K
2K
IK
3
3
K

THE CHRONICLE

Deo. 23 1916.]
Name of Company.

When
Per
Cent. Payable.

Hanks (Concluded).
S4
Manhattan Co., Bank of the (No. 221)----3
Market A Fulton National (quar. ) . . ..........
4
Mechanics (Brooklyn) ................ .................
4
Metropolis, Bank of the, (quar.)..................
2
Metropolitan (quar.)------- --------------------7
Mutual Bank-------------------------------------6
Extra............ .............................- ......... 2)4
Nassau National, Brooklyn (quar. ) . . . . —
8
New York, N. B. A ., Bank of (No. 266) —
2
E xtra ------------ -------------- ----------3
North Side (Brooklyn) (No. 4 5 )--5
Park, National (quar.)......................
5
People's (No. 131)---------- - - - -------2
Ridgewood National (Brooklyn)........
3
Seaboard National (quar.)................
10
Extra . . ........................- ...............
3
S ta te ........ - ............... ......... .............
2
Washington Heights, Bank of (quar.).........
6
West Side...................... - ...................
6
Yorkvlllo (quar.)........................ .
Trust Companies.
Bankers (quar.).......................... .......
5
Brooklyn (quar.)--------------- --------—
15
E xtra................ ....... ......... ...........
6
Central (quar.)........................- .........
16
Extra - ------------ -----------------------3)4
Columbia (quar.)-------------------- - - - ­
4
Commercial Trust of N. J. (quar.)-----------4
Extra — .......... - ..........................
2)4
Empire (quar.)-------------------- -------2
E xtra.............................................
6
Equitable (quar.).-.................. .........
6
E xtra......................................... ..
2
Fidelity (quar.).................................
2
E xtra ..................................... ............. .
3
Franklin, Brooklyn (quar.)......................
5
Fulton (No. 49)........ - .................................
2
E xtra.......................................................
5
Guaranty (quar.).......................................
12)4
Special ---------------------------- --------- —
3)4
H udson.......... ........................... - - - - - - - - ­
IK
Lawyers Title & Trust (quar.) (No. 73)-1)4
Manufacturers (Brooklyn) (quar.)..............
6
Metropolitan (quar.) (No. 80)----------------8
New York (quar.).......................................
3)4
Peoples (Brooklyn) (q u a r .)......................
5
Title Guarantee & Trust (quar.)..................
3
Transatlantic.................... - .......................
2
Extra.......................................................
4
Union (quar.).......... ............. - ...................
United States................ - ......... ................
6
United States Mtge. & Trust (quar.)........ 5
E xtra.......... ...........................................
Miscellaneous.
Adirondack Electrlo Power, pref. (quar.).
Aeolian, Weber Plano A Pianola, pref-----Ahmeek Mining (quar.)...... ......................
Alabama Fuel & Iron (quar.). ..................
Allls-Chalmcrs Mfg., pref. (quar.)........ Pref. (on account of accumulated dlvs.)
AUouez'Mining (q u a r.)-...............
American Hank Note, pref. (quar.).
Prefcrred (quar.)-------------------Preferred (extra)............ - .........
American Brass (extra)................ American Can, preferred (quar.)-Amcr. Car & Fdy., com. (quar.) (No. 57)
Common (extra).......... - ............... .........
Preferred (quar.) (No. 71)----------------American Chicle, preferred (quar.)........
American Cigar, preferred (quar.)
American Express (quar.)---------Speolal dividend..........................
Amor. Gas & Eleo., com. (qu.) (No. 27) - _
Common (payable In common stook)..
Preferred (quar.) (No. 40)........
Amer. Graphoyhone, com. (qu.) (No. 47)
American International Corp., common..
Amer. Iron & Steel Mfg., com.&pf.(qu.).
Amcr. Laundry Maohtncry, pref. (quar.)
American Linseed, preferred (No. 7)----American Locomotive, oommon (quar.)..
Preferred (quar.)....................................
American Manufacturing, com. (quar.)..
Prcferred (quar.)...... ......... - ..............- Amertcan Plano, pref. (quar.).......... .........
Amor. P ow er* Lt., pref. (qu.) (No. 29;Amer. Public Service, preferred (quar.)...
American Public Utilities, pref. (quar.) —
Amorlcan Radiator, common (quar.)----Amorloan Rolling Mill, common (quar.).
Common (extra)........ .................- .........
Preferred (quar.)-----------------------------American Screw (quar.)..............................
Special....................................
---Amer. Seeding Machine, com. (quar.) —
Preferred (quar.)....................................
American Shipbuilding, pref......................
American Smelters Secur., prel. A (qu.).
Preferred B (quar.)...... ........ ..............
American Snuff, common (quar.)---------Preferred (quar.)....................................
Amerloan Steel laundries - - - - - - - - - - - Amer. Sugar Refg.. com. & Diet. (quar.).
American Surety (quar.) (No. 110)..........
Amer. Telephone A Telegraph (quar.)----American Thread, preferred----------------Amerloan Tobacco, pref. (quar.).----- - - Amer. Typo Founders, common (quar.) —
Prcferred (quar.).......... .............- — : Amerlcan Woolen, common (quar.)------Preferred (quar.)...................................
Amer. Zinc, Lead A Smelt., com------------Preferred (quar.)____________________
Anglo-American Oil, Ltd-----------E xtra...... ...................................
Ansco Comoanv (quar.)..............
Arkansas Light A Power, pref. (quar.)----Associated Oil (quar.) ........- ....................
Atlantlo Gulf * W. I. 8. 8. Line*, c o m ...
Preferred (q u a r .)....-----—- ­
Allantic Steel, common (quar.)...
Common (extra)...... - - - - ......... Baldwin Locomotive Works, pref
Bal timore Electric---------- -— - Baltimore Tube, Ino.,com.Aprcf.(quar.).
Barnhart6Bros.* Splndler.lst & 2d pf.(qu.)
Barrett Company, common (quar.)
Common (extra)-----------------Preferred (quar.)....................- - ­
Bell Telephone of Canada (quar.)...........
Bethlehem Steel, common (quar.)
Preferred (quar.)................................. Billings < Spencer (quar.)..........................
fc




Jan. 2
Ian. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 1
Jan. 2
Dec. 31
Jan. 2
Jan. 2
Jan. 2
Deo. 31
Jan. 2
Doo.d31

Books Closed.
Days Inclusive.

Name of Company.

to

Jan.

1

to

Jan.

1

to

Jan.

2

Dec. 24 to
Holders of rcc.
Holders of rcc.
Dec. 0 to
Holders of reo.
Dec. 21 to
Deo. 22. to

Jan. 1
Dec. 26
Deo. 20
Jan. 1
Dec. 31a
Jan. 2
Jan. 1

Jan. 2 Holders of rcc. Dec. 26a
Jan. 2 Holders of rec. Dec. 22a
Jan. 2 Holders of rcc. Dec. 22a
Jan. 2 Holders of reo. Dec. 22a
Jan. 2 Holders of reo. Dec. 22a
Jan. 5 Holders of rec. Dec. 29a
Jan. 2 Holders of reo. Deo. 27
Jan. 2, Holders of rec. Dec. 27
Dec. 30 Holders of reo. Deo. 23a
Dec. 30 Holders of reo. Deo. 23a
Deo. 31 Holders of rec. Dec. 27a
Dec. 31 Holders of reo. Deo. 27a
Jan. 2 Deo. 24 to Jan. 17
Jan. 2 Dec. 24 to Jan. 17
Deo. 30 Holders of reo. Deo. 27a
Jan. 2 Holders of rec. Dec. 22
Jan. 2 Holders of reo. Deo. 22
Deo. 30 Holders of reo. Deo. 22a
Deo. 30 Holders of reo. Deo. 22a
Jan. 2 Dec. 21 to Jan. 1
Jan. 2 Deo. 16 to Jan. 2
Jan. 2 Holders of rec. Deo. 20
Dec. 30 Holders of reo. Dec. 21
Dec. 30 Dec. 24 to Jan. 1
Dec. 30 Holders of roo. Deo. 29a
Dec. 30 Holders of rec. Dec. 22
Jan. 1 Holders of reo. Deo. 30a
Jan. 1 Holders of rec. Dec. 30a
Jan. 1 Holders of rec. Deo. 23a
Jan. 2 Holders of reo. Deo. 22a
Dec. 30 Holders of rcc. Deo. 26
Dec. 30 Holders of rcc. Deo. 26

Miscellaneous (Continued).
Bliss (E. W .) Co., common (quar.)...........
Common (extra)-------------------------------Preferred (quar.)-.................... .............
Booth Fisheries, pref. (quar.).................
Brier Hill Steel, common (quar.)...............
Common (extra)---------- --------------------Brooklyn Union Gas (quar.) (No. 6 3 ).—
Extra..................................—......... .......
Brunswlck-Balke-Collender, pref. (quar.)
Buffalo General Elec, (quar.) (No. 8 9 )-.
Butte-Superior Mining (quar.)................
Extra ................................................... California Elec. Generating, pref. (quar.)..
California Packing Corp., pref------- -------California Petroleum Corp., pref. (quar.)
Cambria Steel (quar.)----------------------------E xtra.... ........... - ...................- ...............
Canadian Consol. Rubber, pref. (quar.).
Canadian Cottons, Ltd., common (quar.)
Preferred (quar.)-----------------------------Canadian Crocker Wheeler'Ltd.,oom.(qu.)
Preferred (quar.)....................................
Canadian Gen.El., Ltd.,com. (qu.) (No.70)
Canadian Locomotive, preferred (quar.).
Caso (J. I.) Threshing Mach., pref.(quar.)
Celluloid Company (quar.).............. Extra ........ ......................................
Central Aguirre Sugar Cos., common-----Central Coal & Coke. pref. (quar.)...........
Central Leather, oommon (extra)---------Preferred ( a u a r .) .„ .............. ...............
Central Leather, common (quar.)-----------Central A S. A. Telegraph (quar.)-----------Central States El.Corp.,pf.(qu.)(No. 18)
Chalmers Motor Corporation------------------Chandler Motor Car (quar.)-----------------

1 Holders of reo. Deo. 14
2 Holders of rec. Dec. 23
10 Holders of reo. Deo. 23a
1 Dec. 22 to Dec. 31
15 Holders of reo. Deo. 30a
15 Holders of reo. Deo. 30a
3 Holders of reo. Deo. 13a
15 Holders of reo. Deo. 20a
15 Holdois of reo. Deo. 20a
2 Holders of reo. Deo. 16a
3C Holders of reo. Deo. 16a
3C Holders of reo. Deo. 22a
30 Holders of reo. Deo. 22a
30 Holders of rec. Deo. 22a
20 Holders of reo. Nov. 30
2 Holders of reo. Deo. 15a
Holders of reo. Deo. 13a
Holders of roo. Dec. 13a
Holders of rec. Dec. 13a
Holders of rec. Deo. 22
Holders of reo. Deo. 15a
Holders of reo. N ov. 29a
Holders of rec. Nov. 29a
Holders of reo. Dec. 18
Ifoldors of reo. Deo. 18
Holders of rec. Jan. 18
Holders of reo. Deo. 15a
30 Holders of reo. Deo. 15
Holders of rcc. Deo. 20a
15 Jan. 6 to Jan. 15
t reo . Deo. 15a
1
t reo . Dec. 18 a
3
1 rec . Jan. 5a
22
31 Deo. 16 to Jan, 1
31 Deo. 16 to Jan. I
1 Deo. 23 to Jan. 1
2 Holders of reo. Deo. 22
1 Holders of reo. Dec. 23
Holders of reo. Deo. 20a
Deo. 22 to Deo. 30
Jan. 15 Holders of rec. Deo. 31a
2
1
Jan. 15 Holders of rec. Dec. 31a
1)4 Jan. 15 Holders of rcc. Dec. 31a
IK Dec. 30 Holders of rec. Deo. 23a
3
Dec. 30 Holders of reo. Dec. 23a
1
Jan. 15 Holders of reo. Deo. 30a
1)4 Jan. 15 Holders of reo. Deo. 30a
l K Jan. 15 Holders of reo. Dec. 30
1)4 Jan. 2 Deo. 16 to Deo. 25
IK Jan. 2 Doc. 16 to Deo. 25
3
Jan. 2 Holders of reo. Dec. 15a
1)4 Jan. 2 Holders of reo. Dec. 15a
IK Deo. 30 Holders of reo. Dec. 16a
IK Jan. 2 Holders of reo. Deo. la
IK Deo. 30 Holders of rec. Deo. 23a
1
Deo. 30 Holders of rcc. Dec. 23a
2
Jan. 15 Holders of rec. Dec. 30a
Nov. 30
2)4 Jan. 1 Nov. 15 to
1)4 Jan. 2 Holders of reo. Deo. 15a
1
Jan. 15 Holders of reo. Jan. 10a
IK Jan. 15 Holders of reo. Jan. 10a
IK Jan. 15 Dec. 12 to Deo. 27
IK Jan. 15 Dec. 12 to Dec. 27
SI
Feb. 1 Holders of reo. Jan. 15
St.50 Feb. 1 Holders of rec. Jan. 15
r5
Jan. 15 Holders of coup. No. 12
r5
Jan. 15 Holders of coup. No. 12
2)4 Jan. 1 Dec. 19 to Jan. 1
IK Jan. 1 Holders of rec. Dec. 20
IK Jan. 15 Holders of reo. Deo. 30a
5
Fob. 1 Holders of reo. Deo. 29a
IK Jan. 2 Holders of reo. Deo. 15a
1)4 Jan. 10 Holders of reo. Deo. 30
1
Jan. 10 Holders of reo. Deo. 30
3)4 Jan. 1 Holders of reo. Deo. 9a
$1.25i Jan. 2 Holders of reo. Dec. 15
IK Jan. 2 Holders of reo. Dec. 20
IK Feb. 1 Holders of reo. Jan. 27a
IK Jan. 2 Holders of reo. Deo. 20a
10
Jan. 25 Holders of reo. Deo. 20a
IK Jan. 15 Holders of reo. Jan. 5a
2
Jan. 15 Holders of reo. Deo. 31
7)4 Jan. 2 Holders of rec. Dec. 15a
IK Jan. 2 Holders of reo. Dec. 15a
2
Jan. 1 Holders of roo. Deo. 23a
3
Jan. 1 Holders of rcc. Dec- 23a

1)4
2
84
1
1)4
hl)4
$3
IK
1)4
75o
1)4
nlH
n'2

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Deo.
Dec.
Deo.
Deo.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb,
Jan.
Deo.
Jan.
Jan.
Jan.
Jan.
Jan.
Deo.
Deo.
Jan.
Jan.
Jan.

Charcoal iron Co. of America--------------Charcoal Iron Co. of Am., preferred------Chicago Telephone (quar.)------- ----------Chino Copper (quar.)--------------------------Extra ..............................——...............
Cincinnati Gas A Electric (quar.)...............
Cincinnati Gas Transportation. ..............
Cincinnati & Suburban Bell Telep (quar.)
City Investing, preferred (quar.)--------Cleve. * Sandusky Brewing, com m on...
Clev. & Sandusky Brew., pref. (quar.)—
Cluett, Peabody & Co., Inc., pref. (qu.)
Colorado Power, common (quar.)............
Colt's Patent Fire Arms Mfg. (quar.). . .
Extra............ ...................... - ...........
Computlng-Tabulatlng-Recordlng (quar.)
Cons. Gas, El. L. & P., Balt., com. (qu.).
Consol. Interstate-Callahan Mining (qu.)
Consumers’ Elec. Lt. & Pow., N.O., com.
Preferred..............................................- ­
Consumers’ Power (Mich.), pref.(quar.).
Continental Can, Ino., common (quar.)..
Preferred (quar.)-----------------------------Corn Products Refining, preferred (quar.)..
Pref. (account accumulated dividends). . .
Creamery Package Mfg., com. A pref. (qu.)
Crucible Steel, pref. (extra) (No. 5 1)--.
Cuba Cane Sugar, preferred (quar.)..
Cuban-Amerlcan Sugar, oom. (quar.) —
Preferred (quar.)-----------------------------Curtiss Aeroplane A Motor, preferred----Dayton Power & Light, pref. (quar.)-----Detroit Edison (quar.)— .............. .........
Distillers’ Securities Corporation (quar.)
Dodge Mfg., pref. (quar.) (No. 24)--------Dominion Glass, Ltd., pref. (quar.)----Dominion Textile, Ltd., com. (quar.).—
Domlnlon Textile, Ltd., pref. (qu.)........ —
Duluth Edison Elec., pref.(quar.)(No.43)
du Pont (E. I.) de Nem.Powd.,com.(qu.).
Preferred (quar.).................. ..........
Eastern Light & Fuel (quar.;............
Eastern Steel Co., 2d preferred.......... .........
Eastman Kodak, common (q u a r.)..-----Preferred (ouar.)-----------------------------Edmunds & Jones Corp., common (quar.)
Preferred (quar.)-----------------------------Elsenlohr (Otto; A Bros., Inc., pref. (quar.)
Electrlo Boat, common & preferred (extra)
Eleo. Stor. Batt.. com. & pref. (quar.)—
Electrlcal Securities Corp., com. (qu.)------Preferred (quar.)......................................
Empire Steel & Iron, preferred--------------Eureka Pipe Line (quar.)...... ........... .........
Federal Oil, preferred (No. 1)--------------Galena-Signal Oil, oom. (quar.)-------------Preferred (quar.).............. ....... - - - - - - Gcneral American Tank Car, lsl A 2d pref.
General Baking, pref. (quar.) (No. 20) —
General Chemical, common (quar.)------Common (extra)-----------------------------Common (special)----------------------------Preferred (quar.).................... - .............
General Electrlo (quar.)........................ ..
General Fireproofing, common (quar.) —
Preferred (quar.) (No. 39).............. - - ­
General Gas A Electric, preferred (quar.)..
General Ry. Signal, com. & pf. (quar.)—
Goodrloh (B. F.) Co., oommon (quar.)..
Preferred (quar.).......... .........................
Goodyear Tire A Rubber, preferred (quar.).
Granby Cons'd Min. Sm. A P. (quar.)----Great Lakes Towing, pref. (quar.)...........
Gulf States Steel, common (No. 1)..........
Gulf States Steel, 1st preferred (quar.)..
Gulf States Steel. 2d pref. (quar.)............
Harblson-Walker Refrac.. pref. (quar.)..
Harrisburg Light A Power, pref. (quar.)..
Hart, Schaffner & Marx, pref. (quar.).—
Hartford City Gas Light, common (quar.)..
Preferred (quar.) -----------------------------Haskell & Barker Car (No. 1).............. ..
Haverhill Gas Light (quar.) (No. 84)----Holme (George W.) Co., common (quar.)
Common (extra)---------- -----------Preferred (quar.)----------------------Ilendee Mfg., pref. (quar.) (No. 13)--------Hercules Powder, common (quar.)..
Common (extra).............. - .........
Common (pay .In Anglo-French bonds)
Ilomestake Mining (monthly) (No. 507).
Extra (No. 508)-----------------------Howe Scale, common (quar.)i---------Preferred (quar.)............................
Hupp Motor Car Corp., pref. (qu.)(No. 5)Indlana Pipe Line (quar.)................
Extra............ ...............................Indianapolis Gas............................Ingersoll-Rand, common (extra )---........
Ingersoll-Rand, preferred..........................
Inter. Harvester of N.J., oom.(qu.) (No.28)
International Salt (q u a r.)............ ...........
Extra............................................... .......
International Silver, preferred (quar.).—

2317
Books Closed.
Days Inclusive.
Deo. 23 Deo. 16 to Deo. 23
Deo. 23 Deo. 10 to Deo. 23
Deo. 23 Deo. 16 to Deo. 23
Holders of reo. Deo. 21a
Jan.
Dec. 21 to Jan. 1
Jan.
Dec. 21 to Jan. 1 I
Jan.
Holders of rec. Deo. 14a
Jan.
Holders of reo. Dec. 14a
Jan.
Holders of rec. Dec. 10a
Jan.
Dec. 30 Holders of rec. Dec. 20
Dec. 30 Holders of rec. Dec. 15a
Deo. 30 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. 22a
Jan. 1 Dec. 19 to Dec. 30
Jan. 1 Holders of reo. Dec. 20a
Dec. 29 Holders of rec. Dec. 28
Dec. 29 Holders of rec. Deo. 28
Dec.d31 Holders of rec. Deo. 22a
Jan. 4 Dec. 23 to Jan. 3
Jan. 4 Deo. 23 to Jan. 3
Dec. 31 Dec. 15 to Dec. 31
Dec. 31 Dec. 15 to Deo. 31
Jan. 1 Holders of reo. Dec. 15a
Jan. 1 Holders of rec. Dec. 20a
Jan. 1 Holders of rec. Dec. 11a
Dec. 30 Holders of rec. Deo. 15a
Dec. 30 Holders of rec. Dec. 15a
Jan. 2 Holders of reo. Dec. 26
Jan. 15 Dec. 31 to Jan. 15
Dec. 30 Holders of reo. Deo. la
Jan. 2 Holders of reo. Deo. 9a
Feb. 1 Holders of rec. Jan. 10a
Jan. 10 Holders of rec. Dec. 30a
Deo. 30 Holdeis of reo. Dec. 9
Jan. 15 Holders of rec. Jan. 5
Jan. 2 Holders of rec. Dec. 18a
Jan. 2 Holders of rec. Deo. 18a
Jan. 31 Holders of reo. Jan. 15
Deo. 30 Holders of rec. Dec. 15
Deo. 30 Holders of rec. Deo. 29a
Deo. 30 Holders of reo. Dec. 15a
Doc. 30 Holders of rec. Dec. 15a
Jan. 1 Dec. 15 to Dec. 21
Jan. 1 Dec. 20 to Jan. 1
Jan. 2 Deo. 25 to Jan. 1
Jan. 2 Holders of rec. Dec. 27
Deo. 29 Holders of rec. Dec. 15a
Dec. 29 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. 20a
Jan. 15 Holders of rec. Dec. 30a
Dec. 30 Holders of rec. Dec. 16a
Dec. 30 Holders of rec. Dec. 16a
Jan. 10 Holders of rec. Dec. 23a
Jan. 2 Holders of rec. Dec. 15a
Deo. 30 Holders of reo. Deo. 23a
Dec. 27 Holders of rec. Deo. 27a
Deo. 31 Deo. 10 to Deo. 31
Jan. 2 Holders of rec. Dec. 18a
Jan. 1 Holders of rec. Deo. 20a
Jan. 1 Holders of rec. Dec. 20a
Jan. 15 Holders of rec. Jan. 3
Jan. 15 Holders of rec. Jan. 3
Jan. 10 Holdeis of rec. Jan. 1
Jan. 31 Holders of rec. Jan. 16
Jan. 2 Holders of rec. Dec. 15a
Holders of rec. Deo. 15a
Jan.
Holders of reo. Dec. 15a
Jan.
Holders of rec. Jan. la
Jan.
Holders of rec. Dec. 20a
Jan.
Jan. 15 Holders of reo. Deo. 30a
Jan. 15 Holders of rec. Dec. 18a
Jan. 2 Dec. 22 to Jan. 1
Holders of rec. Deo. 12
Jan.
Jan. 2 Holders of reo. Deo. 15
Jan. 15 Holders of rec. Dec. 30a
Jan. 2 Holders of rec. Deo. 19
Holders of reo. Jan. 22a
Feb.
Feb. 1 Holders of rec. Jan. 22a
Jan. 2 Holders of reo. Deo. 23a
Deo. 30 Holders of rec. Dec. 23
Jan. 1 Holders of rec. Nov. 30a
Holders of rec. Nov. 30a
Jan.
Dec. 21 to Jan. 1
Jan.
Dec. 21 to Jan. 1
Jan.
Holders of rec. Dec. 20
Jan.
Deo. 29
Jan. 2 Holders of reo. Dec. 18a
Dec. 31 Holders of rec. Dec. 29a
Feb. 1 Holders of rec. Jan. 26a
Dec. 21 to Jan. 1
Jan.
Holders of rec. Jan. 15
Feb.
Holders of reo. Dec. 20
Jan.
Deo. 30 Holders of reo. Nov. 29a
Dec. 30 Holders of rec. Nov. 29a
Holders of rec. Dec. 20
Jan.
Holders of reo. Deo. 16a
Jan.
Holders of reo. Feb. 21a
Mar.
Holders of rec. Dec. 30a
Feb.
Holders of rec. Dec. 30a
Feb.
Jan. 2 Holders of rec. Dec. 18a
Jan. 15 Holders of reo. Deo. 16a
Jan. 1 Holders of reo. Deo. 20
Jan. 1 Holders of reo. Deo. 20
Jan. 2 Holders of rec. Dec. 23
Jan. 2 Holders of rec. Dec. 19
Feb. 15 Holders of reo. Feb. 2 a
Jan. 2 Holders of reo. Deo. 21a
Jan. 2 Dec. 21 to Jan. 1
Feb. 1 Holders of reo. JaD. 18
to Jan. 2
Jan. 2 Deo. 16
Jan. 2 Holders of reo. Deo. 16a
Jan. 1 Holders of reo. Deo. lfa
Feb. 1 Holders of reo. Dec. 15a
Jan. 20 Holders of rec. Jan. 10a
Dec. 31 fielders of rec. Dec. 20
Dec. 30 Holders of rec. Deo. 20a
Dec. 30 Dec. 19 to Jan. 1
Dec. 30 Dec. 19 to Jan. 1
Jan. 2 Holders of reo. Deo. 15a
Holders of rec. Dec. 16a
Jan.
Holders of reo. Dec. 16a
Jan.
Holders of reo. Dec. 16a
Jan.
Holders of reo. Dec. 16a
Jan.
Holders of rec. Dec. 20
Jan.
Dec. 23 Deo. 16 to Deo. 22
Dec. 23 Deo. 16 to Dec. 22
Dec. 23 Dec. 16 to Dec. 22
Deo. 26 Holders of rec. Deo. 20a
Deo. 26 Holders of reo. Deo. 20a
Holders of rec. Dec. 20
Jan.
Holders of rec. Dec. 20
Jan.
Jan. 2 Holders of rec. Dec. 20
Feb. 15 Holders of rec. Jan. 25
Feb. 15 Holders of rec. Jan. 25
Deo. 30 Holders of reo. Deo. 9
Deo. 28 Holders of rec. Dec. 22a
Jan. 2 Holders of reo. Dec. 15a
Jan. 15 Holders of rec. Deo. 23a
Dec. 30 Dec. 16 to Jan. 1
Dec. 30 Dec. 16 to Jan. 1
Jan. 2 Dec. 17 to Jan. 1

2318

THE CHRONICLE
Per
Cent

When
Payable.

[Vo l .

103

Books Closed.
Days Inclusive.

Per
When
Books Closed.
Name of Company.
Cent. Payable
Days Inclusive.
Miscellaneous (Concluded).
Island Creek Coal, com. (guar.)_______
50o.
Holders of reo. Dec. 22
Producers Oil (quar.)________ .
254 Deo. 31 Holders of reo. Nov. 29
Common (extra)...................... ..........
- SI
Holders of rec. Deo. 22
Pyrene Mfg., com. (quar.) (No. 17).
25c. Feb.
Jan. 26 to Jan. 31
Preferred (quar.)........................ ....... . . S1.5C
Holders of rec. Dec. 22
Quaker Oats, common (quar.)____
254 Jan. 15 Holders of rec. Deo. 30a
Isle Royal Copper (quar.)____________
SI
Holders of rec. Dec. 30
Preferred (quar.)........ .................
I X Feb. 28 Holders of rec. Feb. la
E xtra___________________________
$1
Holders of rec. Dec. 30
Railway Steel-Spring, com. (quar.).
Deo. 30 Holders of reo. Deo. 15a
IX
Jewell Tea, Ino., preX. (quar.)_______ - ­
Holders of reo. Deo. 20a Ray Consolidated Copper (quar.)..
75o. Deo. 30 Holders of reo. Deo. 15a
7)
134 Jan. 2 Holders of rec. Dec. 22
E x t r a ................................... .......
25o. Deo. 30 Holders of reo. Deo. 15a
Lj
I X Jan. 2 Holders of reo. Deo. 20
Realty Associates (No. 28).
"
3
Jan. 15 Holders of rec. Jan. 5
I X Jan. 2 Holders of reo. Deo. 20a Regal Shoe, pref. (quar.) (No. 88)..............
I X Jan. 2 Holders of reo. Dec. 22
1
Common (extra)...................
Holders of reo. Deo. 20a Reo Motor Car, common (quar.)_
_
254 Jan.
Holders of reo. Deo. 15
1st and 2d preferred (quar.)..
I X Feb. 1 Holders of reo. Jan. 20a Republic Iron*Steel, pref (qu.) (No. 53)
I X Jan.
Holders of reo. Deo. 16a
Kelly-SprlngXleld Tire, 6% pref.
)I X Jan. 2 Holders of rec. Deo. 16a
Pref. (account accumulated dividends) A4
Jan.
Holders of reo. Deo. 16a
Kennecott Copper Corp. (quar.)
) . $1.5( Dec. 30 Deo. 16 to Deo. 25
Republic Iron & Steel, com. (No. 1)..........
I X Feb.
Holders of reo. Jan. 15a
Keystone Telephone, preferred.
.. rtsi
Feb. 1 Holders of reo. Jan. 20a Reynolds (R. J.) Tobacco, com. (quar.j.
3
Jan.
Holders of rec. Deo. 21
. . 30o. Jan. 2 Holders of reo. Deo. 22
Common (extra).......................
5
Jan.
Holders of reo. Deo. 21
Preferred (quar.).
20o.
Holders of reo. Dec. 22
Preferred (quar.)___________________
I X Jan.
Holders of reo. Deo. 21
Preferred (extra)
. . 3 l-3o
Royal Baking Powder, common (quar.). .
2
Deo. 30
Deo. 15a
)154 Jan. I
Common (extra)_____ ________
2 Deo. 30 Holders of reo. Deo. 15a
Holders of reo.
Kresge (S. S.) Co., common_______
15o
Preferred (quar.)____________
Deo. 30 Holders of reo. Deo. 15a
Preferred (quar.)...........................
17Xo
Safety Car Heat. & Ltg. (q u a r .)............
Deo. 23 Holders of reo. Deo. 12a
Kress (S. H.) & Co., pref. (quar.)__
ik
Holders of reo. Deo. 20a St.L.Rky.Mt.* Pao.Co.,com.(qu.) (No.l 1)
1
Jan. 10 Deo. 31 to Jan. 9
La Belle Iron Works, common____
i
St. L. Rky. Mtn. & Pao. Co., pref. (qu.).
154 Dec. 30 Deo. 21
to Deo. 29
Lackawanna Steel, common (quar.).
1x Deo. 30
Saxon Motor Car Corporation........
I X Jan. 17 Holders of reo. Jan. 3
Common (extra)________ ________
3 ' Deo. 30
Seovlll Manufacturing (quar.)___
2
Jan. 1
Laclede Gas Light, common (extra)__
10
Jan. 2
Extra_ _____ __________ ___________ 10
_
Jan. 1
Lake Torpedo Boat, first preferred..
350 Deo. 30
to Jan. I
Special (pay. In Anglo-French bonds) - 25
Jan. 5
La Rose Consolidated Mines (quar.)..
So.
Sears, Roebuck & Co., pref. (quar.)____
I X Jan. 1 Holders of reo. Deo. 15a
Laurentlde Pulp & Paper (quar.)___
2
Securities Company.................... ............ .
2 X Jan. 15 Holders of reo. Dec. 30a
Lawyers' Mortgage (quar.) (No. 61)-- . .
Deo. 30
3
Shattuck, Arizona Copper (quar.)_____
50o. Jan. 20 Holders of reo. Deo. 30a
Lehlgh Valley Coal Sales (quar.).........
SI .2. Jan. 20
Extra ................ .........................
750. Jan. 20 Holders of reo. Deo. 30a
Library Bureau, pref. (quar.)..............
2
Shawlnlgan Water & Power (quar.)____
I X Jan. 10 Holders of reo. Dec. 29a
Preferred (acc’t accumulateddlvs.)..
A2
Sloss-Sheffleld Steel & Iron, pref. (quar.)
I X Jan. 2 Holders of reo. Deo. 18a
Liggett & Meyers Tobacco, pref. (qui
134 Jan. 1
Southern Utilities, preferred (quar.)___
I X Deo. 30 Holders of reo. Deo. 18
Lone Star Gas (quar.)_____________
I X Dec. 30
South Penn OU (quar.)__________
5
Deo. 30 Deo. 14 to Jan. 1
U Deo. 30
Extra ................ .......................
Extra______________________________
6
Deo. 30 Deo. 14 to Jan. 1
9)
134 Jan. i
South Porto Rico Sugar, common (quar.)
Jan. 2 Holders of reo. Deo. 16a
5
.
3
Lorillard (P.) Co., common (quar.).
Preferred (quar.)............ ...........
2 Jan. 2 Holders of reo. Dec. 15a
Preferred (quar.)_______________
134 Jan. 2
South West Pa. Pipe Lines (quar.)_____
3
Deo. 30 Holders of reo. Deo. 15
2X Jan. 15
Southwestern Cities Elec., pref. (quar.)...
I X Jan. 1 Holders of reo. Dec. 15a
Common (extra). .
2X Jan. 15:
Spicer Mfg., 1st and 2d preferred________
2
Jan. 1 Holders of reo. Dec. 27
Preferred (quar.).
I X Jan. 15
Springfield Body Corp., pf. (qu.) (No. 3).
2
Jan. 2 Holders of rec. Deo. 22
134 Jan. 2
Standard Coupler, com m on..................
I X Deo. 23 Deo. 17 to Jan. 9
Preferred (quar.) (No. 52).
.
1
Jan. 2 j
Preferred .................... ..........................
4
Deo. 23 Deo. 17 to Jan. 9
50o.
Magma Copper Co. (quar.)..
Standard Gas Light (N. Y .), common_
_
I X Deo. 30 Deo. 20 to Jan. 1
Manatl Sugar, pref. (quar.)..
134 Jan. 2
Preferred........................ ............... .........
3
Deo. 30 Deo. 20 to Jan. 1
.)
134 Jan. 2
to Jan. 2
Standard OU (Kentucky) (quar.)_
_ .
4
Jan. 2 Dec. 16 to Jan. 2
Manhattan Shirt, pref. (quar.).
.
134 Jan. 2 1
Extra.......................................................
1
Jan. 2 Dec. 16 to Jan. 2
Manning, Maxwell & Moore, Inc
I X Jan. 3 1
Standard Oil (Ohio) (quar.)____________
3
Jan. 1 Deo. 2 to
Deo. 20
Marlin Arms, pref......................
Jan. 51
Extra.......................................................
1
Jan. 1 Deo. 2 to
Deo. 20
. $1.25 Feb. 1 I
Standard Sanitary M fg., common (extra)
1
Deo. 23 Holders of reo. Deo. 16
.
25c Jan. 15 1
Standard Screw, common............................
3
Jan. 2 Holders of rec. Deo. 18
Preferred (quar.).............................
. $1.5( Jan. 15 1
Common (extra)..............................
20
Jan.
Holders of reo. Deo. 18
Maxwell Motor, Ino., com. (quar.).
2X Jan. 2 I
Preferred A ....................................
3
Jan.
Holders of reo. Deo. 18
First preferred (quar.).......... .......
134 Jan. 2 I
Preferred B.....................................
354 Jan.
Holders of reo. Dec. 18
Scoond preferred (quar.)..............
I X Jan 2 I
Steel Co. of Canada, Ltd., common____
4
Jan.
Holders of rec. Deo. 16
.)
134 Jan. 2 I
Steel Co. of Canada, Ltd., pref. (quar.)..
I X Feb.
Holders of reo. Jan. 13
234 Dec. 30 l
Stutz Motor Car of America.................... $1.25 Jan.
Holders of reo. Dec. 15
Mergenthaler Linotype (quar.).
.
234 Dec. 30 I
Submarine Boat Corporation (quar.)___
$1.50 Jan. 15 Holders of reo. Deo. 29
Extra______________________
Dec. 30 1
Subway Realty (quar.)............ .......
I X Jan. 2 Holders of reo. Deo. 20a
.
2
Jan. 2 I
Swift & Co. (quar.) (No. 122)........
2
Jan. 1 Dec. 10 to Jan. 3
Mexican Telegraph (quar.)________
.
234 Jan. 17 I
Temple Coal, preferred (quar.)........
2
Jan. 10 Holders of reo. Dec. 30
Michigan I.lght, preferred (quar.).
.
134 Jan. 2 I
Texas Company (quar.)_________
2X Deo. 31 Holders of rec. Nov. 29a
Michigan State Telephone, pref. (qu
134 Dec. 30 I
Tide Water OU (quar.)....................
2 Jan. 2 Holders of reo. Deo. 15a
Midwest Oil, pref. (No. 18)______
. 2c. Jan. 20 I
Extra............................................. .........
1
Jan.
Holders of reo. Deo. 16a
.
1
Jan. 2 I
Tobacco Prod. Corp., pref. (qu.) (No. 16)
I X Jan.
Holders of reo. Deo. 18a
Preferred (quar.) (No. 17).
.
134 Jan. 2 I
Tonopah Belmont Develop, (quar.)......... 12Xo. Jan.
Deo. 16 to Deo. 21
Montgomery Ward < Co., pre
fe
Jan. 1 I
.
134
Tonopah Extension Mining (quar.)
10c Jan.
Deo. 12 to
Deo. 21
Morris Plan Co. of New York
.
134 Jan. 2 I
Extra______________ __________
5c. Jan.
Deo. 12 to Deo. 21
Mortgage-Bond Co. (quar.)___
.
134 Dec. 30 I
Tonopah Mining of Nevada..............
15o. Jan. 20 Deo. 31 to Jan. 7
.
134 Jan. 15 I
Torrlngton Co., common................
75o. Jan. 3 Holders of reo. Deo. 20
2
National Carbon, common (quar.).
Jan. 15 I
Jan. 5
Common (extra)_______ _______
25o Jan. 3 Holders of reo. Deo. 20
Common (e x tra ).........................
Jan. 15 I
Jan. 5
Preferred___________ _____ _____ __
87X0. Jan. 1 Holders of reo. Deo. 22
134 Deo. 31 E
Deo. 31
Transue & Williams Steel Forg. (No. 1 ).. 91
Jan. 11 Holders of reo. Deo. 29
National Fuel Gas (quar.).
.
234 Jan. 15 I
Underwood Typewriter, common (quar.)
I X Jan. 1 Holders of rec. Deo. 20a
.
1
Jan. 1 E
Jan.
Preferred (quar.)______________
I X Jan. 1 Holders of reo. Dec. 20a
Preferred (quar.)____________
.
134 Jan. 1 D
Jan.
Union Carbide (quar.).............. .
2
Jan. 3 Dec 17 to Jan. 2
National Glue, common_________
.
2
Jan. 1 H
Union Natural Gas Corp. (quar.)_______
2 X Jan. 15 Dec. 31 to Jan. 15
Preferred (quar.)........................
2
Jan. 1 H
Union Switch & Signal, com. & pref. (qu.) 91.50 Jan. 15 Holders of reo. Deo. 30
National Lead, common (quar.).
.
1
Dec. 30 H
United Alloy Steel Corp. (quar.) (No. 1). $1
Jan. 10 Holders of reo. Deo. 28
134 Deo. 30 II
United Dyewood Corp., pref. (No. 1)___ 1 1-6 Jan. 2 Holders of reo. Deo. 14a
134 Jan. 15 E
United Fruit (quar.) (No. 70)..................
2
Jan. 15 Holders of reo. Deo. 23a
Preferred (quar.).......... ............
134 Jan. 15 E
United Gas Improvement (quar.)____
Jan. 15 Holders of reo. Deo. 30a
$1
National Refining, pref. (quar.).
2
Jan. 1 E
United Globe Mines.................................. 522 Deo. 28 Deo. 15 to Deo. 21
National Steel Car, Ltd., pf. (qu.)
Jan. 15 E
134
United Paper Board, Ino., pref. (quar.)..
I X Jan. 15 Dec. 31 to Jan. 14
National Sugar Refining (quar.).
134 Jan. 2 E
United Shoe Machinery, common (quar.) 37X Jan. 5 Holders of reo. Deo. 19
National Surety (quar.)________
3
Jan. 2 E
Preferred (quar.)..................... ............
50o. Jan. 5 Holders of reo. Deo. 19
50o. Deo. 30 H
U. S. Gypsum, preferred (quar.)..............
I X Deo. 30 Deo. 15 to Deo. 22
Extra
Deo. 30 H
$1
U. S. Industrial Alcohol,pf.(qu.) (No.41)
I X Jan. 15 Holders of reo. Deo. 30a
i 134 Jan. 2 D
24 to Jan
1
U. S. Steamship.............. ..........................
lOo. Deo. 30 Holders of reo. Deo. 16
1
134 Deo. 30 1
U. S. Steel Corporation, com. (q u a r.)...
I X Deo. 30 Deo. 2 to Doo. 10
$l
Deo. 30 K
Common (extra).....................................
1
Deo. 30 Deo. 2 to Deo. 10
New York Mutual Gas Light..............
4
Jan. 10 H
Utah Copper (quar.) (No. 34).......... ....... 52.50 Deo. 30 Holders of reo. Deo. 15a
New York Title & Mortgage (quar j .
1
134 Jan. 2 1
Extra (No. 4).........................................
51 Deo. 30 Holders of reo. Deo. 15a
New York Transit (quar.).......... .....
4
Jan. 15 1
1
Vlotor Talking Machine, common (quar.)
5
Jan. 15 Deo. 31 to Jan. 5
Extra...............................................
2
Jan. 15 II
Preferred (quar.)...................................
I X Jan. 15 Deo. 31 to Jan. 5
Niagara Falls Power (quar.).............
2
Jan. 15 II
Welsbach Company, preferred___________
3 X Dec. 30 Holders of roc. Dec. 23
2
Nlpe Bay Co., common (quar.)____
Jan. 15 II
Western Electric, Ino., common (quar.)..
52 Dec. 30 Holders of reo. Doo. 23a
Nlpisslng Mines (quar.)..................
25c. Jan. 2 01
to Jan. 17
Preferred (quar.)....................................
I X Deo. 30 Holders of reo. Deo. 23a
E xtra...............................................
25o. Jan. 20 D
to Jan. 17
Western Union Telegraph (qu.)(No. 191)
I X Jan. 15 Holders of reo. Deo. 20a
Jan. 2 II
134
Extra.............................................
1
Jan. 15 Holders of reo. Deo. 20a
Northern Pipe Line.
5
Tan. 3 II
Westlnghouse Air Brake (quar.)________ 52
Jan. 20 Holders of reo. Deo. 30a
134 ran. 15 II
Westinghouse Elec. & Mfg., com. (quar.). 87Xo. Jan. 31 Holders of reo. Deo. 30
Preferred (quar.)........................
134 lan. 20 H
Preferred (quar.)............................
87Xo. Jan. 15 Holders of roo. Dec. 30
Northwestern Power, preferred___________
434 ran. 2 II
Westmoreland Coal (quar.)...... .........
2
Jan. 2 Deo. 20 to Jan. 2
”
Nova Scotia Steel < Coal, pref. (quar.)___
fc
2
ran. 15 II
Weyman-Bruton Co., common (quar.)..
3
Jan. 2 Holders of reo. Deo. 16a
234 ran. 2 II
Common (extra)............................
4
Jan. 2 Holders of reo. Dec. lfla
Ohio Fuel Oil (quar.)_____________
50o. Deo. 23 D
Deo. 25
Preferred (quar.)..........................
154 Jan. 2 Holders of reo. Deo. 16a
Ohio Fuel Supply (quar.)................
50o. ran. 15 D
Jan. 14
White Motor (quar.)........................
$1
Deo. 31 Holders of reo. Deo. 15a
Ohio State Telep., pref. (quar.).........
134 fan. 1 II
WllIy8-Overland, pref. (quar.).......... .......
154 Jan. 2 Holders of reo. Doo. 20a
Oklahoma Natural Gas (quar.)..........
134 ran. 20 II
Wilson & Co., Inc., preferied (quar.)__
154 Jan. 2 Holders of reo. Deo. 20
Oklahoma Prod. & Refg. (quar.)...
1234c. Deo. 23 II
Woolworth (F. W.) Co., pref. (q u a r.)...
154 Jan. 2 Holders of reo. Deo. 9a
Old Colony Gas, preferred (quar.)___
134 ran. 2 H
Worthington Pump & Mach.,pref.A.(qu.)
154 Jan. 2 Holders of reo. Deo. 21a
Old Dominion Co. of Maine (quar.)____ $3.50 Deo. 29 D
Deo. 21
Yale ft Towne Mfg Co. (quar.) (No. 87).
154 Jan. 2 Holders of roe. Deo. 22
Old Dominion Cop. Min. & Smelt, (qu.). $3.50 Deo. 28 D
Deo. 21
Youngstown Sheet & Tube, com. (quar.)__
2
Jan. 1 Holders of reo. Deo. 20
Old Dominion Steamship_________
3
ran. 2 D
Jan. 2
Preferred (quar.).....................................
154 Jan. 1 Holders of reo. Dec. 20
Omaha Elec. Light & Power, pref..
234 <"eb. 1 II
Yukon-AIaska Trust (quar.)___________
$1 Deo. 30 Deo. 9 to Deo. 10
Osage < Oklahoma Co. (quar.)_____
fc
2
ran. 10 II
Yukon Gold, (quar.)_______ ______ ____ 754o. Deo. 30 Deo. 9 to Deo. 13
$6
Osceola Consolidated Mining.......... .
ran. 31 H
Otis Elevator, common (quar.)........
134 ran. 15 II
Preferred (quar.)............................ .........
134 ran. 15 II
a Transfer books not closed for this dividend, b Less British Income tax. d Cor­
Ottawa Light, Heat & Pow. (qu.)(No.42)
134 an. 1 H
rection. e Payable In stock. /Payable In common stock, a Payable In scrip.
Owens Bottle Maohlne, common (quar.). 75o.
ran. 1 H
A On account of accumulated dividends, l Declared 1% , payable one-half Deo.
Common (extra)________ _____
50o.
an. 1 H
20 and one-half March 20 1917. * Declared 3% , 1X % payable as above and 1X %
Preferred (quar.)____________________
134 an. 1 u<
July 1 1917 to holders of record June 15 1917. mPayable In Anglo-French 5% bonds at
Packard Motor Car, common (quar.)___
2
I
’eb. 1 . .
95 flat, n Declared 7% on com. stook and 8% on pref., payable In quar. Install­
Pan-Amer. Petrol, ft Transp., pref. (qu.)
ran. 2 He
134 •
ments of 1X % and 2% , respectively, as follows: Deo. 30 to holders of reo. Deo. 22:
Penmans, Limited, common........................
I
:7eb. 15 He
Mar. 31 1917 to holders of reo. Mar. 23 1917: June 30 1917 to holders of reo. Juno 22
Common (bonus)......................................
l
:"eb. 15 He
1917: Sept. 29 1917 to holders of reo. Sept. 21. o At rate of 8% per annum for period
Preferred (quar.)......................................
134 : "ob. 1 He
from Deo. 6 to Dec. 31. p Declared 5% on 1st pref.. payablo 2 X % as above
Pennsylvania W ater* Pow. (qu.) (No.12)
134 . an. 2 He
and 2 X % July 2 1917. r Par of shares, £1. s Declared 4% on com. and 7% on
Peoplo’s Nat.Gas & PIpeage (quar.)____
60o. 1
Deo. 23 He
pref., payable In quarterly Installments, t Declared payable all accumulated divi­
Pettlbone-Mulllken Co.,first pref.(quar.).
134 >an. 2 He
dends on the 2d pref. stock since the Issuance of said stock.
Second preferred (quar.)......................
134 •an. 2 He
Phelps, Dodge & Co. (quar.).............. .....
Deo. 29 He
234 1
Extra....................................................... 10
1
Deo. 29 He
Pierce-Arrow Motor Car, preferred..........
(o) . an. 2 He
Pittsburgh Plate Glass, common (quar.).
Deo. 30 De
134 1
to Jan. 1
Canadian Bank Clearings.
Pralrle Oil & Gas (quar.)..........................
3
. an. 31 Ho
Extra.......................................................
2
. an. 31 Ho
Prairie Pipe Line (quar.).................... .....
5
. an. 31 Ho
Extra.......................................................
5
Jan. 31 Ho
Procter A Gamble, pref. (quar.)..................
2
Jan. 15 Ho
Name o f Company.

M iscella n eou s (C o n tin u e d ).




—The clearings for the week
ending Dec. 16 at Canadian cities, in comparison with the
same week of 1915, shows an increase in the aggregate of
14.2%.

By Messrs. R. L. Day & Co., Boston:

Week ending December 16.
Clearings at—

Inc. or
Dec.

1916.
Canada—
Montreal-----Toronto.........
Winnipeg----Vancouver...
O ttaw a_____
Quebec_____
H a lifa x.........
Hamilton___
Calgary.........
St. John___ _
London ------Victoria------Edmonton . . .
Regina.......... —
Brandon ----Lethbridge........
Saskatoon ..........
Moose J a w ........
Brantford..........
Fort William___
New Westminster
Medicine H a t...
Peterborough . . .
Sherbrooke ........
Kitchener...........
Total Canada.

%

1913.

1914.

S
70,668,095
82,591,605
45,077,690
61,822,827
62,667,863
55,543,080
5,233,713
6,885,808
4,296,682
5,223,273
3,649,467
3,771,485
2,133,919
2,713,062
3,404,361
4,829,898
5,435,196
6,893,034
1,456,934
2,041,119
1,904,747
2,348,614
1,292,249
1,484,151
2,182,996
2,713,347
2,916,624
3,452,872
834,982
664,119
657,369
1,247,970
1,562,863
1,965,037
1,472,812
1,400,163
576,823
775,205
579,762
568,886
231,056
270,426
532,299
649,576
512,680
619,279
617,775 Not Included
579,181 Not included

+ 16.9
+ 37.1
— 11.4
+31.6
+ 21.6
+ 3.1
+ 27.2
+ 41.9
+ 26.8
+ 40.2
+ 23.3
+ 14.9
+ 24.3
+ 18.4
— 20.4
+ 89.8
+ 25.8
— 1.9
+ 34.5
— 1.9
+ 17.0
+ 22.0
+ 20.9
In total
In total

44,954,489
35,105,996
24,662,799
5,376,651
4,308,587
2,942,165
1,885.233
2,811,102
3,255,066
1.388.019
1,556,410
1.684.020
2.036.526
1,696,509
592,560
413,160
912,220
777,888
476,545
488,384
276,060
313,255
426,473

219,281,282

+ 14.2

138,340,117

250,494,736

3319

THE CHRONICLE

Deo. 23 1916.]

56,573,019
46,833,824
38,536,434
11,349,610
4,558,313
3,345,854
2,004,828
3,525,427
4,523,720
1,630,476
1,810,333
3,214,715
4,019,175
2,991,536
706,715
587,097
1,864,481
1,402,984
699,883
1,027,574
402,580
566,461

$ per sh.
Shares. Slocks.
$ per sh. Shares. Stocks.
5 Dartmouth Manufacturing------20844 1 Boston Atheneum, $300 par— 450
4 Wamsutta Mills-----------------------11244 7 Library Bureau, pref., ser. B,
ex-dlvldends------------------------11644
10 Esmond Mills, preferred...............98
71 Merrimao Chemical rights— 10-1044
4 United Marble Cos., com m on.. 10
150
10 Draper Corporation.................

By Messrs. Francis Henshaw & Co., Boston:

$ per sh.
Shares. Slocks.
$ per sh. Shares. Stocks.
10 Lawrence Manufacturing______ 11244 1 Boston Atheneum, $300 p a r ...435
44 Merrlmac Chemical--------------$4144
8 Central Vermont R R -------------- 344
35 Plymouth Cordage.....................19544 5444 Merrlmac Chemical, warrant
to take__________________ 10
80 Merrlmac Chemical rights........... 1044

Imports and Exports for the Week.—The following are
the reported imports of merchandise at New York for the
week ending Dec. 16 and since the first week of January:
FOREIGN IMPORTS A T NEW YORK.
1916.
$19,167,219
1,192,397,377

$18,416,000
935,422,342

$14,246,199
914,897,866

$19,728,521
934,182,784

Total 50 weeks-----l$l,211,564,596

$953,838,342

$929,144,065

$953,911,305

EXPORTS FROM NEW YORK FOR TH E WEEK.
192,175,039

Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:

By Messrs. Barnes & Lofland, Philadelphia:

1913.

$20,983,389
824,675.782

$17,926,573
817,899,021

Total 50 weeks_ $2,782,010,632 $1,827,567,046
_

$845,659,171

$835,825,594

EXPORTS AND IMPORTS OF SPECIE AT NEW YO RK .
Imports.

Exports.

Week ending Dec. 16.
Gold.

Since
Jan. 1.

Week.

Since
Jan. 1.

Week.

Great B r i t a i n . . - - - - . - - - - - - - - - - - -

Shares. Stocks.
S per sh.
p r e f...
54 Giant Portland Cement, pref. . . 8
12 Giant Portland Cement, co m .. . 4
7 Louisville Property C o-----2244-2344
i Harwood Electric, pref------------ 82J4
7 Phlla. Bourse, pref., $25 each.. 2444
18 Phlla Bourse, com., S50 e a ch ... 744
3.65 Aberfoyle Mfg. C o.................. 68
10 Mutual Trust Co........ .......... . 30
Bonds.
Per cent.
$1,000 Spring!. Cons. Wat. 5s,’58. 80
1.000 Bcrgnor& Engel lst6 s,’21. 75
1.000 Danville Urbana & Cham.
R R . 1st 5s, 1923------- 98
800 Real Est.T.I.&T.Co.4s, ’ 18. 9844
5.000 Berwyn Wat.Co.lst 6s, ’20.10144
1.000 Phlla. & Balt. Cent. RR.
1st 4s, 1951. ............ 9344
7.000 Susqueh. Power 5s, 1936.- 13
2,500 Eagles Merc RR. 5s---------40
3.000 Vale-Orcgon Irrig. Co. 1st
6s, 1932_____________ 8
220,000 Dela.RIv.Transp.Co.of N.J.
1st 5s, 1908-'21.$50,000 lot

The Federal Reserve Banks.

1914.

1915.

1916.

$56,137,073
$48,570,805
2,733,439,827 1,771.429,973

For the week_______
Previously reported.

Bonds—
P ercentShares. Stocks.
Per cent.
$9,000 No. Car. special tax 6s
27 First Nat. Bank of Yonkers,
iss. to West. RR. duo 1899..$180 lot
$50 each______________ 340 per sh.
25 U. S. < Mexican Tr. Co., p f. 13100 lot 11.000 No. Car. special tax 6s, iss.
fe
to W. No. Car. R R. due ’99..$242 lot
75 U. S. & Mex. Tr. Co., com .. /
14.000 No. Car. spec, tax 6s, iss. to
Chatham R R .. duo 1898----- $224 lot
v
$ ver sh.
ffcontlnental-Eouit. Tr., 850 each 8 8 £
75 Central National Bank..415K-41oM
20 Belmont Trust Co., $50 each.- . 3 5
10 Southern Transportation C o-.-llO 'A
15 Lumbermen’s Insur., $25 each lOo
40 Phlla. Co. for Guar. Mtgcs----- 150
25 Northwestern Nat. Bank......... 401X
10 Media Title & Tr., $25 each----- 55M
50 Eagles Mere R R --------------------M
10 Excelsior Tr. & S. F. Co., $50 ea. 62
55 Amor. Pipe & Const. Scour., pref. 92
2 De Long Hook & Eye--------------85
20 Farm. & Meehan. Nat. Bk.l30}4-132
2 Girard Nat. Bank------- ----------- 376
10 Hatboro Nat. Bank, Mont­
gomery Co., Pa.....................367M
2 Kensington Nat. Bank-------------100
24 Commercial Trust Co.................417
14 Guarantee Trust & 8. D.160K-16144
4 Pennsy. Co. for Insurances, &e.721>4
56 Fire Assn, of Phlla., $50 e a c h ...340
10 Mahon.A Shenan.Ry.A Lt.,pref.l02>4
3 N. O. & Northeastern R R .............82

1913.

1914.

1915.

For Week.
For the week_______
Previously reported.

$6,994,059
33,400

_______ ________ ____
Oprmanv
IVout Tndlpa
__________
Mexico__________________________
South America__________________
All other countries............................

$37,131,627
40,795

300,000 28,370,691
25,000
787,500
7,676.000 31,076.068
3,426,863 18,893,688

144
277,113
59,365

9,856.868
3,590,326
9,646,326
2,543.035

Total 1916...................................... $11427863 $86,155,406 $336,622 $62,809,877
624,292 17,075,903 3,791,494 133,215,591
Total 1915......................................
128,325,283
208,429 10,178,224
Total 1914
Silver.
$48,492
$1,340
$2,063,216 $50,237,379
Great Britain___________________
587,600
12,828
FpnncA
_ ______ __
24,000
Germany........................ ...................
1,759
‘ 212*610
" 857,365
West Indies
_. . . . . . . . . ___
4,969 8.568,756
78,517
49,000
M exlco________- - - - - ___- — - - - - 154,041
6,677,387
600 1,640,203
South America_____________ _____
10,300
56,599 1,617,636
All other countries............................
Total 1910_______________ _____ $2,136,816 $53,411,364 $218,708 $17,137,709
440,105 11,540,069
Total 1915...................................... $1,061,674 $41,795,601
222,509 10.289,607
667,474 41,889,006
Total 1914......................................
Of the above exports for tho week In 1916. $11,383,500 were American gold coin.

—Following is the weekly statement issued by the Federal Reserve Board on Deo.

16:

Gains o f nearly 25 millions in net bank deposits and of over 10 millions in aggregate reserves are indicated by
y1q
R^ m n n °¥ n addStoif
bank statement Issued as at close o f business on Dec. 15 1916. Combined gold reserves show an increase duringtoeweek o f 7.3 m illioM ,In a d d ition ,
,a t o t a l o f 8.6 millions o f gold was transferred to tho Federal Reserve agents against notes issued, inereasing th^r aggregato gold h o ld it ^ t o $273^74.0(W.
as against $187,840,000 held by them about a year ago. The total gold holdings of the system, comprising amounts held by both the banks and agents,
increasedprdur.ing^t increase o f 6% million’s in reserve,’ tho’ New York bank reports a gain o f 15.6 millions in deposits, offset in part by an Increase o f 8.1
millions in the balance duo from other Federal Reserve banks. Chicago’s gain of 4.1 millions in reserve is accompanied by a reduction o f about; 4.5
millions in its favorable balance in account with other Federal reserve banks, and a gain 9! over $700,000 in net deposits. San I^ancisco reports an
increase in reserve o f slightly less than 2 millions, the larger increase in the bank’s net deposits being offset ln part by transfers o f gold
nor
Discounted paper on hand shows a decrease o f about $600,000 for the week, the New York and Boston banks reporting sm^ler h old in g o f pap^
than at the end o f the preceding week. Of the total discounts over 12.5 millions, or almost 30% , Is r e p ^ e n ti^ b y advanc^ to memb^
own
collateral notes. Acceptances on hand gained about 3.1 millions, Richmond Minneapolis and Kansas City
t h
o increases under this
head. Of the total bills— including acceptances— on hand, 46.7% mature within 30 days, and 32.5% after 30, but
®°,day8f .. . . . ,
Transactions in United States bonds aro shown for three banks, the total on hand—42.6 millions— being_over 1 million in ®*cess of the total shown
the week before. No change Is reported in the amounts o f 1-year Treasury notes held. Liquidation on a large scale o f local city warrants by the New
York bank accounts mainly for the decrease o f over 2 millions shown in tho total holdings of municipal warrants.
, . qnnt, .
Total earning assets aro at present in excess o f 225 millions, constituting about 405% of the ba"^ s„ ^ aI^ n
^
Of the total earning assets 54.5% is represented by acceptances; 18.9% by United States bonds; 16.7% by discounts, 5% by warrants, and 4.9% b y
Treasury^p^ rccjabio change is shown in the total o f Government deposits, though there has been some shifting of Government funds between banks
during the past week. Large increases in net bank doposits are indicated for the Boston, New York and San hrancteco Dtmks.
. . . .. .
Liability on circulating Federal Reserve bank notes has been extinguished through the deposit of lawfulmoney w iththo T r e ^ u r y o ft h e United
States. Federal Reserve agents report tho issue o f $289,778,000, net, of Federal Reserve notes, an increase'.of
nn n T n d L g reea te net loa­
the total Issued they hold $273,274,000 o f gold and $17,030,000 of paper. The banks report a total circulation o f $266,376,000, and aggregate net lia­
bilities o f $12,606,000 o f notes issued to them by tho agonts.

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

o m b in e d

R

esources and

L

ia b il it ie s o f t h e

F

ederal

R

eserve

B

an ks at the

C

lo se o f

B

u s in e s s

D

ec

.

15, 1916.

Dec. 151916. Dec. 8 1916. Dec. 1 1916. Nov. 24 1916. Nos. 171916. Nov. 10 1016 Nor. 3 1916. Oct. 27 1916. Oct. 20 1916.
RESOURCES.
$278,157,000
Gold coin and certificates In vault---------- -------- $256,418,000 $245,335,000 $261,917,000 $283,730,000 $293,441,000 265.897.000 127,641,000
Gold settlement fund............ ............................ 177,341,000 181,101,000 175,781,000 174.801,000 140,821,000 139.571.000
1,394.000
1,368,000
1,383,000
1,476,000
1,404,000
1,543,000
1,533,000
Gold redemption fund with U. S. Treasurer..
Total gold reserve_____________ ________ $435,302,000 $427,969,000 $439,174,000 $459,935,000 $435,645,000 406,836,000 $407,192,000
6,884,000
7,312,000
16,580,000
10,836,000 17,974,000
Legal tender notes, silver, &o............................
7,907,000
4,644,000
Total reserve_______________ __________ $443,209,000 $432,613,000 $450,010,000 $477,909,000 $452,225,000 $414,148,000 $414,076,000
420,000
450,000
4/0,000
470,000
5 % redemption fund ag’ st F. R. bank notes
420,000
420,000
420,000

$274,001,000 $261,515,000
122,587,000 121,351,000
1,391,000
1.418,000
$397,979,000 $384,284,000
9,976,000
10.561,000
$407,955,000 $394,845,000
420,000
420,000

Bills discounted and bought—
Maturities within 10 days........ .................
Maturities from 11 to 30 days..................
Maturities from 31 to 60 days..................
Maturities from 61 to 90 days..................
Maturities over 90 days..............................

$23,817,000 $28,654,000 $19,724,000 $17,465,000 $11,180,000 $11,807,000 $12,030,000 $16,808,000 $14,311,000
51.307.000 45.310.000 28.526.000 27.472.000 29.242.000 23.315.000 23.278.000 20.513.000 24.461.000
52.118.000 49.705.000 50.346.000 50.751.000 45.982.000 45.511.000 41.473.000 39.062.000 35.928.000
28.073.000 26.719.000 29.620.000 28.147.000
32.342.000 33.366.000 28.342.000 ; 25.373,000 29.566.000
1,210,000
1,263,000
1,213,000
1,587,000
1,523,000
1,173,000| 1,532,000
1,092,000
1,082,000
$107,216,000 $104,057,000
T o ta l..................................................... $160,666,000 $158,127,000 $128,111,000 $122,593,000 $117,493,000 110,293,000 $104,763,000
•Acceptances (Included In above)------------------- $122,918,000 $119,782,000 $106,379,600|$102,092,000 $97,789,000 90,913,000 $85,081,000 $86,085,000 $82,692,000

Investments: U. 8. bonds..................................
Ono-year U. 8. Treasury notes..
Municipal warrants....................

$42,648,000 $41,548,000 $40,215,000] $39,427,000 $39,116,000
11.167.000
11.167.000 11,167,000
11.167.000
11.167.000
18.697.000
13.235.000 21.254.000 22,166,000
11.195.000

38.853.000 $40,540,000 $40,469,000 $41,335,000
11.697.000
11.367.000 11.435.000
11.347.000
32.543.000
20.694.000 24.100.000 29.890.000

Total earning assets........................ ......... . $225,676,000 $224,077,000 $200,747,000 $195,353.000 $186,372,000 181,187,000 $180,770,000 $189,010,000 $189,632,000




2320

THE CHRONICLE

[Vo l .

Dec. 15 1916 Dec. 8 1016. Dec. 1 1916 Nov. 24 1916. Nov. 171916. Nov. 10 1916 Nov. 3 1916.
RESOURCES (Concluded).
Brought forward (total reserve < eam’g assets) $669,305,000 $657,110,000 $651,177,000 $573,732,000 $639,067,000 $595,785,000 $595,268,000
fc
Federal Reserve notes—Net_______________
19.504.000 $18,760,000 $18,301,000 $15,414,000 $14,256,000
17.613.000 $17,749,000
Due from Federal Reserve banks—Net____
47.586.000 36,565.000 38,188,000 43,263,000 59.773,000 35.065.000 34,778,000
All other resources_________________ _______
4,656,000
2,881,000
2,495,000
2,651,000
6.121,000
3,071,000
2,483,000
Total resources.
$741,051,000 $715,316,000 $710,161,000 $735,060,000 $719,217,000 $650,946,000 $650,864,000
LIABILITIES.
Capital paid In__________________________
Government deposits_______________________
Member bank deposits—N et_________ _______
Federal Reserve notes—Net.................. .....
Federal Reservo bank notes In circulation___
AH other liabilities______________ ________
Total liabilities.
Gold reserve ag’st net dep. & note liabilities (a)
Cash reservo ag’st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities alter
setting aside 40% gold reserve against ag­
gregate net liabilities on F. R . notes In
circulation (a)______________________

103

Oct. 27 1916.\Oct. 20 1916.
$597,385,000 $584,897,000
$16,846,000 $15,181,000
33,197,000 30.004,000
3,708,000
2,630,000
$651,136,000 $633,312,000

$55,731,000 $55,746,000 $55,737,000 $55,711,000 $55,704,000 $55,710,000 $55,709,000 $55,703,000 $55,682,000
28.762.000 28,668,000 26.777.000 26.319.000 25.171.000
23.339.000 28,686,000 29.982.000 26,110,000
643,136,000 618,643,000 613,530,000 637,072,000 622,254,000 556,462.000 552,386,000 551,918.000 538.102,000
12.606.000
11,423,000
13.383.000 14.296.000
14.468.000
13.886.000
12,627,000
11.966.000
11,896,000
28,000
1,030,000
28,000
1,028,000
1,030,000
1,031,000
1,031,000
1,032,000
' s i o',666
808,000
590,000
706.000
634.000
519,000
425,000
484,000
536,000
$741,051,000 $715,316,000 $710,161,000 $735,060,000 $719,217,000 S650,946,000 $650,864,000 $651,136,000 $033,312,000
68.3%
69.6%

68.8%
69.5%

71.4%
73.1%

72.5%
75.3%

72.3%
75.1%

72.8%
74.1%

72.9%
74.1%

71.0%
72.8%

70.4%
72.4%

70.2%
70.1%
73.8%
76.1%
76.0%
74.9%
75.0%
73.5%
73.1%
(a) Less Items In transit between Federal Re­
serve banks, viz__________________ _____ 347,586,000 $36,565,000 $38,188,000 $43,263 000 $59,773,000 $35,065,000 $34,778,000
$33,197,000 $30,004,000Federal Reserve Notes—
Issued to the banks.
$289,778,000 $279,462,000 $268,270,000 $258,081,000 $255,702,000 $247,873,000 $240,534,000 $234,876,000 $230,803,000
In hands of banks..
23,402,000 22,160,000 21,131,000
17,633,000 17.032,000 20,261,000 20,596,000 20.254,000
18,759,000
In circulation.
$266,376,000 $257,302,000 $247,139,000 $240,448,000 $238,670,000 $227,612,000 $219,938,000 $214,622,000 $212,044,000
Gold and lawful money with Agent.
$273,274,000 $264,639,000 $252,057,000 $241,566,000 $238,458,000 $231,339,000 $225,060,000 $219,502,000 $215,329,000
Carried to net assets______________
19.504.000
18.760.000
18.301.000
15.414.000
14.256.000
17.613.000
17.749.000 10.840.000
15.181.000
Carried to net liabilities........ ...........
12.606.000
11.423.000
13.383.000
14.290.000
14.468.000
13.886.000
12.627.000
11.966.000 11.890.000
Federal Reserve Notes (Agents' Accounts)—
Received from the Comptroller_________ S447.380.000 $422,720,000 $412,280,000 $400,320,000 $393,220,000 $389,580,000 $380,260,000 $378,760,000 $374,600,000
Returned to the Comptroller.................... .
92,283,000 91,297,000 90,300,000 89,169.000 84,938,000
83,937,000 82,736,000 81,194,000 79,838,000
Amount chargeable to Agent_______ $355,097,000 $331,423,000 $321,980,000 $311,151,000 $308,282,000 $305,643,000 $297,524,000 $297,566,000 $294,702,000
In hands of Agent............ ............. .............
05,319,000 51,961.000 53,710,000 53,070,000 52,580,000 57,770.000 56,990,000j 02,690,000 63,959,000
Issued to Federal Reserve banks____ S289.778.000 $279,462,000 $268,270,000 $258,081,000 $255,702,000 $247,873,000 $240,534,000 $234,870,000
$230,803,000

Hoio Secured—
By gold coin and certificates____________ $154,817,000 $149,318,000 $145,318,000 $144,777,000 $140,157,000 $143,439,000 $140,740,000 $137,980,000
$134,850,000
By lawful money.......... ............. .................
By commercial paper__________________
16.504.000
14.823.000
16.213.000
16.515.000 17.244.000
15.474.000 15.374.000 15.474.000
16.534.000
Credit balances In gold redemption fund..
10.677.000
14.921.000
14.369.000 10.739.000
9.891,000
10.350.000
10.730.000
10.392.000
11.289.000
Credit balances with Federal Reserve B’d. 101,780,000 100,400,000 92.370.000 86.050.000 82.410.000
77.550.000 73.590.000 71.130.000 69.190.000
T o ta l................................................... $289,778,000 $279,462,000 $268,270,000 $258,081,000 $255,702,000 $247,873,000 $240,534,000 $234,876,000 $230,803,000
Commercial paper delivered to F. R Agent.
$17,030,000 $15,454,000 $16,555,000 $16,848,000 $17,833X00 $16,735,000 $16,065,000 sTsTsTrxoo $16,338,000
♦Including bankers and trade acceptances bought In the open market,

t Amended figures.

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 15 1916.
Boston. |New York.
Richmond. Atlanta. Chicago. St. Louis. Minncap. Kan. City. Dallas. San Fran
RESOURCES.
S
|
$
Gold coin & ctfs. In vault 13,001,000134,726,000 16,780,000 15.611.000 4,602,000 5.435.00026.814.000
Gold settlement fund__ 14,590,000 16,900,000i 8,910,000 18.608.000 23,054,000 7.407.00034.379.000 9.485.000 7,931,000 5,398,000 4,809,00010,860,000 256,418,000
4.318.000 8.494,000 18,114,000,14,664,000 7,873,000177,341,000
Gold redemption fund..
50,000
250,0001 100,000
48,000
253,000
258,000
200,000
166,000'
30,000
111,000
07,000
10,000 1,543,000
Total gold reserve_
_ 28,601,000 151,876,000 25,790,000 34,267,000 27,909,000 13,100,000 61,393,000 13,999,000 16,455,000 23,623,000 19,540,000 18,749,000:435,302,000
Legal-ten.notes,sllv.,&c.
82,000 4,792,000
102,000
632,000
10,000 158,000 356,000 1,302,000 175,000 54,000 197,000, 47,000| 7,907,000
Total reserve_______ 28,683,000 156,668,00025,892,000 34,899.000 27,919,000 13,258,000 61,749,000 15,301.000 16,630,000 23,677,000
19,737,000 18,796,00o[443,209,000

$

s

S

s

3

.

5% redemp. fund— F.R.
bank notes____
....
320,000
420,000
Bills:
Discounted—Members 7,236,000 9,666,000 6,191,000 1.477.000 2.473.000 2,547,000 3.369.000 1.710.000 1,258,0C0
605,000
923,000
293,000 37,748,000
Bought In open m kt.. 10,617,000 42,084,000 14,301,000 8.801.000 2.742.000 5,108,000 8.474.000 6.823.000 5,748,000 3,301,000 1,914,00012,945,000 122,918,000
Total bills on hand... 17,853,000 51,750,000 20,552,000 10,278,000 5,215,000 7,655,000 11,843,000 8,533,000| 7,006,000 3,900,000 2,837,000,13,238,0004 00,666,000
Investments: U. S. bds 1,332,000
993,0001 1.651.000 7.361.000
426,000 1,710,000 8.408.000 2,203,000 2,442,000 9,166,000 4,322,000 2,634,000 42.648.000
One-yr. U.S. Tr. notes 1 , 000,000 1,205,000 1.174.000
618,000 1,070,000
824.000 1.517.000
891.000
700,000
963,000
705,000| 500,000 11.167.000
Municipal warrants.. 1,000,000 2,082,000
739,000 2.682.000
61,000
406.000 1.440.000
729.000
672,000
316,000
127,000
941,000 11.195.000
Total earning assets.. 21,185,000 56,030,000 24,116,000 20,939,000 0,772,000 10,595,000 23,208,000 12,356,000 10,820,000 14,351,000 7,991,000 17,313,000225,676,000
Fed. Res’vo notes— Net 1,160,000 11,311,000
Due from other Federal
Reserve Banks— Net. 8,944,000 14,056,000
All other resources
11,000
316,000

761,000
3,605,000
93,000
217,000

1,686,000
1,227,000 8,795,000 8,774,000
45,000
735,000
760,000
673,000

2.066,000

2,520,000 19,504,000

.......... 1,455,000
28,000
332,000

4,774,000 a47,586,000
725,000
721,000 4,656,000
Total resources_____ 59,983,000238,381,000 50,101.000 60,421,000 34,736,000 25.815.000 96,198,00037,104,00029,544,00040,135,00028,553,00044,124,000741.051,000

LIABILITIES.
Capital paid In.............. 4,990.000 11,914,000 5,228,000
Government deposits__ 2,871,000 3,717,000- 3,081.000
.
Member bk deposlts-Net 51,873,000 222,578,000 39,072,000
Fed. Ites’ve notes— Net.
259,000
F.R.bank notes In clro'n
Due to F.R.bankc— Net
2,278,000
All other liabilities
249,000
172,000
183,000

3.346.000
3.145.000
24,561,000
2.775.000

2.480.000 0,685,000 2,798,000 2,608,000 3,068,000 2,695,000 3,929,000 55.731.000
3.670.000 1,455,000 3,044,000
855,000
362,000 1,519,000 3,860,000 28.762.000
16,066,000 88,015,000 27,125,000 25,765,000 35,600,000 22,900,000 36,273,000 043,136,000
3.549.000
4,137,000
...........1 I,105,000|
---------781,000
12.606.000

875,666
293,000
598',666
34,000
50,000
43,000
23,000
816,000
Total liabilities______ 59,983,000 238.381,000 50,101,000 60,421,000 34,736,00025,815,000 96,198,000 37,104,00029,544,000 40.135,000 28,553,000
44.124,000 741,051,000
Federal Reserve Notes—
Issued to banks_____ 13,103,000 98,875,000 17,232,000 10,574,000 20,034,00025,799,000 5,513,000 17,148,000 20,331.000 21,417,000 24.649,000 15,103,000289,778,000
In hands of banks___ 1,160,000 11,311,000 1,041,000
761,000, 805,000
972,000 1,688,000; 210,000 2,060,000
535,000! 335,000 2,520,000 23,402,000

F.R. notes In circulation 11,043,000 87,564,000 16,191,000 9,813,000,19,229,000 24,827,000 3,827,00016,938,00018,265,00020,882.000 24,314,000 12,583,000266,370,000
Gold and lawful money
with agent__________ 13,103,000 98.875.000 15,932,00010,574,00016.454,00021,278,000 5.513.00012.801.00020.331.00019.777.000 23,533,000 15,103,000 273,274,000
Carried to net assets___ 1,160,000 11.311.0001
- ........
761,000!
...........I
.
1.686.000
2,066,000
2,520,000! 19,504,000
Carried to net liabilities.
259,000'
---------1 2,775,000 3,549,000
.......... I 4,137,000
...........1 1,105,0001 781,000
---------1 12,606,000
a Items In transit, 1. e., total amounts due from, less total amounts due to. other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS DEC. 15 1916.
Boston.

New York. Phlladel'a. Cleveland. Richmond. Atlanta.

Chicago. St. Louis. Minneap. Kan. City. Dallas. San Fran.
Total.
Federal Reserve Notes—
S
$
$
$
$
S
$
$
$
$
$
$
$
Rec’d from Comptrolr 28,880,000 168,400,000 30,480,000 16,660,000 29,500,000 35,380,000 10,880,000 22.540.000 24,500,000 27,120,000 35,320,000 17,720,000 447,380.000
Returned to Comptrol 7,117,000 52,805,000 5,988,000 3,586,000 6,466,000 3,756,000 1,367,000 2,352,000
849.000 2,050,000 4,330,000 1.617,000 02,283,000
Chargeable to A gen t... 21,763,000 115,595,000 24,492,000 13,074,000 23,034,000 31,624,000 9,513,000 20,188,000 23,651,000 25,070,000 30,990,000 16,103,000 355,097,000
In hands of F.R.Agent 8,660,000 16,720,000 7,260,000 2,500,000 3,000,000 5,825,000 4.000,000 3,040,000 3,320,000 3,653,000 6,341,000 1,000,000 65,319,000
Issued to F. R . bank. 13,103,000 98,875,000 17,232,000 10,574,000 20,034,000 25,799,000 5.513,000 17,148,000 20,331,000 21,417,000 24,649,000 15,103,000 289,778,000
Held by F. R . Agent—
Gold coin < certfs___ 12,100.000 92,652,000 3,820,000 9,880,000
fc
3.460.000
5.165.000 13,030,000 4.370.000 10.340.000
154.817.000
Credit balances:
■1
In gold redemption f’d 1,003,000 6,223,000
932,000
694,000
704,000 2.048.000
183,000
926,000 1.051.000 1.147.000 1.263.000
503,000 16.677.000
With F. R. Board___
11,180,000
15,750,000 15,770,000 5,330,000 6.710.000 6.250.000 14,260,000 11.930.000 14,600,000 101.780.000
Notes secured by com­
mercial paper_______
1,300,000
3,580,000 4.521.000
4.347.000
1.640.000 1.116.000
16.504.000
T o t a l...................... 13,103,000 98,875,000 17,232,000 10,574,000 20,034,000 25,799,000 5,513,000 17,148,000 20,331,000 21,417,000 24,649,000 15,103,000
289,778,000
Amount of comm'l paper
delivered to F.R.Ag't
1,300,000
4,333,000 4,528,000
4,350,000
1,641,000 1,878,000
17,030,000




D ec .

3331

THE CHRONICLE

23 1916.]

Statement of New York City Clearing House Banks and Trust Companies.—Tlio following detailed statement
•shows the condition of tlio Now York City Clearing House members for the week ending Dec. 16. The figures for the
separate banks are tho averages of tho 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 tho totals of actual condition for each of the three groups and
also the grand aggregates for tho three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
____
CLEARING HOUSE
MEMBERS.
Week Ending
Dec. 16 1916.
(00s omitted.)

Net
Profits.

Loans,
Discounts,
Investm'ts,
Nat. B’ks Nov. 171
&c.

Capital.

Cold.

Legal
Tenders.

Silver.

StateB'ks Nov.29J

Members o f Federal
Reserve Hank.
Bank of N. Y., N.B.A
Merchants' Nat. Bank
Mccb. A Metals N a t..
National City Bank__
Chemical Nat. Bank__
Atlantic National Rank
Nat. Butchers’ A Drov.
Amcr. Exch. Nat. Bank
National Bank of Com.
Chetham A Phentx Nat
Hanover National Bank
•Citizens’ Central Nat
Market A Fulton N a t..
Corn Exohango Bank..
Importers’ A Traders’ -National Park Bank.
East River Nat. Bank..
8ooond National Bank
First National Bank—
Irving National Bank..
N. Y . County Nat. Bk.
Chaso National Bank..
Lincoln National Bank.
Garfield National Bank
Fifth National B an k...
Seaboard Nat. B an k ...
Liberty National Bank.
Coal A Iron Nat. Bank
Union Exchange N a t..
Nass.au Nat. Bank----Broadway Trust C o ..

$

2,000
2,000

6,000

25.000
3.000
1.000
300
5.000
25.000
3.500
3.000
2,550
1.000

3.500
1.500
5.000
250
1.000
10.000

4.000
500
10.000
1.000
1,000
250
1,000
1,000
1,000

1,000
1,000
1.500

Average.
S
33.301.0
23.330.0
110.437.0
402.791.0
37.202.0
12.670.0
2.733.0
79.594.0
223.242.0
65.867.0
127.477.0
28.015.0
10.852.0
93.431.0
34.843.0
141.911.0
1.989.0
18.274.0
157.886.0
75.670.0
11.048.0
201.527.0
18.014.0
9.298.0
5.770.0
41.999.0
4.8.989.0
10.234.0
11.890.0
10.003.0
22.185.0

$

5.007.2
2.477.9
9.694.5
a42,319,7
8.352.9
824.7
70.9
5.106.6
18,565.8
2.090.5
16.147.4
2.363.7
2.046.7
7.408.6
7.743.7
16.006.4
79,2
3.456.3
25.301.4
4.208.0
1.211.7
11,814,1
1.973.7
1.280.0
418.2
3,053,5
3,599.1
705.8
1.150.9
1.132.4
954.2

Nat .Bank Nat .Bank Federal
Notes
Reserve
Notes
[Not
Bank
[Reserve
Notes
for Slate Counted
[Not
as
Institu­
Reserve], Reserve],
tions].

2.069.745.0
2.067.893.0
2.106.197.0
2.124.988.0

206.243.0
196.563.0
175.898.0
179.253.0

47.085.0
42.032.0
44.530.0
42.864.0

6.253.0
18.493.0
5.773.0
10.050.0
2.497.0
918.0
7.577.0
2.509.0
11.539.0
253.0
1.158.0
11.358.0
6.203.0
845.0
15.605.0
1.356.0
883.0
453.0
4.214.0
4.630.0
710.0
881.0
664,0
1.803.0

2,108,0

2,966,0 168,411,0

2,126,544,0 51,023,0 28,859,0

2.232.0
2.224.0
2.134.0
2.388.0

39.098.0
35.115.0
38.941.0
42.457.0

38.955.0
31.090.0
12.534.0
7.050.0
2.424.0
17.609.0
4.419.0
0,176,0
17.022.0
5.194.0
6.656.0
14.803.0
4.511.0
10.709.0
25.654.0

5.885.0
4.170.0
1.099.0
345.0
213.0
1.307.0
308.0
963.0
1.819.0
448.0
051.0
901.0
299.0
1.290.0
2.242.0

2.502.0
1.453.0
141.0
714.0
85.0
1.071.0
52.0
285.0
277.0
107.0

481.0
543.0
082.0

497.0
182.0
370.0
746.0

153.0
758.0
63.0
41.0
1,457,0
131.0
183.0
371.0
115.0
497.0
559.0

Totals, avge. for week. 11,950,0 27,193,0

211,472,0 22,009,0

8,550,0

6,144,0

____________________
Totals, actual condition
Totais, actuai condition
Totals, actual condition
Totals, actual condition

2,816,0
2.674.0
1.794.0
2.615.0

179.659.0
160.078.0
162.059.0
181.411.0

13,0

2,724,0

” 30".6

" 682',6

209.569.0
211.562.0
214.788.0
211.956.0

actual
actual
actual
actual

condition
condition
condition
condition

Dec. 16
Deo. 9
Dec. 2
Nov. 25

State nanks.
Not Members of
Federal Reserve Rank.
Bank of Manhattan Co.
Bank of America_____
Greenwich Bank______
Pacific Bank__________
Peoplo’s Bank........ .....
Metropolitan Bank___
Bowery Bank_________
German-Amerlean Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank_______
Bank of Metropolis___
West Side Bank............
N. Y. Produce Ex. Bk.
State Bank___________

2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
250,0
750,0
100,0
200,0
200,0
1,000,0
, 200.0
1.000,0
1,500,0

5.297.7
6.030.3
1.254.4
994.6
408,9
2,092,6
801
830,3
2.271.2
869,2
1.092.4

.

2 201.8

■187,3
1.088.2
812.6

Deo. 16
Dec. 9
Dec. 2
Nov. 25

Trust Companies.
Not Members of
Federal Reserve Dank.
1.500.0
Brooklyn Trust Co----Bankers’ Trust Co........ 1 0 .0 0 0 ,0
U. 8. Mtge. A Trust Co. 2 , 000,0
1.250.0
Astor Trust Co............
Title Guar. A Trust Co. 5.000. 0
Guaranty Trust C o----- 20,000,0
1 .0 0 0 .0
Fidelity Trust Co........
Lawyers’ Title A Trust. 4.000.
2 . 000 .
Columbia Trust Co___
1 ,0 0 0 ,0
People’s Trust Co------New York Trust C o . . . 3.000.
1.000 .0
Franklin Trust Co........
1,000,0
Lincoln Trust Co____
Metropolitan Trust C o. 2 , 000,0

4.398.4

68.0

4.738.7
1.960.8
12.587.9
33.999.9
1.259.9
5,774,6
0
8.591.0
0
1.722.0
11.548.0
0
1,445,2
501,2
5.484.4

87.0
63.0
217.0
183.0
3,0
46.0
41.0

Totals, avge. for week. 54,750,0 111,029,2
______ i . , .
Totals, actual condition Dee. 16
Totals, actual condition Deo. 9
Totals, actual condition Dec. 2
Totals, actual condition Nov. 25
Grand Aggregate, avgo. 190,550.0
Comparison prev. week

220,126,0

966,0

8.294.0
8.157.0
8.625.0
8.640.0

3.502.0
3.055.0
3.345.0
5.115.0

219.655.0
219.020.0
223.959.0
219.886.0

966.0
966.0
926.0
1,051,0

1.448.0 1.414.0
8.675.0 2.275.0
2.301.0 3.293.0
1.213.0
480.0
1.415.0
401.0
18,265,0
148.0
440.0
199.0
921.0
199.0
3.613.0
785.0
1.126.0
212.0
2.984.0
340.0
882.0
509.0
679,0
161.0
2.617.0
85,0

28.959.0
173.498.0
46.029.0
24.981.0
28.293.0
365.311.0
8,817,0
18.421.0
72.264.0
22.505.0
59.414.0
17.636.0
13.576.0
52.344.0

5.878.0
23.959.0
19.159.0
6.720.0
1.358.0
27.616.0
917.0
750.0
18.014.0
1.086.0

20,0

94,0

*313*6

886,0

112.0

6,940,0

5,939,0

2,251,0

863,0 46,579,0 10,501,0

6.685.0
12,519,0
7.590.0
6.824.0

5.093.0
8.720.0
3.946.0
3.733.0

2.157.0
2.663.0
2.422.0
2.646.0

869.0
587.0
589.0
619.0

179.0
2.322.0
79.0
198.0
626.0
96.0
787.0
107.0

81.951.0
77.955.0
77.191.0
82.730.0

25.0
41.0
55.0

200,0

21,0

173.0
17.0
146.0
897.0
35.0

41.0
226,0
"6 4 ,6

22 .0

201.0
83.0
16.0
54.0
67.0
313,0

2 0 2 ,0

47.0

112,0

1,0
15.0
44.0

28.852.0
28.787.0
29.676.0
30.152.0

900,0

8,422,0 2,884.0

189,0

122.0

68,0
12,0

50.453.0
50.645.0
48.386.0
45.762.0

518,0
262,0
862,0 1,290,0
270,0
1.052.0
87,0
1.612.0
161.0

596,0

244.0
226.0

10.0

1,270,0

2.138.516.0
2.100.287.0
2.136.979.0
2.188.261.0

43.906.0
29.974.0
13.509.0
6.755.0
2.923.0
16.722.0
4.061.0
6.615.0
18.045.0
5.211.0
6.633.0
14.361.0
4.737.0
18.058.0
28.616.0

3.0
28,0

45.0
131.0
60.0
73.0
35.0
90.0
186.0

3,350,153,0
+ 18,609,0

Grand Aggregate,actual condition
Comparison prev. week

211,0

511.0
361.0
173.0
175.0
133.0
2,413,0
85.0
54.0
782.0
299.0
254.0
253.0
334.0

319.0
1.179.0

1,000,137,0 79,634,0
1.063.157.0
1.051.044.0
1.049.113.0
1.078.578.0

Average. Average,
S
%
2.267.0
1.619.0
9.290.0
34.800.0
2.510.0
1.023.0

56.0
.61.0
85.0
56.0

1.995.0
35,832,0
191,891,0 15.873.0
65.112
4.215.0
31.112
2.285.0
2.407.0
43,465
381.003
32.255.0
10,717
702.0
25,735
1.514.0
80,418
6.019.0
22,874
1.807.0
71,098
5.099.0
20,030,
1.333.0
13,918,
843.0
57,332
3.687.0

17.016.0

110,0

National
Net
Bank
Circula­
Time
Deposits.
tion.

Average. Average. Average.
$
$
S
784.0
1.847.0
29.322.0
1,806,0
21.065.0
126,128,0 5,057,6 4.030.0
1.788.0
419.832.0 5.643.0
450.0
33.805.0
150.0
"594,0
12.759.0
47,0
2.512.0
76.314.0 4.056.0 4.809.0
155.0
1.185.0
229.660.0
65.732.0 5.633.0
1.772.0
140.263.0
130.0
1,146,0
26.100.0
1.016.0
10,600,0
128.0
104.955.0
31.070.0
51.0
141.083.0 1,933,0 3.558.0
2.884.0
50.0
766.0
15.525.0
875,0 3.115.0
149.115.0
640.0
78.790.0 4,866,0
199.0
11.448.0
450.0
208.490.0 14,894,0
890.0
37,0
18.080.0
399.0
9.520.0
248.0
233.0
5.872.0
70.0
49.181.0
499.0
51.246.0 2,316,0
413.0
224.0
10.168.0
396.0
27.0
11.669.0
18.0
9.514.0
50.0
439.0
23.842.0

Average. Average. Average. Average. Average. Average.
$
8
$
$
$
$
4.0
1.124.0
5.0
131.0
2.187.0
60,0
500.0
33.0
368.0
1.353.0
223.0
85.0
15.820.0 2.563.0 6.249.0
945.0
124.0
48.897.0 4.949.0 3.186.0
49.0
099.0 1.339.0
44.0
3.793.0
194.0
21.0
11.0
1.077.0
188.0
44.0
57,0
2 0 0 ,0
3.0
177.0
6.413.0 2.872.0
84.0
810,0
17.152.0 6.885.0 3.636.0
90.0
1.462.0
3.474.0
1.545.0
256.0
* 420,6
1.700.0
19.520.0
174.0
544.0
24.0
258.0
1.055.0
10.0
1.436.0
36.0
433.0
1.206.0
279.0
20,0
63.0
1.142.0 4.092.0
9.087.0
538.0
1.609.0
1.510.0
161.0
35.0
10.683.0 2.107.0
1 . 688.0
58.0
148,0
34.0
123.0
336.0
8.0
5,0
244.0
1.106.0
510.0
30.0
76,0
13.555.0 2.514.0
1.243.0
24.0
0,056,0 2 .200.0
1.994.0
141.0
11.0
806.0
427.0
277.0
24.0
116.0
21.307.0 5.363.0 2.521.0
132,0
165.0
444.0
1.555.0
271.0
85.0
28.0
225.0
890.0
501.0
14.0
96.0
130.0
102.0
464.0
7,0
3.0
4.239.0
1.501.0
1.245.0
32.0
25.0
3.292.0 2.300.0
457.0
79.0
16.0
738.0
127.0
74.0
10,0
303.0
316.0
217.0
5.0
33.0
754.0
421.0
2 0 0 .0
26.0
371.0
1.924.0
179,0
61,0
68,0
598.0

Totals, avge. for week 123,850,0 206,626,3 2,078,541,0 199,347,0 45,031,0 37,697,0
Totals,
Totals,
Totals,
Totals,

Addtl’al
Reserve Deposits
Net
with
with
Demand
Legal
Legal
Deposi­ Deposi­ Deposits.
taries.
taries.

46.750.0
45.593.0
45.524.0
47.598.0

11.663.0
10.398.0
13.033.0
15.895.0

’ ’ *1*6*6
25,0

25,0

6, 200,0

2.819.0
878.0
4.966.0

932,048,0 120,320,0
936.175.0 119,905,0
929.111.0 119,989.0
916.077.0 122,136,0
951,828,0,122.182,0

2,168,0
— 64,0
3,438,0
— 422,0

310,617,0
+ 139700

Grand Aggregate actual condition Dec. 9 3.330.499.0 296,641,0
Grand Aggregate actual condition Dec. 2 3.370.098.0 277.685,0
Grand Aggregate actual condition Nov. 25 3.415.522.0 285.133,0
a includes capital set aside for Foreign Branches, $3.000,000.

51.085.0
48.745.0
51.992.0

3,923,0 223,412,0 13,385,0 3,278,718,0 172,309,0 28,859.0
+ 746,0— 3,739,0 + 937,0 + 25,294,0 +1,966,0 — 706,0

2,232,0
+ 8,0

3,741,0 234,703,0 15,165,0 3,294,346,0 171,324.0 28,852,0
+ 65,0
+ 419,0 + 148750 + 17120 +45,928,0! — 276,0

3.860.0
3.598.0
3.843.0

2.224.0
2.134.0
2.388.0

3.322.0 219,828,0 13,453,0 3.248.418.01171.600.0 28.787.0
29.676.0
171,448.0
2.468.0 216,208,0 16,378.0 3.277.015.0
3.290.0 237,649,0 21,010,0 3.351.975.0 168,995.0 30.152.0

STATEMENTS OF RESERVE POSITION.
Averages.
Cash Reservt Reserve in
in Vault. Depositaries

Total
Reserve.

a Reserve
Required.

Actual Figures.
Surplus
Reserve.

Inc. or D u.
•
Cash Reserve Reserve in
from
Previously’eek in Vault. Depositaries

Total
Reserve.

b Reserve
Required.

Surplus
Reserve.

Inc. or D u .
from
PrttiousWeek

$
S
$
$
$
$
Members Federal
$
$
$
S
$
9
Reserve Bank----- 282,075,000 168,411,000 450.486.000 385,329,070 65,156,930 + 2,802,300 292.426,000 179,659,000 472.085.000 387,455.530 84,629,470 + 25,425,380
State Banks*..- - - - - 38.033.000 8,422,000 46,455,000 39,622,680 6,832,320 + 1,729,080 38.852.000 8,294,000 47,146,000 39,537,900 7,608,100 + 1,104,700
— 920,500 95.886.000 46,750,000 142.636.000 140,426,250 2,209,750 — 5,873,600
Trust Companies*-- 94.764.000 46,579,000 141.343.000 139,807,200 1,535,800
Total Dec. 16----- 414.872.000 223.412.000 638,284.000 564,758,950 73,525,050 +3,610,880 427,164.000234,703,000 661.867.000 567,419,680 94,447,320 + 20,656,480
Total Dec. 9----- 403.369.000 227.151.000 630,520,000 560,605,830 69,914,170 +27,379,670 413.337.000219,828,000 633.165.000 559,374,160 73,790,840 + 32.789.530
Total Deo. 2----- 387.562.000 224.144.000 611,706,000 569,171,500 42,534,500— 14,435,640 389.593.0(X)216,208,000 605.801.000 564,799.690 41.001.310 — 17.645,93
Total Nov. 25----- 406.397.000 234.171.000 640.568.000 583.597.860 56.970,140 —27.797.740 398.087.000237.649,000 635.736.000 577.088.760 58.647,240 — 21.249,840
* Not members of Federal Reserve Bank,
a This Is tho reserve required on Net Demand Deposits In tho caso of State Banks and Trust Companies, but In tho case of Members of the Federal Reserve Banks
Includes also the amount of reservo required on Net TImo Deposits, which was as follows: Dec. 16. 52,551.150: Deo. 9. $2,492,250: Dec. 2, $2,391,100: Nov. 25. $2,267,850.
b This Is the reserve required on Net Demand Doposlts In the caso of State Banks and Trust Companies, but In the caso of Members of the Federal Reserve Banks
includes also tho amount of reservo required on Net Time Deposits, whloh was as follows: Dec. 16. $2,522,650: Dec. 9, $2,532,250: Dec. 2, $2,419,300: Nov. 25, $2,288,100.




2322

THE CHRONICLE

[Vol. 103

The State Banking Department reports weekly figures, In addition to the returns of “State banks and trust com­
showing the condition of State banks and trust companies panies in New York City not in the Clearing H o u s e ,” furnished
in New York City not in the Clearing H o u s e , and these are by tho State Banking Department, the Department also
shown in the following table* *2
*
:*p*1-<
.—
presents a statement covering all the institutions of this class
SUM MARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State, The figures are compiled so as to distin­
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEM ENT.
(Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New
Dec. 16.
previous week.
Loans and Investments___________________________ $769,696,800 Inc.
$782,600 York) and those for the rest of the State, as per the following:
G o ld ............................................................................... 61,832,200 Deo.
905,800
For definitions and rules under which the various items
Currency and bank notes_________________________ 10,947,500 Inc.
124,800
Total doposlts............................................................... 930,667.400 Inc. 4,335,300 are made up, see “Chronicle,” V. 98, p. 1661.
930,667,400
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust com­
The provisions of the law governing tho reserve require­
panies in New York City, and exchanges_________ 812,171,100 Inc. 1,306,800
Reserve on deposits..____ _______
186,728,200 Inc. 3,099,000 ments of State banking institutions were published in the
Percentage of reserve, 25.1%.
“Chronicle” March 28 1914 (V. 98, p. 968). The regula­
RESERVE.
------- State Banks-----------Trust Companies----- tions relating to calculating the amount of deposits and what
Cash In vaults..................................$14,186,800 11.45%
$58,592,900
9.45%
deductions are permitted in the computation of tho reserves
Deposits In banks and trust cos___ 14,501,500 11.71%
99,447,000 10.03%
were given in the “Chroniclo” April 4 1914 (V. 98, p. 1045).
T o ta l..............................................$28,688,300 23.16%
$158,039,900 25.48%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing House banks
State Banks
Trust Cos.
Trust Cos.
Banks
and trust companies, com bin ed with those for the State banks Week ended Dec. 16. Statein
outside of
outside of
in
and trust companies in Greater New York City outside of the
Greater N. Y. Greater N . Y. Greater N . Y . Greater N. Y.
Clearing House, compare as follows for a series of weeks past:
$
S
$
$
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in alt these figures.

Week ended—• Loans and
Investments
Sept. 23___
Sept. 30___
Oot. 7___
Oct. 14___
Oot. 21___
Oot. 28___
Nov. 4 ___
Nov. 11___
N ov. 18___
Nov. 25___
Deo. 2___
Deo. 9 ___
Deo. 16___

4.028.792.5
4,059,932,9
4.068.917.6
4.070.418.5
4.052.003.8
4.038.408.1
4.080.815.3
4.138.263.5
4.203.603.3
4.197.251.1
4.156.284.4
4.100.398.2
4.119.849.8

Demand
Deposits.
4,038.274,9
4.067.109.0
4.068.969.4
4.055.441.7
4.041.662.1
4.056.792.1
4.115.131.8
4,182,989,7
4.229.468.0
4.190.946.5
4.114.410.3
4.064.288.3
4.090.889.1

Specie.
431.116.6
433,820,9
426.466.6
414.560.1
409.552.6
436.941.7
453.886.5
464.025.3
442.854.6
410.973.3
387.700.4
402,429.0
412.662.2

Other
Money.
S

75.822.4
72.725.7
72.038.9
71.244.9
75,817,3
78.566.6
78.019.6
74,591,0
68.277.9
67.383.8
72.047.8
74.500.7
74.989.5

Total
Entire
Money Reserve on
Holdings. Deposits.
506.939.0
506.546.6
498.505.5
485.805.0
485,369,9
515.508.3
531.906.1
538.616.3
511.132.5
478.357.1
459.748.2
476.929.7
487.651.7

875.570.3
877,445,1
855,865,7
840.263.4
835.547.5
877.385.6
910,437,9
918.457.7
896.342.0
848.605.1
805,744,0
814.149.2
825.012.2

Capital as of June 30___

23,450,000

75,550,000

11,783,000

14,900,000

Surplus as of June 30___

40,068,500

173,239,300

14,654,000

14,381,600

Loans and Investments..
Change from last week.

412,796,300 1,716,713,500
— 597,100 + 12,560,100

166,584,600
+ 1,560,900

271,856,300
+ 2,448,500

G o ld ..................................
Change from last week.

46,103,000
+ 2,429,400

136,881,700
+ 1,711,500

Currency and bank notes.
Change from last wcek.

20,975,400
— 1,107,500

19,388,000
— 2,051,600

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

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

Doposlts_________ ______
579,540,400 1,998,631,900
Change from last week. + 16,165,400 + 7,189,100

179,557,900
+ 1,201,000

283,036,700
— 630,000

Reserve on deposits____
Change from last week.

105,584,000
— 1,349,500

323,622,200
+ 6,623,300

30,895,500
— 459,700

34,911,100
— 2,912,500

P. o. of reserve to deposits
Percentage last week..

24.8%
25.2%

20.5%
20.3%

20.3%
20.6%

15.4%
16.6%

+ Increase over last week.

— Deorcase from last week.

Non-Member Banks and Trust Companies.—Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the “Clearing House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending
D e c. 16 1916.

Capital.

Net
Profits.

Loans,
Discounts,
/N at. bks. Nov. 171 Invest­
\State bks. Nov. 29/ ments, ifee.

Members o f
Fed’l Reserve Bank
Battery Park N a t..
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N ., J.C.
Flrst Nat., Hoboken
Second Nat., Hobok.

Legal
Tenders.

Gold.

Sliver.

Nat.Bank
Notes [Re­
serve for
Slate In­
stitutions]

Nat .Bank
NottslNot
Counted
as
Reserve.]

Federal
Reserve Additional
with
Reserve
Deposits
Legal with Legal
Bank
Net
Notes[Not Depos­
Depos­
Demand
Reserve]
itaries.
itaries.
Deposits.

Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
S
$
$
$
$
S
$
400.000
353,800 4.971.000 385.000
85.000
93.000
4.000
4.000 409.000
300.000
684,400 5.480.000 133.000
45.000 135.000
13.000
58.000 487.000
356,000
..........
300.000
606,300 5.851.000 155.000
65.000 149.000
7.000
7.000 909.000
400.000 1,287,900 4.922.000 205.000 371,000
07.000
1 .0 0 22.000 1.193.000 2,749,000
00
250.000
770,100 5.174.000 153.000
86.000
19.000
10 ,0
1 00 3.000 1.128.000
220.000 622,200 6.073.000 167.000 24.000 54,000
10 0 21,000 431.000 286’,666
,0 0
125,000
316,900 4.987.000
51,000
26.000 126.000
..........
2.000 3.000 446.000 319,000

T o ta l___________ 1,995,000 4,641,600 37,463,000 1,249,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. I l’ts.
10 0
0 ,0 0
Colonial Bank..........
400,000
Columbia Bank___
300,000
Fidelity Bank..........
200,000
International Bank. 500,000
Mutual Bank_____
200,000
New Netherland___
200,000
Yorkvlllo Bank........
10 0
0 ,0 0
Mechanics', Bklyn.. 1,600,000
North Side, Bklyn.. 200,000

436,500
930,100
703,800
197,100
134,000
495,200
208,800
642,500
933,200
204,300

2,266,000
8,795,000
8,745,000
1,560,000
3,845,000
7,738,000
4,185,000
6,621,000
20,446,000
4,801,000

131,000
647,000
710,000
113,000
441,000
684,000
295,000
515,000
876,000
259,000

Total .................... 3,800,000 4,885,500 09,008,000 4,677,000

655,000

1 ,0 0
20

172,000
31,000

1 ,0 0
10

7,000
74,000
59,000
85,000
140,000
58,000

59,000
503,000
335,000
36,000
26,000
252,000
206,000
285,000
858,000
118,000

147,000

19,000

118,000 5,003,000 3,710,000 29,180,000 5,549,000 1,507,000
. . __ ... '
’

11 0
2 ,0 0

22,000

6
8,000

5,000

153,000
13,000

National
Bank
Circu­
lation.

Average.
Average. Average.
S
$
$
4.463.000
175,000 194.000
5.037.000
59.000 295.000
5.838.000
47.000 119.000
4.306.000
391.000
4.321.000
193.000
2.739.000 3.072.000 217.000
2.476.000 2.190.000
98,000

109,000
581,000
571,000

88,000

228,000
440,000
9,000 263,000
436,000
1,319,000
283,000

45,000
319,000
507,000
13,000
188,000

1,820,000
9 077,000
9,519,000
1'470,000
3,800,000
1 ,0 0 8,129,000
20
40,000 4,403,000
384,000 7,271,000
810,000 21,987,000
252,000 4,723,000

115,000

38,000
113,000
158,000

153,000

649,000 2,678,000

704,000

153,000

21,000

60,000
42,000

20,000

14,000

361,000
171,000

330,000 7,230,000
992,000
422,000 3,415,000 2,988,000

10 0 12 0
0 ,0 0 0 ,0 0

34,000

532,000

758,000 10,651,000 3,980,000

Trust Companies.
Not Members of the
Federal Reserve Bank.
HamlltonTrust.Bkln
Mechanics' .Bayonne

500,000 1,147,400 8,863,000
200,000 303,000 0,448,000

613,000
103,000

61,000
63,000

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

700,000 1,450,400 15,311,000

716,000

124,000

Grand aggregate___ 6,495,000
Comparison, prev.wk
$90,330
Grand aggr’teDec. 9 6,495,000
Grand aggr't.eDec. 2 6.495.000
Grand aggr’teNov.25 6.495.000
Grand aggr'tcNov.18 6.495.000
Grand a«gr teNov.l 116,495,000

710,000

Net
Time
Deposits.

79,000

2
1,000

27+000
05,000
400,000

...........

36,000 4,324,000 2,570,000 72,802,000 1,244.000

____ _

.......

...........

10,977,500 121782 000 6,642,000 1,408,000 3,488,000 806,000 300,000
— 752,000 — 41,000 — 114 000 + 53,000 + 61,000 — 61,000

188,000'9,859,000 7,038,000 112633 000 10,773,000 1,507,000
— 5,000 — 86,000 — 1157 000 — 1214000 + 143,000 + 10,000

10,752,700
10.752,700
10,691,000
10,691,000
10,691,000

193,000 9.945,000
252,000 8,137,000
135,000 8,362,000
121.000 8,394.000
113.000 8.435.000

122534000
121524 000
118861000
119221000
118323 000

6,683,000
0,598,000
6,554,000
6,549.000
6,387,000

1,522,000 3,435,000
1,323,000,3.336.000
1,462,000,3.463,000
1,341,000^3,201,000
1,444.000 3,253,000

745,000
648,000
568,000
788,000
740.000

361,000
272,000
372,000

2
20.000
296,000

8,195,000
8,052,000
7,685,000
8,978,000
9,269.000

113847000
113823 000
112455 000
111398000
110068 000

10,630,000
10,849,000
10,733,000
10,685,000
10,872,000

1.49+000

1.494,000
1,479,000
1.477,000
1.492,0 0

Philadelphia Banks.—Summary of weekly totals of Boston Clearing
Banks.—Wo
Clearing House banks and trust companies of Philadelphia: summary showing the House for all tho itoms givethobelow a
totals
in
Boston
W t omit Itco ciphers (00) in all these figures.
Cloaring House weekly statement for a series of weeks:
Loans,
Due
Deposits.
Dlsc'ts &
Invesl’ts.

from
Banks.

Bank.

Indlvtd’l.

Total.

Reserve
Held.

Excess
Reserve.

Dec. 16.
$
S
S
$
S
S
Nat. bank. 386.373,0 79,536,0 166,838,0 318,583,0 485,421,0 68,170,0
Trust COS. _ 157,936,0 3,953,0 3,817,0 141,403,0 145,220,0 22,007,0

$
10,477,0
1,207,0

T o ta l__
Dec. 9 . . .
Deo. 2 . . .
Nov. 2 5 --Nov. I S ...
Nov. 1 1 ...
Nov. 4 . . .
Oot. 2 8 -.*' 2 1 --.
** 1 4 ...

11,684,0
13,016,0
18,906.0
24,600,0
31,986,0
31,388.0
26,147,0
23,918,0
28,482,0
37,978,0

544,309,0
551,772.0
546.473,0
547,195,0
541,896.0
540,172,0
538,433,0
538,069.0
537,802.0
532,230,0

83,489,0
78,206,0
87.172,0
85,324.0
90.601,0
87.160,0
8.3,158,0
81.260,0
88,470,0
87,624.0

170,655,0
172,747,0
178,078,0
178.702,0
181,682,0
185.328.0
182,546,0
180,877,0
188,211,0
188,904,0

459,986,0
462,764,0
473,960,0
477,617.0
479,469,0
477,681,0
465,748,0
457,923,0
464.473.0
469,480,0

630,641,0
635,511,0
652,038,0
656.319,0
664.151,0
663.009,0
648,294,0
638.800,0
652,6.84,0
658,384,0

90,177,0
93,354,0
99,653.0
106.705.0
114,654,0
113.843,0
107.561,0
104,684,0
109.720,0
120,019,0

Note.— National bank note circulation Dec. 16, S9,105,000; exchanges for Clear­
ing House (Included In “ Bank Deposits” ), banks, $21,264,000; trust companies,
$2,599,000; total, $23,863,000. Capital and surplus at latest dates: Banks, $64,­
175,600; trust companies, 341,295,200; total, $105,470,800.




BOSTON CLEARING nOUSE MEMBERS.
Dec. 16
1916.

Change from
previous week.

Circulation.............................. $6,358,000 Inc.
Loans, dlsc’ ts A Investments. 440.560.000 Inc.
Indlvldual deposits, tncl.U.S. 366.561.000 Inc.
121.753.000 Dec.
Time deposits........................ 30.210.000 Inc.
Exchanges for Clear. House- 24.430.000 Inc.
Due from other banks.......... 44.406.000 Inc.
Cash reserve.......................... 21.898.000 Deo.
Reserve In Fed. Res’ vo Banks 32.253.000 Inc.
Reservo with other banks__ 30.580.000 Inc.
Reserve excess In bank........ . do.2780,000 Inc.
Excess with Reservo Agent-. 18.241.000 Inc.
Excess with Fed. Res’ve Bk.
7,575,000 Inc.

$8,000
2,224,000
24,117,000
4,860,000
40,000
7,820,000
4,465,000
1,550,000
3,272,000
2,973,000
1,798,000
2,849,000
3,024,000

Dec. 9
1916.

Dec. 2
1910.

$6,350,000
438.336.000
312.444.000
126.613.000
30.170.000
10.610.000
39.941.000
23.448.000
28.981.000
27.607.000
def982,000
15.392.000
4,551,000

$6,373,000
449.294.000
358.841.000
133.708.000
30.169.000
22.809.000
10.734.000
23.564.000
29.618.000
31.796.000
df 1,628,000
19.200.000
4,426,000

Imports and Exports for the Week.—Soo third page
preceding.

D eo. 23 1916.]

THE CHRONICLE

22 1916.
Saturday’s bank statement, showing an increase surplus re­
serve, and the Government report, indicating a substantially
increased winter wheat acreage, were the chief news-items
of interest in the financial district up to the afternoon of
Tuesday, when cabled excerpts from the British Premier’s
speech in Parliament becamo the dominant factor. The
Premier’s announcement that the Entente powers would
probably receive and duly consider, if offered, Germany’s
terms of peace was regarded as conciliatory in spirit and the
stock market was exceptionally weak on Wednesday. But
the climax came when President Wilsons note to the Euro­
pean belligerents, published in the Thursday morning papers
gave the stock market the severest shock it has had in many
years.
Stocks which have recently been most conspicuous in the
speculative movement wero, of courso, the “hardest hit,”
while railways and other investment shares have not declined
more than is often the case and all classes of stocks have
substantially recovered, in to-day’s upward swing from yes­
terday’s phenomenal decline
Foreign Exchange.—Sterling exchange continues quiet
but well maintained. The continental belligerent exchanges
have shown substantial advances, and the neutrals have
continued firm, although at the extreme close showing a
rather easier tendency in both.
The

Money

Wall Street, Friday Night, Dec.
Market and Financial Situation.—

2333

closed at 10734* The copper stocks as did the various steel
shares and shares of the Cuba Sugar Companies such as
Guantanamo and CubaCane Sugar. Crucible steel covered
a range of 19 points for the week and Industrial Alcohol
after declining from 11834 and 9734 closed at 11134. The
high, low and last prices for Mexican Petroleum, Driggs
Soabury, Anaconda, American Locomotive and Maxwell
Motors, were 10234,89,9634; 60,46,50; 8934,78,8334,8334,
6934, 7524 and 64 34, 46, 52.
F or daily volum e o f b u sin ess see page 2332.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Dec. 22.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

| Highest.

Par. Shares $ per share. $ per share. $ per share s per share.
Acme Tea tem ctfs--100
200 02% Dec 21 64 Dec 20 51
Aug| 69% Nov
Dec 21 135 Dec 21 132% Mar 154% Jan
Adams Express........ 100 200135
Am Brake S & F p fctf 100 300 192 Dec 20 195 Dec 19 165
Feb 209
Nov
American Coal_____ 25 100 35% Dec 21 35% Dec 21 31
Dec 35% Dec
Am Tel & Tel rights___ 43,000
1 % Dec 21 2 1-32 Dec 16 1 % Nov 2% Nov
Assets Realization-. 100 200
3% Dec 18 3% Dec 20 2% Oct 8
Jan
Associated Oil______100 600 68 Dec 22 70 Dec 19 62
Jan 77
Jan
AtlantaBirm * Atl-.lOO
600 15 Dec 21 17 Dec 16 11% Sept 18% Dec
Barrett Co rights_____ : 3,200 3% Dec 22 4 Dec 20 3% Dec 4
Deo
300 118% Dec 18 120 Dec 21 117% Nov 120
Barrett Co pref........ 100
Nov
Batopilas Mining___ 20 1,600
1% Dec 22 1% Dec 22
1% June 3% Jan
300 130 Dec 21 130 Dec 21 126
Bklyn Union G a s ...100
Apr 133% Oct
Brown Shoe............... 100
200 66 Dec 21
Dec 18 50% Jan 76
Nov
Preferred ..............100
100 95 Dec 16 95 Dec 16 95
Dec 102
May
Brunswick Terminal. 100 4,100 9% Dec 21 12 Dec 18 6
July 14
Jan
Buffalo Roch & Pitts 100
50 92
Dec 18 92
Dec 18 92
July
May 100
Burns Bros_________ 100 3.450 83 Dec 21 91% Dec 18 66
Aug 91% Deo
Carolina Clinch & 0.100
100
Dec 16 29 Dec 16 29
Dec 31
Deo
C en t* So Am Telcg.100
212
Dec 18 152 Dec 20 134
July 152% Deo
Chicago & Alton___ 100 1,800
Deo 16 24% Dec 18 8
Feb 24% Deo
Preferred________ 100
400
Deo 16 31% Dec 20 18
Sept 33
Deo
1
200
T o -d a y ’s (Friday’s) actual rates for sterling exchange wero 4 71 11-10 Chic & E 1 1 pftr rets 100
Deo 16 15 Dec 20 1
Dec 15
Deo
for sixty days, 4 75 7-10 for cheques and 4 70 7-10 for cables. Comm ercial Chic R I & Pac ctfs dep. 17,700
Deo 21 38% Dec 16 31
Dec 38% Deo
Chic St P M & O m .. 100
150
Deo 20 114 Dec 20 114
on banks, sight 4 7 5)4 . sixty days 4 70 13-10@ 4 70% . ninety days 4 08%
Dec 123
May
800
and docum ents for paym ent (sixty days) 4 70 13-10@ 4 7 0 % . C otton for Cluett, Peabody* Co 100
Dec 21 71
Dec 18 68
Apr 76
Jan
Cons GEL&P(BaIt) 100 1,700
paym ent 4 75% and grain for paym ent 4 7 5 % .
Dec 16 126% Dec 16 108% Mar 130
Deo
Cons Interstate Call. .10
800 20% Deo 18 21
T o -d a y ’s (F riday’s) actual rates for Paris bankers’ francs wero 5 89% @
Dec 19 18
Aug 28% Nov
5 89% for long and 5 8 4 % @ 5 84% for short. Germany bankers’ marks Consolidation C oal.. 100
300 110 Deo 21 111
Dec 18 110
Doc 118% Nov
wero 73% for short, nominal for long and nominal for short. Amsterdam Continental Insur___ 25 2,500 56
Dec 19 61
Dec 22 54
June 68
Nov
bankers’ guilders were 40 11-10 for short.
Deere & Co pref___ 100 1,000 98 Dec 22 99% Dec 18 89
May
Dec
Kxchango at Paris on London, 27.81% francs; week’s range, 27.81%
Detroit Edison........ 100
114 147 Dec 18 147 Dec 18 131
Mar 149
Nov
francs high and also 27.81% francs low . Kxchango at llorlin on London, Detroit United........ 100 1,225 123 Deo 18 128% Dec 19 70
Jan 128% Deo
n ot quotable.
400 6 Dec 20 6 Dec 20 4% Mar 9
Duluth S S & Atl___ 100
Dec
T he rango for foreign exchange for the week follows;
Preferred............. .100
200 11% Dec 21 12 Dec 21 10
Jan 16
Deo
Sterling, Actual— Sixty Days.
Cheques.
Cables.
du Pont Powder p f .. 100
100 104% Dec 18 104% Dec 18 104% Dec 104% Deo
4 7570
4 70 7-10
H igh for the week___4 72
Elec Storage Battery 100
200 64% Dec 21 65 Dec 22 58
Apr 72% Nov
L ow for the week___4 71 11-10
4 75 7-10
4 70 7-10
Gaston W & W ._N o par 4,100 36
Dec 21 39% Dec 22 35
Dec 51% Oct
Paris Hankers’ Francs—
GenMotCorptemctfslOO 1,800 120 Deo 21 132
Dec 22 120
Deo
Dec 132
H igh for tho week— 5 88%
5 83%
5 83
Preferred tem ctfs. 100 2,200 88% Dec 21 92
Dec 22; 8 8 % Dec 92
Deo
Low for tho week— 5 89%
5 84%
5 83%
____ 100
400 75 Dec 21 76% Dec 20 75
Hartman C o rp
Deo
Dec 78
Germany Bankers' Marks—
Internat Harv Corp . 100 5,300 83 Dec 18 90% Dec 21 08% Mar 90% Deo
-----75%
70
H igh for tho w eek—
Preferred ...............100
100 114% Dec 19 114% Dec 19 104% A p rll4 % Dec
L ow for tho w eek
-----70
70%
Int Harv N J p ref...100
200 120 Deo 19 123% Dec 18 114 Feb 123%
Deo
Amsterdam Bankers' Guilders—
Jewel Tea pref.. . .. 1 0 0
400 110 Dec 19 111
Ap
Dec 19 104 July 113
H igh for tho week
40%
40%
40 15-10
Kayser (Julius) Co 100
200115
Dec 18 115 Dec 18 80% M ar;ll5
Deo
L ow for tho w eek
40 9-10
40%
40 15-10
Kings Co E L & P __ 100
_ 122% _
100 _
Dec 19 122% Dec 19 121% Dec 131
Feb
rcu
Laclede Gas.............. 100 2,800 1 1 1 % Dec 21 116% Dec 19 103% Mar 118% Nov
Liggett* Myrrs pref 100 894 120 Dec 20 126% Dec 16 118
Mar 126% Deo
Loose-Wiles .1 cult. 100 300 21 Deo 21 23% Dec 16 14
Oct
Sept 34
Lorlllard (P)
ef_..100
100120
Dec19
120 Dec 19 115% Jan 122% Sept
Manhattan S a lrt...l0 0
100 72 Dec 16 72 Dec 16 55
Feb 74% Deo
State and Railroad Bonds.—
May Dept Stores.-.100 1,500 60% Dec 22 64% Dec 20 50% Jan 72% Nov
Michigan C entral... 100
10135
Dec 16 135 Dec 16 105
Apr 135
Deo
Nat Cloak & Suit pf. 100
12113
Dec 19 113
Dec 19 106
May 113
Feb
at
A
X\
N O Texas & Mex v t c . .
750 23
Dec 21 25% DecJ19 22
Dec 25% Deo
New York Dock___ 100
100 16 Dec 22 16 Dec 22 9% May 24% Nov
N Y Lack & W est.. . 100
51115
Dec 18 115 Dec 18 115
Aug 116% Nov
_______
Norfolk Southern__ 100
100 29 Dec 22 29 Dec 22 20
Apr 31% Dec
Nova Scotia S & C._ 100 1,100105
Dec 21 125 Dec 20 105
Dec 156
Nov
Owens Bottle M ach ..25 2,500_ . .
___ 95 Dec 21 101% Dec 18j! 83
Sept 105
Deo
Pacific Tel & Tel___ 100
600 32% Dec 21 34% Dec 22 32% Apr 44
Jan
P.eferred________ 100
10 99% Dec 18 99% Dec 18 1 93% Jan 99% Deo
Pan-Am Pet & T pf.100 2,500 96% Dec 21 98 Dec 19 96% Dec 1 0 1 % Dec
Peoria A Eastern___ 100
700 13 Dec 20 15 Dec 19 8
Mar 17% Nov
Pittsburgh Coal___ 100
200; 38% Dec 22 44% Dec 16 22% Apr 50
Nov
Pitts Steel pref........ 100
__- ­
300100% Dec 22 102% Dec 18 93% Feb 106
Oct
Quicksilver Mining.. 100 1,600 2 % Dec 19 2% Dec 16 2
Nov 6 % Jan
Seaboard pref tr ctf___
100 37% Dec 18 37% Dec 18 35
Dec 39% Deo
Sears, Roebuck pref. 100
400 126% Dec 22 127
Dec 22 125 June 127% Deo
Standard Milling ...1 0 0 1,120 97 Dec 22 100% Dec 16 86
Mar 107% Oct
Preferred.............. 100
10 90 Dec 20 90
Dec 20 85
Aug 94% Oct
Texas Co rights_______ 21,800 24% Dec 16 27% Dec 21 23% Dec 27% Deo
Texas Pac Land T r .. 100
50165
Dec 19 165 Dec 19 115
May 165
Deo
Toledo St L & West. 100
500 11
Dec 21 12 Dec 19 5
Apr 13% Deo
Trust receipts............
100 11
Dec 18 5
Deo 18 11
May 12
Dec
United Cigar Mfrs_.100
200 42 Dec 21 45
___ ._
Dec 16 42
Mar
Dec 64
United Drug.............100
r''n
500 72
Dec 20 73
Dec 19 72
___ 80
Dec
Nov
100 53% Dec 18 53% Dec 18 52% Nov 53% Deo
First preferred........ 50
U S Express________ 100
400 22
Dec 22 23
Dec 18 22
Dec 49% Apr
U S Realty & Impt. .100
900 30% Dec IS 32% Dec 18 25
June 49
Feb
&
U S Rcduc A Refg__ 100 2,300
1 Dec 16 1% Dec 18 1 June 3% Jan
P re fe rre d ........... 100
700 1 Dec 16 1% Dec 18,
% Aug 4
Jan
Wells, Fargo Exp.-_100 1,180136
Dec 21 140% Dec 22 123% May 142% Dec
Wheeling* Lake E .. 100
300 6% Dec 16 6%
Dec 16 1%
Nov 6 % Deo
Tr ctfs dep full paid..
200 34
Dec 16 34
Dec 16 33
Dec
Dec
First preferred___ 100
100 8
Dec 19 8
Dec 19 2
Nov 18% July
White Motor (.new).. 100 6.900 46
Dec 211 50% Dec19 *45
Dec 59% Oct

Sales of State bonds at the
Board this week, include 838,000 Virginia 6s, tr. co. receipts,
54M to 57 81,000 New York Canal 4>^s, at 11514: and
82,000 New York State 4s, 1961, at 105^ to 106.
In sympathy with the movoment of shares and for reasons
mentioned abovo, railway and industrial bonds declined in
value. Although tho movement was, in many cases, over
a point, fractional losses wero tho rule. American Smelters
Securities 6s fell from 109 to 106, American Writing Paper 5s
lost a point for tho week, B. & 0 . con. 43^s and Chos. & Ohio
con. 4]^s and 5s fell slightly, while Chili Copper 7s lost 114
points. Atchison Topeka & Santa Fo gon. 4s, Baltimore &
Ohio con. 434s, Interborough Rapid Transit 1st & rof. 5s,
Louisville & Nashville unif. 4s and Southern Railway gon. 4s
wero tho only ones from a list of 30 most active issues to
advance. St. Louis & San Francisco adj. 6s foil away from
78 to 75, and tho income 6s of tho samo company lost 134
points. Distillers Securities Corp. 5s fell from 71 to 6814.
Securities of tho various foreign Governments, such as
Anglo-French 5s, American Foroign Securities 5s, Great
Britain Ireland 5s and tho various Dominion of Canada
issues wero active as wero the Now York City and City of
Paris bonds, the latter advancing over a point. With tho
exception of Virginia 6s trust co. receipts, securities of tho
various States wero inactivo.
Sales on a s-20-f basis, indicating, presumably, sales for
foreign account, amounted to 811,000 par valuo.
United States Bonds.—Sales of Government bonds at the
Board includo 8500 4s, reg., at 11014; 81,000 2s, ret;., at
99%; and 81,000 3s, coup., at 100J4 to 10114. For to -d a y’s
;prices o f all the different issu es and f o r the w eek’s range see
third page fo llo w in g .

Railroad and Miscellaneous Stocks.—Tho proposals of
peaco and the discussiou of peaco by both belligerents and
neutral nations, caused stocks, whoso value has been so great­
ly enhanced by war orders to decline rapidly. Tho volume
of trading also increased, day by day till it reached a total of
3,048,925 shares on Thursday, the largest record since May
1901. Tho railroad shares fell off in sympathy with the de­
cline of industrials. Atchison Topeka & Santa Fo fell from
10524 to 101 % , the final figures being 104, while Baltimore
& Ohio, Canadian Pacific and Chicago Milwaukee & St.
Paul lost 234, 324 and 3 points each, Losses of from 1 to 5
points wore noticeable throughout tho list.
Among the industrial issues, American Beet Sugar, fell
from 100 to 83, last price, however, being 90. American Can
lost 6J4 points, while United States Steel was most erratic.
From 11234 it moved up to 11634* foil away to 10024 and




Outside Securities.—Security values on the Broad
Streot “curb” have been affected by the same causes and
moved in a manner similar to those on the exchanges. Aetna
Explosives fell away from 03^ to 4. Butterworth-Judson
dropped from 68 to 42, recovering at the close to 47, while
California Shipbuilding Co., Carwen Steel and Central
Foundries common and preferred lost 1 J^,3, 8 and 6 points
respectively from their highest prices. Haskell & Barker
Car Co. lost somewhat over a point for tho week and Maxim
Munitions fell from 5 % to 2 Y i, recovering at the close to 3.
Submarine Boat lost from 32 to 25 and the high, low and
last prices for New York Shipbuilding, Midvale Steel,
Marlin Arms and United Motors were 453^-42- 44 % , 63 % 51^-573^, 48-393^-50 and 52-42^-47.
Standard Oil subsidaries were active this week and sold,
as a whole, at advancing values. Prario Pipe Lino moved
between 337 and 342, Standard Oil of California between
370 and 364 and Standard Oil of New Jersey, after moving
up from 660 to 690, closed at 682. Standard Oil of New
York covered a rango of 15 points. The other oil issues
wero fairly active.
A complete record of “curb” transactions for the week
will be found on page 2332.

2334

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually Inactive, see preceding page.

B IO S AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Dec. 16

Monday
Dec. 18

Tuesday
Dec. 19

Wednesday
Dec. 20

Thursday
Dec. 21

Friday
Dec. 22

Sales for
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

______

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

Highest

PER SHARE
Range for Previous
Year 1915
Lowest

Highest

$ per share $ per share
Railroads
Par $ per share $ per share
$ per share $ per share $ per share S per share S per share
92% Feb 111% N ov
16,100 Atch Topeka & Santa Fe._100 100% Apr 22 108% Oot 5
102% 104
104 105% 101% 104
104% 105
1041« 10478 104% 105
96
Jan 102% N ov
Do
prof_____________ 100 98% Aug 30 102 Feb 24
3,790
100% 100% 100 % 100 % 100 % 100%
100% 100*4 10034 100% 100% 100*4
98 Mar 116 N ov
Atlantic Coast Line R R _ 100 106% Apr 19 126 Nov22
_
2,200
117% 118
118 118
120 120
12234 123% *120 120
121 122
96 Deo
63% Feb
96 Jan 4
81% Deo 21
16,470 Baltimore & Ohio------------ 100
83
84
81% 84%
8534 84% 85
8538 8534 85
847 85%
s
79*4 Nov
67 Feb
Do
prof_____________ 100 72% Aug 30 80 Jan 15
1,100
*74% 75% *74% 75%
74% 74% *74% 75
74% 74%
74%
*74
83% Aug 93 Apr
Brooklyn Rapid Transit-. 100 81 Dec 21 88% June 6
1,800
82
81
81
82%
84
*83% 8334 *83
83
83
83
83
194 N ov
13,500 Canadian Pacific------------ 100 zl62% M ar 1 183% Jan 3 138 July
1653t 168% 167 167% 167% 168% 16234 167% 164 167
•165 167
64*4 Nov
Ohio______100
66 66 % 6638 673i 6534 67 65% 67 62 65% 63% 65% 39,300 Chesapoake & Western— 100 58 Apr 24 71 Oot 19 35% July 17% Nov
10% Jan
11% Apr 24
16% Deo 7
13% 14% 6.400 Chicago Great
14
14%
14% 15%
14% 15%
15
15
15%
15
25% May 41% N o V
Do pref______________100 33 Apr 24 47% Oot 27
42% 7,500
40
39
41%
41% 42%
43
40% 42
42%
42% 43%
77% July 101% Deo
89 Deo 21 102% Jan 3
91% 16,900 Chicago Milw & St Paul. .100
90
89
92%
93% 93%
94
93
93% 94
921 93%
Deo
Do pref_______
-100 123 Dec 12 136% Jan 6 1207g Sep 135 N ov
1,800
12434 124-34 124*4 1243i 12434 12434 12434 125% 124% 124% 124% 124%
135%
2.400 Chicago & Northwestern.-lOO 123 Dec 15 1347gJan 3 11 8 % July §180 N ov
124 124% 124% 125%
123 124 *123% 124% 124 124% 124% 125
5165 Apr 13 176 Dec 11 163 July
100 Do prsf_____________ 100 15% Apr 22 40% Deo 7 10% July 38% Apr
173 173
*170 174 *172% 175 *172% 180
33
35% 77,200 Chicago Rock Isl & Pao__ 100
30% 37
37
38%
363i 39
38% 39%
39
39%
Oct
Jan 52
200 Clov Cln Chic & St Louis. .100 38 Apr 27 62% Oct 27 {21
*45
56
50
50
52
52
"
55
55
*52
561z *55% 58
Oct
53% Feb 77
Do pref_____________ 100 70 Feb 2 86 Junel4
350
82
84% *____
84% *82
*82
83
83
83
83
*83
84%
38% N ov
24 Mar
24% Apr 24 37 Oct 27
400 Colorado & Southern____ 100
32
*29
34
*31
33
*31%
*32
34
313j 32
*32% 34
45
Jan 60 N ov
*
Do 1st pref__________100 46 Apr 1 62% Oct 18
400
58
577g 577g
59
*58
59
*58
58
58
*57
58
57% JunelO
35
Sep 52 N ov
Do 2d pref. _______ 100 40 M arl3
*40~ 50
♦40
50
50
*40
50
*40
*40
45
*40
50
154% N ov
500 Delaware & Hudson_____ 100 148% Dec 21 156 Oot 4 138% Aug 238 N ov
148% 148% 149% 150
149 150 *149 150
149 149
*149% 150
Delaware Lack & Wes tern. .50 216 M arl8 242 N ov 6 199% Jan
200
238 238
230 239% *230 240
231 231
*229 23934 *229 240
16% Nov
4
Jan
23% Oot 25
8% Mar30
1,800 Denver A Rio Grande___ 100
18% 17.2 18
18
*18% 20
20
*18
18% 19
18% 19'2
6% Jan 29% Nov
Do pref_____________ 100 15 M ar 8 52% Oct 25
38% 40% 10.300
40
43% 36
42
44
43
42% 443t 4334 44%
45% N ov
197g Feb
43% Jan. 3
32 Apr 22
34% 35% 112,400 Erlo.......................................100
37% 32% 36
3738 36
36
36% 37%
36*4 373i
32% Feb 59% N ov
59% Jan
Do 1st pref__________100 46 Dec 21
48% 49% 13,100
50%
46
50% 51%
51% 5134 50% 51%
50% 51%
54% Doo
27 Feb
54% Jan
2,100 Do 2d pref__________100 40 Dec 21 127%Jan
40% 40%
40%
42% 40
42% *41
41
42
42%
41% 41*4
112% Jan 128 % N ov
115 Dec 21
8,700 Great Northern pref______100
116 117%
116% 117% 117 117% 115 117
116% 117
117 117
Oct
25% Jan 54
Iron Ore properties. .N o par 32 Dec 21 50% Jan
36% 34% 35% 33.300
39% 32
37
38*4 40%
39
40*4
40
40%
99 July 113 Apr
99% Apr 17 1097s Oot
4,900 Illinois Central__________ 100
104% 107
104% 106
106 106% 106% 106% 106 107
105% 107
2 5 % N ov
187g July
21%Jan
15% Dec 21
16,400 Interbor Con Corp, vtc No par
16% 17
15% 17
16% 17%
16*4 17%
16% 17%
16% 17%
82 N ov
70 July
77% Jan
Do prof...............
100 69 Dec 21
3.300
69% 72
72%
69
73
72% 72% *72
72% 72%
72% 72%
20% Feb 35% Nov
23% Apr 28 32% Jan
25% 26% 13,800 Kansas City Southern___ 100
25
26%
26% 26%
263j 27
2634 273|
25% 27%
547g Feb 65% Nov
647g Jan
Do pref_____________ 100 56% Dec 21
600
*59
56% 56% *57% 61
61
60
*59
60
*56% 60
60
16% Deo
5 Jan
10 May 2 30 Deo
2,200 Lake Erie A Western____ 100
26%
26
2 2 % 27%
26% 26%
283i 29
27% 27%
26
26
41% Deo
19 May
Do pref_____________ 100 32 Apr 20 55% N ov
600
55
50% 50% *50
55
*50
5434 55
53% 54
*51
53%
83% N ov
64% Feb
74% Jan 31 87% Oct
15,500 Lohlgh Valley____________ 50
79
77
79
76
79% 80*4
80
81
80% 81%
80% 801
15
Jan 27% Oot
20 Jan 31 41% Junel2
400 Long Island______________ 50
35
*32
*32
35
33
33
33
*32
*32
35
35
34%
130% Nov
1.300 Louisville A Nashville___ 100 121% Mar 1 140 Oct 5 104% July 132 Deo
132 132
130 134
134 134% 130% 132
134 134
300 Manhattan Elevated____ 100 128 Apr 28 132 Oot 27 125 Juno
130
130
129% 129% *128
129% *128
128%
•128 132 *128% 130
26 Oct 5 36 Oct 27
5.300 Mlnneap A St L (new)...100
28
26
30
30
28% 28%
30%
30
30% 31
30
30
Jan 126% Nov
600 Minn St Paul A S S M ----- 100 116 Dec 22 130 Oct 4 106
116 116
118% I187g 118 118
120 120
*119 121
Do pref_____________ 100 128%Sept26 137 Jan 15 123 June 136 Deo
L34
*128
*128
*128 135
15% Apr
4
Sep
3% Sept 6 13% Deo 18
Missouri Kansas A Texas. 100
12
67,600
11
11% 1234
10-2 117g
11% 127S
12
13%
10 % 13
40 Apr
10% Sop
Do pref_____________ 100 10 Apr 3 24% Dec 18
5,600
20 % 21
,
20%
IS
21 % 23% 23% 24% 23 23% 21 21
18% Apr
I 84 July
3%8ept 1 22 Deo 7
17%
3,700 Missouri Pacific_________ 100
16
17%
17
19
18*4 19%
19
18% 19
19% 19%
7% Nov
3 Deo
3% Sept 1 22% Deo 7
Trust co ctfs of deposit----17%
8.750
16
15% 17%
17*4 19%
1934
18% 19%
1834 19%
19
22% Sept 6 38% Deo 6
33% 35
79,130 Missouri Paclflc(new)wheniss.
32% 35
36
3534 36% 35
3534 3534 37
35
Do pref (or Ino bonds) do__
47%Sept 5 047g Deo 7
3.300
61
61
60
60
62%
61
62% 63%
61 % 62
62
63
81% Mar 110% Deo
45,700 New York Central........ -.100 100% Apr 22 114%Oct 5
103 104
101 105
10534 106% 105% 106% 105% 106% 104% 106
30 June 46% Deo
33 Apr 17 45% N ovl 1
200 N Y Chlo A St Louis.......... 100
41
*39
41
40*4 40*4 *39
*35
39
40% 40% *40% 42
Oct
43 Feb 89
777g Jan 10
N Y N II A Hartford........ 100
49% Deo 21
15.100
51% 53
49% 53
55
54
54% 56%
54% 55
54% 55%
21*4 Jan 35 Apr
26 May 5 34% Deo 2
_
g 28% 30% 14,800 N Y Ontario A Western_ 100
30
31%
27*4 297
30% 32
3134 32
31% 32%
99% Jan 122% Doo
15.500 Norfolk A Western............. 100 114 Mat 1 147% Oot 16
135% 135 136
131
136 137% 136% 137% 135% 137*4 134*4 137
80% Sep 90 June
84% Feb 25 89% May22
Do adjustment pref_ 100
_
900
85% 85% *85% 85% *85% 85% *85% 85%
85% 85% *85% 85%
99% Feb 118% Deo
108 110 % 12,200 Northern Pacific_________ 100 108 Deo 21 1187g Jan 4
110 1 l()7g 108 110
110 110 % 110 110% 110% 111
60 Oot 4 5 1% Feb 6 Us Nov
55 Septl2
21.500 Pennsylvania_____________ 50
55% 50%
55% 56%
56% 56*4
56% 56*2
56% 563s
56% 56%
86 Nov
05 May
88 June 5
78 Feb 17
2.500 Pitts Cln Chlo A St Louis..100
84% 86
83
85
85
87
*83% 87
85
*83% 86
85
90 Juno 98%Juno
Do
prof_____________ 100 88 Jan 26 98% Jan 13
300
98
*93
95
*93
98
95
97
*93
93
'____
94
93
85% Nov
69% May
75% Jan 31 115% Sept27
1265900 Reading__________________50
98*4 107% 102% 105
10734 109% 10734 109% 107 109% I06>2 1087g
40% Sep 45 June
1st preferred___________ 50 41% Feb 19 40 Feb 29
300
45
45
45% *44
45% 45*2 *44*2 45%
*43
44
*43% 44
100 2d preferred____________ 50 41% Feb 21 52 Mayl9 40 Feb 44 Apr
*44% 46
z45% 45*4 *44% 45*4 *44% 46
*45
*45% 46
46
)
15% May 18 30% Dec 18
26% 27% 19.900 St Louis A San Fran new (w 1
25
28%
28
28*4
29
30
26% 28
30%
28
11
Sep 23 Nov
16 May 4 32% Deo 19
1.900 St Louis Southwestern___ 100
28
28
35
32
32% *30
32
31
31
29
29 Sep 45% Deo
Do
pref_____________ 100 31% Sept 7 57 Deo 18
52
52
1,800
54
52
56
56
*54
58
57
51% 5434 55
11% July 20% Nov
19% Dec 18
Seaboard Air Line________ 100 14 Apr 22
18% 23,200
16
17%
16
17
18
163s 19
19%
16% 18%
18
30% July 43*4 Nov
Do
pref_____________ 100 34% Apr 24 42% Oot 10
8,200
36% 38%
38
38
39%
36
39
38% 4034 40
41%
39*i
81% Feb 104% Deo
94% Apr 22 104% Jan 4
977g 99%
94% 97%
96% 97% 34,050 Southern Pacific Co______100
9734 98% 98% 98% 98% 99%
12% July 26 Nov
36% Deo 18
18 Apr 24
33% 382,100 Southern Railway________ 100
32
30
33% 34%
33*4
35%
343s 3638 35% 3634 33
65 Nov
42 July
Do
pref_____________ 100 56 Apr 24 73% Dec 18
17.400
69% 70
67% 70%
70% 71%
70% 72
72 % 72
71
731
177 Apr
g
8% July
6% Feb 14 21% Deo 18
20 % 12.400 Texas A Pacific__________ 100
20
19
19%
19% 20*4
20 % 21*4
19% 20%
19% 21 %
35 Jan 64% Oct
68% June22
48 Nov22
3.900 Third Avenue (New York) 100
49% 51%
4978 50*4
50
50
50%
50
49% 50
49% 501
90 July 100 Apr
94 Mar 24 99 Juno 8
200 Twin City Rapid Transit.. 100
*94%
96
95% 95% *94
141% Nov
142*2 149% 146% 148% 265,800 Union Pacific....................... 100 129% Apr 22 153% Oct 24 115*4 Jan
148% 150
145% 146% 14534 146% 145% 148
Do
prof_____________ 100 x80 Sept 1 84%Sept29 z79 Mar 84% Nov
920
83
83
83% 83%
83% 83%
84% 84% 84% 84%
8
Jan 27% Oct
7% May 9 21%Jan 4
2.750 United RailwaysInvest____100
11%
11
11
12%
12%
11%
12 % 13%
12
12 %
11% 12
47*4 Oct
21% Mar
Do
pref_____________ 100 17 SeptlO 39% Jan
600
24
22% 22% *21
23% 23%
24
25
25
*23
*2 2
24
17% Nov
12% Oct
17 Jan
13% Septl3
14% 15% 12.500 Wabash...............................100
147g 15%
15% 16%
15% . 16%
1534 16%
15% 16
49% Nov
437g Oct
Do
pref A ___________100 41% Mar 1 60% Deo
55% 56% 37.500
537g 57%
57% 58%
5734 57% 59% 57% 591.
57
32% Nov
25% Oct
327g Deo
Do
pref B do..............100 25 Apr 22
30% 33.900
29
28% 3 l'g
31% 32%
32%
31% 32'.
31
30% 31%
9% Jan 35% Oct
24% Feb 28 34% Mar 27
31
26
28%
26% 28% 17.400 Western Maryland_______ 100
29
307g
30
28% 31
28
281
25 Jan 50% Oct
55 Oot 16
Do pref____ ________ 100 40 Mar
42
42
500
44
44
*42
47
*45
48
46
46
Dec 12 27% Dec 7
22 % 23% 33.500 Wheeling A Lake E Ry w l . .
21
23*4
23% 24%
2334 25
24% 25%
*23% 2434
Do preferred when Issued
Dec 21 58% Dec 7
6,800
48% 50
50
46
51
52%
52% 527j
52% 534
52
53
45 Nov
28 July
Apr 19 56% July2(i
54
6,800 Wisconsin Central_______ 100
50
50
50
53
53
50
51% 53*4 *50% 53%
51%
Industrial & Miscellaneous
14 Aug 22 21 s4 Deo
5,700 Advance Rumely________ 100
17% 17%
17
18
19%
18*4
20% 20%
20% 21%
19% 20
Do pref____ _________100 30% Oot 10 43 Apr 28
2,150
36'4
*34
36
39% 39%
39 % 40%
38*4 38*4 *35
39
39%
89% Deo 11
63 July31
73
7.300 Ajax Rubber Ino__________ 50
71
69
75% 79%
74*4
78
80
78% 80
81%
81*ft
21% Dec 40% Apr
10% Dec 21 26% Jan
12,000 Alaska Gold Mines............... 10
10% 11%
12% 12%
10% 12
12% 12%
12% 12%
12% 12%
9*4 Dec 13% Nov
6% Oot 9 10% Jan
6,400 Alaska Juneau Gold Mln’g.10
7%
7
7
714
7%
7%
7%
7%
7*i
7%
7%
7*4
7*4 Jan 49% Oot
19 July 19 38 Nov25
26
27% 27.100 Allls-Chalmcrs Mfg v t 0..100
25%
24
26% 28%
26% 30
28
29
30
29*4
33 Feb 857g Deo
92 N ov 9
Do preferred v t 0____ 100 70% July 18
84^8 86
9.900
81
86
87
88%
87
88%
87% 88
88
88
48 Jan 74% Nov
63 Apr 22 102 Nov25
8,200 Amer Agricultural C hem ..l00
84
88
84
87
z88
89
90
90
90
90
*91% 92
90 Mar 101% Nov
pref_____________ 100 96 Mar 23 103% Deo
100 Do
103
102 *101
102 102 ♦102 103 *100 103 *101
102 103
33% Jan 727g Deo
108% N ov22
61% Feb
49.300 American Beet Sugar____ 100
92
86
92
83
90%
98%
96% 100
97% 99%
101%
99
100 Do pref_____________ 100 93 Apr 24 102 Juno22 83 Fob 95 Nov
*98% 100
100 100 *100
100% *99% 101
101
*99% 101 *100
68% Oct
25 Feb
44 Deo 21 68%8ept29
47% 63.300 American Can___________ 100
467g
46
44
47% 51%
50
50% 52
52%
48*4 52*i
91% Jan 113% Nov
Do
pref_____________ 100 1077g Dec 22 115% Sopt30
900
1077g 108
109% 109% 109% 109% *108% 111% 10S% 108*2 108 108
40 Feb 98 Oct
52 July 8 78% Deo
65% 43.500 American Car A Foundry. 100
62
60% 65%
66% 69*4
68% 71%
6.8% 697g
68% 69%
Do
pref____ _____ ___100 115% Aug 9 119% Mar 11 111% May 118 Aug
350
117*4
>116 117*4 117% 117% 117% 117% *116% 117*4 116% 116% *116
Oct
39
Ian 64
48% Dec 21 58% Oot 23
3,200 American Cotton Oil____ 100
50% 51%
48% 50%
49*2 50
50% 51*2
50
50%
50% 50%
91 June 102% Nov
Do
pref.......................100 98 Jan 6 102 Mar 15
_____
*99% 102
______
*99% 102
*99% 102
*99 101*1 *99 102
14% Oct
4% Feb
American Hide A Leather. 100
8% June 3 20% Oot 17
12
5.200
13
13%
13% 14
10
14%
14
13%
13% 14
13
19*4 Jan 59% Oct
Do
pref.... ..............
100 45 Mar 1 847g Dec
14,100
62
63
58
69%
54
67
69% 70
69% 70
6.8*4 70%
20% Jan 35 Apr
25 Jan 20 317gDcc 19
28% 303-i 18,800 American Ice Securities__ 100
30%
30
31%
28
30% 317g
30*4
29
29
28
7% Jan 31% Oct
American Linseed________ 100 17 Dec 21 277g N ov 10
187g
17% 18% 12,400
17
19
20%
19% 20
19% 20
19% 20
24 Jan 50% Oct
Do
pref.............
100 38% Mar 1 62% Nov 13
8.200
487g 51
497g 51%
487 49%
s
517g 52 % 50
51%
52
52
74*4 Oct
19 Mar
58 July 14 98% N OV
72
72%
75
80%
76*4 88,200 American Locomotive___ 100
79
83%
67*4
80*4
81% 82% z79
75 Mur 105 Nov
Do
pref_____________ 100 99% July 13 109 N ov 9
3,400
106% 106% 103 105% 103 105
106% 106% *106 108
13% Oct
37g Apr
5% June 3 12% Oct 19
800 American Malt Corp........ 100
*7
9
8%
*8%
*8%
9%
11
9*2
8%
*9
*9
10
21% May 37% Deo
Do
pref_____________ 100 z31%Jan 14 51% Deo 1
2,000
46% 47
47
47
46
48%
50
47*i 47*t
48% 48% *47
78 Jan 88% May
84% July 13 97% Nov27
1,000 Amer Smelters Sec pref B.100
93
93
93
94*4 947g
03*4
91% 94%
94% 94%
94*4 947g
86
Oct 92 Deo
91% July 11 102 N ovl8
Do
pref Ser A stamped .
1,000
97
97
97
98
98% 98%
98% *96
9S*i 98*.i
98% 98%
56 Jan 1087g Deo
88% Apr 22 1227gNov22
1067g 108% 106 109% 105*( 107% 1007g 104*4 1037g 106 168,700 Amer Smelting A Refining. 100
108% 110
100 Jan 113 Nov
Do
pref_____________ 100 109% Apr 22 118% Oot 21
1,700
115% 115*4 115 115% 114% 115% 114% 114% 1137g 1 137g 114% 114%
American Snuff._________ 100 130 Mar 23 151 Deo 8 144 Jan 165 Apr
143 *137 143 ♦135 145
*140 150 *140 150 *140 150 *135
Do
pref__ 1__________100 106% Mar 22 110 Jan 27 103 Jan 110% Nov
100
111 *105 111
*106 111 *107
107% 107% *107% 111 *103
24% Mar 74% Oct
73 Deo 7
44 Apr 24
62
9,500 Am 8tcel Foundry_______ 100
59
60
60
62
64%
60*4 62%
63
65
64% 65%
99% Feb 1197g Nov
13,350 American Sugar Refining.. 100 104 Dec 21 125% Oot 25
104 109*4 106% 109
112% 1127g 110 112
111% 1117s 1117. 112
115% May 5 123% Oot 24 109 Feb 119% Nov
Do
pref_____________ 100
200
120% 120% ♦120 122 *120 122 *120 122
122
*120 122 *120
116 Jan 130% Nov
125% 1257g 125% 125*4 125% 125*4 124*4 125% 125 125*4 11,600 Amer Telephono A Teleg-.lOO 124% Dec 21 zl34% Sept29 195% Dec 252% Apr
125*4 126
1,600 American Tobacco........ ..100 188 Feb 16 2297gNov 3
210 216
210 214
215 216
216 216
216 216 *214 218
Do pref (new)_______ 100 105% Apr 24 113 Sept23 103% Jan 111 Nov
700
108*,i 108*.i 10.8 108% 107%» 108% 108 108 *107*4 109 *107 109
56
Oct
40 Nov
37 Deo 21 587gNov 8
43%
42% 43^4 14.000 Am Woolen of Mass______ 100
37
45% 48%
47% 49
49
47*4 48%
47*4
95 Deo 98% Nov
Do pref______________ 100 92 Jan 10 102 MarlO
700
94% 94%
95
95
95% 95%
957g 957g *95
96
*94
95%
15 Apr
5 July
11 Jan 8 76% N ov20
417g 46*4 29,300 Am Writing Paper p ref.. 100
39
43*4
45% 47%
46
50%
45% 49
46% 49
67% Dec 71% Doo
29% July 10 977g Apr 10
31,400 Am Zinc Lead A S________ 25
35% 39
31% 36
38
45% 49*4
46
47%
49%
46
48
Do pref_______________ 25 59% July 11 87 N ov 1
3,400
66
66
73
75
65
71
75
78
75
77*i
73
73
91% Nov
77 Apr 22 105% N ov20 r 2 1*4 F eb
79% 83% 291,500 Anaconda Copper.................50
77% 83
857g 89%
83% 877g
SO 4 88%
87
87*4
98 10S7g 80.000 Atl Gulf A W ISS Line ctfs 100 56 July 12 147*4 Deo 8
92 100
115 1317g 105 121%
124 129
126 129
Do pref certfs------------ 100 60% Dec 21 73*4 Nov 10
647g
4.350
62
60% 64%
65
66%
64% 68
68
68
69
69
26% Mar 154% Oct
52 Deo 21 118% Jan 3
85,600 Baldwin Locomotive------- 100
62
52
65%
58
63*4 69%
72*4
66
67% 697,
68% 71
92 Mar 114
Sop
Do pref______________ 100 987gDeo 21 110 May24
1,900
987g 997g
99*4 101
100 101
100% 102%
*102% 104
4,600 Marrett Co (T h e )_________100 al27% Deo 21 167% Deo 5
130 133
141% 127% 136
157% 157*4 156% 157*4 allO
155% 156
Oct
46% Jan 600
2,670 Bethlehem Steel-------------- 100 415 Jan 11 700 N ovl8
500 515
489 509
500 500
572 572
558 575 *525 575
91
Jan 184 Oct
Do pref______________ 100 126 July21 186 N ovl7
2.350
140 143% 130 138% ♦131 150
—
—
145 145
•145 150
• Bid and asked prices: no sales on this ay. t Ex-rights. I Less than 100 shares, a Ex-dlv. and rights. 6 New stock, s Par $25 per share, e First Installment
paid. * Ex-dlvldcnd. * Full paid.




$ per share

__ __

__ __

3335

New York Stock Record—Concluded—Page 2
For record of sales during the week of stocks usually Inactive, see second page preceding.
I lia n

AND

S a tu r d a y
D e c . 10

LOW

S A L S P R IC E S — P E R S H A R E , N O T P E R C E N T .

M onday
D e c . 18

T u esd a y
D e c . 19

W ed n esd ay
D e c . 20

T hu rsd ay
D e c . 21

F r id a y
D e c . 22

S a le sfo r
the
W ee\
S h a res

STOCKS
N E W Y O R K ST O C K
EXCHANGE

PER SH AR E
R a n g e S in ce J a n . 1
O n b a s is o f 100 -rftare lo t s
L o w e st

PER SH AR E
R a n g e f o r P r e v io u s
Y e a r 1915

H ig h e s t

L ow est

H ig h e st

$ p e r s h a re 5 p e r s h o r t
5 p e r s h a re
In d u s tr la !& M ls c .(C o n .) P a r 5 p e r s h a re
$ p e r s h a r e $ p e r s h a r e S p e r sh a re S p e r sh a re $ p e r s h a re $ p e r sh a re
79 78June
56*2 Aug
4178 D eo 21 105*4 M ar 9
45
49*4 50.600 Butte & Superior C opper— 10
417 45
8
48*4 53
50*2 54*4
50
50
05
57
38=8 Deo
8 July
42=8 Jan 3
15 Junc27
10.600 California Petroleum , vtC-100
24
25*4
23*2 25*2
25*8 20=8
26*2
233 25=8
4
23=4 237
s
81
D eo
803s Jan 3
30 July
40 June29
Do
pref_______________ 100
9.700
53
51
48*2 54*4
57*2 154*2 £
55
5634
51
51
61*4 N ov
49 Apr 22 123 N o v lO
32=8 Feb
7834 87*4 209,900 Central Leather----------------100
80
93=4
75
84*4
97
94*2 90=4
93*2 90*2
8
100=8 Jan 110*2 N ov
Do
pref_______________ 100 1087 Jan 3 117*2 N ovlO
2,150
114 115*2 113*4 113*2 113 113*4
111 114
114*2 114*2 *115
88*2 Apr 24 131 June 5
5.900 Chandler M otor C ar--------100
98 100*2
97 103
IO7”
1037 104
8
108*2 108*2 Z103 103*2 *105
39 I4 NOVI8 23*8 D ec 26=8 N ov
19=8 July 14
25
27
24*8 2534 96,600 Chile C opper........................... 25
2734
23*s 25
20
25*2 20‘ 2 20*8 28
57=8 N ov
32=4 Jan
74 N o v lS
46*8 July 11
SO,800 Chino Copper........................ 5
4734 52*4
52*4 55
53*4 56*2
587
s
8 55
55=8 587
66*2 Sep
67*8 6958
38*8 Apr 22
63*4 Sept30
21=4 Jan
41*2 45*2 40.900 Colorado Fuel & Iron--------100
44*2 47=4
44'2
40=4
40*2 4734 40*8 49*2
4034 48
30*4 Sept28
537 D ec 5
8
55,000 Colum bia Gas & E l e o ------ 100
3934
35
43
47
35
45
44
40*4
44*4 40
45
40's
49=8 Dee
52=8 Jan 22
40=8 July24
4U 2 N ov
600 Com puting-Tab-Record ..1 0 0
47
Z 47
47
48
48
47
48*2
48-2 *47
*40*2 48*2 *45
6.700 Consolidated Gas (N Y ) ..1 0 0 12934 D ec 21 144=4 Jan 8 113=4 Jan 150*2 Oct
130*2 132*2
132=8 133*2 132*8 132=8 129=4 132
Oct
132*4 132=8 133 133
75*4 Jan 31 x l l l Sept20
40*4 Jan 127
5.000 Continental Can----------------100
83=8 87
x89
89=4
93
83*2 86
90*8 91*8 *90
90*8 90*8
88*2 JaD 109*2 Deo
100
D o pref_______________ 100 106 Feb 1 114 N ov27
*____ 115
115
112 112
*____ 115
21*2 O ct
8
Jan
29=4 D eo 8
13*4 Aug 8
95,200 Corn Products R e fin in g ...100
8
24
25*4
20*2 23*2 ' 21=8 23’7
_
23=4 25
96=4 D eo
24
2434 '23*2 24*2
65
Jan
85 June26 113*2 D ec 8
12,300
D o pref_______________ 100
8
8
110
11278 1077 1097 109*2 113
110*2 11134 11134 113
109*2 110
8
99*2 M ar 16
18*4 M ay 1097 Sep
50*4 D ec 21
55*4 59*2 166,700 Crucible Steel of Am erica. 100
50*4 57
6034 07=4
653 71
4
00
09
0734 09*4
84 M ay 112*2 Sep
8
D o pref_______________ 100 108*4 Jan 11 1247 D ec 5
112
113=8 *111 115
112 11434 11434 115*2 *111 115
11134 110
43 D eo 21
763s O ct 30
46*4 50 117,300 Cuba Cane Sugar-------- N o p a r
51*4
51
50
50=4 5434 43
5338 5534
53*2 50*2
9134 D ec 22 100*2 O ct 28
10,250
Do
pref_______________100
91=4 93
93
92
94*2
93
9134 95
94*2 95
95
95
Deo
38
Jan 177
200 Cuban-American Sugar— 100 152 Jan 5 26978 Sept26
190 190 *145 195
191 210 *190 210
200 200
Sep
*175 225
93 M ar 110
133
Do
pref_______________100 1003s D ec 22 110 June 8
100=8 100=8
110
*100*4 HO *100
*100 110 * 100*2 110 *100*4 110
50*2 Oct
5*2 M ar
54*2 Apr 29
24 Deo 21
29.900 Distillers’ Securities C orp.100
29
32
30
24
31
32=8
31=8 34
30U D eo
33*2 34*2 *31*2 33*2
29*2 Feb 8 116 June
18 Deo 21
5.900 D om e M ines, L td__________ 10
20
19
20
18
20
20*2
21*2
*20
*20
22
20*8 21
45*4 D ec 21 11934 Sept 18
4,870 Drlggs-Seabury O rd______ 100
46*8 50
45*4 50
56*2 50*2
52*2 57
50
00
60 June
00
00
12=8 July 13
35 Jan 7
8 M ar
400 Federal M ining & S m e lt ...100
20
*10
13
13
23
*14
15
15
*15
23
23
*15
57*2 Jan
20 M ar 65 June
35*8 Apr 24
1,100
Do
pref_______________ 100
407
8 37
38*4
39
42
42
45
*41
43
43
Oct
43
43
Jan 360
25 General Chemical_________ 100 §265 Jan 5 350 M ar 18 105
*____305
____310
310 5310 310
*300 315 * ____310
100 M ar 0 I I 6 I2 N ov
Do
pref_______________100 §113 Jan 5 117 D ec 8
114*2 116*2 113*2 110*2
119 *116’ 117 *114*2 117
120 *110
*110
12,390 Goneral Electric__________ 100 159 Apr 22 187*4 Oct 20 138 M ar 185*2 Oct
107*8 108
170 17334 168*2 171*2 100*2 108
171*2 173
172 172*2
D eo
Jan 558
82
General M otors___________ 100 405 Apr 24 850 O ct 25
510 800
*025 800 *000 800 *550 800
D eo
90=8 Jan 136
600
Do
pref_______________100 108 July 14 128*2 Sept O
118 118*2 *113 120
117*2 117*2 11731 118 *114 118
80*4 Oct
80 A or 10
24*2 Jan
49*2 Deo 20
59*4 61*4 77,100 Goodrich C o (B F )...............100
57*8 61*2
C37
8 49*2 02
58
03=8 07
0034 07
95
Jan 114*4 Oct
500
Do
pref_______________100 110l2 Deo 22 116=4 M ar 16
110*2 111*4
113*2
112
91 June
80 July 12 120 N o v 18
79*4 Apr
86
897 10.500 Granby Cons M S & P ____ 100
8
92
81*2 87
89
95
91
90
94
97
523s Deo
34 June26
37
Oct
6,710 Greene Cananea C o p p e r .. 100
5612 N ov20
42*8 45=4
41
43*8
45
40*2
47*4
40
45*8
40
40
71 M ay 4 193 N ovlO
7,150 Gulf States Steel tr ctfs— 100
113 123
100 130
133 137
130 140
140 141
87 M ay 4 115 N o v2 5
400
D o 1st pref tr ctfs_____ 100
107 107
107 107
107 107
108 108
72 M ay 5 190 N ovlO
200
D o 2d pref tr ctfs_____ 100
108*2 115 *112
47*2 Oct
42=8 Apr 22
74=4N o v 18
16=8 Jan
53*4 57" 187,800 Inspiration Cons Copper— 20
56=8 59 *8 49*8 54*8
50=4 01*4
58*8 5934
29=4 N ov
583a 00
11 Aug 30
297s Jan 5
5*2 M ar
1,300 Internat Agrlcul C orp ------ 100
18
18
■14
17*4
19
18*8 19
19
1834 19
*2 0
22
71=4 Deo
74 Jan 5
8 M ar
37 Deo 21
4,800
Do
pref_______________100
1234 40
44*4
37
43*2 46
48
48
40*2
90 M ay 114 June
45*2 45*2 *45
8
3.000 Intern Harvester of N J ___100 108*2Jan 7 1267 N ov29
118
120 rllS
118
12H 2 123
121*2 123*2 123 123
20*2 D eo
121 121
18 D ec
205,700 Int M erc Marine ................100 rl33s Feb 15 r5078 Sept 14
25*8 27=4
22
26*8
26=4 34
33
38=8
3 4=4 37*2
77*2 D eo
30
38*4
55*2 N ov
D o p r e f ...................
100 c61*4 M ar 1 6125=8 S e p tll
88*2 93 324,400
80 100=4 84*2 90*2
103 100*4 100 107*
1053S 108
657 Oct
8
387 Dec 21 5 6 % Jan 17 4 4 % Dec
8
4012 427g 56,800 Intern Nickel (The) v t C ...2 5
3S7 4 178
8
42*2 43*2
43*8 45
43=4 4434
1278 Deo
43*2 44*2
8
Jan
9*2 Mar 1
75*2 N ovlO
43
46 107,300 International Paper______ 100
45*8 48=8 39=4 44*2
41*4 49=4
47
43
43
47
50=4 Deo
33
Feb
42*2 Feb 1 109*2 D ec 11
Do
pref_______________100
8
104 100*4
98*s 104*2 102 1047 26.500
104*2 107*2
104 108
102=8 105
67 M ar 9
96 Apr 4
1,500 Jewel Tea, In c____________ 100
74
80
75
77
75*8
*78
80
80
80
77
*77
78
5,600 Kelly-Sprlngfleld T ire_____ 25
56 D eo 21
85*4 Sept 6
61
56
0278
64
60
50
68
07
G77 08
8
07*4 08
40 Deo 21
64*4 N ov20
4434
427 45 230,890 K ennccott C opper___N o p a r
8
40
40
49=4
45*4 47=4
48*8 4938 47*4 48
94=4 Sep
28
Jan
04 M ay 5 107 N o v l7
82*2 89*2
78
82=4 87.900 Lackawanna Steel________ 100
73*2 81
87*2 923g
87*2 91
9134
88
56*2 June 5
7,700 Lee Rubber & T ire___N o p a r
28 D ec 21
31*4
28
28
31*2
31*8 33*4
31*8 32*2
327 34
8
33
32
Dee
Jan 260
300 Liggett & M yers T o b a c co . 100 240 Apr 14 305 N ov 2 207
280 286
280*4 280*4 *260 290
*255 290 ♦275 299 *270 290
105*2 Jan 189 N ov
200 Lorlllard C o ( P )..................100 179*4 Jan 19 2397s Aug 19
225 225
*222 235 *225 235*2 *225 236 *225 236
84 N ov
72=8 Jan
91 Feb 10
78 Apr 14
500 M ackay Com panies______ 100
8334 83=4
8334 83=4 *82=4 85*2 ’ 82=4 8234
84
*33
09=4 Jan
*81*2 84
64=4 Oct
68=4 June 7
647 Deo 11
8
300
D o p r e f_______________100
00*2 *65
6612 *05
66*2 *64*2 66*2
05*8 05*8 *65
05*4
05
92
Oct
15*4 Jan
99 Sept25
41 D ec 21
59
62
49
52*4 07.900 Maxwell M otor Inc tr ctfs. 100
5634 00*2
56
44
63*8
58
05
04
43*4 Jan 103*4 Deo
93 Jan 3
65 D ec 21
D o 1st pref stk tr c t fs .100
8,900
72
73
6634 71*8
65
71*2
73*2
71*2 73
71
73*4 70
68*2 Oct
607
sJune 0
18
Jan
33 D ec 21
41*4
D o 2d pref stk tr c tfs . 100
40
39
33
8
38=8 40*4
33*8 3G7 10.000
43*2
40
4234 43
51
Jan 12412 Deo
88=8 June28 129=8 Jan 3
99 102*4
99 102*4
93
977 85,200 M exican Petroleum______ 100
8
89
99*2
97=8 101*4
98=4 100
67
Jan 104*2 Deo
89*2 June28 105=8 Jan 3
D o pref_______________ 100
*94
90
*93
99
36*8 D eo
17*4 Jan
49=s N ov20
33 Aug 3
30
38*4 39,600 Miami Copper_______________5
39*4 41*2
33
36*2
38*8 40
39*2 40*4
79=4 D eo
39=8 40*2
42
Jan
3,800 M ontana Pow er__________ 100
08*4 M ar 1 11478 Deo 1
100*2 103
105 10578 103 103
95=8 102*2
105 100*2 101 101=4 ■115*4 117
Deo
Jan 120
109 Jan 3 117*4 N ov27
D o pref________________100
111 117*2 *114 117*2
*115*4 117
Jan
*115*4 117 *115*4 117
Apr 132
1,350 National Biscuit__________ 100 118 Sept 9 131*20ct 19 116
121
122
123 123
121 121*2 120 120
122 122
119 M ay 127*2 Deo
100
D o pref_______________ 100 124 June30 129=8 M ayl2
120
120
♦12134 127
90 Aug
68 M ar
847 8 e p t l 2
8
400 Nat Cloak & Suit......... .......100
71 M ay 9
*79
80
SO
80
77*2 78*2
81
*78
36*8 Oct
9*2 Jan
19=4 Apr 22
36*2 Deo 8
24
20*2
26
32
29
27*2 16,325 N at Enam ’g & Stamp’g ___100
31*4 33
31*2 33*2
' 3 2 " *33
97
Deo
79
Apr
300
90*8 Dec 21 100 N ov21
D o pref_________
100
90*8 93
*95 101
92*8 92*8
*97 102
*97 102
*97 102
70=4 M ay
44
Jan
57 D ec 21
74=8 Sept21
G134 57
01
60*8
00*4 0 0 i2 0 ,1 0 0 National Lead____________ 100
61*2 63
01=8 01=8
0134 02*2
200
114*2 112 112
D o pref________________100 111*4 D ec 21 117*8 Oot 3 104=4 Jan 115 N ov
111*4 111*4 *111
114*2
113 *1 1 0
110
*110
11434
17 N ov
11=4 Feb
15 Jan 31
20=4 2234
34*8 N ov20
24
2334 02,200 N evada Consol Copper_____ 5
25=8
22
27
25
25*4 20*2
25*2 30*4
56*2 Feb 164*4 Sep
148 152=4 132* 145
110 146=8 9.800 New York Air Brake_____ 100 118 July 14 186 N Ov20
150*4 155
1547 1557 150 152
8
8
81
Apr
64
Jan
65*2 Apr 26
757sD e o 4
1.700 North American C o ______ 100
71
71
69*8 70
70*4 70=4
697 6978
8
71
70
*69
72
75 Oct 9 124*4 D eo 4
102
106
28,600 Ohio Cities Gas (T h e )____25
93*2 99
103 107
96*2 108
103 103=4 102*2 104
12=8 Deo
2
Feb
113s Jan 7
5=4 N ov27
0
4.900 Ontario Sliver M ining____100
0=4
0*8
6*2
0
0
6=8
7*8
0*4
7*4
6*8
0*8
38
Aug
31 Aug 21
z 8*4 Dec
11=4 Jan 3
1734 1934
0,500 Pacific M all.....................
5
18
20
20*8 22*4
21=8 23*8
22=8 23*4
22*2 23*4
104 105
104 100
1,600 People’s G L & C ( C h ic ).. 100 100*8 M ay 5 118 Oot 10 106*2 D ec 123*2 Apr
105*2 105*2 *104 106
106 100
104=8 105
49
8 ep
35*2 Apr
38 Junel5 •48 Deo 4
41*4
8 40
41*2 4212 9,400 Philadelphia C o (P lttsb)___50
41*2 427
42*4 44=8
42*s 42=8
42*8 43
58=4 Deo 2
25*4 July’28
33*8 40*2
37 ‘ 2 3978 59.300 Pittsburgh Coal ctfs dep.100
40=8 4514
42
47*4
44*4 407
8 44*2 46*4
100*4 Aug 25 115*4 Deo 5
Do
pref ctfs d e p o s it.. 100
111
1.800
110 *107
105=8 110
110
110 110
1097 1097 *109 110
8
8
78*4 Oct
25 Mar
42*2 July 14
8S*4Nov20
72
69*4 7178 71*2 75*2 27,100 Pressed Steel C a r ________100
78*4
75*4 78
75*4 76*2
Oot
75*2 76=4
86
Mar 100
97 July 18 108 N ov21
300
D o p r e f _______________100
102*8 103
102 104
101 106 *104 107
*102 103 ♦102 105
an 31 137 Sept‘27 100*2 Aug 120 D eo
300 Public Scrv Corp o f N J ___100 114
*129
134*4 130 130 *129*2 134*4 *129*2 131*4 ------ 134*4
Oct
*129 131*4
150*8 Mar 170
455 Pullman Com pany________100 15978 M aylO 177 8ept30
161*2 162
164 *162 104 *102 104
105 §104
10434 10434 *101
O ct
54
19 Mar
32 Apr 22
61=4 N ov27
46
50
48=4
52*8
54
52
16*8 497 13.300 Railway Steel Spring--------100
8
53*4 54*2
5234 53
87 Mar 102 N ov
95*4 M ar 9 103*4 N ov28
100
101*2 100 101
900
Do
pref_______________100
*97*2 101
101*4 101*4 *101*4 103
* 100*2 101*2
27*2 N ov
15*4 Jan
37 N ov20
237 25=4
s
71,700 Ray Consolidated C o p p e r .. 10 20 June23
20*4 28
27
28=4
21=4 26=4
277 28=4
s
277 28=s
8
57*4 Deo
42 June26
19
Feb
93 N ov20
70=4 8134 69=4 7034
78=4 83*2
74U 77*2 192,000 Republic Iron & Steel_____ 100
79*4 813S 78*2 81=4
72
Jan 112=8 Deo
100*2 101 106
Do
pref_______________100 101 D ec 21 117 N ov20
2.700
107 107*2 100
107 107
102*8 103*4
*107 103
84=4 Sept 19
69 D ec 22
75
71
620 Saxon M otor Car C orp___100
73
73*4
74=8
09
69
74
74 *____- 75
230 230
3.900 Sears. Roebuck & C o _____ 100 168*4 M ar 1 233 N o v 9 =131=4 M ar 209*2 Feb
230*8 231
218*8 225
221*4 227*2
225*8 230's 228*4 230
40*4 Feb 14
22 Deo 21
27
20,000 Shattuck Arlz Copper......... 10
22
27
27*2
27*2 28=4
27
28
25
27
27*2 28*4
6 6 78 Deo
24
Jan
93*4 N ovlO
37 July 14
53
65
68
06
13.300 Sloss-Sheffleld Steel * Ir..lO O
50*4 58*2
55
58
05*4 00*4
00
07
D eo
40
Feb 164
175 192 *------ 185
300 South Porto R ico Sugar___100 146 Jan 29 240 JunelO
*195 205 *180 200
150 190
*190 205
Oct
35=4 Jan 195
81,500 Studebaker Corp (T h e)___100 103 D eo 21 167 Jan
103 11334 106=4 112
111*2 1 157 111*8 1M34 111*2 114
8
114=4 110
91
Jan 119*2 Oct
114 M ar 14
Do
pref_______________100 108*4 Sept26
*108 112 *108 112
79*2Sept25
49 D ec 22
55*4 5534
5,000 Stutz M otor of Am Inn.N o p a r
557 50*2
8
49=4 5434
55=4 56*2
49
50=8
60=4 56=4
19*2 D eo 19
15=4 Deo 21
18
19
19
1912
5,900 Tennessee Copper A Chem w 1.
1534 17*2
15=4 10*4
Deo
120 M ay 237
207 212
204 210
35,500 Toxas Com pany (T h e )____100 177*4 June27 241*2 N ov21
202
198*2 207
213*2 207*2 212
199 200
55*4 503j
59*8 Oot
48*4 S ept 7
52,800 T ob acco Products Corp ..1 0 0
55*4 57
52*2 55*8
54=8 57=8
54*2 00*4
54*2 55
95 M ay 103 N ov
99 July 14 109*2 M arlO
*98*4 103*2 *89 100
Do
p r o f .. ................
100
300
100
100
*101 10312 ♦99 103*2 10178 102
97
Oct
55
Feb
86 Jan 12 110 Oct 24
105=4 105=4 *9712 101*2 *100
Underwood Typewriter___100
104*2 "100 104*2
*99 100
*100 100
9*8 D eo
4=8 Jan
18*2 Oct 19
12
12
4*4 M ay 9
2,800 Union Bag A Paper______ 100
12
12=8 12=8
12*8 * 1112 12
12*8 12*2
31*2 D eo
11=8 12
227 July
8
28 Jan 27
92 N o v l5
Do
pref_______________100
87*2 Oct TO 129 N o v l5
♦95 102*2
3,050 Union Bag A Paper (new ). 100
90
91
94
9134
99=8 997
8 99=4 100
99
99
69
Dec 610*2 Oct
69 Feb 9 105=4 Aug
97=8 97=4
0,400 United Cigar Stores_______100
95
97*4
97=4 98
95
99
97
98
97*4
97
Do
pref_______________100 61 1*2 Feb 10 120 Aug 9 611*2 Oct 612*8 N ov
*118*4 119*2 *118*4 119*2 *110 120
119 *118 119*2
*118
151 155
110 150 X148=4 150*8 10,200 United Fruit______________100 136*8 Jan 31 169*2 June 8 139 N ov 163 N ov
1547 157
8
150*8 157
154 150
3178 Oct
8
Jan
15*8 Jan 31
28*s N o v 17
21
22
19
20*2
5,900 U S Cast I Pipe A F d y____ 100
20
20*2
21*2 23=8
23
23*s
22
22
55*f N ov
32*2 Mar
48*2 Feb 5
67*2 N o v l7
000
*57*2 02
Do
pref_______________ 100
60*4 02
63
*57*2 02
00*4 *60
597s 597
8 00
15
Jan 131=4 D eo
94*2 D ec 22 170*2 Apr ‘
94*2 105
103 112*2 195,450 U S Industrial A lcohol____100
108 118*2 103 112*2
107 110
112
117
70
Jan 107 N ov
99*2 July 11 114 Jan 13
400
D o pref_______________ 100
103 105
105 105
*103 105 *103 105
74*4 Apr
44 July
47=4 M ar 1
70=4 Deo
62*4 05
55*2 61*2
587 62*2 44,000 United States Rubber____ 100
8
04*2 06
0534
01=4 06*4
05
Apr
101=8 Feb 110
8
1,200 D o 1st preferred______ 100 106*8 Feb 5 115*4 D ec
112
111*2 U f a 1097 1 IIX4 111=8 112*4
►
111
112 *112*2 113
112
81 *2 N o v 21
57 D eo 21
61
06*2
57
01*2
00*2 68*4
58
62=4 20,700 U S Smelting Ref A M ......... 50
057 08*4
s
0734 68*2
50 June20
53*2 June 9
5034 52
800 i D o
pref..............................60
51*2 51*2
►
1*2 62*2 *5134 52*2
*51*2 52*2 *51*4 52*2
8912 D eo
38
Feb
100*8 100*2 103*2 10734 2673700,Unlted States Steel________100 x 79»4 M ar 1 12934 N ov27
113 114=8 112*4 114*8 109=8 116*8 107=4 113
Oot
Feb 117
117 118=8 11734 118=4 12,000; D o
pref............................100 115 M ay 3 123 N o v “ z l0 2
8
119=8 1197 119*8 1197 118=8 119
s
118=4 119
81=4 D eo
48*2 Jan
74=4 July 14 130 N o v lS
98*4 105
90*2 97
105 109*2 102 109
90*2 1017 257,100 Utah C opper........................... 10
s
107=8 109*4
16*4 June 9
23
23*4
21
273s Deo
10,100 Utah Securities v t o______ 100
23*4 24
2138 23
22*4
22=8 24
2278 2334
52
Oct
Jan
36 Apr 24
51 Jan 17
38*4 43=4
4534
44*4 457
8 43*2 45
40*4 417 10,900, Vlrglnla-Carollna Chem ___100
8
45
457
8 45
Jan 1137g D eo
114
111
400 D o
pref............................ 100 108 Apr 22 114*2 Deo
1 1 178 1 1 178 *111
*110 114
74
Oct
June
41 July27
50
72=4 N ov20
50
45
2,200 Virginia Iron C A C ............100
55
49
47
48
53*2 53*2 *50
53*2 53*2
90 N ov
Jan
87 M ar 1 105*2 O ct 18
*98=4 99=8
7,300;W estern Union Telegraph. 100
94*8 97=4
90
99
101*1 101=4 101*2 101=4 101*4 102
747« Oct
Feb
71=8 M ar 15
51*4 D ec 15
54
563g 54*8 55*2
5112 54
53*4 5534 68,900 Westlnghouse Elec A M fg ._ 6 0
54=4 55*2
5414 55=8
85
Oot
68*2 M ar
70 Apr 19
79 M a r ls
*70
75
........... I D o 1st preferred________ 60
*70
75
*70
75
*70
75
75
*70
n87
Feb n268 N ov
35*2 D eo 5 n325 June
3012 37=8
30
’ 30=8 37*4
38*2
30=4 3712 66,100.Wlllys-Overland (T h e )____25
30*8 37
30*2 37*4
94 D ec 22 117 June
D o pref Sub rects full pd 100
1,500
96=4 96=4
94
95
98
98
90*4 Jan 120*8 D eo
1,700 W oolworth (F W )..................100 118 Jan 5 141=4 Oot
130 138
137 137*2 138’ 138”
137*2 138
13678 137’
137 137
115
Jan 124 Aug
*1 2 2
D o pref________________100 123 June29 126 N o v l5
♦124
------ *124*a
*124
36=8 Septl4
25 Julyl3
*30
35
Worthington P A M v t O ..100
700
30
30
30
30
30
30
32
*30
95 Julyl3 100 S e p tl 6
*93 100
♦94
400
D o prof A v t o________ 100
93
♦94
98
98
97
98
•90*2 100
66*2 Septl4
52=8 July 14
*50
00
50
60
D o pref B v t o ________ 100
300
*57
55*4 55*4
58
68
♦57
00

1.000

100

111

*110 i n

* Bid and asked prices; no sales on this day.

e Certificates of deposit,




x

Ex-dlvldend.

n

111*8 111*8

0 Loss than 100 shares.
Par 5100 per share.

§ Ex-rlghts.

a

Ex-dlv. and rights.

6 New stock,

c Par 325 per share.

* Ex-st

dividend,

3336 New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

--------------- I n Jan. 1909the Exchange method oj tuoUng bona, wa, changed ana yrice, are now allr~"ana intere ,r - e x c e y i for income ana dejanliea bona,.

BONDS

31

If. Y. STOCK EXCHANGE

Week Ending Deo. 22.

Price
Friaay
Dec. 22.

Week',
Range or
Last Sale

Range
Since
Jan. 1

BONDS
N . Y . STOCK EXCHANGE.
Week Ending Dec. 22.

Price
Friday
Dec. 22.

Week',
Range or
Bail Sale

I1

Rang,
Since
Jan. 1

U. S. Government.
Bid
Aik B010
High
Bow High
A ik Bow
High
U S 2s oonaol registered--.dl930 Q - J 99-34 ____ 9934
9934
Bow High
99
99% Ohio B & Q Denver Dlv 4 s .. 1922 F - A
99% 102% 99% N ov’ 16
U S 2 s consol coupon_____<11930 Q - J 9934 ..
99 100
99% Deo T 6
99*2 100*2
Illinois Dlv 3 M s . . . . ____ 1949 J - J 85
86
88
U S 3s registered_________ jfcl9 l 8 y - f 100% .. _ 101<i Deo ’ 16
83% 87
9934 10234
Illinois Dlv 4s__________ 11949 J - J 96% Salo 86
D S 3s coupon___________ *1918 Q - f 1007*____ 10078 Oot ’ 16
96*2
96*2
93% 97
100 102%
Iowa Dlv sink fund 5 s..IIl9 1 9 A - O 102 % ____ 102 %
102%
U 8 4s registered_________ 1925 Q - f 110 ____ llO’a Oct ’ 16
102% 103%
109*4 111%
1919 A - O
Sinking fund 4s____
99% 102
U S 4s coupon___________ Il925 Q - F 110‘2 ____ 111 D e o ’ 16
99% Deo TO
99% 99%
110 112%
Joint bonds. See Great North
U S Pan Canal 10-30-yr 2s.*1936 Q - F 9 9 3 4 .. .
9814 Oct '15
Nebraska Extension 4s__ 1927 M -N
98*8 99% 98*3
98%
U S Pan Canal 10-30-yr 2 s..1938 Q -N
9934____ 97 July’ 15
97*i 100
Registered.............. .. J927 M -N
97 ____
U 8 Panama Canal 3s g ___ 1961 Q -M 102
96
98
102% Deo ’ 16
Southwestern Dlv 4s_____ 1921 M- S 99% ____ 98 July’lG
101% 103*4
U 8 Philippine Island 43.1914-34 Q - F 100 ____ 100 Feb ’15
General 4s...... ............. ..... 195s M- S 9333 Sale 99% Juno’ 15
93*4
9334
Foreign Government.
92
94%
Chic A E 1 1 ref & imp 4s g ..l9 5 5 J - J 30*2 35
1
Amer Foreign Secur 5 s ___ 1919 F - A
36% Deo TG
21% 36%
9758 Sale 97*3
98
293 97
U S Mtg < Tr Co ctfs of dep
fe
99%
33*2 36
32*2
Anglo-French 5-yr 5s Exter loan A -O
20
35%
93% Sale 93
9358 2867 9234 96*3
lst consol gold 6s.............. 1934 A - O 104%____ 32%
107*2 Aug T6
Argentlno— Internal 5s of 1909
M- 8 90% 9H4 9138
04 107%
2 89*4 95*3
9112
General consol 1st 5s____ 1937 M -N
90
93
Chlneso (Hukuang Ry )— 53 0f 'l l J -D t 71
90% N ov’ 16
93
7 1 % 71
72 14 23 69
Registered___________ 1937 M- N
78%
82 M ay’ 16
82
Cuba— External debt 5s ol 1904. IV 8 9812 99
198l2
98l2
3 96*4 I00»4
U S Mtg & Tr Co ctfs of dep
89% ____ 91 N ov’ 16
Exter dt 5s ol ’14 ser A __ 1949 F - A
96% 9634 963S
91
9G 8
3
3 94% 97
Guar Tr Co ctfs of dep........
85
91
91 N ov’ 10
External loan 4Ms_______ 1949 F - A
86l2 . .
91
86l2 N ov ’ 16
81% 87
Pur money lst coal 5s____1942 F - A
Dominion ol Canada g 5 s w 1 1921 A - O 99*2 ioo
~
9934 100 *'41 98% 10058
Chic & Ind C Ry 1st 5 s . ..1936 J - J 25 ____ 97*4 Feb '13
Do
do
1926 A -O
2 1 26
99)2 Sale 99%
9912
26 97% 101% Chic Great West 1st 4s......... 1959 M- S 72*2 72% 25*2 N ov’ 16
73%
Do
do
1931 A -O
99 < Sale 99t2
8
69
75
100
122 96*4 102% Chic Ind & Loulsv— Ref 6s. 1947 J - J 114 ____ 72*4
114 Dec '16
1 1 1 % 116
Japanese Govt— £loan4Ma 1925 F - A t 88% 89
S8i2
88i2
1 82% —
Refunding gold 5s............ 1947 J - J 100 % ____ 10034 Dot T6
Second series 4 Ms............ 1925 J - J i 88 > Sale 88 %
8
100 101
88"
6 78% 88*3
Refunding is Series C ____ 1917 J - J 85
86 85 Oot T6
79% Sale 79
Do do "German stamp” .
85
83
80
110 73
84*4
Ind A Loulsv 1st gu 4 s ... 1956 J - J 70
75
70 N o v ’ lt)
Sterling loan 4s................ 1931
70
70
J t 73 75
73 Deo '16
83
73
Chic Ind A Sou 50-yr 4s____ 1956 J - J 89
89% Deo '16
91%
88
J 1 40 46% 47 N ov ’ 16
M ^ f ? T ? xter loan £ 03 o f 1899
45
60
Chic L 8 & East lst 4 Ms____ 1969 J -D
92 ‘ 90% 96*8 N o v ’ 10
40
96% 97*4
43 of 1904.........1954 J - D 35
39 Aug '16
Chicago Milwaukee & St Paul—
27*2 60
Paris, City of, 5-year 6s___ 1921 A -O
96ig Sale
97
298 9134 99%
Gen’l gold Is Series A ...e l9 8 9 J - J 93% 93*2 92%
93%
17 891* 94
Prov of Alberta—deb 4Ms_.1924 F -A
95M Jan '15
R egistered__________ el989 Q - J
TO
Tokyo City— 5s loan of 1912___ M- S 78 Salo 78
92%
78 ” 16 74
80%
Permanent 4s_______
1925 J -D 94*2 9434 92% Fob95% ” '6 92 92%
95*3
U K of Gt Brit A 1 2 -yr5 s..l9 i8 M- S 98 Sale 98
95%
9812 445 98 101
Gen * ref Ser A 4Ms____a2014 A - O
95*s Salo 95*8
953S 58 91% 96%
_
3-year 5M temp n otes_
M- N 98*4 Sale 97%
98*4 971 97*3 98*4
Gen ref conv ser B 5s__ a2014 F - A 10434 salo 104*4
105
6-yeur 5M temp notes___ I . . M- N 9734 Sale 97
19 104 110
98 1253 97
98
Gen’l gold 3Ms Ser B____el989 J - J 80
81*3 80%
81%
XTheje are prices on the basis of S5fo£
■; 78
3
81%
General 4Ms Ser C ______el989 J - J 102*3 Sale 101
10238 40 100% 104
y V
m
and Clty Securities.
25-year doben 4s___
1934 J - J 92 sale 02
92
15 90
93%
103%
1 11
CorP stock. I960 M- 8 103'4 1031­ 103*4
101 104%
Convertible 4 Ms.............. 1932 J -D
99% Bale 99%
1043S io 478 105
100 % 133 99% 103*4
Corporate stock___ i<i04 M- 8
105
101 105
Chic * L Sup Dlv g 5s___ 1921 J - J 103%____ 103 July’ 10
103 103%
Corporate stock___ 1966 A - O 10434 405 10134
10434
101% 105%
Chic A Mo Rlv Dlv 5s___1926 J - J 105%____ 105% Deo TO
104% 105%
Serial corp stock.1917-31 A - O
Chic A P W lst g 58___ 1921 J - J 102*4 10334 103%
103%
109*2
102 104%
i l 3 s S orP°rate stock......... 1965 J -D
109*2
100% 111*3
C M * Puget Sd 1st gu 4s. 1949 J - J 91*2 93
92
92%
89% 93%
109*4
8J?orP°rate stock......... 1963 M- 8
109*2
105% . 10%
Dubuque Dlv lst s f 6s . . . 1920 J - J 105*4 . . . 106 N o v ’ 16
100 107%
corporate stock_____ 1959 M -N 101 10138 101*8
101*4
97% 102*4
Fargo & Sou assum g 6s .. 1924 J - J 110 ____ 110 June'13
i» ? corporate stock......... 1958 M- N 101 10138 101*3
101*4
98 102%
La Crosse A D 1st 5s........ 1919 J - J 101*4____ 102% Oot '16
\iS corporate stock_____ 1957 M -N 10118 1013g 101*4
101*4
97*3 IO2.3
WIs A Minn Dlv g 5s____ 1921 J - J 103%____ 103% N o v ’ 1 6 ___ 102 102*4
J% Corporate stock_____ 1956 M -N 10J% 10li8 97*4 Jan TO
102*4 105
97*4 07*4
Wls Vail Dlv lst 6s.......... 1920 J - J 107 Sale 107
107
New 4 Ms.........
ins? M- N IO8 I2 109 109
106% 107*4
109%
105*4 1 10 %
Mil A No lst ext lM s___ 1934 J -D 102%
102*3 N o v ’ lOi___ 101*4 101%
New ^ m s .........: : : : : : : : i i 9 i 7 M- N ------ 100*8 10034 N ov’16
100% 101
Cons extended 4Ms___ 1934 J -D 102% ____ 102% Deo '16
101 102%
10834
porporate stock...1957 M -N 108l2 109 10834
108 110
Chto * Nor WestExt 431886-1926 F - A
96*4____ 98*4 N o v ’ 16
95% 98%
Assessment bonds.. 1917 M -N 100
100*2 June’ lb
100% 100 %
95*4___ 97 Apr T 6
R egistered...........1886-1926 F - A
92
93% 91 Deo T 6
97
97
- W “ Corporate s to c k ...1954 M -N
88% 94
General gold 3Ms............ 1987 M -N
83 Salo S3
83
x State—-Is___ ________ 1961 M- 8 1056 Sale 105%
8
80
84
106
102% 106
Registered.................. pl987 Q - F
81*4 Oot TO
Canal Improvement 481111961 J - J 106
81% 81%
105*4 Oot T 6
102 105%
General 4s_____________ .1987 M- N 95*4 Salo 94%
95*4
93% 95%
Canal Improvement 4s_ 1962 J - J
_
104*2 N o v ’ 16
102% 104%
Stamped 4s___________ 1987 M -N
95
9434 Deo TO
93% 96
10558 oot T 6
Canal Improvement 4 s...I9 6 0 J - J
102% 100
General 5s stamped........ 1987 M- N 114%116 115 N o v ’ 16
1 2 116*4
1%
canal Improvement 4MS-1964 J - J I f 5%
115*4
115*4
113 117
Sinking fund 6s.........1879-1929 A - O 110 ____ 111
10914
" IO934 Sopt’ 16
11
1
canal Improvement 4MS.1965 J - J
106*2 109*4
R egistered...........1879-1929 A - O 109 _ _
6------- 109% 109%
Highway Iraprov’t 4M s..l963 M- S 1 1 5 n6% 116 Deo TO
1 1 2 % 116
Sinking fund 5s........ 1879-1929 A - O 104% 105 %
6------- 104 105%
Highway Improv’t 4MS..1965 M - 8 109*4 11012 109% N ov ’ 18
107 10934
R egistered...........1879-1929 A - O 104 ____
5 ------- 103% 104
88
Virginia funded debt 2 -3 s__ 1991 J
85 Aug TO
Debenture 5 s .................. 1921 A - O 102 % 102*2
84*4 883
5 ____ 101% 103%
5434 sale 51*4
57 %
6s deferred Brown Brosctfs
Registered .................... 1921 A - O
50
59
6------- 1 2 102%
0%
Railroad
Sinking fund deb 5s.......... 1933 M -N 103% 104%
____ 103% 105
741; Sale
Aon Arbor 1 st g 4a__
Q­
73
74*4
74*4
Registered................ ..1 9 3 3 M -N 101 103%
63
____ 104% 104%
.!
itch Top A 8 Fe gen g 4sII_1995 A - O Ol3 sale 94*4
94%
92% 95%
Frem Elk & Mo V lst 6s .. 1933 A - O 120 % 121
Registered________
1995 A -O 91 ____ 92 Deo T 6
1 0 121%
2%
Man G B 4 N W lst 3M8.1941 J - J
91% 93%
84*2 86
Adjustment gold 4a__ II a 1995 Nov
8434
843
4
83% 8 8 %
Mllw A S L lstgu 3Ms__ 1941
J
__
Registered................... *4995 Nov ------ 85
85% N ov ’ 16
80*2
81
MU L S A West lst g 6s__ 1921 M- S 107 . . . 107
3 107
stamped ______
109
85 * Sale 84%
8
M -N
85%
Ext A Imp s f gold 5 s.. . 1929 F - A 106*4 . . . 106*4
83% 88*4
C on vgo.d 4s........ I ” I I I . 1955 J -D 103*2 104*2 105*4 Deo T 6
2 106 107%
100*4 108*3
Ashland Dlv lst g 6 s...1925 M- S 112% . . . .
Conv 4s Issue of 1910........ 1960 J -D 103*2 104*2 10334
105
101*4 108%
Mich Dlv 1st gold 6s . . . 1924 J - J 1 1 1 *4 _____
10-year 5a____ _____
1917 J -D 100*2 10078 100*4 100*2
1 1 1 22
1 1*
100*4 IOU4
Mil Spar A N W lst gu 4s. 1947 M- 8 . 92% Sale 92*2
24 91
94%
9753 Deo T6
D|V ls t K4sIIIIl928 M - 8 97 ._
Northw Union lst 7s g_ 1917 M- S 101*4____ .07% ]
_
95% 97*4
Rocky Mtn Dlv 1 st 4s___ 1965 J - J 85*2 87
85*2 Deo Tfl
84
89
St L Peo A N W lstgu 5s. 1948 J - J 107% 108*4 107*2
1 105 109
Trans Con Short L 1st 4s. 1958 J - J 90U 91*2 92 N o v ’ 10
89
92%
Winona A St P lst ext 7S.1916 J - D
102% ]
Cal-Arl. ls t * r e f4 M s " A ” 1962 M- 8 ------- 98*4 98*2 Deo T 6
Chicago Rock Isl A Pac 6s .. 1917 J - J 100% . .
96% 99
100*4
4 1 0 1 102%
0*
102% 106%
Prer t Ph ,8t 8 5s— 1942 M- S 106 106*2 106*3 N ov’ 16
Registered ................... .19 17
J
101 ;
Atl Coast L 1st gold 4s___ 51952 M- S 94 Sale 93*4
11 1 2
0 0
94
91
91%
Ry general gold 4s............. 1988 J - J 80% Salo 86
24 82
88%
J -D
93*2 937 9333
8
91
89
94
Registered ..................... 193s J - J
° e"V ? ,lf.Ied gu*gold 5s___ 1904 M -N
86 :
80
Ala Mid 1st 4 s .............. 1928
83
106*2 107*4 106*4 Deo TO
106% 107%
Refunding gold 4s............. 1934 A - O
74*4 Sale 74*2
274 63*4 79*4
* 'V 1st gu gold 4s. 1938 J - J 9 4 *2 .. . 93% Oot T 6
93*2 95
30-year debenture 5s ..
1932 J - J 74 Salo 74
92 41% 80
Charles A Sav 1st gold 7s. 1936 J - J 133*2
12973 Aug '15
Coll trust Series P 4s........ 1918 M -N *97% 98%
L * N coll gold 4s............ 0 1952 M -N
85 * 87
8
8634
86%
83% 88 %
R I Ark A Louis lst 4M 8.. 1934 M- S 71% 73
71
8 95 98
75*4
Sav F & w 1st gold 6s___ 1934 A -O 12034 ____ 119*3 July’ 10
54
119% (122
Bur C R A N— lst g 5 s ... 1934 A - O 100*2 103 102
1st gold 6s___________ 1934 A -O 107*4____ 105 July 15
97*4 102
C R I F A N W lst gu 58.. 1921 A - O
99% ____
n iii 1
° * * 8 4 s.H I 1918 J - J 99*4____ 99*3 Feb '16
?*
99% 99%
M A St L lst gu g 7s........ 1927 J -D
93%
O a lt* Ohio prior 3 M s ... 1925 J - J 93% Sale 92*4
92*4 94*4
Choc Okla A G gen g 5s..ol919 J - J 9934 ____
98% 99%
i..R,?lIstered..................*1925 Q - J 92*2 95*s 93*4 N ov’ 16
91% 94
Consol gold 5s............... 1952 M -N
92
99
1st 50-year gold 4s____ *1948 A -O
91*4 9178 91%
92
89*4 92*4
Keok A Dos Moines lst 5s 1923 A - O 59 Salo 59
1 55 65
0
Registered...................*1948 Q - J
90% N ov’ 16
89% 91*2
St Paul A K C Sh L 1st 4 Ms ’41 F - A
72
73*4 73
5 65
95*4 Sale 94%
76*4
95%
n , yr S°?v 4^ a................ 1333
93% 98% Chic St P M A O con 6s___ 1930 J -D 118*4 119 118%
2 117% HO
Refund * gen 5s Series A .1995 J -D 100*4 Sale 100 %
101
99% 101*4
Cons 6s reduced to 3M s.Il930 J -D
91*4____ 8734:
Fitts Juno 1st gold 6s .. 1922 J - J ■108 109 112 Jan '12
87% 87*4
Debenture 5s..................... 1930 M- S 101 10 1% 1 0 1
i 1 0 103
0
P Juno A M Dlv 1st g 3 Ms 1925 M- N 92*2 .
93 Deo TG
91 ' ’ 93"
Ch St P A Minn lst g Ball 1918 M -N 117*4____ 1 1 8 :
117% H 8 %
86*2 87
a
W Va Sysref 4s.. 1941 M -N
86%
87%
85% 90
North Wisconsin lst 6s . . . 1930 J - J 117*4____ 118 .
118 118
Southw Dlv 1st gold 3Ms. 1925 J - J 90% 913S 91%
91%
89*4 92%
St P A 8 City 1 st g 6s . . . 1919 A -O 103*2 105%
104
105*8
Cent Ohio R 1st c g 4 M s .. 1930 M- S 100
10 1% N ov ’ 16
10 1% 1 0 1%
Superior Short I- 1st 5s g.gl930 M- S 105*2____
104% 105*2
Cl I.or A W con 1st g 5 s ... 1933 A - O 10734 ____ 106*4 Oot T 6
106*4 107% C hlcT II ASo-east lst 5s. .1960 J - D 68
82
83
85
08
Monon.River lstgu g 5 s ..1919 F - A 101
. . . 101*4 N ov ’ 10
100*4 101*8 Chic A West Ind gen g6s.jl932 Q -M 106*4 10 u*| 107
1 1 0 108
0
Ohio River RR 1st g 5 s.. .19.36 J -D 107*2____ 107 July’ 16
100*8 107%
Consol 50-year 4 s ..
1952 J - J 76
76*2 76%
4 75*s 81*3
General gold 5s............ 1937 A -O 107 ____ 107*2 N ov’ 16
105 108
CIn H A D 2 d gold 4M s.II l 937 J - J
91
8 % 91
8
Pitts Clev A Tol 1st g 6s .. 1922 A - O 107 ____ 113% Feb T2
lst A refunding 4s_______ 1959 J - J
70
Pitts A West 1st g 4s........ 1917 J - J 9 9 % ____ 99*3 Sept’ 16
99*3 99*2
1st guaranteed Is............... 1959 J - J
78 .
78
Buffalo R A P gen g 5s . . . 1937 M- 5 110 110 % 10933 N ov ’ 10
107% 110*2
CIn D A I lst gu g 5s__ 1941 M -N
25 July’ 15 —
--- —
M -N 101*4____ 101*2 N ov ’ 16
IOH4 103
C Find A Ft W lst gu 4s g 1923 M- N
88 Mar’ ll —
A 1 A West 1st g 4s gu___ 1998 A - O 9 3 % ____ 97 N ov ’ 16
... - -- 92% 97
CIn I A W lst gu g I s . .. 1953 J - J
65 Julv’ 14 —
Clear A Mah 1st gu g 5s. .1943 J - J 1 0 6 % ____ 103% Fob '16
—
—
103% 103%
DayAM Ich lstoons4M s 1931 J - J
94% Dec T4
Roch A Pitts 1st gold 6 s..1921 F - A 106*4____ 108*4
106*4
106*4 109%
Ind Dec A W lst g 5s ___ 1935 J - J
65 July’ 14
Consol 1 st g 6s.......... ..1922 J - D 108*4____ 109 Oot TG
107*4 110*4
lst guar gold 5s_______ 1935 J - J
107% Den ’02
Canada Sou cons gu A 5 s.. . 1962 A - O 103*4 103*2 103% Deo TG
10 1% 104*4 Cleve CIn C A St L gen 4s 1993 J -D 79 Sale 78*i
1 77% 81
0
79
Car Clinch A Ohio 1st 30-yr os ’38 J -D ------- 92
92 N ov ’ 10
92
95*2
20-yr deb 4 M s ................. 1931 J - J 84% 85*2 87*2 Oot TO —
83*2 90%
Central of Go 1st gold 5 s.. .p!945 F - A 108*3 109 108% N ov’ 10
107% 108%
Gen 5s Series B________ 1993 J -D
99 100% 100% N o v ’ 10 —
99% 101
Consol gold 5s__________ 1945 M -N 1013.1 102% 101*4
101*i
IO
O 103
84% 85
Cairo Dlv 1 st gold 4 s III"l9 3 9 J - J
80% N ov’ 10 —
87
82
Chatt Dlv pur money g*4s 1951 J -D ------- 87* 84*2 May’ 16
83*2 84%
CIn W A M Dlv lst g 4s. 1991 J - J 77% 78% 79 N ov’ 16 —
75% 80
£ ^or o lv lst 8 5a- ■ 1910 J - J 1 03 % ____ 103% Oot T 6
101*4 103%
81% 82
St L Dlv 1st coll tr g 4 s ... 1990 M-N
5 79
81*2
81*2
84%
Mid Ga A Atl Dlv 5s____ 1947 J - J 103*2____ 100*4 Mar '15
Registered........
1990 M- N
82*4 Mar’ 14
Mobile Dlv lst g 5s. .1 III 1916 J - J 103*4____ 104 Oot T 6
102*4 104
Spr A Col Dlv 1 st g 4sIII’ l940 M - S 83% 84*4 83 Sept’ 10
%
Cen RR A B of Ga col g ,5s. 1937 M -N
83 ' 86
95*4 97
96% N ov’ 16
94
97
W W Val Dlv lst g 4 s . .. 1940 J - J 83*2____ 84 N ov 16
84*4
81
Cent of N J gen’ I gold 5s___ 1987 J - J 117*2 1173i 117%
118
115*4 118*4
C I St L A C consol 6s . . . 1920 M -N 104% 105% 105 Juno’ 16
105*4
105
Registered __________ *1987 Q - J 117% 11734 117*4
117%
115 117%
1st gold 4s.....................41936 Q - F 92*2 . .
92*4 Oot T 6
91% 92*4
Am Dock A Imp gu 5s . . . 1921 J - J 103*4 101 103% Nov'16
103*4 103*4
Registered ________ 41936 Q - F
88% May’ 15
Leh A HudRIvgen gu g 5s. 1920 J - J
100 Juno’ 13
CIn S A Cl con 1st g 5 s ... 1923 J - J 102% 103*2 102% Den T 6
1 2' 1 2
0 0%
N Y A Long Brgnn g 4 s.. 1941 M- S 9038 .
100*2 Jan T3
C C C A I gen con g Os__ 1934 J - J 116% 120 116% Juno’ 16
116% 116%
Cent Vermont lst gu g 4s..el920 Q - F ------- 77% 79*4 Dec TO
79
83
Ind B A W 1st pref 4s___ 1940 A - O
83*4____ 94 July‘08
Chesa A O fund A Impt 5 s.. 1929 J - J 95
96
95 Dec TG
94*2 98
O Ind A W 1st pref 5 s._ .<11938 Q - J
lst consol gold 5s ...............1939 M -N 105*2 106 105*2
105*3
104*4 107%
Peo A East 1st con 4s___ 1940 A -O ‘ 72-2 '73'% ’ 73%
73% ‘ " o
63 ' “ f f "
Registered___________ 1939 M -N ------ 105
104*2 N ov'10
103 104*2
36
37
Income 4 s ...........
1990 Apr
30*2 Dee TO
40
23
General gold 4 M s ...I I I 'i9 9 2 M- S 93 Sato 92%
93
89
93*4 Cleve Short L lst gu 4M8-..1961 A -O 101 101% 101
101
u
49*1 102%
Registered.................... 1992 M- 8
91 Oot T 6
9012 91
15
19*2 17*2
Col Midland lst g 4s . . . . 1947 J - J
2
1
/
19*2
7
20-year convertible 4 M s.11930 F - A
85 Sale 85
85%
83% 89
Trust Co certfs of deposit____
13
19*2 17
2
2
17
6 2
80-year conv secured 5s. 1946 A -O
94 Salo 93
95
92% 09% Colorado A Sou lst g 4 s ... 1929 F - A
93% Sale 93%
94*8 32 9 0
94%
Big Sandy lst 4s........
1944 J -D
84*2 85
85 Deo T 6
83% 85
Refund A Ext 4 Ms.......... 1935 M -N
84% Salo 84%
39 82% 87%
85
Coal River Ry 1st gu 4 s.. 1945 J -D
83
84*1 85*2 N ov’ 16
82*2 85*2
Ft W A Den C 1 st g 6 s...1921 J - O ------ 105
105
105*4 23 104*4 106%
Craig Valley lst g 5s........ 1940 J - J 92*4 100
96*4 Feb T 6
96*4 98*4 Conn A Pas Rlvs lst g 4 s ... 1943 A -O ------ 95
Potts Creek Br lst 4s . . . 1946 J - J
84*4 Jan T3
Cuba RR lst 50-yr 5s g___ 1952 J - J ------ 95
94 Feb T 6
94
94
R A A Dlv lst con g 4 s ...1989 J - J 87% 88*2 83 Deo T 6
84*2 88*3 Del Lack A Western—
2d consol gold 4s.......... 1989 J - J 81*2 82
82*2 Oot TG
81*« 83%
Morris A Es lst gu 3MS..2000
D 86*4 87
80*4
8G
*| 24 85*4 87
Greenbrier Ry lst gu g 4?_1940 M- N
88*2 Sopt’ 16
88% 88*3
N Y Lack A W lst 6s___ 1921
J 107% 108 107*2 N ov’ 16
106% 109%
Warm Springs V 1st g 5 s..1941 M- 8 ~92%
Construction 5s ............ 1923 F - A 103%____ 103*( Oot TO
102*4 104
Ohio A Alton RR ref g 3s_ 1949 A - O 58
_
00 60
62
Term A Improve 4s___ 1923 M -N
98
99
98*4 Oot TO
98
98*4
Railway lst lien 3M s........ 1950
54 5334
J 50
57%
Warren 1st ref gu g 3 M s ..2000 F - A
84
86 102 *« Feb

B
ta

__

ioo in;

__

—
—
—

__
—

—
__
—
__

....
__
__
—
;...
—
__

' No price Friday; latest this week.




—
__
-- e Duo May. g Due June, h Duo July. * Duo Aug. o Duo Oot. v Duo Nov. g Duo Deo. * Option sale

BONDS
N . Y. STOCK EXCHANGE
Week Ending Doc. 22.

2337

New York Bond Record—Continued—Page 2

D ec. 23 1916.1
H

if

Price
Friday
Dec. 22.

Week's
Kanye or
Last Sale

Range
Since
Jan. 1

BONDS
N . Y . STOCK EXCHANGE.
Week Ending Deo. 22.

S *3

Price
Friday
Dec. 22.

Week’s
Range or
Last Sale

Range
Since
Jan. 1

Low High
High
Bid
Ask Low
Low High
High
Bid
Ask Low
Delaware & Hudson (Com)—
110 113
101 104*2 Lfh V Term Ry 1st gu g 5s. .1941 A - O 112*4____ 112% N ov'16
Del A Hud 1st Pa Dlv 7 s . . . 1917 M - S 1 0 U 2 ------- 102 Deo ’ 16
111% 111*2
111% ____ Ul%|JuneT6
Registered______________ 1941 A - O
104*2 104*1
102 Deo TO
t£j Registered___________ 1917 M - S
104 106*4
Leh Val Coal Co 1st gu g 53-1933 J - J 104%____ 108 IN ov’ 16
100% 102
100*2
J - J 100*2 Sale 100*2
1 st lieu equip g 4Ms______1922
105 tOct T3
Registered______________ 1933 J - J
98'%
98%
90*4 99*2
98
98%
1st & ref 4s_____________ 1943 M -N
92 ___
1st lnt reduced to 4s____ 1933 J - J
105 108
105*4
20-year conv 5s.................1935 A - O 104*2 105*4 105
89*4 90
89*4 July’16
8734
85*4 883g Leh & N Y 1st guar g 4s------1945 M - S ____ 91
87% 83*4 8734
Alb A Susq conv 3Ms___ 1940 A -O
Registered______________ 1945 M - S
112% 113
Renss & Saratoga 1st 78.-1921 M -N 112 % 112% 11238 N ov’ 16
104% 106%
Deo TO
76
83% Long Isld 1st cons gold 5s. .61931 Q - J 106 . . . 106*4 June’ 16
80%
80*2 80*2
Denv i i B G r 1st con g 4 s.-1936 J - J 80
94*4 96%
94%
1st consol gold 4s_______ 61931 Q - J 9 4% ___
83
89
80 N ov ’ 10
Consol gold 4Ms________ 1930 J - J 85*2 88
85
90
85 ____ 88% Dec TO
General gold 4s__________ 1938 J -D
7834 90
80*2
80 Sale 80
Improvement gold 5s___ 1928 J -D
97
99*4
97
98*4 97 Oot T 6
Ferry gold 4 Ms_________ 1922 M- 8
55*2 73*2
60*2
F - A 66 Sale 05*4
1st & refunding 5s_______1955
99% Oct ’06
Gold 4s.............................. 1932 J -D
80% 88
8734 N o v ’ 10
Rio Gr June 1st gu g 5 s.-1939 J - D 8734 95
84
85
84% N OV'16 ___ ! 84% 86
Unified gold 4s...................1949 M - S
Rio Gr Sou 1st gold 4s_ 1910 J - J 35 ------ 61% Apr ’ l l
_
96
97%
95
97% 96 Dec TO
Debenture gold 5s-----------1934 J -D
35*4
35 Juno’ 10
50
Guaranteed__________ 1940 J - J 35
86*4 90%
89*4
Guar refunding gold 4s— 1949 M- S 89*.i Salo 89 1
80*2
78
Rio Gr West 1st g 4a......... 1939 J - J 7734 78*4 78
95
an ’ l l
Registered____________ 1949 M- S
72
68 Dec TO
68
70
Mtge A coll trust 4s A .. 1949 A -O
101% 105
N Y B A M B 1st con g 5s.1935 A - O 102*4 103 102*8 Leo TO
95 ------- 90 Apr T4
Utah Cent 1st gu g 4s.nl917 A -O
102% 103
103 Deo TO
N Y & R B 1st gold 5s— 1927 M- S
98*2 99
Des Moines Un Ity 1st g 6s. 1917 M -N
98*2------- 98*2 Dec TO
99% 102
110 Aug TO
Nor Sh B 1st con g gu 5s.ol932 Q - J 98%
82
90
82
82
J -D
81
85
Det & Mack— 1st lien g 4s. .1995
88 97*2
Louisiana A Ark 1st g 5s----- 1927 M- S ____ 96% 95 Dec TO
75
85
75 July’ 16
81
85
Gold 4s..............................1995 J -D
111*4 113%
113 113% 113%
113%
Loulsv A Nashv gen 6s____ 1930 J -D
90-8 94
90*2
. . . 92*2 90*2
Det Rlv Tun—Ter Tun 4Msl901 M -N
108% 110*2
110 %
Gold 5s...............................1937 M -N 110 111 110%
104 105*4
Dul Mlssabo & Nor gen 5s. .1941 J - J 104 ----- 104*4 N ov’ 10
92% 97
97
Unified gold 4s...................1940 J - J 96*4 Sale 95%
101*2 103*4
Dul & Iron Range 1st 5s____ 1937 A -O 101*2 10 2 * 101*2 Deo TO
93
95*4
95*4 Deo TO
Registered____________ 1940 J - J ____ 96
100 Mar’08
A -O
Registered........................ 1937
103% 106*2
Collateral trust gold 5s_ 1931 M- N 105 106 106% Dec TO
_
92*2 96*2
93*2
93*2
107*4 10734
Dul So Shore & Atl g 5s____1937 J - J 93*2 Hale
107*4
107%------ 10734
103 104*4
E H A Nash 1st g 6s........ 1919 J - D
Elgin Joliet & East 1st g 53.1941 M -N 103*4 104 104*4 Oot TO
100*4 102%
108 1 1 1 %
L Cln A Lex gold 4 M s ... 1931 M- N 102*8 8 ale 10238 102*2
108*4
113*4 116%
Erie 1st consol gold 7s____ 1920 M- S 108 108% 108*4 Sept’ 10
114%
N O & M 1st gold 6s.........1930 J - J 114% 115% 114%
95*2 96*2
95%
90 100
N Y & Erie 1st ext g 4s_ 1947 M -N
_
____ 109*4 109% May’ 15
101% 102*4
2d gold Os.......... ............1930 J - J
16
2d ext gold 5s........ ....... 1919 M- S 101*4 - - - 101 June’T 6
88*2 90*8
100 100
Paducah & Mem Dlv 4 s .. 1946 F - A 89 ____ 8934 N ov’ 16
M- S 100*2 ----- 100*2 Aug
3d ext gold 4Ms_______1923
107 108%
St Louis Dlv 1st gold 6 s..1921 M- S 108 ____ 108 Apr TO
ov’
101*2 102%
4th ext gold 5s________1920 A -O 10134 103 10134 N ov’ IG
61
64
2d gold 3s.......................1980 M- S 01*2 62*4 62*4 Dec TO
15
91 ------ 94
6th ext gold 4s________1928 J -D 107’4 Salo 107*4 N 107*4
85*2 90
88*4 89
88*2
88*4
107*4 111
Atl Knox & Cln Dlv 4 s...1955 M -N
N Y L E & W 1st g fd 7s. .1920 M- S
107*2 110
108%____ 108% Deo TO
83
80*2
Atl Knox & Nor 1st g 5s. .1946 J - D
85*2
Erlo 1st con g 4s prior____ 1990 J - J 85*4 853g 85*4
105*4 107
Hender Bdge 1st s f g 6 s..1931 M- S 100 ____ 106*4 June’ 16
80 Oot T5
84
Registered___________ 1996 J - J 83
87*4 89%
71
77
Kentucky Central gold 4s. 19S7 J - J 89 ------ 88% Sept’ 16
735g
1st consol gen lien g 4s_ 1996 J - J 72 Sale 72
_
100 103
101% 10234 10234
102%
72% 76*2
Lex A East 1st 50-yr 5s gu.1965 A -O
73*4 Juno’ 10
- J
Registered.................... 1990
99% 101
88*4 90%
L A N A M A M 1st g 4Ms 1945 M- S 10034 102*4 101 Oot ’ 16
F - A 90 ------ 00 Deo TO
Penn coll trust gold 4s___ 1951
77% 82
81% 81 Deo *16
07*2 7234
L A N-South M joint 4s . . 1952 J - J 81
08's
08 Sale 67*2
60-year conv 4s Series A .. 1953 A -O
95 Feb ’05
68 84
Registered___________ 61952 Q - J
09*2
08 Sale 08
do
Series B........... 1953 A -O
105*4 107*4
105*4 Sept’ 16
83*4 88%
N Fla A S 1st gu g 5s___ 1937 F - A *100
85*4
84 Sale 83*4
A -O
Gen conv 4s Series D ____ 1952
97% 97%
N A C Bdgegen gu g 4MS.1945 J - J *99-2------ 97% May’ 16
105*4 107*2
TO
Ohio & Erie 1st gold 5s__ 1982 M -N 107*8 1073.1 107*2 Deo T 6
108% 108*4
Pensac A Atl 1st gu g 6s. .1921 F - A ____ 109*2 108*4 N ov’ 16
101 Fob
Clev A Mahon Vail g 6s. .1938 J - J 1003s------ 122*4 Oot ’ 16
105*4 108%
S A N Ala cons gu g 5s__ 1936 F - A 10734 ____ 107*4 N ov’ 16
121*3 123*4
A -O 12338 -----Long Dock consol g 6s___1935
100 103%
Gen cons gu 50-year 5s. 1903 A -O 102 102*2 102*8 Deo TO
102 102
Mar’ 10
Coal & RR 1st cur gu 6s . . 1922 M -N 1013s 104 102 Aug TO
80*s 82%
8 1% ____ 81% Apr "16
_
L A Jeff Bdge Co gu g 4s_ 1945 M - S
102% 100
100
Dock A Imp 1st ext 5s_ 1943 J - J 100 *4 ------- 103*2 Aug T2
_
Manila R R —Sou lines 4s_ 1936 M -N
_
M -N *100
N Y * Green L gu g 5 s . . . 1910
77 Mar’ 10
Mex Internat 1st cons g 4 s.. 1977 M - S
98 Deo TO
96*2 99
N Y Susq * W 1st ref 5s. .1937 J - J ____ 100
79 N ov’ 10
Stamped guaranteed____ 1977 M- S
100*4 Deo '06
2d gold 4Ms.................. 193/ F - A
101 Oct ’09
Midland Term— 1st s f g 53.1925 J - D
72
81
General gold 5s_______1940 F A ____ 73*4 74 N ov’ 16
113 115
Minn A St L 1st gold 7s___ 1927 J -D 113% . . . 113% Deo T 6
105*2 105*2
Terminal 1st gold 5s____ 1943 M -N 105*2------ 105% N ov’ 16
102*2 103%
Pacific Ext 1st gold 6s___ 1921 A - O 102*2 103% 103% Oct TO
104 104
Mid of N J 1st ext 5s........ 1940 A - O 104*2------ 104 Sept’ 16
86 92
90
90
1st consol gold 5s............... 1934 M - N 89*2 90
81% 90
81*2 Deo TO
J -D ____ 81
Wllk & Eas 1st gu g 5s_ 1942
_
52*4 66
3ale 58*2
60
58*2
1st A refunding gold 4s__ 1949 M- S
35 100 May'12
Kv * Ind 1st con gu g 6s___ 1926 J - J 25
50
66
61% 62 Deo TO
102
Ref A ext 50-yr 5s Ser A .. 1962 Q - F —
101
J - J 100 Sale 100
Evansv & T II 1st cons 6s. .1921
60 Feb T5
Des M A Ft D 1st gu 4 s..1935 J - J
63
05 ------ 63 May’ 16
1st general gold 6s_______1942 A -O
86 91%
91 Dec T 6
90*2 91
Iowa Central 1st gold 5 s..1938 J -D
108 N ov’ ll
Mt Vernon 1st gold 6s____1923 A -O
51% 63*4
54% 00
56
56
Refunding gold 4s____ 1951 M - S
95 June'12
Bull Co Branch 1st g 5s_ 1930 A -O
_
91*4 94%
94*4
94
9434 9434 Deo TO
91% 95*4 M StPASSM con g 4s lnt gu.1938 J - J 94% Sale 94%
Florida E Coast 1st 4 Ms_ 1959 J -D
_
97% June’ 12
92
1st Chic Term s f 4s........ 1941 M- N
92 Aug TO
J - J 8234 ..
Fort St U D Co 1st g 4^8.-1941
97
99*2
98*2
M S S M A A 1st g 4s Int gu’26 J - J 98% 98% 98*2
61*4 70%
Ft W * ltlo Gr 1st g 4s........ 1928 J - J 09 ------ 70*8 Oot TO
90
95
95
93
95
95
Mississippi Central 1st 5s_ 1949 J - J
_
Great Northern—
70% 79%
76*2
76% Sale 76*4
97% 99*4 Mo Kan A Tex 1st gold 4 s.. 1990 J -D
J - J 98% Salo 98
98*2
C B & Q coll trust 4s_____ 1921
40
57
53*2 56
53*4
54*2
2d gold 4s.... ............
gl990 F - A
97*2 98*4
98*4 98*4 Dec TO
Registered h__________ 1021 Q - J 97
37*4 52*8
45 Deo TO
40
1st ext gold 5s...................1944 M- N 41
98*4 100*4
100*2
1st & ref 4Ms Series A ...1901 J - J 100*4 100% 100*4
51
67
68*2 67 Dec TO
1st A refunding 4s_______ 2004 M- S 67
90 Juno’ 10
J - J
Registered___________1961
36
49
45
49
45
Gen sinking fund 4 M s ...1936 J - J
96
97*2
97*2 Deo TO
St Paul M & Man 4s........ 1933 J - J 97*4 102
37
46
37
40 N ov’ 16
St Louis Dlv 1st ref g 4S..2001 AAO
120*4 123%
120%
1st consol gold 6s______ 1933 J - J 120*4 Sale 120*4
69
80
119*4 121*2
Dali A Waco 1st gu g 5S-.1940 M- N 75*4 85% 80 Deo TO
11934 Aug 10
Registered_________ 1933 J - J
60
72
70
70
60
70
Kan City A Pac 1st g 4 s .. 1990 F - A
101% 103%
103%
Reduced to gold 4MS.1033 J - J 103% 103% 103%
74
89%
84
78
75
102% 102 %
77*2
M o K A E 1st gu g 5s___ 1942 A - O
102*2 May' 10
J - J
Registered_______ 1933
50
85%
85%
85 Sale
M K A Okla 1st guar 5 s.. 1942 M -N
95% 97*4
90
96*4
06%
Mont ext 1st gold 4s__ 1937 J -D
48
81
Dec TO
80
90% 90%
M K A T of T lstgu g 53.1942 M- S 77
95*2 Mar’ 16
Registered_________ 1937 J -D
50
51
00
Deo TO
S h e r 8 h A S o ls tg u g 5 s .-1 9 4 2 J - D
85*2 N ov’ 15
Pacific ext guar 4s £___1940 J - J
49 ‘ 63
61
Dec T 6
Texas A Okla 1st gu g 5s. .1943 M- S 50
92*4 91%
94% ------ 94*2 N ov’ 16
E Minn Nor Dlv 1st g 4s. 1948 A -O
109% 109% Missouri Pacific (reorg Co)
Minn Union 1st g 0s____ 1922 J - J 108*4 109% 1093s Juno’ lG
94
99
98*2 99% 98%
98*2
1st A refunding 5s wh lss 1923
120% 124
124 1245s 124 N ov ’ 10
Mont C 1st gu g 6s_____ 1937 J
63*2 69
67% Sale 67%
68
General 4s when Issued_____
130*4 May’06
Registered.............. 1937 J - J
100 104
10334
1920 M- N 10334 Sale 10334
109*4 110*4 Missouri Pac 1st cons g 6s
1st guar gold 5s........ 1937 J - J n o i l - - - - 110*4 Deo TO
89% 106*4
106% 106*4
—
106*4
Trust gold 5s stamped. ..o l9 1 7 M
Registered___
1937 J - J
82 Oct T5
Registered............ ......al917 M
10934110%
109% Aug TO
W ill* 3 F 1st gold 5s. 11938 J - D 110
83% 10334
1st collateral gold 5s........ 1920 F - A 101 % ____ 10334 103*4
74
7934
79% Deo TO
81)
Feb
78
Green Bay & \v deb ctfs “ A” ___
Registered____________ 1920 F - A *10138 ____
11
18*4
10
13% 10 % 13*2
Debenture ctfs ” B”
___ Feb
39% 64
60
62
63% Deo T 6
40-year gold loan 4s______1945 M- S
84*8 88*2
Gulf A 8 I 1st ref A t g 5s. 61952 J - J 85*2 89*2 80*4 Dec TO
63%
40
01 62 63% Deo TO
1st A ref conv 5s........ ...... 1959 M
90*4 98
91
8
90*8 92 > 91
Hooking Val 1st cons g 4 ^ 3-4999 J - J
82
85
82 N ov’ 16
3d 7s extended at 4 % ____ 1938 M- N
97*4 Jan ’ ll
Registered........ ............... 1999 J - J
50 ------ 100 Feb T3
Boonv St L A 8 1st 5s gu.1951 F
87% Sopt’ 10 ----- 87
A -O
88%
Col A II V 1st ext g 4s_ 1948
_
50
67
67 Aug T 6
Cent Br Ry 1st gu g 4s_ 1919 F - A 61 ___
_
,80
88 N ov’ 16
Col A Tol 1st ext 4s__ 1955 F - A 84%
61 ___
77% Dec T3
Cent B r U P 1st g 4s.........1948 J - D
94% Feb T5
Houston Beit A Term 1st 53.1937 J - J 87
48 ___ 110 M a r’05
Leroy A C V A L 1st g 5s.. 1926 J - J
96*2 98*8
98*8 Deo ’ H
J - J
98%
Illinois Central 1st gold 4s 1951
89
93
92% Dec T 6
Pac R of Mo 1st ext g 4 s.. 1938 F - A 92 ___
92 Aug T 6
Registered_____
1951 J - J
100 100%
100%
- J 100% Sale 100%
2d extended gold 5s___ 1938
86 N ov’ lC
83
86
1st gold 3Ms................ '1951 J - J 80% 87
99*4 103%
102 %
St L Ir M A S gen con g 5s. 1931 -O 101*2 Sale 101*2
83 N ov’ 15
84
J - J
Registered........
1951
102 j ’ly T4
-o
Gen con stamp gu g 5 s..1931
85% Deo TO
84*2 86%
85*2 87
Extended 1st gold 3 M s ..1 1951 A -O
74% 85
84%
Unified A ref gold 4s_ 1929 J - J 84*2 Salo 82%
_
Registered____
1951 A -O
83*2
80% Oct T2
Registered__________ 1929 J - J
M- S
80 J’ly ’09
1st gold 3s sterling.......... '1951
68 82
80*2 Salo SO
M -N
80*2
Rlv A G Dlv 1st g 4s_ 1933
_
Registered...............
1951 M- S
Verdi V 1 A W 1st g 53— 1926 M- S 91 ____ 87 Sept’ 15
S3
91%
89%
89%
Coll trust gold 4s_____
1952 A - O ____ 90
111*4 115
Mob A Ohio new gold 6s___ 1927 J - D 111%____ 114 Deo TO
A -O
95*4 Sep T2
Registered.......... .......... 1952
102 109
109 Feb TO
1st extension gold Os____61927 Q - J ____ 110
8734 "92%
8
913,
1st refunding 4s.......... ...... 1955 M- N 915 Salo 91%
75
77%
77 Oot T 6
General gold 4s__________ 1938 M- S 77 . . .
80*4 83
81% 84*2 82 N ov ’ 10
Purchased lines 3Ms......... 1952 J - J
99*4 102
Montgomery Dlv 1st g 53.1917 F - A 99*2 102 101 Oot TO
50 84*4 88*4
87
L N O A Texas gold 4s___1953 M- N 86*4 Sale 80*4
89 Dec T5
St Louis Dlv 5s__________ 1927 J - D 91*4 . . .
Registered...............
1953 M- N 8 2% ------ 84 May'14
88
88 %
88 Dec TO
St L A Cairo guar g 4s____ 1931 J - J 87*2 90
90
93*2
Cairo Bridge gold 4s........ 1950 J -D
90*2------ 93*2 N ov’ 10
103% 107*2
Nashv Chatt A St L 1st 5s. 1928 A -O 107 108 107 N o v ’ 16
74 Feb '14
Litchfield Dlv 1st g 3s___ 1951 J - J
110*4 110%
Jasper Branch 1st g 6s___ 1923 J - J 10734 ____ 110*4 Mar’ 16
79*; 82 N ov ’ 10
78*4 82
Loulsv Dlv A Terra g 3Ms 1953 J - J
100% 101*2
100 ____ 100*4 July’ 16
McM M W A A1 1st 6s . . . 1917 J - J ■
83 Aug T2
Registered.....................1953 J - J
T A P Branch 1st 6s ........ 1917 J - J TOO - - ­ 113 July’04
101*4 102
Middle Dlv reg 5s............. 1921 F - A 100*2 - - - 102 June'10
30*4
50
30*4 Aug T 6
Nat Rys of Mex prllen 4 Ms. 1957 J - J 30
F - A ____ 72*2 70 Aug T 6
70
71
Omaha Dlv 1st gold 3 s...1951
35
35 Aug TO
Guaranteed general 4s___ 1977 A - O
75
68*2 Sep *15
St Louis Dlv A Term g 3 s . 1951 J - J 62
96% Feb T3
Nat of Mex prior lien 4MS..1926 J - J
82
83
81*8 83
Gold 3Ms.......................1951 J - J 83 - - *30 *
30 Oct TO
1st consol 4s____________ 1951 A -O
80
80
J - J *79 —
80 June’ 10
Registered_________ 1951
59
59 Dec T 6
78 3 S0% N O Mob A Chic 1st ref 5 s.. 1960 J - J ____ 59
4
80*8 N ov ’ 10
Spring! Div 1st g 3Ms__ 1951 J - J 79 - - ­
74%
73
73% Dec TO
_
91*8 New Orleans Term 1st 4s_ 1953 J - J 72
89
91*8 Deo TO
Western lines 1st g 4s___ 1951 F - A 90 - - 99*4
99*4
99
99*4 99
N O Tex A Mexico 1st 6s -.1925 J - D
92
92
F- A
92 N ov ’ 10
Registered_______
1951
50
50
50
50
A - O 49
Non-cum income 5s A ___ 1935
Bellev A Car 1st 0s........ 1923 J -D ____ 108*2 117*2 May ’ 10
110% 117%
112
N Y Cent RR conv deb 63. . 1935 M -N 11134 Sale 111%
94% J’ly -12
Carb A Shaw 1st gold 4s .. 1932 M- S ____ 90
81 % 86 %
8534
Consol 4s Series A _______ 1998 F - A 86 Sale 85*2
106*4 109
Chic St L A N O gold 5s .1951 J -D 107*4------- 107*8 Oot TO
91% 96*2
96% Sale 90
96*2
A -O
Ref A Imp 4Ms "A ” ......... 2013
114 Feb ’ l l
Registered_______
1951 -D
81*2 86 %
85%
84%
N Y Central A H R g 3MS--1997 J - J 84% 85
90 Got ’09
Gold 3Ms.......................1951 J - D
80% 84%
Registered____________ 1997 J - J 84 ------- 81% N ov’ 10
J -D
Registered........ ........ 1951
89% 93%
92*2 Sale 92
93*2
Debenture gold 4s_______ 1934 M -N
100 103*8
Joint 1st ref 5s Series A . 1903 J - D 101 Sale 101
101%
90
90
90 June’ 16
93
Registered____________ 1934 M -N
Mcmph Dlv 1st g Is__ 1951 J - D ____ 89*4 807s Deo '15
74
79%
78*4
Lake Shore coll g 3Ms_ 1998 F - A ' 78 % Sale 77*2
_
Registered_________ 1951 J
73*4 78
76% Oot TO
79
Registered____________ 1998 F - A 70
98 July’08
St Louis Sou 1st gu g 4s .. 1931 M
____ 95*2
75
80%
78%
Mich Cent coll gold 3 M s.-1998 F - A 78% Sale 78%
90
92*2
92 N ov’ lO
Ind HI A Iowa 1st g 4s........ 1950 J - J 91 . . .
74
78
Registered____________ 1998 F - A 74 ____ 78 Oot T 6
95 100%
99 Dec TO
Int A Great Nor 1st g 0s----- 1919 M- N 99 100
Battle Cr A Stur 1st gu 38.1989 J - D 63% ____
89*2 93
James Frank A Clear 1st 4s. 1959 J - D ____ 91*2 93 N ov’ Ki
94% 96%
96% ------ 95 July’ 16
Beech Creek 1st gu g 4s. .1936 J
A -O ____ 09% 09*4
60*4 71
Kansas City Sou 1st gold 3s. 1950
69*2
93*4 95%
Registered____________ 1936 J - J 93% ____ 95% N ov’ 16
63 Oct '00
Registered.................v l n c o A -O
104 104
2d guar gold 5s------.’ ___ 1936 J - J 102% ------ 104 May’ 16
89% 94
90*8
Ref A linpt 5s............ Apr I960 J - J 90 Sale 89*8
Registered__________ 1936 J - J
85*4 89%
87% 88
87%
88*4
Kansas'City Term 1st 4s—-I960 J
Beech Cr Ext 1st g 3M 8-.61951 A -O
96*4 101*4
98*2
Lake Erie A West 1st « 5S..1937 J - J 98% Sale 98%
88 89
89 ____ 89 N o v ’ 16
Cart A Ad 1st gu g 4s------- 1981 J - D
- J
75
83*2
2 d gold 5s .......................1941 J - O 80*4 82 82% Dec TO
Gouv A Oswe 1st gu g 5 s..1942 J - D 104 ____
92
92
92 Dee TO
North Ohio 1st guar g 5s .. 1945 A
94
94
Moh A Mai 1st gu g 4 s...1991 M- S 90*2------ 94 Mar’ 16
100% 103
J - J 100*2 1013.1 101
101*2
Leh Vail N Y lstgu g 4>i 8--1940
«
89*4 89*4
N J June R guar 1st 4 s . . . 1986 F - A 87% ____ 89*4 Feb T6
100 102
99*2 101% 101 Deo TO
Registered_____________ 1940 J - J
82 ------ 85 June’ 15
N Y A Harlem g 3Ms----- 2000 M -N
89
92*.
91
91*4 91ts Deo TO
Lehigh Vall( Pa) cons g 4S..2003 M -N
105% 10 6*2
N Y A Northern 1st g 58.1923 A - O 106%____ 106*4 Sept’ 16
99*4 101*4
lOOSg
General cnns4l4s ...2003 M -N 100% 100%T00%
5 Due Feb. d Due April, e Due May. 0 Due June, a Due July. * Due Aug. 0 Due Oot.

__

---

__

__

* No price Friday; latest bid and asked this week.
I Due Nov. s Option sale.




2328
BONDS
N . Y . STOCK EXCHANGE
Week Ending Dec. 22.

New York Bond Record—Continued—Page 3
Price
Eridau
Dec. 22.

Week'i
Range or
Last Sale

N Y Cent A H R K R (Con.)—
Bill
Aik Low
High
N Y 4 P u 1st cons gu g 4a 1993 A - O 91U ____ 91U Dec T 6
Pine Creek reg guar 6a___ 1932 J - D 117 . . . 113 M ay'15
R W A O con 1st ext 58-.A1922 A
104 105 104U Deo ’ 16
R f f i O T R 1st gu g 5 s_. 1918 M -N 101 102 102 Deo '16
Rutland 1st con g 412a _ 1941 J _
88 95 81*4 Dec '15
Og A L Cham 1st gu 4a gl948 J 70% . . .
70 Nov'16
Rut-Canada let gu g 4a.1949 J 67 . . .
92 June'09
St Lawr A Adlr 1st g 5a.-.1996 J 98 ____ 101 N ov ’ 16
2d gold 68...................... 1996 A 103 N ov’ 16
Utica A B lk R lv g u g 4a. .1922 J 98% ____ 97i2 July T 6
Lake Shore gold 312a.........1997 J -D
853i
85l2 857 85i2
8
Registered.............. ...1 9 9 7 J -D
85 ___
84i2 Deo ’ 16
Debenture gold 4a_ .1928 M - S
_
90
9534 Sale 95
25-year gold 4a.............. 1931 M -N
95% Sale 95
95%
Registered................ 1931 M -N
95 Nov'16
Ka A 4 G R 1st gu c 6 a ...1938 J - J
Mahon C'l RR 1st 5a.........1934 J - J IOOI4 ____ 104% Dec T5
Pitta * L Erie 2d g 5 a...al928 A - O 103 ____ 103 Juiy’ 16
Pitts M cK * Y 1st gu 6s. . 1932 J - J I I 5 13 ____ 13018 Jan ’09
1934 J - J 113%____ 123U M ar’ 12
2d guaranteed 6s___
w M c.Keea * B v 1st g 6s. 1918 j
Michigan Central 5s........ 1931 M - S 106i2 ..
IO6I4 Aug '16
Registered.....................1931 Q -M 106ig____ 105 July'16
4a- - - - .......
1940 J - J 91 ____ 98 Apt '12
Registered_________ 1940 J
87 Feb ’14
J L A S lat gold 3)$s___1951 M
90 June’08
1st gold 3 ^ s . . . ............. 1952 M -N
82% 86
82ij Sept’16
20-year debenture 4 a ... 1929 A - O 88U 8934 90 Deo '16
NiY Chic * St L 1st g 4a.. 1937 A - O 94
95
94
94
Registered_______
1937 A - O 91 94% 90*4 Aug T 6
Debenture 4s................. 1931 M -N
80% 81% 8 U2 Dec ’ 16
West Shore 1st 4s gu a r...2361 J
923 Sale 923s
8
923s
Registered.....................2361 J
90>2 ___
90i2
90i2
N Y C I.lnea eq tr 5 a ..1916-22 M- N
IOOI4 Deo TO
9934 July'10
xr
trust 4^8.-1917-1925 J - J
2 * Connect lstg u 4 ^ s A -.1 9 5 3 F - A 9Si2 Sale 98T
9Si2
N Y N H & Hartford—
Non-conv deben 4a........ 1947 M- 8
793s Sept’ 16
Non-conv deben 3 ^ s . . . 1947 M- S
71 N o v ’ 16
Non-conv deben 3)^a . . . 1954 A -O
68
68 Dec T 6
Non-conv deben 4a......... 1955 J - J ____ 76
77i2 Deo T 6
Non-conv deben 4a........ 1956 M -N ____ 7634 77 Dec TO
Conv debenture 3)$s......... 1956 J ____ 69
69ia N ov’ 16
1103 i Salo 11034 m %
Conv debenture 8s_______1948 J Cona Ry non-conv 4a.. " l 9 3 0 F - A 79i2 ____
Non-conv deben 4s___ 1954 J - 3 ------ 80
91% Jan T2
------ 80
Non-conv deben 4 s ... 1955 J 79% Apr T0
Non-conv deben 4s___ 1955 A - O
------ 7934
Non-conv deben 4s .. 1956 J
90i2 9234 91
Harlem R-Pt Ches 1st 4sll954 M -N
91
B A N Y Air Line 1st 4 s.. 1955 F - A 89ia . . .
89 Nov'16
Cent New Eng 1st gu 4 a ..1961 J - J 80l2 82
80% Dec T ,
Hartford St Ry 1st 4a___ 1930 M- S
Housatonlc R cons g 5a...1937 M -N 107 .
105% May’ 15
Naugatuck RR 1st 4s___ 1954 M -N
91U ____ 87 J’ly T4
p tOV * Boston 4s___ 1942 A - O
00l2 ____ 88 A ug’ 13
7512 74%
NYVV chesAB lataerl 4 )Ss ’46 J - J 74
75%
N H * Derby cons cy 5a.. 1918 M -N lOOU____ 107 Aug '09
Boston Terminal 1st 4 s ... 1939 A -O
New England cons 5 s .. 1945 J - J 108 ..
Consol 4s........................ 1945 j - j
88
99% Mar’ 12
Providence Secur deb 4s. 1957 M -N ------ 697 69% Sept’ 16
8
Prov A Springfield 1 st 58.1922 J - J
99% Deo T4
Providence Term 1st 4s...1956 M- S
83% Feb T4
x r v £ ? onEaat 1st 4 M s ...1943 J - J
N Y O A V ref 1st g 4s___ <H992 M- S
V
Sale 80
80
Registered $5,000 on Iy ..el992 M- S
92% June’ 12
General 4a...................... 1955 J -D
77
79
79 Apr TO
Norfolk Sou 1st A ref A Sail 1961 F - A 83
847 85 Deo T6
a
Norf A Sou 1st gold 5s.......... 1941 M -N 10 H s ____ 101 N ov 16
Norf A West gen gold 6a___ 1931 M - A 120i2 ____ 120 Oct TO
Improvement A ext g 6s .. 1934 F - A 121i2 122 122 Nov'16
New River 1st gold 6a___ 1932 A -O 119 . . . 120% Nov'16
N A W Ry 1st cons g 4s. ..1996 A -O
95
95i2 95
95%
Registered........ ............ 1996 A - O ------ 94l2 94%
94%
D lv l lat lien A gong 4s. 1944 J - J 92'8 9234 91% Deo '16
10-25-year conv 4 s..
1932 J -D
136%
136%
10-20-year conv 4a____ 1932 M - S
141 Nov'16
10-25-year conv 4Via.. 1938 M- S
138 N ov’ 16
P ocahC A C Jolnt4s._.1941 J -D
90% 91
91
91
1st guar gold 5a.. 1922 J - J 102U____ 103 Sept’ 18
Bclo V A N E lat gu g 4a.. 1989 M- N 9314 ____ 93% Deo T6
Nor Pacific prior lien g 4a. 1997 Q - J 94 Sale 94
94%
Registered.................. 1997 q - j
9234 Nov'16
General lien gold 3a____ a2017 Q - F
6678 Sale 66%
60%
Registered........ __
a2047 Q - F 857 ____ 65% Nov 16
a
ai 2 a“ ,-p«lutli Dlv g 4 s.. 1990 J - D 9134 ____ 91% Sept'16
Ht P A N P gen gold 6s . . . 1923 F - A 109%____ 109% Deo TO
Registered certificates.. 1923 Q - A
109% Oct 15
Bt Paul A Duiuth 1st 5a. 1931 F - F 107 ____ 107 Oot TO
f * 53 ...............................1917 A -O IOOI4 101 100% N ov'16
1st consol gold 4a........ 1968 J - D
8 8 % ___ 91% Sept’ 16
Wash Cent lat gold 4s___ 1948 Q -M
86% 88% 86%
86%
Nor Pao Term Co 1st g 6 a ...1933 J - J 110% 112% 111% Sept’ lb
Oregon-Waah 1st A ref 4 s ...1961 J - J 8534 Sale 85%
80
99
99% 99% Dec TO
Pacific Coast Co lat g 5 a ... 1946 J - D
Paducah A Ills 1st s f 412s. 1955 J - J 99% 99% 100
100%
Pennsylvania RR 1st g 4s. 1923 M - N
99% ____ 99% Nov'16
Consol gold 5a_________ 1919 M- S 101% ___ 103 N ov’ 16
Consol gold 4a.................*1943 M-N
98% 99% 99%
99%
Consol gold 4s................ 1948 M-N
9934 Sale 99%
9934
Consol 4t*s..........................I960 F - A 106 100% 106%
1063g
General 4)4s when lssued.1965 J -D 102% 102% 102%
1023S
Alleg Val gen guar g 4 a ... 1942 M- S 97 ____ 97% Deo T 6
D R R R * B ’«8 lat gu 4a g. 1936 F - A 95% . . .
91% Sept ’ 10
Phlla Balt A W lat g 4 s ..1943 M- N 99% ____ 99%
99>
2
Sodus Bay A Sou 1st g 5s.2924 J - J
102 Jan ’03
®u" bVr£ ,* Uwla 1st B 48.1936 J - J ' 93 ___
U N J RR A Can gen 4a..1944 M- S 99% ___
99% Oot TO
Pennsylvania Co—
Guar lat gold 4)48_______1921 J - J 101% 101% 10 1%
10 1%
Registered........ ......... 1921 j - j 100% 10034 100 Aug TO
Guar 3 J s coll trust reg~All937 M - S 86 % 89
4
86 % Jan T'
Guar 3Hs coll trust ser B.1941 F - A 85% 88 % 87% Deo TO
Trust Co ctfs gu g 3J4s__ 1916 M- N
100% Jan '10
Guar 3 )$s trust ctfs C .. 1942 J - D *85“ *87% 86 % July 10
Guar 3 t$s trust ctfs D _. 1944 J - D 85
87% 86*4 Dec TO
Guar 15-25-year gold 4 s ..1931 A -O
95% 96% 95%
95%
40-year guar 4s ctfs Ser E 1952 M - N 9338 ____ 93% Deo '16
Cln Leb A Nor gu 4s g.._1942 M- N 9 0% ____ 91 N ov ’ 16
Cl A Mar lat gu g 4H 8...1935 M -N
99%
9934 100 9934
Cl A P gen gu 4Ha ser A ..1942 J - J 104 ____ 103% Oot T0
Series B ........................ 1942 \ - o 104 ____ 104 Deo T 6
Int reduced to 3 )*s..l9 4 2 A - O 8 9 % ____ 91% Fob T2
Series C 3 )*s.................. 1948 M -N
8 9 % ____ 90% Oct T2
Series D 3)$s................ 1950 F - A
89% 93% 89% Sept’ 16
Erie A Pitts gu g 3>4s B..1940 J - J 88 ..
88 % Oot TO
8erlea C .......................... 1940 J - j 88
90% J'ly '12
Or R A I ex 1st gu g 4 J4al941 J - J 99% 100% 100 N o v ’ 16
Ohio Connect lat gu 4 a ... 1943 M- S 94% . . .
93 May'14
Pitts Y A Ash 1st cons 5s. 1927 M- N 1043S ____ 109 Mav'10
Tol W V A O gu 4)48 A __ 1931 J - J 9934 ____ 100
100
Series B 4)4s.................. 1933 J - J 9 9 % ___ 100% Oot TO
Series C 4a___________ 1942 M- S
90% ____ 94 Apr T 6
P C C A 8 t L gu 4)4sA . ..1940 A - O 102 % ____ 102%
102%
Series B guar__________1942 A -O 102 % ____ 102
102
Series C guar.................. 1942 M- N 102 % ____ 97% July’ 15
Series D 4a guar.............. 1945 M- N 95% ____ 95% Oot T 6

__

__

» OptIon°salcC
.eFrl<Iay: ,atC#t bW “ nd asked* a Due Jan.




6 Duo Feb.

Range
Since
Jan. 1

BONDS
Y . STOCK EXCHANGE
Week Ending Deo. 22.

II

IVol. 103.
Price
Fridav
Dec. 22.

Week’s
Range or
Lan Sale

Range
Since
Jan. 1.

Low High
88 92

F C C A St L (Con.)
Bid
Aik Low
High
Low High
Series E 3)4a guar gold. 1949 F - A
95% . . .
95% Oot TO
92
95%
Series F guar 4a gold...1953 J - D 95% . . .
95% Jan T4
103% 104%
Series G 4s guar..............1957 M- N
9 5 % ____ 95% Oot T6
95% 95%
102 102
Series I cons gu 4)4s
1903 F - A 102% . .
103 Deo TO
101 103
CSt L A P 1st cons g 6a..1932 A - O 107%____ 107% Sept’ 10
107% 107%
68*4 70
Peoria A Pekin Un 1st os g__i921 Q - F 100 .
102 N ov’ 16
2d gold 4)*s..................... 61921 M -N
8 7% ____ 87 Mar'16
87
87
97% l o f
Philippine Ry lat 30-yr s f 4s 1937 J - J ------ 49
60 Apr TO
50
51
103 103
Pitta Sh A L E 1st g 5a____ 1940 A - O 1 0 8 % ... 106% Aug T6
100% 106%
97% 97%
1st consol gold 5 a ............. 1943 J - J
113% N ov’ l l
83% 86% Reading Co gen gold 4s........ 1997 J - J
95% Salo 95%
95%
93% 96%
83
86
Registered..................... 1997 J - J ------ 95
94% Doo TO
92% 95%
94% 96%
Jersey Central coll g 4 s . . . 1951 A - O
96% Salo 96%
96%
94% 97%
9334 90
Atlantic City guar 4s g ...l9 5 1 J - J 93 ____
94
95
St Jos A Gr Ial 1st g 4a.........1947 J - J
77
80
79% Deo TO
59
82
St Louis A San Fran (reorg Co;—
Prior Lien ser A 4a............ 1950 J J
70% Salo 69%
70%
07% 73%
102 104
Prior lien ser B 5s............... 1950 J - J 86% Salo 85%
87
83% 90%
77 Sale 75
Cum adjust ser A 0a.........1955 J - J
80
74
89%
54% Salo 54
Incomo series A 6s............ 1960 July
56
39
65
St Louis A San Fran gen 6s. 1931 J - J 111
111% N ov’ 10
109 113
106% 106%
General gold 5s............. 1931 J - J 103%____ 103% Dec ’ 10
100% 103%
105 105
St L A S F RR cons g 4 s.. 1996 J - J
78 M ay’ 16
68% 78
General 15-20-yr 5a___ 1927 M -N
80 N ov’ 16
45% 82%
Trust Co ctfs of deposit___ _____
77
80
78
78
82
46
„
do
Stamped________
75
78
70
76
43% 79
82% 85
Southw Dlv 1st g 5s___ 1947 A -O
9 2% ____ 95% Deo TO
95%.
89
80% 90%
Refunding gold 4s........ 1951 J - J
83
80
83% Oct TO
67% 83%
91
95%
Registered .............. 1951 j - j
80% M a r'll
9034 9334
Trust Co ctfs of deposit.............
84% Dec T6
62% 86%
77% 8 I34
do
Stamped________ ------ 79
74% Sept’ lO
61% 75%
87% 93
K C f t s A M cons g 6s. . 1928 M -N 110% 111 110% Deo TO
109% 111%
86% 91
K C F t S A M Ry ref g 4s. 1936 A - O
77% 78% 77%
77%
75
79%
100% 102
K C A M R A B 1st gu 53.1929 A - O
90 June’ 10
90
90
9934100% St L S W.lst g 4s bond ctfs.. 1989 M - N 77% 79 78% Deo T6
75% 80%.
97% 100%
2d g 4s Income bond ctfs.pl989 J - J 64
68 % 64
64
70
02
Consol gold 4s...... ........... 1932 J -D
68
68% 68
08%
60% 72
79% 81%
1st terml A unlf 5s.............. 1952 J - J 66 % 67
68% Deo TO
72
00
71
73
Gray’s Pt Ter 1st gu g 5 s.. 1917 J - D
98% Jan T4
68 72
S A A A Pass 1st gu g 4s____ 1943 J - J ------ 65% 65% Deo T6
62% 70%
77% 81% 8 F A N P 1st sk fd g 5s.......... 1919 J - J
101% Oot TO
101% 101%
76% 82
Seaboard Air Lino g 4s........ 1950 A - O
81
81% 81% Nov'16
74
84%
68*4 77%
Gold 4s stamped................1950 A - O
81 Salo 81
81%
78% 83%
no no
Adjustment 5s..................01949 F - A 65% 60% 05%
07%
70
64
Refunding 4s......................1959 A - O b7% 68% 68%
69
05% 72
Atl BIrm 30-yr 1st g 4s..el933 M - S 86I.1 87% 87 Deo TO
87%
82
79% 79%
Car Cent 1st con g 4 s ... 1949 J - J 83% ____ 88 June’ 16
88
88
Fla Cent A Pen 1st g 5 s . . . 1918 J - J 100 ____ 99% Sep T5
1st land gr ext g 5s........ 1930 J - J 101 ____ 101 Deo T5
91
93
Consol gold 5s________ 1943 J - J 103%____ 103%
103%
102% 10334
89
89
Ga A Ala Ry 1st con 5 s..01945 J - J
102% N o v ’ 16
102% 10334
79% 83
Ga Car A No 1st gu g 5 s..1929 J - J 102* 102% 102% N o v ’ 16
101% 103
Seab A Roan 1st 5a___ 1926 J - J 102 ____ 99% Aug T5
Southern Pacific Co—
Gold 4s (Cent Pac c o ll)..*1949 J - D 851.1 Salo 85
85%
83% 89
Registered...................*1949 J - D ------ 87% 90 Feb T4
72
82
20-year conv 4s.................gl929 M- S 86% Sale 80%
87% 157 80% 89&s
20-year conv 5s.......... ...... 1934 J - D 103% Salo 102%
103% 180 102% 107%
Cent Pac 1st ref gu g 4s. .1949 F - A 91% Sale 90%
74 87% 91%
91%
Registered..................... 1949 F - A
87% Sept’10
8034 89
Mort guar gold 3)4s..*1929 J - D 90
90% 91% Dec TO
84% 91%
69% 70
Through St L 1st gu 4s. 1954 A - O ------ 84
85% Oct '10
84
86%
G 11 A S A M A P 1st 5 s . .1931 M -N 101% 104% 101% Oct TO
102 102
2d exten 5s guar.......... 1931 J 99% . . . 100 Oct T0
99 100
Glia V G A N 1st gu g 5 s.. 1924 M -N
------ 100% Jan T0
100% 100%
77% 84
Hous E A W T 1st g 58...1933 M -N 100 105 101 Deo T6
101 102%
1st guar 5s red.............. 1933 M -N 101 102% 100 Oot TO
100 103%
70
79
H A T C 1st g 58 Int gu__ 1937 J - J 100% . . . 106% Dec T6
100 107%
78
85
Gen gold 4s Int guar...1921 A - O
96% Salo 9b%
96%
94% 90%
97 101
Waco A N W dlv 1st g 0s ’30 M -N 105 108 109% N o v ’ 15
118% 120
101 102 101% Deo TO
A A N W 1st gu g 5a........ 1941 J
101% 101%
120% 122
Louisiana West 1st 63___ 1921 J - J 105%____ 109 June'
119 122
Morgan’s La A T 1st 7s. .1918 A - O 102 103% 104% July’ 10
104% 10434
91% 90
1st gold 6s...................... 1920 J - J
105 Jan T6
105 105
94% 94%
No of Cal guar g 5s...........1938 A - O 106%____ 105 Oct T0
8834 92
Ore A Cal 1st guar g 5 s.. . 1927 J - J 100% 102% 102 Dec T6
100% 102%
113% 140%
So Pac of Cal—Gu g 5 s ... 1937 M- N 107%____ 107% Sopt’ 10
107% 107%
114 143
So Pac Coast 1st gu 4s g._1937 J - J 95% 95% 90 Dec T6
94% 97
115% 145
San Fran Terml 1st 4 s ... 1950 A - O
85% 86
85%
80
35 82% 9234
91
88
Tex A N O con gold 5 s ... 1943 J - J ------ 90
95 Nov'16
95
95
103 103%
So Pac RR 1st ref 4s........ 1955 J 92% Sale 92%
92%
89% 92%
91% 94% Southern— 1st cons g 5 s ... 1994 J - J 101% Sale 101%
101%
100 103%
91% 9434
Registered..............
1994 j - j . . . 102% 100% Aug T6
100% 100%
90% 93%
Develop A gen 4s Ser A ...1956 A - O 74% Sale 74%
75% 399 09
77%
65% 07%
Mob A Ohio coll tr g 4 s ... 1938 M- S 76% 77% 77% Deo T6
75
78
63% 65%
Mem Div 1st g 4 H s-5s...l996 J - J 99% 100 100% N ov’ 16
100 104
91% 91%
St Louis dlv 1st g 4s........ 1951 J - J
82% 84 1 84 Dec TO —
80
84%
109% 113
Ala Cen 1st g 6s................. 1918 J - J 102% 104 102% Sept’ 16
102% 103%
Ala Gt Sou 1st cons A 5s. 1943 J - D 98% 99% 99% Oot TO
98% 99%
107 107
Atl A Char A L 1st A 4 )$s 1944 J - J 93% 90
94% Oct TO
94% 90
100 % 101%
1st 30-yr 5s ser B . . . 1944 J J 102 Salo 101%
102%
100*4 103*4
91%
90
AtlA Danv 1st g 4s.......... 1948 J - J
81% 82% 81% Deo T6
81% 85%
80% 90%
2d 4s............................... 1948 J - J ------ 81% 81% Mar’ 10
79% 81%
111
111 %
75 ____ 75% Deo T4
Atl A Yad 1st g guar 4 s ... 1949 A - O
83% 88
E T Va A Ga Dlv g 5s___ 1930 J - J 105 . . . 105% Deo TO
103% 105%
93 101
Con 1st gold 5s............... 1956 M- N 107%____ 107%
107%
105% 10734
98 100 %
E Ten reor lien g 5s.......... 1938 M - 8
99 101% 101% Oct *10
09% 101%
98% 99%
Ga Midland 1st 3s_______ 1940 A - O 60% 60
00%
0%
57
60%
102% 103%
Ga Pac Ry 1st g 0s.............1922 J - J 100% 107% 100% Oot TO
106% 107%
98% 99%
Knox A Ohio 1st g 6s___ 1925 J - J 108% 1091 108% Doo TO
108 110%
98 100 %
Mob A Blr prior lien g 5s 1945 J - J 102 % ____ 100 Sept’ 16
105% 106
104% 100 %
74% 70
Mortgage gold 4s.......... 1945 J - J
71% May'10
71*4 71*4
I00»4 103%
Rich A Dan deb 5s stmpd 1927 A - O 103%____ 103%
103%
103% 104%
96% 9734
Rich A Meek 1st gu I s ... 1918 M- N
73 Sop T2
94% 96
So Car A Ga 1st g 5s____ 1919 M -N loT * Salo 101
101%
100% 102*
98% 99%
Virginia Mid ser D 4 - 5 s ...1921 M- S
102% Junu'10
102 102%
Series E 5s.................. 1920 M- S 103%
102 103%
103% Aug TO
Sorles F 5s.......................1931 M- S 104%
104 Mar'13
99% 100
General 5s................... 1036 M - N 106%
10234 107%
107% N ov’ 16
Va A So'w’u 1st gu 5 s ..2003 J - J 104 1001 104% Deo TO
102% 106%
100 % 102 %
1st cons 50-year 5 s.. . 1958 A - O 90% 92% 91 N ov’ 10
89
01
100 101 %
W O A W 1st cy gu 4s___ 1924 F - A
93
94 Deo TO
91
94%
80% 80% Spokane Internat 1st g 5 s ... 1955 J - J 93 100
91% Oot TO
91% 93
85
87% Ter A of St L 1st g 4 H s........ 1939 A -O
------ 100 % 100% N ov’ 16
98% 100*4
9934 100%
1st con gold 5s........ 1894-1944 F - A 104% 105 104 Dec TO
103% 107%
86% 86%
85
Gen refund s f g 4s_______ 1953 J -J
85% 85
85
84% 88
85
88
101 104 100% N o v ’ 16
St L M Bridge Ter gu g 5s. 1930 A - O
99% 101%
94% 90
Tex A Pac 1st gold 5s.......... 2000 J -D 100% 101 100%
100%
95 101%
42
93%
2d gold Inc 5s...................«2000 M a r
64
80
70 Dec TO
35
70
90% 91
La Dlv B L 1st g 5s.......... 1931 J - J ------ 89% 88 Oot TO
88
90
99 100
W Min W A N W 1st gu 5s 1930 F - A
95 100% Nov'04
103% 105% Tol A O C 1st g 5 s . . . ........... 1935 J - J 104%
104% Dec T0
103 105%
Western Dlv 1st g 5s........ 1935 A - O
99 100 101 N ov’ 16
101 102%
General gold 5s................. 1935 J -D
85% 93
85%
85% 20 85% 94
Kan A M 1st gu g 4s........ 1990 A - O
82% 84
82% Dec TO
82
84%
89% 89%
2d 20-year 5s................. 1927 J - J 96
96% 97 Dec TO
99
97
88% 90
Tol P A W 1st gold 4s.......... 1917 J - J
55
60
55 N ov’ 16
61
50
Tol St L A W pr lien g 3)*s. 1925 J - J 83% 85
83% Dec TO
78% 8 3%
95% 100
50-year gold 4s................... 1950 A - O
50% 01
63
60%
60%
54
Coll tr 4s g Ser A............... 1917 F - A 24
50
18% Mar’ 10
18% 18%
Tor Ham A Buff 1st g 4s..A1946 J - D 80
87
83 Apr TO
83
86
100 100% Ulster A Del 1st con g 5 a ... 1928 J -D 100% 100% 100%
99% 101%
100%
100% 100%
1st refund g 4a................... 1952 A - O
74 Mar’ 16
93% 94
Union Pacific 1st g 4s_____ 1947 J - J
98% Sale 97%
98%
95% 100
101 10234
Registered___________ 1947 J - J
90%
90%
95
99
10 1% 10234
20-year conv 4a________ 1927 J - J
92% 93i.| 93%
93%
92% 90
1st A ref 4a.......................02008 M- 8
90% Sale 90%
91%
89% 92%
04*4 95%
Ore RR A Nav con'g 4a.. 1940 J -D
92% 93% 93
93
91% 94

__

« Due M ay.

0 Duo June.

4 Duo July. * Due Aug.

0 Due Oot.

p Due Nov.

q

Duo D 06

Bid

J - J

105

High No. Loto
1071j
2
93
93% 50 91
102 Mar’ 10
102
90 Apr ’ 16 ___ 90
91*8 Oot ‘ 16 ___ 90*4
91
421* A111? *1S
98%
98% 44 97%
14 103
105%
106
7 98
9934 100
105
105 Oot ’ 18
100 May’ 16 ___ 90%
105

103

Dec ’ 16

9
76
Ora Div 1st« 3>$a_______1941 A -O
73% 7531 73%
86 Juno’ 16 ___
Tol < Ch Div 1st g 4a___ 1941 M- S 82% 86
k
1% Oot ’ 16 ___
____
3%
J -D
2
2
2
1% 2
2 Oct ’ 16 ___
____
3
1% N ov’ 10
____
3
_
% Aug ’ 16 _ _
J -D
% July’ 16 —
____
%
8534 Deo ’ 16 —
85% 86
F -A
911 AUi? *15
2
12
73
73
105
104% 105 104%
j - j
5
5
86
SO
84% 86
A -O
37 ------ 37 Oct ’ 18 —
Nov
100 Dec ’ 16 —
A - O 100% 100%
Wheel Div let gold 5s___ 1928 J - J 9 8 % ------ 99% Oot ’ 16 - - - F - A 99% . . . 99% Deo ’ 16 ___
13
78%
HU 1st consol la________1949 M- S 78% 78% 78%
20-year equip a f 5a---------1922 J - J 98% ____ 80 Scpt’ 10 —
Winston-Salem S B 1st 4a--.I960 J - J 86% 88% 86% N ov’ 16 —
15
87
Wla Cent 50-yr 1st gen 4a__ 1949 J - J 86% 86% 86%
87 Deo ’ 16 —
Sup & Dul div St terra 1st 4a ‘36 IY1-N ____ 88
Street Railway
10
101
Brooklyn ltapid Tran g 5a.. 1945 A - O 101% 101% 100%
74% Deo ’ 16 —
J - J 74% 77
100*8 189
100% Salo 100%
J - J
Bk City 1st con 5a.. 1916-1941 J - J 102 ------ 101% Deo ’ 16 —
M -N ____ 95% 94% N ov’ 16 —
101 May’ 13
3
101
F - A 100% Salo 100%
F - A 100% 101 101% N ov’ 16 —
85 Dec ’ 16 —
F - A 83% 87
85 Deo ’ 16 —
86
F - A 83
73%
2
J - J 73% Salo 73%
9
96%
Chicago Uya 1st 5s________1927 F - A ____ 96% 96%
Conn By & Mat & ref g 4 He 1951 J - J 101%------ 101% Oot ’ 16 —
3
101%
J - J 101%____ 101%
Stamped guar 4 H a......... 1951
84
47
Dot United 1st cons g 4 H a .-1932 J - J 83*4 84% 81%
84 Jan ’ 14 ___
Ft Smith I.t St Tr 1st g 5a__ 1936 M- S
10
94
Havana Elec conaol g 5a___ 1952 F - A 94 Salo 94
69
69% 49
Hud St Manhat 5a Ser A ___ 1957 F - A ____ 69
25*4 21
Adjust lncomo 5a________1957
25% 55% 25%
. N Y A Jersey 1st 5a_____ 1932 F - A 100%____ 100% Dec ’ 16 ___
123
73
Interboro-Metrop coll 4^3-1956 A -O
71% Salo 71%
Intorboro Rap Tran 1st 5a.. 1960 J - J 98% Sale 98%
98(2 376
1
92
Manhat Ry (N Y) conag4a. 1990 A -O
92
921-t 92
93% 49
Stamped tax-exempt........ 1990 A - O
93% Sale] 92 %
Metropolitan Street Ry—
3
99%
99% 99%
Ilwav A 7th Av 1st c g 5a. 1943 J - D 99
_
99'4 99*4 N ov’ 10 _ _
M- S 98
M- S 99% 9934 99% Deo ’ 16 ___
30 Mar'14
102% Oot '1C
Refunding A extcn 4 ^ a ..l9 3 l J - J 92% ____ 93 N ov’ 16 ___
Mlnneap St 1st cons g 5a_ 1919 J - J 100%____ 101 Aug '16 —
_
90% 51
Montreal Tram 1st A ref 5a. 1941 J - J 96% Salo 95
New Orl Ry A Lt gen 4 H a .. 1935 J - J 833g 84% 83*4 Aug ’ 10 ___
N Y Munlclp Ry 1st a f 5a A 1966 J - J 100 ____ 100% Dec ’ 16 ___
73%
N Y Rys 1st R E A ref 4 a ..-1942 J - J 73% Salo 73%
15
49% 186
30-year adj Inc 5a______01942 A -O
48% Salo 48%
N Y State Rya 1st cons 4 >$8-1962 M- N 86% 87% 87%
87%
1
Portland Ry 1st A ref 5a___ 1930 M-N ____ 91
88% N ov'10 ____
Portld Ry Lt A P 1st ref 5s. 1942 F - A ____ 77% 78% July’ 10 ___
Portland Gen Elec 1st 5a. 1935 - J
100 May’ 15
11 Jos Ry, I,, H A P 1st g 5a. 1937 M-N
95*4____ 96 May’ 16
St Paul City Cab cons g 5a.. 1937 J - J
102% Oot Tfl
25
Third Ave 1st ref 4a............ 1960 J - J 81 Salo 80%
81
Adj Inc 5a........................al960 A -C
75
7
75 Sale 75
Third Ave Ry 1st g 5a.......... 1937 J - J 107 108 107 Dec ’ 16
Tri-City Ry A I.t 1st a f 5a.. 1923 A -O 101 Salo 100%
101 ’ 6
Income 6s_______I._~ IIIl948
United Rya Inv 5a Pitta las. 1926 M -N
United Rya St L 1st g 4a___ 1934 J - J
St Louis Transit gu 5s___ 1924 A - O
United RRs San Fr s f 4a__ 1927 A -O
Va Ry A Pow 1st A ref 5 s.. 1934 J - J
Gas and Eloctrlc Light
Atlanta G LCo 1st g 5a____ 1947 J -D
Bklyn Un Gas 1st conag 5a. 1945 M -N
Buffalo City Gas 1st g 5s__ 1947 A -O
Clnoin Gas A Elco latArcf 5a 1950 A -O
Columbus Gas 1st gold 5 s.. 1932 J - J
Conaol Gaa conv deb 0a___ 1920 Q - F
ConsGasE LAP of Balt 5-yr 5s’21 M -N
Detroit City Gaa gold 5 a ... 1923 J - J
Detroit Gaa Co cons 1st g 5a 1918 F - A
Detroit Edison 1st coll tr 5s. 1933 J - J
1st A ref 5s ser A........ ..51940 M- S
Eq G L N Y 1st cons g 5 s.. 1932 (VI- S
Gas A Elec Berg Co c g 5a. . 1940 j -D
Hudson Co Gas 1st g 5s— .1949 M -N
Kan City (Mo) Gas 1st g 5a. 1922 A -O
Kings Co El L A P g 5a___ 1937 A -O
Purchase money (Is_____ 1997 A -O
Convertible deb 6s_____ 1925 M- S
Ed El III Bkn 1st con ; 4s. 1939 J - J
Lac Gas I. of St Ll a t g 5a..el919 Q - F
Ref and ext 1st g 5s___
1934 A -O
Milwaukee Gaa L 1st 4s___ 1927 M -N
Nowark Con Gas g 5a........ 1948 J - D
N Y G E L H A P g 5s___ 1948 J - D
Purchase money r 4s ___ 1949 F - A
Ed El 1 1st cons g 5s___ 1995 J - J
1
N YAQ El L A P 1st con g 5s 1930 F - A
Pacific G A El Co Cal O A E
Corp unifying A ref 5a__ 1937 M- N
Pacific G A E gen A ref 5 s..1942 J - J
Pac Pow A Lt 1st A ref 20-yr
5a Internet Series------------1930 F - A
Pat A Passaic G A El 5s----- 1949 m - a
Peon Gaa A C 1st conag 6a.. 1943 A -O
Refunding gold 58---------- 1947 M- S
M-S
Ch G-L A Coke 1st gu g 5a. 1937 J - 1
Con O Co of Chi 1st gu g 5a 1936 J - D
Ind Nat Gaa A Oil 30-yr 5s 1936 M - N
Mu Fuel Gas 1st gu g 53--1947 M- N
Philadelphia Co conv 5s___ 1919 l4 - A
Conv deben gold 5a........ .1922 M- N
Stand Gas A El conv s f 6a.. 1926 J - D
Syracuse Lighting ls tg 5 s . .1951 J -D
♦No prtoe Friday; latest bid and ashed,




Range
Since
Jan. 1

Aik Cow

93 Salo
J -D
J - J 101%-----J - J 9312 100
F - A 91*4____
M- N 9134 _
j - J ___J 87
98% Sale
Virginian 1st 58 Series A ___ 1962 M -N
M-N 106 Salo
2d gold 5a.......................... 1939 F - A 9934 100
J - J 80 ____
M- S 97 ____

Guar refund 4a________1929
Utah & Nor gold 5s___ 1926
1st extended 4a_____ 1933
Vandallaconag 4aSer A ___ 1955

Week'i
Range or
Lait Sale

High
109
94%
102
95%
91%
91%
99%
106
100%
105
100
105%

72
82

70"
87
*4 4%
% 3*4
% 3(2
*2 3%
%
%
%
%
83% 85*4
71
103*4
81%
37
98
96
97
68
80
84*2
84
85

BONDS
N . Y . STOCK EXCHANGE
Week Ending Deo. 22.

76%
105%
88
37
102
99%
99%
80
80
88
88%
90%

I0O 103^4
14
74*8 81
100 10 1%
100% 102%
93% 94%

Union Elec Lt & P 1st g 5 s .. 1932
Refunding * extension 5s. 1933
United Fuel Gas 1st s f 6s. 1936
Utah Power & Lt 1st 5s___ 1944
Utica Elec Lt A P 1st g 5 s.. 1950
Utica Gas A Elec ref 5s------- 1957
Westchester Ltg gold 5s------1950
Miscellaneous
Adams Ex coll tr g 4s_____ 1948
Alaska Gold M deb 6s A ----- 1925
Conv deb 6s series B____ 1926
Armour A Co 1st real est 4 Ha ’39
Booth Fisheries deb s f 6c ..1926
Braden Cop M coll tr s f 6s. 1931
Bush Terminal 1st 4s.......... 1952
Consol 5s_______________ 1955
Bldgs 5s guar tax ex____ 1960
Chic UnStat’n lstgu 4 Ha A 1963
Chile Copper 10-yr conv 78.1923
Computing Tab-Rec s f 6 s..1941
Granby Cons M S A P con 6s A ’28
Stamped_______________ 1928
Great F
’alls Pow 1st s f 5 s.. 1940
Now 1st A coll tr s f 6 s ..1941
Int Navigation 1st s f 5s___ 1929
Montana Power 1st 5s A __ 1943
Morris A Co 1st s f 4 Hs___ 1939
Mtge Bond (N Y) 4s ser 2 . . 1966

Price
Friday
Dec. 22.

Weik'i
Range or
Lait Sale

Bondi
Sold

Price
Friday
Dec. 22.

Interen
Period

Iniereit
Period

BONDS
If. Y . STOCK EXCHANGE
Week Ending Deo. 22.

Bondi
Sold

New York Bond Record—Concluded—Page 4_____________3 329

D ec. 2 3 1916.)

Range
Since
Jan. 1

Bid
Aik Loto
High No. Low High
J - J 84 _
(VI- s io n * lOliji June’ 14
M- S —
1 0 1 " 101*8 Deo ’ 16 ___ 100*4 101*8
M -N
101*8 N o v ’ 16 ___ 101*8 101*8
J - J 100 % 10 1 % 101
101% 27 99% 101%
F -A
11 93% 96%
96
95*2 Salo 95%
J - J 100 % ____ 102% Mar’ 16
J - J 100 % . . . 98 Aug ’ 15
J - D 105 106% 105
1 104% 105*8
105
M- S
M- S
M- S
J -I)
A -O
F -A
A- O
J - J
A -O
J - J
(V -N
I
j - j
M -N
M -N
M- N
A -O

85 Doc ’ 16 ___
23
84%
S6
9
85
85*2
48
93%
94
92% N o v ’ 16
98
9S% 63
88 Deo ’ 16 ___
1
92%
92%
88%
8812 10
99%
100% 5b
128*4
136% 994
13
87
87%
100
107
15
103%
105% 33
15
101
101%
111 Oot ’ 10
109*4 N o v ’ 16
95% 320
94% Sale 93%
110% N o v ’ 16 ___
100
99% Sale 99%
55
93
93% 927g Dec ’ 16 ___
83 Apr ’ 14

85
86
84
85
85
86
93% Salo
88
95%
97% 98%
88% 90
92% Sale
88% Salo
100% Sale
13H2 Sale
87 Sale
106 Sale
105% Sale
101% Sale

A -O
F-A
J - J
J - J
A- O
J - 1
F - A 75
J - J 101
A - O 107
M- N 92%
F - A 93(2
M -N ------A - O 92
M -N
90
J - J

N Y Dock 50-yr 1st g 4 s...1951
Niagara F
’alls Power 1st 5s. 1932
Ref A gen 63___________ al932
Nlng Lock A O Pow 1st 5 s.. 1954
Ontario Power N F 1st 5S..1943
Ontario Transmission 5s___ 1945
Pub Serv Corp N J gen 5 s.. 1959
Tennessee Cop 1st conv 6 s .. 1925
Wash Water Power 1st 5 s.. 1939
Manufacturing & Industrial
Am Ag Chem 1st c 5s..........1928 A -O
F -A
Am Cot Oil debenture 5s__ 1931 M -N
Am Hide A L 1st 3 f g 6s___ 1919 M- S
Amer Ice Secur deb g 6s___ 1925 A -O
Am Smelt Securities s f 6 s..1926 F - A
Am Thread 1st coll tr 4s___ 1919 J - J
Am Tobacco 40-year g 6s__ 1944 A -O
Gold 4 s........................ ..1951 F - A
Am Writ Paper 1st s f 5 s ... 1919 J - J
Baldw Loco Works 1st 5 s ...1940 M -N
Beth Steel 1st ext s f 5s___ 1926 J - J
1st A ref 5s guar A______1942 M -N
Cent Leather 20-year g 5 s.. 1925 A -O
Consol Tobacco g 4s........ . _ 1951 F - A
Corn Prod Ref 3 f g 5s____ 1931 M -N
1st 25-year s f 5s_______1934 M -N
Cuban-Am Sugar coll tr 6 s.. 1918 A - O
Distil Sec Cor conv lstg 5s. 1927 A -O
E I du Pont Powder 4>$s__ 1936 J -D
General Baking 1st 25-yr 6s. 1936 J -D
Gen Electric deb g 3>$s___ 1942 F - A
Debenture 5s___________ 1952 M- S
III Steel deb 4H s...... ........... 1940 A -O
Indiana Steel 1st 5s .
1952 M -N
Ingersoll-Rand 1st 5s_____ 1935 J - J
Int Agrlcul Corp 1st 20-yr 5s 1932 M -N
Int Paper Co 1st con g 6 s...1918 F - A
Consol conv s f g 5 s ______1935 J - J
Lackaw Steel 1st g 5s______1923 A -O
1st cons 5s Series A ........ 1950 M- S
Liggett A Myers Tobac 7 s.. 1944 A -O
5 s................................ ....... 1951 F - A
Lorlllard Co (P) 7s________1944 A -O
5s............ ......... ......... ....... 1951 F- A
Mexican PetrolLtdcon 6s A 1921 A -O

____
101%
108
94%
94%
95
Salo
93

75
76
102 Dec ’ 16
105% Oot ’ 16
95 Deo 16
93%
93%
86 Sept’ 16
92
92%
90 Deo ’ 16
103% Jan '14

82
86%
84% 117
85 105
93
95
90
92%
97% 99%
86% 89
86% 92%
86
91
99*8 102%
120% 154
81
88
101% 117
103 115
99% 101%
95 111
95 % i n
93% 99%
91*4 110%
95% 100%
92% 93*8

94
71
100*4
105*2
92
2 92
86
26 89*4
88
12

94%
76"
102%
105%
96
95%
90%
93*8
125

102% Salo 102(2 103
1 101% 104%
102G
102
103
111)
96% 97% 97 Deo ’ 16
95*2 97*4
104 104% 104
104
io 103*8 104%
82(2 80%
97 Sale 90%
97% 46 94
97%
82% 86%
1037 Sale 105*8
8
110% 442 105*8 122*2
1 97% 99%
73
77%
98% Sale 98%
98%
96*4 98*4
____ 119% 120 N o v ’ 16 ___ 118 120
99% 102
83
85
82*4 N o v ’ 16
82*2 89%
101% 101%
86% Sale 85%
86% 85 65*2 94
74% 85%
102 104*8 103% Deo ’ 16
104% 105
. . . ____
103 103*4 103%
103% 20 102% 104%
87
94%
101% Sale 101%
101*8 11 99% 103%
102
53 100*4 103%
68% 75%
101*4 Sale 101%
8 1% ____ 84% Oct ’ 16 ___
82% 84%
25% 31%
100% 102
------ 99% 99 Dec ’ 16 ___
98*4 100%
0 95% 99%
98
71% 76%
97% 98(4 97%
101% 101% 101% Dec ’ 16 _ ___ 101% 103
97% 99%
93 68*s 78
68% Sale 68%
71
88% 93%
102 105 102
102% 15 101 107%
89
93*4
85 Mar’ 16 ___
------ 95
85
85
6 78
93% 100%
79
80
79
79%
83*2
98 100%
105% Sale 105
106
6 103% 108*8
99 101
91% 92% 92
92*4 188 89*2 94%
103% 49 101% 105
102*4 Sale 101(2
101 102%
100 ’ Oot ’ 13
93
93
75% 20 74
81%
------ 78*s 74
100% 101
4 101% 102*4
101% 102 101*4
101*4
92
96%
99 % 100
99%
100
36 81 100%
80
86
101 Sale 101
101% 60 97*2 101*2
99 100%
98 Salo 95
100
843 90 109
73% 79
127 Salo 127
127% 13 123% 128
48% 637j
102
24 100*4 103*2
101 Sale 101
83
88%
126(2 13 122*8 127%
126(2 Salo 126%
88% 94%
8 100% 102%
101*8
100*4 102 101
78% 80
2 106*8 128
111
108 115% 111
1073a 108
10
95
96
Nat Enam A Stpg 1st 5 s ... 1929 J -D 100% 101 100*2
100*2 20 96% 102
102% 102%
92
91 Dec ’ 16
J* J 91
85*2 91
80% 83% National Tube 1st 5s.......... 1952 M -N 100% 101% 100*4
100*4 10 99% 102%
75
84% N Y Air Brake 1st conv 6 s .. 1928 M -N 105 Sale 105
9 101 106*2
105*4
106 108% Railway Steel Spring—
Latrobe Plant 1st s f 5 s.. 1921 J - J 100%____ 101
101
8 99*4 101%
98*4 101
3
O
Klg
A -O
9 8 9 8 1 2 9ftl$
72
72 N ov’ 10 ___ 68
Repub I A S 10-30-yr 5s s f 11940 A - O
9978 Sale 997
8 100% 87 95*4 102%
7 2 " 80
6
99%
991* IOOI2 99
9 67
77
75%
75%
The Texas Co conv deb 63. . 1931 J - J 106 Sale 105*2
____ 75
14 104 106
106
59% 62
60
61% 61% N ov’ 10 ___
Union Bag A Paper 1st 5 s.. 1930 J - J 90
93% 93*2 Dec '16
80% 94
53%
3 53
53% Salo 53%
59%
91
94 N o v ’ 16
Stamped........ ................... 1930 J - J 88
82% 94%
38 Salo 38
39% 127 30
46% U S Realty A I conv deb g 5s 1924 J - J 65% 69
67
68% 27 67
73
90
91
90
90
5 87
92% U S Red A Itefg 1st g 6s___ 1931 J - J
25% N ov’ 16
10*2 25%
US Rubber 10-yr col t r 6 s ..1918 J -D 102% 102*8 102*8
102*8 30 101% 103%
103 Scpt’ 15
F - A 107 Sale
107 ____ 107
107
1 105 107
U S Steel Corp— )coup___ dl963 M -N 105*4 Sale 105%
106
280 103*4 107*8
19%____
M-N 105% Sale 105'4
1035* 1075s
106*4
100%____ 101 Oot ’ 16
Va-Car Chem lst’l5^yr 5s__ 1923 J - D 99'8 Sale 99%
101 101
99*4
5 96*4 100
*89 ____ 97 Fob ’ 15
A -O 1017s 102% 102 Dec *16
100 1031*
121% Sale 121%
124% 26 120 127
West Electric 1st 5s D e c ... 1922 J - J 101 102 102
102
3 101% 103*8
105% Salo 105
106% 40 105 108% Westlngh’se E A M notes 5 s.1917 A -O 100*8 100*4 100% Deo ’ 16
100% 101*8
Coal & Iron
101% 102 101% Deo ’ 16
101 102%
101 ____ 101% Oot ’ 16
101% 101% Buff A Susq Iron s f 5s____ 1932 j - n
9 6% ____ 96% Dec ’ 16
96% 99
104% 10 4*4 104%
104%
Debenture 5s__________ al926 M- 8 93% 95'2 99 N ov’ 10
7 102*4 104%
90
99
101% 102 101*4 Deo ’ 16
100% 102% Col F A I Co gen s f 5s___ 1943 F - A 95
’
9 92*4 98*2
95% 95%
95*2
F -A
ioo% May’ 15
2 74% 82
77 Sale 77
77
100 ____
J -D
35 .
73 Mar’ 14
103 ____ 103*4
103*4
1 103 103% Cons Coal of Md IstAref 5s. 1950 J -D
92
93*4 93 Deo '16
90
94%
90% . .
90% 91
Continental Coal 1st g 5 s ... 1952 F - A 35 ____ 99*8 F
’eb ’ 14
105% 105% 105% Deo ’ 16
104 105% Gr RIv Coal A C 1st g 6s. .1)1919 A - O ------ 94% 94*4 Mar’ 18
94*4 9 4*4
116 117
114% 118% Kan A II C A C 1st sf g 5s. .1951 J - J 46*| - 99 July’ 15
120 120% 128 Oot ’ 16
126 128
Pocah Con Collier 1st s f 58.1957 J - J 94% 94% 94*8
2 89 94*8
'945s
J
88 ____ 88% Sopt’ H
88
88% St L Rock Mt A P 5s stmpd. 1955 J - J 84% 86
85 Dec ’ 16
84
88%
101%
Tenn Coal Ren 5s__________ 1951 J - J 101% 102% 101% Deo ’ 16
101% 101% 101%
2 100% 105
160*8 103*8
101
102
102 Salo
9 100% 102%
Birm Div 1st consol 6 s .. . 1917 J - J ____ 100% 100 Deo ’ 16
100 102
92% . . . 93% Deo '16
Tenn Div 1st g 6s.......... al917 A -O ____ 101
91% 93%
100 N o v ’ 16
100 102
107%____ 103% Deo ’ 16
103(2 103%
Cah C M Co 1st gu 6s___ 1922 J -D ____ 108
101 D e o ’ 14
104% 23 103 105% Victor Fuel 1st s f 5s_______1953 J - J 70
104% Salo 104%
80 Dec ’ 16
80
80
80
84% Salo 8412
85% 28 83% 87
Va Iron CoalACoke 1st g 5s. 1949 M- S 86
87% 87*2 Dec ’ lb
82% 90*2
108% 109% 108% Dec ’ 16
Telegraph & Telephone
108 109
100%____ 100*4 Aug ’ 16
100% 101% Am Telep A Tel coll tr 4s__ 1929 J - J 91% Sale 91
91% 64 90% 93*8
Convertlb e 4s._ _______1936 M- S 98% Sale 98
4 98 105*4
98*2
99% Sale 99%
99% 35 97% 100
104% 10 104% 113*4
20-yr convertible 4
___ 1933 M- S 104 105 104%
92% Slao 92%
92% 30 91% 93% Cent Dist Tel 1st 30-yr 5 s.. 1943 J -D 102% 103 102% N ov 16
101*2 103%
Commercial Cable 1st g 4 s ..2397 Q - J 73
73 N o v ’ 16
73
73
77
Q- J
____ 95
92
93%
71 May’ 16
71
71
100%____ 99% Oct ’ 15
C u m b T A T 1st A ven5s__ 1937 J • J 99*4 100 100
100 % 46 99% 10 1%
113% 115 115 Sopt’ 16
98
98
98 Apr ’ 16
114*8 115% Keystone Telephone 1st 5 s.. 1935 J - J ____ 100
IOD4 Sale 101*4
2 190*8 102% Metropol Tel A Tel 1st s f 5s 1918 M -N 100*4 101 100*4 Dee ’ 16
100*4 1 0 1%
101*4
___
9973
091f lO llj
F -A
102% 103% 102%
102%
100*4 1 0 1%
1 100% 103% N Y A N J Telephone 5s g.1920 M -N 101% ____ 101% Dec ’ 16
100% 101% 101% N ov ’ 16
101 101% N Y Telep 1st A gen s f 4H e. 1939 M- N 99 Sale 98*8
99% 11S 97*2 997s
88
90
Pac Tel A Tel 1st 5s_______1937 J - J 100*4 104 100*4
91
91
91
32 99*2 102
10 80
101
99% ____ 100*4 Mar’ 16
100% 100% South Bell Tel A T 1st 8 f 58.1941 J - J 1007S Sale 100%
100% 23 99% 102%
98*4 . .
_
99% N ov’ 16
<96% 99% West Union coll tr cur 5s_ 1938 J - J 101 ____ 101%
101%
8 100 102%
92 % 93
Fd and real est g 4 Us___ 1950 M -N
94
0 88
92*4
92*4
96% Sale 95%
96% 36 94% 97%
101% Sale 101%
Mut Un Tel gu ext 5s___ 1941 M -N 102*4 . . . 101% Apr ’ 16
101% 10 98% 102%
101% 101%
102 103 102% N ov ’ 10
Northwest Tel gu 4 Ms g . . 1934 J - J 93*4____ 94 N o v ’ 16
94
95
99*4 102%
a D ub Jan. d Duo April, e Due May. a Due June. A Due July. A Due Aug. o Due Oot. v Due N ot. t Due Dee. s Option sale.

__

100 102
100% 102%

__

BOSTON STOCK EXCHANGE—Stock Record sJSSJpL..

3330

S H A H S P R IC E S — N OT
Saturday
Dec. 16

Monday
Dec. 18

Tuesday
Dec. 19

174
176
78*? 78
120 *118
44
*44
*215
4
*
30 *
•4*2 5
*4*2
*44*2 47
*44*2
*150 154 *150
*105
*148 153 *148
*
74
*70
*131
*131
*92
*92
*98
*97*2
47g
*4*4 5
28
28*2 28
*54*2 55*2 54*4
*101
*101
*134 140
134*4
*30
*110 112 *110
57
57
56
75*2 75*2 *75*2

174
174
78
78
120 *115
44*2 44
*215
4
30
5
*4*2
47
*44*2
154 *150
*105
153
150
*72
74
*131
*92
100
98
478 *4
28
27*2
54*4 55*2
*101
134*4 *135
34
*30
112
110
56
56
76
76

90
*102
1*4
8
*111*4
121*4
125*4
*47
95*2
*
*98
12612
67

90*2
103
1*8
8
111*2
121
125*4
48
95*2
76
99*2
128*2
69

•172*4
*77
♦118
44
•215

__

__

*_ _

__ __ __

__
__
__

91*4
103*4
1*2
9*2
112*4
121*4
126
48
95*2
77
99*2
130
67*2

20 21
*8*2 9*2

226
173
*101 101*4
93
95
80*2 80*2
*166 170
*.99
Da
226
*172

11*8 11*8

*40
*30
*64
125
154
*133

65
125
154
135

90*2
103
1
7
111*2
120
125*4
*47
95
*70
99*2
124
69

__

20 20
*8*2 9*2

*226
*171

90
102*2
1
8
112
120
125*8
*47
96

174
78
120
44

PER CE N TU M

Wednesday
Dec. 20
173

174
78
119
45

__ _
_

__

90
Z89*4
103 Zl00*2
1*4 *1
8*8 *8
112
112
120 *119
125*4 125%
48*2 *45
96
95*4

117*2 132*2

68*4 68*4
19*2 19*2
*8*2 9*2
228
173*2
101*4
96*2
80*4
165

1*2

42*

66

124
153
135

90
84
85
87
87*2
10012 102 105
100 100*2
1
1*4
1*4
1*4
8
8
7*8 7*8
112
107 110
108 111
121 *
121
118 118
125*t 1247g 125*8 125 125*4
46*.|
Last Sale 54 D eo'16
96
95
95
95
95
Last Sale 74 Dec’ 16

__

105
65*4
19
*8*2
*226
♦168*2

121
9U2 99*2 99 109
67
64*2 64*2 65
65
19*2 16*2 18
18
18
9*2
8*2 8 *?
228
227 227
228 228
169
167*4 167*4
*101 10134 101 101
101 101
94
96
92
93
94
93*2
80
80
80
80
80
80
*166 170 *160
*.99
Last Salt 1
N ov’ 16
1*2

*1114
*40
*40

Last Sale 35
*35

*66

*120*4 122
151 151
*120 130
1621* 162*9
44
44
43
44
44
44
40*4 43
15
15
15*4
15*2 15*2 15
1514 15
143 145
146 147*2 146*2 150
147 148*8
64
64
65
65*2 65
66*2 633S 63*?
*32
*32
33
33
*32
33
155 155*2 156*4 157
154 157*2 151*2 156*2
57
57*2 57*4 56*4 56*2 56*4 57
57
30
30
297 297S 30
8
30
29*8 29*8
113 114*4 11212 1137S U 0*s 116
108*4 112*4
*118*8 119
119*8 119*8 *119*2 120 *118*2 119
87g 9
9
8*4 87g 8*8 9
8

__

*4*2

5

1178
*1*4
*65
48
*72*2
137g

12
1*2

2

5514
77
545
19*2
58

68*8
2*2

5
16*8
9
92
45*8
17*2
*4

66

*92*2
36
47g
*4
13*2
*4*4

*6

14*2

*_ _

*3
94*2
257S
5*4
*15
25

__

*4*2

12

5

4

4*8

12*4
1*2

12
1

12*4

*1*4
65
65
65*4
49
46
44*(
74
74
76*2
14*4 147g 14*i
*2
2
2
2*4
57
52*4 55*2 52*2
80*2 79
78*4 78
550
545 550
545
19
19*4 18*2 19
58*8 577g 57Vg 55*8
70
68
68*4 70
3
3
2*4 *2*2
5*2 6
5*,
5*8
16*2 16*8 16*4 16*2
9
9*2
9*4
9*4
93
96
93
91*2
46
46
46*8 477g
17
18
18
16*2
4
4
*3*4
4*2
66
65*2 67
93*4 *921* 93*2 *92*2
36
35*2 36
36'j
478
47g *4*2
47g
5
4*2 4*2
4*2
13
13*2 13*2
1312
6
*4*2 5
4*2
7
7
7
*6
147g 14*4 15
15*4
3
3
*3
3
4
3*4 *3*4
*3*4
98
96*8
95*2 96
25VS 25*4 25*4 *25
5*2
5*2 512
5*8
16
15
15
1512
25
*24*2 25
24*2
*
85
82
9
9
9
9
24
23*4 24*i
23*2
2*2 *2 *s 2*4
1*4
2
2
2*4
2*4
65*4
49*2
7312
14*2

__ __

9
23
*2*8
* 1*2
*2*8
67
90
20*4
90
*28
91

2

9*4
*27*4
57S
16
42*2

6*2
1*8

2*2
68

91*4

21*8

91
28*.|
95

2
2*8
66*4 68*4
91
95
20*8 21*2

90*2
27*4
94
2
17g
9*2
9*4
28
*27*2
57),
5*2
16
16
5*8
5*4
44
43
7
6*4
2
1%
t'8'4 66*4
51*2 51*4
3*8
3*8
18
18*4
[09
109*8
7
6*2

91*2
28*8
96

2

*2
66

92*2
19*2
90
27*2
92

2

3*4

12

*1*4
62
3912
723.|
13*2
2
1*4
54
50
82
79
555
535
19*4 *19
57
547g
70*4 65
3
2*8
6*8
5*2
167S 157g
9
9*4
95
90
477 *44
8
18*2 16
4
3
65*2 60
93*2 *92
37*2 35*4
5
4*4
4*2
4*4
14*i
12
419 *4*2
7
*6
16
13*2
3*4
2*4
3*i
3
99*3 95*2
25*2 *24
5*4 ,5*8
151? *14
25
23*2
82 *
9
87S
24*2 23
1*4
67
50*4
77
15*f!

2

2*4
2*3

68*4
21

97*4
91*2
27*3
95*2

2*8

1*2
2*8
*2

64
92
18*2
90
*26*2
90

1*2

9*4 9*2
9
9*8
28
*26
*27*2 28
5*4
5
5
5*8
16
15*2 15*3 15
5*2 5*8
5*2
45
43*2 44*2 41
6*2
6*8 6*3 6

2

2

2*8

2

4
12*4

1*8

65*4
46*2
74
14*?

2

52*8
80
550

21

56*8

68*4
2*8
6*8

16*4
9*4
91
45
16*2
4
63
93*?
36
4*4
4*8
13

5
7

15
3
3*4
99*4
24*2
5*2
15*?
24*2
82
9
23*4

2*8
2*8
3*2
66
96
20

92
27
93

2

9*2
27
5
15
5*4
42*2
6*4
2* '
8
67 I
52*4
3 *3!
19
99*2'
6*4
6*4 j

68*4 66*2 68*4 62
52*4 51*4
52*2 52
3%
3*8 3*8
3*4
19
18*2 20
17*4
*99
109*8 104*2 107
6*1
6*8
6*2 6*4
6 *s
6
6
*6
6*2 ' 6 's 6*8
6*4
4*2
5
4*8 5 I 5
4*4 5
49
48
48
48
48
48
47
'18*2
*l*i
2
17g * 1*8
* 1*8
178 *1*3 2 1
•Bid and askod prices, a Ex-dlvldend and rights.

67*2
51*4
3*1
17*8
*108 <2




Friday
Dec. 22

174 174
*
*70
75*4 76
76
119
*114 120
44
42
44
4234 43
Last Sale 215 Dec’ 16
*212*2
4 *
4‘
Last Sale 4*2 M ay’ 16
30 *
30
Last Sale 30 Dec’ 16
5
Last Sale 4*2 Nov’ 16
*4*2 5
47
♦44*2 47
- Lats Sale 45 Sept’ 16
*150 154
Last Sale 150 Oct* 16
*105 107*?
Last Sale 105 Dec’ 16
150 *147 150 *147 150
74 *
74
Last Sale 75 Dec’ 16
*131
131U 131*4 *130 133
*92
Last Sale 93 Dec'16
98 *
100
98
93
5
*4
5
*4
*4i2 4*4
28
27*2 *27
27
27
*25*2 27
55
55*4 54
50
5212 52*8 523s
98*2 98*? *97 101
140 *134*4 140 *134
34
*29
30
Last Sale 35 Dcc’ 16
110 *110 112 *109 112
56
56*2 56*? 55
6512
*73
76
76
*73
75
72
74

__ __

228
226
172 *172*2
*101 101*4 *101
95
95*2 96
80*2 80*2 SO
*166 169
165
*.99
1*2 *.99
*11*4
*11*4
*40
*40
33
33
40
*63
65
64
124 124
124
*151 153 *151
*125 133 *120

PRICES.

Thursday
Dec. 21

66

66

*120*4 121
151 151
102 108

Nov’ 16

120*4 121

STOCKS
BOSTON STOCK
EXCHANGE

Week
Shares

Rant* Sinet Jan. 1

9
34,169
292
3,080
60
17

Do pref.
moakeag M
Do pref.
Do

pref.

.100

.100

20

30
3,531
422
3

Do

pref.

Do

pref.

20
58
90

101
10

Rano* fo r Pretioni
Year 1915

Lovett

Railroads
53 Boston & Albany________ loo
101 Boston Elevated.................loo
10 Boston & Lowell_________ 100
735 Boston & Maine_________ 100
Boston & Providence......... 100
Boston Suburban Eleo Cos_
_
Do p r e f .....................
Boston < Woro Eleotrlo C os..
fc
Do pref_____________
Cblo Juno R y i O S Y --.1 0 0
Do p r e f.................. .......
10 Connecticut River_______ 100
Fltohburg pref..................... 100
37 Georgia R y & Eleo stampdlOO
Do pref_____________ 100
60 Maine Central............ ........ 100
50 Mass Eleotrlo Cos________ 100
475 Do pref stamped_______ 100
291
Y N H & Hartford......... 100
5 Northern New Hampshire. 100
18
Rutland, pref___________ 100
110 Vermont & Massachusetts. 100
35
42
pref.............. .. .
Miscellaneous
405
280 Do pref.
.100
2,218 mor Pneum
420 Do pref.
357
43 Do pref.
3,988
321

V o l . 103

.100

Do pref............................ 100

Highest

173 Deo 20
6512 Apr 24
119 Deo 20
34 Aug 29
200 Aug 4
4i2 Feb 29
30 Deo 11
4 M a rl 8
42 Feb 28
150 Oct 25
102i2 Apr 26
123 Sept 1
6914 Sept27
122 Jan 3
z 86 Jan 10
98 Septl9
4i2Deo 15
27 Dec 21
50 Deo 21
97 Jan 3
134U Deo 18
20 May 1
100i2 Aug 29
z55 Scpt21
69 Julyl3

198 Feb 16
88*s Jan 19
145 Feb 11
52 Feb 14
23512 May29
5 Jan 8
4012 Feb 29
512 Jan 5
45t8 Julyl8
154 July28
110 Julyl4
162 Feb 19
87 Feb 14
131*4 Deo 12
93 N o v 3
102 Jan 17
8*4 Aug 30
44 Aug 9
77*4 Jau 3
107 Septl4
157 Feb 26
35l2 Deo 2
125 M ar 1
6712 Jan 19
86 Feb 25

Mar
June
Feb
Feb
Jan
Deo
Sep
N ov
Jan
Fob
101*2 July
140 Feb
51 Feb
114 Apr
84 Aug
92 Mar
4?8 June
33 July
43 Feb
89 Oct
140 Aug
15 Mar
105 Fob
61 May
80 July

198 Jan
96 Jan
13812 Oot
37i2 Oct
240 June
10 Mar
50 Mar
9 Sep
47 July
160 Sep
110 Apr
165 Jan
76 N ov
120 Feb
88 Mar
103*2 N o v
10 Sep
56 Jan
87*4 Oct
98 Apr
167 Apr
. 30 N ov
125 Apr
7212 Jan
93*2 Feb

64 Apr 24
95i2 Mar23
1 Deo 18
7 Deo 18
106 Apr 22
11412 Mar 1
1247s Deo 21
42 Aug 5
92 Jan 11
66 Jan 3
98 July24
27 Jan 14
42 Jan 15
w8'8 Apr 28
8i4 Deo 15
225 Deo 11
159U Apr 22
95 June 8
79 Sept21
78 8eptl4
155 May 4
U N ov 22
10 Deo 5
35 N ov 9
2312 July 18
50 Jan 24
120*4 Deo 22
10218 Jan 11
102 Deo 21
15812 Apr 28
35i2Deo 21
15 Feb 3
125 Feb 5
35 Jan 14
28 Jan 14
136i2Jan 31
50 June23
28*2 Jan 3
79*4 Mar 1
11514 Feb 5
65sSeptl8

102 N ov25
48 Jan
87*2 Mar
105 Deo 1
3U Apr 12
1*4 Mar
16 May 4
13 Deo
125U Oot 25 100 Feb
124 Oct 25 109 Feb
134ia Sopt30 116 Jan
56*4N ov 8
I 6 I2 Apr
10158 M arl4
77 Feb
79 N ov 8
59*8 Jan
lO l^ F eb 10
97i2 May
147*4 Deo 8
4 Feb
72i2N o v 1
97 Mar
a
257gJuly20
13*8 Jan 19
8*2 Deo
250 M ar 7 230 May
186 Oot 20 138U Feb
10212 Sopt 8 96*2 Aug
100*4 N ovl7 78 Apr
89 Feb 14
84 N ov
181 N ov20 154 Feb
2 UJan 15
*4 Apr
19 Apr 10
10 June
44 Feb
35 Feb
42 Deo 19
20 Apr
66 Deo 19
25 July
140 M arl7 xl27U June
___ NovlO
165
155U Nov 17
175 Oot 6 159 Feb
59 Oot 28
16i2May23
15 Sep
177 Oot ‘
104*4 Jan
70 N ov
28 Mar
33 M ar _
26 Mar
168*4 Aug 21 110 Feb
6312 Mayl2
48 Aug
31 Septl 8
28 Mar
129*8 N ov27
38 Feb
12 2 *4 N ov 3 102*4 Jan
13 Jan
10*8 Deo

73*4 N ov
101*2 N ov
t*2Oct
19is Jan
119is N ov
119 Deo
130ia Nov
67U Oct
99i2O0t
67 Apr
101 Feb
36 N ov
49 N ov

L ovett

170
73
109
20
225
5
40
5
39
157

Highest

13U Apr
260 Jan
18412 Oot
104 M ar
94 Aug
92is Jan
200 Jan
3 Sep
16*8 Deo
46*2 Jan
30 N ov
65 Deo
143 Jan

130
170 Oct
40
40
40
1,550
15
15
15195
18U Jan
144*2 148
2,608,
145
128 N ov
609
61
59*4 61
3612 Deo
3 Do pref.
33
30U Sep
3,876
149*2 148 151
163 N ov
56*2 55*8 56*4 5,040
65 May
166 Do pref............................25
29*4
30 Aug
106*8 103*2 107*2 11,845
89*2 Deo
45 Do pref.
117*4
.100
117*4 Oot
77g
7*2 8*8 8,195
14*8 N ov
Mining
57 Deo .
s
1*4 Feb 17
4 Jan
47SApr
680
3*2 3*2
3*4 4
91 Aug 1 125*2 N o v l 8
9212 Deo 103 Aug
102
99 100
960
10 Deo 21 26i2Jan 7
2 Hj Deo
40*4 Apr
10
11*4 10*2 11*2 2,375
2*2 N ov20
*4 May 3
.45 Feb
4*4 Apr
1
1
910
1*4
1*8
56 Deo 21 83i2Nov21
35*2 Jan
66 Deo
56
63
1,915
61
58
97*8 Apr 10
29i2J u lyll
16*4 Jan
72UNov
30*4 36
31,090
36
38
861a N o v 1
25 60 Julyll
65
70
68 69*2
817 Do pref.
18 N ov20
78s July29
314 Jan
9*2 Apr
12*4 1312 13*8 13*4 8,999
1>2 Aug 2
5*2 Feb 5
2 Jan
4*4 Apr
178
1*4
1*8 1*4 1,400
42 Deo 21 105U Mar 9
35*4 Jan
80 June
42
44
45
481? 1,741
66 June28 101 N ov20 51*2 Feb 78*4 Apr
73
70*o 7,205
78*4 74
610 Deo 21 640 Nov20 350 Jan 630 Apr
510 525
510 520
253
27 N ov20
14 Julyl7
15 Jan
25 Apr
19
19
595
18*2 19
73»8Nov20
327g Jan
46 Ju lyll
67 Nov
50
50*1 52*8 52*8 1,340
6412 J u lyll 87*4 N ov21 30 Jan
65 Deo
59
65
63*8 62
17,276
17g Jan
2 Julyl3
3*s M arl7
5*4 Apr
2*2 2*4 *2*2 3
825
4*4 Deo 15
7*4 Deo 7
47g 5*2
5
5*8 11,295
11*2 Julyl2 20 N o v l 8i
8*2 Jan
16*2 Deo
13
15*4 15*8 17
7,363
6 June23 I 3 I4 N 0V20'
4*2 Feb
14*4 Apr
8
8*8 8*8 1,841
8*4
79 Julyl4 120 N ov201 58 Jan
94i2 Apr
83
85
86 88
303
34*4 June26 65I4 N 0VI8 23*4 Feb
52*8 Deo
*42
*4412 45
43
185
10«2 June28 23*2 N ov 20
11 Jan
2412 Apr
13*2 15
14
17
2 ,0*12
6 i2
2
214 Jan
10*2 Apr
100 aland Creek Coal________ 1 42 JulylO 73*4 N o v 21
*3*4 4
3*2 31?
8opt27
Deo 6
41 Mar
52 Aug
52
58
56
57*2 1,480
Do pref_____________ 1 88 Jan 29 93l2Deo 2
85*2 Jan
91*8 Apr
Last Sale 93 D cc’ 16
25 Julyl3
43 N ov20
17i2Jan
34 Apr
30
33
35
2,851
35
5*8 May 3
3*2 Mar 4
3 Aug
5*8 Apr
4*2 4*4
835
412 4*2
8 Apr 6
4*2 Apr
2*4 Feb 11
1*2 Aug
765
4*2 4U
4*4 4*4
19l2Fob 10
1978 Deo
9i4 Julyl4
5*2 Jan
11
12*4 2,156
12*8 11
3*8 Jan
0i2 N ov 20
3U Julyl5
9 Apr
5
4*2 5
5
265
9 N o v l8
ll 2 Aug 3
1 Mar
6 Deo
*5*2 6
110
6
6
10 Julyl3
19l2Nov20
3 Jan
17 Apr
12
13*? 3,900
10
13
2 July 5
5 Feb 10
3 Aug
8 Apr
260
3*2 *3
3*4
*2*2
D 2 Jan 5
4*4 N o v 6
.60Mar
3 Apr
310
3*4 3*4
3*4 3*4
77*2 J u lyll 108 N ov20 40*4 Jan
98 Deo
88 93
3,590
90*2 97
15 Jan 28 33i2Nov20
11*8 Feb
17 Apr
217g 217g 227g 227g
232
14*4 June
4*4 Julyl4 10'4 Jan 4
4*2 Feb
5
51,
1,475
5
5
9 JulylO 24*4 Jan 19
4 July
13*2 Aug
14
15
15
660
15
20 Deo 21 3138 Nov20
20 20
240
79 Nov 9 93*4 Nov20
80
80
80
80
50 Do pref .
5*8 Aug
87g Nov
6 M or 1 914 N ov21
480
*9
8*8 9
9*4
22*i Jan
387 Apr
8
20 Julyl3
3212 N Ov20
21*2 23
21
23*4 6,073
4i2Jan 3
.50 June 2
1 Jan
4*8 Apr
2
2
17S
360
17s
27«Apr 6
HgJulyl5
.50Mar
312 Apr
2
1,12 0
1*4 1*4 * 1*2
4 Jan 3
H4 Julyl4
2*4 N ov
7*s Apr
2
2
700
2*8 2*8
59 Deo 21 83 N Ov21
38*2 Mar 64 Deo
59
62
60
65
13,780
70 Julyl4 105 Nov20
64 Jan
93*2 Apr
89
93
2.419
87*2 91
lH sM ar 7 23*4 Deo 11
12 Jan
19*8 Aug
15*2 18
16*4 18*9 11,125
81 Julyl2 109*2 Nov21
95 Apr
50 Jan
85
89*-> 84
87*2 1,178 <
27*8 NOV
15*4 Jan
20*4 June22 36*4 N ov20
24*4 25*4 25*2 26*4
no*
66*2 Deo
6 II2 Jan 31 110 N o v 20 28 Jan
86 88
84
2 ,210 =
88
1 Mar
5 Oct
U4 July28
37 Jan 8
s
178 178 1.585 §
1*8 2
12*2 Feb 14
4 Jan
11*2 Apr
7 Julyl3
87S 9*2 4,225 S
8*4 9
40*8 Feb 14
18*4 Jan
24*4 Ju lyll
8
38 N ov
Last Sale 265s Dec’ 16
8i2Jan 4
5*4 N ov
4 Aug 4
7*4 July
*5
635 S
5*8
4*4 5
12ij July 15 28 i2Jan 3
22 i2Jan
41*2 Apr
800 S
13
14
13*2 14
8*4 Oct 31
4*2 Apr
1 Mar
1>2Jan 13
5
5
4*4
6,595 s
56>4 Jan 14
35 Aug 5
25 Jan
68*8 Aug
36
41
38
46*4 3,160 9
16*2 Oot
4U July 12 12*4 Jan 3
2*8 Feb
5
6
4*2 5*4
2,345 9
.63 Apr
.15 Jan 26
.20 Jan
2*2 Deo 7
9,455 9
17g 2
1*4 2
54 Deo
54*8 Jan 3
20 Feb
81*8 N ov21
56*2 60*- 59*4 6234 15,713 1
50*2 Deo
28 Jan
60 49 Feb 1 53*4 Apr 11
51
51*? 51*4 52
633 . Do pref.
2 Jan
5*8 June
2?s Deo 21
5*8 Apr 10
27g 3*4
3
3*4 4,885 T
1212 Jan 15 30I2 Nov21
9*4 Feb
16*8 June
0,472 \
15*2 17
16*2 18
48*4 Jan
75 June27 127*8 Nov20
81*4 Deo
*93
400 1
94
99 1007g
5I4 DCO 21 1li 2 Marl3
5*4 6
5*2 o'g ; 6,713 l
1 Feb
4ta Aor
2*4 Jan 3
8 i2 N o v l 8
6
700 '
6
4*8 5*2
8*4 N ov 20
1*4 Jan
5*8 May
3*4 Mar27
838
4*2 4U
4*4 5 I
32 Jan
70 Apr
45 Oot 9 67*2 Feb 10
45
46
480 ^
46
47*4!
2*4 Fob 14
.50 Mar
2*4 Apr
1*8 AU« 12
10 v
1*4'
* 1*2
1*4
1*4
6 Ex-stock dividend, e Assessment paid. A Ei-rlghts. z Rx-dlvldend. a Ex-Tamaraok stock. v Half-paid.

3512
15
144
61
*32
142
55*2
*2912
100*4
*117
7*4

THE CHRONICLE
_______ Outside Stock Exchanges

2331

Deo. 23 1916.]

—Transactions in bonds at Bos­
ton Stock Exchange Dec. 16 to Dec. 22, both inclusive:
Boston Bond Record.

Friday
Last Week's Range
Bonds—

Price. Low.

Ain Ag Chem 6s____ 1924
58...... ....................... 1928 1024
Am Tel & Tel coll 4 s..1929
5s temporary receipts...
994
Anglo French 5-year 5 s __
Atoh Top ft San Fe 4s. 1995 94
A tl G & W I SS L 5 s.. 1959 85
Chi c June & U S Y 53.1940
Copper Range 5s___ 1949 1014
Dominion Coal 5s----- 1940
Gt Nor-C B & Q 4s— 1921
9 84
K C Mem ft B 4s___ 1934

103
1024
91
99
93
94
84 4
1014
1014
94 4
984
83 4
75
984
76
104
1014
98 4
974
1074
99
9 94

Mass Gas 4 4 s _____ 1929
Miss River Power 5s. 1951
Pond Creek Coal 6 s.. 1923
Swift & Co 5s.............. 1944
United Fruit 4 4 s ___ 1923
4 y2s__
1925
U S Smelt R ft M conv 6s.
Western Tel ft T el 5s. 1932

Sales

High. Week.
103
1024
9 14
9 94
934
9 44
86
1014
1014
9 44
984
834
92
9 84
76
1044
1014
9 84
9 74
109
99 4

Range since Jan. 1.
Low.

High.

84,000
9 64 July 103
4,000 1004 May 1034
93
16,000 9 0 4 Nov
380,000 9 8 4 Deo 9 94
93
Dec 9 54
5,000
22,500 9 2 4 Aug 954
Jan 894
34,000 74
13,000 1004 May 102
Mar 1014
5,000 85
5,000 9 34 Feb 9 64
9,000 9 74 July 99
Oct 92
15.000 80
10.000 6 74 Feb 95
3.000 9 64
9 94
Dec 81
1.000 76
Feb 107
13,500 87
26,000
9 8 4 Jan 1024
6,000 9 74 Jan 1004
Jan 98
3,000 97
5,000 1074 Dec 115
Jan 1024
4,000 99

Dec
Oct
Apr
Deo
Jan
Feb
Nov
Aug
Dec
Feb
Feb
Mar
Jan
Jan
Dec
Oct
July
Nov
June
Oct

Chicago Stock Exchange.—Completo record of transac­
tions at Chicago Stock Exehango from Dec. 16 to Dec. 22,both
inclusive, compiled from the official sales lists, is as follows:
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.

Stocks—

Amer Shipbuilding___ 100
Preferred..................... 100
Amer Straw Board___ 100
Booth Fisheries, com .. 100
Preferred................. .100
Cal & Ohio Canal ft D.100
Chic C’y & C Ry pt sh com
Preferred----------Chlo Pneumatic T o o l..100
Chic Rys part ctf "2 ”
Chicago Tltlo ft Trust. 100
Com’wealth-Edlson — 100
C udahy.........................
Deere & Co, pref.......... 100
Diamond Match_____ 100
Ilartman Corp..................
Hart, Shaf & Marx.comlOO
Illinois Brick.................100
Lindsay Light....................
National Carbon.......... 100
No Amer Pulp ft Pa com ..
People’s Gas L & Coko-100
Prest-O-Llto Co Inc........ Pub Scrv of No 111, com 100
Preferred...................100
Quaker Oats C o ............100
Preferred...................100
Sears-Roebuck, com— 100
Preferred ...................100
Stowart War Speed comlOO
Stover Mfg & Eng Co p f..
Swlft & Co.....................100
Union Carbide Co------- 100
United Pa Board com .. 100
Preferred----------------100
Ward, Montg ft Co pfd —
Bonds—
Booth Fisheries s fd 6s 1026
Chicago City Ry 5 s..1927
Chlo City & Con Rys 5s '27
Chicago Rys 5s........ .1927
Chic Rys 5s ser "A ” ___
Chic Rys 4s ser “ B” ___
Chicago Telephone 5s 1923
Com'wealth-Edlson 5s 1943
Commonw Eleo 5s .1943
Ogden Gas 5s________1945
Paducah ft 1 1 RR 44sl955
1
PeopGas L& G ref g 5 s .’47
Chlo Gas L & C 1st 5s '37
Consum Gas 1st 5s. 1936
Mutual Fuel G 1st 5s ’47
Pub Serv Co 1st ref g 5s ’50
S w ift* Co 1st g 5s— 1914
Wilson & Co 1st 6 s.. . 1941
x Ex-dividend.

60
95
59
85
344
6 94
2 04
1404
1074
98
127
75
88
302
84
106
1394
115

226
9 84
1014
147
196
3 04
75
1154
994

60
1014
1024

________

—

534
95
50
58
84
554
54
34
66
2 04
210
140
106
98
1254
75
86
88
17
299
74
1044
129
1134
102
335
111
220
126
91
1014
140
189
29
75
*115

Range since Jan. 1
Low.

High.

Jan 72
360 33
60
275 7 54 Jan 9 6 4
96
586 12
May 55
55
417 25
Jan 6 34
60
Jan 88
686 66
87
294 45
May
56
554
100
2 4 July
64
54
5,965
15
July 41
■104
Deo
1,080 66
79
75
13
Apr 2 7 4
21
350
3 6210
Deo 2194
217
142
241 1394 Juno 147
108
953 106
Dec 108
1,000 89
May 100
9 94
903 102
Mar 1424
135
77
918 72
Sept 8 74
88
265 86
91
Aug
92
310 7 64 Jan 100
6 54
21
2,505
25
235 167
Julv 306
3054
11
1,125
7 4 Dec
1 64
106
383 104
Dec 118
148
0,342 1144 Oct 148
115
Jan 1184
220 107
102
Apr 104
98 100
340
Jan 363
32 309
111
Jan 115
29 107
Mar 2344
9,586 169
2324
Aug 127
37 124
1264
107
11,478 8 2 4 Apr 119
Dec 102
200 100
1014
16,891 1264 Jan 175
151
3,131 dl55
205
Sept 215
2,037. 134 June 40
324
75
24 5 1 4 June 78
117
39 1124 Juno 1174

93
93
9 8 4 9 94
8 0 4 81
9 54 9 54
88
88
69
70
1014 102
1024 1024
102
102
1024 1024
93
93
9 7 4 98
100 100
102 102
103
103
102
102
101
101
90
964
101 1014
1014 1 0 1 4 '

*5,000
89,000
62,000
2,000
1,000
23,000
12,000
23,000
1,000
1,000
15,000
4,000
5,000
2,000
1,000
1,000
1,000
2,000
16,000
7,000

a Ex-dlvldend 2 % , stock dividend 40 % .

83
9 84
6 94
9 54
8 64
6 54
1014
1014
1014
1014
894
9 54
984

Mar
Apr
Sept
Dec
Aug
July
Apr
July
July
May
Jan
Jan
Aug
1 0 1 4 July
102
May
1004 Sept
1004 May
94
Jan
9 84 Jan
102
Dec

Nov
Deo
Dec
Dec
Oct
Nov
Nov
Nov
Mar
Oct
Julv
Sept
Dec
Dec
Deo
Dec
Sept
Nov
Dec
Nov
Oct
Deo
Sept
Feb
Jan
Oct
Nov
Feb
Aug
Nov
Oct
Sept
Nov
Dec
Oct

934
100
Feb
824
9 84 Feb
9 2 4 Feb
75
Jan
1024 Nov
103
Nov
1024 Mar
1 0 2 4 Mar
0 9 4 July
98
Nov
Dec
100
1024 Nov
1034 Dec
Dec
102
1014 Jan
9 64 Sept
1024 Oct
Oct
103

6 Ex-dlv., cx-rlghts.

The completo record of
transactions at the Pittsburgh Stock Exchange from Dec. 16
to Dec. 22, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks aro all dollars per
share, not per cent. For bonds the quotations aro per cent
of par value.
Pittsburgh Stock Exchange.—

Stocks—

Friday,
Sales
Last Week’s Range for
of Prices. ! Week.
Sale.
Par. Price. Low. High: Shares.

___

___

Preferred...... ..............50
PIttsb Con M M ft T ___ 1
PIttsb Jerome C op per.-.l
PIttsb 0)1 ft Gas..........100




Low.

High.

650 15
17
174
June 2 0 4
5,115 3 4 4 June 66
5 04 0 04
650 116
116 1 2 2 4 1
Nov 155
3o
9o 19,150
60
Apr
13o
510 144 Mar 60
4 64 47 !
500 144 Mar 53
354 4 5 4 1
44
40
3
44|
July
5
111
111
20 1094 Jan 124
120 120 |
20 7 14 Jan 127
30 100
1074 1 0 8 4 1
Jan 1084
3
3 4 , 1,115
7
2 4 Mar
154 16 |
45 15
Dec 23
7 44 8 1 4 : 1,390 49
June 9 44
98
98 I
12 87
Aug 99
63
6 74
3,175 4 9 4 Apr 68
830
1.10 59,320 83c Dec
1.3
7
780
74;
12
6 4 July
17
174
433
154 July 2 4 4
174 174 ;
106 14
Aug
19
5 6 4 5 74
2,146 38
Feb 5 9 4
95
95 !
25 70
Jan 101
1284 12841
10 98
Mar 1284
44' 44
105
4
Dec
64
18 1 * 170 16
17
18
Dec 26
10c
lie 20,240
lOo
50 Sept
15o
1.10 94c 1.10 26,100 94
Dec
1.45
12
1,225
10
6 4 Mar
134

Amer Sower Pipe_____ 100
Am wind Glass Mach. 100 544
Preferred...... ............100 1184
Cable Consol Mining___ 1
Caney River Gas_______25
Columbia Gas ft E lec.. 100 37>*
Consolidated Ice com__ 50
*l
A
Crucible Steel prof----- 100
Harb-Walker Refract.. 100
Preferred ..................100 —
IndcpendentBrewIng.. .50
2H
Preferred...... ..............50
La Belle Iron W orks.. . 100 76
Lone Star Gas........... -.100
Mfrs Light & Heat.........50 05
1
M t Shasta........ ..............- ­
7
Nat Fireproofing com ..50
17M
Preferred .................... 50
Ohio Fuel Oil.................... 1 17 M
Ohio Fuel Supply...........25 57
Oklahoma Natural Gas 100
OsaRe A Oklahoma Co-100
P Itts b B re w in g c o m ___ 50

Range since Jan. 1.

___
___

Oot
Oct
Apr
Oot
Deo
Deo
Mar
Dec
Nov
Dec
Sept
Sept
Nov
Nov
Nov
Deo
Jan
Jan
Jan
Nov
Dec
Dec
Aug
Oct
Oct
Dec
Oct

Stocks— (Concl.)

Friday
Sales
Last Week's Range for
Sale.
o f Prices.
Week.
Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

PIttsb Plate Glass........ 100
Pure Oil common______ 5
21
River Side West OH com 25
140
Ross Mining & Milling___
25C
San Toy Mining.............. 1
Union Natural Gas___ 100
Union Switch ft Signal..50 106
U S Glass..................... 100
38
U S Steel Corp com___ 100 107
West’house Air Brake-.50 1554
West'house Elec & Mfg.50
5 54
Westlnghouse Machine.50

127
204
14c
24
16c
188
103
38
1024
1534
52
324

Jan
325 115
1284
7,179 *1 74 May
22
14c
305
12c Mar
29
Apr
13,935
5c
17c 2,100
14c June
188
50 1414 Apr
109
165 103
Dec
40
335 2 5 4 June
1154
510 8 0 4 Jan
160
2,806 1334 Apr
564
3,575 5 1 4 Dec
33
Mar
40 30

Bonds—
Cent DIst Telep 5 s.-.1943
PIttsb Coal deb 5 s.-.1931

103
99

103
994

___

High.
138
Deo
2 2 4 Deo
14o May
45c
Oct
25c
Jan
188
Deo
126
Jan
4 6 4 Oct
1294 Nov
1674 Deo
7 1 4 Mar
35
Oct

*1,000 1014 Jan 1034 Mar
4,000 9 6 4 May 100
Nov

x Ex-dlvidend.

Philadelphia Stock Exchange.—The complete record
of transactions at the Philadelphia Stock Exchange from
Dec. 16 to Dec. 22, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

Stocks—

Friday
Sales
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.

American Milling.......... 10
American Railways___ 50
Preferred____ _____ 100
Baldwin Locomotive.. 100
Preferred...... ............100
Buff ft Susq Corp v t C.100
Cambria Iron.................50
Cambria Steel-------------- 50
Consol Trac of N J----- 100
Elec Storage Battery.. 100
General Asphalt pref.. 100
Insurance Co of N A ----- 10
Keystone Telephone___ 50
Lake Superior C o r p ... 100
Lehigh Navigation........ 50
Lehigh Valley.................50
Lehigh Valley Transit..50
Preferred.....................50
Little Schuylkill.............50
Mlnehlll ft S H ............. .50
Northern Central_____ 50
Pcnnsyl Salt M fg.......... 50
Pennsylvania...................50
Philadelphia Co (Pitts) .50
Preferred (5 % )........... 50
Pref (cumulative 6%) 50
Phtladel Electric.full paid
Phlla Rapid Transit___ 50
Voting trust rects___ 50
Philadelphia T raction..50
Reading...............
50
2d preferred.................50
Tono-Belmont Devel___ 1
Tonopah Mining............... 1
Union Traction..............50
United Gas Impt.............50
L S Steel Corporation. 100
Warwick Iron ft Steel.. 10
Wclsbach C o.......... ...1 0 0
West Jersey ft Sea Shore 50
Westmoreland Coal___ 50
Wm Cramp ft Sons___ 100
York Railways________ 50
Preferred.....................50
Bonds—
Allegheny Vail gen 48.1942
Amer Gas ft Elec 5s..2007
Easton ft Amboy 5 s.. 1920
Elec ft Peoples tr ctfs 4s ’45
Harwood Electric 6 s.. 1942
Inter-State Rys coll 4s 1943
do
small............... 1943
Lake Superior Corp 5s 1924
do
small............... 1924
Lch C&N consol 4 4 s 1954
Lch Vail annuity 4,43Gen consol 4s_____ 2003
Gen consol 4 4 s . -.2003
Leh Vail Tr ref&impt 5s ’60
Market St EIcv 1st 4s 1955
Penna RR consol 4 4 s 1960
Consol 4s_________ 1948
Philadelphia Co 1st 5s 1949
Cons & coll tr 5 s.-.1951
Phlla Elec tr ctfs 4s. 1950
Phlla ft Read Term 5s 1941
Reading gen 4s.......... 1997
J-C collat 4s.......... 1951
Spanish Am Iron 6s. .1927
United Rys gold tr ctf 4s'49
United Rys Invest 58.1926

44 4
115
7 44
67
7 04
274
1 44
194
854
794
2 24
424
544
96
564
41
4 14
334
'3 0 4
1034
"4 4
64.
4 64
9 04
107
5 04

'si"'
97
85
1034
56

1024
9 14
1004

1014
9 04
9 54
1614

Range since Jan. 1.
Low.

High.

94
32
97
67
1004
65
444
110
744
64
704
27
13
15
84
77
214
424
54
574
90
96
554
404
37
414
314
304
284
814
100
454
44
54
454
884
1004
94
424
504
814
80
14
36

6
125
July
94
9 4 Dec
105 2 8 4 Jan 36
33
Apr
97
15 9 3 4 Feb 100
Mar
70 67
Dec 1154 Feb
6 94
100 10 0 4 Dec 1094 Mar
1004
68
102 38
Jan 72
Deo
112 44
Jan 47
444
Feb
115
20 7 0 4 Jan 145
Oct
25 70
Mar 7 4 4 N ov
7 44
69
2,131
5 8 4 Apr 7 2 4 Apr
60 69
Aug 7 3 4 Mar
7 04
231 25
Jan 2 7 4 Oct
274
795
1 44
1 24 Oct
15
Mar
8 4 Jan 3 3 4 Nov
2 44 53,340
1,766 74
May
874
9 04 Deo
1,027 7 4 4 Jan 87
8 14
Oct
410 18
Jan 2 3 4 Mar
2 24
43
219 38
Jan 4 44 Mar
11 53
Aug 55
544
Dec
38 56
Feb 5 8 4 June
5 74
90
50 85
Sept 90
Jan
98
103 96
Dec 1024 Feb
3,760 5 5 4 Aug 60
Oct
564
44
375 3 8 4 Sept 4 74 Dec
37
10 35
Oct 39
Apr
287 3 9 4 July 45
Apr
4 24
Mar 3 4 4 Dec
3 4 4 16,706 a27
33
493
17 May
33
Dec
May
3 34 159,113 17
3 3 4 Dec
165 75
May 8 2 4 Dec
824
520 7 5 4 Jan 1154 Sept
1094
100 4 2 4 Jan 5 1 4 May
4 54
5
Mar 5 7-16 May
4
6,689
1,245
7
64
Jan
5 4 Aug
5,812 4 1 4 Jan 4 8 4 Deo
474
3,039 8 7 4 May 9 3 4 Oct
9 14
1154 36,243 7 94 Mar 1294 Nov
160
94
9 4 Aug
1 14 June
200 41
July 45
4 24
Feb
14 4 8 4 Sept 51
504
Jan
82
23 6 5 4 Apr 82
Deo
1,799 70
Mar 9 7 4 Dec
8 94
15
125
8 4 Feb
1 64 June
352 3 4 4 Jan 39
364
Mar

97
964
1024
83
1034
554
55
484
55
1024
1074
914
1004
92
974
1064
100
1014
90
90
113
954
96
1014
71
73

97
964
1024
86
1034
56
55
55
55
103
1074
9 14
1004
92
9 74
1064
100
1014
92 4
90
113
954
96
1014
7 14
74

*1,000
6,000
1,000
30,000
3,000
9,000
1,000
122,000
1,000
17,000
9,000
5,000
25,000
2,000
10,000
40,000
1,000
2,000
11,000
1,000
4,000
20,000
1,000
2,000
4,000
9,000

964
894
1024
794
101
55
55
204
274
101
107
89
994
91
95
1044
99
1004
89
814
1104
934
95
1014
70
674

Sept
Jan
Dec
May
Jan
Dec
Dec
Jan
Feb
Aug
Apr
Sept
Aug
Aug
Jan
July
Jan
Aug
Aug
MayJan
May
Jan
May
Aug
Apr

974
974
1024
86
1034
58
59
55
55
1034
1074
94
1034
93
974
1064
100
1014
94
984
113
964
97
1024
754
764

Dec
Nov
Jan
Dec
Oct
Jan
Mar
Nov
Dec
Feb
Dec
Feb
Feb
Feb
Nov
Feb
Jan
Nov
Feb
Nov
June
Jan
June
Oct
Jan
Nov

a 8 224 paid In.

Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from Dec. 16
to Dec. 22, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

Stocks—

Sales
Friday
Last Week’s Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.

Arundel Sand ft Gravel lOOj 4 0 4
394
Atlan Coast L (Conn) .100:.......... 115
46
Balt Electric pref.......... 50 .
116
Baltimore Tube............. 100! 117
105
Preferred............— 100r 105
Chalmers Oil & Gas------- 5 ...........
74
4
Preferred..................... 5
4
Commercial Credit------- 25:...........
47
Preferred B ------------- 25l---------264
Consol Gas E L & Pow. 1001 121
120
Consolidation Coal----- 100: 107
107
16
Cosdcn ft Co...... ..............51 164
Cosdcn Gas...................... 5 144
134
Preferred...................... 5
5
44
Davison Chemical-.No par, 4 2 4 , 4 1.4
Elkhorn Coal Corp____ 5 0 ............1 21

42
116
46
1234
109
74
44
47
2 64
1254
111
174
154
54
47
21

Range since Jan. 1
Low.

1,245 3 5 4
150 1104
2 41
1,166 63
4651 8 2 4
50
34
125
34
140 46
50 2 6 4
2,704 107
544 96
12,720
134
11,443
6
12,390
44
1,665 3 5 4
500 15

Aug
May
July
Jan
Jan
Sept
May
Jan
June
Mar
Feb
Aug
Apr
Apr
Aug
Aug I

High.
42
124
48
1334
110
8
44
50
264
130
1184
264
1 84
64
714
244

Feb
Nov
Nov
Nov
Dec
Jan
Oct
Feb
June
Nov
Nov
June
June
June
Jan
Nov

2332

THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices
Par. Price. Low. High. Shares.

Stocks— (Con.)

Houston Oil trust ctfs. .100
Preferred trust ctfs. .100
Monon VallcyTrac___ 100
MtV-Woodb Mills v t r 100
Preferred v t r ______100
Northern Central.......... 50
Pennsyl Wat A Power. 100
Sapulpa Refining............ 5
United Ry A Elec_____ 50
Virginia Lead A Zinc..
Wayland Oil A Gas_____ 5

20

63
65
17
69
89
81
9#
33
5
44

69#
81
9#
33 #
5
4#

Bonds—
Alabama Coal A 1 5 s __
Anacosta A Potom 5s. 1949
Atlanta Consol St 5 s.. 1939
Atl Coast L RR conv 4s ’39
Balt Elec stpd 5s___ 1947
Canton Co 5 s................... ..
Central Ry cons 5s__ 1932
Ches SS equip 5s____ 1918
Chicago Ry 1st 5s___ 1927
CltyASub(Wash)lst5s.’48
Coal A Coke 1st 5s__ 1919
Consolidated Gas 5 s.. 1939
General 4 # s ........... 1954
Consol G EL A P 4 # s 1935
N otes................ .............
Consol Coal refund 5s 1950
Convertible 6s____ 1923
Cosden A Co 6s_______
Cosden Gas 6s________
Elkhorn Coal Corp 6s 1925
Elkhorn Fuel 5s____ 1918
Fairmont Coal 5s___ 1931
Ga Car A Nor 1st 5 s.. 1929
Kirby Lumber contr 6s '23
Md Electric Ry 1st 5s 1931
Merch A Miners Trans 6s.
M St A St P C Joint 5s 1928
M t V-Woodb notes 6s 1918
N O Mob A C 1st 5s. . 1960
Norf Ry A Lt 5s........ 1949
Pennsy W A P 5s___ 1940
United Ry A E 4s___ 1949
Income 4s................. 1949
Funding 5s small. .1933
Wash B A A 5s______1941

23

20

64

100# 100 #

100 # 100 #
104# 104 *4
100

100

96
102#
93
106
95
93
104#
93 #
107
103
103

904

10 2 4

93
106
95
93
105
106#
934
109
107
104 #
105 *4
104#
106
100
100
1004
103
103
105
98
98
102 # 102# 1024
100

103
102#

100

99*4 99 4
103 1034

102 >4 102#
100# 100 4

56
99*4
9 54
834
65
88)4
85

99 #
65
89 #
85

56
99 *4
95 *4
84
66

90
85

High.

Low.
1 34
57
57
10
69
85 *4
72
74
254
44
3*4

Aug
July
June
Mar
Nov
Sept
Mar
Aug
Jan
Dec
Aug

24
68
66
21#
76
90#
86#
1 6#
36#
5#
9#

Dec
Jan
Dec
Nov
Nov
Nov
Nov
Feb
Nov
Dec
Feb

7 0 4 Jan 89
96
Jan 100#
1,000
3.000 103# Apr 104#
5.000 91
June 9 5 #
Aug 100#
5.000 99
1.000 9 9 # Apr 101
Aug 105
1,000 103
1,000 100 Dec 100
3.000 96
May 9 9 #
1.000 102
Nov 102#
1,000
85
Jan 93
1,000 105
Oct 107
9 2 # May
95#
10,000
4.000 86 *4 Aug 94
199,600 102# Oct 109
July 9 4 #
4.000 91
71.000 102# Sept 112
129.000 101# Oct 107#
Aug 120
173.000 100
18.000 9 6 # Aug 100#
42.000 9 9 # Aug 111#
10.000
9 3 # Juno 9 9 #
Aug 103#
1.000 102
2,000 9 8 # Jan 100
6,000 9 6 # Jan 100
2 ,0 0 0 101
Jan 101
4.000 101
Aug 102)
Mar 102 #
7.000 98
49
Apr 5 9 #
2.000
Feb 100
3.000 95
Jan 9 6 #
3.000 90
82
20,000
July 8 5 #
56.000 6 0 # June 6 9 #
6,100 8 3 # May 9 0 #
Jan 87
13.000 84

Nov
Oct
Dec
Nov
Nov
Dec
Mar
Dec
Feb
Sept
Dec
Feb
Nov
Nov
Nov
Nov
Nov
Dec
June
Dec
Nov
May
Jan
Nov
Oct
Nov
Nov
Oct
Nov
Nov
Oct
Oct
Nov
Nov
Jan

66

65
19
71
89
84 #
10
35
5#
4#

85
85
100# 100 #
104# 1014
94
94

96

3,320
820

Range since Jan. 1

20

634
585
100

596
950
4,308
1,780
1,400
$7,000

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Dec. 22 1916.

Stocks.
Shares.
851,274
1,109,018
1,724,951
1,618,910
3,048,925
1,669,953

Saturday . .
Monday__
Tuesday . .
Wednesday
Thursday .
Friday___

Par Value.

Railroad,
Ac.,
Bonds.

$75,600,400
97,496,800
153,604,600
144.420.500
264.639.500
141,340,300

$1,294,000
2.917.500
2.481.500
2.841.500
3,927,000
2.465.500

State, Mun.
& Foreign
Bonds.

V. S.
Bonds.
$500
11,000
1,000

13,023,031 3880,102,100 $15,927,000 $6,247,500

Total . . .

$603,000
981,000
873,500
1.280.500
1.293.500
1,216,000

12,500

Sales at
New York Slock
Exchange.

Week ending Dec. 22.
1916.

j

Jan. 1 to Dec. 22.

1915.

1910.

1915.

Stocks— No. shares__
13,023,031
2,645,878
232,564,870
169,894,156
Par v a lu e _________ $880,102,100 $221,503,865 $19,787,034,700 314,592,071,690
Bank shares, par____
$1,000
$279,700
$30,800
S287.200
Bonds.
Government bonds_
_
$12,500
$2,000
$802,950
$3,034,000
State, mun., A c., bonds
6,247,500
9,513,500
299,330,000
43,481,500
R R . and mlsc. bonds..
15,927,000
16,098,500
834,336,500
886,856,200
Total bonds............

$22,187,000 $25,614,000 $1,134,469,450

$933,371,700

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week ending
Dec. 22 1916.

Boston.

Philadelphia.

Shares. Bond Sales. Shares.

Baltimore.

Bond Sales.

Shares. Bond Sales.

Saturday________
Monday................
T u esd a y________
Wednesday........ .
Thursday............
Friday..................

27,738
44,386
56,409
57,814
95,784
52,628

891,600
89,500
51,000
203,400
68,000!
82,000!

13,580
54,968
69,365
66,391
64,174
36,006

59.000
83.000
136,000
56.000
38.000
26.000

5,046
10,845
12,618
8,633
15,912
8,931

$106,700
129.600
203,800
135,700
160.600
119,600

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

334,759

$585,500'

304,484

$348,000

61,985

$850,000

—Below wo give a record of
the transactions in the outside security market from Dec. 16
to Dee. 22, both inclusive. It covers the week ending Fri­
day afternoon.
New York “ Curb” Market.

Week ending Dec. 22.
Stock*—

Par.

Friday
Sales
Last Week's Range for
Sale
of Prices
Week
Price. Low. High. Shares.

Aetna Explos.r_ (no par)
_
6#
3#
4*4
Amor Druggist Synd r.100
13
13#
Am Int Corp 350 pd_ 100
_
57
56
60#
Am Writ Paper oom ..100
4
6#
4#
Brlt-Amer Tob ord’y _ £1
_
21
20
2 0#
Ordinary bearer_____ £1 2 0 #
20
2 1#
Butler Chemical.r______ 5
3#
2#
3#
Butterworth-Judson.r (t).
42
6 8#
Calif Packing C o rp .r.-(t)
3 1 # 33
California Shipbuilding rlO 15#
13# 15#
Carbon Steel, o o m .r ... 100 ______ 101
108
1st preferred r........ .100
100 100
2d preferred r .......... 100
70
80
Car Ltg A Power r_____25
3
2#
3#
Car won Steel Tool_____ 10 12#
10# 13#
Central Foundry com r 100 24
IS
27
Preferred.......... ..r.1 0 0
39
43
37
Charcoal Iron Co of Am. 10
8
7#
Preferred.............
10
0#
7
Chevrolet Motor_____ 100 130
114 150
Emerson Phonograph___ 5
9#
8*4 *10
Falls Motor Corp r____ 10
6#
7
Voting tr ctfs............
10 #
10# 11#
Fed Dyest A Chem reg.50 45
43
5 5#
Receipts.......................50
*14# 15#
(General M otors.r___ 100
126 135
Hart-Bell Co r__________ 5
3#
3#
3#
Haskell A BarKCar(no par)
40#
3 9# 4 2 #




Range since Jan. 1.
Low

25,500
3 # Dec
900
11# June
3,100 r l2 # Jan
7,500
2
Mar
3,300
16
Jan
4,000
15# May
3,400
2 # Mar
4,600 42
Dec
2,300 30
Dec
8,800
13
Oct
355 55
Fob
50 69
Feb
155 58
Fob
2,800
2 # Deo
9,300 W 7 4 Jan
4,990
11
Jan
2,500 20
Jan
500
5 # Aug
400
5 # June
12,750 114
Deo
8 # Oct
4,140
950
6 # Dec
2,500
10 # Dec
6,000 43
Dec
3,300
14
Deo
1,100 117
Dec
600
3 # Oct
4,850 3 3 # July

High.
25
14#
161
11#
20#
21#
7#
76
38
20#
133
100
80
7#
IS #
32
49
8#
7*4
278
14#
13
U#
50
15#
172
4#
54#

Feb
Jan
Sept
Oot
N ov
N ov
Apr
Oot
Oct
Nov
N ov
Dec
Nov
Apr
Deo
Deo
Deo
Nov
N OV
June
Jan
Nov
Doc
Deo
Deo
Oct
Nov
Jan

Stocks— (Cfoncl.)

[Vol .
Last Week's Rang
of Prices.
Sale.
Par. Price. Low. High

HcndeoMfg, com r___ 100
Holly Sugar Corp. (no par)
Preferred...................100
Imp Carbon Chaser.r__ 1
Intercontinental Rubb.100
Int Arms A Fuze ...........25
Joplin Ore A Spelter.r.o.l
Kathodion Bronze, pref-,5
Keystone Tire A R ubb.. 10
Kresge (S S), com r___ 10
Lake Torpedo Boat.r_.10
1st preferred r............. 10
Lima Locomotive r___ 100
Marconi WIrel Tel of A m .5
Marlin Arms v t c (no par).
Prof vtc one-third pd 100
Maxim Munltlons.r___ 10
Mexican Petrol Export r
Midvale Steel A O rd.r..50
Mitchell Motors.r (no par)
National Acme Co........ 50
N Y Shipbuilding r._
N Y Transportation___ 10
North Am Pulp A Paper (t)
Peerless Truck A M ot..5 0
Ple. ce-Arrow Mot Car r(t)
Poole Eng A Mach r__ 100
Pyrene Mfg r ................... 10
Republic Mot Truck r ..( t )
St Joseph Lead r............. 10
St L Rky M A Pao r..l0 0
Scripps-BoothCor r(no par)
Smith (A O) Corp (no par)
Preferred____ _____ 100
Smith Motor T ru ck .r.. 10
Smith ATerry Transp pf 10
Steel Alloys C orp.r____ 5
Submarine B oat..(no par)
Todd Shipyards.r(no par)
Transuo A Williams Steel
Forging Corp r.(no par)
Triangle Film Corp v t 0.5
United Alloys Steel Corp rt
United Dyewood r___ 100
Preferred r................. 100
United M otors.r.(no par)
U S Lt A Ht C orp.r_ 10
_
U S Steamship________ lo
United Zinc Smelt (no par)
Voca Phono C orp.r........ 1
World Film v t c ________ 5
Wrlght-Martin A lr .r ..(f)
Zinc C oncentrating.r...10
Railroads—
Pere Marquette r.........100
Preferred................... 100
Prior preferred__ r.100
Pitts A West Va r____ 100
Preferred r . . ............. 100
Rook Island w I .r ___ 100
Preferred A w I.r__ 100
Preferred B w I.r_ 100
_
Western Pacific RR r ..l0 0
Rights—
N Y C entral___________
Tennessee Copper..............
Former Standard Oil
Subsidiaries
Anglo-Amer Oil............... £1
Atlantic Refining____ 100
Buckeye PIpo Lino____ 50
Crescent Pipe Lino........ 50
Galena-Signal Oil........ 100
Illinois Pipe Line______100
Ohio Oil.......................... 25
Prairie Oil A Gas.......... 100
Pralrlo Pipe Line.......... 100
Southern Pipe Line___ 100
Standard Oil (C a lif)... 100
Standard OH (Kansas).ioo
Standaid Oil of N J ...1 0 0
Standard Oil of N . Y ..100
Vacuum Oil................... 100
Other Oil Stocks
Barnett Oil A Gas.r___ 1
Cons'd Mex Oil Corp t__ 1
Continental Refining r . . 10
Cosden A C o .r_________ 5
Cosden OH A G as.r........ 5
Preferred r . ...................5
Federal O ll.r_____ _____ 5
Houston O ll.r .............. 100
Internat Petroleum r__ £1
Kenova Oil (prospect)__ 1
Merritt Oil Corp r ........ 10
Metropolitan Petroleum.5
Midwest Oil com .r______1
Monongah O ll.r______
Oklahoma Oil c o m .r ..
Preferred r.....................1
Oklahoma Prod A Refg._6
Omar Oil A G a s.r..........1
Pennsylvania Gasoline.. 1
Royal Dutch Co r
Sapulpa Refining____ r.5
Sequoyah Oil A Ref____ 1

Range since Jan.
Low.

1.

High.

12 #

16#
74

50
63
"

20 #

5 7#
52
36
44#
14
8#

17#

5#
7#
2 7#
♦83
42#

2#

49

14#
4#

22#

54
4 2#
91
74

21#

330
212

2#
___

11
16#
14#

6#
20

___

5-16
11#
4
50c
69c

___

11
40c
1#
67
10
2
61

United Western O ll.r__ 1
Utah Petrol (prospect) -.1
50o
Vacuum OasAO.Ltd r.1.1
#
Ventura Cons'd OH r___ 5
Victoria O ll.r____ _____ l
1#
Wayland Oil A Gas.com 5
West End Oil A Gas r . . . l
75o
Wyoming Petroleum r . . . l .........
Mining Stocks—
Alaska-Brlt Col Metals t 1
#
Alaska Mines C o r p ____ 1
96c
Alaska Standard Cop r . . l
26c
American Commander.r.l
Arizona Chlorldo.r___ lOo
llo
Arizona Copperflelds.r..l
#
Atlanta Mines.r............... 1
8#c
Azurlto Copper r............... 1 59o
Big Jim_____________ 10c 1 3-16
Big Ledge Copper Co___ 1
10
.1
#
.1

_
_

160

Boston Creek r.............. . l 97o
Boston A Montana Dev. .5
70c
Bradshaw Copper M r .. .1 1 5-16
Buffalo Mines, Ltd____ . 1
1#
Butte Copper A ZIno___.1
11
Butte-Detrott CopA Zinc).l
1#
Butte A N Y Copper__ .1
1#
Caledonia Mining_____ .1
40c
.1
2
.5
1#
Cash B oy.
7o
-ll

7
8#
46#
3
39#
60
2#
19#
5 1#
51
*34
42
14
7*4
18
51#
80
14
67
10 #
32
38
39
94
5#
9#
64
24
82

20 ( 23 June 33 July
81(
30
61
Dec
Oct
352 9 3# July 103
Deo
5-1G 12,25(
Deo
530 Sept
#
14#
1,050
10 June *19 Sept
24
1,300
7
July 2 6 # Jan
37o
31,025 0220 Dec 06 lo Aug
500
4
3
Deo 33
Jan
12 Sept 19# Oot
17# 10,500
1 2 # 1,100 10 June wl0*4 Jan
8,950
6 # July 14#" Oot
10
10 # 5,100
8 # July 14# Jan
4 8#
5.40C 33
July 4 8# Deo
3#
90C
Apr
3
4 # Jan
50
4,00(1
23
Oot
Juno 83
6 3#
2,500
48
Deo 6 4 # Deo
4 # 17,600
Jan
2 # Dec 13
20 #
700 17# Sept 20 # Nov
6 3# 102,000 5 1 # Dec
7 7# Jan
54
950 51
Dec
7 3 # Sept
41
7,328 *34
41
Dec
Dec
45#
4,800 42
4 8 # Dec
Dec
14#
600
1 2 # Feb 16# Mar
10 # 19,000
7
Dec
15# N ov
20
900
17
Dec
32
Jan
3,200
42
55#
Nov
65
Nov
200 80
90
Deo 150
Jan
1 4#
300
14
20 # Feb
Dec
300 54
Aug
67#
77
Sept
17#
1,500 14
Nov
July 22
32
100 30
40
Mar
Sept
40
235 38
Deo 62
Sept
40#
413 39
45
Deo
Nov
96
400 9 3 # Deo 08
Oot
0,600
6
4 # Deo
0*4 Nov
10
700
9 # Aug
11# Sept
9,900
7#
2 # Sept
7 # Deo
32
58,000 24
4 5 # Oot
Dec
89
790 7 3# July
95
N ov

42
2#
47
63
97#
4 2#
1#
5#
4
1#
1
1 3#
3#

46
2#
53 #
03
9 7#
52
2
6#
4#
1#
1
19
4#

2,150
800
17,000
300
100
34,000
300
8,600
600
3,350
3,000
17,000
11,000

42
I#
47
50
97#
42#
l#
4
4
1#
#
1 3#
3#

Deo
4 8 # Deo
Nov
6 # Jan
N ov
56
Deo
Nov
7 3 # Deo
Dec 101
Nov
04 June
Deo
N ov
4 # Jan
Aur
8
Sept
Dec
8 # June
Dec
1 # Nov
July
3
Jan
36
Dec
Sept
Aug
6 # Apr

32#
59
71
22
54#
40#
90
74
21#

3 7#
61
74
24
5 0#
4 5#
92
7 6#
23

91,500
900
4,700
2,900
500
11,800
1,500
3,000
700

29
59
70
22
5 4#
30#
83
68
12

Dec
Deo
Deo
Dec
Deo
Nov
Nov
Nov
Sept

#

3-16

___
682
___

Sinclair OH A R ef r(no par)

Sales
for
Week.
Shares

103

#

150
10,500

26
30
98#
«
*1 1 #
2 2#
22 c
3
1 5#

12

26
42

101

16# 16#
950 960
113
118
40
41
195
195
220
245
385 395
597 615
330 342
210 216
364 370
554 554
665 690
257 272
382 385
3#

2#
1#
1 0#
1 5#
13#
5
5#
18
10 #
5-16
11#
3
45c
65c
lie
1
10#
30c
1
6 4#
9#
1#
56 #
#
40o
9-16
S
1#
4#
50c
1#

11
17#
15#
5#
7
22
10#
#
13
5
53o
74c
12c
1#
11#
40c
1#
68#
10
2#
0 4#
13-16
62o
13-10
8
1#
4#
1 1-10
2#

#
90c
24o
6#0
36o
#
8c
50o

1
97c
30c
7c
42c
#
10c
60c

9

10
15-16
#
llo
970
77c
1#
1#
13
1#
2
51o
2#
1#
7#o

1#

#
5-16
10c
91c
65o
1#
1#
8#
1#
1#
480
1#
1#
Go

1#

1 *A

3 7 # Deo
61
Deo
74
Deo
24
Deo
5 6 # Deo
4 5 # Deo
9 4 # Deo
80
Nov
2 5 # Deo

*4 Oct 1 1-16 Nov
1-32 Deo
3 # Oct

800 z l 4 # July
18
15 650
Jan 960
250 90
Juno 119
15 40
Dec
44
20
Feb 206
160 155
June 255
350 189
Jan 400
150 359
A uk 650
13C 205
Apr 352
15 180
July 226
125 z234
Apr 387
16 345
May 560
205 495
Apr 700
495 200
Mar 285
30 216
Feb 399

ini

Jan
Deo
Deo
Mar
Nov
Deo
Deo
Deo
Deo
Jan
Nov
Nov
N ov
Dec
Deo

5,750
206
9,206
8,200
19,005
1,200
52,200
2,200
400
57,300
0,600
3,750
29,500
52,400
01,000
13,800
40,200
24,500
4,000
10,500
9,700
75,400
3,8,000
2,100
13,500
57,000
200
44,300
900
45,000
5,900

2 # Jan
1
Nov
Dec
13
Aug
6 # Apr
3 # July
# Feb
12
Aug
9 # Juno
3-16 Sept
11# Dec
3
Dec
380 Aug
650 Geo
70 Mar
# Aug
5 # Aug
30c Dec
# Aug
6 4 # Dec
7 # Aug
1 # Sept
3 5 # Aug
64o Mar
350 Sept
28c Sept
7 # Sept
Mar
1
3 # Aug
300
Oot
1 # Dec

4#
1#
11
27
1 8#
6#
7#
24#
1 3#
93o
14#
25
85o
76o
21o
1#,
13#
95o
1#
74
16#
2%
67#
2#
74c
1#«
1 3#
2#
9#
1#,
3#

9,300
42,100
58,000
2,500
52,500
34,505
15,010
5,200
23,800
23,000

250
59o
24o

2
Nov
97o Deo
31c Deo
Jan
140
530 Deo
3 # Deo
2 3 # o Jan
60o Deo
1 # Oot
.
Oct
8
1 5 # May
2
Nov
# Nov
44o
Jan
97o Deo
2 # June
1 # Dec
1 # May
20
N ov
1 # Deo
4 # Mar
1 5-32 Apr
3*4, N ov
2 # May

10 #

Oct
Sept
Deo
6#C Dec
360
Oot
35o July
7c N ov
55o Deo
1 # Feb

1 ,200
9
Dec
30,550
# Deo
15,600
# Nov
4,000
7o Nov
34,000 85o Deo
66,300 50o Mar
17,420
1 # Dec
4,300
# Feb
46,000
4 # June
91o Oot
28,400
2,850
1 # Oct
8,800 40c N ov
55,500
1 # Aug
10,400 1 3-10 Mar
65,450 3 # o
Feb

May
Nov
Deo
June
June
Feb
Deo
Deo
Jan
Juno
Deo
May
Feb
Deo
Juno
N ov
Deo
Aug
Deo
Deo
Feb
Deo
Doo
June
Deo
N ov
Jan
Jan
Fob
Deo
Nov

THE CHRONICLE

D ec. 23 1916.]
Mining Stocks
(.Concl.)
Cerro do Pasco Cod (no par)
Ccrro Gordo Minc3_____ 1

Friday
Sales
Last Week’s Range for
of Prices.
Sale
Week.
Price. Low. High. Shares.
33

40
2X
2X
4X
X

14,450
15,200
44,600
7,500
6,500
8
23,100
1,825
IX
m
300
I X 65,645
4%
4,095
62c
22,650
6 X C 15,700
1 tc 10,200
2X 86,500
1
1,800
1 !)
96,500
9,610
7X

Range since Jan. 1.
Low.

High.

N ov
Deo
N ov
N ov
Consol-Homestead., r . l
N ov
X
Cresson Con Gold M A M 1
7X
N ov
Dundee Arizona Codd.1-1
Oot
IX
Eagle Blue Bell r___
Mar
Emma Copper, r________ 1
IX
17X0 Jan
3 X Oot
3%
July
3
8X Jan
Goldfield Cons’d _______ 10 58c
1 3-16 Jan
48o N ov
60
Goldlleld Merger r.
2 1 o Jan
50 Nov
12 c
Grand Canyon Gold r__ 1
Oot 20 o Deo
lOo
Green Monster M ining.r.l
2
2X
Aug
1
OX N ov
Grizzly Flats Gold M ___ 1 _____
Ocl
510
IX Deo
X
14
Hargraves Mining______1
14
Deo
Dec 21
15
OX Oot
7X
*6X
3 X Dec
7
Howe Sound___________ 1
9'4
Inspiration NeedlesCoprl 1
IX Oct
X
X
X 57,000
X Dec
31c
Apr
International Mines r.
5,000 10 c Mar
10 c 10 c
Jan
6,990
1
2 X Apr
IX
IX
lx
2% May
1 5-16 1 11-16 29,500
1 M July
IX
3,850
Jerome Victor E xten.r.!
I X June
3X Sept
IX
IX
7,600 73o Dec 1 3-16 Jan
Jim Butler.r.......... ......... i
78c 83c
82c
47,200
1
1
Dec
'A Dec
X
8,550 2 1 o N ov
29c
25c
27c
Jumbo Extension.
I X Jan
19c
14,200 SXo July 28c Deo
18c
18 )jc
7,600
1 Nov
IX
1X
IX
IX Nov
12,600 40c Dec
45o 50c
45c
50c Dec
05c 32,200
90a
80c
120 May
1 N ov
36
7,550
42
July 69
13
40 X
N ov
6,000
Majestic Mines_________ 5
M
1 15-16
X
X
10 c
9c
12 c
8,800
Marsh Mining r________1
7o N ov
41o Mar
Marysville Gold Mining. 1
3,400
1
Aug
IX
IX
*2X Deo
5%
8,200
2 July
ox
*X
8X Nov
55c
3,000 38o Mar 72o May
MoKlnley-Darragh-Sav. . 1 52c
52c
Miami Consol Mines . . 1
28c
50c
34,200 25o Dec
1
Nov
2
Mines Co of America__ 10
500
4
Jan
IX Oct
2X
Mojave Tungsten.r____ 2
7,800
8 May
i x . Dec
l x 1 1-16 2
Monitor Sll L & Z M A M 1
1
2,300
X Apr
2M May
IX
IX
Monster Chief r . ............ 1
X Deo
14 7-16 117,300
X
X Nov
2,600 64o June
82c
85c
1
85c
Aug
Montana Gold M ln es.r..l
Jan
50c 157,300 20 o
40c
45o
54o Deo
Mother Lodo.r_________ 1
8,700 8O Nov
0
86c 88c
95o Dec
Nanoy Hanks Montana r 1 86c
1,200
% Dee
Nevada Utah Blngh’m 2.60 13-16 13-16 15-16
5 X Jan
IX 51,500 34o June
IX
Nowray Mines, I.td.r___ 1
1X
I X Dec
16
350
16
14 X Oct
10 X
18
N.Y.AIIonduras Roaarlo.10
N ov
9
Feb
8 M O X 7,000
OX
Nlplsslng.................
6
OX Dec
5-16 5-16
300
X June
North Butte Dovel r........ 1
X Feb
M
200
Ohio Copper________r ..5
X
% Feb
1)1 Deo
Ohio Copper new w l .r . .5
I X 1 3-16
IX 32,500 1 3-16 Dec
2 X Dec
46C
40c
60c 125,250 12 c Aug 83c
Old Emma Leasing r.lOo
Oot
Plttsburgh-Idaho Co,Ltd 1
7,400 1 1-16 Sept
IX
IX
IX
I X Deo
Plttab Jeromo C opper.!. 1
1
1-16 3,400 85o July
2% N ov
Progress Mining A M11I..1
9-16
X
X 34,300
X Oct
X N ov
Ray Hercules, r_________6
4
4)4
5
19,000
2) 4 Mar 6)4 N ov
Rex Consolidated.r...
47c
38c
54c
39,000 lOo Aug
75o N ov
Rochester Mines_____
65c
64c
70c 23,400 60o Sept 84o N ov
Round Mountain r___
39c
390 39c
1,000 34o Sept
78o May
Saoramento Val C o p .
1 5-16 1 5-10 1 7-10 5,750 1 1-16 Sept
2
N ov
St Nicholas Zlno r___
X
X
X 62,800
)4 Sept 96o Sept
Santa Rita Develop.r_ 1
_
5,350
X
X
2
X
Oct
)4 Deo
San Toy Mining___
14c
lie
15o
7,500
13c Aug 260
Jan
9-16 9-10
Scratch Gravel Gold M ..1
200
X June
1)4 Mar
Section 30 Mining........ 10
11
10
1,000
10
Dec
15) 4 Nov
11 X
Silver King of Arizona___ 11—
1C 9-16
)4 Dec
1)4 Deo
X 18,100
Sliver King Cons of Utah 1
2,800
4) 4 .Nov
5) 4 Deo
4)4
4)4
4X
Silver Pick Consol. t ____ 1
3o Feb
37o Deo
24o
23c 28c
8,300
6,300
2
Jan
% Dec
Standard Silver-Lead___ 1 1 1-10 15-16
IX
40c
39c
47c 21,750 30o Aug 05o
Buccess M ining.r__
Feb
28c
Oot
33o 40,900 22o
Superstition Mining.!_ 1 310
_
72o' N ov
5,000 40c Sept
79c
79c
Took Hughes r (prospect) 1
96c Deo
29c
35c
29C
3,300 29c Dec
Thompson Krlst.r_____ 1
36c Deo
Tommy Burns Gold M Df 1 1 1-10 15-16 . 1-16 111 ,15
62o Sept
1) 4 Dec
Tonopah Belmont, r____ 1
400
■IX
4X
4
Juno
4X
6 ) 4 May
Tonopah Extension____ 1 5 15-10 3 15-16 4 X
8,000 3 15-16 Jan
7) 4 May
Tonopah Mining________1
5X
1,355
OX
5) 4 Aug
7)4 May
Tortlllita r . . ............ .......
3
3
700
2
Deo
4
Nov
Tri-Bullion S * D ............ 6
X
X
8,000
X
)4 Aug
1
Apr
55c
46c
Troy Arlz Copper C o r _ 1
_
65c 27,900 46c Dec 94o Deo
Tuolumne r____________ 1
IX
1)4
2X 14,100
X Jan
2)
United Eastern_________5
■
r
>X
4 X *5)4
6,515
3 ) 4 July
5)4 N ov
1
United Mines of Arizona rl
m
X
85,250 55o Nov
2)4 Dec
8 X c 8 X c 11 Me 44,000
U 8 Contlnental.r_____ 1
4o Aug
18o Mar
United Verde Con Cop r . .
X
X
X
8,400
Deo
1) 4 Nov
United Verde Exten.r.60o 30)4
34 X 30 X 21,000
Sept
6)4 Jan 45
3
3M
Unity Gold Mines_______ 5
4 X 18,500
1)4 Apr
5)4 Deo
Velvet Copper r ------------1
IX
900
IX
1
Dec
2) 4 Nov
Virginia Lead A Zinc r.lOo
5 >4 5M
1,450
4)4 Dec
5)4 Deo
70c
West End Consolidated-.1
70c
72c
1,250 65c Sept
1)4 June
33e
WhlteCaps Mining___ lOo
33c
37c
13,600 22)4oJune 62o
Oct
White Cross Coppor r___ 1
7.600
X Deo
1
Oct
Whlto Oaks Mines Cons r 6
3X
4)4
300
3)4 Deo
16)
Yerrlngton Mt Cop____ 1
2 1 c >34e 44,600 18o Nov 44o 4 May
Deo
Yuscaran Consol.r______6
X
2.600
X
X July
1X May
Bonds—
Amor Tel A Tel now 5s r . .
09 X
99
99)4 615.000 98)4 Nov 100
Nov
Cerro (le Pasco Cop 6s 1925
112 116 260.000 110 June 128)4 Nov
Cosdcn A Co 6s----- r.1926 101
101 105)4 75.000 100 Sept
Deo
Cosden Oil A Gas 6s r ___ 103)4 103 105)4 95.000 99)4 Aug 107
125
Juno
Cudahy Packing 5s__ 1946
99
99
60.000 99
Dec
99
Deo
Frenoh Municipal 5Ms ’ 19 96)4
96)4 *97
69.000 96)4 Deo
98
Nov
Midvale St & Ord 5s.r.l936
94)4
93
97
189.000 93
Dec 100
Feb
Russian Govt 6Hs . r ____
99
9914 110.000 98)4 Deo 102)4 Sept
New 5M s......... r._1921
94)4 94)4 195.000 94
94 H
Nov 94)4 Nov
Sinclair Oil A Ref 6s.r.l926 113
109
118 955.000 94)4 Sept 122
Deo
89)4
Western Paonew 5s 1916
89)4 90
75.000 81
Sept
90)4 Nov
• Odd lots, t No par value. < Listed as a prospect. I Listed on tho Stock Ex­
change tills week, where additional transactions will ho found, tn New stock par
value S12 50. n Old stock, par value $25. o New stock. r Unlisted s Ex-100%
stock dividend, f $50 paid, u Ex-cash and stock dividends, o $10 paid to When
Issued, x Ex-dlvidend. y Ex-rlghts. tEx-stock dividend.
35 X

1 15-16

2

IX
3X
X
ox
IX
IX
IX
3 'i
53c
5c
12 c

32 X July
1 % Dec
IX July
I X Fob
X July
6
Oot
I X June

47X
2X
3
5
IX
8X
3

_
_

___
_
_

___

___

New York City Banks and Trust Companies

A n d R e a lty a n d S u re ty C om p a n ies u s u a lly given h ere, see p a ge 2315.
C U R R E N T N O T IC E .
— William M orris Imbrlo & C o. havo m oved tholr Chicago offlcos from
tho Harris Trust Building to the eighth floor o f tho Continental & C om ­
mercial N ational Bank Building. This action was necessitated b y tho
growing business o f the firm , tho present quarters being about three times
as largo as tho old offices.
— A t 100 and interest, yielding 5 % , tho N ational C ity C o ., N ational C ity
Bank B ldg., this city , are advertising for investment $1,500,000 Province
o f Ontario, Canada, 5% bonds duo D ec. 1 1926. Descriptive circular will
bo supplied on application. Full details appear in to-d a y ’s advertisement.
— Logan & Bryan announce tho opening o f a branch office at Santa
Barbara, C al., under tho management o f Percy L. Harley. This office
will bo equipped with adequate facilities for tho oxpeditlous handling o f
transactions in all tho leading markets.
,, — Field, Richards Sc C o. o f Cincinnati, Cleveland and Chicago announce
that thoy havo opened a N ow Y ork office at 100 Broadway under the m an­
agement o f Powhatan Bolling, who will havo charge o f tho Eastern territory




2333

— W illiam K . lla u p t has withdrawn from the firm o f Altem us & H aupt
and has associated him self with William V . M ason, trading as H aupt, M ason
& C o ., dealers in com m ercial paper, Forrest Building, 119 So. 4th S t., Phlla.
-—J. G . W hite & C o ., In c., o f tills city , announce the death o f Frederic
II. R eed, Vice-President o f tho com pany, on Saturday, D ec. 9.
— W eil, R oth & C o. are offering $900,000 Calcasieu Parish, L a ., road and
bridge 5 % bonds, m aturing 1918 to 1942.

Quotations for Sundry Securities
________All bond prices are **and Interest” except where marked “ f ”

Borne-Scrymser C o.

rShar
Bid.
*161
950
450
*105
450
50
530
*40
135
220
187
140
230
110

*101

*17
z215
105
•385
*58
*14
565
Pralrle Pipe Line______
330
Solar Refining________
365
Southern Pipe Line C o.
215
560
113
340
805
540
750
540
673
263
Standard Oil (Ohio)......... 100 440
Swan & Finch__________ 100 110
Union Tank Line Co_
_
93
Vacuum Oil.......................100 370
Washington Oil_________ io *40
Bonds.
Cent.
Pierce Oil Corp conv 6s. 1924 82

Ask
17
975
500
110
475
70
550
45
145
225
192
145
235
115
10%
19
220
110
390
63
14%
575
335
375
220
570
118
350
815
560
775
560
680
268
460
120
96
380
45
85

hare.
40
20
io
40
30
Atlas Powder common. .100 150 160
Preferred____________ 100 99 102
Babcock A Wilcox______100 105 120
Bliss (E W) Co com m on..50 *«500 650
60 •78
Preferred_______
85
Canada Fdys A Forgings 100 190 210
Preferred____________ loo 90 100
Canadian Car A Fdry_ 100 40
_
50
Preferred____________ 100 75
85
Canadian Explosives comlOO 400 500
Preferred.......................100 104 110
Carbon Steel common_ 100 95 103
_
1st preferred_________100
98 104
2d preferred................ 100 75
SO
Colt's Patent Fire Arms
M fg............................... ioo 790 835
Crocker-Wheeler Co com. 100 94
98
duPont (E I) de Nemours
A Co, common______100 265 267
Debenture stock___ 100
103 105
4 Deo
Electric Boat...................ioo 260 280
Preferred.......................100 260 280
Hercules Powder com__ 100 1)292 302
Preferred_____ ______ 100 116 119
Hopkins A Allen Arms. .100 15 25
Preferred____________ 100 40
60
International Arms_____ 25 *22
26
Lake Torpedo Boat co m ..10 *8
10
Midvale 8teel A Ordnance 5C *55
56
Niles-Bement-Pond com. 100 163 173
Preferred.......................100 105 110
Scovlll M fg.............. ....... ioo 600 650
Submarine Boat__ (no par.) *24 27
Winchester Repeat Arms 100 1000 1100
Amer & British M fg.........100

Public Utilities—
Am Gas A Elec com_____ 60
Preferred........................ 60
Am Lt A Trac common..100
Preferred.......... ........... lot'
Amer Power A Lt com__ 100
Preferred____________ 100
Amer Public Utilities comlOO
Preferred____________ 100
Cities Service Co com_ 100
_
Preferred..
100
Com’ w’Ith Pow Ry A L ..100
Preferred____________ ioo
Dayton Pow A Lt pref_ 100
_
Elec Bond A Share pref..100
Federal Light A TractlonlOO
Preferred____________ 100
Great West Pow 5s I948.JAJ
Indiana Lighting Co___ 100
4s 1958______
F-A
North’n States Pow com . 100
Preferred.......................100
1st A ref 5s 1941___ AAO
Pacific Gas A Eleo com ..100
1st preferred_________ 100
Republic Ry A Light___ 100
Preferred____________ 100
South Calif Edison co m .. 100
Preferred____________ 100
Southwest Pow A L pref. 100
Standard Gas A El (Del). 66
Preferred_____________ 60
Tennessee Ry L A P ComlOO
Preferred____________ 100
United Gas A Elec C orp .100
1st preferred_________ 100
2d preferred_________ 100
United Lt A Rys com_ 100
_
1st preferred_________ 100
Western Power common. 100
Preferred____________ 100

♦146 148
51
*50
370 374
112 113
76
80
285
88
39
41
70
74
310 315
91% 93
57 60
SO 84
94
96%
99 [01%
15
17
54
57
90%, 91
85 ___
82
80
105 08
99 01
97 98
63
65
92
90
48
51
74
77
94 96
105 08
97% 00
*15
16
*42
43
10
11
44
47
8
13
73
77
12
16
47
49
70 79
19% 21
68% 71

RR. Equipments— PtrCi Basis
Bid. Ask.
4.45 4.25
4.60 4.30
4.60 4.30
4.60 4 40
5.00 4.50
4.60 4 00
Equipment 4Ms_________ 4.75 4 50
Chicago A Alton 4s_______
6.25 4.75
Chicago A Eastern 1 1 6)48..
1
5.50 6.00
Equipment 4Ms________
5.50 5.00
Chic Ind A Louisv 4M8____
4.70 4.45
Chic St L A N O 5s................ 4.50 4.25
Chicago A N W 4M»_______ 4.30 4.05
Chicago R I A Pac 4Ms
6.10 4.60
Colorado A Southern 6s___
4.70 4.45
Erie 5s___________________
4.55 4.35
Equipment 4Ms_________ 4.55 4.35
Equipment 4s__________
4.55 4.35
Hocking Valley 4 s............... 4 55 4.35
Equipment 6s___________
4.55 4 35
Illinois Central 5s__________ 4.38 4.20
Equipment 4 Mb_________ 4.38 4.20
Kanawha & Michigan 4MS4.60 4.37
Louisville A Nashville 5s___
4 30 4.10
Minn St P A 8 8 M 4 Ms___
4.40 4.20
Missouri Kansas A Texas 6s. 5.50 ..00
Missouri Pacific 5s................ 6.50 .00
Mobile A Ohio 5s__________ 4.75 4.50
Equipment 4Ms________
4.75 4.50
New York Central Lines 5s.. 4.50 4.25
Equipment 4Ms_________ 4.50! 4.25
N Y Ontario A West 4 M s...
4.55: 4.35
Norfolk < Western 4 Ms__
fc
4.30 4.10
Equipment 4s........ ..... ...
4.30 4.10
Pennsylvania RR 4 Ms........
4.30 4.10
Equipment 4s................ ..
4.30 4.10
8t Louis Iron Mt A Sou 6 s .. 5.40! 5 00
St Louis A San Francisco 6s. 5.30| 5.00
Seaboard Air Line 5s______
4.65 4 40
Equipment 4 Mb.......... .
4.65 4 40
Southern Pacific Co 4 M «--- 4.40 4.20
Southern Railway 4Ms____
4.55 4.35
Toledo A Ohio Central 4s__
4.75 4.50
Baltimore A Ohio 4Ms........
Buff Roch & Pittsburgh 4M*
Equipment 4s___________
Canadian Pacific 4Ms_____
Caro Cilnchf A Ohio 5s........

T ob a cco Stocks— Per Sha
Par
American Cigar commonlOO
Preferred.................. ..100
Amer Machine A F d ry.. 100
Brltlsh-Amer Tobac o rd ..£ l
Ordinary, bearer______£1
Conley Foil____________ 100
Johnson Tin Foil A M e t.100
MacAndrews A Forbes. .100
Preferred____ _______ 100
Porto ltlcan-Amer Tob-_100
Reynolds (R J) Tobacco. 100
Preferred................... 100
Young ( J 8) Co.............. 100
Prelerred................ ..... 100

B id.

A sk.

108 113
98 100
90
80
*1912 20%
•20 21
275 325
100 150
200

210

100 102
245 255
575 615
123 126
145 155
105 110

Short Term Notes. Per C ta l.
C
Am Cot Oil 5a 1917...M A N 100% 1007j
Amer Locom 5s, July ’ 17.J-J 100 100%
Am T A T 4 Ms 1918______ 100%40078
Anaconda Copper 5s ’ 17 M-8 100 100%
Canadian Pac 6s 1924. M&S2 102 [102l 2
Chic A West Ind 5s ’ 17.MAS 100 100%
Erie RR 6 Mb 1917___ A-O 100%'100%
General Rubber 5s 1918 JAD 10 1 102
Hocking Valley 5s 1917.M-N 100% 100%
Int Harv 5s Feb 15 ’ 18.K-A 10 1 % 10 1%
K C Rys 5Ms 1918___ JAJ
101 il0 I%
K C Term Ry 4 Mb ’ 18-MAN 99%jl00%
4Ms 1921____ _____ JAJ.
9912i100
Laclede Gas L 5s 1919.FAA 100% 101
MorganAWrlght 5s Dec.1.18 101 102
New Eng Nav 6s 1917.M-N 99
99%
N Y N H A H 4Ms May 1917 99% 100
Penn Co 4 Mb 1921..JAD15
101
Pub Ser Corp N J 5s T9 MAS
1007s
Rem Ams U.M ,C.5s’ 19FAA
87%
Southern Ry 5s 1917..M-S2
100%
United Fruit 5s 1918. M-N
100%
UtahSccurCorp 6s’22 M-S15 95% 96%
Winches RepArms5s’ 18M&S 95
97
New York City Notes—
6s Sept 1 1917........ ............... 101% 101%
Canadian Govt. Notes—
5s Aug 1 1917_________FAA 100% 100%
Industrial
and Miscellaneous
American Brass.............. 100
335
American Chicle com___ 100
60
Prelerred.......... ........... 100
80
Am Graphophone oom__100
175
Preferred................ ..... 100
180
American Hardware___ 100
138
Amer Typefounders com. 100
i 43
Preferred____________ 100
I 96
110%
Borden’s Cond Milk com .100
Preferred____________ ioo
106%
Celluloid Company____ loo
195
Havana Tobacco Co___ 100
2
Preferred.................. ..100
6
1st g 5s June 1 1922..J-D
57
Intercontinen Rub co m .. 100 12% 12 %
Internat Banking Co___ 100
International Salt.......... 100
"55 ‘
1st g 5s 1951_______A-O /
80%
international Silver pref. 100 1
108
Lehigh Valley Coal Sales. 60
95
Jtls Elevator com______100
65
94
Remington Typewriter—
Common__________ ..100
16
85
2d preferred_________ 100
45
Royal Baking Powd com .100 1
173
Preferred____ _____ ..10 0 1
103%

• Per share. 5 Basis, d Purchaser also pays accrued dividend, e New stock.
/F la t price, n Nominal, u Ex-dJvldend ol 101X % . v Ex-dividend ol 7M%
x Ex-dlvldend. y Ex-rights.

THE CHRONICLE

2334

[Vol. 103

Investment anti ^ailrvaxX |tttjeXIxg*w*«
RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can bo obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. T he returns o f the electric ra ilw ays are brought together sepa ra tely on a subsequent p a ge.
______________
J u ly 1 to Latest Date.

Latest Gross Earnings.
ROADS.

Week or
M onth.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

$
S
8
$
Ala N O & T ex P a c 390,244 317,345 1,740,868 1.573.343
N O & N or East N ovem ber
689,718
797,564
152,049
178,428
A la & V icksburg. N ovem ber
689,284
816,848
156,458
196,166
v ic k s Shrev & P N ovem ber
57,974 1,305,157 1,134,536
56,875
1st wk D ec
Ann A rb or_______
13591999 11384 903 51,304,543 43,506,916
A tch Topeka & S Fe O ctob er.
70,171 1,575,227 1,324,814
88,325
A tlanta Birm & Atl lst wk D ec
430,819
492,040
121,080
140,545
A tlanta & W est P t O ctober___
Atlantic Coast Line O ctob er___ 3.088.725 2,572,335 11,045,229 9,126,689
552,587
652,119
167,701
Chariest & W Car O ctober___ 218,874
508,200
588,213
134,899
151,754
L ou H end & St L O ctober___
aBaltlm ore Sc O hio. O ctober___ 10657 534 10004431 41,877,521 37,641,860
569,520
630,643
164,445
167,996
B & O C h T er R R O ctober___
Bangor & A roostook O ctober___ 399,883 355,043 1,224,991 1,093,735
Bessemer & L E rie. O ctober___ 1,092,752 1,152,951 4,999,044 4.852.343
290,055
368,642
81.455
93.109
Birmingham South- O ctober___
O ctob er___ 4,857,573:4,429,911 19,670,481 17,164,169
B oston & M a in e.
B u ff Koch & P lttsb. 2d wk D ec 254,518 251,182 6,321,454 5,564,546
519,950
578,029
142,807
140,007
B uffalo & Susq R R O ctob er.
Canadian N or Syst 2d w k D ec 892,600! 823,700 19,956,600 15,570,300
Canadian P a cific. . 2d wk D ec 3,106,000 3,055,000 70,291,154 59,628,207
Central o f Georgia O ctob er___ 1,411,781 1,183,276 4,887,955 4,164,859
Cent o f N ew Jorsey O ctober___ 2.958.207 2,939,937 12,045,486 11,144,759
460,474 478,580 1,928,890 1,577,202
Cent N ew E ngland. O ctober___
Contral V erm ont. O ctobor___ 394,900 366,919 1,534,568 1,387,904
Ches & Ohio Linos 2d wk D ec 1.039.208 940,378 22,905,577 21,351,534
C hicago & A lton ___ O ctober___ 1,717,163 1,462,015 6,471,016 5,440,983
Chic Burl & Quincy O ctob er___ 10586 316 9,493,928 39,455,112 33,922,560
6 C hicago & East 1 1 O ctober___ 1,533,760 1,522,354 5,731.936 5,393,774
1
356,236 7,880,539 6,898,393
c C hic Great W est. . 2d wk D ec 379,461
141,062 3,940,110 3,483,500
C hic Ind & Louisv 2d wk D ec 155,955
O ctober___ 10575 240 9,515,771 39,980,101 35,281,667
C hic M ilw & St P
C hic M il & Pug S
dChlc & N orth West O ctober___ 9.788,202 8,583,214 36,916,009 32,188,950
592,939
635,744
160,332
171,169
C hic Peoria & St L „ O ctober___
C hic R ock Isl Sc Pac O ctob er___ 7,526,793 6,330,758 28,342,203 24,230,932
C hic K I Sc G u lf.. O ctober___ 328,438 293.935 1,240,399 1,019,680
d C hic St P M & Om O ctober___ 2,129,026 1,845,334 7,649,960 6.511.876
756,395
971,464
268,493 223,271
C hic Terre II & S E O ctober___
Cln Ham & D ayton O ctober___ 940,347 1,048,716 3,866,161 4,022,184
571,471
674,298
146,637
179,177
C olorad o M id lan d , O ctober___
c C olorado & South. 2d wk D ec 351,216 340,257 8,066,642 7.431.317
41,394
91,136
12,148
22,351
C o rn w a ll__________ O ctober___
148,479
188,607
37,184
42,465
Cornwall & Lebanon O ctobor___
504,337 391,108 2,156,599 1,639,755
C uba R ailroad____ O ctober___
Delaware & Hudson O ctobor___ 2,323,814 2,275,557 9,212,342 8,523,992
Delaw Lack & W est O ctober___ 4,537,218 4,446,482 17,806,484 15,641,064
D en y & R io Grande 2d w k D ec 513,800 443,600 12,909,719 12,360,441
Western P a c ific .. O ctober___ 800,532 687,194 3,213,680 2,792,864
955,911
979,171
43,799
38,600
D enver & Salt Lake 1st wk D ec
704,497
821,923
D etroit T ol & lront O ctob er___ 216,090 216,064
506,770
588,013
18,114
21,483
D etroit Sc M ackinac 2d wk Dec
330,509
390,490
115,185
142,898
D et & T ol Shore L September
732,835 3,792,914 3,356,682
881,681
D ul & Tron R a n g e .. O ctob er___
D ul M issabe & N or O ctob er___ 1,985,543 1,371,806 8,126,772 5,938,181
58,525 1,782,046 1,530,926
69,622
D u l Sou Shore & Atl 1st wk D ec
450,052
562,591
122,503
147,268
Duluth W inn & Pac O ctob er___
116,962 4,768,133 4,023,867
Elgin Joliet & E a st. October . . 1,282,414
E l Paso & Sou W est O ctober . . 1,208,655 837,010 4,614,621 3,220,299
October . . 6,664,331 6,566,943 26,063,283 24,439,501
E r i e ------------759,794 403,893 2,438,737 1,438,791
Florida East C oast. O ctobor___
322,736
361,025
76,586
84,070
Fonda Johns & G lov O ctober___
995,779
291,867 1,235,433
350,037
Georgia R a ilr o a d .. O ctober___
128,480 204,918 2,078,930 2,509,961
Grand Trunk P a c .. 3d wk N ov
2d w k D ec 1,203,868 1,023,433 30,063,711 24,582,189
Grand Trunk S yst.
Grand Trunk Ity 4th w kN ov l ,296,548 932,227 22,069,818 17,560,457
Grand T rk West 4 th w kN ov 228,000 258,435 3,941,274 3,587,436
100.936 1,411,100 1.376.318
83,032
D et Gr II & M ilw 4th w kN ov
Great N orth System Novem ber 8.187,235 9,045,636 40,246,448 37,914,004
635,362
678,279
196,337
171,463
G ulf & Ship Island. O ctob er___
O ctob er___ 791,069 698,619 3,199,057 2.571,545
H ocking Valley
N ovem ber 6,435,805 5,981,280 32,052,591 28,239,538
Illinois Central
920,779 4,003,418 3,050,425
Internat & Grt N or O ctob er___ 1,208,901
954,705 5,030,666 4,441,382
Kansas C ity S ou th . N ovom bcr. 1,074,251
692,126
794,416
194,425 215,750
Lehigh & Hud River O ctober___
Lehigh & N ow E n g . O ctober___ 286,143 309,792 1 , 021,122 1,183,392
O ctober___ 4,434,852 4,639,358 17,486,956 16,096,355
Lehigh Valley
949,186 838,718 3,934,107 3,710,842
Los Angelas & S L ._ O c to b e r..
589,847
512,043
129,294 163,528
Louisiana & A rkan. O ctober___
765,777
736,538
199,981 209,634
Louisiana R y & N av O ctober___
1st wk D ec 1,441,200 1,194,865 29,342,313 25,305,370
f Louisville & N a sh .
M aine Central_____ O ctob er___ 1,204,694 1,021.676 4,661,506 4,102,596
172,275
180,472
47,759
50,621
M aryland & P e n n .. O ctob er___
573,411
772,254
162,694
222,022
M ldland V alley------ O ctober—
476,374
503,552
21,372
21,017
M ineral R ange------ 1st wk D ec
241,531 5,372,422 5,018,487
M lnneap & St Louis 2d w k D ec 252,011
M inn S t P & S S M . 2d wk D ec 614,871 676,715 16,736,473 16,759,736
270,922
303,451
75,355
77,430
Mississippi Central. O ctober___
g M o Kan & T exa s. 2d w k D ec 864,289 655,927 18,820,875 15,067.206
O ctober___ 6,832,081 5,705,268 24,925,733 20,807,632
h Missouri P a c ific ..
N ashv C hatt & St L O ctober . . 1,269,904 1,121,133 4,682,751 4,043,824
j New Y ork Central O ctober___ 17851688 16219443 70,946,123 60.118.876
Boston & Albany O ctobor___ 1,935,437 1,625,090 7,536,435 6,266,575
599,542 2,671,378 2,280,601
wLako Erlo & VV_ O ctob er___ 687,711
M ichigan Central O ctob er___ 4,261.189 3,464,282 16,288,721 13,099.870
Clove C C & St L O ctob er___ 4,312,711 3,652,627 16,541,082 13,992,710
600.664
712,084
156,360
181,838
Cincinnati N orth. O ctob er___
Pitts & Lako Erie O ctob er___ 2,185,343 1,989.801 8,602,846 7,368,723
T ol & Ohio C en t. O ctob er___ 581,334 486,466 2,343,543 1,730,744
266,804 332.184 1,179.483 1,203,822
Kanawha & M ich O ctob er___
T o t all lines above O ctob er___ 32264055 28525795 126821696 106662590

J u ly 1 to Latest Date.

Latest Gross Earnings.
ROADS.

Week or
M onth.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

$
8
$
$
210,107
229 667
5,292
5 ,164
N evada-Cal-O regon 1st wk D ec
576,775
600, 545
136 ,284 144,044
N ew Orl Great N o r. O ctob er___
627,308
668 115
164 ,149 190,353
N O M o b ile & C h ic. O ctob er___
,393,175
N Y Chic & St Louis O ctober___ 1,425 ,861 1,233,820 5,304 146
,357,788
N Y N II & H a r t f.. O ctober___ 7,087 ,456 6,532,914 28,310 169
,366,569
634, ,209 765,457 3,362, 613
N Y Ont & Western O ctober___
,351,986
275 ,235 360,191 1,161 616
N Y Susq & W e s t .. O ctober . .
,421,030
456, ,369 392,293 1.688 206
N orfolk S ou th e rn .. O ctober___
,874,591
N orfolk & W estern- O ctob er___ 5,266, ,244 4,888,127 20,576 560
,360,698
N orthern P a cific_ O ctober . . 7,683, 068 7.166,395 29,032 834
_
,756,345
407, ,409 420,948 1,909 812
Northwestern P a c . O ctober___
,987,798
756 ,737 669,008 2,205 792
P acific Coast C o ___ September
,680,084
p Pennsylvania RR. O ctob er— 20311 486 19098 095 80,585 771
502,758
588 940
92,135
118, ,892
Balt Ches & A tl. . O ctob er___
,125,391
366,,882 304,361 1,271 964
Cum berland Vail. O ctobor___
,461,702
,953,1.115,755 6,016 020
Long Island_____ O ctober___ 1,269,
383,699
411 920
75,028
94,,571
M a ry 'd Del & Va O ctober___
,572,926
463,,075! 365,495 1,886 868
N Y Phila Sc N orf O ctober___
,707,307
8,966 061
Phil Balt & AVash O ctobor___ 2,247,,789 1,957,089
,179,879
570,,2241 525,176 3.462 ,860
AV Jersey & Seash O ctober___
,097,466
O ctober___ 6,826,,131 6,344,042 27,974 ,104
Pennsylvania Co
,912,895
516,,8251 453,808 2,152 779
Grand R ap & Ind O ctober___
,098,827
Pitts C O & St L . O ctober___ 4,550 ,899 4,071,180 17.797 ,439
,052,240
V a n d a lia _______ O ctob er___ 1,239 , 117i 1,092,060 4,627 ,973
T otal lines—
East Pitts & Erio O ctob er___ 25806 480 23856611 104678591 92.891,269
AVost Pitts & Erie O ctober___ 13285224 12115162 53,180,585 45,739.716
All East & AVest. O ctober___ 3909170-1 35971773 157859 176 138630985
Pero M arquette___ 2d wk D ec 500,775, 434,802 10,962,156 9,513,331
Reading C o—
,005,450
Phila & R eading. October . . 5,600,760 5,230,272 20.755 686
,515,258
Coal Sc Iron C o . October . . 4,788,750, 3,598,807 14,118 010
,520,708
T otal both c o s ___ October . . 10389510 8,829,079 34,873 ,726
908,734
295.675 224,921 1.177 402
Rich Fred & Potom O ctob er___
271,158
302 ,708
109,426
120,173
R io Grando June___ September
277,434
294 897
10,015
11,089
R io Grando S o u th .. 2d wk D ec
,331,179
352,235 346,019 1,403 552
O ctober___
R u tla n d ______
558,491
,749
801
170,856
222,131
St Jos Sc Grand Isl. O ctober___
951,703
452,383 237,754 1,872 ,404
St L Brownsv & M . O c to b e r..
,370,130
O ctob er___ 3,670,149 2,823.270 12,844 ,963
St L Iron M tn & So
,427,283
160,340 4,224,050 19,131 ,953
St Louis & San Fran October
,665,771
St Louis Southwest . 2d wk D ec 336,000 260,000 7,119 ,880
,057,784
Seaboard Air L in e .. O ctober___ 2,292,797 1,974,095 7,992 ,949
,586,141
Southern Pacific___ O ctober___ 15692 153 14133363 00,299 ,173
,486,078
Southern R ailw ay. _ 2d w k Dec 1,565,244 1,412,696 35,967 ,952
,330,546
242,888 236,216 5,569 ,873
M ob ile & O h i o . .. 2d w k Doc
.623,107
Cln N O & T ex P_ 2d wk D ec 243,552 227,076 5,512 ,079
,384,067
109,509 2,720 ,681
113,598
A la Groat S outh. 2d wk D ec
,087,580
52,745 1,241 ,553
58,092
Georgia So & F la . 2d w k D ec
,842,933
512,448 483.405 2,003 ,354
Sjpok Port Sc Seattle O ctober___
35,450
53 ,158
2,026
2,681
Tenn Ala & Georgia 1st wk D ec
550,830
605 482
140,161
158,135
Tonnessoo Central. O c to b e r ..
,999,123
2d wk D ec 480,192 , 434810 10,538 ,759
Texas & Pacific
535,740
536 ,942
102,726/
102,520
T oledo Peor & AVest N ovem ber
,535,751
132,791 2.836 .970
118,437
T oled o St L & AVest 2d wk Dec
300,305
110,601
387 ,995
141,048
Trinity & Brazos V . O ctober___
,720,882
Union P acific S yst. October . . 11984870 10275489 42,991 ,267
,419,863
877,310 563,059 3,114 ,623
V irginian_________ O ctobor___
,096,315
AVabash__________ O ctober___ 3,557,409 2,984,779 13,141 ,972
,306,657
W estern M aryland 2d wk D ec 214,330 227,033 5.836 58
424,126
454 ,697
121,769
135,875
Western R y o f Ala O ctober___
,841,912
862,814 3,764 ,176
913,509
AVheol Sc Lake Erie October . .
.683,898
1.340,688 6.911 .198
Y a zoo & Miss Vail Novem ber 1,672,372
Current
Year.

Period.

Various Fiscal Years.
Buffalo & Susquehanna R R ____ Ian
Delaware & H udson___________ Ian
E r i o . ................................................
N ow York C entral.J___________ Jan
Boston & A lbany____________ Jan
Lako Erie & AVostern.n_____ Jan
M ichigan C e n tra l___________ Jan
Clovo Cine Chic & St L o u is .. Jan
Cincinnati N orthern_________ Jan
Pittsburgh & Lako E rie-------- Jan
T oledo & Ohio Central_____ Jan
Kanawha & M ich igan------------ Jan
T otal all linos_____________ Jan
N ow York Chicago Sc St L ouis.
N Y Susquehanna & AVestern.. Jan
p Pennsylvania Railroad________ Jan
Baltimore Chesap & Atlantic [Jan
Cumberland V alley_________ Jan
Jan
Long Island_____________ _
M aryland Delaw Sc Virginia Jan
N Y Philadelphia & N orfolk Jan
Phila Baltimore Sc AVashing'n Jan
W est Jorsey Sc Seashore-------Pennsylvania Company_________
Grand Rapids Sc Indiana____
Pittsb Cine Chic Sc St L ou is.
Jan
V andalia----------------------T otal lines— East Pitts Sc Erie Jan
— AVest Pitts &ErIo Jan
— All lines E Sc AV. fan
Dec
R io Grando Junction-------Jan
R u t la n d _______________________ Jan

1
1
1
1
1
1
l
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

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

Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct

()Ct

Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Sept
Oct

Previous
Year.

194,474
31 $1,401,154
31 22,182,944 19,305,289
31 62,176,833 54,053,542
31 168628982 136077865
31 17,899,337 14,386,082
31 6,139,225 '>,046,741
31 38,190,702 29.657.923
31 38,697,258 31,034,970
31 1,607,294 1,308,144
31 20,079,879 14,406,667
31 5,097,174 3.802,808
31 3.002,596 2,529,640
31 299342447 238250840
31 12.828,084 10,075,880
31 3,350,526 3.355,016
31 192229964 159S39089
989,515
31 1,049,201
31 3,050,915 2,517,379
31 12,723,360 11,514,702
762.373
776,617
31
31 4,362,870 3,439,177
31 21.0 52 ,4 1 1 17.423.924
31 6,802,556 5,958,101
31 63,588,314 49,313,688
31 4,920,386 4.379,425
31 42,160.513 33,537,437
31 10,845,344 9,209,237
31 245436123 205163060
31 123028101 07,757,696
31 368464227 302920755
733,933
30
826,632
31 1 3,362,402 2.964.521

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
* Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

* Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

S
S
M ileage.
Cur. Y r. Prev. Yr.
S
$
$
F ebruary___245,541 244,809 267,579,814 209,573,963 +58,005,851 27.08
1st week Oct (35 roads)____ 14,736,262 13,401,187 + 1,335,075 9.96
M a r c h ..........247,363 246,548 296,830,406 238,098,843 + 58,731.563 20.47
2d week O ct '34 roads)____ 15,149.575 13,697,795 + 1,451,780 10.60
A p r i l ............246,615 245,773 288,453,700 237,512,048 + 50,941.052 21.45
3d week Oct (33 road s)____ 14,681,626 13,566,014 + 1,115,612 8.22
+63,448,411 25.94
4 th week O ct (33 road s)____ 20,900,322 19,576,954 + 1,323,368 6.74 M a y .............. 248,006 247,189 308.029,096 244,580,685 + 47.530.779 20.01
June.............. 226,752 225,803 285,149,746 237,612,967
1st week N ov (34 road s)____ 14,980,342 13,953,871 + 1,026.471 7.36
J u l y .............. 244,249 243,563 308,040,791 263,944,649 +44,096,142 16.70
15,284.527 14,186,330 + 1,098,197 7.04
2d week N o v (33 road s)-----A ugu st_____ 245,516 244,765 333,460,457 278,787,021 + 54,673,436 19.61
+978,559 7.27
3d week N ov (29 road s)------ 14,430,383 13,451.824
Septem ber. .248,156 247,466 332,888,990 294,333,449 +38,555,541 13.10
4th week N ov (30 roa d s)____ 19,651,127 18,420,477 + 1,230,650 6.73
345,790,899 310,740,113 + 35,050,7.86 11.28
O c to b e r____ 246,683
13,568,040 + 1,546,914 11.46
1st week D ec (32 roads)____ 15,114,954
,
81.367.951 77.063,789 + 4 ’ 304ll62l 5^59
N o v e m b e r .. 84.452
2d week D ec (27 roa d s)____ 13,533,477 12,504,858 + 1,028,619 8.23
a Includes Cleveland Lorain & AVheeling R y . b Includes Evansville & T erre Haute. / Includes M ason C ity & Forti D odge and 1 10 W isconsin
r>->„ifin
u Tnniiidps net-, m iiv oneratlm r revenuo. but also all otner receipts, e D oes n o t Include earnings or c o io ra a o springs x orip n io




2335

THE CHRONICLE

D ec . 23 1916.]

Latest Gross Earnings by Weeks.— In the tablo which
follows wo sum up separately tho earnings for the second
week of December. Tho tablo covers 27 roads and shows
8.23 % increase in the aggregate over tho samo week last year.
1916.

5
109,509
251,182
823,700
3,055,000
910,378
356,236
141,062
227.076
340,257
443,600
18,114
52,745

$
4,089
3,336
68,900
51,000
98,830
23,225
14,893
16,476
10,959
70,200
3,369
6.347

1,203,868

1,023,433

180,435

252,011

241,531

10,480

614,871
864,289
242,888
500.775
11,089
336,000
1,565,244
480,192
118,437
214,330

Alabam a Great Southern______
B uffalo Rochester & Pittsburgh
Canadian N orthern____________
Canadian P a cific______________
Chesapeake & Ohio____________
Chicago Great Western— . —
Chicago Indianapolis & Louisv.
C inc N ew Orleans & Texas P a c.
C olorado & Southern--------------Denver & Rio Grande................
D etroit & M ackinac------ . . ------Georgia Southern & I’ lorida—
Grand Trunk o f Canada-----------‘
Grand Trunk W estern_____
D etroit Gr Ila v & M ilw ____
Canada A tlantic___________ J
M inneapolis & St Louis_______ 1
Iowa Central_______________ /
M inneap St Paul & S S M -------M issouri Kansas & Texas---------M obile & O hio........... - .................
l ’ ero M arquette-----------------------R io Grande Southern--------------St Louis Southwestern------------Southern Railway--------------------Texas & P acific-----------------------T oled o St Louis & W estern-----W estern M aryland-------------------

1915.

S
113,598
254,518
892,600
3,106,000
1,039,208
379,461
155,955
243,552
351,216
513,800
21,483
58,092

Second Week o f December.

676,715
655,927
236,216
434,802
10,015
260,000
1,412.696
434,840
132,791
227,033

208,362
6,672
65,973
1,074
76,000
152,548
45,352

Increase. Decrease.

13,533,477 12,504,858 1,117,520
1,028,619

N et increase (8 .2 3 % ).

S

61,844

14,354
12,703
88,901
—

Name o f Road
or Company.

oPaducah T r & L t C o
Pensacola Electric C o
Phila Rapid T ransit.
Phila & Western R y .
P ort (Ore) R y, L& PC o
g Puget Sd T r, L & P .
g R epublic R y & L t . .
R hode Island C o ____
Richm ond Lt & R R .
St Jos R y , L, H Sc P .
Santiago Elec Lt Sc Tr
Savannah Electric Co
Second Avenue (Rec)
Southern B oulevard.
Southern Cal E dison.
Staten Isl’d M idlan d.
Tam pa Electric C o . .
T hird A venue______
T w in C ity R ap T ra n .
Union R y C o o f N Y C
Virginia R y & P ow er.
W ash Balt & A nnap.
Westchester E lectric.
W estchester St R R __
a W est Penn T rac C o
Yonkers R ailroad___
Y ork R ailw ays______
Youngstown & O h io.
Youngstow n & South

Latest Gross Earnings.
Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to latest date.
Current
Year.

$
S
S
O ctob er___
25,313
256,578
26,437
O ctob er___
21,440
232.105
22,386
N ovem ber 2361.936 2136,746 24,792,225
Novem ber
43,452
471,170
40,460
O ctob er___ 459,720 453,225 4,491,148
O ctob er___ 715,833 641,413 6,586,860
N ovem ber
344,942 289,151 3,614,204
O ctob er___ 478,522 439,590 4,879,604
September
36,873
39,172
310,159
October . . 113,297 108,123 1,110,853
N ovem ber
47,315
495,775
43,239
O ctober___
72,246
671,203
67,962
September
43.956
626.565
83,075
September
6.553
20,166
148,166
O ctober___ 389,190 415,793 4.089,042
September
32,527
258,329
33,939
O ctober___
82,458
84,803
794,863
September
167,852 328,190 2,839,764
1st wk D ec 195,508 183,207 9,474,469
September
106,109 245,296 2,018,249
N ovem ber
481,768 465,884 5,310,555
N ovem ber
112,763
96,474
869,462
September
52.519
17,416
374.106
22,249
O ctober___
15,799
196,906
N ovem ber
588,381 449,257 5,705,741
63,921
September
509,490
20,782
81,170
O ctobor___
799,508
89,351
279,909
24,517
October
28,825
17.135
A u g u s t ___
126,937
17.534

Previous
Year.
S
235,180
210,590
22,101,979
424,371
4,573,243
6,216,055
2,800,428
4,194,269
308,872
1,041,883
432,261
658,864
661,145
171,364
3.985,762
268,082
811,582
2.875,708
8,792,718
2,099,655
4,759,433
780,635
444,312
212,726
4,593,667
544.997
678,563
238,900
112.143

b Represents Income from ail sources, c These figures are for consoli­
dated com pany. / Earnings now given In milreis. g Includes constituent
com panies.

Electric Railway and Other Public Utility Net Earn­

Tho tablo ings.—The following table gives the returns of ELECTRIC
following shows the gross and net earnings with charges and railway and other public utility gross and net earnings with
surplus of STEAM railroads and industrial companies re­ charges and surplus reported this week:
-----Gross Earnings-----N et Earningsported this week:
Current
Previous
Current
Previous
- N et Earnings-------Gross Earnings-----Net Earnings Monthly to Latest Dates.—

Current
Previous
Year.
Year.
S
%
467,215
377,602
Kansas C ity Southern b N ov 1.074,251
054,70,5
July 1 to N ov 30_____ 5,030,606 4,441,382 2,111,473 1,864,961
Total
Charges
Other
Balance,
Net
Gross
Income.
it; Taxes.
Income.
Surplus.
Earnings. Earnings.
S
$
S
S
S
S
Cambria & Indiana—
4,013
19,230
23,249
7,333
15,916
Oct ’ 16
2.3,450
4,522
18,569
23,091
9,083
14,008
’ 15
23,683
7,887
74,702
82,649
29,998
52,021
■ 4 mos ’ 16
87,291
19,361
55,748
75,109
37,206
37,843
’ 15
91,463
a N ot earnings hero given are after deducting taxes,
b N ot earnings hero given aro before deducting taxes.
fi.
je?

Roads.

Current
I '( w .

Precious
Year.

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name o f
Road
or Compyny.

Week or
Month.

Atlantic Shore R y ---- N ovem ber
cA ur Elgin & Ohio Ry October . .
Bangor R y & Electric O ctober___
B aton Rouge E lec Co O ctober___
Bolt L R yC orp (N Y C ) September
Berkshire Street R y - O ctober___
Brazilian T rac, L & P O ctober___
B rock & P lym St R y . O ctober___
Bklyn R ap Tran Syst September
C apo Breton E lec C o O ctober___
Cent M iss V E l P rop . O ctober___
Chattanooga R y & Lt O ctober___
Cities Service C o ____ N ovem ber
Clovo Palnesv & East O ctober___
C lovo Southw & C o l. O ctober___
flColumbia Gas & Elec N ovem ber
Columbus (Ga) El Co O ctober___
Coluin (O) R y , P & L O ctober___
g C om ’w ’th P .Ity & L O ctober___
C onnecticut C o _____ O ctobor___
Consum Pow (M ich ). N ovem ber
Cum b C o (M o) P & L O ctober___
Dallas E lectric C orp . O ctob er___
D ayton Pow & Light Novem ber
g D etroit E dison____ N ovem ber
D etroit United Lines Octobor . .
D D E B & B att(R oc) September
Duluth-Superior Trac O ctobor___
East St Louis & Sub­ O ctober___
Eastern Toxas E le c .. O ctober___
(/El Paso Electric C o . O ctober___
42d St M & St N Ave September
g Federal L t & T ra c. _ O ctobor___
G alv-H ous Elec C o .. O ctober___
Grand Rapids R y C o O ctober___
Groat W est Pow Syst O ctober___
Harrisburg Railways. September
Havana El R y , L & P O ctobor___
_
H onolulu It T & Land O ctober_
H oughton C o T r C o . O ctober___
b Hudson & M anh at. O ctober___
Illlnols T ra ction ____ O ctobor___
Intorboro R ap T ra n . October . .
Jacksonville Trac C o O ctober___
K eokuk E lectric___ O ctobor___
K oy W est E lectric_ O ctober___
_
Lako Shoro E lec R y . O ctober___
Lehigh Valley Transit O ctober___
Lowist Aug & W aterv O ctober___
L ong Island E lectric. September
Lou&ville R a ilw a y .. October _ .
M ilw El R y & L t C o . October . .
M ilw L t, l i t & T r Co October _ .
M onongahela Vail Tr September
Nashville R y & Light O ctob er. _
N e w p N & H R y G & E N ovem ber
N Y C ity In torb oro.. September
N Y & Long Isla n d .. September
N Y & N orth S h ore.. September
N Y & Queens C o . . . September
N ew Y ork R ailw ays. September
N Y & Stamford lty . O ctober___
N Y Stato Railways. O ctober—
N Y W estches Sc B os. O ctober___
N ortham pton T r a c .. O ctober—
N or Ohio Trac Sc L t. O ctober—
N orth Toxas Electric O ctober—
Ocoan E lectric (L I ) . September
P acific Gas & E l e c ... September
Pac L t Sc P o w C o r p . . O ctober___




Current
Year.
$
22,842
173,987
77,173
18,509
29,405
84,965
/7037000
9,964
2474,878
36,466
25,438
109,024
1328,389
38,571
113.461
824,323
84,786
307,437
1458,380
812,161
456,321
251,683
211,643
159,344
993,087
1416,987
20,989
121,229
271,636
72,131
104,990
77,855
201.809
171,761
103,659
320,252
83,038
532,358
57,450
25,956
513,465
1073,370
3546,933
49,646
20.591
6,712
136,113
218,346
72,302
24,568
200,558
599,992
160,691
123,673
205,999
87,654
24,028
41,043
14,947
103.809
504,502
24.461
692,841
00,133
16,577
450,264
205,491
19,207
1503,418
270.382

Previous
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

8
$
$
329,280
23,078
327,205
107,521 1,711,658 1,598,541
71,610
682.948
655,814
18,097
172.807
155,123
65,380
546,027
570.812
81,179
832,271
779,959
/6793000 168286,000 /6 4 2 5 0 ,110
9,406
105,318
99,180
2349,654 21,998,158 20.534,257
34,152
318,476
287,934
24,724
242,717
231,062
98,155 1,021,328
883,189
490,623 8,539,522 3,947,604
36,284
390,147
358,405
109,962 1,107,461 1,030,094
684,434 8,045,685 7,185,464
709.949
583,700
67.215
272,152 2,883,975 2,535,853
1245,866 13,718,601 11,660,115
711,185 7,998,520 6,836,404
377,190 4,247,915 3,472,994
226,793 2,391,105 2,198,904
185,200 1,009,773 1,498,799
111,094 1,443,813
960,481
764,228 8,954,352 6,878,075
1188,000 13,272,833 10,896,005
39,579
342,224
359,590
101,900 1,144,675
947,865
222,456 2,452,055 2,008,706
71,665
676,982
582,231
84,808
780,936
893,491
107,708 1,345,393 1,448,899
194,227 2,062,032 1,917,058
174,259 1,598,199 1,604,756
97,125 1,075,481
905,420
295,472 3,052,059 2,424,117
74,248
680,369
747.887
403,385 4,939,812 4,572,321
53,353
484,274
540,181
23,034
270,531
220,928
477,723 4,845,318 4,537,244
9800,071 9.873.150 8,971,423
3071,291 31,005,513 27,708,140
51,338
516,510
508,097
198.729
20,224
191,398
93,558
9,737
93,312
118,315 1.343.120 1,150,649
196,651 2,078,887 1,717,569
678,519
63,932
622,693
192,340
20,107
200.966
252,069 2,557,993 2,444,965
515,984 5,673,804 4,844,901
128,531 1,520,919 1.233,005
87.812 1. 100.121
708,792
189,030 1,966,146 1.754,279
72.872
955,732
834,411
491,490
60,321
515,523
313,327
42,276
328.967
121,367
16,305
125,296
123,082 1,070,800 1,038,300
1175,441 9,598.490 10,027,770
309.808
322,842
28.216
631,802 6,910,119 6,066,317
45,191
403,082
394,837
15.872
166,219
149,021
339,599 4,231,008 3,168,960
181,515 1,584,034 1,410,581
18,121 „ 133,790
133,114
1558,089 13,791,028 13,723 701
256,5?3 2,703.013 2.417,658

Year.
%
22,842
A tlantic Shore R y b ____N ov
Jan 1 to N o v 3 0 ______
329,280
Iowa Telephone
. Oct
304,135
Jan 1 to O ct 31______ 2,776,416
N ortham pton Traction a Oct
16,577
P orto R ico R y . ------------N o v
67,046
Jan 1 to N o v 3 0 ______
758,281
Santiago El L t & T r b - .N o v
47,315
Jan 1 to N o v 30______
495,775
Tri-State Tel Q T e l____Oct
150,367
Jan 1 to Oct 31______ 1 .4 7 P 359
W isconsin Edison a ____N o v
917,520
D ec 1 to N o v 3 0 ______ 10,119,407
Gross
Earnings.
$
r
o c t U6
131.052
A dirondack Elec
’ 15
118,737
Power C o rp . . 10 m os ’ 16 1,233,186
.
'15 1,056,230
Cities Service Co ___N o v '16 1,328,389
490.623
’ 15
11 m os ’ 16 8,539,522
'15 3,947,604
C olum bia G as& El .N o v ’ 16
824,323
684,434
'15
11 mos '16 8,045,685
'15 7,185,464
D a li as E lect C o . ------ Oct ’ 16
211,643
'15
185,200
10 mos T 6 1,609,773
’ 15 1,498.799
D ayton Pow & L t - .N o v ’ 16
159,344
’ 15
111,094
11 mos ’ 16 1,443,813
966,481
’ 15
49,646
Jacksonville T r a c .-O c t ’ 16
51,338
’ 15
516,516
10 mos ’ 16
508,697
’ 15
196,437
N ov T6
139,623
N ew E n gl’d C o
’ 15
Pow er Syst_ 11 mos ’ 16 1,857,710
’ 15 1,337,336
N ew port News
N o v ’ 16
87,654
&
Hampton
72,872
’ 15
R y , Gas & El 11 mos 16
955,732
834,411
’ 15
N or Ohio Tr & L t .- O c t ’ 16
450,264
339,599
’ 15
10 mos ’ 16 4,231,008
’ 15 3,168,960
P hila R ap Trans . . . N o v ’ 16 2,361,936
’ 15 2,136,746
5 mos ’ 16 11,369.858
’ 15 10,203.500
715,833
Oct ’ 16
641,413
Puget Sound T r
’ 15
Light & P o w . 10 m os ’ 16 6,586,860
’ 15 6,216.055
N o v ’ 16
344.942
R epublic R y &
289,151
’ 15
L t and sub cos 11 m os T 6 3,614,204
’ 15 2,800,428
W innipeg Elec C o ..O c t T 6
278,817
’ 15
286,146
10 mos T 6 2,740.389
’ 15 2,799,600
Gross
Earnings.
S
Phila & Western R y N o v T 6
43,452
’ 15
40,460
11 m os ’ 16
471,170
’ 15
424,371
Virginia R y & P o w .N o v ’ 16
481,768
*15
465,884
5 m os ’ 16 2;451,365
’ 15 2,282,518

Year.
Year.
Year.
$
S
$
23,678
1.770
3,383
327,205
70,755
61,092
259,388
90,089
73,442
2,405,471
765,866
684,033
15,872
6,069
6,855
62.565
34,573
33,679
341,537
684,826
373,766
43,239
23,185
21,860
218,501
432,261
242,446
148,119
53,421
41.977
477,792
1.430,979
423,919
772,132
c341,297
c312,999
8,581,437 c4 ,105,041 c3.430.320
Fixed
N et after
Balance,
Taxes.
Charges.
Surplus.
S
S
8
34,277
21,005
13,272
55,780
21,464
34,316
472,930
214,467
258,463
438,279
211,349
226,930
1,308,368
244 1,308,124
475.086
40,833
434,253
8,320,444
258,647 8,061,797
3,792,539
449,168 3.343,371
394,157
346,030
2100,613
335,147
308,596
z 2 1,835
4,021,288 3,767,099
1759,987
3,499,882 3,705,641
Z265.028
95,260
40,683
54,577
80,375
33,923
46,452
614,581
370,276
262.448
334,631
578,990
Z244.359
35,881
19,967
z l6 ,6 0 4
55,347
18,607
238,021
673,223
207,532
1371,484
454,095
199,919
2265,591
14,716
d e f 721
15.437
15,442
14,734
708
166,353
152,845
13.5Q8
152,489
148.436
4,053
125,577
49,526
76,051
92,258
46,372
45,886
1,170,336
549,917
620,419
850,868
384,169
466,699
33,917
19,747
Z14.226
27,824
19,862
z8,047
378,056
213,994
2167,096
333,469
216,166
2120,199
167,148
54,209
112,939
78,992
54,358
133,350
1,874,558
501,970 1,372,588
1,213,978
521,028
692,950
1,040.537
814,174
226,363
944,488
815,532
128,956
6,062,132 4,073,313
988,819
400,937
4,481,232 4,080,295
274,977
155,378
119,599
249,710
154,635
95,075
2,342,144 1,550,246
791,89S
2,279,396 1,570,921
708,475
148,859
72,643
276,466
121,885
57,200
265,185
773,321
1,522,058
2754,567
1,094,236
2477,856
618,170
96,243
59,766
36,477
71,959
104,970
33,011
982,501
594,020
388,484
951,573
640,326
311,247
N et
Fixed Chgs. Balance,
Earnings. & Taxes.
Surplus.
S
S
S
22,612
12,544
10,068
21,396
12,491
8,905
249,187
138,006
111,181
220,869
135,509
85,360
239.651
150,425
297,239
251,624
142,528
2117,349
1,238,166
741,908
2540,009
1,197,871
715,507
2525,288

b N e t earnings hero given are before deducting taxes,
c B alance available for tho W isconsin Edison C o ., In c., and depreciation
o f subsidiary cos. was 5204,495 in N ov. 1916, agaisnt 5178,541 and for the,
tw o lv o months was 52,486,133 In 1916 against 51.799,804.

[Vol. 103.

THE CHRONICLE

3336
A N N U A L REPORT S

Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “Chronicle” in which
it is published. The latest index will bo found in the issue
of Nov. 25. The next will appear in that of Deo. 30.
Massachusetts Electric Companies, Boston.
(17th A n n u a l Report— Y ea r en ding Ju n e 30 1916.)
Pres. Gordon Abbott, Boston, Dec. 6, wrote in substance:
Results.— T h o business o f the B ay State Street R y . C o. lias been favorably
affected during tne past year b y tho great m anufacturing activity in parts
o f tho territory served by its lines. As a result its gross earnings increased
by $458,077. T h e expenses, however, increased in greater proportion, the
diminution in net operating incom o being $409,000 and in net divisible
incom e $357,576. These operating expenses included $120,000 charged as
depreciation on equipment and $379,759 for reconstruction non-betterm ent.
T h e charge for depreciation o f equipment was the same as that during
1915, b u t tho chargo for reconstruction non-betterm ent increased from
$182,850 during the previous year. Prior to 1915 no chargo was m ade for
equipment depreciation, and the charges for reconstruction non-betterm ent
were m ade to profit and loss, as was fully explained in the last report.
A s a result o f these charges tho net divisible incom o did not enable the
declaration o f dividends to such an amount as would perm it any dividend
on tne preferred shares o f tho Massachusetts E lectric Companies.
A s general business still continues very activo the gross and not incom o
o f tho railway has shown an increaso during tho period from July l last to
tho dato o f this report. This result is obtained in spite ot tho jitney com ­
petition, which still continues, although it shows no increaso above tho esti­
m ated figures submitted in last year’s re p o rt._
_
New Properly, A c .— During tho year $734,458 has been sgent on new
property and reconstruction, viz.: T rack construction, $57,978; track re­
construction and Stato and municipal requirements, §674,930; cars and
electrical equipment, $84,070; electric lines and feeders, $154,600; power
stations, $43,426; land and buildings, $15,190; sundry equipment, $4,264;
total, $734,458. I'A miles o f new track were constructed, 12.78 miles o f
track were reconstructed, and work done on 1 m ile o f track in connection
with Stato or city im provem ents. 18.8 miles o f additional overhead feeder
were installed, and 27.89 miles o f underground duct were constructed;
4 miles o f underground feeder wero installed.
There have also been ordered 200 new passenger cars and 7 m otor and
5 trailer cars for froignt service. Deliveries o f the passenger cars aro ex­
pected to begin early in 1917.
,
,
A new 12,500 k.w . turbo-generator was ordered and is to bo installed
In an addition now being m ade to tho Quincy Point power station. This
work will not bo finished before tho summer o f 1917.
. . . .
Stock and Ronds.— During tho fiscal year 1915 authority was given to tho
B ay Stato Street R y. C o. to issue 12,819 shares o f first prof, stock at $112
a share. This stock was not sold, but authority was obtained from tho
1’ . S. Comm ission to issue in lieu o f these shares $700,000 bonds anil 7,3.i7
shares o f first pref. stock at par. O f these securities, tho $700,000 bonds,
together with $198,000 other bonds— the issue o f which became possiblo
through maturities o f underlying bonds or through sinking fund payments
— were sold during tho past year. T ho first pref. shares wero all bought
b y the trustees o f the Massachusetts Electric Companies, and o f tho total
amount 2,500 shares were sold during the year, the balance remaining in
_
the trustees’ treasury.
,, ,.
. .. _ a „ _
Fares.— Since tho last annual meeting the application to the 1 . S. c o m ­
mission for lcavo to increaso fares has been decided. Permission was re­
fused so far as the thickly settled districts and tho zones adjacent thereto
were concerned. Fares in other parts o f tho territory liavo been increased
and stops are being taken to abolish various reduced fares which the C om ­
mission intimated should bo done. If tho not earnings aro not Increased
by the amount which the Commission have found to bo reasonably and
properly necessarv, tho B a " Stato is given leave to applv for relief again.
Decision as to Rates— Physical Condition.— T ho Comm ission, In justifying
their rofusals o f further increases, have gono very far afield and havo found
fault with pretty m uch everything about tho B ay Stato St. R y -, except tho
power stations, showing an attitude o f hostility which wo feel is unjustified.
T he Commission aro o f the opinion that considerable savings can bo
accom plished by changes in m ethods o f operation. That is true, but tlio
principal changes suggested havo been made possible for tho first tim e b y
this very decision o f tho Comm ission. In other m atters tho Commission
apparently adopted a report m ade by B ion J. A rnold, and we therefore
engaged M r. Arnold to show us how to apply his suggestions.
1 ho de­
crease in stops whicn ho recomm ends will doubtless produce some saving.
M ore feed wire m ay, or m ay not, save some power, but it costs tw ice as
much as it did a short tim e ago, and proper regard for econom y will probaoly
require that all available funds be spent in some other way. With respect
to the contem plated saving in “ overhead” expenses, it appears doubtful if
$10,000 a year can be saved, instead o f $125,000. Though tnis is a dis­
appointm ent, it is not a surprise. A ccounting methods and tho distribution
or items among tho various heads o f expenses havo varied widely on street

Expert Arnold reported that “ tho track conditions in cities and towns aro
in general very satisfactory. A largo percentage o f such track is laid with
heavy rail in well-paved streets and is well m aintained.” It seems, there­
fore, tuat the criticism o f tho Commission as to the failure to care for what
they call “ com plete” depreciation relates to tho lines in thinly settled and
consequently unprofitable regions.
N either tho Bay State nor tho Massachusetts E lectric Companies was
responsible for the creation o f tho existing conditions and still less were they
responsible for tho cost o f changing from one kind o f electric railway to
another or for tho heavy increase in taxes and wages; but all that is not
material at the moment. T he attitudo o f tho Commission apparently
means that the stockholders are to be denied a fair return on their invest­
ment, but as the law is quite clearly otherwise that cannot possi.ily do tneir
meaning. It has been suggested that tho necessary result must be that tho
utprofitablo lines are to be abandoned in order to get rkl o f their deficits,
nba your trustees find it difficult to beliovo that this result is intended.
T h ey havo supposed that the value to tho wholo com m unity o f country
lines was admitted by everybody. W e havo requested tho officers o f tho
B ay Stato to m ake a study o f the subject.
.
,
Neither tho B ay State nor any other street railway in Massachusetts,
with one possiblo exception, could ever havo paid a dividend if it- had set
aside even 3 % o f its book value per annum for a depreciation reserve in
addition to maintenance charges. I f dividends are earned and aro unrea­
sonably and indefinitely withheld from the stockholders new capital will
not be forthcom ing. If our deductions on this subject aro correct, it neces­
sarily follows that tho moderate dividends o f tho Bay Stato wero declared
in accordance with sound principles o f prudent management. It has cer­
tainly charged o ff $3,000,000 out o f earnings for reconstruction, and has
paid in dividends far less tnan a fair return on the capital invested. T ho
intervention o f the Massachusetts Electric Companies has ratner assisted
than delayed the process o f im proving the property.
The root o f this whole matter o f dividends lies in the requirement o f tho
Massachusetts law that the bond issuo shall not exceed the stock issue,
plus any premiums paid in on stock, and tho further requirement that no
stock shall bo issued for less than its par value. Fares should havo been
raised ten years ago, and everybody knows it now.
In 1908 before resuming dividends on your pref. shares wo em ployed
J. G . W hite & C o . to investigate the condition o f the property, and esti­
m ate tho expenditure and the gross and net revenues for five years to
June 30 1913. T n ey advised that during tlioso fivo years 173 miles o f track
should bo rebuilt; tho companies actually rebuilt 140 miles. I hey recom ­
mended the purchase o f 1.35 passenger cars; tho com panies bought 180.
A good deal o f the report dealt with the developm ent o f the power stations;
a large amount o f m oney has sinco been spent for that purpose. T ho engi­
neers forecasted an expenditure o f $7,900,000 for construction and recon­
struction during tho five years; tho companies actually spent in that period
for those purposes $6,543,000. T he enginneorsi prophesied gross earnings
for 1913 o f $9,000,000; they wero in fact $9,280,000. But when they came
to net divisible incom o a considerable difference begins to appear between
their estimates and the actual returns. T hey expected a net divisible in­
com e in 1913 o f $1,853,000; tho actual was $1,437,000— a ditferonco o f
$415,000. This is more than accounted for by an increaso in maintenance
amounting to -10% m ore than tho engineers had estimated as probably
necessary. This increase totaled $465,000, a sum greater than tho shrink­
age from tho net divisible incom o predicted fivo years before.
Sinco then wages and the cost o f supplies havo risen by leaps and bounds,
depreciation lias accrued faster than was expected, the reasonable antici­
pation o f eight years ago that a moderato rate o f profit would result has
been disappointed, and the Bay Stato is not to-day earning a fair return
on tho capital actually invested. T ho Commission havo so determined.
As to the possiblo developm ent o f the freight and express business north
o f Boston, neither your trustees nor tho officers o f tho B ay State havo been
blind, but there aro two essentials. A considerable amount o f capital must
bo available and terminal facilities in Boston must lie provided. In tho
absence o f either o f theso it is not advisablo to attem pt it.
Outlook.— It is impossible as yet to stato accurately tho result o f such
concessions as tlio Commission liavo m ade. Certain fares have been in­
creased; certain reduced fares will bo abolished unless tho Courts docido
that it is not lawful to abolish them. Application will bo m ade to tlio
Legislature for relief in tho m atter o f taxation, and an earnest ondoavor
will bo made to secure tho public co-operation which tho Comm ission sug­
gest. Changes in operation suggested b y them aro being adopted as speed­
ily and widely as is possiblo. All theso things will undoubtedly produce
an increase in gross receipts and a reduction in operating oxponses. Simul­
taneously with theso im provem ents in earning power must com o tho appro­
priation o f incomo to caro for depreciation, and tho not result m ay also
oo affected b y any further riso in tho unit cost o f operation. It is not
unreasonable that tho B ay Stato should bo required to try out these changes.
T ho permission to apply again for lcavo to increaso fares if tho changos per­
m itted do not produce a proper not incom o apparently indicates that tho
necessary relief has merely been postponed to ascertain tho result o f tho
changes allowed.
. ,
,
W o aro making an honest and strenuous effort to d o all tho things ad­
vised b y the Commission for which tho necessary means can lie found, and
to procure therefrom every possiblo dollar o f increased rovonuo.

Tho^Commission find that tho cars are in bad ord er._ N ob od y knows
better than wo do that m ost o f tho rolling stock needs painting, somo o f It
needs repairs and somo should bo retired. New cars, however, cost m oney,
and tho Commission has nowhere offered any suggestion as to tho proper
m ethod o f financing any o f the improvements they demand. T he Comm is­
sion remark that 120 miles o f track need to be rebuilt; somo lines undoubt­
edly need rebuilding rather than ordinary repairs, but wo contend that in a
thinly settled territory there is no sound reason w h y a lino should over
bo rebuilt unless it can be made to p a y. There is no disposition on our
part to avoid doing tho work where tho business justifies it.
Ih o best
p roof o f this is the fact that a substantial part has been rebuilt, or built new,
sinco wo came into control, as shown below.
Sinco 1899, when the Massachusetts Electric Companies was organized—
1. M oro than $5,000,000 has been spent for now cars and equipment.
2. M ore than $4,000,000 has been spent on power stations.
3. 562 miles o f track and overhead lino out o f a present total o f 934 miles
have been built or rebuilt at a cost o f approxim ately $13,500,000.
Considering that tho original capitalization o f the companies acquired
in 1899 was less than $20,000,000, theso expenditures for improvements
aro not contem ptible.
,
,
4. Simultaneously with theso large investments in construction and re­
construction, maintenance has been increased from $785 per track mile
in 1901 to $1,683 per track m ile In 1914. Evidently capital expenditures
have not been unduly swollen by diminishing repairs.
Y ou r trustees believe that theso heavy outlays havo produced results,
and that the physical condition o f so m uch o f your property as yields net
revenue is to-day moro adequate for servlco than at any tim e in its history,
except, perhaps, shortly before tho outbreak o f the European war, after
which improvements were necessarily suspended.
N o one can do more
than tho means at his com m and permit. It is not suggested that tho whole
property is as good as new, nor that there is not a substantial amount o f
depreciation to bo written o ff at tho proper tim e, but wo venture tho opinion
that the progress m ade has been satisfactory, considering tho difficulties
o f tno enterorise, and that tho owners o f tho property m ay well congratulate
themselves on the advance accom plished.
In dealing with depreciation the Commission were especially severe.
N ow it was tho settled practice o f all street railways and steam railroads
in Massachusetts, down to 1914, to rely on reconstruction to take care
o f depreciation with tho charging o ff against incom o the original cost or
portions rebuilt. In 1914 tho I.-S .-C . Commission for tho first tim e ruled
that sometning should bo set asido each year towards tho depreciation o f
equipment. Tho I’ . S. Commission fell foul o f tho m atter in tho B ay State
rato caso, asserting that tho com pany cannot be “ wholly excused for its
failure to provide for depreciation.” Tno extent to which thoy are unable
to excuse it is found to bo nearly $3,000,000, which, in tho opinion o f tho
Com m ission, ought to bo put into tho property from earnings o f the im m e­
diate future. A novelty o f this sort, tho effects o f which are far reaching,
will require tim e for adjustm ent. It Is as yet too early to define the results
In our case, but It is obvious that so far as tho so-called “ com plete” depre­
ciation is concerned tho effect will last only so long as m ay bo necessary to
tako care o f It in one way or another.




IN CO M E A C C O U N T D A Y STA TE ST. R Y. FOR YEARS E N D . J U N E 30.
1915-16.
$9,996,484
7,764,881

1914-15.
$9,538,407
6,897,752

1913-14.
9,614,153
6,427,863

N et earnings------------------Other incom o______________

. $2,231,603
.
62,812

$2,640,655
66,459

$3,186,290
81,096

Bond, A<
Rentals,

. S2,294,415 $2,707,114 $3,267,386
$653,381
$643,323
.
$609,061
1,143,356
1,108,624
. 1,123,877
200,168
.
216.503
207,827
1% ) 102,586(214)512,930(514)1077153
164,916
164,916
.
164,916

First preferred dividends ( 6 % ) -

$24,704
$73,202
.
$77,471
Balance, surplus-------------------N ote.— T ho surplus brought forward Juno 30 1915 was $5,751; adding
$87 186 reservo for winter oxpenso ami deducting $43,197 reconstruction
& m iscellaneous (net) $ 1 ,9 4 1, leaves asurplus as o f Juno 30 1916 o f $125,271.
B A L A N C E SH EET OF D A Y S T A T E STREET R Y . CO. JU N E 30.
1910.
1915.
1910.
1915.
Liabilities—
S
S
Assef.9—
5
8
Road & equlpt— 40,882,284 40,559,328 Common stock___ 20,517,200 20,517,200
113,842 Preferred stock___ 3,-184,300 2,748,000
00,555
Sinking funds, Ac.
Premium 1st pref357,480
357,480
311,307
277,242
Misc. phys. prop.
273,000 Funded debt_____ 24,150.000 23,480,000
97,991
Adv. to leased r’ds
420,404 Notes to Mass.
373,272
Cash____________
Elcctrlo C o s ...
050,000 1,250,000
115,140
120,133
Accts. receivable.
575,000 1,050,000
302,180 Notes payable__
381,045
Coupon, &c., dcp.
12,125
11,884
229,240 Miscellaneous----259,590
Accts. in suspense
Vouchers, &c----2G0.975
419,894
Dep. for matured
2,500 Matured lilt., A o.
383,545
304,080
2,500
bonds_________
401,020
408,459
28,497 Int., tax.,&c.,accr.
Deferred accounts
32,549
280,899
293,355
133,177 Unadj., Ac., accts.
Prepaid Insurance 174,892
240,000
120,000
741,734 Accrued deprcc’ n.
Mat’ls A supplies.
900,808
--------92,270
Discount on bonds 1,444,597 1,281,387 Winter, Ac., res’vo
125,271
5,751
547,170 Surplus_________
Reconstruction—
430,355
T o ta l................ 51,449,814 51,119,579

T o ta l.................51,449,814 51,119,579

M A SSAC H U SET TS

ELECTRIC C O M P A N IE S — IN C O M E A C C O U N T
YEARS E N D IN G SEPT. 30.
1912-13.
1913-14.
1914-15.
1915-16.
Income—•
$513,068 $1,077,291 $1,133,293
$111,259
DIvs. on stocks o w n e d .77,552
71,433
78,489
48,368
Interest on notes, A c —
T otal incom e_________

t l x D671S€S~~~“

Salaries— general officers
Legal and miscellaneous
In te re st.............................
D ivs. on pref. stocks---T o t a l .............................
Balance ____________

$591,557

$1,154,843

$1,204,726

$5,500
$5,500
8,865
14,438
150,000
172,143
---------- (2% )484,128

$4,375
18,318
155,000
(4)968,256

$10,292
22,159
171,561
(4)968,256

$1,145,949
sur$8,894

$1,172,268
sur$32,458

$159,627

$164,365
def$4,738

$676,207
d cf$84,650

D e c . 23 1916.]

THE CHRONICLE

2337

M A SSAC H U SET TS ELECTRIC COS.— OEN. DAL. S H E E T SEPT. 30.
1910.
1915.
1910.
1915.
Liabilities—
8
S
Assets—•
S
$
S u n d ry s to c k s
Preferred shares.*24,129,070 24,128,011
owned................ 39,098,991 39,213,291 Common shares__14,293,100 14,293,100
Cash......................
21,029
13,481 Coup.notesMayl’ 15
1,000
12,000
13ay State St. Ry
do Apr 1 ’ 18a. .3,000,000 3,000,000
notes..................
700,000 1,200,000 Vouchers payable1,135
1,149
Dcpos. for coupon
Dividends and cou­
notes ducM ayl’ 15
1,000
12,000
pons unclaimed89,029
90,383
Cash for coup.,&c.
77,179
70,533 Profit and loss,
Arrcarsofdlvs. pur. 3,572,270 3 ,5 7 1,2 11
surplus.............. 2,556,534 2,561,272

Starch M fg . C o. 1st M . 6s, $4,000. T he outstanding stock is com m on ,
$49,777,300; p ref., $29,826,900, with 19 1-6% o f accumulated dividends.]
N ational Starch Co.— T he foregoing table does not include the operations
o f the N ational Starch C o ., which showed as a result o f its operations from
M arch 1 1908 to D ec. 31 1915, a d eficit o f $496,259 after deducting the
following amounts charged against operations: A dvertising, $1,580,359;
bond interest, $3,186,679; extraordinary repairs and replacem ents, $1,­
109,407; depreciation $1,577,331; total, $7,453,776.— V , 103, p . 2158. 1891,

T o ta l................ 44,070,475 44,086,516
T o ta l.................44,070,475 44,086,516
♦Preferred shares include thoso on which arrears o f dividends havo been
adjusted, $23,647,000, and thoso on which dividends aro unadjusted,
$431,900, and warrants for pref. shares, $50,176. a Secured b y a deposit
120,009 shares o f Hay Stato St. R y . com m on stock .— V . 103, p. 1301.

This statement shows the result o f the first half-year o f operation under
one management o f tho producing, transporting, refining and selling or­
ganizations em braced b y the corporation’s subsidiaries, Sinclair Oil & Gas,
Sinclair-Cudahy P ipe Line and C udahy R efining companies.
T ho cash account was Increased from $860,029 to $3,273,786. Crude
oil and products on hand, at present market prices, would yield m uch
m ore than $3,935,438, the valuation carried on the books, crude oil prices
having been advanced 20 cents a barrel recently.
O f the gross in­
com e, aggregating $5,103,959, a total o f $496,974 was required for Inter­
est, and two quarterly dividends o f $1 25 a share each were paid, aggre­
gating $1,429,497. T his left a surplus for the period o f $3,177,487.
New investments in real estate, oil and gas leases, oil wells and equipm ent,
pipe lines, refineries, & c., aggregated $6,829,678, this being the increase
over the appraised value on M a y 1 1916. T he bulk o f new properties
acquired wero purchased when crudo oil was selling much lower than now.
T ho Garber property is carried on tho books at only a few thousand
dollars; the com pany Is now running oil from this property and shipping
it b y rail to its V inita refinery. This well is in the m iddle o f a solid block
o f 12,000 acres in which tho Sinclair com pany is interested.
Satisfactory progress has been made on tho corporation's new 800-milo
pipo lino from its properties to C hicago, and present indications are that
It will be com pleted sooner than expected. W ork is being pushed also
on tho three new refineries, which will increase the corporation’s refining
ca p a city to 40,000 barrels a day. A t present we are refining and selling
about 20,000 barrels a day, and production greatly exceeds this refining
ca p a city. P roduction can be increase rea lly because o f its numerous
valuable acquisitions.
On O ct. 31 tho corporation owned $390,000 o f its own 6 % bonds. (V .
102, p. 1815, 1902.) On N ov. 1 through the sinking fund $419,000 o f
these bends wero retired. Sinco then a large amount o f bonds has been
converted into stock at the price specified in tho indenture, $55 a share, or
on the basis o f cloven bonds ($11,000) for 200 shares o f stock , (o f par va lu e ).
.
.
.
P ro p e rtie s o f O p e r a tin g S u b sid ia r ie s .
Sinclair Oil
Gas Co., Tulsa, Okla.— Crude oil producer. D aily pro­
duction from properties in which it is interested exceeds 20,000 barrels o f
oil a day. A purchaser o f crude oil as well as a producer.
' Sinclair-Cudahy Pipe Line C o.— Transporting subsidiary. Operates
about 600 miles o f trunk and gathering lines in Oklahoma and Kansas
and at present is building an additional pipe lino 800 miles long from
Oklahoma to C hicago.
Cudahy Refining Co.— Refining subsidiary. Operates refineries at
Vinita and Cushing, O kla., C offeyville and Chanute, K an., and a small
refinery at M uskogee, Okla. Present capacity, 20,000 barrels a day,
which will be increased in near future on com pletion o f refineries at Kansas
C ity , M o ., T ri Cities, In d ., and C hicago, 111. Also has about 4,000 tank
cars and m any distributing stations throughout the Central W est and will
market practically all o f its product directly to tho consumer.
T he three concerns have all facilities for making all profits securable in
the discovery, production, transportation, refining and distributing o f
petroleum and Its products.
C ON SOLIDATED IN C . A C C O U N T FOR 6 MOS. E N D IN G OCT. 31 1916.
Gross Income (all properties) before providing for depreciation___$5,103,959
Int. on 1st lien 10-yr. 6% convertible bonds, $478,407; on notes
and accounts payable, $18,567_________________________________
496,974
Dividends paid during the period ending O ct. 31 1916___________ 1,429,497

Corn Products Refining Co., New York.

(Report F eb . 28 1906 to D e c . 31 1916.)
President E.T h e present management Nov. 27control in subst.: a­
T. Bedford, N. Y., assumed says at the form
Organization.—

tion o f the com pany in 1906. F orsom e tim oprlor thereto none o f the four
constituent corporations had made any m oney; indeed, conditions wero
oven worse than at the time o f the previous reorganizations o f 1897 and
1902— in this crisis, bankruptcy was threatened on all sides. Y ou r numer­
ous plants had a reputed grinding capacity o f 234,000 bushels o f corn a day,
yet so obsoleto and out o f repair wero the m ajority o f these plants that it
was possible to grind, econom ically, only 100,000 bushels.
Improvements and Additions.— Our paramount purpose has been to sub­
stitute efficiency for inefficiency, and, as soon as the m inority outstanding
interests could bo secured, a dozen or m ore useless corporations wero dis­
solved, saving taxes and other expenses. T he producing units havo boon
thoroughly reorganized. All tho old antiquated plants, excepting Daven­
port, kept as a fire reservo, have been sold. Those retained havo been
modernized or rebuilt so that our production has been concentrated into
four units. The centre, and tho true hom o o f tho Industry, is the Argo
plant. This is entirely new and has a capacity o f 50,000 bushels o f corn
per day. It is the m ost com plete, and well-appointed plant in tho entire
industry. It manufacturers tho small package specialties and all the diver­
sified products extracted from corn b y tho wet process; makes its own pack­
ages, cans, cartons, e tc., and prints its own labels. T he other three plants
are the supporting units to tho whole organization, which havo becom e
in all particulars a single operating unit. Granite C ity, 111., Is mainly a
syrup plant; l’okin, 111., entirely rebuilt and doubled in size, makes bulk
goods; Edge water, N . .1., bulk goods, largely for foreign business.
The National Starch Co.— This subsidiary has a heavy bonded debt,
m ainly secured on obsolete or discarded plants, yet eminent counsel advise
that, by the acts o f our predecessors, tho debt had becom e an obligation o f
tho Corn Products Refining C o. An agreement was reached with a com ­
m ittee representing tho bondholders, by which your C om pany guaranteed
tho now bonds glvon in cxchango for the old, at an annual saving o f $70,000
in interest and over $1,000,000 In principal. All theso obsoloto plants
havo boon sold, except the small Indianapolis factory. T he only remain­
ing operating plant is that at Oswego, N . Y ., w hich, as rebuilt and en­
larged, has ample capacity to meet all requirements.
Foreign Business.— In 1910 wo called your attention to tho threatened
loss o f our export business bccauso o f tho growth o f foreign com petitors,
w ho used tho cheap Argentine corn. T o hold our position abroad , wo have
established some 250 offices and agencies in all tho principal foreign cities,
carrying liberal stocks o f goods at theso depots, and by giving liberal but
necessary credits (requiring sometimes as high as $3,000,000) wo havo not
only held our foreign business but havo considerably increased it. This
has been made possible by tho use o f cheaper Argentine corn which we havo
been able to Import at Liverpool prices for uso at our Edgowater plant.
Prices Reduced.— During tho first few years o f tho com pany's existence
little could be done to Increase tho consum ption o f corn products. In
order to secure credit for tho improvement ol' tho plants, large earning power
had to bo shown and tho high prices, partly tho result o f high cost at that
tim o, prevented the substitution o f our products for similar products made
from other raw materials. With our increased efficiency, how ever, wo
havo been able not only to greatly im prove quality, but to so reduce selling
prices that the total consumption o f corn products as a wholo Is fully 60%
greater than in 1906, or at any time previous. Theso low prices, introduced
to increase consum ption, wero at first criticised b y our com petitors, but the
latter have since realized tho policy o f doing business on a narrow margin
thus inducing tho demand to keep pace with a greatly increased p rod u ction ’
which has been o f permanent benefit to tho industry as a whole.
Relations with Competitors.— Our relations with our com petitors aro most
friendly. All o f tho manufacturers o f corn products are members o f tho
American M anufacturers Association o f tho Products o f C orn, which has
for Its solo object tho furthering o f tho usos o f corn products and protecting
them from 'misrepresentations. As a result o f its activities, people every­
where are com ing to reallzo that corn starch, corn syrup and corn oil aro
am ong tho most wholesome and nutritious, as well as tho cheapest foods.
Trade Mark Products.— Your management Is very much gratified with
tho cordial co-operation it has received from tho wholesale grocers in tho
distribution o f our trade-mark products. T hey havo given to our own wide­
ly advertised brands a consideration equal to their own prlvato brands and
in a largo number o f Instances havo substituted ours for theirs, and as our
distributors, havo nover failed, when necessary, to share with us in a re­
duction o f the usual profit In order to maintain to tho consumer, through
tho retail grocer, tho popular package price o f five and ten cents.
Policy as to Dividends. -Y o u r directors havo deemed It advisable that the
earnings should be conserved and used in the rehabilitation and moderniza­
tion o f your plants, in establishing Its trade-marks and acquiring a sub­
stantial surplus, and to tills end payment o f the full dividend on the pre­
ferred shares has had to bo deferred up to this tim o. (Seo also a subse­
quent pago.— E d.]
F IN A N C IA L RESULTS OF OPERATIONS FROM OR G AN IZATIO N
I N M A R C H , 1906 TO DEC. 31 1916;
Year
Total
AdcerBond
ExlraorDepreBalance
Ended
Profits
Using
Interest.
dtnary
elation
Net
Expense
Rcpalrsdkc. Charge
Profits
S
S
S
S
Feb. 28 1907...... 5,056,941
12,797 155,372 597?467 ___
4,201,305
Feb. 29 1908...... 4,495,421
173,603
128,92(1 1,158,690 ________ 3,034,202
Feb. 28 1909...... 3,237,534 310,618
92,778 347,411 ..............
2,486,727
Feb. 28 1910...... 3,254,928 426,142 374,303
96,488 286,059 2.071,936
Feb. 28 1911...... 3,780,380 692,058 373,707
190,465 421,538 2,102,612
629.642 356,013 200,569 415,156 2,050,652
Feb. 29 1912___ 3,652,032
10 Mos. 1912____ 3,004,567 420,840 308,307 201,556 359,028 1,714,836
Cal. Year 1913--. 3,993,514 605.643 353,248 305,517 444,251 2,284,855
Cal. Year 191 4 ... 4,181,320 581,694 312,453 455,549 520,450 2,305.174
Cal. Year 1915--- 5,337,857
747,858 305,710 601,414 514,507 3,168,368
Year 1916, est----- 7,103,500
715,000 288,500 575,000 525,000 5,000,000
47,097.994 5,315,895 3,049,317 4,730,126 3,491.989 30,510,6
Deduct • Total amount paid In dividends to tho pref. stockholders__ $16,274,8
Ralanco surplus for 10 years and lOmos. (year 1916 partly estimated.-$14,235 818
„* rom this surplus there has been expended $1,023,332 for stocks of corporations
dissolved or merged, and $3,205,567 for the reduction of tho bonded debt.
New Construction
Extraordinary Repairs and Replacements.— Since
M arch 1 1906 there has been oxponded for the construction and equipment
o f new plants and the reconstruction o f old plants, the sum o f $14,817,365,
o f which tho Lorn Products Refining C o. charged against earnings as
shown on the foregoing table the sum o f $4,730,120, and tho National
Starch C o. $l,109,40<. O f tho balance o f $8,977,832 representing the
construction o f the new plant at A rgo, new can plants, e tc., $0,000,000 was
obtained by issuing 1st M . 5 % bonds; tho remainder cam e from surplus.
Bonded Debt.— In M arch 1906 tho total bonded debt o f the various com ­
panies owned and controlled Ify tho Corn Products Refining C o. (including
N ational Starch C o.) was $9,571,360. Tho com pany later issued $6,000,­
000 1st M tge. 5 % bonds for the construction o f the now plant at A rgo, 111.,
increasing the total bonded debt to $15,571,360. There has stneo been rean<* canceled $4,931,180, leaving the Indebtedness as o f date
$10,640,180.
[This Item o f funded debt, we learn, is niado u p a s fo l­
low s: 1st M . 5s o f 1909, $5,265,000; debentures, $1,005,000; N . Y .
C lucoso C o. 1st M . 6s, $999,680, and N ational Starch C o. guaran­
teed debentures, $3,320,500. this last item excluding $1,847,500 owned by
Corn Products Refining C o .; U. S. Sugar R ef. 1st M . 6s, $46,000; N at.




Sinclair Oil & Refining Corporation.

6 M o n th s
The company reports in substance:
(F in a n cia l Statem ent f o r

en ding Oct.

31 1916.)

Balance, surplus for 6 m os. ending O ct. 31 1916_______________$3,177,487
CONSOLIDATED B A L A N C E SHEETS M A Y 1 A N D OCT. 31 1916.
Oct. 31 '16. May 1 T6.
Oct. 31 T6. May 1 ’16.
Assets—
S
$
Liabilities—
S
$
Prop, invest’s, &c.
(See below)
Capital s to ck ___
47,002,049 Shareholders eq.-41,495,267 34,565,200
(see below)_53,831,727
Sink, fund cash_
_
400,000
_________10-yr. conv
1st M .
Cash............ 3,273,786
860,029
bonds(auth.$20,Notes,accts.rec.&c 1,655,137 1,143,222
000,000)_____ 15,620,000 16,000,000
Inventories-. 3,935,438
2,479,422 Pur.money oblig’ns 1,200,000
______
241,571 Notes & accts. pay 3,784,258 1,205,323
Due from affil. co's _______
Deferred charges. 209,976
62,929 Accrued lnt. & tax 115,430
18,700
Div.pay.Nov.15T6
779,498
______
Contingent liab’ty 311,612
______
T o ta l................ 63,306,065 51,789,223
T o ta l.............. .63,306,065 51,789,223
Cap. Stock Represented by “ Shareholders Equity" indicated in above Bal. Sheet.
,
Oct. 31 T 6 .
M ay 1 T 6 .
Capital stock (auth. 1,000,000 shares without
par value) issued--------------------------------------- 987,235 shares 883,637 shares
Deposited w ith Central Trust C o . for exch an gefor 10-year bon d s......... ....................... 363,637 shares 363,637 shares
Balance, stocK (without par va lu e)..............623,598 shares 520,000 shares
P roperty investments, & c., as above, include real estate, oil and gas
leases, oil wells and equipm ent, pipe lines, refineries and investments in
other companies at appraised value M a y 1 1916 and additions thereto.—
V . 103, p. 670, 576.

The Hartman Corporation (of Va.), Chicago, 111.

22 1916.)
The official statement upon the listing of the $12,000,­
000 stock shows (compareunder 101,laws o2147, 2258): an author­
V. tho p. f Virginia, with
Incorporated on Jan. 21 1916,
(O fficia l Statement to N . Y . Stock Exchange N o v .

ized capitalization o f $12,000,000 (in shares o f $100 each) o f which $1,000
was issued for cash, the remaining $11,999,000 In consideration o f $249,000
In cash and tho transfer and assignment to the corporation o f the entire
issued and outstanding stock o f tho operating companies [see the several
amounts below— Ed], T ho corporation was form ed chiefly to establish
and conduct house furnishings stores and general department stores; It
does not directly own or operate any such stores. Its interest therein b eing
represented by ownership o f securities o f the other corporations above
referred to . The Chicago mail order house has active mailing lists com ­
prising over 1,000,000 custom ers' names. T ho corporation has no funded
debt and none o f the com panies controlled b y it has any funded debt ou t­
standing with tho exception o f the Hartman Furniture & Carpet C o . o f
Illinois, which has outstanding $205,000 First M ortgage Real Estate 5 )4 %
Serial G old Bonds, maturing on or beforo July 1 1920.
The Hartman Furniture C o . o f III. otvns, (1) Chicago mail order
administrative building, 3 story, brick and concrete, 175 x 100 f t .; mail
order warehouse, 7 story brick (with autom atic sprinkler) 500 x 92 ft.
(2) leases in Chicago 3 retail stores, (a) 4 story, 54 x 190 ft.; (b) annex
2 story, 25 x 100; (c) 4 story, 50 x 120 ft. The other subsidiaries operate
in buildings o f two to fiv e stories, held under lease. (See below .)
CONSOL. INCOME ACCOUNT HARTMAN CORP. AND SUB. COMPANIES.
---------------Calendar Years ended-------------- 6 Mos. to
■
1912.
1913.
1914.
1915. J ’ne30’16.

s

$

s

s

s

Net sales...................................6,038,390 7,104,636 6,649,388 7,874,992 5,288,825
Net cost of merchandise sold
3,131,647 3,764,446 3,538,137 4,135,651 2,749,651
Gross profit........................... 2,906,743 3,340,190 3,111,251 3,739,341 2,539,174
Miscellaneous Income________
3,445
11,576
14,582
24,297
...........
2,910,188 3,351,766 3,125,833 3,763,638 2,539,174
Selling, A c., expenses..................1,523,798 1,817,340 1,883,930 2.047,615 1,278,607
Depreciation...............................
12,768
17,456
18,556
27,228
15,644
B addebts.-................................. 167,867 287,379 338,107
411,184 169,863
Interest charges.........................
36,998
49,568
30,741
20,835
_____
Net earnings..........................1,168,757 1,180,023

854,499 1,256,775 1,075,060

2338

THE CHRONICLE

[Vol .

103

HARTMAN COUP. AND SUB. CO'S CONSOL. BAL. SHEET JULY 1 191G.
Assets.— (Total $14,876,0X7)
Good will, trado name, trade marks, leaseholds, actlvo mailing lists (com­
prising over 1,000,000 customers’ names), catalogs in circulation, A c__ $4,992,902
Warehouse and administrative building, including real estate In Chicago,
acquired In 1911, Including S10.000 paid in 1910, $600,000; construc­
tion expcnso Incurred since, $244,849; garage in Chicago, $18,098;
furniture, fixtures and miscellaneous equipment, $225,353___________ $1,088,299
Merchandise, inventories (at cost), $1,250,344; supplies, stationery, Ac.,
(at cost), $122,699- . ______ _______________________ _ ________ _______ 1,373,043
Customers’ accounts, $7,136,327: railroad claims, &c., $24,262................ 7,160,589
Cash In banks and on hand...... ................. .....................................................
227,676
Due from officers and stockholders on notes and miscellaneous loans, $14,­
005; estimated cash discounts on accounts payable, $12,432................
26,437
Deferred charges, prepaid Insurance premiums, &c.......... ............ ............
6,580
Liabilities.— (Total $14,875,617)
Capital stock divided Into 120,000 shares of $100 ea ch .................... ......... $12,000,000
1st M . 5>S % H. l'\ & C. Co. of 111. serial bonds of 1910 secured by La Salle
& Wentworth Ave. property, duo annually on July 1, viz., $15,000 In
1917; $25,000 In 1918 and 1919, and $140,000 in 1920, S265.000; less
220,000
redeemed and canceled, $45,000........ ........... ............... .............................
Notes payable, officers and stockholders, $151,000; National Bank of
Republic (Chicago), $50,000; Fort Dearborn Bank (Chicago), $25,000226,000
558,399
Merchandiso accounts payable, $558,201; customers’ calls, $197..............
Accrued commissions, $97,749; accrued taxes and expenses, $77,293;. ac­
183,617
crued Interest, $8,575._________ ___________________ ________________
Reserves for (a) depreciation of buildings, $15,000; (b) furniture and fix­
72,306
tures, Ac., $57,306________________ _________________________ _____
(c) cash discounts In respect of Inventories, $25,000; (d) bad and doubt­
705,754
ful accounts, Ac., $680,754_______________ _____ ___________________
Surplus, net earnings 6 months to June 30 1916, $1,075,060; transferred
909,540
to reserve for doubtful accounts, $165,519___________________________
GENERAL STATISTICS OF CONTROLLED COMPANIES.
Orlg.Incorp. Cap. Stic.
Store Buildings.
Name of Company.
1898 $45,000 —
-Seo text above(Chlcago. 111.
1904 10,000 3 story 52 x 160 ft. (leased)
Hartman jP eoria.. III.
/ (a) 4 story about 40 x 140 ft.
Furniture I
& Carpet (Milwaukee Wise. 1900 25.000 \ (b) 3 story about 25 ft. x 140 ft.
Companles Omaha___ Neb. 1905 60.000 4 story 66 ft. x 120 ft. (leased)
/ (a) 2 story 40 ft. x 100 ft. & (b) 2
of
St. Joseph .M o. 1902 10.000 \ story 50 ft. x 100 ft. (both leased.)
Mlnne’lis .Minn. 1904 30,000 4 story about 102 ft x 150 ft.
" '
Rell. F. A C. Co., Peorialll.
1911
2,500 3 story 50 x 100 ft. (leased)
Un. Phon. Co., Chicago.111.
1915
9,000
II. Co. (mail order) Chic.111. 1915
The several companies also have warehouses as follows, all held under lease, viz.;
Milwaukee, 4 story, 66 ft. x 110 ft; Minneapolis, 3 story, 100 ft. x 110 ft; Omaha,
5 story, 66 ft. x 160 ft.
Net Earnings and Dividends Paid for Cal. Years 1911-1915 and 6 Mos. to June 30 1916.
1912.
1913.
1914.
1915. 6 Afos.*16
H. F. A C. Co. oi—
1911.
Chicago, net.......... .$618,994 $942,338 $987,700 $723,623 $1,042,023 $713,030
_____
428.73/S
. 135,000
(?)
$17,251 $12,584
Peoria, net.............. . $28,491 $30,202 $26,654 $14,223
10,000 20,000 20,000
20,000
Dividends.......... . 12,500
(?)
$24,721 $28,176
Milwaukee, net___ . $33,887 $43,657 $45,304 313,553
25,000
25,000
25,000
12,500
Dividends_____ . 25,000
(?)
$43,615 $26,148
Omaha, net.......... . . $33,937 $41,220 $39,366 $27,154
39,000
42,000
Dividends_____ . 24,000
36,000
18,000
(?)
$10,285
S t.Josep h .n et___ . $16,516 $31,321 $17,075 $12,822
$9,188
20,000 25,000 10,000
10,000
Dividends_____ . 40,000
(?)
$38,381 $37,258
Minneapolis, net__ . 869,684 $76,626 360,691 $82,851
24,000
66,000
Dividends.......... . 33,000
60,000
18,000
(?)
Reliable, n e t ________ . $1,463
$3,2331oss$l ,984 loss$l,016 loss$808
$3,393
*$81,516 $83,963
Un. Phonograph, net. ................
..........
..........
...........

timber, sugar, cattle, A c .), 143; com m orce and industries 13; financing
90; manufacturing 201; merchandising 139; m ining 185: public utilities
127; transportation, A c. 332.
Out o f the total o f 1230 propositions, 917 havo been declined, and tho
remainder havo not yet been finally disposed of.
Pacific M a il SS. Co.— In Dec. 1915 wo purchased on join t account with
W . R . Grace & C o. the control o f this steamship com pany. In addition
to tho fleot o f seven steamships purchased, throo now ships were acquired,
and tho trans-Pacific servico resumed. F or this purposo and for further
developm ents, .$1,700,000 pref. stock o f tho com pany was issued, and $150,­
000 com m on stock; this being offered to tho stockholders pro rata. T ho
operations o f tho com pany financially havo been m ost satisfactory. (Soo
report. A c., V . 103, p. 841, 669; V. 101. p. 2076; V. 102, p. 2261.)
Allied Machinery Co. o f Am erica.— In Fob. 1916 wo acquired tho entire
capital stock o f this machinery com pany, which conducts an oxport business
in machine tools, with its own offices in Franco, Italy, Switzerland and
Russia. It. B. Sheridan was mado President. Tho demand for tools o f
this class now exceeds tho supply, and it is believed that for a long time
after tho war closes thoy will be in unusual dem and. C losely associated
witli us are several leading machine tool people.
Uruguayan Contract.— In M arch 1916, In association with Stone &
W ebster and tho Ulen Contracting C o ., wo took a contract to construct
water works and sewerago systems in the towns o f Salto, Paysandu and
Mercedes, Uruguay. T ho corporation agreed to take $4,000,000 6 % gold
bonds o f tho Uruguayan Governm ent, which tho contractor recoivod from
that Governm ent, in paym ent for this work now well under way.
There is other business o f a similar nature ponding, both in Uruguay
and tho Argentine, and it is believed that tho com pany can pursuo this
policy advantageously and thereby acquire further socuritios o f South
American countrios. In gonoral, it has been thought wiser not to acquire
securities which wore not readily marketable.
Your dirctors aro now giving serious consideration to |the establishment
o f a fund, either by the corporation itself or through a dobonturo corpora­
tion, which could be used for tho acquisition o f socuritios which aro loss
readily marketable, and against which debentures m ay bo issued, if it
soomed desirable.
Latin-American Corporation.— Tho importance o f thoroughly investigat­
ing various propositions in South Am erica, and the nocossity o f properly
supervising tho work during tho construction poriod, has led to the form ation
o f the Latin-Am erlcan C orporation, in which tho American International
Corporation and Stono & Webster aro join tly interested. W . S. Kios is
in chargo as Vice-President. Various enterprises havo boon investigated
financially and passed upon from an onginooring point o f viow b y our
representatives, and on their return it is anticipated that some under­
takings will bo entered into. (V . 103, p. 240.)
Russia.— On A ug. 31 1916 Frederick H olbrook, an onginoer and lioad
o f tho H olbrook, C abot & Rollins C orporation— who had spont tho greator
part o f tho past year in Russia, and who had already done a largo amount
o f business with the country— was chosen Vico-Presidont o f tho American
International Corporation to represent its interests in Potrograd. M r.
H olbrook returned to Russia on Sopt. 20, with a viow o f carefully invostigaing certain railroads and steel, coal and other enterprises, and under his
direction a thorough investigation is being carried on o f two or throo
important mattors with exports sent from this cou ntry. W o aro now
filling orders for tho Russian Governm ent for a largo amount o f stool rail
and othor railway equipm ent.
Rosin A Turpentine Export Co.— This com pany was Incorporated in
Juno 1916, and its business is progressing satisfactorily. (V . 103, p. 244.)
Other business in staplo products o f a sim ilar nature, producod in this
country, is under consideration.
International Mercantile Marine Co.— Exporionco with tho P acific M all
SS. C o. having cloarly demonstrated that American shipping companies
with oxistlng fleets could bo oporatod profitably undor tho Amorican flag,
during tho war, it was decidod early in the yoar to acquire an Intorost in tho
securities o f this corporation. T ho recolvor was discharged on O ct. 6 and
our Chairman and President bocamo dlrectots. (V . 102, p. 1813.)
United Fruit Co.— This is anothor corporation in which your com pany has
acquired an intorcst. T ho organization is at prosont an oxcollont ono, and
Total n e t ............. $802,972.51168,75781180,023 $872,241 $1,256,775 $909,539
Dividends........ 269,500 118,000 166,000 115,000
555,235
........... it is bolioved that co-oporation will result advantageously to both com ­
panies. (V. 102, p. 1813.)
,
American Inlernalonal Terminals Corporation.— T ho dovolopm ont o f
♦ The earnings of Universal Phonograph Co. as above cover a period from Oct. 1G
adequate terminals for handling o f freight requires largo capital and tho
to Dec. 31 1915, about 2
months.
co-operation o f railroads, shipping companies and financial Interests. T ho
HARTMAN FURNITURE & CARPET CO. OF CHICAGO BALANCE SHEET. problems in connection with tho dovolopm ont o f tho terminal facilities
July 1 T 6 . Dec.31 ’ 15. o f the Port o f Now York prom pted tho organization o f the Amorican Inter­
July 1 T 6 . Dcc.3l T5
Liabilities—
national Terminals C o. in July 1916, for tho purposo, prim arily, o f studying
45,000
45,000 tho terminal problems in this port and o f ultimately developing an organiza­
Property account__ 862,946 847,720 Capital stock..........
Furn.,fix.A mls.cqulp 193,075
178,698 1st M. 5 « % serial
tion for tho construction o f terminals, port works and harbor facilities
bonds (see above). 220,000 220,000 in other places. (V. 103, p. 240.)
Mercli.(at net cost). 874,992 798,994
,
NotcspayaDle______x251,000
141,000
Supplies, Ac., (at net
China.— Certain interests which had boon investigating tho construction
cost)____________ 120,022
121,619 Merch.accts. pay__ 483,310 407,691 o f railroads and canals in China, submitted tho possibility o f negotiating
Customers’ accounts5,758,248 4,976,940 Accrued commissions
contracts for tho im provem ent o f the Grand Canal and tho construction
int., taxes, A c ___ 165,111
173,314 o f various railroad ontorprises in China, for which Chinoso Governm ent
Other accounts!.___
23,261
17,641
54,000
50,924 bonds would bo Issued. Your Hoard decidod that undor propor conditions
31,172
10,917 Inter co. cash bal__
Miscellaneous........ ..
Cash...............
161,425
80,055 Res. for deprec____
72,306
58,306 tho corporation w ould undertake to purchaso Chinoso Governm ent bonds
25,000
.................
Other reserves_____
to financo those enterprises. In order to com pleto tho negotiations and
Res.forbad accts.,Ac 539,235 479,235 to properly carry out this work, if the contracts wore secured, tho China
Total surplus.......... 6,170,150 5,457,119 Corporation anti tho Siems-Caroy Railway A Canal C o. wore organized
in July 1916. Your corporation holds tho controlling Intorost in those
T o ta l.................... 8,025,142 7,032,589 companies and tho Siems-Caroy C o ., an engineering and contracting firm
T o ta l.................... 8,025,142 7,032,589
o f St. Paul, M inn ., tho remainder. Your corporation lias advanced to the
x Notes payable Include $151,000 offic rs and stockholders, $50,000 Inter com- iGovornmont o f China $500,000, to bo oxpondod upon surveys and othor
pany loans and $50,000 National Bank o Rcpubllc (Chicago).
nvostigations for railways to bo built undor tho contract In which wo aro
interested. (V. 103, p. 1303.)
,
, ,
BALANCE SHEETS OF SUBSIDIAR Y COMPANIES AS OF JUNE ,30 1916.
Carter, M acg A Co. ( Wholesale Tea).— This old established firm , with
Assets—■
Peoria. St. Joseph. M Inn' lis.Milwaukee. Omaha. Reliable. offices in China, Japan, India and C eylon, does a wholesale buslnoss,
$2,849
$4,307
$14,827
$5,852
Fixtures.................... $2,885
$1,036 placing its goods through the large grocery and distributing houses in tho
3
United Statos and in foreign countries. T ho business has for many yoars
11,522
705
1,892
3,566
9,096
1,445 been a profitable ono. rt needed, how ever, some additional capital.
Cash.... ... .................
160,674
160,106
16,654 Your corporation, therefore, acquired a controlling intorost, and yonr
88,813
313,808
Accounts receivable. 122,430
63,460
83,283
7,522 Treasurer. R . P. Tinsloy, was mado President. Tho com pany continues
113,367
47,910
Invent, (at cost)___ 37,541
20,000
20,000
10,000
Inter co. lo a n ........
17,955
its old organization with somo now mombers. Indications aro that the
1,816
590
2,036
3,278
Prepaid lnsur., A c ..
business and profits will m aterially exceed those o f last yoar.
Neio York Shipbuilding Corporation.—-Investigations, lasting somo six
Total .............. ....5182,703 $143,731 $474,376 $242,726 $281,034 $26,658 months, indicated that the New Y ork Shipbuilding C o. at Cam den, N . J . ,
Liabilities—
had tho host facilities for our purposes. Tho negotiations culm inated in
$60,000
$2,500 N ov. 1916, and an arrangement was ontorod into with tho International
$ 10,000
$30,000
$25,000
Capital stock ------- $ 10,000
15,831
312 M ercantile Marino, W . It. Grace A C o. and tho P acific M ail SS. C o . by
20,621
Accounts payable.. .
7,506
6,785
14,951
872
2,278
96 which your corporation purchased a control o f tho property, and tho re­
1,241
6,757
2,655
Accrued taxes, A c ..
4,707
175
117
102
350
17,955 maining organizations tho balance, with a viow o f carrying on the enterprise
Inter co.merch.bal.Ac
2,000
5,000
2,000
3,500
l ,000 join tly. In addition to $20,000,000 o f contracts for ships now in course
Reserves____ _____
2,500
119,367
413,321
197,880
200,198
4,794 o f construction, a contract has just boon ontorod into for tho construction
Total surplus_____ 158,854
o f two battleships for the Unitod Statos Governm ent, for $22,900,000.
143,731 $474,376 $242,726 $281,034 $26,658 N ow Y ork Shipbuilding C orporation, V . 103, p. 2242, 2159, 2082, 1986.)
T o ta l.................... 182,703
Tho balance sheet of the Universal Phonograph Co. as of June 30 1916, shows:
Assets, cash, $13,026; accounts receivable, $515,591; inventories at cost, $24,944,
intercompany cash balances (H. F. A C. Co., Ch'cago), $9,000 and other, $9,902;
total assets, $563,463. Offsets, capital stock, $9,000; total surplus, $165,480;
( Report for Y ea r en ding Sep t.
notes payable, Fort Dearoorn Bank, Chicago, $25,000, and parent co. loan,
$225,000; reserves, $125,519 and other $13,464.— V. 103, p. 2240, 847.

American International Corporation, New York.
( P relim in a ry Report o f P resident D e c . G 1910.)
At the annual meeting on Dec. G President Charles A.
Stone said in brief:

Organization.— Organized on N ov . 23 1915, untlor tho laws o f N . Y .
Stato, the stock consisting o f $19,000,000 com m on, and $1,000,000 prof,
was largely over-subscribed. Tho average capital em ployed to Dec. 6
191(5, was $15,841,906, dorived from paym ont o f fivo $10 installments,
$50 in all on Dec. 15 1915, and Jan. 15, June 9, July 10 and Aug. 10 1910.
T otal capital now eniployod, $25,000,000.
Profits.— Tho estimated surplus earned in excess o f organization oxponsos
and operating expenses to Dec. 1 was $2,231,495. Tho appreciation o f
investments in stocks and bonds o f various companies and governm ents
is not included in the above figure, oxcept so far as the securities havo
been placed or otherwise disposed o f. Wo havo declared a dividond o f
7 5 cents per share upon b oth the preferred and com m on stock to stock ­
holders o f record D ec. 15 1916. Tho fiscal yoar will not close until D ec. 31.
Propositions Submitted.— Up to D ec. 1 1916, 1230 propositions wore sub­
m itted for consideration, viz.: Africa 29; Alaska 4; China 45; other
A siatic 28: Australia 10; Canada 41; Central America 47; Kuropo 256;
M ex ico 26; South America 347: United States 326; West Indies 71;
T otal 1230. Classified thoy Include: Agriculture (irrigation, reclam ation.




New England Cotton Yarn Co., Boston.
30 1916.)
President C. Minot, Boston, says in substance:

Tho spindles havo run practically full, and the sales havo boon at a bottor
profit per spindle than in tho past. Presont conditions, howovor, aro not
normal and form no basis o f expectation for tho future. Before the war tho
new tariff was m aking it impossible for us to do buslnoss at a p rofit. What
effect the ending o f tho war will havo no ono can foresee. While the not
earnings during tho lato yoar havo boon quite satisfactory, we have thought
it wise to use theso profits in im proving the plant by purchaso o f now m a­
chinery and in strengthening our position financially.
T o mako our financial condition as strong as possible, wo havo sold tw o
o f our m ills, tho Rotch, Donartmonts 7 and 8 , in Now Bedford, and tho
Nomasket. Departm ent 14. in Taunton, and also cortain unoccupied land
at Now Bedford and Dartm outh. These sales, togothor with a small
amount o f treasury cash o f tho Yarn com pany, havo resulted in reducing
the bonds outstanding from $4,713,000 to $2,982,000 (V . 1 0 2 , p. 250, 526,
In order to m anufacture a product which could bo sold advantageously,
wo had to install a largo amount o f new machinery, which has been paid for
out o f current profits. Additional new machinery ordered w dl also be paid
for out o f current oarnings.
,
,
,
Tho management fools that tho quality o f tho product has boon much
improved and that the com pany has now tho good will o f tho trado to such
an extent that it will bo able to oarn tho m oney necessary for the purchaso
o f this m achinery; but tho plant must bo in tho very best possible condition
to meet the situation which tho closo o f tho war, or a gonoral slump in busi­
ness, m ay bring abou t.
jt

Dec. 23 1916.]

2339

THE CHRONICLE

TOBACCO PRODUCTS CORPORATION—DETAILS OF INCOME.
B A LA N C E SHEET SEPT. 1910 A N D 1915.
Years en d in o822
28
$54,565
uSept. 30 ’ 10. Sept.25 ’ 15.
------Sept. 30'10. Sept.25 '15.
Interest on bank accounts.................... - .................................
7fn7S7
29,181
Tlabilities—■
*
5
S
Interest on loans to subsidiary companies..............................
itb .ro /
Assets—■
$
S
Preferred stock__ 2,000,000 2,000,000 Profit on treasury preferred stock s o ld .................................
win non
Rent estate & ma525,000
_ 3,900,000
ohfnery............ - 7,424,153 *8,755.945 Common stock_ 2,982,000 3,900,000 Dividends from M . Melachrlno & C o.. Ino..........................
127|843
125,093
4,713,000
Merchandise------- 1,529,222 1,875,026 Bonded debt.........
2,500
S
S
;
-j$ a »
Notes A accounts
207,703 1 B “ S p M r S « V c ; : v . o ; ^ 7 £ ; s : : : : :
173,237
receivable_____ 1,855,005 1,482,014 Acc'ts payable—
10,000
10,000
Casll.......................
097,084 1,097,070 Reserve for insur.
498,020
50,225
do deprccla’n -.
598,019
ta.ztz.
517,493
709,173
Investments..........
1,174,495 Dividends from treasury securities..........................................
Suspense account...................
14J02 Profit and loss----- 1,385,301
$786,564
.$1,076,733
Renewal account...................
259,282
Total Income.
01,453
Other income. T o ta l............ ..12,023,557 14,193,278
T o ta l.................. 12,023,557 14,193,278
.$1,138,186
$786,564
* Includes improvem ents as o f Sept. 25 1915. V. 102, p. 2258.
Total

Tobacco Products Corporation, Richmond, Va.
1916— A p r . 8 ’15.)
In connection with tho listing of tho capital stock, tho
nref. stock in April 1915 and Aug. 1916 and the common
in Organization.— A holding com pany, organized in wminfurmshed:
August last, substantially tlio following V l^ la Oct.

(O fficial Data Given N . Y . Stock E t c h . A u g .

INCOME ACCOUNT OF CONTROLLED COS. FOR YEAR ENDItvQ JU.\ E 30 10.
enmnanu
Year end'a Gross Sales. Net Inc. Interest.Dividends Balance.

1 :IS » «

M ^

S7-°-°'-

o CIr ? r . ° . : i J u b ! i M i
Fe
[Feb. 2 8 ’ 14 ..............
- ......................................... sur.410,434
def.S3,466
Stephano
/June 30 ’ 16 S|,048.194
...........$255,100
sur.237,117
Bros., In c.§ ..(F e b . 28 15 1,045,717 237,117 --------sur.242,785
lFeb. 28 ’ 14
1912. Tho present authorized stock is $24,OOihOOO In shares o f $ 0 which I c ,
def.$ 11,502
[Juno 30 ’ 16 $205,956 S26.471 ........... $37,973
consisting o f *8,000.000 preferred and $ 1 6 ,000,000 com m ra stock, o f which Surbrug
849,456def.21,920 511,108 ...........
dcf.33,028
[ Feb. 28 ’ 15
____ ______
______
def .42,323
S7.150,000 preferred and S16.000,000 com m on ^ “X i a Vaw for $ 1 cash per
Company
[Feb. 28 ’ 14
tho issued com m on stock was issued under tho
..
^ h e proceeds _ . ,
def.S3,180
/ 4 mos. to \ $683,405 $62,341 $65,520 ...........
sliaro, anti under said law is fu lly paid and non-assossabi .
I
Schlnasl
[June 30 '16/
o f such issue was used " ----------" " " l“ capital.
for working l
$50 000 000, v iz.: I
urotners
- •
Brothers
..
def. $4,227
$209,579 def$4,227
A t incorporation t h e ' . a u t h o r i z e d S t a n d a r d T o­
[June 30 ’ 16
..
def.8,187
$599
102,985 def7,588
™ non non —
^ ^
haceoCo., Inc./Feb. 28 '15
baccoC o.J
..
def .27,431
lFeb. 28 ’ 14
$243 ........... sur.$20,513
$179,675 $20,756
. s . - 00 000 on’ ^ ca fd n t^ fSi c ^ i ^ U o n ^ f < h e entire outstanding capital Tobacco Prod. /June 30 '16
2
ti
sur 5,839
941
147,035
6,780
nf°M00M elachrino & C o l In c., and tho Surbrug C o. During 1913
Co.(Can.),Ltd\Feb. 28 ’ 15
tho^orporatiot/purchascd from Its surplus cash for rotiromont and ■ n eo ie d Nc3tor GIanaclls[June 30 ’ 16 $952,696 D$17,373 $1,220 ........... def.$18,593
^
..................
def.18,733
300,537 D18.733
« 9°nnn 000 nreferrcxl stock, and tho authorized stock was reduced D ec. 2J
C o......................Feb. 28 ’ 15
...........................
def .7,627
f 9 i 3 to $2 4 000 000. consisting o f $8,000,000 prof, stock and $16,000,000 I
>- - 28 '14
[Feb. -------1Q14 tho corporation purchased from surplus cash (and
(Seo z below $101,255 $12,981 ........... $27,000 def $14,019
sur.1,053
certificate filed D ec 31) an additional $1 000,000
1,053 ...........- ............
49,793
Com pany___ (2 mos. tol
916. In this caso tho authorized prof. stocK was
[Feb.28’ 15/
loft unchanged at $8,000,000.] In 19 16 $ 150,000 pro^OOO^profT stock o f
♦The branch In South Africa has been discontinued and all losses taken care or
tho Cairo branoli now showing a profit. Tho above Item Includes low on Cairo
S^phano^rOTUgin1 ’andP^ X n g i 7 ? 1 5 0 .0 0 p outstanding.
c4!
f I aa°
d
A f ^ b r ^ h ^ S ^ S S r “{'Combined Income account of M . Melachrlno

for the 6 mos to June 30 1916 amounted
on any dividend d a te a ft e r tnroo years

property[ s

u

b

l

encumbrance "ska 1 bo
1

e

t

M

j

0"

O

^ so to o f co-p a rtn cJ h ip o f M . JVfelachrlno & C o
M anufactures M elachrino” brand o f cigarottos in two leased five-story buildingsi in N . Y . Luty.
Surbrug Company.— Incorporated in N”. J. Jan. 14 189o. Original capital
$50 000 increased at various times, tho last increase Oct. 7 1912, making
authorized $300,000 prof, stock (par $100) and $700,000 com m on stock
(par $50). Tho issued stock, $392,100, has been reduced to $292,100, all
owned b y T ob a cco Products Corn. M anufactures cigarettes, owning and
operating a fiv ^ story plant in flobok en , N . J ., and owning a plant in
iflch m on d , V a., which it
oratod^in V irginia ^ a n 2 1913 with an
Stephano Brothers. / “/ : - v V y « i P%Otnn() first m-of $ 1 0 000 2d prof, and
authorized and issued stock o f $ lj2 0 0 .000 r. t
30 1910 tho com pany
$2,200,000 com m on, oil In $100
‘
^ aU(i $300,000 o f its 1st prof.,
F e a ^ t o ^ o u t o t a r ® ^ n n n ° c S m . n o n and' $900*000 1st prof. A cquired
the business, g
manufacturing

BALANCE SHEET DECEMBER 31 1915.
June30T6. Dec.31 T 5 .
$
Liabilities—
S
Preferred stook__ n7,000,000 7,000,000
160,000
Common stook*..
160,000
122,500
Dividends unpaid122,500
56.68S
Sundry creditors,<fec. 324,924
Bank loans.p----- 2,000,000
1,151,650
Sur. & profit & loss 1,273,201

June30'lG. Dec.31 T5.
$
S
I Stock in sub. cos. 9.180,591 5,816,907
9,180,591
—
171,581
495,433 m l,577,820
254,749
Leaf tobacco (cost)
749,325
825,000
Loans to sub. cos
175,200
124,852

T o ta l.................10,880,626 8,490,838
.10,880,626 8,490,838
Total
I --------I *r>onsIsts of 160 000 shares ($100 par value), $16,000,000, for which the corporaI
received $l per share oash, and which were issued under the Virginia law
I tion only received * Includes --------... demand !«>•»
n„r shire m J------— secure-.l .... .
loans, n since increased $150,000
Since Increased
?o acquire8 additional prof, stock of Stephano Bros., Inc. „ Since reduced to
$1,700,000.

$ 4^ 0^O O 8 (original 1 *$599 JlOoV" f irst prof .a n d > 1,1 00 ,0 0 0 com m on stock
^O
y
all o f which was purchased by it for cash at p a r. 1 ho balance o f tho lssuod
stock is owned by members o f the firm o f Stephano Brothers. [Tho
control at the outset was equally divided between T ob a cco Products C or­
poration and Stephano Brothers, but in case the profits for a stated p o r i ^
should fall below a stated amount, the control was to fall to tno stocir
held b y T ob a cco Products Corporation.
Booker
Standard Tobacco Co.. I n c.— Incorporated in J a . A u g . 2 2 1907 m Bocker
T o b a cco C o. Present name adopted on^Jan.^2 191.) and authorized

at R ichm ond, V a., loasod from the Surbrug Com pany.
Afne/nr niminrlit (fn — Tnr*nrnoratod in Maine AU?. ( 1JU.)

A uthorized,

The Khedivial Company.
19Q8 from 550,000 to $250,000 and
Authorized capital increased Feb. 7 1908 from !J
>n and
dassifiuci N ov. 2H 1912 Into *125,090 com m on and $125,000 preferred stock
_
owned
(all par $100). The $45,000 issued stock to o w n « b y T ob a cco Products
C orporation.’ W as 'fo r m e d 't o market cigarettes manufactured b y the
Surbrug Com pany, but has not boon actively engaged in business since
D ec. 31 1915.

ness ropresen 11mt
‘5200 000"common. Purchased the business
i ,w iUw m
assets o f th e co-partnership o f Schinasi Brothers’
o f r,t‘ Naturat”Sand pother b?andsofcigarettes
N.nv operate,
tw o le a s e d plants consisting o f a 5-story and 7-story building in N . Y . C itys
COMPANIES CONTROLLED THROUGH STOCK OWNERSHIP.
Authorized Stock. Outstand’g.
Owned.
Plant.
Company—
[New York City
M. Melachrlno A Co.,
$3,500,000 S3 500,000 S3,500,uu0/ (under li
Incorporated.......... /Com.
900.000
450,0001
Stephano Brothers, f 1st pref. 1,200,000
None
None [Philadelphia
10,000
( 2d pref.
2,200,000 2.200.000 1,100,000 j
[Com.
292.100
292,100\IIobokcn, N.J.
700,000
[Com.
Tho Surbrug
None
None/
300,000
/Pref.
pany............
1,500,000 1.500.000 1,500,000\New York City
[Prof.
2,000,000 2,000,000 1,800,000/
/Com.
corporated--200.000
200,000 Richmond, Va.
300,000
Com.
Standard Tob.
Tob. Prod. Co
250.000
250,000 Montreal
250,000
[Com.
100.000
100,000 .................
500,000
. Com.
45,000
45,000[ .................
125,000
.[Com.
None
Non 0/
125,000
/Pref.
pany.
'TOBACCO^PRODUCTS CORPORATION INCOME ACCOUNT.
Calendar Years—
Year ending
101 f
1914.
1913.
June 30 TO.
$860,313
$725,471
$748,031
Net lncomo________________ —
61,453
151,337
355,040
61,453
Other lncomo................................
$921,766
$876,808 $1,103,077
Total lncomo............................
490,000
560,000
700,000
Preferred dividends (7 % )............
490,000
Balance, surplus......................




$534,715

$431,706

$316,808

$403,077

BALANCE SHEETS OF CONTROLLED COS. as at JUNE 30 T6 AND FEB. 28 T5.
-M.Mclachrlno&Co.,Inc.-------Stephano Bros., Inc.—
Assets__
June 30 T6. Feb. 28 T5. June 30 TO. Feb. 23 15^
$43,310
$52,209
Machinery and equipment..........
$142,363
$131,279
2,200,050
2,200,050
brands_______
1,931,691
1,931,691
959,661
811,954
1,532,436
1,499,725
fee. (at cost).s___
its (cost) at branches t 767,707
366,506
70,749
92,435
437,785
230,938
bills receivable__
226,910
351,407
.......................................................
12,102
24,050
T otal................................
Liabilities—
Accounts p a ya b le ...................Loans from Tob. Prod. Corp—
Depreciation reserve, A c.............
Reserve for coupon redemp., Ao.
Proflt and loss........ - ............. —

$4,824,085

$4,184,194

$3,508,055

$3,500,680

$3,500,000 53,500,000 rS3,410,000 r$3,410,000
5,873
38,536
35,706
98,702
475,000
798,000
15,047
22,747
20,251
50,008
8,741
12,486
22,544
60,064
61,018
24,286
130,693
317,311

$4,824,085
T o t a l.._____ _____________ - $4,824,085

$4,184,194

$3,508,055

$3,500,680

r

Included $1,210,000 1st pref., $10,000 2d pref. stock and $2 ,200,000 common
stock, but since June 30 1916 the Tobacco Products Corp. purchased foivretlremwit
for cash at par and now In its treasury $300,000 1st pref. stock and $10,000 2d pref.
stock, s Includes manufactured stock and operating supplies at cost, t Includes
tobacco and other assets (at cost) at branches In Lgypt, Turkey and Greece.
Schinasi Bros. — Surbrug Co.-------- Stand.Tob.Co.,Inc
Assets—
June 30 T 6 . / .....»™*»**--.»°*«* r..—on-i« p. hob-ik
Real cstato...................................
- - - - - - $70,394 $94,406 $24,011
54,817
48,303
64,155 105,538
Machinery and equipment..........
576,521
25,000
30,000
12,437. 17,437
Good-wili and brands.................. 2 ’222’S2o
73,771
68,239
126,803 182,403
Leaf tobacco, Ac. (at cost).s----56,643
34,151
80 441 126,967
419,449
Accounts and bills receivable.4,326
4,115
1,479
8,039
22,639
5,146
18,418
3,180
Profit and lo s s ..------- ------------5219,702
$362,270 $528,230 $227,237 1
Tota
Liabilities—
____ _
Capital stock.. . ..........................« * « . ■ «
S ?
12,068
15,047 “ f S f f i “ I 8,521
Aocounts payable..........................
59.04J 1 2 ,4 m
9,665
3,982
70,503
Depreciation reserve, &c_............
12,2.>i --/.5io
5,503
7,199
25,157
Res. for coup, redemption, A c ..
38,564
I4,iu4
25,423
Profit and loss.......................................
16,302
T o ta l......................................... $3,609,867 $362,270 $528,230 S227.237 $219,702
s includes manufactured stock and operating supplies at cost, v Includes $1, j 00,
000 pref. stock and $2,000,000 common stock.
-Tob.Prod.Corp.(Can.\- - ^ G l a n ^ l M C b Assets—
June 30 16F<
$68,250 $68,250 $45,000 $45,000
lood-will and brands...$127,535
Machinery A equipment. 13,975 815,068
8,007
18,081
30,569
Leaf tob., Ac. (co s t).s-. 89,791
*1,341 27,579
49,835
94,900
25,500
Accts. A bills receivable. 42,676
12
858
1,650
7,127
6,038
Cash.................................. 26,54S
1,791
41,257
66,364
Profit and loss.................................

T o ta l............................ $300,526 $77,185 $254,723 $169,000 $48,144 $73,437
Liabilities—
Common stook-------------- $250,000 $50,000 $100,000 $100,000 $45,000 $45,000
873 25,394
43,190
107,171
4,556
Accounts payable............ 28,55i
20,000
20,000
15,000
Loans from Tob. Pr. Corp. 5,000
1,871
3,138
3,438
Dopreo’n reserve, A c—
10,482
” 2",270 " 1,996
3,939
24,413
1,351
Res. for adv. cou. red.,Ac. 2,596
1,053
2,840
Profit and loss............. 3,913
$77,185 $254,723 $169,000 $48,144 $73,437
T o ta l............................ $300,526
Includes manufactured stock and operating supplies at cost.

2340

[Vol. 103.

THE CHRONICLE

stock along with the regular monthly ^ of 1 %, both payable
(Report f o r F isca l Y e a r en d in g J u n e 30 1916.)
Treasurer, B. J. Westcott, Sept. 13 1916, wrote in subst.:

A m

e r i c a n

S e e d i n g - M

a c h i n e

C o .,

S p r in g f ie ld ,

O .

althnnirheS nIimHnJ'ho p ast.niScal 7 0A , refloat a substantial Im provem ent
^1
T
7 2% o?h
normaL
stm serlously contracted, tbo volum e being but
thoSnnS^m!-l!iC ?i}nSf th “ b u ckeye line has been consolidated with that o f
w
for b e tt T m m tl s A
o
T
i
pIant disIL
oscdof • There was expended
e a r n i n l s g i i = 9 a ? H V A 6’ w h! 10. tllBr0 was charged to depreciation ou t o f
ear m ~ 5 « f .
*86v £ n d to “ ^ PJ tePM ice and repairs, $79,883.
gain for the year o f $424,995 shows an increase o f $126 683 over
strong c a s h ' l l , on1?. a’ !!p i ’ T1H in abovo dividend requirements. Our
T
r«
n n m ? P 08*1 ,01) has been fully m aintained, and tho result o f the yoar's
1
p revailing iiftfie0
measured b y the adverse conditions generally
ann-Tir w 7 i
) p! Bmen‘ Industry, m ay bo considered favorablo, and to
d ltlo n s *f
th0 futuru uP °n “ “ restoration o f moro nearly normal con 1915-16.
$3,682,005
2,989,275

1914-15.
S3,394,067
2,854,972

1913-14.
$3,075,110
3,334,902

$603,630
$1,039
49,956
217,641
150.000
200,000

v w o o taujiugs____ _________
Operating expenses____ I . ”

$539,095
$2,654
46,701
177,826
150,000
200,000

$640,118
$53,100
3,8,555
150,000
150,000
200,000

I n t e r e s t ______ II
T a x e s ___________ H I "
D epreciation, &cIIII
............
P ref. dividends ( 6 % ) _____ I
C om m on divs. ( 4 % ).................. IIIIII
T otal deductions______
Balance, sur. or d ef______

$618,635
$577,181
$591,655
sur. $74,995 (lef.$38,086 sur.$48,463

1916.
191C
Assets—
S
8
Property a ccou n t...4 ,776,708 4,815,918
Cash______________ 633,410 852,168
Bills & acctg. recelv.l ,886,907 1,959,138
Inventories............ 2 ,208,497 1,815,370
Advances, &c_____ 104,874 100,356
Deferred items____
70,896
67,250
___________ _

1916.
1915.
Liabilities—
$
S
Preferred stock.........2 ,500,000 2,500,000
Common stock_____5 ,000,000 5,000,000
Accounts payable_
_
44,769
27,993
Accrued pay-rolls_
_
29,937
23,525
Divs. pay’le July 15.
87,500
87,500
Reserves__________ 214,187 196,478
Surplus................... * 1 ,
,804,898 1,774,704

. y

t

,

T ota l____
9 681 29! 9 Ain vnn
— --9,681,291 9,610,200
®
$44,800 accounts adjusted accruing from prior periods!

I N C L U D I N G

E L E C T R I C

R O A D S .

100>*% at the l’ enn C o ’ for
p f e l li/T/ *628,000 S r t g
f iuu, 1 1?17„. *>0
l916> du0 1919'' (Com pare

Sirminghfim & Southeastern Ry .— N o tic e to
1 bo bondholders committee says in brief'

Cleveland & Sharon Rapid Transit Ry.— S ecu rities _
t o ™ e $ ° l o n 7 o ^ H ^ i S k ^ d $ 2 0 0 .O ' 6 % ?s°t M C i d s f S
O 000
»
cost o f construction o f an interurban line from M iddlefleld to*Lockwood”

.Denver & Rio Grande RR.—

-Sub. C o. B ond s P a ym en t.
, , ‘ his com pany gives notice that it will p a y, through tho Guarantv Trust
bo°tSdsN o Utah Central
tV
,J a“ on
tho^ T o , 0 0
^
oon a s 'o rr ua ,,arT r t A '/ d R H . due - 1 that date. 9 h0 navm ont 0will hn
m ado from treasury cash. D . & R . G . First & R e f bonds /r ? r S iiw o r l to
refund tho issue i f desired.— V . 103. p . 2078.1508.'
reserved to

.■ Detroit United Rys.

.—

F a re Case W o n
„ e U . 8 . Supreme C ourt handed down a decision on D ec. 11 sustainin',
° ' th0 c °m p an y with respect to its right to charge S t r a fares
for transporting passengers beyond the old c ity limits into territory V S
t e '» g 2 S
” “ UBht " fl‘ hm the city as at prWen” e x t X l « L
t K C ourt
tickets In thn com pany need not sell reduced rate “ workingm en's h ou r"
fa r o o n J e ffi^ n n A u n te" ^ ° 3 ' o ,
Practical effect is to perm it a doublo
i>ro i ;,cltcrs9^ A v e ., east o f St. Jean A v e ., to tho citv limits at Altor
R oad; also on Grand R iver A ve. west o f tho boulevard!
i 8 / a ^ in
o f 1,10 friendly relations existing, the eom nanv m av
refrain from exercising its rights In the m atter.— V. 103, p 321L P y
y

DuBois (Pa.) Electric & Traction Co.- -C o n t r o l .-

See K eystone U tilities C o . below.— V . 89. p . 1667.

wi£,iwi1 ni! e ? ? ysiP <

D issolu tion —C om m ittee .—

fo .f™ m m lr y d l"so b ',tfo n .rnWS ° "
n
20 Bn“ tad ‘ " ,!i “ m pany's petition
t,
frttowlng com m ittee requests deposits o f tho $1,605,000 First and
M tg e . 5 % gold bonds, other iiulebtodness and *1st p r t t l
preferred and com m on stock with tho E quitable Trust C o ., 37 Wall St ’
y,;* u,uk:t' deposit agreem ent, dated N ov. IS 1915:
Thom as W*
M eachom , Chairman; R alph S. Bowen and W illiam A M acK enzio
A di
y . T o l ^ p . % 3 8 ! T 2 1 0 " T l l 8 Unty 8avlnKS Uanl< B uilding, Syracuse, N . Y .

Jt*

R y . — N e w L in e .—
tmTndS|,-k?m. 7
Pa!ly has begun operating Its now lino from N ew Smyrna to M a y l;V‘
miles, thus connecting tho M aytow n Branch toO kecchobee
1 Li., in tliroct route to S t. Augustine and Jacksonville.— V. 103,p . 1684,1301 \

Railways.— S u b . C o. B onds— N o te s Called.—
Soil Ohio Valley E lectric Ity. and C onsol. Light & Power C o below
I n s ^ o i , m D I K ' r ' K , ? Ue? fo r redem ption at
.i, , lino,., »
im
?nS' ”
Issue° o f $2,300,000 5'
V . 102, p . 5 2 1 .)— V. T03“ pUri031,°937N ° teS ° f

furtherScum u 1atiom — V.y 1()3i^p0*2238iV 078^
2

Florida East Coast

GENERAL INVESTMENT NEWS
R A I L R O A D S ,

rants w ill recoivo on tlinir fractions tho regular cash and s t S k divkl™ ^u
aPd
‘ he delivery o f full shares o f s to ck t h iy w ill X o ?cceivo their cu nm fa

Bondhold-

Georgia, RR. & Banking Co.— Extra D iv id e n d .— Robinson-Iiumphrey-Wardlaw Co., specialists in this company’s
,.0. and bonds, roport tho declaration of an extra dividend
of I /(, on tho $4,200,000 stock from tiio earnings of tho bank
along with tho regular quarterly dividend of 3 %, both pavablo Jan. 15. Tho bankers further say:

The net earnings o f the bank for the fiscal year will exceed $ 10 0 000 mri
for each o f tho past 8 years have been sufficient to ha™ paid an extra
dividend and left a reasonable am ount o f earnings to bo carried to surplus
A,8 ‘ J1 hauh now has inore than $ 1 , 100,000 working capital, there ™ every
®
reason to think ami beiievo that tile paym ent annually o f this extra l % divi­
dend is not only possible but highly' probable!— V . 10 0 , ,>! 1 5 9 2 / 0

ers-

Hanover & McSherrystown Street 1257. C o n tr o l __
Ry.—
10 0 . p .
Hocking Valley Ry.— P urchase o f B on d s.
See C om m ensal C oal C o. under “ Industrials."— V. 103. p . 1888, 1600.
2o'y“ rIarC lf!°r3'
i l[0
3 fo 7 on tlm V lniu^of $ 00
°l {u rl{h g
200 0
Illinois Central RR.— Electric Service, E tc ., at Chicago.
— the company on Doc. 14 prosentod to tho Chicago Rail­
Brooklyn Rapid Transit Co.—M o r e Surface Cars Re­ way Terminals Commision an ordinanco offering in oxchango
q u ired .— the P. S. Commission on Dee. 14 issued an order for pertain rights to undertake (a) extensivo development
'
ot tho lake front
(b)
requiring the company to provide, as quickly as possible, but passenger terminalproperty: 12th tho construction of a now
south of
St.; (o) tho establishment
not later than i1eb. 1 1918, 250 new surface cars of tho centro
or freight yards; (d) electrification of the suburban service
entrance, stepless typo, with seating capacity for 58.
1 srit}°,.n£!mwhereas r.‘ilds now have'O1,943. comtho other hand systemn.hnn within five years after the boginning of construction on the
nisslon
thatJ "
H the
pany’s surface
had
1.841 cars,
they
On
ih n n
now passenger terminal, this to include tho main lino, and
° f ]?Hwenvei^S t h rried in 1<J1? W‘? S l 1 ,87% g r a t e r than in 1911.
C
South Chicago, Bluo Island, Kensington and Eastern
w f t T n T t t p ^
branches, a total of about 40 miles.
i

1 11

Indulgence up to that tim e.

E ck ?“ m.-V.’ 1 3 ple
o to
0
!§87!'

Frederick Oaring

7

t900a //i V o .,cDm ,V r S% T
o2
- V \ 103, p 8 4 3 , lot3
18

C om m ittee

J ,mA- Smithr-dllTr^fButt’
O

M{
m

Nui w . °f
275

289

Canadian Northern Ry.—Proposal

of I rack to I’ rance— Trackage Rights.—

322

to Send

352'

220

'
355

Miles

mln><
r*,u*‘V,.PlIrposes’ b Is proposed to rem ove and send to Franco som e 220
a '1 ”'™
"
com pany's line in tho M ountain Section west o f E dm onton
mr t h o ^ r a n T T r iin k ^ 'a p ifi ' >y the. Canadl“ n Governm ent as an extension
T h i n S l e *
l a c l f ic can be readily used under trackage rights
privatelyowned^Pm ^w'Jfh14 S “ ls? askin,« the general co-oporation o f tlie
i
? 0 0 0 m »M or m m ^ nY
V *’ VttlnB to th° aforesaid use a total o f
rid ln g i^ n d o t h S S c t o , tthatk a.SH .ifacka^e materials, devoting thereto all

See Keystone U tilities C o. oelow .— V.

te™ b>al i8
hu built with trackage facilities capable
o f extension to allou the accom m odation o f all roads now entering (ho
La SalloSt. station, as well as some o f the Unas using tho Dearborn station
‘ ho terminal, .Vc., It is believed, will cost $25,000,000. It Is said the
o n e im n y hopes that a! the leading railroads now using tho Chicago &
in U ' , I
,
Union stations will com e In as tenants. Tracks will enter
i ™ S j 8 i*on. ° ? ,‘ hree levels, the upper level for 24 passenger tracks tlio
tnC d r< //"eight and the third for a subway oxtending from 2 2 d s t . north
?h
?r
o f D e c. * 2 ! ' carrylng suburban traffic. Soo "R a ilw a y A go G azette”
2
I he com pany asks permission to construct a subway in Grant Park be­
tween its present right o f way and M ichigan A v e ., for the construction o f
four tracks to bo operated with electricity.— V. 103, p. 1508 1306

Illinois Traction Co.— Fare Case W o n . __
T f s T ,1rmoor I,rraont trafflc- <So° al«° tween0
\P ^>CC' A ,a5Proved a“ lncroaso In tlio faro boCanadian Pacific Ry.—5 Mile Tunnel.—
SW oB
^ ^ V
^ . ^ i ^ abi“ * d U l a" d Gra,,lt0 Clty> 1U- froin
Kansas City Clinton & Springfield Ry .— Coupons Paid.
o p -5 w .
i w s m r hc° a
See Kansas C ity I?orb Scott & M em phis R y . below .— V. 100, p . 1348.
Cape Louis & San Francisco UU. below.— V. 103, p . 813.
Girardeati Northern Ry.—Decision.—
Kansas City Ft. Scott & Memphis Ry.—Coupon P a y s e e St.
m erit.—The bondholders’ protective committee, E. V. K.
Anat"osa,& Northern RR.— Sale Abroad.—
Thayer, Chairman, gives tlio following notice:

s t ^ bridges ‘ T r m ” h J S S cPa“ onK1 r l’ars, three locom otives and six
<
'
Short Line ?V i £ ? ^ H7 2 8 8 ? S<E5k£n Is also owner o f tho defunct Iowa
S r S K r t v £ , k ‘ u ’ ,P‘ *508), which, it is said, will also be sold.
This
103P p^y2 1 5 5 ? 493
° ng and has 1 2 frolght cars and ono locom otivo.— V.

Kansas C ity Clinton & Springfield R y . C o . 1st M tge. 5% bonds
K m‘h«S
rP^Ity M em phis & Birmingham R R . C o. Assented fn com e 5% bonds.
. T h e past-duo coupons for the years 1915 and 1916 from tho above-nam ed
bonds are now being paid at tho Old C olon y Trust C o ., 17 C ourt S t., Boston

Com m ittee D isb a n d s . —The St. Louis & San Francisco Re­
organization having been successfully consummated without
disturbance of any of the bonds of tho K. C. Ft. S.& M. sys­
tem, the aforesaid committee is proparing to dissolve, and
9 6
deposited will bo re­
Chicago City Railway.— Extra Dividend.— An extra accordingly gives notice that the bondstho certificates of doturned
dividend of 1 M% has been declared on tho $18,000,000 stock posit. to the owners on surrender of
along with the regular quarterly 2%, both payable Dec. 29 H! S
Clinton & Springfield 1st 5 s and Kansas C ity M o m s h a r e ^ w a ^ ^ d d i— V ? ' 1 0 2 ?

“

“

i ° ? °

t o
x

W
9 a /CrS ° f rCf;ord D e c - 2 0 . I n M a r c h , J u n e a n d S e p t,
la s t 2 % w a s p a id .— V . 1 0 2 , p . 1 1 5 7 , 1 0 5 8 .

Chicago Rock Island & Pacific

t h n x o ^nrwV/vPVi1 r?
)

3 ordered

R y . — C tfs. D u e .—
the receiver to pay at m aturity, Jan. 3 1917

$62,fo68
.°°V. 103*p° 2237.V
2166frtiriC t“ °f 19 6 and
B
1
(le n d or

Co.— Extra Dividend.— A n a d d itio n a l d iv ior 1 % h a s b e e n d ec la re d o n th o c o m m o n a n d p ro f.




«“ y mlng* ain Assented Incom e 5s were tho only issues to require
protective measures, the holders o f those bonds (but not tho othor issues)
are required to pay $3 50 per bond on account o f tho expenses and remun­
eration o f the com m ittee.— V. 103. p. 1436.

Kansas City Mexico Orient Ry.—
—
City Outer Belt & Electric Ry. Sate Postponed,

&
P u rchase.
See Kansas C ity Outer Belt & Electric R y. below .— V. 102, p. 713.
—

afc Kansas. c l t y- M o ’ on D ec. 11 indefinitely postoned tho sale o f this com pany s property pending measures for joint ro-

2341

ing $15,335,000. Authorized, ^ 5 , 0 0 0 ^ ^ , ^

pjaiiizatiuii -----------------

u m6>

Keystone Utilities Co. p ^ t^ e oRerfng
—Brooks & Co., Scranton, 1 a.,, axeolteriiig a / o S and int.
$1>225f_
(with 5 0 % allotment of stoc 0 ,
„
, ^ bonds of
000 First and Consol. Mtge( Collateral]i 5 / ^ * a27 1916>
this holding company mcorporated in Uela. ^wlcomablo at 402*

D ^rhe^c<mq5aViy^o^n.?amir c o n t ^ ls t h e s°treet ’r ailway system In M ontrea .
____________ ^ ^
^
serving a population o
T
o
v
e
r

Bonds dated N ov . 1
^ j } o v o N ov . 1 1931 and at 105 and int. thereand int. in whole or partton>or& or° t Scranton T r u s t 'C o .^ t r u s t e d . D|*
b,£

Yr. ctJ . Sept. 30.
^08.
$4 ^ ° g 88 $6,047,351 $7,022,991 S6.913.755
Gross earnings-.$4,056,101 S 4 , » ^ o e o * to city o f M o n r e a l $ 2.4 71 .1 /3

nom .' S200t.<
's|oOP and S1.0 0 0 ( c ^ .

C om m on s t o c k ............... ...........

cap'ital^to^Ns', contracts and other

IIIIIIIIII............... ' ! 5’ 335’000

ill
J E & s ^ S F s » r 1 ? s a f £ ? t t r - * * - > * ,4_
S i . ... 1593. .590.

including bonds to 1)0 Issued.

s,h

nOO 000 o f authorized capital s o

whose officers are: Thom as R . BrooKs, i r e

Trg?tb?iPeXttK;. serve. e

t e t r t c J l s M

National Properties
c o m S t S S “ w l w o D « : 30 to Holden, o t record D ec. 20-

.

.

& A ''3 'b fS r"

2 % was paid.
E a r n s. (G ross) o f Sub. C o s.— -

$7531172 ^ '~I655fo61
5 V .' 103, P- 666.
K g h t * Power C o.

elcctric generating stations (aggregating5.900

Additional properties will be acquired from tim e to t i m e . ^

^

Gross earnings (being it is understood estimates fo r
Annual interest on F.rat and C ons. 5s.........

n m

______

S

ycar.

-P r c -

Mahoning& Shenango Ky i.L ig h t C<>-°«
ferred Stock Offeree^ a r p e r

^

& J Lw n& r,

S

O h io , . n o l o d m * P o p u l a t i o n o t a b o u t 2 5 0 ,0 0 0 .
P a . , & C ., t o t a l e s u i i
i 1 Callable as a whole hut not in part
T ho stock^is froo o f l ^{JSrlzed? $10,000,000; issued and outstanding, $3,­
500,000. * D ividends Q .-M R
S tev en s, D e c. 5 1916.
Data from L etter o f Presiide. h k subsidiaries own and operate (a)
Properties, & c.— 'The com p any ana
nd interurban railways; (6) ex­
a bou t 170 miles °J .ele^
,t^
vstein having three pow er plants. Present
tensive electric light and^ o w e r system ,^
()f ! 0,000 h. p. m ade d u r2
capacity 60,000 n. p.
fm s n n a e it v will t.o increased b y a further 20,000

» ‘s « s g r ; ^
h L w -

On Dec. 1 1916 tho company had no uniunu u
£g00> Its unapproaccount and except an unpr<»<^ «
405 ,935 ; on Dec. 31 19 15 . $37,406,priated surplus on Jan. 1 1915 was 3 2 ^ 4 j^xpenditures of more than $2V
i> U
474, and on Oct. 31 1916, $66,94o,3«i( • f(1 wliieii the treasury is entitled
p
000,000 have been made on caPjt
.ali^thn^tock now offered for subscription
to be reimbursed. The proceeds of the st“ "
onevs which can.be used
f e r S

K

C a V "»

«

in

« * » <><5» p » -

d i y ^ y ie ld _

by advertisement ^ | 000 7 % cumulative preferred stock,
mg about aG-8,}.which; is controlled ivJ system Gf electric street
by the Republic Railway &
The c o m p n y
Light Co., | . rurban. railway lines and a largo electric hgl
railway and int . m Western Pennsylvania and Eastern
and p9wer system Western
^ tl Pa., Sharon,

K

“n and after

declared
ic ia , S tatem ent. D ated
1916^
T he authorized amount o f the^^lutal stoc
I reserved for the
000 O f which S219,590,460 is outstanding ^ 0 0 0
conversion o f the 2 0 -year 6 %
by the board o f directors.
$50,409,540 is issuable when and. ^ d<
1
V stock last m entioned.
T he stock now offerM for subscription is part oi rne
except on current

See V.' 102. P- 153.
—

|

_

Lehigh Buffalo Terminal R y - % ° ^ ’ n1! : ™ l ? i VvneA to the
This com pany. aQ o ^ t < d o n ° f o r authority to issue $5,000,000 Is j •
See Lehigh Buffalo lerm .ua.

i

J *^Su'b«:HpGot^wamiits win i% 'Sf0^0 Jan“ 3 / anT h e c o i ^ ^ y ^ 6^90^ 6 ^

^WiUiam W n g U s .

bonds

increase.

$1,175,715

New York Central RR .— < ption to Subscril^ / ^ O J )
O
.--Stockholders of record^at 3 ^ . &^ for2$25 .
have the right to subscribe o
ent Qf 1 0 % of their sev-

ja ®

_

—1915

$6,943,454

N ?iv Stock

5 35 8 ,75 0

4(}3

M

S ^ n i 1*8.119.169

In July l u t

mission of that city on Dcc.14.

^

a’ two.level passenger terminal

Northern Electric HY:’
, g Brum, Chairman,
The reorganization
0f 0re0 rganization, which the
has prepared a modifie Dec. 10 ouuines as follows; $1 ooo.San) Fran. , “Chronicleoriz^P m ooutlineso n a ^ d aof whlcn s ex(
A $
a u th
.firet
rtg ^ e b
im s (reCeiver
1

r™m » W « « o . » b l . re-

1

t o rbe°buiB on the site o f ’ he present;station a\fn% arys : ^ V h e maTn line
n
for the use o f through trains to b e loaU »d . r t C linton facUitics
T he new
o f the railroad, and em erged and ™ p r o v ^ i r e « &nd Exchange streets,
uassenger terminal will
„ n(i oniy 4 blocks from the new

2 0 0 0 ,0 0 0

^“construction expenditures of the company3 ^ ^ ° to e J ^ & m e n ts
Oct 31 1916 amounted to approximately $ 1 •
963^0TO^anu
^
favorable
made have been of groat■
benefgjto g- |ton ^rm and dated Doc It 1916)

s s a s 31

ronort on the property presented in ci e
.
(u excess 0 f $17.000,e w .
estimate the reproduction value to•becems™ preferrod stock outatandlngor m ore than tno am ount o f *no
* stock may bo made unless not earn
This Issu e.— N o further issue o f this siockt ()fltstaiKu n{? and proposed,
probably be less than $ 1 ,0 0 0 ,0 0 0 .
p
fo ld in g the notes and pledswl
ings are tvdco dlviaends on the
0m and dividends and has full voting
T h e stock is preferred both as to^ assetsr»
tQ fcho R epublic R ailw ay &
power. The prof, stock was origm anj 3()()(J()00 was .toposited to securo
Light C o for cash at par. O f theissue, ». - otes
n
All o f thcso notcs wero
(5) Common stock for tho of°theCiMSent overlying bonds, to an amount
an issue o f R epublic com p a n y.» V l0
this preferred stock. Holders o f
called for paym ent through the sale 01
p f
f st0ck, and about
notes had tho r ig ii t t o c o n v e r t t h c r not
^ j ltlonal‘ $500,000 prof, stock tha^tho^R allrow l C ° ^ sit
^
d^ ayhicl?th eC
prosent creditors, who are the
a n d fo r other capital expenditures.
v irtu a l owners, will keep centred ^ h a t tlm e
hands o f its Te It is explained that-the road is earning S J ^ U $ 1 7 5 ,0 0 0 after reorganiOuls'.anding Capitalization.
SR fiog qqq
ccivcr. and it Is e x p ^ te d that th U m a y b e ^ ,nterest on the proposed first
First and Consolidated M ortgage 5s............- .................................... 5|256’,000
Divisional underlying 6 s. . _ - ...........................- .............................." 3,500,000
Preferrod stock , 7% c u ^ a t i y e . _ _ . . - - - - - - - - i j - &- j T - - - - _ _ _ 1o i628.300
S S S
Cos. for Year ended ,> e , 31 1916 (2 —
Earnings—
_ .$3,120,789 $3,932,800 $4,678,500
Gross earnings *............- ................... __ 1,293,380
1,726.300
2 -639.000
N ot, after t a x e s ................- ............ ___
772,300
658,300
765,10U
Incom e deductions
~$521,fW0 $1,068,000 $1,323,900
Balance — ........... fi« Vrnm nark operations (about $12,000 a year).
* Includes not earnings from p
$3,032,800, with 2 M os. E st.).
Statement o f dross Earns. Since 1906 (1916
•
'1914.
1915.
Year—- 1906.
0 , l^ ’n97 « 91 2 5 1 482 $ 2 *.065,601 $3,001,450 $3,119,107
Gross $1,670,088 $1,747,927 S 2 .2 5 M
kg o f tho R epublic com pany.
Equity.— Based upon m arket prices o f
, tho com m on stock, which
which owns :ill o f th e com pany s com m on s t o e , 500 0()()
is junior to the preferred, has a value o f a“ uJ [ s , The largest cities are
Territory Served.— Covers about 300 sq. n
and N ew Castle, l ’ a.
Youngstow n, Ohio; W arren, Ohio, Sharon, i
dlstrlct . There aro
These cities aro centres o f an important. iron an
t , incandescent lamps
also large factories for making rubber goods, - “ wns served form prac
and other diversified products.
The cltAS?h ,S ero [s heavy travel on t
a
cally contiguous settlements betw een which th
i
and power busin;
electric railway lines. T h o growth ofThe' ^ /{ j V s f t i e s s is extensive. T
estlm ate^^puh^i® ^0sorv^d^^PJ 1 6 “ “ about 250,000. -V. 101. p . 1807.

nrotectlve
protective com m ittees,” says M r._Dru m , 'w e are op ^~ 0xnected increase
r. 9 ru rrC ,wo
opt
- t^d
l . wm _i _
ft Vn place tRn nrnnPI
the property int a V™^^tunfty for a traffic agreement with the
in business and it also g i v « j£teralon plans o f the railroad are ^ o f p h « l W estern PM ifm before the extenston^ia
5 2 ) _ v . 103, p . 1413. 1210-

< °Ohio 'service
C

l ^ r a f o X r in g aTpar and ?nt. .*400,000 convertible 6%
mortgage notes. A circular shows.
callable at 101

ja r s

»»

s

bonds due N ov- 1 1937.

A x d h o r iz e d .O u ts ta n d in g

Ry.

M iu n o u r i P a c i f i c
— F oreclosure Sale.
ordered
Judge H ook i n ^ H s s o ^ r u t d n e B y .I n d t ^ S C Z u l Iron M ountain
A ^ o u ^ r ^ R R ; hnO o^ ^h id^ r^ ect^ vo^ lst^ & ^ ^ funding m o r t g ^ ^
upsot price i for the former Col()rad() Paciflc U y . has also boon ordered so
imder f o r e d « u m “ lts 1st & Refunding m tge; upset price $9,800,000.

—v. 103, p. 2156, 2079.
— B onds Offered —Harris, Forbes
Tramways
Ifonasujjerea. n
o f f e r i n m t ^ ^ t t o n 3! $2,000,000 First &
M

o n t r e a l




C o .

^

a r o

S W

on d ,

T ,.« com pany ~ S “ "0
“

Ohio 1 631 sq. m. about equWistant from

K : 4 W o& K ^ ‘
1C

m o S).‘

_ ‘ |erves Cambridge (pop.
N V V l & e l p h l . (8.5421. Cana. Dover

2342

the

Merritt Taylor,
oxprossod liis un­

iisug ami power business t.hmmriirmt TTV' 1,
ijoos an electric
and Coshocton, and an electric ra ilw a v m o ' business In Now Philadelphia
brldgo, Byesrille and Pleasant Chv
Cambridge and between Caraville. About 66<7 of t K ™ City and between Dennison and Ulirlchsfrom electric railway and W '
electric light and power 2 7 %
E1^
c output 7 .342.000 k.w.°hours f o ^ lO l^ ir o o o ’ in 0®
001'8 sourccs-

ancfdl'strfbutin^ s J s t o T N o V ^ ^ M S

t o

f 1^

[Vol 103.

c h r o n ic l e

IS.
° ‘“ St °' U “ er SiSChilfraaPn
reE,‘,T;tsIiteib'l|l;lfn ""d

^

<* tte operation
general terms, wiiich, if acceptable to thnnltv 0,“ , i <c undcr t .10 following
f

every

’01' ^

tract drawn in d e fin itetern sso
to l & a t r h bZSZC y ? £ at?d ia a c° » O
both parties thereto in
respect adequattly Protect the interests of

an increase of 1,300 since Jan 1 loin
V’20.? lpetered customers,
about 12 miles of mains In Coshocton and N ™ Phn1* n™ yst.ems comprise
aggregates 15.3 miles
, The electric railway
urban and over 10 miles i nt er^banq
o
f
whlch ab°ut 5 miles is
Ftrst Mortgage Bm ds'— T o t o d S t ^ N o V l l o f ? 8 ? r° 8atisfactory •
to be callable on any int. date at 103 and mV 1 urnJ.' ^ue Nov. 1 1937, and
ft 15.non nnn
_ *»
•
A :* ancl int. 1 he indenture is to authorize
U

Broad St. with branches and with a delfv^r^loom *?,fP ^rb^ : a subway '»
line from City Hall to Roxborough vfo the P a r k ^ v ’ 90th%? bway: elevated
It provides that the Rapid Transit Co
’ ? ? th S!v and f|enry St.
hereof and otner lines built bv tne citv’ n ?i
.V
V tboso lines, extensions
with its own lines as one system
?P„eJ at_ tbem in. conjunction
e.

should

^103’ } 0 5 !Surph?s^*V bonds ancl n o t e f f i s 0,920
,
’•
* 2 ^ 0 6 0 'prof: -sJck245
(which see below).— V. 99, p . 1452, 1533 t d y tho Unltod Service Co.

do

kmit ^epaj^ite^1

^ ^ le ^ tw t? lines

‘p S K ^ W A s

than it is willing to accept as a f ^ u r e d fllld s h a ^ f T h ^ greaP f amouut
o°r
joint operation of tile two systems
Tt«
„‘ re,-of t
?
1!10 Profit from tho
tho current calendar year (Dec osti m 1 f ctH*w'inS ,Pi cab,’e t0 dividends for
i«>P
or 8 % upon the full-paid capRal ofThe c o ^ a n y 6 VW'y cl° S0 to * 2 .'100.000.

^ fS S S S H n C la ? S 5 ^

Ohio Valicy Electric Ry! .H untington, W Va - B o n d , I aP fiM ^ ^
^
Bloren /b o ^ a n d
•'

f
r

s
a

°

s

°r

s

d

sUtu\U n aSSUC''b ^
io

te & X X " ™ ::::::::;:::....... ~
Miscellaneous income_______

~ m

f a
07 ’nu’c

tUOO

$(15Z.4U

138,821
4*\J
1o
26,273

199,866
^29,791 I ~^__c ”* v,v*v ‘ » •
y / \J ]_
'

^ ^^ e^ m erfo im ^ ailw ay^ C o ^ h ^o J tit^ jfS f

000

eameciea*|ifostan”?arsurp{us,ewfocli1 rth e^ lM e^f^ laJ t 1
a
fiscalinPany h,T
s

3547,886

20 and 25 years respectively.

Capital Stock__The

to V i a c o m

cover this^listribution"of net ^irpVus1earnf ncs d Vh b° amended so as to
all claims for back dividends d i e to it th l?e in d e r.th
m pany to walve

6

^ 0 0

actuaUy paid-in capital stock

^

D e ^ ^ l g ^ f a t 1 iosSS* and fot°- in t 9J6‘& D °n0pJ.\°f * 1
V00?1C- Rcd- after
1
Company agrees to pay normal Federa/
5L
una- a _11u Jax refunded.
000; outstanding, $ L 675 000
Re.siw^l V ^ rPf1 Authorized, 32,200,monts under restrictions $525 000
Trustee f o „lr0 ° ? ton<dons and betterauces on Idvte & G r a n ti^XlUUUiUUS.
Annuities.
’ le,msyIva'lia Co. for Insur---.V.uv«i
P
.
r a t Years (2 mO 1916 est.)
S.
1914
O M
. 1915. Est. 1916.

E ?n
%

company/ 0 <fivldend of 5% ppop

"

outsido tho delivery district, as recommended u S A
I

-----------

and high-speed lines

'^ 11'the°Market sT .^ElO T^t^^^nd^w f^m Se^^^t^^fO T^ii^ih

additional First M i S S 4 ^ 4 0 - w

^

W 7

co^ act a"d

*«

° < tb° ^ . 000.000 authorized.

M is 1
!

o^pSH ^

t e s
a

8 ,274.000 Consol. Mtgo. bonds
over 9 8 %
13,396,000 Ref. M . Dels, over 9 6 %

be ThTb^t

da?0p l" n ' th0 right of
n7 ® is s ? Coll.4Tr.~notes, ^ :j!S8 8 I citv
r .j » over 9 %
.880.000 W

w o n 1!{'iMtiTiiVteK.
‘ “ »u requirements or seen bonds. T 1
4 .529.000 5-yr. debens., over 90%
smteesUon1
tho owner ° r suen lines free of debt. This
•4.010.one Steele e „..„
/o I suggestion, which meets with our approval, should, wo bellovo, receivo
your consideration.
p
M
^ ^
of the
lim e of Taking Effect.— Tho contract shall be executed and take
as soon as It secures tho approval of City Councils the P u b l ic qervkA 5,
mission and the stockholders of tho Philadelphia Rapid Transit Pn° ° T h «
rmiyfi^mrt!kCri0d i°f ?PRratIoa and tbe extension of the 1907 contract shah
l l o nnt™
2 f. °Pci:at0
ion of th0 «rst of the city-bimt lines
$775,000 Prior Preference Stock (v t c ) aiu /s? rln inn" 7 approximately
» ” ” “M « • «
w it.,
These amounts, so it is statod an iiif. v V ,’550.000 com. stk. (v. t. c.)
allotment. All applications bv hnidl>?^ !,p ly \c b.°, further roduced before ne®*1f a i S
!
i as ptrnPlJScd,hns to recomm end it d oflnitc(v. t. c.) in e
x
c
^
f
T
h
e
^
^
stock elim n a t K f ^ c h t n J e Dckat/ h,' PU?diat0 advantage to tho citizens in tho
to bo treated as thougli such aDDlic^tinnl
r / or a! °^5?ent to ^hom aro for its system w in !* V0'^ ! 8■ r b o city secures tho best possibio operator
.
of stock V. t. c. so available 1 Arm iimH^V™ f<>r 0,1 y tho V
>ntIro amount I owned l T Aan’d AmT u n i c‘ merenange ^ hpassengers between prrvatelvA '
A V
ln a l
/ ot
n o never « ^ Pr^atelyquired cash payment must be filed u-11 h ( v),/r .T ’e accompanIcd by tho ro- I owned lines and municipal ihigh-speed^liens— a^result « r f ^ before attained
<„
or before Dec. 29 1910 and^al otm.mfLV-rn V al l n !H Co ‘ 5 i Wail St., on holders o f A VU comP*lcated accounting Is avoided and while tho stoekt
practlcable. V . 103, p. 2238, 2156.
“ b° mad° as soon thereafter as | tal, ln additfon ? h S 1:imvai ^ , £ ix ,^).A A .ld^ih^.lcl r “ tual cash capit
AA

. J??™ T offirS U t e .! 1881 s"a" “

S S

-------------------Aiigu-sueea unos in poninne- I PittsbRrgh Cincinnati Chicago & St. Louis Ry.—
? « i ? o , .i u „ o
tion with its own lines as ono system. By tho« terms« proposed! nh lT p [ \ ?n ^ P P ro.ve(! ~ D \vl(iend s .—Tho Pennsylvania and
rn J i.™ ?£ 0L ‘K , y.v.v.uuual payments o f tho K S a
, — ™~ Pf°toontial
of T orfo-inol 2 ‘"° J 'J h , ^Bimissions IS i? “PPF.™> tho plan for tho
„
liavo approved
F
tor
laylor plan and all charges and credits between tho citv’mrl 1T r^ r W1^b ^!ie Yan^.aba ^R. (which seoH>»,
?ebolow), &c., the
company would bo eliminated and tho gross earnings would 7useCA'l?n .PrevtoustVett.sed having been withdrawn. Soo pago
W
^argos I A dividmTof'SW* “ o S t t ' . n tho $3 7 ,60 9 ,2 3 6
cap,la,, while , 0 % ot tho r „ n ,a & /n e t : £ “ ! *
I



Retired.— Sink. fd. has reduced the Consols $993,000, viz.
Series D b y $136,000 to $ 4 ,6 0 2 ,0 0 0 1Series G b y $82,000 to
Series K b y 700,000 to 3,075,000 Seriesi H b y 40.000 t o
Series P b y
20,000 to 9,851.0001— V . 103, p . Io09. 1033.

$9,170,000
2,Go7,009

St. L o u is & San F ra n cis co R R . — Final Notice to Holders
of Undeposited Slock.— The shareholders committee Charles

First offering o f pref. stock was made in 1910 at 47)4 with 40% com m on.
In 1911 a 10% distribution o f com m on to pref. holders m ade. A recent
sale was at 5 2)4 , with 2 0% com m on. T he pref. stock pays its 21th divi<P Ffxed''charges and dividends in 1915 include $99,537 bond interest o f
operating companies and $73,143 pref. divs. o f U nited Service C o .
PCapital stock authorized, $3,000,000 (one-half being 6 7 ° v n % $8 o t t and
callable at 857 50 per share); issued (D ec. 31 k91o), $1.-71.751) prei. ana
S

JI. Sabin, Chairman, in adv. of Dec. 1J says in subatance:
Onl v

7

2343

THE CHRONICLE

De c . 23 1916.]

o f stock o f all classes, about

1 M%

. 3

Olllo Service C o . a b o v c . - V . 93. p . 797.

V a n d a lia R a ilr o a d .— Dividend— Merger.

o f tho total am ount,

A dividend o f 4 % has been declared on tho stock, payable Jan. 15 to
holders o f record D ec. 30. In F eb. last 2 % was paid.
See Pitts. C in. C hic. & St. Louis R y . abov e.— V . 103, p . 666 .
S t h f d e n o s l t ^ s t o c k will be entitled to tho delivery of purchase warrants
nniv ^. h
Wt ta v o any right to elect to take fully paid subscription cer' T hey will not be entitled to receive any o f the stock o f the recanitallVed N o /M e x i c o & Arizona Land (Jo. T ho rights to which deposited
stock Is entitled have a present market value considerably in excess o f the
paym ents required and holders are urged In their own interest to make
S e p S a at once under the plan before their stock is rendered valueless by
exclusion from tho plan. After Jan. 16 1917 no stock will bo received.

Notice to Holders of Fully Paid Subscription Certificates
and Purchase Warrants Issued by Guaranty 1 rust Co.— Line
Guaranty Trust C o. in adv. of Dec. 19 says in substance:

p B
iio

t ilS a f f X

r t iM

!

W a b a s h -P itts b u r g h T erm in a l R y

V . 103, p.

lvs .l i

W estern M arylan d R y.

W ilk es-B a rre (P a.) R a ilw a y .— Strike Settled.—

The strike which has been in operation in W ilkes-Barre for the p a s d l t
m onths, and for some time past has been accom panied b y a•Pretty (complete
b o y co tt o f tho com pany’s service, ended on D ec. 15 in ^ co o ip ro mlb®der tho agreement 130 o f tho 320 strikers were reinstated at once, Tne re
ainder will get work whenever the com pany can find
fo i^ h e men.
On Jan. 1 a new agreement becom es effective, which will g l y o r i ^ - y ^ r m®n
24 cents per hour, second-year men 26)4 cents per hour and third-year men
28 cents per hour. The strike, it Is estimated, has cost tho com pany and
city several millions o f dollars.— V . 92, p. 957.

<. * •

Decision as to Bonds of Cape Girardeau Northern Ry —
Judge Sanborn
tfm S
& .<
W S a fflS
s W 0 . 0 0 0 P r bonds. (V . ,0 3 .
»
843: V . 101. p . 4 6 ).— V. 103. p. 1413. 1406.

L o u is-S a n F r a n cis c o R y . — Death of President.—

W lliia m C N i x o n f o r three years recoivor and ch ief officer and recently
c l S l W d o T o m e road, filed on D ec 15 ln_St L o u i s a t t h e a g o o f
58 years. See also St. L . & San Fran. R R . above. V . 103, p. Ioo9 , 17Jo.

S alt Lake G a rfie ld & W e s te rn R y — Extension—
This com pany proposes to oxtond its lino to Garfield, Utah, and then olectrlfy tho entiro system .— V . 103, p. 2239.

San F r a n cis c o -O a k la n d T erm in a l R ys — City Plan .—
See Oakland In “ State& C ity ” D ept, on another page.— V.103, p .U 19, 759

A cm e

S old .—

Organization.— Began business In a small w ay In 1904, m anufacturing
magnet wire and magnets for telephones, electric bells and electrical instru­
m ents. Later tho com pany perfected a procoss for producing an Insulated
enameled wire which has attained great popularity in the electrical industry,
being, It is believed, the largest manufacturer o f enameled wire in the w orld.
Also m anufactures colls and windings out o f Its own enameled wire. Has
always made about one-third o f tho coils required on the l o r d m otor cars,
and. It Is understood, furnishes tho Ford com pany now with 186,000 wind­
ings and colls per m onth. It also makes all tho colls for D elco lighting and
starting system , the Gray Sc Davis system , the Bosch M agn eto G o ., the
Connecticut Telephone & Electric C o. and spark colls for electric m otors,

T h e extended bonds will mature Jan. 1 1937^ i t h i ^ e r ^ t at 4 H % per
n
,,,, navablo J & J. at Farmers Loan & tru st G o., trustee, jn . x . ,
w ithout deduction for any tax or taxes, the present first m ortgage security
t0 T he Jan'*1 U )?*cou p on , if presented, will be cashed at the tim e o f deposit.
T p M organ S C o. will also on or before Jan. 1 1917 buy at par and int.
c
t h e ’bonds o f holders who do not desire to avail themselves o f the above
privilege o f extension.— V . 86, p . 1226.

T o le d o & O h io C e n tr a l R y . — Purchase of Bonds.—
V . 103, p . 2156, 1302.

T o le d o P eoria & W estern R y .— Earnings .—
r,,„0 nn
Gross
Net A fter
Other
Year
F am ines
Taxes
Income
1915 Hi
$1 218 132
$97,545 $157,629
1914-15----------- 1,175:252 d ef 33.225 91.612
— V . 103, p . 2150, 1302.

IN D U S T R IA L AND M ISCE LLAN E O U S.
W ire C o., N ew H aven, C o n n .— Stock

Thomas C . Perkins, Inc., Hartford, Conn., has sold $500,000
new capital stock, making the total outstanding $1,000,000;
Total auth., $1,500,000; par $25. A circular shows:

S h a ron R a ilw a y .— Extension of Bonds at 4 X % . — Tho
A
$250,000 New Castle & Shenango Valley R R . 1st M . Gs of
1887, due Jan. 1 1917, are to bo extended for 20 years at
4 y,o/ interest. Holders who present their bonds to J. 1 .
Morgan & Co. for this purpose on or before Jan. 1 will upon
delivery of tho extended bonds receive in cash tho sum ot
$30 per $1,000 bond.

See Continental Coal C o. under “ Industrials.”

Equipment Notes Sold.—

T ho “ S o o f about $6,500,000 5 % 1 6-year serial equipment t m s t n o t o .
maturing semi-annually in 20 installments, has
„
m an C o. at above par. Several banking houses also bid for the issue,
which covers equipment costing $7.500.000. V . 103, p . 2239. - l o o .

h°ere, tlfl -d m the del vtry o f the securHles called for by their certificates
(2 / 0 * “ “ / purchase warrants who m ay desire to prepay the amounts
(2 )
iio laers j pu/c
, their purchase warrants and obtain delivery
o f the‘ com m on stock 1 ftm st°certIficatS ) call 3d for by their purchase warr'lius mav make such paym ent to the undersigned on or at any tim e after
said D ec 27 1916. T he Prior Lien M tgo. G old bonds held against pur­
chase warrants have been sold but in lieu o f any bonds specified In the pur­
chase warrants holders will bo entitled to a cash credit at 85% fla t.
1 ho
lict am ou nt. thoroforo, roinalnlng to be paid b y holders ofJpurtdiase war rants

their purchase warrants were issued.

— C o n firm ed .—

Federal Judge Buffington in the U . S. Appellate Court at
Philadelphia on Dec. 20 affirmed the decree of the District
Court in Pittsburgh in the foreclosure proceedings, despite
the objections of the Fearon committee. As to the new com­
pany, the Pittsburgh & W est Virginia R y ., see V . 103, p.2239.

& Eamt?nosP- ^ t h e 0 lMtr ffvee or six years around $150,000 to $160,000.
TnGU gross shipments in 1915. $1,200,000: in 1916 they will be about
$2 400 000, anil in 1917 should aggregate around $3,000,000.
P/ant— Operations— In 1913 the com pany built a model plant on D lxwell Vve New Haven, at a cost o f over $350,000. Employees number
900 to 1 000. Portions o f tho plant are and have been for some months
operating 24 hours a d a y, tho com pany having sold its entire output clear
ahead into next A pril.
___
nnn
Dividends.— 1 ho com pany has a surplus at present o f about $200,000,
T
and Is earning from 16 to 2 0 % on Its stock and paying 8 % ; dividends Q .-M .
Officers.— Pres. & Treas., Victor M orris Tyler (one o f the original organ­
izers); V .-P . & G en l. M g r., Edgar L . H artpenco; V .-P . & Sales M g r..
Leonard 8 . Horner; V .-P . & P roduction M g r., Leonard 8 . T yler; A sst.
T reas., Brower H ew itt, and Sec.. Jamas E . W heeler, all o f N ew H aven.

A llied M a ch in ery C o. o f A m erica .—

See American International Oorp. under “ Reports

on preceding page.

A m erica n G as & E le ctric C o.— S ub.

C o. Reorganization
See Central Power C o . below .— V . 102, p . 2314.

A m erica n I n te r n a tio n a l

T erm in als

C orp.

N.

Y .—

Sco American International C orp. under “ Reports * on preceding page.

Interest
Rents Balance,
Charges A M iscel. D eficit.
$207,756 $83,342 $35,925
206.527 81,927 230,067

A m erica n I r o n & Steel M fg. C o.— Sale.

The holders of 99% of the $5,550,000 capital stock (common andl pref 5
arc reported to have agreed to the sale of tho property to tho Bethlehem
Stool Interests for $6,526,800, being on tho basis of an average price o f

T w in C ity R a p id T ra n sit C o . — Proposed Plan .— The
company’s subsidiary, the Minneapolis Street R y . C o ., on
D ec. 7, complying with the resolution adopted on N o v . 17
by tho City Council, submitted a tentative franchise ordin­
ance, which, if acceptable, will bo submitted to vote of tho
people. It would provide in Minneapolis :

S,)A 'press'd^spat cl^say s That tho actual purchaser is the
C o a subsidiary o f tho Bethlehem Steel C o ., which holds the Property
recently acquired from the Pennsylvania Steel C o. I ‘ y ^ ^ / h e ^ u t h o r in 20 -year 5 % mortgage bonds, being, it is understood, part o f the aut:hor
ized issue o f $60,000,000 secured under m ortgage made join tly with the
Bethlehem Steel C o. and increasing the outstanding issue thereunder to
$38 468,800. The purchase is stated to include the actual ownership o f
tho plants at Reading and Lebanon. See also V. 103. p. 2157.

(a) A new 30-year franchiso datod Jan. 1 1918 and superseding the
present franchiso, which expires In 1923.
(b) Capital value o f tho com p any’s proporty, as appraised
by Its engineers, as follows : capital invested in tho property,
being cost to reproduce physical property, new________________$28,717,033
Capital invested in tho developm ent o f tho property_________ 5,311,462
Value o f waterpower leases................................................................ 1,294,881

A m erica n L o co m o tiv e C o.— O fficers — O rd ers .—■
w II Marshall having resigned as President and director o f tho com pany
Charles H ayden, o f H ayden, Stone & C o ., has been elected to succeoT h im
as a director. James M cN aughton has also resigned as V Ice-I resident

Total value o f tho property - - - - - - - - - - ............................... -..$ 3 5 ,3 2 3 ,3 7 6
Plus approved additions sinco Jan. 1 1J1(>.
(cl The com pany to bo allowed to receive a sum equal to 7% p. a. upon
tho total capital value, the remainder o f the surplus earnings to bo divided:
(a) until Ju
1923. equally with city; (b) thereafter ?S% to city
(d) C ity to have the right to purchase the property during the term o f tho
franchise, or additional term, on ono y e a rs notlco. V . 102, p . i JO.

U n io n P a c ific R R .— Extra Dividend .— An extra dividend
o f 2 % has been declared on tho $22,291,600 common stock,
payable Jan. 15 to holders of record Jan. 3 .— V . 103, p. 1793.

U n ite d R ys. o f H avan a & R eg ia W a reh ou ses.— Earns
June 30
Gross
N et
Preference
Ordinary
Balance,
Year—
Darnings.
Profits. Dividends.
Dividends.
Surplus.
1915-10---------£2,104,411 £880,142 (5 % )£ l3 9 ,3 2 l C5% >£A27,278 £413,843
1914-15_____ 1.702,066 731,542 ( 5 % ) 139,321 (5% )328,001 264,220
Surplus carried forward Juno 30 1916, after deducting £300,000 trans­
ferred to reserve, £100,000 to general renewals reserve, £5,000 to insurance
fund and £ 10,000 to iienslon fund, was £14,392.— V . 101, p. 2069.

U n ited Service C o., S c r a n to n .— Earnings , (fee.—

properties In
q Ills com pany, operating street railway, light and power prop
Pennsylvania, Ohio and Indiana, reports:
IQMo.cnd.
-Years ending Dec. 31­
Oct. 31 T o .
1 9 1 1.
1912.
1913.
1914.
1915.
i6
Gross e a r n s .. $148,484 $226,541 $522,882 $553,118 $066,965
$645,307
Net a x ^ l & c .. $68,642
and p f. <livs.

33»236

Surplus____$25,406
Cash divs. paid
on com m on




S90.963 $212,925 $243,697 $277,091
44,807
$46,154

134,588
$78,337

156,074

$277,402

172,080

172,340

$87,623 $104,411
,„

$105,061
m

T lm 'R ussi^n^^vernm ont has recently ordered 35 0 locom otives, divided
as follows: American L ocom otive C o ., 150; Baldwin L o co . C o. W orks 150
and Canadian L ocom otive C o ., 5 0 — V. 103, p. 845, 57b.

A m erica n P n eu m a tic Service C o., B o s to n .— Govern­
Position on Mail Tubes.— Replying to allegations con­

m en t

tained in the annual report of the Postmaster General (V .
103, p. 2191, 2201), President William II. Ames in circular
of Dec. 9 says in substance:
T he canacitv o f each one o f our containers is about 10 lb s., or 500 letters,
and they are dispatched at intervals o f 8 to 10 seconds, and under certain
conditions can be dispatched at even smaller Intervals, thus carrying 60
lbs. or m ore, or 3,000 letters, each minute. M all is sorted as It is received,
the entiro bulk not arriving at one tim e. Our systems in five cities carry
anproximately 26.000,000 letters per day— eight billion letters in the course
o F a y e S ? o f which not over two-m illionths o f 1 % have been Injured or

S° O ut \nad1system has heretofore had the approval of every Postmaster
General since it was installed in 1893. A Congressional committee has
recently reported: “ The pneumatic-tube service for the transmission of
malls Is a valuable adjunct to tho mail transportation service for handling
MBtatewd and special delivery mails not Mrnished by- other
means of transportation, and is justified by the advantages of aaailability.
ncdltion.
ana reliability." .
.
. __.
expedition, security and reiiaonny.
This oof inn o f t.hp Hnstnuist or General brings our com pany face to face
'PLSo action nf the Postmaster Gene

witli a situation tnat threatens the practical annihilation o f an enterprise
in which we have Invested over $7,000,000 at the Governm ent s request
and for its sole and exclusive use, depending for its safety upon the Go\ern

m<[The reportsof^t he com m it
which has been approved by the PostmasterGeneral, recommends briefly as follows: (1) The letting o f a contract for the
use o f the tubes in M anhattan soutn o f Grand Central 1 em iinal and T im es
Smiare from M arch 5 1917 to June 30 1926; also for service between, the
General Post Offices in M anhattan and Brooklyn for tho same period.
(2) Abandonment o f the tube service in upper Manhattan u n l e s s , o
material reduction o f rental dem anded by tbo conyiany. , 1
to

3344

THE CHRONICLE
1 .'!f.? r t 2 i« s ,SS!&S^S’t ta/SKS
5S,
ia

r 2r S < r Sw
ffi,
Pffl5f1 ,5 “ IPtS Of..*3$4.04,02 ° a,ld a llut postal income of
lh
y e a r ^ 1 ’ 0Tn ee m atter t ^ i Fbo = ^ ,Ci^ub^ thcro cost . ifc lossp than $500,000
yearly.
i h m a t t f will ^ settled in Congress. — V 103, . 1890, 580.

A m erican Surety C o.— Extra Dividend.—

[Vo l . 103

.- j b s m b

satis s s s r * «•»«>*>

^ M ° c» r K ‘r .i^ 8 ts,7 n d,,on“

«• *s

c h in o « B ?tllle5 ein Steel Corporation L building fully one-third o f all tho
s

remdar^ouarterlv0!1
!^
/ J L has b?^u declared on the stock along with the
— V 100 * P. 983 1>4 % ’ b th payabl° Dec- 30 to holders of record Dec. 23.

A m erican T elep h o n e & Teleg. C o.— Allotment of Bonds.
The allotment of the $80,000,000 30-year 5 % collateral

^

l ° nd\ 1Y ^ tl d a? folIows: (a) In ^11 on separate ap­
plications of $1,000 bonds and less; (b) 3 0 % on individual
subscription between $1,000 bonds and $10,000 bonds inm en7nf l i n nmmH
niT m of S3’000 t
,)onds; (o) 2 0 % on allot­
ment of $10,000 bonds or more, with the fraction limited.
iih en S ° i me? t on, a subscription for $68,000 bonds being
o
$13,000 bonds and not $13,600 coupon.— V . 103, p. 2157.
. A m erican W a te r W orks & E lectric.— Sub Co BnnrU
See Middle States Water Works Co. below - V . 103? p ?982.1793.

A m erican Z in c , Lead & Sm eltin g C o.— Dividend

A

stookeiln ° f Hi% p aH bi
eT doc,lared on the $4,828,000 common
stock, payable l<eb. 1 to holders of record Jan. 15. This is
the first payment since 1913, when 4 % was paid. The
L ^ r i l 3,1' quarterly 6 % on the pref. is also payable Jan. 2 to
holders of record Dec. 22. See adv. pages.— V . 103, p. 495.
A tla n ta , G a .—
Bonds O ffered— Lho Robinson-Humphrey-Wardlaw Co. of
Atlanta is offering the 1st M . gold 6 % bonds at par and int.
/? o ^ /!an ? r C

ffiM J s s ’s s a a .ln n,y

“ *u «

»

S wo°wero m 1 S o T - l T

b s
^
M

B is h o p -B a b co c k -B e c k e r C o., C levela n d .— S to c k __
‘s. Proposed t o issue $3,737,000 ono class stock in exchange for tho
present outstanding $7,333,000 com m on and preferred stock b The net
a
«
l
with «5y,874 for the the yf ar ended ° & . ‘ 101,191b1015. *519.664: compared
previous year.— V 31 p . was
( F . N .) B u r t C o., L td .— Extra Dividend.—
with” th e"regu K r^ u a rtoriv ^ ^
be% .d ° clared on tho com m on stock, along
som e tirmwfnciA i!,Vtv, t y u ,^ 7 ° 6 vhich com pares with 1 % quarterly for
p 757 ° I>aSfc ’ b otb payablu Jan- 2 to holders o f record D oc. 19.— V. 103,

B u tte & S u p erior C op p er C o .—

Extra D i m d e n d __.

< ? a,1. C orporation ,
5

} C 6 rn f

due J a n ^ T q ’-ln 3h5 ?

n fo r d n l^ o i 11
activities up to now have boon m ainly in tho nrodnctinn
^r(^nance Prot-lucts and m unitions. But wo are planning for neaoo <r»
4
V h 103°pr 2081)^src o m M e ^ ineMtS’.>^OSting about SiOO.OOO.OOO1 (com paro
will rv.MJioi
i S co m Plot;ed, the 25 com ponent parts o f Bethlehem Stool
D ven tv'n irto h ,' 7 ° n0 ? ar.t orclnanco-m aking, four parts shipbuilding and
n ty parts the manufacture o f steel for com m ercial num oses
Profile
o f war will have been turned into Implements o f M a ce.
A period o f depression will com e som etim e, and it m ay bo sovoro but it

° 1° ? 0:

lsl l}ed«’ * 2 .872,000.

Dated Jan.

1 1 9 H)

and

C a lifo rn ia A s s o c ia te d R a isin C o. — Dividend — •
s to c k ’ payabl° D o c- 15 40

sraw ss

Capitalization—
'
„
First M tge 6 % gold bonds issued, $2,872 000- re.Aulhonzed- Outstanding.
tired by sinking fund, $375,000................
’
«3 500 000 <59 407 onn

& S E K B K ? . st“ t ............. i l l ®
c o ^ V

r „ f r ° f, b of

authorized can be* issued o r d y u p m 60% o f ’the

•fttsastiS & J 1 D23

bonds issued; ja n . l

to Jan. 1 1929' 4'%

y °‘ ? °Mr°

"

s a le o n c e in T fo l^ e T a t e ^ o a f
P
.la«ts for the manufacture and
f o l l o w i n g c i t i e s w h i c h l t n h ll 2l,Pp*i< c<?ld stora-,,! facilities in tho
?
serve a^pu^lati’on ofC
approxlmately 85^ .00o1UbUrbS a" d nu al im m u nities
T ,
Population.
Jacksonville, F la.71,040
A tlanta, G a ___ 283,397
Augusta, G a ___ 77,348
Athens, G a ___ 33 124
R om e, G a ............29,316
D ublin, G a _____ 11,154
Tho corporation owns

Population.
Elberton, G a ____ 7 844
C ovington, Ga__ 4,500
Knoxville, T enn.80,000
Chattanooga,
T en n --------------- 78,627
M acon , G a --------84.626

,
,
Population.
Columbus, G a ___36,562
A lbany, G a --------24,675
Americus, G a ___15,119
Cordelo, G a _____ 8,988
Fort Valley, G a - . 3,264
Ice-

cu. ft.; cold storage capacity, 956,117 cu . ft.; ice s to r L o (in non

m on stock is approxim ately S3,100,000.
1
ire u a n c ic o m
*fa nln(JS'— The earnings for tho years 1910 to 1915 averaged <5109 i 7 «
f
month!? o f 1! cm« thUr ttraes tbo bond intorest charges. F o r ’the first’ ten
m onths o f 1916 the corporation earned $435,234.
c ten
earns'8n
fD2h7S9bfnr°ni^r-0d th? corP°ration exP«nded and charged from its
Interest on bonds
P
te- Otbor dlsbursem 'tl, & c!. were:

C,T o f G eorgia), Frank Hawkins
H HnlfV.r M W . I f ,.? ' S ' C - D,ob b s. K- H. Inman, Thos. I}. Paine,

W

A

^

l x t ° f 1 r9S*» A ^la n ta - Ga .— Extra Dividend.—

i % , "a s been d«!lared on the com m on stock, along
l
D m ! 30 — v ! 102. p 2239! ^120. th payabl° Jan‘ 10 to Polders o f record

of
?h eet .— Following is tho statement
A s s S ^ c i h 1910 adjusted to show offect of sale of bonds:
Custom ers’ n o tw pledged', ~& ” ” ” : .................. ....................... *§22 • ,27
~c.
J
Other notes and accounts receivable (n et).................. *.................
14 a 'm e
D uo from sub. cos., net ta n gib les..
..............
K oT iaa
. . . d o ..
representing good-w ill
..............................
c 7 io n b
Deferred charges..............
<49,903
AT?Im°v0, } nejdUlng fixtures" & c l 1 1 1
............ 1 0576H7
Hrcxikiyn 5 S r ^ c l t y (on perpetual leasehold)” : : : : : : : :
’ 82:396
—
27,625
T otal assets___________
_ .'
Liabilities— (T ota l, *$4,804,320)—
*™4*320
Loans secured by custom ers’ notes____
__
®nno rnn
A ^ Z n i \ ^ OUl r discounted (contingent liablfity'o'nly):
1 1 0 643
A e m ie d lia lid iti^ in c lu d u ig pay-roll, expenses, No .
1
36021
1st M . 5 % ser. gold bds. dated Oct. 1 1916 (see V 103 n i'ifU l 1 o l o ’non
Capital stock, $2,000,000; surplus. $800 156
° ° 2 8 n o ’?66

B ethlehem Steel C o.— Acquisitions .—
C o tl(seed'ib o v o )°

tho property o f tho American Iron & Steel M fg .

t {., owned and leased b y tho Lackawanna Iron & Steel C o ., Lebanon, Pa.

^(heweni

J /r. Schwab.--.A t the dinner given in his honor

saidinsubstance^ ° n D ° C' 2 1 ’ Ch° lrman Charles M - Soh'rab




C a lu m et & H ecla M in in g C o.— Copper Output.—
Output libs.)— Cal.&Hec. Ahmeek.
Osceola. IsleRoyale. Miscell.
Total All
?A°y'
------^’513,333 2,157,959 1,533,944 1,036,492 2,130 035 13 371 763
— W °"o3 T p ” l890384587 2 1 ’820’622 18 -024-605 11,298,297 25,620,’ll9 147:'l0i:891

t i9n/m?Jria, Steel C o*— Dividends .— An oxtra dividend of
i ^ % 1ms been declared on tho $45,000,000 stock along
with the regular quarterly 1 > 2 % (which has been increased
from 1 M % quarterly), both payable D ec. 29 to holders of
record Dec. 28. In Feb. 1916 1 % extra was also paid.
— V . 19,5, p . J 2 2 .

C a n to n (O h io ) E le ctric Co .— Succeeded.—

See Central Power C o. below .— V. 102, p. 1438.

C en tra l L ea th er Co. N. Y . — Dividend Increased.— A
quarterly dividend of 1 ^ % lias been declared on tho $39,­
701,030 common stock payablo Feb. 1 to holders of record
Jan. 10.
In Aug. and N ov . last 1 % regular and 1 % extra
was paid.— V . 103, p. 1982, 1595.
/o
C en tra l P ow er C o., C a n to n , O h io .— Merger Co.— This
is the new name adopted by the Canton Electric C o ., a sub­
sidiary of tho American Gas & Electric C o ., upon its purchase
on or about Dec. 1 of neighboring properties. It is under­
stood that an offering of the bonds of tho consolidated com­
pany will be made by leading banking houses early in tho
new year. The following is pronounced correct:
S
tbi« » < T namo th0 Canton E lectric C o. (V . 93, p. 1604- V 102
p. 1438, 1062) has boon authorized by tho Ohio 1 > u ‘ Commission to
.
^ SQ h nPI^ 7e« t eS (Viy,ichfis.0's a,)d assots o f tho Ohio Light & Powor C o.
Q
,i
(Soo V . 99, p. 1678 and “ Electrical W orld” o f N. Y . for A pril 1 ) and tlio
g 9 I7 nnSc<
nnlj ectr c C o i T h e com pany ha s boon further authorized to issue
l^ unn’ nnn
stock, $991,900 preferred stock and not m ore than
$5, J60.000 o f its now H rst & Refunding M tge. bonds; $3,024 000 o f those
bonds m ay bo sold for not loss than 85, to reaiizo $ 2 570 177 ’
'
Durnos«?W W Ui 9 « f t rr™ proceeds thereof will bo devoted to tho follow ing
r
8 n o nhn i
com m on stock, $250,000 preferred stock, and
■M. 136,000 ot bonds, to bo exchanged at par for tho present outstanding
C o niand thn JK^nnnY, sto.tks and $1,406,000 bonds or tho Canton E lectric
L o. and tho $30,000 bonds o f tho C anton Light, I Coat & Power C o and
^98gnnC mS ‘T siVg froni A, 0 sal° o f #33?.000 o f tho bonds used to pay tho
«
i
1
1
i o ? « ,0«
08.Lndebtedness, o f the Canton E lectric C o ., incurred to March 31
19 Ub
the construction o f Its plant and facilities, (b) $410 600 com m on
stock, $741,900 preferred stock, and $1,500,000 bonds to bo exchanged for
stoeckPrfne n M % W ^ g #5°3>000 co’S n ''s t o c k " $74 i.O O o'p reform l
d
®*ock, and $1 500.000 bonds o f tho Ohio Light & Powor C o ., anil tlio pro^rorn tho sale o f $1,723,500 o f bonds used to pay tho $1,464 XaQ indebtedness o f the com pany Incurred in the construction o f its plant
and facilities, (c) $ 10,000 com m on stock, to bo exchanged at par for tho
outstanding com m on capital stock o f tho Sunnyside Electric C o and

s x lM or

-* A

S

C en tra l T eresa S u gar C o.— Notes Sold.— Robert Garrott
& kSons and tho Fidelity Trust Co. (trustoo), both of Balti­
more, have sold $1,000,000 Collateral Trust Sinking Fund
notes due 6 months from Dec. 12 1916, tho subscription price
being 9 7 ;^ . Denom. $1,000, &c. Tho bankers report:

1 ..I1 ,08? " ? tes aro i5'siu'd a? au advance against sugar-cane practically ma­
’!1
tured, to bo manufactured into raw sugar and molasses from Jan 1 to
Juno 1917. A s deliveries o f sugar and molasses aro m ade, the com pany
must pay 60% o f gross sales as a sinking fund to retire tho notes
T his
season s crop is estimated to produce a net profit o f about $730 500
T he
Sfi^Rhhyr also K°t s b a c k abOUt $150,000 cost o f producing its own cane?
&C“ now. ?»> hand, and $ 158,000 iul vances
m ade to traante against tneir cane providing a net cash return b y Juno 30.
1 91/ or over 51,100,000 to pay the entire loan and leave almost no current
debt, and no liens except a $750,000 bond issue due In 1921.
As security for the notes, there has been pledged with the Fidelity Trust
~ o ., Haiti)., trustee, one freight steamer, valued at $250,000, and one tank
steamer, valued at $ 20 0 ,000 , both freo o f encumorances. C om pany will
not mortgage or pledge any o f its assets while notes aro outstanding
Each
note bears the personal guaranty o f A . W . Giesko o f B alto.. who recently
purchased the entire capital stock. As further collateral he has pledged
listed stocks valued in excess o f $400,000.
Com pany owns a large sugar plantation with a m odem mill, 2 8 ^ miles o f
railroad, all necessary equipm ent, docks, warehouse, buildings, &c . , subaaa* a mort;kage o f $750,000, and two steamships.
T otal assets over
#3.000.000; net worth about $955,000. [The plantation, it is said, contains
ilV.i b ' / b ' acres o f land, with leases from 4 to 15 years on 8,500 acros
additional, and also has under control some 4 ,20 0 acres, the owners o f which
contract to deliver their cane to tho com pany. T ho mill will produce this
abou,(n1 bb.bb 0 bags o f raw sugar, and it is hoped to increase the pro­
n
duction to 200,000 or m ore bags a year.j
1
C h esapeake & P otom a c T elep h . C o. (W . V a .).— I n c o r p .
This com pany was incom oratod in W est V a. on M a y 1 1 with an authorlzcd capital stock o f $7,500,000. T ho now com pany was organized fop

the purpose o f m o v in g under a dom estic charter tho local Boll companies
In
it Va and the Consolidated Telephone C o. o f W est Va. 1<. HBothell, Pros, o f tho Boll Telephone C o. o f P a ., is one o f tho Incorporators.

C h ev rolet M otor C o., N. Y . — S to ck O w n ed —
Seo General M otors Corporation bolow. V. KM, p . U m . I M o .
C h in a C o r p o r a tio n .— C ontrol. C ontracts.
See American International C orp. under “ R eports on preceding page.
C itv Ice D elivery C o., C levela n d , O .— D iv id e n d .—
T his com pany has declared ar.di v^ crJd1^ J %
6y f w p a l d - t
6e<
on M u r., June, Sept, and D ec. 1 1917. In 1916 6 % was paiu. v .
103. p . 1983. 409.
C o lt

P a te n t

Fire Arm s M fg. C o.,

H a r t fo r d .—

D^^an*iza?i<w?— Began b ^ fn e s * it ^ lS V ^ ^ ^ e ^ A r m o u ^ b u ^ S iy ^
S t o t h S T Cudahy Packing C o. On O ct. 15 1 9 15 the com pany sold
all its properties to the present com pany, organized in M aine.
Pronerlies.— Has 7 main plants (in South Omaha Kansas C ity . Sioux
C ity, V ic h ita , M em phis East Chicago, In d .. a n d ^ ^ A n g r f^ L a n d 107dUtributing brancli houses in 92 principal cities. W ithin 28 ycare tne com
nanv has grown from a singlo plant em ploying 700 operatives, with an annual
iiav-roll o f 8800,000 to 7 plants with a floor area o f 105 acres and cold stor­
age floor area o f 33 acres, with a slaughtering, curing and preqiarin^ capacity
for 14 000 hogs, 3,100 cattlo and 7,500 shoep per da^ ■ P"U)loying about
6 000 men, with an annual pay-roll o f $4,137,000; in addition, some 4,000
otiier employees roceive upwards o f $4,000,000 as salaries and wages, m ak-

StocL —

Tho com pany, it is reported, is contem plating an incrcaso
capital stock from 82,500,000 to $10,000,000.— V . 103. P- 2210. 1034.

C o n so lid a te d G as E le c tr ic L ig h t & P ow er C o., B a lt.—
Brown Bros. & C o ., Alex. Brown & Sons, Jackson & Cuiitis ana h a ,
Illgglnson & C o ., announce that the * 4 ,800,000 General ^ g ■
this com pany have all been sold.— See V. 103, p. 2240, - • •

C o n s o lid a te d L ig h t

&

P ow er C o.—

S S S f e &

S K

&d c T o f w ii-

fe -

S S t r Z S & r t f & S & S : S 'd
eluded In the judgm ent, with interest on the judgm ent and_bonds accrued
up to D ec. 21 1916. Therefore tho plan o f O ct. 24 19161 lias
^ an'
doned. For com pensation o f com m ittee’s expenses, & c., 5 7 o is de^uetca.
Holders o f certificates o f deposit representing bonils depostted p r i o r i
in io ia nnd bonce included in judgm ent o f O ct. 20 1916, nre entiuea
to receive SI 042 48 for each bond, while on bonds subsequently depositicd,
$1,039 82 is to be paW, in b oth cases forthw ith, at Guaranty Trust C o.
C om pare V . 103, p . 2240, 1983, 1794.

^ P r e s e n U ju s in ^ M n c to d in g ’M W arieties o f meats, fresh, cured and canned
and bv-nroducts, such as soap, beef extract, glue, glycerine, A c ., represonks ^ annual turnover o f about $134,000,000.
M arket embraces
this country, Europe, South A frica, China, Alaska and South America.
Properties aro in good physical condition.
Cnnitnli-ntion
Authorized. Outstanding.
P rof P m : ($2,000,000 6 % and $6,550,500 7 % ) . — $8,550,500 $8,550,500
cu
First'nuirtgago 5 % "gold”bonds (present issue)--------- 12,000,000
9,000,000
First M tge. 5s.— Thoso bonds aro issued to retire the entire now out­
standing First M tge. bonds ($3,423,000) and to provide additional workin gra pita l replacing bank loans. T ho remai ning $3,000,000 bonds m ay be
issued under restrictions up to 2-3 o f the cost o f future acquisitions, A c .,
upon which this mortgage will be a lien. C om pany
i ho
Quick assets equal to bonds outstanding, and no com m on dividends w ill be
naid except out o f profits earned after O ct. 31 1915. Annual sinking fu n d.
$250 000 cash, first paym ent D ec. 1917, to purchase and cancel those bonds
up to 1 0 2 A and Int.; or draw at that price; if any additional bonds are is­
sued paym ent is to bo increased to 2 )4 % on such additional ^ n d s .
Security.— A direct first m ortgage upon all real estate,
properties, rolling stock , trade m arks, & c., now owned or hereafter acquired.
Conserratire Value o f Properties. & c.. after Inch Proceeds o f Bonds Now Sold.
estate, pack. plants_$9,272,000|Cars rolling s t o c k .. $1.339 000
R eal e s U .& c (branches). 2.193.0001G ood -w ill. . . . . . - - - - -Not, included.
Present (a) net quick assets (working capital), incl.
o f the bonds now sold, after deducting all current liabilities,
over $15,682,000; (&) other assets, $673,000.............................. _ 16,355,U0U

C o n tin e n ta l M otors C o — R eorganization Situation
T 'lm TJoiroit “ Free Press” in issue of Dec. 12 said:

to Exchange three shares o f the new com m on stock a n d $
tlie present outstanding coum m on stock, aramtlnBonn$Vnar8«Tm o f nresent
|
a nd to exchange new preferred stock for the $472,300 (par 510) oi prese l
outstanding preferred stock. T he purpose, it is explained, is to provide
sufficient working capital to pay oft $1,000,000 in funded debt. It is cal­
culated the com pany would reallzo $1,400,000 from tho sale o f new stock.
T he plan is reported to have received tho approval p f stockholders rep­
resenting 80% o f tho stock. Security Trust C o. o f Detroit is acting as de­
positary
The new stock will bo handled by W illiam I . llonbright
and Lee, Illgglnson & C o ., and the new corporation is to be fo m e d undOT
supervision o f a com m ittee com prising Benjamin F . T ob in , It. W . Judson,
H . J. Warner and A . H . Zim m erm an.— V . 103. p. 147.

T otal not assets, after deducting all indebtedness except these
$9,000,000 bonds
-------------------------------------------- ---------- -- S -b .
,w u
N
Gross Sales for Fiscal Years (ending 0 ct .2 8 ) — . et Earnings,
f ah
1019
10 13
1914.
1915.
1916.
/vv.o Yrs»
Sales * 90443970 104408789 109121449 116162156 133960986 110819470
N et available for Interest on funded d eb t, after de„ 1R9
ducting int. on loans, doprecia’n, renewals, & c------ 3,353.119 1,58b,182
450,000
450,000
Interest on this bond issuo calls fo r---------------------------— V . 103. p. 2240. 2075.

C u rtiss A e ro p la n e & M otor C o rp .— N o tes Called. Tho corporation has called for redem ption at 102 'A and int. at the Central
Trust Co N . Y . ,o n Jan. 1 1917 ail o f Its 6 % serial gold notes dated Jan. 14
19 16 andm aturing on April 1 1917 and on July 1 1917. T he prem ium will
bo withheld if tho notes aro not presented within a r e e n a b l e period
T he
issue was originally $4,000,000, $1,000,000 having been paid: July 1 1916
and $1,000,000 maturing Jan. 1 1917.
N e w N o tes— E a r n in g s, A c — For the purpose of liquidating

C o n tin e n ta l R e fin in g C o., B ristow , O k la ,.— Preferred
Stock Offered — Hollister, Lyon & W alton, New York, are
offering at par and’ div. 30,000 shares (par Sip) 8 % convertiblo cumulative preferred stock. A circular shows:
rrim stock Is ureforrod as to assets and dividends. D ividends Q .-J.
C onvertible Into conSSon stock at par on A pril 1 1917 and for three years
thereafter. R ed. after April 1 1917 at 110% on 60 days notice.
Capitalization (N o Hands).
Authorized
Issued,
8 % C um . Pref. troas. stock (to bo presently issued)
*200,000 $300,000
C om m on stock ($30,000 hold in treasury for convers n) 1 ,000,000
700,000
Owns a m odern petroloum refinery at Bristow, O kla., with capacity o f
2 000 bhls. per da y, and storage facilities for crudo oil. Also owns pipe
lines from Drumwright and Shamrock in tho heart o f tho Cushing field to
Bristow main lino and feeders covering about 35 miles. R efined produces
aro sold’ under contract to tho Standard Oil C o. o f Ind. on a sliding scale
based upon tho market prico o f crudo, thus assuring a definite not profit
ner barrel
C om pany refines at the present about 40,000 bbls. o f crude oil
m onthly at a p r o f i t o f about 52c. per bbl
Refinery profits for tho four
months from Juno 1 to Oct. 1 1916 were $76,273.
. . _
W ith tho proceeds o f this issuo tho com pany plans to Pur.c]V ® V\°d “ c*&f
a®
sottled oil wells which it is beliovod will yield an additional m ontM y profit
in excess o f $20,000. Tho profits aro now running at tho rate or nearly
$240,000 annually from refining. Dividends on tho com m on stock are
expected to bo declared shortly.
.
„ n l_,„
Pres. A . A . Rollestono. Sec. Loon T hcrovin b oth o f jBristow, Okla.

C orn P r o d u c ts R e fin in g C o., N. Y .— A p p e a l . — Judge
Hand in tho U . S. District Court in N . Y . on Dee. 20 gave
tho company permission to appeal to tho Supremo Court
from his decree ordering dissolution for alleged violation of
tho Sherman Anti-Trust A ct.
(V . 103, p. 1891.)
D iv id e n d . — A dividend of 5 % has been declared on tho
$29,826,867 prof, stock on account of accumulations, along
with tho quarterly 1 % % (against 1 % % quarterly for several
years past), both payablo Jan. 15 to holders of record Jan.
3. The accumulations on Dec. 21 1916aggregated 19 1 -1 6 % .
Report 1906 to 1916.— Seo “ Annual Reports” above.
— V. 103, p. 2158.
C ru cib le Steel C o. o f A m erica .— A ccu m u la ted

D ivid en d .

— A dividend of 2 % has been declared on tho $25,000,000
prof, stock payablo Jan. 31 1916 on account of accumulations.
This leaves 1 6 % % accumulated preferred dividends.— V .
103, p. 1891, 1790.

C u b a C ane S u gar C o r p o r a tio n .— E a r n in g s.—
Results for N ine Months ending Sent. 30 1916 (from First Printed Iteport).
" ot t rofits______________$14,729,087 T
n
sfro
ci.fr Ton nut Depreciation reserve
'>rv»\ronJn.f'1
ion reservo--------$1.250.000
$1,250,000
N
p
Interest charges-------------91,385 Pref. dividends ( 5 A % ) - - 2,625.000
(nine m onths’
Roscrvo for taxes_______
290,000 Balance
per
Plantation expenses________________ 918.689i o d ) ________________ 9,851,507
on stock issued subsequent
Tho com pany also deducts accrued dividends o ,, 170.1
to j S - W e : nm oum ing t o T 2 9 7 .4 9 4 .- \r ; i0 3 ; p . 1794, nn.1
V 1n
1304.

Cudahy Packing Co.— Bonds Oversubscribed— Leo, Iligginson & C o. liavo sold an issuo of $9,000,000 First M tge.
5 % Sinking Fund gold bonds, tho subscription prico being
9 8 % . Tho issue, which was oversubscribed, is dated D ec. 1
191(J* duo Dec. 1 1946, but callablo, all or part, at 10 2%
and int. on any interest date.
Interest is n iv ab lo J. & D . in N . Y . t Boston ami Chicago, without doductlon for taxes. D onom . $1,000, $500 nndjSlOO. c* $1,000 ^ . Trus­
tees, Illinois Trust & Savings Bank and W illiam II. Henkle. B oth prin­
cipal and interest payablo in U. S. gold coin o f present standard, w ithout
deduction for any taxes or assessments (other than succession, estato or
inheritance taxes), under any prosont or future law o f the United Statos, or
o f any Stato, cou nty, m unicipality or taxing district therein.




2345

THE CHRONICLE

D e o . 23 1916.]

practically all current obligations (including the aforesaid
notes), except advances on account of contracts, thus lurnishing additional working capital for new orders, the com­
pany has sold:
(1) T o a banking syndicate headod b y W illiam M orris Im brie & C o .
$2,000,000 First Convertible 6 % Serial ^ o'd notes, due $400,000annually
Jan. I 1918 to 1923 incl., but callable at 102 A . P a r$ l,0 0 0 . Int. J . A J .
(2) T o private interests $2,000,000 6 % gold notes, due Jan. 1 1926,
b ut callable at 102A A lso believed to be convertible 20 shares fo r
81 i t ° i i 'authoritatively stated that the orders on tho books now am ount
to about 811,000,000, while the net profits are at the rate o f approxim atdy
$2,000,000 per annum, which, after mooting In terest and other charges.
leaves a balance equal to about 4 times the am ount o f div idends on
o
$6,000,000 7 % pref. stock.— V . 103, p . 1689.

D avis-D aly C op p er C o. (o f M e.)— L istin g . —T he Boston Stock Exchange has listed this com pany s outstanding 600,­
000 shares o f stock, par $10.— V . 102, p. 799.
D enver U n io n S to ck Y a r d C o.— B onds O ffered . — James
N Wright & C o ., Denver, are offering $100,000 1st M tge.
5 % bonds of 1906, due Jan. 1 1926. Denom. $1,000.
Bonds authorized and outstanding, $1,500,000. Int. J- & J First Trust & Savings B ank, C hicago. Stock, all outstanding, $1,500,000.

*209 962

BS8

S21 268
35.3

S21
26,'i'43

$159.023

E a r n in g s -

$1M

7l «
6

t S

'

$277,162

iS S

S ill ill i f I I
III Hi Hi III ip

Organization.— Incorporated in C olorado and owns 107 acres, a m odern
exchange building, to which an addition Is now being erected at a cost o f
8125 000 paiil for from cash surplus, a coiiseum, or stadium, in which the
N ational W e s t ^ L lve Stock Show is held each winter; a hotel; tw o miles o f
railroad and well-built bam s and yards for horses, mules, cattle, sheep and
hogs. Tho com pany has been in successful operation tor over tto r ty je a r s .
This year tho receipts to date indicate that over 1,000,000 sheep, 500,000
nogs and 500,000 cattle will bo handled. These yards furnish the market
£ ? P ractically all o f tho live stock from C o lo ., W y o Idaho U tah and N ew
M exico as well as for some from A riz., tho Panhandle and tho western por­
tions o f ICan., N e b ., Okla. and tno D akotas.
Users include Swift & C o .. A rm our & C o . (Colorado P . s r . C o .). Men
ver Packing C o ., Capital M eat & Livestock C o ., Sargent M eat C o .. Silver
State P & P . C o ., C olorado B eef C o ., K . & B . Packing C o ., and others.
See V . 103, p . 2081.

D e tr o it Pressed Steel C o.— N o te O fferin g. — McLaughlin,
Young & Bowlan, Pittsburgh, have offered at prices varying
as to maturities from 101 to 99, $300,000 6 % serial gold notes.
Dated O ct. 1 1916. duo O ct. 1 1918-25, but red., all or part, at 10214
and int on 30 days’ notice. D enom . $500 c&r. Interest is payable A . &
O
Authorized and outstanding, $300,000. Trustee Pcnnsyivam a C o .
for Insurances on Lives & Granting Annuities, Philadelphia. Maturities
S‘>0 000 due semi-annually beginning O ct. 1 1918 to O ct. 1 1925, both incl.
''“ The Company.— Incorporated in M ich , in 1909 to m anufacture pressed
steel p ro d u c ts . Plant at D etroit occupies 120,000 sq. ft. floor space.
Has 16 buildings, all absolutely free from mortgage indebtedness. I ropCrtOu(s(arfdi^CStocK— 'I^ieC?o m p a n y 3iias9 'outstanding $336,150 com m on
St°SoC — fn 'l9 L 5 'were $890^600 and for nine months to Sept, were $1,000,­
/csn
000 and for tho full year will bo $1,500,000.
.
.
Management.— W ill remain practically the same as has been in charge
since inception. C om pare V . 101, p . 1976.

E ast B u tte C op p er M in in g C o .— In itia l D iv id e n d . —
An initial dividend o f $1 per share has been declared on the stock p ayaWe Jan. 29 to holders o f record D ec. 30.— V . 102, p . 1349.

2346

THE CHRONICLE

[VoL. 103

J
?.aSner? Steel Co.— Accumulations .—
onTt h o 2 d ° j, ° C sTock^f I h l s c o m ^ n ^ 6^
1916. payable d 5

^

S 'o S fSS? <£

, 0 ' a lI a < ^u ed dividends

ings, but not less than SI!) 000 S
i n n S g n‘ . d 5? % of ^ross earnmortgago on the steel bark Gwydyr Cas
in ‘l«o-?boiu? Sr£„a flrst
capacity and classified 100-^ l b vBrhdsh ’ TlnvHo \§93’ w'th 2 -200 tons
value about $180,000. T o carry fnsuranco fo r
,•},iescnt reproduction

•,&

i» ” t s . 5 s K

g& S& l
onTDecS. 2°2nd See V ^ i o t ^ h s . $35 ° “ subscriPtlons *> s tock were due
e

a c r | « !M

000^

^ ^

V “i F p g

the purchase o f 16.125

4

F

£ is f e -

(Motoroydes), Springfield, Maes—

0 =

- S t a l 0s t o c M

S S J S fflS I& U M S

F ish er B o d y C o r p o r a tio n (o f N. Y .) — Sales.—

has been dono b y the H arley C om nanv
urop rorging, which
building o f modern construction c o n t - d n l ^°iJ' <lS^ 8 PrirV(^ o d factory is a

■ iA .T c<
.
a
&
Holly Sugar Corporation.— Pref. Stock Offered — TtnntK
cher, Porter & C o. Denver, offering a block of 7 % cumula­
tive prof,ostock,__I _i. $100, say in subt.:
par <, /.
7 eumulaI liirU
lntiH /A r
,i
. r. . . u ^ n W ' i f ' rPd ‘ ‘Y r 1 1 0 and dividends up to M a y 1 1918- t h e r e a t ,.
non nnn- d v dcndsl N ow outstanding 7 % cum ulative preferred sLiek*
'. 00 0 ,000 , com m on stock (no par value) 58 000 shares
1 cierrea stock,

1

h i g h L Iin^ fnrf,|?d °M«Xf0vr

G en era l M otors C o., D e tr o it.— Earnings, & c.— Listed

r, tiFed $300,000 preferred stock, paying as
e

—

*hEr f s ; * ' o ! i ? I H i S
0
H y d ra u lic P ressed Steel C o.— C o n tr o l __

s i A i i i s s , d t S i S S ’i s thr
«

S

i W

T h e N e w Y o r k S to c k E x c h a n g e h a s a u th o rize d th e listin g
2 n n n n n e U ly 1 1 9 ! 7
$ 2 0 ’ 0 0 0 > °0 0 p re fe rre d a n d $ 8 6 ?
n S o ’ 0(S f ? o ; imOIi - StOCp - a so te m P ° rary c e rtific a te s th e re fo r)
n
(
u p o n o th c ia l n o tic e o f issu a n c e .

^
I S
S
H
- S
S
Motor Co. owns 516,644,500 all in one rertifiVvi!?*

f? ’ tbo Chevrolet
e
a

G ra n b y C o n so l. M in in g, Sm elt. & P ow er Co

L td

ilstS I-iilfllsg il

rn rn ^ m m m ^i
In g e r so ll-R a n d C o .— Extra

D iv id e n d . —

ablonD o c’ 28 to ’ hoiilors o f roclm l’ D oc ^ la rin AortV'lE^fMIw 1 f tocIct Payr
2 0 % in com m on stock was p a l l — V . 103, p 2240.
° % U‘ cash and

I n te r n a tio n a l
S1 ooo?,"maturing 525.000 Llx S
’f r o r a ^ a L T / ^ 0 ^ & ? ds (donomthereafter until $250^00 a * S d
an Ther aftir
T aJly
five years
Int.. payable somi-annuaily in N Y £ d ’ H
W
y for
in N . Y . exchange and not l^sthP lin°nho1 , en(?s I)a>';U?1' semi-annually
arf
^
1
(6) 5125,000 conirmmls t o c k ^ a d t U U o n a l n n U r t0 bo rotircd V ^ l y .
.? >
will remain undisturbed; p V $ 1 0 0 — Ed 1 3813,100 common stock which
U) I t rh
tir0!T ! t of tfl° Present 138 scares of preferred stock
le/
(4) For the election of a president and a board of six directoM '
[The present directors are: S. A Fortson w n w u ,„ „ s '
zer, Chas. E . Whitney and E. S. Johnson?
'
W Wt ’ Francis J- p U-

Digest of Statem ent by S tockh olders’ Comm ittee. A ugusta Sent 11

a w

r » s: &

^

mined bylyjofhn \V° ^fck’e r o t ^ g u s T a ^

r

C

h

i

'

was 'subI

1st V
mtge. 0°% ^ o n T it°9 0 ancn°n?f“ ) S ^ O O ^ O O ^ ^ c u ^ ^ e f s £ f °t ° '° ° °
(c) without further charge, $125,000 new cominon s t S ' P f ‘ StOCk at par:
P y
n

M arine

C o .— O peration

of

by the G o vernm ent .—

pages.— W C
103°,f pP 2 7 5 8 ^ 1 9 8 5 ^ George ln e d a <>rlal colum ns on previous

Isla n d Creek C oal C o.— Extra
payablo the same date.— V ?

1 0 2 * p^

iotreVje l /T ? f C° MP h i l a *—

D iv id e n d .—

lL lO *

Sales

10 preferred

for 4

and

iiH I v i f l f

w:ls also declared.

4 8 W k s.'e n d .

D ec.

2

-f e s a m s a a

v / p
last week, Morrill, Lynch & Co. are receiving advance sub­
scriptions at $48 a share for a block of the common stock.

thoPlmle^bttx?ncss scTa^to ^ a l^ t he^ompany out *()fCw .neC0ssary to
-8

directors and a president for the ensuing year. “ securltles and elect new

S S

M ercan tile

S h ip s U n d er British Fla

S

S

n ^ a i l E

R

S

S

's S

*

w g f p S T < s s s ia z J i & s s r * - n m *• bui**’ * » • d G u lf S tates Steel C o. — Earnings fo r November A c __
i n c r e a s e t > f 600 S 3 ? & *
P
taxes and reserves, the net income wVs * 2
8
0ml?* fcF depreciation,
come for 11 months ending N ov.® 0 To
W
m *2 226 oso ^
?p«rat* o ? » ? for 11 months ending Nov. 30 1915.— V. 103 p 224C)8 189falnSt 8532,950

G w yder S h ip p in g C o., L td ., N e w fo u n d la n d .— Bond
Offering .— -Lo M a is t r e & C o . o f P itts b u r g h are offe rin g a t
p a r a n d in te re st th e en tire a u th o rize d issu e o f $ 1 1 0 0 0 0 F ir st
M o r t g a g e 6 % sin k in g fu n d b o n d s .
’
1 lrst




A

”s a

,s

^ S

Ef
M g w?th*th°e 81*254)00°novv°co rnrno'n/ 1*and *200 5 * “

ss* s t s a * subsW “ A

w M ss
mW
b ltie s .

Combined companies owe no m oney save for current hill«j in d nn

ing^uno §0°lf9 H fO
i8920281®i915n'1 9 8 5 * 7 0 ^ ® ^ i ^ ^ ■ ^ ^ ' m o n t h ^ ’ end-

three 7 ^ r s were «9 2 8.0W ” 8800,000- and tho avora"o net profits for the
?^ o n U» n L % ? ’? be s W
4h
h erS
S e‘ X
^vS ed ^O ^
four c™panfes *o b fc o n s o I id a t e T h L V lS ve^rs
F iS
with 3 % as a grocery standard
suitablodocations canSbe^Rmndl (Compare1^ .
F -sb,J
^ rts,

D eo . 23 1916.]

K a n a w h a & H o c k in g C oal & C oke C o .— P a y m e n t. —
Pursuant to the order o f C ourt, by which the N . Y . Central H it. Interests
are authorized to buy up the bonds at par and in t., the owners o f bonds
deposited with the Pom eroy com m ittee (Bankers Trust C o ., depository)
are now entitled to receive S I,052.31 per bond at the Bankers Trust C o.
on surrender o f the certs, of deposit. T o date there have been deposited
S2,495,000 o f the S2.800,000 bonds, a further am ount being owned by
the Hocking Valley K y. See Continental Coal C o. above and com paro
V . 103, p. 1985, 1892, 1795.
K e lly -S p r in g fie ld T ire C o., A k ron , O .— N e w P la n t. —
The com pany on D ec. 5 let a con tract-for tho construction o f a new
autom obilo tiro plant at Cum berland, M d ., which, It is reported u n offi­
cially, will cost, including tho ground, about $2,500,000.— V. 103, p . 1214.
K e y ston e T ire & R u b b e r C o.— D iv id e n d s. —
T he com pany declared on D ec. 15, In addition to the quarterly dividend
o f 2 % , an additional 1-3% o f 1 % on tho pref. stock, and also a regular quar­
terly dividend o f 3 % on the com m on stock, payable Jan. 2 1917 to holders
o f record D ec. 22 1916.— V . 103, p. 1215, 1132.
L a cled e G as L ig h t C o .— E xtra D iv id e n d . — An extra divi­
dend of 1 0 % has been declared on tho $10,700,000 common
stock, pavable, it is understood, Jan. 2 to lioldors of record
D ec. 20 .— V . 103, p. 324.

L ib ra ry B u rea u (B o s to n ).— 4 % Preferred D iv id e n d . —
This com pany has declared a dividend o f 4 % , covering tw o deferred pay­
ments, on the $1,500,000 8 % cum ulative pref. stock, payable Jan. 1 1917
to stockholders o f record D ec. 21, 1916. On July 1 1916 a dividend o f 4 %
was declared payable to holders o f record June 20, also covering 2 deferred
quarterly paym ents. Similar payments wero made In Jan. 1913, 1914 and
1915.— V. 102, p. 2258.
Lim a L o com otiv e W orks, In c . (V a .).— P rom isin g O u t­
look A f t e r E x cep tion ally D rastic R eorgan ization . — Tho follow­
ing data has been received from an authoritative source:

The recent strength on tho curb o f the com pany’s com m on stock, due to
tho reported very satisfactory operations, recalls tho thorough reorganiza­
tion o f the predecessor com pany, which was affected last M arch. A t that
tim e tho old Lima Locom otive Corporation, a recapitalization in 1912 o f a
business established in 1872, had acquired about $2,000,000 o f current
liabilities. As part o f tho reorganization a syndicate headed b y Joel S.
C offin , a prominent figure In tho field o f railway supplies, underwrote an
issue o f $2,200,000 preferred stock o f tho now Lima Locom otive Works,
In c. A t tho same tim e tho $3,000,000 old preferred was exchanged for
now com m on stock sliaro for share, while one share o f the new com m on was
given for each four shares o f tho old com m on. Bights likewise were given to
tho old com m on stockholders to subscribe for tho now preferred stock to
tho extent o f 5 5 % o f their holdings with one share o f new com m on given
for cacii two shares o f new preferred so subscribed.
The $2,000,000 bonds
put out at par in 1912 for additions and improvements were undisturbed.
T ho com parative result is as follows (plan V . 102, p. 1165,1543, 1721):
Issued Capitalization—
Old
Neto
Bonds (V cf. 95, p. 53, 8 21 )......................................$2,000,000
x$2,000,000
2,200,000
Preferred stock __________________________________ 2,000,000
Com m on stock __________________________________ 4,000,000
4,350,000
Floating d eb t_____ _____ _________________________ 2,000,000
N one
x$l,859,000 held b y the public: remaining $141,000 held in sinking fund.
In other words tho reorganization resulted roughly in tho elimination
o f $2,000,000 floating d ebt with an increase o f only $300,000 preferred and
$350,000 com m on stock.
T ho orders o n th e books o f the com pany now aggregate about $10,000,­
000, being sufficient to keep tho com pany working at capacity through 1917.
T h e following are some o f tho main items: 115 M ikados for tho New Y ork
Central: 10 M allet for tho W estern M aryland; 25 M ikados for tho Penn­
sylvania; 20 switch engines, Nickel Plato; 14 M ikados for tho Southern
Hallway, and a scattering o f locom otives for tho Erie, Baltim ore & Ohio,
Southern P acific, Chesapeake & Ohio.
_
Tho Board includes Joel S. C offin , Samuel O . Allen, John M ulfeld. Her­
man Ball, Lo Grand Parish, and Franklin Q. Brown, all o f N ew York, and
Arthur W . W heatley, o f Lim a, O .— V. 103, p. 669.
M acA n drew s & F orb es C o.— Extra D iv id e n d . —•
An extra dividend o f 2 l % has been declared on the com m on stock in
A
addition to tho usual quarterly 2 14% on tho com m on and 1 % on tho pref.
stocks, all payable Jan. 15 to holders o f record D oc. 31. The same amount
was paid in July .and O ct. last.— V . 103, p. 1122.
M axw ell M otor C o .— N e w O fficers. —
Joli .1 K . M orron, President o f the Atlas Portland Cement C o ., has been
elected a director and a m em ber o f tho executive com m ittee, to succeed
Eugeno M eyer Jr., who resigned. .1. C . B rady was chosen Chairman o f
tho board and o f the executive com m ittee, succeeding John C . Jay Jr., who
becomes Vice-President and continues as a director.— V . 103, p. 1029, 669
M iddle S tates W a ter W ork s C o.— B onds O ffered . — Hal­

sey, Stuart & C o ., Chicago, & c., are offering $1,377,000
First Mortgago G% collateral gold bonds, dated N ov. 1 1916,
duo N ov . 1 1936. A circular shows:
Interest is payable M . & N . in N ow Y ork. D onom . $1,000, $500 and
$100 c* r*. Callable at 105 and lnt. on any int. date to and Including N ov. 1
1926; at 103 and lnt. from M a y 1 1927 to N ov. 1 1931, both in cl., and at
102 and lnt. on any lilt, paym ent dato thereafter. Interest payable without
deduction o f tho present normal Federal Income tax. Trustee. Bankers’
Trust C o ., N . Y.
Organization.— Incorporated In Dol. in N ov . 1916, but through its prede­
cessor companies has been continuously operating water-works systems
In the cities o f K okom o, In d ., since 1887; M t . Vernon, Ind., sinco 1886;
M arinette and M errill, W ls., since 1887; Louisiana, M o ., 1887' Keokuk.
Ia .. 1877, and W ichita, K an., 1882.
These Bonds.— Secured by a first lien on all tho properties o f six subsidiary
com panies through deposit o f all the first mortgage bonds and entiro capital
stocks o f these companies and further b y deposit o f all capital stock o f the
W ichita W ater C o.
Control.— Tho stock is owned by American W ater W orks & Electric Co.
(T h e) N a tion a l A cm e C o .— Stock S o ld .— Hayden, Stone

& Co. and Eastman, Dillon & C o ., both of N . Y . , announced
on Doc. 16 that tho block of $12,000,000 capital stock which
they offered at $40 a share had boon heavily over-subscribed.
D ig est o f I.etter from Pres. W . I). B. A lex a n d er, C lev ela n d , D ec. 1 ’ 16.
Organization.— Incorporated in Ohio (on or about D ec. 1 1916) to take
over tho business, assets and gooci-will o f tho N ational A cm o M fg . C o. o f
Cleveland (incorp. in Ohio Sept. 20 1901), tho largest manufacturer o f
autom atic screw machines and milled screw products in tho world.
Capitalization.— T he capital stock is $25,000,000, consisting o f shares o f
the par valuo o f $50. There is no prof, stock, mortgago or funded debt.
Business.— ( 1 ) The building o f A cm e and Gridloy fu lly autom atic multi­
ple spindleland Gridloy single spindle automatic screw machinos; also allied
machines for threading, tapping, drilling, slotting operations, &c. W ith
an average o f one man to four machinos, tho m ultiple machines produce all
bar-cut work at a rato threo to six fold greater than is possible on othe
types or machines used for tho same purpose. (2) Tho m anufacture b y tho
autom atic m ethod o f milled products, o f which tho present output exceeds
2 ,000,000 pieces per d a y , representing about 60% o f tno com pany’s business.
’I heso products includo (a) cap and set screws and nuts (standard products),
sold through supply houses, and (6) special parts made to custom ers' speci­
fications, covering anything that can bo m illed from steel, brass, iron and
other motal bars,
liio different classes o f manufacture and industries
served embrace, with many others, railroads, typewriter companies, auto­
m obile and automobilo accessories manufacturers, telephone and telegraphs,
printing presses, textile m achinery, &c. (Among tho 2,000 customers, it
Is stated, are tho General Electric C o ., Pullman C o ., International Harvester
C o ., threo o f tho most successful autom obile concerns, &c.i
Except at tho M ontreal plant, which represents about 16% o f tho com ­
pa n y’s total product output, no war business has been accepted.
Property.— Owns three modern plants: ( 1 ) A t Cleveland, O ., (a) main
plant, occupying more than 10 acres o f floor space; (6) now plant, with a
iloor space o f m ore than 6 acres, to bo constructed on a tract o f 15 acres
recently acquired, for the product department. When this new plant is
com pleted, (probably oarly in 1917), tho present plant will bo givon o vo .




2347

THE CHRONICLE

primarily to the m anufacture o f machinery and accessories. T ho additional
capacity is estimated to increase tho production o f the product department
by about 40% and that o f the machinery department b y about 2 5 % . (2)
W indsor, V t., 14 acres o f land with 4 acres o f floor space, used exclusively
for manufacturing Gridloy autom atic machines. Additions in progress will
be completed early in 1917, increasing tho capacity o f the plant b y about
2 5 % . (3) T ho M ontreal plant is devoted exclusively to the making o f
standard and special mull'd parts. Additions to this plant, considerably
increasing its capacity, will bo finished oarly in 1917. The funds for tho
additions referred to above havo been am ply provided for.
The total net tangible assets as o f N o v . 30 1916, exclusive o f patents,
trade-marks, good-w ill, & c., aggregate about $ 1 0 ,0 0 1,000 (on basis o f ap­
praisal for real estate, buildings, equipm ent, & c.) o f which about $5,600,000
is represented b y net quick assets.
N et Earnings after Depreciation, Including A ll Companies.
1916 (cst.).
1915.
1914.
1913.
1912.
N et after d e p r e c ..$6,050,000 $3,345,921 $910,393 $644,607 $688,379
These figures cover tho calendar years 1912-15 inclusive for the Cleveland
and M ontreal plants, and tho year ended A pril 30 in 1912 to 1913 for the
W indsor plant. Earnings for 1916 are actual for ten months and estimated
for tw o m onths. N et earnings after depreciation for O ct. 1916 wero about
$600,000. Cash dividends havo been paid regularly sinco 1901, and for
10 years the annual rate was 6 % in addition to various stock dividends.
In 1915 7% in cash was paid. Business now in hand, together with the
normal anticipated orders, should produco profits for 1917 equal to, if not
in' excess o f, those o f 1916.
Management.— This will bo in charge o f the men who havo been responsi­
ble for tho successful developm ent o f tho old com pany. T hey will include:
W . D . B . Alexander, Pros.; E . C . Ilenn, Vice-Pres. and Genl. Supt., and
A . W . Ilenn, Sec. and Treas. A m ong the directors will be F. II. G o ff,
President Cleveland Trust C o .; A lbert H . W iggin, President Chase N at.
Bank, N . Y .; Galen L . Stone, o f H ayden, Stone & C o ., and Herbert Lowell
Dillon o f Eastman, Dillon & C o.
(The com m on stockholders o f the old com pany, it is said, received in tho
sale o f the property $150 in cash and $250 par valuo o f the new stock for
each share o f the $5,000,000 issue, tho $1,500,000 old preferred being called
for paym ent at 105 on Jan. 1.— V. 103, p. 2159. 1596.

N a tio n a l C ash R e g is te r C o .— Slock In c r e a s e .—
A certificate was filed D ec. 16 at Colum bus, Ohio, increasing this com ­
p a n y’s capital stock from $10,000,000 to $15,000,000.— V . 102, p. 526.
N a tion a l S ta rch C o., N. Y .— S ta tu s .—
See C om Products R cfin ’g C o. under “ Reports” abov e.— V . 102, p . 1815.
New M arket M a n u fa ctu r in g C o. (B o s to n ).— D iv id en d s.
T he com pany has announced that it has declared a 100% stock dividend
on the $600,000 outstanding stock.
Regular quarterly dividends have
been increased from \\4% paid M a y 1 1915 to 2 % paid A ug. 1915 to 2 H %
paid in Feb. and M a y 1916 when an extra dividend o f 2)4 % was paid.
N ew p ort News (V a .) S h ip b ld g . & D ry d ’ k C o.— I m p t s .
President II. L . Ferguson says: “ W o expect to spend about $850,000
next year in plant im provem ents.” — V . 103, p . 2083.
New R iver C oa l C o .— Stock L isted . —
During N ovem ber tho Boston Stock Exchange listed 40.173 shares out
o f 44,498 shares o f com m on stock (par $100) and 73,679 sharos out o f
90,374 shares preferred stock (par $100), the remainder not listed is held
b y W . A . Paine and H . P . Sweet, trustoes.— V . 102, p. 2338, 2259.
O h io C o p p e r C o. o f U ta h .— T im e Extend ed until J a n . 6.—
The stockholders’ com m ittee has extended tho tim e for deposit until
Jan. 6 1917.
Tho Empire Trust C o. o f N . Y . as trustee publishes the numbers o f 100
1st mortgago (undopositod) bonds o f 1907, tho holders o f which upon
irosontation will receive tho proportionate sharo o f the net procoods co lectod on account o f sam o.— V . 103, p . 2243, 1892.

f

O h io L ig h t & P ow er C o.— Sale o f A s s e t s .—
See Central Power C o . abov o.— V . 99, p. 1678.
O h io Oil C o . — In crea se in P a r V a lu e. — The shareholders
will vote Jan. 31 on authorizing the increase in tho par value
of tho shares of capital stock from $25 to $100. The increase
is said to be intended as a 3 0 0 % stock dividend.— V . 103,
p. 1986.
O sceola C o n so lid a te d (C op p er) M in in g C o .— D i v .—
A quarterly dividend o f $6 a share has been declared on the $2,403,750
(par $25) stock payable Jan. 31 1917 to holders o f record D ec. 30 1916.
This compares with $5 a share paid the previous quarter.— V . 102, p. 1064.
P a ig e-D etroit M otor Car C o.— P ref.

Stock

O ffered .—

Chandler & C o. have sold at 97 $1,000,000 7 % cumulative
serial preferred stock, par $10. The company was organized
in Michigan in 1909.
T he stock is preferred as to assets and dividends. Dividends Q— J.
Retlrabie as a whole at any dividend period at 105% . T ho com pany
will redeem $100,000 annually on Jan. 1 1918 to 1927 incl. at par and divs.
D ata from I.e tte r o f P res. H. M. J e w e tt, D e tr o it, D ec. 1 1916.
Organization.— Organized in 1909 in M ich , with an authorized capita
o f $100,000, increased in 1911 to $250,000, o f which $136,000 was paid in
and the balance o f $114,000 was paid in D ec. 31 1914. In 1915 the stock
was raised to $500,000 out o f actual earnings, a 100% stock dividend being
paid. T he issued capital was again increased in M a y 1916 to $1,000,000.
stockholders receiving an 80% stock dividend out o f actual earnings. T he
remaining $100,000 was sold for cash at 4 0 0 % . A 50% stock dividend was
declared on Sept. 2 1916 (V . 103, p. 941), making tho total com m on stock
outstanding $1,500,000. This is quoted at $39 25 (par $10), so that tho
pref. stock has behind It a com m on stock valuo o f $5,887,500.
Capitalization (no mortgage debt)—•
Authorized. To Be Issued.
7 % cum ulative serial pref. stock (par $ 10 )______ $1,500,000
S l.000,000
C om m on stock (par value $ 10 )__________________ 2,000,000
1,500,000
T he new preferred stock Is Issued to provide for extensions and additional
working capital.
Plant and Business.— T ho plant at D etroit, M ich ., covers ten acres o f
floor space and is held under a long-term lease. A four-story addition was
recently built. For 1916 season the entire production has been six-cylinder
automobiles, ranging in price from $1,070 to $2,750. M aintains agencies
in over 1 ,1 0 0 cities and towns.
Output o f the Company Since the Year 1910.
Year—
1910 1911 1912 1913 1914 1915 1916 (lo N ov. 30)
N um ber o f cars. 267
956 1,855 4,631 5,662 7.749
11,263
Assets and Earnings.— T he balanco sheet as at O ct. 31 1916 (giving effect
to new issue) shows net tangible assets o f $2,856,997. a valuo o f 285% per
sharo o f pref. stock proposod. N et quick assets are $2,553,457, or 2 55 % .
Results—
13 mos. to Dec. 31 ’ 15. 10 mos. to Oct. 31 ’ 16.
T otal sales ...............................
$7,471,033
$9,899,790
N et Income available for divs.
609,776
964,442
Preferred Stock.— In tho event o f dissolution, preferred holders will recelvo
par and dividends; preferred stockholders will vote if tw o consecutive pref.
dividends aro defaulted or if net balanco o f quick assets shall bo less than
1 1 0 % o f the pref. stock then outstanding.
N o mortgago can be mado whilo prof, stock is outstanding without con ­
sent o f 75% o f both classes o f stock outstanding, which consent Is also neces­
sary for ah Increase In pref. stock outstanding. The com pany will not sell
any o f the remaining $500,000 pref. stock maturing Jan. 1 1928 to Jan. 1
1932 unless tho net balanco o f quick assets is equal to 1 1 0 % o f all pref. stock
Including that proposed, and unless tho net earnings aro tour times the an­
nual dividend requirements on the preferred stock, including that proposed.
Directors (and officers).— President, H arry M . Jewett; Vice-Pros., E . H .
Jewett; S ecy., William B. C ady; T reas., Gilbert W . Lee; Charles B. W ar­
ren, E . D . Stair, Jerome II. R em lck, Sherman L . D opew , G eo. doB . K eim .
Compare V. 103, p . 2159, 2083.

P an -A m erica n D e b e n tu re C o r p o r a tio n (o f V a .), N. Y .
— D ividen d s— Change in Control— N e w N a m e .—
The corporation has declared a dividend o f 6 % on the $300,000 pref.

stock, payable in quarterly installments o f 1\4 % Jan., A p r., July and O ct.
to holders o f record D ec. 21 1916, M arch 21, Juno 21 and Sept. 21 1917.

2348

THE CHRONICLE

T he com pany, form erly known as the Public U tility Debenture C or­
poration (seo V. 96, p. 1560), has recently passed under the control o f the
W estinghouse Electric & M fg . C o. or Interests Identified therewith. It Is
said that the new management contem plate an enlargement o f the com ­
p a n y’s scope o f activities, especially In the South American investment field.
T he follow ing have been added to the board: G uy E. Trip p , Chairman
o f board o f W estinghouse E lectric & M fg . C o.; J. K. B ryco, N . Y . agent
o f the R oya l Bank o f Canada, and W illiam A . R am say, N . Y . agent o f
M erchants’ Bank o f Canada. T he roport for the eight mqnths ended
N o v . 30 1916 shows: Gross Income o f §125,871 and not after all expenses
and Interest charges o f §83,366, which is applicable to the $300,000 pre­
ferred and $312,500 com m on stock outstanding

P en m an s L im ited .— Extra

.—

D iv id e n d
A n extra dividend o f 1 % has been declared on the com m on stock, along
with the regular quarterly 1 % , both payable F eb. 15 to holders o f record
F eb. 5. T h e regular quarterly 1 A % on the prof, stock was also declared
payable F eb. 1 to holders o f record Jan. 22.— V . 102, p. 1064.

P ilgrim (C o t to n ) M ills, F all R iver, M ass.— D ivid en d s.
In addition to the regular quarterly dividend o f l ' A % on the $654,300
com m on stock , the com pany has declared an extra dividend o f 2 l % • The
A
initial dividend o f l ' A % on com m on stock was declared tho last quarter.
— V . 100, p. 737.
P u b lic U tility D e b e n tu re C orp. (o f V a .), N ew Y o rk
C ity .— Change in Control— N e w N a m e D iv id e n d s

—

.—

See Pan-Am erican Debenture C orp. abov e.— V . 96, p. 1560.

.—

P y ren e M fg. C o .— D ivid en d In c re a s ed
A quarterly dividend o f 2 A % has been declared on tho com m on stock,
payable F eb. I to holders o f record Jan. 25. In N o v . last 2 % was paid.
N e w Slock.
(1) On increasing tho authorized capital stock from $1,050,000 divided
into $1,000,000 com m on and $50,000 preferred to $3,050,000 divided into
$3,000,000 com m on and $50,000 p ref., all shares having a par value o f
$ 1 0 each.
(2) On authorizing the offer o f 50,000 shares ($500,000) o f such increased
com m on stock for subscription at tho par valuo thereof, pro rata to stock­
holders o f record at tho close o f business on tho day following the filing o f
a certified cop y o f the certificate o f such increase under tho statutes o f
Delaware. C . Louis Allen is President and Edward A . C lapp, Sec.-Treas.
O ffice 52 Vanderbilt A v o ., N . Y . C ity .— V . 103, p . 498.

—Tho shareholders will vote Jan. 2—

R e p u b lic I r o n & Steel C o .— In itia l C om m on D iv id e n d .—
An initial dividend of l x % has been declared on tho $27,­
A
191,000 common stock, payable Feb. 1 to holders of record
Jan. 15.—V. 103, p. 1986, 1893.
S a p u lp a (O k la .) R e fin in g C o.— N e w Stock .—
T ho shareholders will vote Jan. 11 on Increasing tho authorized capital

stock from $1,000,000 to $2,000,000, par valuo $5.
Pres., T . Garland Tinsley: J. 8 . Hunlchon, Koyser B ld g ., Baltim ore,
is Secretary. N . Y . office, 120 B roadw ay.— V . 103, p . 326.

Siem s-C arey R a ilw a y & C a n a l C o.—
See American International C orp. undor “ R eports” on precoding page.

.—

S m a rt-W ood s C o., L td ., M on trea l.— D iv id e n d s
A Canadian paper reports that tho com pany will pay on Jan. 2 tho final
7 % o f accumulated dividends on the $1,546,500 prof, stock, also a quar­
terly dividend o f 1 M % , payablo Jan. 2 1917.— VT 103, p. 326.

Southern California Edison.—
.—
Standard Oil Co. Ky.—
—The stockholders
will vote Feb. 1 on increasing the authorized capital stock
from $3,000,000 to $6,000,000. Pres. C. T. Codings in a
circular dated at Louisville, Ky., Dec. 15 says:
B ond I s s u e V o te
Seo Los Angeles in "S ta to& C ity ” D ept, on another page.— V .103,p.2244.
N e w Stock.

T he com pany’s business for this year has shown a very good increase in
volum e and a proportionate increase in profits, and it is estimated that b y
Jan. 1 1917 tho com pany will havo a surplus o f over $4,000,000. Tho
board feels justified in stating tnat if tno proposition to increase tho capital
stock is acted on favorably, it will be proper in the near future to declare
a cash dividend o f 1 0 0 % ; and to allow tho stockholders tho privilege pro
rata according to their holdings, to purchase tho new stock at par, tho plan
being to allow tho stockholders, if they desire, to use their cash dividend
to pay for the now stock.— V . 102, p . 527.

Standard Oil Co. of New Jersey.—

.—

O ffic er
A lfred C . B edford, Vico-Pres. and Treasurer o f tho com p any, has been
elected President to succeed John D . A rchbold, deceased.— V. 103, p. 2161.
Extra D iv id e n d
A n extra dividend o f 1% was declared payablo D ec. 16 on tho $5,761,800
com m on stock to holders o f record o f that dato. A like am ount was paid
for tho provious quarter.— V . 103, p. 1796, 1691.
Extra D iv id e n d .
T ho com pany has declared an extra dividend o f 20% on tho $2,500,000
com m on stock in addition to tho regular semi-annual dividend o f 3 % payable
Jan. 2 1917 to holders o f record D ec. 19 1916.
Regular semi-annual dividends o f 3 % on tho $1,071,100 preferred “ A ”
stock and 3 A % on tho $1,528,900 preferred “ B ” stock also will bo paid
Jan. 2 1917 to holders o f record D oc. 19 1916.— V . 103, p . 1216, 849.
Slock
O ffered .

Standard Sanitary Mfg. Co.—
Standard Screw Co.—20%

.—

—

Superior Steel Corporation, Carnegie, Pa.—
—-White, Weld & Co., Frazier & Co., Cassatt & Co.
and Merrill, Lynch & Co. are offering at par, with the privi­
lege of purchasing 40% in common stock at 32 ^ per sharo,
$3,500,000 8 % Convertible First Pref. Stock (convertible
into common stock at par, $100). A circular shows:

T he stock is preferred as to assets and 8 % dividends, cumulative from
D ec. 26 1916. D lvs. Q .-F . 15. R ed., all or part, after Jan. 1 1920 at 115
and d lv. Sinking fund available for purchase o f stock at not to exceed
107 ' A and d lv . up to Fob. 15 1918; thereafter 110 and d lv. up to F eb. 15
1919; thereafter 115 and dlv. A n y balanco shall bo deposited to purchaso
and redeem first pref stock; stock at 115 and d lv . thus purchased is to be
f.
canceled. C onvertible Into com m on stock at par. Privilege o f conversion
for 30 days after notice o f Intention to redeem.

Data from Letter of Pres. J. H. Hammond, Carnegie, Pa., Dec. 13.

Organization.— T o bo organized immediately and will acquiro all o f tho
outstanding stock o f tho Superior Steel C o. o f Carnegie, P a. T his com pany
specializes on hot-rolled steel, a product requiring special skill, and
rapidly replacing castings and machlno parts for automobiles, railroad cars,
furnituro, buildings, & c. T he operating com pany has no Indebtedness
other than current accounts payable.
Capitalization of New Holding Corporation— •

Authorized. To be Iss.

C on v. 8 % cum . 1st pref. stock (par $100)..................$3,500,000 $3,500,000
C on v. 8 % cum . 2d prof, stock (par $10 0 )................ 2,000,000 2,000,000
Com m on stock (par $100), $5,500,000 to bo reserved
for conversion o f tho 1 st & 2 d pref. s t o c k s ______ 11,500,000 6 ,0 0 0 , 0 0 0
Plant.— Covers 18 acres and includes three hot-rolling mills, tw o cold ­
rolling mills, ma’chlno shop, annealing department, pickling department,
power plant and shipping department. Annual capacity o f tho hot-rolling
m ills, 115,000 tons o f hot-rolled steel, o f which about 60,000 tons are re­
quired to supply tho cold-rolling mills. For tho year ondod M a y 31 1916
the output was 104,893 tons o f finished product and at present Is producing
at tho rate o f 108,000 tons per annum. Unfilled orders aggregate 65,000
tons. T ho com pany owns its own electric power plant which furnishes
pow er for tho mills. A bout 1,700 mon aro now em ployed.
T ho total assets o f tho Superior Steel C o. as o f N o v . 30 1916 aro roported
b y your auditors as follows: Total net assets not less than $4,000,000, o f
which net quick assets (Including over $800,000 cash in bank)aro $ 2 ,0 0 0 ,0 0 0 .

Net Earns. Available for Divs. After Deducting Deprec’n— Yrs. end. Man 3 1 .
1913.
1914.
1915.
1916.
4 Yr. Avge. 4 A fos.’ 16-’ 17.

$507,567
$370,026
$251,128
$1,181,578
$577,575
$792,086
Annual dividends on tho $3,500,000 1st prof, stock amount t o ____ $280,000




[Vol. 103.

P rofits are now at rate o f about $2,400,000 per year, and, basod on tho
am ount o f unfilled orders now on tho books, should exceed that amount
in 1917, providing $800,000 or m ore for retirement o f 1st pref. shares.
C u stom ers. — Include manufacturers o f metal bodsprings, locks and keys,
phonographs, cash registers, typewriters, autom obile parts, kitchen uten­
sils, S c . Am ong them are the Hyatt Roller-Bearing C o ., Newark, N . J .;
Victor Talking M achine C o ., Cam den, N . J .; tho Willys-Overland C o .,
T oled o, O .; tho Ford M o to r C o ., S c .
M a n a g em e n t. — Remains in tho hands o f tho men who havo been re­
sponsible for Its success.

(T h e)

S w etlan d

C o.,

C levela n d .— Bond

Offering.—

Otis & Co., Cleveland, aro offering at par and accrued int.
$1,000,000 1 1917 and due yearly (every April61) 1918-1922gold $25,000,
First Mortgage Leasehold % serial incl. bonds.
Dated Jan.

1923-25 $30,000, 1926 $35,000, 1927 and 1928 $40,000, 1929 $45,000,
1930 $50,000 and 1931 $575,000. Denom. $1,000, $500 and $100. Int.
A. S O. payablo at Guardian Savings S Trust Co., Cleveland, trusteo.
Callable as a whole at 102 and int. on 30 days’ notice, or in their inverse
numerical order and not more than $50,000 per year at 101 and int.
Company incorporated in Ohio, combining three corporations; this bond
issue is for tho purpose of consolidating their indebtedness. The property
consists of 99-year leases on four parcels of land and tho ownership of tho
building located thereon as follows: (a) Swetland Building, 1010 Euclid
Avo., frontage 86.43 ft.; (6) adjoining Truman Building, frontago 90.43 ft.;
(c) Frederick Building, 2043 East 4th St., frontage 62 ft.; (d) land at Payno
Ave. and East 17th St., 138x129 ft., upon which will bo constructed a
building costing not less than $30,000. Those buildings have an appraised
value of $1,234,375: present value of leaseholds, $717,692; total, $1,952,066.
Estimated income in 1917, based upon actual income derived from leases
in 1916, plus increase under such leases, gross, $211,371; net, after opor.
exp. and taxes, $142,148; ground rental, $46,550; applicable to interest
chargo and maturing bonds, $95,598. Bras., T. M. Swetland; V.-P. &
Gen. Mgr., F. L. Swetland; Sec. & Treas., It. II. Swetland.

(J. V .) T h o m p s o n C oal P ro p e rtie s.— Sa le.—•

A. C. Robinson, Chairman of tho creditors’ committee last week an­
nounced tho sale of some 12,000 acres of coal In Greene County for botweon
$6,000,000 and $7,000,000, to tho II. C. Frick Coko Co. (subsidiary to tho
U. S. Steel Corp.). Other Important negotiations for sales of coal, Mr.
Robinson says, are under way and it is expected thero will be sufficient equity
above the specific indebtedness on tho property sold to pay tho interest
on tho secured indebtedness.
A press report states that according to tho appraisers, Mr. Thompson
owned 58,403 acres of coal land in Greeno County, upon which thoy placed
a valuation of $32,647,900. Tho sale announced by tho creditors com­
mittee comprises approximately one-fifth of tho Greeno County holdings,
for about one-fifth of the appraised valuation. When Mr. Thompson
asked for receivers in January 1915, ho gavo his liabilities as $22,000,000*
but said his assets were far in excess of that amount. Howover, his affairs
wero badly tangled and it was only recently tho creditors’ committeo was
able to pay taxes and interest on mortgages to provent tho sale of somo
of tho lands. Comparo V. 103, p. 946.

T h o m p s o n -S ta r r e tt C o., N. Y .— R eca p ita lization .— Tho
amended plan dated June 22 under which tho company has
been The capital stock be reduced fromon resolutions authorizing:
recapitalized was based $1,500,000 par $100 to $750,000,
(1)

par $50 a share.
(2) Tho company transfer $225,000 of securities accumulated by it to a
corporation to be known as the Construction Holding Co., whose stock
shall bo divided into 225 shares without par value and that in recognition
of the unusual and successful sorvicos of tno President, and in pursuance of
tho profit sharing agreement heretofore made with him, and to inducohim
to continuo in the service of the company so long as it may dosiro him to
do so, and to secure to him permanently a certain share in future profits,
75 shares of said stock bo allotted to President, Louis J. Horowitz and 150
sharos to the Thompson-Starrett Co., to bo hold, in its treasury.
(3) Tho capitalization of the Thompson-Starrett Co. bo rearranged so as
to provide for a capital consisting of (a) 15,750 shares, par value $100, of
8% cumulative preferred stock, which shall havo a proforenco in any
distribution of earnings and assets and which tho company shall havo tho
right, on giving 30 days’ notice each time, to redeem at par at any timo,
either in full or from timo to time in installments of $10 per share or multiples
thereof, reducing the par value of each share by tho amount of such pay­
ments, (b) 18,750 shares of common stock without par value, each sharo
of stock, whether preferred or common, entitling tho holder to one voto at
all meetings of the stockholders.
(4) The two companies be thon mergod by allowing to each stock­
holder in the Construction Holding Co. ten shares of said 8% preferred
stock and 50 shares of said new common stoclc of tho Thompson-Starrott
Co. for each share of Construction Co.; and to each stockholder of tho
Thompson-Starrett Co., one sharo of each class of stock for each $50 sharo
of stock theretofore held by him.
(The first plan dated Juno 15 proposed to set aside $625,000 of the
securities accumulated by the company of tho nature of thoso in its Trusts
Nos. 1 and 2.] Tho Finance Committoo than said: “ Tho company has
prospered under Mr. Horowitz’s direction and is in a position of having in
capital and accumulated earnings a larger fund than it needs for the proper
conduct of its business. In consequence, it has had considerable sums idle
in the bank during tho past year or two and has been obliged to invest other
sums in securities to get a better return on tho capital.
“ By agreement, from timo to time, it has allotted out of tho profits
spocial compensation to Mr. Horowitz, and when the so-called ThompsonStarrett Trust No. 2 was set up, agreed that he should havo 20% thereof as
additional compensation, and that thereafter, when similar distributions
or extra profits wero allotted, a similar percentage should be allotted to
him." This arrangement it was desired to put in moro permanent form.
Comparo V. 103, p.948. 66.

T o b a c c o P r o d u c ts C o r p o r a tio n .— D irector

— Sta tus.—

Leon Schlnasl (President of Schinasi Bros., Inc.) has been eloctcddirector.
Seo annual roport on a previous pago.— V. 103, p. 849, 670.

T o r r in g to n (C o n n .) C om p a n y .— Extra

D iv id e n d . —

An extra dividend of 1% has been declared on tno common stock, along
with tho regular quarterly 3%, both payablo Jan. 1 1917 to holders of rec­
ord Dec. 20.— V. 103, p. 1030, 948.

T ru ssed C on crete Steel C o.— E xtra

D iv id en d . —

An extra dividend of 1A % was paid Doc. 15 on tho $1,400,000 outstand­
ing common stock, making 10% for tho yoar. A 10% stock dividend on
tho common stock, it is stated, was also recently declared.

U n io n S w itch & S ign al C o.—

D ep o sit o f Stock.—

See Westinghouse Air Brako Co. below.— V. 103, p. 2244, 1046.

U n io n T w ist D rill C o. — D iv id e n d s. —This company has
declared a stock dividend of 25% and a cash dividend of $6
per share on the common stock, and tho regular quarterly
$1 50 on the pref. stock, all payablo Jan. 2, tho cash divi­
dends to holders of record Dec. 20 and tho stock dividend
to holders of record Dec. 21.
U n ite d States Steel C o r p o r a tio n .— A n n u a l O ffering
o f Stock to E m p lo yee s. —W a g e In c r e a s e . —Chairman Elbert II.
Gary as of Dec. will,says:
\7
Tho Corporation
in accordance with tho plan in forco during tho

last thirteen years, offer to employees tho opportunity to subscribe, during
the month of January, for 35,000 shares of stock at a prlco somewhat below
tho market; and also will distribute tho usual special compensation. Tno
total amount of the latter has not yet been definitely determined, but it will
bo calculated on tho basis heretofore fixed. A part will bo paid in cash and
tho balanco in preferred stock in tho samo proportions and on tho samo
terms as last year. It is hoped distributions will bo mado to the smallor
salaried men about Christmas and to tho others about New Years. Also
many of tno men in offices, particularly thoso not receiving special compen­
sation above referred to, will receivo Increases in salaries to talco effect Jan. 1.
As a rough estimate, it may bo stated that tho three wage increases mado
Feb. 1, May 1 and Dec. 15, respectively; tho increases in salaries from timo
to timo; and tho special compensation will aggregate for tno year about
$33,000,000.

THE CHRONICLE

1>ec . 23 1916.]

Purchase o f Coal P rop erties by I I . C . Frick Coke C o .

Soo fjoslah V.) Thompson Coal Properties abovo.— V. 103, p. 2161, 1987.

W ashington-Idaho Water, Light & Power Co.— Bond
O f fe r i n g — Liggett, Hitchborn & Co., Inc., are offering at
par and int. $600,000 First Mtgo. sinking fund gold bonds,
dated May 1 1910, duo May 1 1941; callable at 105 and int

2349

3£hx (Hxmuuemal J'imcs..
__

COMMERCIAL EPITOME

F rid a y N ig h t, D e c . 22 1916.
Though the speech of Premier Lloyd George seemed to
give the cold shoulder to the Teutonic proposals of peace, it
really left the door open to possible negotiations and Ameri­
C om m on s to c k .$ ,
$200,000 First M tgo. s . $5,000,000 8600.000
60,000
60,000 can trade has therefore in many directions been slowing down
P rof, s tock _____ 2,000,000 200,000|6-yr. % notes.
Bonds.— A direct first mortgago on all properties and franchises.
Espe­
Escrow bonds m ay bo Issued for only 8 5% o f tho cost o f permanent Improve­ under the influence of predictions of peace in 1917.
ments, & c., when net earnings are tw lco tho intorost charges on all first cially is business for distant delivery feeling the effects of a
m ortgago bonds, together w ith thoso proposed. Beginning M a y 1 1926
a sinking fund will rotlro % o f outstanding bonds annually.
possible ending of the war during the year about to open.
Properly.— T w o hydro-electric plants furnished with water from Asotin
Creek, two steam stations in Clarkston, throe sub-stations, high-tension The gigantic liquidation in the stock market has had a cer­
linos connecting Lewiston, Clarkston, Asotin and Fort Lapal, and dis­
tributing lines for power and light which exclusively servo these cities. tain noticeable effect everywhere. Cotton has declined over
Also has a water distributing systom in Clarkston furnishing the solo water two cents under enormous liquidation.
It is some $25 a bale
supply. T hey also have extensive pipe lines reaching the surrounding
territory. T ho franchises in Clarkston and othor cities In W ashington run lower than on Nov. 27.
Violent fluctuations in wheat have
for 50 yoars. The com pany has also tho exclusive privilege to supply
been traceable to rumors, pro and contra, about peace. The
water and electricity to Clarkston and its suburb, Vineland.
Earnings for the Year ended Sep t. 30 1916.
buying of steel was reduced for a time at least by peace pre­
G r o s s _____________________ $149,9291Bond Intorost charges_____ $36,000
dictions. Pig iron has been in less demand. Blast furnaoes
N et, after taxes____________ 79,5611B a la n c o -----------------------------43,561
Territory Served. — Lewiston, Idaho, and Clarkston, W ash., though sepa­
rated by tho Snake Iiivor, are connected b y a steel bridge and a street rail­ have in some cases been banked, owing to car shortage and the
way which buys Its power from this com pany. T ho Snake River Valley
The question of future prices for
Is ono o f tho m ost fertile and prosperous sections in tho Northwest, producing difficulty in getting fuel.
largo crops o f grain, apples. &c. Tho surrounding towns served are all pros­ merchandise on a peace basis is being more generally dis­
perous and substantial. A bov o Lowlston are extensive tim ber lands
Meantime, speculation has received a sharp and
[The com pany was Incorporated In Massachusetts in April 1916 and on cussed.
D ec. 12 acquired b y deed o f sale tho electric light and power properties
On the other hand, the holiday trade is
and also the irrigation system o f tho Lewiston & Clarkston Im provem ent salutary check.
C o . V . 90, p. 1171; V. 98, p . 1540; V . 80, p . 475; V. 81, p . 729.]
unusually large and to a noticeable extent in high priced
goods. Also, steel is still in large demand and in some cases
W a ter L ig h t & G as C o., K a n sa s.— B on d s Called .—
A largo export business in wheat has been
T he com pany gives notice that on and after A pril 1 1917 It will pay o ff is actually higher.
at 105 and int. all the $355,000 C onsol. & ltef. M tgo. 5% gold bonds at the done within a few days, despite admitted obstacles in the
offices o f the N ow York Trust C o.— V . 92. p. 194.
shape of car shortages, railroad embargoes, &c., and prices
W e s tin g h o u se A ir Brake C o .— D e p o sit o f Stock.are actually 14 cents a bushel higher than a week ago, despite
T he shareholders o f tho Union Switch & Signal C o. are asked to deposit the talk of coming peace, which had been considered preju­
their holdings with tho Fidelity T itlo & Trust C o. o f Pittsburgh, or the
The truth is
Chicago Titlo & Trust C o. o f C hicago, on or before Jan. 15 1917, for sale dicial to tho wheat trade at home and abroad.
per plan in V. 103, p. 2245. Tho A ir Brake C o. has agreed that within 30 Europe s crops are short and she is forced to buy in America.
days after tho exchango o f tho stock has been effected it will declare a stock
The exports of cotton are
dividend o f
% to its then stockholders, including those who acquire Corn and oats are also higher.
stock b y exchango o f their shares in tho Switch C o. In effect, therefore
assontlng stockholders will receive in the aggregate for every three shares noticeably larger than last year and the consumption at home
There is still a large trade in
o f Switch com m on 2.4 shares o f A ir Brake stock, and for every five shares o f and abroad is on a large scale.
Switch preferred 4.8 shares o f A ir Brake. See adv. on another page
general merchandise. Big industries continue unusually
V . 103, p. 2245.
'
active, and might be still more so but for the restricted sup­
W estin g h ou selE lectric & M fg. C o .— D i v i d ., Slock, E tc.
ply of cars.
lines are still doing a quick
—A quarterly dividend of l % % has been declared on the business. It Jobbers in manythat although trade shows a
may be added
$54,481,150 common stock, payablo Jan. 31 to holders of somewhat more sober tone, confronted with possible peace,
record Dec. 30. In 1916 1^% quarterly was paid on tho the feeling is everywhere cheerful.
common stock. The regular quarterly 1%% on the pref. LARD lower; prime Western, 16.80c.; Refined to the
stock was also declared, payablo Jan. 15 to holders of record Continent, 17.65c.; South America, 18e.; Brazil, 19c.
Doc. 30.
T ho shareholders will vote Fob. 15 on Increasing tho authorized capital 1 utures declined owing to the aggressive stand of the Allies
Rallies have occurred on covering
stock from $60,000,000, o f which $4,000,000 is prof, to $75,000,000 tho towards peace proposals.
new stock to bo all com m on. See plan in V . 103, p. 2245, 2164.
’
and some advance in hogs despite large receipts. Packers
Seo Pan-American Debonturo Corporation a b ov e.— V . 103 p 2245 2161
xr
*
,
Youngstown „. . & m Co.— Stock D iv id e n d .—The i bought about 1,000,000 lbs., awaiting further peace developSheet . Tube
tho market has been nervous of December last Tuesdav. but
sharoholdors will vote rob. 13 on authorizing the increase ■ ments. Tn-dav prices advanced, witii hogs higher and
To-day nripps n.dvn.nr>f>d with imr,o i,i»i,n> „..,i
in common capital stock from $2 0 ,0 0 0,000 to $40 000 000 commission houses disposed to buy product. Prices are
stock, it is said, will if authorized be distributed as lower for the week, however.
a 1 0 0 % stock dividend to holders of record Dec. 20 — PORK firm; mess, $31 50@$32; clear, $30@$32. Beef
V. 102, p. 1894.
products steady, but quiet; mess, $23@$23 50; extra India
mess, $40 @$42, barely steady and again lower; pickled hams,
CURRENT NOTICE.
10 to 20 lbs., 16^@17c.; pickled bellies, 15M@15%o.
— “ Tho End of tho Revolution” is tho titlo of tho 1917 calendar which Is Butter, creamery, 333^@43c. Cheese, State, 20^@25o.
boing distributed by tho Unltod States Mortgago St Trust C6 . of this city. Eggs, fresh, 28@52c.
Iho drawing shows Gonoral Washington and his victorious troops entering

Interest Is payable M. & N. at Equitable Trust Co. (trustee), Now York
City. The company agrees to pay the Federal income tax and to refund
tho Ponna. Stato tax. Denom. $500 and 81,000 c*&r.
C apitalizatio n — A u th . O utsta nd 'g . I
A n th . O utstand’g.
1 0 0 0 ,0 0 0

6

6

1

20

Now York on Nov. 25 1783, with tho corner of Nassau and Wall Streets
as a background. Federal Hall, whoro Washington was inaugurated
President, is also shown. Tho choice of this year’s patriotic subject con­
forms to tho company’s policy of othor yoars. During tho yoar just
closing, it took an active part in tho Preparedness Parade In Now York
May 13th, and later Issued an illustratod booklet commemorating the
event. It followed this up by paying all tho oxponses of six members of
its staff to tho l’lattsburg Encampment, and hold open tho positions of all
its employees who were called to tho Mexican border last summer.

DAILY CLOSING PRICES
.
SatDecember delivery .c ts . 1 6 .50
January delivery...........16.00
May delivery...............16.05

OF LARD FUTURES IN CHICAGO.

M on.

16.50
16.00
16.02

T n es.

16.50
15.87
15.95

W ed.

16.50
15.87
15.97

T h u rs.
16 30
15.82
16.00

F ri.

16.50
15.92
16.10

COFFEE quiet; No. 7, Rio, 9Mc.; No. 4, Santos, 10%@
fair to good Cucuta, ll% @ 12^c. Futures have
been irregular, declining on Lloyd George’s speech and liqui­
dation by Wall Street and cotton houses, and then came a
n ’]7ularpm n
fnv?stmont bankers, 1000 to 1012 Stock Exchango rally on large buying on the Wilson note and growing hopes
Building, 1 hiladeiphia, to-day recommend and offer for Investment $3 467
of peace, and a reopening of German and Austrian markets.
000 Mahoning & Shcnaugo Railway & Light Co. 7% cumulative preferred Higher ocean freights in Brazil contributed to the rally. At
stock, free of Penn. Stato tax, at 102H and accrued dividend, yielding about
6.83%. T ho Republic r,- M *-& Light" Co. controls th o'M ah on in g" & I
----........................
“
Railway T,~*7 J lT n
h,aS bG,en S.ellinS against purchases
Shenango. Railway et uigm, ou. This stock is cailablo as a wholo b iu n ^ t in • * *nd ?Pot business here has been quiet. Moreover,
lvanway & Light Co. ims block is caiiamo
whole but not
.............. For in part at — and accrued dividends. ” full description of 11010 offering 1 receipts at primary points are still liberal. To-day prices
110 '
this but not
tho bankers’ advertisement in this Issue of tho "Chroniclo” opposito our declined slightly. The Exchange here will be closed to­
weekly statement of bank clearings, and for further Information refer to our morrow, Dec. 23, and Dec. 30. Prices were as follows;
"Gonoral Investment Nows Department.”
lO V s o .;

boo

~7In
firm’s weekly page advertisement, John Nickerson Jr. of New
York, St. Louis and Boston states that “ tho principal argument in favor of
public utilities lies In thoir stability. Not only do tholr earnings go on
practically Independent or outsldo conditions, but the prices of thoir socurities have beon remarkably steady in spite of violent fluctuations in many
othor da-^os of investments." The firm advertises a list of bonds of prom­
inent public utility companies yielding 4.53 to 5.52%, which, the bankers
believe, are soundly safeguarded, and a selection of preferred stocks yield­
ing 6,12 to 7.06 /o are suggested for conservative purchase.
—Having sold practically all the bonds, William R. Compton & Co and
Spencer Trask & Co. are jointly offering tho balanco of a few remaining
maturities of $3,000,000 Marin Municipal Water District. Marin County*
California, Water Works 5% gold bonds, to yield 4.70%. subject to prior
salo. The water works are located opposite the city of San Francisco
See to-day’s advertisement for other particulars. The bankers will fur­
nish descriptive circular on request.
n
rTm,.nV tm°nt h0U30 haS boen formed ,n Chicago to bo known as
^
White, 1 ooie, Howard, Simmons & Co. Tho partners are Clark L Poole
Archibald White of White & Co.. Inc., New York; A. W? Howard R H
Simmons and II. Ilosick. Tho firm will occupy tho bank floor’ of the
Westminster Building, n o S. Dearborn St„ Chicago.




Decembercts.8.36 <>8.38 April------cts.8 .68 C
January___ 8.45 < >8.47 M a y .............. 8.76(
March_____ 8.61( >8.62 July................8.88(
August_____8.93 (

September ctaS.99(
October____ 9.05 <
i
November 9.11 (

SUGAR dull and again lower; centrifugal, 96-degrees test,
5.14c.; molasses, 89-degrees test, 4.37c.; granulated, 7.05o.
utures advanced on the speech of the British Premier, which
was taken to indicate a prolonging of the war. Also some
export inquiry is reported from Argentina and elsewhere,
though no actual business has been reported. Later on Great
Britain may buy for February-March shipment. But melt­
ings at Atlantic port6 in the meanwhile dropped to only 22,000
tons last week against 29,000 in tho previous week and 49,000
last year. Prices reacted late in the week. At the same time
the week’s receipts were small, only 10,701 tons against
more than double this in the previous week and over four
times this total in the same week last year. Stocks, too,
are only 65,433 tons against 93,422 a year ago. To-day
prices closed unchanged to 6 points higher. The Exchange
here will be closed Deo. 23 and Dec. 30. Closing prices were
as follows;]

.

THE CHRONICLE

2350
Decembercts.4.18 ( >4.20 April___ cts.3.84@3.86
January___ 4.08( >4.10 IM a y .............3.87@3.89
February 3.88 ( >3.8,1 June.............3.89@3.91
March_____ 3.82 ( >3.83! July.............. 3.93@3.95

August ..cts3.95@3 97
September __3.98@3 99
October____ 3.94 @3.96
November__ 3.94 @3.96

OILS.—Linseed dull; city raw, American seed, 93@96o.;
city boiled, American seed, 94@97c.; Calcutta SI 15. Lard,
prime, SI 30@$1 35. Cocoanut, Cochin, 17c.; Ceylon 16c.
Corn, 11.81c.; Palm, Lagos, 12^@13c. Soya bean 12@
12J4c. Cod, domestic 75@76c. Spirits of turpentine,
55^c. Strained rosin, common to good, S6 70. Cotton­
seed oil on the spot 12@12.40c. To-day futures closed
as follows:

Dec...cts.l2.50@13.00|March.cts_12.11@12.12| June _.cts.12.15@12.23
January . . 12.18@12.21 April........ 12.14@12.16 July........... 12.20@12.24
February.. 12.12 @ 12.171M a y ........ 12.16@ 12.171

R eceipts lo
D ec. 22j

■Vo l . 103.
1916.

1915.

Stock.

T h is Sin ce A u g T h is Since A u g
W eek. 1 1916- W eek. 1 1915.

1916.
1915.
Galveston_____ 60,237 1,694,159 90,100 1,329,633 385,781 366,534
Texas City_____ 11,962 209,753 9,242 193,828
40,850
28.579
Port Arthur____
19,591
17,086
Aran. Pass, &c._
583
56,827
30,192
638
4,683
New Orleans___ 31,090 980,612 53,777 734,605 471.727 405,185
60,390
3,707
17,979
71,477 3,344
29,910
27,407
25,565
Jacksonville____
27,742
6,500
655
40,022 1,199
3,118
Savannah______ 13,758 681,150 19,631 639,786 204,411 210,412
13,000
52,000
Brunswick_____
3,500
11.000
76,500 3,000
2.741 130,461 5,145 188,761
70,005 103,519
Charleston_____
251
296
Wilmington_____
1,382
49,699
76,975 2,509 137,529
40,574
N orfolk_______ 11.115 343,011 15,621 322,972 111,846 129,853
8,786
287
29,910
New York_____
2,171
19.961
925
5.664 143,579 311,250
45,211 3,152
4,562
Boston________
12,191
10,669
8,913
Baltimore______
20,625 2,828
1,125
19,948
6,659
6,229
384
1,199
1,400
—
Philadelphia___
1,063
3,638
Totals_______ 148,643 4,475.451 211.978 3,857,774 1,519.311 1,677,854

PETROLEUM in good demand and strong; refined in
barrels, S8 65@S9 65; bulk, S4 50@S5 50; cases, SI 1 25@
S12 25. Naptha, 73 to 76 degrees, in 100 gallon drums and
over, 403^c. Gasoline active; motor gasoline in steel
barrels, to garages 22c.; to consumers, 24c.; gasoline, gas
may be mado with other years,
machine, steel, 40c.; 73 to 76 degrees, steel and wood, 31 @ weIn order that comparisonleading ports for six seasons:
give below the totals at
34c.; 68 to 70 degrees, 28@31c. Crude prices advanced.
Mid-Continent rose to SI 30 a barrel. The stock of crude R eceipts at —■ 1916. 1915. 1914. 1913. 1912. 1911 .
oil in California on Nov. 30 was stated at 45,914,181 barrels,
Galveston__
and the shipments during November at 9,300,235 barrels. ToxasOity,&c. 60.237 90.100 153.279 87,934 107,216 101,500
14.984
9,825
12,600
Recent field work in Illinois and Louisiana has shown poor Now Orleans. 31,090 53,777 22,841 88,393 26,829 36,546
Mobile:____
13,940
6,289
3.7)7
3,344
4,325
13,788
results. The production in the Mid-Continent field is Savannah __ 13.758 19,631 77,242 44,884 44,275 49,720
rapidly diminishing. Texas advices say that the daily Brunswick__ 3,500 3,000 75,152 12,000 34,216 54,851
11.000
2,100
average output of the Central field was increased to 63,590 Charloston.&c 2.741 5.396 17,587 10,833 6.204 12,319
7,169
12,423
8,091
2,509
7,934
1.382
barrels, by the late completions in the Sour Lake, Goose Wilmington.. 11.115 15,621 30,759 21,216 13,447 32,407
Norfolk____
Creek, Humble and other pools. Prices follow:
398
7,574
8,340
5,346
287
N’port N.,&c.
14,087
8,417
12,651
13,882
8,488
All otnors___
8,513
Pennsylvania dark $2 75
Cabell........ ............. 2 17
Mercer black____ 2 20
New Castle_____ 2 20
Corning__________2 10
Wooster________ 1 80
Thrall................... 1 10
Strawn_________ 1 10
D e Soto.................. 1 10

North Lima_____ $1 58
South Lima_____ 1 58
Indiana________ 1 43
Princeton_______ 1 62
Somerset, 32 deg._ 2 20
95
Ragland________
Electra_________ 1 10
Moran_______
1 10
Plymouth_______ 1 33

Illinois, above 30
degrees_______$1 60
Kansas and Okla­
homa________ 1 20
Caddo La., light.. 1 20
Caddo La., hoavy.
75
Canada________ 1 88
California oil___ 73 @82
Henrietta______ 1 10

Total this wk. 148.613 211,978 428.794 319,198 262.724 323,704
Since Aug. 1. 4.475,451 3,857,774 4,248,980 6,827.316 7.027,356 7,307,670

The exports for the week ending this evening reach a total
of 195,268 bales, of which 67,537 were to Great Britain,
20,390 to France and 107,341 to other destinations. Ex­
TOBACCO has been rather quiet, but for all that, firm. ports for the week and since Aug. 1 1916 are as follows:
Both binder and filler are held at prices showing no deviation
F rom A u g . 1 1916 to D ec. 22 1916.
W eek en d in g D ec. 22 1910.
from recent quotations, for the supply is admittedly small.
E xported to —
E xp o rted to —
The crop of 1916 is pretty well sold out. In the early part E xp o rts
Great
of 1917, trade is expected to improve, Meanwhile manu­ fr o m — BGreat . F rance. O ther.
Other.
T o ta l.
B rita in .
r ita in
facturers are finding some trouble in getting labor.
74,864 269,235 929,221
Galveston.. 18,408 11,227 42,544 72,179 585,122
COPPER has declined owing to peace talk and a smaller TexasArthur 0,576
4,790 11,306 63,558 90,773 28,415 182,746
City.
19,522
19,522
Port
demand. Resellers have been cutting quotations. Elec­ NewOrleans 11,600 5,704 1,600 18,904 297,178 96,987 128,339 522,504
trolytic at London dropped sharply. Lake hero on the spot Mobile___
400 44,305
43,905
100 30,963
30,803
31c.; electrolytic 31c.; for future delivery 30c. Tin dull and Pensacola.. 19,763
"5,656 24.853 101,213 59,939 63,890 225,042
lower on the spot at 40 % c . London and Singapore have de­ Savannah...
58,944
58,944
Brunswick
7,605
8,605
1,000
Charleston.
clined. Spelter weak and lower on the spot at 10c. Lead Wllmingt’n
80,736
50,381
5,000
19,355
quiet and barely steady on the spot at 7^@7% c. Pig Norfolk ... 3,036
1,300 47,779
16,816
3,036 29,063
63
63
N's
iron less active, owing to the talk of coming peace. No. 2 N’portYork. 3,971 3,459 14,654 22,084 118,330
179,434 305,319
Northern 829 50@ 30 50, No. 2 Southern $23 @$25, Birming­ New
1,011 30,071
29,060
Boston___ 3,977
100 4,077
79,755
1,000
ham. Steel has been in somewhat lessoned demand on new Baltimore
78.755
2,440 21,610
19,170
206
orders, owing to peace talk. Yet there is still a good business Philadel’ia.
120,704 120,704
13,553 13,553
San Fran
in all kinds and new foreign demand, though rather smaller Seattle . .
143,451 143,451
24,875 24,875
75,289 75,289
135
135
than recently, is still reported important. Prices have been Tacoma .
generally firm. Light rails are higher. Plates, shapes Total . . . 07,537 20,390107,341 195,268 1.487,951 426,289 1,072,389 2,980,629
and bars are up $2 a ton, and wiro products are still said to Total 1915 66,238
938,795 2,240,546
41,290126,246 930,630
reflect the sold-up condition of the mills. Tin plate advanced Total 1914. 131,021 18,718 132,807 282,633 1,110,326 371,121 1,072,3192,317,709
135.064
18,805
to $8 a box. Large buying is reported of locomotives. N o te .—Exports from New Vork Include 60 bales Peruvian to Havre and 895 bales
France and Italy have put in new orders for wiro products. West Indian to Liverpool.
Wire nails are 3.25c. There is less inquiry, however, for In addition to above exports, our telegrams to-night also
distant shipment. Sheet bars are reported scarco.
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. Wo add similar figuros for
Now York.
COTTON

22 1916.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
148,643 bales, against 200,130 bales last week and 242,504
bales the previous week, making the total receipts sinco
Aug. 1 1916 4,475,451 bales, against 3,857,774 bales for the
same period of 1915, showing an increase since Aug. 11916 of
617,677 bales.
F rid a y N ig h t, D e c .

D ec. 22 at —

On Shipboard, N o t Cleared fo r —
Ger­ Other Coast Great
B rita in . F rance. m a n y. C oni't. ivise. Total.

745
New Orleans.. 6,640
Galveston___ 62,646 32,450
Savannah ___
Charleston___
Mobile............ 10,331
Norfolk_____
2,500
Now York___
7,000
—
Other ports__
Total 1916. . 89,117 33,195
Total 1915_ 42,540 15,807
Total 1914.. 87,904 33,443

325 22.234
14,524
16,566 18,250 129,9 i2
2,800 2,800

R eaving
Stock.
449,493
255,869
201,611
70,005
7,548
111,364
136,079
104,983

100 10.431
482
482
__ 7.500
5.000
9,009
—
2,000
—
38,000 21,957 182.359 1.336,952
100 39,680 31,471 120,598 l ,548,256
3,208 143.588 32,295 300,498 1,175,170

Speculation in cotton for future delivery has been on a very
large scale with violent fluctuations and a decline of over two
cents for the week. On Thursday alone there was a drop of
Galveston_____ 10,756 11,597 13,222 8,790 8.501 7,371 60.237 74 to 100 points, the latter on this crop. The fall on that
7,462
11,962
Texas C
’ity____
4,500
Port Arthur___
_ 638I 638 day was 108 to 146 points from the high level of the morning.
Aransas Pass, &c
2,283 3,505 10,017 7,163 2,629 5,493 31,090 Politics has been the mainspring of the market. Earlier in
New Orleans___
the
that peace not far
Mobile__ ______
864
976
179
408
791
’ '___
_ 489 3,707 off. week there were rallies on the idea was feared isthat the
Pensacola_____
But they were short-lived. It
• ___
Jacksonville
655
655
Savannah _____
1,547 2,450 1,862 2,339 3,395 2,165 13,758 speech of Premier Lloyd George last Tuesday would be
3,500 3,500 inimical to an early peace. And so it turned out. It caused
Brunswick____
523
428
Charleston____
848
55
603 2,741
284
39
390
Wilmington___
297
288
203
165 1,382 a drop of 70 points. Liverpool that day broke oqual to 116
Norfolk.............
1,193 2,459 2,508 2,278 1,423 1,254 11,115 to 118 American points on most months with October down
N’port News, &c
104. On Wednesday Liverpool broko again. This decline
New York_____
211 1,553
357
Boston. ______
722 1,031
333 1,589
_ 726 1.125 2,171 was attributed plan for nationalizing the ideashipping would
. 5C 161 4,562 Lloyd George’s in some quarters to British that Premier
Baltimore_____
1,125
Philadelphia___
mean lower ocean freights, and larger shipments to the
Totals this week. 18,411 26,893 29,223 32,164 18,333 23,619 148,643 English market. On Tuesday this shipping plan had con­
tributed the decline
The following shows the week’s total receipts, the total about it. to Of course, if hero. Sinco then little has boon said
it causes lower ocean freights Ameri­
since Aug. 1 1916 and the stocks to-night, compared with can exports, it is fair to supposo, would be increased ratlior
than curtailed. The cotton market has latterly been largoly
last year:
S a t.

M on.

T u es.

W ed.

T h u rs.

F ri.

| T otal.

_

—




—

—

—

—

—

—

2351

THE CHRONICLE

DEO. 23 1916.]

FUTURES.—The highest, lowest and closing prices at

Certainly on

imy
Street and the West possibly in J ^ ' ^ X,S r .T otQe mean
f S?l?e
tooting holdings of steek. On “
Ihuraaa:y,^
Lansmg issuedla n o te w u
verge of war with one
rilhtfo the u S r S t a t o I This was largely the ca

n o f imnroved by the almost simultaneous, announeem

S a tu rd ay, M o n d a y , T u esd a y , 1
D ec. 16. D ec. 18. D ec. 19. 7
D ecem ber —

Range__
Closing..
J a n u a ry —
Range—
Closing----F ebruary —
Range..
ClosingM a rch —

A p r il —

Range___
Closing-..

M ay —

Range----Closing-

T h u rs d 'y , F rid a y,
D ec. 21. D ec. 2 2 .

17.98-.10 17.90-.02 17.13-.51 1
17.85-.93 17.70-.73 16.98-.02 1
17.02.71 1
.15
17.96-.25 17.7617.03.15 1
.78
17.95-.00 17.76-

16.50-.22 16.13-.30 16.13-110
15.95-.00-------15.99/.39 15.90-.33 15.90-125
15.98-.02 1G.06-.10
16.75-.80

1G.08 — 16.22 —
18.06 — 17.90 — 17.17 — 1
17.30.02 1 16 22/.68 16.20-.75116.20-151
18.03.40
18.19.51
17.30.35 1 16.22./25 16.39-.41 -------------18.03.05
18.19.25

18.26 — 18.10 —•17.38 — 17.32
.20
18.21-.60 17.5018.37.69
.53
18.21-.23 17.5018.37.43

16.30 — 16.50 —
16.45/.87 1G.48-.95 16.45-169
16.45-.50 16.63-.66

16.90-.84-------------- 16.90-.28
pool’s spot saies, which e a r l y n t h
nd Thursdayt and June —
Range---16.51 — 16.73 —
18.40 — 18.25 — 17.53 —
a day, dropped to 7
reported less active, July —
17.32-.75 16.50/.92 16.55-.03 16.50-174
17.52.22
.63
18.38-.74 18.25to 5,000 bales to-day.
Allies would resent tlio Wilson Range------- 1S.38-.45 18.25- 17.52- .57 S16.50-.55 16.73-.75
.26
Some reports
as to terms of peace A u g u st —
----------------16.45 — 16.45-/50
17.50 —
note, looking to a coniD
the o)ly ignoro the Range
J, 1G.20-.25 16.35-.40
among the warring irntloM. Some of “ \ fspot markets de- Septem ber.— . 17.98-.0£ 17.85-.8S 17.25-.30
- 15.65-.26 15.40-.50 15.25-/98
16.05-.50
dined sharply. _y* °°l! ’ ,.y ;n futures since the latter Range......... 16.98 — 16.61 — 16.03-.05
- 15.20 — 15.38-.40
16.70 —
gref „ f Novombo 1 h T 1 e^resfof tho wavro° was reached on
15.00-/80
15.80.30 3V.OO/.O8 15.00-.52
.7f
. 16.57-.8 16.46g £ 27N Since then prices have declined over five cents per
15.80.82 6ll5.00-.05 15.12-.15
.4f
, 16.55-.6 16.46nnund And now some are beginning to reason that, al
though the advance may have gone
j„ the ^ U E VISIBLE SUPPLY OF COTTON to-night, as made
other hand, is
p ^ ers wi„ bo largo buyers of
event of peaco
past
Amorican bales in aGermany n dhas consumed ^ in atheo t^ o
cotton. s e a s o n a Austria 8 2 0 ^
V,800,000
But to make the total the complete fib res for to-night
2,020,000bides. That w « t o L l c of at least (Friday), we add the item of exports from the United States,
Vyl vV/Ul Ov j t o
1
Of course,
hM ' “ariv Peace.lt is fair to suppose including in it the exports of Friday only.
1915.
that amount of.cottouy^ American’ market in Germany Stock at Liverpool............ bales. <84.090 866.000 1914. 1913.
^ o -n ~o - ^ t 1Vast^armios D ec. 22—
. 0
,
. .
nnn
738,000 911.000
5,000
10,000 20.000
Stock at London .........................
r i ’Xrtn
»r the clothing Stock at Manchester........ ........... bl|UUU 71.000 50.000 103,000
T n o^ efu l 1S e r ilExportsare'alro^dy large, far exceeding T otal Great B ritain..................... 8I ? ’ nno 997.000 813.000 1,019,000
*10,000
15,000
o f peacefu times. ^ x iiagt
.M oreover, although the Stock at Hamburg..................... 1,000
85.000 443.000
* 1.000
those up to
ar0 gomy 7 5 0 , 0 0 0 bales larger up to this Stock at Bremen ............- ........... 047 'nnn 290.000 171.000 395.000
2,000
Havre .......
‘na
2,000
2,000
HmShan during the same poriod last year, the stocks at the Stock at Marseilles...... ............... |.oon' a66,000 17.000 23.000
Stock at
Barcelona.....................
S t s are lou^ y , 150,000 bales smaller than a yearinago Stock at Genoa.....................- - ­ oon’nen 259.000 839.000 24.000
are roughly,
ports there IS the question Gf the technical position in the Stock at Trieste. ....................... 1>U(JU * 1,000 *4.000 14.000
. of tlio technical position the Stock at
Finnllv
New YorkMarket It stands to reason that it is a good deal
Total Continental stocks.......... 538,000 620,000 372,000 Jl^OOO
bettor than a few weeks ago in a heyday of bull spei
Total European
Then everybody was buying. Every o^^y was t(^ '2 5 Vents’. India cotton <,a* * stocks........ ..1,411,000 1.517.000 L185.000 1-935,000
.68.000
28.0 )0 953,639 819,478
idla
*
^ *vv* ^r
koo n 10
much everybody thought that cotto
That wag Amer.cotton afloat for Europe.. - 599.648 414,001 AiS r2X ui0.478
cotton afloat for Europe..
55,000
82,000
66.000
Brazil,&c.,afloat forEuropo 54,000
It did go to 21.55c. for May cotton^n N a tiv 0 tide hag Egypt,in Alexandria, Egypt........ 227,000 240.000 *208.000 378,000
Stock
409.000 402,000 608.000
Bombay, India------------the on the ebb. r k . . tbo pi.jCe must be pretty .$25 Stock In Bombay, India----------- . 457,000 I 1 677 854 1.475.667 1,042,088
----------l u . iy
‘
~
boonhigh-water m aCert. k \ j th P has dropped over well Stock in "U.S. ports towns------1.519 311 1. v 20o323t J ^ 18.103 980,476
in U.
ll3§§§$£
65,143
,
Stock------ S. Interior
U. S. exports to-day................
am
bfned out and ready to take nowconsider the certainty of
ott and
impressions, or in other
,
k 742 545 6,087,136 5,740,290 6,028,185
cleaned
y
they
.... .
Uescrlptlons are as follows:
words, approach of peace. There may be a discussion for $ * £ . ’ ' t S S T « S S i «
steady to advan
JA
Y
Markets u i S S & U ok......... . . . . W - 616.000 605.000 «g.0 00 700.000
They antici­ Manchester stock...... .................... *451000 *518’,000 *285,000 869,000
- - - - ...............
414 001 953,639 819,478
pate them long before they autolly comedo paem And peace, Continental stockfor -Europe........ r100^648 1 677 854 1,475.668 1,042,088
American afloat
iq i i
U.S. port stocks.
..............I •882887 1 533 958 1,426.881
989.476
as already intimated, is‘
A d v a n c e d 50 points at first
U.S. Interior stocks.................... 1,3M 699
20 323
18.102
65.143
U. S. exports to-day......................
3d.one
______.—
—
S T l U ^ S S . hotter ^stock S i , - v c U of to rts Total American......................4,642,545 4,807,136 4.550,290 4.556,185
E ast In d ia n , B ra zil, & c .—
nnn
EkSSn8
K L T e » n g b y ° T i f r S LiverpoolStock--------------------------- lfia ’oOO oru 000 273.000 211,000
5.000
stock........ — - ............. 1f|
60 000
25.000
London
-X-jUli
.>j nnn
32.000
*

7

em dispatches in ™ ^ydecline in futures for the week. May
fmm, despite t greyer than a week ago, and was at one time
ended 2 1 l,P°1p9q no;nts lower than last Friday. Spot mar­
ket l t
4 - middling uplands showed a decline for the
WeThe°official°quotation for middling upland cotton in tlio
N elV ork marlet each day for he past w »k has beeuFrl.
D ec. 16 to Dec. 22—
,0 3 5
Middling uplands.....................

is .10

17.80

1 7 .1 5

16.70

16-20

Manchester stock.........................
Continental stock.............
India afloat for Europe. ............
Egypt Brazil, &c afloat..------Stock In Alexandria. Egypt------Stock In Bombay, India..............
,
_
i

24.000
47.000
*85,000 * 102 000 *87.000 109.000
103.000 116.000
68.000
28.U U
U
82.000
55.000
227 00) 240 000 *208.000 378.000
227.000 340 uuu
608.000
4o7.UUO nju.uuu 402,000
inn nno 1 280 000 1.190*000 1,472,000
4 .550,290 4,556,185

Total visible supply....... ............ 5.742A 15 6.087^136 5,< 40 J90 r)-°|8^ 8,5
llddlhig
12 15c.
7.65c.
12.60c.
Middling Upland, Liverpool.----20 65d.
10.35.1,
7.00d.
10.35d.
Egypt, Good Brown, Liverpool
8.75d.
9.00d.
11.40d.
Peruvian, Rough Good, Liverpool 18.00d.
4 -20d.
6^d.
7.25d.
9.65d.
Broach. Fine, Liverpool--------4.06d. 6 ll-16d.
7.37d.
9.77d.
Tinnevelly, Good, Liverpool-----

CotitinontaUmports for past week have been 73,000 bales.
Tho above figures for 1916 show an increase over last week
19Q8-C........ 1 1 -9 9 ..----- 7.56 1891........................ 7.94 of 38 743 ba°lesg a loss of 344,591 bales from 1915, aui excess
1907.............1 8 |0 1898--........ 5.81 1890............ 9.31
1906.............10-55 1897............ 5.88 1889.............10.25
o or,r,
nvor 1914 and a decrease of 28o,b4U pales
1905.............12 -10 1896 ............ 7.12 1888............ 9.75 of 2,255 bales
1904............ 7-60 1895.............. g.25 1887.............10.50 from 1913
1903---------- 13-30 1894............ 5.69 1886............ 9.44
QUOTATIONS FOR MIDDLING COTTON AT OTHER
1902.............. g-75 1893............ 7.94 1885............ 9.31
1901.............. 8.50
MARKETS.—Below are the c lo s in g quotations of ^ddhng
cotton at Southern and other principal cotton markets for
MARKET AND SALES AT NEW YORK,
mhn total sales of cotton on the spot each day during tlio each day of the weok.______________ _________________
i oJ Mow York are indicated in the following statement.
C losing Q uotations fo r M id d lin g Cotton on
FofthAonvenience“ f t o reader wo aloo add column, which 1V e.k ending
Saturday. M o n d a y. T u esd a y .I W ed'day. T h ursd 'y. F rida y.
show at a glance how the market for spot and futures closed
D ec. 22.
17.00
17 00
17.60
17.60
18.10
on samo d a y s . ___________ ________
18.25
Galveston —
17.25
17.25
17.25
17.50
18.00
18.25
MEW YORK QUOTATIONS FOR 32 YEARS
NEW lO ltiy VU
. 1,goo c....... 10.3111892.c____9.88

1910-C.........16.20
1915.............12 .10
1914----------- 7.50
1913............ 12-50
1912----------13 10
1911.............. 9-50
1910............ 15.15
1909--.........15-75

Spot M arket
Closed.
Saturday—
M onday__
Tuesday . .
Wednesday
Thursday .
Friday-----

Quiet,
Qulet,
Qulot.
Quiet,
Quiet,
Quiet.

.Total—




25 pts. dec..
25 pts. dec..
30 pts. dec..
65 pts- dec.
45 pts. doc..
50 pts. dec.

F utures
M a rket
Closed.

Unsettled . . .
Barely steady..
Irregular-----Steady--------Irregular----Steady........ .

Now OrleansMobile—
Savannah —
Charleston—
Wilmington----Norfolk........
2 ,0 0 0 ! 2,000 Baltimore---300 Philadelphia 300
600 Augusta------300
100 Memphis----100
H ouston-.--.
Littlo R ock..

SALES
S p ot. Comlr'c I Total.
300
300

2,700t

3.000

18.00
19 H

17.88
19%

17.75
18%

17.50
18%

18
17.75
18.25
18.60

17%
17.75
18.25
18.35
18.25
18.50
17.75
18.75

17%
17.00
18.00
18.05
18.25
18.00
17.25
18.50

Nom.
16.75
17%
17.40
17.50
18.00
16.90
18.00

18%
18.50

18.15
19.00

17.50
18%
Nom.
16.88
17%
16.95
17.50

16 To

17.75

17.00
18%
Nom.
16.13
16.75
16.45
17.50

ieTo
17.00

2352
fh week and the stocks to niodit
eAs

fVoL. 103.

7

*’tkesklpments for T
age thermometer 54 ^hirt7 undredths of an inch. Aver-

th e

s s s f ^ ^ * £ ^ ^ ,*srSst
712

655
Selma______
300 35,369 382 31,901 1.827 49,487
6,800 856 91,016
Ark., Helena.. 1,633| 20,207
43,049
Uttle Rock.. 4,474 175,898 1.635! 21,665 3,131 44,108
4,450! 54,463 6,100 108,035
Pine Bluff . . . 2,50l 106,447
3,500 40,000 3,298! 83,956
Ga., Albany__
86
45' 2,810 „ 668, 19,706
Athens.
785| 20.301
89,156
38,484 6,680]
Atlanta.
9,872 218,479 2,900 84,449 3.216 90,884
Augusta....... 5.91C 307,593 9,202!
85,563
617.151,615 10,533! 300,819
Columbus___ 4,364
60,580
Macon____" 1,316 118,041 1,925 20,015 J -118 41,805
Romo...........
73S 48,986 1.8411 24,188 1.727| 38,032
815! 10,334 1.034, 48,802
La., Shreveport 2,225 129.754
Miss.,Columbus
154 5,021 6,870j 29,493 3.390 98,997
19l| 2,610
Greenville__ 1,500 51,711 2.011! 26,000 1.040 11.256
Greenwood-. I 2,249 94,957 2,469! 32,650 2,000 57,886
Meridian__
458 15,790 770 9,816 4,083 86.974
Natchez___
1.435 23.551
669
Vicksburg ..
679 33,178 100, 13,884 264 21.968
13,354
Yazoo City ..
100 17,246 618! 6,270 1.214 22.233
159
Mo., St. Louis. 23,581 540,198 22,414 9,500 90 A n ? i „ 2 5 -955 t . u u i l
32,772 22-j61 261.087 21,411
N.
C.,Gr’nsboro 46,975
829,
Raleigh.........
102,
8,400 901 9,182 3.476) 43,936 2,302
150 322 165 8,303
O., Cincinnati. 8,280 106,305 8,427
23,798 6,919 102,058
Okla., Ardmore
365 49,831
Chlckasha . . . 1,844 46,036! 2,233 9,593 2.002 34,733
9,085
Hugo.........
O
313 O cool 1.259 4,142 5,569 44,915
101
949
Oklahoma . . .
417
813 2,950 1,489 10,034
S.C., Greenville 4,000
4,342 41,000 4,559
Greenwood__
524
7,616 584
Tenn.,Memphls 36,276 807,039! 23,382 311,’969
38,974
Nashville___
40
Tex., Abilene..
379 59,834 ......... 3,124 2,022 44,736
255 365
Brenham___
87
91 2,318 189 14,227
Clarksville.. T
113 23,266| 585 4,480 763 23.801
40,321
Dallas______ 4.427 82,434
5,795 10,090 2,141 57,484
Honey Grove.
190
231 3,110 843 23,401
Houston__
47,061 38,71
Paris...........' 1,848 1-605,469 53,817273,030 76,398:1,381,785
104,987 1,519, 5,591 2,310 68,851
San Antonio..
5121 37,367 309)

to the extent of
f 7 * °weok'
thermometer has ranged from
of aP ln°h- The
M a d i s o n , F la .-W e have W
.°-69’ p a g in g 48.
weok, the rainfall boing fo u ^ n o ^ a °'S tkrf° days of the
The thermometer averaged 48
hundredths,
the lowest 32. has averaged 48, the highest being 67 and
to f c ^ t o f ' s t a y . dr * « “>weok
“W

s

2,203

i

43,147
43,147

743

BaLu g D. m o v e m e n t

f o r

Dec. 22—

t h e

w e e k

Saturday. M o n d a y , Tuesday,
D e c. 16. D e c . 18. D e c . 19. W ed ’ day, Thursdi/, F rid ay ,
D e c. 20. D e c . 21. D e c . 22.

2 736

a n d

•191t
Since

V lT s tT L o u ls ....
22414
V a Mounds.
.................2g ’f i i
Via Rock Isiand............................
Via Louisville_
_
o ia l.
Via Cincinnati . . . I .......................
Via Virginia p o in t s ...” : : ............. f o o l
Via other routes, &c........... 37 ,9 4 8

t& i

169.675
3,928
66.267
52,350
59,391
418,582

D e d u l ° ^ S l s - rIand....................

W eek,

21,411
14,696
660
4,698
4,000
5.297
13,207

j

2
1

17.58-.70 17.55.58
16.95-.66
17.55 — 17.25-.30 16.65-.71 16.50-.63
16.54-.55
15.77 —
17.61.75
17.31.66
16.61.23
16.30-.76 15.69-/97
17.61.63
17.31.34
16.61.7l
16.49.51
15.69 — isreo- ‘.73
Range___
17.86-.08 17.55.95
16.84-.48 16.49- .0o 15.75- /22
isihg............ 17.88-.89 17.55.58
16.86-.96 16.75-.78 15.75.80
15.96- .98
18.10.30
17.75.17
17.07.68
16.72-.26 15.98- /43
18.10.il
17.75.78
17.08.18
16.96-.99 15.98.10
16.T7V!20
18.27-.47 17.91.32
17.22-.82 16.92-.45 16.18-/61
18.26-.27 17.91.94
17.25-.26 17.17-.18 16.18-.25 16737—42
16.32.49
16.13-.47 15.50.95 15.27-.61
14.60-/75
16.32.33
16.17-.18 15.50.51 15.35-.38
14.50-.60 14.69-~.73
Quiet
Quiet
Qulot | Quiet
Steady Nominal
Bar, st’y Easy Norvous! Steady ^
Unsott'd Steady
i 17. 1 15. Note
■Range for Eriday missing.

li

C otton Takings.
Week and Season.

63.969 ~ 7
1

Overland to N. Y ., Boston, &c
7 858
Between interior towns
” 0318
Inland. & c„ from S o u t h : : : : : ” : : 7)181

87 1 7
0

ita n il

170,534

Total to be deducted_________ 17,357

316,789
Leaving total net overland *
58 711
968.769
* Including movement by rail to Oaiada.

7,289
1.416
2,496
11,201

aged 47 ’ the highest being 63 and

keting. We have had rafaand^nn '.uter?erocl with marthe precipitation°bSngathirtydhundredtks°<tfayS f£ 6 "™k.

fis

™
’is
s in c e

690)
owi

1916.
W eek.

uppiy
apply
l In sig

39.002
45,801
85 190

■ 5,703.792

!
) to Dec! 20”

52.768

1915.

Season.

3,198:251
292:182 8,101,373
6100,000
562.000
610,000
77.000
648,000
530.000
65,000
53.000

w

„

1916

Since

Southern consump’n to Dec. 22.~.~ 8 1,0 0 0

1.0 2 8.00 0

.................... .
Nortu’n spinn’s takings to Dec. 22 44.836

6.101.373
1.435 031

o joysss

Movement into sight in previous years:

llfcgilf.......... «g5S|8»3lS.,s

6.991,291 (
36M 53
99.000
12.000
28.000
3,000

.
810!000
150,000
420.000
46,000

6,158.974 12,521,624 6,494,744 13.028.913
5,742,545 5.742,545 6,087,1361 6,087,136
Total takings to Dec. 22 a
416.429 6.779.079
X£ W £ American Dec.~22~~ 309.429 5.547.079 407.608 6,941,777
P}C
Of which other......... . . .
107,000 1.232,000 283.608 5,379,777
124,000 1,662.000

-1915Since

W eek.

211,978
52,768
76,000

3,857^774
615,948
1.402,000

...........

6,932.503

107.071

1.315,809

io ^ tS

7

WEATHER REPORTS BY TELEORAPR
*
where r e m S sV n in e/ e° ingi rom tho South 'indioate that
been light as t rSe Th^ ™ * 1-0 ^ fch? Precipitation has
volume^on account of S t S f t S f f i E * “ rl>tller re3trio‘ed
G alveston, T ex .
We have had no rain the past week Th«
I wf-Lt Z ’ ™ex: We havera.ngj ng fro“ 2 6during the weok
Th°
had no rain to 78
has ranged from 14 to 08, averaging 41 '
ForZ W o r th , T e x .—There has been no rain tho past week
high,e3t 7° .and
f i 3fc weekTt x-—We have had no ram the past week
The
lowSt ^
8 avera^ed 44* the highest &ing 72 and the
W h ? \ A n t° n io \
There has been no rain the past week
ThT a S rm2?rterDrv8
5 7 ’ ™ aZ inZ from 32 to 8 2. *
ter' 2 0 ’ i D y aU the week- Minimum thermom


1 S eason .

W eek.

Total supply...........
D educt —
Visible su pply..

In Si0hTa & SPinnerS’
s

Tetteh

‘S6
“ '“oh- weok’the

uo.nu 231 3,110

j.______ _

r$ € i% £ £ £ % .

the lowest 30.

]

aU theweok- Theth-

s m

Movement to December 22 19X6. [ Movement to December 24 1915.

R e c e in ia
on.
7
■ ------------—
Ship­ Stocks I ~Receipts.
Ship- Stocks
Week. I Season. ments. Dec. Week. Season. Imeats. Dec.
Week. 2 2 .
Week. 24.
Ala., Eufaula..
42\ 9,657
46, 9,197 462 14,842
Montgomery..

Towns.

^

N oe. 30.
Receipts at—
Bombay.

Exports
from —
Bombay1916 ___
1915
1914___
Calcutta—
1916 . . . .
1916___
1914___
Madras—
• 1916 ___

1916.

1915.

1914

Since
Week. Auff. 1. Week. ASince1. Week. ASince1.
ug.
ug.
7 3 .0 0 0 '

3 87 .00 0

4 9 .0 00

fo r the Week.
Great Conn­ I Japan
Great
BrUain . nent. jt& Afnc1 Total. BrUain.
C
nnri
16 00() 7 UV 00 nno
__________• • » Vi 36.000
io!oo(
"5,000 10 ,00c) 28,000 20.000
6,000
1 000

1,000

1914___
All others—
1916___
1 nnn
1.000
1,Wi)
1915___ 2.000 5.000 1,000 8.000
1914___ 1,000 2.000
3.000
Total all—
O fW l
1916___
17.000
25.000
1915___ 2,000 17.000
46.000
1914___ 8.0001 13.000 27.000 23.000
5.000

4,00C
8,000
17,000
1,000
1,000

543,000

Since August 1.
Conti­ Japan
nent. tfc China . Total.
—

71.00C 374.00C 449.000
88,000 363,00C 459.000
53,000 133,000 203.000
5,000
3,000
9.000
9,000
2,000 12,000
2,000
1,000
3,000
3,000
10,000

.... ..

3,000
14.000
12.000

.... ..
—

10,000
50.000
30.000

35.000
31.000
2,000

3,000
11,000
.........
48.000
05.000
44.000

8,000 89.000 412.000
24,000 157,000 396.000 509.000
677.000
20 .non 85.000 136 non •?50 nn0

THE CHRONICLE

D e c . 23 1916.]

3353
B R E A D ST U F FS

■ TUVIKHRIA RECEIPTS AND SHIPMENTS,-----A lexandria. Egypt ■
K ov. 29.
Receipts (cantars) —

Since
Week. A ug. 1.

Exports (bales)—

F l o u r has been quiet so far as the home trade is concerned

311,546
1.740,404

234.763
2.474,248

294.664
3,029.665

This week........ .
Since Aug. 1........

Friday Night, Dec. 22 1916.

1914.

1915.

1916.

Since
Since
Week. A ug. l.| Week. Aug. 1.

34.101
38.715

64,536 3,288
50,9071 7,043
51.6041 13.868
59,837j 2,957
226,8841 27.156

7,996 79,307
To Liverpool........
40,823 6", 145
To Manchester - - - - ­
1,220
T,342
To Continent and Indla- 3,592 41,382 4,697
29,974
To America-------12,930 191,486 12,062

55.SS2

28.522

157,220
Total exports--- - ---- l.2i?30
MARKET.—Our report nw»v«“ c I menuonea. f n t » e * ?
a a -

1910
814 lbs. Shirt­ Cot'n
ings, common M i d .
Up'S.
to finest.

32i Cop
Twist.

d.
15%

17 %
1814
1914

10«
17 M

18

d.
6
0
9
6

s. d.
@U 0
@11 714
@11 1014
@11 1014

d.

d.

10%

d.

@8 3
@8 3
@8 3
@8

41-

1214
121416
1214 0
1214'6

11.90 1014

19%
191419 6 @12 114 12.05 1114
1814 9 6 @12 114 11.00 1114
171419 412® 11 1014 10.09.1114

17«

s.

1114
1114
1114
1114

6 @11 1014 12.21 1114

18
18%

814 lbs. Shirt­ Cot’n
ings, common M i d .
Up's.
to finest.

324 Cop
Twist.

11.13 1014
11.42 1014
12.08 1014

from Europe. The

r " eW3
n

@8

d.

to an early peace except on eond:itio
| 'hl
the rise was
Allies may be unwilling ‘ “ X
same t h n e thTPremier drew

7

6.91
7 01
7.06
7.28

@ 8 10
@ 8 10
@ 8 10

Total bales.

300-"-- D 7' 21—S
ec
an

| and Russia is not available.

It is tru

Kushels but in

G
ugii-

GAL
-trn a rVrc V n ^ b e c . I S ^ W g u e i M . Hinlllos. 4 , 4 0 0 - D e c .
c

21

English advices state that arrivals are; imHeci ana =

^

To^^noa—De<?.^m"^Ediin"g"ton",T2,b9Kl"bec.”l9—Samartia^,
T E X A S C I T Y — To LiVe9
r?ooi-D ec"."f^Eavestone, 6,576----------

To Genoa— Dec. 16—Edllngton, 4,790— -

d
'r][an 7 040 -

?S

6,57b
7,040

E S fS ssIsS E

, 6O
0

SAVANNAH—To"Liverpool—Doc. 16 Heliopolis, 10,817

D

ig 763

s ^

^

r S

S

^

i S

w

i i s a

Kingdom 'dining“ the n S t w ‘ m o n ti.

S ^ f ^ - O N ^ T c ^ iv e r o w
BOSTON—To LLiverpoc? —^
Dovonian,_ 3,112
JoY a
"

S ? C14—-S t^ t* P o ln L 865 1 11 D ec." 16—■ ^
100

P H I L A D E ------- _________________________________________________________

^

f S

Meanwhile the

«

S

! S

»

- S

206

Shinyo Maru No. 2, 5 ,ut>l — uec. z i— ajub-u. ^ 1Qg
—
FukuiMaru, 355-----

------

S E A T T L E — To"Japan—Dec. 12— Kamakura Maru, 4,649---Dec.

w

m

w

m

M

355

S
13 — Henrik Ibsen, 8,221— Dec. 18-Awa Maru. 6,0 1.-— l| -»g'
To Vladivostok— Dec. 17—Tenpaisan Mara, 5 . 9 8 8 - - - &
.9«»
TACOMA—To Japan— Dec. 12—Kamakura Maru, 50 ---D e .
^35
—Awa Maru, 85---------------------------------------------------------- --------- —
................................................... 195,268 small and most mills are clS ^ „ f, '® ? e °d Imirioin winter
0
n*

LIVERPOOL.—Sales, stocks, &c.f for_JMtwoek:
Sales of the week - - - - - - - - ........
Of which speculators took------Of wiiiui exporters took........ u i which va.| a
; jw
-- -------------Sales. American........................
Actual exnort ......................... - -

3|
>822 * '^'(ioo
1.666
d.uuo

3.000
1.60U
0*7 nnn
29.000
27-000 2.000
*'}$X
90.000
701.000
588.000
T O f which A m erican- ............- 681-060
81.000
Total Imports of the week............ 121.000
49.000
Of which American.................. 96.000 365.000
..................... 319.000
Amount afloat-.
C r which American................... 265,000 296.000
>

34.000
3.000
1.000
20.600
2,000

59.000
707.000
561.000
b6,000
55.000
406.000
338.000

will have to import oni alitoral scale » d

» «

gweden

Dec. 22.

30.000
800
300
23.000
2,000

73.000
784.000
616.000
151.000

112,000

327.000
286.000

f t X
Tho tone of the Liverpool markot for spots and futures 5 to cents on the Wilson note
each day of the past week and tho daily closing prices or cents7from the bottom prices of ’t.J™t.1 Ijv partly owing to the
day,>P y
country
w w
Spot,
Market,
12:15
V. M .

no^ef o f ° S e c re ta ry

j
(1
|
1

Market
closed

Tuesday.

Wednesday. Thursday.
1

Friday.

Moderate
demand.

Quiet.

More
demand.

Quieter.

10.09

10.80

Mld.Upl’ds
•ales____
■pcc.&exp.
h
Futures.
Market \
opened J

Monday.
Moderate
demand.

Saturday.

HOLI­
DAY

'

10.71

10.29

10,000
500

10,000
500

7,000
700

7,000
500
Easy,
7 @ 9 Pts.
decline.

sL S s
m and

r
fr o m

a

.

d
sr

E u ro pe

and

«3

p

o

r

1

0 ^ i ng t0

5,000

Quiet,

.t h p r i? M i n S t o t ^ y actm aUy

ended^at a modemba^^t advance over ^he closing potations

Quiet,
40 points
decline.

Quiet,
Irregular,
5@ 9 pts. 15@17 pts.
decline.
decline.

500

1@2 pts.
decline.
Quiet,
Unsettled, Barely st’y
Weak,
Steady,
24@37 pta.
1 pt.dec. to 52@59 pts. 3@9 pts 8@ 11 pts.
decline
advance.
decline.
7 pts. adv. decline.

Tho prices of futures at Liverpool for each day are given
below. Prices aro on tho basis of upland, good ordinary
clause, unless otherwise stated.
Tues.
Mon.
Sat.
Dec. 16
to
|12*4
12 J4 12*4
Dec. 22 12 M
In .m .
p.m. p.m. p.m. p.m. p.m

Wed.
12*4
p.m.

T hurs.
12*4
p.m.

Fri.
12*4 4
p.m. p.m.

th r o u g h ca r s h o r ta g e s . ra ilro a

em barg ^

o f f m a te r ia u y .

e x p o r t sales d u rin g m o s t o f t
fr o m o n e to tw o
E x p o r te r s in m a n y ca ses are said to b e ro
one
m o n th s b e h in d o n s h ip m e n ts o n o ld £

de^ X ^ t h r o u g h

d.

D e e _____
Jan.-Fob.-

Mar.-Apr. HOLI­
M ’y-J’ne- D A Y .
July-Aug.
O ct.-N ov _




10
10
10
10

60
62
73
83

JO 82
10 00

c u lt m a t t e r ,

i n e g r o w iu g

18 7 ,0 0 0 ° » c r e s la r g e r

w in te r

w heat

a c re ag e

is

tha°n th a t o f la s t y e a r , b e in g a n i n e r e a *

2354

THE CHRONICLE

whon it was 40,452,000 acres This*’
T h e m fiu Z

S c a n d in a v ia is

C y m T a A

^

o

^

i

l

a lls

« r° P R e,,° r“ nS B ° ard ° f th0 B “ « » “ of Crop

Ch cag0 May at Omaha for trees paid to farmers on P™dUCti0n>imDortmt (boood on
PriecTpIl „ ,° aOTOage’ Dec. l)of and ™h'°
r J S f ^ 3 g o o d a t ChioaS°

JZ

S Sat. S on . E
M
Tues

S

r

Wed. T/iurs.

of the United States in 1010 and 191S w th t l
0r0P3
for tho five years 1910-1914 uaseci on tiie ronnria ttverage
based on the
° .-.p
_
,

:

" '
Fri.

CLOSING Piuoifi-O F VrilBAT r o r % » M c h ic a S ?
,S

d a il y

AGRICULTURAL DEPARTMENT’S REPORT O N
CEREAL AND OTHER CROPS.-The Decern bor ostiS m

No. 2 hard.
N o . 2 red .

itwo yG,ars a&°>

[V o l . 1 0 3 .

s ? ; a f v ^ a i ” £ r tor-ote-il& p w i r

the reports of the
correspontJents a n d agents of the Bureau, are as follows:
U915 figures rovised.)

s ......... ! ' 9 r>8 %
'

M y « lv « r y in e,omor; : ; ; ; ; ; ; ; | | p | | | « }jj|g Jim

| g g j| |

G e o r g e ’ s1

^

If . Unit
Total.
1 Cls.
$
105.954.000 24.4
106.197.000 28.2 2.994,793,000! 57 5
105.240.000 26.0 2,732,457,000 57.V 1.722.080.000
34.829.000 13.8
481.744.000 162.7 1.576.938.000
783.911.000
41.308.000 16.3
673.947.000 94 7
638.149.000
30.154.000 16.4
494,654.000, 88.7
438.932.000
17.956.000 8.8
158.142.000 152.9
241.854.000
19.101.000 18.4
351,854.000) 86.4
304.154.000
18.799.000 12.4
233.571.0001 81.6
190.707.000
52.785.000 12.1
639,886.000 160.3 1.025.765.000
60.469.000 17.0 1.025.801.000 91.9
942.303.000
48.953.000 14.9
728.225.000 86.5
629.639.000
41.539.000 30.1 1.251.992.000 52.4
656.179.000
40.996.000 37.8
659.506.000
38.014.000 30.5 1.549.030.000 36.1
1.157.961.000 38.2
7.674.000 23.6
442.909.000
180.927.000 88.2
159.531.000
7.148.000 32.0
228.851.000 51.0
118.172.000
7,593,009 24.5
186.205.000 59.5
110.840.000
3.096.000 15.3
47.383.000 122.1
57.857.000
3.129.000 17.3
54,050,000| 83.4
Av. 1910-1914..............
45.083.000
2.305.0001 16.3
Buckwheat— 1 9 1 0 __
37.568.000 74.2
27.877.000
845.000 14.0
1915. .
11,810,000 112.9
13.364.000
769.000 19.6
„ Av. 1910 - i i ; ; ..............
15.056.000 78.7
11.843.000
826.000 20.6
Flaxseed— 1916
........
17.022.000 71.0
12.080.000
1.605.000 9.6
1 9 1 5 ..
. ..............
15.459.000 32.48
38.350.000
1.387.000 10.1
Av. 191IM4
14.030.000 31.74
24.410.000
2.102.000
7.6
Rice— i9 io
18.353.000 51.48
27.133.000
878,800 47.8
1915......
.............. -*
41.982.000 88.0
37.180.000
802,600 36.1
Av. l o i b - i i ; ; ; ............
28.947.000 90.6
20.212.000
733.000 33.3
Potatoes— 1010 ............
24.378.000 83.9
20.452.000
3.550.000 80.4
1 9 1 5 ..
. .........
285.437.000, 146.1
417.003.000
3.734.000 96.3
359,721,000l 61.7
Av. 1 9 1 0 - 1 4 . ;;; ;;; ;;;
221.992.000
3.686.000 97.9
360,772,000' 59.2
S w e e t^ o ta t^ — 19 10 . . ; ]
213.651.000
774.000 91.7
70.955.000 84.8
60.141.000
731.000 103
Av. 1910 - i i ; ; ; ; ; ;
75.639.000 62.1
40.980.000
611.000 93.5
57.117.000 72.1
41.172.000
54.965.000 1.64
191
89.991.000 $ 11.21
pected to increase considerably. Later
85.020.000 310.63 1.008.894.000
Av. 1 91 0 -li..................... 51.10.8.000 1.68
913.644.000
49,377,000, 1.34
66.234.000 S12.26 812.004.000
her again went to a diseoim*
™
Hay, wild— 1 9 1 6 ..;;” ” ' 16.637.000
1.19
19.795.000 37.75 153.411.000
1915______
1.27
21.343.000 36.07 142.358.000
Tobacco— 1916.................... 16.796.000 . _
1.411,800 815.0 1.150.622.000 14.7
1915___
169.008.000
1,369,900 775.4 1.062.237.000 9.1
Av. 1910-ii......................
96.281.000
1,209,000 820.5
Cotton— 1916
991.958.000 10.4
103.061.000
35.239.000 156.3
closed higher'Tor rtho woe]1 ° ’r ay P
,riees adYanced and they
1 9 1 5 ...
......................
11.511.000 19.6 1.079.598.000
„ Av. l o i o - i i . . . ; ; ; ; ; ; " " 31.412.000 170.3
11.191.820 11.3
604.210.000
35.330.000 193.1
Exporters took 2 0 0 , 0 0 0 b u s h e l s . S e f ^ S g S l o r ^ h e
W eek.
---------- 200.000 bnib.l.
14.259.000 10.5
Sugar Beets— 1916
680,000 9.80
1915.
........
0.671,000 $6.17 715.072.000
41.160.000
611,300 10.15
6.511.000 $5.67
, Av. 1 9 1 0 -li.” ................
30.917.000
498,122 10.80
d a i l y CLOSING PRICES OF N O . 2 M IX E D CORN IN NEW YOU Beans— 1916
" ..............
6.391.000, *35.01 *31,850,000
915.000 9.4
1915___ "
8.846.0001 55.06
N o. 2 yellow...........
t whs
Tues‘ lVetl- ThursY 9 $ V‘ Kafirs— 1916 --------- --------44.763.000
928.000 11.1
....................
10.321.000 $2.59
26,771 000
3.812.000 13.2
50.310.000 31.00
1 9 1 5 ............ ; ; ; ; ; ; ......... 4.153.000 27.6
63.269.000
D M L Y CLOSING PRICES OF CORN F U T U B E S ^ N ^ c ifc A G O 7 ^
114.460.000 $0.45
51.157.000
24,559 261
0 'Vo ”.5 (12 St‘ates ) - i 9 i 6 : :
6,417,183 31.54
9.882.000
27,579 278
7,663,712 SO. 95
O'^bage (9 States)— 1916"
7.281.000
40,080 6.2
^ s - ^ - - ator-cts- i i i z
1U15____
In
03
246,988 352.20'
12.900.000
69,420 9.7
670,631 319.40
Hops— 1916”
13.020.000
43,900 1,152
1 9 1 5 ............. ; ; ; ;
50.537.000 12.0
6.071.000
44,700 1,187
52.986.000 11.7
Cranberries— 1916
grai“
s
6.203.000
23,600 17.6
1915____
"
415.000 37.30
3.030.000
23,100 19.1
441.000 30.59
Apples— 1916
2.908.000
1915___
07.695.000 32.75 186.372.000
76,070,000| 32.07 158.712.000
Av. 1910-li
”
h a s a ls o b e e n n o t ic e a b le
T ,T
h e r P ™ ? e s f ,o r o t h o r g r a i n
65.966.000 32.22 146.703.000
Peacbes— 1916
1915____
36.939.000 51.14
42.110.000
Av. 1910-li
64.097.000 SO.80
51.278.000
Pears— 1910
43.752.000 31.10
48.119.000
10.377.000 93.3
„
1 9 1 5 ...
9.682.000
Av. 1910-li. ” ”
11.216.000 89.7
10.061.000
11.184.000 84.2
Oranges— 1910
9.422.000
f a c t o r o f b ig s u n n lie s h n «
,
o v e r s h a d o w in g
1915____
____
23.835.000 32.53
60.237.000
21,200,000' S2.39
50.692.000
Note.Corn— 1910
1915........ ........
Av. 1910-ii. : ; ; ;
- 7
W
Winter wheat— l o i a l l l l i
1915_______
Av. i 9 i o - i i : : ; ; : : ........
o f a b o u t h a l f a c e n t % £ * & ? l ° L aJ ‘ r a e .w e .n t f i t a P r e m i u m
Spring wheat— 1 9 1 0 ........
ft
a d is c o u n t
1915.......
..........
ISt Wi
___________ __
Av. 1910-14....................
L iv e r p o o l h a s Tattoriy
» > ? “ "d o r M a y
All wheat-—1916
1 9 1 5 ..
. ........ .......
Av. 1910-14..........
duction in the estim a tes"?'t f f American croD® ^
S° me r°~ Oats— 1910
.................
1 9 1 5 ..
. ..............
S S S ^ ^ ^ L smaller Shipments '
Av. 1910-14
Barley— 19 je
1 9 1 5 ..
.
........
Av. 1 9 1 0 - 1 4 : ::: ::: :;; ;
Rye— 1916
!

s s r is S 51isS5ff^Sii? &
i

Moieovoi. the^roceipts
nave been buying

s ffis

latterly been
rally was duo to firmer higher after a sharp decline'.
The ArgenBritish
consumption is very largo. The British JfoV- The JJl.‘t.ISU
is considered strong, with Arranti™.Sr : tat,stlcaI Position
American shipments sinall St £ ? offer,n^s moderate and
consumption fsexplainedpartTv b w f T Su°f tho British
grain and tho liberTuse of com f £ S £ -h,gh ^ st of ot,ler
ports a good demand for A m erS i r n £ T g* i LlverP° o1 retho good condition of tlw a S
d and comments on
surplus States haw a ar^pof i T S ^ S w f T - i ,The SOVCtl
0 0 0,000 bushels less than iLtyem
°r T ’"
decreases as comparcfl with tim h.of ’T 10st 0f K ,m*show sharp
1 o st
and Oklahoma isalso short ’ TrvwnCf°P' Tho er0P Texas
6 8 ,0 0 0 ,0
lffih " ' hand,
however,0 0 bushels reports nP roiimn 1 * Onnthe otlier f,ais!.d
there are more than list
Which have had am oron r [ai ro,ad congestion at the West
trade has amounted to little d°Pressin£ effect. Export
should admit of it, the mowment :-b ^ BP°rtah-°n facilities
in the near future is oxin the week Deceni?eaJ,m mind that the visiWe^ stock -n • Americanis is only
v • -.I , , of Still, it well to
o,584 000 bushels, against
1 ho

July dollvery

f t

---------

Qn nn
nrt n

B
a \Q 3 £ 4 T } $ 90% 92% % %
9

e le v ato r...

V

sr.

* Average 1911-14.
m a rk e ts

C n tiii t m

aHy i « S g t
h ig h e r
Th e re

i

i

PaG

™ft°o t

w ith

re c e ip ts

is a n

a d va n ce

e

a" d s‘ < fks
io _ c la y

w eek

d

S I '
P « c e s w e ro

S° m ° e X P ° r t

dem an d*

D A IL Y C LO S IN G P R IC E S OF O A T S IN N EW Y O R K .

r ° ^ ^ r>7 h -5 S ‘56 V - 5 7 % 5£ y

N o “ 2 wldto"

A« ‘<
>2 %
July,delivery In elevator..” ! — 50*?
n
.
.
Closing quotations wero as follows:
19 %
m

4 9 % ^ 19
5J % 53
51% 50%

47%
51 %
49%

^ FLOUR.

^ 52%
4 8%
5J

in d lhl ?

w t t a a i5 » “ ;........? g | f l

HlrdW etrerN&o2 >^ :”
X
2

s s s : a s .;:;;- ;

r

e n t ° f th ° m o v o m o n t o f b r e a d s t u f f s

to m a rk e t

the New York Produco Exchange. fl'°m receiptscolloctod b7
YorrparHPrePc re? by US The figUrea at Western
”
sinco"
POrtS, of the last oncIin^ la«t Saturday
since Aug. 1 for eachf°rp th° WGekthree years have been: and

59

49%
53%
51

Receipts at— : Flour.
Milwaukee . .

Duluth_____
Minneapolis .
Toledo.
Detroit ___
Cleveland_
_
St. Louis__
P eoria_____
Kansas City.
Omaha

S7 15 Spring, low grade.?_ .$5 15© « r k
_
Kansas straights, sacks. 8 15© 8 40
Kansas clears, sacks_ 7 15© 7 i:r
_
on n 05
City patents____
(Sprtag straights_____ ” g f g g g U Rye flo u r .. ...............7 o L f , Q
Spring clears.................. 7 . t o 7 65 Buckwheat flour” ; ; ; : l 35I In n
“ - ■
7 40@
« 44© 7 an Total week’ 16
Graham flour.........
G R A IN .
...........0 4.1© 7 40
Same wk. ’ 15
Wheat, per bushel— f. o .b —
Same wk. ’ 14
Corn, per bushel—
No. 2 mixed_______f. G. b
N S p rfn g ^ N o .^ 1, neW” " $1 94R
Since Aug. 1—1
No. 2 yellow_______ c . i. f"
1016
No. 2 yellow kiln dried
1 6?12
\ lM
1915.
iu io ........ ."I 8
Argentina in b a g s ...
N0m
Oats, per bushel, new—
c ts
Rye. per bushel—
........... iNom.
Standard..
__
saiTJra
New York .
r 1 r «i sn
No. 2 , w hite.”
wuscern______
c
w e s t e r n ..::: :::::® ; \•e I 49
v
No. 3, white.
N o. 4. whlto.




■

a m e re e c h o o f o th e r g ra in

g

ve rv
fo r^ h o

—

29,000

7,000
43.000
84,000;
36.000

Oats.
294,000
1,005,000
R m o no n
3.039,000
38,000)
24.000
29.000
648.000
35.000
958,000)
305.000

360.000 7,252,OOOl
524.000 15,452.000:
391.000 7,663,000

370 000285 07nnnn

Harley.

Hye.

.ams.

.

496)000
;
o - V “ ~~
l
377.000
122,000,
81,000
84,000
398.000
847.000
367.000
436.000

’ 830.00ol
22 2 ,0 0 0

475.000
38.000
78.000
83.000
353.000
217.000

102.000

127.000
99.000
38.000
184.000
2 2 ,0 0 0
1,000

3,000

239,000
4,906,000 2,132,000'
5,766,000' 3,085,000)
4,915,000) 1,809,000

474.000
552.000
511.000

nn0,000 145-129.00053,380,00014,517 000

Total receipts of flour and grain at tho seaboard ports for
the week ended Dec. 16 1916 follow

2355

THE CHRONICLE
Montreal**1
1
.................. 1.132.000
Ft w n n a rn * F t.Arthur-.-13.055.000
Other Canadian*.................11,388,000

Total week’ 16
Since Jan.1’ 16
Week 1915—
Slnce Jan.1’ 15 26
a Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
i_

Tlio exports from the several seaboard ports for the weeK
ending Dec. 16 are shown in the annexed statement:

...........
12f'SSn
8.000 18,569.000
Total Dec. 16 1916*.........25'57®’£99
7.000 19,392.000
-----96,000
Total Dec. 9 1916*........
6.000 9,897,000
14,000
21,000
Total Dec. 18 1915--------- 21,344,000
312,000
113,000 6,453.000
............
Total Dec. 19 1914........... 15,170.000
Summary—
4.324.000 50,619.000 2,105,000 4,831,000
Amcrloan...............................? ? '? 7 K'nnn
8,000 18,569,000
...........
108,000
25,575,000
Canadian---- ---------4.332.000 69.188.000 2,105,000 4,939.000
Total Dec. 16 1916...........f l ’5 .1 ’999
9 1916...........85,744,000

f Includings
s §i: Canadian at Buffalo and Duluth.______ I S fis 'a & &
IIS S
«
THE DRY GOODS'TRADE

N e w Y o r k , F rid a y N ig h t, D e c . 22 1916.
Manufacturers of dry goods witnessed the demoralization
in the stock market and severe break in cotton during the
past week with considerable calmness, and there was little
evidence of weakness. Offerings by second hands, however,
were larger, with holders granting concessions in order to
stimulate sales, and it is becoming evident that a large part
of the recent urgent buying, which sent prices to record high
levels, was for speculative account. Manufacturers, despite
the easier feeling in second hand quarters, c®r^tl^ €’ ^ their
tain a firm attitude, as they have sufficient ordera on
276,421 221,515 2,231,262 494,155 80,493 4,308
Total week------- 3,542,507 604,141 289,836 2,173,415 339,755 786,595 13,278 books to keep their machinery actively engaged for months
Week 1915............ 8.610.960
to come. They are welcoming the decline in Pnces for cot­
Tho destination of these exports for the week and since ton, as other costs;of production show no signs of decreasing.
Demand for goods has been very quiet during the week, and
while this is natural for this season of the year, lt;f ‘
Corn.
Wheat.
Flour.
noticed more owing to tho recent activity being f^ above
Since
normal, and there has been some anxiety on the part of mer­
Exports for Week
Week
Since
Week
Since
Week
July 1
Dec. 16
and Since
July 1
Dec. 10.
chants regarding probable cancellations of orders. Mills
Dec. 10. July 1
1916.
1916
July 1 to—
1910.
1916.
1910.
1910.
generally attribute the quieter tone of the market to over­
Bushels. Bushels.
Bushels.
Bushels.
speculation in certain classes of goods, and to the fact that
Barrels. Barrels.
2,339,958 1,370,226 58,372,399 221,427 12,465,560 banks are closely watching credits.
It is maintained that
7,136,367
United Kingdom- 87,034 2,705,036 2,172,281 82,053,185
Continent............ 26.844
20*666 531,167 many interests liavo endeavored to carry an enormous line
139,039
788.107
So. & Cent. Amer 43,525
34,894 1,228,046
6,888
1,004,248
West Indies------ 54,090
1,810 of goods with limited capital. The abatement in the demand
100
8,140
100
Brlt.No.Amcr.Col.
15,542 in some respects is proving beneficial, as it is giving manufac­
' " ' 5', 660
123,475
9,322
Other Countries-.
turers an opportunity to make progress m turning out old
140,577,171 276,421 21,378,492
T otal................ 221,515 7,068,964 3,542,507 1148,353,752 604,141 1 0,275,574 orders and to catch up with backward shipments, many of
289,836 5,973,191 8,610,960
which are long overdue. The rumors m circulation during
The world’s shipment of wheat and corn for the week the week regarding a possible early termination of the Euro­
ending Dec. 16 1916 and since July 1 1916 and 1915 are pean war had little adverse effect on the markets for dry
rrnnds Instead, many expressed the opinion that it would
shown in tho following:
mean a resumption of the upward movement m raw p atem l
Corn.
markets, and a greater demand for manufactured products.
Wheat.
The jobbing trade continues active and is much better than
al915.
1916.
al915
1916.
Exports.
ordinarily at this time of the year. Export trade is rather
Since
Since
Week
Since
Since
Week
inactive, and the congested freight situation is restricting
July 1.
July 1.
Dec. 16.
July 1.
July 1.
Dec. 10.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
165,000 21.663,000 4,193,000 ShDOMESTIC1COTTON GOODS.—Aside from a fair job­
NorthAmcr* 5.248.000 185,760.000 195.198,000
281,000
3,608,000
bing business, conditions in general throughout the markets
5.942.000
Russia------Danube----1,956',666 68,Toy,666 105,532,666 for staple cottons are quiet. While prices in
Argentina - ­ 1,592*,6 6 31,'603,666 o.'o'sT.ooo
are firmlv maintained, second hands have been selling at
416,000
352,000 17.676.000
Australia—
In d ia --------- 1.720.000 19.016.000 8,608.000 ' 188',666 2,877,666 3,343,666 concessions with gray goods offered
3.567.000 4,208,000
56,000
Oth .countr’s
reductions have equaled one cent a yard from the S i e vlevel!
nigh e !
113,068,000 which prevailed less than a month ago. The offerings, how­
8,968,000 1263,564,000 219,022,0001 2,309,0001 93,018,00f
Total.
ever are being readily taken on a scale-down asmanufacturers
S t a i n a firm attitude and jobbers show, no indications
of reducing prices. Prompt business is going on steadily
during tho continuance of the war.
.
although jf®
The quantity of wheat and corn afloat for Europe on dates in various sections of tho markets, encouraged manv y
concessions by second hands have
mentioned was as follows:
___________________________ to hold off. Colored go9 ds, particularly b ^ vy weights rulo
firm as they are becoming scarce with mills not anxious to
book orders. Retailers have been taking more interest in
United
Vnited
various wash fabrics for their special sales next month.
Total.
Kingdom.
Kingdom. Continent. I Total.
Gray goods, 38-inch standard are quoted-at
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
WOOLEN GOODS.—With tho tendency of prices upward,
22.679.000
............... 41,880,000
Deo. 16 1916 —
22.721.000 demand for woolen goods is active.
DresslinesforSprmg
............... 40,808,000
Dcc. 9 1916.16.541.000
............... 39,520,000
Dec. 18 1915—
a n y “e
29.664.000 are moving freely, although in m
________ 40,312,000
Dec. 19 1914 —
unable to accept business until the second quarter of the year.
The visible supply of grain, comprising the stocks in In the men’s wear division of tho market the labor troubles
granary at principal points of accumulation at lake and have unsettled conditions and have resulted m
being made for delayed deliveries. In order to curtail the
seaboard ports Dec, 16 1916 was as follows:
«?tpadv advance in prices for wool, manufacturers are said
CRAIN STOCKS.
Barley. l ^ e m iring cotton with wool in the manufacture of their
Rye.
Oats.
Corn,
Wheat,
bush.
bush.
bush.
hush.
United States
^ a i fn o o
It is generally expected that when official openings
85.000 765.000 eoods
303.000 1,868,000
139.000 1,100,000 129.000
fro made in Sfall suitings, prices wiU show harp advances.
SS,„v”rK
.......::::::::: ‘ lUSS
'lV.OOO
442.000
35.000
39.000
Philadelphia......................
171.000 Overcoatings which were recently opened have been in active
786.000 569.000
276,000
Baltimore_______________ 2,001,000
3,000
650.000
demand with large orders booked. the market for linens there
.
Newport News___________
41,000
166,000
...........
121,000
203’ 600
Now Orleans........................ 3,137,000
FOREIGN DRY GOODS.—In
16.000
G alveston.............
2,381,000
43.000 1,119,000 continues to be a steady inf lux of:additional .Sprmg orders, and
67,000 2.871.000
Buffalo ................................ 3,825,000
........ 149,000
1.849.000
“
afloat........... ....... 2,664,000
diich
season of the year is ordm rfy quiet
5,000
510,000
120,666 288,000 43.000 ........... b u s ie s which at this The high prices demanded are not re
Toledo.........................
1,580,000
is at present active.
snt „ { n t and various _____ of goods,. -particularly
216,000
Detroit ................................
528,000
1.156:666 20,211,000 140,000 364.000 strictmg inquiry o n d v a r i o u s lines___ „
_
.
!.n
C hicago................................ 5,003,000
1.196.000
“
afloat......... .....................—
inBuyers are also showing in­
568',666 damasks are in good inquiry.
120,000
70.000 1.362.000
Milwaukee.......................... 1,109,000
97.000 585.000 creased interest in deferred deliveries.
1.065.000
Many complamt|
Duluth............................... 4,484,000
Minneapolis----------------------12,092,000
*
92.660 7.232.000 632,000 680.000 are being received regarding slow arrivals, and it is claimed
22,000
14.000
888,000
110,000
St. Louis.....................
2,115,000
46.000
3.796.000
that imports are far smaller than the amount of goods^passing
211,000
Kansas City................ - — 11,422,000
851.000
103.000
Ponria
— - —- —
14,000
into consumption, and as a result stocks are becoming more
802.000
382.000
Indianapolis..................224.000
144,000
14,000 depleted.
In retail centres the holiday trade is active and
501.000 1.776.000
907,000
..........
261,000 it is said that retailers are preparing for a iarge trade during
280.000
On Lakes.............................
872-000
4.324.000 50,619.000 2,105,000 4,831,000
moMh thS
Total Deo. 16 1916...................... nan 3.373.000 49,182,000 2,010,000 4,782,000 the usual January sales, although in some
Total Dec. 9 1916...................... ’552 6,121,000 21,208,000 2,917.000 3,544,000 intimations that tho sales will be postponed a month tnis
___
Total Dec. 18 1915...........57,215,000
year. Foreign advices indicate strong markets with hmited
Total Dec 19 1 9 H " " - 7 5 , 107.000 13,326,000 31,683.000 1,791,000 4,984,000
supplies. Burlaps continue to rule quiet,, with the trade
Note.— Bonded grain not Included above: Wheat, 2,670,000 bushelsi at New York
13,000 Baltimore. 160,000 Philadelphia, 234,000 Boston, 4,314,000 Buffalo, 14 480 in general awaiting developments. Light weights are quoted
Buffalo afloat, 904,000 Duluth: total, 22,775,000 bushels, against 10,368,000 bush­
els In 1915. Oats, 229,000 New York, 6,000 Boston. 2,000 Baltimore 58,000 Du­ at 8 .75 c and heavy weights at 1 0 .00 c.
luth 1 563,000 Buffalo: total, 1,868,000 bushels, against 1,022,000 In 1915, and bar-

Barley, reas.
Rye.
Oats.
Flour.
Corn.
Wheat.
bushels. bushels. bushels.
bushels. bushels. barrels. bushels.
Exports from—
8,493 4,308
92,894 74,455 183,262 166,155
570,984
16,527 12,060
314,523
Boston ..................
24.000
830.000
Philadelphia..........
910,000 328,000
n io o o
887.000
Newport News----4,000
12",666 8,000
40,000
401,000
New Orleans..........
Galveston-............
...........
........... ...........
311,000 115,000 36,000

i




2356
gT^T£

THE CHRONICLE
AND

O lT Y

(Vo l . 103.

w n s l d e r a W t h o 5 !9 £ £ t a

D E fA H T M E N T ,

n0t take ,nt0

on^)erethiqAb S the Massi.— P in ibition A d o te d .— it i«?
°n, , c• tor L , first time rohtwenty-ninepyears This city
voted against the issuance of liquor licenses. ’
’

News Items.

Wa S ft
D efeated.—By a vote of
was defeated at t h n ^ n agai5st” tb0 question of prohibition

on th„ proposed charter amendment S h o r iz in g tS eiw'to
go into partnership iwith the San Francisco-Oakland riWr»,-r.«i
Rvs IV ■193 P* 1G54)."“V iT amendment was referred to
<
ly ,rr n ^ The Arancjsco-Oakland Terminal
I e 2 nfl T v ?i10 7 ----- '"e Vu° 0f ®ities for 191G* announced on j _ g 1 ln t^ese columns on Aug. 2G (page 773).
r pU at? x
ul' sh in g to n show”
the6 S S L & S ' J S E S & 9 2 8 ? * * W avvasmngton,, snows
the DODulatinn"
T }S SS r ate+ ^ ° P u la t i 9n F ig u res o f C ities fo r 1916.—
d

1910.
1916.
..
,, ,
Census. Estimated.
New York City------4,766,883 5,602,841 r
Chicago.......... ....... 2,185 283 2,497.722 Je;soy C ity ............
Philadelphia--------- 1,549i008 1,709,518 Kansas City, M o ..
Portland, Ore____
St. Louis.......... .
687,029
757,309 Indianapolis...........
Boston. ------------ 670,585
756.476 D en ver..................
Cleveland------------ 560,663
674,073 Rochester________
Baltimore------------- 558,485
589,621 Provldonce_______
Pittsburgh.............. 533,905
579.090 St. Paul..................
Detroit. -------------- 465,766
571,784 Louisville.......... .
Los Angeles---------- 319,198
503,812 Columbus, O h io ...
Buffalo___________ 423,715
468,558 Oakland------- -------San Francisco____ 416 912
463,516 Toledo........ ...........
Milwaukee---------- 373,857
436,535 Atlanta
..........
Cincinnati.............. 364.463
410.476 Birmingham..........
Newark.......... ..
347,469
408,894 O m aha.............. .
New Orleans--------- 339,075
371,747 Worcester.......... ..
Minneapolis.......... 301,408
363,454 Richmond..............
Seattle.................... 237,194
348,639

1910.
1916.
Census. Estimated. S
S
f t ’S K
S " • —
S H J S
267,779
306,345
248,381
297,847
Proposition— red l° the Peop,e by the L^islalive Assembly.
207,214
295,463
233 650
271,708 Y n “ 5™rw ' S r b r i i ? 0 ° VI™
•«
.Ingle H e m '
“ VoU
213,381
260,800 Ship tax exemption amendment
ifo ^ s o
218,149
256,417
224,326
N egro and m ulatto suffrage am endm ent..................... 100 027
254,960
214,741
247,232
223 928
J
'
238,910 Single tax a m e n d m e n t ^ ? b' InUialive Petilion'181,548
..........on K9 o
214,878 Pendleton Norm al School am endm ent:
150,174
................ * ’ n n 'f i ?
191,604 Anti-com pulsory vaccination b i ll ..
168,497
19 5 ’sur
191,554 Bill repealing and abolishing Sunday closing'law
154.839
190,558
132 685
181,762
124,096
165,470
145.986
163,314
127,628
JA2’?no
156,687 Rural credits am en d m en t..
Tax-limitation am endm ent. . . 111111111111! ! ........... 1gg

R

A

53,207
05,410
100,701
154,980
109,523
100,119
03,076
140,599
109,671
83,887
84,031

Fitchburg, Mass. — Proh ibition
stated iriJon 'S
bni0 al- jbp, various propositions voted upon was
m
roversed ] st y a F
V
or by giving prohibition a margin ofe84 s’licen sem ajority given in tho Chronicle” of Sept. 16, page 1054. 1
J y
on^hn^ofif
Proh ibition C on tin u ed .—At the election
v S z g f t & n s z & f i s s s s ^ ^ s s 5 & o n S o r iL n L T iU sT ta ieY ^ " 1 V° ted againSt th° ii!SUanCe
B
I
S
7 S * 480"
5%
2 5 ©1 ^nn^in 1 a®/ l 3 lafld3--C ’^ rC h-0 n .-T h e interest on the
C
$i,oUU,000 4% public-improvement bonds due Aug. 1 1939
subject to call Aug. 1 1919, is payable quarterly (Nov., Feb ’
f ^ a7SS^ ChUS,®ttS- ^ ec^on 10 Vote Delegates to C on stilu tw n a l C on ven tion .—On the 2 0 th Governor McCall issued a May a”d
proclamation fixing the first Tuesday in May 1917 as the ported by Au?-)» and not semi-annually (Apr. & Oct ') as re­
us m our “State
Section.
date for the holding of a special election to choose delegates „„9u^ncy*, Mass.— -V otersandgCity”Favor P roh ib ition .—The
A a in
Ized*by 6 Voters at T general ¥ e .9 on8tituti0 as author- voters on the
p 2172the voVprq 5 Itlie™ the ? election on Nov.n,7.—V. 10 3 , continuance of 19th favpred, according to local papers, the
prohibition.
uie
o f ’TSJbv S S
tz

Th^S^^m8^ municipal electrie-lightmg-plant Cbond jagnc
• B? n. d I s s u e anceled.—
ine $1,500,000

Bond Calls and Redemptions.
rw /b*1
Mt?-n 'I!ow? ship, Montgomery County, Pa.— B ond
f

»

W

S

¥

- W

ST°

J onM n-

Z ^ V 'd ^ B 13’14 aad 15’ "

men r s “ * T An el,ectlon y' hi»—
G
{Y;oL-:i fenLi°A„nfl.n ?Unibas °been set for Mar 13 overn - dr™ b v'loT efo7^ 5 Hn£/ ^9^- This city has causod to be
1917
redc.mPtion on presentation at the ifo
l a s* 5 s s s s a r - * - °f
*•
tional Oity Bank of Now YorkuponJan. 1 1917 certain nfNa­
S S to call July 1 01 and payment dato 1931, but sub­
ject d?ndatl f on any1^interest maturing July 1 and known as
- bonds h?tmh 0 th,e Cifcy of Austin.” The
fa K
b the. Budge,t Committee of theUgis- the fr d!,ngcalled fort redemption aro as follows: numbers of
J
cost about ^O2 ! ! ^ ’n^P,artm
enfc heads estimate that it will

for thfi n«vf fioS

3,000 to e a ™y

on tho affairs of the State

ofL !r. F 7 ,J(K)n T .'vas stated at over t hoffice of the 1
yfear’
n(lre?so the e 1916 budget
q 822 47fi non Jt an V
Senate Finance Committee that this large increase indicated
a •^lrJ c tax of moro than .$2 0 ,000,000 would
ec1f
Jenein°TammrVldm by ish° n?-xt Legislature which will 191*5
vene in January. There -t no direct tax this year, but in con­
there was one of 820,000,000, of which New York Citv’g

■
f i l l
liilliliiillli

m,ght b„ imposed, but thei/efforts
The 880,033,000 estimate for 1917 is not final hut if

Bond Proposals and Nedotiationsthisweek

have been aa follows:

dn os,n
ria ,d
ag
°b

conlhig^to^-eports'an^election"irtUbShalli iS^r « 2 P { ( P . B& SOTI^ N ^ A e -

S alI ^ :v e ^ h nCl”bin^ ^working ”ry^ weeks “ ^ cut Jch aHthe
have been ”^p”^ for n^ ^ to ^ p down es
K g 4- t0LaV } L \ S- exPected that when the Governor’s
week ofVtheU1917 5 5 S 5 ?ady tor- “ Production during the first Boren” °tSE ,? ? o l„0D !i:. ? 5 5 T “ ! f J ' , f 5 0 0 * a « ? 7 f e r‘‘ c f ? w J'> C a l—
blv less Tim n np n l ‘v0 SeSS10n lt W,Uaggregate considera7r
Committe^h are7nC1^ e b tC
rs«ndceaS B & S t f ^ Budgf *
Ur’ f0 0 ’?001
S
i S
? f f g
< '& K S 3 :
a
^ p ir s o T a T
aad r0pairs’ $1’0 ’278'Henry M.Sago, Chairman of the Senate Finance Commit­
tee in commenting on the estimates, said in partluests o f approxIm'ately°580*0W^OO^wo shaii'hivnV’n
* uu‘ i',on co m e
w A fo r the rem odeling o f Sing Sin* and 7,?r i ^ hav? to a Piyopriato 3400,­
000 for new hospital w c o m S ® F o M dM t
, t loast *260 a
tures which m ay becom e necesw rv ch"ef am on if whLnth h
oxpoutJi*
opinion, an offlco building ^ r t h e
hon slni
a Ii . shou,d, b e> ’ n m7
V
makes no difference how carofu lyP[h n jJ d d a i ,f r e ffHfStL emp.loyeo.3- »
the budget is bound to grow, not only t h i s ^ r mft in
to / educo Items,
.It shoal'd be remembered tfcat l S £ $ Z £ % ' & -




ALPAUGH

I R R IG A T IO N

I ^ai Mef i Vi pment ^bonds h—

D IS T R IC T

(P

O

Al

, ,

T

,

° f l38Ui',g $6° ' 000 buJ,d*

2357
that an election will bo held Jan. 9 1917 tcTvoto on the question o f Issuing
$70,000 building bonds
^
op p E R E D N E X T
A SH L A N D , B o y d C o u n t v , K y .— BCM
V.W « 200 000 school bonds voted

b”°^ D
c

C E N T E R B U R G , K n o x C o u n t y , O h io .
° s J J h ^VU.' Clerk
posals will bo received until 12
« bonds * A uth. Sec. 3914. Gen. C ode.
| rn$o 973l M
e 8m

Apr" ” M “ y I917-

W . A . M anning is C ity Clerk.
,
.
A T H E N S R U R A L S C H O O L D ^ S T R ^ p o s ids will be “received[ until

W
u . 6 1917 b y PcarteyB< ^ n^ e and*7627! Gmi’. C ode. 'D enom .
cou pon b ldg, bonds, A uth. Scc£rin62and sem i-ann. i n t — M . & S —
$1,000. Dato Jan. 6 1917. l
each six m onths from M arch 1 1918
at District D epositary. D ue S I,000
an Athens C ounty bank for
to Sept. 1 1925. toclusivo. C e r t , ^ e c k r e q u i r e d .
Bonded
d l t ° D ^ m 18 1910 incl .* t t » 2 t a £ $19,000; no floating debt or sinking fund,
tax rate per $1,000. $16.50.

!l» iv 2 W
e

- B O N D S A L E . - Kissel, K innicutt

’ D uo $-1,000 yearly

LoulSi

®
1917

to 1933, inclusive.

n is T R IC T

5°
(P. O . W est

1 U 03,7, “ 1 «
1 0•

tr s abids were: & K :
s iw tx
Other

S o ™

vi

ELECT,OS t c v o « c= « -

"

‘? m fiC * g
OUn700h381 n° T h ^ b o n d f a r 7 paTt’ o f an issue o f $250,000 voted
^ 2 1 ,3 i »
f
w K r e s e r v e d for m aintenance fund.
C H IC K A S A W C O U N T Y ’ <P. CL N e w ^ H a m ^ to n D
B __
? ^ ? - . l ? 9 2 - w e r l 8a

B oston? at 100 96.

^

l

__Tfae lssu0 of $17,000

bonds voted July 7 has been f ^ a u l V ^ ) ’ payable

#s g g : w
1

t

__________ 100.27

'o th e r bidders were>
:

l U o n ^ S t y 3r s : : : : : : : - o § | U
1o

S C f J S S i 1 93 6 .t0
1928 incl., $1,000, 19
n i s T R I C T (P. O . B erk eley S p r in g s ),
B A T H D IS T R IC T S C H ^ L W S T R lC .^ tJ> _ Reporta
_
that the
M organ C o u n t y W . V a
BOND S b(jnda carriod at a recent election.
question Of issuing *25.000 m g
palm8r), C h r is tia n C o u n t y ,
1 1 1 !-/w w ®

D lS >. *
c
B a it e r s

°J n o to v o » o t y e t boon l » u « d - V ; U » . :
_
C H E R O K E E C O U N T Y ( P . O , R n .k i . T .x ,
c o u n t y Judge.
Proposals will be rc^eivcdim til Jan. o 1917 b y
D enom . SI ,000.
for the $200,000 5 % ^ ^ . ^
annual ^ l F e b l ) . payable at N . Y .,
D ate F eb. 1 1917. f ^ ? : C‘r o f holder
D n o ‘ Feb 1 1957. subject to call
A ustin, or Rusk, at option o f holder. i ue
S6 000 in even years
yearly on F eb. 1 as foUows: A J ^ 0 ‘ ^aX f r o m 1938 to 1957, incl. C ert,
°
from 1918 to 1937, in clv t „ tn the County Judge, required. T h e district
check for $5,000. Payable to the County_ J u a g e ^ *sess. v a l. o f county

val. o f Precinct, $1,200,000.
rtm vn F L E C T IO N - R e Po?te^ ta te\ h a t^ a n 'eleclh )i^ h M ,^«3n^etJkM?,J an P ^ ^ 9 1 7 to vote on the

5 % co Ru ? Yw a ^ erw oA s

»

S S t o o t w f f i *100.000 toad b o n d ,.

U
507 7 0 | . L . Slayton & C o ----------$3,o00 U
\V
Tillotson & W olcott C o — $3.50/ /u
Davies-Bertram C o .................'*503 uui
_ avies-Bertram C o .............. 0,0
, , T exa s — BONDS VOTED.
coupon road bonds
B A N D E R A C O U N T Y (P. O . B a n d er ),V r
T he proposition to issue ! 2 - j f J i / v , p rl i „ c t N o. 1. D enom . $1,000.
^ ^ ‘ f n n u a U y ln 0 B ^ n d e r^ 1 The" county has no indebtedness. Assess,

proposition to issue $110,000 h ig h w a y ^ n

!

IKSSSlifffsa j'& 8& «

a x * ? ® * .& w .s
N.

t
W

^

i»

o

k

p
W

» 8

?

, * * * * * * * ° ° - 100-211
i

i

^

m

-

& n _

du°

C H IL L IC O T H E , R o s ,C o u n t y , O h i o .- B O N D D ^ A l e S r , Secretary
wlU tie 'received until 1 2 m J a n ^ 1 9 i 7 g r R >^-yea*r aver", bonds.__D enom .
1
ot
of Sinking ^ n d Trustees, for *24.000 4 7 /7^

™ T 1 « $5,000 'bonds voted M a y 20 have l>een sold ,- -

? n l , $ 1 7 ,500 ,000 ; total tag
.
..
O h io .—

f u S n g S t i l l i n g f c d .V l 0 .O 0 0 l
rate (per $1,000), $11 90.

P
Ev.“ E,.f t g ^ a ^ f c i g f f i i S E S E B E R s a t

tl°orn o f a sfc months J a n o f $30,000 for governm ental purposes.
U° B E L O IT , , n L A G E S C m O O L D I S T R IC ( ^(P. $ 5,000 lo% ),school obonds
*
O . B e 5 it M a h n in g
V IL t az- v u r H O L D IS T R ^ T

8 1917

CINCINNATI SCHOOL DISTRICT (P-d * ^
°

BOND OFFERING .— Proposals will bo r e i v e d until 4 P Q
r coupon
b y W m . Grautman Clerk B d . o f E d .
C ode. D enom .
school bonds. A uth. Secs. 7 6 2 6 , 7627 and 762a
payable at A m er$500. D ate day o f sale. 1>r' V i ’ anTears
Cert chock for 5% o f amount

C o u n t y , n i s o o — were awarded to Hu l. K loybolte C o. o f C in cin., for
— V,■,i io ’ / on
and int. T h e other bids were:
__
$5,313 13 (106.262) a
ni
001 K. C . lioeh ler---------------------55,229 o0

liiiou^m ot

,

r

070 no First N a t. J3k.,<Jiev............ **w

Cum f t
N
&
-n 6,210 00
t e ndngs,iPrudden & ■*: .>.J7 00 Durfeo,theilese a l C o ,_ ,v - :jSch. mlst. I
s s s C o:i D
WThls U em V a s erron'e'ously reported under
h
o f Beloit
M ic h - in last w eek’s ‘ 'Chronicle.

SA LE .—-The following are

coupon watcr-ext-

.Spitzor, Horick & GO., 1 0 1 * 1 o.za o
Kissel, kinnicuM
>hi
15 556 D . E . Dunne & C o ., W ichita 15,241
H alsey, Stuart & C o ., G n i-- 15.550 Lincoln Trust C o . . . - ..............} ■ -} f «
>
Burns, Brinker & C o ., O m a. 15,4o4 Bellan Investm ent C o ............15,115
H anchett Bond C o ., C h i------ i r’ ooc
ank o f Benson...................... 15,32b i J. F . Sinclair C o — ............... - 15,075
o f Benson...................... ao.o^o
Bank
R FN T O N C O U N T Y (P. O . P ro s se r ), W a s h ,— BONDS A U T H O R IZ E D .
__Reports state that the Board o f C o. Comm rs on D ec. 4. authorized the
Issuance o f $125,000 court-houso-constr. bonds.

*“ ^
b ldg. b<?nds carried. it is stated, at an election held D ec 15.
C L E V E L A N D , O M ° .- B O N D OFFER

ssas.«fflss&s

for^ h ^ sboO
8—
103?°P • I 2^ *
2258? b Denom $LOOO. D at? OcC 1 1916; P rin ,a n d s e n d -a n n M n t.-A .
2258. Denom . $1,000.
N Y ! D u e $12,000 yearly
& O .— payable at Amer. E xch. N a t.
a”rkc'a|bj er.s check on a bank other
on O ct. 1 from 1917 to I960* inclnf bonds bid fo r, payable t o the C ity
than the one making the b id , fo r 3 %
bo o
furnished b y the above
be either coupon or registered in form

e m B o a ii^ in
B R O O K L IN E , N o r fo lk

SS?gs-‘

sa sJ te ro s t r n v s *
C o u n t y , ,))a,,| gT ooi> ^ V 5 ' l 03E 'p^^2258 — wcto
I f

Ws u
d °‘"

N ^ o K l c^ .H !? I „ R'S , £ & S fflW ig fft fiT s a
?n

c500

M
general i b ld g. 5% R co u p , bonds^ i A u t h . J « s . ’^ ^ ^ d ^ im . a n n l n t . D eno m . $500 and $1,000. D ated day or Mue
D ue $50 0 o f each issue
A . & O .— p a y ab le at o ffice o f V illage tr e a s u r e r .
ig 2 2 1Q23 >

^

Purchaser to pay accrued interest.

na nnKFATED

S $ ^ & ! & - 4w = bmh
, 2 C L O T E R °< ! . u , . n . C ounty, Sn C .y n .-B O N D
i
•» « » - 0 03 -

failetl to carry at an election held D oc. 2.
.
C A LH O U N C O U N T Y (P . O . M arshaU ), M ich .— BONDS N OT Y E T
I S S U E D — T he $800,000 road bonds voted N o v . 7— V . 103, p . 1809
have not yet been Issu ed .__________ ____________________________ ■
■
CAM DEN, C am d«m C o u n t y , N . ^ . — BOATD^SALE.— O ^ ^ e c . 15 tire
$206,000 f ^ r ^ h ^ b o n d ^ V M O ^ n i / i ^ 4s
Freeman
•
>
' ' n a a t e __ On D oc. 18 the tw o Issues o f street
CANTON,
io q ‘ D 2006— were awarded to T illotson &
^ o t ^ aoftog l ^ e i a M - S 4 i : i l 7 0 3 -e q u a l to 104.251. T he other
bidders were:
____ 4„ „
Total Premium.
Total Premium.
P rov. S. B . & T r. C o ., C in .$1,625 04
Stacy <c Braun, T o le d o ___ 1,607 02
S
llay d en . M iller & C o ., C lov 1.600 00
1.467 00
o
-Ann _r9
.
Fifth-Third N a t. Ilk ., C in . 1,559 35 W I p l q a o -t -h &- C o . ' c i n : : : : t 426 52
r ilR
L
F. L. Fuller C o ., C lev ____ 1,546 40 Ohlo N at. Bank. 6olum bus 1,202 75
Breed. Klliott&Harr’n. C in. 1.599 00 u n io rsai. ------------------------------------ -- -

s

l

a

s

s

r

s

f

5

CONRAD, Teton County, Mont.— B O N D n S A L ^ ^ G n awarded
DH ieuapiW i i a i » y » . u » -------------------

r_

,038) and int.
__ Th®

GT ?
AT

SSSSattSikSit’ lSBIB
Breed, E lliott & H a rrison ., o.uou iu 1
r r is o n - 5.039 1 0 1
_
Dn„ n v r k c t IO K PRO^TTO N
ll reed,
CREEK C O U N T Y ( P .O ^ a ^ u l p a ^ O W a A — BOND^ELEC
oB ^
to ­

authorized the issuance o f $134,000 bridgo bonds on D ec. 20.
_
_
C A R M IC H A E L C O N S O L ID A T E D S C H O O L D I S T R I C T , C la rk e
r-yT.ntv MU*.— BOND OFFERING.— Proposals will bo rTCeWed untll
Jam 6 1^17 b y w - H . Foster, Clerk B d. o f C o . Supers. (P O . Quitman) .

— -------- —
bidders wore:
« io a g in 27
M ellon N at. B an k......... •JsS’S'lg in
M artin & C o . — ........... 7 5
L yon , Singer 3c C o ......... 127,673 75
G lover & McGregor------ 127,506 2 o

- C
--------p
and $10,000 each six
M . M . Freeman & " o —$127,405 “ 1 at o m onths C o . Treas 1D m $10.Wfll A 1 ^ 1 /,
00 six ffice o f from A p r.
1923 to Oct
1J2
, chcck on a bank other
Colonial Trust C o ............} 2Z'25S 29
months from A pr. 1 1928 to Oct. X 1 9 W . mcK ^
bW fo r , payable
Ilornblow cr & W eeks— J26.703 75
U nconditional. Purchaser
Rudolph K loybolte C o . . 126,675 00 than the one making the b id,

H n 7 ^ m Bu*7 n k n 'T ^ t e D ^ 1 1916. Interest J . & D .
^ ^ W F ^ L C O U N T Y IP
Y a n cey v IU e), N o . C a ro .- B O N D SALE.
- A J M I o m V S c ^ oTDeTroiVrecently purchased $80.000 5% court-house
1.11 ItoniU V




6

2358

THE CHRONICLE

estim ated’, $ 1?500,00'0,000? ’ ® ®’ 3 3 9 ’ pcrsonal $368,673,410; actual value
S u m m it

(M u n ty N c llfi

TJONd J ^ I yT ^

103.

[V o l .

Fiebel-E llschak C o ____
S8 181 no IE n tt» y.
~
"
~
~
Pruddon & C o : 8,181 00 F L > , S Ie n .................. $8 ,M 5 60
J

FaIls) >

F ^ F F I W n o t ^ r r 0^

S e a son g ood * M a y e r '. : : : : : 8 :i4 6 Oo|\?eiL R o th & fe o & ° ° ..........° °

ThJ ellaton heWE £ H 1 d^eLult e d
d

^

n

M e f f i ? ?eO ^
xU

'~ 7 ? 8 N D S D E F E A T E D .—

$13,000 pier-constr. and $3? 5 0 0 paving bonds! ° f th° propositions to issuo
c o S f t y has s^WU
anTsTue( o f l ? 6 o f o O o T f t a d b r a d s T * 0 ^

$

S A L E . - This

r

S U W 0 and

t h e ^ o Y S ’o f0^ ^ ^
£ ? uni7 * ? o w a — F O N D S A L E .— On D ec 1 5
P. 2092), were aw w d ld ’ to A ^ L e i c h ^ o ^ ^ w 0 8 $ 3 60 A0 0 0 (V . 103,
Mc
^ T c^ W
9
b ids'fd rbboth tesuej were: B * C om pton C ° :
Geo. M . Bechtel & < o ° ..............99.81 jEstabrook & C o ., C hicago-------99.56
C
qir£ it,ders 5m $ 1 2 0 ,0 0 0 'we're.: ' '
M U M r“

o

HT

CT°L "7 ‘ “

ra|H " rb T r '

* 0 % y sS £ g ?8 Z S

Dec. 5 the two iE
sue^ofW % nb om ls'^ -re^ tln ^ 5 7 m ^ D,o SA^ - - ° n
l^
awarded to Spitzer, Rorick & Co o^ 1 v 7 'P? 0 - V 1 103■ P-2173—
^
V W ° ^ e r bidders w eref N * Y ’ at an average * * » of

H ornbiowcr & W eeks.............. 1 0 3 *6 5 8 1

9 ld,lam * C o ............103.579
............... 102.50

All

E B E N SB U R G S C H O O L D IS T R IC T fP n n ,
,
,
C ° “ n ty , P a .— BONDS T O B E I S S U E D N E X T
C am b ria
$ f the Board o f Education writes that the ««n non a T'A R .— T he Secretary
N o v . 7 will not be issued untilabouf,June$1 9 i7 °° f e ^ v ' T o l f

P O l V E D ^ I f e ^ n t e t h e o f e ^ o f S3 0 ^ T 7 ,D u ° ™

w* »b ^ °ce i?ta M m U l 1 0 * a ° m f f t ? ’ 28 by Rob°e7 t ^ ° R F^ /iVO- - Proposals
reports state, for $ 1 0 0 , 0 0 0 1 - 2 0 -yr serTaPand S ^ ?nont,er ’r(i ounty c l e rk.

M t e : avorago

^

o P

^ - 2°

C o u " t y> M ich .—

d /u T /s 1
i s t ^
F A IR B A N K S S C H O O L D I S T R IC T tp o p • i
, s „
^ o u *y * / o w a . — B O N D S A L K
T ho 81 n* n n n
-f^-a n K8 ^9 B u ch a n a n
voted have been disposed o f .
* 1 h°
building bonds recently

E p ^ w i u b ^ c e i v e d unntiU 2 m
nt/a n ^ 2 IO w T m ^
O F F E R I N G . — ProCommissioner o f Finance, for tho $760 0 0 0
? o
’ by J ‘ w - Barnes,
impt. and refunding bonds voted D ec 5 - V * H)3 n 9 W gr * C lp ‘ 8 0 nS *al
y
,v’
\
1)00. Dato Jan. 1 I 9 ifi
Prin ftnrfonvTT«i‘ i .
2173. D e n o tn .S i,C ity Clerk’s office or at the N a t io n a m " v B a n k ‘ n ( v - V p a ,y a b le at the
D u e yeeriy on Jan. 1 as followsnnn ^ o .'c Ni , ^ - k ^ 0 Pti° n ° f holder.
$13,000 1921 and 1922; $14 (){)() inog- 8i9Pnnn9im> »®l?^ 0 0 0 1 9 1 9 an(1 1920;

MoF A L & D ° S UN OT f o ” E0 /SSD l D - T L Nn f E (P %?-. W e stm o re ).
n tL
J
wmP
n°ot benissuedb ° ndS

^

v er t^

d

^

^

262,’m

DemRlEEtho $9^00N- u ] % ( o ' i ? j ' year a ve‘ e ld )’ i \n
were awarded.

50 f f l

d -~ F O N D

fft.

S A L E . —-On

p. 2 1 7 4 -

C R E E N S B U R r' ‘ w " ° ° “ y ° r
627 28, equal to 101.254

to ^ ifs o ld

ThlS
n N a t‘ Bank o f Pittsburgh for $50.-

h a ^ re ld 7 o L ch a n k r?4 hCok o m I s^ c T v ’^ f ^
S
^
S A L E - T h i s city
street-im provem ent (special .-^sessj b o n d sy approxim ateIy S130.000 5 %
^ funding bonds and an issue of water-works

extension bondsn 1 01 ?
aty

p o a « W
^ ‘f r B S “a» % b ? t ° T ' i 0lVD „ O F F E R I N G . - P re ­
fer the following bonds •
CE- It,rb> C ity A u d - until 12 m . Jan. 16 1917

te s s n ^ jfo s r a

1 7 19)

^

N0 ™ ST-

Proposals^will be°rereYYd ^until‘ l ? » 8 b e n V > I n d < — F O N D O F F E R I N G .—
C o . T reas., for ! l ooo | ^ % P J N a n f r ^ n ' ? ° !)y ^ m . II. W lnship,
T w P- , Denom . $100. Date D ec ’ 1 5 u n fi an T aln5oa$ bonds in Olivo
et*
each six m onths beginning M a y I 5 * i9 i8 ? 9 ^9 ' *n t'
Duo part

8 5™‘()0

t

a

been m a d e ^ f the two issu^’
privately.
1
u - i t is oxpectQd that tho Issuo will bo sold

have taken placo Dec. 19, has been D ostnone?i°fn^f re bo, ds* which was to
n
Due N ov. 1 1 9 1 5 .
n postponed for one week. In t. semi-ann.

T o w N ^ r 1 ""- Cert:
^

C o ^ % SCh° 01 b«nds offered o n D e r i W ^ ^ . 1 ^ ^ ^
*
^ f t am a£ : : : ; : : : : : : : ; : ; ; : : : : : ; : : * | 8 i ; 3 5 5 o o and {n t;

cation gad vises 1 u s
Ule B oIrd ° o f E duSchool Board on O ct. 16 have n ot yet b een 'ta u od .— 'V ? l O ^ T s i O by tb°

tw o

N o v / l O (S l.’To°3 6 J?
V

vote on tho question o f issuing

W

EL. E C T ™ K . —

K

r s s U E lF — T h e

o i.b .), A , . * -

A ? b ! 'L each’
.3
B f c ^ ^

b ° o fc r o d for sal° until about M arch

E r ° niVMpUeSM0n ° f iSSUing S200-°00 " o a d ^ o v e m ^ t b o n d ^ * 30
VlJ

YET

h S o fc s , I’ Sio’ £ •

°* ,Gratld R apids).

W . E . Rash is M a yor.

NOT

° i ,

.Awarded. It Is stated, — IV. L . SlaytoJ oc. e i ? ”oi T oledo ao 1 0 ‘> w
. l v;u.
.
’ to ” •
ioiecio »°t°!os’.
G IL M E R T O W N S H IP (P n n 1
,
N A,
u“ *5d*

$1,000,000 road construction bonds.

R e p o rts'sta to^ lia ? arfelect ion wl’l f b e 'Y ieldin’ iT o^ dD tet^ N

BONDS

Supervisors^ at a »

$16,000

a s r « s"» isr* s&

f S ra

n

8 ' Bk- ° - ^ o . - » 0 . 5 0

4

city hall and $25,000 storm

1917.

F “

the tw o issue! oM H^% road lmnH^l l n t ) ’ M ich -— ^BOND S A L E .— On D ec 4
were awarded to the Detroit Trust c T o f D e ^ - o i f a t ’ lO lT f^* m u’ P * 2° ° 6~
G IB S O N
i r
.
...
u e tio it at 101.165, plus expenses.

The S30 000C4 ]?% K r n a W m n r h £ ? ^ 2 E $ CV PJ I 0 N ° F F O N D S . E
J a m f i o ! ^ ’ In t.’ f ; & J 9)

O O L ^ S T R I C T ' N O .' ~1S (P . O

0N S ^ T & S
Y
^

y r- f f i * N co v p22n » •

t o ^ f u n d f ja!x)00raS^ ^ Ss.^ ^J de^ ^ | b ^ ^ ^ | ^ ^ P 8 thi^tesuo, $ 8 !o !)o fO SinkS
GADSDEN C O U N TY /p n n •
,
question o f issuing 8.30 000 5 V h
r
F la-~ B O N D S VOTED.— T he

AnDe f f i ? n Nw ifl°b eh Ild i^ J iJ ti'n D o ^ l D M T ^ X ' V i ° ^ ^ n E L E C T I O N - ~
R
to vote on the proposition K s nu r i d 0D a ^ T a d F l b n L ! 9 l K “ is 8tat'e d ’
eR 5 J
o

to te d

a

■00° 00 D ^ o i r T t t

6 66

b ° ndS’

Purchaser to pay accrued interest.

Den° m - S50° -

1

Po S b ^ P K ° ”v,*,,'ffi‘s

,ln

%

i & t '& w H S M

10

D ato Oct.

days froin thno o f award.

i r n

nn OF-F,s. ? ' K ° - - n ° -

Ds \ ^ a . T= i :

m

{" fc a ? ™
j . F. Wild & C o . . . . y . ”
Moyer-ICiser B a n k ..
"
PeoDiesDL ,I^ 9 ? - - p - : ^
Peoples L .& T. C o ., Rush
...ih O K A H A L A C R E E K

1916.

1

SAZ.E - O B

20 4 0 5 0 0 B re o l^ F m n iV ^ V r Dank-$20,313 0 0
20 400 0 0
Harrlson 20,2 11 0 0
P . 3 3 O 50 M 0 erSr * C o ^ ° ° — ” ig -? !® ~
20,332 15 |Union T r. Co” Indpto” : 20,176 00
D R A IN A G E D IS T R ir^ T , d n t.

28 b y lh o Dfat. C o 3 f f l i ^ PfoOP$80
r

000

5

20

° d Unf 1 ‘ f " *
,1

D oc.

H O M E?Trp T n t
T ho question i ) f ? ™ ^ \ 35P000 b r h h ^ -m ^ fV ’ i K y ; — ^ S O N D S V O T E D . —
at an election held D ec. 7 ’ ° bridge-constr. bonds carried, it is stated,

Chas 8 Kidder & C o ., C h ic .$41,611
^ w e U Oarerd & c ° . , C h ic. . 4 1 ,0 0 0 necurity v . °B. ^ tm do -o .,mI’ o-.-®4°,7 7 6
BM i r i f c s ? i ? & p. C - l. to 7 7 2
W . L . Slayton & C o ., T o le d o . 40.806
~
N ew First N at. Bk., C olu m . 40,800 lexry Briggs & C o ., T o le d o .
H O W E Ln FI
n ........
M iami Bank ac Trust C o ------ 40,600
I

4o’ooo

lu p e C o u n t y , N. M ex.__ B O N f t c l irr<VJv> u
that an election will bo called the first week hi
tion o f issuing $32,500 building bondsT k 1 J

S u m n e r), G u a d a — Iieport.s stato
uary to voto on tho ques-

h
^ t^ ^ ^ e ^ t !ly purcnasccl attl(5o^53*an_r COiY? ‘?ni^'f ' '— R water
bonds, ^ it^ is reported. dp ^ c h a ^ d Uat 100.53 an issuo o f«$10,000 4% i°d g ot
I N G .—

8

i ’reposals"\WU

o'receive<nm t f l ° l

0

T b u s )f

° h *°• FO N D
—

OFFER-

Jobn Scott’

Uy
from 1918 to P
922, incl *
nds’ D uo S 3 >0 0 0 yearly on Jan. 1
000 jh lid ren ’sgdorm itory bonds. Due $2,000 yearly on Jan. 1 from

a n d b e m i-a n iifin t .L jn ^ j d£ l ° ® P ? m -® 3 00. D ate Jan. 1 1917. Prin.
(or cash) on a solvent national hanU-Mr
Troas- office. Cert, check
upon, payable to Board o f ^
County c ! r a l C ° T n3! f°.r
,
o f bonds bid
ready for delivery on Jan 9
A r n L i^ .
' ' required. Bonds will bo
in the Issuance o f these bonds will be fnrn[^!S?r pt' o f ai l proceedings had
o f award, and bids conditioned on thn
1 successful bidder at time

not exceeding $56,000.

5

> p £ -s

m

i i tK12 .ni 0 S.. to% accrued & »Sa Bi
M i 1 l Vo-.i i s r!.5 pay g. interest. N et ‘ i . M
.
l
^ g J ba or ' v .j ■
;
19

is s s r *

nethl*t y ’ N e b - — F O N D E L E c f’T oiV^ 7 ‘ R O P O S F D
If r a n k ,in
petition was circulated askin'* that a sn/v-iai i i • T Ifc, ^ stated that a
question o f issuing high-school bldg? bonds. ccfcl011 be held to vote on tho
F R A N K L IN T O W N S H IP rp n p .
, ,. .
— B O N D S A L E . — On Dec^ lfi thn° 8 8 non1 H / n)r’ ,>Varren C o u n t y , O h io .
V . 103, p . 2093— wore awarded to Terrv0^ ^ 5 ^ * ^ r ‘ a^ - road bonds—
* n d int. Tho other bidders were:
J ’ Br ggs * C o - o f Toledo at 102.68




SCr a road bonds

p o s a W l ' b f S v S S S f f l U Um y h , ? ' 6 b v ' w T F. f ™ ^ O . - P r o berlain, for an issuo o f 8 7 Qnn r
\c? „ A,.'
} ^ ' ' r*
Bldridg©, C ity Cham$100. 'D ate j i n i 5 1917° ° P r h i ami s e m fflnP
„aVf n; entT
bpnd3- ^ n o m .
at the Johnstown Bank, Johnstown i n ' v ' , n t - — J - & J .— payable
bonded debt D ec

, ,> ,,r c w

Cert, check for 2 % 4r S i r e d .

5l5'°o°LTf£s'’!
N ov.

6

twoCi° u S oT

‘ j u n c t i o n C.rS

57

2 0 'v 7 rr o a M )f ^ °*
<

C a ro -~ F O N D

S A L E .—

On

^
n 'P ' " T

“ 11,0 ° “ ° ° “ y T " Bt Co- » f Or~n,bn,o

i
Date Jan.

1

1917.

Int. J & j

‘ ty

6

pai for 4 ^ s -

D enom . $1,000.

K IN G C O U N T Y (P . O. Seattle), W a s h .— B O N D O F F E R I N G .
Sealed bids will bo received until
a. m . Jan.
b y B ^ ° n„ rnlC(pQ
Q
C o u n ty A uditor and Clerk o f Board o f C ounty Commissioners, for
? 0f T n
of
voted N o v .
20-year gold road bom k sat
not exceeding 5% int. D enom .
D ate F eb.
Princ P
and semi-annual int.— F . & A .-p a y a b le -a t the C ounty'Treasurer s o ff ice
or at the fiscal agency o f the State o f W ashington in N ew Y ork C ity , at
option o f holder. Certified check for
Payable to C ounty A udito ,
required. T he approving opinion o f Caldwell, M asslich & Reed o f N . Y .
as to the legality o f the bonds, will be furnished the purchaser. Delivery
^ b o n d te S r m a d e in N Y . Chicago or Seattle, at purchaser’s option.

11

issue

2359

THE CHRONICLE

D eo . 23 1916.1

$3,000,000

16 1917

5 1912)
$1,000.

*500,000

1 1917.

& eD .
C n
to the VII. T reas., required. Purchaser to pay accrued interest.
X e it F N C O U N T Y (P. O . P a d u c a h ), K y . — B O N D S A L E . On
D e cM 4 the $200,000 road and bridge bonds (V . 103. P-|007) 'j^ t rcfa 'a( ^
e
0"

$5,000,

.7 675 000.

B O ^ S , iS S iS

bonds to^maturo 535^000 inO5 j^ s .? 8 3 L 0 0 0 i ^ O a m fV s yTS.NiSJIS.OOO ir^20
yrs.; $32,000 in 25 and 30 yrs.
M P I F A N S B O R O S C H O O L D IS T R IC T (P . O . M c L e a n s b o r o ),
W t e y Cb
°eU^
building
bonds, it is stated.
M .-M IIIIF N C O U N T Y (P . O . T ild e n ), T e x . — W A R R A N T S A L E .—T L A riitt o f A ustin, recently purchased $6,000 6 % warrants. D en om .
$250.
.
M A D ISO N C O U N T Y (P . O . R ic h m o n d ), K y .— B O N D S V O T E D .

« « «

« . .C e r m ,

merits elsewhere in this Department.
K1 AMATH FALLS, K lam ath County, Ore.— B O N D O F F E R I N G - — Proposals wi11 be received until 2 p . m . Jan 15 1Q17
4 ' s trah on ^ railroad
Judge, it is stated, for the S300 0 0 0 10-50-yr (op t.) S 2 0 0 7 - I n t (rate
constr. and equipment bonds voted N o v . 14 V . 1
P
^ required,
not to exceed 6 % ), payable semi-annual. Cert. checK io r o /0
i

R e p o r ts s t a t e t h a t th e p ro p o s itio n to iss u e $ 3 5 ,0 0 0 b rid g e c o n s tr u c tio n
b o n d s c a rrie d a t a n e le c tio n h e ld D e c . 7 .
M A N K A T O , B lu e E a rth C o u n t y ,

D a t0

^ cL ^ I^ G ^ H l^ u e^ l^ O ^ y ca rly^ oW C h J c. 1 from 1920 to 1920. inch

1917.

? 9 1 jV

V

S

S

sta“ e ?h a°N
A
tlite cR y g e n t l y a u X ^ T t h ? i s s u a ^ o f S
paving bonds.

£

. J

i r t ' tS ™

8500- D,to- *ob- 15

In t. semi-annual.

h

. y

to Z r T c Ie fk $

B<L o f Ed

?

19 Tt^eet

4 % llAM->^•Aav®*’•^tej^free^onds—
P^20OT— wmm ^ vard ed licP ow en
D aly & C o . at 101.601.
M e r c a n t i^ T r a s t T D c p o s it C o .. B altim ore......................................" I S l U l
Alex. Brown & Sons and associates, Baltim ore....................................101 194
R edm ond & C o ., New Y o r k - - - - - .......................- .............- ................... 101.178
C u m m in g s ” P ru d d e n &6CoT ‘and "a sso c ia te s" N ew Y ork 11111111 - - 101.177
R o b t. Garrett & Son and associates^Baltim ore....... ...............................
.06
A . B . Leach & C o. and^associates. N ew Y o r k ----------------------------------101 0 3 9
Baltimore Trust C o ., B altim ore------------------------------------------------------101.028
Equitable T ru st_C o., B altim ore................................................................io t .0 2
P oe & D avies, Baltim ore^— v r -,-r ----------------------------------------------- 100 98
M iddendorf. Williams & C o ., B altim ore. - - - - - ...............................
J. S. W ilson Jr. & C o . and associates, B altim ore............................... 100667
H am bleton & C o . and associates, B altim ore......................................... io n
W . N . Stromengcr, B a lt im o r e .......................................... - ...............' " ' i 0 0
Townsend Scott & Son, Baltim ore------------------- --------------------------- -

for the * 5 0 * 0 0 e g c o „ „

7r 2f 'a n c f *762 7^ °G c n V o d e ?°fc en oim ' $ 5 0 0 .
<C
D

Date1 ‘ D ec. 1 .1 9 16 .

S i 8* t o * ^ M & I « S ,M d s W e a c h s i x ^ o n t K o m
S
1918 to Sopt. 1 l.)29
t check for $1.000, payablo to tho

w

D oe

Stf * K g 5 S * 2 3 >

$29,794, equal to 103.92.
. f f i A

l“ t! in n u o lly .

required.

K N O XV ILL E , Knox County, I * £ nf ^ ® y ^ o b L ^
bids will be received until 1 0 a Q
3 0 -year water-works bonds
R ecorder and Treas 1 for^ the
D a t 0 O ct. I 1916.
voted O c t. 24 (V . ^ ^ ^ ’ (a ^ & 'O .) pay“ ble*ln K n oxville, N ew Y ork , or
Prin. and sem -annual m t . l A . « p * h* scr t 0 pay accrued int. Cert.
CJlic,aB& 'tr r,8 'r e n u f r « r T h o law and ordinances authorizing the issuance
o f ttiesl b o n ts haTe been submitted to W ood & Oakley o f Chicago. who !have
approved same and their opinion is now in the custody o f the city and will
be mrnished to the purchaser with transcript when bonds are delivered.

LAPW AI VALLEY H

O F F E R I N G ^ — B ids

M in n .— B O N D

S s i ' l S l M S I ' b l f A S t i “ 'excOTdtaSy % * n t .
5

K N O X C O U N T Y (P. O . Vincennes),
B A N K E R S . — The Fletcher AmeHcan N at. B a n k o f 1 DenQ » $500.

a

Int.
1M 0

$37,602 (101.353) and in t.

Board o f

M .D D L E P O R 1 W .L L A C E « « O O L

f e r s - - ~

In^ i K i £ g s s ,*
r » ^
bonds, which were voted M a y ----- V . 102, p . -sio'*
26.—
UUS,
iuvvu

_

. rp

for^payable to the above C lerk, required.

Purchaser to pay accrued in t.

L E H IG H , C oal C o u n t y , ^ ' “ l ^ s i ^ f j f c o ^ ^ h e ^ ^ O O O 6 % city hall
been postponed indefinitely.
W

L

a ^ . w f e S b S S ^ J r s s a i f - A ^ s s f f l f t S : gb .°.=

Steelman is C ity Clerk.

BE..Leighton— 8 6 1W. L. stoyto.

|l°te°Tan4 I^ 9 1 7 Un in t. T & J
1 ^L O R A

I n J ^Lora In C o

Oo.. Toledo..........85

D^e $16 000 yearly Jan. 1 from 1918-to

^IpBy ° Q ^ ^sr^D a mon^^Cit y " u d l ^ o r ^ 5O r
A

1 1917. D ue D e c. 31 1937.
M IN N E A P O L IS , M in n . — B O N D O F F E R I N G .-P r o p o s a ls will b e re­
ceived until 3 p. m . January 10 1917, b y the C om m ittee on W ays
and M eans o f the C ity C ouncil, at the o ffice o f Dan C . Brown C ity
C om ptroller, for $10,000 o f an issue o f $20,000 4 % cou p o n a p p r^ sa lb o n d s
D enom . $50, $100, $500 and $ 1 ,000 as purchaser m ay desire. Date N o v .
1 1916
D uo at a tim e not lass than 1 year nor m ore than 30 ycars from tho
date thereof? as desired b y purchaser. N o proposal will be entertained
for any o f the above bonds for a sum less than 95% o f tho par valuo thereof
in d accrued interest on same to date o f delivery. Principal and semi-annual
rnterest W a b l e at the fiscal agency o f the C ity o f M inneapolis in N ew
Y ork o r a t the C ity Treas. office. These bonds are tax exem pt in' M m *
nosota and m ay bo registered upon surrender thereof to tho C ity C o m p ­
troller Certified check for 2% o f bonds bid for, payablo to the C ity T reas­
urer . required. T ho official circular states that the city has never defaulted

l i a b l e to the City Treas., required. Bonds to bo delivered and paid for
p
1 n rtiTO from time of award. Purchaser to pay accrued Interest.
Cnmnleto transcript of proceedings had relative to the issuance of those
f f l s wfll^be furnished purchaser on day of sale.
f r »c Aisir FI FS C a lif.— B O N D E L E C T I O N P R O P O S E D . — Local papers
. L °S
meeting' on D ec. 14 o f the People’s Power Bond Com m ittee
statcru! Hnn\va^drafted°providing for a special election tho third week in
^ ™ l v to vot^ on the question o f issuing $ 1 2 ,0 0 0 , 0 0 0 for tho purchase o f
tho distributlng system o f the Pacific Light & Power Corporation and tho
Southern C alif. Edison C o. o f Los Angeles.

in th e

payment of principal or interest on its bonds.

T h e ^ o ffic ia l n o t i c e o f th is b o n d o ff e r i n g w ill b e fo u n d a m o n g th e a d v e r tis e ­
m en ts elsew h e re in th is D e p a r tm e n t.

■

M n n F S T O S C H O O L D IS T R IC T , S ta n is la u s C o u n t y , C a lif.—- B

W f ^ l p ^ O ^ w C T e * a w lr d ^ i? !? i l s t a ^ f t o t h V L ^ b e ^ e n ’^ W s t G o .,
San Francisco
$150,080, equal to 111.17.

of

for

° ':z
a S ! S . <t
Ps

»

S

r

$20 000 yearly.
c o “: s i :
" " “ "
nauiinu ui, a iu.j^,
_______________
Sidney Spltzer & C o V ™ ? „ l 0 r0 Z ----------------- -----------------------Gale C o .,
C hicago
---Perrin, Drake & Riley, Los Angeles---------------------------------

Aronson. & Savings Bank, -------------Los Angeles
Harris Trust
-------------------

----

1,015,704.00
1,041,669.90
1.036 425.00
1 035 810 00
1 030'504 00

submitted on that day b y D avid E B r a d le y
semi. annllal ln t. , j . &
^ p e n o m ^.OOO ( ^ V r e a s u r y or at the Chase N at l Bank. N . Y .. at
Uie o W h o f h o ld e ^ P ^ ^ u b lt l oJo yrly. D ec. 1 from 1917 to 1936, inch
. * A N C F IF S M U N IC IPA L IM PR O V E M E N T D IS T R IC T N o . 3,
L O S ,A ” . GA n g e I e ^ . C a lif.— B O N D S A L E . — O n D ec. 13 tho 8100,000
< ;
p
L ° * nfiSJatown D lst. water im pt. bonds (V . 103, l). 2174), were
5 % CP'}P?,1 fPorrance Marshall & C o ., o f Los Angeles, at 101,758 and int.
,

«

*

Y” “ opt,°“ or h0,d“ -

_ , OS’ R A N O S S C H O O L D IS T R IC T , M erced C o u n t y , C a lif. — B O N D S
v r r/ 7 <n B T i^ Snuestion o f issuing $63,000 site-purchase bldg, and equlp’
Z n t M
c a ^ T b ^ y o t l o f §90 to 6 8 , it is stated, at a recent election
» ,
Fo„ „ „ C o im t v M a s s . — T E M P O R A R Y L O A N .— Reports state
L h YthU cR v recm tly Negotiated a loan o f $100,000 with II.. O . Grafton
j r o f Boston^at 3 .59% discount, plus 25 cents prem ium .
Duo April 6 .
1917 ■




O N D

•

Louis, in paym ent for a m otor truck.
B onm yh,Coumdl^rec?nUySp S ^ ^ ^ * ^ ^ i “ a ® ^ ^ ^ ' ^ ^ ^ ^ ^ ^ 1 ’ Pr°^i'<
®
lln*
for theis s u a n i-co fi-jid .u w street bonds, it Is stated.
rin e issuance u $15,000
---------,

5%

2 -2 0 - ^

. (op t.) cou pon

water worksuntil 12bonas tvthat day b y
im pt.
.
be received
m .,.on

a
Sm^ot
m

for these fconds will
c i t v Clerk. D enom .

o o t .

^

$.500. Date, April 1 1917.
•
check on some solvent bank for
at the H anover N at 1..B ank,^N . Y
B onded d eb t, including
^ i ) ° is ^ u r $ l 3 ! 0 0 0 C I s ^ ^ l L yi916r?q$949.026. T otal tax rate (per
s
i

OUlharn
as follows:

F?ECTZO V ^ B O P O S F Z ?— L o ™ r^ a p e rs ns ta ^ ^ h a t^ a n
h K ^ o ^ t h e q S o n o f issuing $4,000 high-school
• ^O^yr ‘ Vund'i ' bonds? wOTded
w S s 9 on D m . 1 5 - V . 103. p . 2 2 6 0 -w e r e

t h e c h r o n ic l e

2360

E.
I f. Rollins & Sons_____107.068
inn 5 4 7
Harris Forbes & C o ............-1 0 6 .6 9 Blodget & C o ________
A.
11. Leach & C o ____
1 0 6 33 C fop loy . M cG aragle & C o '1103.513
Baker, A yling & Y ou n g_____ i^LOO
Denrnn « i non
t
'.P... r-.

B O A O O F F L ^ W O ^ P ro p o s ^ fa w m b^ rM iv fld R ° H M U n ty ’ S o * C a r o .—
r v ^ e B o? r(i o f Commissioners, at the offices o f r rilr %An?* £aPT
\
1917

- V k 1 0 3 D ° U° " 3 h^ 0 bcen awarded " h o

2175— were awarded to Isaac°W rihoriiu rv»* £?*Y>
bonds— V. 1 0 3 , p.
Other bidders were:
’ Sb e rlU 1 C o - o f Poughkeepsie, at 103.411.

He°A.BKahlerbT S
Co. C° ------ lOS ig lu t ic ^ T ^
John

J.

n ------n-----------

H a rt----------111111103.' 1 7 1F ^ so n f Son & ° S o . ? 0_ 111111

S t l c r M I C o u ^ y N\Vi» ^ ~ B
0 0 0 building bonds recently 4

O N D ^

^

a

7

f

?

(V o l . 103

vot^d jS ly ° 3 l !

$ 6 ,0 0 0

10311
1918 to Jan.

(P - ° - N ew R ic h m o n d ),
®
^
SgoSd o t° '

1

1923 tael.

m< $ ll0 0 ° -

I n t - seml-ann.

'^ ^ w

^^"ljs^ on^*en3 awarc^d^aTll^apd hit^^oif Oct^'lO
D a t o N o v ^ fS 1916yeair„ t erM r^ t constr^ « o n w a r r a n t o J o r n ^ O O

Duo from Jan.

1

In

F E R I N G ? — Proposals'?vniDb ® re ce iv Id (unt?i'
Lou,^ ) » M ° A T n0r ^ D O F ~
M ason, Sec. & Treas. Bd o f F r i K “ '^ il 2 p. m . D ec. 28 b y Chas. P .
bonds voted N o v . 11 ( V 103 ’ rf°VaiQ\ 0 0 , T 0
?
10 33,000,000 4 % school
1917. Prin. and seml-ann hit t ™ ! ' , R en om . $1,000. Date Jan. 1
German Sav. Institution, St Loufay or at n,oh/P ?Pt\ n ,°xfrthe bolder at the
0
at the option o f the holder. D iiH a n i 1 0 3 7 Chemical N at. Bank, N . Y .,
fo r 2 % o f the nominal am ount o f bonds hid for Cashier s or certified check
talked. Purchaser to pay accrued lnt
o?uy.a bl° J °,tho B d - o f E d ..
C lay o f N . Y „ as to tta f la lid U v o f t h n ^ ° n ^ ,lni? ,1 ? f I B d <>n, Thom son
?
purchasers b y tho B d. o f E d . AH bids m u s th e ™
~ fun d shed to the
b
hy the Sec. & Treas. These bonds m u s f b l taken un andb^ f / ur? ished
purchaser within five days after ho is notified?they a?e reiiFv fLf l K y the
trhftiSSI t faU
fre«rlfred constitutes the entire bonded i n d e b t e d ^ o U h e d is '
Assessed^value 1916? $627?202y240.m o f lndebtedness except current bills.

— O n ^ c . f 5^h<?$^ 7,^o
N000 1'u<y>,£ o S ra m en to,1', C<,,If‘ — B0^ D S A L E .
im pt. bonds (V . 103 p. 2008) w c ^ ^ ^ i? ? n H e?friSe^iai § 0! ? coupon highway
Bank o f Sacramonto’ at 105.402, a basfa oTabovR I f 017% ! ° the ° apiU1-Nat •

O h io .— B ° N D S * ~ T O * B E ^ F F E R m ) S //O B 2 X Y ^ 6*™ »'r *‘l" 7 , ^>uI1 c ° u n t y ,
offer for sale an issue o f $9,000 school bomfe^R is said'8'? Stnct ls about to
The^Duqi/osrm B o n d ”<Corn!^>f
tt^burs?h6 C o u " ^ r » - ™ N D S A L E —8100,000 413 % cou p, (principal m av be w i u f S S i f / purchased an issue o f
n om . *1,000. Date A ug. 15 1916 fn t F T a
tax.;frV£r?ad bonds- D eU m ontow n.
D ue $10,000 w h on A ^ ' k la y e t te Title & Trust C o .,
T otal debt this issue? assess. v a l , ' $ 6 376 247
192
t 0 1 9 3 1 ’ incL

Potn

a
07*875,000Xm ^ u r t a l’A m ll’ ^ f i ? ? ^
D ec. 28 b y the C ity Troasurer?it fa Ita tid 1

.- P r o p o s a ls f o r
b° received un tif 1 0 a. m .

O F F E K IN Q

OFFERING.

- - - .^
P?t21< T “k’Due^l?oo6^ye^^.S*rTOt paV^ 5< ^° °^ ' ;®^^®v^>
76)r. ’ f ? r the $28,000
n^l ^
^
P- 2176). Due $1,000 yearly.

_

6

orem n

o T r * 1 N°v- 11 <v- S 3 s r e s a ta

on

BON D_SA l I . - O ^ D
a t ° l 0 1 .6 8

S f S i t ns l ™ v r s s a s :

S a

«o,

at op : l: ?

w fat

c“ I 8

the' S l S . O O o 't ^ i J f ‘" ia C ou,n t y> M i c h . -

4
Denom4 $ 5 0 o !re^ t ! ysemfaanmml.D et™1^ ^ ® t C d -“ f D ^ r o i t
|

Of issuing $350,000 lr r ig a lf f s y f e ^ b o n d " ° leCti° n
R e p o r t s * L t a ^ h lJ t h o S ^ O O ^ O o '^ a d ^ n T 31 \

t0

^

den & C o . o f T oledo for $ 4 6 0 ,4 4 9 -e q u a l L l0 5 125.

^SS38Sr-o^RK-i3

voto on the question
- — ? 0N D

Cum mings- P ru d-

S A L E .—

— Proposals w i l l ^ o ^ ^ v e d Pb ° F ? e d ClRV ,N°i) hoIai^ . — B O N D O F F E R I N G .
c
o
following 5 % cou pon road im pt. bonds:
N lcho,as- C ounty A u d .. for the
* 3 one k
,
*2,000 bonds.
o n n n v.
,

’

^
U n t i l 12 m . D e c . 29.
D ue $500 yearly on M arch 1 from 1918 to 1921, inch
^
U n t i l 12 m . J a n . 5 1 9 1 7 .

l ° ? 9 2 i , inclusive ? 0 0 GaCh Slx months fr°m M arch

1

1918 to Sept.

cach six
Sw S A S i f l ,

10

an arm y division headquarters.

S X t e /M
° r tb°

pu rcb as0

'

a ,vlli uty rucoivca until l p. m . Jan 1

- B o n a s *° to
Purchaser ■»

| r 0 0 0 wM’e ? t t f O' ,S" ' " S “
36,000
sower bonds.

1017

M«»v e »

' <>U1

° I iand to bo used as
STRATTO N VILLAGE SCHOOL D IST R IC T TIP O
..
.
Jefferson County, O hio.— B O N D S N O T <*OI /)
$ .^ t r a t t o ^)»
up to D ec. 15 o f tho issue o f S25 onn £ 0/ \ * 2 h R \
N o s?:10 ^ acl been niade
but not sold on N o v . 1.— V . 1 0 3 ’ p. 1532 '^~year aVer sc^00^ bonds offered

a ?*® ® a

a s etetta-■

N o f 7 22t^The 0 Lu inberm otas

’^ S 5 ? w i 5 3 2 d on

will be received u n til^ p ^ n h D ec 1 2 8 by*D~F
Proposals
for tho $100,000 6 % 30-yr c o ld ' ron n n n
u
t, M a y °r, it is stated.
Sept. 1 V . 103, p . 1 1 4 ^ -cS S t? c C k f r 5kr r e S d U
b ° ndS VOted
Treasurer, required.

30^aSVoW EMhTOl f c n f c ^ S ^p

° wem°C' 19 ,th,e *500'°00 4 %

to Blodget & C o .. Curtis & Sanger M d M ^ r ro & f rde? ^ ei)orts state,
on their join t bid o f 103 170 auger and M errill, Oldham & C o. o f Boston
t, The other bidders were:
*
' S ' P a£,& C o. and Estabrook & C o
, ______

S

bm Si oS'*1So“
A

*na p" kln“ » *

Harris F o r b e s * C o l l
H ornblower & Weeks
A . B . Leach & C o .
.........
............

5 %

0 f the bld> P ^ a b le to the District

« 3 £ £ s T S S & f B S g a p - n - ">"■ >»»» «* ■ ».*
.ria r& „ ,„ s n a s s f s ^ i r i oflvnrv vnan ♦ .^___#7. ''/vu
o
auu
___ _____
jKJcmk
1

2 .« p S ii
|

......... ............ .................- ...................102.867
102.56
101.70
-101.39

S A L B ^ (| n UD w S 8 ^ ?F oO O
C o u n t V- C a lif . — B O N D
Italy o f San
8
nsPi1 0 bo.nds wera awarded to Bank o f
D u o , $750 jr ly ." fr o n i'i'o /ft o ^ 193°fln c°l?Ua l ° 107' 233' D en om - *7 «0 .

Francisco for°

600 Comanche C o. C.S D N o 76
5 -2 0 v e ^
^
300 Comanche C o. C .S .D .N o .6 4 l: MO^yeam ?opt')
500 Comanche C o. C .S .D .N o . 2 1 . . 5-20-voara ?ont

|.f p 3 1 :§ :

®

| ® & A e V ? : 8 o k jy ,a :l8 | s
ND7

. | g fism iea s s ^ : S
S fS S 8 S » f l t ffj; Sr-

and

6

% interest.

‘*

,00° road bonds-




b?°*

c" ^
° No
D
Blds aro requested_at 5, 5 X

1.500

Garzar C o. O. S. D . N o! S S - ' I I l O - l o - S

Wp«.

D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D oc.
D ec.
D ec.
D ec.
D ec.
D e c.
D ec.
D ec.
D ec.
D ec. 9
D ec
D ec.

s S ^ ^ g ^ g B g ^ J ^ r jfs a fig a

,„ rcT

County Common S c h o M D istric ts.
A m ount
P u r c h 'd -

2361

I HE CHRONICLE

D ec . 23 1916.
A m ount
P a id F o r .

P u r c h 'd .

D is tr ic t.

P a id F o r .

D istric t.
1,500 Limestone
7o0
55,000 Baylor C ounty N o. 14.52,500 8.000 M cLennan C o. N o .. 4 5 .. 4,000
500 2 . 0 0 0 Shelby C o. C o. .N o2 4. . . 1,000
Kr
f' >
1.000 Ilosquo C o. N o. 2 9 -----No 7 . .
1,200 Brazos C,o. N o. 2 5 -----o00
250 1 .0 0 0 T om Green C o. N o . 7 500 Collingsworth No-. 2 1 . .
0UU
400 1 200 T om Green C o. N o . 14
800 Com anche C o. N o . 12.
250 3.000 Haskell, K n ox, Baylor
500 C om anche C o . N o . 21­
& Throckm orton N o. 3 1,500
150
300 Comanche C o. N o. 0 4 .
500 2 . 0 0 0 Haskell & StonewallCo.
1.000 Goliad C o. N o. 1 9 - - - 4 -------- --------- 1.000
2.000 Guadalupe C o. N o . 13- 1.000 2.000 Lino N o. o . 2N o . 33------ 1,0 0
Harris C
7.000 Hunt C o. (in s e rie s )--- 3,500
In d e p e n d e n t School Districts
$500 Indian G a p.................... $250151.000 W i n d o m ......................... 3500
1,500 J o a q u in -------------------- 1,5001
T ISH O M IN G O , Johnson C ounty, O kla.— BONDS VOl ED.
state that this city recently authorized the issuance o f $ 1 0 ,0 0 0 c o u n t y

000

ORANCF

Essex C ounty, N. J . —

BONDS

P R O P O S E D .—

The

Amount
f)e n o m $ 5 0 0 . D ate Jan. 1 1917. Duo part yearly beginning Jan. 1 1919.
u r p o T p a r k Cuyahoga C ounty, O hio.— B O N D S A F E . On D ec. 19
the 520 000 5 % '30-year sewer bonds— V . 103, p . 2 0 0 9 — were a warded to
W eii R oth & C o. o f Cincinnati at 108.08 and in t., a basis o f about 4.51 % .

bo

Cum mings? PniddenC
&
— $21,406! Seasongood & A la y e r.............$21,245
& Trust C o . . . 21,3641 Spitzer, R orick & C o ..............21,110
P rov. S. B . & Trust C o -------- 21,3501
u / u p r i p d fO U N T Y
O . W h eeler)* T e x a s . — B O N D O F F E R I N G •
P r S w i l l b e recrived until 10 a. m . Jan. 8 1917 by I I . M . W iley . C ounty
Cleric for 550 000 5 % 10-40-year (op t.) coupon tax-free R oad D ist. N o . 1
constr bmids
D enom . 51.000. D ate Jan. 1 1917. Int. ann m
M arch at N ew Y ork or A ustin. C ert, chock for $500, payable to the C o .
Clerk required
district has no indebtedness. Assess, val. 1916,
$1,737,069. State and county tax rate (per $1,000), $11.
W IC H IT A CO U N T Y (P . O. W ichita Falls), Tex. — B O N D S A L E . —
On D ie . 11 the $80,000 5% , 1,0-40-year (o p t.).b r id g ^ o n s tr u c tio n bonds
^ T O L E D O O h io .— BOND SALE.— O n D ec. 16 the $605,000 4 % soncral I ( y . 1 03,'p^OOQj'were^awardod, reports state, to Pow ell, Garard & C o . o f
bonds— V . 103, p . 2009— were awarded to Stacy & Braun o f Chicag0 at 104.50,
Oris'& C o
| S M n ^ S p itz e r 3&'ciO-'
$608,458_00 | W IC H IT A F A L L S, W ich ita ^ C o u n ty , T e x a s .— BOND OFFERING.—

Security S B.

(P.

road

This

revenue

T R IN ID A D , Las Animas County, C o lo .— B O ^ S ^ L B .—^ o c a l pa­
pers stato that tho $28,000 \ X % w a t e r ^ o r k s ^ s t e m -h W t . b o n ^ a u w
ized on D ec. 2 havo been purchased by E . H. R odin .
Jh n, [ an o v e r ^ a t UaVik| N . Y . , at t t e o p t lo n o f ol;i '. C ert, check issued
r‘
T R O Y N. Y .— BOND SALE.— On D ec. 21 an lssuo o f
v for
b v som e bank m Texas for $1,000, payable to the “ C ity o f W ichita Palls,
*0 revenue bonds was awarded, to Kissel,
*
* *
reauired
Total bonded debt, including this issue, $286,000. Floating
$150,745 95, ocjual to-100>.497. The o
t
h
e
r
$150, 389 96 d eb t, $3,849 30. Cash in sinking fund, S10.57H 94. Assess, val. equalManufacturers* N at.B k-$150.520 0 0 Goldm an, aactis^^^
ized lgl6> 5 3 ,9 4 4 ,9 4 0 ; est. actual va l., $14,000,000.
A lbany Savings Bank. „ 150,513 0 0 1i r °y o o o o * __________ 150,205 00
W IL D W O O D , Cape May C ounty, N. 3 . — BOND SALE.— On Dec. 18
.
*
o f 4 K % funding bonds— V . 103, p. 2177— was awarded to R . M .
-I
C o . crfN . Y ., on their bid o f 101.378 and int. for $42,000 bonds.
H ornblower & W eeks____ $42,432 60
G eo. S. F ox & Sons______ 42,401 10
H . L . C rawford & C o ____ 42,369 60
$61,090,406.
M . M . Freeman & C o ____ 42,331 80
W IL K IN S B U R G , Allegheny County, Pa.— B O N D S A U T H O R I Z E D .
— T ho Borough C ouncil passed an ordinance on D oc. 1 ^ p ro vid in g for the
issuance o f $150,000 bonds, it is stated.
W ILLIAMSON GRADED SCHOOL D ISTR ICT (P. O. Williamson)
an election hold June 18 1915
i
n
t
. V
b
t
o
a
t
Mar t/n^ C o lin ty / N- o 7 C a iro ..— B O N D O F F E R I N GG .-b id a will be receivec
Ca ro —
O F F S R /N .— Bids
received
Prln. and somi-ann. int. payable
N . Y . C ity. Due $20,000 AASuS :. L V tin o ,i% h VC ’ on" fsom e'solv en t bank, I until Jan. 1 1917 b y A . J . M anning, cjictk v o . B d . o f E d ., for $25,000
g „
k f
»2p.d&0
M
l d w
t
b; A . J. M anning, Clerk C
1921 to 1940 incl. A separate certified cnecit on some
Treas- 514% 2 0 -year school bonds. Prin. and semi-ann. int. payable at a N . Y .
banking house or trust com pany f o r ° ’
sanr . e la y f furnish bank designated b y purchaser. C ert, check for $500, payable to_the C o .
d
urer. required. The p u rch ^ er J t ^ t h o u t
t ^ e i f as to B d. o f E<T.. required.
without expense to the city blaim doik. ^ debt> oxcluding thc^o bonds,
W IL S O N , W ils o n C o u n t y , N o. C a ro . — B O N D O F F E R I N G .— Sealed
*V°7 7 2 gnnoy Warrant debt, $98,179 66. Sinking fund, $306,079 74. blds wiu bQ received until 7:30 p. m . D ec. 29 b y T h eo. A . H innant Clerk
i U ^ s c d 00valuarion l 916-17. $24,337,772. C ity tax rate (per $1,000),
Bd o f co m m rs., for $250,000 5% street-im pt. bonds. D enom . $1,000.
i o ? ^ i 7a t n wi
’
D ate D ec. 1 1916. Prin. and semi-ann. in t., payable in N . Y . Due in
U l >- ’ *
'
„ n T . p -u --) I d a h o __ N O A C T I O N I numerical order on D oc. 1 as follows: $30,000 1917, $25,000 1918, $20,000
T W IN
C O U N T Y (P . O . T w in ^ F a lls), Id a h o .
toward yearly from 1919 to 1924 incl. and $75,000 1925. Cert, check upon a naY E T T A K E N .— 'The C ounty A uditor advises us> that no action towara
bank Qr upQn a bank d oin ? business ln N orth Carolina, for $5,000.
the offering o f tho $30,000 Hanson bridge bonds voted i^ov.
wi
ni .
I ......oveno mnuir<vi
T,p<raiitw nf hnnHu win ho annm
until after tho adjournment o f tho Legislature in Jan.— V. 103, p. 1914.
_
_
T Y L E R , S m ith C o u n t y , T e x . — B O N D O F F E R I N G P O S T P O N E D . — | n fs h e d to piirchasers'^without ch arge.^ The bondsi. will be prepared under
„ an official advertisement on a subsequent page notice is given that tl
tQ egenuineness m
.........—
— B -------------the seal impressed thereon. Bids must be on blank form s willch wiU
sale o f tho $85,000 5 % school bonds which was to havo taken place on
D oc 20 ( V 103 i) 2 0 9 6 ) lias been postponed. T ho exact dato o f opening be furnlsbed by the undersigned or the abovo trust com pany. N o interest
,’ , iv, ‘
colum ns
will bo allowod on the certified check o f deposit. T he right Is reserved to
sealed bids will be announced latei huthose co
..
i
reject any and all bids. Bonds will bo delivered at the office o f the above
U N IO N , H u d s o n C o u n t y , N . 3 . — B O N D O F F E R I N G .—^Proposals wll
trJ st com pany on Jan. 8 1917. or as soon thereafter m bonds can be preu
.
I 0,1„ „ t i i 8 n m D ec 39 b v W in B . Eagan, T ow n Treas., fo r the
pared and signed. Bonded debt incl. this issue, $736,000; floating d e b t,
be received until 8 p. m . D ec. 3U by w in . n . ™ e
.
| ^ 17 ()00. casb6ln sinking funds, $10,000; assess, val. 1916. $5,500,000. __
following 4*4% gold bonds
Duo $20,000
W IN N EBAG O CO U N T Y (P. O. Rockford), III .— B O N D S P R O P O S E D .
$ 5 4 , 0 0 0 not exceeding this amount for street-im pt. purposes
— A ccording to a local newspaper, the Board o f Supervisors is contem plating
D ec. 1 1918 and 1919 and $14,000 D ec. 1 1920.
tho issuance o f $1,500,000 road bonds.
23,000 not exceeding this amount for fire and po ico signal system s
W O O D STO C K , Pipestone County, M inn.— B O N D S A L E .— The
Duo $10,000 D ec. 1 1917 and $13,000 D ec. 1 1918.
$8,000 5 l % coupon electric-light bonds offered on O ct. 17 (V . 103, p . 1448)
A
D ato D ec. 1 1916. Prin. and semi-ann. int.— J. & D .— payable at office havo been awarded to the M innesota Loan & Trust C o . o f M inneapolis
o f T ow n Treas. Cert, check on an incorporated bank or trust com pany for at 102.50.
2 % o f bonds bid for, payable to the “ T ow n o f U nion,” required. Pur­
W O O STER , W ayne County, Ohio. — B O N D S N O T Y E T I S S U E D .—
chaser will bo furnished with opinion o f Hawkins, Delafield & Longfellow W o are advised that the $80,000 water bonds voted N o v . 7 have not yet
o f N ew Y ork that the bonds are legal obligations o f the tow n. Separato been issued.— V . 103, p . 1915.
bids must bo made for each lssuo. Purchaser to pay accrued interest.
W ORCESTER, Worcester C o u n t y , M a s s . — T E M P O R A R Y L O A N .—
On D ec. 20 a loan o f $150,000, maturing A pr. 3 1917, was awarded to
T h e o f f i c i a l n o ti c e o f th is b o n d o ff e r i n g w ill b e f o u n d a m o n g th e a d v e r tis e ­
H . C . Grafton Jr. o f Boston at 3.3 9 % discount plus a premium o f $1.50

FALLS

m en ts elsew h ere in

th is D e p a r t m e n t.

UNION COU N TY (P. O. New Albany), Miss . — B O N D E L E C T I O N
Kissel. Kinnicutt & C o ----------3.45% Curtis & Sanger____________ c3.54%
.— Reports stato that tho proposition to issue $100,000 road- f . 3 . M oseley & C o ---------------a3.48% Park Trust C o ., W orcester ..3 .6 5 %
constr. bonds will bo subm itted to a vote at an election to bo hold shortly. Jackson & Curtis---------------- 53.49% Farmers’ Loan & Trust C o . -4.00%
G oldm an, Sachs & C o ______ dl.2 5 %
UPPER DUBLIN T O W N SH IP SCH OOL D IST R ICT (P. O. Ambler)''
*v
c 8 ------------3 53%
onvD
75 premium T’ ~b Plus 25 cents prem ium . c Plus $2 25 prem ium .
.
Pa.— B O N n S A L E .— On T w 18 '>'» $40,000 4 , . , „ 1 7 14-year aver, schoo | a p ius
D ec. ' « the * 1 0 9 9 9
.
bonds— V . 103, p. 2261— were awarded to G eo. S. Fox & Sons o f P h i l a .a t
106.068, a basis o f about 4.02% . D enom . $500. Date Jan. 1 1J17. Int. d Plus $5 premium.
Y A K IM A CO U N TY SCHOOL D ISTR ICT NO. 54, W ash. — B O N D
somi-ann. Duo serially from Jan. 1 1922 to Jan. 1 1947.
S A L E .— On N o v . 18 the Lumbermen’s Trust C o . o f Portland was awarded
VASSAR, Tuscola C ounty, M ich .— B O N D S A L E . The $25,000
$3,750 bldg, bonds for $3,769 (100.506) as 5s.
wator and light bonds voted as reported in V . 103, p. 1448, have been sold.
ZANESVILLE, Muskingum County, Ohio.— B O N D O F F E R I N G .—
VERNON, Oneida County, N. Y . — B O N D S N O T Y E T I S S U E D . —
T he $20,000 5% street-im pt. bonds voted Sept. 19— V . 103, p. 1148— havo Proposals will be received until 12 m . Jan. 12 1917 b y Cecil W . Tanner,
C ity A ud. for $75,000 4 )4 % 2-26-year serial city-hall bonds, it is stated.
not yet been issued.
In t. semi-ann. C ert, check for 5 % required.
W ALLINGFOR D (Tow n), New Haven C ounty, C o n n . — B O N D
S A L E __On D oc. 20 tho $250,000 4% high-school and refunding bonds—
V . 103". p. 2261— wero awarded to H ornblower & W eoks at 100.217. Other
bidders wero:
Kissel, K innicutt & C o -------- 100.137 Estabrook & C o . . . ...................99.78
C roploy, M cG aragle& C o — 100.00 Harris, Forbes & C o __________ 99.291
BEAVERTON,
LECTI
has
M orrill, Oldham & C o ----------99.829 B lodget & C o ................................99.078 boon called for Jan. O n t. — D E B E N T U R E toE vote on O N .— An election issue
1
reports stato,
the proposition to
R . M . Grant & C o ---------.99.81
S5 . 0 0 0 hydro-electric debentures.
D en om . $1,000. Dato D oc. 1 1916. Int. J. & D . Duo yearly on D oc. 1
.
as follows: $10,000 1917 to 1926 inch, $8,000 1927 to 1936 Incl. and $7,000
BOWMANVILLE, O nt. — D E B E N T U R E S A L E .— On D ec. 11 an issue
o f *4,420 5 )4 % 30-installment debentures was awarded, reports state, to
1937 to 1946 incl.
.
Brent, N oxon & C o. o f T oron to for $4,439, equal to 100.429.
W ARREN CO U N T Y , (P . O. Lebanon), Ohio. — B O N D S A W A R D E D
I N P A R T .—-Of the two issues o f 5 % 2H-JT- aXnner 0 M^,b «')dva')ag|
SreKatint?
EDMONTON, Alta. — L O A N P R O P O S E D .— T ho C ouncil, according to
$ 4 701 50 offered on D ec. 11— V . 103, p . 2096— the $2,792 Issue was
reports, is contem plating the hypothecation o f a loan o f $659,000 from|the
awarded, reports stato, to the Lebanon N at. B ank. N o satisfactory bid Imperial Bank.
was received for tho $1,909 50 issue.
FORT W ILLIAM, O n t.— D B E N T U R E E L E C T I
PR P SE
W ASH IN G T O N C O U N T Y (P. O. M ea d ow V ie w ), V a . — B O N D O F ­ Nowspaper reports state that anEelection will probably O N heldOln Othe D . —
bo
near
F E R I N G .— Bids will bo received until Dec. 30 b y W . H . A ston, Chairman
B d. o f C o. Supervisors, for $18,000 6 % Glade Spring D ist. publlc-lm pt. future to vote on the question o f issuing $S0,000 collegiate debentures.
bonds. D onom . $500. D ato A ug. 1 1912. Int. ami. on A ug. 1. Duo
GREENFIELD PAR K , Quo.— D E B E N T U R E O F F E R I N G .— Proposals
A ug. 1 1950.
will be received until 5 p. m . D ec. 28 b y E . J. Allwright, Sec.-Treas., for
an issue o f S25.000 6 % 30-year electric-light-systom-installation debentures.
W ASH INGTON COURT HOUSE, Fayette County, O hio.— BOND
S A L E .— On D ec. 18 the $18,500 5% 534-yr. aver, street assess, bonds—
HAM ILTON, O n t. — D E B E N T U R E E L E C T I O N .— T ho questions o f
V. 103, p . 2177— wero awarded to Rudolph Kleybolte C o. o f Cincinnati
ssuing $362,500 water-im pt. and $25,000 Sherman inlet debentures will be
for $19,177 35 (103.061) and interest.
subm itted to the voters on Jan. 1 1917, it is stated.
W AUKESHA C O U N TY (P. O. W aukesha), W is. — B O N D S A U T H O R
HASTIN G S C O U N TY (P. O. Belleville), Ont . — D E B E N T U R E S A L E
I Z E D .— ltoports stato that the B d. o f C o. Comm rs. recently authorized the
__R eports state that Aemilius Jarvis & C o . o f T oron to recently purchased
issuance o f $60,000 tuberculosis sanltorium building bonds.
W AW ARSING, Ulster C ounty, N. Y . — B O N D S A L E .— T h o E llen- at private sale an issue o f $30,000 5 )4 % 2 0 -installment debentures.
LAVAL DES RAPIDES, Que.— D E B E N T U R E S A U T H O R I Z E D . —
villo Savings Bank o f Ellonville was awarded at 101.685 on N o v . 15 an issue
Reports stato that tho Private Bills Com m ittee o f the Legislature has
o f $ 2 0 000 4 )4 % road bonds. D enom . $1,000. Dato N ov . 20 1916. Int
granted this municipality authority to issue $35,000 funding debentures.
ann on M ar 1. Due from 1917 to 1926.
W ELLESLEY, N o rfo lk C ounty, Mass.— B O N D O F F E R I N G . — P ro­
M A G O G , Que.— D E B E N T U R E S A U T H O R I Z E D .— A nowspaper re­
posals will be received until 12 m. D ec. 27 for an lssuo o f $6,000 4% coupon port states that this town has been granted authority b y the Private Bills
water bonds, it Is stated. D uo on M arch 1 1917. 1918 and 1919.
C o mmittee o f tho Legislature to issue $100,000 funding debentures.
W EST NEW Y O R K , Hudson County, N. J.— B O N D O F F E R I N G .—
MAISONEUVE, Q u e . — D E B E N T U R E S A U T H O R I Z E D . — W e learn
Toposals will bo received until Jan. 9 1917 b y Clias. F. Henry, T ow n
that this city has
by the Private
llerk, for an Issue o f 4 14 % playground bonds not to exceed $30,000. Dato tho Legislature to been given authorityvarious purposes Bills C om m ittee of
issue debentures for
aggregating $700.­
Ian. I 1917. Lit. J. & J. Duo $2,000 July 1 1918 and $1,000 yearly on
ily 1 from 1919 to l«H 6 incl. Cert, check on an incorporated bank or 000, mentioned in V . 103, p. 2098' It is expected that tho issue will be sold
in the course o f a few days.
. ust com pany for 2% o f bonds bid for, payablo to tho Tow n Clerk, requ ired .
PROPOSED




Canada, its Provinces and M unicipalities.
l9 l7 ,

2362

THE CHRONICLE

[Vol. 103.

Jan ^l l 0 l ^ \ ? v n ? r 'n ^ h a V r a f l ^ )BZ' F Ir/OiNr- - An M e llo n will bo held
IM I
:

99a9o!n:Ssa o T ! l 103^d ° 2 2 6 2 riC dobontures awarded t h o * on° Dec"! 5 was
o
p
r ' P R E S T O N , O n t.— D E B E N T U R E S A L E . — O n’D ec. 11 Issues o f $ 1 0 non
f o
' S
i f 3 '4 500 2° - year wat.er and
/
and 318,205 68 20-yoar
o fT o p o n fo
nb tures 7®re awarded to M ulholland. Bird & Graham
n
or io r o n to for 863.0.13— equal to 100.362. Due in annual installments.

neI e
PJ^PFP

C A T H O L IC S C H O O L C O M M IS S IO N , Q u e
P U R E S A L E . — A . E. Ames & O o. o f T oron to recently purchased
at 98.43 an Issue o f 885.000 5V$% 30-year serial debentures, it is said.
S T . J A C O B S , O n t . - D E B E N T U R E E L E C T I O N . — T h e question o f
o^ U
r?n I 6,’£92 hydro-electric debentures will bo subm itted to* the voters
on Jan. 1 1917, it is reported.

..T ^ ^ .^ ^ T C H E W A N (P ro v in ce o f ) .— D E B E N T U R E S A L E __n „ rv>r>
&
8Saviu^s B a n if£ rn ?2 ° 5 % debentures was awarded to tho Harris0 Trust
& Savings Bank o f Chicago at approxim ately 9 6 R for 15-year dobont’ures
j
v J » Hi ™ E ^ [V E ?.S ' Q u a . — D E B E N T U R E S A U T H O R I Z E D . — T h e Priilsue 3204 OOifdebe^tn^L4? ° LoS!slaturo has given this city authority - to
issue ji^ur.uuo debentures for various purposes, it is said.

NEW LOANS.

NEW LOANS

TOWN OF UNION, NEW JERSEY

$ 540,000

41/2% BONDS

KANSAS CITY, MISSOURI
IM PRO VEM EN T BO N D S

of a n a g g re g a te fa c e a m o u n t g n o t e x ce ed in g $77,000

Scaled proposals will be received by tho under­
tho
a
tho ity Comptroller o
at theeT otn P H ^ lSfn%Md T o ^ S c E M B E R M ° 1 9 l i I V l ^ l S f e £
9 ° Un,ty « f H udson’ signed, C ity MM yor and until C A N U A R Y 4, 1 9 1 7 f
,
issouri,
J
two issues o f bonds' o f the Town oJf Union. v iz *
’
lgbt ° clock p - M - for the 1
purchase o f Kansas
.. .
w. V1 1 V 1 . VMI 11 K L C U1 U1 1 , v I/o.
"""
at 10 o clock a. m . for tho purchase o f all or any
, o f w h lrh
. . .
(1) An authorized issue o f « ;.i non Street Beim _______ ___ t,
An authorized issue o f $54,000
( 1)
provemont Bonds
nnn . ,
,
part ot tho following-nam ed bonds o f tho C ity
..... , ^ e ° n December 1st in each o f tho years 1918 and 1919 and S14 n o h o f k£,VhI ? 2 ,’? 00
bouds will
amounts^
’ M issouri, in tho follow ing named

“ d •2 *■
<>

-v s a s

s

s

s

S

S

S

m

S

S

*

UllUlCiSU Will U UilYt
U
o f the Tow n o f Union.
-------------------------------- “ l'" T O ul ' “ “ erica ac m o office o f the Treasurer
C
bonds o f the snul issuo o f Street Reimnrovempnf "Rr»nric win u ■ c«i i *
»
...

sssu3r« ^ 06s3.,,s5f,g“isss,£ s

ditionedVipon ^ ^ a iv a r^ oV ^ b ot^ i^ u es ^ th ^ b W d er^ ^ u ^ W d l’ fo r^ in u fl1 ^ f° r b o! h, lssfucs may bo c°n 5
manner as to onabie tho Town Cmincil to award each
t f e n ^ e 1 is,sues must bo framed in such a
bid f£r S\
Ich lssue llP °n the terms hereinafter stated h
9 seParately to the person making tho best
is re9 u ired°toS be o b fa l n S T y t t i e s a l f t f
a
Sumr 0 f $54*000
required to be obtained upon the sale o f said Fire and Police Signal Svst/m f TWiHa^0 rr1 ?1 oE
1
ls
an issue are rejected, the bonds o f such issuo will be sold to t i m b i d d ^ ^ n m .i o
Unl, s; a11 blds for
c s
terms o f sale and offering to jiay not less than tho authorized aiimimi ( pLi2u,9iddor^£?2iR},jdnK with tho
9
r®®P®htiveiy) and to take therefor tho least amount o f bonds (stated in a m ultiple of*«ti°nnmnd $23-000>
ing with th o first m aturity, and if two or more bidders offer to t
o f Si •000) , com m enco f sucii issue then, to the bidder ot bidders offering t o p
a
y
6 10 9 ond,s
additional price being less than .$1,000). In addition to tho p r i c e b i d t h e u u r c h ^ r
(suclf
interest from the date o f the bonds to tho date o f delivery. 1
’
Purchaser must pay accrued
will b^rej'ected3 reserved t0 rejcct a11 bfds- and a“ y b*d not com plying with tho provisions o f this notice
tt i ^ roposals should bo addressed to W illiam E . Easan> Treasurer o f tho T o w n nP nninM rp_
«
Unl°HiHripii L f eVC
fHSeM in a sealed envelopo marked on the outside “ Proposal for Bonds0’* V o w n o f
’

S

lg

is S

w

S

ls

in the C ounty o f Hudson, New Jersey.
binding and legal obligations o f the T ow n o f Union
B y order o f the Council o f tho T ow n o f U nion.
D ated, Decem ber 18, 1916.
E M IL B A U T Z ,
Clerk o f tho T ow n o f Union

$ 10,000

$ 500 , 0 0 0 .

King County Washington

CITY OF MINNEAPOLIS

R O A D BO N D S

BO N D S

N otice Is hereby given that tho Board o f
C ounty Commissioners, King C ounty, W ashing­
ton , will receive scaled bids up to 11 o ’clock A . M .,
JAN U ARY 16, 1917, at their office in tho King
C ounty Court H ouse, Scattlo, W ashington, for
tho sale o f $500,000 King C ounty R oad Bonds, o f
the denom ination o f $1,000 each, to bo dated
February 1, 1917, and maturing February 1, 1937,
delivery to be mado as soon as bonds can bo pre­
pared, following thoir salo. This installment o f
bonds represents one-sixth o f tho total issuo o f
$3,000,000, authorized by tho vote o f tho people
of K ing C ounty, W ashington, on N ovem ber 5,
1912. Interest on said bonds shall bo duo and
payable semi-annually on tho first days o f Febru­
ary and August o f each year, and both principal
and Interest shall bo payable in gold at the office
o f tho C ounty Treasurer, or at tho Fiscal A gency
o f tho State o f W ashington, In tho C ity o f Now
Y ork, at tho option o f tho holder.
Bidders m ust stato tho rate o f Intorost which
shall bo borne by tho bonds, which shall not
exceed 5 % , and tho amount o f premium in ad­
dition to accrued Interest to bo paid.
N o bids for less than par will do received, and
tho Board o f C ounty Commissioners reserves the
right to reject any and all bids.
T ho approving opinion o f Caldwell, M asslich
& lteed, A ttorneys o f N ow York C ity , as to tho
legality o f tho bonds, will bo furnished tho pur­
chaser .
Each bid must be accom panied b y a certified
check In tho sum o f $5,000, payablo to the County
A uditor o f K ing C ounty, W ashington.
D elivery o f bonds will bo mado in N ew Y ork ,
Chicago or Seattlo, at tho purchaser’s option.
D ated at Seattlo, W ashington, this 5th day o f
Decem ber, 1916.
B YR O N PH ELPS,
A uditor and Clerk o f tho Board o f C ounty
Commissioners, K ing County, W ashington.
By N . M . W AUDALL,
D ep u ty.
FINANCIAL STATEMENT
K IN G CO U N TY, W ASH IN G T O N .
Total Assessed valuation,
(representing 50%
actual
_ v a lu e ).......................... $262,556,998
00
Total bonded indebtedness, in­
cluding this issue_
7,575,000
00
Total warrant in debtedn ess-.
506,939 97
Bonds authorized but unsold400,000 00
Population King Co. (estimated) 375,843

Sealed bids will bo received b y tho Com m lttoo
r n , ) V‘? J 'V n ld M ea J}s o f the C ity Council o f tho
C ity ot M inneapolis, M innesota, at tho offico
10 U f f ^ W , i I EDN£SDf V - JANUARY
A
praised* B onds? ° Cl° Ck P ‘ m ” for S10.000 A p­
, T f10 above bonds to bo dated N ovem ber 1 st
1916, and to bocom o duo and payablo at a time
not less than one year, nor m oro than thirty years
from date thereof, as desired b y tho purchaser
thereof, and will bear Interest at tho rate o f four
(4 % ) I er Cent per annum, payablo semi-annually,
and no bid will be entertained for a sum less than
95 1 er Cent o f tho par value o f said bonds and
accrued interest upon samo to date o f delivery
and each proposal or subscription must designate
clearly the dato on which it is desired that said
bonds shall bo m ado payablo.




res1
e?vcd!ght t0 roJect any or a11 bIds ls hereby
A certified check for T w o (2 % ) Per Cent o f the
par value o f tho bonds bid for, mado to C A
eachIb?d.lat’ ° lty Troasurcr> must accom pany
Circular containing full particulars will bo
mailed upon implication.
DAN C. BROW N,
C ity Comptroller,
M lnneapllis, M innesota.

QEOo B . H O W A R D S
BRO KER

T ribune B uilding, NEW YORK, N. Y,
?OR SALE.—Tim ber. Coal, Iron, Ranch am&
other properties.
5oo,J £ eJ?t,«I N egotiation*. ofInvestigational
Settlem ents, P urchases Property. <
1
ig nited Bute*. West Indie*. Panada. M txi©»

H. AMY & CO.

M em bers

N. Y. Stock Exchange

44 AND 46 WALL S T .,

T ransac* a G eneral In vestm ent and Stock
Exchanr? Butineta

Comfort Station Bonds______ $40,000
Bridge and Viaduct Bonds
250,000
Levee and Drainage Bonds
250,000
All o f said bonds are In denominations o f one
thousand dollars each, and bear interest at tho
urn9
tour alld one-halt’ per cont per annum.
A he Levee and Drainago bonds, numbered 101
to 3o0, Inclusive, are datod M arcli 1, 1 9 1 3 , and
{nature M arch 1, 1933. T ho C onfort Station
bonds, numbered 1 to 40, inclusive, and tho
Bridge and Viaduct bonds, numbered 201 to 450
i9nvS! Vei o u e dated July 1, 1915, and mature
r l. . 1 y d .
y
Interest ls payablo at tho offico
or tho C ity treasurer in Kansas C ity , Missouri
or at tho Chase National Bank o f Now York In
tho C ity and Stare o f N ow Y ork, at tho option
o f tho holder.
*
N o bid will bo received which is in whole or In
part loss than par. T ho lagallty o f tho bonds will
fUn! P,V
i rroJ od ^ the firm o f Dillon, Thom son &
Clay o f Now Y ork C ity , whoso opinion, or dupli­
cate theroot, as to tho legality o f said bonds, will
said bonds
t0 t l° purchasor or purchasers o f
Each bid must bo mado on a blank form fur­
nished by tlio city, and must bo accom panied
by a duly certified check on a solvent bank or
trust com pany doing business In Kansas C ity
Missouri, payablo to the o dor o f tho C ity C om p­
troller o f Kansas C ity, M issouri, for two per cont
o f tho par value ot the.bonds bid for. T ho right
Is reserved to reject any and all bids
Bids will bo received at tho offico o f tho M avor
C ity Hall, Kansas C ity , M issouri, but no bid will
bo entitled to consideration unless so received by
or beforo tho hour above specified for receiving
bids.
D elivery o f tho bonds will bo mado January 11,
1917, at 10 o ’clock a. in ., at tho office o f the C ity
Com ptroller, C ity Hall, Kansas C ity, M issouri.
1 rinted circulars containing moro definite and
detailed information with reference to said bonds,
and blank forms for bids, can bo had on applica­
tion to tho C ity Comptroller, Kansas C ity
M issouri, or to Messrs. D illon, Thom son & Clay
C ity tab l° h i d i n g , 120 B roadw ay, Now York
’ GEORGE H . ED W AR D S,
M ayor o f Kansas C ity, M issouri.
E U G E N E II. B L A K E ,
Comptroller o f Kansas C ity , M issouri.

CITY OF TYLL.v, TEXAS

SCHOOL BONDS
Tlio salo of Tyler, Toxas,. School
Bonds lias been postponed. Tho oxact
date of opening sealed bids will be
announced later in these columns.
F. H. MERRILL, JR.,
President School Board.

F. WM. KRAFT
LAWYER
Specialising in Examination

ot

fiSfinidpal and Corporation Bond*
UT*M0 HARRIS TRUST BUILDING
111 WEST MONROB STREET

CHICAGO, ILL.

RAYMOND M. HUDSON
ATTORNEY AT

BOND BUILDING

LAW

W ASHINGTON, D. C

Practice before U " , Supreme Court, U. 8. Court
of Claims, D. n
/>of Appeals, D. O. Supreme
Court, Va. t
. Courts, Executive Depart
ments, Cong
t Committees, Federal
serve Board
.1 Trade Commission, Inter
state Comm
commission. Cable “ Rayhud.

Re